diff --git "a/processed/TATQA/corpus.jsonl" "b/processed/TATQA/corpus.jsonl" new file mode 100644--- /dev/null +++ "b/processed/TATQA/corpus.jsonl" @@ -0,0 +1,13780 @@ +{ + "_id": "d1b2e74c0", + "title": "", + "text": "The following tables present the recorded investment by portfolio segment and by class, excluding commercial financing receivables and other miscellaneous financing receivables at December 31, 2019 and 2018. Commercial financing receivables are excluded from the presentation of financing receivables by portfolio segment, as they are short term in nature and the current estimated risk of loss and resulting impact to the company’s financing results are not material.\nWrite-offs of lease receivables and loan receivables were $16 million and $47 million, respectively, for the year ended December 31, 2019. Provisions for credit losses recorded for lease receivables and loan receivables were a release of $6 million and an addition of $2 million, respectively, for the year ended December 31, 2019.\nThe average recorded investment of impaired leases and loans for Americas, EMEA and Asia Pacific was $138 million, $49 million and $45 million, respectively, for the year ended December 31, 2019. Both interest income recognized, and interest income recognized on a cash basis on impaired leases and loans were immaterial for the year ended December 31, 2019.\n\n($ in millions) | | | | \n---------------------------------------------------------- | -------- | ------ | ------------ | --------\nAt December 31, 2019: | Americas | EMEA | Asia Pacific | Total \nRecorded investment: | | | | \nLease receivables | $ 3,419 | $1,186 | $ 963 | $ 5,567 \nLoan receivables | 6,726 | 3,901 | 2,395 | 13,022 \nEnding balance | $10,144 | $5,087 | $3,359 | $18,590 \nRecorded investment, collectively evaluated for impairment | $10,032 | $5,040 | $3,326 | $18,399 \nRecorded investment, individually evaluated for impairment | $ 112 | $ 47 | $ 32 | $ 191 \nAllowance for credit losses | | | | \nBeginning balance at January 1, 2019 | | | | \nLease receivables | $ 53 | $ 22 | $ 24 | $ 99\nLoan receivables | 105 | 43 | 32 | 179 \nTotal | $ 158 | $ 65 | $ 56 | $ 279 \nWrite-offs | (42) | (3) | (18) | (63) \nRecoveries | 1 | 0 | 1 | 2 \nProvision | 5 | (7) | (3) | (5) \nOther* | (1) | 0 | (1) | (2) \nEnding balance at December 31, 2019 | $ 120 | $ 54 | $ 36 | $ 210 \nLease receivables | $ 33 | $ 23 | $ 16 | $ 72 \nLoan receivables | $ 88 | $ 31 | $ 20 | $ 138 \nRelated allowance, collectively evaluated for impairment | $ 25 | $ 11 | $ 4 | $ 39 \nRelated allowance, individually evaluated for impairment | $ 96 | $ 43 | $ 32 | $ 171 \n\ntables present investment portfolio class excluding commercial December 31, 2019 2018. Commercial short term risk loss.\n Write-offs lease loan were $16 million $47 million 2019. Provisions credit losses $6 million addition $2 million.\n average investment impaired leases loans Americas EMEA Asia Pacific $138 million $49 million $45 million 2019. interest leases loans immaterial.\n December 31, 2019 Americas EMEA Asia Pacific\n investment\n Lease receivables $ 3,419 $1,186 $ 963 $ 5,567\n Loan receivables 3,901 2,395 13,022\n Ending balance $10,144 $5,087 $3,359 $18,590\n impairment $10,032 $5,040 $3,326 $18,399\n $ 112 $ 47 $ 32 $ 191\n Allowance for credit losses\nbalance January 1 2019\n Lease $ 53 22 24 99\n Loan 105 43 179\n $ 158 $ 65 $ 56 $ 279\n Write-offs\n Recoveries\n balance December 31, 2019 $ 120 $ 54 $ 36 $ 210\n Lease $ 33 $ 23 $ 16 72\n Loan receivables $ 88 $ 31 $ 20 $ 138\n allowance impairment $ 25 11 4\n $ 96 43 32" +} +{ + "_id": "d1b32cade", + "title": "", + "text": "NOTE 13. INCOME TAXES\nWe calculate our provision for federal and state income taxes based on current tax law. U.S. federal tax reform (Tax Act) was enacted on December 22, 2017, and has several key provisions impacting the accounting for and reporting of income taxes. The most significant provision reduced the U.S. corporate statutory tax rate from 35% to 21% beginning on January 1, 2018. We remeasured the applicable deferred tax assets and liabilities based on the rates at which they are expected to reverse. As a result, the gross deferred tax assets and liabilities were adjusted which resulted in an expense for income taxes of $7.1 million which was fully offset by a corresponding change to our valuation allowance in 2017. The Tax Act contains several base broadening provisions that became effective on January 1, 2018, that did not have a material impact on 2018 and 2019 earnings.\nDeferred tax asset (liability) is comprised of the following (in thousands):\nWe have determined it is more likely than not that our deferred tax assets will not be realized. Accordingly, we have provided a valuation allowance for deferred tax assets.\n\nDecember 31 | | \n---------------------------------------- | --------------- | ---------------\n | 2019 | 2018 \nNet operating loss carryforwards | $7,672 | $4,541 \nStock options and warrants | 420 | 214 \nProperty | 138 | 299 \nIntangible assets | 66 | 94 \nCapitalized expenses | 54 | 86 \nOther | 210 | 164 \nOperating right-of-use lease assets | (667) | \nOperating right-of-use lease liabilities | 794 | \nNet deferred tax assets | 8,687 | 5,398 \nLess: Valuation allowance | (8,687) | (5,398) \nDeferred tax asset (liability) | $ - | $ -\n\n. INCOME TAXES\n calculate federal state taxes law. federal tax reform Act) enacted December 22, 2017 provisions accounting reporting. reduced. corporate tax rate 35% to 21% January 1, 2018. remeasured deferred tax assets liabilities. deferred tax assets liabilities adjusted expense taxes $7. 1 million offset change valuation allowance 2017. Tax Act broadening provisions effective January 1, 2018 2018 2019 earnings.\n Deferred tax asset\n assets. provided valuation allowance deferred tax assets.\n Net operating loss carryforwards $7,672 $4,541\n Stock options warrants\n Property\n Intangible assets\n Capitalized expenses\n Other\n right-of-use lease assets\n liabilities\n Net deferred tax assets 8,687 5,398\n Valuation allowance\n Deferred tax asset" +} +{ + "_id": "d1b38504e", + "title": "", + "text": "8. Earnings Per Share\nBasic earnings per share is computed in accordance with ASC 260, Earnings per Share, based on weighted average outstanding common shares. Diluted earnings per share is computed based on basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, RSUs, and certain contingently issuable shares for which performance targets have been achieved.\nThe following table reconciles the weighted average share amounts used to compute both basic and diluted earnings per share (in thousands):\nThe diluted earnings per share computation excludes 1.8 million, 2.2 million, and 3.9 million options to purchase shares, RSUs, and contingently issuable shares during the years ended December 31, 2019, 2018, and 2017, respectively, as their effect would be antidilutive.\nCommon stock outstanding as of December 31, 2019 and 2018, was 115,986,352 and 116,123,361, respectively.\n\n | | Years Ended December 31, | \n---------------------------------------------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nWeighted average shares outstanding: | | | \nBasic weighted average shares outstanding | 116,175 | 116,057 | 118,059\nAdd: Dilutive effect of stock options, RSUs, and contingently issuable | | | \nshares | 2,396 | 1,575 | 1,385 \nDiluted weighted average shares outstanding | 118,571 | 117,632 | 119,444\n\n. Earnings Per Share\n computed ASC 260 weighted average shares. Diluted earnings adjusted dilutive effect stock options RSUs contingently issuable shares.\n table reconciles share amounts diluted earnings\n excludes. 8 million 2. 2 million 3. 9 million options purchase RSUs contingently issuable shares December 31, 2019 2018 2017.\n Common stock outstanding December 31, 2019 2018 115,986,352 116,123,361.\n Years\n 2017\n Weighted average shares\n 116,175 116,057\n Dilutive effect stock options RSUs contingently issuable\n Diluted 118,571 117,632 119,444" +} +{ + "_id": "d1b37e6a4", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n8. ACCRUED EXPENSES\nAccrued expenses consisted of the following:\n\n | As of | \n-------------------------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nAccrued property and real estate taxes | $198.1 | $169.7 \nAccrued pass-through costs | 74.2 | 71.2 \nAmounts payable to tenants | 77.9 | 93.5 \nAccrued rent | 75.6 | 61.4 \nPayroll and related withholdings | 102.4 | 90.4 \nAccrued construction costs | 27.8 | 41.5 \nAccrued income tax payable | 55.2 | 57.9 \nOther accrued expenses | 347.0 | 362.7 \nAccrued expenses | $958.2 | $948.3 \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n. EXPENSES\n December 31, 2019\n property real estate taxes $198. $169.\n pass-through costs 74. 71.\n tenants 77. 93.\n rent 75. 61.\n withholdings 102. 90.\n construction costs 27. 41.\n income tax 55. 57.\n expenses. 362.\n $958. $948." +} +{ + "_id": "d1b3a8e2c", + "title": "", + "text": "The tax effects of temporary differences that give rise to significant portions of the Company's deferred tax assets and deferred tax liabilities are as follows (amounts in millions):\nIn assessing whether it is more likely than not that deferred tax assets will be realized, the Company considers all available evidence, both positive and negative, including its recent cumulative earnings experience and expectations of future available taxable income of the appropriate character by taxing jurisdiction, tax attribute carryback and carryforward periods available to them for tax reporting purposes, and prudent and feasible tax planning strategies.\n\n | March 31, | \n------------------------------------------------ | --------- | --------\n | 2019 | 2018 \nDeferred tax assets: | | \nDeferred income on shipments to distributors | $— | $39.1 \nInventory valuation | 45.0 | 10.7 \nNet operating loss carryforward | 94.3 | 101.1 \nCapital loss carryforward | 9.6 | 10.6 \nShare-based compensation | 42.4 | 31.4 \nIncome tax credits | 376.5 | 178.4 \nProperty, plant and equipment | 23.6 | 25.7 \nAccrued expenses and other | 91.4 | 91.2 \nIntangible assets | 1,608.1 | — \nOther | 12.6 | — \nGross deferred tax assets | 2,303.5 | 488.2 \nValuation allowances | (332.1) | (204.5) \nDeferred tax assets, net of valuation allowances | 1,971.4 | 283.7 \nDeferred tax liabilities: | | \nConvertible debt | (279.3) | (304.4) \nIntangible assets | (721.0) | (66.6) \nOther | — | (18.3) \nDeferred tax liabilities | (1,000.3) | (389.3) \nNet deferred tax asset (liability) | $971.1 | $(105.6)\nReported as: | | \nNon-current deferred tax assets | $1,677.2 | $100.2 \nNon-current deferred tax liability | (706.1) | (205.8) \nNet deferred tax asset (liability) | $971.1 | $(105.6)\n\ntax effects differences Company deferred tax assets liabilities\n assets Company considers evidence recent earnings future taxable income carryback carryforward periods planning strategies.\n Deferred tax assets\n income shipments distributors $39.\n Inventory valuation 45. 10.\n Net operating loss carryforward 94. 101.\n Capital loss 9.\n Share-based compensation 42. 31.\n Income tax credits 376. 178.\n Property equipment 23. 25.\n Accrued expenses 91.\n Intangible assets 1,608.\n.\n deferred tax assets 2,303. 488.\n Valuation allowances (332.\n Deferred tax assets 1,971. 283.\n Deferred tax liabilities\n Convertible debt (279. (304.\n Intangible assets (721. (66.\n.\n tax liabilities (1,000. (389.\n Net deferred tax asset $971.(105.\nReported\n-current deferred tax $1,677. $100.\n liability (706.\n deferred tax asset $971.(105." +} +{ + "_id": "d1b3c2610", + "title": "", + "text": "(1) Include cost of equipment sold, content and programming costs, payments to other carriers, franchise fees and network costs.\n(2) Include advertising and marketing expenses, selling costs, billing expenses, bad debts and collection expenses.\n(3) Include office building expenses, professional service fees, Canadian Radio-television and Telecommunications Commission (“CRTC”) fees, losses and gains on disposals and write-offs of property, plant and equipment and other administrative expenses.\n9. OPERATING EXPENSES\n\nYears ended August 31, | 2019 | 2018 \n--------------------------------------------------- | --------- | ------------------\n(In thousands of Canadian dollars) | $ | $ \n | | (restated, Note 3)\nSalaries, employee benefits and outsourced services | 345,041 | 317,118 \nService delivery costs(1) | 661,214 | 615,267 \nCustomer related costs(2) | 83,401 | 68,744 \nOther external purchases(3) | 114,324 | 120,496 \n | 1,203,980 | 1,121,625 \n\nequipment content programming franchise network costs.\n advertising marketing selling billing debts collection.\n office building service fees Radio Commission fees losses gains disposals write property administrative expenses.\n. OPERATING EXPENSES\n August 2019\n dollars\n Salaries benefits outsourced services,041 317,118\n Service 661,214 615,267\n Customer 83,401 68,744\n 114,324 120,496\n 1,203,980 1,121,625" +} +{ + "_id": "d1b375054", + "title": "", + "text": "Other gains, net. We recorded net other gains totalling RMB19,689 million for the year ended 31 December 2019, which primarily comprised of non-IFRS adjustment items such as fair value gains arising from increased valuations for certain investee companies in verticals such as FinTech services, social media and education, as well as net deemed disposal gains arising from the capital activities of certain investee companies in verticals including transportation services and online games.\nSelling and marketing expenses. Selling and marketing expenses decreased by 12% to RMB21,396 million for the year ended 31 December 2019 on a year-on-year basis. The decrease was mainly due to the reduction of advertising and promotion expenses as a result of improved operational efficiencies. As a percentage of revenues, selling and marketing expenses decreased to 6% for the year ended 31 December 2019 from 8% for the year ended 31 December 2018.\nGeneral and administrative expenses. General and administrative expenses increased by 29% to RMB53,446 million for the year ended 31 December 2019 on a year-on-year basis. The increase was primarily driven by greater R&D expenses and staff costs. As a percentage of revenues, general and administrative expenses increased to 14% for the year ended 31 December 2019 from 13% for the year ended 31 December 2018.\nFinance costs, net. Net finance costs increased by 63% to RMB7,613 million for the year ended 31 December 2019 on a year-on-year basis. The increase primarily reflected greater interest expenses resulting from higher amounts of indebtedness.\nShare of (loss)/profit of associates and joint ventures. We recorded share of losses of associates and joint ventures of RMB1,681 million for the year ended 31 December 2019, compared to share of profit of RMB1,487 million for the year ended 31 December 2018. The change was mainly due to non-cash charges booked by certain associates.\nIncome tax expense. Income tax expense decreased by 7% to RMB13,512 million for the year ended 31 December 2019 on a year-on-year basis. The decrease mainly reflected the entitlements of preferential tax treatments and benefits.\nProfit attributable to equity holders of the Company. Profit attributable to equity holders of the Company increased by 19% to RMB93,310 million for the year ended 31 December 2019 on a year-on-year basis. Non-IFRS profit attributable to equity holders of the Company increased by 22% to RMB94,351 million for the year ended 31 December 2019.\n\n | Year ended 31 December | \n------------------------------------------------------------- | ---------------------- | ---------\n | 2019 | 2018 \n | (RMB in millions) | \nRevenues | 377,289 | 312,694 \nCost of revenues | (209,756) | (170,574)\nGross profit | 167,533 | 142,120 \nInterest income | 6,314 | 4,569 \nOther gains, net | 19,689 | 16,714 \nSelling and marketing expenses | (21,396) | (24,233) \nGeneral and administrative expenses | (53,446) | (41,522) \nOperating profit | 118,694 | 97,648 \nFinance costs, net | (7,613) | (4,669) \nShare of (loss)/profit of associates and joint ventures | (1,681) | 1,487 \nProfit before income tax | 109,400 | 94,466 \nIncome tax expense | (13,512) | (14,482) \nProfit for the year | 95,888 | 79,984 \nAttributable to: | | \nEquity holders of the Company | 93,310 | 78,719 \nNon-controlling interests | 2,578 | 1,265 \n | 95,888 | 79,984 \nNon-IFRS profit attributable to equity holders of the Company | 94,351 | 77,469 \n\ngains. recorded RMB19,689 million year 31 December 2019 non-IFRS adjustment items fair value gains increased valuations FinTech social media education disposal gains capital activities transportation online games.\n Selling marketing expenses. decreased 12% to RMB21,396 million 2019. due reduction advertising promotion expenses improved operational efficiencies. expenses decreased 6% 2019 from 8% 2018.\n General administrative expenses. increased 29% to RMB53,446 million. increase driven by greater R&D expenses staff costs. increased 14% from 13% 2018.\n Finance costs. increased 63% to RMB7,613 million. increase reflected greater interest expenses higher indebtedness.\n/profit associates joint ventures. losses RMB1,681 million 2019 RMB1,487 million 2018. due to non-cash charges.\n Income tax expense. decreased 7% to RMB13,512 million. decrease reflected preferential tax treatments benefits.\n Profit equity holders.Profit equity holders increased 19% RMB93,310 million. Non-IFRS profit 22% RMB94,351 million.\n Revenues 377,289 312,694\n (209,756 (170,574)\n Gross profit 167,533 142,120\n Interest income 6,314\n gains 19,689 16,714\n Selling marketing expenses (21,396) (24,233\n expenses (53,446) (41,522)\n Operating profit 118,694 97,648\n Finance costs (7,613) (4,669)\n (1,681\n Profit tax 109,400 94,466\n Profit 95,888 79,984\n Equity holders 93,310 78,719\n Non-controlling interests\n Non-IFRS profit 94,351 77,469" +} +{ + "_id": "d1b38a7ec", + "title": "", + "text": "Non-Management Director Compensation in Fiscal 2019\nThe non-management directors received the following compensation during fiscal 2019:\n(1) This column represents the fair value of the stock award on the grant date determined in accordance with the provisions of ASC 718. As per SEC rules relating to executive compensation disclosure, the amounts shown exclude the impact of forfeitures related to service based vesting conditions. For additional information regarding assumptions made in calculating the amount reflected in this column, please refer to Note 10 to our audited consolidated financial statements, included in our Annual Report on Form 10-K for fiscal 2019.\n(2) Dividend equivalent payments on unvested restricted stock.\n\nName | Fees Earned or Paid in Cash ($) | Stock Awards ($) (1) | Option Awards ($) | All Other Compensation ($) (2) | Total ($)\n------------------- | ------------------------------- | -------------------- | ----------------- | ------------------------------ | ---------\nRobert D. Rosenthal | 95,000 | 40,000 | - | 25,900 | 160,900 \nChad M. Lindbloom | 95,00 | 40,000 | - | 13,800 | 148,800 \nPaul S. Pearlman | 65,000 | 40,000 | - | 850 | 105,850 \nLawrence Reinhold | 65,000 | 40,000 | - | 850 | 105,850 \n\nNon-Management Director Compensation 2019\n non-management directors received compensation 2019\n column represents fair value stock award grant date ASC 718. amounts exclude forfeitures service vesting. Note 10 financial statements Annual Report Form 10-K 2019.\n Dividend payments unvested restricted stock.\n Fees Earned Stock Awards Option Awards Other Compensation Total\n Robert D. Rosenthal 95,000 40,000 25,900 160\n Chad M. Lindbloom 95,00 40,000 13,800 148\n Paul S. Pearlman 65,000 40,000 105,850\n Lawrence Reinhold 65,000" +} +{ + "_id": "d1b39e774", + "title": "", + "text": "6. Earnings per Share\nUnder ASC 260, Earnings per Share, the two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared (or accumulated) and participation rights in undistributed earnings. Under that method, basic and diluted earnings per share data are presented for each class of common stock.\nIn applying the two-class method, we determined that undistributed earnings should be allocated equally on a per share basis between Class A and Class B common stock. Under our Certificate of Incorporation, the holders of the common stock are entitled to participate ratably, on a share-for-share basis as if all shares of common stock were of a single class, in such dividends, as may be declared by the Board of Directors. During the years ended December 31, 2019, 2018 and 2017, we declared and paid quarterly dividends, in the amount of $0.27, $0.25 and $0.21 per share on both classes of common stock.\nBasic earnings per share has been computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during each period. Shares issued during the period and shares reacquired during the period are weighted for the portion of the period in which the shares were outstanding. Diluted earnings per share have been computed in a manner consistent with that of basic earnings per share while giving effect to all potentially dilutive common shares that were outstanding during each period.\nThe net income available to common stockholders and weighted average number of common shares outstanding used to compute basic and diluted earnings per share for each class of common stock are as follows (in thousands, except per share amounts):\nFor the years ended December 31, 2019, 2018 and 2017, options to purchase 288,133 shares, 293,898 shares and 265,866 shares, respectively, were outstanding but not included in the computation of diluted earnings per share because the options' effect would have been anti-dilutive. For the years ended December 31, 2019, 2018 and 2017, there were 338,748 shares, 420,524 shares and 463,800 shares, respectively, issued from the exercise of stock options.\n\n | | Year Ended December 31, | \n-------------------------------------------------------------------------------------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nDistributed earnings | $43,207 | $39,627 | $32,709 \nUndistributed earnings | 70,683 | 42,470 | 81,432 \nNet income | $113,890 | $82,097 | $114,141\nClass A common stock: | | | \nBasic net income available to common stockholders | $76,294 | $54,715 | $75,413 \nBasic weighted average common shares outstanding | 26,763 | 26,354 | 25,685 \nBasic earnings per share | $2.85 | $2.08 | $2.94 \nDiluted net income available to common stockholders | $76,555 | $54,937 | $75,698 \nEffect of potential exercise of stock options | 279 | 324 | 288 \nDiluted weighted average common shares outstanding | 27,042 | 26,678 | 25,973 \nDiluted earnings per share | $2.83 | $2.06 | $2.91 \nClass B common stock: | | | \nBasic net income available to common stockholders | $37,596 | $27,382 | $38,728 \nBasic weighted average common shares outstanding | 13,188 | 13,189 | 13,190 \nBasic earnings per share | $2.85 | $2.08 | $2.94 \nDiluted net income available to common stockholders | $37,335 | $27,160 | $38,443 \nDiluted weighted average common shares outstanding | 13,188 | 13,189 | 13,190 \nDiluted earnings per share | $2.83 | $2.06 | $2.91 \nFor the years ended December 31, 2019, 2018 and 2017, options to purchase 288,133 shares, 293,898 shares and 265,866 | | | \n\n. Earnings per Share\n ASC 260 two-class method allocation formula determines earnings each class common stock dividends participation rights undistributed earnings. basic diluted earnings per share presented each class.\n undistributed earnings allocated equally between Class A Class B common stock. Certificate Incorporation holders participate dividends declared Board Directors. years December 31, 2019 2018 2017 declared paid quarterly dividends $0. 27, $0. 25 $0. 21 per share both classes.\n Basic earnings per share computed net income by weighted average number shares. Shares issued reacquired weighted. Diluted earnings per share computed potentially dilutive shares.\n net income weighted average number shares basic diluted earnings per\n years December 31, 2019 2018 2017 options to purchase,133 293,898 265,866 outstanding not included diluted earnings per anti-dilutive.years 2019 2018 2017 338,748 420,524 463,800 issued stock options.\n Ended\n Distributed earnings $43,207 $39,627 $32,709\n Undistributed earnings 70,683 42,470 81,432\n Net income $113,890 $82,097 $114,141\n Class A common stock\n net income $76,294 $54,715 $75,413\n weighted average common shares 26,763 26,354 25,685\n earnings share $2.\n income $76,555 $54,937 $75,698\n stock options 279\n weighted average common shares 27,042 26,678 25,973\n.\n Class B common stock\n net income $37,596 $27,382 $38,728\n weighted average common shares 13,188 13,189\n.\n net income $37,335 $27,160 $38,443\n average shares 13,188\n.\nyears 31, 2017 purchase 288,133 293,898 265,866" +} +{ + "_id": "d1b3b16d0", + "title": "", + "text": "Stock-Based Compensation Expense and Valuations of Stock Awards\nWe estimated the fair values of our restricted stock-based awards that are solely subject to service-based vesting requirements based upon their market values as of the grant dates, discounted for the present values of expected dividends.\nThe fair values of our PSUs were also measured based upon their market values as of their respective grant dates, discounted for the present values of expected dividends. The vesting conditions and related terms of our PSUs were communicated to each participating employee as of their respective grant dates and included attainment metrics that were defined, fixed and based upon consistent U.S. GAAP metrics or internal metrics that are defined, fixed and consistently determined, and that require the employee to render service. Therefore, these awards met the performance-based award classification criteria as defined within ASC 718.\nWe estimated the fair values of our stock options that were solely subject to service-based vesting requirements using the Black-Scholes-Merton option-pricing model, which was developed for use in estimating the fair values of stock options. Option valuation models, including the Black-Scholes-Merton option-pricing model, require the input of assumptions, including stock price volatility. Changes in the input assumptions can affect the fair value estimates and ultimately how much we recognize as stock-based compensation expense. The fair values of our stock options were estimated at the grant dates or at the acquisition dates for options assumed in a business combination. The weighted-average input assumptions used and resulting fair values of our service-based stock options were as follows for fiscal 2019, 2018 and 2017.\nThe expected life input is based on historical exercise patterns and post-vesting termination behavior, the risk-free interest rate input is based on U.S. Treasury instruments, the annualized dividend yield input is based on the per share dividend declared by the Board, and the volatility input is calculated based on the implied volatility of our publicly traded options.\nWe estimated the fair values of the PSOs granted during fiscal 2018 at approximately $10 per share using a Monte Carlo simulation approach as of the grant date with the following assumptions: risk-free interest rate of 2.14%, expected term of seven years, expected volatility of 22.44% and dividend yield of 1.49%.\n\n | Year Ended May 31, | | \n------------------------------------- | ------------------ | ----- | -----\n | 2019 | 2018 | 2017 \nExpected life (in years) | 4.6 | 4.7 | 4.8 \nrisk-free interest rate | 2.7% | 2.0% | 1.0% \nVolatility | 24% | 22% | 23% \nDividend yield | 1.7% | 1.5% | 1.5% \nWeighted-average fair value per share | $10.77 | $9.34 | $8.18\n\nStock-Based Compensation Expense Valuations Stock Awards\n estimated values restricted stock-based awards service-based vesting market values grant dates discounted expected dividends.\n values PSUs measured market values grant discounted dividends. vesting conditions terms communicated employee included attainment metrics defined U. GAAP. awards met performance-based award classification criteria ASC 718.\n estimated values stock options service-based vesting Black-Scholes-Merton option-pricing model. require assumptions stock price volatility. Changes affect fair value estimates stock-based compensation expense. fair values options estimated grant dates dates business. weighted-average input assumptions fair values options 2019 2018 2017.\n expected life input historical exercise patterns post-vesting termination behavior risk-free interest rate U. S. Treasury instruments annualized dividend yield per share dividend volatility implied volatility publicly traded options.\nestimated values PSOs 2018 $10 per share Monte Carlo simulation risk-free interest 2. 14% term seven years volatility. 44% dividend yield. 49%.\n Ended May 31,\n Expected life 4. 6.\n-free interest rate. 7%.\n Volatility 24% 22%\n Dividend yield. 7%. 5%.\n-average value share $10. 77 $9. 34." +} +{ + "_id": "d1b3bbb12", + "title": "", + "text": "27 Financial risk management (continued)\nCredit risk\nCredit risk is the risk of financial loss if a tenant or counterparty fails to meet an obligation under a contract. Credit risk arises primarily from trade receivables but also from other financial assets with counterparties including loans to joint ventures, cash deposits and derivative financial instruments.\n– trade receivables\nCredit risk associated with trade receivables is actively managed; tenants are typically invoiced quarterly in advance and are managed individually by asset managers, who continuously monitor and work with tenants, aiming wherever possible to identify and address risks prior to default.\nProspective tenants are assessed via a review process, including obtaining credit ratings and reviewing financial information, which is conducted internally. As a result deposits or guarantees may be obtained. The amount of deposits held as collateral at 31 December 2019 is £3.5 million (2018: £3.5 million).\nWhen applying a loss allowance for expected credit losses, judgement is exercised as to the collectability of trade receivables and to determine if it is appropriate to impair these assets. When considering expected credit losses, management has taken into account days past due, credit status of the counterparty and historical evidence of collection.\nThe ageing analysis of trade receivables is as follows:\n\n£m | 2019 | 2018\n------------------- | ---- | ----\nUp to three months | 29.9 | 32.1\nThree to six months | 10.0 | 3.7 \nTrade receivables | 39.9 | 35.8\n\nFinancial risk management\n Credit risk\n financial loss if obligation contract. from trade receivables financial assets loans cash deposits derivative financial instruments.\n managed invoiced quarterly managed by risks default.\n tenants assessed review process credit ratings financial information. deposits guarantees obtained. deposits held collateral at 31 December 2019 £3. 5 million (2018 £3. 5 million.\n loss allowance credit losses judgement collectability trade receivables impair assets. losses days past due credit status historical evidence collection.\n ageing analysis trade receivables\n 2019 2018\n Up to three months.\n Three to six months.\n Trade receivables." +} +{ + "_id": "d1b369812", + "title": "", + "text": "Non-GAAP (Core) Financial Measures\nThe following discussion and analysis of our financial condition and results of operations include certain non-GAAP financial measures as identified in the reconciliation below. The non-GAAP financial measures disclosed herein do not have standard meaning and may vary from the non-GAAP financial measures used by other companies or how we may calculate those measures in other instances from time to time. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Also, our “core” financial measures should not be construed as an inference by us that our future results will be unaffected by those items that are excluded from our “core” financial measures.\nManagement believes that the non-GAAP “core” financial measures set forth below are useful to facilitate evaluating the past and future performance of our ongoing manufacturing operations over multiple periods on a comparable basis by excluding the effects of the amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition and integration charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, business interruption and impairment charges, net, other than temporary impairment on securities, restructuring of securities loss, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations and certain other expenses, net of tax and certain deferred tax valuation allowance charges. Among other uses, management uses non-GAAP “core” financial measures to make operating decisions, assess business performance and as a factor in determining certain employee performance when evaluating incentive compensation. Management believes that the non-GAAP “core” financial measures set forth below are useful to facilitate evaluating the past and future performance of our ongoing manufacturing operations over multiple periods on a comparable basis by excluding the effects of the amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition and integration charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, business interruption and impairment charges, net, other than temporary impairment on securities, restructuring of securities loss, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations and certain other expenses, net of tax and certain deferred tax valuation allowance charges. Among other uses, management uses non-GAAP “core” financial measures to make operating decisions, assess business performance and as a factor in determining certain employee performance when evaluating incentive compensation. Management believes that the non-GAAP “core” financial measures set forth below are useful to facilitate evaluating the past and future performance of our ongoing manufacturing operations over multiple periods on a comparable basis by excluding the effects of the amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition and integration charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, business interruption and impairment charges, net, other than temporary impairment on securities, restructuring of securities loss, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations and certain other expenses, net of tax and certain deferred tax valuation allowance charges. Among other uses, management uses non-GAAP “core” financial measures to make operating decisions, assess business performance and as a factor in determining certain employee performance when evaluating incentive compensation.\nWe determine the tax effect of the items excluded from “core” earnings and “core” diluted earnings per share based upon evaluation of the statutory tax treatment and the applicable tax rate of the jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected. In certain jurisdictions where we do not expect to realize a tax benefit (due to existing tax incentives or a history of operating losses or other factors resulting in a valuation allowance related to deferred tax assets), a reduced or 0% tax rate is applied.\nWe are reporting “core” operating income, “core” earnings and “core” return on invested capital to provide investors with an additional method for assessing operating income and earnings, by presenting what we believe are our “core” manufacturing operations. A significant portion (based on the respective values) of the items that are excluded for purposes of calculating “core” operating income and “core” earnings also impacted certain balance sheet assets, resulting in a portion of an asset being written off without a corresponding recovery of cash we may have previously spent with respect to the asset. In the case of restructuring and related charges, we may make associated cash payments in the future. In addition, although, for purposes of calculating “core” operating income and “core” earnings, we exclude stock-based compensation expense (which we anticipate continuing to incur in the future) because it is a non-cash expense, the associated stock issued may result in an increase in our outstanding shares of stock, which may result in the dilution of our stockholders’ ownership interest. We encourage you to consider these matters when evaluating the utility of these non-GAAP financial measures.\nIncluded in the tables below are a reconciliation of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures as provided in our Consolidated Financial Statements:\nReconciliation of U.S. GAAP Financial Results to Non-GAAP Measures\n(1) Charges during fiscal years 2019 and 2018 relate to inventory and other assets charges for certain distressed customers in the networking and consumer wearables sectors. Charges during fiscal year 2017 relate to inventory and other assets charges for the disengagement with an energy customer.\n(2) Charges, net of insurance proceeds of $2.9 million and $24.9 million, for the fiscal years ended August 31, 2019 and 2018, respectively, relate to business interruption and asset impairment costs associated with damage from Hurricane Maria, which impacted our operations in Cayey, Puerto Rico.\n(3) Charges related to our strategic collaboration with Johnson & Johnson Medical Devices Companies (“JJMD”).\n(4) Relates to a restructuring of securities loss on available for sale securities during fiscal year 2019. See Note 16 – “Fair Value Measurements” to the Consolidated Financial Statements for further discussion.\n(5) The fiscal year ended August 31, 2019 includes a $13.3 million income tax benefit for the effects of the Tax Act recorded during the three months ended November 30, 2018. The fiscal year ended August 31, 2018 includes a $142.3 million provisional estimate to account for the effects of the Tax Act.\n\n | | Fiscal Year Ended August 31, | \n------------------------------------------------------------------------------------------------------------------ | -------- | ---------------------------- | --------\n(in thousands, except for per share data) | 2019 | 2018 | 2017 \nOperating income (U.S. GAAP) | $701,356 | $542,153 | $410,230\nAmortization of intangibles | 31,923 | 38,490 | 35,524 \nStock-based compensation expense and related charges | 61,346 | 98,511 | 48,544 \nRestructuring and related charges | 25,914 | 36,902 | 160,395 \nDistressed customer charges(1) | 6,235 | 32,710 | 10,198 \nBusiness interruption and impairment charges, net(2) | (2,860) | 11,299 | — \nAcquisition and integration charges(3) | 52,697 | 8,082 | — \nLoss on disposal of subsidiaries | — | — | 2,112 \nAdjustments to operating income | 175,255 | 225,994 | 256,773 \nCore operating income(Non-GAAP) | $876,611 | $768,147 | $667,003\nNet income attributable to Jabil Inc.(U.S.GAAP) | $287,111 | $86,330 | $129,090\nAdjustments to operating income | 175,255 | 225,994 | 256,773 \nOther than temporary impairment on securities | — | — | 11,539 \nRestructuring of securities loss(4) | 29,632 | — | — \nAdjustment for taxes(5) | (18,633) | 146,206 | (4,726) \nCore earnings(Non-GAAP) | $473,365 | $458,530 | $392,676\nDiluted earnings per share(U.S.GAAP) | $1.81 | $0.49 | $0.69 \nDiluted core earnings per share(Non-GAAP) | $2.98 | $2.62 | $2.11 \nDiluted weighted average shares outstanding used in the calculation of earnings per share (U.S. GAAP and Non-GAAP) | 158,647 | 175,044 | 185,838 \n\nNon-GAAP (Core Financial Measures\n financial condition include non-GAAP financial measures reconciliation. standard meaning may vary. not substitute for financial performance U. S. GAAP. measures not inference future results unaffected excluded.\n Management believes non-GAAP measures evaluating past future performance manufacturing operations excluding amortization intangibles stock-based compensation expense restructuring distressed customer charges integration charges loss on disposal subsidiaries settlement receivables impairment notes receivable goodwill impairment business interruption impairment securities restructuring loss income from discontinued operations gain (loss) sale discontinued operations other expenses tax deferred tax valuation allowance charges. management uses non-GAAP financial measures operating decisions assess business performance employee performance incentive compensation.Management believes non-GAAP financial measures evaluating past future performance manufacturing operations excluding amortization stock-based compensation restructuring distressed customer charges acquisition integration charges loss disposal subsidiaries settlement receivables impairment goodwill impairment business interruption impairment charges restructuring loss income (loss discontinued operations gain sale other expenses net tax deferred tax valuation allowance charges. uses measures operating decisions assess business performance employee performance incentive compensation. past future performance manufacturing operations amortization stock compensation restructuring distressed customer charges integration charges loss disposal settlement impairment notes goodwill impairment business interruption impairment charges restructuring securities loss income (loss discontinued operations gain sale other expenses net tax deferred tax valuation allowance charges. uses operating decisions assess business performance employee performance incentive compensation.\ndetermine tax effect items excluded from earnings diluted earnings per share statutory tax treatment tax rate jurisdiction pre-tax items incurred realization tax benefit expected. jurisdictions tax benefit tax incentives operating losses deferred tax reduced or 0% tax rate applied.\n reporting “core” operating income earnings return on invested capital method assessing operating income earnings. portion items excluded balance sheet assets written off without recovery cash. restructuring charges make cash payments future. exclude stock-based compensation expense non stock outstanding shares stock dilution stockholders’ ownership interest. consider evaluating utility non-GAAP financial measures.\n tables reconciliation of non-GAAP financial measures to comparable U. S. GAAP measures Consolidated Financial Statements\n Reconciliation U. GAAP Financial Results to Non-GAAP Measures\n Charges fiscal years 2019 2018 relate inventory assets charges for distressed customers networking consumer wearables sectors.Charges 2017 inventory disengagement energy customer.\n insurance $2. 9 million $24. 9 million years 2019 2018 business interruption asset impairment Hurricane Maria Cayey Puerto Rico.\n Johnson & Johnson Medical Devices.\n restructuring securities loss 2019. Note 16 Value Consolidated Financial Statements.\n fiscal year August 2019 $13. 3 million income tax benefit Act November 30 2018. August 2018 $142. 3 million estimate Tax Act.\n Fiscal Year August\n Operating income. $701,356 $542,153 $410,230\n Amortization intangibles 31,923\n Stock-based compensation 61,346\n Restructuring charges 25,914 36,902\n Distressed customer 6,235 32,710\n Business interruption impairment charges 11,299\n Acquisition integration 52,697 8,082\n Loss disposal subsidiaries\n Adjustments operating income 175,255 225,994 256,773\noperating income-GAAP $876,611 $768,147 $667,003\n income Jabil. $287,111 $86,330 $129,090\n Adjustments operating income 175,255 225,994 256,773\n temporary impairment securities 11,539\n Restructuring securities 29,632\n Adjustment (18,633 146,206\n earnings-GAAP $473,365 $458,530 $392,676\n earnings share. $1.\n earnings share-GAAP.\n shares. 158,647 175,044 185,838" +} +{ + "_id": "d1a71456c", + "title": "", + "text": "23. Trade and other payables\nNotes\n1. In 2018, government grants of $0.4 million and $0.9 million were included within payments received on account and accruals, respectively. These have been reclassified to government grants.\n2. In 2018, government grants of $1.0 million were included within other payables. These have been reclassified to government grants.\nTrade payables are non-interest bearing and are normally settled on 30 to 60-day terms. Other payables are non-interest bearing.\nThe Directors consider that the carrying amount of trade payables approximates their fair value.\n\n | | 2019 | 2018 \n------------------------------------- | ---- | --------- | ---------\nNote | Note | $ million | $ million\nCurrent | | | \nTrade payables | | 24.6 | 12.9 \nPayments received on account1 | | 2.3 | 1.0 \nOther taxes and social security costs | | 4.6 | 3.7 \nOther payables | | 1.5 | 1.0 \nAccruals1 | | 49.3 | 43.2 \nGovernment grants1 | 24 | 1.8 | 1.3 \n | | 84.1 | 63.1 \nNon-current | | | \nOther payables2 | | 0.8 | 4.4 \nGovernment grants2 | 24 | 0.2 | 1.0 \n | | 1.0 | 5.4 \n | | 85.1 | 68.5 \n\n. Trade payables\n. 2018 government grants $0. 4 million $0. 9 million included payments account accruals. reclassified government grants.\n. 2018 government grants $1. million payables. reclassified.\n payables non settled 30 to 60-day terms.\n Directors carrying amount approximates fair value.\n 2018\n $ million\n Trade payables 24. 12. 9\n Payments account1 2.\n taxes social security costs 4. 3.\n payables.\n Accruals1 49. 43.\n Government grants1.\n 84. 63.\n Non-current\n payables2. 4.\n Government grants2.\n.\n 85. 68." +} +{ + "_id": "d1b30f754", + "title": "", + "text": "Financing Cash Flow Activities\nYear Ended December 31, 2019 Compared with the Year Ended December 31, 2018\nNet cash provided by financing activities – continuing operations increased during the year ended December 31, 2019 primarily due to inflows resulting from (i) the issuance of the 0.875% Convertible Senior Notes, (ii) lower credit facility payments, partially offset with less credit facility borrowings and (iii) a decrease in the repurchase of common stock. These were partially offset by the purchase of the remaining minority interest in Pulse8 during 2019.\nYear Ended December 31, 2018 Compared with the Year Ended December 31, 2017\nWe used cash in financing activities – continuing operations during the year ended December 31, 2018 compared with cash inflows from financing activities – continuing operations during the year ended December 31, 2017, which was primarily driven by higher repayments of borrowings outstanding under our senior secured credit facility and higher common stock repurchases. We used a portion of the proceeds from the sale of our investment in Netsmart to repay balances outstanding under our senior secured credit facilities at the end of 2018. We borrowed funds in 2018 to purchase Practice Fusion and Health Grid and to acquire the remaining outstanding minority interest in which we initially acquired a controlling interest in April 2015.\nNet cash provided by financing activities – discontinued operations increased during the year ended December 31, 2018 compared with the prior year primarily due to higher borrowings by Netsmart used to finance business acquisitions.\n\n | | Year Ended December 31, | | | \n----------------------------------------------------------------------------- | --------- | ----------------------- | --------- | ----------------------- | -----------------------\n(In thousands) | 2019 | 2018 | 2017 | 2019 $ Change from 2018 | 2018 $ Change from 2017\nProceeds from sale or issuance of common stock | $0 | $1,283 | $1,568 | $(1,283) | $(285) \nTaxes paid related to net share settlement of equity awards | (7,286) | (9,466) | (7,269) | 2,180 | (2,197) \nProceeds from issuance of 0.875% Convertible Senior Notes | 218,000 | 0 | 0 | 218,000 | 0 \nPayments for issuance costs on 0.875% Convertible Senior Notes | (5,445) | 0 | 0 | (5,445) | 0 \nPayments for capped call transaction on 0.875% Convertible Senior Notes | (17,222) | 0 | 0 | (17,222) | 0 \nCredit facility payments | (220,000) | (713,751) | (138,139) | 493,751 | (575,612) \nCredit facility borrowings, net of issuance costs | 279,241 | 430,843 | 325,001 | (151,602) | 105,842 \nRepurchase of common stock | (111,460) | (138,928) | (12,077) | 27,468 | (126,851) \nPayment of acquisition and other financing obligations | (14,685) | (5,198) | (1,283) | (9,487) | (3,915) \nPurchases of subsidiary shares owned by non-controlling interest | (53,800) | (7,198) | 0 | (46,602) | (7,198) \nNet cash provided by (used in) financing activities - continuing operations | 67,343 | (442,415) | 167,801 | 509,758 | (610,216) \nNet cash provided by (used in) financing activities - discontinued operations | 0 | 149,432 | 30,784 | (149,432) | 118,648 \nNet cash provided (used in) by financing activities | $67,343 | $(292,983) | $198,585 | $360,326 | $(491,568) \n\nFinancing Cash Flow Activities\n Year Ended December 31, 2019\n Net cash increased due to issuance 0. 875% Convertible Senior Notes lower credit facility payments less borrowings decrease repurchase common stock. offset by purchase minority interest Pulse8 2019.\n Year Ended December 31, 2018\n used cash financing activities driven higher repayments borrowings higher common stock repurchases. used proceeds from sale investment Netsmart repay balances. borrowed funds 2018 purchase Practice Fusion Health Grid remaining minority interest 2015.\n Net cash financing activities increased December 31, 2018 due to higher borrowings Netsmart business acquisitions.\n Year Ended December\n thousands 2019 2018 2017 Change 2018\n Proceeds sale issuance common stock $1,283 $1,568 $(1,283)\n Taxes net share settlement equity awards (7,286) (9,466) 2,180 (2,197)\n. Convertible Senior Notes 218,000\n issuance costs. (5\n capped. (17,222\n payments (220,000 (713,751) (138,139) 493,751 (575,612)\n borrowings issuance costs 279,241 430,843 325,001 (151,602) 105\n Repurchase common stock (111,460) (138,928) (12,077) 27,468\n acquisition financing obligations (14,685) (5,198) (1,283) (9,487\n Purchases subsidiary shares non-controlling (53,800 (7,198)\n 67,343 (442,415) 167,801 509,758 (610,216)\n discontinued 149,432 30,784 118,648\n $67,343 $(292,983) $198,585 $360,326(491,568)" +} +{ + "_id": "d1b2efcc4", + "title": "", + "text": "5 Staff costs and numbers\nThe aggregate payroll costs of persons employed by the Group were as follows:\n\n | 2019 | 2018 \n--------------------- | ----- | -----\n | £m | £m \nWages and salaries | 345.6 | 325.9\nSocial security costs | 71.6 | 58.7 \nPension costs | 21.5 | 19.3 \nTotal payroll costs | 438.7 | 403.9\n\nStaff costs\n payroll costs\n 2018\n £m\n Wages salaries. 325.\n Social security costs 71. 58.\n Pension costs 21. 19.\n payroll costs. 403." +} +{ + "_id": "d1b3179a4", + "title": "", + "text": "Information as to Teradyne’s revenues by country is as follows:\n(1) Revenues attributable to a country are based on location of customer site.\nIn 2019 and 2018, no single direct customer accounted for more than 10% of Teradyne’s consolidated revenues. In 2017, revenues from Taiwan Semiconductor Manufacturing Company Ltd. accounted for 13% of its consolidated revenues. Taiwan Semiconductor Manufacturing Company Ltd. is a customer of Teradyne’s Semiconductor Test segment. Teradyne estimates consolidated revenues driven by Huawei Technologies Co.Ltd. (“Huawei”), combining direct sales to that customer with sales to the customer’s OSATs, accounted for approximately 11% and 4% of its consolidated revenues in 2019 and 2018, respectively. Teradyne estimates consolidated revenues driven by another OEM customer, combining direct sales to that customer with sales to the customer’s OSATs (which include Taiwan Semiconductor Manufacturing Company Ltd.), accounted for approximately 10%, 13% and 22% of its consolidated revenues in 2019, 2018 and 2017, respectively.\n\n | 2019 | 2018 | 2017 \n---------------------------- | ---------- | -------------- | ----------\n | | (in thousands) | \nRevenues from customers (1): | | | \nChina | $514,327 | $348,942 | $260,451 \nTaiwan | 485,681 | 516,322 | 687,031 \nUnited States | 333,059 | 282,869 | 252,516 \nKorea | 239,504 | 163,224 | 206,819 \nEurope | 219,015 | 223,207 | 163,715 \nJapan | 175,322 | 158,281 | 169,093 \nThailand | 87,503 | 59,184 | 29,566 \nSingapore | 84,111 | 108,618 | 101,085 \nMalaysia | 58,200 | 122,797 | 124,048 \nPhilippines | 54,560 | 77,996 | 105,850 \nRest of the World | 43,683 | 39,362 | 36,432 \n | $2,294,965 | $2,100,802 | $2,136,606\n\nTeradyne’s revenues by country\n based location customer site.\n 2019 2018 no customer 10% revenues. 2017 Taiwan Semiconductor Manufacturing Company Ltd. 13% revenues. customer Teradyne’s Semiconductor Test segment. Huawei Technologies Co. 11% 4% revenues 2019 2018. another customer. 10% 13% 22% 2017.\n Revenues from\n China $514,327 $348,942 $260,451\n Taiwan 485,681 516,322,031\n United States 333,059 282,869 252,516\n Korea 239,504 163,224 206,819\n Europe 219,015 223,207 163,715\n Japan 175,322 158,281 169,093\n Thailand 87,503 59,184 29,566\n Singapore 84,111 108,618 101,085\n Malaysia 58,200 122,797 124,048\n Philippines 54,560 77,996 105,850\n43,683 39,362 36,432\n,294,965,100,802,606" +} +{ + "_id": "d1a719738", + "title": "", + "text": "Equity in net earnings of affiliates:\nAs of December 31, 2019, we held a 32.0% (2018: 32.0%) ownership interest in Golar Partners (including our 2% general partner interest) and 100% of the incentive distribution rights (\"IDRs\"). The decrease in the share of net earnings in Golar Partners is due to a decrease in underlying performance of Golar Partners and fair value adjustment for the year ended December 31, 2019. The decrease in the share of net earnings in Golar Partners is offset by the movement of the impairment charge of $149.4 million recognized for the year ended December 31, 2018.\nThe share of net earnings in other affiliates represents our share of equity in Egyptian Company for Gas Services S.A.E (\"ECGS\") and Avenir LNG Limited (\"Avenir\"). During the year ended December 31, 2018 we recognized negative goodwill of $3.8 million in equity in net earnings of affiliates to reflect our bargain purchase of Avenir. Refer to note 14 \"Investment in Affiliates\" of our consolidated financial statements included herein for further details.\n\n | | December 31, | | \n-------------------------------------------------- | -------- | ------------ | -------- | --------\n(in thousands of $) | 2019 | 2018 | Change | % Change\nShare in net (loss)/earnings in Golar Partners | (20,050) | 7,001 | (27,051) | (386)% \nImpairment of investment in Golar Partners | — | (149,389) | 149,389 | 100% \nShare of net (losses)/earnings in other affiliates | (2,515) | 3,711 | (6,226) | (168)% \n | (22,565) | (138,677) | 116,112 | (84)% \n\nEquity net earnings\n December 31, 2019 held 32. 0%. ownership Golar Partners 2% general partner interest 100% incentive distribution rights. decrease net earnings due performance fair value adjustment. offset impairment charge $149. 4 million 31, 2018.\n net earnings affiliates equity Egyptian Company Gas Services. Avenir LNG. recognized negative goodwill $3. 8 million equity net earnings bargain purchase Avenir. note 14 \"Investment Affiliates financial statements details.\n 2019 2018\n Share net/earnings Golar Partners (20,050) 7,001 (27,051) (386)%\n Impairment investment (149,389\n other affiliates (2,515) 3,711 (6,226) (168)\n (22,565 (138,677,112 (84)" +} +{ + "_id": "d1b31bec8", + "title": "", + "text": "Liability for Warranty\nLiability for Warranty Our products generally include warranties of 90 days to five years for product defects. We accrue for warranty returns at the time revenue is recognized based on our historical return rate and estimate of the cost to repair or replace the defective products. We engage in extensive product quality programs and processes, including actively monitoring and evaluating the quality of our component suppliers. The increasing complexity of our products will cause warranty incidences, when they arise, to be more costly. Our estimates regarding future warranty obligations may change due to product failure rates, material usage and other rework costs incurred in correcting a product failure. In addition, from time to time, specific warranty accruals may be recorded if unforeseen problems arise. Should our actual experience relative to these factors be worse than our estimates, we will be required to record additional warranty expense. Alternatively, if we provide for more reserves than we require, we will reverse a portion of such provisions in future periods. The liability for warranty obligations totaled $8.4 million and $8.6 million as of December 31, 2019 and 2018, respectively. These liabilities are included in accrued expenses in the accompanying Consolidated Balance Sheets. During 2017, we recorded a reduction in warranty expense related to a settlement with a third-party supplier for a defective component, the impact of which is reflected in the following table.\nA summary of warranty expense and write-off activity for the years ended December 31, 2019, 2018 and 2017 is as follows:\n(In thousands)\n\nYear Ended December 31, | 2019 | 2018 | 2017 \n------------------------------------------ | ------- | ------- | -------\nBalance at beginning of period | $8,623 | $9,724 | $8,548 \nPlus: Amounts charged to cost and expenses | 4,569 | 7,392 | 6,951 \nLess: Deductions | (4,798) | (8,493) | (5,775)\nBalance at end of period | $8,394 | $8,623 | $9,724 \n\nLiability Warranty\n products include warranties 90 days to five years for defects. accrue warranty returns revenue return rate cost. quality programs. increasing complexity warranty incidences costly. estimates future warranty obligations change failure rates material usage rework costs. accruals unforeseen problems. record additional warranty expense. reserves reverse. liability warranty obligations totaled $8. 4 million $8. 6 million as December 31, 2019 2018. included in accrued expenses Consolidated Balance Sheets. 2017 reduction warranty expense settlement defective component table.\n summary warranty expense write-off activity December 31, 2019 2018 2017\n Balance beginning $8,623 $9,724 $8,548\n Plus Amounts cost expenses 4,569 7,392 6,951\n Deductions (4,798) (8,493) (5,775)\n Balance end period $8,394 $8,623 $9,724" +} +{ + "_id": "d1b34db9e", + "title": "", + "text": "Note 23. Defined Benefit Pension Plan and Postretirement Benefits\nDefined Benefit Pension Plans\nThe Company sponsors non-contributory defined benefit pension plans (the “Pension Plans”) for its covered employees in the Philippines. The Pension Plans provide defined benefits based on years of service and final salary. All permanent employees meeting the minimum service requirement are eligible to participate in the Pension Plans. As of December 31, 2019, the Pension Plans were unfunded. The Company expects to make no cash contributions to its Pension Plans during 2020.\nThe following table provides a reconciliation of the change in the benefit obligation for the Pension Plans and the net amount recognized, included in “Other long-term liabilities,” in the accompanying Consolidated Balance Sheets (in thousands):\n\n | December 31, | \n-------------------------------------- | ------------ | --------\n | 2019 | 2018 \nBalance at the beginning of the period | $3,282 | $3,642 \nService cost | 405 | 448 \nInterest cost | 254 | 196 \nActuarial (gains) losses | (108) | (783) \nBenefits paid | (22) | (32) \nEffect of foreign currency translation | 122 | (189) \nBalance at the end of the period | $3,933 | $3,282 \nUnfunded status | (3,933) | (3,282) \nNet amount recognized | $(3,933) | $(3,282)\n\n23. Defined Benefit Pension Plan Postretirement Benefits\n Company sponsors non-contributory pension plans employees Philippines. provide benefits years service final salary. employees minimum service eligible participate. December 31, 2019 Plans unfunded. expects no cash contributions 2020.\n benefit obligation net amount long liabilities Consolidated Balance Sheets\n December 31,\n 2019\n Balance $3,282 $3,642\n Service cost 405\n Interest cost 254\n Actuarial losses (108)\n Benefits paid (22)\n foreign currency translation 122\n end $3,933 $3\n Unfunded status\n Net amount" +} +{ + "_id": "d1b35ea48", + "title": "", + "text": "RESEARCH AND DEVELOPMENT EXPENSES\nTotal research and development (R&D) expenses, excluding impairment charges, increased by 22% in 2019 compared to the previous year, mainly as a result of higher development activities. As a percentage of sales (excluding the patent litigation & arbitration settlement), R&D expenses decreased to 10% compared to 11% in 2018. Currency changes resulted in a 4% increase in R&D expenses year-over-year.\nTotal research and development expenses developed as follows:\nImpairment of capitalized development expenses related primarily to the development of new technology that is now no longer in-demand from customers.\nWe continue to invest strongly in R&D. As part of our R&D activities, we are engaged in various development programs with customers and research institutes. These allow us to develop products that meet customer requirements and obtain access to new technology and expertise. The costs relating to prototypes and experimental models, which we may subsequently sell to customers, are charged to the cost of sales.\nOur R&D operations in the Netherlands, Belgium, and the United States receive research and development grants and credits from various sources.\n\nYear ended December 31, | | | \n------------------------------------------------- | ------ | ------ | --------\n(EUR million) | 2018 | 2019 | % Change\nFront-end: | | | \nResearch and development expenses | 125.3 | 150.7 | 20% \nCapitalization of development expenses | (49.7) | (60.2) | 21% \nResearch and development grants and credits | (0.3) | – | – \nAmortization of capitalized development expenses | 12.0 | 15.6 | 30% \n | 87.3 | 106.1 | 22% \nImpairment capitalized development expenses | 1.3 | 4.8 | – \nTotal | 88.6 | 110.8 | 25% \n\nRESEARCH DEVELOPMENT EXPENSES\n research development expenses excluding impairment charges increased 22% 2019 higher development activities. sales patent expenses decreased 10% 11% 2018. Currency changes 4% increase R&D expenses year-over-year.\n expenses\n capitalized development expenses new technology in-demand.\n R&D. development programs customers research institutes. develop products access new technology expertise. costs prototypes experimental models charged to cost sales.\n R&D operations Netherlands Belgium United States receive grants credits sources.\n Year ended December 31,\n million) 2018 2019 %\n Research development expenses 125. 150. 20%\n Capitalization expenses (49. 21%\n Research grants credits.\n Amortization capitalized development expenses 12.\n 87. 106. 22%\n Impairment capitalized development expenses.\n 88. 110." +} +{ + "_id": "d1b309b74", + "title": "", + "text": "Stock options weighted average remaining contractual terms (in years) information at December 31, for the years 2019, 2018, and 2017 is as follows:\nAs of December 31, 2019, total unrecognized expense related to non-vested restricted stock unit awards and stock options was $45 million, and is expected to be recognized over a weighted average period of 1.8 years.\n\n | 2019 | 2018 | 2017\n--------------------------- | ---- | ---- | ----\nOutstanding | 4.2 | 3.6 | 4.1 \nVested and expected to vest | 5.0 | 3.6 | 4.1 \nExercisable | 2.1 | 2.4 | 2.8 \n\nStock options average contractual terms December 31, 2019 2018 2017\n December 31, 2019 unrecognized expense non restricted stock unit awards options $45 million expected recognized 1. 8 years.\n 2019 2018 2017\n 4. 3.\n Vested expected vest 5. 3.\n." +} +{ + "_id": "d1a7340d8", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA\nIn December 2016, we acquired the 67% remaining interest in Inotera and began consolidating Inotera's operating results. In the periods presented above through December 2016, Inotera sold DRAM products exclusively to us through supply agreements. The cash paid for the Inotera Acquisition was funded, in part, with a term loan of 80 billion New Taiwan dollars and $986 million from the sale of 58 million shares of our common stock. See \"Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Acquisition of Inotera.\"\n\n | 2019 | 2018 | 2017 | 2016 | 2015 \n---------------------------------------- | ------- | ------- | --------------------------------------- | ------- | -------\n | | | (in millions, except per share amounts) | | \nRevenue | $23,406 | $30,391 | $20,322 | $12,399 | $16,192\nGross margin | 10,702 | 17,891 | 8,436 | 2,505 | 5,215 \nOperating income | 7,376 | 14,994 | 5,868 | 168 | 2,998 \nNet income (loss) | 6,358 | 14,138 | 5,090 | (275) | 2,899 \nNet income (loss) attributable to Micron | 6,313 | 14,135 | 5,089 | (276) | 2,899 \nDiluted earnings (loss) per share | 5.51 | 11.51 | 4.41 | (0.27) | 2.47 \nCash and short-term investments | 7,955 | 6,802 | 5,428 | 4,398 | 3,521 \nTotal current assets | 16,503 | 16,039 | 12,457 | 9,495 | 8,596 \nProperty, plant, and equipment | 28,240 | 23,672 | 19,431 | 14,686 | 10,554 \nTotal assets | 48,887 | 43,376 | 35,336 | 27,540 | 24,143 \nTotal current liabilities | 6,390 | 5,754 | 5,334 | 4,835 | 3,905 \nLong-term debt | 4,541 | 3,777 | 9,872 | 9,154 | 6,252 \nTotal Micron shareholders' equity | 35,881 | 32,294 | 18,621 | 12,080 | 12,302 \nNoncontrolling interests in subsidiaries | 889 | 870 | 849 | 848 | 937 \nTotal equity | 36,770 | 33,164 | 19,470 | 12,928 | 13,239 \n\n6. DATA\n December 2016, acquired 67% Inotera results. sold DRAM products supply agreements. Acquisition funded loan 80 billion Taiwan dollars $986 million sale 58 million common stock. 8. Financial Statements Data Acquisition Inotera.\n 2018 2017 2016 2015\n Revenue $23,406 $30,391 $20,322 $12,399 $16,192\n Gross margin 10,702 17,891 8,436\n Operating income 7,376 14,994 5,868\n Net income 6,358 14,138 5,090\n Micron 6,313 14,135 5,089\n Diluted earnings (loss) per share.\n Cash short-term investments 7,955 6,802 5,428 4,398\n assets 16,503 16,039 12,457\n Property equipment 28,240 23,672 19,431 14,686\nassets 48,887 43,376 35\n liabilities 6,390,754\n debt 4,541 3,777,154 6\n Micron equity 35,881 32,294 18,621 12,302\n interests subsidiaries 889\n equity 36,770 33,164 19,470 12,928" +} +{ + "_id": "d1b392faa", + "title": "", + "text": "9. Income Taxes\nOn December 22, 2017, the Tax Act was enacted into law, which made changes to U.S. tax law, including, but not limited to: (1) reducing the U.S. Federal corporate income tax rate from 35% to 21%; (2) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (3) generally eliminating U.S. Federal corporate income taxes on dividends from foreign subsidiaries; (4) capitalizing R&D expenses which are amortized over five to 15 years; and (5) other changes to how foreign and domestic earnings are taxed.\nThe Tax Act includes a provision to tax global intangible low-taxed income (“GILTI”) of foreign subsidiaries and a base erosion anti-abuse tax (“BEAT”) measure that taxes certain payments between a U.S. corporation and its foreign subsidiaries. These provisions of the Tax Act were effective for the Company beginning August 1, 2018 and had no impact on the tax benefit for the year ended July 31, 2019.\nUnder U.S. GAAP, the Company can make an accounting policy election to either treat taxes due on the GILTI inclusion as a current period expense or factor such amounts into its measurement of deferred taxes. The Company has elected the current period expense method. The Company has finalized its assessment of the transitional impacts of the Tax Act.\nIn December 2018, the IRS issued proposed regulations related to the BEAT tax, which the Company is in the process of evaluating. If the proposed BEAT regulations are finalized in their current form, the impact may be material to the tax provision in the quarter of enactment.\nThe U.S. Treasury Department, the Internal Revenue Service (“IRS”), and other standard-setting bodies will continue to interpret or issue guidance on how provisions of the Tax Act will be applied or otherwise administered. The Company continues to obtain, analyze, and interpret guidance as it is issued and will revise its estimates as additional information becomes available.\nAny legislative changes, including any other new or proposed U.S. Department of the Treasury regulations that have yet to be issued, may result in income tax adjustments, which could be material to our provision for income taxes and effective tax rate in the period any such changes are enacted. The Company’s income (loss) before provision for (benefit from) income taxes for the years ended July 31, 2019, 2018 and 2017 is as follows (in thousands):\n\n | | Fiscal years ended July 31, | \n-------------------------------------------------------------- | -------- | --------------------------- | -------\n | 2019 | 2018 | 2017 \nDomestic | $(1,778) | $(13,501) | $21,723\nInternational | 14,230 | 5,225 | 6,803 \nIncome (loss) before provision for (benefit from) income taxes | $12,452 | $(8,276) | $28,526\n\n. Income Taxes\n December 22, 2017 Tax Act enacted U. S. tax law. Federal corporate income tax rate 35% to 21% requiring one-time transition tax unrepatriated earnings foreign subsidiaries eliminating. taxes dividends foreign subsidiaries capitalizing R&D expenses amortized five to 15 years changes foreign domestic earnings.\n Tax Act global intangible low-taxed income foreign subsidiaries base erosion anti tax. corporation foreign subsidiaries. effective Company August 1, 2018 no impact tax benefit July 31, 2019.\n. Company treat taxes GILTI current period expense or deferred taxes. elected current period expense method. finalized assessment transitional impacts Tax Act.\n December 2018 IRS issued regulations BEAT tax evaluating. impact tax provision.\n. Treasury Department Internal Revenue Service standard-setting bodies guidance Tax Act. Company analyze guidance revise estimates information.\n legislative changes.Treasury regulations income tax adjustments rate. Company’s income (loss) before taxes years ended July 31, 2019 2018 2017\n Fiscal years July 31,\n 2019 2018 2017\n Domestic $(1,778) $(13,501) $21,723\n International 14,230 5,225\n Income before taxes $12,452 $(8,276) $28,526" +} +{ + "_id": "d1b3782ea", + "title": "", + "text": "Contractual Obligations\nWe have various contractual obligations impacting our liquidity. The following represents our contractual obligations as of January 31, 2020 (table in millions)\n(1) Consists of principal and interest payments on the Senior Notes. Refer to “Liquidity and Capital Resources” for a discussion of the public debt offering we issued on August 21, 2017 in the aggregate principal amount of $4.0 billion.\n(2) Consists of principal and interest payments on the outstanding note payable to Dell. Refer to “Liquidity and Capital Resources” for a discussion of the $270 million note payable we entered into with Dell per the note exchange agreement from January 21, 2014.\n(3) Consists of the principal on the senior unsecured term loan facility (the “Term Loan”). The Term Loan can be repaid any time before October 2020. Given the variable nature of the interest on the Term Loan, including when the repayment will take place, interest payments have been excluded from the table above.\n(4) Consists of both operating and finance leases. Our operating leases are primarily for facility space and land. Amounts in the table above exclude legally binding minimum lease payments for leases signed but not yet commenced of $361 million, as well as expected sublease income.\n(5) Consists of future cash payments related to the Transition Tax.\n(6) As of January 31, 2020, we had $479 million of gross uncertain tax benefits, excluding interest and penalties. The timing of future payments relating to these obligations is highly uncertain. Based on the timing and outcome of examinations of our subsidiaries, the result of the expiration of statutes of limitations for specific jurisdictions or the timing and result of ruling requests from taxing authorities, it is reasonably possible that within the next 12 months total unrecognized tax benefits could be potentially reduced by approximately $17 million.\n\n | | | Payments Due by Period | | \n---------------------------- | ------ | ---------------- | ---------------------- | --------- | -----------------\n | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years\nSenior Notes(1) | $4,552 | $1,372 | $1,686 | $98 | $1,396 \nNote payable to Dell(2) | 283 | 5 | 278 | — | — \nTerm Loan(3) | 1,500 | 1,500 | — | — | — \nFuture Lease Commitments(4) | 1,202 | 144 | 268 | 178 | 612 \nPurchase obligations | 255 | 168 | 87 | — | — \nTax obligations(5) | 545 | 53 | 104 | 227 | 161 \nAsset Retirement Obligations | 13 | 1 | 5 | 2 | 5 \nSub-Total | 8,350 | 3,243 | 2,428 | 505 | 2,174 \nUncertain tax positions(6) | 479 | | | | \nTotal | $8,829 | | | | \n\nContractual Obligations\n obligations impacting liquidity. obligations as of January 31, 2020 millions\n principal interest payments Senior Notes. public debt offering issued August 21, 2017 principal $4. 0 billion.\n principal interest payments outstanding note payable Dell. $270 million note payable Dell exchange agreement January 21, 2014.\n principal senior unsecured term loan facility. repaid before October 2020. variable interest interest payments excluded.\n operating finance leases. operating leases facility space land. exclude minimum lease payments leases $361 million expected sublease income.\n future cash payments Transition Tax.\n January 31, 2020 $479 million uncertain tax benefits excluding interest penalties. timing future payments uncertain. statutes limitations next 12 months unrecognized tax benefits reduced by $17 million.\n Payments Due Period\n Less than 1 year 1-3 years 3-5 years More than 5 years\nSenior $4,552 $1,372 $1,396\n 283 278\n Term 1,500\n Future Lease 1,202 144 268 178 612\n Purchase obligations 255 168 87\n Tax 545 53 104 227\n Asset Retirement Obligations\n Sub-Total 8,350 3,243 2,428 505 2,174\n Uncertain tax positions(6) 479\n $8,829" +} +{ + "_id": "d1b323506", + "title": "", + "text": "The following table provides a reconciliation of Adjusted SG&A to SG&A expenses, the most directly comparable financial measure presented in accordance with U.S. GAAP:\n(a) Represents depreciation and amortization expense included in SG&A.\n(b) Represents non-cash share-based compensation expense included in SG&A.\n(c) Represents new store marketing allowance of $1,000 for each store added to our distribution network, as well as the non-capitalized freight costs associated with Freshpet Fridge replacements. The expense enhances the overall marketing spend to support our growing distribution network.\n(d) Represents fees associated with secondary public offerings of our common stock.\n(e) Represents charges associated with our former Chief Executive Officer’s separation agreement, as well as changes in estimates associated with leadership transition costs\n(f) Represents fees associated with two securities lawsuits.\n\n | Twelve Months Ended December 31, | | | | \n------------------------------------------ | -------------------------------- | ------- | ------- | ------- | -------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | (Dollars in thousands) | | | | \nSG&A expenses | $114,450 | $94,876 | $75,167 | $62,586 | $58,297\nDepreciation and amortization expense (a) | 9,551 | 7,977 | 6,901 | 5,859 | 5,008 \nNon-cash share-based compensation (b) | 6,912 | 5,949 | 4,195 | 3,972 | 3,723 \nLaunch expense (c) | 4,563 | 3,540 | 3,066 | 2,813 | 2,626 \nLoss on disposal of equipment | 649 | — | — | — | — \nSecondary offering expenses (d) | 302 | 362 | — | — | 593 \nLeadership transition expenses (e) | — | — | 63 | 1,291 | — \nLitigation expense (f) | — | 348 | 145 | — | — \nAdjusted SG&A Expenses | $92,473 | $76,698 | $60,797 | $48,651 | $46,347\nAdjusted SG&A Expenses as a % of Net Sales | 37.6% | 39.7% | 39.9% | 37.5% | 40.8% \n\ntable Adjusted SG&A expenses. GAAP\n depreciation amortization.\n non-cash share-based compensation.\n new store marketing allowance $1,000 non freight costs Freshpet Fridge replacements. enhances marketing spend distribution network.\n fees secondary public offerings common stock.\n charges former Chief Executive Officer’s separation agreement leadership transition costs\n fees securities lawsuits.\n Twelve Months Ended December 31,\n 2019 2018 2017\n SG&A expenses $114,450 $94,876 $75,167 $62,586 $58,297\n Depreciation amortization 9,551 7,977 6\n Non-cash share-based compensation 6,912 5,949 4,195\n Launch expense 4,563 3,540 3,066 2,813\n Loss disposal equipment\n Secondary offering expenses 302 362\n Leadership transition expenses 1,291\nLitigation expense 145\n Expenses $92,473 $76,698 $60,797 $48,651 $46,347\n Net Sales 37. 6%. 7%. 8%" +} +{ + "_id": "d1b39af66", + "title": "", + "text": "Adjusted EBITDA Non-GAAP Reconciliation\n(UNAUDITED)\n($ in millions)\n(1) Refer to Non-GAAP Integration and Transformation Costs and Special Items table for details of the integration and transformation costs and special items included above.\n\n | | | Pro Forma (1)\n---------------------------------------------------------------------------------------- | -------- | ------- | -------------\n | 2019 | 2018 | 2017 \nNet income (loss) | $(5,269) | (1,733) | 1,508 \nIncome tax expense | 503 | 170 | (770) \nTotal other expense, net | 2,040 | 2,133 | 2,147 \nDepreciation and amortization expense | 4,829 | 5,120 | 5,125 \nShare-based compensation expenses | 162 | 186 | 238 \nGoodwill impairment | 6,506 | 2,726 | 0 \nAdjusted EBITDA | 8,771 | 8,602 | 8,248 \nExclude: transaction related expenses | 0 | 0 | 192 \nExclude: integration and transformation costs(1) | 234 | 378 | 164 \nExclude: special items(1) | 65 | 60 | 82 \nAdjusted EBITDA excluding integration and transformation costs and special items | $9,070 | 9,040 | 8,686 \nTotal revenue | $22,401 | 23,443 | 24,128 \nAdjusted EBITDA Margin | 39.2% | 36.7% | 34.2% \nAdjusted EBITDA Margin, excluding integration and transformation costs and special items | 40.5% | 38.6% | 36.0% \n\nEBITDA Non-GAAP Reconciliation\n millions\n Non-GAAP Integration Transformation Costs Special Items.\n Net income (loss $(5,269) (1,733) 1,508\n Income tax expense 503 (770)\n expense 2,040 2,133\n Depreciation amortization expense 5,120\n Share-based compensation expenses 162\n Goodwill impairment 6,506 2,726\n Adjusted EBITDA 8,771 8,602 8,248\n transaction expenses\n integration transformation 234 378\n special 65\n Adjusted EBITDA $9,070 9,040 8,686\n Total revenue $22,401 23,443 24,128\n EBITDA Margin. 2%.\n excluding. 5%. 6%." +} +{ + "_id": "d1b358fda", + "title": "", + "text": "Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts) General\nThe Revolving Credit Facility (as defined in Note 5) and the Term Loan Agreement generally require our ratio of earnings before interest, taxes, depreciation and amortization (\"EBITDA\") to interest expense not to be less than 3.0 to 1.0 and our ratio of funded debt to EBITDA not to exceed certain decreasing specified levels, ranging from 5.875 through the first quarter of fiscal 2020 to 3.75 from the second quarter of fiscal 2023 and thereafter, with each ratio to be calculated on a rolling fourquarter basis. As of May 26, 2019, we were in compliance with all financial covenants under the Revolving Credit Facility and the Term Loan Agreement.\nNet interest expense consists of:\nInterest paid from continuing operations was $375.6 million, $164.5 million, and $223.7 million in fiscal 2019, 2018, and 2017, respectively.\n\n | 2019 | 2018 | 2017 \n-------------------- | ------ | ------ | ------\nLong-term debt | $385.9 | $161.2 | $203.6\nShort-term debt | 15.0 | 4.8 | 0.6 \nInterest income | (6.8) | (3.8) | (3.7) \nInterest capitalized | (2.7) | (3.5) | (5.0) \n | $391.4 | $158.7 | $195.5\n\nConsolidated Financial Statements Fiscal Years Ended 2019 2018 28, 2017 share amounts\n Revolving Credit Facility Term Loan Agreement require earnings interest taxes depreciation amortization interest expense 3. to 1. funded debt EBITDA levels 5. 875 2020 to 3. 75 2023 calculated fourquarter. May 26, 2019 compliance financial covenants Credit Facility Term Loan Agreement.\n Net interest expense\n Interest paid operations $375. 6 million $164. 5 million $223. 7 million 2019 2018 2017.\n Long-term debt $385. $161. $203.\n Short-term debt 15.\n Interest income.\n Interest capitalized.\n $391. $195." +} +{ + "_id": "d1b2f1524", + "title": "", + "text": "H. Net Income Per Share\nBasic net income per share is computed by dividing net income by the weighted-average number of common stock outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average number of common stock outstanding and potentially dilutive securities outstanding during the period, as calculated using the treasury stock method. Potentially dilutive securities primarily include unvested restricted stock units (“RSUs”), including PSU awards, and stock options, including purchase options under VMware’s employee stock purchase plan, which included Pivotal’s employee stock purchase plan through the date of acquisition. Securities are excluded from the computation of diluted net income per share if their effect would be anti-dilutive. VMware uses the two-class method to calculate net income per share as both classes share the same rights in dividends; therefore, basic and diluted earnings per share are the same for both classes.\nThe following table sets forth the computations of basic and diluted net income per share during the periods presented (table in millions, except per share amounts and shares in thousands):\n\n | | For the Year Ended | \n------------------------------------------------------------------------------------------------------------------- | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nNet income attributable to VMware, Inc. | $6,412 | $1,650 | $437 \nWeighted-average shares, basic for Classes A and B | 417,058 | 413,769 | 410,315 \nEffect of other dilutive securities | 8,177 | 7,362 | 10,572 \nWeighted-average shares, diluted for Classes A and B | 425,235 | 421,131 | 420,887 \nNet income per weighted-average share attributable to VMware, Inc. common stockholders, basic for Classes A and B | $15.37 | $3.99 | $1.07 \nNet income per weighted-average share attributable to VMware, Inc. common stockholders, diluted for Classes A and B | $15.08 | $3.92 | $1.04 \n\n. Net Income Per Share\n computed common stock. Diluted income potentially dilutive securities treasury stock method. dilutive securities include unvested restricted stock units stock options VMware’s employee stock purchase plan. Securities excluded diluted anti-dilutive. VMware two-class method income basic diluted earnings same.\n table computations basic diluted net income share millions\n January 31, 2020 February 1, 2019 February 2, 2018\n Net income VMware, Inc. $6,412 $1,650 $437\n Weighted-average shares Classes A B 417,058 413,769 410,315\n other dilutive securities 8,177 7,362 10,572\n shares diluted 425,235 421,131 420,887\n Net income per share VMware. stockholders $15. 37 $3. 99 $1. 07\n.stockholders Classes A B $15. $3." +} +{ + "_id": "d1b36f0dc", + "title": "", + "text": "7. OTHER BALANCE SHEET AMOUNTS\nThe components of property and equipment, net is as follows (in thousands):\nDepreciation expense for the years ended December 31, 2019, 2018, and 2017 was $11.8 million, $10.2 million, and $10.3 million, respectively.\n\n | | December 31, | \n----------------------------------------------- | ----------- | ------------ | --------\n | Useful Life | 2019 | 2018 \nComputer equipment and software | 3 – 5 years | $57,474 | $52,055 \nFurniture and fixtures | 7 years | 6,096 | 4,367 \nLeasehold improvements | 2 – 6 years | 22,800 | 9,987 \nRenovation in progress | n/a | 8 | 1,984 \nBuild-to-suit property | 25 years | — | 51,058 \nTotal property and equipment, gross | | 86,378 | 119,451 \nLess: accumulated depreciation and amortization | | (49,852) | (42,197)\nTotal property and equipment, net | | $36,526 | $77,254 \n\n. BALANCE\n property equipment\n Depreciation 2019 2017 $11. 8 million $10. 2 million $10. 3 million.\n Computer 3 5 years $57,474 $52,055\n Furniture fixtures 7 years 4\n Leasehold improvements 2 6 years 22,800 9,987\n Renovation\n-to-suit property 25 years 51,058\n property equipment 86,378 119,451\n accumulated depreciation amortization\n $36,526 $77,254" +} +{ + "_id": "d1a725a2e", + "title": "", + "text": "Management Discussion and Analysis\nAssociates\n\"nm\" denotes not meaningful.\nNotes: (1) Based on Singapore Financial Reporting Standards (International).\n(2) Assuming constant exchange rates for the regional currencies (Indian Rupee, Indonesian Rupiah, Philippine Peso and Thai Baht) from FY 2018.\n(3) Share of results excluded the Group’s share of the associates’ significant one-off items which have been classified as exceptional items of the Group.\n(4) Singtel holds an equity interest of 21.0% in Intouch which has an equity interest of 40.5% in AIS.\n(5) Bharti Telecom Limited (BTL) holds an equity interest of 50.1% in Airtel as at 31 March 2019. In BTL’s standalone books, its loss comprised mainly interest charges on its borrowings.\n(5) Bharti Telecom Limited (BTL) holds an equity interest of 50.1% in Airtel as at 31 March 2019. In BTL’s standalone books, its loss comprised mainly interest charges on its borrowings.\n(6) Singtel ceased to own units in NetLink Trust following the sale to NetLink NBN Trust in July 2017 but continues to have an interest of 24.8% in NetLink NBN Trust, the holding company of NetLink Trust. The share of results included Singtel’s amortisation of deferred gain of S$20 million (FY 2018: S$32 million) on assets previously transferred to NetLink Trust, but excluded the fair value adjustments recorded by NetLink NBN Trust in respect of its acquisition of units in NetLink Trust.\n(7) Include the share of results of Singapore Post Limited.\n\n | Financial Year ended 31 March | | | \n---------------------------------------------- | ----------------------------- | ------------ | ------ | -------------------------------\n | 2019 | 2018 | Change | Change in constant currency (2)\n | (S$ million) | (S$ million) | (%) | (%) \nGroup share of associates' pre-tax profits (3) | 1,536 | 2,461 | -37.6 | -36.2 \nShare of post-tax profits | | | | \nTelkomsel | 843 | 1,031 | -18.3 | -12.4 \nAIS | 286 | 292 | -1.7 | -3.9 \nGlobe (3) | | | | \n- ordinary results | 251 | 180 | 39.3 | 45.3 \n- exceptional items | - | 22 | nm | nm \n | 251 | 202 | 23.9 | 29.1 \nIntouch (3) (4) | | | | \n- operating results | 101 | 106 | -4.4 | -6.5 \n- amortisation of acquired intangibles | (22) | (21) | 8.3 | 5.9 \n | 79 | 86 | -7.5 | -9.5 \nAirtel (3) | (131) | 101 | nm | nm \nBTL (5) | (40) | (18) | 127.8 | 140.9 \n | (171) | 83 | nm | nm \nRegional associates (3) | 1,287 | 1,694 | -24.0 | -21.5 \nNetLink NBN Trust/ NetLink Trust (6) | 48 | 72 | -32.9 | -32.9 \nOther associates (3) (7) | 47 | 57 | -17.6 | -17.6 \nGroup share of associates’ post-tax profits (3) | 1,383 | 1,823 | -24.1 | -21.8 \n\nManagement Discussion Analysis\n Associates\n.\n Singapore Financial Reporting Standards.\n constant exchange rates regional currencies (Indian Rupee Indonesian Rupiah Philippine Peso Thai Baht FY 2018.\n results excluded items exceptional.\n Singtel equity interest 21. 0% Intouch 40. 5%.\n Bharti Telecom Limited equity interest 50. 1% Airtel 31 March 2019. loss interest charges borrowings.\n equity interest. 1% Airtel 31 March 2019. loss interest charges borrowings.\n Singtel ceased own units NetLink Trust 2017 interest 24. 8% NBN Trust. amortisation deferred gain S$20 million S$32 million assets NetLink Trust excluded fair value adjustments Trust acquisition units.\n results Singapore Post Limited.\n Financial Year ended 31 March\n 2019 Change constant currency\n$ million\n Group share associates' pre-tax profits 1,536.\npost-tax profits\n Telkomsel 843 1,031. 4\n 286 292 -1. -3.\n Globe (3)\n ordinary results 251 180 39. 45.\n exceptional items\n 251 202 23. 29.\n Intouch\n operating results 101 106 -4. -6.\n amortisation acquired intangibles 8.\n 79 86 -7.\n Airtel (3) (131) 101\n BTL (5) (40) 127. 140.\n (171) 83\n Regional associates 1,287 1,694 .\n NetLink 48 72 -32.\n associates 47 57.\n post-tax profits 1,383 1,823 ." +} +{ + "_id": "d1b2e7bb4", + "title": "", + "text": "18. Commitments\nThe Group leases various offices in locations such as Amsterdam, the Netherlands; the San Francisco Bay Area, California, New York, New York, Austin, Texas, and Boston, Massachusetts, United States; Sydney, Australia; Manila, the Philippines; Bengaluru, India; Yokohama, Japan; and Ankara, Turkey under non-cancellable operating leases expiring within one to nine years. The leases have varying terms, escalation clauses and renewal rights. On renewal, the terms of the leases are renegotiated. The Group incurred rent expense on its operating leases of $38.6 million, $23.6 million, and $12.2 million during the fiscal years ended 2019, 2018 and 2017, respectively.\nAdditionally, the Group has a contractual commitment for services with third-parties related to its cloud services platform and data centers. These commitments are non-cancellable and expire within two to four years.\nCommitments for minimum lease payments in relation to non-cancellable operating leases and purchase obligations as of June 30, 2019 were as follows:\n\n | Operating Leases | Other Contractual Commitments | Total \n------------------------ | ---------------- | ----------------------------- | --------\n | | (U.S. $ in thousands) | \nFiscal Period: | | | \nYear ending 2020 | $38,790 | $108,978 | $147,768\nYears ending 2021 - 2024 | 148,021 | 219,342 | 367,363 \nThereafter | 144,037 | — | 144,037 \nTotal commitments | $330,848 | $328,320 | 659,168 \n\n.\n Group leases offices Amsterdam San Francisco Austin Boston Sydney Manila Bengaluru Yokohama Ankara non-cancellable leases nine years. leases varying terms escalation clauses renewal rights. renegotiated. incurred rent expense leases $38. 6 million $23. 6 million $12. 2 million 2019 2018 2017.\n services-parties cloud data centers. commitments non-cancellable expire two four years.\n minimum lease payments purchase obligations June 30 2019\n Operating Leases Contractual Commitments\n.\n 2020 $38,790 $108,978 $147,768\n 2021 - 2024 148,021 219,342 367,363\n $330,848 $328,320 659,168" +} +{ + "_id": "d1a718d56", + "title": "", + "text": "Note 8: Net Income per Share\nBasic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the treasury stock method, for dilutive stock options, restricted stock units, and convertible notes.\nThe following table reconciles the numerators and denominators of the basic and diluted computations for net income per share.\n(1) Diluted shares outstanding do not include any effect resulting from note hedges associated with the Company’s 2018 Notes as their impact would have been anti-dilutive.\n\n | | YearEnded | \n---------------------------------------- | ------------- | ------------------------------------- | -------------\n | June 30, 2019 | June 24, 2018 | June 25, 2017\n | | (in thousands, except per share data) | \nNumerator: | | | \nNet income | $2,191,430 | $2,380,681 | $1,697,763 \nDenominator: | | | \nBasic average shares outstanding | 152,478 | 161,643 | 162,222 \nEffect of potential dilutive securities: | | | \nEmployee stock plans | 1,323 | 2,312 | 2,058 \nConvertible notes | 5,610 | 12,258 | 16,861 \nWarrants | 504 | 4,569 | 2,629 \nDiluted average shares outstanding | 159,915 | 180,782 | 183,770 \nNet income per share-basic | $14.37 | $14.73 | $10.47 \nNet income per share-diluted | $13.70 | $13.17 | $9.24 \n\nNet Income per Share\n weighted-average shares. Diluted computed treasury stock method dilutive options restricted stock units convertible notes.\n table reconciles numerators denominators basic diluted computations net income share.\n Diluted shares include effect note hedges 2018 anti-dilutive.\n June 30 2019 24 2018 25 2017\n Net income $2,191,430 $2,380,681 $1,697,763\n Basic shares 152,478 161,643\n dilutive securities\n stock plans 1,323\n Convertible notes 5,610 12,258 16\n Warrants\n Diluted average shares 159,915 180,782 183,770\n Net income per share-basic $14.\n-diluted $13." +} +{ + "_id": "d1b36ec4a", + "title": "", + "text": "Fair Value of Convertible Notes held at amortized cost\nAs of December 31, 2019 and 2018, the fair value and carrying value of the Company's Convertible Notes were:\nThe fair value shown above represents the fair value of the debt instrument, inclusive of both the debt and equity components, but excluding the derivative liability. The carrying value represents only the carrying value of the debt component.\nThe fair value of the Convertible Notes was determined by using unobservable inputs that are supported by minimal non-active market activity and that are significant to determining the fair value of the debt instrument. The fair value is level 3 in the fair value hierarchy.\n(Dollars in thousands, except per share amounts)\n\n | Fair value | Carrying value | Face value\n---------------------------------------------------- | ---------- | -------------- | ----------\n5.5% convertible senior notes due December 15, 2021: | | | \nBalance as of December 31, 2019 | | | \nRelated party | $6,727 | $8,864 | $10,000 \nOthers | 65,257 | 84,648 | 97,000 \n | $71,984 | $93,512 | $107,000 \nBalance as of December 31, 2018 | | | \nRelated party | $5,879 | $8,378 | $10,000 \nOthers | 57,031 | 79,433 | 97,000 \n | $62,910 | $87,811 | $107,000 \n\nConvertible Notes amortized cost\n December 31, 2019 2018 carrying\n value debt instrument equity excluding derivative liability. carrying value debt.\n determined unobservable inputs minimal market activity. level 3 hierarchy.\n share\n Carrying\n. 5% convertible senior notes due December 15, 2021\n Balance December 31, 2019\n $6,727 $8,864 $10,000\n 65,257 84,648 97,000\n $71,984 $93,512 $107,000\n Balance December 31, 2018\n $5,879 $8,378 $10,000\n 57,031 79,433 97,000\n $62,910 $87,811 $107,000" +} +{ + "_id": "d1a7174c4", + "title": "", + "text": "11. Reportable Segments, Geographic Information and Major Customers\nReportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company’s resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment’s performance is evaluated based upon its operating income (loss). A segment’s operating income (loss) includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses  fiscal 2019 and the $13.5 million one-time employee bonus paid to full-time, non-executive employees during fiscal 2018 due to the Company's ability to access overseas cash as a result of Tax Reform (the \"one-time employee bonus\"). These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm’s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole.\nInformation about the Company’s three reportable segments for fiscal 2019, 2018 and 2017 is as follows (in thousands):\n\n | September 28,\n2019 | September 29,\n2018\n-------------------------- | ------------------ | ------------------\nTotal assets: | | \nAMER | $751,990 | $645,791 \nAPAC | 958,744 | 937,510 \nEMEA | 209,541 | 193,797 \nCorporate and eliminations | 80,608 | 155,544 \n | $2,000,883 | $1,932,642 \n\n. Reportable Segments Geographic Information Major Customers\n segments components enterprise financial information evaluated by chief decision performance resources. Company uses internal management reporting system financial data performance resources. Net sales attributed region product manufactured service performed. services manufacturing processes customers order fulfillment processes similar interchangeable. performance evaluated operating income (loss). net sales cost administrative expenses excludes corporate other expenses. 2019 $13. 5 million-time employee bonus overseas cash Tax Reform. not allocated segments. Inter-segment transactions recorded arm’s length transactions. accounting policies same Company.\n three reportable segments 2019 2018 2017\n 29,\n 2018\n Total assets\n AMER $751,990 $645,791\n APAC 958,744 937,510\n EMEA 209,541 193,797\n Corporate 80,608 155,544\n $2,000,883 $1,932,642" +} +{ + "_id": "d1a717e60", + "title": "", + "text": "Relative importance of spend on pay\nThe following table shows, for FY19 and FY18, the actual expenditure and percentage change in total employee costs and percentage change in distributions to shareholders.\n1 Represents dividends paid in each financial year\n2 Total employee expenditure includes wages and salaries, social security costs, pension and other costs and share-based payments, see note 10 of the Financial Statements\n\n | FY19 | FY18 | Change\n-------------------------------------- | ----- | ----- | ------\n | $M | $M | % \nShareholder distributions – dividends1 | 23.9 | 21.8 | 10% \nTotal employee expenditure2 | 370.1 | 361.9 | 2% \n\nimportance spend pay\n table shows FY19 FY18 expenditure employee costs distributions shareholders.\n Represents dividends\n employee expenditure includes wages salaries social security pension share-based payments note 10 Financial Statements\n FY19 FY18\n Shareholder distributions 23. 10%\n employee 370. 2%" +} +{ + "_id": "d1b3453e0", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe following selected consolidated financial data is derived from our Consolidated Financial Statements. As our historical operating results are not necessarily indicative of future operating results, this data should be read in conjunction with the Consolidated Financial Statements and notes thereto, and with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.\n(1) On December 1, 2018, the beginning of our fiscal year 2019, we adopted the requirements of the Financial Accounting Standards Board’s Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, Topic 606, utilizing the modified retrospective method of transition. Prior period information has not been restated and continues to be reported under the accounting standard in effect for those periods.\n(2) As of November 29, 2019, working capital was in a deficit primarily due to the reclassification of our $2.25 billion term loan due April 30, 2020 and $900 million 4.75% senior notes due February 1, 2020 to current liabilities. We intend to refinance our Term Loan and 2020 Notes on or before the due dates.\n(3) Our fiscal year is a 52- or 53-week year that ends on the Friday closest to November 30. Fiscal 2016 was a 53-week fiscal year compared with the other periods presented which were 52-week fiscal years.\n\n(in thousands, except per share amounts and employee data) | | | Fiscal Years | | \n---------------------------------------------------------------------------------------- | ------------ | ----------- | ------------ | ----------- | -----------\n | 2019(1) | 2018 | 2017 | 2016(3) | 2015 \nOperations: | | | | | \nRevenue: | $11,171,297 | $9,030,008 | $7,301,505 | $5,854,430 | $4,795,511 \nGross profit | $9,498,577 | $7,835,009 | $6,291,014 | $5,034,522 | $4,051,194 \nIncome before income taxes | $3,204,741 | $2,793,876 | $2,137,641 | $1,435,138 | $873,781 \nNet income | $2,951,458 | $2,590,774 | $1,693,954 | $1,168,782 | $629,551 \nNet income per share: | | | | | \nBasic | $6.07 | $5.28 | $3.43 | $2.35 | $1.26 \nDiluted | $6.00 | $5.20 | $3.38 | $2.32 | $1.24 \nShares used to compute basic net income per share | 486,291 | 490,564 | 493,632 | 498,345 | 498,764 \nShares used to compute diluted net income per share | 491,572 | 497,843 | 501,123 | 504,299 | 507,164 \nFinancial position: | | | | | \nCash, cash equivalents and short-term investments | $4,176,976 | $3,228,962 | $5,819,774 | $4,761,300 | $3,988,084 \nWorking capital(2) | $(1,696,013) | $555,913 | $3,720,356 | $3,028,139 | $2,608,336 \nTotal assets | $20,762,400 | $18,768,682 | $14,535,556 | $12,697,246 | $11,714,500\nDebt, current | $3,149,343 | $— | $— | $— | $— \nDebt, non-current | $988,924 | $4,124,800 | $1,881,421 | $1,892,200 | $1,895,259 \nStockholders’ equity | $10,530,155 | $9,362,114 | $8,459,869 | $7,424,835 | $7,001,580 \nAdditional data: | | | | | \nWorldwide employees | 22,634 | 21,357 | 17,973 | 15,706 | 13,893 \n\nITEM 6. SELECTED FINANCIAL DATA\n financial data Statements. historical not future Financial Statements Item 7 Management’s Discussion Analysis Financial Condition Results Operations.\n December 1, 2018 adopted Financial Accounting Standards Update. 2014-09 Revenue Contracts Customers Topic 606 retrospective transition. Prior information restated.\n November 29, 2019 working capital deficit due $2. 25 billion term loan April 30 2020 $900 million 4. 75% senior notes February 1, 2020. refinance Term Loan 2020 Notes dates.\n fiscal year 52- or 53-week year ends November 30. 2016 53-week.\n 2018 2017\n Operations\n Revenue $11,171,297 $9,030,008 $7,301,505 $5,854,430 $4,795,511\n Gross profit $9,498,577 $7,835,009 $6,291,014 $5,034,522 $4,051,194\ntaxes $3,204,741 $2,793,876,137,641,435\n $2,951,458 $2,590,774 $1,693,954,168,782 $629,551\n income share\n.\n Diluted.\n,291,564\n diluted 491,572 501 504 507\n Financial\n Cash investments $4,176,976 $3,228,962 $5,819,774 $4,761,300,988,084\n Working,696,013) $555,913 $3,720,356 $3,028,139 $2,608,336\n Total assets $20,762,400 $18,768,682 $14,535,556 $12,697,246\n $3,149,343\n non $988,924 $4,124,800 $1,881,421,895,259\n Stockholders’ equity $10,530,155 $9,362,114 $8,459,869 $7,424,835 $7,001,580\n\n 22,634 21,357 17,973 15 13,893" +} +{ + "_id": "d1b3b6d7e", + "title": "", + "text": "Summary of Cash Flows\nThe following table summarizes cash flow information for the periods presented:\nNet cash provided by operating activities increased $224 million for fiscal 2019 as compared to fiscal 2018. The increase was primarily due to more favorable timing of working capital changes including higher advance payments from customers, $59 million received for the Greek arbitration award and lower payments for integration and restructuring costs. These activities were partially offset by higher tax payments, the timing of interest payments and $60 million of proceeds received from the termination of interest rate swaps in the prior year.\nNet cash provided by operating activities increased $242 million for fiscal 2018 as compared to fiscal 2017. The increase was primarily due to lower payments for taxes, integration and restructuring costs and proceeds received from the termination of interest rate swaps. This was partially offset by $24 million of cash paid related to the 2016 acquisition of Lockheed Martin's Information Systems & Global Solutions business (\"IS&GS Business\").\nNet cash provided by investing activities increased $179 million for fiscal 2019 as compared to fiscal 2018. The increase was primarily due to $178 million of proceeds received for the dispositions of our commercial cybersecurity and health staff augmentation businesses, $96 million of proceeds received for the sale of real estate properties and $81 million of cash paid in the prior year related to our 2016 acquisition. These activities were partially offset by $94 million of cash paid related to the acquisition of IMX, higher purchases of property, equipment and software and lower proceeds from promissory notes.\nNet cash used in investing activities increased $43 million for fiscal 2018 as compared to fiscal 2017. The increase was primarily due to $81 million of cash paid related to the 2016 acquisition of the IS&GS Business, partially offset by $40 million of proceeds from the settlement of a promissory note.\nNet cash used in financing activities increased $2 million for fiscal 2019 as compared to fiscal 2018. The increase was primarily due to the timing of debt payments and higher stock repurchases, partially offset by $23 million of cash paid related to a tax indemnification in the prior year and the timing of issuances of stock.\nNet cash used in financing activities increased $278 million for fiscal 2018 as compared to fiscal 2017. The increase was primarily due to $250 million of stock repurchases under the ASR program, $167 million of open market stock repurchases and $23 million of cash paid related to a tax indemnification liability. This was partially offset by $150 million of lower debt payments and $14 million of proceeds received from a real estate financing transaction.\n\n | January 3, 2020 | December 28, 2018 | December 29, 2017\n--------------------------------------------------------------------- | --------------- | ----------------- | -----------------\n | | (in millions) | \nNet cash provided by operating activities | $992 | $768 | $526 \nNet cash provided by (used in) investing activities | 65 | (114) | (71) \nNet cash used in financing activities | (709) | (707) | (429) \nNet increase (decrease) in cash, cash equivalents and restricted cash | $348 | $(53) | $26 \n\nCash Flows\n table summarizes cash flow\n Net cash operating increased $224 million 2019. due favorable timing working capital changes higher advance payments $59 million Greek arbitration award lower integration restructuring costs. offset higher tax interest $60 million interest rate swaps.\n cash increased $242 million 2018. due lower taxes integration restructuring costs interest swaps. offset $24 million cash 2016 acquisition Lockheed Martin's Information Systems Solutions.\n investing activities increased $179 million 2019. due $178 million cybersecurity $96 million sale real estate $81 million 2016 acquisition. offset by $94 million cash acquisition IMX higher purchases property lower proceeds promissory notes.\n investing increased $43 million 2018. due $81 million 2016 acquisition IS&GS offset $40 million settlement promissory note.\n cash financing increased $2 million 2019. due timing debt payments higher stock repurchases offset $23 million tax indemnification issuances stock.\n cash increased $278 million 2018.increase due $250 million stock $167 million open market $23 million cash tax indemnification. offset $150 million debt $14 million real estate financing.\n January 3 2020 December 28, 2018 29, 2017\n operating $992 $768 $526\n investing 65 (114) (71)\n financing (709) (429)\n cash restricted cash $348 $(53)" +} +{ + "_id": "d1b3ae232", + "title": "", + "text": "Auditor Service Fees\nThe aggregate amounts paid or accrued by the Company with respect to fees payable to PricewaterhouseCoopers LLP, the auditors of the Company, for audit (including separate audits of wholly-owned and non-wholly owned entities, financings, regulatory reporting requirements and SOX related services), audit-related, tax and other services in the years ended December 31, 2019 and 2018 were as follows:\nAudit fees relate to the audit of our annual consolidated financial statements, the review of our quarterly condensed consolidated financial statements and services in connection with our 2019 and 2018 public offerings of Class A subordinate voting shares\nAudit-related fees consist of aggregate fees for accounting consultations and other services that were reasonably related to the performance of audits or reviews of our consolidated financial statements and were not reported above under \"Audit Fees\".\nTax fees relate to assistance with tax compliance, expatriate tax return preparation, tax planning and various tax advisory services.\nOther fees are any additional amounts for products and services provided by the principal accountants other than the services reported above under \"Audit Fees\", \"Audit-Related Fees\" and \"Tax Fees\".\n\n | Fiscal 2019 | Fiscal 2018\n------------------ | -------------- | -----------\n | $ | $ \n | (in thousands) | \nAudit Fees | 1,133 | 764 \nAudit-Related Fees | — | — \nTax Fees | — | — \nAll Other Fees | 3 | 2 \nTotal | 1,136 | 766 \n\nAuditor Service Fees\n amounts paid Company PricewaterhouseCoopers LLP auditors for audit audits financings regulatory reporting SOX audit-related tax services December 31, 2019 2018\n Audit fees annual financial statements quarterly financial statements 2019 2018 public offerings Class A voting shares\n-related fees accounting consultations services related not reported Fees.\n Tax fees tax compliance expatriate tax return preparation planning advisory services.\n Other fees additional products services principal accountants other-Related.\n Fiscal 2019 2018\n Audit Fees 1,133 764\n Audit-Related Fees\n Tax Fees\n Other Fees\n Total 1,136 766" +} +{ + "_id": "d1b38d9ec", + "title": "", + "text": "Revenues\nFiscal 2019 revenues from satellite programs, one of the Company’s largest business area, increased by $8.6 million, or 61%, compared to the prior fiscal year. For Fiscal 2019 satellite program revenues for government end use were 46% of total revenues as compared to 36% for the prior fiscal year. Satellite program revenues for commercial end use were 5% and 14% of total revenue for Fiscal 2019 and Fiscal 2018, respectively. Revenues on satellite program contracts are recorded in the FEI-NY segment and are recognized primarily under the POC method. Sales revenues from non-space U.S. Government/DOD customers increased by approximately $5.2 million or 29% in Fiscal 2019 compared to prior fiscal year. These revenues are recorded in both the FEI-NY and FEI-Zyfer segments and accounted for approximately 46% and 45% of consolidated revenues for fiscal years 2019 and 2018, respectively. For the year ended April 30, 2019, other commercial and industrial sales accounted for approximately 8% of consolidated revenues compared to approximately 19% for fiscal year 2018. Sales in this business area were $3.9 million for the year ended April 30, 2019 compared to $7.6 million for the preceding year. Changes in revenue for the current year are partially due to implementation of ASU 2014-09 (see Note 1 to the Consolidated Financial Statements).\n\n | | Fiscal years ended April 30, (in thousands) | | \n------------------ | ------- | ------------------------------------------- | -------- | -----\n | | | Change | \n | 2019 | 2018 | $ | % \nFEI-NY | $38,096 | $26,936 | $11,160 | 41% \nFEI-Zyfer | 12,235 | 15,272 | (3,037 ) | (20%)\nIntersegment sales | (822) | (2,801) | 1,979 | (71%)\n | $49,509 | $39,407 | $10,102 | 26% \n\n\n 2019 satellite programs largest increased $8. 6 million 61%. revenues government use 46% 36%. commercial use 5% 14%. recorded FEI-NY segment recognized under POC method. from non-space U. S. Government/DOD customers increased $5. 2 million 29%. recorded FEI-NY FEI-Zyfer segments 46% 45% consolidated revenues 2019 2018. commercial industrial sales 8% consolidated revenues 19% 2018. Sales $3. 9 million $7. 6 million preceding year. Changes due to ASU 2014-09 Note 1 Financial.\n Fiscal years ended April 30\n FEI-NY $38,096 $26,936 $11,160 41%\n FEI-Zyfer 12,235 15,272 (3,037 (20%)\n Intersegment sales (822) (2,801) 1,979 (71%)\n $49,509 $39,407 $10,102 26%" +} +{ + "_id": "d1b3259b4", + "title": "", + "text": "Benefit for Income Taxes\nOur benefit for income taxes includes U.S. federal, state and foreign income taxes. The domestic and foreign components of our income from continuing operations before income taxes were as follows:\n\n | Year Ended December 31, | | \n----------------------------------------------- | ----------------------- | ------ | ------\n | 2019 | 2018 | 2017 \nU.S. | $176.4 | $138.9 | $180.6\nForeign | (50.0) | (65.9) | (73.8)\nIncomefromcontinuingoperationsbeforeincometaxes | $126.4 | $73.0 | $106.8\n\nBenefit Income Taxes\n. federal state foreign taxes. operations before taxes\n Ended December 31,\n 2019 2018 2017\n. $176. $138. $180.\n (50. (65. (73.\n Incomefromcontinuingoperationsbeforeincometaxes $126. $73. $106." +} +{ + "_id": "d1b341db2", + "title": "", + "text": "Deferred Taxes The components of the net deferred tax liability are as follows:\nDeferred income taxes are provided for the temporary differences between assets and liabilities recognized for financial reporting purposes and assets and liabilities recognized for tax purposes. The ultimate realization of deferred tax assets depends upon taxable income during the future periods in which those temporary differences become deductible.\nTo determine whether deferred tax assets can be realized, management assesses whether it is more likely than not that some portion or all of the deferred tax assets will not be realized, taking into consideration the scheduled reversal of deferred tax liabilities, projected future taxable income and tax-planning strategies.\nConsolidated and its wholly owned subsidiaries, which file a consolidated federal income tax return, estimates it has available federal NOL carryforwards as of December 31, 2019 of $349.5 million and related deferred tax assets of $73.4 million.\nThe federal NOL carryforwards for tax years beginning after December 31, 2017 of $60.7 million and related deferred tax assets of $12.8 million can be carried forward indefinitely. The federal NOL carryforwards for the tax years prior to December 31, 2017 of $288.8 million and related deferred tax assets of $60.6 million expire in 2026 to 2035.\nETFL, a nonconsolidated subsidiary for federal income tax return purposes, estimates it has available NOL carryforwards as of December 31, 2019 of $1.0 million and related deferred tax assets of $0.2 million. ETFL’s federal NOL carryforwards are for the tax years prior to December 31, 2017 and expire in 2021 to 2024.\nWe estimate that we have available state NOL carryforwards as of December 31, 2019 of $758.5 million and related deferred tax assets of $16.7 million. The state NOL carryforwards expire from 2020 to 2039. Management believes that it is more likely than not that we will not be able to realize state NOL carryforwards of $80.3 million and related deferred tax asset of $5.2 million and has placed a valuation allowance on this amount.\nThe related NOL carryforwards expire from 2020 to 2037. If or when recognized, the tax benefits related to any reversal of the valuation allowance will be accounted for as a reduction of income tax expense.\nThe enacted Tax Act repeals the federal alternative minimum tax (“AMT”) regime for tax years beginning after December 31, 2017. We have available AMT credit carryforwards as of December 31, 2019 of $1.5 million, which will be fully refundable with the filing of the 2019 federal income tax return in 2020.\nWe estimate that we have available state tax credit carryforwards as of December 31, 2019 of $7.7 million and related deferred tax assets of $6.1 million. The state tax credit carryforwards are limited annually and expire from 2020 to 2029.\nManagement believes that it is more likely than not that we will not be able to realize state tax carryforwards of $1.8 million and related deferred tax asset of $1.5 million and has placed a valuation allowance on this amount. The related state tax credit carryforwards expire from 2020 to 2024. If or when recognized, the tax benefits related to any reversal of the valuation allowance will be accounted for as a reduction of income tax expense.\n\n | Year Ended December 31, | \n--------------------------------------- | ----------------------- | ----------\n(In thousands) | 2019 | 2018 \nNon-current deferred tax assets: | | \nReserve for uncollectible accounts | $1,194 | $1,164 \nAccrued vacation pay deducted when paid | 4,152 | 4,371 \nAccrued expenses and deferred revenue | 9,839 | 12,848 \nNet operating loss carryforwards | 86,535 | 76,659 \nPension and postretirement obligations | 80,245 | 84,786 \nShare-based compensation | 693 | 9 \nDerivative instruments | 5,868 | (825) \nFinancing costs | 176 | 189 \nTax credit carryforwards | 6,077 | 6,411 \n | 194,779 | 185,612 \nValuation allowance | (6,680) | (9,158) \nNet non-current deferred tax assets | 188,099 | 176,454 \nNon-current deferred tax liabilities: | | \nGoodwill and other intangibles | (66,271) | (82,992) \nBasis in investment | (5) | (12) \nPartnership investments | (16,138) | (14,425) \nProperty, plant and equipment | (278,712) | (267,154) \n | (361,126) | (364,583) \nNet non-current deferred taxes | $(173,027) | $(188,129)\n\nDeferred Taxes components deferred tax liability\n Deferred taxes temporary differences. realization depends taxable income future.\n reversal future income tax-planning strategies.\n Consolidated NOL carryforwards December 31, 2019 $349. 5 million deferred tax assets $73. 4 million.\n federal NOL carryforwards after 2017 $60. 7 million deferred tax assets $12. 8 million indefinitely. carryforwards prior $288. 8 million $60. 6 million expire 2026 to 2035.\n ETFL nonconsolidated subsidiary NOL carryforwards December 31, 2019 $1. 0 million deferred tax assets $0. 2 million. carryforwards expire 2021 to 2024.\n state NOL carryforwards December 31, 2019 $758. 5 million deferred tax assets $16. 7 million. carryforwards expire 2020 to 2039. realize state NOL carryforwards $80. 3 million deferred tax asset $5.million valuation allowance.\n NOL carryforwards expire 2020 to 2037. benefits income tax expense.\n Tax Act repeals tax 2017. AMT credit carryforwards 2019 $1. 5 million refundable 2019 federal income tax return.\n state tax credit carryforwards $7. 7 million deferred tax assets $6. 1 million. limited expire 2020 to 2029.\n state tax carryforwards $1. 8 million deferred $1. 5 million valuation allowance. carryforwards expire 2020 to 2024. tax.\n December\n Non-current deferred tax assets\n Reserve uncollectible accounts $1,194\n Accrued vacation pay deducted 4\n Accrued expenses deferred revenue 9,839\n Net operating loss carryforwards 86,535\n Pension postretirement obligations 80,245\n Share-based compensation\n Derivative instruments 5,868\n Financing costs\n Tax credit carryforwards 6,077\n194,779 185,612\n (9,158\n deferred 188,099 176,454\n Goodwill intangibles (66,271) (82,992)\n Partnership (16,138\n Property plant equipment (278,712) (267,154\n,126 (364,583)\n deferred taxes" +} +{ + "_id": "d1b3c6594", + "title": "", + "text": "3. Revenue\n(a) Disaggregation of Revenue\nWe disaggregate our revenue into groups of similar products and services that depict the nature, amount, and timing of revenue and cash flows for our various offerings. The sales cycle, contractual obligations, customer requirements, and go-to-market strategies differ for each of our product categories, resulting in different economic risk profiles for each category.\nThe following table presents this disaggregation of revenue (in millions):\nAmounts may not sum due to rounding.\n(1) During the second quarter of fiscal 2019, we completed the divestiture of the Service Provider Video Software Solutions (SPVSS) business. Total revenue includes SPVSS business revenue of $168 million and $903 million for fiscal 2019 and 2018, respectively.\nInfrastructure Platforms consist of our core networking technologies of switching, routing, wireless, and data center products that are designed to work together to deliver networking capabilities and transport and/or store data. These technologies consist of both hardware and software offerings, including software licenses and software-as-a-service (SaaS), that help our customers build networks, automate, orchestrate, integrate, and digitize data. We are shifting and expanding more of our business to software and subscriptions across our core networking portfolio. Our hardware and perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.\nApplications consists of offerings that utilize the core networking and data center platforms to provide their functions. The products consist primarily of software offerings, including software licenses and SaaS, as well as hardware. Our perpetual software and hardware in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.\nSecurity primarily includes our network security, cloud and email security, identity and access management, advanced threat protection, and unified threat management products. These products consist of both hardware and software offerings, including software licenses and SaaS. Updates and upgrades for the term software licenses are critical for our software to perform its intended commercial purpose because of the continuous need for our software to secure our customers’ network environments against frequent threats. Therefore, security software licenses are generally represented by a single distinct performance obligation with revenue recognized ratably over the contract term. Our hardware and perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.\nOther Products primarily include our Service Provider Video Software Solutions and cloud and system management products. On October 28, 2018, we completed the sale of the SPVSS. These products include both hardware and software licenses. Our offerings in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control.\nIn addition to our product offerings, we provide a broad range of service and support options for our customers, including technical support services and advanced services. Technical support services represent the majority of these offerings which are distinct performance obligations that are satisfied over time with revenue recognized ratably over the contract term. Advanced services are distinct performance obligations that are satisfied over time with revenue recognized as services are delivered.\nThe sales arrangements as discussed above are typically made pursuant to customer purchase orders based on master purchase or partner agreements. Cash is received based on our standard payment terms which is typically 30 days. We provide financing arrangements to customers for all of our hardware, software and service offerings. Refer to Note 8 for additional information. For these arrangements, cash is typically received over time.\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n------------------------ | ------------- | ------------- | -------------\nRevenue: | | | \nInfrastructure Platforms | $30,191 | $28,322 | $27,817 \nApplications | 5,803 | 5,036 | 4,568 \nSecurity | 2,730 | 2,352 | 2,152 \nOther Products | 281 | 999 | 1,168 \nTotal Product | 39,005 | 36,709 | 35,705 \nServices | 12,899 | 12,621 | 12,300 \nTotal (1) | $51,904 | $49,330 | $48,005 \n\n. Revenue\n Disaggregation Revenue\n disaggregate revenue into similar products services cash. sales cycle contractual obligations customer requirements go-to-market strategies differ categories different economic risk profiles.\n table disaggregation revenue\n.\n 2019 divestiture Service Provider Video Software Solutions). revenue SPVSS $168 million $903 million 2019 2018.\n Infrastructure Platforms core networking technologies switching routing wireless data center transport data. hardware software licenses-service build networks automate orchestrate integrate digitize data. shifting expanding business to software subscriptions networking portfolio. hardware perpetual software distinct performance obligations revenue recognized upfront transfer control. Term software licenses multiple obligations maintenance revenue contract term. SaaS arrangements distinct performance obligation satisfied over time revenue term.\n Applications core networking data center platforms. products software licenses SaaS hardware. perpetual software hardware distinct performance obligations upfront. Term software licenses maintenance revenue contract term.SaaS arrangements performance obligation satisfied over time revenue recognized contract term.\n Security includes network cloud email security identity access management threat protection unified threat management products. products hardware software licenses SaaS. Updates upgrades software licenses critical. licenses performance obligation revenue recognized contract term. hardware software revenue recognized upfront upon transfer control. SaaS performance obligation satisfied over time revenue term.\n Products include Service Provider Video Software Solutions cloud system management products. October 28, 2018 sale SPVSS. hardware software licenses. revenue recognized upfront upon transfer control.\n service support options technical advanced services. Technical support distinct obligations satisfied over time revenue recognized contract term. Advanced services satisfied revenue recognized delivered.\n sales arrangements customer purchase orders. Cash received 30 days. financing arrangements hardware software service offerings. cash received over time.\n Years Ended July 27, 2019 July 28, 2018 July 29, 2017\n Revenue\n,191,322 $27,817\n Applications\n Security 2,730,152\n Products 281 1,168\n 39,005 36,709 35,705\n Services,899,300\n $51,904 $49,330 $48,005" +} +{ + "_id": "d1b34dd6a", + "title": "", + "text": "The following table presents information related to our credit agreements (dollars in thousands):\n(1) Excludes the amortization of deferred loan fees and includes the commitment fee.\nIn January 2018, the Company repaid $175.0 million of long-term debt outstanding under its 2015 Credit Agreement, primarily using funds repatriated from its foreign subsidiaries.\n\n | | Years Ended December 31, | \n---------------------------------- | ------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nAverage daily utilization | $87,800 | $106,189 | $268,775\nInterest expense (1) | $3,465 | $3,817 | $6,668 \nWeighted average interest rate (1) | 3.9% | 3.6% | 2.5% \n\ntable credit agreements\n Excludes deferred fees commitment fee.\n January 2018 Company repaid $175. million long-term debt 2015 Credit Agreement funds foreign subsidiaries.\n Ended December 31,\n daily utilization $87,800 $106,189 $268,775\n Interest expense $3,465 $6,668\n interest rate." +} +{ + "_id": "d1b31a780", + "title": "", + "text": "Assets and Liabilities Measured at Fair Value\nThe following table presents our assets and liabilities measured at fair value on a recurring or non-recurring basis (in thousands):\nThe carrying amount of cash equivalents approximates fair value as of each reporting date because of the short maturity of those instruments.\nThe Company did not have any non-financial assets or non-financial liabilities that were recognized or disclosed at fair value as of December 31, 2019 and December 31, 2018.\n\n | December 31, 2019 | | | December 31, 2018 | | \n------------------------------------------- | ----------------- | ------- | ------- | ----------------- | ------- | -------\n | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3\nAssets | | | | | | \nCash and cash equivalents | | | | | | \nMoney market funds | $256,915 | $ - | $ - | $254,552 | $ - | $ - \nOther current assets: | | | | | | \nIndemnification - Sale of SSL | $ - | $ - | $598 | $ - | $ - | $2,410 \nLiabilities | | | | | | \nLong term liabilities | | | | | | \nIndemnification - Globalstar do Brasil S.A. | $ - | $ - | $145 | $ - | $ - | $184 \n\nAssets Liabilities Measured at Fair Value\n table presents assets liabilities measured at fair value recurring non\n carrying cash equivalents approximates fair value date short maturity.\n Company non-financial assets liabilities recognized disclosed at fair value December 31, 2019 December 31, 2018.\n Level 1 2 3\n Assets\n Cash equivalents\n Money market funds $256,915 $254,552 \n Other current assets\n Indemnification - Sale of SSL $598 $2,410\n Liabilities\n Long term liabilities\n Indemnification - Globalstar do Brasil S. A. $145 $184" +} +{ + "_id": "d1b3aea0c", + "title": "", + "text": "* Recast to reflect segment changes.\nThe GTS gross profit margin increased 0.3 points year to year to 34.8 percent, due to the benefits of workforce actions and the continued scale out of our public cloud. We continued to take structural actions to improve our cost competitiveness and are accelerating the use of AI and automation in delivery operations, including leveraging Red Hat’s Ansible platform. Pre-tax income of $1,645 million decreased 7.6 percent, driven primarily by the decline in revenue and gross profit, and a higher level of workforce rebalancing charges in the current year. Pre-tax margin of 5.8 percent was essentially flat year to year, with the 2019 pre-tax margin reflecting benefits from structural and workforce actions.\n\n($ in millions) | | | \n---------------------------------- | ------ | ------- | ---------------------------------\nFor the year ended December 31: | 2019 | 2018* | Yr.-to-Yr. Percent/ Margin Change\nGlobal Technology Services | | | \nExternal total gross profit | $9,515 | $10,035 | (5.2)% \nExternal total gross profit margin | 34.8% | 34.4% | 0.3pts. \nPre-tax income | $1,645 | $ 1,781 | (7.6)% \nPre-tax margin | 5.8% | 5.9% | (0.2)pts. \n\nRecast segment changes.\n GTS gross profit margin increased. 3 points 34. 8 percent workforce actions public cloud. cost competitiveness accelerating AI automation leveraging Red Ansible platform. Pre-tax income $1,645 million decreased. 6 percent decline revenue gross profit workforce rebalancing. Pre-tax margin. 8 percent flat 2019 pre-tax margin structural workforce actions.\n year December 31 2019 2018. Percent Margin Change\n Technology Services\n gross profit $9,515 $10,035.\n margin 34. 8%.\n Pre-tax income $1,645 $ 1,781.\n margin." +} +{ + "_id": "d1b39309a", + "title": "", + "text": "11. Stockholders’ Equity\nThe Company recognized stock-based compensation expense within selling, general and administrative expense as follows (in thousands):\n(1) For the fiscal year ended August 31, 2018, represents a one-time cash-settled stock award that vested on November 30, 2017.\n\n | | Fiscal Year Ended August 31, | \n-------------------------------- | ------- | ---------------------------- | -------\n | 2019 | 2018 | 2017 \nRestricted stock units | $53,766 | $84,082 | $42,122\nEmployee stock purchase plan (1) | 7,580 | 6,891 | 6,334 \nOther | — | 7,538 | 88 \nTotal | $61,346 | $98,511 | $48,544\n\n. Stockholders’ Equity\n recognized stock compensation\n fiscal year August 2018 one-time cash-settled stock award vested November 30 2017.\n Restricted stock units $53,766 $84,082 $42,122\n Employee stock purchase plan 7,580 6,334\n $61,346 $98,511 $48,544" +} +{ + "_id": "d1b310dde", + "title": "", + "text": "Liquidity\nOur principal sources of liquidity as of April 26, 2019 consisted of cash, cash equivalents and short-term investments, cash we expect to generate from operations, and our commercial paper program and related credit facility.\nCash, cash equivalents and short-term investments consisted of the following (in millions):\nAs of April 26, 2019 and April 27, 2018, $3.7 billion and $4.5 billion, respectively, of cash, cash equivalents and short-term investments were held by various foreign subsidiaries and were generally based in U.S. dollar-denominated holdings, while $0.2 billion and $0.9 billion, respectively, were available in the U.S. The TCJA imposes a one-time transition tax on substantially all accumulated foreign earnings through December 31, 2017, and generally allows companies to make distributions of foreign earnings without incurring additional federal taxes. As a part of the recognition of the impacts of the TCJA, we have reviewed our projected global cash requirements and have determined that certain historical and future foreign earnings will no longer be indefinitely reinvested.\nOur principal liquidity requirements are primarily to meet our working capital needs, support ongoing business activities, fund research and development, meet capital expenditure needs, invest in critical or complementary technologies, service interest and principal payments on our debt, fund our stock repurchase program, and pay dividends, as and if declared.\nThe principal objectives of our investment policy are the preservation of principal and maintenance of liquidity. We attempt to mitigate default risk by investing in high-quality investment grade securities, limiting the time to maturity and monitoring the counter-parties and underlying obligors closely. We believe our cash equivalents and short-term investments are liquid and accessible. We are not aware of any significant deterioration in the fair value of our cash equivalents or investments from the values reported as of April 26, 2019.\nOur investment portfolio has been and will continue to be exposed to market risk due to trends in the credit and capital markets. We continue to closely monitor current economic and market events to minimize the market risk of our investment portfolio. We routinely monitor our financial exposure to both sovereign and non-sovereign borrowers and counterparties. We utilize a variety of planning and financing strategies in an effort to ensure our worldwide cash is available when and where it is needed. Based on past performance and current expectations, we believe our cash and cash equivalents, investments, cash generated from operations, and ability to access capital markets and committed credit lines will satisfy, through at least the next 12 months, our liquidity requirements, both in total and domestically, including the following: working capital needs, capital expenditures, stock repurchases, cash dividends, contractual obligations, commitments, principal and interest payments on debt, and other liquidity requirements associated with our operations. We also have an automatic shelf registration statement on file with the Securities and Exchange Commission (SEC). We may in the future offer an additional unspecified amount of debt, equity and other securities.\n\n | April 26, 2019 | April 27, 2018\n------------------------- | -------------- | --------------\nCash and cash equivalents | $ 2,325 | $ 2,941 \nShort-term investments | 1,574 | 2,450 \nTotal | $ 3,899 | $ 5,391 \n\n\n sources April 26, 2019 cash equivalents short-term investments operations commercial paper program credit facility.\n Cash investments\n April 26, 2019 April 27, 2018 $3. 7 billion $4. 5 billion foreign subsidiaries U. S. dollar holdings $0. 2 billion $0. 9 billion U. S. TCJA one-time transition tax foreign earnings through December 31, 2017 allows distributions without taxes. reviewed global cash requirements foreign earnings indefinitely reinvested.\n liquidity requirements working capital business research development capital expenditure invest technologies service interest debt stock repurchase pay dividends.\n objectives investment policy preservation principal maintenance liquidity. mitigate default risk securities time to maturity counter-parties obligors. cash equivalents short-term investments liquid accessible. deterioration fair value cash equivalents investments April 26, 2019.\n investment portfolio exposed market risk. economic market events risk. financial exposure sovereign non-sovereign borrowers counterparties.planning financing strategies worldwide cash. cash equivalents investments markets credit lines satisfy 12 months liquidity requirements working capital expenditures stock repurchases dividends contractual obligations commitments debt. automatic shelf registration statement Securities Exchange Commission. offer additional debt equity securities.\n April 26, 2019 April 27, 2018\n Cash equivalents $ 2,325 $ 2,941\n Short-term investments 1,574 2,450\n Total $ 3,899 $ 5,391" +} +{ + "_id": "d1b3bea42", + "title": "", + "text": "On June 7, 2019, the U.S. Court of Appeals for the Ninth Circuit in Altera Corp. v. Commissioner upheld U.S. Treasury Department regulations requiring that related parties in a cost-sharing arrangement share expenses related to stock-based compensation in proportion to the economic activity of the parties. The ruling reversed the prior decision of the U.S. Tax Court. On November 12, 2019, the Ninth Circuit Court of Appeals denied the plaintiff’s request for an en banc rehearing. Based on the appellate court’s ruling, the Company recorded a cumulative income tax expense of $5.3 million in the fourth quarter of 2019. The plaintiff filed a petition for a writ of certiorari in the U.S. Supreme Court on February 10, 2020, and the Company will continue to monitor developments in this matter.\nThe tax effects of temporary differences that give rise to significant portions of the deferred tax assets were as follows (in thousands):\nThe Company accounts for deferred taxes under ASC Topic 740, “Income Taxes” (“ASC 740”) which involves weighing positive and negative evidence concerning the realizability of the Company’s deferred tax assets in each jurisdiction. The Company evaluated its ability to realize the benefit of its net deferred tax assets and weighed all available positive and negative evidence both objective and subjective in nature. In determining the need for a valuation allowance, the weight given to positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified. Consideration was given to negative evidence such as: the duration and severity of losses in prior years, high seasonal revenue concentrations, increasing competitive pressures, and a challenging retail environment. Realization of the Company’s net deferred tax assets is dependent upon its generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences, net operating loss carryforwards and tax credit carryforwards. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change.\nThe Company recorded a valuation allowance to reduce its deferred tax assets to the net amount that the Company believes is more likely than not to be realized. As of December 31, 2019, the Company has a valuation allowance of $191.7 million against its U.S. deferred tax assets and a valuation allowance of $52.9 million against certain of its foreign deferred tax assets that the Company is not expected to realize. The Company will continue to assess the realizability of its deferred tax assets in each of the applicable jurisdictions going forward.\nAs of December 31, 2019, the Company has U.S. federal net operating loss carryforwards of $316.2 million which expire beginning after 2032, California net operating loss carryforwards of $57.3 million which expire beginning after 2032, and other states net operating loss carryforwards of $52.1 million which expire beginning after 2023. As of December 31, 2019, the Company has U.S. federal research tax credit carryforwards of approximately $22.6 million, which if not utilized, begin to expire after 2031, California research tax credit carryforwards of approximately $45.0 million, which do not expire, Massachusetts research tax credit carryforwards of approximately $2.9 million, which if not utilized, begin to expire after 2028,\n\n | December 31, | \n----------------------------------------------- | ------------ | ---------\n | 2019 | 2018 \nDeferred tax assets: | | \nNet operating losses and credits | $113,475 | $61,494 \nFixed assets and intangible assets | 61,932 | 55,476 \nAccruals and reserves | 75,133 | 53,818 \nStock-based compensation | 8,615 | 9,494 \nInventory | 429 | 911 \nOther | 5,287 | 4,806 \nTotal deferred tax assets | 264,871 | 185,999 \nLess: valuation allowance | (244,581) | (181,122)\nDeferred tax assets, net of valuation allowance | 20,290 | 4,877 \nDeferred tax liabilities: | | \nAccruals and reserves | (15,525) | — \nOther | (914) | (560) \nTotal deferred tax liabilities | (16,439) | (560) \nNet deferred tax assets | $3,851 | $4,317 \n\nJune 7, 2019 U. S. Court Appeals Ninth Circuit Altera Corp. v. Commissioner upheld. Treasury Department regulations parties cost-sharing arrangement expenses stock-based compensation economic activity. ruling reversed decision. Tax Court. November 12, 2019 denied en banc rehearing. Company recorded income tax expense $5. 3 million fourth quarter 2019. plaintiff filed petition writ certiorari. Supreme Court February 10, 2020 Company developments.\n tax effects temporary differences deferred tax assets\n Company accounts deferred taxes ASC Topic 740 evidence. evaluated weighed evidence. valuation allowance weight positive negative evidence. negative evidence losses high seasonal revenue competitive pressures challenging retail environment. Realization net deferred tax assets sufficient taxable income future reversal temporary differences net operating loss carryforwards tax credit carryforwards. net deferred tax assets subject adjustment taxable income change.\nCompany valuation allowance deferred tax assets. December 31, 2019 allowance $191. 7 million U. deferred tax assets $52. 9 million foreign deferred tax assets. realizability tax jurisdictions.\n. federal loss carryforwards $316. 2 million 2032 California $57. 3 million 2032 other states $52. 1 million after 2023. federal research tax credit carryforwards $22. 6 million after 2031 California $45. million Massachusetts $2. 9 million after 2028\n Deferred tax assets\n Net operating losses credits $113,475 $61,494\n Fixed assets intangible assets 61,932 55,476\n Accruals reserves 75,133 53,818\n Stock-based compensation 8,615 9,494\n Inventory\n 5,287\n Total deferred tax assets 264,871 185,999\n valuation allowance (244,581 (181,122\n net 20,290 4,877\nDeferred tax liabilities\n Accruals reserves (15,525)\n (16,439\n assets $3,851 $4,317" +} +{ + "_id": "d1b3c0d88", + "title": "", + "text": "Cash Flow Hedge Gains (Losses)\nWe recognized the following gains (losses) on foreign exchange contracts designated as cash flow hedges:\nWe do not have any net derivative gains included in AOCI as of June 30, 2019 that will be reclassified into earnings within the following 12 months. No significant amounts of gains (losses) were reclassified from AOCI into earnings as a result of forecasted transactions that failed to occur during fiscal year 2019.\n\n(In millions) | | | \n------------------------------------------------------------------------------------ | ------ | ------ | ------\nYear Ended June 30, | 2019 | 2018 | 2017 \nEffective Portion | | | \nGains recognized in other comprehensive income (loss), net of tax of $1, $11, and $4 | $ 159 | $ 219 | $ 328\nGains reclassified from accumulated other comprehensive income (loss) into revenue | 341 | 185 | 555 \nAmount Excluded from Effectiveness Assessment and Ineffective Portion | | | \nLosses recognized in other income (expense), net | (64) | (255) | (389) \n\nCash Flow Hedge Gains\n recognized gains foreign exchange contracts cash flow hedges\n net derivative gains AOCI June 30, 2019 reclassified earnings 12 months. gains reclassified earnings transactions year 2019.\n millions\n Ended June 30 2019 2018 2017\n Gains income net tax $1 $11 $4 $ 159 $ 219 $ 328\n Gains reclassified revenue\n Excluded Effectiveness Assessment Ineffective Portion\n Losses income" +} +{ + "_id": "d1a72b690", + "title": "", + "text": "The following table summarizes information regarding shares of common stock granted and vested (in thousands, except per common stock amounts):\nAs of December 31, 2019, there was $0.2 million of total unrecognized compensation cost, net of actual forfeitures, related to nonvested common stock. This cost is expected to be recognized over a weighted average period of 4.2 years.\n\n | | Years Ended December 31, | \n------------------------------------------------------- | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nNumber of shares of common stock granted | 16 | 16 | 13 \nWeighted average grant-date fair value per common stock | $29.10 | $28.48 | $30.49\nFair value of common stock vested | $320 | $315 | $334 \nCash used to settle the obligation | $366 | $804 | $1,134\n\ntable summarizes common stock granted vested\n December 31, 2019 $0. 2 million unrecognized compensation cost nonvested common stock. recognized 4. 2 years.\n Ended December 31,\n 2018\n shares stock granted 16\n grant-date fair value common stock $29. $28. $30.\n stock vested $320 $315 $334\n obligation $366 $1,134" +} +{ + "_id": "d1b31dae8", + "title": "", + "text": "A reconciliation of the change in gross unrecognized tax benefits, excluding interest and penalties,\nis as follows (in thousands):\nAs of September 28, 2019, the total amount of gross unrecognized tax benefits including gross interest and penalties was $63.9 million, of which $43.9 million, if recognized, would affect our effective tax rate. We reassessed the computation of the transition tax liability based upon the issuance of new guidance and the availability of additional substantiation in fiscal 2019. The adjustments resulted in a tax benefit of approximately $6.0 million, which was recorded in fiscal 2019. Our total gross unrecognized tax benefit, net of certain deferred tax assets is classified as a long-term taxes payable in the consolidated balance sheets. We include interest and penalties related to unrecognized tax benefits within the provision for income taxes. As of September 28, 2019, the total amount of gross interest and penalties accrued was $5.8 million and it is classified as long-term taxes payable in the consolidated balance sheets. As of September 29, 2018, we had accrued $4.4 million for the gross interest and penalties and it is classified as Other long-term liabilities in the consolidated balance sheets.\n\n | | Fiscal year-end | \n------------------------------------------------------------ | ------- | --------------- | -------\n | 2019 | 2018 | 2017 \nBalance as of the beginning of the year | $65,882 | $47,566 | $20,442\nIncrease related to acquisitions | — | — | 25,151 \nTax positions related to current year: | | | \nAdditions | 605 | 19,033 | 1,326 \nReductions | — | — | — \nTax positions related to prior year: | | | \nAdditions | 448 | 117 | 4,951 \nReductions | (6,071) | — | (65) \nLapses in statutes of limitations | (639) | (700) | (610) \nDecrease in unrecognized tax benefits based on audit results | — | — | (5,217)\nForeign currency revaluation adjustment | (2,114) | (134) | 1,588 \nBalance as of end of year | $58,111 | $65,882 | $47,566\n\nreconciliation change unrecognized tax benefits excluding interest penalties\n September 28, 2019 benefits interest penalties $63. 9 million $43. 9 million effective tax rate. reassessed transition tax liability new guidance substantiation 2019. adjustments tax benefit $6. 0 million recorded fiscal 2019. total unrecognized tax benefit deferred long taxes balance. interest penalties income taxes. September 28, 2019 interest penalties accrued $5. 8 million classified long-term taxes. September 29, 2018 accrued $4. 4 million interest penalties Other long-term liabilities.\n Fiscal year-end\n Balance $65,882 $47,566 $20,442\n Increase acquisitions\n Tax positions current year\n Additions 605 19,033 1,326\n Reductions\n prior year\n Additions 448 4,951\n Reductions\n Lapses statutes limitations (639)\ntax benefits,217)\n Foreign currency adjustment (2,114 1,588\n year $58,111 $65,882 $47,566" +} +{ + "_id": "d1a71726c", + "title": "", + "text": "Item 10. Directors, Executive Officers and Corporate Governance\nExecutive Officers of the Registrant\nThe following table sets forth information concerning the executive officers of Loral as of March 12, 2020.\nThe remaining information required under Item 10 will be presented in the Company’s 2020 definitive proxy statement which is incorporated herein by reference or by amendment to this Annual Report on Form 10‐K.\n\nName | Age | Position \n------------------ | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------\nAvi Katz | 61 | President, General Counsel and Secretary since December 2012. Senior Vice President, General Counsel and Secretary from January 2008 to December 2012. \nJohn Capogrossi | 66 | Vice President, Chief Financial Officer and Treasurer since January 2016. Vice President, Chief Financial Officer, Treasurer and Controller from March 2013 to January 2016. Vice President and Controller from January 2008 to March 2013.\nRavinder S. Girgla | 56 | Vice President and Controller since January 2016. Deputy Controller from February 2013 to January 2016. Assistant Controller from July 2008 to February 2013. \n\n10. Directors Executive Officers Corporate Governance\n table executive officers Loral March 12 2020.\n remaining information 2020 proxy statement Annual Report Form 10‐K.\n Age Position\n Avi Katz 61 President General Counsel Secretary December 2012. Senior Vice President 2008 2012.\n John Capogrossi 66 Vice President Chief Financial Officer Treasurer 2016.\n Ravinder. Girgla 56 Vice President Controller. Deputy Controller 2013. Assistant Controller 2008." +} +{ + "_id": "d1b38bc3c", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nThe components of the net deferred tax asset and liability and related valuation allowance were as follows:\nThe Company provides valuation allowances if, based on the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Management assesses the available evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets.\n\n | December 31, 2019 | December 31, 2018\n---------------------------------------- | ----------------- | -----------------\nAssets: | | \nOperating lease liability | $878.5 | $— \nNet operating loss carryforwards | 356.6 | 264.9 \nAccrued asset retirement obligations | 174.9 | 165.7 \nStock-based compensation | 5.6 | 6.3 \nUnearned revenue | 31.7 | 28.3 \nUnrealized loss on foreign currency | 3.8 | 12.9 \nOther accruals and allowances | 65.6 | 78.6 \nItems not currently deductible and other | 26.1 | 26.2 \nLiabilities: | | \nDepreciation and amortization | (1,040.3) | (757.0) \nRight-of-use asset | (865.1) | — \nDeferred rent | (79.7) | (36.9) \nOther | — | (15.3) \nSubtotal | (442.3) | (226.3) \nValuation allowance | (194.2) | (151.9) \nNet deferred tax liabilities | $(636.5) | $(378.2) \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n deferred tax asset liability valuation allowance\n Company provides valuation allowances deferred tax assets. Management future taxable income deferred tax assets.\n 31, 2019\n Assets\n Operating lease liability $878.\n Net operating loss carryforwards 356. 264.\n Accrued asset retirement obligations 174. 165.\n Stock-based compensation.\n Unearned revenue 31.\n Unrealized loss foreign currency.\n 65.\n Items not deductible 26.\n Liabilities\n Depreciation amortization (1,040.\n Right-of-use asset (865.\n Deferred rent.\n.\n. (226.\n Valuation allowance (194.\n Net deferred tax liabilities $(636.(378." +} +{ + "_id": "d1b31094c", + "title": "", + "text": "Note 12 Restructuring Activities\nFor the year ended December 31, 2019, the Company incurred $41.9 million of restructuring charges and $60.3 million of other related costs for our restructuring program. These charges were primarily a result of restructuring and associated costs in connection with the Company’s Reinvent SEE strategy.\nOur restructuring program (“Program”) is defined as the initiatives associated with our Reinvent SEE strategy in addition to the conclusion of our previously existing restructuring programs at the time of Reinvent SEE's approval. Reinvent SEE is a three-year program approved by the Board of Directors in December 2018. The expected spend in the previously existing program at the time of Reinvent SEE's approval was primarily related to elimination of stranded costs following the sale of Diversey. The Company expects restructuring activities to be completed by the end of 2021.\nThe Board of Directors has approved cumulative restructuring spend of $840 to $885 million for the Program. Restructuring spend is estimated to be incurred as follows:\n(1) Total estimated cash cost excludes the impact of proceeds expected from the sale of property and equipment and foreign currency impact.\n(2) Remaining restructuring spend primarily consists of restructuring costs associated with the Company’s Reinvent SEE strategy.\nAdditionally, the Company anticipates approximately $6.0 million restructuring spend related to recent acquisitions, of which $2.3 million was incurred as of December 31, 2019. The Company expects the remainder of the anticipated spend to be incurred in 2020. See Note 5, \"Discontinued Operations, Divestitures and Acquisitions,\" to the Notes to Consolidated Financial Statements for additional information related to our acquisitions.\n\n(in millions) | Total Restructuring program range | Total Restructuring program range | Less Cumulative Spend to Date | Remaining Restructuring Spend(2) | \n------------------------------------------------------------- | --------------------------------- | --------------------------------- | ----------------------------- | -------------------------------- | -----\n | Low | High | | Low | High \nCosts of reduction in headcount as a result of reorganization | $ 355 | $ 370 | $ (325) | $ 30 | $ 45 \nOther expenses associated with the Program | 230 | 245 | (196) | 34 | 49 \nTotal expense | 585 | 615 | (521) | 64 | 94 \nCapital expenditures | 255 | 270 | (239) | 16 | 31 \nTotal estimated cash cost(1) | $ 840 | $ 885 | $ (760) | $ 80 | $ 125\n\n12 Restructuring Activities\n year December 31, 2019 Company incurred $41. 9 million restructuring charges $60. 3 million other costs. charges restructuring Reinvent SEE strategy.\n restructuring program initiatives conclusion programs. three-year program approved December 2018. expected spend elimination stranded costs sale Diversey. expects activities completed end 2021.\n approved cumulative restructuring spend $840 to $885 million.\n cash cost excludes proceeds sale property equipment foreign currency impact.\n Remaining restructuring spend costs Reinvent SEE strategy.\n anticipates $6. 0 million restructuring spend recent acquisitions $2. 3 million incurred December 31, 2019. remainder spend 2020. Note 5 \"Discontinued Operations Divestitures Acquisitions Financial Statements information acquisitions.\n millions Total Restructuring program range Less Cumulative Spend Date Remaining Restructuring\nheadcount reorganization 355 370 (325) 30 45\n expenses 230 245 (196) 34 49\n Total 585 615 (521)\n Capital expenditures 255 270 (239) 16 31\n cash $ 840 885 (760)" +} +{ + "_id": "d1b2fe95e", + "title": "", + "text": "Note 7: Income Taxes\nOn December 22, 2017, the “Tax Cuts & Jobs Act” was signed into law and was effective for the Company starting in the quarter ended December 24, 2017. U.S. tax reform reduced the U.S. federal statutory tax rate from 35% to 21%, assessed a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and created new taxes on certain foreign sourced earnings. The impact on income taxes due to a change in legislation is required under the authoritative guidance of Accounting Standards Codification (“ASC”) 740, Income Taxes, to be recognized in the period in which the law is enacted. In conjunction, the SEC issued Staff Accounting Bulletin (“SAB”) 118, which allowed for the recording of provisional amounts related to U.S. tax reform and subsequent adjustments related to U.S. tax reform during an up to one-year measurement period that is similar to the measurement period used when accounting for business combinations. The Company recorded what it believed to be reasonable estimates during the SAB 118 measurement period. During the December 2018 quarter, the Company finalized the accounting of the income tax effects of U.S. tax reform. Although the SAB 118 measurement period has ended, there may be some aspects of U.S. tax reform that remain subject to future regulations and/or notices which may further clarify certain provisions of U.S. tax reform. The Company may need to adjust its previously recorded amounts to reflect the recognition and measurement of its tax accounting positions in accordance with ASC 740; such adjustments could be material.\nThe computation of the one-time transition tax on accumulated unrepatriated foreign earnings was recorded on a provisional basis in the amount of $883.0 million in the fiscal year ended June 24, 2018, as permitted under SAB 118. The Company recorded a subsequent provisional adjustment of $36.6 million, as a result of incorporating new information into the estimate, in the Condensed Consolidated Financial Statements in the three months ended September 23, 2018. The Company finalized the computation of the transition tax liability during the December 2018 quarter. The final adjustment resulted in a tax benefit of $51.2 million, which was recorded in the Company’s Condensed Consolidated Financial Statements in the three months ended December 23, 2018. The final balance of total transition tax is $868.4 million. The one-time transition tax is based on the Company’s total post-1986 earnings and profits (“E&P”) that was previously deferred from U.S. income taxes. The Company had previously accrued deferred taxes on a portion of this E&P. The Company has completed the calculation of total post-1986 E&P and related income tax pools for its foreign subsidiaries. The Company elected to pay the one-time transition tax over a period of eight years.\nBeginning in fiscal year 2019, the Company is subject to the impact of the GILTI provision of U.S. tax reform. The GILTI provision imposes taxes on foreign earnings in excess of a deemed return on tangible assets. The Company has calculated the impact of the GILTI provision on current year earnings and has included the impact in the effective tax rate. The Company made an accounting policy election in the September 2018 quarter to record deferred taxes in relation to the GILTI provision, and recorded a provisional tax benefit of $48.0 million in the Condensed Consolidated Financial Statements in the three months ended September 23, 2018, under SAB 118. The Company finalized the computation of the accounting policy election during the December 2018 quarter. The final adjustment resulted in a tax expense of $0.4 million, which was recorded in the Company’s Condensed Consolidated Financial Statements in the three months ended December 23, 2018. The final tax benefit of the election is $47.6 million.\nThe components of income (loss) before income taxes were as follows:\n\n | | YearEnded | \n------------- | ------------- | -------------- | -------------\n | June 30, 2019 | June 24, 2018 | June 25, 2017\n | | (in thousands) | \nUnited States | $(59,876) | $128,190 | $7,553 \nForeign | 2,506,447 | 3,023,599 | 1,804,120 \n | $2,446,571 | $3,151,789 | $1,811,673 \n\nIncome Taxes\n December 22, 2017 “Tax Cuts & Jobs Act” signed law effective Company quarter December 24, 2017. tax reform reduced. federal tax rate 35% to 21% assessed one-time transition tax foreign subsidiaries created new taxes foreign earnings. impact taxes Accounting Standards Codification Income Taxes. SEC issued Staff Accounting Bulletin 118 provisional amounts. tax reform adjustments. one-year. Company recorded estimates SAB 118 period. December 2018 quarter finalized accounting income tax effects. reform. SAB 118 period ended aspects. reform subject future regulations. Company adjust recorded amounts tax accounting positions ASC 740.\n one-time transition tax unrepatriated foreign earnings $883. 0 million fiscal year June 24, 2018. recorded provisional adjustment $36. 6 million new Condensed Consolidated Financial Statements three months September 23, 2018. finalized computation transition tax liability December 2018 quarter. final adjustment tax benefit $51.million recorded Financial Statements months December 23, 2018. final transition tax $868. 4 million. tax based post-1986 earnings profits deferred. taxes. accrued deferred taxes. completed calculation post-1986 E&P tax foreign subsidiaries. transition tax eight years.\n fiscal year 2019 subject GILTI. tax reform. imposes taxes foreign earnings. calculated impact earnings included effective tax rate. accounting policy election September 2018 deferred taxes recorded provisional tax benefit $48. 0 million Financial Statements months September 23, 2018. finalized computation December 2018. final adjustment tax expense $0. 4 million recorded Statements months December 23, 2018. final tax benefit $47. 6 million.\n income) before taxes\n June 30 2019 24 2018 25 2017\n United States $(59,876) $128,190 $7,553\n Foreign 3,023,599 1,804,120\n,446,571,151,789,673" +} +{ + "_id": "d1b38a3e6", + "title": "", + "text": "10. Tax\nThe tax charge for the year ended 31 December 2019 was $11.6 million (2018 $5.4 million). This was after a prior year tax charge of $0.1 million and a tax credit on the adjusting items of $0.7 million (2018 prior year credit of $1.5 million and tax credit on adjusting items of $5.2 million). Excluding the prior year and tax credit on adjusting items, the effective tax rate was 13.0 per cent (2018 15.4 per cent).\n\n | 2019 | 2018 \n------------------------------------------------------ | --------- | ---------\n | $ million | $ million\nTax charge in the income statement | | \nCurrent income tax | | \nUK tax | 0.3 | 0.1 \nForeign tax | 9.2 | 6.2 \nAmounts underprovided/(overprovided) in previous years | 0.3 | (1.2) \nTotal current income tax charge | 9.8 | 5.1 \nDeferred tax | | \nRecognition of deferred tax assets | (1.5) | (0.8) \nReversal of temporary differences | 3.5 | 1.4 \nAdjustments in respect of prior years | (0.2) | (0.3) \nTotal deferred tax charge | 1.8 | 0.3 \nTax charge in the income statement | 11.6 | 5.4 \n\n.\n 31 December 2019 $11. 6 million (2018 $5. 4 million. prior year tax $0. 1 million credit adjusting items $0. 7 million $1. 5 million $5. 2 million. effective tax rate 13. per cent (2018 15. 4 per cent.\n Tax charge income statement\n Current income tax\n.\n Foreign tax.\n underprovided previous years.\n current income tax charge 9. 5\n Deferred tax\n Recognition deferred tax assets.\n Reversal temporary differences.\n Adjustments prior years.\n deferred tax charge.\n Tax charge income statement 11." +} +{ + "_id": "d1b34b52e", + "title": "", + "text": "Warranty Reserves\nWe provide warranties on the majority of our product sales and reserves for estimated warranty costs are recorded during the period of sale. The determination of such reserves requires us to make estimates of product return rates and expected costs to repair or replace the products under warranty. We currently establish warranty reserves based on historical warranty costs for each product line. The weighted average warranty period covered is approximately 15 to 18 months. If actual return rates and/or repair and replacement costs differ significantly from our estimates, adjustments to cost of sales may be required in future periods.\nComponents of the reserve for warranty costs during fiscal 2019, 2018 and 2017 were as follows (in thousands):\n\n | | Fiscal | \n------------------------------------------------------------- | -------- | -------- | --------\n | 2019 | 2018 | 2017 \nBeginning balance | $40,220 | $36,149 | $15,949 \nAdditions related to current period sales | 52,271 | 58,865 | 41,365 \nWarranty costs incurred in the current period | (54,538) | (51,935) | (31,825)\nAccruals resulting from acquisitions | 21 | 179 | 14,314 \nAdjustments to accruals related to foreign exchange and other | (1,514) | (3,038) | (3,654) \nEnding balance | $36,460 | $40,220 | $36,149 \n\nWarranty Reserves\n sales reserves warranty costs recorded. return rates costs. establish reserves costs. average warranty period 15 to 18 months. return rates repair costs differ estimates adjustments.\n reserve warranty costs 2019 2018 2017\n Beginning balance $40,220 $36,149 $15,949\n Additions sales 52,271 58,865 41,365\n Warranty costs (54,538) (51,935) (31,825)\n Accruals 21 179 14,314\n Adjustments accruals foreign exchange (1,514) (3,038) (3,654)\n Ending balance $36,460 $40,220 $36,149" +} +{ + "_id": "d1a7303b6", + "title": "", + "text": "Estimated Useful Lives of Computer Software and Other Intangible Assets Acquired\nAs of the acquisition date, the gross carrying value and weighted average estimated useful lives of Computer software and Other intangible assets acquired during the year ended December 31, 2019 consisted of the following (dollars in millions):\n\n | Gross carrying value | Weighted average estimated life (in years)\n-------------------------- | -------------------- | ------------------------------------------\nComputer software | $9.4 | 5 \nOther intangible assets: | | \nClient relationships | 19.1 | 10 \nTrade names | 1.4 | 3 \nNon-compete agreements | 0.9 | 5 \nOther intangible assets | 21.4 | \nTotal gross carrying value | $30.8 | \n\nEstimated Lives Computer Software Assets Acquired\n gross carrying value average lives December 31, 2019\n Gross carrying value average life\n Computer software $9. 5\n intangible assets\n Client relationships 19.\n Trade names.\n Non-compete agreements.\n intangible assets 21.\n gross carrying value $30." +} +{ + "_id": "d1b39f4bc", + "title": "", + "text": "The three levels are described below:\nLevel 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that is accessible by the Company;\nLevel 2 Inputs – Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;\nLevel 3 Inputs – Unobservable inputs for the asset or liability including significant assumptions of the Company and other market participants.\nThe carrying amount of the Company’s financial assets and liabilities, such as cash, accounts payable and accrued expenses approximate their fair value because of\nthe short maturity of those instruments. The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts payable and accrued expenses approximate their fair value because of the short maturity of those instruments.\nTransactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings\nmay not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to\nthose that prevail in arm’s-length transactions unless such representations can be substantiated.\nThe assets or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. The following table provides a summary of financial instruments that are measured at fair value as of December 31, 2019.\n\n | | Fair Value Measurement Using | | | \n------------------------------- | -------------- | ---------------------------- | ------- | ---------- | ----------\n | Carrying Value | Level 1 | Level 2 | Level 3 | Total \nMarketable securities | 0 | 0 | 0 | 0 | 0 \nDerivative warrants liabilities | $(332,222) | $- | $- | $(332,222) | $(332,222)\n\nthree levels described\n Level 1 Inputs Unadjusted prices in active markets for identical assets liabilities accessible by Company\n Level 2 Inputs Quoted prices markets not active inputs observable\n Level 3 Inputs Unobservable inputs for including assumptions Company market participants.\n carrying Company’s financial assets liabilities cash accounts payable accrued expenses approximate fair value\n short maturity. value.\n Transactions related parties arm’s-length basis conditions\n exist. Representations about transactions related parties imply consummated terms equivalent\n arm’s-length transactions.\n assets liability’s fair value measurement based lowest level of input. table summary of financial instruments measured at fair value as of December 31, 2019.\n Fair Value Measurement\n Carrying Value Level 1 2 3 Total\n Marketable securities\n Derivative warrants liabilities(332,222" +} +{ + "_id": "d1b37a3a6", + "title": "", + "text": "Proofpoint, Inc. Notes to Consolidated Financial Statements (Continued) (dollars and share amounts in thousands, except per share amounts)\nPer the terms of the share purchase agreement, unvested stock options and unvested restricted stock units held by Meta Networks employees were canceled and exchanged for the Company’s unvested stock options and unvested restricted stock units, respectively. The fair value of $184 of these unvested awards was attributed to pre-combination services and was included in consideration transferred. The fair value of $12,918 was allocated to post-combination services. The unvested awards are subject to the recipient’s continued service with the Company, and $12,918 will be recognized ratably as stock-based compensation expense over the required remaining service period.\nAlso, as part of the share purchase agreement, the unvested restricted shares of certain employees of Meta Networks were exchanged into the right to receive $7,827 of deferred cash consideration and 72 shares of the Company’s common stock that were deferred with the fair value of $8,599. The deferred cash consideration was presented as restricted cash on the Company’s consolidated balance sheet as of December 31, 2019. The deferred cash consideration of $7,596 and the deferred stock $8,338 (see Note 11 “Equity Award Plans”) were allocated to post-combination expense and were not included in the purchase price. The deferred cash consideration and deferred shares are subject to forfeiture if employment terminates prior to the lapse of the restrictions, and their fair value is expensed as compensation and stock-based compensation expense over the three-year vesting period.\nThe Cost to Recreate Method was used to value the acquired developed technology asset. Management applied judgment in estimating the fair value of this intangible asset, which involved the use of significant assumptions such as the cost and time to build the acquired technology, developer’s profit and rate of return.\nThe following table summarizes the fair values of tangible assets acquired, liabilities assumed, intangible assets and goodwill:\n\n | Fair value | Estimated Useful Life\n--------------------------- | ---------- | ---------------------\n | | (in years) \nCurrent assets | $356 | N/A \nFixed assets | 68 | N/A \nCore/developed technology | 21,000 | 3 \nDeferred tax liability, net | (1,854) | N/A \nOther liabilities | (671) | N/A \nGoodwill | 85,869 | Indefinite \n | $104,768 | \n\nProofpoint, Inc. Financial Statements (dollars share amounts thousands\n share purchase agreement unvested stock options restricted stock units Meta Networks employees canceled exchanged for units. value $184 pre-combination services. $12,918 post-combination services. subject service $12,918 recognized stock-based compensation expense service.\n unvested shares exchanged into $7,827 deferred cash consideration 72 shares common stock deferred fair value $8,599. deferred cash restricted cash consolidated balance sheet December 31, 2019. $7,596 stock $8,338 post-combination expense not included purchase price. shares subject to forfeiture employment terminates fair value expensed as compensation stock-based compensation three-year vesting period.\n Cost to Recreate Method acquired technology asset. cost time developer’s profit rate return.\n table summarizes fair values assets acquired liabilities assumed intangible assets goodwill\nvalue\n assets $356\n Fixed assets 68\n technology 21,000\n Deferred tax liability (1,854)\n liabilities (671)\n Goodwill 85,869 Indefinite\n $104,768" +} +{ + "_id": "d1b336944", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n29. Earnings/(losses) per share (‘‘EPS’’)\nBasic earnings/(losses) per share was calculated by dividing the profit/(loss) for the year attributable to the owners of the common shares after deducting the dividend on Preference Shares by the weighted average number of common shares issued and outstanding during the year.\nDiluted EPS is calculated by dividing the profit/(loss) for the year attributable to the owners of the Group adjusted for the effects of all dilutive potential ordinary shares by the weighted average number of all potential ordinary shares assumed to have been converted into common shares, unless such potential ordinary shares have an antidilutive effect.\nThe following reflects the earnings/(losses) and share data used in the basic and diluted earnings/ (losses) per share computations:\nThe Group excluded the effect of 2,630,173 SARs and 367,162 RSUs in calculating diluted EPS for the year ended December 31, 2019, as they were anti-dilutive (December 31, 2018: 555,453 SARs and 0 RSUs, December 31, 2017: 998,502 SARs and 0 RSUs).\n\n | | For the year ended December 31, | \n-------------------------------------------------------------------------------------------------- | ---------- | ------------------------------- | ----------\n | 2017 | 2018 | 2019 \nBasic earnings/(loss) per share | | | \nProfit/(loss) for the year attributable to owners of the Group | 15,506 | 47,683 | (100,661) \nLess: Dividends on Preference Shares | (10,064) | (10,063) | (10,063) \nProfit/(loss) for the year available to owners of the Group | 5,442 | 37,620 | (110,724) \nWeighted average number of shares outstanding, basic | 80,622,788 | 80,792,837 | 80,849,818\nBasic earnings/(loss) per share | 0.07 | 0.47 | (1.37) \nDiluted earnings/(loss) per share | | | \nProfit/(loss) for the year available to owners of the Group used in the calculation of diluted EPS | 5,442 | 37,620 | (110,724) \nWeighted average number of shares outstanding, basic | 80,622,788 | 80,792,837 | 80,849,818\nDilutive potential ordinary shares | 643,342 | 844,185 | — \nWeighted average number of shares used in the calculation of diluted EPS | 81,266,130 | 81,637,022 | 80,849,818\nDiluted earnings/(loss) per share | 0.07 | 0.46 | (1.37) \n\nGasLog Ltd. Subsidiaries\n consolidated financial statements\n years December 31, 2017 2018 2019\n amounts U. S. Dollars except data\n. Earnings/(losses) per share\n calculated profit/(loss dividend Preference Shares average common shares issued.\n Diluted EPS calculated profit/(loss) adjusted dilutive shares average antidilutive.\n earnings data\n Group excluded 2,630,173 SARs,162 RSUs diluted EPS December 31, 2019 anti-dilutive 31, 2018: 555,453 SARs 0 RSUs December 31, 2017: 998,502 SARs 0 RSUs.\n year December 31,\n 2017 2018 2019\n Basic earnings/(loss) per share\n owners Group 15,506 47,683 (100,661)\n Dividends Preference Shares (10,064)\n Profit/(loss) owners 5,442 37,620 (110,724)\nshares 80,622,788 80,792,837 80,849,818\n earnings. 07. 47.\n Diluted earnings\n Profit owners EPS 5,442 37,620 (110,724)\n 80,622,788 80,792,837 80,849,818\n ordinary shares 643,342 ,185 \n 81,266,130 81,637,022 80,849,818\n Diluted earnings(loss share. 07. 46. 37" +} +{ + "_id": "d1b37c6ce", + "title": "", + "text": "16. Quarterly Financial Data: (unaudited, amount in thousands, except per share data):\nDuring the Company's second quarter of fiscal 2019 and second quarter of fiscal 2018, we recorded $2.3 million and $80.8 million, respectively, primarily related to the legal settlement of several antitrust claims against the Company. Also during the second quarter of fiscal 2018, the Tax Cuts and Jobs Act of 2017 was enacted. This resulted in an initial revaluation of our deferred tax liabilities during the third quarter which favorably impacted our results by $35.0 million. In the fourth quarter of fiscal 2018, we completed our analysis of the Act and recorded additional tax benefit of $8.0 million.\n\n | Fiscal Year 2019 | | | \n------------------------------------------------------- | ---------------- | -------------- | ------------- | --------------\n | First Quarter | Second Quarter | Third Quarter | Fourth Quarter\nNet sales | $340,583 | $356,040 | $383,993 | $280,572 \nGross profit | 57,128 | 70,535 | 82,441 | 12,755 \nNet income (loss) attributable to Cal-Maine Foods, Inc. | 12,406 | 21,807 | 39,777 | (19,761) \nNet income (loss) per share: | | | | \nBasic | $0.26 | $0.45 | $0.82 | $(0.41) \nDiluted | $0.26 | $0.45 | $0.82 | $(0.41) \n | Fiscal Year 2018 | | | \n | First Quarter | Second Quarter | Third Quarter | Fourth Quarter\nNet sales | $262,845 | $361,172 | $435,820 | $443,095 \nGross profit | 17,336 | 82,396 | 120,098 | 141,216 \nNet income (loss) attributable to Cal-Maine Foods, Inc. | (15,993) | (26,136) | 96,294 | 71,767 \nNet income (loss) per share: | | | | \nBasic | $(0.33) | $(0.54) | $1.99 | $1.48 \nDiluted | $(0.33) | $(0.54) | $1.99 | $1.48 \n\n. Quarterly Financial Data\n 2019 2018 recorded $2. 3 million $80. 8 million settlement antitrust claims. Tax Cuts Jobs Act 2017 enacted. deferred tax liabilities impacted results $35. million. fourth quarter 2018 additional tax benefit $8. million.\n Fiscal Year 2019\n First Second Fourth Quarter\n Net sales $340,583 $356,040 $383,993 $280,572\n Gross profit 57,128 70,535 82,441 12,755\n Net income Cal-Maine Foods. 12,406 21,807 39,777 (19,761)\n per share\n.\n.\n Fiscal Year 2018\n First Second Third Fourth Quarter\n Net sales $262,845 $361,172 $435,820 $443,095\n Gross profit 17,336 82,396 120,098 141,216\n Cal-Maine Foods.(15,993) (26,136) 96,294 71,767\n Net income per share\n. 33). 54) $1. 99.\n. 33. 54." +} +{ + "_id": "d1b370248", + "title": "", + "text": "FLNG segment\nTotal operating revenues: On May 31, 2018, the Hilli was accepted by the Customer and, accordingly, commenced operations. As a result, she generated $127.6 million total operating revenues in relation to her liquefaction services for the year ended December 31, 2018.\nVessel operating expenses: This represents the vessel operating expenses incurred by the Hilli since she commenced operations.\nProject development expenses: This relates to non-capitalized project-related expenses comprising of legal, professional and consultancy costs. The increase for the twelve months ended December 31, 2018 was primarily as a result of increased engineering consultation fees and front-end engineering and design costs in relation to the Gimi GTA project.\nDepreciation: Subsequent to the Customer's acceptance of the Hilli, we determined her to be operational and, therefore, depreciation commenced during the second quarter of 2018.\nOther operating gains: Includes the realized and unrealized gain on the oil derivative instrument. In 2018, we recognized a realized gain of $26.7 million, and an unrealized fair value loss of $10.0 million, relating to the LTA oil derivative instrument as a result of the increased price of Brent Crude during the year. The derivative asset was recognized upon the LTA becoming effective in December 2017. In 2017, we recognized an unrealized fair value gain of $15.1 million.\nFor the year ended December 31, 2018, this is partially offset by a $1.3 million write off of capitalized conversion costs in relation to the Gandria. In addition, subsequent to the decision to wind down OneLNG, we wrote off $12.7 million of the trading balance with OneLNG as we deem it to be no longer recoverable.\nEquity in net losses of affiliates: Pursuant to the formation of OneLNG in July 2016, we equity account for our share of net losses in OneLNG. Given the difficulties in finalizing an attractive debt financing package along with other capital and resource priorities, in April 2018, Golar and Schlumberger decided to wind down OneLNG and work on FLNG projects as required on a case-by-case basis. As a result, activity levels have been substantially reduced for the year ended December 31, 2018 and the carrying value of the investment was written down to $nil.\n\n | | December 31, | | \n---------------------------------- | -------- | ------------ | -------- | ----------\n(in thousands of $) | 2018 | 2017 | Change | % Change \nTotal operating revenues | 127,625 | — | 127,625 | 100% \nVessel operating expenses | (26,317) | (2) | (26,315) | 1,315,750%\nVoyage expenses | (1,363) | (121) | (1,242) | 1,026% \nAdministrative expenses | 175 | (1,736) | 1,911 | (110)% \nProject development expenses | (16,526) | (2,506) | (14,020) | 559% \nDepreciation and amortization | (28,193) | — | (28,193) | 100% \nOther operating gains | 2,749 | 15,100 | (12,351) | (82)% \nOperating income | 58,150 | 10,735 | 47,415 | 442% \nEquity in net losses of affiliates | (2,047) | (8,153) | 6,106 | (75)% \n\nFLNG segment\n revenues May 31, 2018 Hilli accepted commenced operations. generated $127. 6 million revenues services December 31, 2018.\n Vessel operating expenses Hilli.\n Project development expenses non-capitalized expenses legal professional consultancy costs. increase 2018 increased engineering consultation design costs Gimi GTA project.\n Depreciation acceptance Hilli depreciation commenced second quarter 2018.\n operating gains realized unrealized gain oil derivative instrument. 2018 realized gain $26. 7 million unrealized fair value loss $10. 0 million oil derivative instrument increased price Brent Crude. December 2017. unrealized fair value gain $15. 1 million.\n December 31, 2018 offset $1. 3 million write off conversion costs Gandria. OneLNG wrote off $12. 7 million trading balance.\n Equity net losses affiliates net losses. April 2018 Golar Schlumberger down OneLNG FLNG projects.activity reduced December 31, 2018 carrying value investment $nil.\n December\n 2018 2017\n operating revenues 127,625 100%\n Vessel operating expenses (26,317) 1,315,750%\n Voyage expenses (1,363 1,026%\n Administrative expenses\n Project development expenses (16,526) (2,506) 559%\n Depreciation amortization (28,193) 100%\n operating gains 2,749\n Operating income 58,150 10,735 47,415 442%\n Equity net losses affiliates (2,047)" +} +{ + "_id": "d1b3b7da0", + "title": "", + "text": "9.2. Trade and other receivables\nClassification as trade and other receivables\nTrade receivables are amounts due from customers for rental income, goods sold or services performed in the ordinary course of business. Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets.\nThe allowance for expected credit losses represents an estimate of receivables that are not considered to be recoverable. For the year ended 30 June 2019 the Group has recognised an expected loss provision following the adoption of AASB 9 Financial Instruments. The Group recognises a loss allowance based on lifetime expected credit losses at each reporting date.\nThe Group assesses this allowance based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors. At 30 June 2018, the Group recognised a provision for trade receivables relating to receivables acquired on the purchase of investment properties where there are specific risks around recoverability.\n\n | | 2019 | 2018 \n------------------------------------ | ----- | ------ | ------\n | Notes | $'000 | $'000 \nCurrent | | | \nTrade receivables | | 3,770 | 3,054 \nAllowance for expected credit losses | | (135) | (23) \n | | 3,635 | 3,031 \nOther receivables | | 4,223 | 4,082 \nReceivables from related parties | 17 | 11,880 | 8,039 \n | | 19,738 | 15,152\nNon-current | | | \nOther receivables | | 118 | 601 \nTotal current and non-current | | 19,856 | 15,753\n\n. Trade receivables\n due rental income goods services. non assets fixed payments not quoted active market. collection expected one year or less current. non-current.\n allowance expected credit losses estimate receivables not recoverable. year 30 June 2019 Group recognised expected loss provision AASB 9 Financial Instruments. recognises loss allowance lifetime expected credit losses date.\n assesses allowance historical credit loss experience adjusted forward-looking factors. 30 June 2018 recognised provision trade receivables investment properties risks recoverability.\n Trade receivables 3,770 3,054\n Allowance expected credit losses\n 3,635 3,031\n Other receivables 4,223,082\n 11,880 8,039\n 19,738 15,152\n Non-current\n Total current non-current 19,856 15,753" +} +{ + "_id": "d1b3381ea", + "title": "", + "text": "Accounts Receivable and Allowance for Doubtful Accounts\nAccounts receivable consists primarily of amounts due to the Company from normal business activities. We maintain an allowance for doubtful accounts for estimated losses that result from the inability of our customers to make required payments.\nThe allowance for doubtful accounts is maintained based on customer payment levels, historical experience and management’s views on trends in the overall receivable agings. In addition, for larger accounts, we perform analyses of risks on a customer-specific basis. We perform ongoing credit evaluations of our customers’ financial condition and management believes that an adequate allowance for doubtful accounts has been provided.\nUncollectible accounts are removed from accounts receivable and are charged against the allowance for doubtful accounts when internal collection efforts have been unsuccessful. The following table summarizes the activity in allowance for doubtful accounts for the years ended December 31, 2019, 2018 and 2017:\n\n | | Year Ended December 31, | \n---------------------------------------- | ------- | ----------------------- | -------\n(In thousands) | 2019 | 2018 | 2017 \nBalance at beginning of year | $4,421 | $6,667 | $2,813 \nProvision charged to expense | 9,347 | 8,793 | 7,072 \nWrite-offs, less recoveries | (9,219) | (11,039) | (6,516)\nAcquired allowance for doubtful accounts | — | — | 3,298 \nBalance at end of year | $4,549 | $4,421 | $6,667 \n\nAccounts Receivable Allowance Doubtful Accounts\n due. allowance doubtful accounts losses payments.\n payment levels experience trends receivable. customer-specific. credit evaluations adequate allowance doubtful accounts.\n Uncollectible accounts removed charged against allowance collection unsuccessful. table activity allowance doubtful accounts years December 31, 2019 2018 2017:\n 2017\n Balance beginning year $4,421 $6,667 $2,813\n Provision charged expense 9,347 8,793 7,072\n Write-offs less recoveries (9,219) (11,039) (6,516)\n Acquired allowance doubtful accounts 3,298\n Balance end year $4,549 $4,421 $6,667" +} +{ + "_id": "d1b3aae3e", + "title": "", + "text": "Stock purchase warrants\nPrior to the 2019 Brookfield Transaction, Teekay held 15.5 million common unit warrants (or the Brookfield Transaction Warrants) issued by Altera to Teekay in connection with the 2017 Brookfield Transaction (see Note 4) and 1,755,000 warrants to purchase common units of Altera issued to Teekay in connection with Altera's private placement of Series D Preferred Units in June 2016 (or the Series D Warrants). In May 2019, Teekay sold to Brookfield all of the Company’s remaining interests in Altera, which included, among other things, both the Brookfield Transaction Warrants and Series D Warrants.\nChanges in fair value during the years ended December 31, 2019 and 2018 for the Company’s Brookfield Transaction Warrants and the Series D Warrants, which were measured at fair value using significant unobservable inputs (Level 3), are as follows:\n\n | Year Ended December 31, | \n------------------------------------------- | ----------------------- | --------\n | 2019 | 2018 \n | $ | $ \nFair value at the beginning of the year | 12,026 | 30,749 \nFair value on acquisition/issuance | — | 2,330 \nUnrealized gain (loss) included in earnings | 26,900 | (21,053)\nRealized loss included in earnings | (25,559) | — \nSettlements | (13,367) | — \nFair value at the end of the year | — | 12,026 \n\nStock purchase warrants\n 2019 Brookfield Transaction Teekay held 15. 5 million unit warrants Altera 2017 Brookfield 1,755,000 warrants Altera Series D Preferred Units 2016. May 2019 Teekay sold Brookfield interests Altera Brookfield Transaction Warrants Series D Warrants.\n Changes fair value December 31, 2019 2018 Brookfield Transaction Warrants Series D Warrants\n December\n Fair value 12,026 30,749\n acquisition/issuance 2,330\n Unrealized gain earnings 26,900 (21,053)\n Realized loss (25,559\n Settlements (13,367)\n value end year 12,026" +} +{ + "_id": "d1b3970fa", + "title": "", + "text": "14. SHAREHOLDERS’ EQUITY\nAuthorized, issued and outstanding common shares roll-forward is as follows:\nIn December 2017, the Company completed an underwritten public offering of 40,000,000 common shares which increased its equity by $103.7 million.\nIn December 2018, the Annual General Meeting of the Company approved to increase the Company’s authorized share capital from $1.8 million to $3.6 million.\nDuring 2019, the Company has issued 5,260,968 shares through the ATM program and raised net proceeds of $17.9 million.\n\n | Authorized\nShares | Issued and Out-\nstanding Shares | Common Stock\n----------------------------------------------- | ----------------- | ------------------------------- | ------------\nBalance as of January 1, 2017 | 180,000,000 | 101,969,666 | 1,020 \nCommon Shares Issued in Follow-on Offering | - | 40,000,000 | 400 \nBalance as of December 31, 2017 | 180,000,000 | 141,969,666 | 1,420 \nAuthorization of additional authorized shares | 180,000,000 | - | - \nBalance as of December 31, 2018 | 360,000,000 | 141,969,666 | 1,420 \nAt-the-Market Offering | - | 5,260,968 | 52 \nBalance as of December 31, 2019 | 360,000,000 | 147,230,634 | 1,472 \n\n. SHAREHOLDERS’ EQUITY\n shares\n 2017 public offering 40,000,000 shares increased equity $103. million.\n 2018 Annual General Meeting share capital $1. million $3. 6 million.\n issued 5,260,968 shares raised net proceeds $17. 9 million.\n Balance January 1 2017 180,000,000 101,969,666 1,020\n Shares\n December 31, 2017 180,000,000 141,969,666\n December 31, 2018 360,000,000 141,969,666\n Offering 5,260,968\n December 31, 2019 360,000,000 147,230,634" +} +{ + "_id": "d1b34ecb0", + "title": "", + "text": "The income tax (benefit) provision was charged to continuing operations or accumulated other comprehensive income (loss) as follows:\nPrior year balances related to deferred tax assets and liabilities have been recast to net the federal effect of state taxes with the specific deferred tax asset or liability to which it relates\n\nYear Ended December 31, | | | \n--------------------------------------------- | ------- | ---- | ------\n(dollars in millions) | 2019 | 2018 | 2017 \nIncome tax (benefit) provision related to: | | | \nContinuing operations | $(10.6) | $9.4 | $26.7 \nAccumulated other comprehensive income (loss) | 0.2 | 1.3 | (28.3)\n\nincome tax (benefit charged operations income\n Prior year balances deferred tax assets liabilities recast federal state taxes deferred tax asset\n Ended December 31,\n millions 2019 2018 2017\n Income tax (benefit\n operations $(10. 6) $9. $26.\n Accumulated income (loss." +} +{ + "_id": "d1b319fd8", + "title": "", + "text": "ANG's revenues are principally derived from sales of compressed natural gas. ANG recognizes revenue from the sale of natural gas fuel primarily at the time the fuel is dispensed.\nIn December 2019, the U.S. Congress passed an alternative fuel tax credit (\"AFTC\") which will continue to support the use of natural gas. The AFTC is retroactive beginning January 2018 and extends through 2020.\nThe legislation extends the $0.50 per gallon fuel credit/payment for the use of natural gas as a transportation fuel, and the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property. Net revenue after customer rebates for such credits recognized in 2019 was $10.6 million.\nAs a result of the Bipartisan Budget Act of 2018, signed into law on February 9, 2018, all AFTC revenue for vehicle fuel ANG sold in 2017 was collected in the second quarter of 2018. Net revenue after customer rebates for such credits recognized in 2018 was $2.6 million.\nDisaggregation of Revenues The following table disaggregates ANG's revenue by type (in millions):\n\n | Years Ended December 31, | \n------------------------------------------- | ------------------------ | ------\n | 2019 | 2018 \nVolume-related | $ 27.5 | $ 16.5\nMaintenance services | 0.1 | 0.1 \nTotal revenue from contracts with customers | 27.6 | 16.6 \nRNG incentives | 0.5 | 1.3 \nAlternative fuel tax credit | 10.6 | 2.6 \nOther revenue | 0.3 | 0.2 \nTotal Energy segment revenue | $ 39.0 | $ 20.7\n\nANG revenues compressed natural gas. recognizes.\n December 2019. Congress passed alternative fuel tax credit. retroactive January 2018 extends 2020.\n extends $0. 50 per gallon fuel credit natural gas Alternative Fuel Vehicle Refueling Property Credit 30 percent/$30,000 investment tax credit. Net revenue after rebates 2019 $10. 6 million.\n Bipartisan Budget Act 2018 February 9 AFTC revenue fuel 2017 collected second quarter 2018. Net revenue after rebates 2018 $2. 6 million.\n ANG revenue by type\n December 31,\n Volume-related.\n Maintenance services.\n revenue contracts.\n RNG incentives.\n Alternative fuel tax credit.\n Other revenue.\n Energy segment revenue $ 39. $." +} +{ + "_id": "d1b356758", + "title": "", + "text": "Revenue by Market The table below presents disaggregated net revenues by market (in thousands):\n(1) Due to the adoption of ASC 606 on January 1, 2018 using the modified retrospective method, amounts prior to 2018 have not been adjusted to reflect the change to recognize certain distributor sales upon sale to the distributor, or the sell-in method, from recognition upon the Company's sale to the distributors' end customers, or the sellthrough method, which required the deferral of revenue and profit on such distributor sales.\nRevenues from sales to the Company’s distributors accounted for 52%, 42% and 34% of net revenue for the years ended December 31, 2019, 2018 and 2017, respectively.\n\n | | Year Ended December 31, | \n--------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017(1) \nConnected home | $152,674 | $207,336 | $288,610\n% of net revenue | 48% | 54% | 69% \nInfrastructure | 85,369 | 82,388 | 71,779 \n% of net revenue | 27% | 21% | 17% \nIndustrial and multi-market | 79,137 | 95,273 | 59,929 \n% of net revenue | 25% | 25% | 14% \nTotal net revenue | $317,180 | $384,997 | $420,318\n\nRevenue Market table presents net revenues market\n adoption ASC 606 January 1, 2018 method amounts prior 2018 adjusted change distributor sales deferral revenue profit.\n Revenues distributors 52% 42% 34% net revenue years ended December 31, 2019 2018 2017.\n Connected home $152,674 $207,336 $288,610\n revenue 48% 54% 69%\n Infrastructure 85,369 82,388 71,779\n 27% 21%\n Industrial multi-market 79,137 95,273 59,929\n 25% 14%\n Total net revenue $317,180 $384,997 $420,318" +} +{ + "_id": "d1b388e88", + "title": "", + "text": "Cash Flows\nThe following table summarizes our cash flows for the periods indicated:\nCash Flows from Operating Activities\nNet cash used in operating activities of $156.8 million in 2019 was primarily due to a net loss of $320.7 million, as well as an increase in net operating assets and liabilities of $3.3 million, partially offset by total non-cash adjustments of $167.2 million. The increase in net operating assets and liabilities included a $21.3 million increase in accounts receivable primarily due to an increase in days sales outstanding, an $18.5 million increase in inventories primarily due to Fitbit Versa Lite Edition, Fitbit Inspire, Fitbit Inspire HR and Fitbit Versa 2, and a $22.9 million decrease in lease liabilities, partially offset by a $40.7 million net increase in accounts payable and accrued liabilities and other liabilities primarily related to higher rebates and promotional activities in the fourth quarter of 2019, a $15.1 million decrease in prepaid expenses and other assets, and a $4.0 million increase in deferred revenue. Our days sales outstanding in accounts receivable, calculated as the number of days represented by the accounts receivable balance as of period end, increased from 70 days as of December 31, 2018 to 74 days as of December 31, 2019, due to lower collections during the fourth quarter of 2019 compared to the fourth quarter of 2018. The $167.2 million total non-cash adjustments for 2019 included stock-based compensation expense of $77.7 million, depreciation and amortization expense of $62.8 million, and non-cash lease expense of $19.2 million.\nNet cash used in operating activities was $156.8 million in 2019, compared to net cash provided by operating activities of $113.2 million in 2018, primarily due to a $134.9 million increase in net loss for 2019 compared to 2018, an increase of $126.0 million in change in net operating assets and liabilities compared to 2018 primarily related to a $72.2 million income tax refund received in 2018 and increases in accounts receivable and inventories in 2019, as well as a decrease of $9.1 million for non-cash adjustments to net loss in 2019 compared to 2018.\nCash Flows from Investing Activities\nNet cash provided by investing activities for 2019 of $25.8 million was primarily due to maturities and sales of marketable securities of $414.7 million, partially offset by purchases of marketable securities of $347.6 million, purchases of property and equipment of $36.5 million, payment of $2.2 million for the cash portion of an acquisition, net of cash acquired, and acquisition-related holdback payments of $2.6 million.\nNet cash provided by investing activities for 2018 of $17.5 million was primarily due to maturities and sales of marketable securities of $443.6 million, partially offset by purchases of marketable securities of $353.9 million, purchases of property and equipment of $52.9 million, payment of $13.6 million for the cash portion of an acquisition, net of cash acquired, and acquisition-related holdback payments of $5.6 million.\nWe may continue to use cash in the future to acquire businesses and technologies that enhance and expand our product offerings. Due to the nature of these transactions, it is difficult to predict the amount and timing of such cash requirements to complete such transactions. We may be required to raise additional funds to complete future acquisitions.\nCash Flows from Financing Activities\nNet cash used in financing activities for 2019 of $8.4 million was primarily due to $18.2 million in net cash used for payment of taxes on common stock issued under our employee equity incentive plans and $2.7 million used for financing lease payments, offset in part by $13.0 million in proceeds from the exercise of stock options and from stock purchases made through our 2015 Employee Stock Purchase Plan, or 2015 ESPP.\n\n | | Year Ended December 31, | \n--------------------------------------- | ---------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nNet cash provided by (used in): | | | \nOperating activities | $(156,832) | $113,207 | $64,241 \nInvesting activities | 25,761 | 17,496 | (28,718)\nFinancing activities | (8,406) | 1,287 | 4,635 \nNet change in cash and cash equivalents | $(139,477) | $131,990 | $40,158 \n\nCash\n table summarizes cash flows\n Activities\n $156. 8 million 2019 due net loss $320. 7 million increase assets liabilities $3. 3 million offset non adjustments $167. 2 million. $21. 3 million increase accounts receivable sales $18. 5 million increase inventories Fitbit Versa Lite $22. 9 million decrease lease liabilities $40. 7 million increase accounts payable accrued liabilities rebates promotional activities $15. 1 million decrease prepaid expenses $4. million increase deferred revenue. sales increased 70 to 74 lower collections. $167. 2 million non-cash adjustments stock-based compensation expense $77. 7 million depreciation amortization expense $62. 8 million non-cash lease expense $19. 2 million.\n Net cash $156. 8 million 2019 $113. 2 million 2018 $134. 9 million increase net loss $126. million assets liabilities.2 million income tax refund 2018 increases accounts receivable inventories 2019 decrease $9. 1 million non-cash adjustments net loss.\n Cash Flows Investing Activities\n $25. 8 million due maturities sales $414. 7 million purchases $347. 6 million purchases property equipment $36. 5 million $2. 2 million-related holdback payments $2. 6 million.\n 2018 $17. 5 million maturities sales $443. 6 million offset purchases $353. 9 million purchases property equipment $52. 9 million $13. 6 million acquisition holdback payments $5. 6 million.\n cash businesses. difficult predict. raise additional funds acquisitions.\n Cash Flows Financing Activities\n $8. 4 million $18. 2 million taxes common stock $2. 7 million financing lease payments offset $13. 0 million proceeds stock options purchases 2015 Employee Stock Purchase Plan.\n Ended December 31,\n 2019 2018\ncash\n Operating(156,832) $113,207 $64,241\n Investing 25,761 17,496 (28,718)\n Financing,406 4\n(139,477 $131,990 $40,158" +} +{ + "_id": "d1a7244a8", + "title": "", + "text": "Expenditure on R&D\nTCS Innovation Labs are located in India and other parts of the world. These R&D centers, as certified by Department of Scientific & Industrial Research (DSIR) function from Pune, Chennai, Bengaluru, Delhi- NCR, Hyderabad, Kolkata and Mumbai.\nExpenditure incurred in the R&D centers and innovation centers during FY 2019 and FY 2018 are given below:\n\nExpenditure on R&D and innovation | Unconsolidated | | Consolidated | \n------------------------------------------------------------------- | -------------- | ------- | ------------ | -------\n | FY 2019 | FY 2018 | FY 2019 | FY 2018\na. Capital | 2 | - | 2 | - \nb. Recurring | 303 | 295 | 306 | 298 \nc. Total R&D expenditure (a+b) | 305 | 295 | 308 | 298 \nd. Innovation center expenditure | 1,285 | 1,079 | 1,352 | 1,202 \ne. Total R&D and innovation expenditure (c+d) | 1,590 | 1,374 | 1,660 | 1,500 \nf. R&D and innovation expenditure as a percentage of total turnover | 1.3% | 1.4% | 1.1% | 1.2% \n\nExpenditure R&D\n TCS Innovation Labs India. certified Pune Chennai Bengaluru Delhi Hyderabad Kolkata Mumbai.\n Expenditure R&D FY 2019 2018\n Expenditure R&D innovation Unconsolidated\n 2019 2018\n. Capital\n. Recurring 303 295 306 298\n. Total R&D expenditure 305 295 308 298\n. Innovation center expenditure 1,285 1,079 1,352 1,202\n. R&D innovation expenditure 1,590 1,374 1,660 1,500\n. turnover. 3%. 4%." +} +{ + "_id": "d1b3bae6a", + "title": "", + "text": "Results of Operations\nThe following table sets forth the percentage of revenue for certain items in our statements of operations for the periods indicated:\nImpact of inflation and product price changes on our revenue and on income was immaterial in 2019, 2018 and 2017.\n\nFiscal Years | | | \n-------------------------------------- | ------ | ------ | ------\n | 2019 | 2018 | 2017 \nStatements of Operations: | | | \nRevenue | 100% | 100% | 100% \nCost of revenue | 43% | 50% | 55% \nGross profit | 57% | 50% | 45% \nOperating expenses: | | | \nResearch and development | 120% | 79% | 79% \nSelling, general and administrative | 86% | 79% | 81% \nLoss from operations | (149)% | (108)% | (115)%\nInterest expense | (3)% | (1)% | (1)% \nInterest income and other expense, net | 2% | 1% | —% \nLoss before income taxes | (150)% | (108)% | (116)%\nProvision for income taxes | 1% | 1% | 1% \nNet loss | (151)% | (109)% | (117)%\n\nResults Operations\n table revenue items statements operations\n Impact inflation product price changes revenue income immaterial 2019 2018 2017.\n Fiscal Years\n Statements Operations\n Revenue 100%\n Cost revenue 43%\n Gross profit 57%\n Operating expenses\n Research development 120% 79%\n Selling general administrative 86%\n Loss operations (149)% (108) (115)\n Interest expense\n Loss before income taxes (150)% (108)\n Provision income taxes 1%\n Net loss (151)% (109)" +} +{ + "_id": "d1b30b2c6", + "title": "", + "text": "Fair Value of Financial Instruments\nThe following table summarizes our financial assets and liabilities measured at fair value on a recurring basis (in millions):\n(1) Reported as other current assets in the consolidated balance sheets\n(2) Reported as other non-current assets in the consolidated balance sheets\n(3) Reported as accrued expenses in the consolidated balance sheets\n\n | | April 26, 2019 | \n------------------------------------------------------- | ------- | ----------------------------------------------- | -------\n | | Fair Value Measurements at Reporting Date Using | \n | Total | Level 1 | Level 2\nCash | $ 2,216 | $ 2,216 | $ — \nCorporate bonds | 1,353 | — | 1,353 \nU.S. Treasury and government debt securities | 213 | 131 | 82 \nCertificates of deposit | 117 | — | 117 \nTotal cash, cash equivalents and short-term investments | $ 3,899 | $ 2,347 | $ 1,552\nOther items: | | | \nMutual funds (1) | $ 6 | $ 6 | $ — \nMutual funds (2) | $ 29 | $ 29 | $ — \nForeign currency exchange contracts assets (1) | $ 4 | $ — | $ 4 \nForeign currency exchange contracts liabilities (3) | (1 ) | $ — | (1 ) \n\nFair Value Financial Instruments\n table summarizes financial assets liabilities measured fair value recurring\n current\n non-current assets\n accrued expenses\n April 26, 2019\n Fair Value Measurements Reporting Date\n Level 1 2\n Cash $ 2,216\n Corporate bonds 1,353\n. Treasury government debt securities 213\n Certificates deposit 117\n cash equivalents short-term investments $ 3,899 $ 2,347 1,552\n Other items\n Mutual funds $ 6\n (2) $ 29\n Foreign currency exchange contracts assets $ 4\n currency exchange contracts liabilities" +} +{ + "_id": "d1b360230", + "title": "", + "text": "Sales and Marketing Expense\nSales and marketing expense increased by $22.6 million in 2018 compared to 2017. The increase was primarily due to a $20.0 million increase in employee- related costs, which includes stock-based compensation, associated with our increased headcount from 215 employees as of December 31, 2017 to 286 employees as of December 31, 2018. The remaining increase was principally the result of a $1.8 million increase in trade show and advertising costs and a $0.8 million increase attributed to office related expenses to support the sales team. The adoption of ASC 606 did not have a material impact on the change in commission expense when compared to year over year.\n\n | Year Ended December 31, | | Change | \n------------------- | ----------------------- | ---------------------- | -------- | -----\n | 2018 | 2017 | $ | % \n | | (dollars in thousands) | | \nSales and marketing | $ 69,608 | $ 46,998 | $ 22,610 | 48.1%\n% of revenue | 47% | 45% | | \n\nSales Marketing Expense\n increased $22. 6 million 2018 2017. due $20. 0 million increase employee costs compensation increased headcount 215 286 2018. remaining increase $1. 8 million trade show advertising costs $0. 8 million office expenses. adoption ASC 606 commission expense.\n Ended December 31,\n 2018 2017\n thousands\n Sales marketing $ 69,608 $ 46,998 $ 22,610 48. 1%\n % revenue 47% 45%" +} +{ + "_id": "d1b382074", + "title": "", + "text": "Deferred income taxes reflect the net tax effects of temporary differences between the bases of assets and liabilities for financial reporting and income tax purposes as well as carryforwards. Deferred tax assets and liabilities consist of the following:\nWe assess positive and negative evidence for each jurisdiction to determine whether it is more likely than not that existing deferred tax assets will be realized. As of August 29, 2019, and August 30, 2018, we had a valuation allowance of $277 million and $228 million, respectively, against our net deferred tax assets, primarily related to net operating loss carryforwards in Japan. Changes in 2019 in the valuation allowance were due to adjustments based on management's assessment of tax credits and net operating losses that are more likely than not to be realized.\n\nAs of | 2019 | 2018 \n------------------------------------------------------------------- | ------ | ------\nDeferred tax assets | | \nNet operating loss and tax credit carryforwards | $1,045 | $1,417\nAccrued salaries, wages, and benefits | 122 | 163 \nProperty, plant, and equipment | 80 | — \nOther | 110 | 115 \nGross deferred tax assets | 1,357 | 1,695 \nLess valuation allowance | (277) | (228) \nDeferred tax assets, net of valuation allowance | 1,080 | 1,467 \nDeferred tax liabilities | | \nProduct and process technology | (138) | (62) \nProperty, plant, and equipment | — | (173) \nOther | (109) | (213) \nDeferred tax liabilities | (247) | (448) \nNet deferred tax assets | $833 | $1,019\nReported as | | \nDeferred tax assets | $837 | $1,022\nDeferred tax liabilities (included in other noncurrent liabilities) | (4) | (3) \nNet deferred tax assets | $833 | $1,019\n\nDeferred income taxes reflect differences assets liabilities. assets\n assess positive evidence deferred tax assets. August 29, 2019 August 30, 2018 valuation allowance $277 million $228 million against net deferred tax assets operating loss carryforwards Japan. Changes 2019 adjustments tax credits operating losses.\n Deferred tax assets\n Net operating loss tax credit carryforwards $1,045 $1,417\n Accrued salaries wages benefits 122\n Property plant equipment\n Gross deferred tax assets 1,357 1,695\n Less valuation allowance (277)\n 1,080 1,467\n Deferred tax liabilities\n Product process technology (138)\n Property plant equipment\n liabilities (247)\n Net deferred tax assets $833 $1,019\n $837 $1,022\n liabilities\n assets $833 $1,019" +} +{ + "_id": "d1b349c42", + "title": "", + "text": "Operating income increased to SEK 2.3 (1.1) billion. Operating income excluding restructur- ing charges improved to SEK 2.4 (1.4) billion due to a positive effect from reversal of a provision for impairment of trade receivables made in Q1 2019, of SEK 0.7 billion, and higher gross margin.\nOperating margin was 6.3%, excluding restructuring charges and the positive effect from reversal of a provision for impairment of trade receivables of SEK 0.7 billion in Q1 2019.\nRestructuring charges amounted to SEK 0.0 (–0.3) billion.\nEmerging Business and Other\nSegment Emerging Business and Other represented 3% (4%) of Group net sales in 2019.\nThe segment includes:\n–– Emerging Business, including IoT, iconectiv\nand New businesses\n–– Media businesses, including Red Bee\nMedia and a 49% ownership of MediaKind.\nNet sales\nReported sales decreased by –19% in 2019 due to the 51% divestment of MediaKind in February 2019. Sales adjusted for comparable units and currency increased by 14% driven by growth in the iconectiv business through a multi-year number portability contract in the US.\nGross margin\nGross margin declined mainly due to the 51% divestment of MediaKind. The decline was partly offset by lower restructuring charges.\nOperating income (loss)\nOperating income was impacted by costs of SEK –10.7 billion related to the resolution of the US SEC and DOJ investigations, a refund of earlier paid social security costs in Sweden of SEK 0.9 billion and by costs of SEK –0.3\nbillion related to the wind-down of the ST-Ericsson legal structure.\nOperating income in Emerging Business, iconectiv and common costs improved, driven by profitable growth in iconectiv. Red Bee Media income improved supported by profit improvement activities. Media Solutions income improved driven by the 51% divestment of Media Kind, including a capital gain from the transaction.\n\nSEK billion | Full year 2019 | Full year 2018\n-------------------------------------------------------------------------------- | -------------- | --------------\nSegment operating income | -12.5 | -5.4 \nincome of which Emerging Business, iconective, media businesses and common costs | -2.4 | -5.4 \nof which SEC and DOJ\nsettlement costs | –10.7 | – \nof which costs for\nST-Ericsson wind-down | –0.3 | – \nof which a refund of social security costs in Sweden | 0.9 | - \n\nincome increased SEK 2. 3. billion. excluding charges improved SEK 2. 4. billion reversal impairment trade receivables Q1 2019 SEK. 7 billion higher gross margin.\n 6. 3% excluding restructuring charges.\n Restructuring charges SEK. billion.\n Emerging Business\n 3% (4%) Group net sales 2019.\n Media 49% ownership MediaKind.\n decreased –19% 2019 51% divestment MediaKind. increased 14% growth iconectiv business contract.\n declined due 51% divestment MediaKind. offset lower restructuring charges.\n Operating income\n impacted costs SEK. 7 billion US SEC DOJ investigations refund social security costs. billion SEK.\n billion wind-down ST-Ericsson legal structure.\n income costs improved growth. Red Bee Media income improved. Media Solutions income 51% divestment Media Kind capital gain transaction.\n billion Full year 2019 2018\n operating income.\nEmerging Business media common costs. 4.\n SEC DOJ\n settlement costs. 7\n ST-Ericsson wind-down. 3\n refund social security costs Sweden." +} +{ + "_id": "d1b396c7c", + "title": "", + "text": "Fiscal 2021 LTIP\nGrants made in Fiscal 2019 under the Fiscal 2021 LTIP took effect on August 6, 2018 with the goal of measuring performance over the three year period starting July 1, 2018. The table below illustrates the target value of each element under the Fiscal 2021 LTIP for each Named Executive Officer.\nAwards granted in Fiscal 2019 under the Fiscal 2021 LTIP were in addition to the awards granted in Fiscal 2018, Fiscal 2017, and prior years. For details of our previous LTIPs, see Item 11 of our Annual Report on Form 10-K for the appropriate year.\n\nNamed Executive Officer | Performance Share Units | Restricted Share Units | Stock Options | Total \n----------------------- | ----------------------- | ---------------------- | ------------- | ----------\nMark J. Barrenechea | $2,815,000 | $1,407,500 | $1,407,500 | $5,630,000\nMadhu Ranganathan | $500,000 | $250,000 | $250,000 | $1,000,000\nMuhi Majzoub | $550,000 | $275,000 | $275,000 | $1,100,000\nGordon A. Davies | $500,000 | $250,000 | $250,000 | $1,000,000\nSimon Harrison | $218,750 | $109,375 | $109,375 | $437,500 \n\n2021 LTIP\n August 6, 2018 performance three July 1 2018. table target value Officer.\n Awards 2018 2017. Item 11 Annual Report Form 10-K.\n Executive Officer Performance Restricted Share Units Stock Options\n Mark J. Barrenechea $2,815,000 $1,407,500 $5,630,000\n Madhu Ranganathan $500,000 $250,000\n Muhi Majzoub $550,000 $275,000 $1,100,000\n Gordon A. Davies $500,000 $250,000 $1,000,000\n Simon Harrison $218,750 $109,375 $437,500" +} +{ + "_id": "d1b3c33a8", + "title": "", + "text": "Return on Invested Capital (\"ROIC\") and Economic Return. We use a financial model that is aligned with our business strategy and includes a ROIC goal of 500 basis points over our weighted average cost of capital (\"WACC\"), which we refer to as \"Economic Return.\" Our primary focus is on our Economic Return goal of 5.0%, which is designed to create shareholder value and generate sufficient cash to self-fund our targeted organic revenue growth rate of 12.0%. ROIC and Economic Return are non-GAAP financial measures.\nNon-GAAP financial measures, including ROIC and Economic Return, are used for internal management goals and decision making because such measures provide management and investors additional insight into financial performance. In particular, we provide ROIC and Economic Return because we believe they offer insight into the metrics that are driving management decisions because we view ROIC and Economic Return as important measures in evaluating the efficiency and effectiveness of our long-term capital requirements. We also use a derivative measure of ROIC as a performance criteria in determining certain elements of compensation, and certain compensation incentives are based on Economic Return performance.\nWe define ROIC as tax-effected operating income before restructuring and other special items divided by average invested capital over a rolling five-quarter period for the fiscal year. Invested capital is defined as equity plus debt, less cash and cash equivalents. Other companies may not define or calculate ROIC in the same way. ROIC and other non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of our financial performance prepared in accordance with U.S. generally accepted accounting principles (\"GAAP\").\nWe review our internal calculation of WACC annually. Our WACC was 9.0% for fiscal year 2019 and 9.5% for fiscal year 2018. By exercising discipline to generate ROIC in excess of our WACC, our goal is to create value for our shareholders. Fiscal 2019 ROIC of 13.1% reflects an Economic Return of 4.1%, based on our weighted average cost of capital of 9.0%, and fiscal 2018 ROIC of 16.1% reflects an Economic Return of 6.6%, based on our weighted average cost of capital of 9.5% for that fiscal year.\nFor a reconciliation of ROIC, Economic Return and adjusted operating income (tax effected) to our financial statements that were prepared using GAAP, see Exhibit 99.1 to this annual report on Form 10-K, which exhibit is incorporated herein by reference.\nRefer to the table below, which includes the calculation of ROIC and Economic Return (dollars in millions) for the indicated periods:\n\n | 2019 | 2018 \n---------------------------------------- | ------ | ------\nAdjusted operating income (tax effected) | $120.7 | $118.6\nAverage invested capital | 923.1 | $735.6\nAfter-tax ROIC | 13.1% | 16.1% \nWACC | 9.0% | 9.5% \nEconomic Return | 4.1% | 6.6% \n\nReturn Invested Capital Economic Return. financial model business strategy ROIC goal 500 points over average cost capital Return. focus Economic Return goal 5. 0% shareholder value generate cash-fund revenue growth rate 12. 0%. ROIC Economic Return non-GAAP financial measures.\n management goals decision making insight financial performance. management decisions efficiency long capital requirements. derivative ROIC performance criteria compensation incentives based Economic Return performance.\n ROIC tax-effected operating income before restructuring divided by average invested capital five-quarter period. Invested capital equity plus debt less cash equivalents. ROIC.-GAAP financial performance. accounting principles.\n review calculation WACC annually. WACC 9. 0% 2019 9. 5% 2018. generate ROIC excess WACC goal create value shareholders. 2019 ROIC 13. 1% Economic Return 4. 1% average cost capital 9. 0% 2018 ROIC 16. 1% Economic Return 6. 6% average cost capital 9. 5%.\nreconciliation ROIC Economic Return adjusted operating income financial statements GAAP Exhibit 99. annual report Form 10-K.\n table calculation ROIC Economic Return periods\n 2019\n Adjusted operating income $120. $118.\n Average invested capital 923. $735.\n After-tax ROIC 13.\n.\n Economic Return 4. 6." +} +{ + "_id": "d1b3ac036", + "title": "", + "text": "CASH FLOW STATEMENT1\n1 Abridged version. The complete version is shown in the consolidated financial statements.\n\n€ million | 2017/18 | 2018/19\n---------------------------------------------------------------- | ------- | -------\nCash flow from operating activities of continuing operations | 766 | 796 \nCash flow from operating activities of discontinued operations | 139 | 157 \nCash flow from operating activities | 905 | 953 \nCash flow from investing activities of continuing operations | −292 | 46 \nCash flow from investing activities of discontinued operations | −89 | −136 \nCash flow from investing activities | −381 | −90 \nCash flow before financing activities of continuing operations | 474 | 842 \nCash flow before financing activities of discontinued operations | 50 | 21 \nCash flow before financing activities | 524 | 863 \nCash flow from financing activities of continuing operations | −587 | −1,122 \nCash flow from financing activities of discontinued operations | −74 | −109 \nCash flow from financing activities | −661 | −1,231 \nTotal cash flows | −137 | −368 \nCurrency effects on cash and cash equivalents | −30 | 17 \nTotal change in cash and cash equivalents | −167 | −351 \n\nCASH FLOW STATEMENT1\n Abridged version. complete consolidated financial statements.\n € million 2017/18 2018/19\n operating activities 766 796\n 139 157\n 905 953\n investing −292 46\n −89 −136\n −381 −90\n 474 842\n 50 21\n 524 863\n −587 −1,122\n −74 −109\n −661 −1,231\n Total cash flows −137 −368\n Currency effects cash equivalents −30 17\n Total change cash equivalents −167 −351" +} +{ + "_id": "d1b3a3490", + "title": "", + "text": "19. Cash and cash equivalents\nThe majority of the Group’s cash is held in bank deposits or money market funds which have a maturity of three months or less to enable us to meet our short-term liquidity requirements.\nAccounting policies\nCash and cash equivalents comprise cash in hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Assets in money market funds, whose contractual cash flows do not represent solely payments of interest and principal, are measured at fair value with gains and losses arising from changes in fair value included in net profit or loss for the period. All other cash and cash equivalents are measured at amortised cost.\nNote: 1 Items are measured at fair value and the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets.\nThe carrying amount of balances at amortised cost approximates their fair value.\nCash and cash equivalents of €1,381 million (2018: €1,449 million) are held in countries with restrictions on remittances but where the balances could be used to repay subsidiaries’ third party liabilities.\n\n | 2019 | 2018 \n----------------------------------------------------------------------------- | ------ | -----\n | €m | €m \nCash at bank and in hand | 2,434 | 2,197\nRepurchase agreements and bank deposits | 2,196 | – \nMoney market funds1 | 9,007 | 2,477\nCash and cash equivalents as presented in the statement of financial position | 13,637 | 4,674\nBank overdrafts | (32) | (7) \nCash and cash equivalents of discontinued operations | – | 727 \nCash and cash equivalents as presented in the statement of cash flows | 13,605 | 5,394\n\n. Cash equivalents\n majority Group’s cash bank deposits money market funds maturity three months less short-term liquidity requirements.\n Cash equivalents deposits short-term investments convertible cash insignificant risk changes value. Assets money market funds measured at fair value gains losses net profit loss. other cash equivalents measured amortised cost.\n Items measured fair value level 1 classification.\n carrying balances amortised cost approximates fair value.\n Cash equivalents €1,381 million (2018 €1,449 million) countries repay third party liabilities.\n Cash bank hand 2,434 2,197\n Repurchase agreements bank deposits 2,196\n Money market 9,007 2,477\n Cash equivalents financial position 13,637 4,674\n Bank overdrafts\n discontinued operations 727\n flows 13,605 5,394" +} +{ + "_id": "d1b2f98f0", + "title": "", + "text": "Greenhouse gas emissions\nIn line with the Companies Act 2006, Sophos is required to measure and report on its Greenhouse Gas (“GHG”) emissions disclosures. These have been calculated for the year-ending 31 March 2019, in line with the Group’s financial year. The calculation of the disclosures has been performed in accordance with Greenhouse Gas Protocol Corporate Standard and using the UK government’s conversion factor guidance for the year reported.\nThe Group’s operations that primarily release GHG includes usage of electricity and gas of owned and leased offices, business travel and usage of vehicles. The Group keeps its data capture process under review, seeking to extend the availability of direct information wherever possible. Where direct information for certain sites is not available, estimates have been developed that enable reporting for them. These estimates are revised if new or improved data is obtained.\nThe Group will continue to build its GHG reporting capabilities. The Group’s chosen intensity ratio is ‘tonnes of CO2 equivalent per million US dollars of billings’ as it aligns with Sophos’ strategic growth ambitions.\nCreating an environmentally friendly HQ\nThe Group commissioned a greening study of its global headquarters in Abingdon, Oxfordshire. The purpose of the study was to benchmark the current environmental, health and wellbeing performance of the building against current best practice and against direct and indirect competitors.\nThe findings of the study showed that the building performance was consistent with intermediate good practice and the building management was consistent with standard good practice. The study highlighted areas of future improvement. The findings and recommendations of this report will be a key driver for developing best practice in environmental sustainability to match the growth aspirations and objectives of the Company.\nThe Group is endeavouring to achieve the standards in environmental performance, health and wellbeing that is expected of a global technology organisation at the Group’s headquarters.\n\n | | Year-ended 31 March 2019 | Year-ended 31 March 2018 | Year-ended 31 March 2017\n------------------------ | --------------------------------------------------------- | ------------------------ | ------------------------ | ------------------------\n | | tCO2e | tCO2e | tCO2e \nScope 1 | Combustion of natural gas and operation of owned vehicles | 220.9 | 320.0 | 251.8 \nScope 2 | Electricity consumption in offices | 4,487.2 | 4,457.3 | 4,681.9 \nScope 3 | Business travel (air and car) | 3,260.9 | 5,117.4 | 4,510.9 \nTotal | | 7,969.0 | 9,894.7 | 9,444.6 \nIntensity ratio | | | | \ntCO2e per $M of billings | | 10.5 | 12.9 | 14.9 \n\nGreenhouse gas emissions\n Companies Act 2006, Sophos report Greenhouse Gas emissions. calculated-ending 31 March 2019 financial year. calculation Greenhouse Gas Protocol Corporate Standard UK conversion factor guidance.\n operations release GHG electricity gas offices business travel vehicles. data capture direct information. estimates developed reporting. revised if new data obtained.\n GHG reporting capabilities. intensity ratio ‘tonnes CO2 equivalent per million US dollars billings’ aligns strategic growth ambitions.\n environmentally friendly HQ\n commissioned greening study global headquarters Abingdon Oxfordshire. environmental health wellbeing performance best practice competitors.\n performance intermediate management standard good practice. highlighted future improvement. findings recommendations best practice environmental sustainability growth aspirations objectives.\n Group standards environmental performance health wellbeing global technology organisation headquarters.\n Year-ended 31 March 2019 31 March 2018 31 March 2017\n tCO2e\n1 Combustion gas vehicles 220. 320. 251.\n Electricity consumption offices 4,487. 4,681.\n Business travel car 3,260. 5,117. 4,510.\n 7,969. 9,894. 9,444.\n tCO2e 10. 12. 14." +} +{ + "_id": "d1b3acad6", + "title": "", + "text": "As of December 31, 2019, our required annual payments relating to these contractual obligations were as follows (in millions):\n(1) Includes finance lease obligations.\n(2) These calculations include the effect of our interest rate swaps and assume that (a) applicable margins remain constant; (b) our term A loan and revolving credit facility variable rate debt is priced at the one-month LIBOR rate in effect as of December 31, 2019; (c) only mandatory debt repayments are made; and (d) no refinancing occurs at debt maturity.\n(3) Other includes commitment fees on our revolving credit facility and rating agencies fees.\n\n | | | Payments due by period | \n------------------------------------------- | -------- | ------ | ---------------------- | ---------\n | Total | 2020 | 2021-2022 | 2023-2024\nDebt(1) | $1,554.8 | $80.0 | $184.1 | $1,290.7 \nInterest on debt (2) | 171.5 | 54.7 | 102.0 | 14.8 \nData processing and maintenance commitments | 103.4 | 44.5 | 46.5 | 12.4 \nOperating lease payments | 27.5 | 12.6 | 11.5 | 3.4 \nOther(3) | 3.9 | 1.2 | 2.4 | 0.3 \nTotal | $1,861.1 | $193.0 | $346.5 | $1,321.6 \n\nDecember 31, 2019 annual payments contractual obligations\n Includes finance lease obligations.\n calculations interest rate swaps margins constant loan revolving credit rate debt priced one LIBOR rate mandatory debt repayments no refinancing maturity.\n commitment fees revolving credit facility rating agencies fees.\n Payments\n 2021-2022 2023-2024\n $1,554. $80. $184. $1,290.\n Interest debt 171. 54. 102. 14.\n processing maintenance commitments 103. 44. 46. 12.\n Operating lease payments 27. 12. 11.\n.\n $1,861. $193. $346. $1,321." +} +{ + "_id": "d1b359674", + "title": "", + "text": "14. Income Taxes\nIncome before income taxes is as follows (in millions):\n\n | | Year Ended | \n-------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nDomestic | $ 678 | $ 589 | $ 166 \nForeign | 590 | 610 | 455 \nTotal | $ 1,268 | $ 1,199 | $ 621 \n\n. Income Taxes\n before taxes\n April 26, 2019 27, 2018 28,\n Domestic $ 678 589\n Foreign\n $ 1,268 $ 1,199 $ 621" +} +{ + "_id": "d1b336c6e", + "title": "", + "text": "Net Income (Loss) Per Share: Basic net income (loss) per share (EPS) is computed by dividing the net income (loss) attributable to Cubic for the period by the weighted average number of common shares outstanding during the period, including vested RSUs.\nIn periods with a net income from continuing operations attributable to Cubic, diluted EPS is computed by dividing the net income for the period by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of dilutive RSUs. Dilutive RSUs are calculated based on the average share price for each fiscal period using the treasury stock method. For RSUs with performance-based vesting, no common equivalent shares are included in the computation of diluted EPS until the related performance criteria have been met. For RSUs with performance and market-based vesting, no common equivalent shares are included in the computation of diluted EPS until the performance criteria have been met, and once the criteria are met the dilutive restricted stock units are calculated using the treasury stock method, modified by the multiplier that is calculated at the end of the accounting period as if the vesting date was at the end of the accounting period. The multiplier on RSUs with performance and market-based vesting is further described in Note 16.\nIn periods with a net loss from continuing operations attributable to Cubic, common equivalent shares are not included in the computation of diluted EPS, because to do so would be anti-dilutive.\nThe weighted-average number of shares outstanding used to compute net income (loss) per common share were as follows (in thousands):\n\n | | Years Ended September 30, | \n---------------------------------- | ------ | ------------------------- | ------\n | 2019 | 2018 | 2017 \nWeighted average shares - basic | 30,495 | 27,229 | 27,106\nEffect of dilutive securities | 111 | 122 | — \nWeighted average shares - diluted | 30,606 | 27,351 | 27,106\nNumber of anti-dilutive securities | — | — | 967 \n\nNet Income (Loss) Per Share computed Cubic by average common shares including vested RSUs.\n net income Cubic diluted EPS computed by common equivalent shares. shares dilutive RSUs. calculated average share price treasury stock method. RSUs performance-based vesting no common equivalent shares EPS until performance criteria met. RSUs performance market-based vesting no equivalent shares until dilutive stock units calculated treasury stock method modified by multiplier calculated end. multiplier on RSUs performance market-based vesting described in Note 16.\n net loss Cubic common equivalent shares not included diluted EPS anti-dilutive.\n weighted-average shares net income per share\n Years Ended September 30,\n 2018 2017\n average shares - basic 30,495 27,229 27,106\n Effect dilutive securities\n shares diluted 30,606 27,351 27,106\nanti-dilutive securities 967" +} +{ + "_id": "d1b37188c", + "title": "", + "text": "Note 8 — Property, Plant and Equipment, net\nThe components of property, plant and equipment, net, are:\nThe estimated useful lives of buildings and improvements and rental property are twenty to twenty-five years. The estimated useful lives of furniture and equipment range from three to eight years. Depreciation expense from continuing operations was $1.5 million and $1.2 million for 2019 and 2018, respectively.\nThe Company leases a portion of its headquarters facility to various tenants. Net rent received from these leases totaled $0.3 million and $0.4 million for 2019 and 2018, respectively.\n\n | December 31, | \n----------------------------- | -------------- | --------\n | (in thousands) | \n | 2019 | 2018 \nLand | $199 | $199 \nBuilding and improvements | 6,983 | 6,983 \nRental property | 2,749 | 2,749 \nSoftware | 12,015 | 2,226 \nFurniture and equipment | 11,755 | 10,274 \nConstruction in process | 480 | 8,519 \n | 34,181 | 30,950 \nLess accumulated depreciation | (19,830) | (18,375)\n | $ 14,351 | $ 12,575\n\n8 Property Plant Equipment\n lives buildings improvements rental property twenty to-five years. furniture equipment three to eight years. Depreciation expense operations $1. 5 million $1. 2 million 2019 2018.\n Company leases headquarters tenants. rent $0. 3 million. 4 million 2019 2018.\n Land $199\n Building improvements\n Rental property 2,749\n Software 12,015\n Furniture equipment 11,755\n Construction\n 34,181\n accumulated depreciation (19,830)\n 14,351" +} +{ + "_id": "d1b321580", + "title": "", + "text": "Patents and Intangible Assets\nThe Company owns or possesses licenses to use its patents. The costs of maintaining the patents are expensed as incurred.\nThe Company and Finjan Blue entered into a Patent Assignment and Support Agreement (the “Patent Assignment Agreement”) with IBM effective as of August 24, 2017 (see \"Note 7 - Commitments and Contingencies\"). Pursuant to the Patent Assignment Agreement, Finjan Blue acquired select IBM patents in the security sector. In accordance with ASC 350-30-35-2 through 35-4, Intangibles-Goodwill and Other, the Company determined that the useful life of the patents acquired under the Patent Assignment and Support Agreement should be amortized over the four-year term of the agreement.\nOn May 15, 2018, Finjan Blue, entered into a second agreement with IBM (the “May 2018 Patent Assignment Agreement”). Pursuant to the May 2018 Patent Assignment Agreement, Finjan Blue acquired 56 select issued and pending IBM patents in the security sector. The terms of the May 2018 Patent Assignment Agreement are confidential. In accordance with ASC 350-30-35-2 through 35-4, Intangibles-Goodwill and Other, the Company determined that the useful life of the patents acquired under the May 2018 Patent Assignment Agreement should be amortized over five years as the covenants between the parties are effective for that period.\nManagement did not identify any triggering events which would have necessitated an impairment change.\nThe components of these intangible assets are as follows:\nAmortization expense for the years ended December 31, 2019, 2018 and 2017 was approximately $2.0 million, $1.8 million, and $0.8 million, respectively.\n\nAs of December 31, | | \n----------------------------- | -------- | --------------\n | 2019 | 2018 \n | | (in thousands)\nPatents | $26,069 | $26,069 \nLess accumulated amortization | (22,517) | (20,562) \nIntangible assets, net | $3,552 | $5,507 \n\nPatents Intangible Assets\n Company owns licenses patents. costs maintaining patents expensed.\n Company Finjan Blue entered Patent Assignment Support Agreement with IBM August 24, 2017 7 - Commitments Contingencies\"). Finjan Blue acquired IBM patents security sector. ASC 350-30-35-2 patents amortized over four-year term.\n May 15, 2018 Finjan Blue second agreement with IBM “May 2018 Patent Assignment. acquired 56 IBM patents security sector. terms confidential. patents amortized over five years.\n triggering events impairment change.\n components intangible assets\n Amortization expense years ended December 31, 2019 2018 2017 approximately $2. 0 million, $1. 8 million $0. 8 million.\n December 31,\n Patents $26,069\n Less accumulated amortization (22,517)\n Intangible assets net $3,552 $5,507" +} +{ + "_id": "d1b395eee", + "title": "", + "text": "22. PENSIONS\nDefined contribution scheme\nWe operate a defined contribution scheme. The pension cost for the period represents contributions payable by us to the scheme. The charge to net income for the years ended December 31, 2019, 2018 and 2017 was $2.4 million, $1.9 million and $1.7 million, respectively.\nDefined benefit schemes\nWe have two defined benefit pension plans both of which are closed to new entrants but still cover certain of our employees. Benefits are based on the employee's years of service and compensation. Net periodic pension plan costs are determined using the Projected Unit Credit Cost method. Our plans are funded by us in conformity with the funding requirements of the applicable government regulations. Plan assets consist of both fixed income and equity funds managed by professional fund managers. We have two defined benefit pension plans both of which are closed to new entrants but still cover certain of our employees. Benefits are based on the employee's years of service and compensation. Net periodic pension plan costs are determined using the Projected Unit Credit Cost method. Our plans are funded by us in conformity with the funding requirements of the applicable government regulations. Plan assets consist of both fixed income and equity funds managed by professional fund managers.\nWe use December 31 as a measurement date for our pension plans.\nThe components of net periodic benefit costs are as follows:\nThe components of net periodic benefit costs are recognized in the income statement within administrative expenses and vessel operating expenses.\nThe estimated net loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic pension benefit cost during the year ended December 31, 2019 is $0.8 million (2018: $1.4 million).\n\n(in thousands of $) | 2019 | 2018 | 2017 \n------------------------------ | ----- | ----- | -----\nService cost | 162 | 250 | 313 \nInterest cost | 1,740 | 1,687 | 1,901\nExpected return on plan assets | (375) | (926) | (843)\nRecognized actuarial loss | 777 | 1,392 | 1,182\nNet periodic benefit cost | 2,304 | 2,403 | 2,553\n\n. PENSIONS\n Defined contribution scheme\n operate. pension cost represents contributions. charge net income December 31, 2019 2018 2017 $2. 4 million $1. 9 million $1. 7 million.\n Defined benefit schemes\n two plans closed cover employees. Benefits based years service compensation. costs Projected Unit Credit Cost method. funded. assets fixed income equity funds. two plans closed cover employees. Benefits based years service compensation. costs Projected Unit Credit Cost method. funded. fixed income equity funds.\n December 31 measurement date.\n components net benefit costs\n recognized income statement administrative expenses operating expenses.\n estimated net loss amortized December 31, 2019 $0. 8 million (2018 $1. 4 million.\n 2019\n Service cost 162\n Interest cost 1,740 1,687\n Expected return on plan assets (375) (926) (843)\n Recognized actuarial loss 777 1,392\n Net periodic benefit cost 2,304 2,403 2,553" +} +{ + "_id": "d1b33ae9a", + "title": "", + "text": "Note 20. Income Taxes\nThe Company’s income before income taxes consisted of the following (in thousands):\n\n | | Years Ended December31, | \n-------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nDomestic (U.S., state and local) | $38,672 | $6,971 | $9,662 \nForeign | 47,251 | 49,946 | 71,645 \n | $85,923 | $56,917 | $81,307\n\n.\n income before\n Ended December31\n 2019 2018\n Domestic. local $38,672 $6,971 $9,662\n Foreign 47,251 49,946 71,645\n $85,923 $56,917 $81,307" +} +{ + "_id": "d1b2fcf50", + "title": "", + "text": "QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK\nMarket risk is the risk of loss related to adverse changes in market prices, including interest rates and foreign exchange rates, of financial instruments. We are exposed to various types of market risks, including changes in interest rates and foreign currency exchange rates, in the normal course of business.\nWe use financial instruments, including variable rate debt and swaps and foreign exchange spot transactions, to manage risks associated with our interest rate and foreign currency exposures through a controlled program of risk management in accordance with established policies. These policies are reviewed and approved by our board of directors and stockholders’ meeting. Our treasury operations are subject to internal audit on a regular basis. We do not hold or issue derivative financial instruments for speculatively purposes.\nSince export sales are primarily conducted in U.S. dollars, we had U.S. dollar-denominated accounts receivable of US$626 million as of December 31, 2019. As of the same date, we also had Japanese Yen-denominated accounts receivable of ¥14,266 million attributable to our Japanese operations and Renminbi-denominated accounts receivable of RMB¥710 million attributable to our China operations. We had U.S. dollar-, Japanese Yen- and Renminbi-denominated accounts payables of US$128 million, ¥7,193 million and RMB¥262 million, respectively, as of December 31, 2019.\nOur primary market risk exposures relate to interest rate movements on borrowings and exchange rate movements on foreign currency denominated accounts receivable, capital expenditures relating to equipment used in manufacturing processes (including lithography, etching and chemical vapor deposition) and purchased primarily from Europe, Japan and the United States.\nThe following table provides information as of December 31, 2019 on our market risk sensitive financial instruments.\n\n | As of December 31, 2019 | \n------------------------------------- | ----------------------- | -----------\n | Carrying Amount | Fair Amount\n | (in NT$ millions) | \nTime Deposits: Non-Trading Purpose | 62,320 | 62,320 \nShort-term Loans: Non-Trading Purpose | 12,015 | 12,015 \nBonds: Non-Trading Purpose | 38,781 | 39,572 \nLong-term Loans: Non-Trading Purpose | 33,902 | 33,902 \n\nMARKET RISK\n risk loss changes interest rates foreign exchange rates financial instruments. exposed to risks business.\n instruments variable rate debt swaps foreign exchange transactions manage risks interest currency risk management. policies reviewed approved board stockholders’ meeting. treasury operations subject internal audit. hold issue derivative financial instruments.\n export sales U. S. dollars. dollar accounts receivable US$626 million December 31, 2019. Japanese Yen accounts,266 million Renminbi RMB¥710 million. U. S. dollar Japanese Yen Renminbi accounts US$128 million,193 million RMB¥262 million.\n market risk exposures interest rate exchange rate movements foreign currency accounts capital expenditures equipment purchased from Europe Japan United States.\n table information December 31, 2019 market risk sensitive financial instruments.\n Carrying\n$ millions\n Time Deposits Non-Trading Purpose 62,320\nLoans Non 12,015\n Bonds 38,781\n Long-term Loans 33,902" +} +{ + "_id": "d1b38b516", + "title": "", + "text": "Subsequent to origination, the delinquency and write-off experience is monitored as key credit quality indicators for the portfolio of device payment plan agreement receivables and fixed-term service plans. The extent of collection efforts with respect to a particular customer are based on the results of proprietary custom empirically derived internal behavioral-scoring models that analyze the customer’s past performance to predict the likelihood of the customer falling further delinquent.\nThese customer-scoring models assess a number of variables, including origination characteristics, customer account history and payment patterns. Based on the score derived from these models, accounts are grouped by risk category to determine the collection strategy to be applied to such accounts.\nCollection performance results and the credit quality of device payment plan agreement receivables are continuously monitored based on a variety of metrics, including aging. An account is considered to be delinquent and in default status if there are unpaid charges remaining on the account on the day after the bill’s due date.\nAt December 31, 2019 and 2018, the balance and aging of the device payment plan agreement receivables on a gross basis was as follows:\n\n | 2019 | 2018 \n------------------------------------------------ | -------- | --------\nUnbilled | $ 22,827 | $ 24,282\nBilled: | | \nCurrent | 1,286 | 1,465 \nPast due | 236 | 271 \nDevice payment plan agreement receivables, gross | $ 24,349 | $ 26,018\n\norigination delinquency write-off experience monitored credit quality indicators for device payment plan receivables fixed-term service plans. collection efforts based behavioral-scoring models performance.\n models assess variables origination characteristics account history payment patterns. accounts grouped by risk category collection strategy.\n Collection performance credit quality receivables monitored aging. account delinquent default unpaid charges remaining due date.\n December 31, 2019 2018 balance aging receivables\n 2018\n Unbilled $ 22,827 $ 24,282\n Billed\n 1,286 1,465\n Past due 236 271\n receivables gross $ 24,349 $ 26,018" +} +{ + "_id": "d1b3a9c50", + "title": "", + "text": "b) Transactions with Golar Power and affiliates:\nNet revenues: The transactions with Golar Power and its affiliates for the twelve months ended December 31, 2019, 2018 and 2017 consisted of the following:\n(i) Debt guarantee compensation - In connection with the closing of the Golar Power and Stonepeak transaction, Golar Power entered into agreements to compensate Golar in relation to certain debt guarantees (as further described under the subheading \"Guarantees and other\") relating to Golar Power and subsidiaries.\n(ii) Balances due to Golar Power and affiliates - Receivables and payables with Golar Power and its subsidiaries are comprised primarily of unpaid management fees, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Balances owing to or due from Golar Power and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. In December 2019, we loaned $7.0 million to Golar Power, with interest of LIBOR plus 5.0%. The loan was fully repaid, including interest, in December 2019.\n\n(in thousands of $) | 2019 | 2018 | 2017 \n---------------------------------------------- | ----- | ----- | -----\nManagement and administrative services revenue | 5,904 | 6,167 | 5,711\nShip management fees income | 1,210 | 1,400 | 824 \nDebt guarantee compensation (i) | 693 | 861 | 775 \nOther (ii) | (2) | (247) | 135 \nTotal | 7,805 | 8,181 | 7,445\n\nTransactions with Golar Power affiliates\n revenues transactions twelve months December 2019 2018 2017\n Debt guarantee compensation Golar Power Stonepeak Golar debt guarantees.\n Balances due to Golar Power affiliates Receivables payables unpaid management fees advisory administrative services. invoice. settled quarterly arrears. Balances unsecured interest-free settled business. December 2019 loaned $7. 0 million Golar Power interest LIBOR plus 5. 0%. loan repaid December 2019.\n 2019 2018 2017\n Management administrative services revenue 5,904 6,167 5,711\n Ship management fees 1,210 1,400 824\n Debt guarantee compensation 693 861 775\n (247)\n Total 7,805 8,181 7,445" +} +{ + "_id": "d1b322700", + "title": "", + "text": "Stock repurchases\n(1) On March 15, 2019, the Company announced that the Board of Directors extended the expiration date of the current stock repurchase program to June 30, 2020 and increased the amount of common stock the Company is authorized to repurchase by $60 million.\n\n | 2019 | | 2018 | | 2017 | \n------------------ | ------ | --------- | ------- | --------- | ------ | --------\n(in thousands) | Shares | Amount | Shares | Amount | Shares | Amount \nJanuary 1, | | $6,620 | | $34,892 | | $39,385 \nAuthorizations (1) | | $60,000 | | $27,003 | | $ - \nRepurchases | (333) | $(21,136) | (1,001) | $(55,275) | (99) | $(4,493)\nDecember 31, | | $45,484 | | $6,620 | | $34,892 \n\nStock repurchases\n March 15, 2019 extended repurchase program June 30, 2020 increased common stock repurchase $60 million.\n 2019 2018 2017\n thousands Shares\n January 1 $6,620 $34,892 $39,385\n Authorizations $60,000 $27,003\n Repurchases $(21,136) $(55,275) $(4,493)\n December 31, $45,484 $6,620 $34,892" +} +{ + "_id": "d1a71b272", + "title": "", + "text": "Other gains, net. We recorded net other gains of RMB3,630 million for the fourth quarter of 2019, which mainly comprised of non-IFRS adjustment items such as fair value gains due to increases in valuations of certain investee companies in verticals such as social media and FinTech services.\nSelling and marketing expenses. Selling and marketing expenses increased by 17% to RMB6,712 million for the fourth quarter of 2019 on a year-on-year basis. The increase was mainly driven by greater marketing spending on services and products such as FinTech and cloud services, smart phone games and digital content services, including expenses attributable to Supercell. As a percentage of revenues, selling and marketing expenses decreased to 6% for the fourth quarter of 2019 from 7% for the fourth quarter of 2018.\nGeneral and administrative expenses. General and administrative expenses increased by 41% to RMB16,002 million for the fourth quarter of 2019 on a year-on-year basis. The increase was mainly due to greater R&D expenses and staff costs, including expenses attributable to Supercell. As a percentage of revenues, general and administrative expenses increased to 15% for the fourth quarter of 2019 from 13% for the fourth quarter of 2018.\nFinance costs, net. Net finance costs increased by 102% to RMB2,767 million for the fourth quarter of 2019 on a year-on-year basis. The increase was primarily driven by greater interest expenses as a result of higher amount of indebtedness.\nShare of (loss)/profit of associates and joint ventures. We recorded share of losses of associates and joint ventures of RMB1,328 million for the fourth quarter of 2019, compared to share of profit of RMB16 million for the fourth quarter of 2018. The change was mainly due to share of losses arising from non-cash fair value changes of investment portfolios booked by certain associates in the fourth quarter of 2019, compared to share of profit recorded in the same quarter last year.\nIncome tax expense. Income tax expense increased by 12% to RMB2,137 million for the fourth quarter of 2019 on a year-on-year basis.\nProfit attributable to equity holders of the Company. Profit attributable to equity holders of the Company increased by 52% to RMB21,582 million for the fourth quarter of 2019 on a year-on-year basis. Non-IFRS profit attributable to equity holders of the Company increased by 29% to RMB25,484 million for the fourth quarter of 2019.\nFOURTH QUARTER OF 2019 COMPARED TO FOURTH QUARTER OF 2018\nThe following table sets forth the comparative figures for the fourth quarter of 2019 and the fourth quarter of 2018:\n\n | Unaudited | \n------------------------------------------------------------- | ------------------ | -----------\n | Three months ended | \n | 31 December | 31 December\n | 2019 | 2018 \n | (RMB in millions) | \nRevenues | 105,767 | 84,896 \nCost of revenues | (59,659) | (49,744) \nGross profit | 46,108 | 35,152 \nInterest income | 1,580 | 1,350 \nOther gains/(losses), net | 3,630 | (2,139) \nSelling and marketing expenses | (6,712) | (5,730) \nGeneral and administrative expenses | (16,002) | (11,345) \nOperating profit | 28,604 | 17,288 \nFinance costs, net | (2,767) | (1,372) \nShare of (loss)/profit of associates and joint ventures | (1,328) | 16 \nProfit before income tax | 24,509 | 15,932 \nIncome tax expense | (2,137) | (1,906) \nProfit for the period | 22,372 | 14,026 \nAttributable to: | | \nEquity holders of the Company | 21,582 | 14,229 \nNon-controlling interests | 790 | (203) \n | 22,372 | 14,026 \nNon-IFRS profit attributable to equity holders of the Company | 25,484 | 19,730 \n\ngains net. recorded gains RMB3,630 million fourth quarter 2019 non-IFRS adjustment items fair value gains increases valuations companies social media FinTech.\n Selling marketing expenses. increased 17% RMB6,712 million fourth quarter 2019. increase driven marketing spending FinTech cloud services smart phone games digital content Supercell. expenses decreased 6% 2019 from 7% 2018.\n General administrative expenses. increased 41% RMB16,002 million. increase due R&D expenses staff costs Supercell. expenses increased 15% 2019 from 13% 2018.\n Finance costs. increased 102% RMB2,767 million 2019. increase driven greater interest expenses higher indebtedness.\n Share/profit associates joint ventures. losses RMB1,328 million fourth 2019 profit RMB16 million 2018. change due losses non-cash fair value changes investment portfolios.\n Income tax expense. increased 12% RMB2,137 million.\n Profit equity holders.Profit equity holders increased 52% RMB21,582 million fourth quarter 2019. Non-IFRS profit 29% RMB25,484 million.\n comparative figures\n months\n millions\n Revenues 105,767 84,896\n Cost (59,659) (49,744\n Gross profit 46,108 35,152\n Interest income 1,580 1,350\n Other gains 3,630\n Selling marketing expenses (6,712)\n General administrative expenses (16,002\n Operating profit 28,604 17,288\n Finance costs (2,767) (1,372\n associates ventures (1,328)\n Profit before income tax 24,509 15,932\n tax expense (2,137\n Profit 22,372 14,026\n Equity holders 21,582 14,229\n Non-controlling interests 790\n Non-IFRS profit 25,484" +} +{ + "_id": "d1b31c378", + "title": "", + "text": "8. Stocks\nNote\n1. Finished goods in 2018 includes £2.2 million relating to deferred costs which has been reclassified from prepayments; see note 1 for further details.\nThere were no stock write-downs recognised in the period (2018 nil) and there were no reversals of prior period stock write-downs (2018 nil).\nNo stock is carried at fair value less costs to sell (2018 nil).\n\n | 2019 | 2018 \n---------------- | --------- | ---------\n | £ million | £ million\nWork in progress | 0.7 | 0.6 \nFinished goods¹ | 3.2 | 3.9 \n | 3.9 | 4.5 \n\n. Stocks\n. Finished goods 2018 includes £2. million deferred costs reclassified prepayments see note 1 details.\n no stock write-downs reversals prior-downs.\n No stock carried fair value less costs sell.\n 2019 2018\n £ million\n Work progress.\n Finished.\n." +} +{ + "_id": "d1b39887e", + "title": "", + "text": "As at December 31, 2019, we had US$8.3 billion of US dollardenominated senior notes and debentures, all of which were hedged using debt derivatives.\n1 US dollar-denominated long-term debt reflects the hedged exchange rate and the hedged interest rate.\n2 Pursuant to the requirements for hedge accounting under IFRS 9, Financial instruments, as at December 31, 2019 and December 31, 2018, RCI accounted for 100% of its debt derivatives related to senior notes as hedges against designated US dollar-denominated debt. As a result, as at December 31, 2019 and 2018, 100% of our US dollar-denominated senior notes and debentures are hedged for accounting and economic purposes.\n3 Borrowings include long-term debt, including the impact of debt derivatives, and short-term borrowings associated with our US CP and accounts receivable securitization programs.\n\n | As at December 31 | \n----------------------------------------------------------------------- | ----------------- | ----------\n(In millions of dollars, except exchange rates, percentages, and years) | 2019 | 2018 \nUS dollar-denominated long-term debt 1 | US$ 8,300 | US$ 6,050 \nHedged with debt derivatives | US$ 8,300 | US$ 6,050 \nHedged exchange rate | 1.1932 | 1.1438 \nPercent hedged2 | 100.0% | 100.0% \nAmount of borrowings at fixed rates 3 | | \nTotal borrowings | $ 17,496 | $ 15,320 \nTotal borrowings at fixed rates | $ 15,254 | $ 13,070 \nPercent of borrowings at fixed rates | 87.2% | 85.3% \nWeighted average interest rate on borrowings | 4.30% | 4.45% \nWeighted average term to maturity | 14.1 years | 10.7 years\n\nDecember 31, 2019 US$8. 3 billion senior notes debentures hedged debt derivatives.\n dollar long-term debt reflects hedged exchange rate interest rate.\n accounting IFRS 9 RCI accounted 100% debt derivatives US dollar-denominated debt. 100% dollar senior notes debentures hedged economic.\n Borrowings long-term debt short-term borrowings receivable securitization programs.\n millions 2019\n US dollar-denominated long-term debt US$ 8,300 6\n Hedged debt derivatives\n exchange rate.\n.\n borrowings fixed rates\n borrowings $ 17,496 $ 15,320\n 15,254\n Percent borrowings 87. 2% 85. 3%\n average interest rate borrowings. 30%. 45%\n term maturity 14. 1 years 10. 7" +} +{ + "_id": "d1b3a9782", + "title": "", + "text": "NOTE 9. ACCOUNTS RECEIVABLE\nA significant percentage of our accounts receivable is derived from sales to a limited number of large multinational semiconductor device manufacturers located throughout the world. In order to monitor potential expected credit losses, we perform ongoing credit evaluations of our customers’ financial condition.\nThe carrying amount of accounts receivable is as follows:\n\n | December 31, | \n------------------- | ------------ | -------\n | 2018 | 2019 \nCurrent | 154,607 | 171,866\nOverdue <30 days | 8,802 | 19,977 \nOverdue 31-60 days | 2,258 | 2,076 \nOverdue 61-120 days | 3,507 | 1,599 \nOverdue >120 days | 4,276 | 4,017 \nTotal | 173,450 | 199,535\n\n. ACCOUNTS RECEIVABLE\n sales multinational semiconductor manufacturers. credit losses credit evaluations.\n accounts receivable\n 2019\n 154,607 171,866\n <30 days 8,802 19,977\n 31-60 days 2,258 2,076\n 61-120 days 3,507 1,599\n >120 days 4,276,017\n 173,450 199,535" +} +{ + "_id": "d1b36dd36", + "title": "", + "text": "Shares Reserved for Issuance\nThe following are shares reserved for issuance (in thousands):\n\n | June 30,\n2019 | June 30,\n2018\n----------------------------------------------------- | ------------- | -------------\n2013 Equity Incentive Plan shares available for grant | 8,462 | 9,957 \nEmployee stock options and awards outstanding | 10,455 | 12,060 \n2014 Employee Stock Purchase Plan | 10,085 | 5,365 \nTotal shares reserved for issuance | 29,002 | 27,382 \n\nIssuance\n 2013 Equity Incentive Plan shares 8,462\n Employee stock options awards 10,455 12,060\n 2014 Employee Stock Purchase Plan 10,085 5,365\n shares 29,002 27,382" +} +{ + "_id": "d1b2e34ec", + "title": "", + "text": "Share Options\nThe Company estimates the fair value of employee share options on the date of grant using the Black-Scholes option-pricing model, which requires the use of highly subjective estimates and assumptions. The Company estimates the expected term of share options for service-based awards utilizing the “Simplified Method,” as it does not have sufficient historical share option exercise information on which to base its estimate. The Simplified Method is based on the average of the vesting tranches and the contractual life of each grant.\nThe risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the share option. Since there was no public market for the Company’s ordinary shares prior to the IPO and as its shares have been publicly traded for a limited time, the Company determined the expected volatility for options granted based on an analysis of reported data for a peer group of companies that issue options with substantially similar terms.\nThe expected volatility of options granted has been determined using an average of the historical volatility measures of this peer group of companies. The Company uses an expected dividend rate of zero as it currently has no history or expectation of paying dividends on its ordinary shares. The fair value of the Company’s ordinary shares at the time of each share option grant is based on the closing market value of its ordinary shares on the grant date.\nThe fair value of each share option grant was estimated using the Black-Scholes option-pricing model that used the following weighted-average assumptions:\nThe weighted-average per share fair value of share options granted to employees during the years ended March 31, 2019, 2018 and 2017 was $16.48, $11.12 and $8.65 per share, respectively.\n\n | | Year ended March 31, | \n-------------------------------------------------- | ------ | --------------------- | ------\n | 2019 | 2018 | 2017 \nExpected term (in years) | 6.1 | 6.1 | 6.1 \nRisk-free interest rate | 2.7% | 2.2% | 2.1% \nExpected volatility | 41.5% | 39.8% | 41.0% \nExpected dividend yield | —% | —% | —% \nEstimated grant date fair value per ordinary share | $37.15 | $26.52 | $20.22\n\n\n Company estimates employee share options grant Black-Scholes option-pricing model subjective estimates assumptions. estimates term options awards “Simplified Method historical option information. Method on average vesting tranches contractual life grant.\n risk-free interest rate based on treasury instrument term consistent with expected life share option. no public market for ordinary shares prior determined expected volatility options peer similar.\n expected volatility determined average historical volatility measures. uses expected dividend rate zero no history dividends ordinary shares. fair value shares option grant based on closing market value grant date.\n fair value estimated Black-Scholes option-pricing model weighted-average assumptions\n per share fair value options March 2019 2018 2017 $16. 48 $11. 12 $8. 65 per share.\n Expected term years 6.\n Risk-free interest rate 2. 7%. 2%.\n Expected volatility 41. 5%. 8%. 0%\ndividend yield\n grant date share $37. $26. 52 $20." +} +{ + "_id": "d1b34befc", + "title": "", + "text": "The Company sells its products to distributors and original equipment manufacturers (OEMs) in a broad range of market segments, performs on-going credit evaluations of its customers and, as deemed necessary, may require collateral, primarily letters of credit. The Company's operations outside the U.S. consist of product assembly and final test facilities in Thailand, and sales and support centers and design centers in certain foreign countries. Domestic operations are responsible for the design, development and wafer fabrication of products, as well as the coordination of production planning and shipping to meet worldwide customer commitments. The Company's Thailand assembly and test facility is reimbursed in relation to value added with respect to assembly and test operations and other functions performed, and certain foreign sales offices receive compensation for sales within their territory. Accordingly, for financial statement purposes, it is not meaningful to segregate sales or operating profits for the assembly and test and foreign sales office operations. Identifiable long-lived assets (consisting of property, plant and equipment net of accumulated amortization) by geographic area are as follows (in millions):\nSales to unaffiliated customers located outside the U.S., primarily in Asia and Europe, aggregated approximately 80% of consolidated net sales for fiscal 2019 and approximately 85% and 84% of net sales during fiscal 2018 and fiscal 2017, respectively. Sales to customers in Europe represented approximately 23% of consolidated net sales for fiscal 2019 and approximately 24% of consolidated net sales for each of fiscal 2018 and fiscal 2017. Sales to customers in Asia represented approximately 52% of consolidated net sales for fiscal 2019 and approximately 58% of consolidated net sales for each of fiscal 2018 and 2017. Within Asia, sales into China represented approximately 22%, 30% and 32% of consolidated net sales for fiscal 2019, 2018 and 2017, respectively. Sales into Taiwan represented approximately 13%, 11% and 9% of consolidated net sales for fiscal 2019, 2018 and 2017, respectively. Sales into any other individual foreign country did not exceed 10% of the Company's net sales for any of the three years presented.\nWith the exception of Arrow Electronics, the Company's largest distributor, which made up 10% of net sales, no other distributor or end customer accounted for more than 10% of net sales in fiscal 2019. In fiscal 2018 and fiscal 2017, no distributor or end customer accounted for more than 10% of net sales.\n\n | March 31, | \n----------------------- | --------- | ------\n | 2019 | 2018 \nUnited States | $521.1 | $393.3\nThailand | 209.3 | 215.5 \nVarious other countries | 266.3 | 159.1 \nTotal long-lived assets | $996.7 | $767.9\n\nCompany sells products to distributors original equipment manufacturers (OEMs) market segments performs credit evaluations may require collateral letters of credit. operations outside U. S. assembly test facilities in Thailand sales support design centers in foreign countries. Domestic operations responsible for design development wafer fabrication coordination production planning shipping worldwide customer commitments. Thailand assembly test facility reimbursed value added foreign sales offices receive compensation for sales. segregate sales profits for assembly test foreign sales office operations. long assets property plant equipment net amortization by geographic area\n Sales to unaffiliated customers outside U. S. in Asia Europe 80% 2019 85% 84% 2018 2017. Europe 23% 24% 2017. Asia 52% 58% 2017. sales into China 22% 30% 32% sales. Taiwan 13% 11%. Sales other foreign country exceed 10% of net sales three years.\nArrow Electronics largest distributor 10% net sales no other accounted 10% 2019. 2018 2017 no accounted 10% sales.\n March\n United States $521. $393.\n Thailand 209. 215.\n countries 266. 3 159.\n long-lived assets $996. $767." +} +{ + "_id": "d1a73a852", + "title": "", + "text": "Trade Accounts Receivable\nThe Company’s trade accounts receivable, net, consisted of the following (in thousands):\n(1) Included in “Receivables, net” in the accompanying Consolidated Balance Sheets.\n(2) Included in “Deferred charges and other assets” in the accompanying Consolidated Balance Sheets.\nThe Company’s noncurrent trade accounts receivable result from (1) contracts with customers that include renewal provisions, and (2) contracts with customers under multi-year arrangements. For contracts that include renewal provisions, revenue is recognized up-front upon satisfaction of the associated performance obligations, but payments are received upon renewal. Renewals occur in bi-annual and annual increments over the associated expected contract term, the majority of which range from two to five years. The Company’s contracts with customers under multi-year arrangements generally have three-year terms and are invoiced annually at the beginning of each annual coverage period. The Company records a receivable related to revenue recognized under multi-year arrangements as the Company has an unconditional right to invoice and receive payment in the future related to these arrangements.\nWhere the timing of revenue recognition differs from the timing of invoicing and payment, the Company has determined that its contracts do not include a significant financing component. A substantial amount of the consideration promised by the customer under the contracts that include renewal provisions is variable, and the amount and timing of that consideration varies based on the occurrence or nonoccurrence of future events that are not substantially within the Company’s control. With respect to multi-year year arrangements, there is minimal difference between the consideration received and the cash selling price, any offered discounts are driven by volume, and the contracts are of short duration resulting in insignificant interest. Thus, the primary purpose of the invoicing terms on the multi-year arrangements is to provide the customer with a simplified and predictable way of purchasing certain products, not to provide financing or to receive financing from the Company’s customer.\n\n | December 31, | \n---------------------------------------------- | ------------ | --------\n | 2019 | 2018 \nTrade accounts receivable, net, current (1) | $375,136 | $335,377\nTrade accounts receivable, net, noncurrent (2) | 26,496 | 15,948 \n | $401,632 | $351,325\n\nTrade Accounts Receivable\n Company’s trade accounts net\n Included in “Receivables Consolidated Balance Sheets.\n “Deferred charges assets” Sheets.\n noncurrent trade accounts result from contracts renewal provisions multi-year arrangements. contracts renewal provisions revenue recognized up-front satisfaction performance obligations payments received upon renewal. Renewals occur bi-annual annual two to five years. contracts multi-year three-year terms invoiced annually. Company records receivable revenue multi-year unconditional right to invoice receive payment future.\n timing revenue recognition differs invoicing payment contracts include significant financing component. consideration renewal provisions variable varies future events. multi-year arrangements minimal difference between consideration received cash selling price discounts driven by volume contracts short duration insignificant interest. primary purpose invoicing terms simplified predictable purchasing products not financing.\n December 31,\n 2019 2018\n$375,136 $335,377\n 26,496 15,948\n $401,632 $351,325" +} +{ + "_id": "d1b36d21e", + "title": "", + "text": "1. Sales revenues\nCommencing with financial year 2018/19, METRO has been applying IFRS 15 (Revenue from Contracts with Customers). The sales revenues reported for the current financial year relate exclusively to revenues from contracts with customers.\nSales revenues are allocated to the following categories:\n\n€ million | 2017/2018 | 2018/2019\n------------------------------------ | --------- | ---------\nStore-based and other business | 22,585 | 22,487 \nMETRO Germany | 4,128 | 4,075 \nMETRO Western Europe (excl. Germany) | 8,904 | 8,885 \nMETRO Russia | 2,550 | 2,406 \nMETRO Eastern Europe (excl. Russia) | 5,893 | 5,986 \nMETRO Asia | 1,074 | 1,097 \nOthers | 35 | 38 \nDelivery sales | 4,207 | 4,595 \nMETRO Germany | 633 | 660 \nMETRO Western Europe (excl. Germany) | 1,704 | 1,867 \nMETRO Russia | 265 | 257 \nMETRO Eastern Europe (excl. Russia) | 1,059 | 1,205 \nMETRO Asia | 538 | 599 \nOthers | 7 | 7 \nTotal sales | 26,792 | 27,082 \nMETRO Germany | 4,761 | 4,735 \nMETRO Western Europe (excl. Germany) | 10,609 | 10,752 \nMETRO Russia | 2,815 | 2,662 \nMETRO Eastern Europe (excl. Russia) | 6,952 | 7,191 \nMETRO Asia | 1,612 | 1,696 \nOthers | 43 | 46 \n\n.\n 2018/19 METRO IFRS 15 Contracts.\n categories\n million 2017/2018 2018/2019\n Store-based business 22,585 22,487\n METRO Germany 4,128 4,075\n Western Europe. 8,885\n Russia 2,550 2,406\n Eastern Europe. 5,986\n Asia 1,074\n Delivery 4,207 4,595\n Germany 660\n Western Europe. 1,704 1,867\n Russia 257\n Eastern Europe. 1,059 1,205\n Asia 599\n 26,792 27,082\n Germany 4,761 4,735\n Western Europe. 10,609 10,752\n Russia 2,815 2,662\n Eastern Europe. 6,952 7,191\n Asia 1,612 1,696\n" +} +{ + "_id": "d1b36d638", + "title": "", + "text": "LIQUIDITY AND CAPITAL RESOURCES\nThe Company’s cash and cash equivalents increased to $93,628 at June 30, 2019 from $31,440 at June 30, 2018. Cash at the end of fiscal 2018 was lower due primarily to the acquisition of Ensenta and higher repayment of debt in fiscal 2018.\nThe following table summarizes net cash from operating activities in the statement of cash flows:\nCash provided by operating activities increased 5% compared to fiscal 2018. Cash from operations is primarily used to repay debt, pay dividends and repurchase stock, and for capital expenditures.\n\n | Year Ended | \n----------------------------------------- | ---------- | --------\n | June 30 | \n | 2019 | 2018 \nNet income | $271,885 | $365,034\nNon-cash expenses | 180,987 | 87,906 \nChange in receivables | (11,777) | 21,489 \nChange in deferred revenue | 23,656 | 1,255 \nChange in other assets and liabilities | (33,623) | (63,542)\nNet cash provided by operating activities | $431,128 | $412,142\n\nCAPITAL RESOURCES\n cash equivalents increased $93,628 June 30 2019 $31,440 2018. 2018 acquisition Ensenta higher repayment debt.\n table summarizes cash\n increased 5% 2018. debt dividends repurchase stock capital expenditures.\n Net income $271,885 $365,034\n Non-cash expenses 180,987 87,906\n receivables (11,777\n deferred revenue 23,656\n other assets liabilities (33,623)\n Net cash $431,128 $412,142" +} +{ + "_id": "d1b3b362e", + "title": "", + "text": "Global Financing Receivables and Allowances\nThe following table presents external Global Financing receivables excluding residual values, the allowance for credit losses and immaterial miscellaneous receivables:\n(1) Includes deferred initial direct costs which are eliminated in IBM’s consolidated results.\nThe percentage of Global Financing receivables reserved was 1.0 percent at December 31, 2019, compared to 0.9 percent at December 31, 2018. The decline in the allowance for credit losses was driven by write-offs of $64 million, primarily of receivables previously reserved, and net releases of $7 million as a result of lower average asset balances in client and commercial financing. See note K, “Financing Receivables,” for additional information.\n\n($ in millions) | | \n--------------------------------------- | ------- | -------\nAt December 31: | 2019 | 2018 \nRecorded investment (1) | $22,446 | $31,182\nSpecific allowance for credit losses | 177 | 220 \nUnallocated allowance for credit losses | 45 | 72 \nTotal allowance for credit losses | 221 | 292 \nNet financing receivables | $22,224 | $30,890\n\nFinancing Receivables Allowances\n table receivables excluding residual credit losses receivables\n Includes deferred costs eliminated results.\n receivables reserved 1. percent December 31, 2019. percent 2018. decline allowance write $64 million net releases $7 million lower asset balances. note Receivables information.\n December 31\n Recorded investment $22,446 $31,182\n allowance credit losses 177\n Unallocated allowance 45\n 221\n Net financing receivables $22,224 $30,890" +} +{ + "_id": "d1b2ef814", + "title": "", + "text": "Net Periodic Benefit Cost\nThe following table provides information about the net periodic benefit cost for the plans for fiscal years 2019, 2018 and 2017 (in thousands):\nOn September 1, 2018, the Company adopted a new accounting standard, which changes the presentation of net periodic benefit cost in the Consolidated Statements of Operation. The Company adopted the standard on a retrospective basis which results in reclassifications for the service cost component of net periodic benefit cost from selling, general and administrative expense to cost of revenue and for the other components from selling, general and administrative expense to other expense. Prior periods have not been reclassified due to immateriality.\n\n | | Pension | \n---------------------------------------- | ------- | ------- | -------\n | 2019 | 2018 | 2017 \nService cost | $1,437 | $1,063 | $1,068 \nInterest cost | 3,715 | 3,807 | 2,942 \nExpected long-term return on plan assets | (5,291) | (5,954) | (4,206)\nRecognized actuarial loss | 741 | 1,127 | 1,929 \nAmortization of prior service credit | (44) | (88) | (138) \nNet settlement loss | 634 | 116 | 1,472 \nNet periodic benefit cost | $1,192 | $71 | $3,067 \n\nNet Periodic Benefit Cost\n table 2019 2018 2017\n September 1, 2018 adopted new accounting standard changes cost Consolidated Statements Operation. reclassifications service cost. Prior periods reclassified immateriality.\n 2019\n Service cost $1,437 $1,063 $1,068\n Interest cost 3,715 3,807 2,942\n Expected long-term return assets (5,291) (5,954) (4,206\n actuarial loss 741 1,127 1,929\n Amortization service credit (44)\n Net settlement loss 634 116 1,472\n benefit cost $1,192 $3,067" +} +{ + "_id": "d1b305416", + "title": "", + "text": "Pro Forma Information\nThe following unaudited pro forma information gives effect to the acquisition of AutoGuide as if the acquisition occurred on January 1, 2018 and the acquisition of MiR as if the acquisition occurred on January 1, 2017. The unaudited pro forma results are not necessarily indicative of what actually would have occurred had the acquisition been in effect for the periods presented:\nPro forma results for the year ended December 31, 2019 were adjusted to exclude $1.2 million of AutoGuide acquisition related costs and $0.1 million of AutoGuide non-recurring expense related to fair value adjustment to acquisition-date inventory.\nPro forma results for the year ended December 31, 2018 were adjusted to include $1.2 million of AutoGuide acquisition related costs and $0.4 million of AutoGuide non-recurring expense related to fair value adjustment to acquisition-date inventory.\nPro forma results for the year ended December 31, 2018 were adjusted to exclude $2.9 million of MiR acquisition related costs and $0.4 million of MiR non-recurring expense related to fair value adjustment to acquisition-date inventory.\n\n | For the Year Ended | \n---------------------------- | ---------------------------------------- | -----------------\n | December 31, 2019 | December 31, 2018\n | (in thousands, except per share amounts) | \nRevenues | $2,303,737 | $2,111,373 \nNet income | $464,602 | $442,082 \nNet income per common share: | | \nBasic | $2.73 | $2.36 \nDiluted | $2.59 | $2.30 \n\nPro Forma Information\n unaudited forma information AutoGuide January 1 2018 MiR January 1 2017. results not indicative\n results December 31, 2019 exclude $1. 2 million AutoGuide costs $0. 1 million AutoGuide non expense fair value adjustment.\n results December 31, 2018 include $1. 2 million AutoGuide costs $0. 4 million non-recurring expense adjustment.\n $2. 9 million MiR costs $0. 4 million MiR non-recurring expense fair value adjustment-date.\n December 31, 2019 31, 2018\n Revenues $2,303,737 $2,111,373\n Net income $464,602 $442,082\n income per common share\n $2.\n." +} +{ + "_id": "d1b386f48", + "title": "", + "text": "2019 Performance Target and Payout: The ultimate number of our PBRS that vest, can range between 0% to 200%, and will be based on our achievement of the absolute Adjusted EBITDA Run Rate target (measured from fourth quarter of 2018 to fourth quarter of 2020), as illustrated in the table below.\n(1) Determined by dividing (i) the Adjusted EBITDA actually attained for the fourth quarter of 2020 minus the Adjusted EBITDA actually attained for the fourth quarter of 2018 by (ii) the Adjusted EBITDA actually attained for the fourth quarter of 2018.\n(2) Linear interpolation is used when our Adjusted EBITDA Run Rate performance is between the threshold, target and maximum amounts to determine the corresponding percentage of target award earned.\n\nPerformance Level | Adjusted EBITDA Run Rate(1) | Payout as % of Target Award(2)\n----------------- | --------------------------- | ------------------------------\nMaximum | ≥ 2.8% | 200% \nTarget | 0.0% | 100% \nThreshold | (2.8)% | 50% \nBelow Threshold | < (2.8)% | 0% \n\n2019 Performance Target Payout ultimate 0% to 200%, based achievement Adjusted EBITDA Run Rate target 2018 to table.\n Determined dividing EBITDA 2020 2018.\n Linear interpolation Adjusted EBITDA Run Rate performance between threshold target maximum percentage target award earned.\n Performance Level Adjusted EBITDA Run Payout % Target Award(2)\n Maximum ≥ 2. 8% 200%\n Target. 100%\n Threshold. 50%\n Below Threshold < (2. 8)% 0%" +} +{ + "_id": "d1b3106f4", + "title": "", + "text": "The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model using the following weighted average assumptions:\nBased on the Black-Scholes option pricing model, the weighted average estimated fair value of employee stock options granted was $4.63 and $2.58 per share during the years ended December 31, 2019 and 2018, respectively.\nThe expected life was determined using the simplified method outlined in ASC 718, “Compensation - Stock Compensation”. Expected volatility of the stock options was based upon historical data and other relevant factors. We have not provided an estimate for forfeitures because we have had nominal forfeited options and RSUs and believed that all outstanding options and RSUs at December 31, 2019, would vest.\n\n | Year Ended | Year Ended \n------------------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nExpected stock price volatility | 92.34% | 85.26% \nRisk-free interest rate | 2.09% | 2.73% \nExpected life term | 6.14 years | 6.02 years \nExpected dividends | 0% | 0% \n\nfair value option grant estimated Black-Scholes option pricing model assumptions\n value employee stock options $4. 63 $2. 58 per share December 2019 2018.\n expected life determined method ASC 718. volatility historical data factors. estimate forfeitures forfeited options RSUs options December 31, 2019 vest.\n 2019 2018\n stock price volatility 92. 34%. 26%\n Risk-free interest rate. 09%. 73%\n life term. 14 years. 02\n dividends 0%" +} +{ + "_id": "d1b32522a", + "title": "", + "text": "Changes in Estimates on Contracts\nChanges in estimates related to contracts accounted for using the cost-to-cost method of accounting are recognized in the period in which such changes are made for the inception-to-date effect of the changes, with the exception of contracts acquired through a business combination, where the adjustment is made for the period commencing from the date of acquisition.\nChanges in estimates on contracts for the periods presented were as follows:\nThe impact on diluted EPS attributable to Leidos common stockholders is calculated using the Company's statutory tax rate.\n\n | | Year Ended | \n---------------------------------------------------------------- | --------------- | ------------------------------------------- | -----------------\n | January 3, 2020 | December 28, 2018 | December 29, 2017\n | | (in millions, except for per share amounts) | \nFavorable impact | $95 | $167 | $185 \nUnfavorable impact | (52) | (62) | (82) \nNet favorable impact to income before income taxes | $43 | $105 | $103 \nImpact on diluted EPS attributable to Leidos common stockholders | $0.23 | $0.52 | $0.41 \n\nChanges Estimates Contracts\n cost-to-cost recognized-date exception contracts acquired business combination adjustment acquisition.\n impact diluted EPS Leidos stockholders calculated Company statutory tax rate.\n January 3, 2020 December 28, 2018 December 29, 2017\n millions share\n Favorable impact $95 $167 $185\n Unfavorable impact (52) (62) (82)\n Net favorable impact income before taxes $43 $105 $103\n Impact diluted EPS Leidos stockholders $0. 23." +} +{ + "_id": "d1b33fcf6", + "title": "", + "text": "Reconciliation of Bookings\nThe following table reconciles total bookings to total revenue, its most directly comparable GAAP financial measure:\n(1) Change in deferred revenue also includes the impact of realized gains or losses from the hedging of bookings in foreign currencies.\n\n | Year Ended December 31, | | | | \n----------------------------- | ------------------------ | -------- | -------- | -------- | --------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nTotal Bookings: | (unaudited; in millions) | | | | \nTotal revenue | $2,988.1 | $2,660.1 | $2,231.9 | $1,847.9 | $1,607.3\nChange in deferred revenue(1) | 180.5 | 163.2 | 214.4 | 163.5 | 165.9 \nNet refunds | 233.4 | 192.6 | 170.0 | 141.9 | 137.8 \nOther | (0.8) | (4.4) | 1.9 | 2.2 | 3.2 \nTotal bookings | $3,401.2 | $3,011.5 | $2,618.2 | $2,155.5 | $1,914.2\n\nReconciliation Bookings\n table reconciles bookings revenue GAAP\n deferred revenue gains losses hedging foreign currencies.\n Ended December 31,\n 2019 2018 2017 2015\n Bookings (unaudited millions\n revenue $2,988. $2,660. $2,231. $1,847. $1,607.\n deferred 180. 163. 214. 163. 165.\n refunds 233. 192. 170. 141. 137.\n.\n Total bookings $3,401. $3,011. $2,618. $2,155. $1,914." +} +{ + "_id": "d1b352f68", + "title": "", + "text": "Our calculation of TCE may not be comparable to that reported by other entities. The following table reconciles our total operating revenues to average daily TCE:\n(i) \"Voyage and commission expenses\" is derived from the caption \"Voyage, charterhire and commission expenses\" and \"Voyage, charterhire and commission expenses - collaborative arrangement\" less (i) charterhire expenses (net of the effect of the related guarantee obligation) of $nil, $nil and $12.4 million for the years ended December 31, 2019, 2018 and 2017, respectively, which arose on the charter-back of the Golar Grand from Golar Partners, and (ii) voyage and commission expenses in relation to the Hilli Episeyo of $0.5 million, $1.4 million and $nil for the years ended December 31, 2019, 2018 and 2017, respectively.\n(5) We calculate average daily vessel operating costs by dividing vessel operating costs by the number of calendar days. Calendar days exclude those from vessels chartered in where the vessel operating costs are borne by the legal owner, and those of vessels undergoing conversion.\n\n | | | Years Ended December 31, | | \n-------------------------------------------- | --------- | --------- | ------------------------------------------------------------------------------------------------------- | -------- | --------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (in thousands of U.S.$, except number of shares, per common share data, fleet and other financial data) | | \nTotal operating revenues | 448,750 | 430,604 | 143,537 | 80,257 | 102,674 \nLess: Liquefaction services revenue | (218,096) | (127,625) | — | — | — \nLess: Vessel and other management fees | (21,888) | (24,209) | (26,576) | (14,225) | (12,547)\nNet time and voyage charter revenues | 208,766 | 278,770 | 116,961 | 66,032 | 90,127 \nVoyage and commission expenses (i) | (38,381) | (104,463) | (48,933) | (25,291) | (23,434)\n | 170,385 | 174,307 | 68,028 | 40,741 | 66,693 \nCalendar days less scheduled off-hire days | 3,840 | 3,987 | 3,885 | 4,034 | 4,481 \nAverage daily TCE rate (to the closest $100) | 44,400 | 43,700 | 17,500 | 10,100 | 14,900 \n\ncalculation TCE entities. table reconciles revenues daily TCE\n commission expenses derived less charterhire expenses guarantee obligation $nil $12. 4 million December 2019 2018 2017 charter Golar Grand voyage commission expenses Hilli Episeyo $0. 5 million $1. 4 million $nil December 2019 2018 2017.\n calculate daily vessel operating costs calendar days. exclude vessels chartered vessels undergoing conversion.\n Years Ended December 31,\n 2019 2018 2017 2016 2015\n. $\n Total operating revenues 448,750 430,604 143,537 80,257 102,674\n Less Liquefaction services revenue (218,096) (127,625)\n Vessel management fees (21,888) (24,209) (26,576),225\n Net voyage charter revenues 208,766 278,770 116,961 66,032 90,127\nVoyage commission expenses,381 (104,463) (48,933) (25,291) (23,434\n,385 174,307 68,028 40,741\n off-hire 4\n TCE 44,400 43,700 10,100 14,900" +} +{ + "_id": "d1b2e86a4", + "title": "", + "text": "The following is a reconciliation of the federal statutory income tax rate to the effective income tax rates reflected in the Consolidated Statements of Comprehensive Income for fiscal 2019, 2018 and 2017:\nThe effective tax rate for fiscal 2019 was lower than the effective tax rate for fiscal 2018 primarily due to the impact of the U.S. Tax Cuts and Jobs Act (“Tax Reform”) that was recorded in fiscal 2018. During fiscal 2019, the Company reasserted that certain historical undistributed earnings of two foreign subsidiaries will be permanently reinvested which provided a $10.5 million benefit to the effective tax rate. The impact of the changes in the Company's assertion has been included in \"Withholding tax on dividends\" in the effective income tax reconciliation above. The reduction to the effective tax rate compared to fiscal 2018 was offset by an increase due to the GILTI provisions of Tax Reform in fiscal 2019. The GILTI impact in the table above includes the deduction allowed by the regulations as well as the foreign tax credits attributed to GILTI. The Company has elected to treat the income tax effects of GILTI as a period cost. The effective tax rate for fiscal 2018 was higher than the effective tax rate for fiscal 2017 primarily due to expenses related to Tax Reform.\nDuring fiscal 2019, the Company recorded a $1.9 million increase to its valuation allowance due to continuing losses in certain jurisdictions within the AMER and EMEA segments, partially offset by an expiration of net operating losses that had a valuation allowance recorded.\nDuring fiscal 2018, the Company recorded a $32.9 million reduction to its valuation allowance which includes $9.7 million related to the U.S. federal tax rate change as part of Tax Reform from 35% to 21%, $21.0 million of carryforward credits and net operating losses utilized against the deemed repatriation of undistributed foreign earnings and $3.6 million for the release of the U.S. valuation allowance due to the expected future U.S. taxable income related to the GILTI provisions of Tax Reform. These benefits were partially offset by a $1.4 million increase in foreign valuation allowances in the EMEA segment.\nDuring fiscal 2017, the Company recorded a $14.9 million addition to its valuation allowance relating to continuing losses in certain jurisdictions within the AMER and EMEA segments.\n\n | 2019 | 2018 | 2017 \n-------------------------------------------------------- | ------- | ------- | ------\nFederal statutory income tax rate | 21.0 % | 24.5 % | 35.0 %\nIncrease (decrease) resulting from: | | | \nForeign tax rate differences | (21.0) | (30.2) | (39.9)\nWithholding tax on dividends | (5.4) | 23.7 | — \nPermanent differences | (1.3) | 0.8 | 3.0 \nExcess tax benefits related to share-based compensation | (1.3) | (2.7) | (2.0) \nGlobal intangible low-taxed income (\"GILTI\") | 11.7 | — | — \nDeemed repatriation tax | 5.6 | 92.2 | — \nNon-deductible compensation | 1.5 | 0.2 | 0.2 \nValuation allowances | 1.5 | (30.6) | 12.2 \nRate changes | — | 9.0 | — \nOther, net | 1.5 | 1.0 | (0.5) \nEffective income tax rate | 13.8 % | 87.9 % | 8.0 % \n\nreconciliation federal income tax rate to rates Consolidated Statements Income 2019 2018\n tax rate 2019 lower due U. S. Tax Cuts and Jobs Act. Company reasserted undistributed earnings foreign subsidiaries reinvested $10. 5 million benefit tax rate. included in \"Withholding tax on dividends reconciliation. reduction offset by increase GILTI provisions Tax Reform. GILTI impact includes deduction foreign tax credits. period cost. effective tax rate 2018 higher due to expenses Tax Reform.\n 2019 $1. 9 million increase valuation allowance losses AMER EMEA offset expiration net operating losses.\n 2018 $32. 9 million reduction valuation allowance $9. 7 million. federal tax rate change 35% to 21% $21. million carryforward credits net operating losses repatriation undistributed foreign earnings $3. 6 million release. valuation allowance future. taxable income Reform. offset by $1. 4 million increase foreign valuation allowances EMEA.\n2017 Company recorded $14. million addition valuation allowance losses AMER EMEA.\n Federal statutory income tax rate 21. 24. 5 % 35. %\n Foreign tax rate differences (21. (30.\n Withholding tax dividends (5. 23.\n differences. 3.\n Excess tax benefits share-based compensation. (2.\n Global intangible low-taxed income 11.\n repatriation tax 5. 92.\n Non-deductible compensation.\n Valuation allowances. (30. 12.\n Rate changes 9.\n.\n income tax rate 13. 8 % 87. 9 % 8." +} +{ + "_id": "d1b3c50d6", + "title": "", + "text": "In 2019, gross margin decreased by 130 basis points to 38.7% from 40.0% in the full year 2018 mainly due to normal price pressure and increased unsaturation charges, partially offset by improved manufacturing efficiencies, better product mix, and favorable currency effects, net of hedging. Unused capacity charges in 2019 were $65 million, impacting full year gross margin by 70 basis points.\nIn 2018, gross margin improved by 80 basis points to 40.0% from 39.2% in the full year 2017 benefiting from manufacturing efficiencies and better product mix, partially offset by normal price pressure and unfavorable currency effects, net of hedging. In 2018 unused capacity charges were negligible.\n\n | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Variation | Variation \n-------------------------------------------- | ----------------------- | ----------------------- | ----------------------- | ------------ | ------------\n | 2019 | 2018 | 2017 | 2019 vs 2018 | 2018 vs 2017\n | (In millions) | (In millions) | (In millions) | | \nCost of sales | $(5,860) | $(5,803) | $(5,075) | 1.0% | (14.3)% \nGross profit | $3,696 | $3,861 | $3,272 | (4.3)% | 18.0% \nGross margin (as percentage of net revenues) | 38.7% | 40.0% | 39.2% | -130 bps | +80 bps \n\n2019 gross margin decreased 130 points 38. 7%. 0% 2018 price pressure increased unsaturation charges offset improved manufacturing efficiencies better product mix currency effects. Unused capacity charges $65 million margin 70 points.\n 2018 margin improved 80 points 40. 0% 39. 2% 2017 manufacturing efficiencies better product mix offset price pressure unfavorable currency effects. unused capacity charges negligible.\n Year Ended December\n 2019 2018\n Cost sales $(5,860) $(5,075).\n Gross profit $3,696 $3,861.\n Gross margin net revenues 38. 7% 40. 0% 39. 2%" +} +{ + "_id": "d1b323d94", + "title": "", + "text": "7 Trade and other payables\n(i) Recognition and measurement\nTrade and other payables, including accruals, are recorded when the Group is required to make future payments as a result of purchases of assets or services provided to the Group prior to the end of financial period. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months from the reporting date. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.\n(ii) Fair values of trade and other payables\nDue to the short-term nature of trade and other payables, their carrying amount is considered to be the same as their fair value.\n(iii) Risk Exposure\nAs the majority of payables are in Australian dollars, management does not believe there are any significant risks in relation to these financial liabilities. Refer to note 15 for details of the Group’s financial risk management policies.\n\n | 30 June 2019 | 30 June 2018\n------------------------------ | ------------ | ------------\n | $'000 | $'000 \nTrade payables | 44,840 | 27,640 \nAccrued capital expenditure | 5,841 | 1,767 \nAccrued expenses | 2,848 | 2,114 \nOther creditors | 3,117 | 2,888 \nTotal trade and other payables | 56,646 | 34,409 \n\nTrade payables\n Recognition measurement\n recorded future payments purchases financial period. amounts unsecured paid within 30 days recognition. current liabilities unless due 12 months. recognised at fair value measured at amortised cost interest method.\n Fair values\n short-term carrying amount same fair value.\n Risk Exposure\n majority Australian dollars significant risks. note 15 financial risk management policies.\n 30 June 2019 June 2018\n Trade payables 44,840 27,640\n Accrued capital expenditure 1,767\n expenses 2,848 2,114\n Other creditors 3,117 2,888\n Total payables 56,646 34,409" +} +{ + "_id": "d1b353b48", + "title": "", + "text": "15 Goodwill and other intangible assets continued\nAcquired intangibles\nThe disclosure by class of acquired intangible assets is shown in the tables below.\n2019\nCustomer relationships are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance individually material balances relate to Thermocoax £32.6m. The remaining amortisation period is 14.3 years.\nBrand names and trademark assets are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance individually material balances relate to Chromalox £114.1m (2018: £125.4m), Gestra £28.4m (2018: £32.5m) and Thermocoax £13.6m. The remaining amortisation periods are 17.5 years, 12.3 years and 19.3 years respectively.\nManufacturing designs and core technology are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance individually material balances relate to Chromalox £12.9m (2018: £15.1m), Gestra £10.8m (2018: £12.3m) and Aflex £8.5m (2018: £9.4m). The remaining amortisation period is 12.5 years for Chromalox, 12.3 years for Gestra and 10 years for Aflex.\nNon-compete undertakings are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. There are no individually material items within this balance.\n\n | Customer relationships | Brand names and trademarks | Manufacturing designs and core technology | Non-compete undertakings and other | Total acquired intangibles\n------------------------------ | ---------------------- | -------------------------- | ----------------------------------------- | ---------------------------------- | --------------------------\n | £m | £m | £m | £m | £m \nCost: | | | | | \nAt 1st January 2019 | 57.1 | 187.3 | 56.0 | 20.2 | 320.6 \nExchange and other adjustments | (3.0) | (7.8) | (2.2) | (0.9) | (13.9) \n | 54.1 | 179.5 | 53.8 | 19.3 | 306.7 \nAcquisitions | 34.9 | 14.3 | 7.2 | 3.8 | 60.2 \nAt 31st December 2019 | 89.0 | 193.8 | 61.0 | 23.1 | 366.9 \nAmortisation and impairment: | | | | | \nAt 1st January 2019 | 25.1 | 21.3 | 14.2 | 15.6 | 76.2 \nExchange adjustments | (1.3) | (1.1) | (0.6) | (0.8) | (3.8) \n | 23.8 | 20.2 | 13.6 | 14.8 | 72.4 \nAmortisation and impairment | 7.1 | 10.4 | 5.6 | 3.7 | 26.8 \nAt 31st December 2019 | 30.9 | 30.6 | 19.2 | 18.5 | 99.2 \nNet book value: | | | | | \nAt 31st December 2019 | 58.1 | 163.2 | 41.8 | 4.6 | 267.7 \n\nGoodwill intangible assets\n disclosure class tables.\n Customer relationships amortised over economic lives policies. balances Thermocoax £32. 6m. amortisation 14. 3 years.\n Brand names trademark assets amortised economic lives. balances Chromalox £114. 1m. Gestra £28. 4m. Thermocoax £13. 6m. remaining amortisation periods 17. 5 12. 3 19. 3 years.\n Manufacturing designs technology amortised economic lives. balances Chromalox £12. 9m. Gestra £10. 8m. Aflex £8. 5m. 4m. amortisation 12. 5 years Chromalox. 3 Gestra 10 Aflex.\n Non-compete undertakings amortised economic lives. no material items.\n Customer relationships Brand names trademarks Manufacturing designs technology Non-compete undertakings acquired intangibles\n 1st January 2019 57.320. 6\n (3. (7. 8). (13.\n 54. 179. 53. 19. 306. 7\n 34. 9 14. 7. 3. 60.\n 31st December 2019 89. 193. 61. 23. 366. 9\n Amortisation impairment\n 1st January 2019 25. 21. 14. 15. 76.\n (1.\n 23. 20. 13. 14. 72.\n 7. 10. 5. 3. 26.\n 31st December 2019 30. 30. 19. 18. 5 99.\n 31st December 2019 58. 163. 41. 4. 267." +} +{ + "_id": "d1b2ff4b2", + "title": "", + "text": "ITEM 16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES\nDeloitte LLP, an independent registered public accounting firm, has audited our annual financial statements acting as our independent auditor for the fiscal years ended December 31, 2018 and December 31, 2019.\nThe chart below sets forth the total amount billed and accrued for Deloitte LLP for services performed in 2018 and 2019, respectively, and breaks down these amounts by the category of service. The fees paid to our principal accountant were approved in accordance with the pre-approval policies and procedures described below.\nAudit Fees\nAudit fees represent compensation for professional services rendered for the audit of the consolidated financial statements of the Company and the audit of the financial statements for its individual subsidiary companies, fees for the review of the quarterly financial information, as well as in connection with the review of registration statements and related consents and comfort letters, and any other services required for SEC or other regulatory filings\nIncluded in the audit fees for 2018 are fees of $0.2 million related to the Partnership’s public offerings completed in 2018. Included in the audit fees for 2019 are fees of $0.2 million related to equity and bond related transactions.\nTax Fees\nNo tax fees were billed by our principal accountant in 2018 and 2019.\nAudit-Related Fees\nNo audit-related fees were billed by our principal accountant in 2018 and 2019.\nAll Other Fees\nNo other fees were billed by our principal accountant in 2018 and 2019.\n\n | 2018 | 2019\n---------- | --------------------------------------- | ----\n | (Expressed in millions of U.S. Dollars) | \nAudit fees | $1.8 | $1.7\nTotal fees | $1.8 | $1.7\n\nITEM 16. PRINCIPAL ACCOUNTANT FEES SERVICES\n Deloitte LLP independent accounting audited annual financial statements fiscal years 2018 2019.\n chart total amount billed accrued Deloitte LLP services 2018 2019 category service. fees principal accountant approved pre policies procedures.\n Audit Fees\n compensation services consolidated financial statements Company subsidiary companies quarterly financial information registration statements consents comfort letters services SEC regulatory filings\n audit fees 2018 $0. 2 million public offerings. 2019 $0. 2 million equity bond transactions.\n Tax Fees\n No fees billed 2018 2019.\n Audit-Related Fees\n.\n Other Fees\n billed 2019.\n millions U. S. Dollars\n Audit fees $1. $1.\n Total fees $1." +} +{ + "_id": "d1b361c98", + "title": "", + "text": "2018 Acquisition\nWombat Security Technologies, Inc.\nOn February 28, 2018 (the “Wombat Acquisition Date”), pursuant to the terms of the merger agreement, the Company acquired all shares of Wombat Security Technologies, Inc. (“Wombat”), a leader for phishing simulation and security awareness computer-based training. By collecting data from Wombat’s PhishAlarm solution, the Company has access to data on phishing campaigns as seen by non-Company customers, providing broader visibility and insight to the Proofpoint Nexus platform.\nWith this acquisition, the Company’s customers can leverage the industry’s first solution combining the Company’s advanced threat protection with Wombat’s phishing simulation and computer-based security awareness training. With the combined solutions, the Company’s customers can:\nuse real detected phishing attacks for simulations, assessing users based on the threats that are actually targeting them; both investigate and take action on user-reporting phishing, leveraging orchestration and automation to find real attacks, quarantine emails in users’ inboxes, and lock user accounts to limit risk; and train users in the moment immediately after they click for both simulated and real phishing attacks.\nThe Company also expects to achieve savings in corporate overhead costs for the combined entities. These factors, among others, contributed to a purchase price in excess of the estimated fair value of acquired net identifiable assets and, as a result, goodwill was recorded in connection with the acquisition.\nProofpoint, Inc. Notes to Consolidated Financial Statements (Continued) (dollars and share amounts in thousands, except per share amounts)\nAt the Wombat Acquisition Date, the consideration transferred was $225,366, net of cash acquired of $13,452.\nPer the terms of the merger agreement, unvested in-the-money stock options held by Wombat employees were canceled and paid off using the same amount per option as for the common share less applicable exercise price for each option. The fair value of $1,580 of these unvested options was attributed to pre-combination service and included in consideration transferred. The fair value of unvested options of $1,571 was allocated to post-combination services and expensed in the three months ended March 31, 2018. Also, as part of the merger agreement, 51 shares of the Company’s common stock were deferred for certain key employees with the total fair value of $5,458 (see Note 11 “Equity Award Plans”), which was not included in the purchase price. The deferred shares are subject to forfeiture if employment terminates prior to the lapse of the restrictions, and their fair value is expensed as stock-based compensation expense over the remaining service period.\nThe following table summarizes the fair values of tangible assets acquired, liabilities assumed, intangible assets and goodwill:\n\n | Fair value | Estimated Useful Life\n--------------------------- | ---------- | ---------------------\n | | (in years) \nCurrent assets | $23,344 | N/A \nFixed assets | 954 | N/A \nCustomer relationships | 37,800 | 7 \nOrder backlog | 6,800 | 2 \nCore/developed technology | 35,200 | 4 \nTrade name | 2,400 | 4 \nDeferred revenue | (14,700) | N/A \nDeferred tax liability, net | (14,725) | N/A \nOther liabilities | (1,120) | N/A \nGoodwill | 162,865 | Indefinite \n | $238,818 | \n\n2018 Acquisition\n Wombat Security Technologies, Inc.\n February 28, 2018 Acquisition Company acquired shares Wombat Security Technologies. leader phishing simulation security awareness training. data PhishAlarm access phishing campaigns customers visibility insight Proofpoint Nexus platform.\n customers leverage solution threat protection phishing simulation security training.\n use real phishing attacks simulations investigate action phishing quarantine emails lock accounts risk train users simulated real phishing attacks.\n expects savings corporate overhead costs. purchase price estimated fair value acquired assets goodwill recorded.\n Proofpoint, Inc. Consolidated Financial Statements share amounts\n Wombat Acquisition Date consideration transferred $225,366 cash acquired $13,452.\n unvested stock options Wombat employees canceled paid off same per option less exercise price. fair value $1,580 unvested options pre-combination service consideration transferred.fair value unvested options $1,571 post-combination services expensed March 2018. merger 51 shares common stock deferred employees value $5,458 not included purchase price. deferred shares subject forfeiture employment expensed stock-based compensation.\n table summarizes fair values assets liabilities intangible assets goodwill\n Current assets $23,344\n Fixed assets 954\n Customer relationships 37,800\n Order backlog 6,800\n technology 35,200\n 2\n Deferred revenue (14,700\n tax liability\n Other liabilities (1,120\n Goodwill 162,865 Indefinite\n $238,818" +} +{ + "_id": "d1b3796e0", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n17. General and Administrative Expenses\nAn analysis of general and administrative expenses is as follows:\n* Employee costs include restructuring costs of $3,975 pursuant to management’s decision to relocate more of its employees including several members of senior management to the Piraeus, Greece office.\n\n | | For the year ended December 31, | \n---------------------------------- | ------ | ------------------------------- | ------\n | 2017 | 2018 | 2019 \nEmployee costs* | 18,789 | 20,980 | 24,863\nShare-based compensation (Note 22) | 4,565 | 5,216 | 5,107 \nOther expenses | 16,496 | 15,797 | 17,415\nTotal | 39,850 | 41,993 | 47,385\n\nGasLog Ltd. Subsidiaries\n consolidated financial statements\n years December 31, 2017 2018 2019\n amounts. Dollars\n. Administrative Expenses\n Employee costs restructuring $3,975 Piraeus Greece.\n December\n 2017 2018 2019\n Employee costs 18,789 20,980 24,863\n Share-based compensation 4,565 5,216\n Other expenses 16,496 15,797 17,415\n 39,850 41,993 47,385" +} +{ + "_id": "d1b340070", + "title": "", + "text": "Future minimum operating lease payments were as follows:\nOperating lease commitments were mainly in respect of land and buildings which arose from a sale and operating leaseback transaction in 2001. Leases have an average term of 13 years (2017/18: 14 years) and rentals are fixed for an average of 13 years (2017/18: 14 years).\nOther than as disclosed below, there were no contingent liabilities or guarantees at 31 March 2018 other than those arising in the ordinary course of the group’s business and on these no material losses are anticipated. We have insurance cover to certain limits for major risks on property and major claims in connection with legal liabilities arising in the course of our operations. Otherwise, the group generally carries its own risks.\n\nPayable in the year ending 31 March: | 2019 £m | 2018 £m\n--------------------------------------------- | ------- | -------\n2019 | - | 600 \n2020 | 755 | 550 \n2021 | 641 | 513 \n2022 | 599 | 486 \n2023 | 555 | 463 \n2024 | 512 | 449 \nThereafter | 3,557 | 3,536 \nTotal future minimum operating lease payments | 6,619 | 6,597 \n\nFuture lease payments\n commitments land buildings sale leaseback transaction 2001. Leases average 13 years rentals fixed 13 years.\n no contingent liabilities guarantees 31 March 2018 business no material losses anticipated. insurance cover major risks property claims legal liabilities. group carries risks.\n Payable year 31 March 2019 £m 2018 £m\n 600\n 2020 755 550\n 2021 641 513\n 2022 486\n 2023 463\n 2024 449\n 3,557\n future minimum lease payments 6,597" +} +{ + "_id": "d1b36b34c", + "title": "", + "text": "ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES\nA. Directors and Senior Management\nSet forth below are the names and positions of our directors of the Company and senior management of the Company. The directors of the Company are elected annually, and each elected director holds office until a successor is elected. Officers are elected from time to time by vote of the Board and holds office until a successor is elected. Set forth below are the names and positions of our directors of the Company and senior management of the Company. The directors of the Company are elected annually, and each elected director holds office until a successor is elected. Officers are elected from time to time by vote of the Board and holds office until a successor is elected.\nCertain biographical information with respect to each director and senior management of the Company listed above is set forth below. On March 6, 2020, Andreas Ove Ugland, a director and Vice Chairman of the Company and our Audit Committee Chairman, passed. Mr. Ugland had been a valued member of our Board of Directors since 1997.\nHerbjørn Hansson earned his M.B.A. at the Norwegian School of Economics and Business Administration and attended Harvard Business School. In 1974 he was employed by the Norwegian Shipowners’ Association. In the period from 1975 to 1980, he was Chief Economist and Research Manager of INTERTANKO, an industry association whose members control about 70% of the world’s independently owned tanker fleet, excluding state owned and oil company fleets. During the 1980s, he was Chief Financial Officer of Kosmos/Anders Jahre, at the time one of the largest Norwegian based shipping and industry groups. In 1989, Mr. Hansson founded Ugland Nordic Shipping AS, or UNS, which became one of the world’s largest owners of specialized shuttle tankers. He served as Chairman in the first phase and as Chief Executive Officer as from 1993 to 2001 when UNS, under his management, was sold to Teekay Shipping Corporation, or Teekay, for an enterprise value of $780.0 million. He continued to work with Teekay, and reached the position of Vice Chairman of Teekay Norway AS, until he started working full-time for the Company on September 1, 2004. Mr. Hansson is the founder and has been Chairman and Chief Executive Officer of the Company since its establishment in 1995. He also has been a member of various governing bodies of companies within shipping, insurance, banking, manufacturing, national/international shipping agencies including classification societies and protection and indemnity associations. Mr. Hansson is fluent in Norwegian and English, and has a command of German and French for conversational purposes.\nDavid Workman has been a director of the Company since November 2019. Mr. Workman has served as Hermitage Offshore Services Ltd.’s Class A Director since December 2013. Mr. Workman was Chief Operating Officer and member of the Supervisory Board of Stork Technical Services, or STS, guided, as Chief Executive Officer, the sale of the RBG Offshore Services Group into the STS group in 2011. Mr. Workman has 30 years of broad experience in the offshore sector ranging from drilling operations/field development through production operations and project management. He has worked with a wide variety of exploration and production companies in the sector and has balanced this with exposure to the service sector, working with management companies. As part of his experience with these different companies, he has had extensive exposure to the North Sea market. Mr. Workman graduated from Imperial College London in 1983 with a Masters in Petroleum Engineering and spent his early years as a Drilling/Production Operations Engineer with BP. In 1987 he joined Hamilton Brothers Oil and Gas who were early adopters of floating production systems. In 1993 he joined Kerr McGee as an operations manager for the Tentech 850 designed Gryphon FPSO, the first permanently moored FPSO in the North Sea. In 1996, Mr. Workman established the service company Atlantic Floating Production, which went on to become the management contractor and duty holder on the John Fredriksen owned Northern Producer and on the Petroleum Geo-Services (PGS) owned Banff FPF. In 2003, Mr. Workman was instrumental in founding Tuscan Energy which went on to redevelop the abandoned Argyll Field in the UK Continental Shelf. In 2009, Mr. Workman was appointed as Chief Executive Officer of STS in 2011.\nRichard H. K. Vietor has been a director of the Company since July 2007. Mr. Vietor is the Paul Whiton Cherrington Professor of Business Administration where he teaches courses on the regulation of business and the international political economy. He was appointed Professor in 1984. Before coming to Harvard Business School in 1978, Professor Vietor held faculty appointments at Virginia Polytechnic Institute and the University of Missouri. He received a B.A. in economics from Union College in 1967, an M.A. in history from Hofstra University in 1971, and a Ph.D. from the University of Pittsburgh in 1975.\nAlexander Hansson has been a director of the Company since November 2019. Mr. Hansson is an investor in various markets globally and has made several successful investments in both listed and privately held companies. Mr. Hansson is the son of the Company’s Chairman and Chief Executive Officer and he has built a network over the last 20 years in the shipping and finance sector. He has operated shipping and trading offices in London and Monaco. He studied at EBS Regents College in London, United Kingdom.\nJim Kelly has been a director of the Company since June 2010. Mr. Kelly has worked for Time Inc., the world’s largest magazine publisher, since 1978. He served as Foreign Editor during the fall of the Soviet Union and the first Gulf War, and was named Deputy Managing Editor in 1996. In 2001, Mr. Kelly became the magazine’s managing editor, and during his tenure the magazine won a record four National Magazine awards. In 2004, Time Magazine received its first EMMA for its contribution to the ABC News Series “Iraq: Where Things Stand.” In late 2006, Mr. Kelly became the managing editor of all of Time Inc., helping supervise the work of more than 2,000 journalists working at 125 titles, including Fortune, Money, Sports Illustrated and People. Since 2009, Mr. Kelly has worked as a consultant at Bloomberg LP and taught at Princeton and Columbia Universities. Jim Kelly was elected as member of our Audit Committee in February 2012. Mr. Kelly was appointed as the Chairman of the Audit Committee upon the passing of Mr. Ugland.\nBjørn Giaever joined the Company as Chief Financial Officer and Secretary on October 16, 2017. Mr. Giaever has over 20 years of experience in the shipping & offshore industry, holding key roles in corporate finance and equity research. He joined the Company from Fearnley Securities AS, where he served as partner and director in the Corporate Finance division. From 2006 to 2010, Mr. Giaever served as a senior corporate advisor in the John Fredriksen group in London. In addition, Mr. Giaever has been a top rated Shipping Analyst at DNB Markets and partner at Inge Steensland AS, specializing in gas and maritime matters. Mr. Giaever holds a BSc in business and economics.\n\n | | The Company \n-------------------- | --- | ---------------------------------------------------------\nName | Age | Position \nHerbjørn Hansson | 72 | Chairman, Chief Executive Officer, President and Director\nDavid Workman | 58 | Director \nRichard H. K. Vietor | 74 | Director \nAlexander Hansson | 38 | Director \nJim Kelly | 66 | Vice Chairman, Director and Audit Committee Member \nBjørn Giaever | 52 | Chief Financial Officer \n\n6. DIRECTORS SENIOR MANAGEMENT\n. Directors Management\n names positions directors senior management. directors elected annually holds office until successor elected. Officers elected vote Board. positions directors senior management. elected annually until successor.\n biographical information. March 6, 2020 Andreas Ove Ugland director Vice Chairman Audit Committee Chairman passed. Ugland member Board Directors since 1997.\n Herbjørn Hansson earned M. B. Norwegian School of Economics Business Administration attended Harvard Business School. 1974 employed Norwegian Shipowners’ Association. 1975 Chief Economist Research Manager INTERTANKO 70% independently owned tanker fleet. Chief Financial Officer Kosmos/Anders Jahre Norwegian shipping. 1989. founded Ugland Nordic Shipping AS specialized shuttle tankers. served Chairman Chief Executive Officer 1993 to 2001 UNS sold to Teekay Shipping Corporation for $780. 0 million.Teekay Vice Chairman Norway full-time September 1 2004. founder Chairman Chief Executive Officer since 1995. member governing bodies shipping insurance banking manufacturing shipping agencies protection indemnity associations. Norwegian English German French.\n Workman director since November 2019. Hermitage Offshore Services. Class A Director December 2013. Chief Operating Officer Supervisory Board Stork Technical Services sale RBG Offshore Services STS 2011. 30 years experience offshore drilling production project management. worked exploration production companies service. North Sea market. graduated Imperial College London 1983 Masters Petroleum Engineering Drilling/Production Operations Engineer BP. 1987 Hamilton Brothers Oil Gas floating production. 1993 Kerr McGee operations manager Tentech 850 Gryphon FPSO first permanently moored North. 1996. established Atlantic Floating Production management contractor duty holder John Fredriksen Northern Producer Petroleum Geo Banff FPF. 2003,.Workman Tuscan Energy Argyll Field UK Continental Shelf. Chief Executive Officer STS.\n Richard. Vietor director since July 2007. Paul Whiton Cherrington Professor Business Administration teaches regulation business international political economy. Professor 1984. Virginia Polytechnic Institute University Missouri. B. A. economics Union College 1967 M. A. history Hofstra University 1971 Ph. D. University Pittsburgh 1975.\n Alexander Hansson director November 2019. investor investments listed privately companies. son Chairman Chief Officer built network shipping finance. operated shipping trading offices London Monaco. studied EBS Regents College.\n Jim Kelly director June 2010. Time Inc. largest magazine publisher since 1978. Foreign Editor Gulf War Deputy Managing Editor 1996. 2001,. managing editor four National Magazine awards. 2004, EMMA ABC News Series “Iraq. 2006,. managing editor. 2,000 journalists 125 titles. 2009,. consultant Bloomberg taught Princeton Columbia Universities. member Audit Committee February 2012.appointed Chairman Audit Committee. Ugland.\n Giaever Chief Financial Officer Secretary October 16 2017. 20 years experience shipping offshore corporate finance equity research. joined Fearnley Securities partner director Corporate Finance. 2006 2010,. senior corporate advisor John Fredriksen London. Shipping Analyst DNB Markets partner Inge Steensland gas maritime. BSc business economics.\n Herbjørn Hansson Chairman Chief President\n David Workman\n.\n Alexander Hansson\n Jim Kelly Vice Chairman Audit\n Bjørn Giaever Chief Financial Officer" +} +{ + "_id": "d1b3c172e", + "title": "", + "text": "The following represents VMware’s future minimum lease payments under non-cancellable operating and finance leases as of January 31, 2020 (table in millions):\n(1) Total lease liabilities as of January 31, 2020 excluded legally binding lease payments for leases signed but not yet commenced of $361 million.\n\n | Operating Leases | Finance Leases\n----------------------------------- | ---------------- | --------------\n2021 | $138 | $6 \n2022 | 135 | 6 \n2023 | 120 | 7 \n2024 | 94 | 7 \n2025 | 70 | 7 \nThereafter | 577 | 35 \nTotal future minimum lease payments | 1,134 | 68 \nLess: Imputed interest | (279) | (9) \nTotal lease liabilities(1) | $855 | $59 \n\nVMware’s future lease payments operating finance leases January 31, 2020\n lease liabilities 2020 excluded payments $361 million.\n Finance Leases\n 2021 $138 $6\n 2022 135\n 2023\n 2024\n 2025 70\n future minimum lease payments 1,134 68\n Imputed interest\n lease $855 $59" +} +{ + "_id": "d1b3085c6", + "title": "", + "text": "Our common shares are not a direct investment of our pension funds; however, the pension funds may indirectly include our shares. The aggregate amount of our common shares would not be considered material relative to the total pension fund assets.\nOur funding policy is to make contributions in accordance with the laws and customs of the various countries in which we operate as well as to make discretionary voluntary contributions from time to time. We expect to make the minimum required contributions of $42 million and $26 million to our non-U.S. and U.S. pension plans, respectively, in fiscal 2020. We may also make voluntary contributions at our discretion.\nAt fiscal year end 2019, benefit payments, which reflect future expected service, as appropriate, are expected to be\npaid as follows:\n\n | Non-U.S. Plans | U.S. Plans \n---------------- | -------------- | -------------\n | | (in millions)\nFiscal 2020 | $ 82 | $ 77 \nFiscal 2021 | 77 | 74 \nFiscal 2022 | 81 | 74 \nFiscal 2023 | 85 | 74 \nFiscal 2024 | 86 | 74 \nFiscal 2025-2029 | 490 | 361 \n\ncommon shares not direct investment pension funds funds include shares. amount shares not material relative total pension fund assets.\n funding policy contributions laws customs countries discretionary voluntary contributions. expect minimum contributions $42 million $26 million non-U. pension plans fiscal 2020. voluntary contributions discretion.\n fiscal year end 2019 benefit payments future service\n paid\n Non.\n millions\n 2020 82 77\n 2021 74\n 2022 81\n 2023 85\n 2024 86\n 2025-2029" +} +{ + "_id": "d1b30252c", + "title": "", + "text": "Sales and Marketing Expense\nSales and marketing expense increased by $18.1 million in 2019 compared to 2018. The increase was primarily due to a $15.5 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 286 employees as of December 31, 2018 to 345 employees as of December 31, 2019. The remaining increase was principally the result of a $1.2 million increase in trade show and advertising costs and a $1.0 million increase attributed to office related expenses to support the sales team.\n\n | Year Ended December 31, | | Change | \n------------------- | ----------------------- | ---------------------- | -------- | -----\n | 2019 | 2018 | $ | % \n | | (dollars in thousands) | | \nSales and marketing | $ 87,731 | $ 69,608 | $ 18,123 | 26.0%\n% of revenue | 44% | 47% | | \n\nSales Marketing Expense\n increased $18. 1 million 2019 2018. due $15. 5 million increase employee-related costs stock-based compensation increased headcount 286 345 2019. remaining increase $1. 2 million trade show advertising costs $1. 0 million office expenses.\n Year Ended December 31,\n 2018\n Sales marketing $ 87,731 $ 69,608 $ 18,123.\n % revenue 44%" +} +{ + "_id": "d1b30ba96", + "title": "", + "text": "Restructuring charges During the year we incurred charges of £386m (2017/18: £241m, 2016/17: £nil), primarily relating to leaver costs. These costs reflect projects within our group-wide cost transformation programme and include costs related to the remaining integration of EE and £23m costs to close the BT Pension Scheme and provide transition payments to affected employees.\nEE integration costs EE integration costs incurred in prior years (2017/18: £46m, 2016/17: £215m) relate to EE related restructuring and leaver costs. In 2016/17, this also included a £62m amortisation charge relating to the write-off of IT assets as we integrated the EE and BT IT infrastructure. In the current year remaining EE integration activities have been combined into the wider restructuring programme.\nRetrospective regulatory matters We have recognised a net charge of £27m (2017/18: £49m, 2016/17: £479m) in relation to regulatory matters in the year. This reflects the completion of the majority of compensation payments to other communications providers in relation to Ofcom’s March 2017 findings of its investigation into our historical practices on Deemed Consent by Openreach, and new matters arising. Of this, £31m is recognised in revenue offset by £4m in operating costs.\nPension equalisation costs During the year we recognised a charge of £26m (2017/18: £nil, 2016/17: £nil) in relation to the high court requirement to equalise pension benefits between men and women due to guaranteed minimum pension (GMP).\nProperty rationalisation costs We have recognised a charge of £36m (2017/18: £28m, 2016/17: £nil) relating to the rationalisation of the group’s property portfolio and a reassessment of lease-end obligations.\nItalian business investigation During the year we have released £(55)m provisions relating to settlement of various matters in our Italian business (2017/18: a charge of £22m, 2016/17: a charge of £238m).\nInterest expense on retirement benefit obligation During the year we incurred £139m (2017/18: £218m, 2016/17: 209m) of interest costs in relation to our defined benefit pension obligations. See note 20 for more details. Tax on specific items A tax credit of £112m (2017/18: £87m, 2016/17: 154m) was recognised in relation to specific items.\n10. Specific items continued EE acquisition warranty claims In the prior year we reached settlements with Deutsche Telekom and Orange in respect of any warranty claims under the 2015 EE acquisition agreement, arising from the issues previously announced regarding our operations in Italy. This represents a full and final settlement of these issues and resulted in a specific item charge of £225m.\n\n10. Specific items continued | | | \n------------------------------------------------- | ----- | ---- | -----\n | 2019 | 2018 | 2017 \nYear ended 31 March | £m | £m | £m \nRevenue | | | \nItalian business investigation | – | – | 22 \nRetrospective regulatory matters | 31 | 23 | (2) \n | 31 | 23 | 20 \nOperating costs | | | \nEE acquisition warranty claims | – | 225 | – \nRestructuring charges | 386 | 241 | – \nEE integration costs | – | 46 | 215 \nProperty rationalisation costs | 36 | 28 | – \nPension equalisation costs | 26 | – | – \nRetrospective regulatory matters | (4) | 26 | 481 \nItalian business investigation | (55) | 22 | 238 \nOut of period irrecoverable VAT | – | – | 30 \nProfit (loss) on disposal of businesses | 5 | (1) | (16) \n | 394 | 587 | 948 \nOperating loss | 425 | 610 | 968 \nNet finance expense | | | \nInterest expense on retirement benefit obligation | 139 | 218 | 209 \nInterest on out of period irrecoverable VAT | – | – | 1 \n | 139 | 218 | 210 \nNet specific items charge before tax | 564 | 828 | 1,178\nTaxation | | | \nTax credit on specific items above | (112) | (87) | (154)\nTax credit on re-measurement of deferred tax | – | – | (63) \n | (112) | (87) | (217)\nNet specific items charge after tax | 452 | 741 | 961 \n\nRestructuring charges incurred £386m (2017/18 £241m 2016/17 leaver costs. reflect cost transformation programme integration EE £23m BT Pension Scheme transition payments employees.\n EE integration costs £215m EE restructuring leaver costs. 2016/17 £62m amortisation write-off IT assets EE BT IT infrastructure. EE integration activities combined restructuring programme.\n regulatory matters recognised net charge £27m 2016/17 regulatory matters. compensation payments communications providers Ofcom’s March 2017 findings Deemed Consent Openreach. £31m revenue offset £4m operating costs.\n Pension equalisation costs £26m high court requirement pension benefits.\n Property rationalisation costs £36m rationalisation property portfolio reassessment lease-end obligations.\n Italian business investigation released £(55)m provisions settlement Italian business £22m 2016/17 £238m.\nInterest expense retirement benefit obligation incurred £139m (2017/18 £218m 2016/17 209m interest costs defined benefit pension obligations. note 20. Tax specific items tax credit £112m (2017/18 2016/17 154m recognised specific items.\n. EE acquisition warranty claims settlements Deutsche Telekom Orange warranty claims 2015 EE acquisition agreement. settlement specific item charge £225m.\n. Specific items\n 2019 2018\n Year ended 31 March £m\n Revenue\n Italian business investigation\n Retrospective regulatory matters\n Operating costs\n EE acquisition warranty claims\n Restructuring charges\n EE integration costs\n Property rationalisation costs\n Pension equalisation costs\n business investigation\n irrecoverable VAT\n Profit (loss) disposal businesses\n Operating loss\n Net finance expense\n Interest expense retirement benefit obligation\n irrecoverable VAT\n139 218 210\n tax 564 828 1,178\n Tax credit items (112) (87) (154)\n re-measurement deferred tax\n (112) (217)\n tax 452 741 961" +} +{ + "_id": "d1b2e8d98", + "title": "", + "text": "Fiscal 2018 compared to Fiscal 2017\nNet Sales\nOverall, our net sales were $7.94 billion in fiscal 2018, an increase of 1% compared to fiscal 2017.\nGrocery & Snacks net sales for fiscal 2018 were $3.29 billion, an increase of $78.2 million, or 2%, compared to fiscal 2017. Results reflected a decrease in volumes of approximately 2% in fiscal 2018 compared to the prior-year period, excluding the impact of acquisitions. The decrease in sales volumes reflected a reduction in promotional intensity, planned discontinuation of certain lower-performing products, retailer inventory reductions, which were higher than anticipated, and deliberate actions to optimize distribution on certain lower-margin products, consistent with the Company's value over volume strategy. Price/ mix was flat compared to the prior-year period as favorable mix improvements from recent innovation and higher net pricing nearly offset continued investments in retailer marketing to drive brand saliency, enhanced distribution, and consumer trial. The acquisition of Angie's Artisan Treats, LLC contributed $68.1 million to Grocery & Snacks net sales during fiscal 2018. The Frontera acquisition contributed $8.6 million and the Thanasi acquisition contributed $66.5 million to Grocery & Snacks net sales during fiscal 2018 through the one-year anniversaries of the acquisitions. The Frontera and Thanasi acquisitions occurred in September 2016 and April 2017, respectively.\nRefrigerated & Frozen net sales for fiscal 2018 were $2.75 billion, an increase of $100.3 million, or 4%, compared to fiscal 2017. Results for fiscal 2018 reflected a 3% increase in volume compared to fiscal 2017, excluding the impact of 31 acquisitions. The increase in sales volumes was a result of brand renovation and innovation launches. Price/mix was flat compared to fiscal 2017, as favorability in both net pricing and mix offset continued investment in retailer marketing to drive brand saliency, enhanced distribution, and consumer trial. The acquisition of the Sandwich Bros. of Wisconsin® business contributed $21.3 million to Refrigerated & Frozen's net sales during fiscal 2018. The Frontera acquisition, which occurred in September 2016, and subsequent innovation in the Frontera® brand contributed $4.4 million during fiscal 2018 through the one-year anniversary of the acquisition.\nInternational net sales for fiscal 2018 were $843.5 million, an increase of $27.5 million, or 3%, compared to fiscal 2017. Results for fiscal 2018 reflected a 3% decrease in volume, a 3% increase due to foreign exchange rates, and a 3% increase in price/mix, in each case compared to fiscal 2017. The volume decrease for fiscal 2018 was driven by strategic decisions to eliminate lower margin products and to reduce promotional intensity. The increase in price/mix compared to the prior-year period was driven by improvements in pricing and trade productivity.\nFoodservice net sales for fiscal 2018 were $1.05 billion, a decrease of $23.5 million, or 2%, compared to fiscal 2017. Results for fiscal 2018 reflected an 11% decrease in volume, partially offset by a 9% increase in price/mix compared to fiscal 2017. The decrease in volumes compared to the prior year primarily reflected the impact of exiting a non-core business, the planned discontinuation of certain lower-performing businesses, and softness in certain categories. The increase in price/mix for fiscal 2018 reflected favorable product and customer mix, the impact of inflation-driven increases in pricing, and the execution of the segment's value over volume strategy.\nIn the first quarter of fiscal 2017, we divested our Spicetec and JM Swank businesses. These businesses comprise the entire Commercial segment following the presentation of Lamb Weston as discontinued operations. Accordingly, there were no net sales in the Commercial segment after the first quarter of fiscal 2017. These businesses had net sales of $71.1 million in fiscal 2017 prior to the completion of the divestitures.\n\n($ in millions) | | | \n--------------------- | --------------------- | --------------------- | -----------\nReporting Segment | Fiscal 2018 Net Sales | Fiscal 2017 Net Sales | % Inc (Dec)\nGrocery & Snacks | $3,287.0 | $3,208.8 | 2% \nRefrigerated & Frozen | 2,753.0 | 2,652.7 | 4% \nInternational | 843.5 | 816.0 | 3% \nFoodservice | 1,054.8 | 1,078.3 | (2)% \nCommercial | — | 71.1 | (100)% \nTotal | $7,938.3 | $7,826.9 | 1% \n\n2018 2017\n Net Sales\n sales $7. 94 billion 2018 increase 1% 2017.\n Grocery & Snacks net sales $3. 29 billion increase $78. 2 million 2% 2017. decrease volumes 2% excluding acquisitions. decrease reduction promotional intensity discontinuation lower-performing products retailer inventory reductions distribution lower-margin products value volume strategy. Price/ mix flat favorable mix improvements higher pricing offset investments marketing. acquisition Angie's Artisan Treats contributed $68. 1 million. Frontera acquisition $8. 6 million Thanasi $66. 5 million. Frontera Thanasi acquisitions September 2016 April 2017.\n Refrigerated & Frozen net sales 2018 $2. 75 billion increase $100. 3 million 4% 2017. 3% increase volume 31 acquisitions. increase brand renovation innovation launches. Price/mix flat pricing marketing. acquisition Sandwich Bros. contributed $21. 3 million sales. Frontera acquisition innovation contributed $4.million 2018 one-year acquisition.\n International net sales $843. 5 million increase $27. 5 million 3% 2017. 3% decrease volume 3% increase foreign exchange rates 3% increase price/mix. volume decrease lower margin products reduce promotional intensity. increase price/mix improvements pricing trade productivity.\n Foodservice net sales 2018 $1. 05 billion decrease $23. 5 million 2% 2017. 11% decrease volume increase price/mix. decrease exiting non-core business discontinuation lower-performing businesses categories. increase price/mix favorable product customer mix inflation-driven increases pricing value over volume strategy.\n 2017 divested Spicetec JM Swank businesses. Commercial segment. no net sales Commercial quarter 2017. net sales $71. 1 million 2017 divestitures.\n Fiscal 2018 Net Sales 2017 Net Sales\n Grocery Snacks $3,287. 2%\n Refrigerated Frozen 2,753. 2,652. 4%\n International 843. 3%\nFoodservice 1,054. 1,078.\n Commercial 71.\n $7,938. $7,826." +} +{ + "_id": "d1a73ca80", + "title": "", + "text": "19. Related Party Transactions\nKey management personnel compensation\nAll directors and executive management have authority and responsibility for planning, directing and controlling the activities of the Group, and are considered to be key management personnel.\nCompensation for the Group’s key management personnel is as follows:\n\n | | Fiscal Year Ended June 30, | \n------------------------------------ | ------- | -------------------------- | -------\n | 2019 | 2018 | 2017 \n | | (U.S. $ in thousands) | \nExecutive management | | | \nShort-term compensation and benefits | $3,835 | $2,991 | $2,860 \nPost-employment benefits | 109 | 99 | 100 \nShare-based payments | 17,144 | 9,335 | 26,030 \n | $21,088 | $12,425 | $28,990\nBoard of directors | | | \nCash remuneration | $430 | $362 | $388 \nShare-based payments | 1,772 | 1,577 | 1,825 \n | $2,202 | $1,939 | $2,213 \n\n. Party Transactions\n management compensation\n directors executive management activities Group key.\n Compensation\n Fiscal Year Ended June 30\n.\n Short-term compensation benefits $3,835 $2,991 $2,860\n Post-employment benefits\n Share-based payments 17,144 9,335 26,030\n $21,088 $12,425 $28,990\n Board directors\n Cash remuneration $430 $362 $388\n Share-based payments 1,772\n $2,202 $1,939" +} +{ + "_id": "d1b39e53a", + "title": "", + "text": "Defined Benefit Pension Plans\nWe recognize the funded status of each defined pension benefit plan as the difference between the fair value of plan assets and the projected benefit obligation of the employee benefit plans in the Consolidated Balance Sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability on our Consolidated Balance Sheets. Subsequent changes in the funded status are reflected on the Consolidated Balance Sheets in unrecognized pension items, a component of AOCL, which are included in total stockholders’ deficit. The amount of unamortized pension items is recorded net of tax.\nWe have amortized actuarial gains or losses over the average future working lifetime (or remaining lifetime of inactive participants if there are no active participants). We have used the corridor method, where the corridor is the greater of ten percent of the projected benefit obligation or fair value of assets at year end. If actuarial gains or losses do not exceed the corridor, then there is no amortization of gain or loss.\nDuring the year ended December 31, 2017, several of our pension plans transferred in the sale of Diversey. Two international plans were split between Diversey and Sealed Air at the close of the sale. Unless noted, the tables in this disclosure show only activity related to plans retained by Sealed Air.\nThe following table shows the components of our net periodic benefit cost for the three years ended December 31, for our pension plans charged to operations:\n(1) The amount recorded in inventory for the years ended December 31, 2019, 2018 and 2017 was not material.\n\n | | Year Ended December 31, | \n--------------------------------------------------------------------------------------------------------- | ------ | ----------------------- | -----\n(In millions) | 2019 | 2018 | 2017 \nNet periodic benefit (income) cost: | | | \nU.S. and international net periodic benefit cost included in cost of sales(1) | $ 1.1 | $ 0.8 | $ 1.4\nU.S. and international net periodic benefit cost included in selling, general and administrative expenses | 2.8 | 3.5 | 5.6 \nU.S. and international net periodic benefit (income) included in other (income) expense | (4.4) | (8.4) | (6.0)\nTotal benefit (income) cost | (0.5 ) | (4.1 ) | $ 1.0\n\nDefined Benefit Pension Plans\n recognize funded status difference between fair value projected benefit obligation adjustment accumulated loss net taxes. overfunded plan asset underfunded liability. changes in funded status reflected unrecognized pension items included in stockholders’ deficit. unamortized pension items recorded net tax.\n amortized actuarial gains losses over future working lifetime inactive participants. corridor method greater of ten percent projected benefit obligation fair value at year end. If gains losses exceed corridor no amortization.\n December 2017 pension plans transferred in sale Diversey. Two international plans split between Diversey Sealed Air. tables show activity plans retained Sealed Air.\n shows net periodic benefit cost three years ended December 31, pension plans\n inventory years December 31, 2019 2018 2017 not material.\n Net benefit cost\n. included in cost.\n. included in selling administrative expenses.3. 5 5. 6\n. international benefit (4. 4) (8. (6.\n benefit cost. 5. 1 1." +} +{ + "_id": "d1b3a8bde", + "title": "", + "text": "Significant components of our deferred tax assets and liabilities are as follows:\nThe deferred tax assets and liabilities for fiscal 2019 and 2018 include amounts related to various acquisitions. The total change in deferred tax assets and liabilities in fiscal 2019 includes changes that are recorded to other comprehensive income (loss), retained earnings and goodwill.\nWe calculate deferred tax assets and liabilities based on differences between financial reporting and tax bases of assets and liabilities and measure them using the enacted tax rates and laws that we expect will be in effect when the differences reverse.\n\n | | September 30, \n---------------------------------- | -------- | --------------\n | 2019 | 2018 \n | | (in thousands)\nDeferred tax assets: | | \nAccrued employee benefits | $ 11,409 | $ 8,285 \nAllowances for loss contingencies | 3,561 | 3,518 \nDeferred compensation | 3,071 | 3,272 \nIntangible assets | — | 1,361 \nInventory valuation | 8,036 | 1,154 \nLong-term contracts | 6,995 | 7,751 \nPrepaid and accrued expenses | 1,816 | 1,229 \nRetirement benefits | 4,967 | 1,398 \nTax credit carryforwards | 33,118 | 35,137 \nLoss carryforwards | 36,248 | 29,097 \nOther | 818 | 264 \nTotal gross deferred tax assets | 110,039 | 92,466 \nValuation allowance | (69,098) | (81,838) \nTotal deferred tax assets | 40,941 | 10,628 \nDeferred tax liabilities: | | \nDebt obligation basis difference | (4,582) | — \nDeferred revenue | (12,135) | (2,351) \nIntangible assets | (18,592) | — \nProperty, plant and equipment | (4,524) | (5,079) \nUnremitted earnings | (977) | (823) \nOther | (587) | (351) \nTotal deferred tax liabilities | (41,397) | (8,604) \nNet deferred tax asset (liability) | $ (456) | $ 2,024 \n\ndeferred tax assets liabilities\n 2019 acquisitions. income earnings goodwill.\n financial reporting tax rates laws.\n Deferred tax assets\n Accrued employee benefits $ 11,409 $ 8,285\n loss contingencies 3,561\n Deferred compensation 3,071\n Intangible assets 1,361\n Inventory valuation 8,036\n Long-term contracts 6,995\n Prepaid expenses 1,816\n Retirement benefits 4,967\n Tax credit carryforwards 33,118\n Loss carryforwards 36,248\n deferred tax assets 110,039 92,466\n Valuation allowance (69,098)\n deferred tax assets 40,941 10,628\n Debt obligation basis difference (4,582)\n Deferred revenue (12,135 (2,351)\n Intangible assets (18,592\n Property plant equipment (4,524)\n Unremitted earnings (977)\n(587)\n deferred tax liabilities,397 (8,604\n (456) 2,024" +} +{ + "_id": "d1b3a781a", + "title": "", + "text": "Our net sales by offering category for EMEA for 2019 and 2018, were as follows (dollars in thousands):\nNet sales in EMEA remained flat (increased 5% excluding the effects of fluctuating foreign currency exchange rates), or down $3.6 million, in 2019 compared to 2018. Net sales of hardware declined 5%, year to year, while net sales of software and services were up 2% and 7%, respectively, year over year. The changes were the result of the following:\n• Lower volume of net sales of networking solutions, partially offset by higher volume of net sales of devices, to large enterprise and public sector clients in hardware net sales. • Higher volume of software net sales to large enterprise and public sector clients.\n• Higher volume of net sales of cloud solution offerings and increased software referral fees that are recorded on a net sales recognition basis. In addition, there was an increase in the volume of Insight delivered services.\n\n | EMEA | | \n--------- | ---------- | ---------- | -------\nSales Mix | 2019 | 2018 | %Change\nHardware | $622,949 | $653,499 | (5%) \nSoftware | 753,729 | 736,509 | 2% \nServices | 149,966 | 140,233 | 7% \n | $1,526,644 | $1,530,241 | — \n\nnet sales EMEA 2019 2018\n EMEA flat (increased 5% excluding foreign currency down $3. 6 million 2019 2018. hardware declined 5% software services up 2% 7%. changes\n Lower networking solutions higher devices enterprise. Higher software.\n Higher cloud solution offerings increased software referral fees. increase volume Insight delivered services.\n EMEA\n Sales Mix 2019 2018 %Change\n Hardware $622,949 $653,499 (5%\n Software 753,729 736,509 2%\n Services 149,966 140,233 7%\n $1,526,644 $1,530,241 " +} +{ + "_id": "d1b36dc82", + "title": "", + "text": "Environmental Performance Summary Below are some key environmental indicators, and are compiled based on the “ESG Reporting Guide” in Appendix 27 to the Listing Rules. Unless otherwise specified, the following data covers Tencent’s major office buildings and the main data centres in Mainland China. 1. Emissions 1.1 Office Buildings\nDue to its business nature, the significant air emissions of the Group are GHG emissions, arising mainly from fuels and purchased electricity produced from fossil fuels.\nThe Group’s GHG inventory includes carbon dioxide, methane and nitrous oxide. GHG emissions data for the year ended 31 December 2019 is presented in carbon dioxide equivalent and is calculated based on the “2017 Baseline Emission Factors for Regional Power Grids in China for CDM and CCER Projects” issued by the Ministry of Ecology and Environment of China, and the “2006 IPCC Guidelines for National Greenhouse Gas Inventories” issued by the Intergovernmental Panel on Climate Change (IPCC)\nDiesel is consumed by backup power generators.\nHazardous waste produced by the Group’s office buildings mainly includes waste toner cartridge and waste ink cartridge from printing equipment. Waste toner cartridge and waste ink cartridge are centralised and disposed of by printing suppliers. Such data covers all office buildings of the Group in Mainland China.\nNon-hazardous waste produced by the Group’s office buildings mainly includes domestic waste and non-hazardous office waste. Domestic waste is disposed of by the property management companies and kitchen waste recycling vendors, and its data is not available, therefore estimation of domestic waste is made with reference to “Handbook on Domestic Discharge Coefficients for Towns in the First Nationwide Census on Contaminant Discharge” published by the State Council. Non-hazardous office waste is centralised for disposal by vendors; hence such data covers all office buildings of the Group in Mainland China.\nHazardous waste produced by the Group’s data centres mainly includes waste lead-acid accumulators. Waste lead-acid accumulators are disposed of by qualified waste recycling vendors.\nNon-hazardous waste produced by the Group’s data centres mainly includes waste servers and waste hard drives. Waste servers and destroyed waste hard drives are centralised and recycled by waste recycling vendors. Such data covers all the Group’s data centres.\n\nIndicators | For the year ended 31 December | \n------------------------------------------------------------ | ------------------------------ | ----------\n | 2019 | 2018 \nTotal GHG emissions (Scopes 1 and 2) (tonnes) | 113,501.50 | 102,831.74\nDirect GHG emissions (Scope 1) (tonnes) | 3,785.86 | 2,554.31 \nIncluding: Gasoline (tonnes) | 197.25 | 191.00 \nDiesel (tonnes) | 10.87 | 11.07 \nNatural gas (tonnes) | 3,577.74 | 2,352.24 \nIndirect GHG emissions (Scope 2) (tonnes) | 109,715.64 | 100,277.43\nIncluding: Purchased electricity (tonnes) | 109,715.64 | 100,277.43\nTotal GHG emissions per employee (tonnes per employee) | 1.90 | 2.01 \nTotal GHG emissions per floor area (tonnes per square metre) | 0.07 | 0.09 \nHazardous waste (tonnes) | 2.40 | 2.51 \nHazardous waste per employee (tonnes per employee) | 0.00004 | 0.00005 \nNon-hazardous waste (tonnes) | 5,227.11 | 4,566.52 \nNon-hazardous waste per employee (tonnes per employee) | 0.09 | 0.09 \n\nEnvironmental Performance Summary key environmental indicators “ESG Reporting Appendix 27 Listing Rules. data covers Tencent’s office buildings data centres Mainland China. Emissions. Office Buildings\n air emissions GHG emissions fuels electricity fossil fuels.\n GHG inventory includes carbon methane nitrous oxide. 31 December 2019 carbon equivalent calculated Baseline Emission Factors Regional Power Grids China IPCC Guidelines National Greenhouse Gas\n Diesel consumed backup power generators.\n Hazardous waste toner cartridge ink cartridge printing equipment. disposed printing suppliers. covers buildings Mainland China.\n Non-hazardous waste domestic waste non-hazardous office waste. Domestic waste disposed property management companies kitchen waste recycling vendors estimation “Handbook Domestic Discharge Coefficients. Non-hazardous waste centralised disposal vendors covers buildings Mainland China.\n waste lead-acid accumulators.lead-acid accumulators disposed recycling vendors.\n Non-hazardous waste includes servers hard drives. recycled vendors. data covers centres.\n year 31 December\n Total GHG emissions 1 2) 113,501. 50 102,831. 74\n Direct GHG emissions 1) 3,785. 86 2,554. 31\n Gasoline 197. 25.\n Diesel 10.\n Natural gas 3,577. 74 2,352. 24\n Indirect GHG emissions 2) 109,715. 64 100,277. 43\n Purchased electricity.\n Total GHG emissions per employee 1.\n GHG emissions floor area.\n Hazardous waste 2.\n.\n Non-hazardous waste 5,227. 11 4,566. 52\n." +} +{ + "_id": "d1b3abdac", + "title": "", + "text": "Stock Options—Stock options are typically granted at prices not less than 100% of market value of the underlying stock at the date of grant. Stock options typically vest over a period of 3 to 5 years from the grant date and expire 10 years after the grant date. The Company recorded $32.0, $23.2, and $18.3 of compensation expense relating to outstanding options during 2019, 2018 and 2017, respectively, as a component of general and administrative expenses at Corporate.\nThe Company estimates the fair value of its option awards using the Black-Scholes option valuation model. The stock volatility for each grant is measured using the weighted-average of historical daily price changes of the Company’s common stock over the most recent period equal to the expected life of the grant. The expected term of options granted is derived from historical data to estimate option exercises and employee forfeitures, and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The weighted-average fair value of options granted in 2019, 2018 and 2017 were calculated using the following weighted-average assumptions:\n\n | 2019 | 2018 | 2017 \n------------------------------------ | ----- | ----- | -----\nWeighted-average fair value ($) | 68.05 | 57.75 | 40.87\nRisk-free interest rate (%) | 2.37 | 2.65 | 2.03 \nAverage expected option life (years) | 5.42 | 5.32 | 5.26 \nExpected volatility (%) | 19.22 | 18.05 | 18.74\nExpected dividend yield (%) | 0.58 | 0.59 | 0.67 \n\nStock granted less 100% market value stock. vest 3 to 5 years expire 10 years. Company recorded $32. $23. 2 $18. 3 compensation expense options 2019 2018 2017 expenses.\n estimates fair value option awards Black-Scholes option valuation model. stock volatility measured weighted historical daily price changes common stock. term derived from historical data. risk-free rate based U. S. Treasury yield curve. weighted-average fair value options 2019 2018 2017 calculated assumptions\n-average fair value ($) 68. 05 57. 75. 87\n Risk-free interest rate (%) 2. 37. 65.\n option life (years 5. 42. 32.\n Expected volatility (%) 19. 22 18.\n Expected dividend yield (%). 58. 59." +} +{ + "_id": "d1b310ef6", + "title": "", + "text": "15 Financial risk management (continued)\n(b) Credit risk\nCredit risk arises from cash and cash equivalents, and trade and other receivables.\n(i) Cash and cash equivalents and security deposits\nDeposits are placed with Australian banks or independently rated parties with a minimum rating of ‘BBB+’. To reduce exposure deposits are placed with a variety of financial institutions.\nThe credit quality of financial assets can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates:\nIn determining the credit quality of these financial assets, NEXTDC has used the long-term rating from Standard & Poor’s as of July 2019.\n\n | 30 June 2019 | 30 June 2018\n----------------- | ------------ | ------------\n | $'000 | $'000 \nCASH AT BANK | | \nAA rated | 398,999 | 417,982 \nSECURITY DEPOSITS | | \nAA rated | 8,822 | 4,151 \n\nFinancial risk management\n Credit risk\n cash equivalents trade receivables.\n Cash equivalents security deposits\n Australian banks parties minimum ‘BBB+’. financial institutions.\n credit quality assessed external credit ratings historical counterparty default rates\n NEXTDC used long rating Standard & Poor’s July 2019.\n CASH BANK\n AA rated 398,999 417,982\n SECURITY DEPOSITS\n rated 8,822 4,151" +} +{ + "_id": "d1b3258ce", + "title": "", + "text": "Acquisitions and divestments\nAcquisitions\nIn 2019, Ericsson made acquisitions with a negative cash flow effect amounting to SEK 1,815 (1,220) million. The acquisitions presented below are not material, but the Company gives the information to provide the reader a summarized view of the content of the acquisitions made. The acquisitions consist primarily of:\nKathrein: On October 2, 2019, the Company acquired assets from Kathrein, a world leading provider of antenna and filter technologies with approximately 4,000 employees. Kathrein’s antenna and filters business has a strong R&D organization with extensive experience in antenna design and research, coupled with a strong IPR portfolio. In addition to broadening Ericsson’s portfolio of antenna and filter products, the acquisition will bring vital competence for the evolution of advanced radio network products. The acquired Kathrein business has had a negative impact of SEK –0.5 billion since the acquisition, corresponding to –1 percentage point in Networks operating margin. Balances to facilitate the Purchase price allocation are preliminary.\nCSF: On August 20, 2019, the Company acquired 100% of the shares in CSF Holdings Inc. a US-based technology company with approximately 25 employees. CSF strengthens iconectiv’s Business to Consumer (B2C) product platforms to enable growth in messaging and Toll-Free Number (TFN) management. Balances to facilitate the Purchase price allocation are final.\nST-Ericsson: Before ST-Ericsson was a joint venture where Ericsson and ST Microelectronics had a 50/50 ownership. This joint venture consisted of a number of legal entities where the two parties owned different stakes in the different legal entities. In December 2019 the Company initiated transactions to wind-down the legal structure of ST-Ericsson by acquiring the remaining shares in two legal ST-Ericsson entities and costs of SEK –0.3 billion impacted the result. The Company now owns 100% of the shares in those entities.\nIn order to finalize a Purchase price allocation all relevant information needs to be in place. Examples of such information are final consideration and final opening balances, they may remain preliminary for a period of time due\nto for example adjustments of working capital, tax items or decisions from local authorities.\n1) Acquisition-related costs are included in Selling and administrative expenses in the consolidated income statement.\n\nAcquisitions 2017–2019 | | | \n------------------------------------------ | ----- | ----- | ----\n | 2019 | 2018 | 2017\nTotal consideration, including cash | 1,957 | 1,314 | 62 \nNet assets acquired | | | \nCash and cash equivalents | 142 | 94 | – \nProperty, plant and equipment | 353 | 4 | 12 \nIntangible assets | 497 | 481 | 101 \nInvestments in associates | 101 | 64 | – \nOther assets | 1,357 | 254 | 1 \nProvisions, incl. post-employment benefits | –102 | – | – \nOther liabilities | –743 | –494 | 25 \nTotal identifiable net assets | 1,605 | 403 | 139 \nCosts recognized in net income | 153 | – | – \nGoodwill | 199 | 911 | –77 \nTotal | 1,957 | 1,314 | 62 \nAcquisition-related costs 1) | 85 | 24 | 49 \n\nAcquisitions divestments\n 2019 Ericsson acquisitions negative cash flow SEK 1,815 (1,220) million. acquisitions not material. acquisitions\n Kathrein October 2, 2019 acquired assets Kathrein provider antenna filter technologies 4,000 employees. strong R&D organization design IPR portfolio. competence advanced radio network products. Kathrein business negative impact SEK –0. 5 billion acquisition –1 percentage point Networks operating margin. preliminary.\n CSF August 20, 2019 Company acquired 100% shares CSF Holdings Inc. US technology company 25 employees. CSF strengthens Business growth messaging Toll-Free Number) management. final.\n ST-Ericsson joint venture Ericsson ST Microelectronics 50/50 ownership. December 2019 Company remaining shares two entities SEK –0. 3 billion impacted. Company now owns 100% shares entities.\n Purchase price allocation relevant information.final balances preliminary\n adjustments capital tax items decisions local authorities.\n Acquisition-related costs administrative expenses consolidated income statement.\n Acquisitions 2017–2019\n cash 1,957 1,314 62\n assets acquired\n Cash equivalents 142\n Property plant equipment\n Intangible assets 481 101\n Investments associates\n Other assets 1,357 254\n Provisions. post-employment benefits\n Other liabilities\n net assets 1,605 403 139\n Costs net income 153\n Goodwill 199\n 1,957 1,314 62\n Acquisition-related costs" +} +{ + "_id": "d1b3b6eb4", + "title": "", + "text": "Operating income in the Transportation Solutions segment decreased $352 million in fiscal 2019 as compared to fiscal 2018. The Transportation Solutions segment’s operating income included the following:\nExcluding these items, operating income decreased in fiscal 2019 primarily as a result of lower volume, unfavorable product mix, and price erosion, partially offset by lower material costs.\n\n | | Fiscal \n-------------------------------------------------------------------------------------- | ------ | -------------\n | 2019 | 2018 \n | | (in millions)\nAcquisition-related charges: | | \nAcquisition and integration costs | $ 17 | $ 8 \nCharges associated with the amortization of acquisition-related fair value adjustments | — | 4 \n | 17 | 12 \nRestructuring and other charges, net | 144 | 33 \nOther items | 14 | — \nTotal | $ 175 | $ 45 \n\nincome Transportation Solutions segment decreased $352 million 2019 2018. included\n decreased lower volume unfavorable product mix price erosion offset lower material costs.\n millions\n Acquisition-related charges\n Acquisition integration costs $ 17 $ 8\n amortization acquisition fair value adjustments\n Restructuring charges 144\n items\n $ 175 $ 45" +} +{ + "_id": "d1b304548", + "title": "", + "text": "BENEFIT OBLIGATION AND PLAN ASSETS FOR PENSION BENEFIT PLANS\nThe vested benefit obligation for a defined-benefit pension plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee’s expected date of separation or retirement.\n1 The projected benefit obligation was approximately 35% in the U.S. and 65% outside of the U.S. as of December 28, 2019 and December 29, 2018.\n2 The fair value of plan assets was approximately 55% in the U.S. and 45% outside of the U.S. as of December 28, 2019 and December 29, 2018.\n3 The accumulated other comprehensive loss (income), before tax, was approximately 35% in the U.S. and 65% outside of the U.S. as of December 28, 2019 and December 29, 2018.\nChanges in actuarial gains and losses in the projected benefit obligation are generally driven by discount rate movement. We use the corridor approach to amortize actuarial gains and losses. Under this approach, net actuarial gains or losses in excess of 10% of the larger of the projected benefit obligation or the fair value of plan assets are amortized on a straight-line basis.\n\n(In Millions) | Dec 28, 2019 | Dec 29, 2018\n----------------------------------------------------------- | ------------ | ------------\nChanges in projected benefit obligation: | | \nBeginning projected benefit obligation | $3,433 | $3,842 \nService cost | 54 | 65 \nInterest cost | 113 | 113 \nActuarial (gain) loss | 829 | (204) \nCurrency exchange rate changes | (2) | (121) \nPlan curtailments | — | (150) \nPlan settlements | (57) | (74) \nOther | (86) | (38) \nEnding projected benefit obligation 1 | 4,284 | 3,433 \nChanges in fair value of plan assets: | | \nBeginning fair value of plan assets | 2,551 | 2,287 \nActual return on plan assets | 193 | (38) \nEmployer contributions | 30 | 480 \nCurrency exchange rate changes | 3 | (62) \nPlan settlements | (57) | (74) \nOther | (66) | (42) \nEnding fair value of plan assets 2 | 2,654 | 2,551 \nNet funded status | $1,630 | $882 \nAmounts recognized in the Consolidated Balance Sheets | | \nOther long-term assets | $— | $244 \nOther long-term liabilities | $1,630 | $1,126 \nAccumulated other comprehensive loss (income), before tax 3 | $1,730 | $1,038 \n\nBENEFIT OBLIGATION PLAN ASSETS PENSION BENEFIT PLANS\n vested benefit obligation defined-benefit pension plan actuarial present value benefits employee expected date separation retirement.\n projected benefit obligation 35% U. 65% outside. December 28, 2019 29, 2018.\n fair value plan assets 55%. 45% outside.\n accumulated loss before tax 35%. 65% outside.\n Changes actuarial gains losses driven by discount rate movement. corridor approach amortize gains losses. net gains losses 10% obligation amortized straight-line.\n Dec 28, 2019 29, 2018\n Changes projected benefit obligation\n Beginning $3,433 $3,842\n Service cost\n Interest cost 113\n Actuarial loss 829\n Currency exchange rate changes\n Plan curtailments\n settlements\n Ending\n Changes fair value plan assets\n 2,551 2,287\n return 193\n Employer contributions\n Currency exchange rate changes\nsettlements (57)\n Ending 2,654 2,551\n funded $1,630 $882\n Consolidated Balance Sheets\n-term assets $244\n liabilities $1,630 $1,126\n loss $1,730 $1,038" +} +{ + "_id": "d1b3444a4", + "title": "", + "text": "Unrecognized deferred tax assets\nDeferred tax assets have not been recognized in respect of the following items, given the volatile nature of the semi-conductor equipment industry. Therefore it is not probable that future taxable profit will be available to offset deductible temporary differences.\n1 These credits regards R&D credits generated in the US, in the state of Arizona. However, ASMI does not recognize these credits stemming from prior years due to the fact that utilization of prior year credits is only possibly if and when the credits generated in the current year are fully utilized. Given the level of R&D activity in the US, the company does not expect it could fully utilize the credits generated in the current year and, hence, does not expect to benefit from the available credits generated in prior years.\n\n | 2019 | \n-------------------------------- | ------------ | ----------\n | Gross amount | Tax effect\nDeductible temporary differences | 20,642 | 4,842 \nCredits 1) | 15,221 | 15,221 \nUnrecognized deferred tax assets | 35,863 | 20,063 \n\nUnrecognized deferred tax assets\n not recognized volatile semi-conductor equipment industry. not probable future taxable profit offset deductible temporary differences.\n R&D credits US Arizona. ASMI recognize credits prior years utilization current utilized. R&D activity utilize credits current benefit credits prior years.\n 2019\n Gross amount Tax effect\n Deductible temporary differences 20,642 4,842\n Credits 15,221\n Unrecognized deferred tax assets 35,863 20,063" +} +{ + "_id": "d1b3a4c0a", + "title": "", + "text": "TREASURY SHARES\nOn December 31, 2019, we had 48,866,220 outstanding common shares excluding 2,431,174 treasury shares. This compared to 49,318,898 outstanding common shares and 6,978,496 treasury shares at year-end 2018. Besides the cancellation of 5 million treasury shares in July 2019, the change in the number of treasury shares in 2019 was the result of approximately 950,000 repurchased shares and approximately 498,000 treasury shares that were used as part of share based payments.\n\n | 2018 | 2019 \n--------------------------------------------------------- | ---------- | ----------\nAs per January 1: | | \nIssued shares | 62,297,394 | 56,297,394\nTreasury shares | 6,157,241 | 6,978,496 \nOutstanding shares | 56,140,153 | 49,318,898\nChanges during the year: | | \nCancellation of treasury shares | 6,000,000 | 5,000,000 \nShare buybacks | 7,242,734 | 950,902 \nTreasury shares used for share based performance programs | 421,479 | 498,224 \nAs per December 31: | | \nIssued shares | 56,297,394 | 51,297,394\nTreasury shares | 6,978,496 | 2,431,174 \nOutstanding shares | 49,318,898 | 48,866,220\n\n\n December 31, 2019 48,866,220 2,431,174 treasury. 49,318,898,496 year-end 2018. cancellation 5 million treasury shares July 2019 950,000 repurchased 498,000 based payments.\n January\n shares 62,297,394 56,297\n Treasury 6,157,241,496\n 56,140,153 49,318,898\n Changes\n Cancellation treasury 6,000,000\n buybacks 7,242,734 950,902\n programs 421,479 498,224\n December 31\n 56,297,394,297,394\n Treasury 6,978,496 2,431,174\n 49,318,898 48,866" +} +{ + "_id": "d1b39398c", + "title": "", + "text": "Our CODM evaluates each segment based on Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), and we therefore consider Adjusted EBITDA to be a primary measure of operating performance of our operating segments. We define Adjusted EBITDA as earnings before investment income, interest expense, taxes, depreciation, amortization and stock-based compensation and other adjustments as identified below. The adjustments to our financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) to calculate Adjusted EBITDA are itemized below (in thousands):\nIt is not practicable for us to report identifiable assets by segment because these businesses share resources, functions and facilities\nWe do not have significant long-lived assets outside the United States.\n\n | | Year Ended February 28, | \n----------------------------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nNet income (loss) | $18,398 | $16,617 | $(7,904)\nInvestment income | (5,258) | (2,256) | (1,691) \nInterest expense | 16,726 | 10,280 | 9,896 \nIncome tax provision (benefits) | (1,330) | 10,681 | (1,563) \nDepreciation and amortization | 20,016 | 22,957 | 23,469 \nStock-based compensation | 11,029 | 9,298 | 7,833 \nImpairment loss and equity in net loss of affiliate | 6,787 | 1,411 | 1,284 \nLoss on extinguishment of debt | 2,033 | - | - \nAcquisition and integration related expenses | 935 | - | 4,513 \nNon-recurring legal expenses, net of reversal of litigation | | | \nprovision | (11,020) | 10,738 | 9,192 \nGain on LoJack battery performance legal Settlement | (18,333) | (28,333) | - \nRestructuring | 8,015 | - | - \nOther | 217 | 989 | 4,339 \nAdjusted EBITDA | $48,215 | $52,382 | $49,368 \n\nCODM evaluates segment Adjusted Earnings Before Interest Taxes Depreciation Amortization primary measure performance. before income interest taxes depreciation amortization stock-based compensation adjustments. adjustments. itemized\n assets segment share resources facilities\n long-lived assets outside United States.\n Ended February 28,\n Net income $18,398 $16,617 $(7,904)\n Investment income (5,258)\n Interest expense 16,726\n Income tax provision (1,330 10,681\n Depreciation amortization 20,016 22,957\n Stock-based compensation 11,029 9,298\n Impairment loss equity net loss 6,787 1,411\n Loss extinguishment debt 2,033\n Acquisition integration expenses 935\n Non-recurring legal expenses reversal litigation\n (11,020 10\n Gain LoJack legal Settlement (18,333 (28,333\nRestructuring\n 4,339\n EBITDA $48,215 $52,382,368" +} +{ + "_id": "d1b314178", + "title": "", + "text": "Pension benefit commitments\nFor fiscal 2019, Managing Board members were granted contributions under the BSAV totaling € 5.6 million (2018: € 5.4 million), based on a Supervisory Board decision from November 7, 2019. Of this amount, € 0.02 million (2018: € 0.03 million) relates to the funding of pension commitments earned prior to the transfer to the BSAV.\nThe expense recognized in fiscal 2019 as a service cost under IFRS for Managing Board members’ entitlements under the BSAV in fiscal 2019 totaled € 5.4 million (2018: € 5.3 million).\nContributions under the BSAV are added to the individual pension accounts in the January following each fiscal year. Until pension payments begin, members’ pension accounts are credited with an annual interest payment (guaranteed interest) on January 1 of each year. The interest rate is currently 0.90%.\nThe following table shows the individualized contributions (allocations) under the BSAV for fiscal 2019 as well as the defined benefit obligations for pension commitments:\nIn fiscal 2019, former members of the Managing Board and their surviving dependents received emoluments within the meaning of Section 314 para. 1 No. 6 b of the German Commercial Code totaling € 21.09 million (2018: € 39.9 million).\nThe defined benefit obligation (DBO) of all pension commitments to former members of the Managing Board and their surviving dependents as of September 30, 2019, amounted to €175.7 million (2018: €168.2 million). This figure is included in NOTE 17 in B.6 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.\n1 Deferred compensation totals € 4,125,612 (2018: € 4,115,237), including € 3,703,123 for Joe Kaeser (2018: € 3,694,439), € 361,494 for Klaus Helmrich (2018: € 362,606) and € 60,995 for Prof. Dr. Ralf P. Thomas (2018: € 58,192).\n2 In accordance with the provisions of the BSAV, benefits to be paid to Lisa Davis are not in any way secured or funded through the trust associated with the Company’s BSAV plan or with any other trust. They represent only an unsecured, unfunded legal obligation on the part of the Company to pay such benefits in the future under certain conditions, and the payout will only be made from the Company’s general assets.\n\n | | Total contributions for | Defined benefit obligation for all pension commitments excluding deferred compensation 1 | \n--------------------------------------------------------- | --------- | ----------------------- | ---------------------------------------------------------------------------------------- | ----------\n(in €) | 2019 | 2018 | 2019 | 2018 \nManaging Board members in office as of September 30, 2019 | | | | \nJoe Kaeser | 1,234,800 | 1,210,440 | 14,299,267 | 12,970,960\nDr. Roland Busch | 616,896 | 604,800 | 6,071,233 | 5,121,226 \nLisa Davis 2 | 616,896 | 604,800 | 5,701,811 | 5,322,537 \nKlaus Helmrich | 616,896 | 604,800 | 6,473,904 | 5,714,522 \nJanina Kugel | 616,896 | 604,800 | 2,674,432 | 2,157,427 \nCedrik Neike | 616,896 | 604,800 | 2,349,895 | 1,757,258 \nMichael Sen | 616,896 | 604,800 | 1,862,660 | 1,239,785 \nProf. Dr. Ralf P. Thomas | 616,896 | 604,800 | 6,184,498 | 5,235,121 \nTotal | 5,553,072 | 5,444,040 | 45,617,700 | 39,518,836\n\nPension benefit commitments\n 2019 Managing Board members contributions BSAV € 5. 6 million (2018. 4 Supervisory Board decision November 7. € 0. 02 million. pension commitments transfer BSAV.\n service cost € 5. 4 million (2018. 3.\n Contributions added pension accounts. credited annual interest January 1. interest rate 0. 90%.\n table contributions BSAV defined benefit obligations\n former Managing Board surviving dependents received emoluments Section 314. German Commercial Code € 21. 09 million (2018 € 39. 9 million.\n defined obligation pension September 30, 2019 €175. 7 million (2018 €168. 2 million. NOTE 17. FINANCIAL STATEMENTS.\n Deferred compensation € 4,125,612 (2018 € 3,703,123 Joe Kaeser,494 Klaus Helmrich 60,995. Ralf. Thomas.\nBSAV benefits Lisa Davis not secured. unsecured unfunded obligation payout assets.\n contributions benefit obligation pension commitments excluding deferred compensation\n Managing Board members September 30, 2019\n Joe Kaeser 1,234,800 1,210,440 14,299,267 12,970,960\n. Roland Busch 6,071,233 5,121,226\n Lisa Davis 5,701,811 5,322,537\n Klaus Helmrich 6,473,904 5,714,522\n Janina Kugel 2,674,432 2,157,427\n Cedrik Neike 2,349,895 1,757,258\n Michael Sen 1,862,660 1,239,785\n. Ralf P. Thomas 6,184,498 5,235,121\n 5,553,072 5,444,040 45,617,700 39,518,836" +} +{ + "_id": "d1a7411b6", + "title": "", + "text": "Under the 2019 Plan, the Compensation Committee set the following non-equity incentive target amounts, non-equity incentive compensation cap percentages and relative percentages weights for each plan component for each of our NEOs in 2019 who are participating in our incentive compensation plans. Under the 2019 Plan, the Compensation Committee set the following non-equity incentive target amounts, non-equity incentive compensation cap percentages and relative percentages weights for each plan component for each of our NEOs in 2019 who are participating in our incentive compensation plans.\nAs noted above, Messrs Richard, Robert and Bruce Leeds no longer participate in incentive compensation. In addition, as\nMr. Reinhold left Systemax as the Chief Executive Officer in January 2019, he did not participate in the 2019 NEO Plan.\n\nName | Target ($) | Cap (%) | Net Sales (%) | Adjusted Operating Income (%) | Strategic Objectives (%) | Corporate Governance (%) | Business Unit/Individual Objectives (%)\n------------- | ---------- | ------- | ------------- | ----------------------------- | ------------------------ | ------------------------ | ---------------------------------------\nBarry Litwin | 1,113,750 | 111 | 20 | 60 | 18 | 4 | 0 \nThomas Clark | 225,000 | 150 | 0 | 0 | 0 | 0 | 100 \nRobert Dooley | 615,000 | 150 | 0 | 0 | 0 | 0 | 100 \nEric Lerner | 300,900 | 150 | 0 | 0 | 0 | 0 | 100 \nManoj Shetty | 241,535 | 150 | 0 | 0 | 0 | 0 | 100 \n\n2019 Plan Compensation Committee set non-equity incentive target amounts compensation cap percentages weights each plan component NEOs 2019. cap percentages plan NEOs.\n Messrs Richard Robert Bruce Leeds participate incentive compensation.\n Mr. Reinhold left Systemax Chief Executive Officer January 2019 participate 2019 NEO Plan.\n Name Target$ Cap (%) Net Sales Adjusted Operating Income Strategic Objectives Corporate Governance Business Unit/Individual Objectives\n Barry Litwin 1,113,750 20 60 18 4\n Thomas Clark 225,000 150 100\n Robert Dooley 615,000 150 100\n Eric Lerner 300,900 150 100\n Manoj Shetty 241,535 150 100" +} +{ + "_id": "d1b3873a8", + "title": "", + "text": "4. Inventories\nInventories consisted of the following (in thousands):\nWe grow and maintain flocks of layers (mature female chickens), pullets (female chickens, under 18 weeks of age), and breeders (male and female chickens used to produce fertile eggs to hatch for egg production flocks). Our total flock at June 1, 2019, consisted of approximately 9.4 million pullets and breeders and 36.2 million layers.\n\n | June 1, 2019 | June 2, 2018\n--------------------------------------- | ------------ | ------------\nFlocks, net of accumulated amortization | $105,536 | $96,594 \nEggs | 14,318 | 17,313 \nFeed and supplies | 52,383 | 54,737 \n | $172,237 | $168,644 \n\n. Inventories\n grow flocks pullets breeders. flock June 1 2019 9. 4 million pullets breeders 36. 2 million layers.\n 1 2019 2 2018\n Flocks amortization $105,536 $96,594\n Eggs 14,318 17,313\n Feed supplies 52,383 54\n $172,237 $168,644" +} +{ + "_id": "d1b32c3fe", + "title": "", + "text": "Revenues\nRevenues for our reportable segments were as follows:\nThe increase in Semiconductor Test revenues of $60.2 million, or 4%, from 2018 to 2019 was driven primarily by an increase in semiconductor tester sales for 5G infrastructure and image sensors and higher service revenue, partially offset by a decrease in sales in the automotive and analog test segments.\nThe increase in Industrial Automation revenues of $36.6 million, or 14%, from 2018 to 2019 was primarily due to higher demand for collaborative robots. The MiR acquisition was completed in April 2018.\nThe increase in System Test revenues of $71.4 million, or 33%, from 2018 to 2019 was primarily due to higher sales in Storage Test of 3.5” hard disk drive testers, higher sales in Defense/Aerospace test instrumentation and systems, and higher sales in Production Board Test from higher 5G demand.\nThe increase in Wireless Test revenues of $25.3 million, or 19%, from 2018 to 2019 was primarily due to higher demand for millimeter wave and cellular test products driven by new wireless standards and 5G, partially offset by lower sales in connectivity test products and services.\n\n | 2019 | 2018 | 2018-2019 Dollar Change\n--------------------- | -------- | ------------- | -----------------------\n | | (in millions) | \nSemiconductor Test | $1,552.6 | $1,492.4 | $60.2 \nIndustrial Automation | 298.1 | 261.5 | 36.6 \nSystem Test | 287.5 | 216.1 | 71.4 \nWireless Test | 157.3 | 132.0 | 25.3 \nCorporate and Other | (0.5) | (1.2) | 0.7 \n | $2,295.0 | $2,100.8 | $194.2 \n\n\n increase Semiconductor Test revenues $60. 2 million 4% 2018 to 2019 semiconductor sales 5G infrastructure sensors service revenue offset decrease automotive analog test.\n increase Industrial Automation revenues $36. 6 million 14% 2019 demand collaborative robots. MiR acquisition April 2018.\n increase System Test revenues $71. 4 million 33% higher Storage Test. Defense/Aerospace test instrumentation Production Board Test 5G demand.\n increase Wireless Test revenues $25. 3 million 19% 2019 higher demand millimeter wave cellular test products wireless standards 5G offset lower sales connectivity test services.\n Dollar Change\n Semiconductor Test $1,552. $1,492.\n Industrial Automation.\n System Test.\n Wireless Test.\n Corporate Other.\n $2,295." +} +{ + "_id": "d1a722c66", + "title": "", + "text": "Cost of Net Revenue and Gross Profit\nCost of net revenue decreased $26.7 million to $149.5 million for the year ended December 31, 2019, as compared to $176.2 million for the year ended December 31, 2018. The decrease was primarily driven by lower sales. The decrease in gross profit percentage for the year ended December 31, 2019, as compared to the year ended December 31, 2018, was due to lower revenue and product mix.\nWe currently expect that gross profit percentage will fluctuate in the future, from period-to-period, based on changes in product mix, average selling prices, and average manufacturing costs.\n\n | Year Ended December 31, | | % Change\n------------------- | ----------------------- | ---------------------- | --------\n | 2019 | 2018 | 2019 \n | | (dollars in thousands) | \nCost of net revenue | $149,495 | $176,223 | (15)% \n% of net revenue | 47% | 46% | \nGross profit | 167,685 | 208,774 | (20)% \n% of net revenue | 53% | 54% | \n\nNet Revenue Gross Profit\n revenue decreased $26. 7 million to $149. 5 million December 31, 2019 $176. 2 million 2018. driven lower sales. decrease gross profit due lower revenue product mix.\n gross profit percentage product mix selling prices manufacturing costs.\n Ended December 31, % Change\n net revenue $149,495 $176,223 (15)\n revenue 47%\n Gross profit 167,685 208,774 (20)\n revenue 53%" +} +{ + "_id": "d1b37b562", + "title": "", + "text": "Note 2 – Business Combinations\nIn November 2018, we acquired SmartRG, Inc., a provider of carrier-class, open-source connected home platforms and cloud services for broadband service providers for cash consideration. This transaction was accounted for as a business combination. We have included the financial results of this acquisition in our consolidated financial statements since the date of acquisition. These revenues are included in the Subscriber Solutions & Experience category within the Network Solutions and Services & Support reportable segments.\nContingent liabilities with a fair value totaling $1.2 million were recognized at the acquisition date, the payments of which were dependent upon SmartRG achieving future revenue, EBIT or customer purchase order milestones during the first half of 2019. The required milestones were not achieved and therefore, we recognized a gain of $1.2 million upon the reversal of these liabilities during the second quarter of 2019.\nAn escrow in the amount of $2.8 million was set up at the acquisition date to fund post-closing working capital settlements and to satisfy indemnity obligations to the Company arising from any inaccuracy or breach of representations, warranties, covenants, agreements or obligations of the sellers. The escrow is subject to arbitration. In December 2019, $1.3 million of the $2.8 million was released from the escrow account pursuant to the agreement, with the final settlement of the remaining balance expected during the fourth quarter of 2020. The remaining minimum and maximum potential release of funds to the seller ranges from no payment to $1.5 million.\nWe recorded goodwill of $3.5 million as a result of this acquisition, which represents the excess of the purchase price over the fair value of net assets acquired and liabilities assumed. We assessed the recognition and measurement of the assets acquired and liabilities assumed based on historical and forecasted data for future periods and concluded that our valuation procedures and resulting measures were appropriate.\nOn March 19, 2018, we acquired Sumitomo Electric Lightwave Corp.’s (SEL) North American EPON business and entered into a technology license and OEM supply agreement with Sumitomo Electric Industries, Ltd. (SEI). This acquisition establishes ADTRAN as the North American market leader for EPON solutions for the cable MSO industry and it will accelerate the MSO market’s adoption of our open, programmable and scalable architectures. This transaction was accounted for as a business combination. We have included the financial results of this acquisition in our consolidated financial statements since the date of acquisition. These revenues are included in the Access & Aggregation and Subscriber Solutions & Experience categories within the Network Solutions reportable segment.\nWe recorded a bargain purchase gain of $11.3 million during the first quarter of 2018, net of income taxes, which is subject to customary working capital adjustments between the parties. The bargain purchase gain of $11.3 million represents the difference between the fair-value of the net assets acquired over the cash paid. SEI, an OEM supplier based in Japan, is the global market leader in EPON. SEI’s Broadband Networks Division, through its SEL subsidiary, operated a North American EPON business that included sales, marketing, support, and region-specific engineering development. The North American EPON market is primarily driven by the Tier 1 cable MSO operators and has developed more slowly than anticipated. Through the transaction, SEI divested its North American EPON assets and established a relationship with ADTRAN. The transfer of these assets to ADTRAN, which included key customer relationships and a required assumption by ADTRAN of relatively low incremental expenses, along with the value of the technology license and OEM supply agreement, resulted in the bargain purchase gain. We have assessed the recognition and measurement of the assets acquired and liabilities assumed based on historical and forecasted data for future periods and we have concluded that our valuation procedures and resulting measures were appropriate. The gain is included in the line item ”Gain on bargain purchase of a business” in the 2018 Consolidated Statements of Income.\nThe final allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date for SmartRG and the final allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date for Sumitomo are as follows:\n(In thousands)\n\n(In thousands) | Sumitomo | SmartRG\n-------------------------------------------------- | -------- | -------\nAssets | | \nTangible assets aquired | $1,006 | $8,594 \nIntangible assets | 22,100 | 9,960 \nGoodwill | — | 3,476 \nTotal assets acquired | 23,106 | 22,030 \nLiabilities | | \nLiabilities Assumed | (3,978) | (6,001)\nTotal liabilities assumed | (3,978) | (6,001)\nTotal net assets | 19,128 | 16,029 \nGain on bargain purchase of a business, net of tax | (11,322) | — \nTotal purchase price | $7,806 | $16,029\n\nBusiness Combinations\n November 2018 acquired SmartRG. provider open-source home platforms cloud services. business combination. included financial results financial statements. revenues Subscriber Solutions Experience Network Solutions Services Support.\n Contingent liabilities $1. 2 million recognized payments dependent SmartRG future revenue EBIT purchase order milestones 2019. achieved recognized gain $1. 2 million reversal liabilities second quarter 2019.\n escrow $2. 8 million set capital settlements indemnity obligations. escrow subject arbitration. December 2019 $1. 3 million. million released escrow final settlement remaining expected fourth quarter 2020. remaining release no to $1. 5 million.\n recorded goodwill $3. 5 million acquisition excess purchase price fair value assets acquired liabilities assumed. assessed valuation procedures measures appropriate.\n March 19, 2018 acquired Sumitomo Electric Lightwave. North American EPON business technology license OEM supply agreement Sumitomo Electric Industries.acquisition establishes ADTRAN North American leader EPON solutions adoption open programmable scalable architectures. business combination. included financial results statements. revenues Access Aggregation Subscriber Solutions Experience Network Solutions.\n recorded bargain purchase gain $11. 3 million first quarter 2018 net taxes subject adjustments. $11. 3 million difference fair-value assets cash paid. SEI leader EPON. Broadband Networks Division operated North American EPON business sales marketing support engineering. North American EPON market driven Tier 1 cable MSO operators developed. SEI divested North EPON assets established relationship ADTRAN. transfer ADTRAN customer relationships low expenses technology license OEM supply agreement resulted bargain gain. assessed assets liabilities assumed valuation procedures measures appropriate. gain included bargain purchase 2018 Consolidated Statements Income.\nfinal allocation purchase price assets liabilities SmartRG Sumitomo\n Sumitomo SmartRG\n Assets\n Tangible assets aquired $1,006 $8,594\n Intangible assets 22,100 9,960\n Goodwill 3,476\n assets acquired 23,106 22,030\n Liabilities\n Assumed (3,978) (6,001)\n net assets 19,128 16,029\n Gain bargain purchase business net tax (11,322)\n purchase price $7,806 $16,029" +} +{ + "_id": "d1b392abe", + "title": "", + "text": "Stock-based Compensation Expense\nThe following table sets forth our stock-based compensation expense for the years ended December 31, 2019, 2018 and 2017 (in thousands):\nStock-based compensation awards include employee stock options, restricted stock awards and units, and employee stock purchases. For the year ended December 31, 2019, stock-based compensation expense was $31.6 million, of which $0.2 million related to employee stock options, $29.1 million related to restricted stock awards and units and $2.3 million related to employee stock purchases. For the year ended December 31, 2018, stock-based compensation expense was $31.0 million, of which $0.4 million related to employee stock options, $28.0 million related to restricted stock awards and units and $2.6 million related to employee stock purchases. The increase in stock-based compensation expense in 2019 compared to 2018 was due primarily to a higher volume of restricted stock unit grants.\n\n | | Years Ended December 31, | \n--------------------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nResearch, development and other related costs | $14,643 | $13,168 | $13,277\nSelling, general and administrative | 16,911 | 17,843 | 20,185 \nTotal stock-based compensation expense | $31,554 | $31,011 | $33,462\n\nStock Compensation Expense\n 2019 2018 2017\n options restricted stock awards units purchases. 2019 $31. 6 million $0. 2 million options $29. 1 million restricted stock awards units $2. 3 million purchases. 2018 $31. 0 million $0. 4 million options $28. 0 million restricted stock awards units $2. 6 million purchases. increase higher restricted stock unit grants.\n 2017\n Research development costs $14,643 $13,168,277\n Selling general administrative 16,911\n stock-based compensation expense $31,554 $31,011" +} +{ + "_id": "d1b2f3bda", + "title": "", + "text": "Subsequent to origination, the delinquency and write-off experience is monitored as key credit quality indicators for the portfolio of device payment plan agreement receivables and fixed-term service plans. The extent of collection efforts with respect to a particular customer are based on the results of proprietary custom empirically derived internal behavioral-scoring models that analyze the customer’s past performance to predict the likelihood of the customer falling further delinquent.\nThese customer-scoring models assess a number of variables, including origination characteristics, customer account history and payment patterns. Based on the score derived from these models, accounts are grouped by risk category to determine the collection strategy to be applied to such accounts.\nCollection performance results and the credit quality of device payment plan agreement receivables are continuously monitored based on a variety of metrics, including aging. An account is considered to be delinquent and in default status if there are unpaid charges remaining on the account on the day after the bill’s due date.\nAt December 31, 2019 and 2018, the balance and aging of the device payment plan agreement receivables on a gross basis was as follows:\n\n | 2019 | 2018 \n------------------------------------------------ | -------- | --------\nUnbilled | $ 12,403 | $ 11,485\nBilled: | | \nCurrent | 815 | 641 \nPast due | 262 | 209 \nDevice payment plan agreement receivables, gross | $ 13,480 | $ 12,335\n\norigination delinquency write-off experience monitored credit quality indicators for device payment plan receivables fixed-term service plans. collection efforts based behavioral-scoring models performance.\n models assess variables origination characteristics account history payment patterns. accounts grouped by risk category collection strategy.\n Collection performance credit quality receivables monitored aging. account delinquent default unpaid charges remaining due date.\n December 31, 2019 2018 balance aging receivables\n 2018\n Unbilled $ 12,403 $ 11,485\n Billed\n Current 815 641\n Past due 262 209\n receivables gross $ 13,480 $ 12,335" +} +{ + "_id": "d1b3b4c2c", + "title": "", + "text": "Audit Fees consist of fees billed for the annual audit of our Company’s Consolidated Financial Statements, the statutory audit of the financial statements of the Company’s subsidiaries and consultations on complex accounting issues relating to the annual audit. Audit Fees also include services that only our independent external auditor can reasonably provide, such as comfort letters and carve-out audits in connection with strategic transactions.\nAudit-related services are assurance and related fees consisting of the audit of employee benefit plans, due diligence services related to acquisitions and certain agreed-upon procedures.\nTax Fees include fees billed for tax compliance services, including the preparation of original and amended tax returns and claims for refund; tax consultations, such as assistance in connection with tax audits and expatriate tax compliance.\n\n | 2019 | Percentage of Total Fees | 2018 | Percentage of Total Fees\n----------------------------------------------------------------------------------------- | --------- | ------------------------ | --------- | ------------------------\nAudit Fees | | | | \nStatutory Audit, Certification, Audit of Individual and Consolidated Financial Statements | 4,105,000 | 95.2% | 4,556,500 | 96.3% \nAudit-Related Fees | 209,005 | 4.8% | 173,934 | 3.7% \nNon-audit Fees | | | | \nTax Fees | — | — | — | — \nAll Other Fees | — | — | — | — \nTotal | 4,314,005 | 100.0% | 4,730,434 | 100% \n\nAudit Fees annual audit Financial Statements statutory audit subsidiaries consultations accounting issues. comfort letters carve-out audits strategic transactions.\n Audit-related services employee benefit plans due diligence acquisitions agreed-upon procedures.\n Tax Fees tax compliance returns claims refund tax consultations expatriate tax compliance.\n 2019 2018\n Audit Fees\n Statutory Audit Certification Financial Statements 4,105,000 95. 2% 4,556,500 96. 3%\n Audit-Related Fees 209,005 4. 8% 173,934 3. 7%\n Non-audit Fees\n Tax Fees\n Other Fees\n 4,314,005 100. 0% 4,730,434 100%" +} +{ + "_id": "d1b356bf4", + "title": "", + "text": "Net Debt to Adjusted EBITDA Ratio\n(UNAUDITED)\n($ in millions)\n(1) 2017 Adjusted EBITDA shown pro forma, assuming the Level 3 acquisition and the colocation and data center sale took place on January 1, 2017.\n\n | 2019 | 2018 | 2017(1)\n------------------------------------------------------------------------------------ | ------- | ------ | -------\nGross Debt | $35,039 | 36,352 | 38,053 \nCash and cash equivalents | (1,690) | (488) | (551) \nNet debt | $33,349 | 35,864 | 37,502 \nAdjusted EBITDA excluding integration and transformation costs and special items (1) | $9,070 | 9,040 | 8,686 \nNet Debt to Adjusted EBITDA Ratio | 3.7 | 4.0 | 4.3 \n\nDebt EBITDA Ratio\n Adjusted EBITDA Level 3 acquisition colocation data center sale January 1.\n Gross Debt $35,039 36,352 38,053\n equivalents\n Net debt $33,349 35,864 37,502\n Adjusted EBITDA integration costs items $9,070 9,040 8\n Debt Adjusted EBITDA Ratio." +} +{ + "_id": "d1b35c86a", + "title": "", + "text": "Contract Assets and Liabilities\nContract assets represent the Company’s rights to consideration in exchange for services transferred to a customer that have not been billed as of the reporting date. While the Company’s rights to consideration are generally unconditional at the time its performance obligations are satisfied, under certain circumstances the related billing occurs in arrears, generally within one month of the services being rendered.\nAt the inception of a contract, the Company generally expects the period between when it transfers its services to its customers and when the customer pays for such services will be one year or less.\nContract liabilities relate to advance consideration received or the right to consideration that is unconditional from customers for which revenue is recognized when the performance obligation is satisfied and control transferred to the customer.\nThe table below sets forth the Company’s contract assets and contract liabilities from contracts with customers.\nThe increase in the contract assets balance during the period was primarily due to $203 million of revenue recognized that was not billed, in accordance with the terms of the contracts, as of December 31, 2019, offset by $193 million of contract assets included in the December 31, 2018 balance that were invoiced to Nielsen’s clients and therefore transferred to trade receivables.\nThe decrease in the contract liability balance during the period was primarily due to $326 million of advance consideration received or the right to consideration that is unconditional from customers for which revenue was not recognized during the period, offset by $337 million of revenue recognized during the period that had been included in the December 31, 2018 contract liability balance.\n\n(IN MILLIONS) | Year Ended December 31, | \n-------------------- | ----------------------- | ----\n | 2019 | 2018\nContract assets | $218 | $210\nContract liabilities | $346 | $359\n\nContract Assets Liabilities\n represent rights to consideration for services transferred not billed reporting. rights unconditional performance obligations billing occurs in arrears within one month of services rendered.\n expects between services one year or less.\n liabilities to advance consideration unconditional from customers revenue recognized performance obligation satisfied control transferred to customer.\n table contract assets liabilities from contracts.\n increase contract assets balance due to $203 million revenue not billed offset by $193 million assets 2018 invoiced to transferred to trade receivables.\n decrease contract liability balance due to $326 million advance consideration from customers offset by $337 million revenue December 31, 2018.\n MILLIONS Year Ended December 31,\n Contract assets $218 $210\n liabilities $346 $359" +} +{ + "_id": "d1b33a4fe", + "title": "", + "text": "Our revenues and operating results are significantly affected by the timing, number and breadth of our theatrical releases and their budgets, the timing of television syndication agreements, and our amortization policy for the first 12 months of commercial exploitation for a film. The timing of releases is determined based on several factors. A significant portion of the films we distribute are delivered to Indian theaters at times when theater attendance has traditionally been highest, including school holidays, national holidays and the festivals. This timing of releases also takes into account competitor film release dates, major cricket events in India and film production schedules. Significant holidays and festivals, such as Diwali, Eid and Christmas, occur during July to December each year, and the Indian Premier League cricket season generally occurs during April and May of each year. The Tamil New Year, called Pongal, falls in January each year making the quarter ending March an important one for Tamil releases.\nOur quarterly results can vary from one period to the next, and the results of one quarter are not necessarily indicative of results for the next or any future quarter. Our revenue and operating results are therefore seasonal in nature due to the impact on income of the timing of new releases as well as timing and quantum of catalogue revenues.\n\n | | Three Months Ended | | \n-------------------------------------------------- | ------------- | ------------------ | ----------------- | --------------\n | June 30, 2018 | September 30, 2018 | December 31, 2018 | March 31, 2019\n | | (in thousands) | | \nRevenue | 60,212 | 63,425 | 76,744 | 69,745 \nAdjustment towards significant financing component | 6,410 | 8,837 | 9,917 | 9,303 \nGross Revenue | 66,622 | 72,262 | 86,661 | 79,048 \n\nrevenues operating results affected by timing theatrical releases budgets television syndication agreements amortization policy first 12 months. timing. films Indian theaters attendance highest school holidays national holidays festivals. competitor dates cricket events film production schedules. holidays festivals Diwali Eid Christmas July to December Indian Premier League cricket season April May. Tamil New Year January March important Tamil releases.\n quarterly results vary not indicative. revenue operating results seasonal new releases catalogue revenues.\n Three Months\n June 30, 2018 September 30 December 31, 2018 March 31, 2019\n Revenue 60,212 63,425 76,744 69,745\n Adjustment financing 6,410 8,837 9,917 9,303\n Gross Revenue 66,622 72,262 86,661 79,048" +} +{ + "_id": "d1b363cfa", + "title": "", + "text": "Other Intangible Assets, Net\nOther intangible assets include developed technologies, customer relationships, trade names, patents, user lists and the related accumulated amortization. These assets are shown as “Developed technologies, net” and as part of “Other assets” in the Consolidated Balance Sheet. The majority of Autodesk’s other intangible assets are amortized to expense over the estimated economic life of the product, which ranges from two to ten years. Amortization expense for developed technologies, customer relationships, trade names, patents, and user lists was $33.5 million in fiscal 2019, $36.6 million in fiscal 2018 and $72.2 million in fiscal 2017.\nOther intangible assets and related accumulated amortization at January 31 were as follows:\n(1) Included in “Other assets” in the accompanying Consolidated Balance Sheets. (2) Includes the effects of foreign currency translation.\n\n | 2019 | 2018 \n------------------------------------------------------------------------- | ------- | -------\nDeveloped technologies, at cost | $670.2 | $578.5 \nCustomer relationships, trade names, patents, and user lists, at cost (1) | 533.1 | 372.5 \nOther intangible assets, at cost (2) | 1,203.3 | 951.0 \nLess: accumulated amortization | (922.5) | (895.8)\nOther intangible assets, net | $280.8 | $55.2 \n\nIntangible Assets\n technologies customer relationships trade names patents user lists accumulated amortization. Consolidated Balance Sheet. majority assets amortized over economic life two to ten years. Amortization trade names patents lists $33. 5 million 2019 $36. 6 million 2018 $72. 2 million 2017.\n amortization at January 31\n Included. Includes foreign currency translation.\n Developed technologies $670. $578.\n Customer relationships trade names patents user lists 533. 372.\n intangible assets 1,203. 951.\n accumulated amortization (922.\n $280. $55." +} +{ + "_id": "d1a7218e8", + "title": "", + "text": "Gross Profit\nGross profit in fiscal year 2019 increased to $444.8 million, or 18.7 percent of net sales from $382.3 million, or 17.7 percent of net sales for fiscal year 2018. Excluding the impact of the surcharge revenue, our gross margin in fiscal year 2019 was 22.9 percent compared to 21.3 percent in fiscal year 2018. The results reflect the impact of improved product mix coupled with capacity gains and operating cost reductions compared to the same period a year ago. Fiscal year 2019 also reflects an $11.4 million benefit related to an insurance recovery in our third fiscal quarter.\nOur surcharge mechanism is structured to recover increases in raw material costs, although in certain cases with a lag effect as discussed above. While the surcharge generally protects the absolute gross profit dollars, it does have a dilutive effect on gross margin as a percent of sales. The following represents a summary of the dilutive impact of the surcharge on gross margin. We present and discuss these financial measures because management believes removing the impact of surcharge provides a more consistent and meaningful basis for comparing results of operations from period to period. See the section “Non-GAAP Financial Measures” below for further discussion of these financial measures.\n\n | Fiscal Year | \n---------------------------------------- | ----------- | --------\n($ in millions) | 2019 | 2018 \nNet sales | $2,380.2 | $2,157.7\nLess: surcharge revenue | 438.1 | 365.4 \nNet sales excluding surcharge revenue | $1,942.1 | $1,792.3\nGross profit | $444.8 | $382.3 \nGross margin | 18.7% | 17.7% \nGross margin excluding surcharge revenue | 22.9% | 21.3% \n\n\n 2019 increased $444. 8 million 18. 7 percent sales from $382. 3 million 17. 7 percent 2018. Excluding surcharge revenue gross margin 22. 9 percent compared 21. 3 percent 2018. improved product mix capacity gains operating cost reductions. reflects $11. 4 million benefit insurance recovery third quarter.\n surcharge mechanism raw material costs. surcharge protects profit gross margin. summary dilutive impact surcharge margin. removing impact surcharge comparing results. “Non-GAAP Financial Measures”.\n Net sales $2,380. $2,157.\n surcharge revenue 438.\n sales excluding surcharge revenue $1,942. $1,792.\n Gross profit $444. 8 $382.\n margin 18. 7%.\n excluding surcharge revenue 22. 9% 21. 3%" +} +{ + "_id": "d1b34a598", + "title": "", + "text": "4.4 Operating costs\nCost of revenues includes costs of wireless devices and other equipment sold, network and content costs, and payments to other carriers.\nLabour costs (net of capitalized costs) include wages, salaries and related taxes and benefits, post-employment benefit plans service cost, and other labour costs, including contractor and outsourcing costs\nOther operating costs include marketing, advertising and sales commission costs, bad debt expense, taxes other than income taxes, IT costs, professional service fees and rent\nBCE Total BCE operating costs declined by 0.5% in 2019, compared to last year, driven by reduced costs in Bell Media of 2.5%, while costs in Bell Wireless and Bell Wireline remained relatively stable year over year. These results reflected the benefit from the adoption of IFRS 16 in 2019.\n\n | 2019 | 2018 | $ CHANGE | % CHANGE\n-------------------------- | -------- | -------- | -------- | --------\nBell Wireless | (5,300) | (5,297) | (3) | (0.1%) \nBell Wireline | (6,942) | (6,946) | 4 | 0.1% \nBell Media | (2,367) | (2,428) | 61 | 2.5% \nInter-segment eliminations | 751 | 738 | 13 | 1.8% \nTotal BCE operating costs | (13,858) | (13,933) | 75 | 0.5% \n\n. Operating costs\n wireless devices equipment network content costs payments carriers.\n Labour costs include wages salaries taxes benefits post-employment service contractor outsourcing\n marketing advertising sales debt taxes IT service fees rent\n operating costs declined. 5% 2019 reduced costs Bell Media. 5% Bell Wireless Wireline stable. results IFRS 16 2019.\n Bell Wireless (5,300),297.\n Bell Wireline (6,942). 1%\n Bell Media (2,367) (2,428). 5%\n Inter-segment eliminations. 8%\n Total BCE operating costs (13,858) (13,933)." +} +{ + "_id": "d1b3aa4de", + "title": "", + "text": "Provision for income taxes\nWe are a U.S.-based multinational company subject to tax in multiple U.S. and international tax jurisdictions. A substantial portion of our international earnings were generated from subsidiaries organized in Ireland and Singapore. Our results of operations would be adversely affected to the extent that our geographical mix of income becomes more weighted toward jurisdictions with higher tax rates and would be favorably affected to the extent the relative geographic mix shifts to lower tax jurisdictions. Any change in our mix of earnings is dependent upon many factors and is therefore difficult to predict.\nThe increase in our effective tax rate in fiscal 2019 compared to fiscal 2018 was primarily due to one-time benefits from the 2017 Tax Act in fiscal 2018. In addition, increases in tax expense in fiscal 2019 are attributable to the valuation allowance on capital losses for which we cannot yet recognize a tax benefit.\n\n | Fiscal Year | \n------------------------------------------------------- | ----------- | ------\n(In millions, except for percentages) | 2019 | 2018 \nIncome from continuing operations before income taxes | $108 | $437 \nProvision for (benefit from) income taxes | $92 | $(690)\nEffective tax rate on income from continuing operations | 85% | (158)%\n\nincome taxes\n U. S. multinational company tax. international jurisdictions. international earnings from subsidiaries Ireland Singapore. results geographical mix higher tax rates favorably lower. change earnings difficult predict.\n increase effective tax rate 2019 due to one-time benefits 2017 Tax Act. increases tax expense attributable valuation allowance capital losses tax benefit.\n Fiscal Year\n 2019 2018\n Income from operations before income taxes $108 $437\n Provision income taxes $92 $(690)\n Effective tax rate income operations 85% (158)%" +} +{ + "_id": "d1b2f783e", + "title": "", + "text": "Note 7 — Inventories, net\nInventories are used in the manufacture and service of Restaurant/Retail products. The components of inventory, net consist of the following:\nAt December 31, 2019 and 2018, the Company had recorded inventory write-downs of $9.6 million and $9.8 million , respectively, against Restaurant/Retail inventories, which relate primarily to service parts.\n\n | December 31, | \n--------------- | -------------- | -------\n | (in thousands) | \n | 2019 | 2018 \nFinished Goods | $8,320 | $12,472\nWork in process | — | 67 \nComponent parts | 6,768 | 4,716 \nService parts | 4,238 | 5,482 \n | $19,326 | $22,737\n\nInventories\n manufacture Restaurant/Retail products. components\n December 31, 2019 2018 inventory write-downs $9. 6 million $9. 8 million against Restaurant/Retail inventories service parts.\n Finished Goods $8,320 $12,472\n Component parts 6,768\n Service parts 4,238 5\n $19,326 $22,737" +} +{ + "_id": "d1b326030", + "title": "", + "text": "Expected Future Pension Benefit Payments\nFuture benefit payments are expected to be paid as follows:\n\n | United States | Foreign\n--------- | -------------- | -------\n | (in thousands) | \n2020 | $8,027 | $1,237 \n2021 | 8,416 | 985 \n2022 | 9,163 | 982 \n2023 | 9,785 | 1,258 \n2024 | 10,558 | 1,098 \n2025-2029 | 59,665 | 6,129 \n\nPension Benefit Payments\n 2020 $8,027 $1,237\n 2021 8,416\n 2022 9\n 2023,785 1,258\n 10,558 1,098\n 2025-2029 59,665 6,129" +} +{ + "_id": "d1b3386b8", + "title": "", + "text": "3.6 PROFIT FOR THE YEAR\n(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(2) The non-controlling interest represents a participation of 21% in Atlantic Broadband's results by Caisse de dépôt et placement du Québec (\"CDPQ\"), effective since the MetroCast acquisition on January 4, 2018.\nFiscal 2019 profit for the year from continuing operations and profit for the year from continuing operations attributable to owners of the Corporation decreased by 7.2% and 9.4%, respectively, as a result of: • last year's $94 million income tax reduction following the United States tax reform; and • the increase in depreciation and amortization mostly related to the impact of the MetroCast acquisition; partly offset by • higher adjusted EBITDA mainly as a result of the impact of the MetroCast acquisition; • the decrease in financial expense; and • the decrease in integration, restructuring and acquisition costs.\nFiscal 2019 profit for the year and profit for the year attributable to owners of the Corporation increased by 20.0% and 18.4%, respectively, mainly due to a profit for the year from discontinued operations of $75.4 million resulting from the sale of Cogeco Peer 1 in the third quarter of fiscal 2019 compared to a loss for the year from discontinued operations of $24.4 million for the prior year in addition to the elements mentioned above.\n\nYears ended August 31, | 2019 | 2018 (1) | Change\n------------------------------------------------------------------------------------------ | ------- | -------- | ------\n(in thousands of dollars, except percentages and earnings per share) | $ | $ | % \nProfit for the year from continuing operations | 356,908 | 384,578 | (7.2) \nProfit for the year | 432,288 | 360,197 | 20.0 \nProfit for the year from continuing operations attributable to owners of the Corporation | 339,973 | 375,214 | (9.4) \nProfit for the year attributable to owners of the Corporation | 415,353 | 350,833 | 18.4 \nProfit for the year from continuing operations attributable to non-controlling interest(2) | 16,935 | 9,364 | 80.9 \nBasic earnings per share from continuing operations | 6.89 | 7.61 | (9.5) \nBasic earnings per share | 8.41 | 7.12 | 18.1 \n\n. 6 PROFIT YEAR\n Fiscal 2018 restated comply IFRS 15 change accounting policy reclassify results Cogeco Peer 1 discontinued operations. consult \"Accounting policies \"Discontinued operations sections.\n non-controlling interest participation 21% Atlantic Broadband results Caisse dépôt placement Québec since MetroCast acquisition January 4, 2018.\n Fiscal 2019 profit decreased 7. 2% 9. 4% $94 million income tax reduction increase depreciation amortization MetroCast acquisition offset higher adjusted EBITDA decrease financial expense integration restructuring acquisition costs.\n Fiscal 2019 profit increased 20. 0% 18. 4% profit discontinued operations $75. 4 million sale Cogeco Peer 1 loss $24. 4 million prior year.\n Years ended August 31, 2019 2018 Change\n earnings share\n Profit continuing operations 356,908 384,578.\n Profit year 432,288 360,197.\nProfit operations owners Corporation 339,973 375,214 (9.\n 415,353 350,833 18.\n non-controlling 16,935 9,364 80.\n earnings share 6. 89 7. 61 (9. 5)\n 8. 41 7. 12 18." +} +{ + "_id": "d1b3416dc", + "title": "", + "text": "6. Property, Plant and Equipment\nProperty, plant and equipment consisted of the following (in thousands):\nDepreciation expense was $51.7 million, $51.1 million and $48.8 million in fiscal years 2019, 2018 and 2017, respectively.\nThe Company maintains insurance for both property damage and business interruption relating to catastrophic events, such as fires. Insurance recoveries received for property damage and business interruption in excess of the net book value of damaged assets, clean-up and demolition costs, and post-event costs are recognized as income in the period received or committed when all contingencies associated with the recoveries are resolved. Gains on insurance recoveries related to business interruption are recorded within “Cost of sales” and any gains or losses related to property damage are recorded within “Other income (expense).” Insurance recoveries related to business interruption are classified as operating cash flows and recoveries related to property damage are classified as investing cash flows in the statement of cash flows. Insurance claims incurred or finalized during the fiscal years ended 2019, 2018, and 2017 did not have a material affect on the Company's consolidated financial statements.\n\n | June 1, 2019 | June 2, 2018\n------------------------------ | ------------ | ------------\nLand and improvements | $93,046 | $90,757 \nBuildings and improvements | 370,451 | 360,030 \nMachinery and equipment | 496,166 | 478,997 \nConstruction-in-progress | 52,551 | 9,307 \n | 1,012,214 | 939,091 \nLess: accumulated depreciation | 555,920 | 513,707 \n | $456,294 | $425,384 \n\n. Property Plant Equipment\n Depreciation expense $51. 7 million $51. 1 million $48. 8 million 2019 2018 2017.\n Company maintains insurance property damage business interruption. recoveries value recognized income contingencies resolved. Gains insurance recoveries “Cost of damage income. Insurance recoveries operating damage investing cash flows. Insurance claims 2019 2018 2017 consolidated financial statements.\n June 1 2019 June 2 2018\n Land improvements $93,046 $90,757\n Buildings improvements 370,451 360,030\n Machinery equipment 496,166 478,997\n Construction-in-progress 52,551 9,307\n 1,012,214 939,091\n accumulated depreciation 555,920 513,707\n $456,294 $425,384" +} +{ + "_id": "d1b2ed62c", + "title": "", + "text": "7. Accrued Expenses\nAccrued expenses consist of the following (in thousands):\n\n | August 31, 2019 | August 31, 2018\n-------------------------------------------------- | --------------- | ---------------\nContract liabilities | $511,329 | $— \nDeferred income | — | 691,365 \nAccrued compensation and employee benefits | 600,907 | 570,400 \nObligation associated with securitization programs | 475,251 | — \nOther accrued expenses | 1,402,657 | 1,000,979 \nAccrued expenses | $2,990,144 | $2,262,744 \n\n. Accrued Expenses\n 2019\n Contract liabilities $511,329\n Deferred income 691,365\n compensation benefits 600,907 570,400\n securitization 475,251\n expenses 1,402,657 1,000,979\n $2,990,144,262,744" +} +{ + "_id": "d1b3a7ae0", + "title": "", + "text": "Other income, net\nThe components of other income, net from continuing operations for the years ended December 31 are as follows:\nIn 2018, we recorded a $0.5 million adjustment to decrease the fair value of the Company's contingent consideration related to the Brink Acquisition. Also, during 2019 and 2018, the Company incurred a net loss on rental contracts of approximately $1.0 million and $0.9 million, respectively.\n\n | Year ended December 31 (in thousands) | \n---------------------------------------------- | ------------------------------------- | ------\n | 2019 | 2018 \nForeign currency loss | $(83) | $(258)\nRental loss-net | (996) | (865) \nGain on sale of real estate | — | 649 \nFair value adjustment contingent consideration | — | 450 \nOther | (424) | 330 \nOther income, net | $(1,503) | $306 \n\nincome\n December 31\n 2018 $0. 5 million adjustment fair value consideration Brink Acquisition. 2019 2018 net loss rental contracts $1. million $0. 9 million.\n Year December 31\n Foreign currency loss $(83) $(258)\n Rental loss-net (996)\n Gain sale real estate 649\n Fair value adjustment 450\n net $(1,503) $306" +} +{ + "_id": "d1b3b0ad2", + "title": "", + "text": "Net sales by segment and industry end market(1) were as follows:\n(1) Industry end market information is presented consistently with our internal management reporting and may be revised periodically as management deems necessary.\n\n | | Fiscal | \n-------------------------------- | -------- | ------------- | --------\n | 2019 | 2018 | 2017 \n | | (in millions) | \nTransportation Solutions: | | | \nAutomotive | $ 5,686 | $ 6,092 | $ 5,228\nCommercial transportation | 1,221 | 1,280 | 997 \nSensors | 914 | 918 | 814 \nTotal Transportation Solutions | 7,821 | 8,290 | 7,039 \nIndustrial Solutions: | | | \nIndustrial equipment | 1,949 | 1,987 | 1,747 \nAerospace, defense, oil, and gas | 1,306 | 1,157 | 1,075 \nEnergy | 699 | 712 | 685 \nTotal Industrial Solutions | 3,954 | 3,856 | 3,507 \nCommunications Solutions: | | | \nData and devices | 993 | 1,068 | 963 \nAppliances | 680 | 774 | 676 \nTotal Communications Solutions | 1,673 | 1,842 | 1,639 \nTotal | $ 13,448 | $ 13,988 | $ 12,185\n\nsales segment industry\n revised.\n millions\n Transportation Solutions\n Automotive $ 5,686 6,092 5,228\n Commercial transportation 1,221 1,280 997\n Sensors\n 8,290 7,039\n Industrial Solutions\n Industrial equipment 1,949 1,987 1,747\n Aerospace defense oil gas 1,306 1,157 1,075\n Energy 699 712 685\n 3,954 3,856 3,507\n Communications Solutions\n Data devices 993 1,068 963\n Appliances 774 676\n 1,673 1,842 1,639\n $ 13,448 13,988" +} +{ + "_id": "d1b387c0e", + "title": "", + "text": "14. Segment Information\nThe Company operates under two reportable segments based on the geographic locations of its subsidiaries:\n(1)  FEI-NY – operates out of New York and its operations consist principally of precision time and frequency control products used in three principal markets- communication satellites (both commercial and U.S. Government-funded); terrestrial cellular telephone or other ground-based telecommunication stations; and other components and systems for the U.S. military.\nThe FEI-NY segment also includes the operations of the Company’s wholly-owned subsidiaries, FEI-Elcom and FEI-Asia. FEI- Asia functions as a manufacturing facility for the FEI-NY segment with historically minimal sales to outside customers. FEI- Elcom, in addition to its own product line, provides design and technical support for the FEI-NY segment’s satellite business.\n(2)  FEI-Zyfer – operates out of California and its products incorporate Global Positioning System (GPS) technologies into systems and subsystems for secure communications, both government and commercial, and other locator applications. This segment also provides sales and support for the Company’s wireline telecommunications family of products, including US5G, which are sold in the U. S. market.\nThe Company measures segment performance based on total revenues and profits generated by each geographic location rather than on the specific types of customers or end-users. Consequently, the Company determined that the segments indicated above most appropriately reflect the way the Company’s management views the business.\nThe accounting policies of the two segments are the same as those described in the “Summary of Significant Accounting Policies.” The Company evaluates the performance of its segments and allocates resources to them based on operating profit which is defined as income before investment income, interest expense and taxes. All acquired assets, including intangible assets, are included in the assets of both reporting segments.\nThe table below presents information about reported segments for each of the years ended April 30, 2019 and 2018, respectively, with reconciliation of segment amounts to consolidated amounts as reported in the statement of operations or the balance sheet for each of the years (in thousands):\n\n | 2019 | 2018 \n-------------------------------------------------- | --------- | ----------\nNet revenues: | | \nFEI-NY | $38,096 | $26,936 \nFEI-Zyfer | 12,235 | 15,272 \nLess intersegment revenues | (822 ) | (2,801) \nConsolidated revenues | $49,509 | $ 39,407 \nOperating loss: | | \nFEI-NY | $(4,429 ) | $ (15,097)\nFEI-Zyfer | 1,730 | 3,164 \nCorporate | (118 ) | (462) \nConsolidated operating loss | $(2,817 ) | $ (12,395)\n | 2019 | 2018 \nIdentifiable assets: | | \nFEI-NY (approximately $1.5 in China in 2019) | $54,295 | $ 55,181 \nFEI-Zyfer | 10,478 | 8,168 \nless intersegment receivables | (8,346 ) | (11,888) \nCorporate | 30,344 | 32,123 \nConsolidated identifiable assets | $86,771 | $ 83,584 \nDepreciation and amortization (allocated): | | \nFEI-NY | $2,695 | $ 2,355 \nFEI-Zyfer | 92 | 114 \nCorporate | 15 | 15 \nConsolidated depreciation and amortization expense | $2,802 | $ 2,484 \n\n. Segment Information\n Company operates two segments subsidiaries\n (1) FEI-NY operates New York operations precision time frequency control products communication satellites. terrestrial cellular telecommunication stations components systems. military.\n includes operations subsidiaries FEI-Elcom FEI-Asia. FEI- Asia manufacturing facility minimal sales outside customers. FEI Elcom provides design technical support satellite business.\n (2) FEI-Zyfer operates California products Global Positioning System (GPS) technologies secure communications government locator applications. provides sales support wireline telecommunications family US5G.\n measures segment performance revenues profits location customers. segments reflect management business.\n accounting policies same “Summary of Significant Accounting Policies. evaluates performance allocates resources operating profit income before interest taxes. acquired assets included in segments.\ntable segments 2019 2018 consolidated amounts\n Net revenues\n FEI-NY $38,096 $26,936\n FEI-Zyfer 12,235 15,272\n intersegment revenues\n Consolidated revenues $49,509 $ 39,407\n Operating loss\n FEI-NY $(4,429 (15,097)\n FEI-Zyfer 1,730 3,164\n loss $(2,817 (12,395\n assets\n FEI-NY $1. $54,295 55,181\n FEI-Zyfer 10\n intersegment receivables\n 30 32,123\n Consolidated assets $86,771 $ 83,584\n Depreciation amortization\n FEI-NY $2,695 2,355\n FEI-Zyfer\n depreciation $2,802 2,484" +} +{ + "_id": "d1b3a1c8a", + "title": "", + "text": "(3) Accounts Receivable, Net\nAccounts receivable, net, is as follows (in thousands):\nBad debt expense for the years ended December 31, 2019, 2018 and 2017 was $0.7 million, $0.1 million and $0.6 million, respectively.\n\n | As of December 31, | \n------------------------------- | ------------------ | -------\n | 2019 | 2018 \nAccounts receivable | $69,767 | $41,818\nAllowance for doubtful accounts | (1,125) | (711) \nNet accounts receivable | $68,642 | $41,107\n\nAccounts Receivable\n Bad debt expense December 2019 2018 2017 $0. 7 million. 1 million. 6 million.\n December\n receivable $69,767 $41,818\n doubtful accounts\n Net accounts $68,642 $41,107" +} +{ + "_id": "d1b315bcc", + "title": "", + "text": "Statement of financial position\nNet assets have decreased to $157,164,000 at 30 June 2019 from $163,937,000 at 30 June 2018.\nCurrent assets have decreased from 30 June 2018 by 18% to $75,460,000. This is driven by a reduction in cash assets, a result of continued investment in technology and further investment in iMoney. The current component of the trail commission asset is $25,626,000, which increased by 16% since 30 June 2018.\nNon-current assets have increased from 30 June 2018 by 2% to $150,607,000 which is largely due to higher non-current trail commission asset partially offset by capital asset writeoffs and Home Loans Goodwill impairment. The non-current component of the trail commission asset is $88,452,000 which increased by 9% since 30 June 2018, mainly due to sales volume and partner mix.\nCurrent liabilities decreased from 30 June 2018 to 30 June 2019 by 20% to $34,555,000 primarily due to payments to suppliers in addition to trade related payable balances post 30 June 2018.\nNon-current liabilities have increased by 9% ending on $34,348,000. This relates to an increase in lease liabilities and deferred tax liabilities.\n\nFINANCIAL PERFORMANCE SUMMARY | 2019 $’000 | 2018 $’000 RESTATED | CHANGE\n----------------------------- | ----------- | -------------------- | ------\nCurrent assets | 75,460 | 91,457 | (18%) \nNon-current assets | 150,607 | 147,234 | 2% \nTotal assets | 226,067 | 238,691 | (5%) \nCurrent liabilities | 34,555 | 43,336 | (20%) \nNon-current liabilities | 34,348 | 31,418 | 9% \nTotal liabilities | 68,903 | 74,754 | (8%) \nNet assets | 157,164 | 163,937 | (4%) \nEquity | 157,164 | 163,937 | (4%) \n\n\n assets $157,164,000 2019 $163,937,000 2018.\n assets decreased 18% $75,460,000. cash technology iMoney. trail commission asset $25,626,000 increased 16% 2018.\n Non-current assets increased 2% $150,607,000 capital writeoffs Home Loans Goodwill impairment. $88,452,000 increased sales volume partner mix.\n liabilities decreased 20% $34,555,000 payments suppliers balances.\n Non-current liabilities increased 9% $34,348,000. lease deferred tax liabilities.\n FINANCIAL PERFORMANCE SUMMARY 2019 2018\n assets 75,460 91,457 (18%)\n Non-current 150,607 147,234 2%\n 226,067 238 (5%\n liabilities 34,555 43,336 (20%)\n Non-current 34,348 9%\n 68,903 74 (8%)\n Net assets 157,164 163,937\n" +} +{ + "_id": "d1a73b248", + "title": "", + "text": "Research and Development Expense\nResearch and development expense increased by $8.7 million in 2019 compared to 2018. The increase was primarily due to a $5.4 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 229 employees as of December 31, 2018 to 252 employees as of December 31, 2019, a $1.3 million increase in hosting and software related cost to support research and development activities and an increase of $0.4 million in office related expenses to support research and development activities. In addition, a total of $6.5 million of internally-developed software costs during 2019 and $7.7 million of internally-developed software costs during 2018 were capitalized, resulting in an increase of the expense by $1.2 million compared to 2018.\n\n | Year Ended December 31, | | Change | \n------------------------ | ----------------------- | ---------------------- | ------- | -----\n | 2019 | 2018 | $ | % \n | | (dollars in thousands) | | \nResearch and development | $ 50,024 | $ 41,305 | $ 8,719 | 21.1%\n% of revenue | 25% | 28% | | \n\nResearch Development Expense\n increased $8. 7 million 2019 2018. due $5. 4 million employee costs stock-based compensation increased headcount 229 to 252 $1. 3 million increase hosting software $0. 4 million office expenses. $6. 5 million-developed 2019 $7. 7 million 2018 capitalized expense $1. 2 million 2018.\n Year Ended December 31,\n 2019 2018\n thousands\n Research development $ 50,024 $ 41,305 $ 8,719. 1%\n revenue 25% 28%" +} +{ + "_id": "d1b37b828", + "title": "", + "text": "The following table presents the approximate amount of federal, foreign and state operating loss carryforwards and federal tax credit carryforwards available to\nreduce future taxable income, along with the respective range of years that the operating loss and tax credit carryforwards would expired if not utilized:\nAt March 31, 2019, certain of our U.S. and foreign subsidiaries in Brazil, France, Germany, Israel, Japan, Mexico and Korea had tax operating loss and tax credit carry\nforwards totaling approximately $263,836. There is a greater likelihood of not realizing the future tax benefits of these net operating losses and other deductible\ntemporary differences in Brazil, Israel, China, and Korea since these losses and other deductible temporary differences must be used to offset future taxable income of\nthose subsidiaries, which cannot be assured, and are not available to offset taxable income of other subsidiaries located in those countries. Accordingly, we have\nrecorded valuation allowances related to the net deferred tax assets in these jurisdictions. Valuation allowances decreased $(12,101), and increased $317 and $6,812\nduring the years ended March 31, 2017, 2018, and 2019, respectively, as a result of changes in the net operating losses of the subsidiaries or as a result of changes in\nforeign currency exchange rates in the countries mentioned above\nThe decrease in valuation allowance during the year ended March 31, 2017 was also due to the reversal of valuation allowances of $5,530 related to the future\nutilization of NOLs totaling $15,878 at a Japanese subsidiary. The related tax benefits upon utilization of the Japanese NOLs expire eight years after they are generated,\nand they are not subject to annual utilization limitations. The realization of tax benefits due to the utilization of these NOLs could take an extended period of time to\nrealize and are dependent upon the Japanese subsidiary’s continuing profitability, and some could expire prior to utilization. The increase in valuation allowance during\nthe year ended March 31, 2019, was due to the addition of valuation allowances of $3,124 related to the Ethertronics acquisition and $1,763 related to capital and section\n1231 losses at AVX Corporation.\nThe decrease in valuation allowance during the year ended March 31, 2017 was also due to the reversal of valuation allowances of $5,530 related to the future utilization of NOLs totaling $15,878 at a Japanese subsidiary. The related tax benefits upon utilization of the Japanese NOLs expire eight years after they are generated, and they are not subject to annual utilization limitations. The realization of tax benefits due to the utilization of these NOLs could take an extended period of time to realize and are dependent upon the Japanese subsidiary’s continuing profitability, and some could expire prior to utilization. The increase in valuation allowance during the year ended March 31, 2019, was due to the addition of valuation allowances of $3,124 related to the Ethertronics acquisition and $1,763 related to capital and section 1231 losses at AVX Corporation.\nIncome taxes paid totaled $55,642, $66,354 and $75,640 during the years ended March 31, 2017, 2018 and 2019, respectively\n\n | March 31, 2019 | Beginning expiration year | Ending expiration year\n------------------------------------ | -------------- | ------------------------- | ----------------------\nFederal operating loss carryforwards | $14,440 | 2026 | 2036 \nFederal operating loss carryforwards | 11,895 | No Exp | No Exp \nForeign operating loss carryforwards | 178,784 | No Exp | No Exp \nForeign operating loss carryforwards | 25,792 | 2020 | 2039 \nState operating loss carryforwards | 3,279 | 2022 | 2039 \nFederal tax credit carryforwards | 17,373 | 2039 | 2039 \nForeign tax credit carryforward | 4,187 | 2023 | 2029 \nState tax credit carryforward | 8,086 | 2020 | 2029 \n\ntable presents federal foreign state operating loss tax credit\n future taxable income not\n March 31, 2019 U. S. foreign subsidiaries in Brazil France Germany Israel Japan Mexico Korea had loss tax credit\n $263,836. likelihood not realizing future tax benefits losses\n differences in Brazil Israel China Korea future taxable income\n.\n valuation allowances deferred tax assets jurisdictions. decreased $(12 increased $317 $6,812\n March 31, 2017 2018 2019 net operating losses\n foreign currency exchange rates\n decrease 2017 due to reversal of allowances $5,530 future\n utilization NOLs $15,878 at Japanese subsidiary. tax benefits NOLs expire eight years after\n not subject to annual utilization limitations. tax benefits\n Japanese profitability expire prior. increase valuation allowance\n March 31, 2019 due to allowances $3,124 Ethertronics acquisition $1,763 capital\n 1231 losses at AVX Corporation.\ndecrease valuation allowance March 2017 due reversal $5,530 future utilization NOLs $15,878 Japanese subsidiary. tax benefits NOLs expire eight years after not annual limitations. tax benefits Japanese profitability expire. increase valuation allowance March 31, 2019 due addition $3,124 Ethertronics acquisition $1,763 capital section 1231 losses AVX Corporation.\n Income taxes totaled $55,642 $66,354 $75,640 March 2017 2018 2019\n Federal operating loss carryforwards $14,440 2026\n 11,895\n Foreign 178,784\n 25,792\n State loss 3,279\n Federal tax credit carryforwards 17,373 2039\n Foreign tax credit carryforward 4,187 2023\n State tax credit carryforward 8,086 2020" +} +{ + "_id": "d1b316e00", + "title": "", + "text": "Note 13: Supplemental Balance Sheets and Statements of Operations Detail\n(1) Fiscal year ended March 31, 2018 adjusted due to the adoption of ASC 606.\n\n | March 31, | \n------------------------------------------ | --------- | --------\n(amounts in thousands) | 2019 | 2018 \nAccounts receivable: | | \nTrade | $176,715 | $166,459\nAllowance for doubtful accounts reserve | (1,206) | (1,210) \nShip-from-stock and debit (“SFSD”) reserve | (18,862) | (17,362)\nReturns reserves (1) | (964) | (131) \nRebates reserves | (967) | (446) \nPrice protection reserves | (657) | (420) \nOther | — | (329) \nAccounts receivable, net (1) | $154,059 | $146,561\n\nSupplemental Balance Sheets Statements Operations\n Fiscal year March 31, 2018 ASC 606.\n Accounts receivable\n $176,715 $166,459\n doubtful accounts reserve (1,206)\n Ship-from-stock debit (18,862)\n Returns reserves\n Rebates reserves\n Price protection reserves\n Accounts receivable net $154,059 $146,561" +} +{ + "_id": "d1b381278", + "title": "", + "text": "Capital reserve and reserves retained from earnings\nPrior to the effective date of the reclassification and demerger of CECONOMY AG on 12 July 2017, METRO AG was not yet a group within the meaning of IFRS 10. Accordingly, combined financial statements of METRO Wholesale & Food Specialist GROUP (hereinafter: MWFS GROUP) were prepared for the IPO prospectus of METRO AG. Equity in the combined financial statements was the residual amount from the combined assets and liabilities of MWFS GROUP. Following the demerger, METRO became an independent group with METRO AG as the listed parent company. Therefore, the equity in the consolidated financial statements is subdivided according to legal requirements. The subscribed capital of €363 million and the capital reserve of €6,118 million were recognised at the carrying amounts from the METRO AG Annual Financial Statements as of 30 September 2017. For this purpose, a transfer was made from the equity item net assets, recognised as of 1 October 2016, attributable to the former METRO GROUP of the combined financial statements of MWFS GROUP. The remaining negative amount of this equity item was reclassified to reserves retained from earnings. It cannot be traced back to a history of loss.\nReserves retained from earnings can be broken down as follows:\n1 Previous year: gains/losses on remeasuring financial instruments in the category ‘available for sale’.\n2 Adjustment of previous year according to explanation in notes.\n\n€ million | 30/9/2018 | 30/9/2019\n------------------------------------------------------------------------------------------------ | --------- | ---------\nEffective portion of gains/losses from cash flow hedges | 0 | 2 \nEquity and debt instruments1 | 9 | −3 \nCurrency translation differences from translating the financial statements of foreign operations | −738 | −602 \nRemeasurement of defined benefit pension plans | −410 | −500 \nIncome tax on components of other comprehensive income | 91 | 106 \nOther reserves retained from earnings | −2,401 2 | −2,782 \n | −3,449 | −3,778 \n\nCapital reserve reserves from earnings\n CECONOMY AG 12 July 2017 METRO AG not IFRS 10. financial statements METRO Wholesale Food Specialist GROUP prepared for IPO prospectus METRO AG. Equity residual from assets liabilities MWFS GROUP. demerger METRO independent AG parent. equity statements subdivided. subscribed capital €363 million capital reserve €6,118 million METRO AG Annual Financial Statements 30 September 2017. transfer from equity net assets. remaining negative reclassified to reserves from earnings.\n Reserves\n Previous year gains/losses remeasuring financial instruments.\n Adjustment.\n million 30/9/2018 30/9/2019\n gains/losses from cash flow hedges\n Equity debt\n Currency translation differences financial statements foreign operations\n Remeasurement defined benefit pension plans\n Income tax income\n Other reserves retained from earnings\n,778" +} +{ + "_id": "d1a73ec0e", + "title": "", + "text": "Note 13. Investments Held in Rabbi Trust\nThe mutual funds held in the rabbi trust were 66% equity-based and 34% debt-based as of December 31, 2019. Net investment income (losses), included in “Other income (expense), net” in the accompanying Consolidated Statements of Operations consisted of the following (in thousands):\n\n | | Years Ended December 31, | \n------------------------------------------------------------ | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nNet realized gains (losses) from sales of trading securities | $143 | $10 | $195 \nDividend and interest income | 419 | 635 | 422 \nNet unrealized holding gains (losses) | 1,817 | (1,512) | 1,002 \n | $2,379 | $(867) | $1,619\n\n. Investments Rabbi Trust\n mutual funds 66% equity 34% debt December 31, 2019. Net investment income Statements Operations\n Years Ended December 31,\n 2019 2018 2017\n gains sales securities $143 $195\n Dividend interest income 419\n unrealized gains (losses 1,817\n $2,379 $ $1,619" +} +{ + "_id": "d1b3aa344", + "title": "", + "text": "Fees Paid to the Independent Registered Public Accounting Firm\nThe following table presents fees for professional audit services and other services rendered to our company by KPMG for our fiscal years ended December 31, 2017 and 2018.\n(1) Audit Fees consist of professional services rendered in connection with the audit of our annual consolidated financial statements, including audited financial statements presented in our Annual Report on Form 10-K for the fiscal years ended December 31, 2017 and 2018 and services that are normally provided by the independent registered public accountants in connection with statutory and regulatory filings or engagements for those fiscal years.\n(2) Audit-Related Fees consist of fees for professional services for assurance and related\nservices that are reasonably related to the performance of the audit or review of our consolidated financial statements and are not reported under “Audit Fees.” These services could include accounting consultations concerning financial accounting and reporting standards, due diligence procedures in connection with acquisition and procedures related to other attestation services.\n(3) Tax Fees consist of fees for professional services for tax compliance, tax advice and tax planning. These services include consultation on tax matters and assistance regarding federal, state and international tax compliance.\n(4) All Other Fees consist of license fees for the use of accounting research software.\n\n | 2017 | 2018 \n---------------------- | -------------- | --------------\n | (In Thousands) | (In Thousands)\nAudit Fees (1) | $3,747 | $4,476 \nAudit-Related Fees (2) | — | — \nTax Fees (3) | — | — \nAll Other Fees (4) | $3 | $3 \nTotal Fees | $3,750 | $4,479 \n\nFees Paid Independent Registered Public Accounting Firm\n table presents fees audit services KPMG fiscal years December 2017 2018.\n Audit Fees audit annual consolidated financial statements Annual Report Form 10-K accountants.\n Audit-Related Fees assurance\n audit not Fees. include accounting consultations financial accounting reporting standards due diligence procedures acquisition attestation services.\n Tax Fees tax compliance advice planning. include consultation assistance federal state international tax compliance.\n Other Fees license fees accounting research software.\n 2017 2018\n Thousands\n Audit Fees (1) $3,747 $4,476\n Audit-Related Fees (2)\n Tax Fees (3)\n All Other Fees (4)\n Total Fees $3,750 $4,479" +} +{ + "_id": "d1b31fef6", + "title": "", + "text": "Note 8 – Property, Plant and Equipment\nAs of December 31, 2019 and 2018, property, plant and equipment was comprised of the following:\nDepreciation expense was $12.5 million, $12.7 million and $12.8 million for the years ended December 31, 2019, 2018 and 2017, respectively, which is recorded in cost of sales, selling, general and administrative expense and research and development expense in the consolidated statements of income.\nWe assess long-lived assets used in operations for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the undiscounted cash flows estimated to be generated by the asset are less than the asset’s carrying value. During the year ended December 31, 2019, the Company recognized impairment charges of $3.9 million related to the abandonment of certain information technology projects in which we had previously capitalized expenses related to these projects. The impairment charges were determined based on actual costs incurred as part of the projects. No impairment charges were recognized during the years ended December 31, 2018 and 2017.\n\n(In thousands) | 2019 | 2018 \n---------------------------------------- | --------- | ---------\nLand | $4,575 | $4,575 \nBuilding and land improvements | 34,797 | 34,379 \nBuilding | 68,157 | 68,183 \nFurniture and fixtures | 19,959 | 19,831 \nComputer hardware and software | 74,399 | 92,071 \nEngineering and other equipment | 130,430 | 127,060 \nTotal Property, Plant and Equipment | 332,317 | 346,099 \nLess accumulated depreciation | (258,609) | (265,464)\nTotal Property, Plant and Equipment, net | $73,708 | $80,635 \n\nProperty Plant Equipment\n December 31, 2019 2018\n Depreciation expense $12. 5 million $12. 7 million $12. 8 million 2019 2018 2017 recorded sales selling research development statements.\n long-lived assets impairment undiscounted cash flows less than carrying value. 2019 recognized impairment charges $3. 9 million abandonment information technology projects. determined costs. No impairment charges December 31, 2018 2017.\n Land $4,575\n Building land improvements 34,797\n 68,157\n Furniture fixtures 19,959\n Computer hardware software 74,399 92,071\n Engineering equipment 130,430 127,060\n Property Plant Equipment 332,317 346,099\n Less accumulated depreciation (258,609) (265,464\n $73,708 $80,635" +} +{ + "_id": "d1b3993d2", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nAccounts Receivable and Deferred Rent Asset—The Company derives the largest portion of its revenues and corresponding accounts receivable and the related deferred rent asset from a relatively small number of tenants in the telecommunications industry, and 54% of its current-year revenues are derived from four tenants.\nThe Company’s deferred rent asset is associated with non-cancellable tenant leases that contain fixed escalation clauses over the terms of the applicable lease in which revenue is recognized on a straight-line basis over the lease term.\nThe Company mitigates its concentrations of credit risk with respect to notes and trade receivables and the related deferred rent assets by actively monitoring the creditworthiness of its borrowers and tenants. In recognizing tenant revenue, the Company assesses the collectibility of both the amounts billed and the portion recognized in advance of billing on a straight-line basis. This assessment takes tenant credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed. To the extent the amounts, based on management’s estimates, may not be collectible, revenue recognition is deferred until such point as collectibility is determined to be reasonably assured. Any amounts that were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense included in Selling, general, administrative and development expense in the accompanying consolidated statements of operations.\nAccounts receivable is reported net of allowances for doubtful accounts related to estimated losses resulting from a tenant’s inability to make required payments and allowances for amounts invoiced whose collectibility is not reasonably assured. These allowances are generally estimated based on payment patterns, days past due and collection history, and incorporate changes in economic conditions that may not be reflected in historical trends, such as tenants in bankruptcy, liquidation or reorganization. Receivables are written-off against the allowances when they are determined to be uncollectible. Such determination includes analysis and consideration of the particular conditions of the account. Changes in the allowances were as follows:\n(1) In 2019, write-offs are primarily related to uncollectible amounts in India. In 2018 and 2017, recoveries include recognition of revenue resulting from collections of previously reserved amounts.\n\n | | Year Ended December 31, | \n------------------------------------ | ------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nBalance as of January 1, | $282.4 | $131.0 | $45.9 \nCurrent year increases | 104.3 | 157.8 | 87.2 \nWrite-offs, recoveries and other (1) | (223.4) | (6.4) | (2.1) \nBalance as of December 31, | $163.3 | $282.4 | $131.0\n\nAMERICAN TOWER CORPORATION SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS amounts millions\n Accounts Receivable Deferred Rent Company derives revenues accounts receivable deferred rent asset from small tenants telecommunications industry 54% current-year revenues from four tenants.\n deferred rent asset associated with non-cancellable tenant leases fixed escalation clauses revenue recognized term.\n mitigates credit risk creditworthiness borrowers tenants. assesses collectibility amounts billed recognized. tenant credit risk business industry conditions. revenue recognition deferred until collectibility assured. amounts uncollectible charged to bad debt expense administrative development expense.\n Accounts receivable net of allowances for doubtful accounts estimated losses inability payments allowances amounts invoiced collectibility. allowances estimated based on payment patterns days past due collection history incorporate changes economic conditions bankruptcy liquidation reorganization.Receivables written-off against allowances uncollectible. determination conditions account. Changes allowances\n 2019 write-offs related uncollectible amounts India. 2018 2017 recoveries revenue reserved amounts.\n Ended December 31,\n Balance January 1 $282. $131. $45.\n increases 104. 157. 87.\n Write-offs recoveries (223. (6.\n Balance December 31, $163. $282. $131." +} +{ + "_id": "d1b376fda", + "title": "", + "text": "CREDIT RISK\nIn many instances, trade receivables are written off directly to bad debt expense if the account has not been collected after a predetermined period of time.\nThe following table provides further details on trade receivables, net of allowance for doubtful accounts.\n\nAT DECEMBER 31 | 2019 | 2018 \n------------------------------------------------------------------ | ----- | -----\nTrade receivables not past due | 2,082 | 2,091\nTrade receivables past due, net of allowance for doubtful accounts | | \nUnder 60 days | 541 | 508 \n60 to 120 days | 232 | 304 \nOver 120 days | 64 | 72 \nTrade receivables, net of allowance for doubtful accounts | 2,919 | 2,975\n\nCREDIT RISK\n trade receivables bad debt collected.\n table details receivables doubtful accounts.\n DECEMBER 31 2019\n receivables not past due 2,082 2,091\n doubtful accounts\n Under 60 days 541\n 60 to 120 days\n Over 120 days 64\n doubtful 2,919,975" +} +{ + "_id": "d1b37dcae", + "title": "", + "text": "Annual Recurring Revenue\nBeginning with the fourth quarter of 2018, we began monitoring a new operating metric, total annual recurring revenue (“Total ARR”), which is defined as the annualized value of all recurring revenue contracts active at the end of a reporting period. Total ARR includes the annualized value of subscriptions (“Subscription ARR”) and the annualized value of software support contracts related to perpetual licenses (“Perpetual license support ARR”) active at the end of a reporting period and does not include revenue reported as perpetual license or professional services in our consolidated statement of operations. We are monitoring these metrics because they align with how our customers are increasingly purchasing our solutions and how we are managing our business. These ARR measures should be viewed independently of revenue, unearned revenue, and customer arrangements with termination rights as ARR is an operating metric and is not intended to be combined with or replace those items. ARR is not an indicator of future revenue and can be impacted by contract start and end dates and renewal rates.\nARR metrics as of December 31, 2019 and 2018 were as follows (unaudited):\n\n | December 31, | \n--------------------------------------------- | ------------ | ------\n(in millions, except percentages) | 2019 | 2018 \nTotal ARR | $179.5 | $162.6\nYear-over-year percentage increase | 10% | 20% \nSubscription ARR | $113.9 | $95.9 \nYear-over-year percentage increase | 19% | 32% \nPerpetual license support ARR | $65.6 | $66.7 \nYear-over-year percentage increase (decrease) | (2)% | 6% \n\nAnnual Recurring Revenue\n fourth quarter 2018 monitoring new total annual recurring revenue recurring revenue contracts. includes subscriptions software contracts perpetual licenses perpetual license professional services consolidated statement operations. monitoring metrics align customers solutions managing business. ARR measures viewed independently revenue unearned revenue customer arrangements termination rights operating not. not indicator future revenue impacted contract start end dates renewal rates.\n ARR metrics December 31, 2019 2018\n Total ARR $179. $162.\n Year-over-year increase 10% 20%\n Subscription ARR $113. $95.\n Year-over-year increase 19% 32%\n Perpetual license support ARR $65. $66.\n Year-over-year increase 6%" +} +{ + "_id": "d1b377f84", + "title": "", + "text": "Interest and Other Expense, Net\nThe following table sets forth the components of interest and other expense, net:\nInterest and other expense, net, positively changed by $30.5 million during fiscal 2019, as compared to fiscal 2018, primarily driven by curtailment gains on our pension plans, mark-to-market gains on certain of our privately-held strategic investments, realized gains on sales of strategic investments, offset by an increase in interest expense resulting from our term loan entered into on December 17, 2018 in aggregate principal amount of $500 million and mark-to-market losses on marketable securities.\nInterest and other expense, net, increased $24.0 million during fiscal 2018, as compared to fiscal 2017, primarily related to increases in impairment losses on certain of our privately-held strategic investments and interest expense resulting from our June 2017 issuance of $500.0 million aggregate principal amount of 3.5% notes due June 15, 2027.\nInterest expense and investment income fluctuates based on average cash, marketable securities and debt balances, average maturities and interest rates.\nGains and losses on foreign currency are primarily due to the impact of re-measuring foreign currency transactions and net monetary assets into the functional currency of the corresponding entity. The amount of the gain or loss on foreign currency is driven by the volume of foreign currency transactions and the foreign currency exchange rates for the year\n\n | | Fiscal year ended January 31, | \n------------------------------------ | ------- | ----------------------------- | -------\n | 2019 | 2018 | 2017 \n | | (in millions) | \nInterest and investment expense, net | $(52.1) | $(34.5) | $(29.7)\nGain (loss) on foreign currency | 5.1 | (3.3) | (3.3) \nGain (loss) on strategic investments | 12.5 | (16.4) | 0.3 \nOther income | 16.8 | 6.0 | 8.5 \nInterest and other expense, net | $(17.7) | $(48.2) | $(24.2)\n\nInterest Expense Net\n table components interest expense\n changed $30. 5 million 2019 driven by gains pension plans mark-to-market gains strategic investments gains sales offset increase interest expense term loan December 17, 2018 $500 million mark-to losses securities.\n expense increased $24. million 2018 related to losses investments June 2017 issuance $500. million 3. 5% notes due June 15, 2027.\n Interest expense investment income fluctuates cash securities debt balances maturities interest rates.\n Gains losses foreign currency due re-measuring currency transactions assets. gain loss foreign currency driven by volume transactions exchange rates\n Fiscal year January\n millions\n Interest investment expense net $(52.(34.(29. 7)\n Gain (loss) on foreign currency 5.\n strategic investments 12.\n Other income.\n Interest expense net $(17. 7)(48.$(24." +} +{ + "_id": "d1b398cac", + "title": "", + "text": "Note 11: Share-Based Compensation\nTotal share-based compensation expense related to the Company's stock options, RSUs, stock grant awards and ESPP were recorded within the Consolidated Statements of Operations and Comprehensive Income as follows (in millions):\n(1) Recognition of related income tax benefits are the result of the adoption of ASU 2016-09 during the first quarter of 2017 through a cumulative effect adjustment of $68.1 million recorded as a credit to retained earnings as of January 1, 2017. Tax benefit is calculated using the federal statutory rate of 21% during the years ended December 31, 2019 and December 31, 2018, and 35% for the year ended December 31, 2017.\nAt December 31, 2019, total unrecognized share-based compensation expense, net of estimated forfeitures, related to non-vested RSUs with service, performance and market conditions was $74.9 million, which is expected to be recognized over a weighted-average period of 1.3 years. The total intrinsic value of stock options exercised during the year ended December 31, 2019 was $3.9 million.\nThe Company received cash of $1.7 million and $26.2 million from the exercise of stock options and the issuance of shares under the ESPP, respectively. Upon option exercise, vesting of RSUs, stock grant awards, or completion of a purchase under the ESPP, the Company issues new shares of common stock.\n\n | | Year Ended December 31, | \n----------------------------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nCost of revenue | $10.6 | $7.0 | $6.0 \nResearch and development | 17.0 | 14.3 | 12.5 \nSelling and marketing | 14.8 | 14.1 | 11.7 \nGeneral and administrative | 37.0 | 42.9 | 39.6 \nShare-based compensation expense | 79.4 | 78.3 | 69.8 \nRelated income tax benefits at federal rate (1) | (16.7) | (16.4) | (24.4)\nShare-based compensation expense, net of taxes | $62.7 | $61.9 | $45.4 \n\nShare-Based Compensation\n Company stock options RSUs stock grant awards ESPP recorded Consolidated Statements of Operations Comprehensive Income\n tax benefits ASU 2016-09 first quarter 2017 adjustment $68. 1 million credit earnings January 1, 2017. calculated federal rate 21% December 31, 2019 2018 35% 2017.\n December 31, 2019 unrecognized share-based compensation expense non-vested RSUs $74. 9 million. 3 years. intrinsic value stock options 2019 $3. 9 million.\n Company received cash $1. 7 million $26. 2 million from stock options issuance shares ESPP. Company issues new shares common stock.\n December\n Cost revenue $10. $7. $6.\n Research development.\n Selling marketing.\n General administrative 37. 42. 39.\n Share-based compensation expense 79. 78. 69.\n income tax benefits federal rate (16.\nShare compensation taxes $62. $45." +} +{ + "_id": "d1b311ef0", + "title": "", + "text": "Group and business unit performance factors\nThe underlying values and weightings for each KPI are set and approved by the remuneration committee in advance of each year to determine parameters for the STI in the form of a balanced scorecard. Below is the group STI scorecard for FY19 that applied to the CEO, CFO, executive directors, prescribed officers and other participants:\n* The actual targets have not been provided as they are linked to budget and considered commercially sensitive information.\n** For the key performance indicators within the growth and efficiency strategic objectives, the targeted percentages for “threshold”, “on-target” and\n“stretch” as set out above per key performance indicator represent the targeted percentage achievement of the underlying budgeted amounts.\n\nStrategic objective | Strategic objective weighting | Key performance indicator | Key performance indicator weighting | Score = 50% | Score = 100% | Score = 200%\n-------------------------- | ----------------------------- | ------------------------- | ----------------------------------- | -------------------------------------------------------------------- | -------------------- | ------------\nGrowth*,** | 60% | Sales volume growth | 10% | 40,0% | 100,0% | 140,0% \n | | Absolute gross margin | 10% | 96,8% | 100,0% | 103,6% \n | | PBIT | 40% | 98,6% | 100,0% | 103,6% \nEfficiency*,** | 10% | Cost savings initiatives | 5% | 98,6% | 100,0% | 123,4% \n | | Net working capital | 5% | 101,2% | 100,0% | 97,7% \n | | | | Reduction in execution-related marketplace incidents year-on-year by | | \nPeople and sustainability* | 30% | Quality | 10% | 10% | 15% | 20% \n | | Safety (LTIFR) | 10% | 120,0% | 100,0% | 80,0% \n | | BBBEE score | 10% | Level 7 (60 to 61) | Level 7 (61.1 to 65) | Level 6 \n\nGroup business unit performance factors\n values weightings remuneration committee balanced scorecard. group STI scorecard FY19 CEO CFO executive directors officers participants\n targets linked budget commercially sensitive.\n key performance indicators growth targeted percentages\n represent achievement budgeted amounts.\n Strategic objective Key performance indicator Score 50% 100% 200%\n Growth 60% Sales volume growth 10% 40,0% 100\n Absolute gross margin 10% 96,8% 103,6%\n PBIT 40% 98,6%\n Efficiency 10% Cost savings initiatives 5% 98,6% 100,0% 123,4%\n Net working capital 5% 101,2% 97,7%\n Reduction execution-related marketplace incidents year-on-year\n People sustainability 30% Quality 10% 20%\n Safety 10% 120,0% 100,0%\n BBBEE score 10% Level 7 (60 to 61." +} +{ + "_id": "d1b36a532", + "title": "", + "text": "Electro-Magnetic, Sensors, and Actuators\nThe following table sets forth net sales, operating income, and operating income as a percentage of net sales for our MSA reportable segment in fiscal years 2019 and 2018 (amounts in thousands, except percentages).\nNet Sales MSA net sales of $240.7 million in fiscal year 2019 increased $13.8 million or 6.1% from $227.0 million in fiscal year 2018. The increase in net sales was primarily driven by a $15.0 million increase in OEM sales in the JPKO region. Also contributing to the increase in net sales was a $4.3 million increase in EMS sales across all regions and a $3.7 million increase in distributor sales across the Americas and EMEA regions. These increase in net sales were partially offset by a $5.5 million decrease in distributor sales across the APAC and JPKO regions and a $3.8 million decrease in OEM sales across the Americas, APAC, and JPKO regions.\nReportable Segment Operating Income\nSegment operating income of $22.5 million in fiscal year 2019 increased $6.9 million from $15.7 million in fiscal year 2018. The increase in operating income was primarily due to a $6.6 million decrease in SG&A expenses resulting from a decrease in payroll expenses that was caused by a reduction in head count. Also contributing to the increase in operating income was a $2.9 million decrease in restructuring charges, a $1.3 million decrease in net loss on write down and disposal of long-lived assets, and a $0.2 million decrease in R&D expenses. Partially offsetting these improvements was a $4.1 million decrease in gross margin, which was primarily driven by a change in the sales mix to lower margin products.\n\n | | For the Fiscal Years Ended | | \n------------------------ | -------------- | -------------------------- | -------------- | --------------\n | March 31, 2019 | | March 31, 2018 | \nSales | Amount | % to Net Sales | Amount | % to Net Sales\nNet sales | $240,740 | | $226,964 | \nSegment operating income | 22,546 | 9.4% | 15,694 | 6.9% \n\nElectro-Magnetic Sensors Actuators\n table net sales operating income MSA segment 2019 2018.\n Net Sales $240. 7 million increased $13. 8 million 6. 1% from $227. 0 million 2018. driven $15. 0 million increase OEM sales JPKO. $4. 3 million EMS sales $3. 7 million distributor sales Americas EMEA. offset $5. 5 million decrease distributor sales APAC JPKO $3. 8 million decrease OEM sales.\n Segment Operating Income\n $22. 5 million 2019 increased $6. 9 million $15. 7 million 2018. due $6. 6 million SG&A expenses. $2. 9 million restructuring charges $1. 3 million net loss write disposal long-lived assets $0. 2 million decrease R&D expenses. $4. 1 million decrease gross margin sales mix lower margin products.\n March 2019 2018\n Sales %\n $240,740 $226,964\n22,546. 4% 15,694 6." +} +{ + "_id": "d1b3220e8", + "title": "", + "text": "Total Expense for Share-Based Payment\nTotal expense for the share-based payment plans of Executive Board members was determined in accordance with IFRS 2 (Share- Based Payments) and consists exclusively of obligations arising from Executive Board activities.\n\n€ thousands | 2019 | 2018 \n------------------------------------------------------------------------------ | -------- | -------\nChristian Klein (Co-CEO from 10/10/2019) | 1,925 | 442.2 \nJennifer Morgan (Co-CEO from 10/10/2019) | 2,894 | 796.1 \nRobert Enslin (until 4/5/2019) | 3,480 | 727.0 \nAdaire Fox-Martin | 2,667 | 796.1 \nMichael Kleinemeier | 3,253 | 914.2 \nBernd Leukert (until 3/31/2019) | 8,606 | 775.2 \nBill McDermott (CEO until 10/10/2019, Executive Board member until 11/15/2019) | 14,689 | 2,155.8\nLuka Mucic | 3,391 | 675.8 \nJürgen Müller (from 1/1/2019) | 768 | - \nStefan Ries | 2,646 | 772.0 \nThomas Saueressig (from 11/1/2019) | 128 | - \nTotal | 44,446.5 | 8,054.4\n\nExpense Share\n Board IFRS 2 obligations.\n Christian Klein-CEO 1,925 442.\n Jennifer Morgan 2,894 796.\n Robert Enslin 3,480 727.\n Adaire Fox-Martin 2,667 796.\n Michael Kleinemeier 3,253 914.\n Bernd Leukert 8,606 775.\n Bill McDermott 11/15/2019 14,689 2,155.\n Luka Mucic 3,391 675.\n Jürgen Müller\n Stefan Ries 2,646 772.\n Thomas Saueressig\n 44,446. 8,054." +} +{ + "_id": "d1b3b497a", + "title": "", + "text": "Off-Balance Sheet Arrangements and Contractual Obligations\nWe have certain obligations to make future payments under various contracts, some of which are recorded on our balance sheet\n\nand some of which are not. Obligations that are recorded on our balance sheet in accordance with GAAP include our long-term\n\ndebt which is outlined in the following table. Our off-balance sheet arrangements are presented as operating leases and purchase\n\nobligations in the table. Our contractual obligations and commitments as of June 30, 2019, relating to these agreements and our\n\nguarantees are included in the following table based on their contractual maturity date.\nThe amounts in the table below exclude $373 million of liabilities related to uncertain tax benefits as we are unable to reasonably\n\nestimate the ultimate amount or time of settlement. See Note 7 of our Consolidated Financial Statements in Part II, Item 8 of this\n\n2019 Form 10-K for further discussion. The amounts in the table below also exclude $10 million associated with funding\n\ncommitments related to non-marketable equity investments as we are unable to make a reasonable estimate regarding the timing\n\nof capital calls.\nThe amounts in the table below exclude $373 million of liabilities related to uncertain tax benefits as we are unable to reasonably\n\nestimate the ultimate amount or time of settlement. See Note 7 of our Consolidated Financial Statements in Part II, Item 8 of this\n\n2019 Form 10-K for further discussion. The amounts in the table below also exclude $10 million associated with funding\n\ncommitments related to non-marketable equity investments as we are unable to make a reasonable estimate regarding the timing\n\nof capital calls.\n(1) Excludes $26.5 million associated with our build-to-suit lease arrangements that are classified as capital leases in the Consolidated Balance Sheets in Part II, Item 8 of this 2019 Form 10-K for which cash payment is not anticipated.\n(2) The conversion period for the 2.625% Convertible Senior Notes due May 2041 (the “2041 Notes”) was open as of June 30, 2019, and as such the net carrying value of the 2041 Notes is included within current liabilities on our Consolidated Balance Sheet. The principal balances of the 2041 Notes are reflected in the payment period in the table above based on the contractual maturity assuming no conversion. See Note 14 of our Consolidated Financial Statements in Part II, Item 8 of this 2019 Form 10-K for additional information concerning the 2041 Notes and associated conversion features.\n(3) We may choose to apply existing tax credits, thereby reducing the actual cash payment.\n(4) Certain tax-related liabilities and post-retirement benefits classified as other non-current liabilities on the Consolidated Balance Sheet are included in the “More than 5 Years” category due to the uncertainty in the timing and amount of future payments. Additionally, the balance excludes contractual obligations recorded in our Consolidated Balance Sheet as current liabilities.\nOperating Leases\nWe lease most of our administrative, R&D, and manufacturing facilities; regional sales/service offices; and certain equipment under non-cancelable operating leases. Certain of our facility leases for buildings located in Fremont and Livermore, California; Tualatin, Oregon; and certain other facility leases provide us with an option to extend the leases for additional periods or to purchase the facilities. Certain of our facility leases provide for periodic rent increases based on the general rate of inflation. In addition to amounts included in the table above, we have guaranteed residual values for certain of our Fremont and Livermore facility leases of up to $250 million. See Note 16 to our Consolidated Financial Statements in Part II, Item 8 of this 2019 Form 10-K for further discussion.\nCapital Leases\nCapital leases reflect building and office equipment lease obligations. The amounts in the table above include the interest portion of payment obligations.\nPurchase Obligations\nPurchase obligations consist of significant contractual obligations either on an annual basis or over multi-year periods related to our outsourcing activities or other material commitments, including vendor-consigned inventories. The contractual cash obligations and commitments table presented above contains our minimum obligations at June 30, 2019, under these arrangements and others. For obligations with cancellation provisions, the amounts included in the preceding table were limited to the non-cancelable portion of the agreement terms or the minimum cancellation fee. Actual expenditures will vary based on the volume of transactions and length of contractual service provided.\nIncome Taxes\nDuring the December 2017 quarter, a one-time transition tax on accumulated unrepatriated foreign earnings, estimated at $991 million, was recognized associated with the December 2017 U.S. tax reform. In accordance with SAB 118, we finalized the amount of the transition tax during the period ended December 23, 2018. The final amount is $868.4 million. The Company elected\nLong-Term Debt\nIn June 2012, with the acquisition of Novellus, we assumed $700 million in aggregate principal amount of 2.625% Convertible Senior Notes due May 2041. We pay cash interest on the 2041 Notes at an annual rate of 2.625%, on a semi-annual basis. The 2041 Notes may be converted, under certain circumstances, into our Common Stock.\nDuring the quarter-ended June 30, 2019, the market value of our Common Stock was greater than or equal to 130% of the 2041 Notes conversion prices for 20 or more trading days of the 30 consecutive trading days preceding the quarter end. As a result, the 2041 Notes are convertible at the option of the holder and are classified as current liabilities in our Consolidated Balance Sheets for fiscal year 2019.\nOn March 12, 2015, we completed a public offering of $500 million aggregate principal amount of Senior Notes due March 15, 2020 (the “2020 Notes”) and $500 million aggregate principal amount of Senior Notes due March 15, 2025 (the “2025 Notes”). We pay interest at an annual rate of 2.75% and 3.80%, respectively, on the 2020 Notes and 2025 Notes, on a semi-annual basis on March 15 and September 15 of each year.\nOn June 7, 2016, we completed a public offering of $800.0 million aggregate principal amount of Senior Notes due June 15, 2021, (the “2021 Notes”), together with the 2020 Notes, and 2021 Notes, the “Senior Notes”, and collectively with the Convertible Notes, the “Notes”). We pay interest at an annual rate of 2.80% on the 2021 Notes on a semi-annual basis on June 15 and December 15 of each year.\nOn March 4, 2019, we completed a public offering of $750 million aggregate principal amount of the Company’s Senior Notes due March 15, 2026 (the “2026 Notes”), $1 billion aggregate principal amount of the Company’s Senior Notes due March 15, 2029 (the “2029 Notes”), and $750 million aggregate principal amount of the Company’s Senior Notes due March 15, 2049 (the “2049 Notes”, collectively with the 2026 and 2029 Notes, the “Senior Notes issued in 2019”). We will pay interest at an annual rate of 3.75%, 4.00%, and 4.875%, respectively on the 2026, 2029 and 2049 Notes, on a semi-annual basis on March 15 and September 15 of each year, beginning September 15, 2019.\nWe may redeem the 2020, 2021, 2025, 2026, 2029 and 2049 Notes (collectively the “Senior Notes”) at a redemption price equal to 100% of the principal amount of such series (“par”), plus a “make whole” premium as described in the indenture in respect to the Senior Notes and accrued and unpaid interest before February 15, 2020, for the 2020 Notes, before May 15, 2021 for the 2021 Notes, before December 15, 2024 for the 2025 Notes, before January 15, 2026 for the 2026 Notes, before December 15, 2028 for the 2029 Notes, and before September 15, 2048 for the 2049 Notes. We may redeem the Senior Notes at par, plus accrued and unpaid interest at any time on or after February 15, 2020, for the 2020 Notes, on or after May 15, 2021 for the 2021 Notes, on or after December 24, 2024, for the 2025 Notes, on or after January 15, 2026 for the 2026 Notes, on or after December 15, 2028 for the 2029 Notes, and on or after September 15, 2048 for the 2049 Notes. In addition, upon the occurrence of certain events, as described in the indenture, we will be required to make an offer to repurchase the Senior Notes at a price equal to 101% of the principal amount of the respective note, plus accrued and unpaid interest.\nDuring fiscal year 2019, 2018, and 2017, we made $117 million, $753 million, and $1.7 billion, respectively, in principal payments on long-term debt and capital leases.\n\n | Total | Less Than 1 Year | 1-3 Years | Years3-5 | More Than 5 Years\n------------------------------------------------------------------------- | ---------- | ---------------- | ------------- | -------- | -----------------\n | | | (inthousands) | | \nOperating leases | $98,389 | $37,427 | $36,581 | $12,556 | $11,825 \nCapital leases (1) | 50,049 | 7,729 | 17,422 | 10,097 | 14,801 \nPurchase obligations | 424,561 | 345,498 | 28,946 | 13,442 | 36,675 \nLong-term debt and interest expense (2) | 6,468,517 | 660,840 | 1,079,096 | 257,630 | 4,470,951 \nOne-time transition tax on accumulated unrepatriated foreign earnings (3) | 798,892 | 69,469 | 138,938 | 199,723 | 390,762 \nOther long-term liabilities (4) | 190,821 | 4,785 | 13,692 | 7,802 | 164,542 \nTotal | $8,031,229 | $1,125,748 | $1,314,675 | $501,250 | $5,089,556 \n\nOff-Balance Sheet Arrangements Contractual Obligations\n obligations future payments under contracts recorded on balance sheet\n not. Obligations include long-term\n debt outlined. off-balance sheet arrangements operating leases purchase\n obligations. contractual obligations commitments as of June 30, 2019\n contractual maturity date.\n exclude $373 million liabilities uncertain tax benefits unable\n amount settlement. Note 7 Consolidated Financial Statements Part II Item 8\n 2019 Form 10-K. exclude $10 million funding\n non-marketable equity investments\n.\n exclude $373 million liabilities uncertain tax benefits\n amount time settlement. Note 7 Consolidated Financial Statements Part II Item 8\n Form. exclude $10 million funding\n non-marketable equity investments\n.\n Excludes $26. 5 million build-to-suit lease arrangements capital leases cash payment not anticipated.\n conversion period 2.625% Convertible Senior Notes due May 2041 open June 30, 2019 net carrying value current liabilities Consolidated Balance Sheet. principal balances 2041 Notes reflected payment period contractual maturity no conversion. Note 14 Consolidated Financial Statements Part II Item 8 2019 Form 10-K.\n apply tax credits cash payment.\n tax-related liabilities post-retirement benefits than 5 Years” uncertainty future payments. balance excludes contractual obligations liabilities.\n Operating Leases\n lease administrative R&D manufacturing facilities sales offices equipment non-cancelable leases. option extend purchase facilities. rent increases inflation. guaranteed residual values Fremont Livermore facility leases $250 million. Note 16 Consolidated Financial Statements Part II Item 8 2019 Form 10-K.\n Capital Leases\n building office equipment lease obligations. interest payment obligations.\n Purchase\nPurchase obligations outsourcing vendor-consigned inventories. cash obligations table minimum obligations June 30, 2019. cancellation provisions limited non minimum cancellation fee. expenditures vary volume service.\n Income Taxes\n December 2017-time transition tax unrepatriated foreign earnings $991 million recognized. tax reform. finalized tax December 23, 2018. final amount $868. 4 million.\n Long-Term Debt\n 2012, assumed $700 million 2. 625% Convertible Senior Notes due May 2041. pay interest 2041 Notes annual 2. 625%. Notes converted Common Stock.\n quarter-ended June 30, 2019 market value Common Stock greater 130% 2041 Notes conversion prices 20. 2041 Notes convertible current liabilities Consolidated Balance Sheets fiscal year 2019.\n March 12, 2015, public offering $500 million Notes due March 15, 2020 $500 March 15, 2025. interest annual rate 2. 75% 3.80% 2020 2025 Notes semi-annual March 15 September 15.\n June 7, 2016, public offering $800. million Senior Notes due June 15 2021 2020 2021 Notes Convertible. pay interest annual 2. 80% 2021 Notes semi-annual June 15 December 15.\n March 4, 2019 public offering $750 million Senior Notes March 15 2026 $1 billion March 15 2029 $750 million March 15 2049 2026 2029 Notes. pay interest annual 3. 75% 4. 4. 875% 2026 2029 2049 Notes semi-annual March 15 September 15 September 15 2019.\n redeem 2020 2021 2025 2026 2029 2049 Notes redemption price 100% principal premium February 15 2020 May 15 2021 December 15 2024 2025 January 15 2026 2026 December 15 2028 2029 September 15 2048 2049.redeem Senior Notes interest February 15 2020 May 15 2021 December 24 2024 January 2026 December 2028 September 15 2048. repurchase Senior Notes 101% principal accrued interest.\n 2019 2018 2017 made $117 million $753 million $1. 7 billion payments long-term debt capital leases.\n 1-3 Years 5\n Operating leases $98,389 $37,427 $36,581 $12,556\n Capital leases 50,049 7,729 17,422 10,097 14,801\n Purchase obligations 424,561 345,498 28,946 13,442,675\n Long-term debt interest expense 6,468,517 660,840 1,079,096 257,630 4,470,951\n-time transition tax unrepatriated foreign earnings 798,892 69,469 138,938\n Other long-term liabilities 190,821 4,785 13,692 7,802 164,542\n$8,031,229,125,748 $501,250,089,556" +} +{ + "_id": "d1b322480", + "title": "", + "text": "14. Trade and other receivables\nTrade and other receivables mainly consist of amounts owed to us by customers and amounts that we pay to our suppliers in advance. Derivative financial instruments with a positive market value are reported within this note as are contract assets, which represent an asset for accrued revenue in respect of goods or services delivered to customers for which a trade receivable does not yet exist.\nAccounting policies\nTrade receivables represent amounts owed by customers where the right to payment is conditional only on the passage of time. Trade receivables that are recovered in instalments from customers over an extended period are discounted at market rates and interest revenue is accredited over the expected repayment period. Other trade receivables do not carry any interest and are stated at their nominal value. When the Group establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair value through other comprehensive income; all other trade receivables are recorded at amortised cost\nThe carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised cost is reduced by allowances for lifetime estimated credit losses. Estimated future credit losses are first recorded on the initial recognition of a receivable and are based on the ageing of the receivable balances, historical experience and forward looking considerations. Individual balances are written off when management deems them not to be collectible.\nNotes: 1 Previously described as accrued income in the year ended 31 March 2018\n2 Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly\nThe Group’s trade receivables and contract assets are classified at amortised cost unless stated otherwise and are measured after allowances for future expected credit losses, see note 21 “Capital and financial risk management” for more information on credit risk.\nThe carrying amounts of trade and other receivables, which are measured at amortised cost, approximate their fair value and are predominantly non-interest bearing.\nThe Group’s contract-related costs comprise €1,433 million relating to costs incurred to obtain customer contracts and €74 million relating to costs incurred to fulfil customer contracts; an amortisation and impairment expense of €1,506 million was recognised in operating profit during the year.\nIn January and February 2019 €57 million and €70 million, respectively, of trade receivables were reclassified from amortised cost to fair value through other comprehensive income following changes to the Group’s business model under which the balances may be sold to a third party\nThe fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest rates and foreign currency rates prevailing at 31 March.\n\n | 2019 | 2018 \n----------------------------------------------------------------------- | ------ | -----\n | €m | €m \nIncluded within non-current assets: | | \nTrade receivables | 197 | 435 \nTrade receivables held at fair value through other comprehensive income | 179 | – \nContract assets1 | 531 | 350 \nContract-related costs | 375 | – \nAmounts owed by associates and joint ventures | 1 | 1 \nOther receivables | 77 | 194 \nPrepayments | 371 | 597 \nDerivative financial instruments2 | 3,439 | 2,449\n | 5,170 | 4,026\nIncluded within current assets: | | \nTrade receivables | 4,088 | 4,967\nTrade receivables held at fair value through other comprehensive income | 613 | – \nContract assets1 | 3,671 | 2,257\nContract-related costs | 1,132 | – \nAmounts owed by associates and joint ventures | 388 | 524 \nOther receivables | 876 | 895 \nPrepayments | 1,227 | 1,152\nDerivative financial instruments2 | 195 | 180 \n | 12,190 | 9,975\n\n. Trade receivables\n owed by customers suppliers advance. financial instruments positive market value contract assets accrued revenue goods services delivered trade receivable.\n receivables owed right payment conditional passage time. recovered instalments discounted at market rates interest revenue accredited over repayment period. Other receivables interest stated at nominal value. portfolios receivables recorded at fair value receivables at amortised cost\n carrying value reduced by lifetime estimated credit losses. credit losses recorded based on ageing historical experience considerations. balances written off not collectible.\n accrued income year ended 31 March 2018\n Items measured at fair value valuation basis level 2 classification\n trade receivables contract assets classified at amortised cost measured after allowances for future credit losses note 21 “Capital financial risk.\n carrying amounts trade receivables measured at amortised cost approximate fair value non-interest bearing.\ncontract-related costs €1,433 million €74 million amortisation impairment €1,506 million profit.\n January February 2019 €57 million €70 million trade receivables reclassified amortised fair value business model third\n fair values calculated future cash flows values market interest rates foreign currency rates 31 March.\n non-current assets\n Trade receivables 197 435\n value\n Contract 531\n-related costs 375\n associates joint ventures\n Other receivables\n Prepayments 371 597\n Derivative financial instruments2 3,439 2,449\n 5,170 4,026\n current assets\n Trade receivables 4,088,967\n Contract 3,671 2,257\n-related costs 1,132\n owed associates joint ventures 388 524\n Other receivables 876 895\n Prepayments 1,227 1,152\n Derivative financial\n 12,190" +} +{ + "_id": "d1b320e82", + "title": "", + "text": "VALUATION AND QUALIFYING ACCOUNTS\n(Amounts in millions)\n(A) Includes increases and reversals of allowances for sales returns, price protection, and valuation allowance for deferred tax assets due to normal reserving terms.\n(B) Includes actual write-offs and utilization of allowances for sales returns, price protection, and releases of income tax valuation allowances and foreign currency translation and other adjustments.\n\nCol. A Description | Col B. Balance at Beginning of Period | Col. C Additions(A) | Col. D Deductions(B) | Col. E Balance at End of Period\n---------------------------------------------------------------------- | ------------------------------------- | ------------------- | -------------------- | -------------------------------\nAt December 31, 2019 | | | | \nAllowances for sales returns and price protection and other allowances | $186 | $11 | $(79) | $118 \nValuation allowance for deferred tax assets | $61 | $127 | $(7) | $181 \nAt December 31, 2018 | | | | \nAllowances for sales returns and price protection and other allowances | $274 | $24 | $(112) | $186 \nValuation allowance for deferred tax assets | $— | $61 | $— | $61 \nAt December 31, 2017 | | | | \nAllowances for sales returns and price protection and other allowances | $257 | $83 | $(66) | $274 \n\nVALUATION QUALIFYING ACCOUNTS\n millions\n Includes increases reversals sales returns price protection deferred tax assets reserving.\n Includes write-offs price protection releases income tax valuation foreign currency translation adjustments.\n. Balance. C Additions. D Deductions. Balance End Period\n December 31, 2019\n Allowances sales returns price protection $186 $11\n deferred tax assets $61 $127\n December 31, 2018\n sales returns price protection $274 $24 $186\n deferred tax assets $61\n December 31, 2017\n price protection $257 $83(66)" +} +{ + "_id": "d1a72cf18", + "title": "", + "text": "4. PREPAID EXPENSES\nPrepaid expenses consisted of the following at December 31, 2019 and 2018 (in thousands):  Prepaid expenses consisted of the following at December 31, 2019 and 2018 (in thousands):  Prepaid expenses consisted of the following at December 31, 2019 and 2018 (in thousands):\nIn 2018, we recorded impairment charges of approximately$0.4 million related to prepaid licenses and production tooling as a result of the restructuring of our operations. These charges are included in “Restructuring expenses” in the accompanying statements of comprehensive loss (see Note 15).\n\n | 2019 | 2018\n-------------------------------------------- | ---- | ----\nPrepaid services | $221 | $252\nPrepaid bonds for German statutory costs | 188 | 199 \nPrepaid insurance | 62 | 19 \nPrepaid licenses, software tools and support | 17 | 51 \nOther prepaid expenses | 17 | 17 \n | $505 | $538\n\n. PREPAID EXPENSES\n December 31, 2019 2018\n 2018 impairment charges$0. 4 million prepaid licenses production tooling restructuring operations. “Restructuring comprehensive loss Note 15.\n 2019 2018\n Prepaid services $221 $252\n Prepaid bonds German costs 188 199\n Prepaid insurance 62 19\n licenses software tools support 17 51\n Other prepaid expenses 17\n $505 $538" +} +{ + "_id": "d1b366bd0", + "title": "", + "text": "2017 ESPP\nIn May 2017, we adopted the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). The 2017 ESPP grants employees the ability to designate a portion of their base-pay to purchase ordinary shares at a price equal to 85% of the fair market value of our ordinary shares on the first or last day of each 6 month purchase period. Purchase periods begin on January 1 or July 1 and end on June 30 or December 31, or the next business day if such date is not a business day. Shares are purchased on the last day of the purchase period.\nThe table below sets forth the weighted average assumptions used to measure the fair value of 2017 ESPP rights:\nWe recognize share-based compensation expense associated with the 2017 ESPP over the duration of the purchase period. We recognized$0.3 million, $0.3 million, and $0.1 million of share-based compensation expense associated with the 2017 ESPP during 2019, 2018, and 2017, respectively. At December 27, 2019, there was no unrecognized share-based compensation expense.\n\n | Year Ended | | \n------------------------------ | ----------------- | ----------------- | -----------------\n | December 27, 2019 | December 28, 2018 | December 29, 2017\nWeighted average expected term | 0.5 years | 0.5 years | 0.4 years \nRisk-free interest rate | 2.3% | 1.9% | 1.1% \nDividend yield | 0.0% | 0.0% | 0.0% \nVolatility | 56.0% | 52.7% | 47.8% \n\n2017 ESPP\n May 2017 adopted Employee Stock Purchase Plan. grants employees base-pay purchase ordinary shares 85% fair market value first last 6 month purchase period. begin January 1 July 1 end June 30 December 31, next day. Shares purchased last day.\n table weighted average assumptions fair value 2017 ESPP rights\n share-based compensation expense 2017 ESPP.$0. 3 million. million. 1 million 2019 2018 2017. December 27, 2019 no unrecognized compensation expense.\n 2018 29,\n average expected term. 5 years. 4 years\n Risk-free interest rate. 3%. 9%.\n Dividend yield.\n Volatility 56. 7%. 8%" +} +{ + "_id": "d1b3b623e", + "title": "", + "text": "R. Segment Information\nVMware operates in one reportable operating segment, thus all required financial segment information is included in the consolidated financial statements. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. VMware’s chief operating decision maker allocates resources and assesses performance based upon discrete financial information at the consolidated level.\nRevenue by type during the periods presented was as follows (table in millions):\n\n | | For the Year Ended | \n--------------------------------------- | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nRevenue: | | | \nLicense | $3,181 | $3,042 | $2,628 \nSubscription and SaaS | 1,877 | 1,303 | 927 \nTotal license and subscription and SaaS | 5,058 | 4,345 | 3,555 \nServices: | | | \nSoftware maintenance | 4,754 | 4,351 | 3,919 \nProfessional services | 999 | 917 | 862 \nTotal services | 5,753 | 5,268 | 4,781 \nTotal revenue | $10,811 | $9,613 | $8,336 \n\n.\n VMware operates segment financial consolidated financial statements. segments components enterprise financial information evaluated chief maker. performance information.\n Revenue by type\n January 31, 2020 February 1, 2019 2, 2018\n Revenue\n License $3,181 $3,042 $2,628\n Subscription SaaS 1,877 1,303\n 5,058 4,345 3,555\n Services\n Software maintenance 4,754 4,351 3,919\n Professional services 999 917\n 5,268 4,781\n revenue $10,811 $9,613 $8,336" +} +{ + "_id": "d1b393298", + "title": "", + "text": "Accounts Receivable and Allowance for Doubtful Accounts\nThe majority of our accounts receivable are derived from sales to large multinational semiconductor manufacturers throughout the world, are recorded at their invoiced amount and do not bear interest.\nIn order to monitor potential credit losses, we perform ongoing credit evaluations of our customers' financial condition. An allowance for doubtful accounts is maintained based upon our assessment of the expected collectability of all accounts receivable. The allowance for doubtful accounts is reviewed and assessed for adequacy on a quarterly basis.\nWe take into consideration (1) any circumstances of which we are aware of a customer's inability to meet its financial obligations and (2) our judgments as to prevailing economic conditions in the industry and their impact on our customers. If circumstances change, and the financial condition of our customers is adversely affected and they are unable to meet their financial obligations, we may need to take additional allowances, which would result in an increase in our operating expense.\nActivity related to our allowance for doubtful accounts receivable was as follows (in thousands):\n\n | | Fiscal Year Ended | \n----------------------------------------- | ----------------- | ----------------- | -----------------\n | December 28, 2019 | December 29, 2018 | December 30, 2017\nBalance at beginning of year | $185 | $200 | $299 \nCharges (reversals) to costs and expenses | 37 | (15) | (99) \nBalance at end of year | $222 | $185 | $200 \n\nAccounts Receivable Allowance Doubtful Accounts\n majority from sales to large multinational semiconductor manufacturers recorded at invoiced amount bear interest.\n monitor credit losses perform credit evaluations financial condition. allowance for doubtful accounts maintained collectability. reviewed quarterly.\n inability financial economic conditions. If circumstances change need additional allowances operating expense.\n Activity allowance for doubtful accounts\n Fiscal Year Ended\n December 28, 2019 December 29, 2018 December 30, 2017\n Balance beginning year $185 $200 $299\n Charges (reversals) to costs expenses 37\n Balance end year $222 $185 $200" +} +{ + "_id": "d1b36c206", + "title": "", + "text": "Other Income (Expense), Net\nOther income (expense), net relates to certain non-operational charges primarily consisting of income or losses in our share of marketable equity securities accounted for under the equity method and of transactional foreign exchange gains (losses). The income (expense) from foreign exchange is dependent upon the change in foreign currency exchange rates vis-àvis the functional currency of the legal entity.\n(1) Represents the release to income from other comprehensive income relating to the mark to market on shares we held in Guidance prior to our acquisition in the first quarter of Fiscal 2018.\n(2) Represents a gain recognized in connection with the settlement of a certain breach of contractual arrangement in the second quarter of Fiscal 2018.\n\n | | | Year Ended June 30, | | \n---------------------------------------------------------------- | -------- | --------------------------- | ------------------- | --------------------------- | -------\n(In thousands) | 2019 | Change increase (decrease)) | 2018 | Change increase (decrease)) | 2017 \nForeign exchange gains (losses) | $(4,330) | $(9,175) | $4,845 | $1,776 | $3,069 \nOpenText share in net income (loss) of equity investees (note 8) | 13,668 | 7,703 | 5,965 | 13 | 5,952 \nIncome from long-term other receivable | — | (1,327) | 1,327 | (5,099) | 6,426 \nGain on shares held in Guidance (1) | — | (841) | 841 | 841 | — \nGain from contractual settlement (2) | — | (5,000) | 5,000 | 5,000 | — \nOther miscellaneous income (expense) | 818 | 823 | (5) | (301) | 296 \nTotal other income (expense), net | $10,156 | $(7,817) | $17,973 | $2,230 | $15,743\n\nIncome Net\n relates non-operational charges losses marketable equity securities transactional foreign exchange gains (losses. exchange currency exchange rates.\n release shares Guidance acquisition 2018.\n gain settlement breach contractual second quarter Fiscal 2018.\n Ended June 30,\n 2019 2018 2017\n Foreign exchange gains (losses $(4,330) $(9,175) $4,845 $1,776 $3,069\n OpenText share net income (loss) equity investees 13,668 7,703 5,965\n Income from long-term receivable (1,327) 1,327 (5,099) 6,426\n Gain on shares Guidance (841) 841\n Gain from contractual settlement (5,000\n Other miscellaneous income (expense 818 823 (301)\n income net $10,156 $(7,817) $17,973 $2,230 $15,743" +} +{ + "_id": "d1b3b4ac4", + "title": "", + "text": "Contractual Obligations\nThe following table provides aggregate information regarding our contractual obligations as of March 31, 2019.\n(1) Operating lease obligations are presented net of contractually binding sub-lease arrangements. Additional information regarding our operating lease obligations is contained in Note 12, Commitments and Contingencies.\n(2) At March 31, 2019, we had a $1.1 million liability reserve for unrecognized income tax positions which is not reflected in the table above. The timing of potential cash outflows related to the unrecognized tax positions is not reasonably determinable and therefore, is not scheduled. Substantially all of this reserve is included in Other non-current liabilities. Additional information regarding unrecognized tax positions is provided in Note 10, Income Taxes.\nWe believe that cash on hand, funds from operations, and access to capital markets will provide adequate funds to finance capital spending and working capital needs and to service our obligations and other commitments arising during the foreseeable future.\n\n(In thousands) | Total | 2020 | 2021-2022 | 2023-2024 | Thereafter\n--------------------------------- | ------- | ------ | --------- | --------- | ----------\nOperating leases (1) | $19,437 | $4,143 | $7,111 | $3,686 | $4,497 \nCapital leases | 65 | 27 | 38 | — | — \nAsset retirement obligation | 400 | — | 150 | 250 | \nTotal contractual obligations (2) | $19,902 | $4,170 | $7,299 | $3,936 | $4,497 \n\nContractual Obligations\n table obligations March 31, 2019.\n Operating lease obligations net sub-lease arrangements. Note 12 Commitments Contingencies.\n March 31, 2019 $1. 1 million reserve unrecognized income tax positions not reflected. cash outflows not scheduled. reserve included non-current liabilities. Note 10 Income Taxes.\n cash funds operations capital markets capital spending service obligations commitments.\n 2020 2021-2022 2023-2024\n Operating leases $19,437 $4,143 $7,111 $3,686 $4,497\n Capital leases 65\n Asset retirement obligation\n contractual obligations $19,902 $4,170 $7,299 $3,936 $4,497" +} +{ + "_id": "d1a737b0c", + "title": "", + "text": "Results of Operations\nThe following table sets forth our consolidated statement of operations for the years ended December 31, 2019, 2018, and 2017.\n(1) Includes stock-based compensation expense and related payroll taxes as follows:\n\n | | Years ended December 31, | \n--------------------------------------------------------------------------------------- | ----------------------------------------------- | ------------------------ | ----------\n | 2019 | 2018 | 2017 \n | (in thousands, except share and per share data) | | \nRevenues: | | | \nSubscription solutions | $642,241 | $464,996 | $310,031 \nMerchant solutions | 935,932 | 608,233 | 363,273 \n | 1,578,173 | 1,073,229 | 673,304 \nCost of revenues(1)(2): | | | \nSubscription solutions | 128,155 | 100,990 | 61,267 \nMerchant solutions | 584,375 | 375,972 | 231,784 \n | 712,530 | 476,962 | 293,051 \nGross profit | 865,643 | 596,267 | 380,253 \nOperating expenses: | | | \nSales and marketing(1)(2) | 472,841 | 350,069 | 225,694 \nResearch and development(1)(2) | 355,015 | 230,674 | 135,997 \nGeneral and administrative(1) | 178,934 | 107,444 | 67,719 \nTotal operating expenses | 1,006,790 | 688,187 | 429,410 \nLoss from operations | (141,147) | (91,920) | (49,157) \nOther income | 45,332 | 27,367 | 9,162 \nLoss before income taxes | (95,815) | (64,553) | (39,995) \nProvision for income taxes | 29,027 | — | — \nNet loss | $(124,842) | $(64,553) | $(39,995) \nBasic and diluted net loss per share attributable to shareholders | $(1.10) | $(0.61) | $(0.42) \nWeighted average shares used to compute net loss per share attributable to shareholders | 113,026,424 | 105,671,839 | 95,774,897\n\nOperations\n table consolidated statement 2019 2018 2017.\n stock compensation payroll taxes\n Revenues\n Subscription solutions $642,241 $464,996 $310,031\n Merchant solutions 935,932,233\n 1,578,173 1,073,229 673\n Cost\n Subscription 128,155 100,990 61,267\n Merchant 584,375 375,972 231,784\n 476,962\n Gross profit 865,643 596,267 380,253\n Operating expenses\n Sales 472,841 350,069 225,694\n Research 355,015 230,674 135,997\n 178,934 107,444 67,719\n operating expenses 1,006,790,187 429,410\n Loss operations (141,147 (91,920)\n Other income 45,332 27,367\n Loss taxes (95,815) (64,553)\n Net loss $(124,842\n loss share.. 61. 42\n Weighted shares loss 113,026,424 105,671,839 95,774,897" +} +{ + "_id": "d1a73c7c4", + "title": "", + "text": "BELL WIRELESS RESULTS\nREVENUES\nBell Wireless operating revenues increased by 3.7% in 2019, compared to 2018, driven by greater postpaid and prepaid service revenues and higher product revenues.\nService revenues increased by 2.5% in 2019, compared to last year, driven by: • Continued growth in our postpaid and prepaid subscriber base coupled with rate increases • A greater mix of customers subscribing to higher-value monthly plans including unlimited data plans launched in June 2019 • The favourable year-over-year impact from the 2018 CRTC retroactive decision on wireless domestic wholesale roaming rates\nThese factors were partly offset by: • Greater sales of premium handsets and more customers subscribing to higher-value monthly plans • Lower data and voice overages driven by increased customer adoption of monthly plans with higher data allotments and richer voice plans\nProduct revenues increased by 6.6% in 2019, compared to last year, driven by greater sales of premium handsets and the impact of higher-value rate plans in our sales mix.\n\n | 2019 | 2018 | $ CHANGE | % CHANGE\n-------------------------------- | ----- | ----- | -------- | --------\nExternal service revenues | 6,427 | 6,269 | 158 | 2.5% \nInter-segment service revenues | 49 | 48 | 1 | 2.1% \nTotal operating service revenues | 6,476 | 6,317 | 159 | 2.5% \nExternal product revenues | 2,660 | 2,497 | 163 | 6.5% \nInter-segment product revenues | 6 | 4 | 2 | 50.0% \nTotal operating product revenues | 2,666 | 2,501 | 165 | 6.6% \nTotal Bell Wireless revenues | 9,142 | 8,818 | 324 | 3.7% \n\nBELL WIRELESS\n revenues increased. 7% 2019 2018 postpaid prepaid service higher product revenues.\n Service revenues increased 2. 5% growth postpaid prepaid subscriber base rate increases higher-value plans unlimited 2018 CRTC decision roaming rates\n offset Greater sales premium handsets higher-value plans Lower data voice overages\n Product revenues increased 6. 6% premium handsets higher-value rate plans.\n External service revenues 6,427 6,269 158. 5%\n Inter-segment revenues.\n Total operating service revenues 6,476 6,317 159. 5%\n External product revenues 2,660 2,497 163. 5%\n-segment.\n Total operating product revenues 2,666 2,501 165. 6%\n Wireless revenues 9,142 8,818. 7%" +} +{ + "_id": "d1b3c3fe2", + "title": "", + "text": "Revenue\nThe following table presents the breakdown of revenue between product and service (in millions, except percentages):\n(1) Total revenue, product revenue and service revenue not including the SPVSS business in the prior year increased 7%, 8% and 3%, respectively.\n\n | | Years Ended | | 2019 vs. 2018 | \n--------------------- | ----------------- | ------------- | ------------- | ------------------- | -------------------\n | July 27, 2019 (1) | July 28, 2018 | July 29, 2017 | Variance in Dollars | Variance in Percent\nRevenue: | | | | | \nProduct | $39,005 | $36,709 | $35,705 | $2,296 | 6% \nPercentage of revenue | 75.1% | 74.4% | 74.4% | | \nService | 12,899 | 12,621 | 12,300 | 278 | 2% \nPercentage of revenue | 24.9% | 25.6% | 25.6% | | \nTotal | $51,904 | $49,330 | $48,005 | $2,574 | 5% \n\n\n table breakdown revenue product service millions\n Total SPVSS increased 7% 8% 3%.\n 2019. 2018\n July 27, 2019 July 28, 2018 29, 2017 Variance Dollars\n Revenue\n Product $39,005 $36,709 $2,296 6%\n Percentage 75. 1%. 4%.\n Service 12,899 12,621 12,300 2%\n Percentage 24. 9% 25. 6%.\n $51,904 $49,330 $48,005 $2,574" +} +{ + "_id": "d1b3bd318", + "title": "", + "text": "External auditor\nTransition of external auditor\nDeloitte was appointed as intu’s external auditor for the 2019 audit following approval at the 2019 AGM, succeeding PwC. Although it is still early into Deloitte’s tenure as intu’s external auditor, I am pleased that the transition of the external audit process has gone well. The Audit Committee has recommended that Deloitte be reappointed as external auditor at the 2020 AGM.\nA key area of focus for the Audit Committee in 2019 was the effective transition of the external audit process from PwC to Deloitte. For this to be achieved, a detailed transition plan was put in place between management and Deloitte with the aim of familiarising Deloitte with intu. In addition to regular communication between the Group finance team and Deloitte, the key areas of the transition plan included:\n—Deloitte shadowing PwC through the 2018 audit and attending the November 2018 and February 2019 Audit Committee meetings\n—regular communication between management, Deloitte and PwC to agree and facilitate the handover process\n—Deloitte’s review of PwC’s 2018 audit files\n—meetings with senior management across intu to familiarise Deloitte with key business processes\n—site visits to shopping centres to see how the assets are operated as well as meeting with centre management and leasing teams\n—meetings with the Group’s thirdparty valuers to understand the valuation process\n—detailed reviews of the Group’s cash flow, financing and covenant projections\nExternal auditor effectiveness\nThe Audit Committee has assessed the effectiveness of the external auditor, Deloitte, in line with the approach set out in the FRC’s Audit Quality Practice Aid tailored to the fact that it is Deloitte’s first year as intu’s external auditor. In carrying out the evaluation for 2019 the Audit Committee has reviewed and challenged with the external auditor:\n—the 2019 audit plan presented by Deloitte, including the risks identified and its audit approach\n—the FRC’s audit quality inspection review of Deloitte\n—the output of the audit, including reports to the Audit Committee and management\n—performance of the audit team at meetings\nThe above was assessed through internal feedback, direct meetings, reviews of internal as well as independent reports.\nFollowing this review, the Audit Committee has concluded that Deloitte has been effective in its role as external auditor for the 2019 audit. The Audit Committee will continue to review the effectiveness and independence of the external auditor each year.\nNon-audit services\nOn 1 January 2017 the Group implemented the FRC’s Ethical Standard for Auditors which imposes restrictions on certain non-audit services. The FRC’s Revised Ethical Standard will become effective for the Group from 15 March 2020. The majority of non-audit related services are prohibited and others require approval by the Audit Committee. There is a statutory overall fee limit of 70 per cent of the average of audit fees charged in the past three years.\nThe Audit Committee has sole authority to approve contracts for non-audit services with the external auditor, subject to observing certain guidelines. In order to ensure that external auditor independence and objectivity is maintained, the Audit Committee considers whether the proposed arrangements will maintain external auditor independence. The external auditor must also satisfy the Company that it is acting independently.\nThe table below summarises the fees paid to the external auditor over the last three years (with 2019 being attributable to Deloitte, and 2018 and 2017 attributable to PwC).\nAudit Committee effectiveness\nAs part of the Board evaluation process, the effectiveness of the Audit Committee was reviewed and this confirmed that the Committee remained effective at meeting its objectives.\nSteve Barber Chairman of the Audit Committee 12 March 2020\n\n | 2019 | 2018 | 2017\n------------------------------------- | ----- | ----- | ----\n | £000 | £000 | £000\nAudit fees | 1,092 | 823 | 789 \nNon-audit fees | 598 | 281 | 49 \nTotal fees paid to auditor | 1,690 | 1,104 | 838 \nRatio of non-audit fees to audit fees | 55% | 34% | 6% \n\nExternal auditor\n Transition\n Deloitte intu’s external auditor 2019 audit approval 2019 AGM succeeding PwC. early tenure transition well. Audit Committee recommended Deloitte 2020 AGM.\n focus 2019 transition external audit process from PwC to Deloitte. detailed transition plan management Deloitte familiarising Deloitte intu. transition plan\n shadowing PwC 2018 audit November 2018 February 2019 Audit Committee meetings\n communication management Deloitte PwC\n review PwC’s 2018 audit files\n with senior management intu\n visits shopping centres\n thirdparty valuers\n reviews cash flow financing covenant projections\n External auditor effectiveness\n Audit Committee assessed effectiveness external Deloitte FRC’s Audit Quality Practice Aid first year external auditor. reviewed\n 2019 audit plan risks\n FRC’s audit quality inspection review\n output audit reports Audit Committee management\n —performance audit team at meetings\n assessed through internal feedback direct meetings reviews independent reports.\nAudit Committee concluded Deloitte effective external auditor 2019 audit. effectiveness independence external auditor.\n 2017 Group implemented FRC’s Ethical Standard Auditors restrictions non-audit services. Revised Ethical Standard effective 15 March 2020. majority non-audit services prohibited require approval Audit Committee. fee limit 70 per cent average audit fees past three years.\n Audit Committee contracts non-audit services. proposed arrangements. satisfy Company.\n table summarises fees paid external auditor three years 2019 Deloitte 2018 2017 PwC.\n Audit Committee effectiveness\n effectiveness Audit Committee reviewed confirmed.\n Steve Barber Chairman Audit Committee March 2020\n Audit fees 1,092 823 789\n Non-audit fees 598 281\n Total fees 1,690 1,104 838\n Ratio audit fees 55% 34% 6%" +} +{ + "_id": "d1b346380", + "title": "", + "text": "REVENUES BY SERVICES AND PRODUCTS\nThe following table presents our revenues disaggregated by type of services and products.\n(1) Our service revenues are generally recognized over time.\n(2) Our product revenues are generally recognized at a point in time.\n\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \n------------------------------ | ------ | ------\nServices (1) | | \nWireless | 6,427 | 6,269 \nWireline data | 7,684 | 7,466 \nWireline voice | 3,564 | 3,782 \nMedia | 2,811 | 2,677 \nOther wireline services | 251 | 247 \nTotal services | 20,737 | 20,441\nProducts (2) | | \nWireless | 2,660 | 2,497 \nWireline data | 519 | 466 \nWireline equipment and other | 48 | 64 \nTotal products | 3,227 | 3,027 \nTotal operating revenues | 23,964 | 23,468\n\nREVENUES SERVICES PRODUCTS\n table presents revenues.\n service recognized.\n product revenues recognized.\n ENDED DECEMBER 31\n Wireless 6,427 6,269\n Wireline data 7,684,466\n voice 3,564 3,782\n Media 2,811 2,677\n wireline services\n 20,737 20,441\n Products\n 2,660 2,497\n 519\n equipment\n 3,227 3,027\n operating revenues 23,964" +} +{ + "_id": "d1b32d2b8", + "title": "", + "text": "1 As defined by the International Monetary Fund.\nRevenue related to external customers went up moderately yearover- year on growth in nearly all industrial businesses. SGRE and Siemens Healthineers posted the highest growth rates, while revenue at Gas and Power declined moderately in a difficult market environment. The revenue decline in emerging markets was due mainly to lower revenue in Egypt, where in fiscal 2018 Gas and Power recorded sharply higher revenue from large orders.\nRevenue in Europe, C. I. S., Africa, Middle East increased moderately on growth in a majority of industrial businesses, driven by substantial growth at SGRE. Gas and Power posted a clear decline in a difficult market environment. In Germany, revenue was up moderately with significant growth in Mobility and Gas and Power, partly offset by a decline in SGRE.\nIn the Americas, revenue came in clearly higher year-over-year, benefiting from positive currency translation effects. Siemens Healthineers, Smart Infrastructure and Gas and Power recorded the largest increases, while SGRE posted clearly lower revenue in the region. In the U. S., all industrial businesses posted higher revenues year-over-year, with SGRE and Smart Infrastructure recording the strongest growth rates.\nRevenue in Asia, Australia rose moderately year-over-year on growth in the majority of industrial businesses, led by Siemens Healthineers and Digital Industries. Gas and Power and SGRE posted lower revenue year-over-year. In China, revenue was also\nup in the majority of industrial businesses, led by Siemens Healthineers. In contrast, SGRE posted substantially lower revenue year-over-year in that country.\n\n | | Fiscal year | | % Change\n------------------------------------- | ------ | ----------- | ------ | --------\n(in millions of €) | 2019 | 2018 | Actual | Comp. \nEurope, C. I. S., Africa, Middle East | 44,360 | 42,782 | 4% | 4% \ntherein: Germany | 12,282 | 11,729 | 5% | 4 % \nAmericas | 23,796 | 22,115 | 8% | 3% \ntherein: U. S. | 17,993 | 16,012 | 12% | 6% \nAsia, Australia | 18,693 | 18,147 | 3% | 2% \ntherein: China | 8,405 | 8,102 | 4% | 3% \nSiemens | 86,849 | 83,044 | 5 % | 3 % \ntherein: emerging markets1 | 27,607 | 28,272 | (2) % | (2) % \n\ndefined International Monetary Fund.\n Revenue external customers moderately industrial businesses. SGRE Siemens Healthineers highest Gas Power declined difficult market. revenue decline emerging markets lower revenue Egypt Gas Power higher revenue.\n Revenue Europe. Africa Middle East increased SGRE. Gas and Power decline difficult. Germany revenue up moderately growth Mobility Gas Power offset decline SGRE.\n Americas revenue higher positive currency translation. Siemens Healthineers Smart Infrastructure Gas and Power largest increases SGRE lower revenue. industrial businesses higher revenues SGRE Smart Infrastructure strongest growth.\n Revenue Asia Australia rose moderately Siemens Healthineers Digital Industries. Gas and Power SGRE lower. China revenue\n Siemens Healthineers. SGRE lower revenue.\n Fiscal year\n millions.\n Europe. Africa Middle East 44,360 42,782 4%\n Germany 12,282 11,729\n Americas 23,796\n.17,993 16,012 12%\n Australia 18,693,147 3%\n China 8,405,102 4%\n Siemens 86,849 83,044 5\n emerging 27,607 28,272" +} +{ + "_id": "d1b34c960", + "title": "", + "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data)\nThe Company entered into new lease liabilities amounting to $47,064 during the year ended December 31, 2019.\nThe table below provides the total amount of lease payments on an undiscounted basis on our chartered-in contracts, office lease agreements and land lease agreements as of December 31, 2019:\nAs of December 31, 2019, the weighted average remaining lease terms on our charter-in contracts, office lease agreements and land leases are 4.5 years, 1.9 years and 46.3 years, respectively.\n\n | Charter-in vessels in operation | Land Leases | Office space\n------------------------------------------------------ | ------------------------------- | ----------- | ------------\nDecember 31, 2020 | $109,574 | $556 | $753 \nDecember 31, 2021 | 85,399 | 556 | 356 \nDecember 31, 2022 | 57,282 | 556 | 101 \nDecember 31, 2023 | 47,603 | 556 | 81 \nDecember 31, 2024 | 34,025 | 556 | — \nDecember 31, 2025 and thereafter | 33,481 | 23,002 | — \nTotal | $367,364 | $25,782 | $1,291 \nOperating lease liabilities, including current portion | $304,568 | $7,660 | $1,204 \nDiscount based on incremental borrowing rate | $62,796 | $18,122 | $87 \n\nNAVIOS MARITIME HOLDINGS. FINANCIAL STATEMENTS. S. dollars\n new lease liabilities $47,064 December 31, 2019.\n lease payments December 2019\n lease terms 4. 5 years. 9 years. 3 years.\n Charter-in vessels Land Leases Office space\n December 31, 2020 $109,574 $556\n 31, 2021 85,399 556\n 2022 57,282\n 2023 47,603\n 2024 34,025\n 2025 33,481 23,002\n $367,364 $25,782 $1,291\n Operating lease liabilities $304,568 $7,660 $1,204\n Discount incremental borrowing rate $62,796 $18,122" +} +{ + "_id": "d1b3270fc", + "title": "", + "text": "Product Revenue by Segment\nThe following table presents the breakdown of product revenue by segment (in millions, except percentages):\nAmounts may not sum and percentages may not recalculate due to rounding.\nAmericas Product revenue in the Americas segment increased by 8%, driven by growth in the enterprise, public sector and commercial markets. These increases were partially offset by a product revenue decline in the service provider market. From a country perspective, product revenue increased by 9% in the United States, 26% in Mexico and 6% in Canada, partially offset by a product revenue decrease of 1% in Brazil.\nEMEA The increase in product revenue in the EMEA segment of 6% was driven by growth in the public sector and enterprise markets, partially offset by a decline in the service provider market. Product revenue in the commercial market was flat. Product revenue from emerging countries within EMEA increased by 9%, and product revenue for the remainder of the EMEA segment increased by 5%.\nAPJC Product revenue in the APJC segment increased by 1%, driven by growth in the public sector and enterprise markets, partially offset by declines in the service provider and commercial markets. From a country perspective, product revenue increased by 9% in Japan and 5% in India, partially offset by a product revenue decrease of 16% in China.\n\n | | Years Ended | | 2019 vs. 2018 | \n----------------------------- | ------------- | ------------- | ------------- | ------------------- | -------------------\n | July 27, 2019 | July 28, 2018 | July 29, 2017 | Variance in Dollars | Variance in Percent\nProduct revenue: | | | | | \nAmericas | $22,754 | $21,088 | $20,487 | $1,666 | 8% \nPercentage of product revenue | 58.3% | 57.5% | 57.4% | | \nEMEA | 10,246 | 9,671 | 9,369 | 575 | 6% \nPercentage of product revenue | 26.3% | 26.3% | 26.2% | | \nAPJC | 6,005 | 5,950 | 5,849 | 55 | 1% \nPercentage of product revenue | 15.4% | 16.2% | 16.4% | | \nTotal | $39,005 | $36,709 | $35,705 | $2,296 | 6% \n\nRevenue Segment\n table breakdown revenue millions\n Amounts sum percentages recalculate rounding.\n revenue increased 8% driven growth enterprise public sector commercial markets. offset decline service provider market. revenue increased 9% United States 26% Mexico 6% Canada offset decrease 1% Brazil.\n EMEA increase revenue 6% driven growth public sector enterprise offset decline service provider. commercial market flat. emerging countries increased remainder EMEA increased 5%.\n APJC revenue increased 1% driven growth public sector enterprise offset declines service provider commercial markets. revenue increased Japan 5% India offset decrease 16% China.\n 2019. 2018\n Variance Dollars Percent\n revenue\n Americas $22,754 $21,088 $20,487 $1,666 8%\n Percentage 58. 3% 57. 5%.\n EMEA 10,246 9,671 9,369 6%\n 26. 3%.\n APJC 6,005 5,950 1%\nproduct revenue. 4%. 2%.\n $39,005 $36,709 $2,296" +} +{ + "_id": "d1b3a11a4", + "title": "", + "text": "The following is selected financial data for our reportable segments (in thousands):\nACI On Premise Segment Adjusted EBITDA decreased $2.6 million for the year ended December 31, 2019, compared to the same period in 2018, primarily due to a $5.2 million increase in cash operating expense, partially offset by a $2.6 million increase in revenue.\nACI On Demand Segment Adjusted EBITDA increased $54.5 million for the year ended December 31, 2019, compared to the same period in 2018, of which $46.4 million was due to the acquisition of Speedpay. Excluding the impact of the acquisition of Speedpay, ACI On Demand Segment Adjusted EBITDA increased $8.1 million, primarily due to a $18.3 million increase in revenue, partially offset by a $10.2 million increase in cash operating expense.\n\n | Years Ended December 31, | \n-------------------------------------- | ------------------------ | -----------\n | 2019 | 2018 \nRevenues | | \nACI On Premise | $579,334 | $576,755 \nACI On Demand | 678,960 | 433,025 \nTotal revenue | $ 1,258,294 | $ 1,009,780\nSegment Adjusted EBITDA | | \nACI On Premise | $321,305 | $323,902 \nACI On Demand | 66,501 | 12,015 \nDepreciation and amortization | (122,569 ) | (97,350 ) \nStock-based compensation expense | (36,763 ) | (20,360 ) \nCorporate and unallocated expenses | (104,718 ) | (92,296 ) \nInterest, net | (52,066 ) | (30,388 ) \nOther, net | 520 | (3,724 ) \nIncome before income taxes | $ 72,210 | $ 91,799 \nDepreciation and amortization | | \nACI On Premise | $ 11,992 | $ 11,634 \nACI On Demand | 34,395 | 31,541 \nCorporate | 76,182 | 54,175 \nTotal depreciation and amortization | $ 122,569 | $ 97,350 \nStock-based compensation expense | | \nACI On Premise | $ 7,651 | $ 4,348 \nACI On Demand | 7,995 | 4,338 \nCorporate and other | 21,117 | 11,674 \nTotal stock-based compensation expense | $ 36,763 | $ 20,360 \n\nfinancial data segments\n On Premise EBITDA decreased $2. million December 2019 $5. 2 million cash operating expense offset $2. 6 million increase revenue.\n On Demand EBITDA increased $54. million $46. 4 million acquisition Speedpay. increased $8. million $18. 3 million increase revenue $10. 2 million cash operating expense.\n Revenues\n On Premise $579,334 $576,755\n Demand,960 433,025\n revenue $ 1,258,294 1,009,780\n Adjusted EBITDA\n Premise $321,305 $323,902\n Demand 66,501\n Depreciation amortization (122,569\n Stock-based compensation expense (36,763\n Corporate unallocated expenses (104,718\n Interest (52,066 (30\n Income taxes $ 72,210 91,799\n Premise 11,992,634\n Demand 34\n 76 54,175\ndepreciation amortization 122,569 97,350\n Premise 7,651 4,348\n 7,995 4,338\n 21,117 11,674\n 36,763 20,360" +} +{ + "_id": "d1b397b86", + "title": "", + "text": "ICAR Vision Systems, S.L.\nOn October 16, 2017, Mitek Holding B.V., a company incorporated under the laws of The Netherlands and a wholly owned subsidiary of the Company (“Mitek Holding B.V.”), acquired all of the issued and outstanding shares of ICAR, a company incorporated under the laws of Spain (the “ICAR Acquisition”), and each of its subsidiaries, pursuant to a Share Purchase Agreement (the “Purchase Agreement”), by and among, the Company, Mitek Holding B.V., and each of the shareholders of ICAR (the “Sellers”). ICAR is a technology provider of identity fraud proofing and document management solutions for web, desktop, and mobile platforms. Upon completion of the ICAR Acquisition, ICAR became a direct wholly owned subsidiary of Mitek Holding B.V. and an indirect wholly owned subsidiary of the Company. ICAR is a leading provider of consumer identity verification solutions in Spain and Latin America. The ICAR Acquisition strengthens the Company’s position as a global digital identity verification powerhouse in the Consumer Identity and Access Management solutions market.\nAs consideration for the ICAR Acquisition, the Company agreed to an aggregate purchase price of up to $13.9 million, net of cash acquired. On October 16, 2017, the Company: (i) made a cash payment to Sellers of $3.0 million, net of cash acquired and subject to adjustments for transaction expenses, escrow amounts, indebtedness, and working capital adjustments; and (ii) issued to Sellers 584,291 shares, or $5.6 million, of Common Stock. In addition to the foregoing, the Sellers may be entitled to additional cash consideration upon achievement of certain milestones as follows: (a) subject to achievement of the revenue target for the fourth quarter of calendar 2017, the Company will pay to Sellers up to $1.5 million (the “Q4 Consideration”), which amount shall be deposited (as additional funds) into the escrow fund described below; and (b) subject to achievement of certain revenue and net income targets for ICAR for the twelve-month period ending on September 30, 2018, and the twelve-month period ending on September 30, 2019, the Company will pay to Sellers up to $3.8 million in additional cash consideration (the “Earnout Consideration”); provided that if the revenue target set forth in clause (a) is not met, then the Q4 Consideration will instead be added to the Earnout Consideration payable upon (and subject to) achievement of the revenue and net income targets for the twelve-month period ending on September 30, 2018. The Company estimated the fair value of the total Q4 Consideration and Earnout Consideration to be $2.9 million on October 16, 2017, which was determined using a discounted cash flow methodology based on financial forecasts determined by management that included assumptions about revenue growth and discount rates. Each quarter the Company revises the estimated fair value of the Earnout Consideration and revises as necessary.\nThe Company incurred $0.5 million of expense in connection with the ICAR Acquisition primarily related to legal fees, outside service costs, and travel expense, which are included in acquisition-related costs and expenses in the consolidated statements of operations and other comprehensive income (loss).\nOn October 16, 2017, the Company deposited $1.5 million of cash into an escrow fund to serve as collateral and partial security for working capital adjustments and certain indemnification rights. In April 2018, the Q4 Consideration of $1.5 million was deposited into the escrow fund. As a result of the achievement of earnout targets during fiscal 2018, the Company paid $1.8 million in January 2019. The Company intends to extend the period over which the remaining $1.8 million of earnout consideration is earned. A portion of the earnout consideration will be paid during first quarter of fiscal 2020 based on the achievement of revenue and income targets earned during fiscal 2019. The remaining portion of the earnout consideration will be paid out during the first quarter of fiscal 2021, which will be based on the achievement of certain revenue, income, development and corporate targets achieved during fiscal 2020. During the first quarter of fiscal 2020, the Company released all escrow funds, excluding $1.0 million which is being held for any potential settlement relating to the claims which may arise from the litigation which was brought on by Global Equity & Corporate Consulting, S.L. against ICAR as more fully described in Note 9.\nThe Company used cash on hand for cash paid on October 16, 2017, and under the terms of the Purchase Agreement, the Company has agreed to guarantee the obligations of Mitek Holding B.V. thereunder.\nAcquisitions are accounted for using the purchase method of accounting in accordance with ASC Topic 805,Business Combinations. Accordingly, the results of operations of A2iA and ICAR have been included in the accompanying consolidated financial statements since the date of each acquisition. The purchase price for both the A2iA Acquisition and the ICAR Acquisition have been allocated to the tangible and intangible assets acquired and liabilities assumed based upon the respective estimates of fair value as of the date of each acquisition, and are based on assumptions that the Company’s management believes are reasonable given the information currently available.\nThe following table summarizes the estimated fair values of the assets acquired and liabilities assumed during the year ended September 30, 2018 a(mounts shown in thousands):\nThe goodwill recognized is due to expected synergies and other factors and is not expected to be deductible for income tax purposes. The Company estimated the fair value of identifiable acquisition-related intangible assets with definite lives primarily based on discounted cash flow projections that will arise from these assets. The Company exercised significant judgment with regard to assumptions used in the determination of fair value such as with respect to discount rates and the determination of the estimated useful lives of the intangible assets.\n\n | A2iA | ICAR | Total \n------------------------------- | ------- | ------- | -------\nCurrent assets | $3,929 | $2,036 | $5,965 \nProperty, plant, and equipment | 307 | 83 | 390 \nIntangible assets | 28,610 | 6,407 | 35,017 \nGoodwill | 24,991 | 6,936 | 31,927 \nOther non-current assets | 1,177 | 87 | 1,264 \nCurrent liabilities | (2,688) | (1,652) | (4,340)\nDeferred income tax liabilities | (7,503) | (1,602) | (9,105)\nOther non-current liabilities | (7) | (828) | (835) \nNet assets acquired | $48,816 | $11,467 | $60,283\n\nICAR Vision Systems.\n October 16, 2017 Mitek Holding. Netherlands wholly owned subsidiary Company. acquired shares ICAR Spain subsidiaries Share Purchase Agreement Company Mitek Holding. shareholders. ICAR technology provider identity fraud document management solutions web desktop mobile platforms. Acquisition ICAR direct wholly owned subsidiary Mitek Holding. indirect wholly owned subsidiary Company. leading provider consumer identity verification solutions Spain Latin America. ICAR Acquisition strengthens global digital identity verification powerhouse.\n Company agreed purchase price $13. 9 million net cash acquired. October 16, 2017 cash payment Sellers $3. 0 million expenses issued Sellers 584,291 shares $5. 6 million Common Stock. Sellers additional cash consideration milestones revenue target fourth quarter 2017 Sellers up $1.5 million “Q4 deposited additional escrow fund subject to revenue net income targets ICAR 2018 2019 pay Sellers $3. 8 million additional cash consideration “Earnout if revenue target not met Q4 Consideration added to Earnout Consideration revenue net income targets. estimated Q4 Consideration Earnout $2. 9 million October 16, 2017 determined discounted cash flow methodology financial forecasts. revises fair value.\n incurred $0. 5 million expense ICAR Acquisition legal fees service costs travel expense included statements.\n October 16, 2017 deposited $1. 5 million escrow fund collateral working capital adjustments indemnification rights. April 2018 Q4 Consideration $1. 5 million deposited escrow fund. earnout targets paid $1. 8 million January 2019. intends extend remaining $1. 8 million earnout. portion paid first quarter fiscal 2020 revenue income targets.remaining earnout paid first quarter fiscal 2021 based on revenue income development corporate targets fiscal 2020. first quarter 2020 Company released escrow funds excluding $1. 0 million held for potential settlement Global Equity Corporate Consulting. against ICAR Note 9.\n Company used cash paid October 16, 2017 guarantee obligations Mitek Holding.\n Acquisitions accounted purchase method accounting ASC Topic 805,Business Combinations. results A2iA ICAR included consolidated financial statements acquisition. purchase price A2iA ICAR allocated assets liabilities assumed based estimates fair value assumptions.\n table summarizes estimated fair values assets acquired liabilities assumed year ended September 30, 2018\n goodwill recognized due synergies not deductible income tax. Company estimated fair value acquisition-related intangible assets based discounted cash flow projections. exercised judgment assumptions fair value discount rates estimated useful lives intangible assets.\n$3,929 $5,965\n Property equipment 307\n Intangible 28,610 6,407 35,017\n Goodwill 24,991 6,936 31,927\n non-current 1,177 1,264\n (2,688),340\n Deferred tax (9,105\n $48,816 $11,467 $60,283" +} +{ + "_id": "d1b37a252", + "title": "", + "text": "Liquidity and Capital Resources\nOur primary sources of liquidity are cash flows from operations, available cash reserves and debt capacity available under various credit facilities. We could raise additional funds through other public or private debt or equity financings. We may use our available or additional funds to, among other things\nfacilitate purchases, redemptions and exchanges of shares and pay dividends;\nacquire complementary businesses or technologies;\ntake advantage of opportunities, including more rapid expansion; or\ndevelop new services and solutions.\nAs of August 31, 2019, Cash and cash equivalents were $6.1 billion, compared with $5.1 billion as of August 31, 2018.\nCash flows from operating, investing and financing activities, as reflected in our Consolidated Cash Flows Statements, are summarized in the following table:\nOperating activities: The $600 million year-over-year increase in operating cash flow was due to higher net income as well as changes in operating assets and liabilities, including an increase in accounts payable, partially offset by higher tax disbursements.\nInvesting activities: The $506 million increase in cash used was primarily due to higher spending on business acquisitions and investments. For additional information, see Note 6 (Business Combinations) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”\nFinancing activities: The $58 million increase in cash used was primarily due to an increase in cash dividends paid as well as an increase in purchases of shares, partially offset by an increase in proceeds from share issuances and a decrease in the purchase of additional interests in consolidated subsidiaries. For additional information, see Note 14 (Material Transactions Affecting Shareholders’ Equity) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”\nWe believe that our current and longer-term working capital, investments and other general corporate funding requirements will be satisfied for the next twelve months and thereafter through cash flows from operations and, to the extent necessary, from our borrowing facilities and future financial market activities\nSubstantially all of our cash is held in jurisdictions where there are no regulatory restrictions or material tax effects on the free flow of funds. In addition, domestic cash inflows for our Irish parent, principally dividend distributions from lower-tier subsidiaries, have been sufficient to meet our historic cash requirements, and we expect this to continue into the future.\n\n | Fiscal 2019 | Fiscal 2018 | 2019 to 2018 Change\n------------------------------------------------------------ | ----------- | ----------------------------- | -------------------\n | | (in millions of U.S. dollars) | \nNet cash provided by (used in): | | | \nOperating activities | $6,627 | $6,027 | $600 \nInvesting activities | (1,756) | (1,250) | (506) \nFinancing activities | (3,767) | (3,709) | (58) \nEffect of exchange rate changes on cash and cash equivalents | (39) | (134) | 95 \nNet increase (decrease) in cash and cash equivalents | $1,065 | $934 | $131 \n\nLiquidity Capital Resources\n primary sources liquidity cash reserves debt capacity. raise additional funds public debt equity financings. use funds\n facilitate purchases redemptions exchanges pay dividends\n acquire businesses\n develop new services solutions.\n August 31, 2019 Cash equivalents $6. 1 billion $5. 1 billion August 31, 2018.\n Cash flows operating investing financing activities Consolidated Statements summarized\n Operating activities $600 million-over increase due higher net income assets liabilities accounts payable offset higher tax disbursements.\n Investing $506 million increase business investments. 6.\n Financing $58 million increase cash dividends purchases shares offset proceeds share issuances decrease purchase interests subsidiaries. 14 Transactions Shareholders’ Equity.\n current working capital investments corporate funding requirements twelve months through cash flows operations borrowing facilities future financial market activities\ncash held in no regulatory restrictions tax effects flow. domestic cash inflows Irish parent dividend distributions subsidiaries cash requirements expect continue.\n Fiscal 2019 Change\n millions U. S. dollars\n Net cash\n Operating activities $6,627\n Investing activities (1,756) (1,250\n Financing activities (3,767),709\n Effect exchange rate changes cash equivalents (39)\n increase cash equivalents $1,065 $934" +} +{ + "_id": "d1b392492", + "title": "", + "text": "Fair Value Valuation Assumptions\nValuation of Stock Options\nThe fair value of stock options granted are principally estimated using a binomial-lattice model. The inputs in our binomial-lattice model include expected stock price volatility, risk-free interest rate, dividend yield, contractual term, and vesting schedule, as well as measures of employees’ cancellations, exercise, and post-vesting termination behavior. Statistical methods are used to estimate employee termination rates.\nThe following table presents the weighted-average assumptions, weighted average grant date fair value, and the range of expected stock price volatilities:\nExpected life The expected life of employee stock options is a derived output of the binomial-lattice model and represents the weighted-average period the stock options are expected to remain outstanding. A binomial-lattice model assumes that employees will exercise their options when the stock price equals or exceeds an exercise multiple. The exercise multiple is based on historical employee exercise behaviors.\nVolatility To estimate volatility for the binomial-lattice model, we consider the implied volatility of exchange-traded options on our stock to estimate short-term volatility, the historical volatility of our common shares during the option’s contractual term to estimate long-term volatility, and a statistical model to estimate the transition from short-term volatility to long-term volatility.\nRisk-free interest rate As is the case for volatility, the risk-free interest rate is assumed to change during the option’s contractual term. The riskfree interest rate, which is based on U.S. Treasury yield curves, reflects the expected movement in the interest rate from one time period to the next (“forward rate”).\nDividend yield The expected dividend yield assumption is based on our historical and expected future amount of dividend payouts. Share-based compensation expense recognized is based on awards ultimately expected to vest and therefore has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant based on historical experience and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.\n\n | | Employee and Director Options | \n-------------------------------------- | ------ | -------------------------------- | ------\n | | For the Years Ended December 31, | \n | 2019 | 2018 | 2017 \nExpected life (in years) | 7.85 | 7.64 | 7.01 \nVolatility | 30.00% | 32.37% | 35.00%\nRisk free interest rate | 1.90% | 3.10% | 2.14% \nDividend yield | 0.76% | 0.61% | 0.50% \nWeighted-average grant date fair value | $17.12 | $21.03 | $21.11\nStock price volatility range: | | | \nLow | 30.00% | 31.72% | 28.19%\nHigh | 38.17% | 36.73% | 35.00%\n\nFair Value Valuation Assumptions\n Stock Options\n fair value stock options estimated binomial-lattice model. inputs include stock price volatility risk-free interest rate dividend yield contractual term vesting schedule employees’ cancellations exercise post-vesting termination behavior. Statistical methods employee termination rates.\n table presents weighted-average assumptions grant date fair value stock price volatilities\n Expected life employee stock options outstanding. employees exercise options when stock price equals or exceeds exercise multiple. based on employee exercise behaviors.\n Volatility implied volatility exchange-traded options historical volatility common shares statistical model transition.\n Risk-free interest rate contractual term. based. yield curves movement.\n Dividend yield based on historical future dividend payouts. Share-based compensation expense based awards reduced for estimated forfeitures. Forfeitures estimated grant revised if differ.\n Employee and Director Options\n\n Ended December\n life 7. 85. 64.\n 30. 32. 37% 35.\n interest. 90%. 10%. 14%\n Dividend yield. 76%. 61%. 50%\n-average grant $17. $21.\n Stock price volatility\n 30. 31. 72% 28. 19%\n 38. 17% 36. 73% 35." +} +{ + "_id": "d1b2f1326", + "title": "", + "text": "Note 23 Provisions\n(1) Other includes environmental, vacant space and legal provisions\nAROs reflect management’s best estimates of expected future costs to restore current leased premises to their original condition prior to lease inception. Cash outflows associated with our ARO liabilities are generally expected to occur at the restoration dates of the assets to which they relate, which are long-term in nature. The timing and extent of restoration work that will be ultimately required for these sites is uncertain.\n\nFOR THE YEAR ENDED DECEMBER 31 | NOTE | AROs | OTHER (1) | TOTAL\n------------------------------ | ---- | ---- | --------- | -----\nJanuary 1, 2019 | | 199 | 172 | 371 \nAdditions | | 21 | 24 | 45 \nUsage | | (4) | (52) | (56) \nReversals | | (17) | (1) | (18) \nAdoption of IFRS 16 | | – | (11) | (11) \nDecember 31, 2019 | | 199 | 132 | 331 \nCurrent | 20 | 16 | 17 | 33 \nNon-current | 25 | 183 | 115 | 298 \nDecember 31, 2019 | | 199 | 132 | 331 \n\n23 Provisions\n environmental vacant space legal provisions\n AROs reflect future costs restore leased premises original. Cash outflows ARO liabilities restoration dates long-term. timing extent restoration uncertain.\n YEAR ENDED DECEMBER 31 AROs\n January 1, 2019 199 172 371\n Additions 21 24 45\n Usage (52)\n Reversals\n Adoption IFRS 16\n December 31, 2019 199 132 331\n Current 33\n Non-current 183 115 298\n December 31, 199 132 331" +} +{ + "_id": "d1b35cd42", + "title": "", + "text": "Note: 1 See “Alternative performance measures” on page 231 for further details and reconciliations to the respective closest equivalent GAAP measure.\nThe Group’s adjusted effective tax rate for its controlled businesses for the year ended 31 March 2019 was 24.4% compared to 20.6% for the last financial year. The higher rate in the current year is primarily due to a change in the mix of the Group’s profit, driven by the financing for the Liberty Global transaction. The tax rate in the prior year also reflected the consequences of closing tax audits in Germany and Romania. We expect the Group’s adjusted effective tax rate to remain in the low-mid twenties range for the medium term.\nThe Group’s adjusted effective tax rate for both years does not include the following items: the derecognition of a deferred tax asset in Spain of €1,166 million (2018: €nil); deferred tax on the use of Luxembourg losses of €320 million (2018: €304 million); an increase in the deferred tax asset of €488 million (2018: €330 million) arising from a revaluation of investments based upon the local GAAP financial statements and tax returns.\nThe Group’s adjusted effective tax rate for the year ended 31 March 2018 does not include the recognition of a deferred tax asset of €1,603 million due to higher interest rates; and a tax charge in respect of capital gains on the transfer of share in Vodafone Kenya Limited to the Vodacom Group of €110 million.\n\nTaxation | | \n------------------------------------------------------------------------- | ------- | -------\n | 2019 €m | 2018 €m\nIncome tax (expense)/credit: | (1,496) | 879 \nTax on adjustments to derive adjusted profit before tax | (206) | (188) \nDeferred tax following revaluation of investments in Luxembourg | (488) | (330) \nLuxembourg deferred tax asset recognised | – | (1,603)\nDeferred tax on use of Luxembourg losses in the year | 320 | 304 \nTax on the Safaricom transaction | – | 110 \nDerecognition of a deferred tax asset in Spain | 1,166 | – \nAdjusted income tax expense for calculating adjusted tax rate1 | (704) | (828) \nLoss)/profit before tax | (2,613) | 3,878 \nAdjustments to derive adjusted profit before tax (see earnings per share) | 5,149 | 530 \nAdjusted profit before tax1 | 2,536 | 4,408 \nShare of adjusted results in associates and joint ventures | 348 | (389) \nAdjusted profit before tax for calculating adjusted effective tax rate | 2,884 | 4,019 \nAdjusted effective tax rate1 | 24.4% | 20.6% \n\nSee performance page 231 details GAAP measure.\n adjusted tax rate businesses year 31 March 2019 24. 4% 20. 6% last year. higher rate due change profit financing Liberty Global transaction. tax rate reflected closing tax audits Germany Romania. expect tax rate low-mid twenties medium term.\n derecognition deferred tax Spain €1,166 million deferred tax Luxembourg losses €320 million (2018 €304 increase deferred tax €488 million (2018 €330 million revaluation investments GAAP.\n tax rate 31 March 2018 deferred tax asset €1,603 million higher interest rates tax charge capital gains transfer Vodafone Kenya Vodacom Group €110 million.\n 2019\n Income tax\n Tax adjustments profit before tax\n Deferred tax revaluation investments Luxembourg\n deferred tax asset recognised\n Deferred tax Luxembourg losses\n Safaricom transaction\n Derecognition deferred tax asset Spain\nincome (704) (828)\n tax (2,613) 3,878\n Adjustments profit earnings share 5,149 530\n profit 2,536 4,408\n results associates joint ventures (389)\n profit 2,884 4,019\n. 4%. 6%" +} +{ + "_id": "d1b35dfda", + "title": "", + "text": "REVENUE\n(1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN.\nFiscal 2019 revenue increased by 8.6% (6.8% in constant currency) resulting from: • a growth in the American broadband services segment mainly due to the impact of the MetroCast acquisition which was included in revenue for only an eight-month period in the prior year combined with strong organic growth and the acquisition of the south Florida fibre network previously owned by FiberLight, LLC (the \"FiberLight acquisition\"); partly offset by • a decrease in the Canadian broadband services segment mainly as a result of: ◦ a decline in primary service units in the fourth quarter of fiscal 2018 and the first quarter of 2019 from lower service activations primarily due to issues resulting from the implementation of a new customer management system; partly offset by ◦ rate increases; and ◦ higher net pricing from consumer sales.\nFor further details on the Corporation’s revenue, please refer to the \"Segmented operating and financial results\" section.\n\nYears ended August 31, | | | | | \n--------------------------------------------- | ---------- | ---------- | -------- | --------------------------------- | -----------------------------\n(in thousands of dollars, except percentages) | 2019 (1) $ | 2018 (2) $ | Change % | Change in constant currency (3) % | Foreign exchange impact (3) $\nCanadian broadband services | 1,294,967 | 1,299,906 | (0.4) | (0.4) | - \nAmerican broadband services | 1,036,853 | 847,372 | 22.4 | 17.9 | 37,433 \nInter-segment eliminations and other | - | 126 | (100.0) | (100.0) | - \n | 2,331,820 | 2,147,404 | 8.6 | 6.8 | 37,433 \n\n\n Fiscal 2019 average foreign exchange rate 1. 3255 USD/CDN.\n Fiscal 2018 restated IFRS 15 change accounting policy results Cogeco Peer 1 discontinued operations. consult \"Accounting policies \"Discontinued operations sections.\n Fiscal 2019 translated average foreign exchange rate 1. 2773 USD/CDN.\n revenue increased 8. 6% (6. 8% constant currency growth American broadband services segment MetroCast acquisition organic growth acquisition south Florida fibre network offset decrease Canadian broadband services decline service units quarter 2018 2019 lower service activations new customer management system offset rate increases higher net pricing consumer sales.\n \"Segmented operating financial results section.\n Years ended August 31,\n thousands dollars 2019 2018 Change % constant currency Foreign exchange impact\n Canadian broadband services 1,294,967 1,299,906.\n American broadband services 1,036,853 847,372.\n Inter-segment eliminations.\n2,331,820,147,404. 37,433" +} +{ + "_id": "d1b2ee16c", + "title": "", + "text": "Other Income (Expense)\nInterest income in 2019 increased by $0.4 million due to an increase in interest income earned on investment securities and money market portfolios.\nInterest expense in 2019 decreased by $6.6 million due to the payoff of the 1.50% convertible notes due July 1, 2018 with a principal amount of $253.0 million (the “2018 Notes”) in the third quarter of 2018. Refer to the section titled “Liquidity and Capital Resources” for additional information on the convertible notes.\nOther, net primarily included foreign exchange gains and losses related to transactions denominated in foreign currencies, as well as foreign exchange gains and losses related to our intercompany loans and certain cash accounts. Foreign exchange gains and losses for the years ended December 31, 2019, 2018, and 2017, were primarily driven by fluctuations in the euro and US dollar in relation to the British pound.\n\n | | Year Ended December 31, | \n------------------ | --------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nInterest income | $8,178 | $7,796 | $2,951 \nInterest expense | (21,559) | (28,176) | (14,762) \nOther, net | 84 | (3,098) | 1,478 \nOther expense, net | $(13,297) | $(23,478) | $(10,333)\n\n\n Interest income 2019 increased $0. 4 million investment securities portfolios.\n Interest expense 2019 decreased $6. 6 million payoff. 50% convertible notes July 1 2018 $253. million third quarter 2018. Capital convertible notes.\n foreign exchange gains losses foreign currencies intercompany loans cash accounts. 2019 2018 2017 driven fluctuations euro US dollar British pound.\n 2018\n Interest income $8,178 $7,796 $2,951\n Interest expense (21,559) (28,176) (14,762\n (3,098)\n expense $(13,297) $(23,478) $(10,333" +} +{ + "_id": "d1a73fa6e", + "title": "", + "text": "Service Revenue by Segment\nThe following table presents the breakdown of service revenue by segment (in millions, except percentages):\nAmounts may not sum and percentages may not recalculate due to rounding\nService revenue increased 2%, driven by an increase in software and solution support offerings. Service revenue increased in the Americas and EMEA segments, partially offset by decreased revenue in our APJC segment.\n\n | | Years Ended | | 2019 vs. 2018 | \n----------------------------- | ------------- | ------------- | ------------- | ------------------- | -------------------\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017 | Variance in Dollars | Variance in Percent\nService revenue: | | | | | \nAmericas | $ 8,173 | $ 7,982 | $7,864 | $191 | 2% \nPercentage of service revenue | 63.4% | 63.3% | 63.9% | | \nEMEA | 2,854 | 2,754 | 2,635 | 100 | 4% \nPercentage of service revenue | 22.1% | 21.8% | 21.4% | | \nAPJC | 1,872 | 1,885 | 1,801 | (13) | (1)% \nPercentage of service revenue | 14.5% | 14.9% | 14.7% | | \nTotal | $ 12,899 | $ 12,621 | $12,300 | $278 | 2% \n\nRevenue Segment\n table breakdown revenue segment millions\n Amounts percentages recalculate rounding\n revenue increased 2% software solution support. Americas EMEA segments offset decreased APJC segment.\n 2019. 2018\n July 27, 2019 2018 29, 2017 Variance Dollars Percent\n revenue\n Americas $ 8,173 7,982 $7,864 $191 2%\n 63. 4%. 3%. 9%\n EMEA 2,854 2,754 2,635\n 22. 1%. 8%. 4%\n APJC 1,872\n 14. 5%. 9%. 7%\n Total $ 12,899 $ 12,621 $12,300" +} +{ + "_id": "d1b359200", + "title": "", + "text": "27 Financial risk management\nThe Group is exposed to a variety of financial risks arising from the Group’s operations being principally market risk (including interest rate risk and foreign exchange risk), liquidity risk and credit risk.\nThe majority of the Group’s financial risk management is carried out by the Group’s treasury department. The policies for managing each of these risks and their impact on the results for the year are summarised below.\nMarket risk\na) Interest rate risk\nInterest rate risk comprises both cash flow and fair value risks. Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate due to changes in market interest rates. Fair value interest rate risk is the risk that the fair value of financial instruments will fluctuate as a result of changes in market interest rates\nThe Group’s interest rate risk arises from borrowings issued at floating rates that expose the Group to cash flow interest rate risk, whereas borrowings issued at fixed interest rates expose the Group to fair value interest rate risk. Bank debt is typically issued at floating rates linked to LIBOR. The Group is aware that LIBOR will be discontinued after 2021 and is actively monitoring the output from the various working groups on LIBOR reform. The Group will also be carrying out a review on whether the fall-back provision across its existing facilities (including bank debt, floating rate notes and interest rate swaps) is adequate, and look to implement changes as and when it is appropriate. Bond debt and other capital market debt is generally issued at fixed rates.\nIt is Group policy, and often a requirement of the Group’s lenders, to eliminate substantially all exposure to interest rate fluctuations by using floating to fixed interest rate swaps (referred to as allocated swaps) in order to establish certainty over cash flows. Such allocated swaps have the economic effect of converting borrowings from floating to fixed rates. The Group also holds interest rate swaps that are not actively used as a hedge against borrowings (referred to as unallocated swaps).\nAs a consequence, the Group is exposed to market price risk in respect of the fair value of its fixed rate interest rate swaps. Additional information on the Group’s interest rate swaps is provided in the financial review on page 34\nThe table below shows the effects of allocated swaps on the borrowings profile of the Group:\nGroup policy is to target interest rate protection within the range of 75 per cent to 100 per cent\nThe weighted average rate for allocated swaps currently effective is 1.97 per cent (2018: 1.89 per cent).\nThe nominal value of unallocated swaps, which are excluded from the above table, is £483.4 million (2018: £566.7 million). Their fair value of £166.7 million (2018: £184.4 million) is included as a liability in the balance sheet. The term of each unallocated swap runs until its respective maturity date, the last of which runs until 2037, but each also has a mandatory or discretionary break clause which, unless otherwise agreed, would lead to earlier termination between 2020 and 2023. In the event of an early termination of an unallocated swap, a settlement amount is immediately payable by the Group.\nThe impact on the total fair value of derivatives liability and the inverse to change in fair value of financial instruments (allocated and unallocated swaps) of a 50 basis point increase in the level of interest rates would be a credit to the income statement and increase in equity of £67.8 million (2018: £78.8 million). The approximate impact of a 50-basis point reduction in the level of interest rates would be a charge to the income statement and decrease in equity of £67.8 million (2018: £78.8 million). In practice, a parallel shift in the yield curve is highly unlikely. However, the above sensitivity analysis is a reasonable illustration of the possible effect from the changes in slope and shifts in the yield curve that may occur. Where the fixed rate derivative financial instruments are matched by floating rate debt, the overall effect on Group cash flow of such a movement would be very small.\n\n | | 2019 | | 2018 \n---------------------------------------------------- | ------- | --------- | ------- | ---------\n£m | Fixed | Floating | Fixed | Floating \nBorrowings (nominal value)1 | 2,951.8 | 1,667.3 | 2,998.3 | 1,884.1 \nDerivative impact (nominal value of allocated swaps) | 1,073.5 | (1,073.5) | 1,112.6 | (1,112.6)\nNet borrowings profile | 4,025.3 | 593.8 | 4,110.9 | 771.5 \nInterest rate protection | | 87.1% | | 84.2% \n\nFinancial risk management\n Group exposed to financial risks market interest liquidity credit risk.\n majority financial risk management by treasury department. policies for managing risks impact on results summarised below.\n Market risk\n Interest rate risk\n cash flow fair value risks. Cash flow future cash flows interest rates. Fair value interest rate risk value\n interest rate risk from borrowings at floating rates fixed interest rates fair value interest rate risk. Bank debt issued at floating rates linked to LIBOR. LIBOR discontinued after 2021 monitoring LIBOR reform. fall-back provision changes. Bond debt capital market debt issued at fixed rates.\n Group policy to eliminate exposure to interest rate fluctuations floating to fixed interest rate swaps allocated certainty over cash flows. borrowings from to fixed rates. Group holds interest rate swaps unallocated swaps.\n exposed to market price risk fair value fixed rate interest rate swaps.information interest rate swaps financial review page 34\n table effects swaps borrowings profile\n policy interest rate protection 75 to 100 per cent\n average rate swaps 1. 97 per cent (2018 1. 89 per cent.\n nominal value unallocated swaps £483. 4 million (2018 £566. 7 million. fair value £166. 7 million (2018 £184. 4 million liability balance sheet. swap runs maturity date 2037 break clause earlier termination 2020 2023. early termination settlement payable Group.\n impact 50 basis point increase interest rates credit income statement equity £67. 8 million (2018 £78. 8 million. impact 50-basis point reduction interest rates charge income statement decrease equity £67. 8 million £78. 8 million. parallel shift yield curve unlikely. analysis effect. fixed rate derivative instruments matched floating rate debt effect Group cash flow small.\nFixed\n Borrowings 2,951. 1,667. 2,998. 1,884.\n impact swaps 1,073. 1,112.,112.\n borrowings 4,025. 593. 4,110. 771.\n Interest rate protection 87. 84." +} +{ + "_id": "d1b3900e8", + "title": "", + "text": "Segments\nWe are organized into two reportable operating segments: OLS and ILS. While both segments deliver cost-effective, highly reliable photonics solutions, OLS is focused on high performance laser sources and complex optical sub-systems, typically used in microelectronics manufacturing, medical diagnostics and therapeutic applications, as well as in scientific research. ILS delivers high performance laser sources, sub-systems and tools primarily used for industrial laser materials processing, serving important end markets like automotive, machine tool, consumer goods and medical device manufacturing.\nThe following table sets forth, for the periods indicated, the amount of net sales and their relative percentages of total net sales by segment (dollars in thousands):\nNet sales for fiscal 2019 decreased $471.9 million, or 25%, compared to fiscal 2018, with decreases of $372.8 million, or 30%, in our OLS segment and decreases of $99.1 million, or 15%, in our ILS segment. The fiscal 2019 decreases in both OLS and ILS segment sales included decreases due to the unfavorable impact of foreign exchange rates.\nThe decrease in our OLS segment sales in fiscal 2019 was primarily due to weaker demand resulting in lower shipments of ELA tools used in the flat panel display market and lower revenues from consumable service parts.\nThe decrease in our ILS segment sales from fiscal 2018 to fiscal 2019 was primarily due to lower sales for materials processing and microelectronics applications, partially offset by higher sales for medical and military applications within the OEM components and instrumentation market.\n\n | Fiscal 2019 | | Fiscal 2018 | \n--------------------------------- | ----------- | ----------------------------- | ----------- | -----------------------------\n | Amount | Percentage of total net sales | Amount | Percentage of total net sales\nOEM Laser Sources (OLS) | $886,676 | 62.0% | $1,259,477 | 66.2% \nIndustrial Lasers & Systems (ILS) | 543,964 | 38.0% | 643,096 | 33.8% \nTotal | $1,430,640 | 100.0% | $1,902,573 | 100.0% \n\n\n two OLS ILS. cost reliable photonics solutions OLS high performance laser sources complex optical sub-systems microelectronics medical diagnostics scientific research. ILS high performance laser sources-systems tools industrial laser materials processing automotive machine tool consumer goods medical device manufacturing.\n table net sales percentages by segment\n sales 2019 decreased $471. 9 million 25% $372. 8 million 30% OLS $99. 1 million 15% ILS. foreign exchange rates.\n decrease OLS due weaker demand lower shipments ELA tools lower revenues consumable service parts.\n ILS lower sales materials processing microelectronics offset higher sales medical military.\n OEM Laser Sources (OLS) $886,676 62. 0% $1,259,477 66. 2%\n Industrial Lasers Systems (ILS) 543,964 38. 0% 643,096 33. 8%\n $1,430,640 100. 0% $1,902,573." +} +{ + "_id": "d1b3b5f14", + "title": "", + "text": "Contract Balances\nTiming of revenue recognition may differ from the timing of invoicing to customers. The Company records an accrued receivable when revenue is recognized prior to invoicing and the Company’s right to consideration only requires the passage of time, or deferred revenue when revenue is recognized subsequent to invoicing.\nTotal receivables represent amounts billed and amounts earned that are to be billed in the future (i.e., accrued receivables). Included in accrued receivables are services and SaaS and PaaS revenues earned in the current period but billed in the following period and amounts due under multi-year software license arrangements with extended payment terms for which the Company has an unconditional right to invoice and receive payment subsequent to invoicing.\nTotal receivables, net is comprised of the following (in thousands):\nNo customer accounted for more than 10% of the Company’s consolidated receivables balance as of December 31, 2019 and 2018.\n\n | December 31, | \n--------------------------------------------- | ------------ | ---------\n | 2019 | 2018 \nBilled receivables | $213,654 | $239,275 \nAllowance for doubtful accounts | (5,149) | (3,912) \nBilled receivables, net | 208,505 | 235,363 \nAccrued receivables | 399,302 | 336,858 \nSignificant financing component | (35,569 ) | (35,029 )\nTotal accrued receivables, net | 363,733 | 301,829 \nLess: current accrued receivables | 161,714 | 123,053 \nLess: current significant financing component | (11,022 ) | (10,234 )\nTotal long-term accrued receivables, net | 213,041 | 189,010 \nTotal receivables, net | $572,238 | $537,192 \n\nContract\n revenue recognition invoicing. Company records accrued receivable requires passage deferred revenue.\n Total receivables billed. services SaaS PaaS revenues due multi-year software license arrangements extended payment unconditional right invoice.\n Total receivables\n No customer 10% consolidated receivables December 31, 2019 2018.\n Billed receivables $213,654 $239,275\n Allowance doubtful accounts (5,149 (3,912)\n net 208,505 235,363\n Accrued receivables 399,302 336,858\n Significant financing (35,569,029\n receivables,733 301,829\n current accrued receivables 161,714 123,053\n financing (11,022,234\n long-term accrued receivables 213,041 189,010\n Total receivables $572,238 $537,192" +} +{ + "_id": "d1b2efec2", + "title": "", + "text": "Sources and Uses of Cash\nHistorically, our primary source of cash has been provided by operations. Other sources of cash in the past three fiscal years include proceeds from our Euro Term Loan used to finance our acquisition of Rofin, proceeds received from the sale of our stock through our employee stock purchase plan as well as borrowings under our revolving credit facility (‘‘Revolving Credit Facility’’). Our historical uses of cash have primarily been for acquisitions of businesses and technologies, the repurchase of our common stock, capital expenditures and debt issuance costs. Supplemental information pertaining to our historical sources and uses of cash is presented as follows and should be read in conjunction with our Consolidated Statements of Cash Flows and notes thereto (in thousands):\nNet cash provided by operating activities decreased by $54.7 million in fiscal 2019 compared to fiscal 2018. The decrease in cash provided by operating activities in fiscal 2019 was primarily due to lower net income and lower cash flows from income taxes payable and deferred taxes, partially offset by higher cash flows from accounts receivable, inventories, deferred revenue and accrued payroll. We believe that our existing cash, cash equivalents and short term investments combined with cash to be provided by operating activities and amounts available under our Revolving Credit Facility will be adequate to cover our working capital needs and planned capital expenditures for at least the next 12 months to the extent such items are known or are reasonably determinable based on current business and market conditions. However, we may elect to finance certain of our capital expenditure requirements through other sources of capital. We continue to follow our strategy to further strengthen our financial position by using available cash flow to fund operations.\n\n | Fiscal | \n---------------------------------------------------------------- | -------- | ---------\n | 2019 | 2018 \nNet cash provided by operating activities | $181,401 | $236,111 \nPurchases of property and equipment | (83,283) | (90,757) \nAcquisition of businesses, net of cash acquired | (18,881) | (45,448) \nProceeds from sale of discontinued operation (the Hull Business) | — | 25,000 \nProceeds from sales of other entities | — | 6,250 \nBorrowings, net of repayments | 263 | (173,252)\nIssuance of shares under employee stock plans | 11,811 | 10,574 \nRepurchase of common stock | (77,410) | (100,000)\nNet settlement of restricted common stock | (15,179) | (36,320) \n\nSources Uses Cash\n primary source cash operations. sources include Euro Term Loan Rofin sale stock borrowings revolving credit facility. uses cash for acquisitions repurchase common stock capital expenditures debt issuance costs. Supplemental information Consolidated Statements Cash Flows\n Net cash operating activities decreased by $54. 7 million fiscal 2019 2018. due to lower net income flows taxes deferred taxes offset by higher cash accounts receivable inventories deferred revenue accrued payroll. existing cash equivalents short term investments activities Revolving Credit Facility cover working capital needs planned capital expenditures next 12 months. may finance capital other sources. strategy strengthen financial position cash flow fund operations.\n 2018\n Net cash operating activities $181,401 $236,111\n Purchases property equipment (83,283) (90,757)\n Acquisition businesses net cash (18,881) (45,448)\nHull 25,000\n 6,250\n Borrowings repayments 263,252)\n Issuance plans 11,811,574\n Repurchase common stock (77,410) (100,000\n settlement restricted stock,179,320" +} +{ + "_id": "d1a71ea1c", + "title": "", + "text": "Property and equipment, net by geographic location consists of the following:\n(1) Includes amounts capitalized related to the Company’s U.S. build-to-suit facility of $41.8 million and $39.4 million as of March 31, 2019 and 2018, respectively.\n(2) Includes amounts capitalized related to the Company’s U.K. build-to-suit facility of $31.2 million as of March 31, 2018. In March 2019, the Company derecognized the U.K. build-to-suit facility upon substantial completion of construction. See Note 12 for further details.\n\n | As of March 31, | \n-------------------- | --------------- | --------\n | 2019 | 2018 \nUnited States (1) | $62,455 | $62,064 \nUnited Kingdom (2) | 17,402 | 46,664 \nSouth Africa | 6,170 | 6,512 \nAustralia | 3,481 | 3,953 \nOther | 4,694 | 4,629 \nTotal | $94,202 | $123,822\n\nProperty equipment\n Includes. build-to-suit facility $41. 8 million $39. 4 million March 31, 2019 2018.\n Includes. $31. 2 million March 31, 2018. derecognized. completion construction. Note 12 details.\n March\n United States $62,455 $62,064\n United Kingdom 17,402 46,664\n South Africa 6,170\n Australia 3,481\n 4,694\n Total $94,202 $123,822" +} +{ + "_id": "d1a71fc46", + "title": "", + "text": "(iii) Contract balances\nIncreases in the balance of accrued and unearned revenue during the year relate to the acquisition of Sigma Systems (refer to Note 24). Additionally, the increase in accrued revenue was a result of software licences deployed on contract inception but have yet to be billed to the customer.\nRevenues recognised in the current reporting period that was included in deferred revenue at the beginning of the reporting period was $22,251,000, representing support and maintenance performed during the period.\n\n | 2019 | 2018 \n---------------- | ------ | ------\n | $’000 | $’000 \nAccrued revenue | 27,817 | 5,824 \nUnearned revenue | 27,069 | 22,914\n\nContract balances\n Increases accrued unearned revenue acquisition Sigma Systems Note 24. increase accrued revenue software licences deployed billed customer.\n current reporting period deferred revenue $22,251,000 support maintenance.\n 2019 2018\n Accrued revenue 27,817\n Unearned revenue 27,069 22,914" +} +{ + "_id": "d1b306f28", + "title": "", + "text": "24. Operating lease commitments\nThe Group has lease agreements in respect of property, plant and equipment, for which future minimum payments extend over a number of years.\nLeases primarily relate to the Group’s properties, which principally comprise offices and factories. Lease payments are typically subject to market review every five years to reflect market rentals, but because of the uncertainty over the amount of any future changes, such changes have not been reflected in the table below. Within our leasing arrangements there are no significant contingent rental, renewal, purchase or escalation clauses.\nThe future aggregate minimum lease payments under non-cancellable operating leases for continuing operations are as follows:\nThe Group has made provision for the aggregate minimum lease payments under non-cancellable operating leases. The Group sub-lets various properties under non-cancellable lease arrangements. Sub-lease receipts of £0.2m (2017/18: £0.2m) were recognised in the statement of profit or loss during the period. The total future minimum sub-lease payments at the period end is £0.2m (2017/18: £0.2m).\n\n | As at 30 Mar 2019 | | As at 31 Mar 2018 | \n--------------------- | ----------------- | ------------------- | ----------------- | -------------------\n | Property | Plant and Equipment | Property | Plant and Equipment\n | £m | £m | £m | £m \nWithin one year | 1.8 | 1.3 | 2.5 | 1.8 \nBetween 2 and 5 years | 6.3 | 2.4 | 5.3 | 1.9 \nAfter 5 years | 6.0 | 0.5 | 9.4 | – \nTotal | 14.1 | 4.2 | 17.2 | 3.7 \n\n. Operating lease commitments\n Group has lease agreements property plant equipment future payments extend over years.\n Leases relate properties offices factories. Lease payments market review every five years uncertainty future changes not reflected table. no significant contingent rental renewal purchase escalation clauses.\n future minimum lease payments non-cancellable leases\n Group minimum lease payments-cancellable. sub-lets properties non lease arrangements. Sub-lease receipts £0. 2m. recognised in statement profit loss. total future minimum sub-lease payments £0. 2m £0. 2m.\n 30 Mar 2019 31 Mar 2018\n Property Plant Equipment\n Within one year.\n Between 2 5 years 6.\n After 5 years 6. 9.\n 14. 4. 17." +} +{ + "_id": "d1b32f04a", + "title": "", + "text": "Note 23 Other (Expense) Income, net\nThe following table provides details of other (expense) income, net:\n(1) Cryovac Brasil Ltda., a Sealed Air subsidiary, received a final decision from the Brazilian court regarding a claim in which Sealed Air contended that certain indirect taxes paid were calculated on an incorrect amount. As a result, for the year ended December 31, 2019, we recorded income of $4.8 million to Other, net for a claim of overpaid taxes related to 2015 through 2018.\n\n | | Year Ended December 31, | \n-------------------------------------------------- | -------- | ----------------------- | -------\n(In millions) | 2019 | 2018 | 2017 \nNet foreign exchange transaction loss | $ (7.7) | $ (16.7) | $ (5.9)\nBank fee expense | (5.0) | (4.4 ) | (5.8) \nPension income other than service costs | 1.0 | 3.9 | 16.7 \nLoss on debt redemption and refinancing activities | (16.1) | (1.9 ) | — \nOther, net(1) | 8.3 | 1.0 | 1.2 \nOther (expense) income, net | $ (19.5) | $ (18.1) | $ 6.2 \n\nOther (Expense Income\n table\n Cryovac Brasil. Sealed Air subsidiary decision Brazilian court indirect taxes. year December 31, 2019 income $4. million overpaid taxes 2015 2018.\n 2019\n Net foreign exchange transaction loss $ (7. 7) (16. (5.\n Bank fee expense (5. (4. (5.\n Pension income service costs 1. 3. 16.\n Loss debt redemption refinancing (16. (1.\n 8. 1.\n Other (expense income net $ (19. 5) (18. 6." +} +{ + "_id": "d1b39f28c", + "title": "", + "text": "Interest in associates\n*Included within share of profit from associates is $1,917,000 representing NSR’s share of fair value gains related to investment properties held by joint ventures and associates (30 June 2018: $1,383,000).\nThe Group owns 24.9% (2018: 24.9%) of the Australia Prime Storage Fund (“APSF”). APSF is a partnership with Universal Self Storage to facilitate the development and ownership of multiple premium grade selfstorage centres in select cities around Australia.\nDuring the year ended 30 June 2019, National Storage (Operations) Pty Ltd earned fees of $0.8m from APSF associated with the design, development, financing of the construction process, and ongoing management of centres (see note 17) (30 June 2018: $0.7m).\nAs at 30 June 2019, APSF had two operating centres in Queensland, Australia, with a third asset under construction in Victoria, Australia.\nFollowing the financial year end, on 26 July 2019, the Group purchased two storage centre investment properties from APSF for $42.6m, and reached an agreement to purchase a third asset for $21.35m on completion of construction (see note 23). During the year ended 30 June 2018, the Group purchased a storage centre investment property asset in Queensland, Australia from APSF for $14m.\nAs at 30 June 2019, APSF had contractual commitments of $2.8m in place for the construction of one storage centre in Victoria, Australia. Neither associate had any contingent liabilities or any other capital commitments at 30 June 2019 or 30 June 2018. As at 30 June 2019, APSF had contractual commitments of $2.8m in place for the construction of one storage centre in Victoria, Australia. Neither associate had any contingent liabilities or any other capital commitments at 30 June 2019 or 30 June 2018.\nThe Group holds a 24% (30 June 2018: 24.8%) holding in Spacer Marketplaces Pty Ltd (“Spacer”). Spacer operate online peer-to-peer marketplaces for self-storage and parking.\n\n | 2019 | 2018 \n---------------------------------------------------------------- | ------ | -------\n | $'000 | $'000 \nOpening balance at 1 July | 10,693 | 8,611 \nCapital contribution / acquisition of shareholding in associates | - | 2,048 \nShare of profit from associates* | 1,695 | 1,282 \nDistributions from associate | - | (1,248)\nClosing balance at 30 June | 12,388 | 10,693 \n\nInterest associates\n profit $1,917,000 NSR’s gains investment properties (30 June 2018: $1,383,000.\n Group owns 24. 9% (2018 24. 9%) Australia Prime Storage Fund. partnership Universal Self Storage development premium grade selfstorage centres Australia.\n 30 June 2019 National Storage (Operations) Pty Ltd earned fees $0. 8m APSF design development construction management $0. 7m.\n 2019 APSF two centres Queensland third construction Victoria.\n July 2019 Group purchased two storage centre properties $42. 6m third asset $21. 35m completion construction. 30 June 2018 purchased storage centre Queensland APSF $14m.\n 2019 APSF commitments $2. 8m construction one storage centre Victoria. contingent liabilities capital commitments. commitments $2. 8m construction storage centre Victoria.\n Group holds 24%. holding Spacer Marketplaces Pty Ltd. marketplaces self-storage parking.\nbalance 1 July 10,693 8,611\n Capital 2,048\n profit 1,695 1,282\n Distributions\n 30 June 12,388 10,693" +} +{ + "_id": "d1b37e47e", + "title": "", + "text": "6. Inventories\nInventories consisted of the following:\n\n | | Fiscal Year End\n---------------- | ------- | ---------------\n | 2019 | 2018 \n | | (in millions) \nRaw materials | $ 260 | $ 276 \nWork in progress | 739 | 656 \nFinished goods | 837 | 925 \nInventories | $ 1,836 | $ 1,857 \n\n. Inventories\n Fiscal Year\n millions\n Raw materials $ 260 $ 276\n Work progress 656\n Finished goods 925\n $ 1,836 1,857" +} +{ + "_id": "d1b36b180", + "title": "", + "text": "Revenue\nWe manage our business on a geographic basis, organized into three geographic segments. Our revenue, which includes product and service for each segment, is summarized in the following table (in millions, except percentages):\nAmounts may not sum and percentages may not recalculate due to rounding.\nTotal revenue in fiscal 2019 increased by 5% compared with fiscal 2018. Product revenue increased by 6% and service revenue increased by 2%. Our total revenue reflected growth across each of our geographic segments. Product revenue for the BRICM countries, in the aggregate, experienced 1% product revenue decline, driven by a 16% decrease in product revenue in China and a decrease of 1% in Brazil. These decreases were partially offset by increased product revenue in Mexico, Russia and India of 26%, 6% and 5%, respectively.\nIn addition to the impact of macroeconomic factors, including a reduced IT spending environment and reductions in spending by government entities, revenue by segment in a particular period may be significantly impacted by several factors related to revenue recognition, including the complexity of transactions such as multiple performance obligations; the mix of financing arrangements provided to channel partners and customers; and final acceptance of the product, system, or solution, among other factors. In addition, certain customers tend to make large and sporadic purchases, and the revenue related to these transactions may also be affected by the timing of revenue recognition, which in turn would impact the revenue of the relevant segment.\n\n | | Years Ended | | 2019 vs. 2018 | \n--------------------- | ------------- | ------------- | ------------- | ------------------- | -------------------\n | July 27, 2019 | July 28, 2018 | July 29, 2017 | Variance in Dollars | Variance in Percent\nRevenue: | | | | | \nAmericas | $ 30,927 | $ 29,070 | $28,351 | $1,857 | 6% \nPercentage of revenue | 59.6% | 58.9% | 59.1% | | \nEMEA | 13,100 | 12,425 | 12,004 | 675 | 5% \nPercentage of revenue | 25.2% | 25.2% | 25.0% | | \nAPJC | 7,877 | 7,834 | 7,650 | 43 | 1% \nPercentage of revenue | 15.2% | 15.9% | 15.9% | | \nTotal | $51,904 | $49,330 | $48,005 | $2,574 | 5% \n\n\n manage business three segments. revenue includes product service summarized table millions except\n Amounts not sum percentages recalculate rounding.\n Total revenue 2019 increased 5% 2018. Product 6% service 2%. growth segments. BRICM countries experienced 1% decline 16% decrease China 1% Brazil. decreases offset increased revenue Mexico Russia India 26%, 6% 5%.\n macroeconomic factors reduced IT spending government revenue segment impacted factors complexity transactions obligations financing arrangements final acceptance product. customers make large sporadic purchases affected timing revenue recognition revenue segment.\n 2019. 2018\n July 27, 2019 28, 2018 29, 2017 Variance Dollars Percent\n Revenue\n Americas $ 30,927 $ 29,070 $28,351 $1,857 6%\n Percentage revenue 59. 6%. 9%. 1%\n EMEA 13,100 12,425 12,004 675 5%\n Percentage revenue 25. 2%.\n APJC 7,877 7,834 7,650\n. 2%.\n $51,904 $49,330 $48,005 $2,574 5%" +} +{ + "_id": "d1b2f8c2a", + "title": "", + "text": "At December 31, 2019 and 2018, $21 million and $20 million, respectively, of unrecognized tax benefits were classified as a reduction of deferred tax assets. The finalisation in the fourth quarter of 2018 of pending tax litigations triggered the reversal of uncertain tax positions in major tax jurisdictions for a total amount of $310 million.\nIt is reasonably possible that certain of the uncertain tax positions disclosed in the table above could increase within the next 12 months due to ongoing tax audits. The Company is not able to make an estimate of the range of the reasonably possible change.\nAdditionally, the Company elected to classify accrued interest and penalties related to uncertain tax positions as components of income tax expense in the consolidated statements of income, they were less than $1 million in 2019, $1 million in 2018, less than $1 million in 2017, $1 million in 2016, $1 million in 2015, $27 million in 2014 and not material in the previous years. Accrued interest and penalties amounted to $6 million at December 31, 2019 and $5 million at December 31, 2018.\nThe tax years that remain open for review in the Company’s major tax jurisdictions, including France, Italy, United States and India, are from 1997 to 2019.\n\n | December 31, 2019 | December 31, 2018 | December 31, 2017\n------------------------------------------------------------ | ----------------- | ----------------- | -----------------\nBalance at beginning of year | 38 | 333 | 258 \nAdditions based on tax positions related to the current year | 7 | 43 | 43 \nAdditions based on acquisitions related to the current year | 5 | — | — \nAdditions for tax positions of prior years | 1 | 8 | 12 \nReduction for tax positions of prior years | (1) | (310) | (9) \nSettlements | (2) | (18) | (2) \nPrepayment / Refund | — | — | — \nReductions due to lapse of statute of limitations | — | — | — \nForeign currency translation | — | (18) | 31 \nBalance at end of year | 48 | 38 | 333 \n\nDecember 31, 2019 2018 $21 million $20 million unrecognized tax benefits deferred tax assets. fourth quarter 2018 tax litigations triggered reversal uncertain tax positions $310 million.\n uncertain tax positions increase next 12 months due tax audits. Company estimate change.\n accrued interest penalties uncertain tax positions income tax expense statements less than $1 million 2019 2018 2017 2016, 2015, $27 million 2014 not previous years. Accrued interest penalties $6 million December 31, 2019 $5 million December 31, 2018.\n tax years open review major jurisdictions 1997 to 2019.\n 31, 2018 2017\n Balance beginning year\n Additions tax positions current year\n Additions acquisitions\n Additions tax positions prior years\n Reduction tax positions prior years\n Settlements\n Prepayment Refund\n Reductions due lapse statute of limitations\n Foreign currency translation\n Balance end of year" +} +{ + "_id": "d1b361b12", + "title": "", + "text": "5. Goodwill and Purchased Intangible Assets\n(b) Purchased Intangible Assets\nThe following table presents the amortization of purchased intangible assets (in millions):\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n-------------------------------------------- | ------------- | ------------- | -------------\nAmortization of purchased intangible assets: | | | \nCost of sales . | $624 | $640 | $556 \nOperating expenses | | | \nAmortization of purchased intangible assets | 150 | 221 | 259 \nRestructuring and other charges | — | — | 38 \nTotal . | $774 | $861 | $853 \n\n. Goodwill Purchased Intangible Assets\n table amortization\n Years Ended July 27, 2019 July 28, 2018 29, 2017\n Amortization\n Cost sales. $624 $640 $556\n Operating expenses\n Amortization 150 259\n Restructuring charges\n. $774 $861 $853" +} +{ + "_id": "d1b2f6ad8", + "title": "", + "text": "(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(2) The non-controlling interest represents a participation of 21% in Atlantic Broadband's results by Caisse de dépot et placement du Québec (\"CDPQ\"), effective since the MetroCast acquisition on January 4, 2018.\nFiscal 2019 fourth-quarter profit for the period from continuing operations and profit for the period from continuing operations attributable to owners of the Corporation increased by 21.8% and 20.8%, respectively, as a result of: • higher adjusted EBITDA; and • the decrease in financial expense.\nFiscal 2019 fourth-quarter profit for the period and profit for the period attributable to owners of the Corporation increased by 26.1% and 25.2%, respectively, mainly due to a profit for the period from discontinued operations of $1.9 million due to working capital adjustments during the fourth quarter related to the sale of Cogeco Peer 1 compared to a loss for the period from discontinued operations of $1.1 million for the comparable period of the prior year in addition to the elements mentioned above.\n\nThree months ended August 31, | 2019 | 2018(2) | Change\n-------------------------------------------------------------------------------------------- | ------ | ------- | ------\n(in thousands of dollars, except percentages and earnings per share) | $ | $ | % \nProfit for the period from continuing operations | 92,403 | 75,870 | 21.8 \nProfit for the period | 94,323 | 74,818 | 26.1 \nProfit for the period from continuing operations attributable to owners of the Corporation | 87,850 | 72,753 | 20.8 \nProfit for the period attributable to owners of the Corporation | 89,770 | 71,701 | 25.2 \nProfit for the period from continuing operations attributable to non-controlling interest(2) | 4,553 | 3,117 | 46.1 \nBasic earnings per share from continuing operations | 1.78 | 1.48 | 20.3 \nBasic earnings per share | 1.82 | 1.45 | 25.5 \n\nFiscal 2018 comply IFRS 15 change accounting policy results Cogeco Peer 1 discontinued operations. consult \"Accounting policies \"Discontinued operations sections.\n non-controlling interest participation 21% Atlantic Broadband results Caisse de dépot placement du Québec since MetroCast acquisition January 4, 2018.\n Fiscal 2019 fourth-quarter profit continuing owners increased 21. 8% 20. 8% higher adjusted EBITDA decrease financial expense.\n 2019 fourth-quarter profit increased 26. 1% 25. 2% due profit discontinued operations $1. 9 million working capital adjustments sale Cogeco Peer 1 loss discontinued operations $1. 1 million prior year.\n Three months ended August 31, 2019\n earnings per share\n Profit continuing operations 92,403 75,870 .\n 94,323 74,818.\n 87,850 72,753.\n 89,770 71,701.\n Profit non-controlling 4,553 3,117 46.\nearnings share operations. 78. 48 20.\n. 82. 45 25. 5" +} +{ + "_id": "d1b3b762a", + "title": "", + "text": "Deferred income taxes on the Consolidated Balance Sheets result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The principal components of our current and non-current deferred taxes were as follows:\nIn December 2017, the Tax Cuts and Jobs Act (“the Act”) was signed into law. As a result of the Act, we recognized an estimated expense of $11.9 million in the fourth quarter of 2017, of which $9.2 million related to the writedown of deferred tax assets and $2.7 million related to tax on unrepatriated foreign earnings. We calculated our best estimate of the impact of the Act in our 2017 year-end income tax provision in accordance with Staff Accounting Bulletin No. 118, which was issued to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared or analyzed to finalize the accounting for certain income tax effects of the Act. Additional work to complete a more detailed analysis of historical foreign earnings, as well as the full impact relating to the write-down of deferred tax assets, was completed in the third quarter of 2018 and resulted in a tax benefit of $4.0 million for the year ended December 31, 2018.\nAs of December 31, 2019 and 2018, non-current deferred taxes related to our investments and our defined benefit pension plan reflect deferred taxes on the net unrealized gains and losses on available-for-sale investments and deferred taxes on unrealized losses in our pension plan. The net change in non-current deferred taxes associated with these items, which resulted in a deferred tax benefit of $0.4 million and $2.8 million in 2019 and 2018, respectively, was recorded as an adjustment to other comprehensive income (loss), presented in the Consolidated Statements of Comprehensive Income (Loss).\nThe Company continually reviews the adequacy of our valuation allowance and recognizes the benefits of deferred tax assets only as the reassessment indicates that it is more likely than not that the deferred tax assets will be realized in accordance with ASC 740, Income Taxes. Due to our recent decrease in revenue and profitability for 2019, and all other positive and negative objective evidence considered as part of our analysis, our ability to consider other subjective evidence such as projections for future growth is limited when evaluating whether our deferred tax assets will be realized. As such, the Company was no longer able to conclude that it was more likely than not that our domestic deferred tax assets would be realized and a valuation allowance against our domestic deferred tax assets was established in the third quarter of 2019. The amount of the deferred tax assets considered realizable may be adjusted in future periods in the event that sufficient evidence is present to support a conclusion that it is more likely than not that all or a portion of our domestic deferred tax assets will be realized.\nAs of December 31, 2019, the Company had gross deferred tax assets totaling $56.2 million offset by a valuation allowance totaling $48.6 million. Of the valuation allowance, $42.8 million was established in the current year primarily related to our domestic deferred tax assets. The remaining $5.8 million established in prior periods related to state research and development credit carryforwards and foreign net operating loss and research and development credit carryforwards where we lack sufficient activity to realize those deferred tax assets. The remaining $7.6 million in deferred tax assets that were not offset by a valuation allowance are located in various foreign jurisdictions where the Company believes it is more likely than not we will realize these deferred tax assets.\n\n(In thousands) | 2019 | 2018 \n------------------------------------------------------------------- | -------- | --------\nDeferred tax assets | | \nInventory | $7,144 | $6,609 \nAccrued expenses | 2,330 | 2,850 \nInvestments | — | 1,122 \nDeferred compensation | 5,660 | 4,779 \nStock-based compensation | 2,451 | 3,069 \nUncertain tax positions related to state taxes and related interest | 241 | 326 \nPensions | 7,074 | 5,538 \nForeign losses | 2,925 | 3,097 \nState losses and credit carry-forwards | 3,995 | 8,164 \nFederal loss and research carry-forwards | 12,171 | 17,495 \nLease liabilities | 2,496 | — \nCapitalized research and development expenditures | 22,230 | — \nValuation allowance | (48,616) | (5,816) \nTotal Deferred Tax Assets | 20,101 | 47,233 \nDeferred tax liabilities | | \nProperty, plant and equipment | (2,815) | (3,515) \nIntellectual property | (5,337) | (6,531) \nRight of use lease assets | (2,496) | — \nInvestments | (1,892) | — \nTotal Deferred Tax Liabilities | (12,540) | (10,046)\nNet Deferred Tax Assets | $7,561 | $37,187 \n\nDeferred income taxes Consolidated Balance Sheets differences assets liabilities financial. current taxes\n December 2017 Tax Cuts Jobs Act signed law. estimated expense $11. 9 million fourth quarter 2017 $9. 2 million deferred tax assets $2. 7 million unrepatriated foreign earnings. calculated impact 2017 year-end income tax Staff Accounting Bulletin No. 118. GAAP information. Additional work analysis foreign earnings deferred tax assets completed third quarter 2018 tax benefit $4. 0 million year December 31, 2018.\n December 31, 2019 2018 non-current deferred taxes investments defined benefit pension plan reflect unrealized gains losses investments losses pension plan. net change taxes deferred tax benefit $0. 4 million $2. 8 million 2019 2018 recorded adjustment comprehensive income Consolidated Statements Comprehensive Income (Loss).\n Company reviews valuation allowance recognizes benefits deferred tax assets ASC 740.decrease revenue profitability 2019 evidence future growth limited evaluating deferred tax assets. Company domestic deferred tax assets valuation allowance against established third quarter 2019. tax assets may adjusted evidence.\n December 31, 2019 Company deferred tax assets $56. 2 million offset by valuation allowance $48. 6 million. $42. 8 million established domestic deferred tax assets. remaining $5. 8 million state research development credit carryforwards foreign net operating loss research credit carryforwards. remaining $7. 6 million not offset in foreign jurisdictions likely.\n 2019 2018\n Deferred tax assets\n Inventory $7,144 $6,609\n Accrued expenses 2,330 2,850\n Investments 1,122\n Deferred compensation 5,660 4,779\n Stock-based compensation 2,451 3,069\n Uncertain tax positions state taxes interest 241 326\n Pensions 7,074 5,538\n Foreign losses 2,925 3,097\n3,995,164\n Federal 12,171\n Lease liabilities 2,496\n expenditures 22,230\n Valuation allowance,616)\n Deferred Tax Assets 20,101 47,233\n Property plant equipment\n Intellectual property (5,337\n lease (2,496\n (1,892)\n Deferred Tax Liabilities\n Tax Assets $7,561 $37,187" +} +{ + "_id": "d1b378880", + "title": "", + "text": "CONTRACTUAL OBLIGATIONS\nThe following table summarizes our significant financial contractual obligations at January 31, 2019, and the effect such obligations are expected to have on our liquidity and cash flows in future periods.\n(1) This table generally excludes amounts already recorded on the balance sheet as current liabilities, certain purchase obligations as discussed below, long term deferred revenue, and amounts related to income tax liabilities for uncertain tax positions, since we cannot predict with reasonable reliability the timing of cash settlements to the respective taxing authorities (see Part II, Item 8, Note 5, “Income Taxes” in the Notes to Consolidated Financial Statements).\nNotes consist of the Notes issued in December 2012, June 2015 and June 2017. See Part II, Item 8, Note 8, \"Borrowing Arrangements,\" in the Notes to Consolidated Financial Statements for further discussion..\nTerm loan consists of the Term Loan Agreement entered into on December 17, 2018 as described above.\nOperating lease obligations consist primarily of obligations for facilities, net of sublease income, computer equipment and other equipment leases\nPurchase obligations are contractual obligations for purchase of goods or services and are defined as agreements that are enforceable and legally binding on Autodesk and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. Purchase obligations relate primarily to enterprise subscription agreements, IT infrastructure costs, and marketing costs\nDeferred compensation obligations relate to amounts held in a rabbi trust under our non-qualified deferred compensation plan. See Part II, Item 8, Note 7, “Deferred Compensation,” in our Notes to Consolidated Financial Statements for further information regarding this plan.\nPension obligations relate to our obligations for pension plans outside of the U.S. See Part II, Item 8, Note 15, “Retirement Benefit Plans,” in our Notes to Consolidated Financial Statements for further information regarding these obligations.\nAsset retirement obligations represent the estimated costs to bring certain office buildings that we lease back to their original condition after the termination of the lease\nPurchase orders or contracts for the purchase of supplies and other goods and services are not included in the table above. We are not able to determine the aggregate amount of such purchase orders that represent contractual obligations, as purchase orders may represent authorizations to purchase rather than binding agreements. Our purchase orders are based on our current procurement or development needs and are fulfilled by our vendors within short time horizons. We do not have significant agreements for the purchase of supplies or other goods specifying minimum quantities or set prices that exceed our expected requirements for three months. In addition, we have certain software royalty commitments associated with the shipment and licensing of certain products.\nThe expected timing of payment of the obligations discussed above is estimated based on current information. Timing of payments and actual amounts paid may be different depending on the time of receipt of goods or services or changes to agreed upon amounts for some obligations.\nWe provide indemnifications of varying scopes and certain guarantees, including limited product warranties. Historically, costs related to these warranties and indemnifications have not been significant, but because potential future costs are highly variable, we are unable to estimate the maximum potential impact of these guarantees on our future results of operations\n\n | Total | Fiscal year 2020 | Fiscal years 2021-2022 | Fiscal years 2023-2024 | Thereafter\n--------------------------------- | -------- | ---------------- | ---------------------- | ---------------------- | ----------\n | | | (in millions) | | \nNotes | $1,898.3 | $57.3 | $541.7 | $422.3 | $877.0 \nTerm loan | 533.8 | 18.0 | 515.8 | — | — \nOperating lease obligations | 409.8 | 75.4 | 115.3 | 92.1 | 127.0 \nPurchase obligations | 82.7 | 47.8 | 17.0 | 11.7 | 6.2 \nDeferred compensation obligations | 60.3 | 5.0 | 9.2 | 8.8 | 37.3 \nPension obligations | 25.5 | 2.4 | 4.6 | 4.6 | 13.9 \nAsset retirement obligations | 10.4 | 6.7 | 1.1 | 1.2 | 1.4 \nTotal (1) | $3,020.8 | $212.6 | $1,204.7 | $540.7 | $1,062.8 \n\nCONTRACTUAL OBLIGATIONS\n table summarizes financial obligations January 31, 2019 effect liquidity cash flows future.\n excludes current liabilities purchase obligations long term deferred revenue income tax liabilities timing settlements Part II Item 8 Note 5.\n Notes issued December 2012, June 2015 June 2017. Part II Item 8 Note 8 \"Borrowing Arrangements.\n Term loan Agreement December 17, 2018.\n Operating lease obligations facilities sublease income computer equipment leases\n Purchase obligations goods services enforceable quantities price provisions timing. Purchase obligations relate enterprise subscription agreements IT infrastructure costs marketing costs\n Deferred compensation obligations trust non-qualified deferred compensation plan. Part II Item 8 Note 7 Compensation.\n Pension obligations pension plans outside U. S. Part II Item 8 Note 15 “Retirement Benefit Plans.\nAsset retirement obligations estimated costs office buildings to original condition after termination lease\n Purchase orders for supplies not included in table. determine amount orders obligations authorizations. orders based on current procurement needs fulfilled by vendors within short. significant agreements for supplies minimum quantities prices for three months. software royalty commitments with shipment licensing products.\n expected timing payment obligations estimated based on current information. amounts receipt changes amounts.\n provide indemnifications guarantees limited product warranties. costs significant potential future costs variable unable to estimate maximum impact on future results operations\n Fiscal year 2020 2021-2022 2023-2024\n millions\n $1,898. $57. $541. $422. $877.\n Term loan 533. 18. 515.\n Operating lease obligations 409. 75. 115. 92. 127.\n Purchase obligations 82. 47. 17.11. 7 6.\n compensation obligations 60. 5. 9. 8. 37.\n Pension obligations 25. 13.\n Asset retirement obligations 10.\n $3,020. $212. $1,204. $540. $1,062." +} +{ + "_id": "d1b351028", + "title": "", + "text": "3. REVENUE FROM CONTRACTS WITH CUSTOMERS\nRevenues and related costs on construction contracts are recognized as the performance obligations are satisfied over time in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue and associated profit, will be recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment will generally be excluded from the Company’s recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress.\nIn adopting ASC 606, the Company had the following significant changes in accounting principles:\n(i) Timing of revenue recognition for uninstalled materials - The Company previously recognized the majority of its revenue from the installation or construction of commercial & public works projects using the percentage-of-completion method of accounting, whereby revenue is recognized as the Company progresses on the contract. The percentage-of-completion for each project was determined on an actual cost-to-estimated final cost basis. Under ASC 606, revenue and associated profit, is recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment is generally excluded from the Company’s recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress.\n(ii) Completed contracts - The Company previously recognized the majority of its revenue from the installation of residential projects using the completed contract method of accounting whereby revenue the Company recognized when the project is completed. Under, ASC 606, revenue is recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations).\nRevenue recognition for other sales arrangements such as the sales of materials will remain materially consistent with prior treatment.\nThe adoption of the new revenue recognition standard resulted in a cumulative effect adjustment to retained earnings of approximately $1,405 as of January 1, 2018. The details of this adjustment are summarized below.\n\n | Balance at December 31, 2017 | Adjustments Due to ASC 606 | Balance at January 1, 2018\n-------------------- | ---------------------------- | -------------------------- | --------------------------\nContract assets | $3,790 | $(584) | $3,206 \nContract liabilities | 7,288 | 821 | 8,109 \nAccumulated deficit | (56,365) | (1,405) | (57,770) \n\n. REVENUE FROM CONTRACTS WITH CUSTOMERS\n Revenues costs on construction contracts recognized as performance obligations satisfied ASC 606. revenue profit recognized as customer obtains control of goods services promised. cost uninstalled materials equipment excluded from profit unless produced manufactured not progress.\n adopting ASC 606 changes in accounting principles\n Timing revenue recognition for uninstalled materials recognized revenue from percentage-of method accounting. cost. revenue profit recognized as customer obtains control goods services. cost of uninstalled materials equipment excluded profit unless produced manufactured progress.\n Completed contracts recognized revenue from residential projects completed contract method accounting. ASC 606 revenue recognized as customer obtains control of goods services.\n Revenue recognition for other sales arrangements consistent with prior treatment.\n new revenue recognition standard resulted in adjustment to retained earnings approximately $1,405 as of January 1, 2018. details.\nBalance December 31, 2017 Adjustments ASC 606 January 1 2018\n Contract assets $3,790\n liabilities 7,288\n deficit (56,365" +} +{ + "_id": "d1b34b31c", + "title": "", + "text": "Capital expenditures\nFor 2019, capital expenditure was SEK 5.1 (4.0) billion, representing 2.3% of sales. Expenditures are largely related to test sites and equipment for R&D, network operation centers and manufacturing and repair operations.\nThe increase in 2019 was mainly due to investments in 5G test equipment.\nAnnual capital expenditures are normally around 2% of sales. This corresponds to the needs for keeping and maintaining the current capacity level. The Board of Directors reviews the Company’s investment plans and proposals.\nAs of December 31, 2019, no material land, buildings, machinery or equipment were pledged as collateral for outstanding indebtedness.\n\nCapital expenditures 2017–2019 | | | \n------------------------------ | ---- | ---- | ----\nSEK billion | 2019 | 2018 | 2017\nCapital expenditures | 5.1 | 4.0 | 3.9 \nOf which in Sweden | 2.0 | 1.3 | 1.5 \nShare of annual sales | 2.3% | 1.9% | 1.9%\n\n\n 2019 SEK 5. billion. 3% sales. related test sites R&D network operation centers manufacturing repair.\n increase due 5G test equipment.\n Annual expenditures 2% sales. current capacity. Board Directors investment plans proposals.\n December 31, 2019 no land machinery equipment pledged collateral indebtedness.\n Capital expenditures 2017–2019\n billion\n 5. 4. 3. 9\n Sweden 2. 1.\n annual sales 2. 3%." +} +{ + "_id": "d1b3b5438", + "title": "", + "text": "The total fair value of RSUs and PSUs granted and vested during the years ended December 31, 2019, 2018 and 2017 were as follows:\nAs of December 31, 2019, there was $1.1 billion of unrecognized compensation cost related to non-vested RSUs, which will be recognized on a straight-line basis over the remaining weighted average contractual term of approximately 2.5 years.\nIn connection with vesting and release of RSUs and PSUs, the tax benefits realized by the company for the years ended December 31, 2019, 2018 and 2017 were $131 million, $117 million and $180 million, respectively.\n\n($ in millions) | | | \n------------------------------- | ---- | ---- | ----\nFor the year ended December 31: | 2019 | 2018 | 2017\nRSUs | | | \nGranted | $674 | $583 | $484\nVested | 428 | 381 | 463 \nPSUs | | | \nGranted | $164 | $118 | $113\nVested | 118 | 101 | 51 \n\nvalue RSUs PSUs granted vested December 2019 2018 2017\n December 31, 2019 $1. 1 billion unrecognized compensation cost non-vested RSUs recognized 2. 5 years.\n tax benefits 2019 2018 2017 $131 million $117 million $180 million.\n December 2019 2018 2017\n RSUs\n Granted $674 $583 $484\n Vested 428 381 463\n PSUs\n Granted $164 $118 $113\n Vested 118" +} +{ + "_id": "d1b36b7fc", + "title": "", + "text": "4. Link between Group performance and remuneration outcomes\nThe Altium Remuneration Framework is designed to align key employee remuneration to shareholder returns (in the form of capital appreciation and dividends). The table below shows the Group performance on key financial results and performance metrics over the last five years.\nAltium’s remuneration strategy has evolved over the past seven years and we believe that it is linked intrinsically to the success of the Group. Strong payout results for STI and LTI have reflected the strong financial performance of the Group. In addition, STI and LTI hurdles have changed over time to better reflect what is most important for Group growth.\n1 Normalised EPS and Profit for the year excludes deferred tax asset of US$77 million recognised on the transfer of core business assets to the USA.\n2 The maximum STI payable based on the above performance hurdles is 100%, however based on achievement of individual personal goals, the overall achievement level may be modified up to 150% or down to 0%.\n\n | 2019 | 2018 | 2017 | 2016 | 2015 \n---------------------------- | ---------------------- | ---------------------- | ---------------------- | ---------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------\n | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 \nRevenue | 171,819 | 140,176 | 110,865 | 93,597 | 80,216 \nEBITDA | 62,721 | 44,869 | 33,254 | 27,430 | 22,697 \nEPS | 40.57 | 28.86 | 21.70 | 17.89 | 12.47 1 \nProfit for the year | 52,893 | 37,489 | 28,077 | 23,020 | 15,398 1 \nDividend declared - AU cents | 34 | 27 | 23 | 20 | 16 \nShare price - AU$ | $34.2 | 22.51 | 8.57 | 6.46 | 4.43 \nSTI Achievement | 100% - 150% 2 | 131% | 103% | 97% | 63% \nSTI performance hurdles | 70% Revenue 30% EBITDA | 50% Revenue 50% EBITDA | 70% Revenue 30% EBITDA | 50% Revenue 50% EBITDA | Different metrics related to subscriber related to subscriber growth, EPS and Product development related to subscriber growth, EPS and Product development related to subscriber growth, EPS and Product development\nLTI Achievement | 100% | 100% | 100% | 100% | 50% \nLTI performance hurdles | 50% Revenue | EPS | EPS | EPS | 50% Subscriber growth 50% EPS \n\n. Link Group performance remuneration outcomes\n Altium Remuneration Framework employee remuneration shareholder returns capital appreciation dividends. table shows Group performance financial results metrics five years.\n remuneration strategy evolved linked success. Strong payout results STI LTI financial performance. STI LTI hurdles changed reflect growth.\n Normalised EPS Profit excludes deferred tax asset US$77 million transfer business.\n maximum STI payable 100% achievement to 150% 0%.\n Revenue 171,819 140,176 110,865 93,597 80,216\n EBITDA 62,721 44,869 33,254 27,430 22,697\n EPS 40. 57 28. 12.\n Profit 52,893 37,489 28,077 23,020 15,398\n Dividend declared 34 27 23 20\n Share price $34. 4.\nSTI Achievement 100% - 150% 131% 103% 97% 63%\n performance hurdles 70% Revenue 30% EBITDA metrics subscriber growth EPS Product development\n LTI Achievement 100% 50%\n LTI performance hurdles 50% Revenue EPS Subscriber growth 50% EPS" +} +{ + "_id": "d1b3b2760", + "title": "", + "text": "The following table shows summary financial performance for the Group:\nNotes\n1. Order intake represents commitments from customers to purchase goods and/or services that will ultimately result in recognised revenue.\n2. Before exceptional items, acquisition related costs, acquired intangible asset amortisation and share-based payment amounting to $4.3 million in total (2018 $19.6 million).\n3. Adjusted operating profit as a percentage of revenue in the period.\n4. Effective tax rate is the adjusted tax charge, before tax on adjusting items, expressed as a percentage of adjusted profit before tax.\n5. Adjusted basic earnings per share is based on adjusted earnings as set out in note 11 of Notes to the full year consolidated financial statements.\n6. Cash flow generated from operations, less tax and net capital expenditure, interest paid and/or received, and payment of lease liabilities/sublease income.\n7. Dividends are determined in US dollars and paid in sterling at the exchange rate prevailing when the dividend is proposed. The final dividend proposed for 2019 of 3.45 cents per Ordinary Share is equivalent to 2.70 pence per Ordinary Share.\nNote on Alternative Performance Measures (APMs)\nThe performance of the Group is assessed using a variety of performance measures, including APMs which are presented to provide users with additional financial information that is regularly reviewed by management. These APMs are not defined under IFRS and therefore may not be directly comparable with similarly identified measures used by other companies.\nThe APMs adopted by the Group are defined on pages 190 and 191. The APMs which relate to adjusted income statement lines are presented and reconciled to GAAP measures using a columnar approach on the face of the income statement and can be identified by the prefix “adjusted” in the commentary. All APMs are clearly identified as such, with explanatory footnotes to the tables of financial information provided, and reconciled to reported GAAP measures in the Financial review or Notes to the consolidated financial statements.\n\n$ million | 2019 | 2018 | Change (%)\n------------------------------------------ | ----- | ----- | ----------\nOrder intake1 | 532.0 | 470.0 | 13.2 \nRevenue | 503.6 | 476.9 | 5.6 \nGross profit | 368.6 | 344.5 | 7.0 \nGross margin (%) | 73.2 | 72.2 | 1.0 \nAdjusted operating costs2 | 275.7 | 267.4 | 3.1 \nAdjusted operating profit2 | 92.9 | 77.1 | 20.5 \nAdjusted operating margin3 (%) | 18.4 | 16.2 | 2.2 \nReported operating profit | 88.6 | 57.5 | 54.1 \nEffective tax rate4 (%) | 13.0 | 15.4 | (2.4) \nReported profit before tax | 89.6 | 61.2 | 46.4 \nAdjusted basic earnings per share5 (cents) | 13.40 | 10.86 | 23.4 \nBasic earnings per share (cents) | 12.79 | 9.14 | 39.9 \nFree cash flow6 | 100.1 | 50.9 | 96.7 \nClosing cash | 183.2 | 121.6 | 50.7 \nFinal dividend per share7 (cents) | 3.45 | 2.73 | 26.4 \n\ntable shows financial performance Group\n. Order intake represents commitments purchase goods services revenue.\n. exceptional items acquisition costs intangible amortisation share-based payment $4. 3 million total (2018 $19. 6 million.\n. Adjusted operating profit percentage revenue.\n. Effective tax rate adjusted tax charge percentage profit.\n. Adjusted earnings per share based note 11 financial statements.\n. Cash flow from operations less tax net capital expenditure interest lease liabilities/sublease income.\n. Dividends US dollars paid sterling rate. final dividend 2019 3. 45 cents per Share equivalent 2. 70 pence per Share.\n performance assessed measures APMs. not defined IFRS not comparable companies.\n APMs defined pages 190 191. adjusted income reconciled GAAP measures identified “adjusted”. APMs identified explanatory footnotes reconciled GAAP measures statements.\n million 2019 2018 Change (%)\n\n Order intake1 532. 470. 13.\n Revenue 503. 476. 5.\n profit 368. 344. 7.\n margin 73. 72. 1\n operating 275. 267. 3.\n 92. 77. 20.\n 18. 16.\n profit 88. 57. 54.\n tax rate4 13. 15.\n profit tax 89. 61. 46.\n earnings share5 13. 10. 23.\n earnings share 12. 79 9. 39.\n cash 100. 50. 96.\n Closing cash 183. 121. 50.\n dividend share7 3. 2. 73 26." +} +{ + "_id": "d1b327606", + "title": "", + "text": "Liability Insurance\nThe Company carries property, general liability, vehicle liability, directors’ and officers’ liability and workers’ compensation insurance. Additionally, the Company carries an umbrella liability policy to provide excess coverage over the underlying limits of the aforementioned primary policies.\nThe Company’s insurance programs for workers’ compensation, general liability, and employee related health care benefits are provided through high deductible or self-insured programs. Claims in excess of self-insurance levels are fully insured subject to policy limits. Accruals are based on historical claims experience, actual claims filed, and estimates of claims incurred but not reported.\nThe Company’s liabilities for unpaid and incurred, but not reported claims, for workers’ compensation, general liability, and health insurance at September 2019 and September 2018 was $1.5 million and $1.6 million, respectively. These amounts are included in accrued expenses in the accompanying Consolidated Balance Sheets. While the ultimate amount of claims incurred is dependent on future developments, in the Company’s opinion, recorded reserves are adequate to cover the future payment of claims previously incurred. However, it is possible that recorded reserves may not be adequate to cover the future payment of claims.\nAdjustments, if any, to claims estimates previously recorded, resulting from actual claim payments, are reflected in operations in the periods in which such adjustments are known.\nA summary of the activity in the Company’s self-insured liabilities reserve is set forth below (in millions):\n\n | 2019 | 2018 \n------------------ | ----- | -----\nBeginning balance | $1.6 | $1.5 \nCharged to expense | 5.4 | 5.8 \nPayments | (5.5) | (5.7)\nEnding balance | $ 1.5 | $ 1.6\n\nLiability Insurance\n Company carries property general vehicle directors’ officers’ workers’ compensation insurance. carries umbrella liability policy excess coverage.\n insurance programs compensation liability employee health care benefits high deductible self-insured programs. Claims self-insurance fully insured policy limits. Accruals based on historical actual claims estimates claims incurred reported.\n liabilities for unpaid claims workers’ compensation health insurance at September 2019 September 2018 $1. 5 million $1. 6 million. included in accrued expenses Consolidated Balance Sheets. developments recorded reserves future payment claims.\n Adjustments to claims estimates reflected in operations.\n summary activity self-insured liabilities reserve\n Beginning balance $1. $1.\n.\n.\n Ending balance $ 1. $ 1." +} +{ + "_id": "d1b3b2d14", + "title": "", + "text": "7. INCOME TAXES:\nThe components of income tax expense from operations for fiscal 2019 and fiscal 2018 consisted of the following:\n\n | 2019 | 2018 \n------------------ | ---------- | ----------\nCurrent: Federal | $1,139,927 | $1,294,253\nCurrent: State | 428,501 | 423,209 \n | 1,568,428 | 1,717,462 \nDeferred: Federal | 34,466 | (470,166) \nDeferred: State | 6,106 | (83,296) \n | 40,572 | (553,462) \nIncome tax expense | $1,609,000 | $1,164,000\n\n. INCOME TAXES\n 2019 2018\n Federal $1,139,927 $1,294,253\n State 428,501 423,209\n 1,568,428 1,717,462\n 34,466 (470,166\n 6\n 40,572,462\n $1,609,000 $1,164,000" +} +{ + "_id": "d1b398b80", + "title": "", + "text": "Share Repurchase Programs\nOn December 1, 2014, the Company announced the \"Capital Allocation Policy\" under which the Company intends to return to stockholders approximately 80 percent of free cash flow, less repayments of long-term debt, subject to a variety of factors, including the strategic plans, market and economic conditions and the discretion of the Company’s board of directors. For the purposes of the Capital Allocation Policy, the Company defines \"free cash flow\" as net cash provided by operating activities less purchases of property, plant and equipment.\nOn December 1, 2014, the Company announced the 2014 Share Repurchase Program (the \"2014 Share Repurchase Program\") pursuant to the Capital Allocation Policy. Under the Company’s 2014 Share Repurchase Program, the Company had the ability to repurchase up to $ 1.0 billion (exclusive of fees, commissions and other expenses) of the Company’s common stock over a period of four years from December 1, 2014, subject to certain contingencies.\nThe 2014 Share Repurchase Program, which did not require the Company to purchase any particular amount of common stock and was subject to the discretion of the board of directors, expired on November 30, 2018 with approximately $288.2 million remaining unutilized.\nThe Company repurchased common stock worth approximately $315.0 million and $25.0 million under the 2014 Share Repurchase Program during the years ended December 31, 2018 and December 31, 2017, respectively.\nOn November 15, 2018, the Company announced the 2018 Share Repurchase Program (the \"2018 Share Repurchase Program\") pursuant to the Capital Allocation Policy. Under the 2018 Share Repurchase Program, the Company is authorized to repurchase up to $ 1.5 billion of its common shares from December 1, 2018 through December 31, 2022, exclusive of any fees, commissions or other expenses.\nThe Company may repurchase its common stock from time to time in privately negotiated transactions or open market transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act, or by any combination of such methods or other methods.\nThe timing of any repurchases and the actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price, corporate and regulatory requirements, restrictions under the Company’s debt obligations and other market and economic conditions. There were $138.9 million in repurchases of the Company's common stock under the 2018 Share Repurchase Program during the year ended December 31, 2019. As of December 31, 2019, the remaining authorized amount under the 2018 Share Repurchase Program was $1,361.1 million.\nInformation relating to the Company's 2018 and 2014 Share Repurchase Programs is as follows (in millions, except per share data):\n(1) None of these shares had been reissued or retired as of December 31, 2019, but may be reissued or retired by the Company at a later date.\n\n | | Year ended December 31, | \n-------------------------------------------- | -------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nNumber of repurchased shares (1) | 7.8 | 16.8 | 1.6 \nAggregate purchase price | $138.9 | $315.0 | $25.0 \nFees, commissions and other expenses | 0.1 | 0.3 | — \nTotal cash used for share repurchases | $139.0 | $315.3 | $25.0 \nWeighted-average purchase price per share | $17.89 | $18.78 | $15.35\nAvailable for future purchases at period end | $1,361.1 | $1,500.0 | $603.2\n\nRepurchase Programs\n December 1, 2014, Company announced Allocation Policy return stockholders 80 percent free cash flow less repayments long-term debt subject strategic plans market economic conditions discretion board directors. defines cash flow net cash operating activities less purchases property plant equipment.\n December 1, 2014, 2014 Share Repurchase Program. $ 1. 0 billion common stock four years contingencies.\n Program discretion expired November 30, 2018 $288. 2 million remaining unutilized.\n repurchased stock $315. 0 million $25. 0 million December 31, 2018 December 31, 2017.\n November 15, 2018 2018 Share Repurchase Program. authorized repurchase $ 1. 5 billion common shares December 1, 2018 through December 31, 2022 exclusive fees commissions expenses.\n repurchase stock privately negotiated open market transactions trading plan Rule 10b5-1 Rule 10b-18 Exchange Act.\ntiming repurchases number factors stock price corporate regulatory requirements debt obligations market economic conditions. $138. 9 million repurchases common stock 2018 Share Repurchase Program December 31, 2019. remaining authorized amount $1,361. 1 million.\n 2018 2014 Share Repurchase Programs\n shares reissued retired December 31, 2019 may be.\n repurchased shares 7. 8 16.\n Aggregate purchase price $138. $315. $25.\n Fees commissions expenses.\n Total cash repurchases $139. $315. $25.\n Weighted-average purchase price per share $17. 89 $18. $15.\n future purchases end $1,361. $1,500. $603." +} +{ + "_id": "d1b36c3be", + "title": "", + "text": "We completed our qualitative assessment of our indefinite-lived intangible assets other than goodwill as of December 31, 2019 and 2018 and concluded it is more likely than not that our indefinite-lived intangible assets are not impaired; thus, no impairment charge for these assets was recorded in 2019 or 2018.\nThe following tables show the rollforward of goodwill assigned to our reportable segments from December 31, 2017 through December 31, 2019.\n(1) Goodwill is net of accumulated impairment losses of $1.1 billion that related to our former hosting segment now included in our business segment.\n(2) We allocated $32 million of Level 3 goodwill to consumer as we expect the consumer segment to benefit from synergies resulting from the business combination. (2) We allocated $32 million of Level 3 goodwill to consumer as we expect the consumer segment to benefit from synergies resulting from the business combination.\n(3) Includes $58 million decrease due to effect of foreign currency exchange rate change.\n\n | Business | Consumer | Total \n----------------------------------------------- | -------- | --------------------- | -------\n | | (Dollars in millions) | \nAs of December 31, 2017(1) | $20,197 | 10,278 | 30,475 \nPurchase accounting and other adjustments(2)(3) | 250 | 32 | 282 \nImpairment | — | (2,726) | (2,726)\nAs of December 31, 2018 | $20,447 | 7,584 | 28,031 \n\ncompleted assessment indefinite-lived intangible assets December 31, 2019 2018 concluded impaired no impairment charge recorded 2019 2018.\n tables show rollforward goodwill segments December 31, 2017 31, 2019.\n Goodwill net accumulated impairment losses $1. 1 billion former hosting segment business segment.\n allocated $32 million Level 3 goodwill consumer.\n Includes $58 million decrease foreign currency exchange rate change.\n Business Consumer Total\n millions\n December 31, $20,197 10,278 30,475\n Purchase accounting 250 282\n Impairment (2,726)\n December 31, 2018 $20,447 7,584 28,031" +} +{ + "_id": "d1a7200d8", + "title": "", + "text": "ALTERNATIVE PERFORMANCE MEASURES\nNet profit/(loss) for the year excluding impairment:\nNet profit excluding impairment is net profit less impairment and reversals of impairment generated from impairment testing during the year (Please refer to Note 8). The Company reports Net profit excluding impairment because we believe it provides additional meaningful information to investors regarding the operational performance excluding fluctuations in the valuation of fixed assets.\n\nUSDm | 2019 | 2018 | 2017\n--------------------------------------------------- | ------ | ----- | ----\nReconciliation to net profit/(loss) for the year | | | \nNet profit/(loss) for the year | 166.0 | -34.8 | 2.4 \nReversal of impairment losses on tangible assets | -120.0 | - | - \nNet profit/(loss) for the year excluding impairment | 46.0 | -34.8 | 2.4 \n\nALTERNATIVE PERFORMANCE MEASURES\n Net profit/(loss) excluding impairment\n less impairment reversals impairment testing refer Note 8). Company reports profit impairment information operational performance excluding fluctuations valuation fixed assets.\n 2019 2018 2017\n Reconciliation net profit/(loss)\n 166.\n Reversal impairment losses tangible assets -120.\n profit excluding impairment 46." +} +{ + "_id": "d1b317bac", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) net foreign currency losses\n(“AOCL”) in the consolidated balance sheets and included as a component of Comprehensive income in the consolidated\nstatements of comprehensive income.\nGains and losses on foreign currency transactions are reflected in Other expense in the consolidated statements of operations. However, the effect from fluctuations in foreign currency exchange rates on intercompany debt for which repayment is not anticipated in the foreseeable future is reflected in AOCL in the consolidated balance sheets and included as a component of Comprehensive income.\nThe Company recorded the following net foreign currency losses:\n\n | | Year Ended December 31, | \n--------------------------------------------------------- | ----- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nForeign currency losses recorded in AOCL | $45.8 | $385.8 | $51.6 \nForeign currency (gains) losses recorded in Other expense | (6.1) | 4.5 | (26.4)\nTotal foreign currency losses | $39.7 | $390.3 | $25.2 \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions foreign currency losses\n balance sheets Comprehensive income\n.\n Gains losses foreign currency transactions reflected expense. effect fluctuations foreign currency exchange rates intercompany debt reflected AOCL.\n Company net foreign currency losses\n Ended December 31,\n Foreign currency losses AOCL $45. 8 $385. $51.\n Foreign currency losses Other expense (6. 4.\n Total foreign currency losses $39. $390. $25." +} +{ + "_id": "d1b331e12", + "title": "", + "text": "The service cost component of net pension expense represents the estimated cost of future pension liabilities earned associated with active employees. The pension earnings, interest and deferrals (“pension EID”) is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans and amortization of actuarial gains and losses and prior service costs.\nNet pension expense is recorded in accounts that are included in both the cost of sales and selling, general and administrative expenses based on the function of the associated employees and in other income (expense), net. The following is a summary of the classification of net pension expense for the years ended June 30, 2019, 2018 and 2017:\nAs of June 30, 2019 and 2018, amounts capitalized in gross inventory were $1.7 million and $1.7 million, respectively.\n\n | | Years Ended June 30, | \n-------------------------------------------------- | ----- | -------------------- | -----\n($ in millions) | 2019 | 2018 | 2017 \nCost of sales | | | \nService cost | $10.0 | $10.5 | $20.2\nTotal cost of sales | 10.0 | 10.5 | 20.2 \nSelling, general and administrative expenses | | | \nService cost | 1.5 | 1.6 | 3.9 \nTotal selling, general and administrative expenses | 1.5 | 1.6 | 3.9 \nOther expense | | | \nPension earnings, interest and deferrals | 0.1 | 2.1 | 23.8 \nCurtailment charge | — | — | 0.5 \nTotal other expense | 0.1 | 2.1 | 24.3 \nNet pension expense | $11.6 | $14.2 | $48.4\n\nservice cost net pension expense estimated future pension liabilities active employees. pension earnings interest deferrals expected return plan assets interest costs projected benefit obligations amortization actuarial gains losses prior service costs.\n Net pension expense recorded accounts cost sales selling general administrative expenses. summary classification net pension expense years ended June 30 2019 2018 2017:\n June 30 2019 2018 capitalized gross inventory $1. 7 million $1. 7 million.\n Years Ended\n millions\n Cost sales\n Service cost $10. $20.\n Total cost sales 10.\n Selling general administrative expenses\n cost.\n expenses.\n Pension earnings interest deferrals.\n Curtailment charge.\n.\n Net pension expense $11. $14. $48." +} +{ + "_id": "d1b31c0c6", + "title": "", + "text": "Contractual Obligations\nPresented below is information about our material contractual obligations and the periods in which those future payments are due as of December 31, 2019. Future events could cause actual payments to differ from these estimates. As of December 31, 2019, the following table summarizes our contractual obligations and the effect such obligations are expected to have on our liquidity and cash flow in future periods (in thousands):\n(1) The 2017 Facility incurs interest at a variable rate. The projected variable interest payments assume no change in the Eurodollar Base Rate, or LIBOR, from December 31, 2019.\n(2) Represents the current portion of our expected cash payments for our liability to repurchase subsidiary unit awards for our professional residential property management and vacation rental management subsidiary.\n(3) Represents amounts due under multi-year, non-cancelable contracts with third-party vendors, as well as other commitments.\nThe commitment amounts in the table above are associated with contracts that are enforceable and legally binding and that specify all significant terms, including fixed or minimum services to be used, fixed, minimum or variable price provisions, and the approximate timing of the actions under the contracts. The table does not include obligations under agreements that we can cancel without a significant penalty.\nAs of December 31, 2019, we had no outstanding letters of credit under our 2017 Facility.\n\nContractual Obligations | 1 Year | 2 to 3 Years | 4 to 5 Years | More Than 5 Years | Total \n---------------------------------- | ------- | ------------ | ------------ | ----------------- | --------\nDebt: | | | | | \nPrincipal payments | $— | $63,000 | $— | $— | $63,000 \nInterest payments1 | 2,206 | 3,876 | — | — | 6,082 \nUnused line fee payments | 126 | 222 | — | — | 348 \nOperating lease commitments | 9,818 | 18,823 | 15,840 | 10,893 | 55,374 \nSubsidiary unit award liabilities2 | 141 | — | — | — | 141 \nOther long-term liabilities | — | 4,375 | 2,513 | 601 | 7,489 \nOther commitments 3 | 624 | 290 | — | — | 914 \nTotal contractual obligations | $12,915 | $90,586 | $18,353 | $11,494 | $133,348\n\nContractual Obligations\n obligations future payments due December 31, 2019. events payments differ. table summarizes contractual obligations effect liquidity cash flow\n 2017 Facility incurs interest variable rate. payments no change Eurodollar Base Rate December 31, 2019.\n cash payments repurchase subsidiary unit awards residential property vacation rental.\n amounts due multi-year non contracts third-party vendors other commitments.\n commitment amounts associated contracts enforceable legally binding terms services price provisions timing. obligations penalty.\n December no outstanding letters of credit 2017 Facility.\n Contractual Obligations 1 Year 2 to 3 Years 4 to 5 Years More Than 5 Years Total\n Debt\n Principal payments $63,000\n Interest 2,206 3,876\n Unused line fee payments\n Operating lease commitments 9,818 18,823 15,840 55,374\nunit\n long-term liabilities 4,375 2,513 7,489\n commitments 624\n contractual obligations $12,915 $90,586 $18,353 $11,494 $133,348" +} +{ + "_id": "d1b33e310", + "title": "", + "text": "In relation to the oil derivative instrument (see note 24), the fair value was determined using the estimated discounted cash flows of the additional payments due to us as a result of oil prices moving above a contractual oil price floor over the term of the liquefaction tolling agreement (\"LTA\"). Significant inputs used in the valuation of the oil derivative instrument include management’s estimate of an appropriate discount rate and the length of time to blend the long-term and the short-term oil prices obtained from quoted prices in active markets. The changes in fair value of our oil derivative instrument is recognized in each period in current earnings in \"Realized and unrealized gain on oil derivative instrument\" as part of the consolidated statement of income.\nThe realized and unrealized (loss)/ gain on the oil derivative instrument is as follows:\nThe unrealized loss/gain results from movement in oil prices above a contractual floor price over term of the LTA; the realized gain results from monthly billings above the base tolling fee under the LTA. For further information on the nature of this derivative, refer to note 24.\n\n | | Year Ended December 31, | \n---------------------------------------------------- | -------- | ----------------------- | ------\n(in thousands of $) | 2019 | 2018 | 2017 \nRealized gain on oil derivative instrument | 13,089 | 26,737 | — \nUnrealized (loss)/gain on oil derivative instrument | (39,090) | (9,970) | 15,100\n | (26,001) | 16,767 | 15,100\n\noil derivative instrument note fair value determined estimated discounted cash flows additional payments oil prices above contractual floor liquefaction tolling agreement. inputs valuation include estimate discount rate time long-term short-term oil prices. changes fair value recognized earnings \"Realized unrealized gain statement income.\n realized unrealized (loss gain\n unrealized loss/gain from oil prices above contractual floor price LTA gain monthly billings above base tolling fee. note 24.\n Year Ended December 31,\n 2019 2018 2017\n Realized gain 13,089 26,737\n Unrealized (loss)/gain (39,090) (9,970) 15,100\n (26,001 16,767" +} +{ + "_id": "d1b31925e", + "title": "", + "text": "Defined Benefit Pension Plans\nThe Company maintains defined benefit pension plans for employees of certain of its foreign subsidiaries. Such plans conform to local practice in terms of providing minimum benefits mandated by law, collective agreements or customary practice. The Company recognizes the aggregate amount of all overfunded plans as assets and the aggregate amount of all underfunded plans as liabilities in its financial statements.\nThe Company's expected long-term rate of return on plan assets is updated at least annually, taking into consideration its asset allocation, historical returns on similar types of assets and the current economic environment. For estimation purposes, the Company assumes its long-term asset mix will generally be consistent with the current mix. The Company determines its discount rates using highly rated corporate bond yields and government bond yields.\nBenefits under all of the Company's plans are valued utilizing the projected unit credit cost method. The Company's policy is to fund its defined benefit plans in accordance with local requirements and regulations. The funding is primarily driven by the Company's current assessment of the economic environment and projected benefit payments of its foreign subsidiaries. The Company's measurement date for determining its defined benefit obligations for all plans is December 31 of each year.\nThe Company recognizes actuarial gains and losses in the period the Company's annual pension plan actuarial valuations are prepared, which generally occurs during the fourth quarter of each year, or during any interim period where a revaluation is deemed necessary.\nThe following is a summary of the status of the Company's foreign defined benefit pension plans and the net periodic pension cost (dollars in millions):\nThe long term rate of return on plan assets was determined using the weighted-average method, which incorporates factors that include the historical inflation rates, interest rate yield curve and current market conditions.\n\n | | Year Ended December 31, | \n-------------------------------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nService cost | $9.4 | $9.6 | $10.0 \nInterest cost | 5.0 | 4.7 | 4.3 \nExpected return on plan assets | (6.0) | (6.1) | (5.5) \nCurtailment gain | — | (0.3) | — \nActuarial and other loss | 15.6 | 6.1 | 1.9 \nTotal net periodic pension cost | $24.0 | $14.0 | $10.7 \nWeighted average assumptions | | | \nDiscount rate used for net periodic pension costs | 1.74 % | 1.66 % | 1.60 %\nDiscount rate used for pension benefit obligations | 1.43 % | 1.74 % | 1.66 %\nExpected return on plan assets | 3.23 % | 3.18 % | 3.22 %\nRate of compensation increase | 3.07 % | 3.22 % | 3.22 %\n\nDefined Benefit Pension Plans\n Company maintains pension plans for employees foreign subsidiaries. plans conform local practice minimum benefits. recognizes overfunded plans assets underfunded liabilities financial statements.\n expected long-term rate return on assets updated annually asset allocation historical returns current economic environment. assumes long-term asset mix consistent current mix. determines discount rates corporate bond government bond yields.\n Benefits valued projected unit credit cost method. plans local requirements regulations. funding driven by economic environment projected benefit payments foreign subsidiaries. measurement date defined benefit obligations December 31.\n recognizes actuarial gains losses annual pension plan valuations quarter.\n summary status foreign defined benefit pension plans net periodic pension cost\n long term rate return on assets determined weighted-average method historical inflation rates interest rate yield curve current market conditions.\n December\n Service cost.\n Interest cost.\nreturn assets (6. (5.\n gain. 3)\n loss 15. 6 6. 9\n pension cost $24. $14. $10.\n assumptions\n Discount. 74 %. 66 %. 60 %\n obligations. 43 %. 74 %. 66 %\n return 3. 23 %. 18 %. 22 %\n compensation. 07 %. 22. 22" +} +{ + "_id": "d1b35ce14", + "title": "", + "text": "The following table illustrates the classification of pre-payroll tax and social contribution stock-based compensation expense included in the consolidated statements of income for the years ended December 31, 2019, December 31, 2018 and December 31, 2017:\nThe fair value of the shares vested in 2019 was $114 million compared to $68 million for 2018 and $38 million for 2017.\nCompensation cost, excluding payroll tax and social contribution, capitalized as part of inventory was $6 million as of December 31, 2019, compared to $6 million as of December 31, 2018 and $3 million as of December 31, 2017. As of December 31, 2019, there was $138 million of total unrecognized compensation cost related to the grant of unvested shares, which is expected to be recognized over a weighted average period of approximately 9 months.\nThe total deferred income tax benefit recognized in the consolidated statements of income related to unvested share-based compensation expense amounted to $9 million, $7 million and $3 million for the years ended December 31, 2019, 2018 and 2017, respectively.\n\n | December 31, 2019 | December 31, 2018 | December 31, 2017\n---------------------------------------------------------- | ----------------- | ----------------- | -----------------\nCost of sales | 22 | 23 | 12 \nSelling, general and administrative | 46 | 67 | 31 \nResearch and development | 77 | 35 | 18 \nTotal pre-payroll tax and social contribution compensation | 145 | 125 | 61 \n\ntable illustrates pre-payroll tax social contribution stock-based compensation expense statements income 2019 2018\n fair value shares vested 2019 $114 million $68 million 2018 $38 million 2017.\n Compensation cost excluding inventory $6 million December 31, 2019 $6 million 2018 $3 million 2017. $138 million unrecognized compensation cost unvested shares expected recognized 9 months.\n deferred income tax benefit unvested share-based compensation expense $9 million $7 million $3 million 2019 2018 2017.\n Cost sales 22\n Selling general administrative\n Research development\n pre-payroll tax social contribution compensation 145 125" +} +{ + "_id": "d1b2fbe34", + "title": "", + "text": "Segment Operating Profit (Earnings before general corporate expenses, pension and postretirement non-service income, interest expense, net, income taxes, and equity method investment earnings)\nGrocery & Snacks operating profit for fiscal 2019 was $689.2 million, a decrease of $35.6 million, or 5%, compared to fiscal 2018. Gross profits were $55.8 million lower in fiscal 2019 than in fiscal 2018. The lower gross profit was driven by higher input costs, transportation inflation, and a reduction in profit associated with the divestiture of the Wesson ® oil business, partially offset by profit contribution of acquisitions and supply chain realized productivity. The acquisition of Angie's Artisan Treats, LLC contributed $12.6 million to Grocery & Snacks gross profit in fiscal 2019, through the one-year anniversary of the acquisition. Advertising and promotion expenses for fiscal 2019 decreased by $31.3 million compared to fiscal 2018. Operating profit of the Grocery & Snacks segment was impacted by charges totaling $76.5 million in fiscal 2019 for the impairment of our Chef Boyardee® and Red Fork® brand assets and $4.0 million in fiscal 2018 for the impairment of our HK Anderson® , Red Fork® , and Salpica® brand assets. Grocery & Snacks also recognized a $33.1 million gain on the sale of our Wesson ® oil business in fiscal 2019. Operating profit of the Grocery & Snacks segment included $1.0 million and $11.4 million of expenses in fiscal 2019 and 2018, respectively, related to acquisitions and divestitures and charges of $4.6 million and $14.1 million in connection with our restructuring plans in fiscal 2019 and 2018, respectively. Grocery & Snacks operating profit for fiscal 2019 was $689.2 million, a decrease of $35.6 million, or 5%, compared to fiscal 2018. Gross profits were $55.8 million lower in fiscal 2019 than in fiscal 2018. The lower gross profit was driven by higher input costs, transportation inflation, and a reduction in profit associated with the divestiture of the Wesson ® oil business, partially offset by profit contribution of acquisitions and supply chain realized productivity. The acquisition of Angie's Artisan Treats, LLC contributed $12.6 million to Grocery & Snacks gross profit in fiscal 2019, through the one-year anniversary of the acquisition. Advertising and promotion expenses for fiscal 2019 decreased by $31.3 million compared to fiscal 2018. Operating profit of the Grocery & Snacks segment was impacted by charges totaling $76.5 million in fiscal 2019 for the impairment of our Chef Boyardee® and Red Fork® brand assets and $4.0 million in fiscal 2018 for the impairment of our HK Anderson® , Red Fork® , and Salpica® brand assets. Grocery & Snacks also recognized a $33.1 million gain on the sale of our Wesson ® oil business in fiscal 2019. Operating profit of the Grocery & Snacks segment included $1.0 million and $11.4 million of expenses in fiscal 2019 and 2018, respectively, related to acquisitions and divestitures and charges of $4.6 million and $14.1 million in connection with our restructuring plans in fiscal 2019 and 2018, respectively.\nRefrigerated & Frozen operating profit for fiscal 2019 was $502.2 million, an increase of $22.8 million, or 5%, compared to fiscal 2018. Gross profits were $19.6 million lower in fiscal 2019 than in fiscal 2018, driven by increased input costs and transportation inflation, partially offset by supply chain realized productivity. Advertising and promotion expenses for fiscal 2019 decreased by $24.6 million compared to fiscal 2018. Operating profit of the Refrigerated & Frozen segment included a gain of $23.1 million in fiscal 2019 related to the sale of our Italian-based frozen pasta business, Gelit.\nInternational operating profit for fiscal 2019 was $94.5 million, an increase of $8.0 million, or 9%, compared to fiscal 2018. Gross profits were flat in fiscal 2019 compared to fiscal 2018. Included in the International segment fiscal 2019 operating profit was a gain of $13.2 million related to the sale of our Del Monte® processed fruit and vegetable business in Canada, charges of $13.1 million for the impairment of our Aylmer® and Sundrop ® brand assets, and charges of $2.9 million related to divestitures. In addition, operating profit was impacted by charges of $1.9 million and $1.5 million in connection with our restructuring plans, in fiscal 2019 and 2018, respectively.\nFoodservice operating profit for fiscal 2019 was $117.7 million, a decrease of $4.1 million, or 3%, compared to fiscal 2018. Gross profits were $8.5 million lower in fiscal 2019 than in fiscal 2018, due to lower volume (including the sale of our Trenton, Missouri production facility) and higher input costs, partially offset by supply chain realized productivity\nPinnacle Foods operating profit for fiscal 2019 (reflecting 213 days of Conagra Brands ownership) was $238.2 million. Operating profit for Pinnacle Foods during fiscal 2019 included incremental cost of goods sold of $53.0 million due to the impact of writing inventory to fair value as part of our acquisition accounting and the subsequent sale of that inventory, as well as charges of $5.9 million related to restructuring activities.\n\n($ in millions) | | | \n--------------------- | ---------------------------- | ---------------------------- | -----------\nReporting Segment | Fiscal 2019 Operating Profit | Fiscal 2018 Operating Profit | % Inc (Dec)\nGrocery & Snacks | $689.2 | $724.8 | (5)% \nRefrigerated & Frozen | 502.2 | 479.4 | 5% \nInternational | 94.5 | 86.5 | 9% \nFoodservice | 117.7 | 121.8 | (3)% \nPinnacle Foods | 238.2 | — | 100% \n\nOperating Profit before expenses pension income interest taxes equity investment earnings\n Grocery & Snacks profit 2019 $689. 2 million decrease $35. 6 million 5%. Gross profits $55. 8 million lower. driven input costs transportation inflation divestiture Wesson ® oil offset acquisitions supply chain productivity. acquisition Angie's Artisan Treats contributed $12. 6 million profit. Advertising promotion expenses decreased $31. 3 million. impacted charges $76. 5 million Chef Boyardee® Red Fork® $4. 0 million HK Salpica®. $33. 1 million gain sale Wesson ® oil business. $1. 0 million $11. 4 million expenses divestitures $4. 6 million $14. 1 million restructuring plans. profit $689. 2 million decrease $35. 6 million 5%. Gross profits $55. 8 million lower.lower profit driven input costs transportation inflation divestiture Wesson ® oil offset acquisitions supply chain productivity. acquisition Angie's Artisan Treats contributed $12. 6 million Grocery & Snacks profit. Advertising promotion expenses decreased $31. 3 million. impacted charges $76. 5 million Chef Boyardee® Red Fork® $4. million HK Red Salpica®. $33. 1 million gain sale Wesson ® oil business. $1. 0 million $11. 4 million expenses divestitures $4. 6 million $14. 1 million restructuring plans.\n Refrigerated Frozen profit $502. 2 million increase $22. 8 million 5%. profits $19. 6 million lower increased input costs transportation inflation offset supply chain productivity. Advertising promotion expenses decreased $24. 6 million. gain $23. 1 million sale Italian frozen pasta business.\n profit $94. 5 million increase $8. million 2018. Gross profits flat.International segment 2019 profit $13. 2 million sale Del Monte® processed fruit vegetable business Canada $13. 1 million Aylmer® Sundrop ® brand assets $2. 9 million divestitures. impacted $1. 9 million $1. 5 million restructuring plans 2019 2018.\n Foodservice profit 2019 $117. 7 million decrease $4. 1 million 3% 2018. Gross profits $8. 5 million lower lower volume sale Trenton Missouri production facility higher input costs offset supply chain productivity\n Pinnacle Foods profit $238. 2 million. incremental cost goods $53. 0 million inventory value acquisition sale charges $5. 9 million restructuring activities.\n 2019 2018 Profit\n Grocery Snacks $689. $724.\n Refrigerated Frozen.\n International.\n Foodservice.\n Pinnacle Foods 238." +} +{ + "_id": "d1b2f32e8", + "title": "", + "text": "1. Goodwill and Other Intangible Assets\nThe changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018, are as follows:\nOur 2019 acquisitions of DeliverySlip (as defined herein) and AppRiver (as defined herein) resulted in the addition to our goodwill balance in 2019. Our 2018 acquisition of Erado (as defined herein) resulted in the addition to our goodwill balance in 2018. Our 2018 acquisition adjustments to goodwill reflect the appropriate reallocation of excess purchase price from goodwill to acquired assets and liabilities related to our 2017 Greenview and EMS (as defined herein) purchases. We evaluate goodwill for impairment annually in the fourth quarter, or when there is reason to believe that the value has been diminished or impaired. There were no impairment indicators to the goodwill recorded as of December 31, 2019.\n\n | Year Ended December 31, | \n----------------------------------------- | ----------------------- | --------\n(In thousands) | 2019 | 2018 \nOpening balance | $ 13,783 | $ 8,469 \nAdditions | 157,121 | 6,215 \nAcquisition adjustments | — | (901 ) \nEffect of currency translation adjustment | 305 | — \nGoodwill | $ 171,209 | $ 13,783\n\n. Goodwill Intangible Assets\n changes 2019 2018\n 2019 acquisitions DeliverySlip AppRiver goodwill balance. 2018 acquisition Erado goodwill balance. 2018 acquisition adjustments reflect reallocation excess purchase price acquired assets liabilities 2017 Greenview EMS purchases. evaluate goodwill impairment annually fourth quarter. no impairment indicators December 31, 2019.\n Ended December\n 2018\n Opening balance $ 13,783 $ 8,469\n Additions 157,121 6,215\n Acquisition adjustments\n currency translation adjustment\n Goodwill $ 171,209 $ 13,783" +} +{ + "_id": "d1b377142", + "title": "", + "text": "Operating profit/loss\nOur operating profit in 2019 was EUR 485 million, a change of EUR 544 million, compared to an operating loss of EUR 59 million in 2018. The change in operating result was primarily due to lower selling, general and administrative expenses, research and development expenses and a net positive fluctuation in other operating income and expenses, partially offset by lower gross profit. Our operating margin in 2019 was 2.1%, compared to approximately breakeven in 2018.\n(1) Excludes costs related to the acquisition of Alcatel Lucent and related integration, goodwill impairment charges, intangible asset amortization and other purchase price fair value adjustments, restructuring and associated charges and certain other items.\nThe following table sets forth the impact of unallocated items on operating profit/loss:\n\nEURm | 2019 | 2018 \n-------------------------------------------------------------------------------------------------------- | ----- | -----\nTotal segment operating profit(1) | 2,003 | 2,180\nAmortization and depreciation of acquired intangible assets and property, plant and equipment | (924) | (940)\nRestructuring and associated charges | (502) | (321)\nGain on defined benefit plan amendment | 168 | - \nProduct portfolio strategy costs | (163) | (583)\nTransaction and related costs, including integration costs relating to the acquisition of Alcatel Lucent | (48) | (220)\nImpairment of assets, net of impairment reversals | (29) | (48) \nOperating model integration | (12) | - \nRelease of acquisition-related fair value adjustments to deferred revenue and inventory | (6) | (16) \nDivestment of businesses | (2) | (39) \nFair value changes of legacy IPR fund | - | (57) \nOther | - | (15) \nTotal operating profit/(loss) | 485 | (59) \n\nprofit/loss\n 2019 EUR 485 million EUR 544 million EUR 59 million 2018. due lower selling administrative research development positive fluctuation income offset lower gross profit. margin 2019 2. 1% breakeven 2018.\n Excludes acquisition Alcatel Lucent goodwill impairment intangible amortization purchase price value adjustments restructuring charges.\n impact unallocated items profit/loss\n 2019\n 2,003,180\n Amortization depreciation acquired intangible assets property\n Restructuring charges\n Gain defined benefit plan amendment\n Product portfolio strategy costs\n Transaction costs acquisition Alcatel Lucent\n Impairment assets reversals\n Operating model integration\n acquisition-related fair value adjustments deferred revenue inventory\n Divestment businesses\n Fair value changes IPR fund\n Total profit/(loss 485" +} +{ + "_id": "d1b328f2e", + "title": "", + "text": "Unrecognized Tax Benefits\nReconciliation of the unrecognized tax benefits is summarized below (in thousands):\n(1) The reductions for tax positions of prior years for the fiscal year ended August 31, 2019 are primarily related to a non-U.S. taxing authority ruling related to certain non-U.S. net operating loss carry forwards, offset with a valuation allowance and the impacts of the Tax Act.\n(2) The additions for the fiscal years ended August 31, 2019 and 2018 are primarily related to the impacts of the Tax Act and taxation of certain intercompany transactions. The additions for the fiscal year ended August 31, 2017 are primarily related to certain non-U.S. net operating loss carry forwards, previously offset with a valuation allowance, that can no longer be recognized due to an internal restructuring.\n(3) The reductions from settlements with taxing authorities for the fiscal year ended August 31, 2019 are primarily related to the settlement of a U.S. audit.\nThe Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. The Company’s accrued interest and penalties were approximately $18.9 million and $20.4 million as of August 31, 2019 and 2018, respectively. The Company recognized interest and penalties of approximately $(1.5) million, $(6.7) million and $5.2 million during the fiscal years ended August 31, 2019, 2018 and 2017, respectively.\nIt is reasonably possible that the August 31, 2019 unrecognized tax benefits could decrease during the next 12 months by $5.8 million, primarily related to a state settlement.\nThe Company is no longer subject to U.S. federal tax examinations for fiscal years before August 31, 2015. In major non-U.S. and state jurisdictions, the Company is no longer subject to income tax examinations for fiscal years before August 31, 2009.\nThe Internal Revenue Service (“IRS”) completed its field examination of the Company’s tax returns for fiscal years 2009 through 2011 and issued a Revenue Agent’s Report (“RAR”) on May 27, 2015, which was updated on June 22, 2016. The IRS completed its field examination of the Company’s tax returns for fiscal years 2012 through 2014 and issued an RAR on April 19, 2017. The proposed adjustments in the RAR from both examination periods relate primarily to U.S. taxation of certain intercompany transactions. On May 8, 2019, the tax return audits for fiscal years 2009 through 2014 were effectively settled when the Company agreed to the IRS Office of Appeals’ Form 870-AD (Offer to Waive Restrictions on Assessment and Collection of Tax Deficiency and to Accept Overassessment) adjustments, which were substantially lower than the initial RAR proposed adjustments. The settlement did not have a material effect on the Company’s financial position, results of operations, or cash flows and no additional tax liabilities were recorded.\n\n | | Fiscal Year Ended August 31, | \n---------------------------------------------------------------------------------- | --------- | ---------------------------- | --------\n | 2019 | 2018 | 2017 \nBeginning balance | $256,705 | $201,355 | $149,898\nAdditions for tax positions of prior years | 20,158 | 14,465 | 2,155 \nReductions for tax positions of prior years(1) | (106,252) | (21,045) | (12,233)\nAdditions for tax positions related to current year(2) | 35,769 | 81,866 | 77,807 \nCash settlements | — | (1,659) | (2,298) \nReductions from lapses in statutes of limitations | (2,570) | (7,496) | (10,446)\nReductions from settlements with taxing authorities(3) | (35,582) | (5,928) | (6,061) \nForeign exchange rate adjustment | (3,845) | (4,853) | 2,533 \nEnding balance | $164,383 | $256,705 | $201,355\nUnrecognized tax benefits that would affect the effective tax rate (if recognized) | $93,237 | $117,455 | $75,223 \n\nUnrecognized Tax Benefits\n Reconciliation summarized\n reductions tax positions August 31, 2019 related non-U. taxing authority ruling. loss impacts Tax Act.\n additions years August 2019 2018 Tax Act intercompany transactions. additions 2017 non-U. operating loss forwards internal restructuring.\n reductions settlements taxing authorities August 2019. audit.\n Company recognizes interest penalties unrecognized tax benefits. accrued interest penalties $18. 9 million $20. 4 million August 31, 2019 2018. interest penalties. million. $5. 2 million August 2019 2018 2017.\n August 2019 unrecognized tax benefits decrease $5. 8 million state settlement.\n no subject. federal tax examinations before August 31, 2015. subject tax examinations before August 31, 2009.\n Internal Revenue Service examination tax returns 2009 2011 issued Revenue Agent’s Report May 27, 2015, updated June 22, 2016.IRS tax returns 2012 2014 issued RAR April 19, 2017. adjustments. taxation. May 8, 2019 tax audits 2009 2014 settled Form 870-AD adjustments lower initial adjustments. settlement financial position cash flows no additional tax liabilities.\n Fiscal Year Ended August 31,\n 2018 2017\n Beginning balance $256,705 $201,355 $149,898\n Additions 20,158 14,465\n Reductions (106,252) (21,045)\n 35,769 81,866 77,807\n Cash settlements (1,659)\n Reductions lapses statutes limitations (2,570)\n settlements taxing (35,582) (5,928)\n Foreign exchange rate adjustment (3,845) (4,853)\n Ending balance $164,383 $256,705 $201,355\n Unrecognized tax benefits rate $93,237 $117,455 $75,223" +} +{ + "_id": "d1b35b33e", + "title": "", + "text": "25. Loans and other borrowings continued\nNet Debt\nNet debt consists of loans and other borrowings (both current and non-current), less current asset investments and cash and cash equivalents. Loans and other borrowings are measured at the net proceeds raised, adjusted to amortise any discount over the term of the debt. For the purpose of this measure, current asset investments and cash and cash equivalents are measured at the lower of cost and net realisable value. Currency denominated balances within net debt are translated to sterling at swapped rates where hedged.\nNet debt is considered to be an alternative performance measure as it is not defined in IFRS. The most directly comparable IFRS measure is the aggregate of loans and other borrowings (current and non-current), current asset investments and cash and cash equivalents. A reconciliation from the most directly comparable IFRS measure to net debt is given below.\nA reconciliation from the most directly comparable IFRS measure to net debt is given below.\n\nAt 31 March | 2019 £m | 2018 £m | 2017 £m\n------------------------------------------------------------------------------------------------------ | ------- | ------- | -------\nLoans and other borrowings | 16,876 | 14,275 | 12,713 \nLess: | | | \nCash and cash equivalents | (1,666) | (528) | (528) \nCurrent asset investments | (3,214) | (3,022) | (1,520)\n | 11,996 | 10,725 | 10,665 \nAdjustments: | | | \nTo retranslate debt balances at swap rates where hedged by currency swaps | (701) | (874) | (1,419)\nTo remove accrued interest applied to reflect the effective interest method and fair value adjustments | (260) | (224) | (314) \nNet debt | 11,035 | 9,627 | 8,932 \n\n. Loans borrowings\n Net Debt\n loans less asset investments cash equivalents. measured net proceeds adjusted discount term. asset investments cash equivalents measured cost net realisable value. Currency balances translated to sterling swapped rates hedged.\n alternative performance measure not defined IFRS. comparable IFRS measure loans borrowings asset investments cash equivalents. reconciliation debt.\n.\n 31 March 2019 2018 2017\n Loans borrowings 16,876 14,275 12,713\n Cash equivalents (1,666)\n Current asset investments (3,214) (3,022) (1,520)\n 11,996 10,725\n Adjustments\n retranslate debt balances swap rates hedged currency swaps\n remove accrued interest effective interest method fair value adjustments\n Net debt 11,035 9,627" +} +{ + "_id": "d1b3354cc", + "title": "", + "text": "Contract Balances\nThe following table provides information about contract assets and contract liabilities from contracts with customers (amounts in thousands):\nContract assets, reported within current assets and other long-term assets in the consolidated balance sheets, primarily result from revenue being recognized when a license is delivered and payments are made over time. Contract liabilities primarily relate to advance consideration received from customers, deferred revenue, for which transfer of control occurs, and therefore revenue is recognized, as services are provided. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period. The Company recognized $4.4 million of revenue during the year ended September 30, 2019 that was included in the contract liability balance at the beginning of the period.\n\n | September 30, 2019 | October 1, 2018\n--------------------------------- | ------------------ | ---------------\nContract assets, current | $2,350 | $169 \nContract assets, non-current | 581 | 507 \nContract liabilities, current | 5,612 | 4,281 \nContract liabilities, non-current | 736 | 485 \n\nContract Balances\n table assets liabilities contracts\n assets result from revenue license delivered payments time. liabilities relate advance consideration deferred revenue transfer control services provided. balances net asset-by-contract end reporting period. Company recognized $4. 4 million revenue September 30, 2019 contract liability balance.\n September 30, 2019 October 1, 2018\n Contract assets current $2,350 $169\n non-current 581 507\n liabilities current 5,612 4,281\n non-current 736" +} +{ + "_id": "d1b3bc0b2", + "title": "", + "text": "Consumer Cyber Safety segment\nRevenue increased $616 million due to a $639 million increase in revenue from sales of our identity and information protection products acquired at the end of fiscal 2017, offset by a $23 million decrease in revenue related to our consumer security products. Our revenue growth reflects the benefit of the shift to subscription-based contracts and bundling of our consumer products, which is helping to mitigate the trend of declining revenues from sales of stand-alone security products. Operating income increased $272 million primarily due to sales of our identity and information protection products, partially offset by higher related cost of sales and operating expenses.\n\n | Fiscal Year | | Variance in | \n------------------------------------- | ----------- | ------ | ----------- | -------\n(In millions, except for percentages) | 2018 | 2017 | Dollar | Percent\nNet revenues | $2,280 | $1,664 | $616 | 37% \nPercentage of total net revenues | 47% | 41% | | \nOperating income | $1,111 | $839 | $272 | 32% \nOperating margin | 49% | 50% | | \n\nConsumer Cyber Safety\n Revenue increased $616 million $639 million increase identity information protection products 2017 offset $23 million decrease. growth shift subscription contracts bundling products declining stand-alone security. Operating income increased $272 million identity information products offset higher cost operating expenses.\n Fiscal Year Variance\n 2017\n Net revenues $2,280 $1,664 $616 37%\n Operating income $1,111 $839 $272 32%\n Operating margin 49% 50%" +} +{ + "_id": "d1b32c4da", + "title": "", + "text": "Cubic Global Defense\nSales: CGD sales decreased 2% to $317.9 million in 2019 compared to $325.2 million in 2018. The timing of sales recognition was impacted by the adoption of ASC 606. Under ASC 606, a number of our CGD contracts, most significantly in air combat training and ground live training, for which revenue was historically recorded upon delivery of products to the customer, are now accounted for on the percentage-of-completion cost-to-cost method of revenue recognition. For fiscal 2019, sales were lower from air combat training systems, simulation product development contracts, and international services contracts, partially offset by higher sales from ground combat training systems. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in a decrease in CGD sales of $3.2 million for 2019 compared to 2018.\nAmortization of Purchased Intangibles: Amortization of purchased intangibles included in the CGD results amounted to $0.6 million in 2019 and $1.1 million in 2018.\nOperating Income: CGD operating income increased by 39% to $23.0 million in 2019 compared to $16.6 million in 2018. For fiscal 2019, operating profits improved primarily due to the results of cost reduction efforts, including headcount reductions designed to optimize our cost position, and reduced R&D expenditures. Operating profits were higher from increased sales of ground combat training system sales but were lower on decreased sales from air combat training systems, simulation product development contracts, and international services contracts. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar had no significant impact on CGD operating income between 2018 and 2019.\nAdjusted EBITDA: CGD Adjusted EBITDA was $32.8 million in 2019 compared to $26.3 million in 2018. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above. Adjusted EBITDA for CGD increased by $3.1 million in 2019 as a result of the adoption of the new revenue recognition standard.\n\n | Fiscal 2019 | Fiscal 2018 | % Change\n---------------- | ----------- | ------------- | --------\n | | (in millions) | \nSales | $ 317.9 | $ 325.2 | (2)% \nOperating income | 23.0 | 16.6 | 39 \nAdjusted EBITDA | 32.8 | 26.3 | 25 \n\n\n Sales CGD sales decreased 2% to $317. 9 million 2019 $325. 2 million 2018. impacted ASC 606. CGD contracts air combat ground live training accounted percentage-of-completion cost-to. 2019 sales lower air combat training systems simulation development contracts international services contracts offset higher ground combat training systems. average exchange rates. sales $3. 2 million 2019 2018.\n Amortization Purchased Intangibles $0. 6 million 2019 $1. 1 million 2018.\n increased 39% to $23. 0 million 2019 $16. 6 million 2018. profits improved cost reduction headcount reductions reduced R&D expenditures. higher ground combat training lower decreased air combat training systems simulation development contracts international services contracts. average exchange rates. income.\n Adjusted EBITDA $32. 8 million 2019 $26. 3 million 2018. driven. increased $3. 1 million 2019 new revenue recognition standard.\n 2018\n\n millions\n Sales $ 317. 325.\n Operating income 23. 16. 39\n Adjusted EBITDA 32. 26." +} +{ + "_id": "d1b3bcf6c", + "title": "", + "text": "Credit risk\nThe carrying amount of financial assets, previously recognised as loans and receivables under IAS 39 now classified as amortised cost under IFRS 9, represents the maximum credit exposure. The maximum exposure to credit risk at 31 March 2019 was £59.1m (2018: £56.5m).\nThe maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:\n\n | | 2019 | 2018\n------- | ---- | ---- | ----\n | Note | £m | £m \nUK | | 24.5 | 24.9\nIreland | | 0.4 | 0.5 \nTotal | | 24.9 | 25.4\n\nCredit risk\n carrying financial assets loans receivables IAS 39 amortised cost IFRS 9 maximum credit exposure. 31 March 2019 £59. 1m (2018 £56. 5m.\n maximum exposure trade receivables reporting date geographic region\n 2019 2018\n 24.\n.\n 24." +} +{ + "_id": "d1b3b8f0c", + "title": "", + "text": "a. Analysis of revenue growth\nOn a reported basis, TCS’ revenue grew 19% in FY 2019, compared to 4.4% in the prior year. This was largely an outcome of greater demand for our services and solutions during the year, driven by expanding participation in our customers’ growth and transformation initiatives. In addition, there was some benefit from the movement in currency exchange rates.\nFY 2019 saw volatility in USD-INR, ranging from `64.90 and `74.10, and averaging at `70.07. There was also significant volatility in exchange rates of emerging markets’ currencies. Average currency exchange rates during FY 2019 for the three major currencies are given below:\nMovements in currency exchange rates through the year resulted in a positive impact of 7.6% on the reported revenue. The constant currency revenue growth for the year, which is the reported revenue growth stripped of the currency impact, was 11.4%.\n\nCurrency | Weightage (%) | FY 2019 ` | FY 2018 ` | % Change YoY\n------------------------- | ------------- | ----------- | --------- | ------------\nUSD | 53.6 | 70.07 | 64.49 | 8.7 \nGBP | 13.9 | 91.60 | 86.05 | 6.5 \nEUR | 10.1 | 80.82 | 76.16 | 6.1 \nBreakup of revenue growth | FY 2019 (%) | FY 2018 (%) | | \nBusiness growth | 11.4 | 6.7 | | \nImpact of exchange rate | 7.6 | (2.3) | | \nTotal growth | 19.0 | 4.4 | | \n\n. Analysis revenue growth\n TCS’ revenue grew 19% FY 2019. 4% prior year. greater demand services solutions expanding participation growth transformation initiatives. benefit currency exchange rates.\n 2019 volatility USD-INR. 90. 10 `70. 07. significant volatility emerging currencies. Average currency exchange rates three major currencies\n exchange positive 7. 6% revenue. constant currency revenue growth 11. 4%.\n Currency Weightage FY 2019 2018\n 53. 70. 64. 8.\n 13. 91. 86. 6.\n 10. 80. 76.\n Breakup revenue growth FY 2019 2018\n Business growth 11. 4 6. 7\n Impact exchange rate 7.\n Total growth 19. 4." +} +{ + "_id": "d1b30df3a", + "title": "", + "text": "Vessel operations segment\n(1) TCE is a non-GAAP financial measure. For a reconciliation of TCE, please see “Item 3. Key Information-A. Selected Financial Data.\"\nTotal operating revenues: Operating revenues decreased by $72.3 million to $230.7 million for the year ended December 31, 2019 compared to $303.0 million in 2018. This was principally due to a decrease of:\n• $90.4 million in revenue as a result of lower utilization, higher number of drydocking days and lower charterhire rates for our fleet for the year ended December 31, 2019 compared to the same period in 2018. During the year ended December 31, 2019, the majority of our fleet was scheduled for drydocking, resulting in 278 days of off-hire in aggregate, compared to 28 days of off-hire during the same period in 2018; and\n• $2.3 million decrease in vessel and other management fees revenue for the year ended December 31, 2019 compared to the same period in 2018, mainly due to the wind down of OneLNG during 2018.\nThis was partially offset by the:\n• $20.4 million increase in revenue from the Golar Viking as she was mostly on-hire during the year ended December 31, 2019, compared to being on commercial waiting time until December 2018.\nAverage daily TCE: As a result of lower voyage expenses offsetting the decrease in operating revenues, the average daily TCE for the year ended December 31, 2019 increased marginally to $44,400 compared to $43,700 for the same period in 2018.\nVessel operating expenses: Vessel operating expenses decreased by $2.9 million to $67.6 million for the year ended December 31, 2019, compared to $70.5 million for the same period in 2018, primarily due to a decrease of:\n• $3.1 million in reactivation and operating costs of the Golar Viking as she was taken out of lay-up in January 2018;\n• $1.8 million in expenses in relation to the Gandria as a result of the generic works in anticipation of her conversion into a FLNG at the start of 2018; and\n• $1.1 million in expenses in relation to the Gimi in the year ended December 31, 2019, as we commenced capitalization of costs associated with her conversion to a FLNG following receipt of the Limited Notice to Proceed in December 2018 to service the Gimi GTA Project.\nThis was partially offset by an increase in non-capitalizable vessel operating costs of $2.8 million net increase as a result of the scheduled drydocking in the year ended December 31, 2019.\nVoyage, charterhire and commission expenses: Largely relates to charterhire expenses, fuel costs associated with commercial waiting time and vessel positioning costs. While a vessel is on-hire, fuel costs are typically paid by the charterer, whereas during periods of commercial waiting time, fuel costs are paid by us. The decrease in voyage, charterhire and commission expenses of $66.1 million to $38.4 million for the year ended December 31, 2019 compared to $104.5 million for the same period in 2018, is principally due to a decrease of:\n• $56.4 million reduction in voyage expenses as a result of decreased utilization of our vessels; and\n• $15.2 million reduction in bunker consumption as the majority of our fleet underwent drydocking for a total of 278 days in aggregate, compared to 28 days during the same period in 2018.\nThis was partially offset by the $4.6 million increase in costs in relation to the Golar Arctic, as she was mostly on commercial waiting time for the year ended December 31, 2019, compared to full utilization during the same period in 2018.\nAdministrative expenses: Administrative expenses decreased by $0.9 million to $50.8 million for the year ended December 31, 2019 compared to $51.7 million for the same period in 2018, principally due to a decrease in corporate expenses and share options expenses.\nProject development expenses: Project development expenses decreased by $3.1 million to $2.1 million for the year ended December 31, 2019 compared to $5.2 million for the same period in 2018, principally due to a decrease in non-capitalized project-related expenses comprising of legal, professional and consultancy costs.\nDepreciation and amortization: Depreciation and amortization decreased by $0.6 million to $64.9 million for the year ended December 31, 2019 compared to $65.5 million for the same period in 2018, principally due to a decrease of $0.9 million in Golar Viking depreciation for the year ended December 31, 2019, compared to the same period in 2018, as a result of a $34.3 million impairment charge on the vessel and equipment recognized in March 2019.\nImpairment of long-term assets: Impairment of long-term assets increased by $42.1 million for the year ended December 31,\n2019 due to a:\n• $34.3 million impairment charge on vessel and equipment associated with our LNG carrier, the Golar Viking. In March 2019, we signed an agreement with LNG Hrvatska for the future sale of the Golar Viking once converted into an FSRU, following the completion of its current charter lease term. Although the sale is not expected to close until the fourth quarter of 2020, the transaction triggered an immediate impairment test. As the current carrying value of the vessel exceeds the price that a market participant would pay for the vessel at the measurement date, a non-cash impairment charge of $34.3 million was recognized. The fair value was based on average broker valuations as of the measurement date and represents the exit price in the principal LNG carrier sales market; and\n• $7.3 million impairment charge associated with our investment in OLT Offshore LNG Toscana S.P.A. (\"OLT-O\"). In May 2019, a major shareholder in OLT-O sold its shareholding which triggered an assessment of the recoverability of the carrying value of our 2.6% investment in OLT-O. As the carrying value of our investment exceeded the representative fair value, we wrote off our investment.\nOther operating gains: Other operating gains comprised of:\n• $9.3 million and $50.7 million recovered in connection with the ongoing arbitration proceedings arising from the delays and the termination of the Golar Tundra time charter with a former charterer, for the year ended December 31, 2019 and 2018, respectively. The amount for the year ended December 31, 2019 represents the final payment to settle these proceedings; and\n• $4.0 million loss of hire insurance proceeds on the Golar Viking for the year ended December 31, 2019.\n\n | | December 31, | | \n----------------------------------------------------------------------------------------------- | -------- | ------------ | -------- | --------\n(in thousands of $, except average daily TCE) | 2019 | 2018 | Change | % Change\nTotal operating revenues | 230,654 | 302,979 | (72,325) | (24)% \nVessel operating expenses | (67,601) | (70,543) | 2,942 | (4)% \nVoyage, charterhire and commission expenses (including expenses from collaborative arrangement) | (38,381) | (104,463) | 66,082 | (63)% \nAdministrative expenses | (50,801) | (51,716) | 915 | (2)% \nProject development expenses | (2,050) | (5,165) | 3,115 | (60)% \nDepreciation and amortization | (64,945) | (65,496) | 551 | (1)% \nImpairment of long-term assets | (42,098) | — | (42,098) | 100% \nOther operating gains | 13,295 | 50,740 | (37,445) | (74)% \nOperating (loss)/income | (21,927) | 56,336 | (78,263) | (139)% \nEquity in net losses of affiliates | (22,565) | (138,677) | 116,112 | (84)% \nOther Financial Data: | | | | \nAverage Daily TCE (1) (to the closest $100) | 44,400 | 43,700 | 700 | 2% \nCalendar days less scheduled off-hire days | 3,840 | 3,987 | (147) | (4)% \n\nVessel operations segment\n TCE non-GAAP financial measure. reconciliation see 3. Key Information. Selected Financial Data.\n Total operating revenues decreased $72. 3 million $230. 7 million December 31, 2019 $303. 0 million 2018. due\n $90. 4 million revenue lower utilization higher drydocking days lower charterhire rates. majority fleet scheduled drydocking days off-hire 28 2018\n $2. 3 million decrease vessel management fees revenue due wind down OneLNG 2018.\n offset\n $20. 4 million increase revenue Golar Viking on-hire.\n Average daily TCE lower voyage expenses increased $44,400 $43,700 2018.\n Vessel operating expenses decreased $2. 9 million to $67. 6 million December 2019 $70. 5 million 2018 due decrease\n $3. 1 million reactivation operating costs Golar Viking 2018\n $1. 8 million expenses Gandria conversion FLNG 2018\n $1.million expenses Gimi December 31, 2019 conversion FLNG Limited Notice Proceed 2018 GTA Project.\n offset non-capitalizable vessel operating costs $2. 8 million scheduled drydocking.\n Voyage charterhire commission expenses fuel costs commercial waiting time vessel positioning costs.-hire fuel paid charterer. decrease expenses $66. 1 million to $38. 4 million 2019 $104. 5 million 2018 due\n $56. 4 million reduction voyage expenses decreased utilization\n $15. 2 million reduction bunker consumption drydocking 278 days 28 days 2018.\n offset $4. 6 million increase Golar Arctic commercial waiting time 2018.\n Administrative expenses decreased $0. 9 million $50. 8 million $51. 7 million 2018 corporate expenses share options expenses.\n Project development expenses decreased $3. 1 million $2. 1 million 2019 $5. 2 million 2018 non-capitalized project-related expenses legal professional consultancy costs.\n Depreciation amortization decreased $0.million $64. 9 million December 31, 2019 $65. 5 million 2018 due decrease $0. 9 million Golar Viking depreciation $34. 3 million impairment charge vessel equipment March 2019.\n Impairment long-term assets increased $42. 1 million December\n due\n $34. 3 million impairment charge vessel equipment Golar Viking. March 2019 agreement LNG Hrvatska future sale Golar Viking. fourth quarter 2020 triggered impairment test. carrying value exceeds non-cash impairment charge $34. 3 million recognized. fair value broker valuations exit price LNG carrier sales market\n $7. 3 million impairment charge investment OLT Offshore LNG Toscana. May 2019 shareholder sold recoverability 2. 6% investment. exceeded fair value wrote off investment.\n operating gains\n $9. 3 million $50. 7 million recovered arbitration proceedings Golar Tundra time charter December 31, 2019 2018. final payment\n $4.million loss hire insurance Golar Viking December 31, 2019.\n TCE\n revenues 230,654 302,979 (72,325)\n Vessel expenses (67,601) (70,543) 2\n charterhire commission (38,381) (104,463) 66,082\n Administrative expenses (50,801) (51,716)\n Project development expenses (2,050) (5,165 3,115\n Depreciation amortization (64,945) (65,496)\n Impairment long-term assets (42,098)\n operating gains 13,295 50,740 (37,445)\n Operating/income (21,927) 56,336 (78,263)\n net losses (22,565 (138,677\n Financial Data\n Average Daily TCE 44,400,700\n off-hire days 3,840,987" +} +{ + "_id": "d1b37f9b4", + "title": "", + "text": "16. Segment, Geographic, and Significant Customer Information\nWe operate in one industry segment: the design, manufacturing, marketing, and technical support of high-performance storage and data management solutions. We conduct business globally, and our sales and support activities are managed on a geographic basis. Our management reviews financial information presented on a consolidated basis, accompanied by disaggregated information it receives from our internal management system about revenues by geographic region, based on the location from which the customer relationship is managed, for purposes of allocating resources and evaluating financial performance. We do not allocate costs of revenues, research and development, sales and marketing, or general and administrative expenses to our geographic regions in this internal management reporting because management does not review operations or operating results, or make planning decisions, below the consolidated entity level.\nThe majority of our assets, excluding cash, cash equivalents, short-term investments and accounts receivable, were attributable to our domestic operations. The following table presents cash, cash equivalents and short-term investments held in the U.S. and internationally in various foreign subsidiaries (in millions):\n\n | April 26, 2019 | April 27, 2018\n------------- | -------------- | --------------\nU.S. | $ 159 | $ 853 \nInternational | 3,740 | 4,538 \nTotal | $ 3,899 | $ 5,391 \n\n. Segment Geographic Customer Information\n operate industry segment design manufacturing marketing support high-performance storage data management solutions. conduct business globally sales support managed geographic. management reviews financial information disaggregated information geographic region resources evaluating financial performance. allocate research development sales marketing administrative expenses geographic regions consolidated entity.\n majority assets cash investments domestic operations. cash equivalents investments U. S. foreign subsidiaries\n April 26, 2019 April 27, 2018\n. $ 159 $ 853\n International 3,740 4,538\n Total $ 3,899 $ 5,391" +} +{ + "_id": "d1b33d62c", + "title": "", + "text": "13. Income Taxes\nOn December 22, 2017, the legislation commonly known as the Tax Cuts and Jobs Act (the “TCJA” or the “Act”) was enacted into law. The Act made comprehensive changes to the U.S. tax code, including, but not limited to: (1) reducing the U.S. federal corporate tax rate from 35% to 21%; (2) changing rules related to uses and limitations of net operating loss carry-forwards created in tax years beginning after December 31, 2017 as well as the repeal of the current carryback provisions for net operating losses arising in tax years ending after December 31, 2017; (3) immediate full expensing of certain qualified property; (4) creating a new limitation on deductible interest expense; (5) eliminating the corporate alternative minimum tax; (6) repeal of the deduction for income attributable to domestic production activities; and (7) changes in the manner in which international operations are taxed in the U.S. including a mandatory one- time transition tax on the accumulated untaxed earnings of foreign subsidiaries of U.S. shareholders.\nIn response to the TCJA, the U.S. Securities and Exchange Commission (“SEC”) staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of TCJA. The purpose of SAB 118 was to address any uncertainty or diversity of view in applying ASC Topic 740, Income Taxes in the reporting period in which the TCJA was enacted. SAB 118 addresses situations where the accounting is incomplete for certain income tax effects of the TJCA upon issuance of a company’s financial statements for the reporting period which include the enactment date. SAB 118 allows for a provisional amount to be recorded if it is a reasonable estimate of the impact of the TCJA. Additionally, SAB 118 allows for a measurement period to finalize the impacts of the TCJA, not to extend beyond one year from the date of enactment. For the year ended April 30, 2018, the Company recorded a provisional decrease in its deferred tax assets and liabilities for the reduction in the federal tax rate with a corresponding adjustment to the valuation allowance. During the year ended April 30, 2019, the Company completed the accounting for the tax effects of the TCJA with no material changes to the provisional estimate recorded in prior periods.\nThe TCJA also established the Global Intangible Low-Taxed Income (“GILTI”) provisions that impose a tax on foreign income in excess of a deemed return on tangible assets on foreign corporations. The Company does not anticipate being subject to GILTI due to the sale of Gillam in Fiscal 2018 and the treatment of FEI-Asia as a disregarded entity for U.S. tax purposes.\nThe provision for income taxes consisted of the following (in thousands):\n\n | 2019 | 2018 \n---------------------- | ------ | -------\nCurrent: | | \nFederal | $8 | $ (869)\nForeign | 196 | - \nState | 99 | (124) \nCurrent provision | 303 | (993) \nDeferred: | | \nFederal | - | 10,702 \nForeign | (247 ) | 267 \nState | - | 1,200 \nDeferred (benefit) tax | (247 ) | 12,169 \nTotal provision | $56 | $11,176\n\n. Income Taxes\n December 22, 2017 Tax Cuts and Jobs Act enacted law. Act U. S. tax code. federal corporate tax rate 35% to 21% changing rules net operating loss carry-forwards after 31, 2017 repeal carryback provisions expensing qualified property limitation deductible interest expense eliminating corporate alternative minimum tax repeal deduction income domestic production changes international operations. mandatory one- time transition tax untaxed earnings foreign subsidiaries. shareholders.\n. Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 guidance accounting tax effects TCJA. uncertainty ASC Topic 740 Income Taxes TCJA. addresses accounting income tax effects financial statements enactment date. allows provisional amount impact TCJA. measurement period finalize impacts TCJA beyond one year enactment. year ended April 30, 2018 Company recorded provisional decrease deferred tax assets liabilities for reduction federal tax rate adjustment valuation allowance.year April 30, 2019 Company completed accounting tax effects TCJA no changes provisional estimate.\n TCJA established Global Intangible Low-Taxed Income provisions tax foreign income assets. Company GILTI sale Gillam 2018 FEI-Asia disregarded entity. tax.\n provision income taxes\n 2019 2018\n Current\n Federal $8 (869)\n Foreign\n State\n 303 (993)\n Deferred\n 10,702\n Foreign 267\n State 1,200\n Deferred tax 12,169\n Total provision $11,176" +} +{ + "_id": "d1b3a4aca", + "title": "", + "text": "6. Property and Equipment, Net\nProperty and equipment, net was comprised of the following (amounts in millions):\nDepreciation expense for the years ended December 31, 2019, 2018, and 2017 was $124 million, $138 million, and $130 million, respectively.\n\n | At December 31, | \n------------------------------------ | --------------- | -----\n | 2019 | 2018 \nLand | $1 | $1 \nBuildings | 4 | 4 \nLeasehold improvements | 252 | 248 \nComputer equipment | 654 | 700 \nOffice furniture and other equipment | 91 | 99 \nTotal cost of property and equipment | 1,002 | 1,052\nLess accumulated depreciation | (749) | (770)\nProperty and equipment, net | $253 | $282 \n\n. Property Equipment\n Depreciation expense years December 31, 2019 2018 2017 $124 million $138 million $130 million.\n December\n Land\n Buildings\n Leasehold improvements 252\n Computer equipment 654\n Office furniture equipment\n cost property equipment 1,002 1,052\n accumulated depreciation (749)\n $253 $282" +} +{ + "_id": "d1b332236", + "title": "", + "text": "Remaining Performance Obligation Associated with Non-Lease Arrangements\nA majority of the Company’s revenue is provided over a contract term. When allocating the total contract transaction price to identified performance obligations, a portion of the total transaction price relates to performance obligations that are yet to be satisfied or are partially satisfied as of the end of the reporting period.\nIn determining the transaction price allocated to remaining performance obligations, the Company does not include non- recurring charges and estimates for usage.\nRemaining performance obligations associated with the Company’s contracts reflect recurring charges billed, adjusted to reflect estimates for sales incentives and revenue adjustments.\nThe table below reflects an estimate of the remaining transaction price of fixed fee, non-lease revenue arrangements to be recognized in the future periods presented. The table below does not include estimated amounts to be recognized in future periods associated with variable usage-based consideration.\n\n | Year Ended June 30, | | | | | | \n------------------ | ------------------- | ------ | ------ | ----- | ----- | ---------- | --------\n | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total \n | (in millions) | | | | | | \nReportable Segment | | | | | | | \nZayo Networks | 621.4 | 295.9 | 117.4 | 36.7 | 14.1 | 17.5 | 1,103.0 \nzColo | 21.7 | 11.0 | 6.2 | 3.5 | 2.5 | 2.0 | 46.9 \nAllstream | 110.3 | 26.7 | 11.8 | 1.6 | 0.3 | — | 150.7 \nTotal | $753.4 | $333.6 | $135.4 | $41.8 | $16.9 | $19.5 | $1,300.6\n\nPerformance Obligation Non-Lease Arrangements\n majority Company’s revenue contract term. allocating total contract transaction price performance obligations portion relates obligations end reporting period.\n price non- recurring charges estimates usage.\n performance obligations reflect recurring charges sales incentives revenue adjustments.\n table reflects estimate remaining transaction price fixed fee non revenue arrangements future periods. estimated amounts future variable usage-based consideration.\n Year Ended June 30\n 2020 2021 2022 2023 2024 Total\n millions\n Reportable Segment\n Zayo Networks 621. 295. 117. 36. 14. 17. 1,103.\n 21. 11. 6. 3. 2. 2. 46.\n 110. 26. 11. 1. 0. 150.\n $753. $333. $135. $41. $16. $19. $1,300." +} +{ + "_id": "d1b3a6672", + "title": "", + "text": "Note 11. Other Current Assets\nOther current assets consisted of the following (in thousands):\n\n | December 31, | \n------------------------------- | ------------ | -------\n | 2019 | 2018 \nInvestments held in rabbi trust | $13,927 | $11,442\nFinancial derivatives | 3,373 | 1,078 \nDeferred rent | 558 | 1,867 \nOther current assets | 2,667 | 2,374 \n | $20,525 | $16,761\n\n11. Assets\n December 31,\n Investments trust $13,927 $11,442\n Financial derivatives 3,373\n Deferred rent 1,867\n assets 2,667,374\n $20,525 $16,761" +} +{ + "_id": "d1b2ff9bc", + "title": "", + "text": "Year ended December 31, 2018 compared with the year ended December 31, 2017:\nRevenue in 2018 is derived from multiple license agreements that we entered into with third-parties following negotiations pursuant to our patent licensing and enforcement program. The revenue increase is primarily due to licensing revenues, as further described in \"Item 1. Business\" - \"Licensing and Enforcement - Current Activities, Post 2013\".\nCost of revenues includes contingent legal fees directly associated with our licensing and enforcement programs. Cost of revenues increased largely in proportion to increase in revenues.\nSelling, general and administrative expenses (\"SG&A\") consisted primarily of legal fees incurred in operations and employee headcount related expenses. These comprise approximately 74% of total SG&A expense. Litigation expenses increased $4.2 million to $16.5 million in 2018 compared to 2017 and are primarily due to the timing of various outstanding litigation actions. See \"Item 3. Legal Proceedings\". Employee headcount related expenses increased $1.8 million to $7.2 million in 2018 compared to 2017, and is primarily due to incentive bonuses earned during the year. The balance of SG&A expenses include consulting, other professional services, facilities and other administrative fees and expenses.\nResearch and Development expenses (\"R&D\") are primarily from our Finjan Mobile security business and increased by $0.6 million to $2.1 million in 2018 compared to 2017, as we continue to position this business for future growth.\nOther income (expense) is primarily due to changes in the fair value of the warrant liability of $3.4 million in 2018 versus a benefit of $2.2 million in 2017, and interest expense of $0.6 million in 2018, net.\nWe recognized an income tax expense of $8.1 million on pre-tax income of $28.7 million in 2018 as compared to a benefit from the reduction in the valuation allowance of $6.2 million in 2017.\n\n | | For the Year Ended December 31, | | \n----------------------------------- | ----- | --------------------------------- | ------ | --------\n | 2018 | 2017 | Change | % Change\n | | (In millions, except percentages) | | \nRevenues | $82.3 | $50.5 | $31.8 | 63% \nCost of revenues | 15.3 | 6.0 | 9.3 | 155% \nGross profit | 67.0 | 44.5 | 22.5 | 51% \nGross margin | 81% | 88% | | \nOperating expenses: | | | | \nSelling, general and administrative | 32.2 | 28.6 | 3.6 | 13% \nResearch and development | 2.1 | 1.5 | 0.6 | 40% \nTotal operating expenses | 34.3 | 30.1 | 4.2 | 14% \nOther income (expense) | (4.0) | 2.2 | (6.2) | (282)% \nIncome before income taxes | 28.7 | 16.6 | 12.1 | 73% \nIncome tax provision (benefit) | 8.0 | (6.2) | 14.2 | (229)% \nNet income | $20.7 | $22.8 | $(2.1) | (9)% \n\nDecember 31, 2018\n Revenue 2018 license agreements patent licensing enforcement program. revenue increase due licensing revenues. Enforcement Activities Post 2013.\n legal fees licensing enforcement. increased.\n expenses legal fees employee headcount expenses. 74% SG&A expense. Litigation expenses increased $4. 2 million to $16. 5 million 2018 due timing actions. Employee headcount expenses increased $1. 8 million to $7. 2 million due incentive bonuses. expenses consulting services facilities administrative fees.\n Research Development expenses Finjan Mobile security business increased $0. 6 million $2. 1 million 2018 future growth.\n due fair value warrant liability $3. 4 million 2018 $2. 2 million 2017 interest expense $0. 6 million.\n income tax expense $8. 1 million pre-tax income $28. 7 million reduction valuation allowance $6. 2 million 2017.\n Year Ended December\nmillions\n Revenues $82. $50. $31. 63%\n revenues 15. 6. 9. 155%\n profit 67. 44. 22. 51%\n margin 81%\n Operating expenses\n Selling administrative 32. 28. 3. 13%\n Research development 2. 40%\n operating expenses 34. 30. 4. 14%\n income. (282)%\n Income taxes 28. 16. 12. 73%\n Income tax 8. 14. (229)\n Net income $20. $22." +} +{ + "_id": "d1b3a9962", + "title": "", + "text": "Accrued expenses and other consist of the following (in thousands):\nAt December 31, 2019 and 2018, accounts receivable, accounts payable and accrued expenses are not measured at fair value; however, the Company believes that the carrying amounts of these assets and liabilities are a reasonable estimate of their fair value because of their relative short maturity.\n\nDecember 31, | | \n-------------------------------- | ------ | ------\n | 2019 | 2018 \nAccrued advertising expense | $1,774 | $1,875\nAccrued compensation expense | 2,955 | 2,813 \nReserve for member refunds | 293 | 382 \nOther accrued expenses | 2,455 | 2,266 \nDeferred rent | — | 517 \nTotal accrued expenses and other | $7,477 | 7,853 \n\nAccrued expenses\n December 31, 2019 2018 receivable payable expenses not measured fair value Company believes value short maturity.\n December\n 2018\n advertising $1,774 $1,875\n compensation 2,955 2,813\n member refunds 293\n Other expenses 2,455 2,266\n Deferred rent 517\n Total expenses $7,477" +} +{ + "_id": "d1b3be6fa", + "title": "", + "text": "Note 2. Business Acquisitions\nAcquisition of Microsemi\nThe following unaudited pro-forma consolidated results of operations for the fiscal year ended March 31, 2019 and 2018 assume the closing of the Microsemi acquisition occurred as of April 1, 2017. The pro-forma adjustments are mainly comprised of acquired inventory fair value costs and amortization of purchased intangible assets. The pro-forma results of operations are presented for informational purposes only and are not indicative of the results of operations that would have been achieved if the acquisition had taken place on April 1, 2017 or of results that may occur in the future (in millions except per share data):\n\n | Year Ended March 31, | \n------------------------------------------ | -------------------- | --------\n | 2019 | 2018 \nNet sales | $5,563.7 | $5,875.0\nNet income (loss) | $542.0 | $(762.3)\nBasic net income (loss) per common share | $2.29 | $(3.27) \nDiluted net income (loss) per common share | $2.17 | $(3.27) \n\n. Business Acquisitions\n Microsemi\n unaudited results year March 31, 2019 2018 closing Microsemi acquisition April 1, 2017. pro-forma adjustments acquired inventory value costs amortization purchased intangible assets. results informational not indicative April 1 2017 future\n Ended March 31,\n Net sales $5,563. $5,875.\n Net income (loss $542. $(762.\n Basic net income (loss common share $2. 29.\n (loss $2. 17." +} +{ + "_id": "d1b2eca42", + "title": "", + "text": "NET INCOME (LOSS) PER COMMON SHARE\nBasic net income (loss) per common share is based upon the weighted-average number of common shares outstanding. Diluted net income (loss) per common share is based on the weighted-average number of common shares outstanding and potentially dilutive common shares outstanding and computed as follows:\n* For the twelve months ended December 31, 2018, the diluted earnings per common share included the weighted average effect of 215,196 unvested Restricted Stock Units and 716,661 stock options that are potentially dilutive to earnings per share since the exercise price of such securities was less than the average market price during the period. For the twelve months ended December 31, 2017, the diluted earnings per common share included 438,712 unvested Restricted Stock Units and the weighted average effect of 477,048 stock options that are potentially dilutive to earnings per share since the exercise price of such securities was less than the average market price during the period.\n\n | | Years Ended | \n----------------------------------------------------- | ---------- | ----------------------------------------------- | ----------\n | | December 31, | \n | 2019 | 2018 | 2017 \n | | (In thousands, except share and per share data) | \nNumerator: | | | \nNet income (loss) attributable to common stockholders | $(16,490) | $19,813 | $17,929 \nDenominator: | | | \nWeighted-average common shares, basic | 27,618,284 | 27,484,655 | 25,353,966\nWeighted-average common shares, diluted* | 27,618,284 | 28,416,512 | 26,269,727\nNet income (loss) per common share: | | | \nBasic: | $(0.60) | $0.72 | $0.71 \nDiluted: | $(0.60) | $0.70 | $0.68 \n\nINCOME (LOSS) PER COMMON SHARE\n Basic income based weighted-average shares outstanding. Diluted income potentially dilutive shares\n twelve months December 31, 2018 diluted earnings per included 215,196 unvested Restricted Stock Units 716,661 stock options potentially dilutive average market price. twelve months December 31, 2017 diluted earnings included 438,712 unvested Restricted Stock Units,048 stock options potentially dilutive.\n December 31,\n 2019 2018\n thousands\n Net income (loss) attributable common stockholders $(16,490) $19,813 $17,929\n Weighted-average common shares 27,618,284 27,484,655 25,353,966\n diluted 27,618,284 28,416,512 26,269,727\n Net income (loss) per common share\n.\n Diluted." +} +{ + "_id": "d1b36ac94", + "title": "", + "text": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated)\nCash flows\nWe prepare our Consolidated Statements of Cash Flows using the indirect method, under which we reconcile net income to cash flows provided by operating activities by adjusting net income for those items that impact net income, but may not result in actual cash receipts or payments during the period. The following table provides a summary of our operating, investing and financing cash flows for the periods indicated.\n\n | | Year Ended December 31, | \n----------------------------------------- | ---------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \nNet cash provided by operating activities | $153,327 | $256,426 | $160,394 \nNet cash used in investing activities | $(15,381) | $(6,581) | $(4,135) \nNet cash used in financing activities | $(150,604) | $(145,184) | $(30,535)\n\n. MANAGEMENT DISCUSSION ANALYSIS FINANCIAL CONDITION RESULTS OPERATIONS States Dollars share\n Cash flows\n Consolidated Statements Cash Flows indirect method reconcile net income. table summary operating investing financing cash flows.\n December 31,\n 2019 2018 2017\n cash operating $153,327 $256,426 $160,394\n investing $(15,381) $(6,581) $(4,135)\n financing $(150,604) $(145,184) $(30,535)" +} +{ + "_id": "d1b36e98e", + "title": "", + "text": "Products, Support and Professional Services\nWe are a leading developer and marketer of software enabled solutions and services to the hospitality industry, including: software solutions fully integrated with third party hardware and operating systems; support, maintenance and subscription services; and, professional services. Areas of specialization are point of sale, property management, and a broad range of solutions that support the ecosystem of these core solutions.\nWe present revenue and costs of goods sold in three categories: • Products (hardware and software) • Support, maintenance and subscription services • Professional services\nTotal revenue for these three specific areas is as follows:\nProducts: Products revenue is comprised of revenue from the sale of software along with third party hardware and operating systems. Software sales include up front revenue for licensing our solutions on a perpetual basis. Software sales are driven by our solutions' ability to help our customer meet the demands of their guests and improve operating efficiencies. Our software revenue is also driven by the ability of our customers to configure our solutions for their specific needs and the robust catalog of integrations we offer to third party solutions. Our software solutions require varying form factors of third party hardware and operating systems to operate, such as staff facing terminals, kiosk solutions, mobile tablets or servers. Third party hardware and operating system revenue is typically driven by new customer wins and existing customer hardware refresh purchases.\nSupport, Maintenance and Subscription Services: Technical software support, software maintenance and software subscription services are a significant portion of our consolidated revenue and typically generate higher profit margins than products revenue. Growth has been driven by a strategic focus on developing and promoting these offerings while market demand for maintenance services and updates that enhance reliability, as well as the desire for flexibility in purchasing options, continue to reinforce this trend. Our commitment to exceptional service has enabled us to become a trusted partner with customers who wish to optimize the level of service they provide to their guests and maximize commerce opportunities both on premise and in the cloud.\nProfessional Services: We have industry-leading expertise in designing, implementing, integrating and installing customized solutions into both traditional and newly created platforms. For existing enterprises, we seamlessly integrate new systems and for start-ups and fast-growing customers, we become a partner that can manage large-scale rollouts and tight construction schedules. Our extensive experience ranges from staging equipment to phased rollouts as well as training staff to provide operational expertise to help achieve maximum effectiveness and efficiencies in a manner that saves our customers time and money.\n\n | | Year ended March 31, | \n---------------------------------------------- | -------- | -------------------- | --------\n(In thousands) | 2019 | 2018 | 2017 \nProducts | $39,003 | $33,699 | $38,339 \nSupport, maintenance and subscription services | 75,496 | 69,068 | 63,308 \nProfessional services | 26,343 | 24,593 | 26,031 \nTotal | $140,842 | $127,360 | $127,678\n\nProducts Support Professional Services\n leading developer marketer software solutions services hospitality industry software integrated third party hardware operating systems support maintenance subscription services professional services. specialization point of sale property management solutions.\n present revenue costs three categories Products software Support maintenance subscription services Professional services\n Total revenue\n Products revenue sale software third party hardware operating systems. sales include revenue licensing solutions. driven by solutions operating efficiencies. integrations third party solutions. require third party hardware operating systems tablets. Third party hardware operating system revenue driven by new customer wins hardware refresh purchases.\n Support Maintenance Subscription Services software support significant revenue generate higher profit margins than. Growth driven by focus developing promoting offerings demand maintenance flexibility purchasing. commitment to exceptional service trusted partner service commerce opportunities cloud.\n Professional Services industry-leading expertise designing implementing integrating installing customized solutions traditional platforms.enterprises integrate systems start-ups large-scale rollouts construction schedules. experience staging equipment rollouts training effectiveness time money.\n Year ended March 31,\n 2019\n Products $39,003 $33,699 $38,339\n Support maintenance subscription services 75,496 69,068 63,308\n Professional services 26,343 24,593 26,031\n Total $140,842 $127,360" +} +{ + "_id": "d1b332d58", + "title": "", + "text": "Information About Our Executive Officers\nSet forth below are the name, age and position of each of our executive officers\nThe following are biographical summaries of our executive officers other than Mr. Kirchner, for whom a biographical summary is set forth under “Information about Our Board of Directors.”\nRobert Andersen is executive vice president and chief financial officer of Xperi Corporation. He became executive vice president and chief financial officer of Xperi Corporation in January 2014. Prior to joining Xperi Corporation, he served as executive vice president and CFO of G2 Holdings Corp. d/b/a Components Direct. Mr. Andersen previously served as CFO at Phoenix Technologies Ltd. and held senior financial roles at Wind River Systems, Inc. and NextOffice, Inc. His finance career began at Hewlett-Packard Company, where he served in various controller, treasury and technology finance management roles. Mr. Andersen served on the board of directors of publicly traded Quantum Corporation through March 2017. He currently serves on the board of directors of the Alameda County Community Food Bank in the role of vice chair. Mr. Andersen holds a B.A. in economics from the University of California, Davis, and an M.B.A. from the Anderson School of Management at the University of California, Los Angeles.\nPaul Davis is general counsel and corporate secretary of Xperi Corporation. He joined Xperi Corporation in August 2011, and became general counsel and corporate secretary in July 2013. Before joining Xperi Corporation, he was an attorney at Skadden, Arps, Slate, Meagher & Flom LLP, where his practice focused on mergers and acquisitions, corporate securities matters and corporate governance. Mr. Davis holds a Juris Doctor from the University of California, Hastings College of the Law and B.A. degrees in history and political science from the University of California, San Diego. While at Hastings, he was magna cum laude, an Order of the Coif member and a managing editor on the Hastings Law Journal.\nMurali Dharan has served as president of Tessera Intellectual Property Corp. (“Tessera”) since October of 2017 and is responsible for the strategic direction, management and growth of the Tessera intellectual property licensing business. He has extensive leadership experience, most recently as CEO of IPVALUE, guiding the company from a start-up to an industry leader and helping partners to generate more than $1.6 billion in IP revenue. Prior to joining IPVALUE in 2002, Mr. Dharan held executive roles at various technology companies, including executive vice president at Preview Systems, vice president and general manager at Silicon Graphics, and vice president and general manager at NEC. Mr. Dharan holds an electrical engineering degree from Anna University in India, a master’s degree in computer science from Indiana University, and an MBA from Stanford University.\nGeir Skaaden has served as our chief products and services officer since December 2016 and leads global sales, business development and product management for our portfolio of imaging and audio solutions. He served as DTS’s Executive Vice President, Products, Platforms and Solutions from October 2015 until its acquisition by the Company in December 2016, having previously served as DTS’s Senior Vice President, Corporate Business Development, Digital Content and Media Solutions since December 2013. Prior to that, Mr. Skaaden served as DTS’s Senior Vice President, Products & Platforms from April 2012 to December 2013. From 2008 to 2012, Mr. Skaaden served in a number of positions overseeing numerous aspects including strategic sales, licensing operations, and business development. Prior to joining DTS in 2008, Mr. Skaaden served as the Chief Executive Officer at Neural Audio Corporation from 2004 to 2008, where he previously served as Vice President, Corporate Development from 2002 to 2004. Mr. Skaaden holds a B.A. in Finance from the University of Oregon, a Business degree from the Norwegian School of Management and an M.B.A. from the University of Washington.\nWe have adopted a written code of business conduct and ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons serving similar functions. The text of our code of business conduct and ethics has been posted on our website at http://www.xperi.com. and is included as an exhibit to our Current Report on Form 8-K filed with the SEC on December 1, 2016.\n\nName | Age | Position(s) \n--------------- | --- | ------------------------------------------------\nJon Kirchner | 52 | Chief Executive Officer, Director \nRobert Andersen | 56 | Chief Financial Officer \nPaul Davis | 44 | General Counsel and Corporate Secretary \nMurali Dharan | 58 | President of Tessera Intellectual Property Corp.\nGeir Skaaden | 53 | Chief Products and Services Officer \n\nExecutive Officers\n name age position\n biographical summaries.\n Robert Andersen executive vice president chief financial officer Xperi Corporation. January 2014. CFO G2 Holdings. CFO Phoenix Technologies. financial roles Wind River Systems. NextOffice. finance career Hewlett-Packard Company controller treasury technology finance management. board Quantum Corporation March 2017. Alameda County Community Food Bank vice chair. B. A. economics University California Davis M. B. Anderson School Management University California Los Angeles.\n Paul Davis general counsel corporate secretary Xperi Corporation. August 2011, July 2013. attorney Skadden, Arps Slate Meagher Flom mergers corporate securities governance. Juris Doctor University California Hastings B. A. history political science University California San Diego. Order Coif member managing editor Hastings Law Journal.\n Murali Dharan president Tessera Intellectual Property Corp. October 2017 responsible strategic direction management growth intellectual property licensing business.leadership experience CEO IPVALUE start-up industry leader $1. 6 billion IP revenue. executive roles technology companies Preview Systems Silicon Graphics. electrical engineering Anna University master’s computer science Indiana University MBA Stanford University.\n Geir Skaaden chief products services officer since December 2016 leads global sales business development product management imaging audio solutions. DTS’s Executive Vice President Products Platforms Solutions October 2015 Senior Vice President Corporate Business Development December 2013. Senior Vice President Products Platforms April 2012 December 2013. strategic sales licensing operations business development. Chief Executive Officer Neural Audio Corporation 2004 to 2008, Vice President Corporate Development 2002 2004. B. A. Finance University Oregon Business degree Norwegian School Management M. B. University of Washington.\n adopted code business conduct ethics principal executive officer financial officer accounting officer controller. posted website. exhibit Current Report Form 8-K SEC December 1, 2016.\n Age Position\nKirchner\n Robert Andersen Financial Officer\n Paul Davis\n Murali Dharan President Tessera.\n Geir Skaaden Products Services" +} +{ + "_id": "d1b3b5ad2", + "title": "", + "text": "Hotels sales improvement in the second half was driven by Bars, Food and Accommodation, benefitting from venue refurbishments completed in the year.\nHotels sales increased by 3.7% in F19 or 1.8% on a normalised basis. Comparable sales increased by 1.9% with 3.0% growth in Q4. Sales growth accelerated in the second half due to continued growth in Bars, Food and Accommodation benefitting from venue refurbishments with 49 completed during the year. Gaming sales continue to be more subdued, particularly in Victoria. During the year, five venues were opened or acquired with 328 hotels at year‐end.\nNormalised gross profit declined by 54 bps reflecting business mix and increasing input cost prices on Food margins. CODB was well controlled and declined by 18 bps on a normalised basis.\nEBIT of $261 million decreased by 0.5% on a normalised basis reflecting a weaker first half trading performance. Normalised EBIT in the second half increased by 1.3%.\nNormalised ROFE decreased by 38 bps due to an increase in funds employed driven by refurbishments and acquisitions of hotels.\n\n | F19 | F18 | | \n----------------------------- | -------- | -------- | -------- | -----------------\n$ MILLION | 53 WEEKS | 52 WEEKS | CHANGE | CHANGE NORMALISED\nSales | 1,671 | 1,612 | 3.7% | 1.8% \nEBITDA | 372 | 361 | 3.5% | 2.5% \nDepreciation and amortisation | (111) | (102) | 9.9% | 9.9% \nEBIT | 261 | 259 | 1.0% | (0.5)% \nGross margin (%) | 83.6 | 84.2 | (55) bps | (54) bps \nCost of doing business (%) | 68.0 | 68.1 | (12) bps | (18) bps \nEBIT to sales (%) | 15.6 | 16.1 | (43) bps | (35) bps \nFunds employed | 2,068 | 1,995 | 3.7% | \nROFE (%) | 12.9 | 13.1 | (20) bps | (38) bps \n\nHotels sales improvement second half driven Bars Food Accommodation venue refurbishments.\n sales increased. 7% F19. 8%. Comparable sales increased. 9%. 0% growth Q4. accelerated second half Bars Food Accommodation venue refurbishments 49. Gaming sales subdued Victoria. five venues opened acquired 328 hotels year‐end.\n gross profit declined 54 bps business mix input cost prices. CODB declined 18 bps.\n EBIT $261 million decreased. 5% weaker first half trading performance. EBIT second half increased. 3%.\n ROFE decreased 38 bps increase refurbishments acquisitions.\n Sales 1,671 3. 7%. 8%\n EBITDA 372.\n Depreciation amortisation.\n EBIT 261.\n Gross margin (%) 83. 84.\n Cost business (%) 68.\n EBIT to sales (%) 15.\nFunds 2,068 1,995 3. 7%\n ROFE 12." +} +{ + "_id": "d1b3182b4", + "title": "", + "text": "Stock-based Compensation Expense\nThe income tax benefit related to share-based compensation was $66 million, $158 million and $97 million for 2019, 2018 and 2017, respectively. The income tax benefits related to share-based compensation for the periods presented prior to the second quarter of 2018 were offset by an increase in the U.S. valuation allowance. Stock-based compensation expense of $30 million and $19 million was capitalized and remained in inventory as of August 29, 2019 and August 30, 2018, respectively. As of August 29, 2019, $439 million of total unrecognized compensation costs for unvested awards, before the effect of any future forfeitures, was expected to be recognized through the fourth quarter of 2023, resulting in a weighted-average period of 1.3 years.\n\nFor the year ended | 2019 | 2018 | 2017\n------------------------------------------------- | ---- | ---- | ----\nStock-based compensation expense by caption | | | \nCost of goods sold | $102 | $83 | $88 \nSelling, general, and administrative | 73 | 61 | 75 \nResearch and development | 68 | 54 | 52 \n | $243 | $198 | $215\nStock-based compensation expense by type of award | | | \nRestricted stock awards | $178 | $140 | $144\nStock options | 33 | 55 | 71 \nESPP | 32 | 3 | — \n | $243 | $198 | $215\n\nStock Compensation Expense\n income tax benefit $66 million $158 million $97 million 2019 2018 2017. offset U. S. valuation allowance. expense $30 million $19 million capitalized remained inventory August 29, 30. $439 million unrecognized compensation costs unvested recognized fourth quarter 2023 weighted-average 1. 3 years.\n year 2019 2018 2017\n compensation expense caption\n Cost goods sold $102 $83 $88\n Selling general administrative 73\n Research development\n $243 $198 $215\n type award\n Restricted stock awards $178 $140 $144\n Stock options\n $243 $198" +} +{ + "_id": "d1b2e55ee", + "title": "", + "text": "NOTE 8—INVENTORIES\nInventories consist of the following (in thousands):\nAt September 30, 2019, work in process and inventoried costs under long-term contracts includes approximately $5.8 million in costs incurred outside the scope of work or in advance of a contract award compared to $0.9 million at September 30, 2018. We believe it is probable that we will recover the costs inventoried at September 30, 2019, plus a profit margin, under contract change orders or awards within the next year.\nCosts we incur for certain U.S. federal government contracts include general and administrative costs as allowed by government cost accounting standards. The amounts remaining in inventory at September 30, 2019 and 2018 were $0.5 million and $2.0 million, respectively.\n\n | | September 30,\n--------------------------------------------------------------- | ---------- | -------------\n | 2019 | 2018 \nFinished products | $10,905 | $7,099 \nWork in process and inventoried costs under long-term contracts | 46,951 | 63,169 \nMaterials and purchased parts | 48,938 | 23,710 \nCustomer advances | — | (9,779) \nNet inventories | $ 106,794 | $ 84,199 \n\nNOTE 8—INVENTORIES\n September 30, 2019 $5. 8 million outside $0. 9 million September 30 2018. recover costs 2019 profit margin contract change next year.\n. federal government contracts general administrative costs. remaining September 30 2019 2018 $0. 5 million $2. 0 million.\n Finished products $10,905 $7,099\n costs-term contracts 46,951 63,169\n Materials purchased parts 48,938 23,710\n Customer advances (9,779\n Net inventories $ 106,794 $ 84,199" +} +{ + "_id": "d1b347a32", + "title": "", + "text": "Summarised cash flow statement\nCash flow\nWe generated a net cash inflow from operating activities of £4,256m, down £671m, mainly driven by £2bn contributions to the BT Pension Scheme, offset by favourable working capital movements. In line with our outlook, normalised free cash flowb was £2,440m, down £533m or 18%, driven by increased cash capital expenditure, decrease in EBITDA and higher tax payments.\nFree cash flow, which includes specific item outflows of £598m (2017/18: £828m) and a £273m (2017/18: £109m) tax benefit from pension deficit payments, was £619m (2017/18: £1,586m). Last year also included payments of £325m for the acquisition of mobile spectrum.\nThe spectrum auction bidding took place across the 2017/18 and 2018/19 financial years. Whilst £325m was on deposit with Ofcom at 31 March 2018, we went on to acquire spectrum for a total price of £304m and the excess deposit balance has since been refunded. We made pension deficit payments of £2,024m (2017/18: £872m) and paid dividends to our shareholders of £1,504m (2017/18: £1,523m).\nThe net cash cost of specific items of £598m (2017/18: £828m) includes restructuring payments of £372m (2017/18: £189m) and regulatory payments of £170m (2017/18: ��267m). Last year also included payments of £225m relating to the settlement of warranty claims under the 2015 EE acquisition agreement.\nb After net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------------ | ------- | ------- | -------\nYear ended 31 March | £m | £m | £m \nCash generated from operations | 4,687 | 5,400 | 6,725 \nTax paid | (431) | (473) | (551) \nNet cash inflows from operating activities | 4,256 | 4,927 | 6,174 \nNet purchase of property, plant and equipment and software | (3,637) | (3,341) | (3,119)\nFree cash flow | 619 | 1,586 | 3,055 \nInterest received | 23 | 7 | 7 \nInterest paid | (531) | (555) | (629) \nAdd back pension deficit payments | 2,024 | 872 | 274 \nAdd back net cash flow from specific items | 598 | 828 | 205 \nAdd back net sale of non-current asset investments | 1 | 19 | (20) \nAdd back prepayments in respect of acquisition of spectrum licence | - | 325 | - \nRemove refund on acquisition of spectrum licence | (21) | - | - \nRemove cash tax benefit of pension deficit payments | (273) | (109) | (110) \nNormalised free cash flow b | 2,440 | 2,973 | 2,782 \n\ncash flow statement\n net cash inflow £4,256m down £671m driven £2bn contributions BT Pension Scheme offset working capital movements. free cash £2,440m down £533m 18% driven increased cash capital expenditure decrease EBITDA higher tax payments.\n flow outflows £598m £273m tax benefit pension deficit payments £619m. £325m acquisition mobile spectrum.\n 2017/18 2018/19 years. £325m deposit £304m excess balance refunded. pension deficit payments £2,024m paid dividends £1,504m.\n net cash cost £598m includes restructuring payments £372m regulatory payments £170m. £225m settlement warranty claims 2015 EE acquisition agreement.\n net interest paid pension deficit payments.\n 31 March\n Cash generated operations 4,687 5,400 6,725\n Tax paid\ncash 4,256 4,927 6,174\n purchase property (3,637,341),119\n Free cash flow 619 1,586 3,055\n received 23\n paid (531) (629)\n pension deficit payments 2,024 274\n cash flow 598 828 205\n sale non-current asset investments\n prepayments acquisition spectrum licence\n refund\n tax pension deficit (273) (109)\n free cash flow 2,440 2,973 2,782" +} +{ + "_id": "d1b3bfd5c", + "title": "", + "text": "The table below shows the carrying amounts and estimated fair values of our debt, excluding lease liabilities:\n(1) Includes borrowings denominated in currencies other than US Dollars.\n(2) At December 31, 2019, the carrying amount and estimated fair value of debt exclude lease liabilities.\nIn addition to the table above, the Company remeasures amounts related to certain equity compensation that are carried at fair value on a recurring basis in the Consolidated Financial Statements or for which a fair value measurement was required. Refer to Note 21, “Stockholders’ Deficit,” of the Notes to Consolidated Financial Statements for share-based compensation in the Notes to Consolidated Financial Statements. Included among our non-financial assets and liabilities that are not required to be measured at fair value on a recurring basis are inventories, net property and equipment, goodwill, intangible assets and asset retirement obligations.\n\n | December 31, 2019 | | December 31, 2018 | \n---------------------------------------- | ----------------- | ---------- | ----------------- | ----------\n(In millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value\nTerm Loan A Facility due July 2022 | $ 474.6 | $ 474.6 | $ — | $ — \nTerm Loan A Facility due July 2023(1) | 223.8 | 223.8 | 222.2 | 222.2 \n6.50% Senior Notes due December 2020 | — | — | 424.0 | 440.1 \n4.875% Senior Notes due December 2022 | 421.9 | 450.1 | 421.1 | 421.2 \n5.25% Senior Notes due April 2023 | 422.0 | 454.1 | 421.2 | 424.5 \n4.50% Senior Notes due September 2023(1) | 445.6 | 509.5 | 454.9 | 489.9 \n5.125% Senior Notes due December 2024 | 421.9 | 458.9 | 421.3 | 419.8 \n5.50% Senior Notes due September 2025 | 397.4 | 441.2 | 397.1 | 394.8 \n4.00% Senior Notes due December 2027 | 420.4 | 431.5 | — | — \n6.875% Senior Notes due July 2033 | 445.7 | 528.8 | 445.5 | 453.4 \nOther foreign borrowings(1) | 12.1 | 12.4 | 98.5 | 99.2 \nOther domestic borrowings | 89.0 | 89.0 | 168.4 | 170.0 \nTotal debt(2) | $ 3,774.4 | $ 4,073.9 | $ 3,474.2 | $ 3,535.1 \n\ntable shows carrying amounts estimated values debt excluding lease liabilities\n Includes borrowings US Dollars.\n December 31, 2019 carrying amount estimated value debt exclude lease liabilities.\n Company remeasures amounts equity compensation fair value. Refer Note 21, “Stockholders’ Deficit Statements share-based compensation. Included non assets liabilities not inventories net property equipment goodwill intangible assets asset retirement obligations.\n December 31, 2019 December 31, 2018\n millions Carrying Amount Fair Value\n July 2022 474. 6 474.\n July 223. 8.\n. 50% Notes December 2020 424. 440.\n. 875% December 2022 421. 450. 421.\n. 25% April 2023 422. 454. 421.\n. 50% September 445. 509. 454. 489.\n. 125% December 2024 421. 9 458. 421.419.\n. 50% Notes September 2025 397. 441. 397. 394\n. December 2027 420. 431.\n. 875% July 2033 445. 528. 445. 453.\n foreign 12. 98. 99.\n domestic borrowings 89. 168. 170.\n $ 3,774. 4,073. 3,474. 3,535." +} +{ + "_id": "d1b325f2c", + "title": "", + "text": "35 Related party transactions\nKey management1 compensation\n1 Key management comprises the directors of intu properties plc and the Executive Committee who have been designated as persons discharging managerial responsibility (PDMR).\nDuring 2017 the Group’s joint ventures in intu Puerto Venecia and intu Asturias sold shares in subsidiaries, previously wholly owned by the respective joint ventures, listed on the Spanish MaB to PDMRs of the Group. The total value of the shares at 31 December 2019 is €1.0 million for each joint venture, representing 1 per cent of the respective outstanding share capital. The sale of shares in these entities was required to comply with Spanish MaB free float listing requirements. The Group provided an interest-free loan to PDMRs to enable them to purchase the shares. The loans are treated as a taxable benefit which accordingly is included in the above table. In line with the terms of the relevant loan agreements entered into, the loans are repayable in full upon cessation of employment or the sale of the underlying assets. Further to the exchange of contracts in respect of the sale of intu Puerto Venecia in December 2019 and of intu Asturias in January 2020, the relevant PDMRs sold these shareholdings in January 2020 and February 2020 respectively. All outstanding loans in respect of the above arrangements have been repaid to the Company in full or in part. For those loans which have been partially repaid, the outstanding balance has been written off by the Company.\n\nKey management1 compensation | | \n------------------------------------------- | ---- | ----\n£m | 2019 | 2018\nSalaries and short-term employee benefits | 4.7 | 4.9 \nPensions and other post-employment benefits | 0.3 | 0.8 \nShare-based payments | 1.5 | 1.7 \n | 6.5 | 7.4 \n\nRelated party transactions\n Key management1 compensation\n directors intu properties plc Executive Committee managerial responsibility.\n 2017 joint ventures intu Puerto Venecia Asturias sold shares subsidiaries Spanish MaB to PDMRs. total value shares at 31 December 2019 €1. 0 million each 1 per cent outstanding share capital. sale Spanish MaB free float listing requirements. Group provided interest-free loan PDMRs shares. loans taxable benefit included table. loans repayable upon cessation employment sale assets. intu Puerto Venecia Asturias PDMRs sold shareholdings January 2020 February 2020. outstanding loans repaid Company or part. partially repaid outstanding balance written off Company.\n Key management1 compensation\n Salaries employee benefits.\n Pensions post-employment benefits.\n Share-based payments.\n." +} +{ + "_id": "d1b31236e", + "title": "", + "text": "Cloud & Cognitive Software revenue increased in 2018 compared to the prior year with growth in all three lines of business, as reported and adjusted for currency. Within Cognitive Applications, the increase was driven by strong double-digit growth in security services, while growth in Cloud & Data Platforms was led by analytics platforms and integration offerings. Transaction Processing Platforms grew with improved revenue performance sequentially in the fourth-quarter 2018 versus the third-quarter 2018 reflecting clients’ commitment to the company’s platform for the long term and the value it provides in managing mission-critical workloads. Within Cloud & Cognitive Software, cloud revenue of $3.0 billion grew 10 percent as reported and adjusted for currency compared to the prior year.\n* Recast to reflect segment changes.\nGross margin in Cloud & Cognitive Software was impacted by an increased mix toward SaaS, a mix toward security services and increased royalty costs associated with IP licensing agreements compared to the prior year. Pre-tax income improvement year to year was primarily driven by operational efficiencies and mix.\n\n($ in millions) | | | \n------------------------------- | ------- | ------- | ---------------------------------\nFor the year ended December 31: | 2018* | 2017* | Yr.-to-Yr. Percent/ Margin Change\nCloud & Cognitive Software | | | \nExternal gross profit | $17,224 | $16,986 | 1.4% \nExternal gross profit margin | 77.6% | 78.1% | (0.5)pts. \nPre-tax income | $8,882 | $8,068 | 10.1% \nPre-tax margin | 35.0% | 32.4% | 2.6pts. \n\nCloud Cognitive Software revenue increased 2018 three lines business. Cognitive Applications driven security services Cloud Data Platforms analytics platforms integration offerings. Transaction Processing Platforms grew improved revenue performance fourth-quarter commitment platform mission-critical workloads. Cognitive Software revenue $3. 0 billion grew 10 percent.\n.\n Gross margin impacted increased SaaS security services increased royalty costs IP licensing agreements. Pre-tax income improvement driven operational efficiencies mix.\n December 31 2018 2017. Percent Margin Change\n Cloud Cognitive Software\n gross profit $17,224 $16,986.\n margin 77. 6%. 1%.\n Pre-tax income $8,882 $8,068.\n margin 35. 0%. 4%." +} +{ + "_id": "d1b3458e0", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n21. Related Party Transactions (Continued)\nCompensation of key management personnel\nThe remuneration of directors and key management was as follows:\n\n | | For the year ended December 31, | \n--------------------------------------------------------- | ----- | ------------------------------- | -----\n | 2017 | 2018 | 2019 \nRemuneration | 7,603 | 7,011 | 7,536\nShort-term benefits | 106 | 136 | 172 \nExpense recognized in respect of share-based compensation | 1,821 | 1,992 | 2,044\nTotal | 9,530 | 9,139 | 9,752\n\nGasLog Ltd. Subsidiaries\n consolidated financial statements\n years December 31, 2017 2018 2019\n amounts. Dollars except\n. Transactions\n Compensation management\n year December 31,\n 2018 2019\n Remuneration 7,603 7,011 7,536\n Short-term benefits 106\n share-based compensation 1,821 1,992 2,044\n 9,139 9,752" +} +{ + "_id": "d1b3685de", + "title": "", + "text": "4. Income Taxes\nProvision for Income Taxes\nIncome tax expense (benefit) is summarized below (in thousands):\n\n | | Fiscal Year Ended August 31, | \n------------------------ | --------- | ---------------------------- | --------\n | 2019 | 2018 | 2017 \nCurrent: | | | \nDomestic–federal | $(23,675) | $69,080 | $2,436 \nDomestic–state | 1,383 | 134 | 12 \nForeign | 175,993 | 178,790 | 188,872 \nTotal current | 153,701 | 248,004 | 191,320 \nDeferred: | | | \nDomestic–federal | (8,000) | (24,342) | 253 \nDomestic–state | (2,202) | 93 | 30 \nForeign | 17,731 | 62,105 | (62,537)\nTotal deferred | 7,529 | 37,856 | (62,254)\nTotal income tax expense | $161,230 | $285,860 | $129,066\n\n. Taxes\n expense\n Year Ended August 31,\n Domestic–federal,675 $69,080 $2,436\n 1,383\n Foreign 175,993 178,790 188,872\n 153,701 248,004 191,320\n Deferred\n (24,342 253\n (2,202\n Foreign 17,731 62,105 (62,537)\n deferred 7,529 37,856 (62\n income tax expense $161,230 $285,860 $129,066" +} +{ + "_id": "d1b3ad134", + "title": "", + "text": "Our net sales to significant customers as a percentage of total net sales were as follows:\nWe sell parts to these three transportation customers for certain vehicle platforms under purchase agreements that have no volume commitments and are subject to purchase orders issued from time to time.\nNo other customer accounted for 10% or more of total net sales during these periods. We continue to focus on broadening our customer base to diversify our end market exposure.\nChanges in the level of our customers' orders have, in the past, had a significant impact on our operating results. If a major customer reduces the amount of business it does with us, or substantially changes the terms of that business, there could be an adverse impact on our operating results\n\n | | Years Ended December 31, | \n------------------------ | ----- | ------------------------ | -----\n | 2019 | 2018 | 2017 \nCummins Inc. | 16.1% | 15.2% | 13.4%\nHonda Motor Co. | 11.6% | 10.5% | 11.2%\nToyota Motor Corporation | 9.6% | 10.5% | 10.2%\n\nnet sales customers\n sell parts three transportation customers no volume commitments subject orders.\n No other customer 10% net sales. focus broadening customer base market exposure.\n Changes orders operating results. major customer reduces business changes terms adverse impact results\n Years Ended December 31,\n 2019 2018 2017\n Cummins Inc. 16. 1% 15. 2% 13. 4%\n Honda Motor Co. 11. 6%. 5%.\n Toyota Motor Corporation 9. 6%. 5%." +} +{ + "_id": "d1b3061a4", + "title": "", + "text": "Financial Condition, Liquidity and Capital Resources\nWe believe our current world-wide cash balances together with expected future cash flows to be generated from operations and our committed credit facility will be sufficient to support current operations. A significant amount of cash and expected future cash flows are located outside of the U.S. Of the $83.2 million of cash and cash equivalents as of April 27, 2019, $69.9 million was held in subsidiaries outside the U.S. and can be repatriated, primarily through the repayment of intercompany loans and the payment of dividends, without creating material additional income tax expense.\nCash flow is summarized below:\nOperating Activities — Fiscal 2019 Compared to Fiscal 2018\nNet cash provided by operating activities decreased $15.8 million to $102.0 million for fiscal 2019, compared to $117.8 million for fiscal 2018. The decrease was due to lower cash generated from changes in operating assets and liabilities, partially offset by higher net income adjusted for non-cash items. The $42.2 million of cash outflows for operating assets and liabilities was primarily due to higher prepaid expenses and other assets and lower accounts payable and accrued expenses.\nOperating Activities — Fiscal 2018 Compared to Fiscal 2017\nNet cash provided by operating activities decreased $27.4 million to $117.8 million in fiscal 2018, compared to $145.2 million in fiscal 2017. The decrease was primarily due to lower net income adjusted for non-cash items, partially offset by cash generated from changes in operating assets and liabilities. The $43.6 million of cash inflows for operating assets and liabilities was due to higher accounts payable and accrued expenses and lower prepaid expenses and other assets, offset by higher inventory levels.\nInvesting Activities — Fiscal 2019 Compared to Fiscal 2018\nNet cash used in investing activities increased by $291.8 million to $470.8 million in fiscal 2019, compared to $179.0 million in fiscal 2018, primarily due to acquisitions. In fiscal 2019, we paid $422.1 million for the acquisition of Grakon. In fiscal 2018, we paid $130.9 million for the acquisitions of Pacific Insight and Procoplast.\nInvesting Activities — Fiscal 2018 Compared to Fiscal 2017\nNet cash used in investing activities increased by $157.3 million to $179.0 million in fiscal 2018, compared to $21.7 million in fiscal 2017. The increase was primarily due to $130.9 million paid for the acquisitions of Pacific Insight and Procoplast. In addition, purchases of property, plant and equipment for our operations were higher in fiscal 2018 compared to fiscal 2017.\nFinancing Activities — Fiscal 2019 Compared to Fiscal 2018\nNet cash provided by financing activities was $217.4 million in fiscal 2019, compared to net cash used in financing activities of $12.7 million in fiscal 2018. During fiscal 2019, we had net borrowings of $238.5 million which was partially used to fund the acquisition of Grakon. We paid dividends of $16.3 million in fiscal 2019, compared to $14.7 million in fiscal 2018.\nFinancing Activities — Fiscal 2018 Compared to Fiscal 2017\nNet cash used in financing activities decreased $34.3 million to $12.7 million in fiscal 2018, compared to $47.0 million in fiscal 2017. During fiscal 2018, we had net borrowings of $2.0 million, compared to repayments on borrowings of $30.0 million in fiscal 2017. We paid dividends of $14.7 million and $13.7 million in fiscal 2018 and fiscal 2017, respectively. We did not repurchase any common stock in fiscal 2018. In fiscal 2017, we paid $9.8 million for the repurchase of common stock.\n\n | | Fiscal Year Ended | \n------------------------------------------------------------ | --------- | ----------------- | ---------\n | April 27, | April 28, | April 29,\n(Dollars in Millions) | 2019 | 2018 | 2017 \nOperating activities: | | | \nNet Income | $91.6 | $57.2 | $92.9 \nNon-cash Items | 52.6 | 17.0 | 32.1 \nChanges in Operating Assets and Liabilities | (42.2) | 43.6 | 20.2 \nNet Cash Provided by Operating Activities | 102.0 | 117.8 | 145.2 \nNet Cash Used in Investing Activities | (470.8) | (179.0) | (21.7) \nNet Cash Provided by (Used In) Financing Activities | 217.4 | (12.7) | (47.0) \nEffect of Exchange Rate Changes on Cash and Cash Equivalents | (11.5) | 26.0 | (10.3) \nNet Increase (Decrease) in Cash and Cash Equivalents | (162.9) | (47.9) | 66.2 \nCash and Cash Equivalents at Beginning of the Year | 246.1 | 294.0 | 227.8 \nCash and Cash Equivalents at End of the Year | $83.2 | $246.1 | $294.0 \n\nFinancial Condition Liquidity Capital Resources\n cash balances future cash flows credit facility operations. cash flows outside U. S. $83. 2 million cash equivalents April 27, 2019 $69. 9 million subsidiaries outside. repatriated repayment loans dividends income tax expense.\n Cash flow\n Operating Activities 2019\n Net cash decreased $15. 8 million $102. million $117. 8 million 2018. lower cash higher net income non. $42. 2 million outflows higher prepaid expenses lower accounts payable accrued expenses.\n cash decreased $27. 4 million $117. 8 million $145. 2 million 2017. lower net income offset. $43. 6 million cash inflows higher accounts payable accrued expenses lower prepaid expenses offset higher inventory levels.\n Investing Activities\n cash increased $291. 8 million $470. 8 million $179. million 2018 due. paid $422. 1 million acquisition Grakon. 2018.million Pacific Insight Procoplast.\n Investing Activities 2018\n Net cash increased $157. 3 million $179. million $21. 7 million 2017. increase due $130. 9 million acquisitions. purchases property plant equipment higher 2018.\n Financing Activities 2019\n Net cash $217. 4 million 2019 $12. 7 million 2018. net borrowings $238. 5 million Grakon. paid dividends $16. 3 million $14. 7 million 2018.\n Financing Activities\n Net cash decreased $34. 3 million $12. 7 million $47. million 2017. net borrowings $2. million repayments $30. million 2017. paid dividends $14. 7 million $13. 7 million 2017. repurchase common stock 2018. 2017 paid $9. 8 million repurchase common stock.\n Fiscal Year Ended\n Operating activities\n Net Income $91. $57. $92.\n Non-cash Items 52.\n Changes Operating Assets Liabilities.\nCash Operating Activities 102. 117. 145.\n Investing Activities (470. 8). (21.\n Financing Activities 217. (12. (47.\n Exchange Rate Changes Cash Equivalents (11. 26. (10.\n Increase Cash Equivalents (162. 9) (47. 66.\n Beginning 246. 294. 227.\n End $83. $246. $294." +} +{ + "_id": "d1b37ee24", + "title": "", + "text": "The significant components of the Company’s deferred income tax assets and liabilities as of December 31, 2019 and 2018 are as follows:\nIn July 2019, the Company formally established its EMEA headquarters in Ireland and its Asia-Pacific headquarters in Singapore. As a result of these actions, the Company transferred regional relationship and territory rights from its Canadian entity to enable each regional headquarters to develop and maintain merchant and commercial operations within its respective region, while keeping the ownership of all of the Company's current developed technology within Canada. These transfers reflect the growing proportion of the Company's business occurring internationally and resulted in a one-time capital gain. As a result of the capital gain, ongoing operations, the recognition of deferred tax assets and liabilities, and the utilization of all applicable credits and other tax attributes, including loss carryforwards, the Company has a provision for income taxes of $29,027 in the year ended December 31, 2019.\nDuring the year ended December 31, 2019, the Company released some of its valuation allowance against its deferred tax assets in Canada, the United States, and Sweden. In the third quarter of 2019, the Company released a portion of its valuation allowance against its Canadian deferred tax assets as a result of the capital gain from the transfer of the regional relationship and territory rights. In the United States, as a result of the acquisition of 6RS the Company released a portion of its valuation allowance during its fourth quarter against deferred tax assets on its United States net operating losses.\nThe Company has provided for deferred income taxes for the estimated tax cost of distributable earnings of its subsidiaries of $292.\nThe Company had no material uncertain income tax positions for the years ended December 31, 2019 and 2018. The Company's accounting policy is to recognize interest and penalties related to uncertain tax positions as a component of income tax expense. In the years ended December 31, 2019 and 2018, there was no interest or penalties related to uncertain tax positions.\nThe Company remains subject to audit by the relevant tax authorities for the years ended 2012 through 2019.\nInvestment tax credits, which are earned as a result of qualifying R&D expenditures, are recognized and applied to reduce income tax expense in the year in which the expenditures are made and their realization is reasonably assured.\nAs at December 31, 2019 and 2018, the Company had unused non-capital tax losses of approximately $209,759 and $53,941 respectively. Of the December 31, 2019 balance, $150,707 of the non-capital tax losses do not expire, while the remaining non-capital losses of $59,052 are due to expire between 2033 and 2039. The Company has U.S. state losses of $298,998 as at December 31, 2019 (December 31, 2018 - $116,026). There is no SR&ED expenditure pool balance as at December 31, 2019 (December 31, 2018 - $9,575). In addition, at December 31, 2019 and 2018, the Company had investment tax credits of $2,111 and $4,179, respectively. The investment tax credits are due to expire between 2035 and 2039.\nExpressed in US $000's except share and per share amounts\n\n | December 31, 2019 | December 31, 2018\n------------------------------------------------------------- | ----------------- | -----------------\n | $ | $ \nDeferred tax assets | | \nTax loss carryforwards | 59,407 | 19,540 \nTemporary differences on capital and intangible assets | 44,445 | 2,366 \nStock-based compensation expense | 11,324 | 6,427 \nAccruals and reserves | 10,397 | 8,384 \nShare issuance costs | 6,590 | 8,011 \nTemporary differences related to lease assets and liabilities | 4,526 | — \nInvestment tax credits | 694 | 5,833 \nValuation allowance | (89,363) | (46,343) \nTotal deferred tax assets | 48,020 | 4,218 \nDeferred tax liabilities | | \nTemporary differences on intangible assets | (35,967) | (5,350) \nOther deferred tax liabilities | (1,374) | — \nTotal deferred tax liabilities | (37,341) | (5,350) \nNet deferred tax assets (liabilities) | 10,679 | (1,132) \n\nCompany’s deferred income tax assets liabilities as December 31, 2019 2018\n July 2019 Company established EMEA headquarters Ireland Asia-Pacific headquarters Singapore. transferred regional territory rights from Canadian entity develop merchant operations ownership technology Canada. transfers reflect business internationally one-time capital gain. tax provision for income taxes $29,027 year December 31, 2019.\n released valuation allowance against deferred tax assets Canada United States Sweden. third quarter 2019 released valuation allowance against Canadian deferred tax assets. 6RS released valuation allowance fourth quarter against deferred tax assets United States net operating losses.\n provided deferred income taxes estimated tax cost distributable earnings subsidiaries $292.\n no uncertain income tax positions December 31, 2019 2018. interest penalties uncertain tax positions tax expense. no interest penalties related uncertain tax positions.\n subject to audit tax authorities 2012 through 2019.\nInvestment tax credits R&D reduce income tax expense.\n December 31, 2019 2018 Company unused non-capital tax losses $209,759 $53,941. $150,707 expire remaining $59,052 expire 2033 2039. state losses $298,998 December 31, 2019 $116,026). no SR&ED expenditure pool balance $9,575). investment tax credits $2,111 $4,179. expire 2035 2039.\n US $000's\n 2019\n Deferred tax assets\n Tax loss carryforwards 59,407 19,540\n Temporary differences capital intangible assets 44,445\n Stock-based compensation expense 11,324\n Accruals reserves\n Share issuance costs\n Temporary differences lease assets liabilities 4,526\n Investment tax credits\n Valuation allowance\n deferred tax assets 48,020 4\n Temporary differences intangible assets (35,967)\ndeferred tax (1,374\n (37,341) (5,350)\n 10,679 (1,132" +} +{ + "_id": "d1b36c97c", + "title": "", + "text": "Item 6. Selected Financial Data\nFive-Year Financial Summary in millions, except per share data (Fiscal years ended June 30,)\n(a) Fiscal year 2019 included $1.2 million of acquisition-related costs related to LPW Technology Ltd. See Note 4 in the Notes to the Consolidated Financial Statements included in Item 8. “Financial Statements and Supplementary Data” of this report.\n(b) Fiscal year 2018 included $68.3 million of discrete income tax net benefits related to the U.S. tax reform and other legislative changes. See Note 17 in the Notes to the Consolidated Financial Statements included in Item 8. “Financial Statements and Supplementary Data” of this report.\n(c) Fiscal year 2017 included $3.2 million of loss on divestiture of business. See Note 4 in the Notes to the Consolidated Financial Statements included in Item 8. \"Financial Statements and Supplementary Data\" of this report.\n(d) Fiscal year 2016 included $22.5 million of excess inventory write-down charges, $12.5 million of goodwill impairment charges and $18.0 million of restructuring and impairment charges including $7.6 million of impairment of intangible assets and property, plant and equipment and $10.4 million of restructuring costs related primarily to an early retirement incentive and other severance related costs.\n(e) Fiscal year 2015 included $29.1 million of restructuring costs related principally to workforce reduction, facility closures and write-down of certain assets.\n(f) The weighted average common shares outstanding for fiscal years 2016 and 2015 included 5.5 million and 0.9 million less shares, respectively, related to the share repurchase program authorized in October 2014. During the fiscal years ended June 30, 2016 and 2015, we repurchased 3,762,200 shares and 2,995,272 shares, respectively, of common stock for $123.9 million and $124.5 million, respectively.\nSee Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for discussion of factors that affect the comparability of the “Selected Financial Data”.\n\n | 2019 (a) | 2018(b) | 2017(c) | 2016(d)(f) | 2015 (e)(f)\n------------------------------------------- | -------- | -------- | -------- | ---------- | -----------\nSummary of Operations: | | | | | \nNet sales | $2,380.2 | $2,157.7 | $1,797.6 | $1,813.4 | $2,226.7 \nOperating income | $241.4 | $189.3 | $121.5 | $70.8 | $119.3 \nNet income | $167.0 | $188.5 | $47.0 | $11.3 | $58.7 \nFinancial Position at Year-End: | | | | | \nCash and cash equivalents | $27.0 | $56.2 | $66.3 | $82.0 | $70.0 \nTotal assets | $3,187.8 | $3,007.0 | $2,878.1 | $2,794.3 | $2,902.6 \nLong-term debt, net of current portion | $550.6 | $545.7 | $550.0 | $611.3 | $603.8 \nPer Common Share: | | | | | \nNet earnings: | | | | | \nBasic | $3.46 | $3.96 | $0.99 | $0.23 | $1.11 \nDiluted | $3.43 | $3.92 | $0.99 | $0.23 | $1.11 \nCash dividend-common | $0.80 | $0.72 | $0.72 | $0.72 | $0.72 \nWeighted Average Common Shares outstanding: | | | | | \nBasic | 47.7 | 47.2 | 47.0 | 48.1 | 52.6 \nDiluted | 48.1 | 47.6 | 47.1 | 48.2 | 52.7 \n\n6. Financial Data\n Five-Year Summary millions years ended June 30\n year 2019 $1. 2 million costs LPW Technology. Note 4 Financial Statements.\n 2018 $68. 3 million income tax benefits. tax reform changes. Note 17.\n 2017 $3. 2 million loss divestiture.\n 2016 $22. 5 million excess inventory write-down charges $12. 5 million goodwill impairment charges $18. million restructuring impairment charges $7. 6 million impairment intangible assets property equipment $10. 4 million restructuring costs early retirement incentive.\n 2015 $29. 1 million restructuring costs workforce reduction facility write assets.\n common shares 2016 2015 5. million. million shares repurchase program October 2014. repurchased 3,762,200 2,995,272 shares common stock $123. 9 million $124. 5 million.\n. Discussion Analysis Financial Condition Results Financial.\n2019 2018 2017 2016 2015\n Summary Operations\n Net sales $2,380. $2,157. $1,797. $1,813. $2,226.\n Operating income $241. $189. $121. $70. $119.\n Net income $167. $188. $47. $11. $58.\n Financial Position Year-End\n Cash equivalents $27. $56. $66. $82. $70.\n Total assets $3,187. $3,007. $2,878. $2,794. $2,902.\n Long-term debt current portion $550. $545. $550. $611. $603. 8\n Common Share\n Net earnings\n $3. $3. $1.\n $3. $3. $1.\n Cash dividend-common.\n Average Common Shares\n 47. 48. 52.\n 48. 47.|. 52." +} +{ + "_id": "d1b378fa6", + "title": "", + "text": "We do not allocate to our operating segments certain operating expenses that we manage separately at the corporate level and are not used in evaluating the results of, or in allocating resources to, our segments. These unallocated expenses consist primarily of stock-based compensation expense; amortization of intangible assets; restructuring, transition and other costs; and acquisition-related costs.\nThe following table provides a reconciliation of our total reportable segments’ operating income to our total operating income (loss):\n\n | | Year Ended | \n--------------------------------------------------------------------- | -------------- | -------------- | --------------\n(In millions) | March 29, 2019 | March 30, 2018 | March 31, 2017\nTotal segment operating income | $1,414 | $1,584 | $1,026 \nReconciling items: | | | \nStock-based compensation expense | 352 | 610 | 440 \nAmortization of intangible assets | 443 | 453 | 293 \nRestructuring, transition and other costs | 241 | 410 | 273 \nAcquisition-related costs | 3 | 60 | 120 \nOther | (5) | 2 | - \nTotal consolidated operating income (loss) from continuing operations | $380 | $49 | $(100) \n\nallocate expenses evaluating allocating resources. unallocated expenses stock-based compensation expense amortization restructuring transition acquisition-related costs.\n table operating income\n March 29, 2019 30, 2018 31, 2017\n segment operating income $1,414 $1,584 $1,026\n Reconciling items\n Stock-based compensation expense 352 610\n Amortization intangible assets 443 453 293\n Restructuring transition costs 241 410 273\n Acquisition-related costs 60\n consolidated operating income (loss operations $380 $49 $" +} +{ + "_id": "d1b3bedf8", + "title": "", + "text": "7. Property, Plant, and Equipment, Net\nNet property, plant, and equipment consisted of the following:\nDepreciation expense was $510 million, $487 million, and $442 million in fiscal 2019, 2018, and 2017, respectively.\n\n | | Fiscal Year End\n-------------------------------------- | -------- | ---------------\n | 2019 | 2018 \n | | (in millions) \nProperty, plant, and equipment, gross: | | \nLand and improvements | $ 152 | $ 171 \nBuildings and improvements | 1,393 | 1,379 \nMachinery and equipment | 7,298 | 7,124 \nConstruction in process | 637 | 724 \n | 9,480 | 9,398 \nAccumulated depreciation | (5,906) | (5,901) \nProperty, plant, and equipment, net | $ 3,574 | $ 3,497 \n\n. Property Plant Equipment\n Depreciation expense $510 million $487 million $442 million 2019 2018 2017.\n Year\n millions\n Property plant equipment\n Land improvements $ 152\n Buildings improvements 1,393\n Machinery equipment 7,298\n Construction\n 9,480\n Accumulated depreciation (5,906)\n $ 3,574 $ 3,497" +} +{ + "_id": "d1b391f92", + "title": "", + "text": "Note 12 – Income Taxes\nThe provision for income taxes consists of the following for the fiscal years ended December 27, 2019, December 28, 2018 and December 29, 2017:\n\n | December 27, 2019 | December 28, 2018 | December 29, 2017\n------------------------------------------- | ------------------ | ------------------ | -----------------\nCurrent income tax expense: | | | \nFederal | $4,003 | $2,945 | $3,342 \nState | 2,144 | 1,943 | 1,403 \nTotal current income tax expense | 6,147 | 4,888 | 4,745 \nDeferred income tax expense (benefit): | | | \nFederal | 1,617 | 2,363 | (1,059) \nForeign | 17 | (472) | 215 \nState | 429 | 663 | 141 \nTotal deferred income tax expense (benefit) | 2,063 | 2,554 | (703) \nTotal income tax expense | $8,210 | $7,442 | $4,042 \n\nIncome Taxes\n fiscal years 27, 2019 28, 2018 29,\n income tax expense\n Federal $4,003 $2,945 $3,342\n State 2,144 1,943 1,403\n 6,147 4,888 4,745\n Deferred tax expense\n Federal 1,617 2,363 (1,059)\n Foreign\n State 663\n deferred expense 2,063 2,554 (703)\n $8,210 $7,442 $4,042" +} +{ + "_id": "d1a740248", + "title": "", + "text": "Key Business Metrics\nIn addition to the measures presented in our consolidated financial statements, we use the following key metrics to evaluate our business, measure our performance, develop financial forecasts, and make strategic decisions.\nDevices Sold\nDevices sold represents the number of wearable devices that are sold during a period, net of expected returns. Devices sold does not include sales of accessories. Growth rates between devices sold and revenue are not necessarily correlated because our revenue is affected by other variables, such as the types of products sold during the period, the introduction of new product offerings with differing U.S. manufacturer’s suggested retail prices, or MSRPs, and sales of accessories and premium services.\nActive Users\nWe grow our community of users through device sales and investment in software to drive engagement. We define an active user as a registered Fitbit user who, within the three months prior to the date of measurement, has (a) an active Fitbit Premium or Fitbit Coach subscription, (b) paired a wearable device or Aria scale with his or her Fitbit account, or (c) logged at least 100 steps with a wearable device or a weight measurement using an Aria scale. Active users can be new users who joined the community during the past 90 days, existing users who have remained active, or previously active users who were inactive for 90 days or greater, if they meet the preceding definition of an active user. The active user number excludes users who have downloaded our mobile apps without purchasing any of our wearable devices and users who have downloaded free versions of Fitbit Coach but are not subscribers to its paid premium offerings.\n\n | | For the Year Ended or As of December 31, | \n--------------- | ---------- | ---------------------------------------- | ---------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nDevices sold | 15,988 | 13,939 | 15,343 \nActive users | 29,566 | 27,627 | 25,367 \nAdjusted EBITDA | $(128,333) | $(31,361) | $(52,158)\nFree cash flow | $(193,363) | $60,327 | $(24,919)\n\nBusiness Metrics\n financial statements use metrics evaluate business performance develop financial forecasts strategic decisions.\n Devices Sold\n wearable devices sold net expected returns. include accessories. Growth rates sold revenue not correlated affected by variables types products sold new offerings. prices sales accessories premium services.\n Active Users\n grow community through device sales investment software. define active user registered Fitbit user three months active Fitbit Premium or Fitbit Coach subscription paired wearable device Aria scale Fitbit account logged 100 steps. Active users new users existing users users inactive 90 days. excludes users downloaded mobile apps without wearable devices downloaded free versions Fitbit Coach not subscribers paid premium.\n Year December 31,\n Devices sold 15,988 13,939,343\n Active users 29,566 27,627 25,367\n Adjusted EBITDA $(128,333) $(31,361) $(52,158)\ncash flow,363 $60,327" +} +{ + "_id": "d1b3927b2", + "title": "", + "text": "10 Auditor’s Remuneration\nThe Group paid the following amounts to its auditor in respect of the audit of the historical financial information and for other non-audit services provided to the Group.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018\n--------------------------------- | ------------------------ | ------------------------\n | $M | $M \nAudit of the Financial Statements | 0.4 | 0.4 \nSubsidiary local statutory audits | 0.2 | 0.3 \nTotal audit fees | 0.6 | 0.7 \nOther assurance services | 0.1 | 0.1 \nTotal non-audit fees | 0.1 | 0.1 \n\nAuditor’s Remuneration\n Group paid amounts auditor audit historical financial information non-audit services.\n Year-ended 31 March 2019 March 2018\n $M\n Audit Financial Statements.\n Subsidiary statutory audits.\n Total audit fees.\n assurance services.\n non-audit fees." +} +{ + "_id": "d1b3493e6", + "title": "", + "text": "26 Operating leases\nThe Group earns rental income by leasing its investment properties to tenants under operating leases.\nIn the UK the standard shopping centre lease is for a term of 10 to 15 years. Standard lease provisions include service charge payments, recovery of other direct costs and review every five years to market rent. Standard turnover-based leases have a turnover percentage agreed with each lessee which is applied to a retail unit’s annual sales and any excess between the resulting turnover rent and the minimum rent is receivable by the Group and recognised as income in the period in which it arises.\nThe Group’s secure rental income profile is underpinned by long lease lengths (as mentioned above), high occupancy and upward only rent reviews.\nThe future minimum lease amounts receivable by the Group under non-cancellable operating leases for continuing operations are as follows:\nThe income statement includes £12.7 million (2018: £14.4 million) recognised in respect of contingent rents calculated by reference to tenants’ turnover.\n\n£m | 2019 | 2018 \n------------------------------------------------- | ------- | -------\nNot later than one year | 322.6 | 374.6 \nLater than one year and not later than five years | 788.3 | 987.2 \nLater than five years | 657.3 | 973.5 \n | 1,768.2 | 2,335.3\n\nOperating leases\n Group earns rental income leasing investment properties.\n UK standard shopping centre lease 10 to 15 years. provisions include service charge recovery costs review five years. turnover-based leases percentage applied sales excess receivable recognised income.\n rental income long lease lengths high occupancy upward rent reviews.\n future minimum lease amounts receivable\n income statement includes £12. 7 million (2018 £14. 4 million) contingent rents tenants’ turnover.\n one 322. 374.\n five years 788. 987.\n five years 657. 973.\n 1,768. 2,335." +} +{ + "_id": "d1b33fab2", + "title": "", + "text": "Note 5 – Goodwill and Intangible Assets\nGoodwill and indefinite-lived intangible assets consisted of the following:\nGoodwill\nThe Company performed the annual impairment assessment of goodwill for our single reporting unit as of December 31, 2019, noting no impairment loss. The fair value exceeded the carrying value by 2.4%. Considerable management judgment is necessary to evaluate goodwill for impairment. We estimate fair value using widely accepted valuation techniques including discounted cash flows and market multiples analysis with respect to our single reporting unit. These valuation approaches are dependent upon a number of factors, including estimates of future growth rates, our cost of capital, capital expenditures, income tax rates, and other variables. Assumptions used in our valuations were consistent with our internal projections and operating plans. Our discounted cash flows forecast could be negatively impacted by a change in the competitive landscape, any internal decisions to pursue new or different strategies, a loss of a significant customer, or a significant change in the market place including changes in the prices paid for our products or changes in the size of the market for our products. Additionally, under the market approach analysis, we used significant other observable inputs including various guideline company comparisons. We base our fair value estimates on assumptions we believe to be reasonable, but which are unpredictable and inherently uncertain. Changes in these estimates or assumptions could materially affect the determination of fair value and the conclusions of the quantitative goodwill test for our one reporting unit.\nIndefinite-lived Intangible Assets\nThe Company performed the annual impairment assessment on the indefinite-lived intangible asset as of December 31, 2019 and 2018, resulting in no impairment losses.\n\n | | December 31,\n----------------------------------------------- | -------- | ------------\n | 2019 | 2018 \nGoodwill | $ 10,368 | $ 10,368 \nAccumulated impairment losses | (1,244 ) | (1,244 ) \nGoodwill | 9,124 | 9,124 \nBrand names | 3,700 | 3,700 \nGoodwill and indefinite lived intangible assets | $ 12,824 | $ 12,824 \n\nNote 5 Goodwill Intangible Assets\n Goodwill\n performed annual impairment assessment single unit December 31, 2019 no impairment loss. fair value exceeded carrying value 2. 4%. management judgment goodwill impairment. fair value techniques discounted cash flows market multiples analysis single unit. dependent factors future growth rates cost capital capital expenditures income tax rates variables. Assumptions consistent with internal projections operating plans. discounted cash flows impacted competitive landscape decisions loss customer market place size market. used company comparisons. base fair value estimates on assumptions unpredictable uncertain. Changes could affect fair value conclusions goodwill test.\n Indefinite-lived Intangible Assets\n annual impairment assessment December 31, 2019 2018 no impairment losses.\n $ 10,368\n Accumulated impairment losses (1,244\n 9,124\n Brand names 3,700\nGoodwill indefinite assets 12,824" +} +{ + "_id": "d1b353c42", + "title": "", + "text": "As of December 31, 2019 and 2018, the fair value of the 2022 Notes, which was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, quoted price of the 2022 Notes in an over-the-counter market (Level 2), and carrying value of debt instruments (carrying value excludes the equity component of the Company’s convertible notes classified in equity) were as follows (in thousands):\nIn connection with the issuance of the 2022 Notes, the Company entered into capped call transactions with certain counterparties affiliated with the initial purchasers and others. The capped call transactions are expected to reduce potential dilution of earnings per share upon conversion of the 2022 Notes.\nUnder the capped call transactions, the Company purchased capped call options that in the aggregate relate to the total number of shares of the Company’s common stock underlying the 2022 Notes, with an initial strike price of approximately $33.71 per share, which corresponds to the initial conversion price of the 2022 Notes and is subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the 2022 Notes, and have a cap price of approximately $47.20.\nThe cost of the purchased capped calls of $12.9 million was recorded to shareholders’ equity and will not be re-measured.\nBased on the closing price of the Company’s common stock of $78.08 on December 31, 2019, the if-converted value of the 2022 Notes was more than their respective principal amounts.\n\n | | As of December 31, | | \n---------- | ---------- | ------------------ | ---------- | --------------\n | 2019 | | 2018 | \n | Fair Value | Carrying Value | Fair Value | Carrying Value\n2022 Notes | $215,801 | $79,224 | $ 189,802 | $94,097 \n\nDecember 31, 2019 2018 fair value 2022 Notes determined based quoted price over-the-counter market 2) carrying value debt instruments equity\n issuance 2022 Notes Company entered capped call transactions counterparties initial purchasers. transactions reduce potential dilution earnings per share conversion.\n purchased options total shares common stock 2022 Notes initial strike price $33. 71 per share conversion price subject to anti-dilution adjustments cap price $47. 20.\n cost purchased capped calls $12. 9 million recorded to shareholders’ equity not re-measured.\n closing price common stock $78. 08 December 31, 2019 if-converted value 2022 Notes more than principal amounts.\n December 31,\n 2019 2018\n Fair Value Carrying\n 2022 Notes $215,801 $79,224 189,802 $94,097" +} +{ + "_id": "d1a722f4a", + "title": "", + "text": "4 Expenses\nThe Group has identified a number of significant expense items below that impacted financial performance for the year:\n(a) Finance costs\nIncluded in finance costs are costs related to unsecured notes on issue and interest expense on lease liabilities.\nRefer to note 16 for details on unsecured notes on issue and note 12 for details on interest expense on lease liabilities for the year.\n(b) Data centre rent paid to APDC\nNEXTDC Limited acquired Asia Pacific Data Centre (\"APDC\") on 18 October 2018 (refer to note 26). Prior to acquisition, APDC was the landlord of three of NEXTDC’s data centre facilities: M1 Melbourne, S1 Sydney and P1 Perth. For the year ended 30 June 2018, NEXTDC paid rent and ancillary amounts to APDC totalling $13.8 million that was included in the Consolidated Statement of Comprehensive Income in Data centre facility costs. On early adoption of AASB 16 from 1 July 2018, this rent ceased to be a Data centre facility cost, and became a depreciation expense and finance cost, until 18 October 2018, when the three leases were derecognised on acquisition.\n(c) APDC acquisition costs\nA number of acquisition related costs were incurred as a result of the acquisition of APDC. Refer note 26 for further details.\n\n | | 30 June 2019 | 30 June 2018\n-------------------------------------------------------------------------------------------------- | ---- | ------------ | ------------\n | Note | $'000 | $'000 \nEXPENSE | | | \nFinance costs | 4(a) | (54,897) | (25,803) \nData centre rent paid to APDC (included in Data centre facility costs) | 4(b) | - | (13,785) \nAPDC transaction costs (included in Professional fees) | 4(c) | (5,459) | - \nLandholder duty on acquisition of APDC properties (included in Office and administrative expenses) | 4(c) | (3,498) | - \n\nExpenses\n Group identified significant expense items impacted financial performance\n Finance costs\n unsecured notes interest expense lease liabilities.\n note 16 12.\n Data centre rent APDC\n NEXTDC acquired Asia Pacific Data Centre 18 October 2018. APDC landlord three facilities Melbourne Sydney Perth. 30 June 2018 NEXTDC paid rent ancillary amounts APDC $13. 8 million Consolidated Statement Comprehensive Income Data centre facility costs. AASB 16 July 2018 rent ceased became depreciation expense finance cost until 18 October 2018 leases derecognised acquisition.\n APDC acquisition costs\n acquisition costs incurred. Refer note 26 details.\n 30 June 2019 June 2018\n Finance costs\n Data centre rent APDC\n APDC transaction costs Professional fees\n Landholder duty acquisition APDC properties expenses" +} +{ + "_id": "d1a739434", + "title": "", + "text": "3. Operating segments continued\nNote\n1. Non-current assets excludes trade and other receivables, assets recognised from costs to obtain a contract, defined benefit pension plan surplus and deferred tax asset.\nEurope, Middle East and Africa includes United Kingdom non-current assets of $6.9 million (2018 $2.0 million). Americas includes United States non-current assets of $182.4 million (2018 $171.1 million).\n\n | 2019 | 2018 \n------------------------------ | --------- | ---------\n | $ million | $ million\nNon-current assets1 | | \nAmericas | 196.9 | 184.6 \nAsia Pacific | 7.4 | 4.4 \nEurope, Middle East and Africa | 11.5 | 5.1 \n | 215.8 | 194.1 \n\n. Operating segments\n. Non-current assets trade receivables contract pension plan surplus deferred tax.\n Europe Middle East Africa United Kingdom-current $6. 9 million $2. million Americas United States non-current $182. 4 million $171. million\n Non-current\n Americas 196.\n Asia Pacific.\n Europe Middle East Africa.\n." +} +{ + "_id": "d1b3373e4", + "title": "", + "text": "Unrecognized Tax Benefits\nWe recognize the benefits of tax return positions if we determine that the positions are “more-likely-than-not” to be sustained by the taxing authority. Interest and penalties accrued on unrecognized tax benefits are recorded as tax expense in the period incurred. The following table reflects changes in the unrecognized tax benefits (in thousands):\nOf the unrecognized tax benefits at December 28, 2019, $13.4 million would impact the effective tax rate if recognized.\nThe amount of income taxes we pay is subject to ongoing audits by federal, state and foreign tax authorities which might result in proposed assessments. Our estimate for the potential outcome for any uncertain tax issue is judgmental in nature. However, we believe we have adequately provided for any reasonably foreseeable outcome related to those matters.\nOur future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved or when statutes of limitation on potential assessments expire. As of December 28, 2019, changes to our uncertain tax positions in the next 12 months that are reasonably possible are not expected to have a significant impact on our financial position or results of operations.\nAt December 28, 2019, our tax years 2016 through 2019, 2015 through 2019 and 2014 through 2019, remain open for examination in the federal, state and foreign jurisdictions, respectively. However, to the extent allowed by law, the taxing authorities may have the right to examine prior periods where net operating losses and credits were generated and carried forward, and make adjustments up to the net operating loss and credit carryforward amounts.\n\n | | Fiscal Year Ended | \n---------------------------------------------------------------------------------------- | ----------------- | ----------------- | -----------------\n | December 28, 2019 | December 29, 2018 | December 30, 2017\nUnrecognized tax benefit, beginning balance | $25,224 | $18,296 | $17,978 \nAdditions based on tax positions related to the current year | 3,679 | 1,677 | 694 \nAdditions based on tax positions from prior years | — | 5,332 | — \nReductions for tax positions of prior years | (5) | (7) | — \nReductions due to lapse of the applicable statute of limitations | (98) | (74) | (376) \nUnrecognized tax benefit, ending balance | $28,800 | $25,224 | $18,296 \nInterest and penalties recognized as a component of Provision (benefit) for income taxes | $59 | $71 | $67 \nInterest and penalties accrued at period end | 212 | 230 | 218 \n\nUnrecognized Tax Benefits\n recognize tax return positions sustained by taxing authority. Interest penalties on benefits recorded as tax expense. table reflects changes unrecognized tax benefits\n unrecognized benefits December 28, 2019 $13. 4 million effective tax rate if recognized.\n income subject to audits proposed assessments. estimate outcome judgmental. provided for foreseeable outcome.\n future results may include adjustments tax liabilities statutes of limitation. December 28, 2019 changes uncertain tax positions impact financial position results.\n tax years 2016 2015 2014 open for examination. taxing authorities examine prior periods losses make adjustments loss credit carryforward.\n Fiscal Year Ended\n December 28, 2019 29, 2018 December 30, 2017\n Unrecognized tax benefit balance $25,224 $18,296 $17,978\n Additions tax positions current year 3,679 1,677 694\n Additions prior years 5,332\ntax (5)\n statute limitations (98) (376)\n Unrecognized tax benefit balance $28,800 $25,224 $18,296\n Interest penalties taxes $59 $71 $67\n Interest penalties period 212 230" +} +{ + "_id": "d1a71a278", + "title": "", + "text": "SEGMENT RESULTS\nCubic Transportation Systems\nSales: CTS sales increased 27% to $849.8 million in 2019 compared to $670.7 million in 2018, including the impact of the adoption of ASC 606. The increase in sales was primarily driven by growth in both organic and inorganic business in North America. Sales in 2019 were higher in the U.S. primarily due to system development on contracts in New York, Boston, and the San Francisco Bay Area. Businesses acquired by CTS during fiscal year 2019, whose operations are all located in the U.S., had sales of $74.4 million in fiscal year 2019. Sales increased slightly in Australia between fiscal years 2018 and 2019 as increased system development work on a contract in Brisbane was partially offset by the negative impact of foreign currency exchange rates as well as a decrease in service sales. Sales were lower in the UK primarily due to a decrease in system development work in London and the negative impact of currency exchange rates. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in a decrease in CTS sales of $22.2 million for 2019 compared to 2018, primarily due to the strengthening of the U.S. dollar against the British pound and Australian dollar.\nAmortization of Purchased Intangibles: Amortization of purchased intangibles included in the CTS operating results totaled $22.0 million in 2019 and $5.2 million in 2018. The increase is due to the amortization of purchased intangibles for companies acquired by CTS in fiscal year 2019.\nOperating Income: CTS operating income increased 28% in 2019 to $77.2 million compared to $60.4 million in 2018. The increase in operating income was primarily caused by higher margins on increased work on development projects in New York, Boston, the San Francisco Bay Area and Brisbane, as well as the impact of the adoption of ASC 606. These increases in operating income were partially offset by operating losses incurred by businesses acquired by CTS in fiscal 2019 as well as the negative impact of changes in foreign currency exchange rates. Businesses acquired by CTS in fiscal years 2019 incurred operating losses of $10.1 million in fiscal 2019, which included acquisition transaction costs of $8.1 million and amortization of intangible assets totaling $19.3 million. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar resulted in a decrease in CTS operating income of $3.6 million for 2019 compared to 2018.\nAdjusted EBITDA: CTS Adjusted EBITDA increased 51% to $110.5 million in 2019 compared to $73.3 million in 2018. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above excluding the increases in amortization of purchased intangibles and acquisition transaction costs which are excluded from Adjusted EBITDA. Adjusted EBITDA for CTS increased by $2.3 million in 2019 as a result of the adoption of the new revenue recognition standard.\n\n | Fiscal 2019 | Fiscal 2018 | % Change\n---------------- | ----------- | ------------- | --------\n | | (in millions) | \nSales | $ 849.8 | $ 670.7 | 27 % \nOperating income | 77.2 | 60.4 | 28 \nAdjusted EBITDA | 110.5 | 73.3 | 51 \n\n\n Cubic Transportation Systems\n CTS sales increased 27% to $849. 8 million 2019 $670. 7 million 2018 ASC 606. driven by growth organic inorganic business North America. Sales higher U. S. due development New York Boston San Francisco Bay Area. Businesses acquired CTS. sales $74. 4 million. Sales increased Australia system development Brisbane foreign currency exchange rates service sales. Sales lower UK development London currency exchange rates. exchange rates. CTS sales $22. 2 million strengthening U. S. dollar against British pound Australian dollar.\n Amortization Purchased Intangibles $22. 0 million 2019 $5. 2 million 2018. increase due amortization.\n Operating Income increased 28% 2019 to $77. 2 million $60. 4 million 2018. higher margins increased work projects New York Boston San Francisco Bay Area Brisbane ASC 606. offset by losses foreign currency exchange rates. Businesses acquired CTS incurred losses $10.2019 acquisition costs $8. 1 million amortization intangible assets $19. 3 million. average exchange rates U. dollar CTS operating income $3. 6 million 2019 2018.\n increased 51% $110. 5 million 2019 $73. 3 million 2018. driven factors operating income excluding amortization intangibles costs. increased $2. 3 million 2019 new revenue recognition standard.\n Fiscal 2019 2018\n Sales $ 849. $. 27\n Operating income 77.\n Adjusted EBITDA 110. 73." +} +{ + "_id": "d1b38fe7c", + "title": "", + "text": "4. INVENTORIES\nThe components of inventories, net, are as follows (in thousands):\n\n | March 30, 2019 | March 31, 2018\n----------------- | -------------- | --------------\nRaw materials | $118,608 | $110,389 \nWork in process | 272,469 | 221,137 \nFinished goods | 120,716 | 140,766 \nTotal inventories | $511,793 | $472,292 \n\n.\n components\n March 30\n Raw materials $118,608 $110,389\n 272,469 221,137\n Finished goods 120,716 140,766\n inventories $511,793 $472,292" +} +{ + "_id": "d1b36a8ac", + "title": "", + "text": "Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts) 3. RESTRUCTURING ACTIVITIES\nPinnacle Integration Restructuring Plan\nIn December 2018, our Board of Directors (the \"Board\") approved a restructuring and integration plan related to the ongoing integration of the recently acquired operations of Pinnacle (the \"Pinnacle Integration Restructuring Plan\") for the purpose of achieving significant cost synergies between the companies. We expect to incur material charges for exit and disposal activities under U.S. GAAP. Although we remain unable to make good faith estimates relating to the entire Pinnacle Integration Restructuring Plan, we are reporting on actions initiated through the end of fiscal 2019, including the estimated amounts or range of amounts for each major type of costs expected to be incurred, and the charges that have resulted or will result in cash outflows. We expect to incur up to $360.0 million of operational expenditures ($285.0 million of cash charges and $75.0 million of non-cash charges) as well as $85.0 million of capital expenditures under the Pinnacle Integration Restructuring Plan. We have incurred or expect to incur approximately $260.1 million of charges ($254.0 million of cash charges and $6.1 million of non-cash charges) for actions identified to date under the Pinnacle Integration Restructuring Plan. We expect to incur costs related to the Pinnacle Integration Restructuring Plan over a three-year period.  In December 2018, our Board of Directors (the \"Board\") approved a restructuring and integration plan related to the ongoing integration of the recently acquired operations of Pinnacle (the \"Pinnacle Integration Restructuring Plan\") for the purpose of achieving significant cost synergies between the companies. We expect to incur material charges for exit and disposal activities under U.S. GAAP. Although we remain unable to make good faith estimates relating to the entire Pinnacle Integration Restructuring Plan, we are reporting on actions initiated through the end of fiscal 2019, including the estimated amounts or range of amounts for each major type of costs expected to be incurred, and the charges that have resulted or will result in cash outflows. We expect to incur up to $360.0 million of operational expenditures ($285.0 million of cash charges and $75.0 million of non-cash charges) as well as $85.0 million of capital expenditures under the Pinnacle Integration Restructuring Plan. We have incurred or expect to incur approximately $260.1 million of charges ($254.0 million of cash charges and $6.1 million of non-cash charges) for actions identified to date under the Pinnacle Integration Restructuring Plan. We expect to incur costs related to the Pinnacle Integration Restructuring Plan over a three-year period.  In December 2018, our Board of Directors (the \"Board\") approved a restructuring and integration plan related to the ongoing integration of the recently acquired operations of Pinnacle (the \"Pinnacle Integration Restructuring Plan\") for the purpose of achieving significant cost synergies between the companies. We expect to incur material charges for exit and disposal activities under U.S. GAAP. Although we remain unable to make good faith estimates relating to the entire Pinnacle Integration Restructuring Plan, we are reporting on actions initiated through the end of fiscal 2019, including the estimated amounts or range of amounts for each major type of costs expected to be incurred, and the charges that have resulted or will result in cash outflows. We expect to incur up to $360.0 million of operational expenditures ($285.0 million of cash charges and $75.0 million of non-cash charges) as well as $85.0 million of capital expenditures under the Pinnacle Integration Restructuring Plan. We have incurred or expect to incur approximately $260.1 million of charges ($254.0 million of cash charges and $6.1 million of non-cash charges) for actions identified to date under the Pinnacle Integration Restructuring Plan. We expect to incur costs related to the Pinnacle Integration Restructuring Plan over a three-year period.\nWe anticipate that we will recognize the following pre-tax expenses in association with the Pinnacle Integration Restructuring Plan (amounts include charges recognized from plan inception through the end of fiscal 2019):\n\n | International | Pinnacle Foods | Corporate | Total \n---------------------------------------------------- | ------------- | -------------- | --------- | ------\nOther cost of goods sold | $— | $5.7 | $— | $5.7 \nTotal cost of goods sold . | — | 5.7 | — | 5.7 \nSeverance and related costs | 0.7 | 0.6 | 116.8 | 118.1 \nAccelerated depreciation | — | — | 6.1 | 6.1 \nContract/lease termination . | — | 0.8 | 19.8 | 20.6 \nConsulting/professional fees . | 0.2 | — | 96.1 | 96.3 \nOther selling, general and administrative expenses . | 0.1 | — | 13.2 | 13.3 \nTotal selling, general and administrative expenses | 1.0 | 1.4 | 252.0 | 254.4 \nConsolidated total | $1.0 | $7.1 | $252.0 | $260.1\n\nConsolidated Financial Statements Fiscal Years Ended May 26, 2019 27, 2018 May 28, 2017 dollars millions share amounts. RESTRUCTURING\n Pinnacle Integration Restructuring Plan\n December 2018 Board Directors approved restructuring integration plan operations Pinnacle cost synergies. incur charges exit disposal U. GAAP. reporting actions initiated end fiscal 2019 estimated costs cash outflows. expect incur $360. 0 million operational expenditures ($285. 0 million cash $75. 0 million non-cash charges $85. 0 million capital expenditures. incurred expect $260. 1 million charges ($254. million cash $6. 1 million non-cash actions. costs three-year period. December 2018 Board Directors approved restructuring integration plan acquired operations Pinnacle cost synergies. incur charges exit disposal activities U. GAAP.unable to make estimates Pinnacle Integration Restructuring Plan reporting on actions initiated through end fiscal 2019 estimated costs cash outflows. expect incur $360. million operational expenditures ($285. million cash $75. million non-cash $85. million capital expenditures. incurred approximately $260. million charges ($254. million cash $6. million non-cash for actions. costs over three-year period. December 2018 Board Directors approved restructuring integration plan acquired operations Pinnacle cost synergies. incur material charges for exit disposal activities under U. S. GAAP. unable to make estimates reporting on actions initiated through end fiscal 2019 estimated costs charges cash outflows. incur $360. million operational expenditures ($285. cash $75. million non-cash charges $85. million capital expenditures. incurred approximately $260. 1 million charges ($254. $6. million non-cash for actions Pinnacle.expect incur costs Pinnacle Integration Restructuring Plan three-year period.\n recognize pre-tax expenses include charges inception end fiscal 2019):\n International Pinnacle Foods Corporate\n cost goods sold $5.\n Total cost goods sold. 5.\n Severance related costs. 116. 118.\n Accelerated depreciation 6.\n Contract/lease termination. 19. 20.\n Consulting/professional fees. 96.\n selling general administrative expenses. 13. 13.\n Total selling general administrative expenses 1. 252. 254.\n Consolidated total $1. $7. $252. $260." +} +{ + "_id": "d1a71d82e", + "title": "", + "text": "Amortization of Intangible Assets: Substantially all of our intangible assets were acquired through our business combinations. We amortize our intangible assets over, and monitor the appropriateness of, the estimated useful lives of these assets. We also periodically review these intangible assets for potential impairment based upon relevant facts and circumstances. Note 6 of Notes to Consolidated Financial Statements included elsewhere in this Annual report has additional information regarding our intangible assets and related amortization.\nAmortization of intangible assets increased in fiscal 2019 compared to fiscal 2018 primarily due to additional amortization from intangible assets, which primarily included developed technology that we acquired in connection with our recent acquisitions, partially offset by a reduction in expenses associated with certain of our intangible assets that became fully amortized.\n\nYear Ended May 31, | | | | \n----------------------------------------------------------------------- | ------ | ------ | -------------- | ------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nDeveloped technology | $857 | 13% | 14% | $758 \nCloud services and license support agreements and related relationships | 712 | -3% | -3% | 731 \nOther | 120 | -9% | -9% | 131 \nTotal amortization of intangible assets | $1,689 | 4% | 4% | $1,620\n\nAmortization Intangible Assets intangible assets acquired business combinations. amortize monitor estimated useful lives. review impairment. Note 6 Consolidated Financial Statements information intangible assets amortization.\n Amortization increased 2019 2018 due additional amortization developed technology acquisitions offset reduction expenses amortized.\n Year Ended May 31,\n Percent Change \n millions) 2019 2018\n Developed technology $857 13% 14% $758\n Cloud services license support agreements 712 -3%\n Other 120 -9%\n Total amortization intangible assets $1,689 4% $1,620" +} +{ + "_id": "d1b3a0baa", + "title": "", + "text": "Unaudited Pro Forma Results of Acquirees\nAutodesk has included the financial results of each of the acquirees in the consolidated financial statements from the respective dates of acquisition; the revenues and the results of each of the acquirees, except for PlanGrid, have not been material both individually or in the aggregate to Autodesk's fiscal 2019 and 2018 results.\nThe following unaudited pro forma financial information summarizes the combined results of operations for Autodesk and PlanGrid, as though the companies were combined as of the beginning of Autodesk's fiscal year 2018. The unaudited pro forma financial information was as follows (in millions):\nThe pro forma financial information for all periods presented includes the business combination accounting effects from the acquisition of PlanGrid including amortization expense from acquired intangible assets, compensation expense, and the interest expense and debt issuance costs related to the term loan agreement. The historical financial information has been adjusted to give effect to pro forma events that are directly attributable to the business combinations and factually supportable. The pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the Company’s fiscal 2018.\nThe pro forma financial information for fiscal 2019 and 2018 combines the historical results of the Company, the adjusted historical results of PlanGrid for fiscal 2019 and 2018 considering the date the Company acquired PlanGrid and the effects of the pro forma adjustments described above\n\n | Fiscal Year ended January 31, | \n-------------- | ----------------------------- | --------\n | 2019 | 2018 \nTotal revenues | $2,632.6 | $2,099.2\nPretax loss | (157.5) | (724.9) \nNet loss | (200.1) | (734.5) \n\nUnaudited Pro Forma Results Acquirees\n Autodesk included financial results consolidated financial statements revenues results except PlanGrid not material Autodesk fiscal 2019 2018 results.\n unaudited pro forma financial information summarizes combined results Autodesk PlanGrid fiscal year 2018.\n includes effects acquisition PlanGrid amortization assets compensation expense interest debt issuance costs term loan agreement. historical financial information adjusted pro forma events attributable. informational purposes not indicative results acquisition fiscal 2018.\n financial information fiscal 2019 2018 combines historical results adjusted results PlanGrid effects pro forma adjustments\n Fiscal Year ended January 31,\n Total revenues $2,632. $2,099.\n Pretax loss (157. 5) (724. 9)\n Net loss (200. 1) (734. 5)" +} +{ + "_id": "d1b3689e4", + "title": "", + "text": "Jack in the Box restaurants offer a broad selection of distinctive products including classic burgers like our Jumbo Jack® and innovative product lines such as Buttery Jack® burgers. We also offer quality products such as breakfast sandwiches with freshly cracked eggs, and craveable favorites such as tacos and curly fries, along with specialty sandwiches, salads, and real ice cream shakes, among other items. We allow our guests to customize their meals to their tastes and order any product when they want it, including breakfast items any time of day (or night). We are known for variety and innovation, which has led to the development of four strong dayparts: breakfast, lunch, dinner, and late-night.\nThe Jack in the Box restaurant chain was the first major hamburger chain to develop and expand the concept of drive-thru restaurants. In addition to drive-thru windows, most of our restaurants have seating capacities ranging from 20 to 100 people and are open 18-24 hours a day. Drive-thru sales currently account for approximately 70% of sales at company-operated restaurants. The average check in fiscal year2019 was $8.34 for company-operated restaurants.\nWith a presence in only 21 states and one territory, we believe Jack in the Box is a brand with significant growth opportunities. In fiscal 2019, franchisees continued to expand in existing markets.\nThe following table summarizes the changes in the number of company-operated and franchise restaurants over the past five years:\nSite selections for all new company-operated restaurants are made after an economic analysis and a review of demographic data and other information relating to population density, traffic, competition, restaurant visibility and access, available parking, surrounding businesses, and opportunities for market penetration. Restaurants developed by franchisees are built to brand specifications on sites we have approved.\nOur company-operated restaurants have multiple restaurant models with different seating capacities to improve our flexibility in selecting locations. Management believes that this flexibility enables the Company to match the restaurant configuration with the specific economic, demographic, geographic, or physical characteristics of a particular site.\nTypical costs to develop a traditional restaurant, excluding the land value, range from approximately$1.4 million to $2.0 million. The majority of our corporate restaurants are constructed on leased land or on land that we purchase and subsequently sell, along with the improvements, in sale and leaseback transactions. Upon completion of a sale and leaseback transaction, the Company’s initial cash investment is reduced to the cost of equipment, which ranges from approximately $0.4 million to $0.5 million.\n\n | | | Fiscal Year | | \n----------------------------- | ----- | ----- | ----------- | ----- | -----\n | 2019 | 2018 | 2017 | 2016 | 2015 \nCompany-operated restaurants: | | | | | \nBeginning of period | 137 | 276 | 417 | 413 | 431 \nNew | — | 1 | 2 | 4 | 2 \nRefranchised | — | (135) | (178) | (1) | (21) \nClosed | — | (5) | (15) | — | (6) \nAcquired from franchisees | — | — | 50 | 1 | 7 \nEnd of period total | 137 | 137 | 276 | 417 | 413 \n% of system | 6% | 6% | 12% | 18% | 18% \nFranchise restaurants: | | | | | \nBeginning of period | 2,100 | 1,975 | 1,838 | 1,836 | 1,819\nNew | 19 | 11 | 18 | 12 | 16 \nRefranchised | — | 135 | 178 | 1 | 21 \nClosed | (13) | (21) | (9) | (10) | (13) \nSold to company | — | — | (50) | (1) | (7) \nEnd of period total | 2,106 | 2,100 | 1,975 | 1,838 | 1,836\n% of system | 94% | 94% | 88% | 82% | 82% \nSystem end of period total | 2,243 | 2,237 | 2,251 | 2,255 | 2,249\n\nJack in Box restaurants offer products classic burgers Jumbo Jack® Buttery Jack®. breakfast sandwiches eggs tacos curly fries specialty sandwiches salads cream shakes. guests customize meals order product breakfast. variety innovation four dayparts breakfast lunch dinner late-night.\n Jack in Box first hamburger drive-thru restaurants. seating capacities 20 to 100 people open 18-24 hours. Drive-thru sales 70% sales company-operated restaurants. average check $8. 34.\n presence 21 states one territory Jack in the Box growth opportunities. 2019 franchisees markets.\n changes company-operated franchise restaurants five years\n Site selections after economic analysis demographic data population density traffic competition visibility access parking businesses market penetration. Restaurants built to brand specifications on sites approved.\n multiple models seating capacities flexibility. economic demographic geographic characteristics site.\n costs develop traditional restaurant range$1. 4 million to $2. 0 million.corporate restaurants constructed leased or sale leaseback transactions. initial cash investment reduced to cost equipment $0. 4 million to $0. 5 million.\n Fiscal Year\n 2019 2018 2017 2016 2015\n Company-operated restaurants\n Beginning period 137 | 276 | 417 | 413 | 431\n New\n Refranchised (135) (178)\n Closed\n Acquired from franchisees\n End period 137 276 | 417 413\n % system 6% 18%\n Franchise restaurants\n Beginning period 2,100 | 1,975 | 1,838 | 1,836\n New 19\n Refranchised 135 178 21\n Closed\n Sold to company\n End period 2,106 2,100 | 1,975 1,838 1,836\n % system 94%\n end period 2,243 | 2,237 2,251 2,255" +} +{ + "_id": "d1b33eefa", + "title": "", + "text": "Free cash flow\nThe Group reported an inflow of Free cash in the period of £29.2m. Trading profit of £128.5m was £5.5m ahead of the prior year for the reasons outlined above, while depreciation of £17.0m was slightly higher than 2017/18. Other non-cash items of £2.4m was predominantly due to share based payments.\nNet interest paid was £7.9m lower in the year at £30.1m, reflecting the timing of interest payable on the £300m fixed rate notes due October 2023 which were issued in the first half of the year. This is a one-off benefit to cash interest paid; in 2019/20 cash interest is expected to be in the range of £35-39m. No taxation was paid in the period due to the availability of brought forward losses and capital allowances, however, a payment of £1.0m was received in the prior period from Irish tax authorities in respect of tax paid in prior years.\nPension contributions in the year were £41.9m, in line with expectations, and £2.1m higher than the prior year. Pension deficit contribution payments made to the Premier Foods pension schemes of £34.9m were the largest component of cash paid in the year; the balance being expenses connected to administering both the RHM and Premier Foods schemes and government levies. Pension deficit contribution payments in 2019/20 are expected to be £37m and administration and government levy costs approximately £6-8m.\nCapital expenditure was £17.7m in the year, £1.5m lower than the prior year. In 2019/20, the Group expects to increase its capital expenditure to circa £25m to fund investment in both growth projects supporting the Group’s innovation strategy and cost release projects to deliver efficiency savings. For example, the Group is investing in one of its lines at its Stoke cake manufacturing site which will provide enhanced and varied product innovation capabilities.\nWorking capital investment was £7.7m in the year compared to £0.6m in 2017/18. Part of this movement reflected higher stock levels in anticipation of the original planned date to leave the European Union to protect the Company against the risk of delays at ports.\nRestructuring costs were £18.1m compared to £12.5m in the comparative period. These were predominantly associated with implementation costs of the Group’s logistics transformation programme and also advisory costs connected with the potential disposal of the Ambrosia brand which has since concluded.\nFinancing fees of £12.2m relate to costs associated with the extension of the Group’s revolving credit facility and the issue of new £300m Senior secured fixed rate notes early in the financial year. This comprised £5.6m due to the early redemption of previously issued fixed rate notes due March 2021 and £6.6m of other fees associated with the issue of the new fixed rate notes and extension of the Group’s revolving credit facility.\nThe Group received a partial repayment of its loan note and associated interest from Hovis of £7.6m in the year. There is the possibility of the Group receiving a second tranche during 2019/20.\nOn a statutory basis, cash generated from operations was £80.2m compared to £89.4m in 2017/18. Cash generated from operating activities was £57.7m in the year after deducting net interest paid of £22.5m, which includes the partial repayment of the loan note from Hovis as described above. Cash used in investing activities was £17.7m in 2018/19 compared to £17.9m in the prior year. Cash used in financing activities was £35.8m in the year versus £7.2m cash generated in 2017/18. This was due to the repayment of the £325m fixed rate notes due March 2021, partly offset by proceeds received from the issue of £300m floating rate notes due October 2023 and the payment of financing fees as described above.\nAt 30 March 2019, the Group held cash and bank deposits of £27.8m compared to £23.6m at 31 March 2018 and the Group’s revolving credit facility was undrawn.\n\nAdjusted earnings per share (£m) | 2018/19 | 2017/18\n-------------------------------------------------- | ------- | -------\nTrading profit | 128.5 | 123.0 \nDepreciation | 17.0 | 16.6 \nOther non-cash items | 2.4 | 2.8 \nInterest | (30.1) | (38.0) \nTaxation | – | 1.0 \nPension contributions | (41.9) | (39.8) \nCapital expenditure | (17.7) | (19.2) \nWorking capital and other | (7.7) | (0.6) \nRestructuring costs | (18.1) | (12.5) \nProceeds from share issue | 1.4 | 1.2 \nSale of property, plant and equipment | – | 1.3 \nHovis repayment of loan note | 7.6 | – \nFinancing fees | (12.2) | (7.0) \nFree cash flow10 | 29.2 | 28.8 \nStatutory cash flow statement | | \nCash generated from operating activities | 57.7 | 52.4 \nCash used in investing activities | (17.7) | (17.9) \nCash (used in)/generated from financing activities | (35.8) | 7.2 \nNet increase in cash and cash equivalents | 4.2 | 41.7 \n\ncash flow\n Group reported £29. 2m. Trading profit £128. 5m £5. 5m ahead prior year depreciation £17. 0m higher 2017/18. non-cash items £2. 4m due share payments.\n Net interest £7. 9m lower £30. 1m £300m rate notes due October 2023. one-off benefit 2019/20 £35-39m. No taxation paid losses capital allowances payment £1. 0m received Irish tax.\n Pension contributions £41. 9m £2. 1m higher. Premier Foods pension schemes £34. 9m largest component cash balance expenses government levies. deficit payments 2019/20 £37m administration government levy costs £6-8m.\n Capital expenditure £17. 7m £1. 5m lower prior year. 2019/20 increase capital expenditure £25m growth projects. investing Stoke cake manufacturing site.\n Working capital investment £7. 7m £0. 6m 2017/18. higher stock levels leave European Union delays.\nRestructuring costs £18. 1m £12. 5m. logistics transformation programme advisory costs disposal Ambrosia brand.\n Financing fees £12. 2m extension revolving credit facility £300m fixed rate notes. £5. 6m redemption notes 2021 £6. 6m extension.\n received partial repayment loan Hovis £7. 6m. possibility second tranche 2019/20.\n cash operations £80. 2m £89. 4m 2017/18. £57. 7m interest £22. 5m partial repayment loan. investing £17. 7m 2018/19 £17. 9m. financing £35. 8m £7. 2m 2017/18. due repayment £325m notes March 2021 offset £300m floating rate notes October 2023 financing fees.\n 30 March 2019 cash deposits £27. 8m £23. 6m 31 March 2018 revolving credit facility undrawn.\n Adjusted earnings per share 2018/19\n Trading profit.\n Depreciation.\nnon-cash items 2. 4. 8\n (30.\n Taxation.\n Pension contributions.\n Capital expenditure (17. (19.\n Working capital (7.\n Restructuring costs (18. (12.\n Proceeds share issue 1.\n Sale property plant equipment.\n repayment loan 7. 6\n Financing fees (12.\n Free cash 29. 28.\n cash flow\n Cash operating activities 57. 52\n investing (17.\n financing activities.\n cash equivalents 4." +} +{ + "_id": "d1b3af286", + "title": "", + "text": "The following table reconciles total segment adjusted EBITDA to net (loss) income for the years ended December 31, 2019, 2018 and 2017:\nWe do not have any single customer that provides more than 10% of our consolidated total operating revenue.\nThe assets we hold outside of the U.S. represent less than 10% of our total assets. Revenue from sources outside of the U.S. is responsible for less than 10% of our total operating revenue.\n\n | | Years Ended December 31, | \n--------------------------------- | -------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \n | | (Dollars in millions) | \nTotal segment adjusted EBITDA | $15,987 | 16,647 | 12,560 \nDepreciation and amortization | (4,829) | (5,120) | (3,936)\nGoodwill impairment | (6,506) | (2,726) | — \nOther operating expenses | (7,216) | (8,045) | (6,504)\nShare-based compensation | (162) | (186) | (111) \nOperating (loss) income | (2,726) | 570 | 2,009 \nTotal other expense, net | (2,040) | (2,133) | (1,469)\n(Loss) income before income taxes | (4,766) | (1,563) | 540 \nIncome tax expense (benefit) | 503 | 170 | (849) \nNet (loss) income | $(5,269) | (1,733) | 1,389 \n\ntable reconciles EBITDA net income 2019 2018\n customer 10% operating revenue.\n assets outside. less 10%. Revenue. less 10% revenue.\n Years Ended\n 2018\n EBITDA $15,987 16,647 12,560\n Depreciation amortization (4,829) (5,120)\n Goodwill impairment (6,506) (2,726)\n Other operating expenses (7,216) (8,045) (6,504)\n Share-based compensation\n Operating (loss income (2,726)\n expense (2,040) (2,133\n income before taxes (4,766) (1,563)\n Net (loss income $(5,269) (1,733)" +} +{ + "_id": "d1b33a026", + "title": "", + "text": "7. INVESTMENTS IN JOINT VENTURES\nThe total carrying value of our equity method investments at the end of fiscal 2019 and 2018 was $796.3 million and $776.2 million, respectively. These amounts are included in other assets and reflect our 44% ownership interest in Ardent Mills and 50% ownership interests in other joint ventures. Due to differences in fiscal reporting periods, we recognized the equity method investment earnings on a lag of approximately one month.\nIn fiscal 2019, we had purchases from our equity method investees of $39.4 million. Total dividends received from equity method investments in fiscal 2019 were $55.0 million.\nIn fiscal 2018, we had purchases from our equity method investees of $34.9 million. Total dividends received from equity method investments in fiscal 2018 were $62.5 million.\nIn fiscal 2017, we had purchases from our equity method investees of $41.8 million. Total dividends received from equity method investments in fiscal 2017 were $68.2 million.\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts) Summarized combined financial information for our equity method investments on a 100% basis is as follows:\n\n | 2019 | 2018 | 2017 \n--------------------------------- | -------- | -------- | --------\nNet Sales: | | | \nArdent Mills . | $3,476.0 | $3,344.1 | $3,180.0\nOthers | 195.4 | 198.8 | 177.7 \nTotal net sales . | $3,671.4 | $3,542.9 | $3,357.7\nGross margin: | | | \nArdent Mills . | $281.9 | $386.5 | $340.3 \nOthers | 45.5 | 34.8 | 34.6 \nTotal gross margin | $327.4 | $421.3 | $374.9 \nEarnings after income taxes: | | | \nArdent Mills . | $151.9 | $197.0 | $152.0 \nOthers | 18.1 | 10.1 | 10.1 \nTotal earnings after income taxes | $170.0 | $207.1 | $162.1 \n\n. INVESTMENTS JOINT\n value equity method investments 2019 2018 $796. 3 million $776. 2 million. 44% Ardent Mills 50% joint ventures. differences recognized equity method earnings one month.\n 2019 purchases $39. 4 million. dividends $55. million.\n 2018 purchases $34. 9 million. dividends $62. 5 million.\n 2017 purchases $41. 8 million. dividends $68. 2 million.\n Consolidated Financial Statements Fiscal Years Ended May 26, 2019 27, 2018 28, 2017 combined financial information equity method investments\n Net Sales\n Ardent Mills. $3,476. $3,344. $3,180.\n.\n Total sales. $3,671. $3,542. $3,357.\n Gross margin\n Ardent Mills. $281. $386. $340.\n.\n Total gross margin $327. $421. $374.\ntaxes\n Ardent Mills. $151. $197. $152.\n 18. 10.\n earnings $170. $207. $162." +} +{ + "_id": "d1b33d726", + "title": "", + "text": "* Recast to reflect segment changes.\n** 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity.\nThe Cloud & Cognitive Software gross profit margin decreased 0.9 points to 76.7 percent in 2019 compared to the prior year. The gross profit margin decline was driven by the purchase price accounting impacts from the Red Hat acquisition.\nPre-tax income of $7,952 million decreased 10.5 percent compared to the prior year with a pre-tax margin decline of 4.4 points to 30.6 percent which reflects the acquisition of Red Hat, ongoing investments in key strategic areas and lower income from IP partnership agreements.\n\n($ in millions) | | | \n-------------------------------- | ------- | ------- | -----------------------------------\nFor thee year ended December 31: | 2019 | 2018* | Yr.-to-Yr. Percent/ Margin Change**\nCloud & Cognitive Software | | | \nExternal gross profit | $17,790 | $17,224 | 3.3% \nExternal gross profit margin | 76.7% | 77.6% | (0.9)pts. \nPre-tax income | $ 7,952 | $ 8,882 | (10.5)% \nPre-tax margin | 30.6% | 35.0% | (4.4)pts. \n\nRecast segment changes.\n 2019 results impacted Red Hat accounting acquisition activity.\n Cloud Cognitive Software profit margin decreased. points 76. 7 percent. decline driven Red Hat acquisition.\n Pre-tax income $7,952 million decreased. 5 percent margin decline. 6 percent Red Hat investments lower income IP partnership agreements.\n December.\n Cloud Cognitive Software\n gross profit $17,790 $17,224. 3%\n margin 76. 7% 77. 6%.\n Pre-tax income $ $ 8,882.\n margin 30. 6%." +} +{ + "_id": "d1b3999f4", + "title": "", + "text": "14 Leases\nRight-of-use assets\nThe vast majority of the right-of-use asset value relates to leased property where the Group leases a number of office and warehouse sites in a number of geographical locations. The remaining leases are largely made up of leased motor vehicles, where the Group makes use of leasing cars for sales and service engineers at a number of operating company locations. The average lease term is 4.3 years.\n\n | Leased land and buildings | Leased plants and machinery | Leased fixtures, fittings, tools and equipment | Total right-of-use assets\n------------------------------------------- | ------------------------- | --------------------------- | ---------------------------------------------- | -------------------------\n | £m | £m | £m | £m \nCost: | | | | \nTransition adjustment at 1st January 2019 | 27.2 | 7.0 | 1.9 | 36.1 \nReclassification from long-term prepayments | 5.1 | – | – | 5.1 \nAdditions | 7.2 | 4.2 | 0.3 | 11.7 \nAcquisitions | 0.8 | 0.3 | – | 1.1 \nDisposals | (0.2) | (0.1) | – | (0.3) \nExchange adjustments | (1.5) | (0.4) | (0.1) | (2.0) \nAt 31st December 2019 | 38.6 | 11.0 | 2.1 | 51.7 \nDepreciation: | | | | \nCharged in the year | 7.0 | 3.7 | 0.6 | 11.3 \nDisposals | (0.1) | – | – | (0.1) \nExchange adjustments | (0.2) | (0.1) | – | (0.3) \nAt 31st December 2019 | 6.7 | 3.6 | 0.6 | 10.9 \nNet book value: | | | | \nAt 31st December 2019 | 31.9 | 7.4 | 1.5 | 40.8 \n\nLeases\n Right-of-use assets\n majority asset value leased property Group leases office warehouse sites geographical locations. remaining leases leased motor vehicles cars sales service engineers operating company locations. average lease term 4. 3 years.\n Leased land buildings plants machinery fixtures fittings tools equipment Total right-of-use assets\n Cost\n Transition adjustment 1st January 2019 27. 2 7. 1. 9 36. 1\n Reclassification long-term prepayments 5. 1 5. 1\n 7. 4. 11.\n. 1.\n.\n Exchange adjustments (1. (2.\n 31st December 2019 38. 6 11. 2. 51. 7\n Depreciation\n year 7. 3. 11. 3\n.\n Exchange adjustments.\n 31st December 2019 6. 7 3. 6. 10. 9\n Net book value\n31st December 2019. 7. 40." +} +{ + "_id": "d1a73ffe6", + "title": "", + "text": "New Zealand Food’s sales for the year were NZ$6.7 billion, an increase of 4.3% on the prior year (6.0% increase in AUD) or 2.4% on a normalised basis.\nComparable sales increased 3.4% for the year, driven by positive core offer momentum with Countdown’s customer satisfaction and brand advocacy measures continuing to steadily improve. Highlights include increased Fruit & Vegetables VOC (H2: +6 pts) driven by a focus on direct‐to‐grower fresh quality, and improved community perceptions aided by the removal of single‐use plastic bags in the first half.\nDigital momentum remained strong throughout the year, with F19 sales growth of 40% (normalised) driven by Pick up, Same day delivery, and capacity expansion. Customer advocacy for Online also remains strong with VOC NPS of 66 in Q4.\nSales growth improved in the second half (H1: 1.9%, normalised H2: 3.0%) driven by positive comparable transaction growth and aided by a recovery in market growth post Christmas. Sales per square metre increased by 6.4%(normalised 4.5%) due to strong sales growth and a 2.0% reduction in trading space following store closures. During the year, three stores were closed and two stores were opened with 180 Countdown supermarkets at the end of the year.\nStockloss improvements were maintained in the second half, contributing to an 18 bps increase in gross margin while remaining price competitive. Average prices declined 0.8% for the year, but with a lower rate of deflation for the second half.\nCODB as a percentage of sales increased 25 bps (normalised) driven primarily by strategic investment into digital, IT and data capabilities.\nEBIT increased 3.9% for the year (1.0% normalised), with H2 EBIT growth of 4.4% (normalised) aided by sales momentum and improved cost management.\nOn a normalised basis, ROFE increased by 5 bps.\n(3) During the period, the management of the New Zealand Wine Cellars business transferred from Endeavour Drinks to New Zealand Food. The prior period has been re‑presented toconform with the current period presentation.\n\n | F19 | F18 (3) | | CHANGE \n----------------------------- | -------- | -------- | ------- | ----------\nNZ$ MILLION | 53 WEEKS | 52 WEEKS | CHANGE | NORMALISED\nSales | 6,712 | 6,433 | 4.3% | 2.4% \nEBITDA | 425 | 411 | 3.0% | 1.0% \nDepreciation and amortisation | (129) | (127) | 1.0% | 1.0% \nEBIT | 296 | 284 | 3.9% | 1.0% \nGross margin (%) | 24.4 | 24.2 | 18 bps | 18 bps \nCost of doing business (%) | 20.0 | 19.8 | 20 bps | 25 bps \nEBIT to sales (%) | 4.4 | 4.4 | (2) bps | (6) bps \nSales per square metre ($)$) | 16,626 | 15,621 | 6.4% | 4.5% \nFunds employed | 3,210 | 2,998 | 7.1% | \nROFE (%) | 9.6 | 9.5 | 15 bps | 5 bps \n\nNew Zealand sales$6. 7 billion. 3%. 2. 4%.\n sales increased 3. 4% offer customer satisfaction brand advocacy. increased Fruit Vegetables VOC direct‐to‐grower fresh quality community perceptions removal single‐use plastic bags.\n Digital momentum F19 sales growth 40% Pick up Same day delivery capacity expansion. VOC NPS 66 Q4.\n Sales growth improved second half. 9%. transaction growth recovery market growth post Christmas. Sales square metre increased. 4%. 2. 0% reduction trading space closures. three closed two opened 180 supermarkets.\n Stockloss 18 bps increase gross margin. Average prices declined. 8% lower deflation.\n CODB increased 25 bps investment digital IT data.\n EBIT increased 3. 9%. H2 4. 4% sales improved cost management.\n ROFE increased 5 bps.\n New Zealand Wine Cellars transferred Endeavour Drinks New Zealand Food.\n F19 F18\n$ MILLION 53 WEEKS 52 WEEKS\n Sales 6,712 6,433 4. 3% 2. 4%\n EBITDA 425.\n Depreciation amortisation (129).\n EBIT 296 284 3. 9%.\n Gross margin 24. 18\n Cost business 20.\n EBIT sales 4. 4.\n Sales per square metre 16,626 15,621. 4% 4. 5%\n Funds employed 3,210 2,998 7. 1%\n ROFE 9." +} +{ + "_id": "d1b33143a", + "title": "", + "text": "In assessing the ability to realize our deferred tax assets, we considered whether it is more likely than not that some portion or all the deferred tax assets will not be realized. We considered the following: we have historical cumulative book income, as measured by the current and prior two years; we have strong, consistent taxpaying history; we have substantial U.S. federal income tax carryback potential; and we have substantial amounts of scheduled future reversals of taxable temporary differences from our deferred tax liabilities. We have concluded that this positive evidence outweighs the negative evidence and, thus, that the deferred tax assets as of March 29, 2019 are realizable on a ‘‘more likely than not’’ basis.\nThe aggregate changes in the balance of gross unrecognized tax benefits were as follows:\nThere was a change of $68 million in gross unrecognized tax benefits during fiscal 2019. This gross liability does not include offsetting tax benefits associated with the correlative effects of potential transfer pricing adjustments, interest deductions, and state income taxes.\nOf the total unrecognized tax benefits at March 29, 2019, $361 million, if recognized, would favorably affect our effective tax rate.\nWe recognize interest and/or penalties related to uncertain tax positions in income tax expense. At March 29, 2019, before any tax benefits, we had $43 million of accrued interest and penalties on unrecognized tax benefits. Interest included in our provision for income taxes was an expense of approximately $17 million for fiscal 2019. If the accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced in the period that such determination is made and reflected as a reduction of the overall income tax provision.\nWe file income tax returns in the U.S. on a federal basis and in many U.S. state and foreign jurisdictions. Our most significant tax jurisdictions are the U.S., Ireland, and Singapore. Our tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. Our fiscal years 2014 through 2019 remain subject to examination by the IRS for U.S. federal tax purposes. Our fiscal years prior to 2014 have been settled and closed with the IRS. Our 2015 through 2019 fiscal years remain subject to examination by the appropriate governmental agencies for Irish tax purposes, and our 2014 through 2019 fiscal years remain subject to examination by the appropriate governmental agencies for Singapore tax purposes.\nThe timing of the resolution of income tax examinations is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each year. Although potential resolution of uncertain tax positions involves multiple tax periods and jurisdictions, it is reasonably possible that the gross unrecognized tax benefits related to these audits could decrease (whether by payment, release, or a combination of both) in the next 12 months by $26 million. Depending on the nature of the settlement or expiration of statutes of limitations, we estimate $26 million could affect our income tax provision and therefore benefit the resulting effective tax rate.\nWe continue to monitor the progress of ongoing income tax controversies and the impact, if any, of the expected tolling of the statute of limitations in various taxing jurisdictions.\n\n | | Year Ended | \n---------------------------------------------- | -------------- | -------------- | --------------\n(In millions) | March 29, 2019 | March 30, 2018 | March 31, 2017\nBalance at beginning of year | $378 | $248 | $197 \nSettlements with tax authorities | (3) | (4) | (23) \nLapse of statute of limitations | (17) | (3) | (9) \nIncrease related to prior period tax positions | 16 | 35 | 21 \nDecrease related to prior period tax positions | (11) | — | (9) \nIncrease related to current year tax positions | 75 | 98 | 38 \nIncrease due to acquisition | 8 | 4 | 33 \nNet increase | 68 | 130 | 51 \nBalance at end of year | $446 | $378 | $248 \n\nassessing deferred tax assets considered. historical cumulative book income strong taxpaying history substantial. federal income tax carryback potential scheduled future reversals taxable differences. concluded positive evidence outweighs negative deferred tax assets March 29, 2019 realizable likely than.\n changes unrecognized tax benefits\n change $68 million fiscal 2019. offsetting tax benefits transfer pricing adjustments interest deductions state income taxes.\n unrecognized tax benefits March 2019 $361 million recognized affect effective tax rate.\n interest penalties uncertain tax positions tax expense. March 29, 2019 $43 million accrued interest penalties unrecognized tax benefits. $17 million fiscal 2019. If interest penalties payable income tax provision.\n file income tax returns. federal. state foreign jurisdictions. significant tax jurisdictions. Ireland Singapore. tax filings subject examination tax authorities tax year. fiscal years 2014 through 2019 subject examination IRS. federal tax purposes.fiscal years prior to 2014 settled closed with IRS. 2015 through 2019 Irish Singapore.\n timing resolution income tax examinations uncertain amounts paid may differ from accrued. resolution tax periods jurisdictions unrecognized tax benefits could decrease 12 months by $26 million. $26 million could affect income tax provision benefit effective tax rate.\n monitor income tax controversies impact statute of limitations jurisdictions.\n Year Ended\n March 29, 2019 March 30, 2018 March 31, 2017\n Balance beginning year $378 $248 | $197\n Settlements with tax authorities (3)\n Lapse of statute of limitations\n Increase prior period tax positions 16 35\n Decrease\n Increase current year tax positions 75\n Increase due to acquisition 8\n Net increase 68 130\n Balance end of year $446 $378 | $248" +} +{ + "_id": "d1b3a84d6", + "title": "", + "text": "Non-operating income (expense), net\nNon-operating income (expense), net, decreased primarily due to the absence of the fiscal 2018 $653 million gain on the divestiture of our WSS and PKI solutions. In addition, our loss from our equity interest received in connection with the divestiture of our WSS and PKI solutions increased $75 million, which was partially offset by a $48 million decrease in interest expense as a result of lower outstanding borrowings due to repayments.\n\n | Fiscal Year | | \n--------------------------------- | ----------- | ------ | -------------------\n(In millions) | 2019 | 2018 | Variance in Dollars\nInterest expense | $(208) | $(256) | $48 \nGain on divestiture | — | 653 | (653) \nInterest income | 42 | 24 | 18 \nLoss from equity interest | (101) | (26) | (75) \nForeign exchange loss | (18) | (28) | 10 \nOther | 13 | 21 | (8) \nTotal other income (expense), net | $(272) | $388 | $(660) \n\nNon-operating income\n decreased 2018 $653 million gain divestiture WSS PKI. loss equity interest increased $75 million offset $48 million decrease interest expense lower borrowings.\n Fiscal Year\n 2019 2018 Variance\n Interest expense $(208) $(256) $48\n Gain divestiture 653 (653)\n Interest income 42 24\n Loss equity interest (101) (26)\n Foreign exchange loss (18)\n Total income $(272) $388 $(660" +} +{ + "_id": "d1b33e3f6", + "title": "", + "text": "Australian taxes paid summary\nTax payments made by iSelect for the 2019 and 2018 financial years are summarised below.\n\n | CONSOLIDATED | 2018 \n-------------------------- | ------------ | ----------\n | 2019 $'000 | 2018 $’000\nIncome tax (net of refund) | (2,327) | 172 \nPayroll tax | 2,657 | 3,035 \nFringe benefits tax | 205 | 247 \nTotal taxes paid | 535 | 3,454 \n\nAustralian taxes\n iSelect 2019 2018.\n 2019 2018\n Income tax refund (2,327)\n Payroll tax 2,657\n Fringe benefits tax 205\n taxes 535 3,454" +} +{ + "_id": "d1b3a520e", + "title": "", + "text": "We present below a summary of the items that cause recorded income taxes to differ from taxes computed using the statutory\nfederal income tax rate for the years ended December 31, 2019, 2018 and 2017:\nOn December 22, 2017, the United States enacted tax reform legislation commonly known as the Tax Cuts and Jobs Act (“the Act”), resulting in significant modifications to existing law. In December 2017, we recorded a provisional estimate of $3.3 million for the one-time deemed repatriation transition tax on unrepatriated foreign earnings. The provisional amount was based on information available at that time, including estimated tax earnings and profits from foreign investments. In the fourth quarter of 2018, we finalized our transition tax calculation and recorded additional tax expense of $0.3 million. In December 2017, we also recorded a provisional write-down to deferred tax assets of $0.7 million related to changes in Section 162(m), Internal Revenue Code of 1986, regarding deductions for excessive employee compensation. In 2018, we finalized our calculation under Section 162(m) and recorded a tax benefit of $0.5 million. We also recorded a one-time tax benefit in December 2017 of $1.2 million from the remeasurement of deferred tax assets and liabilities from 35% to 21%. As of December 31, 2018, we completed the accounting for all of the impacts of the Act. Act”), resulting in significant modifications to existing law. In December 2017, we recorded a provisional estimate of $3.3 million for the one-time deemed repatriation transition tax on unrepatriated foreign earnings. The provisional amount was based on information available at that time, including estimated tax earnings and profits from foreign investments. In the fourth quarter of 2018, we finalized our transition tax calculation and recorded additional tax expense of $0.3 million. In December 2017, we also recorded a provisional write-down to deferred tax assets of $0.7 million related to changes in Section 162(m), Internal Revenue Code of 1986, regarding deductions for excessive employee compensation. In 2018, we finalized our calculation under Section 162(m) and recorded a tax benefit of $0.5 million. We also recorded a one-time tax benefit in December 2017 of $1.2 million from the remeasurement of deferred tax assets and liabilities from 35% to 21%. As of December 31, 2018, we completed the accounting for all of the impacts of the Act.\nAct”), resulting in significant modifications to existing law. In December 2017, we recorded a provisional estimate of $3.3 million for\nthe one-time deemed repatriation transition tax on unrepatriated foreign earnings. The provisional amount was based on information\navailable at that time, including estimated tax earnings and profits from foreign investments. In the fourth quarter of 2018, we\nfinalized our transition tax calculation and recorded additional tax expense of $0.3 million. In December 2017, we also recorded a\nprovisional write-down to deferred tax assets of $0.7 million related to changes in Section 162(m), Internal Revenue Code of 1986,\nregarding deductions for excessive employee compensation. In 2018, we finalized our calculation under Section 162(m) and recorded\na tax benefit of $0.5 million. We also recorded a one-time tax benefit in December 2017 of $1.2 million from the remeasurement of\ndeferred tax assets and liabilities from 35% to 21%. As of December 31, 2018, we completed the accounting for all of the impacts of\nthe Act.\nThe Act provides for the global intangible low-taxed income (“GILTI”) provision which requires us in our U.S. income tax return, to include foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The FASB staff provided additional guidance to address the accounting for the effects of the provisions related to the taxation of GILTI, noting that companies should make an accounting policy election to recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to include the tax expense in the year it is incurred. We have elected to include the tax expense in the year that we incur it.\n\n | | Year Ended December 31, | \n--------------------------------------------- | ----------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nStatutory federal income tax rate | 21.0 % | 21.0 % | 35.0 % \nEffect of: | | | \nState income tax, net of federal benefit | 3.5 | 3.4 | 2.3 \nState credit carryforwards | 1.3 | 0.3 | (0.1 ) \nU.S. federal R&D tax credit | (1.9 ) | (1.7 ) | (0.8 ) \nTax Reform | - | (0.1 ) | 1.5 \nExcess benefit of equity compensation | (0.1 ) | (0.6 ) | (1.0 ) \nForeign-derived intangible income (FDII) | | | \ndeduction | (3.1 ) | (1.6 ) | - \nForeign operations | 1.1 | 1.2 | (0.1 ) \nTax contingencies | 3.7 | 0.5 | - \nOther permanent differences | 1.5 | 1.0 | 0.3 \nChange in valuation allowance | (0.9 ) | (0.2 ) | (0.1 ) \nIncome Tax | 26.1% | 23.2% | 37.0% \n\nsummary income taxes differ\n federal income tax rate years December 31, 2019 2018 2017:\n December 22, 2017 enacted tax Tax Cuts and Jobs Act law. December 2017 provisional estimate $3. 3 million transition tax foreign earnings. fourth quarter 2018 finalized recorded additional tax expense $0. 3 million. provisional write-down deferred tax assets $0. 7 million changes deductions excessive employee compensation. 2018 finalized recorded tax benefit $0. 5 million. one-time tax benefit $1. 2 million remeasurement deferred tax assets 35% to 21%. December 31, 2018 completed accounting impacts Act. modifications law. December 2017 estimate $3. 3 million tax foreign earnings. fourth quarter 2018 finalized calculation additional tax expense $0. 3 million. provisional write-down deferred tax assets. 7 million changes compensation. 2018 finalized calculation recorded tax benefit $0. 5 million.recorded one-time tax benefit 2017 $1. 2 million remeasurement deferred tax assets 35% to 21%. December 31, 2018 completed accounting impacts Act.\n. December 2017 provisional estimate $3. 3 million\n transition tax unrepatriated foreign earnings. based\n. fourth quarter 2018\n finalized transition tax calculation recorded additional tax expense $0. 3 million. December 2017\n provisional write-down deferred tax assets $0. 7 million changes Section 162 Internal Revenue Code 1986\n deductions employee compensation. 2018 finalized calculation recorded\n tax benefit $0. 5 million. one-time tax benefit December 2017 $1. 2 million remeasurement\n deferred tax assets 35% to 21%. December 31, 2018 completed accounting impacts\n Act.\n global intangible low-taxed income provision. foreign subsidiary earnings. FASB guidance recognize deferred taxes include tax expense year.\n Ended December 31,\n2019 2018 2017\n federal income tax rate 21. %. 35. %\n State income tax federal benefit 3. 5. 4.\n credit carryforwards.\n. federal R&D tax credit. 9. 7. 8\n Tax Reform. 5\n Excess benefit equity compensation. 6.\n Foreign-derived intangible income (FDII\n deduction. 6\n operations. 2.\n Tax contingencies. 7. 5\n differences. 5.\n valuation allowance. 9. 2.\n Income Tax 26. 1% 23. 2% 37." +} +{ + "_id": "d1b3766ca", + "title": "", + "text": "16. SHARE-BASED PAYMENTS continued\nc. Employee Share Option Plan\nThe Employee Share Option Plan (the Option Plan) was approved by shareholders at the Company’s AGM on 9 November 2001 and reaffirmed at the AGM on 24 November 2011.The Employee Share Option Plan (the Option Plan) was approved by shareholders at the Company’s AGM on 9 November 2001 and reaffirmed at the AGM on 24 November 2011. Under the Option Plan, awards are made to eligible executives and other management personnel who have an impact on the Group’s performance. Option Plan awards are delivered in the form of options over shares, which vest over a period of three years subject to meeting performance measures and continuous employment with the Company. Each option is to subscribe for one ordinary share when the option is exercised and, when issued, the shares will rank equally with other shares.\nUnless the terms on which an option was offered specified otherwise, an option may be exercised at any time after the vesting date on satisfaction of the relevant performance criteria.\nOptions issued under the Employee Share Option Plan are valued on the same basis as those issued to KMP, which is described in Note 16(d).\nThere were no new options issued under the Option Plan during the 30 June 2019 and 30 June 2018 financial years, as the Option Plan was replaced with the Rights Plan as described in Note 16(b).\nMovement of options during the year ended 30 June 2019:\n1. The original expiry date for this tranche of options was 2 July 2018. However, due to extraordinary circumstances, the remaining 75,000 options could not be exercised during the prior financial year. Therefore, the Board had exercised its discretion during the year to extend the expiry date for the remaining options to 30 September 2018.\n2. Options associated with an EPS hurdle are not expected to vest on 31 August 2019 as the minimum performance target will not be met. Options associated with a TSR hurdle will vest on 31 August 2019 in accordance with accounting standards. However, because the minimum target was not met, these options will be restricted and unexercisable. Refer to Section 3b) of the audited Remuneration Report for further details.\n\nGrant Date | Vesting Date | Expiry Date | Exercise Price $ | No. of Options at Beg. of Year | Options Exercised or Lapsed | No. of Options at End of Year\n------------------------------- | ------------- | -------------- | ---------------- | ------------------------------ | --------------------------- | -----------------------------\n2 Jul 2013 | 2 Jul 2016 | 30 Sept 2018 1 | 0.92 | 75,000 | (75,000) | - \n2 Jul 2014 | 2 Jul 2017 | 2 Jul 2019 | 1.30 | 470,000 | (205,000) | 265,000 \n2 Jul 2015 | 2 Jul 2018 | 2 Jul 2020 | 2.67 | 1,000,000 | (75,000) | 925,000 \n22 Dec 2016 | 31 Aug 2019 2 | 22 Dec 2021 | 3.59 | 1,323,730 | - | 1,323,730 \nTotal | | | | 2,868,730 | (355,000) | 2,513,730 \nWeighted average exercise price | | | | | $1.51 | $3.01 \n\n. SHARE-BASED PAYMENTS\n. Employee Share Option Plan\n approved AGM 9 November 2001 reaffirmed AGM 24 November 2011. 24 November 2011. awards to executives management personnel performance. awards options over shares vest three years performance measures continuous employment. Each option one ordinary share shares rank equally other shares.\n exercised after vesting date performance criteria.\n Options valued same basis as KMP Note 16(d).\n no new options 30 June 2019 30 June 2018 financial years replaced with Rights Plan Note 16(b).\n Movement options year ended 30 June 2019\n. original expiry date 2 July 2018. extraordinary circumstances remaining 75,000 options. Board expiry date 30 September 2018.\n. Options EPS hurdle not vest 31 August 2019 minimum performance target not met. Options TSR hurdle vest 31 August 2019. minimum target not met options restricted unexercisable. Refer Section 3b) audited Remuneration Report.\n Grant Date Vesting Expiry Date Exercise Price $ No. Options. Exercised. End Year\n---------------------------\n 2 Jul 2013 2 2016 30 Sept 2018. 75,000\n 2 Jul 2014 2017 2019. 470,000\n 2 Jul 2015 2 Jul 2018 2020. 1,000,000\n 22 Dec 2016 31 Aug 2019 22 Dec 2021. 59 1,323,730\n 2,868,730\n average exercise price $1. $3." +} +{ + "_id": "d1b3967cc", + "title": "", + "text": "(4) Goodwill, Customer Relationships and Other Intangible Assets\nGoodwill, customer relationships and other intangible assets consisted of the following:\nOur goodwill was derived from numerous acquisitions where the purchase price exceeded the fair value of the net assets acquired (including the acquisition described in Note 2—Acquisition of Level 3). As of December 31, 2019, the weighted average remaining useful lives of the intangible assets were approximately 8 years in total, approximately 9 years for customer relationships, 4 years for capitalized software and 3 years for trade names.\nTotal amortization expense for intangible assets for the years ended December 31, 2019, 2018 and 2017 was $1.7 billion, $1.8 billion and $1.2 billion, respectively. As of December 31, 2019, the gross carrying amount of goodwill, customer relationships, indefinite-life and other intangible assets was $44.0 billion.\n\n | As of December 31 | \n-------------------------------------------------------------------------- | -------------------- | ------\n | 2019 | 2018 \n | (Dollars in million) | \nGoodwill | $21,534 | 28,031\nCustomer relationships, less accumulated amortization of $9,809 and $8,492 | $7,596 | 8,911 \nIndefinite-life intangible assets | $269 | 269 \nOther intangible assets subject to amortization: | | \nCapitalized software, less accumulated amortization of $2,957 and $2,616 | $1,599 | 1,468 \nTrade names, less accumulated amortization of $91 and $61 | 103 | 131 \nTotal other intangible assets, net | $1,971 | 1,868 \n\nGoodwill Customer Relationships Intangible Assets\n derived acquisitions exceeded assets Level 3). December 31, 2019 lives intangible assets 8 years 9 customer relationships 4 capitalized software 3 years trade names.\n amortization expense December 2019 2018 2017 $1. 7 billion $1. 8 billion $1. 2 billion. December 31, 2019 carrying goodwill-life assets $44. 0 billion.\n Goodwill $21,534 28,031\n Customer relationships amortization $9,809 $8,492\n Indefinite-life assets $269 269\n Other assets\n Capitalized software amortization $2,957 $2,616\n Trade names $91 $61\n intangible assets $1,971 1,868" +} +{ + "_id": "d1b395a2a", + "title": "", + "text": "2019 financial year guidance\nThe adjusted EBITDA and free cash flow guidance measures for the year ended 31 March 2019 were forward-looking alternative performance measures based on the Group’s assessment of the global macroeconomic outlook and foreign exchange rates of €1:£0.87, €1:ZAR 15.1, €1:TRY 5.1 and €1:EGP 22.1. These guidance measures exclude the impact of licence and spectrum payments, material one-off tax-related payments, restructuring payments, changes in shareholder recharges from India and any fundamental structural change to the Eurozone. They also assume no material change to the current structure of the Group. We believe it is both useful and necessary to report these guidance measures to give investors an indication of the Group’s expected future performance, the Group’s sensitivity to foreign exchange movements and to report actual performance against these guidance measures.\nReconciliations of adjusted EBITDA and free cash flow to the 2019 financial year guidance basis is shown below.\n\n | | Adjusted EBITDA | | Free cash flow (pre-spectrum)\n--------------------------------- | ------- | --------------- | ------ | -----------------------------\n | 2019 €m | 2018 €m | Growth | 2019 €m \nReported (IAS 18 basis) | 14,139 | 14,737 | (4.1)% | 5,443 \nOther activity (including M&A) | (95) | (341) | | – \nForeign exchange | – | (288) | | – \nHandset financing and settlements | (198) | (674) | | – \nGuidance basis | 13,846 | 13,434 | 3.1% | 5,443 \n\n2019 financial year guidance\n adjusted EBITDA free cash flow 31 March 2019 global macroeconomic outlook foreign exchange rates €1:£0. €1:ZAR 15. 5. €1:EGP 22. 1. exclude licence spectrum payments tax restructuring shareholder recharges India structural change Eurozone. no change current structure Group. report future performance sensitivity foreign exchange performance.\n Reconciliations adjusted EBITDA free cash flow 2019 guidance.\n Adjusted EBITDA Free cash flow\n 2019 Growth\n Reported (IAS 18 basis 14,139,737 (4.% 5,443\n Other activity M&A)\n Foreign exchange\n Handset financing settlements\n Guidance basis 13,846 13,434. 5,443" +} +{ + "_id": "d1b36ce68", + "title": "", + "text": "Backlog\nAt December 31, 2019 and 2018, our backlog of unfilled orders in our four reportable segments was as follows:\nCustomers may delay delivery of products or cancel orders suddenly and without advanced notice, subject to possible cancellation penalties. Due to possible customer changes in delivery schedules and cancellation of orders, our backlog at any particular date is not necessarily indicative of the actual sales for any succeeding period. Delays in delivery schedules or cancellations of backlog during any particular period could have a material adverse effect on our business, financial condition or results of operations.\n\n | 2019 | 2018 \n--------------------- | ------------- | ------\n | (in millions) | \nSemiconductor Test | $543.2 | $367.5\nSystem Test | 206.0 | 149.5 \nWireless Test | 42.9 | 32.0 \nIndustrial Automation | 17.9 | 19.7 \n | $810.0 | $568.7\n\nBacklog\n December 31, 2019 2018 unfilled orders four segments\n Customers may delay delivery cancel orders cancellation penalties. changes backlog not indicative sales. Delays cancellations business financial condition results operations.\n 2019 2018\n-----------------\n millions\n Semiconductor Test $543. $367.\n System Test 206. 149.\n Wireless Test 42. 32.\n Industrial Automation 17. 19.\n $810. $568." +} +{ + "_id": "d1b3b96f0", + "title": "", + "text": "North America\nNorth America net revenues increased $710,000 in 2019 compared to 2018 (see “Revenues” above). North America expenses decreased $2.2 million from 2018 to 2019 primarily due to a $1.7 million decrease in salary and employee related expenses, $742,000 decrease in professional service expenses, a $584,000 decrease in customer service costs and a $498,000 decrease in trade and brand marketing expenses, offset partially by a $1.2 million increase in member acquisition costs.\n\n | Year Ended December 31, | \n----------------------------------------- | ----------------------- | -------\n | 2019 | 2018 \n(In thousands) | | \nRevenues | $68,024 | $67,314\nIncome from operations | $12,491 | $9,587 \nIncome from operations as a % of revenues | 18% | 14% \n\n\n revenues increased $710,000 2019 2018. expenses decreased $2. 2 million $1. 7 million decrease salary $742,000 professional service $584,000 customer service $498,000 trade brand marketing $1. 2 million member acquisition costs.\n Ended December\n Revenues $68,024 $67,314\n Income operations $12,491 $9,587\n" +} +{ + "_id": "d1b306456", + "title": "", + "text": "4. Discontinued Operations\nIn fiscal 2019, we sold our Subsea Communications (“SubCom”) business for net cash proceeds of $297 million and incurred a pre-tax loss on sale of $86 million, related primarily to the recognition of cumulative translation adjustment losses of $67 million and the guarantee liabilities discussed below. The definitive agreement provided that, if the purchaser sells the business within two years of the closing date, we will be entitled to 20% of the net proceeds of that future sale, as defined in the agreement, in excess of $325 million. The sale of the SubCom business, which was previously included in our Communications Solutions segment, represents our exit from the telecommunications market and was significant to our sales and profitability, both to the Communications Solutions segment and to the consolidated company. We concluded that the divestiture was a strategic shift that had a major effect on our operations and financial results. As a result, the SubCom business met the held for sale and discontinued operations criteria and has been reported as such in all periods presented on our Consolidated Financial Statements.\nUpon entering into the definitive agreement, which we consider a level 2 observable input in the fair value hierarchy, we assessed the carrying value of the SubCom business and determined that it was in excess of its fair value. In fiscal 2018, we recorded a pre-tax impairment charge of $19 million, which was included in income (loss) from discontinued operations on the Consolidated Statement of Operations, to write the carrying value of the business down to its estimated fair value less costs to sell.\nIn connection with the sale, we contractually agreed to continue to honor performance guarantees and letters of credit related to the SubCom business’ projects that existed as of the date of sale. These guarantees had a combined value of approximately $1.55 billion as of fiscal year end 2019 and are expected to expire at various dates through fiscal 2025; however, the majority are expected to expire by fiscal year end 2020. At the time of sale, we determined that the fair value of these guarantees was $12 million, which we recognized by a charge to pre-tax loss on sale. Also, under the terms of the definitive agreement, we are required to issue up to $300 million of new performance guarantees, subject to certain limitations, for projects entered into by the SubCom business following the sale for a period of up to three years. At fiscal year end 2019, there were no such new performance guarantees outstanding. We have contractual recourse against the SubCom business if we are required to perform on any SubCom guarantees; however, based on historical experience, we do not anticipate having to perform.\nThe following table presents the summarized components of income (loss) from discontinued operations, net of income taxes, for the SubCom business and prior divestitures:\n(1) Included a $19 million impairment charge recorded in connection with the sale of our SubCom business.\n(2) Included a $19 million credit related to the SubCom business’ curtailment of a postretirement benefit plan.\n\n | | Fiscal | \n--------------------------------------------------------------- | -------- | ------------- | ------\n | 2019 | 2018 | 2017 \n | | (in millions) | \nNet sales | $ 41 | $ 702 | $ 928\nCost of sales | 50 | 602 | 653 \nGross margin | (9) | 100 | 275 \nSelling, general, and administrative expenses | 11 | 48 | 50 \nResearch, development, and engineering expenses | 3 | 39 | 40 \nRestructuring and other charges (credits), net | 3 | 30 (1) | (3) \nOperating income (loss) | (26) | (17) | 188 \nNon-operating income, net | — | — | 22 (2)\nPre-tax income (loss) from discontinued operations | (26) | (17) | 210 \nPre-tax gain (loss) on sale of discontinued operations | (86) | (2) | 3 \nIncome tax (expense) benefit | 10 | — | (70) \nIncome (loss) from discontinued operations, net of income taxes | $ (102) | $ (19) | $ 143\n\n. Discontinued Operations\n 2019 sold Subsea Communications business for cash $297 million incurred pre-tax loss $86 million related to translation adjustment losses $67 million guarantee liabilities. agreement if purchaser sells business within two years entitled to 20% net proceeds future sale $325 million. sale SubCom exit from telecommunications market significant to sales profitability. divestiture strategic shift operations financial results. SubCom business met sale discontinued operations criteria reported in Consolidated Financial Statements.\n assessed carrying value SubCom in excess of fair value. fiscal 2018 recorded pre-tax impairment charge $19 million included in from discontinued operations Consolidated Statement Operations fair value less costs.\n agreed to honor performance guarantees letters of credit SubCom projects. guarantees value $1. 55 billion 2019 to expire through 2025 majority 2020. fair value guarantees was $12 million recognized by pre-tax loss on sale.agreement required issue $300 million new performance guarantees for projects SubCom three years. 2019 no new guarantees. contractual recourse against guarantees.\n table income (loss) from discontinued operations net taxes SubCom business prior divestitures\n $19 million impairment charge sale.\n $19 million credit postretirement benefit plan.\n Net sales $ 41 $ 702 $ 928\n Cost sales 50 602 653\n Gross margin 100 275\n Selling general administrative expenses 11 48 50\n Research development engineering expenses 3 39\n Restructuring charges\n Operating income (loss) (26) (17) 188\n Non-operating income 22\n Pre-tax income (loss) 210\n Pre-tax gain (loss) on sale (86) 3\n Income tax) benefit (70)\n Income (loss net taxes $ (102) (19) $ 143" +} +{ + "_id": "d1b343388", + "title": "", + "text": "7 OTHER GAINS, NET\nNote: (a) The disposal and deemed disposal gains of approximately RMB8,492 million recognised during the year ended 31 December 2019 mainly comprised the following:\n– net gains of approximately RMB4,859 million (2018: RMB1,661 million) on dilution of the Group’s equity interests in certain associates due to new equity interests being issued by these associates (Note 21). These investee companies are principally engaged in Internet-related business; and\n– aggregate net gains of approximately RMB3,633 million (2018: RMB1,271 million) on disposals, partial disposals or deemed disposals of various investments of the Group.\n(b) Net fair value gains on FVPL of approximately RMB9,511 million (Note 24) recognised during the year ended 31 December 2019 mainly comprised the following:\n– aggregate gains of approximately RMB1,886 million (2018: RMB22,215 million) arising from reclassification of several investments principally engaged in Internet-related business from FVPL to investments in associates due to the conversion of the Group’s redeemable instruments or preferred shares of these investee companies into their ordinary shares and the Group has board representation upon their respective initial public offerings (“IPO”); and\n– net gains of approximately RMB7,625 million (2018: RMB6,523 million) from fair value changes of FVPL.\n\n | 2019 | 2018 \n----------------------------------------------------------------------------------------------------------------- | ----------- | -----------\n | RMB’Million | RMB’Million\nNet gains on disposals and deemed disposals of investee companies (Note (a)) | 8,492 | 2,932 \nNet fair value gains on FVPL (Note (b)) | 9,511 | 28,738 \nSubsidies and tax rebates | 4,263 | 3,456 \nImpairment provision/(reversal) for investee companies and intangible assets arising from acquisitions (Note (c)) | (4,006) | (17,577) \nNet fair value gains on other financial instruments (Note 27 and Note 38) | 1,647 | 1,019 \nDividend income | 1,014 | 686 \nDonations to Tencent Charity Funds | (850) | (730) \nOthers | (382) | (1,810) \n | 19,689 | 16,714 \n\nGAINS\n disposal gains RMB8,492 million 31 December 2019\n net gains RMB4,859 million (2018 RMB1,661 million dilution equity interests associates. Internet-related business\n net gains RMB3,633 million (2018 RMB1,271 million disposals investments.\n Net fair value gains FVPL RMB9,511 million 31 December 2019\n gains RMB1,886 million (2018 RMB22,215 million reclassification investments conversion redeemable instruments ordinary shares\n net gains RMB7,625 million (2018 RMB6,523 million fair value changes FVPL.\n Net gains disposals companies 8,492 2,932\n Net fair value gains FVPL 28,738\n Subsidies tax rebates 4,263 3,456\n Impairment provision) investee companies intangible assets acquisitions (4,006) (17,577)\ngains 27 38 1,647 1,019\n Dividend 1,014\n Donations Charity Funds (850\n (382)\n 19,689" +} +{ + "_id": "d1b37ae6e", + "title": "", + "text": "Contractual Obligations\nOur principal commitments consist of obligations for outstanding debt, leases for our office space, contractual commitments for professional service projects, and third-party consulting firms. The following table summarizes our contractual obligations at December 31, 2019 (in thousands):\n\n | | | Payment Due by period | | \n------------------------------------------------------- | -------- | ---------------- | --------------------- | --------- | -----------------\n | Total | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years\nLong-term debt obligations including interest | $334,500 | $17,250 | $317,250 | $— | $— \nOperating lease obligations | 82,895 | 9,434 | 47,410 | 15,226 | 10,825 \nSoftware subscription and other contractual obligations | 18,726 | 12,371 | 6,355 | — | — \n | $436,121 | $39,055 | $371,015 | $15,226 | $10,825 \n\nObligations\n debt leases projects third-party consulting firms. obligations December 31, 2019\n Payment Due period\n Less 1 Year 1-3 3-5 5 Years\n Long-term debt interest $334,500 $17\n Operating lease obligations 82,895 9,434 47,410 15,226 10\n Software subscription obligations 18,726 12,371 6,355\n $436,121 $39,055 $371,015 $15,226" +} +{ + "_id": "d1b38d1cc", + "title": "", + "text": "Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities\nADTRAN’s common stock is traded on the NASDAQ Global Select Market under the symbol ADTN. As of February 19, 2020, ADTRAN had 163 stockholders of record and approximately 6,972 beneficial owners of shares held in street name. The following table shows the high and low closing prices per share for our common stock as reported by NASDAQ for the periods indicated.\n\nCOMMON STOCK PRICES | | | | \n------------------- | ------------- | -------------- | ------------- | --------------\n2019 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter\nHigh | $15.40 | $17.81 | $16.40 | $11.59 \nLow | $10.49 | $13.76 | $ 9.92 | $ 8.09 \n\nRegistrant’s Common Equity Stockholder Matters Issuer Purchases Securities\n ADTRAN’s common stock traded NASDAQ Global Select Market ADTN. February 19, 2020 163 stockholders 6,972 owners. table high low closing prices share common stock.\n PRICES\n First Second Fourth\n $15. $17. $16. $11.\n $10. 49 $13. 76 9." +} +{ + "_id": "d1b317aa8", + "title": "", + "text": "Intellectual Property and Custom Development Income\nLicensing of intellectual property including royalty-based fees decreased 49.2 percent in 2019 compared to 2018. This was primarily due to a decline in new partnership agreements compared to the prior year. The timing and amount of licensing, sales or other transfers of IP may vary significantly from period to period depending upon the timing of licensing agreements, economic conditions, industry consolidation and the timing of new patents and know-how development.\n\n($ in millions) | | | Percent \n--------------------------------------------------------------- | ---- | ------ | -------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change\nLicensing of intellectual property including royalty-based fees | $367 | $723 | (43.2)% \nCustom development income | 246 | 275 | (10.5) \nSales/other transfers of intellectual property | 34 | 28 | 22.6 \nTotal | $648 | $1,026 | (36.9)% \n\nIntellectual Property Development Income\n Licensing royalty fees decreased. percent 2019 2018. due decline partnership agreements. timing licensing sales transfers vary economic conditions industry consolidation patents know-how development.\n year December 31 2019 2018. Percent Change\n Licensing royalty fees $367 $723 (43.\n Custom development income 246 275 (10.\n Sales transfers 34 28.\n $648 $1,026." +} +{ + "_id": "d1b38772c", + "title": "", + "text": "2017 Restructuring Plan\nOn September 15, 2016, the Company’s Board of Directors formally approved a restructuring plan to better align the Company’s global capacity and administrative support infrastructure to further optimize organizational effectiveness. This action includes headcount reductions across the Company’s selling, general and administrative cost base and capacity realignment in higher cost locations (the “2017 Restructuring Plan”).\nThe 2017 Restructuring Plan, totaling $195.0 million in restructuring and other related costs, is complete as of August 31, 2019.\nThe tables below summarize the Company’s liability activity, primarily associated with the 2017 Restructuring Plan (in thousands):\n\n | Employee Severance and Benefit Costs | Lease Costs | Asset Write-off Costs | Other Related Costs | Total \n-------------------------------------------------- | ------------------------------------ | ----------- | --------------------- | ------------------- | --------\nBalance as of August 31, 2017 | $ 33,580 | $1,665 | $ — | $ 3,143 | $38,388 \nRestructuring related charges | 16,269 | 1,596 | 16,264 | 2,773 | 36,902 \nAsset write-off charge and other non-cash activity | (127) | 525 | (16,264) | 25 | (15,841)\nCash payments | (31,591) | (1,102) | — | (5,419) | (38,112)\nBalance as of August 31, 2018 | 18,131 | 2,684 | — | 522 | 21,337 \nRestructuring related charges | 16,029 | (41) | (3,566) | 2,071 | 14,493 \nAsset write-off charge and other non-cash activity | (494) | — | 3,566 | (18) | 3,054 \nCash payments | (30,504) | (663) | — | (1,786) | (32,953)\nBalance as of August 31, 2019 | $3,162 | $1,980 | $— | $789 | $5,931 \n\n2017 Restructuring Plan\n September 15, 2016, Board Directors approved restructuring plan global capacity administrative infrastructure. headcount reductions administrative cost capacity realignment higher cost locations.\n $195. million complete August 31, 2019.\n tables liability activity Plan\n Employee Severance Benefit Lease Asset Write-off Other Related Costs\n Balance August 31, 2017 $ 33,580 $1,665 3,143 $38,388\n Restructuring charges 16,269\n Asset write-off charge non-cash activity (127)\n Cash payments (31,591)\n Balance August 31, 2018 18,131 2,684\n Restructuring charges 16,029 (3,566) 2,071 14,493\n Asset write-off charge non-cash activity (494)\n Cash payments (30,504)\n Balance August 31, 2019 $3,162 $1,980" +} +{ + "_id": "d1b3692cc", + "title": "", + "text": "12. Government grants\nThe following government grants are included within creditors:\nA government grant has been received to accelerate and support research and development in the vulnerability of global navigation satellite systems.\n\n | 2019 | 2018 \n----------- | --------- | ---------\n | £ million | £ million\nCurrent | 0.7 | 0.3 \nNon-current | 0.1 | 0.8 \n | 0.8 | 1.1 \n\n. Government grants\n creditors\n grant accelerate research development vulnerability global navigation satellite systems.\n 2019 2018\n £ million\n Current. 7. 3\n Non-current. 1 8\n." +} +{ + "_id": "d1a719d6e", + "title": "", + "text": "30. RECONCILIATION OF LIABILITIES FROM FINANCING ACTIVITIES (Cont’d)\nNote: (1) The cash flows comprise the net amount of proceeds from borrowings and repayments of borrowings, net interest paid on borrowings, and settlement of swaps for bonds repaid in the statement of cash flows.\n\n | Bonds | Bank loans | Finance lease liabilities | Interest payable | Derivative financial instruments\n----------------------------- | ------- | ---------- | ------------------------- | ---------------- | --------------------------------\nGroup - 2018 | S$ Mil | S$ Mil | S$ Mil | S$ Mil | S$ Mil \nAs at 1 April 2017 | 8,726.6 | 2,306.3 | 198.2 | 142.7 | (245.3) \nFinancing cash flows (1) | (506.2) | 222.6 | (28.3) | (379.9) | 61.4 \nNon-cash changes: | | | | | \nFair value adjustments | (65.4) | - | - | - | 107.8 \nAmortisation of bond discount | 3.2 | - | - | - | - \nForeign exchange movements | (273.3) | (58.5) | (0.5) | (8.5) | 11.5 \nAcquisition of subsidiary | - | 31.3 | 8.7 | - | \nAdditions of finance lease | - | - | 4.8 | - | - \nInterest expense | - | - | - | 383.6 | - \nAdjustment | - | - | (78.3) | - | - \n | (335.5) | (27.2) | (65.3) | 375.1 | 119.3 \nAs at 31 March 2018 | 7,884.9 | 2,501.7 | 104.6 | 137.9 | (64.6) \n\n. RECONCILIATION LIABILITIES FINANCING\n cash flows proceeds repayments interest settlement swaps bonds.\n Bonds Bank loans Finance lease liabilities Interest Derivative financial instruments\n S$\n 1 April 2017 8,726. 6 2,306. 3 198. 2 142. 7 (245.\n Financing cash flows (506. 2) 222. 6 (28. (379. 9) 61. 4\n Non-cash changes\n value adjustments (65. 107.\n Amortisation bond discount 3.\n Foreign exchange movements (273. (58. 11.\n Acquisition subsidiary 31. 8.\n Additions finance lease 4.\n 383. 6\n (78.\n (335. (27. (65. 375. 119.\n 31 March 2018 7,884. 9 2,501. 7 104. 6 137. (64." +} +{ + "_id": "d1b3287ae", + "title": "", + "text": "Revenue\nRecurring revenue consists of subscription-based software sales, support and maintenance revenue, recurring transactions revenue and recurring revenue from managed services solutions, such as outsourcing, private cloud hosting and revenue cycle management. Non-recurring revenue consists of perpetual software licenses sales, hardware resale and non-recurring transactions revenue, and project-based client services revenue.\nYear Ended December 31, 2019 Compared with the Year Ended December 31, 2018\nRecurring revenue decreased during the year ended December 31, 2019 compared to prior year due to known attrition within the EIS and other businesses partially offset with growth in subscription revenue. The sale of the OneContent business on April 2, 2018 also contributed to the decline in recurring revenue. The OneContent business was acquired as part of the EIS Business acquisition on October 2, 2017, and it contributed $13 million of recurring revenue during the first quarter of 2018, including $1 million of amortization of acquisition-related deferred revenue adjustments. Non-recurring revenue increased due to higher sales of perpetual software licenses for our acute solutions and hardware in 2019 compared to 2018, partially offset by lower client services revenue related to the timing of software activations.\nThe percentage of recurring and non-recurring revenue of our total revenue was 79% and 21%, respectively, during the year ended December 31, 2019 and 81% and 19%, respectively, during the year ended December 31, 2018.\nYear Ended December 31, 2018 Compared with the Year Ended December 31, 2017\nThe increase in revenue for the year ended December 31, 2018 compared with the year ended December 31, 2017 was primarily driven by incremental revenue from the acquisitions of the EIS Business in the fourth quarter of 2017 and Practice Fusion in the first quarter of 2018. Total revenue includes the amortization of acquisition-related deferred revenue adjustments, which totaled $24 million and $29 million during the years ended December 31, 2018 and 2017, respectively. The growth in both recurring and non-recurring revenue for the year ended December 31, 2018 compared with the prior year was also largely driven by incremental revenue from the previously mentioned acquisitions.\nThe increase in revenue for the year ended December 31, 2018 compared with the year ended December 31, 2017 was primarily driven by incremental revenue from the acquisitions of the EIS Business in the fourth quarter of 2017 and Practice Fusion in the first quarter of 2018. Total revenue includes the amortization of acquisition-related deferred revenue adjustments, which totaled $24 million and $29 million during the years ended December 31, 2018 and 2017, respectively. The growth in both recurring and non-recurring revenue for the year ended December 31, 2018 compared with the prior year was also largely driven by incremental revenue from the previously mentioned acquisitions.\n\n | | | Year Ended December 31, | | \n--------------------- | ---------- | ---------- | ----------------------- | ----------------------- | -----------------------\n(In thousands) | 2019 | 2018 | 2017 | 2019 % Change from 2018 | 2018 % Change from 2017\nRevenue: | | | | | \nRecurring revenue | $1,395,869 | $1,411,742 | $1,176,720 | (1.1%) | 20.0% \nNon-recurring revenue | 375,808 | 338,220 | 320,988 | 11.1% | 5.4% \nTotal revenue | $1,771,677 | $1,749,962 | $1,497,708 | 1.2% | 16.8% \n\n\n Recurring revenue subscription software support maintenance transactions managed services. Non-recurring revenue software licenses hardware resale project client services.\n Year December 31, 2019\n Recurring revenue decreased December 31, 2019 due attrition EIS offset growth subscription revenue. sale OneContent business April 2, 2018 contributed decline. acquired EIS Business October 2, 2017 contributed $13 million recurring revenue first quarter 2018 $1 million amortization acquisition deferred revenue adjustments. Non-recurring revenue increased higher sales software licenses 2019 offset lower client services revenue.\n percentage recurring non-recurring revenue total revenue 79% 21% December 2019 81% 19% December 2018.\n 2018\n increase revenue driven by incremental revenue acquisitions EIS Business Practice Fusion. Total revenue includes acquisition-related deferred revenue adjustments totaled $24 million $29 million. growth recurring non revenue driven by incremental revenue acquisitions.\nincrease revenue December 31, 2018 2017 driven by revenue EIS Business Practice Fusion first 2018. revenue includes amortization acquisition-related deferred revenue adjustments totaled $24 million $29 million. growth recurring non-recurring revenue driven by incremental revenue acquisitions.\n December\n 2019 2018 2017 % Change\n Recurring revenue $1,395,869 $1,411,742 $1,176,720.\n Non-recurring revenue 375,808 338,220 320,988. 1% 5. 4%\n Total revenue $1,771,677 $1,749,962 $1,497,708. 2%." +} +{ + "_id": "d1b36c6de", + "title": "", + "text": "Free Cash Flow\nWe monitor our free cash flow, as a key measure of our overall business performance, which enables us to analyze our financial performance without the effects of certain non-cash items such as depreciation, amortization, and stock-based compensation expenses. Additionally, free cash flow takes into account the impact of changes in deferred revenue, which reflects the receipt of cash payment for products before they are recognized as revenue, and unbilled accounts receivable, which reflects revenue that has been recognized that has yet to be invoiced to our customers.\nOur net cash provided by (used in) operating activities is significantly impacted by the timing of invoicing and collections of accounts receivable, the timing and amount of annual bonus payments, as well as payroll and tax payments. Our capital expenditures consisted of purchases of property and equipment, most of which were computer hardware, software, capitalized software development costs, and leasehold improvements.\nIn fiscal year 2019, free cash flow was impacted by $23.6 million related to the build out and furnishing of our new corporate headquarters in San Mateo, California. For a further discussion of our operating cash flows, see “Liquidity and Capital Resources - Cash Flows.”(in thousands)\n\n | Fiscal years ended July 31, | \n----------------------------------------- | --------------------------- | --------\n | 2019 | 2018 \nNet cash provided by operating activities | $116,126 | $140,459\nNet cash used for capital expenditures | (48,857) | (12,011)\nFree cash flow | $67,269 | $128,448\n\nFree Cash Flow\n monitor key measure business performance financial performance without non-cash depreciation amortization stock-based compensation expenses. deferred revenue unbilled accounts receivable.\n net cash impacted by invoicing annual bonus payments payroll tax payments. capital expenditures purchases property equipment computer hardware software capitalized software development costs leasehold improvements.\n 2019 cash flow impacted $23. 6 million new corporate headquarters San Mateo California. “Liquidity Capital Resources Cash Flows.\n Fiscal years ended July 31,\n Net cash operating activities $116,126 $140,459\n capital expenditures (48,857) (12,011\n Free cash flow $67,269 $128,448" +} +{ + "_id": "d1b2f4a30", + "title": "", + "text": "Plans with projected benefit obligations in excess of plan assets are attributable to unfunded domestic supplemental retirement plans, and our U.K. retirement plan.\nAccrued benefit liability reported as:\nAs of September 30, 2019 and 2018, the amounts included in accumulated other comprehensive income, consisted of\ndeferred net losses totaling approximately $6.3 million and $5.3 million, respectively.\nThe amount of net deferred loss expected to be recognized as a component of net periodic benefit cost for the year ending September 30, 2019, is approximately $229 thousand.\n\n | September 30, | \n------------------------------------- | ---------------------- | ------\n | 2019 | 2018 \n | (Amounts in thousands) | \nCurrent accrued benefit liability | $335 | $340 \nNon-current accrued benefit liability | 6,904 | 6,168 \nTotal accrued benefit liability | $7,239 | $6,508\n\nbenefit obligations unfunded domestic retirement plans. retirement plan.\n Accrued benefit liability\n September 30, 2019 2018 income\n deferred net losses $6. 3 million $5. 3 million.\n net deferred loss benefit cost September 30 2019 $229 thousand.\n Current accrued benefit liability $335\n Non-current 6,168\n Total liability $7,239 $6,508" +} +{ + "_id": "d1a72ba82", + "title": "", + "text": "Other Subsidiary Debt— The Company’s other subsidiary debt includes (i) a credit facility entered into by one of the Company’s South African subsidiaries in December 2015, as amended (the “South African Credit Facility”), (ii) a long-term credit facility entered into by one of the Company’s Colombian subsidiaries in October 2014 (the “Colombian Credit Facility”), (iii) a credit facility entered into by one of the Company’s Brazilian subsidiaries in December 2014 (the “Brazil Credit Facility”) with Banco Nacional de Desenvolvimento Econômico e Social, (iv) a note entered into by one of the Company’s subsidiaries in October 2018 in connection with the acquisition of sites in Kenya (the “Kenya Debt”), (v) U.S. subsidiary debt related to a seller-financed acquisition (the “U.S. Subsidiary Debt”) and (vi) debt entered into by certain Eaton Towers subsidiaries acquired in connection with the Eaton Towers Acquisition (the “Eaton Towers Debt”).\nAmounts outstanding and key terms of other subsidiary debt consisted of the following as of December 31, (in millions, except percentages):\n(1) Includes applicable deferred financing costs.\n(2) Denominated in ZAR, with an original principal amount of 830.0 million ZAR. On December 23, 2016, the borrower borrowed an additional 500.0 million ZAR. Debt accrues interest at a variable rate. The borrower no longer maintains the ability to draw on the South African Credit Facility.\n(3) Denominated in COP, with an original principal amount of 200.0 billion COP. Debt accrues interest at a variable rate. The loan agreement for the Colombian Credit Facility requires that the borrower manage exposure to variability in interest rates on certain of the amounts outstanding under the Colombian Credit Facility. The borrower no longer maintains the ability to draw on the Colombian Credit Facility.\n(4) Denominated in BRL, with an original principal amount of 271.0 million BRL. Debt accrues interest at a variable rate. The borrower no longer maintains the ability to draw on the Brazil Credit Facility.\n(5) Denominated in USD, with an original principal amount of $51.8 million. The loan agreement for the Kenya Debt requires that the debt be paid either (i) in future installments subject to the satisfaction of specified conditions or (ii) three years from the note origination date.\n(6) Related to a seller-financed acquisition. Denominated in USD with an original principal amount of $2.5 million.\n(7) Related to the Eaton Towers Acquisition. Denominated in multiple currencies, including USD, EUR, KES and XOF. Amounts shown represent principal outstanding as of December 31, 2019.\n(8) Subsequent to December 31, 2019, the Company repaid all of the outstanding USD denominated and KES denominated debt.\nPursuant to the agreements governing the South African Credit Facility and the Colombian Credit Facility, payments of principal and interest are generally payable quarterly in arrears. Outstanding principal and accrued but unpaid interest will be due and payable in full at maturity. The South African Credit Facility may be prepaid in whole or in part without prepayment consideration. The Colombian Credit Facility may be prepaid in whole or in part at any time, subject to certain limitations and prepayment consideration.\nThe South African Credit Facility, the Colombian Credit Facility and the Brazil Credit Facility are secured by, among other things, liens on towers owned by the applicable borrower.\nEach of the agreements governing the other subsidiary debt contains contractual covenants and other restrictions. Failure to comply with certain of the financial and operating covenants could constitute a default under the applicable debt agreement, which could result in, among other things, the amounts outstanding, including all accrued interest and unpaid fees, becoming immediately due and payable.\n\n | Carrying Value (Denominated Currency) (1) | | Carrying Value (USD) (1) | | Interest Rate | Maturity Date \n--------------------------------- | ----------------------------------------- | --------- | ------------------------ | ----- | ------------- | -----------------\n | 2019 | 2018 | 2019 | 2018 | | \nSouth African Credit Facility (2) | 288.7 | 577.4 | $20.6 | $40.2 | 8.75% | December 17, 2020\nColombian Credit Facility (3) | 79,647.3 | 109,193.8 | $24.3 | $33.6 | 8.13% | April 24, 2021 \nBrazil Credit Facility (4) | 65.4 | 94.7 | $16.2 | $24.4 | Various | January 15, 2022 \nKenya Debt (5) | 29.6 | 51.8 | $29.6 | $51.8 | 8.00% | October 1, 2021 \nU.S. Subsidiary Debt (6) | 1.9 | 2.5 | $1.9 | $2.5 | —% | January 1, 2022 \nEaton Towers Debt (7): | | | | | | \nUSD Denominated (8) | 238.8 | — | $238.8 | $— | Various | Various \nEUR Denominated | 26.2 | — | $29.5 | $— | Various | Various \nXOF Denominated | 16,836.8 | — | $28.8 | $— | Various | Various \nKES Denominated (8) | 3,319.2 | — | $ 32.7 | $— | Various | Various \n\nSubsidiary includes credit facility South African December 2015, African Credit long-term credit facility Colombian October 2014 Credit Brazilian December 2014 Credit Banco Nacional de Desenvolvimento Econômico Social note October 2018 Kenya U. S. debt seller-financed acquisition. debt Eaton Towers subsidiaries Eaton Towers Acquisition Debt”).\n subsidiary debt December 31,\n Includes deferred financing costs.\n Denominated original principal amount 830. million ZAR. December 23, 2016, borrowed additional 500. million ZAR. accrues interest variable rate. draw South African Credit Facility.\n Denominated COP original principal amount 200. billion COP. accrues interest variable rate. loan agreement Colombian Credit Facility variability interest rates. no draw Colombian Credit Facility.\n Denominated BRL original principal amount 271. 0 million BRL. accrues interest variable rate. no draw Brazil Credit Facility.\nDenominated USD original principal amount $51. 8 million. loan agreement Kenya Debt requires paid future installments conditions or three years note origination date.\n seller-financed acquisition. USD original principal amount $2. 5 million.\n Eaton Towers Acquisition. multiple currencies USD EUR XOF. principal outstanding December 31, 2019.\n 2019 Company repaid outstanding USD debt.\n agreements South African Credit Facility Colombian Credit Facility principal interest payable quarterly arrears. Outstanding principal unpaid interest due payable at maturity. South African Credit Facility prepaid without prepayment. Colombian Credit Facility prepaid limitations prepayment consideration.\n secured liens towers borrower.\n agreements debt contractual covenants restrictions. Failure default accrued interest unpaid fees due payable.\n Carrying Value Currency) (USD) Interest Rate Maturity Date\n 2019\n South African Credit Facility 288. 7 577.$20. $40. 8. 75% December 17, 2020\n Colombian Credit Facility 79,647. 109,193. $24. $33. 8. 13% April 24, 2021\n Brazil Credit Facility 65. 94. $16. $24. January 15, 2022\n Kenya Debt 29. 51. $29. $51. October 1, 2021\n. Subsidiary Debt. $1. $2. January 1, 2022\n Eaton Towers Debt\n USD 238. $238.\n 26. $29.\n 16,836. $28.\n 3,319. 32." +} +{ + "_id": "d1b33989c", + "title": "", + "text": "25. Loans and other borrowings continued\nLoans and other borrowings are analysed as follows:\na Includes collateral received on swaps of £638m (2017/18: £525m, 2016/17: £702m).\nThe carrying values disclosed in the above table reflect balances at amortised cost adjusted for accrued interest and fair value adjustments to the relevant loans or borrowings. These do not reflect the final principal repayments that will arise after taking account of the relevant derivatives in hedging relationships which are reflected in the table below. Apart from finance leases, all borrowings as at 31 March 2019, 2018 and 2017 were unsecured.\n\n | 2019 | 2018 | 2017 \n--------------------------------- | ------ | ------ | ------\nAt 31 March | £m | £m | £m \nCurrent liabilities | | | \nListed bonds | 1,367 | 1,702 | 1,539 \nFinance leases | 16 | 18 | 15 \nBank loans | – | – | 352 \nOther loans and bank overdrafts a | 717 | 561 | 726 \nTotal current liabilities | 2,100 | 2,281 | 2,632 \nNon-current liabilities | | | \nListed bonds | 14,586 | 11,789 | 9,866 \nFinance leases | 190 | 205 | 214 \nOther loans | – | – | 1 \nTotal non-current liabilities | 14,776 | 11,994 | 10,081\nTotal | 16,876 | 14,275 | 12,713\n\n. Loans borrowings\n analysed\n collateral swaps £638m £525m 2016/17 £702m.\n carrying values reflect amortised cost accrued interest fair value adjustments. final principal repayments derivatives hedging relationships. borrowings 31 March 2019 2018 2017 unsecured.\n liabilities\n Listed bonds 1,367 1,702 1,539\n Finance leases\n Bank loans\n Other loans overdrafts\n liabilities 2,100 2,281 2,632\n Non-current liabilities\n Listed bonds 14,586 11,789 9,866\n Finance leases 190\n Other loans\n non-current liabilities 14,776 11,994 10,081\n 14,275 12,713" +} +{ + "_id": "d1b3a9052", + "title": "", + "text": "DERIVATIVE LIABILITIES\nIn connection with the issuance of Series A-1 Preferred Stock in June 2017, the Company issued a warrant with variable consideration through September 2018. The Company determined that this instrument is an embedded derivative pursuant to ASC 815, “Derivatives and Hedging.” The accounting treatment of derivative financial instruments requires that the Company record the warrant, at its fair value as of the inception date of the agreement and at fair value as of each subsequent balance sheet date through the expiration of the variable consideration. Any change in fair value is recorded as a change in the fair value of derivative liabilities for each reporting period at each balance sheet date. The Company reassesses the classification at each balance sheet date. If the classification changes as a result of events during the period, the contract is reclassified as of the date of the event that caused the reclassification. On September 19, 2018, upon expiration of the variable consideration, the warrant liability of $4.5 million was reclassified to equity.\nThe Monte Carlo Valuation model is used to estimate the fair value of the warrant. The model was developed for use in estimating the fair value of traded options or warrants. The expected volatility is estimated based on the most recent historical period of time equal to the weighted average life of the instrument granted.\nThe risk-free interest rate used is the United States Treasury rate for the day of the grant having a term equal to the life of the equity instrument. The volatility is a measure of the amount by which the Company’s share price has fluctuated or is expected to fluctuate. The dividend yield is zero as the Company has not made any dividend payment and has no plans to pay dividends in the foreseeable future. The Company determines the expected term of its warrant awards by using the contractual term.\nThe principal assumptions used in applying the model were as follows:\n\n | Upon 2018 Expiration | December 31, 2017\n----------------------- | -------------------- | -----------------\nAssumptions: | | \nRisk-free interest rate | 2.3% - 2.5% | 1.5% - 2.0% \nExpected life | 1.8 - 2.2 Years | 2.5 - 3 Years \nExpected volatility | 65% - 70% | 50% - 60% \nDividends | 0% | 0% \n\nLIABILITIES\n Series A-1 Preferred Stock June 2017 Company issued warrant variable consideration through September 2018. determined instrument derivative ASC 815 “Derivatives and Hedging. accounting treatment derivative instruments warrant fair value inception date each subsequent balance sheet date expiration. change fair value recorded derivative liabilities. reassesses classification date. classification changes contract reclassified date. September 19, 2018 expiration variable consideration warrant liability $4. 5 million reclassified to equity.\n Monte Carlo Valuation model fair value warrant. traded options. expected volatility estimated recent historical period weighted average life instrument.\n risk-free interest rate United States Treasury rate grant equal life equity instrument. volatility Company’s share price. dividend yield zero no plans. determines expected term warrant awards contractual term.\n principal assumptions\n 2018 Expiration December 31, 2017\n Risk-free interest rate. 3% -. 5%.\n Expected life. 8 -. Years.3\n volatility 65% 70% 60%\n Dividends" +} +{ + "_id": "d1b3316ec", + "title": "", + "text": "15. ASSET UNDER DEVELOPMENT\nIn May 2018, upon the completion of the Hilli FLNG conversion and commissioning, we reclassified $1,296 million to \"Vessels and equipment, net\" in our consolidated balance sheet as of December 31, 2018.\nIn December 2018, we entered into agreements with Keppel for the conversion of the Gimi to a FLNG and consequently reclassified the carrying value of the Gimi of $20.0 million from \"Vessels and equipment, net\" to \"Asset under development\".\nIn February 2019, Golar entered into an agreement with BP for the employment of a FLNG unit, Gimi, to service the Greater Tortue Ahmeyim project for a 20-year period expected to commence in 2022.\nIn April 2019, we issued the shipyard with a Final Notice to Proceed with conversion works that had been initiated under the Limited Notice to Proceed. We also completed the sale of 30% of the total issued ordinary share capital of Gimi MS Corp to First FLNG Holdings (see note 5). The estimated conversion cost of the Gimi is approximately $1.3 billion.\n\n(in thousands of $) | 2019 | 2018 \n-------------------------------------------------- | ------- | -----------\nAs of January 1 | 20,000 | 1,177,489 \nAdditions | 372,849 | 118,942 \nTransfer to vessels and equipment, net (note 16) | — | (1,296,431)\nTransfer from vessels and equipment, net (note 16) | — | 20,000 \nTransfer from other non-current assets (note 17) | 31,048 | — \nInterest costs capitalized | 10,351 | — \nAs of December 31 | 434,248 | 20,000 \n\n. ASSET UNDER DEVELOPMENT\n May 2018 Hilli FLNG conversion reclassified $1,296 million equipment balance sheet December 31, 2018.\n December 2018 agreements Keppel conversion Gimi FLNG reclassified value Gimi $20. million equipment development.\n February 2019 Golar agreement BP employment FLNG unit Gimi Greater Tortue Ahmeyim project 20-year period 2022.\n April 2019 issued shipyard Final Notice Proceed conversion. sale 30% capital Gimi MS First FLNG Holdings. estimated conversion cost Gimi $1. 3 billion.\n January 1 1,177,489\n Additions 372,849 118,942\n Transfer vessels equipment\n non-current assets\n Interest costs capitalized 10,351\n December 31 434,248" +} +{ + "_id": "d1b3c0eaa", + "title": "", + "text": "Year ended December 31, 2017 compared to the year ended December 31, 2018\nThe following table summarizes our net cash flows from operating, investing and financing activities for the years indicated:\nNet Cash Provided By Operating Activities\nNet cash provided by operating activities increased by $60.1 million, from $223.6 million during the year ended December 31, 2017 to $283.7 million during the year ended December 31, 2018. The increase was attributable to an increase in total revenues (revenues and net pool allocation) of $103.7 million, partially offset by a decrease of $23.5 million caused by movements in working capital accounts, an increase of $15.3 million in cash paid for interest including the interest paid for finance leases and a net decrease of $4.8 million from the remaining movements.\nNet Cash Used In Investing Activities\nNet cash used in investing activities increased by $618.4 million, from $74.6 million during the year ended December 31, 2017 to $693.0 million during the year ended December 31, 2018. The increase is mainly attributable to an increase of $591.5 million in payments for the construction costs of newbuildings and other fixed assets and a net decrease in cash from short-term investments of $43.0 million in 2018 compared to 2017. The above movements were partially offset by $14.0 million in payments made for the investment in Gastrade made in 2017 and an increase of $2.1 million in cash from interest income.\nNet Cash Provided By Financing Activities\nNet cash provided by financing activities increased by $360.8 million, from $7.3 million during the year ended December 31, 2017 to $368.1 million during the year ended December 31, 2018. The increase is mainly attributable to an increase of $244.2 million in proceeds from our borrowings, a decrease in bank loan and bond repayments of $165.3 million, an increase of $69.2 million in proceeds from the issuance of the Partnership’s Series B and Series C Preference Units in 2018 as compared to the issuance of 5,750,000 of its 8.625% Series A Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the ‘‘Partnership’s Series A Preference Units’’) in 2017 and an increase of\n$20.6 million from payments during 2017 for CCS termination. The above movements were partially offset by a decrease of $81.1 million in proceeds from GasLog Partners’ common unit offerings and an increase of $57.0 million in dividend payments.\n\n | | Year ended December 31, | \n----------------------------------------- | -------- | ----------------------- | ---------\n | 2017 | 2018 | Change \nAmounts in thousands of U.S. dollars | | | \nNet cash provided by operating activities | $223,630 | $283,710 | $60,080 \nNet cash used in investing activities | (74,599) | (692,999) | (618,400)\nNet cash provided by financing activities | 7,265 | 368,120 | 360,855 \n\nDecember 2017 2018\n table summarizes net cash flows operating investing financing\n Cash\n increased $60. 1 million $223. 6 million to $283. 7 million 2018. revenues $103. 7 million offset $23. 5 million working capital increase $15. 3 million cash interest decrease $4. 8 million.\n Cash Investing\n increased $618. 4 million from $74. 6 million to $693. 0 million 2018. $591. 5 million construction decrease cash short-term investments $43. 0 million 2018. offset by $14. 0 million payments investment Gastrade 2017 increase $2. 1 million interest income.\n Cash Financing Activities\n increased $360. 8 million from $7. 3 million to $368. 1 million 2018. $244. 2 million proceeds borrowings decrease bank loan bond repayments $165. 3 million increase $69. 2 million Partnership’s Series B C Preference Units 2018.625% Series A Redeemable Preference Units 2017 increase\n $20. 6 million CCS termination. offset decrease $81. 1 million GasLog increase $57. million dividend payments.\n Year December 31,\n 2017 2018\n. dollars\n cash operating activities $223,630 $283,710 $60,080\n investing (74,599) (692,999 (618,400)\n financing 7,265,120 360,855" +} +{ + "_id": "d1b3573f6", + "title": "", + "text": "As of June 30, 2018, the Group’s investments consisted of the following:\nAs of June 30, 2018, the Group had $323.1 million of investments which were classified as short-term investments on the Group’s consolidated statements of financial position. Additionally, the Group had certificates of deposit and time deposits totaling $3.6 million which were classified as long-term and were included in other non- current assets on the Group’s consolidated statements of financial position.\n\n | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value\n----------------------------------------- | -------------- | --------------------- | ----------------- | ----------\n | | (U.S. $ in thousands) | | \nDebt Investments | | | | \nU.S. treasury securities | $52,809 | $— | $(109) | $52,700 \nAgency securities | 22,097 | — | (82) | 22,015 \nCertificates of deposit and time deposits | 58,824 | — | — | 58,824 \nCommercial paper | 35,372 | — | — | 35,372 \nCorporate debt securities | 158,538 | 14 | (669) | 157,883 \nTotal investments | $327,640 | $14 | $(860) | $326,794 \n\nJune 30, 2018 Group’s investments\n had $323. 1 million investments short-term. certificates of deposit time deposits totaling $3. 6 million long-term non- current assets.\n Amortized Cost Unrealized Gains Losses Fair Value\n. $ thousands\n Debt Investments\n. treasury securities $52,809\n Agency securities 22,097\n Certificates of deposit time deposits 58,824\n Commercial paper 35,372\n Corporate debt securities 158,538\n Total investments $327,640 $326,794" +} +{ + "_id": "d1b3b8728", + "title": "", + "text": "Strategic Investments\nIn December 2019, the Company made a minority investment in a privately-held company, Talespin, Inc., for $8.0 million, representing approximately 13% equity ownership. The investment is accounted for using the equity method of accounting due to the Company’s ability to exercise significant influence.\nThe Company’s non-marketable investments are composed of the following (in thousands):\n\n | December 31, | \n------------------------------------------------------------ | ------------ | ------\n | 2019 | 2018 \nAccounted for at cost, adjusted for observable price changes | $1,750 | $1,250\nAccounted for using the equity method | 8,000 | — \nTotal non-marketable investments | $9,750 | $1,250\n\nStrategic Investments\n December 2019 minority investment Talespin. $8. 0 million 13% equity ownership. accounted equity.\n non-marketable investments\n December\n 2019 2018\n Accounted cost adjusted price changes $1,750 $1\n equity method\n Total non-marketable investments $9,750 $1,250" +} +{ + "_id": "d1b300fb0", + "title": "", + "text": "Other Contractual Obligations\nOur other contractual obligations include finance lease obligations (including interest portion), facility leases, leases of certain computer and other equipment, agreements to purchase data and telecommunication services, the payment of principal and interest on debt and pension fund obligations.\nAt December 31, 2019, the minimum annual payments under these agreements and other contracts that had initial or remaining non-cancelable terms in excess of one year are as listed in the following table. Due to the uncertainty with respect to the timing of future cash flows associated with our unrecognized tax positions at December 31, 2019, we are unable to make reasonably reliable estimates of the timing of any potential cash settlements with the respective taxing authorities. Therefore, $189 million in uncertain tax positions (which includes interest and penalties of $25 million) have been excluded from the contractual obligations table below. See Note 15 – “Income Taxes” – to the consolidated financial statements for a discussion on income taxes.\n(a) Our short-term and long-term debt obligations are described in Note 12 – “Long-Term Debt and Other Financing Arrangements” and our short-term and long-term finance lease obligations are described in Note 5 “Leases”,– to our consolidated financial statements.\n(b) Our operating lease obligations are described in Note 17 – “Commitments and Contingencies” – to our consolidated financial statements.\n\n | Payments due by period | | | | | | \n-------------------------------------------- | ---------------------- | ------ | ------ | ------ | ------ | ---- | ----------\n(IN MILLIONS) | Total | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter\nFinance lease obligations(a) | $162 | $61 | $42 | $29 | $15 | $7 | $8 \nOperating leases(b) | 574 | 136 | 99 | 75 | 53 | 40 | 171 \nOther contractual obligations(c) | 1,639 | 627 | 295 | 203 | 190 | 185 | 139 \nLong-term debt, including current portion(a) | 8,164 | 854 | 702 | 2,399 | 3,710 | — | 499 \nInterest(d) | 1,038 | 354 | 315 | 216 | 115 | 25 | 13 \nPension fund obligations(e) | 28 | 28 | — | — | — | — | — \nTotal | $11,605 | $2,060 | $1,453 | $2,922 | $4,083 | $257 | $830 \n\nContractual Obligations\n include finance lease facility leases computer equipment data telecommunication services principal interest debt pension fund obligations.\n December 31, 2019 minimum annual payments agreements contracts non-cancelable. uncertainty future cash flows tax positions cash settlements taxing authorities. $189 million uncertain tax positions interest penalties $25 million excluded from obligations. Note 15 “Income Taxes”.\n short-term long-term debt obligations Note 12 finance lease obligations Note 5.\n operating lease obligations Note 17 “Commitments Contingencies”.\n Payments due by period\n MILLIONS) Total 2020 2021 2022 2023 2024\n Finance lease obligations $162 $61 $42 $29 $15 $7 $8\n Operating leases 574 136 99 75 53 40 171\nobligations 1,639 627 295 203 185\n Long-term debt 8,164 854 702 2,399 3,710\n 1,038 354 315 216 115\n Pension fund obligations 28\n $11,605 $2,060,453 $2,922 $4,083" +} +{ + "_id": "d1b3c41c2", + "title": "", + "text": "Land, Property and Equipment\nLand, property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, or for leasehold improvements, the shorter of the remaining lease term or the estimated useful life. The estimated useful lives for machinery and equipment range from 5 to 7 years and for office, computer and research equipment from2 to 5 years. Expenditures for major renewals and improvements that extend the useful life of property and equipment are capitalized.\nDepreciation and amortization expense was $0.6 million and $0.8 million for fiscal years2019 and 2018, respectively. In accordance with ASC Topic 360, Property, Plant and Equipment (ASC 360), the Company assesses all of its long-lived assets, including intangibles, for impairment when impairment indicators are identified. If the carrying value of an asset exceeds its undiscounted cash flows, an impairment loss may be necessary. An impairment loss is calculated as the difference between the carrying value and the fair value of the asset.\nThe Company acquired 16 acres of land with an acquisition and sold4 acres in April 2015 for$264,000. The Company still owns 12 acres of land that remains on the market. The Company concluded that a sale transaction for the remaining land is not probable within the next year; therefore, unsold land is classified as held-and-used as of March 31, 2019 and 2018.\nThe components of fixed assets are as follows:\n\nMarch 31, | | \n---------------------------------------------- | ------- | -------\n(in thousands) | 2019 | 2018 \nLand | $672 | $672 \nMachinery and equipment | 1,372 | 1,296 \nOffice, computer and research equipment | 5,267 | 5,175 \nLeasehold improvements | 798 | 1,238 \nLand, property and equipment, gross | $8,109 | $8,381 \nLess accumulated depreciation and amortization | (6,811) | (6,780)\nLand, property and equipment, net | $1,298 | $1,601 \n\nLand Property Equipment\n stated cost net depreciation amortization. computed estimated useful lives leasehold lease term useful life. machinery equipment 5 to 7 years office computer research equipment to 5 years. renewals improvements life capitalized.\n Depreciation amortization expense $0. 6 million $0. 8 million 2018. assesses long-lived assets for impairment. carrying value exceeds undiscounted cash flows impairment loss. calculated difference carrying value fair value.\n acquired 16 acres sold4 acres 2015 for$264,000. owns 12 acres. sale unsold land classified held-and-used as March 31, 2019 2018.\n fixed assets\n Land $672\n Machinery equipment 1,372 1,296\n Office computer research equipment 5,267,175\n Leasehold improvements 798 1,238\n $8,109 $8,381\n Less accumulated depreciation amortization (6,811)\nequipment $1,298,601" +} +{ + "_id": "d1b3c19d6", + "title": "", + "text": "UK SIP\nThe weighted average market value per ordinary share for SIP awards released in 2019 was 386.1p (2018: 372.0p). The SIP shares outstanding at 31 March 2018 have fully vested (2018: had a weighted average remaining vesting period of 0.1 years). Shares released prior to the vesting date relate to those attributable to good leavers as defined by the scheme rules.\n\n | 2019 | 2018 \n---------------------------------- | --------- | --------\n | Number | Number \nOutstanding at 1 April | 690,791 | 776,045 \nDividend shares awarded | 4,518 | 9,778 \nForfeited | (9,275) | (75,986)\nReleased | (365,162) | (19,046)\nOutstanding at 31 March | 320,872 | 690,791 \nVested and outstanding at 31 March | 320,872 | – \n\n\n average market value share 2019 386. (2018 372. shares 31 March 2018 vested vesting period. Shares vesting good leavers scheme rules.\n Outstanding 1 April,791 776,045\n Dividend shares awarded 4,518 9,778\n Forfeited (9,275) (75,986)\n Released (365,162) (19\n 31 March 320,872\n Vested 31" +} +{ + "_id": "d1b3ada80", + "title": "", + "text": "Assets Measured at Fair Value on a Recurring Basis\nAssets measured at fair value on a recurring basis at March 31, 2018 are as follows (amounts in millions):\nThere were no transfers between Level 1 or Level 2 during fiscal 2019 or fiscal 2018. There were no assets measured on a recurring basis during fiscal 2019 or fiscal 2018 using significant unobservable inputs (Level 3).\n\n | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Total Balance\n----------------------------------- | ------------------------------------------------------------------- | --------------------------------------------- | -------------\nAssets | | | \nCash and cash equivalents: | | | \nMoney market mutual funds | $121.0 | $— | $121.0 \nDeposit accounts | — | 641.6 | 641.6 \nCommercial Paper | — | 118.7 | 118.7 \nGovernment agency bonds | — | 20.0 | 20.0 \nShort-term investments: | | | \nMarketable equity securities | 2.8 | — | 2.8 \nCorporate bonds and debt | — | 542.9 | 542.9 \nTime deposits | — | 11.5 | 11.5 \nGovernment agency bonds | — | 723.2 | 723.2 \nMunicipal bonds - taxable | — | 14.9 | 14.9 \nTotal assets measured at fair value | $123.8 | $2,072.8 | $2,196.6 \n\nAssets Measured Fair Value Recurring\n March 31, 2018\n no transfers Level 1 2 2019 2018. unobservable inputs.\n Quoted Prices Active Markets Identical Instruments 1) Observable Inputs 2) Total Balance\n Assets\n Cash equivalents\n Money market mutual funds $121.\n Deposit accounts 641.\n Commercial Paper 118.\n Government agency bonds 20.\n Short-term investments\n Marketable equity securities 2.\n Corporate bonds debt 542.\n Time deposits 11.\n Government agency bonds 723.\n Municipal bonds taxable 14.\n Total assets measured fair value $123. 8 $2,072. $2,196." +} +{ + "_id": "d1b3ac8d8", + "title": "", + "text": "Item 2. Properties\nOur corporate headquarters are located in Culver City, California, where we occupy facilities totaling approximately 8,000 square feet on a monthto-month basis pursuant to a Shared Services Agreement with NantWorks. We use these facilities for administration, sales and marketing, research and development, engineering, client support, and professional services. In addition, we have 5 U.S. locations across four states and one international location. Our key facilities include the following:\nUnited States\nBoston, Massachusetts\nPanama City, Florida\nPhiladelphia, Pennsylvania\nPhoenix, Arizona\nInternational\n◦ Belfast, Northern Ireland\nNote that on February 3, 2020, the Company completed the sale of its Connected Care business which includes the Panama City, Florida property.\nWe believe that our facilities are adequate to meet our needs in the near term, and that, if needed, suitable additional space will be available to accommodate any expansion of our operations.\nThe following table outlines our facilities location, square footage, and use:\n\nCity | State | Country | Sq ft | Type | Business Nature/Use \n------------ | ----- | ------- | ------- | ----- | ------------------------------------------------------------------------------\nBoston | MA | USA | 31,752 | Lease | Administrative, sales, client support, R&D, engineering, professional services\nPanama City | FL | USA | 51,288 | Lease | Administrative, sales, client support, R&D, engineering, professional services\nBelfast | NI | UK | 15,500 | Lease | R&D, engineering, administrative \nPhoenix | AZ | USA | 4,865 | Lease | Data Centre \nPhiladelphia | PA | USA | 14,183 | Lease | Administrative, sales, client support, R&D, engineering, professional services\n | | | 117,588 | | \n\n. Properties\n corporate headquarters Culver City California occupy facilities 8,000 square feet-month Shared Services Agreement with NantWorks. facilities for administration sales marketing research development engineering client support professional services. 5 U. S. locations four states one international location. facilities include\n Boston Massachusetts\n Panama City Florida\n Philadelphia Pennsylvania\n Phoenix Arizona\n Belfast Northern Ireland\n February 3, 2020 Connected Care business Panama City Florida property.\n facilities adequate additional space available expansion.\n table outlines facilities location square footage use\n State Country Sq ft Business\n Boston MA 31,752 Administrative sales&D\n Panama City FL 51,288\n Belfast 15,500\n Phoenix AZ 4,865\n Philadelphia PA 14,183\n 117,588" +} +{ + "_id": "d1b3c2944", + "title": "", + "text": "Significant components of the Company’s deferred tax assets and liabilities are outlined below.\nThe increase in the Company's deferred tax liability is primarily attributable to the Company's decision to take bonus depreciation on qualifying assets placed in service during fiscal 2019.\nIncluded in the deferred tax assets at October 31, 2019, is a federal NOL carryforward of $255.4 million. All of the NOL carryforward was incurred subsequent to the enactment of the TCJA and therefore has an indefinite carryforward period. The Company has significant deferred tax liabilities, primarily related to property, plant and equipment, which are expected to reverse and allow for the full utilization of the NOL carryforward. As such, the Company has not recorded a valuation allowance related to the NOL carryforward. Also included in the deferred tax assets are North Carolina Investing in Business Property Credit and North Carolina Jobs Credits totaling $4.9 million, as well as Georgia Job Tax Credits totaling $2.6 million. The North Carolina Investing in Business Property Credit provides a 7% investment tax credit for property located in a North Carolina development area, the North Carolina Creating Jobs Credit provides a tax credit for increased employment in North Carolina, and the Georgia Job Tax Credit provides a tax credit for creation and retention of qualifying jobs in Georgia. It is management’s opinion that the majority of the North Carolina and Georgia income tax credits will not be utilized before they expire, and a $5.6 million valuation allowance has been recorded as of October 31, 2019. The North Carolina credits began to expire during fiscal 2018, and the remaining credits expire between fiscal years 2020 and 2023.\n\nOctober 31, | | \n----------------------------------------- | -------- | --------\n | 2019 | 2018 \n(In thousands) | | \nDeferred tax liabilities: | | \nProperty, plant and equipment | $148,505 | $88,351 \nPrepaid and other assets | 1,911 | 1,751 \nTotal deferred tax liabilities | 150,416 | 90,102 \nDeferred tax assets: | | \nAccrued expenses and accounts receivable | 8,172 | 7,814 \nInventory | 1,155 | 2,862 \nCompensation on restricted stock | 7,528 | 8,280 \nState income tax credits | 9,333 | 12,235 \nOther | 1,272 | 654 \nValuation allowance | (5,637) | (11,017)\nNet operating loss | 54,461 | 6,481 \nTotal deferred tax assets | 76,284 | 27,309 \nNet deferred tax liabilities | $74,132 | $62,793 \n\nCompany’s deferred tax assets liabilities outlined.\n increase tax liability attributable bonus depreciation on assets 2019.\n deferred tax federal NOL carryforward $255. 4 million. incurred TCJA indefinite carryforward period. deferred tax liabilities related to property plant equipment expected reverse full utilization NOL carryforward. valuation allowance NOL carryforward. North Carolina Investing in Business Property Credit North Carolina Jobs Credits $4. 9 million Georgia Job Tax Credits $2. 6 million. 7% tax credit Job Tax. majority Georgia credits utilized before expire $5. 6 million valuation allowance recorded October 31, 2019. North Carolina credits fiscal 2018 remaining credits expire 2020 2023.\n Deferred tax liabilities\n Property plant equipment $148,505 $88,351\n Prepaid other assets 1,911\n Total deferred tax liabilities 150,416 90,102\n Deferred tax assets\nexpenses 8,172\n Inventory,155\n restricted stock 7,528,280\n tax credits 9,333 12,235\n 1,272\n loss 54,461 6,481\n deferred tax 76,284 27,309\n liabilities $74,132,793" +} +{ + "_id": "d1a73afdc", + "title": "", + "text": "Notes: (1) TWDV – Tax written down value\n(2) NBV – Net book value\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to set-off current tax assets against current tax liabilities, and when deferred income taxes relate to the same fiscal authority.\n\nCompany - 2018 | Provisions | Others | Total \n------------------------------------ | ---------- | --------------- | -------\nDeferred tax assets | S$ Mil | S$ Mil | S$ Mil \nBalance as at 1 April 2017 | 0.3 | 2.8 | 3.1 \nEffects of adoption of SFRS(I) 15 | - | (1.0) | (1.0) \nBalance as at 1 April 2017, restated | 0.3 | 1.8 | 2.1 \nCredited to income statement | 0.2 | 9.0 | 9.2 \nBalance as at 31 March 2018 | 0.5 | 10.8 | 11.3 \n | | Accelerated tax | \nCompany - 2018 | | depreciation | Total \nDeferred tax liabilities | | S$ Mil | S$ Mil \nBalance as at 1 April 2017 | | (285.3) | (285.3)\nEffects of adoption of SFRS(I) 1 | | 10.2 | 10.2 \n\nTax value\n NBV Net book value\n Deferred tax assets liabilities offset legally enforceable right set-off assets liabilities fiscal authority.\n 2018\n Deferred tax assets\n Balance 1 April 2017. 3 2. 8 3.\n Effects SFRS(I) 15 (1.\n Balance 1 April 2017. 8 2.\n income statement. 9.\n Balance 31 March 2018. 5 10. 8 11.\n Accelerated tax\n Deferred tax liabilities S$ Mil\n Balance 1 April 2017 (285. 3).\n Effects adoption SFRS(I) 1 10." +} +{ + "_id": "d1b358abc", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 13 — Derivatives\nOur earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates and interest rates. We selectively use derivative financial instruments including foreign currency forward contracts and interest rate swaps to manage our exposure to these risks.\nThe use of derivative financial instruments exposes the Company to credit risk, which relates to the risk of nonperformance by a counterparty to the derivative contracts. We manage our credit risk by entering into derivative contracts with only highly rated financial institutions and by using netting agreements.\nThe effective portion of derivative gains and losses are recorded in accumulated other comprehensive loss until the hedged transaction affects earnings upon settlement, at which time they are reclassified to cost of goods sold or net sales. If it is probable that an anticipated hedged transaction will not occur by the end of the originally specified time period, we reclassify the gains or losses related to that hedge from accumulated other comprehensive loss to other income (expense).\nWe assess hedge effectiveness qualitatively by verifying that the critical terms of the hedging instrument and the forecasted transaction continue to match, and that there have been no adverse developments that have increased the risk that the counterparty will default. No recognition of ineffectiveness was recorded in our Consolidated Statement of Earnings for the twelve months ended December 31, 2019.\nForeign Currency Hedges\nWe use forward contracts to mitigate currency risk related to a portion of our forecasted foreign currency revenues and costs. The currency forward contracts are designed as cash flow hedges and are recorded in the Consolidated Balance Sheets at fair value.\nWe continue to monitor the Company’s overall currency exposure and may elect to add cash flow hedges in the future. At December 31, 2019, we had a net unrealized gain of $655 in accumulated other comprehensive loss, of which $595 is expected to be reclassified to income within the next 12 months. The notional amount of foreign currency forward contracts outstanding was $8,011 at December 31, 2019.\nInterest Rate Swaps\nWe use interest rate swaps to convert a portion of our revolving credit facility's outstanding balance from a variable rate of interest to a fixed rate. As of December 31, 2019, we have agreements to fix interest rates on $50,000 of long-term debt through February 2024. The difference to be paid or received under the terms of the swap agreements will be recognized as an adjustment to interest expense when settled.\nThese swaps are treated as cash flow hedges and consequently, the changes in fair value are recorded in other comprehensive loss. The estimated net amount of the existing gains or losses that are reported in accumulated other comprehensive loss that are expected to be reclassified into earnings within the next twelve months is approximately $82.\nThe location and fair values of derivative instruments designated as hedging instruments in the Consolidated Balance Sheets as of December 31, 2019, are shown in the following table:\nThe Company has elected to net its foreign currency derivative assets and liabilities in the balance sheet in accordance with ASC 210-20 (Balance Sheet, Offsetting). On a gross basis, there were foreign currency derivative assets of $648 and foreign currency derivative liabilities of $68 at December 31, 2019.\n\n | As of December 31, | \n----------------------------------------------------------- | ------------------ | ----\n | 2019 | 2018\nInterest rate swaps reported in Other current assets | $82 | $576\nInterest rate swaps reported in Other assets | $— | $369\nInterest rate swaps reported in Other long-term obligations | $(78) | $— \nForeign currency hedges reported in Other current assets | $580 | $393\n\nNOTES FINANCIAL STATEMENTS share data\n NOTE 13 Derivatives\n earnings cash flows foreign currency rates interest rates. use derivative instruments forward contracts interest rate swaps manage.\n exposes credit risk nonperformance. manage credit risk contracts rated institutions netting agreements.\n derivative gains losses recorded in loss until transaction earnings settlement reclassified cost goods sold net sales. transaction reclassify gains losses income.\n assess hedge effectiveness terms transaction match no adverse developments risk. No ineffectiveness Consolidated Statement Earnings twelve months December 31, 2019.\n Foreign Currency Hedges\n contracts mitigate currency risk revenues. cash flow hedges recorded Consolidated Balance Sheets fair value.\n monitor currency exposure may add cash flow hedges. December 31, 2019 net unrealized gain $655 loss $595 expected reclassified income 12 months. foreign currency forward contracts outstanding $8,011 December 31, 2019.\n Interest Rate Swaps\nuse interest rate swaps convert revolving credit facility balance from variable to fixed. December agreements to fix interest rates on $50,000 long-term debt through February 2024. difference recognized as adjustment interest expense settled.\n swaps cash flow hedges changes in fair value recorded in comprehensive loss. estimated net gains losses earnings approximately $82.\n location fair values of derivative instruments hedging instruments in Consolidated Balance Sheets shown in table\n Company foreign currency assets liabilities balance sheet ASC 210-20. assets $648 liabilities $68 at December 31, 2019.\n rate swaps current assets $82 $576\n $369\n-term obligations\n currency hedges assets $580 $393" +} +{ + "_id": "d1b3b8c3c", + "title": "", + "text": "Deferred Tax Assets and Liabilities\nSignificant components of the deferred tax assets and liabilities are summarized below (in thousands):\nBased on the Company’s historical operating income, projection of future taxable income, scheduled reversal of taxable temporary differences, and tax planning strategies, management believes that it is more likely than not that the Company will realize the benefit of its deferred tax assets, net of valuation allowances recorded. The net increase in the total valuation allowance for the fiscal year ended August 31, 2019 is primarily related to the increase of a net operating loss carry forward due to a release of a non-U.S. unrecognized tax benefit and the increase of deferred tax assets in sites with existing valuation allowances. The decrease in domestic federal and state tax credits is primarily related to the utilization of tax credits against the one-time transition tax.\nAs of August 31, 2019, the Company intends to indefinitely reinvest the remaining earnings from its foreign subsidiaries for which a deferred tax liability has not already been recorded. The accumulated earnings are the most significant component of the basis difference which is indefinitely reinvested. As of August 31, 2019, the indefinitely reinvested earnings in foreign subsidiaries upon which taxes had not been provided were approximately $1.9 billion. The estimated amount of the unrecognized deferred tax liability on these reinvested earnings was approximately $0.2 billion.\n\n | Fiscal Year Ended August 31, | \n---------------------------------------------------------------------------------------------- | ---------------------------- | ---------\n | 2019 | 2018 \nDeferred tax assets: | | \nNet operating loss carry forward | $183,297 | $119,259 \nReceivables | 6,165 | 7,111 \nInventories | 9,590 | 7,634 \nCompensated absences | 10,401 | 8,266 \nAccrued expenses | 81,731 | 81,912 \nProperty, plant and equipment, principally due to differences in depreciation and amortization | 66,268 | 97,420 \nDomestic federal and state tax credits | 42,464 | 70,153 \nForeign jurisdiction tax credits | 15,345 | 25,887 \nEquity compensation–Domestic | 7,617 | 7,566 \nEquity compensation–Foreign | 2,179 | 2,401 \nDomestic federal interest carry forward | 5,853 | — \nCash flow hedges | 9,878 | — \nUnrecognized capital loss carry forward | 7,799 | — \nRevenue recognition | 19,195 | — \nOther | 21,907 | 18,176 \nTotal deferred tax assets before valuation allowances | 489,689 | 445,785 \nLess valuation allowances | (287,604) | (223,487)\nNet deferred tax assets | $202,085 | $222,298 \nDeferred tax liabilities: | | \nUnremitted earnings of foreign subsidiaries | 75,387 | 74,654 \nIntangible assets | 39,242 | 39,122 \nOther | 4,447 | 4,655 \nTotal deferred tax liabilities | $119,076 | $118,431 \nNet deferred tax assets | $83,009 | $103,867 \n\nDeferred Tax Assets Liabilities\n summarized\n income future tax planning strategies believes benefit deferred tax assets. increase valuation allowance fiscal year August 2019 related to net operating loss non-U. S. unrecognized tax benefit increase deferred tax assets. decrease state tax credits one-time transition tax.\n Company intends reinvest remaining earnings foreign subsidiaries deferred tax liability. accumulated earnings basis difference. August reinvested earnings approximately $1. 9 billion. estimated unrecognized deferred tax liability approximately $0. 2 billion.\n Fiscal Year Ended August 31,\n Deferred tax assets\n Net operating loss $183,297 $119,259\n Receivables 6,165\n Inventories 9,590\n Compensated absences 10,401\n Accrued expenses 81,731\n Property plant equipment due differences depreciation amortization 66,268 97,420\ntax credits 42,464 70,153\n 15,345 25,887\n 2,179\n interest\n Cash hedges 9,878\n Unrecognized capital loss 7,799\n Revenue 19,195\n 21,907 18\n deferred tax assets,689 445,785\n (287,604) (223,487)\n $202,085 $222,298\n Unremitted earnings foreign subsidiaries 75,387\n Intangible assets 39,242\n deferred tax liabilities $119,076,431\n $83,009 $103,867" +} +{ + "_id": "d1b3554b6", + "title": "", + "text": "A. Selected Financial Data The table set forth below presents our selected historical consolidated financial data for the periods and at the dates indicated. The selected historical consolidated statements of income data for each of the three years ended March 31, 2019, 2018, and 2017 and the selected statements of financial position data as of March 31, 2019 and 2018 have been derived from and should be read in conjunction with “Part I — Item 5.\nOperating and Financial Review and Prospects” and our consolidated financial statements included elsewhere in this Annual Report on Form 20-F. The selected historical consolidated statements of income data for each of the two years ended March 31, 2016 and 2015 and the selected historical statements of financial position data as of March 31, 2017, 2016, and 2015 have been derived from audited consolidated financial statements not included in this Annual Report on Form 20-F.\n(1) References to “net income” in this document correspond to “profit/(loss) for the period” or “profit/(loss) for the year” line items in our consolidated financial statement appearing elsewhere in this document. (2) Gross Revenue is defined as reported revenue adjusted in respect of significant financing component that arises on account of normal credit terms provided to catalogue customers.\n(3) We use EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA as supplemental financial measures. EBITDA is defined by us as net income before interest expense, income tax expense and depreciation and amortization (excluding amortization of capitalized film content and debt issuance costs).\nAdjusted EBITDA is defined as EBITDA adjusted for (gain)/impairment of available-for-sale financial assets, profit/loss on held for trading liabilities (including profit/loss on derivative financial instruments), transactions costs relating to equity transactions, share based payments, Loss / (Gain) on sale of property and equipment, Loss on de-recognition of financial assets measured at amortized cost, net,\nCredit impairment loss, net, Loss on financial liability (convertible notes) measured at fair value through profit and loss, Loss on deconsolidation of a subsidiary and exceptional items such as impairment of goodwill, trademark, film & content rights and content advances.\nGross Adjusted EBITDA is defined as Adjusted EBITDA adjusted for amortization of intangible films and content rights. EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA as used and defined by us, may not be comparable to similarly-titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP.\nEBITDA Adjusted EBITDA and Gross Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, net income, cash flows from operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA provide no information regarding a Company’s capital structure, borrowings, interest costs, capital expenditures and working capital movement or tax position.\n\n | | | Year ended March 31, | | \n------------------------------------------ | ---------- | --------- | ------------------------------------------------ | --------- | ---------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (in thousands, except (Loss)/Earnings per share) | | \nSelected Statement of Income Data | | | | | \nRevenue | $270,126 | $261,253 | $252,994 | $274,428 | $284,175 \nCost of sales | (155,396) | (134,708) | (164,240) | (172,764) | (155,777)\nGross profit | 114,730 | 126,545 | 88,754 | 101,664 | 128,398 \nAdministrative costs | (87,134) | (68,029) | (63,309) | (64,019) | (49,546) \nOperating profit before exceptional item | 27,596 | 58,516 | 25,445 | 37,645 | 78,852 \nImpairment loss | (423,335) | — | — | — | — \nOperating profit/(loss) | (395,739) | 58,516 | 25,445 | 37,645 | 78,852 \nNet finance costs | (7,674) | (17,813) | (17,156) | (8,010) | (5,861) \nOther gains/(losses), net | 288 | (41,321) | 14,205 | (3,636) | (10,483) \nProfit/(loss) before tax | (403,125) | (618) | 22,494 | 25,999 | 62,508 \nIncome tax | (7,328) | (9,127) | (11,039) | (12,711) | (13,178) \nProfit/(loss) for the year (1) | $(410,453) | $(9,745) | $11,455 | $13,288 | $49,330 \n(Loss)/Earnings per share (cents) | | | | | \nBasic (loss)/earnings per share | (599.5) | (36.3) | 6.4 | 6.6 | 74.3 \nDiluted (loss)/earnings per share | (599.5) | (36.3) | 5.1 | 5.2 | 72.4 \nWeighted average number of ordinary shares | | | | | \nBasic | 70,707 | 62,151 | 59,410 | 57,732 | 54,278 \nDiluted | 72,170 | 63,482 | 60,943 | 59,036 | 54,969 \nOther non-GAAP measures | | | | | \nGross Revenue (2) | $304,593 | $268,069 | $252,994 | $274,428 | $284,175 \nEBITDA (3) | $(393,188) | $20,186 | $42,548 | $36,294 | $70,066 \nAdjusted EBITDA (3) | $103,845 | $82,955 | $55,664 | $70,852 | $101,150 \nGross Adjusted EBITDA (3) | $234,000 | $198,240 | $190,980 | $199,155 | $218,404 \n\n. Selected Financial Data table presents historical consolidated financial data periods dates. statements income three years March 31, 2019 2018 2017 financial position derived from “Part I — Item 5.\n Operating Financial Review Prospects” consolidated financial statements Annual Report Form 20-F. income two years March 31, 2016 2015 financial position March 2017 derived from financial statements not 20-F.\n References “net correspond “profit/(loss). Gross Revenue adjusted financing normal credit terms customers.\n EBITDA Adjusted EBITDA supplemental financial measures. EBITDA net income before interest expense tax expense depreciation amortization debt issuance costs.\n Adjusted EBITDA adjusted for-sale financial assets profit/loss trading liabilities costs equity transactions share based payments Loss sale property equipment Loss de-recognition financial assets amortized cost\nCredit impairment loss financial liability notes profit deconsolidation subsidiary exceptional items impairment goodwill trademark film content rights advances.\n Gross Adjusted EBITDA amortization films content rights. not comparable not performance GAAP.\n operating net income cash flows. provide no information capital structure borrowings interest costs capital expenditures working capital movement tax position.\n Year ended March 31,\n 2019 2018 2017 2016 2015\n/Earnings per share\n Income\n Revenue $270,126 $261,253 $252,994 $274,428 $284,175\n Cost sales (155,396) (134,708) (164,240),764\n Gross profit 114,730 126,545 88,754 101,664 128,398\n Administrative costs (87,134) (68,029) (63,309) (64,019) (49,546)\nprofit item 27,596 58,516 25,445 37,645 78,852\n Impairment loss (423,335)\n,739 58,516 25,445 37,645\n Net finance costs (7,674) (17,813) (17,156\n gains 288 (41,321 14,205 (3,636 (10,483\n before tax (403,125 22,494 25,999 62,508\n Income tax (7,328) (9,127 (11,039) (12,711),178\n year $(410,453(9,745 $11,455 $13,288 $49,330\n per share\n.\n.\n average ordinary shares\n 70,707 62,151 59,410 57,732 54,278\n 72,170 63,482 60,943 59,036 54,969\n non-GAAP measures\nRevenue $304,593 $268,069 $252,994 $274,428,175\n EBITDA,188 $20,548\n $103,845 $82,955 $55,664\n EBITDA $234,000 $198,240 $190,980 $218,404" +} +{ + "_id": "d1b3c4fb4", + "title": "", + "text": "Management Discussion and Analysis\nCash Flow\n\"nm\" denotes not meaningful\nNote: (1) Refers to Singtel Group excluding Optus.\nThe Group’s free cash flow grew 1.2% to S$3.65 billion. The increase was driven by lower capital expenditure partly offset by lower operating cash flow, higher cash taxes and lower associates’ dividends.\nNet cash inflow from operating activities declined 9.9% to S$5.37 billion. Dividends received from the associates fell 6.0% mainly from Telkomsel, the Southern Cross consortium and NetLink Trust. \n\nNet cash inflow from operating activities declined 9.9% to S$5.37 billion. Dividends received from the associates fell 6.0% mainly from Telkomsel, the Southern Cross consortium and NetLink Trust.\nThe investing cash outflow was S$2.33 billion. During the year, Singtel received proceeds of S$118 million from the disposal of a property in Singapore. Payments of S$123 million were made for the acquisition of Videology assets in August 2018 and S$344 million for the acquisition of a 5.7% equity interest in Airtel Africa in October 2018. Capital expenditure totalled S$1.72 billion, comprising S$587 million for Singtel and S$1.13 billion (A$1.14 billion) for Optus. In Singtel, major capital investments in the year included S$215 million for fixed and data infrastructure, S$183 million for mobile networks and S$189 million for ICT and other investments.  The investing cash outflow was S$2.33 billion. During the year, Singtel received proceeds of S$118 million from the disposal of a property in Singapore. Payments of S$123 million were made for the acquisition of Videology assets in August 2018 and S$344 million for the acquisition of a 5.7% equity interest in Airtel Africa in October 2018. Capital expenditure totalled S$1.72 billion, comprising S$587 million for Singtel and S$1.13 billion (A$1.14 billion) for Optus. In Singtel, major capital investments in the year included S$215 million for fixed and data infrastructure, S$183 million for mobile networks and S$189 million for ICT and other investments.\nIn Optus, capital investments in mobile networks amounted to A$633 million with the balance in fixed and other investments. \n\nIn Optus, capital investments in mobile networks amounted to A$633 million with the balance in fixed and other investments.\nNet cash outflow for financing activities amounted to S$3.06 billion. Major cash outflows included net interest payments of S$385 million, and payments of S$1.75 billion for final dividends in respect of FY 2018 and S$1.11 billion for interim dividends in respect of FY 2019, partly offset by increase in net borrowings of S$222 million.\n\n | Financial Year ended 31 March | | \n------------------------------------------------------------- | ----------------------------- | ------------ | ------\n | 2019 | 2018 | Change\n | (S$ million) | (S$ million) | (%) \nNet cash inflow from operating activities | 5,368 | 5,955 | -9.9 \nNet cash outflow for investing activities | (2,329) | (1,951) | 19.4 \nNet cash outflow for financing activities | (3,056) | (4,009) | -23.8 \nNet change in cash balance | (16) | (5) | 248.9 \nExchange effects on cash balance | 4 | (4) | nm \nCash balance at beginning of year | 525 | 534 | -1.7 \nCash balance at end of year | 513 | 525 | -2.3 \nSingtel (1) | 1,242 | 1,126 | 10.3 \nOptus | 1,006 | 989 | 1.8 \nAssociates (net dividends after withholding tax) | 1,402 | 1,492 | -6.0 \nGroup free cash flow | 3,650 | 3,606 | 1.2 \nOptus (in A$ million) | 1,028 | 947 | 8.5 \nCash capital expenditure as a percentage of operating revenue | 10% | 14% | \n\nManagement Discussion\n Cash Flow\n Singtel Group Optus.\n free cash flow grew. 2% S$3. 65 billion. lower capital expenditure cash flow higher taxes lower dividends.\n cash inflow declined. S$5. 37 billion. Dividends. 0% Telkomsel Southern Cross NetLink Trust.\n cash inflow declined. S$5. 37 billion. Dividends. 0% Telkomsel.\n investing cash outflow S$2. 33 billion. Singtel$118 million.$123 million Videology$344 million. 7% Airtel Africa. expenditure S$1. 72 billion$587 million Singtel. 13 billion. Optus. investments$215 million infrastructure$183 million mobile networks$189 million ICT investments. investing cash outflow S$2. 33 billion.$118 million.$123 million Videology$344 million. Airtel. expenditure S$1. 72 billion$587 million Singtel. 13 billion. Optus.Singtel capital investments$215 million fixed data infrastructure S$183 million mobile networks$189 million ICT investments.\n Optus investments mobile networks A$633 million.\n.\n cash outflow financing S$3. billion. interest S$385 million S$1. 75 billion final dividends 2018. 11 billion interim dividends 2019 net borrowings S$222 million.\n Financial Year ended 31 March\n$\n Net cash inflow operating activities 5,368,955.\n cash outflow investing activities (2,329) (1,951).\n financing (3,056) (4,009.\n change cash balance.\n Exchange effects cash balance\n beginning 525 534.\n end 513 525.\n Singtel 1,242 1,126.\n Optus 1,006.\n Associates dividends tax 1,402 1,492.\n Group free cash flow 3,650 3,606.\n$ million 1,028 947.\ncapital operating revenue 10% 14%" +} +{ + "_id": "d1b31c9e0", + "title": "", + "text": "Net periodic benefit cost — The components of the fiscal year net periodic benefit cost were as follows (in thousands):\nChanges in presentation —As discussed in Note 1, Nature of Operations and Summary of Significant Accounting Policies, we adopted ASU 2017-07 during the first quarter of 2019 using the retrospective method, which changed the financial statement presentation of service costs and the other components of net periodic benefit cost. The service cost component continues to be included in operating income; however, the other components are now presented in a separate line below earnings from operations captioned “Other pension and post-retirement expenses, net” in our consolidated statements of earnings. Further, in connection with the adoption, plan administrative expenses historically presented as a component of service cost are now presented as a component of expected return on plan assets. The prior year components of net periodic benefit costs and assumptions on the long-term rate of return on assets have been recast to conform to current year presentation.\nPrior service costs are amortized on a straight-line basis from date of participation to full eligibility. Unrecognized gains or losses are amortized using the “corridor approach” under which the net gain or loss in excess of 10% of the greater of the PBO or the market-related value of the assets, if applicable, is amortized. For our Qualified Plan, actuarial losses are amortized over the average future expected lifetime of all participants expected to receive benefits. For our SERP, actuarial losses are amortized over the expected remaining future lifetime for inactive participants, and for our postretirement health plans, actuarial losses are amortized over the expected remaining future lifetime of inactive participants expected to receive benefits.\n\n | 2019 | 2018 | 2017 \n----------------------------------------------- | -------- | -------- | --------\nQualified Plan: | | | \nInterest cost | $19,825 | $19,463 | $19,889 \nExpected return on plan assets | (26,334) | (26,467) | (26,811)\nActuarial loss | 2,754 | 3,331 | 4,455 \nNet periodic benefit credit | $(3,755) | $(3,673) | $(2,467)\nSERP: | | | \nService cost | $— | $490 | $855 \nInterest cost | 3,080 | 2,894 | 2,850 \nActuarial loss | 1,207 | 1,538 | 1,659 \nAmortization of unrecognized prior service cost | 115 | 146 | 153 \nNet periodic benefit cost | $4,402 | $5,068 | $5,517 \nPostretirement health plans: | | | \nInterest cost | $997 | $955 | $1,003 \nActuarial (gain) loss | (159) | (27) | 162 \nNet periodic benefit cost | $838 | $928 | $1,165 \n\nNet periodic benefit cost components fiscal year\n Changes presentation adopted ASU 2017-07 2019 method changed financial statement presentation service costs components. service cost operating income other components separate line below earnings “Other pension post-retirement expenses consolidated statements. plan administrative expenses service cost expected return on plan assets. prior year components long-term rate return current year presentation.\n service costs amortized straight-line participation to full eligibility. Unrecognized gains losses amortized “corridor approach” net gain loss 10% PBO market-related value assets amortized. Qualified Plan actuarial losses amortized future lifetime participants. SERP lifetime inactive participants postretirement health plans lifetime inactive participants.\n 2019 2018 2017\n Qualified Plan\n Interest cost $19,825 $19,463,889\n Expected return on plan assets (26,334),467\n Actuarial loss 2,754 3,331 4,455\nbenefit credit,755,673,467\n Service cost\n Interest cost 2,894\n Actuarial loss 1,207 1,538\n Amortization service\n cost $4,402 $5,068 $5,517\n Postretirement health plans\n Interest cost $997 $955 $1,003\n Actuarial loss\n cost $838 $928 $1" +} +{ + "_id": "d1b3621de", + "title": "", + "text": "Principal Accounting Fees and Services\nThe following table sets forth fees for services provided by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, ‘‘Deloitte’’) during fiscal 2019 and 2018:\n(1) Represents fees for professional services provided in connection with the integrated audit of our annual financial statements and internal control over financial reporting and review of our quarterly financial statements, advice on accounting matters that arose during the audit and audit services provided in connection with other statutory or regulatory filings.\n(2) Represents tax compliance and related services.\n(3) Represents the annual subscription for access to the Deloitte Accounting Research Tool, which is a searchable on-line accounting database.\n\n | 2019 | 2018 \n------------------ | ---------- | ----------\nAudit fees (1) | $3,454,348 | $3,589,147\nTax fees (2) | 546,618 | 931,017 \nAll other fees (3) | 1,895 | 1,895 \nTotal | $4,002,861 | $4,522,059\n\nAccounting Fees Services\n table fees Deloitte & Touche LLP firms Tohmatsu affiliates 2019 2018:\n services audit financial statements control advice accounting statutory filings.\n tax compliance services.\n annual subscription Deloitte Accounting Research Tool searchable on-line accounting database.\n Audit fees $3,454,348 $3,589,147\n Tax fees (2) 546,618 931,017\n other fees (3) 1,895\n $4,002,861 $4,522,059" +} +{ + "_id": "d1b37937a", + "title": "", + "text": "Unrecognized Tax Benefits\nA reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding interest and penalties associated with unrecognized tax benefits, for the periods presented is as follows (table in millions):\nOf the net unrecognized tax benefits, including interest and penalties, $323 million and $296 million were included in income tax payable on the consolidated balance sheets as of January 31, 2020 and February 1, 2019, respectively. Approximately $313 million and $266 million, respectively, would, if recognized, benefit VMware's annual effective income tax rate. VMware includes interest expense and penalties related to income tax matters in the income tax provision. VMware had accrued $48 million and $56 million of interest and penalties associated with unrecognized tax benefits as of January 31, 2020 and February 1, 2019, respectively. Income tax expense during the year ended February 1, 2019 included interest and penalties associated with uncertain tax positions of $15 million. Interest and penalties associated with uncertain tax positions included in income tax expense (benefit) were not significant during the years ended January 31, 2020 and February 2, 2018.\nThe Dell-owned EMC consolidated group is routinely under audit by the IRS. All U.S. federal income tax matters have been concluded for years through 2015 while VMware was part of the Dell-owned EMC consolidated group. The IRS has started its examination of fiscal years 2015 through 2019 for the Dell consolidated group, which VMware was part of beginning fiscal 2017. In addition, VMware is under corporate income tax audits in various states and non-U.S. jurisdictions. Consistent with the Company’s historical practices under the tax sharing agreement with EMC, when VMware becomes subject to federal tax audits as a member of Dell’s consolidated group, the tax sharing agreement provides that Dell has authority to control the audit and represent Dell’s and VMware’s interests to the IRS.\nOpen tax years subject to examinations for larger non-U.S. jurisdictions vary beginning in 2008. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. When considering the outcomes and the timing of tax examinations, the expiration of statutes of limitations for specific jurisdictions, or the timing and result of ruling requests from taxing authorities, it is reasonably possible that total unrecognized tax benefits could be potentially reduced by approximately $17 million within the next 12 months.\n\n | | For the Year Ended | \n--------------------------------------------------------------- | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nBalance, beginning of the year | $385 | $305 | $265 \nTax positions related to current year: | | | \nAdditions | 116 | 57 | 63 \nTax positions related to prior years: | | | \nAdditions | 98 | 44 | 2 \nReductions | (7) | (1) | (2) \nSettlements | (28) | (4) | (9) \nReductions resulting from a lapse of the statute of limitations | (83) | (8) | (24) \nForeign currency effects | (2) | (8) | 10 \nBalance, end of the year | $479 | $385 | $305 \n\nUnrecognized Tax Benefits\n reconciliation unrecognized tax benefits excluding interest penalties\n net unrecognized tax benefits $323 million $296 million income tax consolidated balance sheets January 31, 2020 February 1, 2019. $313 million $266 million benefit VMware's annual income tax rate. includes interest penalties. accrued $48 million $56 million interest penalties January 31, 2020 February 1, 2019. Income tax expense February 1, 2019 included interest penalties uncertain tax positions $15 million. Interest penalties not significant January 31, 2020 February 2, 2018.\n Dell-owned EMC consolidated group under audit IRS. federal income tax matters concluded 2015 VMware. IRS examination fiscal years 2015 2019 group 2017. under corporate income tax audits states non-U. S. jurisdictions. audit.\n Open tax years non-U. jurisdictions vary 2008. Audit outcomes timing settlements uncertainty.considering tax examinations expiration statutes limitations ruling requests unrecognized tax benefits $17 million 12 months.\n Year Ended\n January 31, 2020 February 1, 2019 2, 2018\n Balance $385 $305 $265\n positions current year\n Additions 116 57 63\n prior years\n Additions 98 44 2\n Reductions (7)\n Settlements (28) (4)\n Reductions lapse statute limitations (83)\n Foreign currency effects\n Balance end year $479 $385 $305" +} +{ + "_id": "d1b301456", + "title": "", + "text": "For the periods indicated, the weighted-average fair value of options and weighted-average assumptions were as follows:\n*Options valued using Monte Carlo Valuation Method\nAs of June 30, 2019, the total compensation cost related to the unvested stock option awards not yet recognized was approximately $24.1 million, which will be recognized over a weighted-average period of approximately 3.0 years.\nNo cash was used by us to settle equity instruments granted under share-based compensation arrangements in any of the periods presented.\nWe have not capitalized any share-based compensation costs as part of the cost of an asset in any of the periods presented.\nFor the year ended June 30, 2019, cash in the amount of $35.6 million was received as the result of the exercise of options granted under share-based payment arrangements. The tax benefit realized by us during the year ended June 30, 2019 from the exercise of options eligible for a tax deduction was $2.9 million.\nFor the year ended June 30, 2018, cash in the amount of $54.4 million was received as the result of the exercise of options granted under share-based payment arrangements. The tax benefit realized by us during the year ended June 30, 2018 from the exercise of options eligible for a tax deduction was $1.5 million.\nFor the year ended June 30, 2017, cash in the amount of $20.8 million was received as the result of the exercise of options granted under share-based payment arrangements. The tax benefit realized by us during the year ended June 30, 2017 from the exercise of options eligible for a tax deduction was $2.2 million.\n\n | | Year Ended June 30, | \n---------------------------------------------- | ------ | ------------------- | ------\n | 2019 | 2018 | 2017 \nWeighted–average fair value of options granted | $8.39 | $7.58 | $7.06 \nWeighted-average assumptions used: | | | \nExpected volatility | 25.72% | 26.95% | 28.32%\nRisk–free interest rate | 2.57% | 2.18% | 1.46% \nExpected dividend yield | 1.54% | 1.50% | 1.43% \nExpected life (in years) | 4.44 | 4.38 | 4.51 \nForfeiture rate (based on historical rates) | 6% | 6% | 5% \nAverage exercise share price | $38.81 | $34.60 | $31.75\nDerived service period (in years)* | N/A | N/A | 1.79 \n\nperiods weighted-average fair value options assumptions\n *Options valued Monte Carlo Valuation Method\n June 30, 2019 total compensation cost unvested stock option awards approximately $24. 1 million recognized over 3. years.\n No cash used settle equity instruments share-based compensation arrangements periods.\n not capitalized share-based compensation costs.\n year ended June 30, 2019 cash $35. 6 million options share-based. tax benefit $2. 9 million.\n year June 30 2018 cash $54. 4 million options share-based. tax benefit $1. 5 million.\n year June 30 2017 cash $20. 8 million options share-based. tax benefit $2. 2 million.\n Weighted–average fair value options $8. 39 $7. 58 $7. 06\n-average assumptions\n Expected volatility 25. 72% 26. 95% 28. 32%\n Risk–free interest rate 2. 57%. 18% 1. 46%\ndividend yield. 54%. 50%. 43%\n life. 44. 38. 51\n Forfeiture 6%\n share price $38. 81 $34. 60. 75\n service period N." +} +{ + "_id": "d1b356866", + "title": "", + "text": "The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (excluding interest and penalties):\nIncluded in the balance of unrecognized tax benefits as of December 31, 2019 and 2018 are $2,495 and $220, respectively, of tax benefits that, if recognized would affect the effective tax rate.\nThe Company records interest and penalties on unrecognized tax benefits in its provision for income taxes. Accrued interest and penalties are included within the related liability for unrecognized tax benefit line on the consolidated balance sheets. During the years ended December 31, 2019 and 2018, the Company accrued interest of $114 and $0, respectively, and recorded liabilities for interest and penalties of $252 and $0, respectively.\nAfter taking into consideration tax attributes, such as net operating loss carryforwards and interest, the Company’s unrecognized tax benefits represent a noncurrent reserve for uncertain tax positions of $864 and $220 as of December 31, 2019 and 2018, respectively.\nThe U.S. Internal Revenue Service completed exams on the Company's U.S. federal income tax returns for years 2012 - 2015. With few exceptions, the Company is no longer subject to state and local income tax examinations by tax authorities for years before 2015. The Company conducts business and files income tax returns in numerous states. Currently, one of the Company's state tax returns is under examination by a state as part of routine audits conducted in the ordinary course of business.\nThe future utilization of state net operating losses could potentially subject the Company to state examinations prior to the otherwise applicable statute of limitation. States vary in carryforward periods but generally extend up to 20 years or a period consistent with the federal limits under the Tax Cuts and Jobs Act.\n\n | Years Ended December 31, | \n------------------------------------------------------- | ------------------------ | --------\n | 2019 | 2018 \nBalance of unrecognized tax benefits as of January 1, | $1,226 | $37,240 \nIncreases for positions taken in prior years | 1,353 | 657 \nRate change | (84) | — \nAmount of decreases related to settlements | — | (36,671)\nBalance of unrecognized tax benefits as of December 31, | $2,495 | $1,226 \n\ntabular reconciliation unrecognized tax benefits (excluding interest\n December 31, 2019 2018 $2,495 $220 effective tax rate.\n Company records interest penalties on benefits. interest penalties line consolidated balance sheets. December 31, 2019 2018 accrued interest $114 $0 recorded liabilities penalties $252 $0.\n unrecognized tax benefits represent noncurrent reserve for tax positions $864 $220 December 31, 2019 2018.\n U. Internal Revenue Service. income tax returns 2012 - 2015. no subject state income tax examinations before 2015. conducts business files tax returns states. under examination.\n future state net operating losses could subject state examinations. States carryforward periods extend to 20 years federal Tax Cuts and Jobs Act.\n December\n Balance unrecognized tax benefits January 1, $1,226 $37,240\n Increases positions prior years 1,353 657\n Rate change\nsettlements (36,671)\n tax benefits $2,495 $1,226" +} +{ + "_id": "d1a72a358", + "title": "", + "text": "History and Development of the Company\nOur legal and commercial name is United Microelectronics Corporation, commonly known as “UMC”. We were incorporated under the R.O.C. Company Law as a company limited by shares in May 1980 and our common shares were listed on the Taiwan Stock Exchange in 1985. Our principal executive office is located at No. 3 Li-Hsin Road II, Hsinchu Science Park, Hsinchu, Taiwan, Republic of China, and our telephone number is 886-3-578-2258.\nOur Internet website address is www.umc.com. The information on our website does not form part of this annual report. Our ADSs have been listed on the NYSE under the symbol “UMC” since September 19, 2000. In 2019, we were ranked among the top 5% of companies for a fifth consecutive year in the Corporate Governance Evaluation conducted by the Taiwan Stock Exchange and Taipei Exchange. The assessment was conducted across over 1,400 public companies in Taiwan.\nWe are one of the world’s largest independent semiconductor foundries and a leader in semiconductor manufacturing process technologies. Our primary business is the manufacture, or “fabrication”, of semiconductors, sometimes called “chips” or “integrated circuits”, for others. Using our own proprietary processes and techniques, we make chips to the design specifications of our many customers. Our company maintains a diversified customer base across industries, including communication devices, consumer electronics, computer, and others, while continuing to focus on manufacturing for high growth, large volume applications, including networking, telecommunications, internet, multimedia, PCs and graphics.\nWe sell and market mainly wafers which in turn are used in a number of different applications by our customers. The following table presented the percentages of our wafer sales by application for the years ended December 31, 2017, 2018 and 2019.\n\n | | Years Ended December 31, | \n------------- | ----- | ------------------------ | -----\nApplication | 2017 | 2018 | 2019 \n | % | % | % \nCommunication | 48.6 | 45.2 | 52.2 \nConsumer | 29.4 | 28.6 | 26.4 \nComputer | 13.1 | 16.3 | 13.6 \nOthers | 8.9 | 9.9 | 7.8 \nTotal | 100.0 | 100.0 | 100.0\n\nHistory Development Company\n legal name United Microelectronics Corporation. incorporated R. O. C. Company Law limited shares May 1980 shares listed Taiwan Stock Exchange 1985. executive office No. 3 Li-Hsin Road Hsinchu Science Park Hsinchu Taiwan telephone number-578-2258.\n Internet website www. umc. com. annual report. ADSs listed NYSE “UMC” since September 19, 2000. 2019 ranked top 5% fifth year Corporate Governance Evaluation Taiwan Stock Exchange Taipei Exchange. 1,400 companies.\n largest independent semiconductor foundries leader semiconductor manufacturing. primary business manufacture semiconductors. proprietary processes chips design specifications customers. diversified customer base communication devices consumer electronics manufacturing high growth large volume applications networking telecommunications internet multimedia PCs.\n sell market wafers used applications. percentages wafer sales application years December 31, 2017 2018 2019.\n.\n Consumer 29.\n Computer.16. 13. 6\n 8. 9 9. 7.\n 100. 100." +} +{ + "_id": "d1b30bf14", + "title": "", + "text": "At 31 December 2019 trade receivables are shown net of a loss allowance totalling £6.1 million (2018: £4.0 million).\nThe Group does not use factoring to generate cash flow from trade receivables.\n– other financial assets including loans to joint ventures\nThe Group applies the expected credit loss model in respect of other financial assets. Financial assets are individually assessed as to whether the credit risk has increased significantly in the period and therefore whether there is a need to apply the lifetime expected credit losses model as opposed to the 12-month expected credit loss model.\nAt 31 December 2019 there is no loss allowance recognised for other financial assets as it has been concluded as an immaterial risk of credit loss on other financial assets.\n– cash deposits and derivative financial instruments\nThe credit risk relating to cash deposits and derivative financial instruments is actively managed by the Group’s treasury department. Relationships are maintained with a number of tier one institutional counterparties, ensuring compliance with Group policy relating to limits on the credit ratings of counterparties (between BBB+ and AAA).\nExcessive credit risk concentration is avoided through adhering to authorised limits for all counterparties.\n\n | Credit Rating | Authorised Limit | Group Exposure 31 December 2019 | Credit Rating | Authorised Limit | Group Exposure 31 December 2018\n--------------------------------------------------------------- | ------------- | ---------------- | ------------------------------- | ------------- | ---------------- | -------------------------------\n | | £m | £m | | £m | £m \nCounterparty #1 | AA- | 125.0 | 64.9 | AA- | 125.0 | 111.9 \nCounterparty #2 | AAA | 150.0 | 43.1 | A+ | 100.0 | 44.1 \nCounterparty #3 | A+ | 100.0 | 38.7 | A | 100.0 | 27.2 \nCounterparty #4 | A | 100.0 | 26.0 | AAA | 150.0 | 22.3 \nCounterparty #5 | A | 75.0 | 20.0 | AAA | 150.0 | 12.3 \nSum of five largest exposures | | | 192.7 | | | 217.8 \nSum of cash deposits and derivative financial instrument assets | | | 203.5 | | | 244.2 \nFive largest exposures as a percentage of assets at risk | | | 95% | | | 89% \n\n31 December 2019 trade receivables net loss allowance £6. 1 million (2018 £4. 0 million).\n Group use factoring cash flow.\n assets loans joint ventures\n applies expected credit loss model assets. assessed credit risk lifetime credit losses model 12-month.\n 31 December 2019 no loss allowance other assets immaterial risk credit loss.\n cash deposits derivative financial instruments\n credit risk managed treasury department. Relationships maintained with one institutional counterparties compliance Group policy credit ratings BBB+ AAA.\n Excessive credit risk concentration avoided authorised limits counterparties.\n Credit Rating Authorised Limit Group Exposure 31 December 2019 2018\n Counterparty #1 125. 64. 111.\n Counterparty #2 150. 43. 44.\n Counterparty #3 100. 38. 27.\n Counterparty #4. 26. 150. 22.\nCounterparty #5 75. 20. 150. 12.\n five exposures 192. 7 217. 8\n cash deposits financial assets 203. 5 244.\n exposures risk 95% 89%" +} +{ + "_id": "d1a735816", + "title": "", + "text": "Item 6. Selected Financial Data\nThe selected financial data presented for each of the five years ended December 31, 2019 is derived from our audited consolidated financial statements. The selected financial data presented should be read in conjunction with our consolidated financial statements, the notes to our consolidated financial statements and Item 7 “Management's Discussion and Analysis of Financial Condition and Results of Operations.”\n(1) On January 1, 2019, we adopted Accounting Standards Codification (ASC) 842, Leases, using the modified retrospective method at the beginning of the period of adoption, January 1, 2019, through the recognition of a lease obligation and corresponding right of use asset. Results for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior periods amount were not adjusted and continue to be reported in accordance with ASC 840, Leases.\n(2) On January 1, 2018, we adopted ASC 606, Revenue from Contracts with Customers, using the modified retrospective method applied to those contracts that were not substantially complete as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts were not adjusted and continue to be reported in accordance with ASC 605, Revenue Recognition.\n(3) The Tax Cuts and Jobs Act, enacted on December 22, 2017, reduces the U.S. corporate tax rate from 35% to 21% beginning in 2018. Due to the enactment of the Tax Cuts and Jobs Act, our income tax expense was reduced by $50.6 million for the year ended December 31, 2017 from the re-measurement of our existing deferred tax assets and liabilities.\n(4) Over the past five years, we completed 7 acquisitions. In aggregate, these acquisitions have added $343.6 million in goodwill. For additional information on our recent acquisitions, see Note 5 to our consolidated financial statements in Item 8.\n\n | | | Year Ended December 31, | | \n------------------------------------------ | ---------- | ---------- | ---------------------------------------- | ---------- | ----------\n | 2019 (1) | 2018 (2) | 2017 (3) | 2016 | 2015 \n | | | (in thousands, except per share amounts) | | \nStatement of Income Data: | | | | | \nRevenues | $2,222,559 | $1,958,557 | $1,717,018 | $1,601,596 | $1,550,117\nOperating income | $138,325 | $112,742 | $98,194 | $90,963 | $84,886 \nNet income | $113,890 | $82,097 | $114,141 | $56,391 | $51,127 \nBasic earnings per share (Class A and B) | $2.85 | $2.08 | $2.94 | $1.48 | $1.36 \nDiluted earnings per share (Class A and B) | $2.83 | $2.06 | $2.91 | $1.47 | $1.36 \nDividend per share | $1.08 | $1.00 | $0.84 | $0.84 | $0.84 \nBalance Sheet Data: | | | | | \nWorking capital | $154,753 | $196,652 | $138,879 | $229,659 | $189,276 \nGoodwill (4) | $1,191,259 | $1,085,806 | $1,084,560 | $955,874 | $919,591 \nTotal assets | $2,107,914 | $1,803,871 | $1,744,475 | $1,598,464 | $1,506,424\nLong-term debt | $36,500 | $7,500 | $31,000 | $— | $— \n\nItem 6. Selected Financial Data\n five years December 31, 2019 consolidated financial statements. statements notes Item 7's Discussion Analysis Financial Condition Results Operations.\n January 1, 2019 adopted Accounting Standards Codification (ASC) 842, Leases modified retrospective method lease obligation right of use asset. Results reporting periods ASC 842 prior periods ASC 840 Leases.\n January 1, 2018 adopted ASC 606, Revenue Contracts Customers modified retrospective method. Results ASC 606 prior amounts ASC 605 Revenue.\n Tax Cuts Jobs Act 2017 reduces. corporate tax rate 35% to 21% 2018. income tax expense reduced $50. 6 million year ended December 31, 2017 re-measurement deferred tax assets liabilities.\n past five years 7 acquisitions. added $343. 6 million goodwill. Note 5 consolidated financial statements Item 8.\n Year Ended December\n2019 2018 2017 2015\n Income\n Revenues $2,222,559 $1,958,557 $1,717,018 $1,601,596,550,117\n Operating income $138,325 $112,742 $98,194,963\n Net income $113,890 $82,097 $114,141 $56,391 $51,127\n earnings.\n earnings.\n Dividend share.\n Balance Sheet\n Working capital $154,753 $196,652 $138,879 $229,659 $189,276\n Goodwill $1,191,259 $1,085,806,084,560 $955,874 $919,591\n Total assets $2,107,914 $1,803,871 $1,744,475 $1,598,464,506,424\n Long-term debt $36,500 $7 $31,000" +} +{ + "_id": "d1b3597d2", + "title": "", + "text": "The purchase was accounted for as a transaction between entities under common control. Assets and liabilities transferred were recorded at historical carrying amounts of Pivotal on the date of the transfer, except for certain goodwill and intangible assets that were recorded in the amounts previously recognized by Dell for Pivotal in connection with Dell’s acquisition of EMC during fiscal 2016. VMware’s previous investment in Pivotal, including any unrealized gain or loss previously recognized in other income (expense), net on the consolidated statements of income, were derecognized. Transactions with Pivotal that were previously accounted for as transactions between related parties were eliminated in the consolidated financial statements for all periods presented. All intercompany transactions and account balances between VMware and Pivotal have been eliminated upon consolidation for all periods presented.\nThe effect of the change from the combination to the consolidated statements of income was as follows (amounts in millions, except per share amounts):\n\n | | For the Year Ended | \n------------------------------------------------------------------------------------------------------------- | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nTotal revenue | $777 | $639 | $474 \nOperating income | (287) | (247) | (239) \nNet income | (204) | (832) | (234) \nNet income attributable to VMware | (148) | (772) | (222) \nNet income per weighted-average share attributable to VMware common stockholders, basic for Classes A and B | $(0.63) | $(1.95) | $(0.56) \nNet income per weighted-average share attributable to VMware common stockholders, diluted for Classes A and B | $(0.67) | $(1.93) | $(0.56) \nOther comprehensive income (loss) | $— | $(26) | $35 \n\npurchase transaction between entities. Assets liabilities transferred recorded at historical amounts Pivotal except goodwill intangible assets recorded Dell. VMware’s previous investment in Pivotal unrealized gain loss derecognized. Transactions with Pivotal eliminated in consolidated financial statements. intercompany transactions balances between VMware Pivotal eliminated consolidation.\n effect change from combination to consolidated statements millions\n January 31, 2020 February 1, 2019 February 2, 2018\n Total revenue $777 $639 $474\n Operating income (287) (247) (239)\n Net income (204) (832) (234)\n VMware (148) (772) (222)\n share stockholders. 63). 95). 56)\n. 67). 93). 56)\n Other comprehensive income (loss $— $(26) $35" +} +{ + "_id": "d1b32aa36", + "title": "", + "text": "Accrued Warranty\nThe following table summarizes the activity related to the Company’s product warranty liability during the following periods (in thousands):\n\n | Year Ended | \n---------------------------------------- | ------------- | -------------\n | June 30,\n2019 | June 30,\n2018\nBalance beginning of period | $12,807 | $10,584 \nWarranties assumed due to acquisitions | — | 3,682 \nNew warranties issued | 22,919 | 10,491 \nWarranty expenditures | (20,947) | (11,950) \nBalance end of period | $14,779 | $12,807 \n\nWarranty\n table summarizes warranty liability\n 30\n 2019\n $12,807 $10,584\n Warranties assumed acquisitions 3,682\n warranties issued 22,919\n Warranty expenditures (20,947),950\n Balance $14,779 $12,807" +} +{ + "_id": "d1a72d99a", + "title": "", + "text": "Financing Receivables and Guarantees The following table summarizes our financing receivables (in millions):\nFinancing Receivables Our financing arrangements include leases, loans, and financed service contracts. Lease receivables include sales-type and direct-financing leases. Arrangements related to leases are generally collateralized by a security interest in the underlying assets. Our loan receivables include customer financing for purchases of our hardware, software and services and also may include additional funds for other costs associated with network installation and integration of our products and services. We also provide financing to certain qualified customers for long-term service contracts, which primarily relate to technical support services. The majority of the revenue from these financed service contracts is deferred and is recognized ratably over the period during which the services are performed. Financing receivables increased by 2%. We expect to continue to expand the use of our financing programs in the near term.\nFinancing Guarantees In the normal course of business, third parties may provide financing arrangements to our customers and channel partners under financing programs. The financing arrangements to customers provided by third parties are related to leases and loans and typically have terms of up to three years. In some cases, we provide guarantees to third parties for these lease and loan arrangements. The financing arrangements to channel partners consist of revolving short-term financing provided by third parties, generally with payment terms ranging from 60 to 90 days. In certain instances, these financing arrangements result in a transfer of our receivables to the third party. The receivables are derecognized upon transfer, as these transfers qualify as true sales, and we receive payments for the receivables from the third party based on our standard payment terms.\nThe volume of channel partner financing was $29.6 billion, $28.2 billion, and $27.0 billion in fiscal 2019, 2018, and 2017, respectively. These financing arrangements facilitate the working capital requirements of the channel partners, and in some cases, we guarantee a portion of these arrangements. The balance of the channel partner financing subject to guarantees was $1.4 billion and $1.0 billion as of July 27, 2019 and July 28, 2018, respectively. We could be called upon to make payments under these guarantees in the event of nonpayment by the channel partners or end-user customers. Historically, our payments under these arrangements have been immaterial. Where we provide a guarantee, we defer the revenue associated with the channel partner and end-user financing arrangement in accordance with revenue recognition policies, or we record a liability for the fair value of the guarantees. In either case, the deferred revenue is recognized as revenue when the guarantee is removed. As of July 27, 2019, the total maximum potential future payments related to these guarantees was approximately $218 million, of which approximately $77 million was recorded as deferred revenue.\n\n | July 27, 2019 | July 28, 2018 | Increase (Decrease)\n------------------------------- | ------------- | ------------- | -------------------\nLease receivables, net | $2,326 | $2,576 | $(250) \nLoan receivables, net . | 5,367 | 4,939 | 428 \nFinanced service contracts, net | 2,360 | 2,316 | 44 \nTotal, net | $10,053 | $9,831 | $222 \n\nFinancing Receivables Guarantees table summarizes financing receivables\n include leases loans financed service contracts. sales direct-financing leases. collateralized by security interest. loan receivables include financing hardware software services additional funds network installation integration. provide financing long-term service contracts technical support services. revenue from deferred recognized. Financing receivables increased 2%. expect expand financing programs.\n Financing Guarantees third parties provide financing. leases loans terms up to three years. guarantees. partners short-term financing payment terms 60 to 90 days. receivables. derecognized upon transfer sales receive payments standard terms.\n channel partner financing was $29. 6 billion $28. 2 billion $27. 0 billion in 2019 2018 2017. facilitate working capital requirements guarantee portion. balance channel partner financing subject guarantees was $1. 4 billion $1. 0 billion as of July 27, 2019 July 28, 2018.payments nonpayment channel partners customers. payments immaterial. defer revenue record liability fair value. deferred revenue recognized removed. July 27, 2019 future payments $218 million $77 million deferred revenue.\n July 27, 2019 July 28, 2018 Increase\n Lease receivables $2,326 $2,576 $(250)\n Loan receivables. 5,367 4,939 428\n Financed service contracts 2,360 2,316 44\n Total $10,053 $9,831 $222" +} +{ + "_id": "d1b38d8b6", + "title": "", + "text": "Total assets for the Company decreased $76.4 million as of December 31, 2019 as compared to December 31, 2018.  Entertainment and Communications assets decreased $58.8 million due to a decrease in property, plant and equipment primarily as a result of the increased depreciation in 2019 related to Hawaiian Telcom property, plant and equipment exceeding capital expenditures. IT Services and Hardware assets increased by $32.6 million primarily due to the Company’s recognition of operating lease right-of-use assets in the Consolidated Balance Sheets upon adoption of ASU 2016-02.\nCorporate assets decreased $50.2 million primarily due to decreased receivables. Lower receivables is partially due to timing of sales in the fourth quarter as well as additional sales of certain receivables under the factoring arrangement as of December 31, 2019 compared to December 31, 2018. Deferred tax assets and liabilities totaled $59.3 million and $11.7 million as of December 31, 2019, respectively. Deferred tax assets and liabilities totaled $47.5 million and $11.4 million as of December 31, 2018, respectively. The increase in deferred tax assets in 2019, as compared to 2018, is due to increased net operating losses in 2019.\n\n | | As of December 31,\n-------------------------------- | -------- | ------------------\n(dollars in millions) | 2019 | 2018 \nAssets | | \nEntertainment and Communications | $1,840.0 | $1,898.8 \nIT Services and Hardware | 500.7 | 468.1 \nCorporate and eliminations | 313.1 | 363.3 \nTotal assets | $2,653.8 | $2,730.2 \n\nassets Company decreased $76. 4 million December 31, 2019 2018. Entertainment Communications decreased $58. 8 million property plant equipment increased depreciation 2019 Hawaiian Telcom. IT Services Hardware increased $32. 6 million operating lease right-of-use Balance Sheets ASU 2016-02.\n Corporate assets decreased $50. 2 million decreased receivables. timing additional sales factoring December 2019. Deferred tax assets liabilities $59. 3 million $11. 7 million. $47. 5 million $11. 4 million 2018. increase deferred tax assets increased net operating losses.\n Entertainment Communications $1,840. $1,898.\n IT Services Hardware.\n Corporate.\n assets $2,653. $2." +} +{ + "_id": "d1a73ba68", + "title": "", + "text": "Restricted Stock Awards and Restricted Stock Unit Awards\nFor equity based restricted stock and restricted stock unit awards that contain only service conditions for vesting (time-based awards), we calculate the award fair value based on the closing price of CenturyLink common stock on the accounting grant date. We also grant equity-based awards that contain service conditions as well as additional market or performance conditions. For awards having both service and market conditions, the award fair value is calculated using Monte-Carlo simulations. Awards with service as well as market or performance conditions specify a target number of shares for the award, although each recipient ultimately has the opportunity to receive between 0% and 200% of the target number of shares. For awards with service and market conditions, the percentage received is based on our total shareholder return over the three-year service period versus that of selected peer companies. For awards with service and performance conditions, the percentage received depends upon the attainment of one or more financial performance targets during the two or three-year service period.\nThe following table summarizes activity involving restricted stock and restricted stock unit awards for the year ended December 31, 2019:\n(1) Shares granted whose related performance conditions were not finalized at December 31, 2019, were excluded from this figure.\nDuring 2018, we granted 9.7 million shares of restricted stock and restricted stock unit awards at a weighted-average price of $17.02. During 2017, we granted 5.2 million shares of restricted stock and restricted stock unit awards at a weighted-average price of $22.02. The total fair value of restricted stock that vested during 2019, 2018 and 2017, was $118 million, $169 million and $60 million, respectively.\n\n | Number of shares | Weighed-Average Grant Date Fair Value\n------------------------------- | ---------------- | -------------------------------------\n | (In thousands) | \nNon-vested at December 31, 2018 | 17,059 | $19.65 \nGranted(1) | 9,780 | 12.41 \nVested | (9,038) | 19.54 \nForfeited | (1,757) | 18.62 \nNon-vested at December 31, 2019 | 16,044 | 15.42 \n\nRestricted Stock Unit Awards\n equity awards service conditions calculate fair value closing price CenturyLink common stock grant date. grant equity awards service market performance conditions. value calculated Monte-Carlo simulations. Awards specify target shares recipient receive 0% 200% target shares. service market percentage based shareholder return three-year peer companies. performance financial performance targets.\n table summarizes activity restricted stock unit awards December 31, 2019\n Shares granted performance conditions not finalized December 31, 2019 excluded.\n 2018 granted 9. 7 million shares-average price $17. 02. 2017 granted 5. 2 million shares $22. 02. total fair value stock 2019 2018 2017 $118 million $169 million $60 million.\n shares-Average Grant Date Fair Value\n Non-vested December 31, 2018 17,059 $19. 65\n 9,780. 41\n Vested. 54\n Forfeited.\n-vested December 31, 16." +} +{ + "_id": "d1b37eaf0", + "title": "", + "text": "Defined Benefit Plan\nWe maintain defined benefit pension plans for certain of our non-U.S. employees in the U.K., Germany, and Philippines. Each plan is managed locally and in accordance with respective local laws and regulations.\nIn order to measure the expense and related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits.\nIn connection with the acquisition of Artesyn in September of 2019, the Company acquired certain pension plans and, as a result, started including the related balances in its Consolidated Balance Sheets at December 31, 2019 and the expenses attributable to these plans for the period from September 10, 2019 to December 31, 2019 in its Consolidated Statement of Operations. See Note 2. Business Acquisitions for more details on this transaction.\nADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nThe information provided below includes one pension plan which is part of discontinued operations. As such, all related liabilities and expenses are reported in discontinued operations in the Company’s Consolidated Balance Sheets and Consolidated Statements of Operations for all periods presented.\nThe Company’s projected benefit obligation and plan assets for defined benefit pension plans at December 31, 2019 and 2018 and the related assumptions used to determine the related liabilities are as follows:\n\n | Years Ended December 31, | \n----------------------------------------------- | ------------------------ | -----------\n | 2019 | 2018 \nProjected benefit obligation, beginning of year | $ 33,178 | $ 34,498 \nAcquisition | 48,350 | 1,063 \nService cost | 272 | 841 \nInterest cost | 1,211 | 802 \nActuarial loss | (193) | (988) \nBenefits paid | (1,779) | (1,113) \nTranslation adjustment | 2,223 | (1,925) \nProjected benefit obligation, end of year | $ 83,262 | $ 33,178 \nFair value of plan assets, beginning of year | $ 13,433 | $ 14,181 \nAcquisitions | 102 | 981 \nActual return on plan assets | 380 | 675 \nContributions | 644 | 828 \nBenefits paid | (1,176) | (1,086) \nActuarial gain | 1,064 | (1,357) \nTranslation adjustment | 456 | (789) \nFair value of plan assets, end of year | $ 14,903 | $ 13,433 \nFunded status of plan | $ (68,359) | $ (19,745)\n\nBenefit Plan\n maintain pension plans non-U. S. employees. Germany Philippines. managed locally local laws regulations.\n expense benefit obligation assumptions discount rates return assets future inflation rates. assumptions based historical experience facts circumstances. actuarial analysis expense liability pension benefits.\n acquisition Artesyn 2019 acquired pension plans balances Consolidated Balance Sheets December 31, 2019 expenses. Note 2. Business Acquisitions details.\n ADVANCED. CONSOLIDATED FINANCIAL STATEMENTS\n pension plan discontinued operations. liabilities expenses reported operations Consolidated Balance Sheets Statements.\n projected benefit obligation assets benefit pension plans December 31, 2019 2018 assumptions\n Years December\n Projected benefit obligation $ 33,178 34,498\n Acquisition 48,350 1,063\n Service cost 272\n Interest cost 1,211\n Actuarial loss (193) (988)\n Benefits paid (1,779,113\nadjustment 2,223\n benefit obligation year $ 83,262 33,178\n $ 13,433 14,181\n Acquisitions 102\n return 380\n Contributions 644\n Benefits (1,176\n gain 1,064,357\n adjustment\n year $ 14,903 13,433\n Funded status (68,359 (19,745" +} +{ + "_id": "d1b3857ba", + "title": "", + "text": "Cash Flows\nOur cash flows from operations are significantly impacted by timing of invoicing and collections of accounts receivable and annual bonus payments, as well as payments of payroll, payroll taxes, and other taxes.\nWe expect that we will continue to generate positive cash flows from operations on an annual basis, although this may fluctuate significantly on a quarterly basis. In particular, we typically use more cash during the first fiscal quarter ended October 31, as we generally pay cash bonuses to our employees for the prior fiscal year during that period and pay seasonally higher sales commissions from increased customer orders booked in our fourth fiscal quarter.\nWe believe that our existing cash and cash equivalents and sources of liquidity will be sufficient to fund our operations for at least the next 12 months. Our future capital requirements will depend on many factors, including our rate of revenue growth, the expansion of our sales and marketing activities, the timing and extent of our spending to support our research and development efforts, investments in cloud infrastructure and operating costs, and expansion into other markets.\nWe also may invest in or acquire complementary businesses, applications, or technologies, which may require the use of significant cash resources and/or additional financing. The following summary of cash flows for the periods indicated has been derived from our consolidated financial statements included elsewhere in this Annual Report on Form 10-K (in thousands):\n\n | Fiscal years ended July 31, | \n----------------------------------------- | --------------------------- | ----------\n | 2019 | 2018 \nNet cash provided by operating activities | $116,126 | $140,459 \nNet cash used in investing activities | $(301,433) | $(537,584)\nNet cash provided by financing activities | $3,954 | $573,000 \n\nCash Flows\n impacted by invoicing accounts receivable bonus payments payroll.\n expect positive cash flows may fluctuate quarterly. use more cash first fiscal quarter October 31, bonuses higher sales commissions increased orders fourth fiscal quarter.\n existing cash equivalents liquidity fund operations next 12 months. future capital requirements depend revenue growth expansion sales marketing spending research development investments cloud infrastructure operating costs expansion other markets.\n invest businesses technologies require cash resources additional financing. summary cash flows consolidated financial statements Annual Report Form 10-K\n Fiscal years ended July 31,\n Net cash operating activities $116,126 $140,459\n investing activities $(301,433) $(537,584)\n financing activities $3,954 $573,000" +} +{ + "_id": "d1b3c06da", + "title": "", + "text": "Long-term employee benefit obligations\nThe obligation comprises an obligation under the incentive programs to deliver Restricted Share Units in TORM plc at a determinable price to the entity's key personnel. The RSUs granted entitle the holder to acquire one TORM A-share.\nThe program was established during the year and comprises the following number of shares in TORM plc:\nIn 2017, the Board agreed to grant a total of 866.6 RSUs to other management. The RSUs to other management were subject to a three-year vesting period, with one third of the grant amount vesting at each anniversary date beginning on 1 January, 2018. The exercise price of each vested RSU is following certain adjustments for dividends at DKK 93.6 and an exercise period of six months.\nIn 2018, the Board agreed to grant a total of 944,468 RSU’s to other management. The vesting period of the program is three years for key employees and three years for the Executive Director. The exercise price is set to DKK 53.7. The exercise period is 12 months after the vesting date for key employees and 12 months after the vesting date for the Executive Director. The fair value of the options granted in 2018 was determined using the Black-Scholes model and is not material. The average remaining contractual life for the restricted shares as per 31 December 2018 is 1.1 years (2017: 1.3 years).\nIn 2019, the Board agreed to grant a total of 1,001,100 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set to DKK 53.7. The exercise period is 12 months after the vesting date. The fair value of the options granted in 2019 was determined using the Black-Scholes model and is not material. The average remaining contractual life for the restricted shares as per 31 December 2019 is 1.5 years.\n\nNumber of shares (1,000) | 2019 | 2018 | 2017 \n----------------------------- | ------- | ------- | -------\nOutstanding as of 1 January | 2,719.1 | 2,611.2 | 1,999.8\nGranted during the period | 1,001.1 | 907.3 | 866.6 \nExercised during the period | -529.4 | - | - \nExpired during the period | -785.3 | -764.0 | -233.9 \nForfeited during the period | -177.2 | -35.4 | -21.3 \nOutstanding as of 31 December | 2,228.3 | 2,719.1 | 2,611.2\nExercisable as of 31 December | - | 255.3 | 255.3 \n\nemployee benefit obligations\n deliver Restricted Share Units TORM plc price key personnel. RSUs entitle TORM A-share.\n program established shares TORM\n 2017 Board. 6 RSUs management. three-year vesting period one third grant amount 1 January 2018. exercise price RSU DKK 93. 6 exercise period six months.\n 2018 Board,468 RSU’s management. vesting period three years key employees Executive Director. exercise price DKK 53. 7. 12 months after vesting. fair value determined Black-Scholes model not material. average remaining contractual life shares 1. years (2017. 3 years.\n 2019 Board 1,001,100 RSUs management. vesting period three years. exercise price DKK 53. 7. 12 months after vesting date. fair value determined Black-Scholes model not material. average remaining contractual life 1. 5 years.\n Number shares 2019 2018 2017\n 1 January 2,719. 2,611. 1,999.\n 1,001.. 6\n Exercised -529. 4\n Expired -785. -764. -233. 9\n Forfeited -177.\n Outstanding 31 December 2,228. 2,719. 2,611.\n Exercisable 255. 255." +} +{ + "_id": "d1b310ab4", + "title": "", + "text": "9. Pensions continued\nDefined benefit plans continued\nii) Amounts in the financial statements continued\ne) Movements in the fair value of plans’ assets\n\n | 2019 | 2018 \n------------------------------------------- | --------- | ---------\n | $ million | $ million\nAt 1 January | 254.2 | 282.6 \nInterest income on plans’ assets | 7.0 | 7.0 \nEmployer contributions | 6.6 | 6.8 \nBenefit payments | (11.4) | (12.1) \nPlan administration expenses | (0.6) | (0.5) \nRe-measurement gain/(loss) on plans’ assets | 25.8 | (14.2) \nExchange adjustment | 9.5 | (15.4) \nFair value of plans’ assets | 291.1 | 254.2 \n\n. Pensions\n benefit plans\n financial statements\n Movements fair value assets\n January 254. 282.\n Interest income 7.\n Employer contributions 6.\n Benefit payments (11. (12.\n Plan administration expenses.\n Re-measurement gain assets 25. (14.\n Exchange adjustment 9. (15.\n Fair value assets 291. 254." +} +{ + "_id": "d1b3c854c", + "title": "", + "text": "Contract Estimates\nUse of the cost-to-cost or other similar methods of revenue recognition requires us to make reasonably dependable estimates regarding the revenue and cost associated with the design, manufacture and delivery of our products and services. Revisions or adjustments to estimates of the transaction price, estimated costs at completion and estimated profit or loss of a performance obligation are often required as work progresses under a contract, as experience is gained, as facts and circumstances change and as new information is obtained, even though the scope of work required under the contract may not change. In determining the estimated costs at completion, we have to make assumptions regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, estimated increases in wages and prices for materials, performance by our subcontractors, and the availability and timing of funding from our customer, among other variables. Revisions or adjustments to our estimated transaction price and estimated costs at completion may also be required if contract modifications occur. The revisions in contract estimates, if significant, can materially affect our results of operations and cash flows, and in some cases result in liabilities to complete contracts in a loss position. Based upon our history, we believe we have the ability to make reasonable estimates for these items. We have accounting policies and controls in place to address these, as well as other contractual and business arrangements to properly account for long-term contracts, and we continue to monitor and improve such policies, controls, and arrangements. For other information on such policies, controls and arrangements, see our discussion in Item 9A of this Form 10-K.\nProducts and services provided under long-term, fixed-price contracts represented approximately 97% of our sales for 2019. Because of the significance of the judgments and estimation processes, it is likely that materially different amounts could be recorded if we used different assumptions or if our underlying circumstances were to change. For example, if underlying assumptions were to change such that our estimated profit rate at completion for all fixed-price contracts accounted for under the cost-to-cost percentage-of-completion method was higher or lower by one percentage point, our 2019 operating income would have increased or decreased by approximately $6.5 million. When adjustments in estimated contract revenues or estimated costs at completion are required, any changes from prior estimates are recognized by recording adjustments in the current period for the inception-to-date effect of the changes on current and prior periods using the cumulative catch-up method of accounting. When estimates of total costs to be incurred on a contract exceed total estimates of revenue to be earned, a provision for the entire loss on the contract is recorded in the period the loss is determined.\nThe aggregate impact of net changes in contract estimates are presented in the table below (amounts in thousands).\nFor other information on accounting policies we have in place for recognizing sales and profits and the impact of our adoption of ASC 606, see our discussion under “Revenue Recognition” in Note 1 to the Consolidated Financial Statements.\n\n | | Years Ended September 30, | \n-------------------------------------------- | ---------- | ------------------------- | --------\n | 2019 | 2018 | 2017 \nOperating income (loss) | $ (2,235) | $ (6,986) | $ 5,737\nNet income (loss) from continuing operations | (2,351) | (5,146) | 3,208 \nDiluted earnings per share | (0.08) | (0.19) | 0.12 \n\nContract Estimates\n cost-to-cost revenue recognition requires dependable estimates revenue cost design manufacture delivery products services. Revisions adjustments to transaction price costs completion profit loss required as work progresses experience facts circumstances change new information work. costs at completion assumptions labor productivity complexity work availability materials increases wages prices performance subcontractors availability funding. Revisions transaction price costs required if contract modifications occur. revisions can affect results operations cash flows result in liabilities contracts loss. believe make reasonable estimates. accounting policies controls contractual business arrangements for long contracts monitor improve policies controls arrangements. see discussion Item 9A Form 10-K.\n Products services long-term fixed-price contracts represented 97% of sales for 2019. likely different amounts could be recorded if different assumptions circumstances change.if assumptions estimated profit rate fixed-price contracts 2019 operating income or $6. 5 million. adjustments revenues costs changes recognized current cumulative catch-up. When costs exceed revenue provision entire loss recorded.\n impact of net changes contract estimates presented in table (amounts thousands.\n accounting policies recognizing sales profits impact adoption ASC 606 “Revenue Recognition” Note 1 Consolidated Financial Statements.\n Years Ended September 30,\n 2019 2018 2017\n Operating income (loss) $ (2,235) $ (6,986) $ 5,737\n Net income (loss) from operations (2,351) (5,146) 3,208\n Diluted earnings per share." +} +{ + "_id": "d1b3c18d2", + "title": "", + "text": "2017 Acquisitions\nCloudmark, Inc\nOn November 21, 2017 (the “Cloudmark Acquisition Date”), pursuant to the terms of the merger agreement, the Company acquired all shares of Cloudmark, Inc. (“Cloudmark”), a leader in messaging security and threat intelligence for internet service providers and mobile carriers worldwide. As part of the acquisition, Cloudmark’s Global Threat Network was incorporated into Company’s cloud-based Nexus platform, which powers its email, social media, mobile, and SaaS security effectiveness. \n\nOn November 21, 2017 (the “Cloudmark Acquisition Date”), pursuant to the terms of the merger agreement, the Company acquired all shares of Cloudmark, Inc. (“Cloudmark”), a leader in messaging security and threat intelligence for internet service providers and mobile carriers worldwide. As part of the acquisition, Cloudmark’s Global Threat Network was incorporated into Company’s cloud-based Nexus platform, which powers its email, social media, mobile, and SaaS security effectiveness.\nThe Company believes that with this acquisition, it will benefit from increased messaging threat intelligence from the analysis of billions of daily emails, malicious domain intelligence, and visibility into fraudulent and malicious SMS messages directed to mobile carriers worldwide. The Company also expects to achieve savings in corporate overhead costs for the combined entities. These factors, among others, contributed to a purchase price in excess of the estimated fair value of acquired net identifiable assets and, as a result, goodwill was recorded in connection with the acquisition.\nAt the Cloudmark Acquisition Date, the consideration transferred was $107,283, net of cash acquired of $31,973.\nPer the terms of the merger agreement, unvested stock options and unvested restricted stock units held by Cloudmark employees were canceled and exchanged for the Company’s unvested stock options and unvested restricted stock units, respectively. The fair value of $91 of these unvested awards was attributed to pre-combination services and included in consideration transferred. The fair value of $1,180 was allocated to post-combination\nProofpoint, Inc. Notes to Consolidated Financial Statements (Continued) (dollars and share amounts in thousands, except per share amounts)\nservices. The unvested awards are subject to the recipient’s continued service with the Company, and $1,180 is recognized ratably as stock-based compensation expense over the required remaining service period.\nThe following table summarizes the fair values of tangible assets acquired, liabilities assumed, intangible assets and goodwill:\n\n | | Estimated \n--------------------------- | ---------- | -----------\n | | Useful Life\n | Fair value | (in years) \nCurrent assets | $37,390 | N/A \nFixed assets | 543 | N/A \nNon-current assets | 74 | N/A \nLiabilities | (4,422) | N/A \nDeferred revenue | (15,400) | N/A \nCustomer relationships | 15,300 | 8 \nOrder backlog | 1,400 | 1 \nCore/developed technology | 18,500 | 4 \nDeferred tax liability, net | (7,905) | N/A \nGoodwill | 93,776 | Indefinite \n | $139,256 | \n\n2017 Acquisitions\n Cloudmark,\n November 21, 2017 Company acquired shares Cloudmark, Inc. leader messaging security threat intelligence. Cloudmark’s Global Threat Network incorporated Nexus platform email social media mobile SaaS security.\n November 21, 2017 acquired shares Cloudmark. messaging security. Global Threat Network incorporated Nexus platform email social media mobile SaaS security.\n increased messaging threat intelligence emails malicious domain visibility fraudulent SMS messages. expects savings corporate overhead costs. contributed purchase price excess estimated fair value acquired assets goodwill recorded.\n Cloudmark Acquisition Date consideration transferred $107,283 net cash acquired $31,973.\n merger unvested stock options restricted stock units Cloudmark employees canceled exchanged for units. fair value $91 pre-combination services consideration transferred. fair value $1,180 post-combination\n Proofpoint, Inc.Consolidated Financial Statements share amounts thousands\n. unvested awards subject service $1,180 stock-based compensation service.\n table summarizes values assets liabilities intangible goodwill\n Estimated\n Current assets $37,390\n Fixed assets\n Non-current assets 74\n Liabilities (4,422)\n Deferred revenue (15,400\n Customer relationships\n Order backlog 1\n technology 18,500\n Deferred tax liability (7,905)\n Goodwill 93,776\n $139,256" +} +{ + "_id": "d1b336764", + "title": "", + "text": "SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS\nFor the years ended December: (in millions)\n(1) Excludes approximately $5.6 million of reserves related to notes receivable and tax refund receivables originated in 2016.\n(2) Excludes approximately $0.4 million of reserves related to non-trade receivables.\n(3) Amounts represent gross revenue and cost reversals to the estimated sales returns and allowances accounts.\n(4) Amounts in 2019 and 2018 are reported within accrued expenses and other current liabilities, as Product Returns Liability (see Note 4 and 9).\n(5) Amounts in 2019 and 2018 are reported within prepaid expenses and other current assets.\n\nDescription | Balance at Beginning of Period | | Write-offs | Other | Balance at End of Period\n----------------------------------- | ------------------------------ | ------- | ---------- | ---------- | ------------------------\nAllowance for doubtful accounts | | | | | \n2019 | $1.0 | $1.0 | $(0.8) | $0.0 | $1.2 (1) \n2018 | $1.1 | $0.7 | $(0.8) | $0.0 | $1.0 (1) \n2017 | $9.1 | $1.0 | $(0.9) | $0.0 | $1.1 (1) (2) \nAllowance for sales returns (4) | | | | | \n2019 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 \n2018 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 \n2017 | $1.4 | $1.4 | $0.0 | $(1.4) (3) | $1.4 \nAllowance for inventory returns (5) | | | | | \n2019 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 \n2018 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 \n2017 | $(0.6) | $(0.5) | $0.0 | $0.6 (3) | $(0.5) \nAllowance for deferred tax assets | | | | | \n2019 | $18.3 | $(0.3) | $0.0 | $(1.2) | $16.8) \n2018 | $18.3 | $(0.3) | $0.0 | $0.3 | $18.3 \n2017 | $69.0 | $(28.6) | $(2.9) | $(19.2) | $18.3 \n\nSCHEDULE II VALUATION QUALIFYING ACCOUNTS\n years ended December millions\n Excludes $5. 6 million reserves notes receivable tax refund receivables originated 2016.\n Excludes $0. 4 million reserves non-trade receivables.\n Amounts represent gross revenue cost reversals estimated sales returns allowances accounts.\n Amounts 2019 2018 reported accrued expenses current liabilities Product Returns Liability (see Note 4 9).\n Amounts 2019 2018 reported prepaid expenses current assets.\n Balance Beginning Period Write-offs Balance End Period\n Allowance doubtful accounts\n $1. 0 $1. 8). $1. 2\n $1. 1. $1.\n $9. $1. 9). $1. 1\n Allowance sales returns (4)\n $0.\n.\n $1. $1.\n Allowance inventory returns (5)\n.\n.. 0. 0.\n 2017. 6). 5). 6 (3). 5)\n Allowance deferred tax assets\n 2019 $18. 3. 3). 2). 8)\n 2018. 3. 3). 0. 3. 3\n 2017. 6). 9). 2)." +} +{ + "_id": "d1b30cca2", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n25. Capital Risk Management\nThe Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholders value.\nThe Group monitors capital using a gearing ratio, which is total debt divided by total equity plus total debt. The gearing ratio is calculated as follows:\n\n | As of December 31, | \n-------------------------------------- | ------------------ | ---------\n | 2018 | 2019 \nBorrowings, current portion | 520,550 | 255,422 \nBorrowings, non-current portion | 2,307,909 | 2,891,973\nLease liabilities, current portion | 6,675 | 9,363 \nLease liabilities, non-current portion | 199,424 | 195,567 \nTotal debt | 3,034,558 | 3,352,325\nTotal equity | 1,983,122 | 1,649,853\nTotal debt and equity | 5,017,680 | 5,002,178\nGearing ratio | 60.48% | 67.01% \n\nGasLog. Subsidiaries\n consolidated financial statements\n December 31, 2017 2018 2019\n amounts. Dollars\n. Capital Risk Management\n strong credit rating capital ratios maximize shareholders value.\n monitors gearing ratio debt divided equity. calculated\n December 31,\n 2019\n Borrowings 520,550 255,422\n non 2,307,909 2,891,973\n Lease liabilities 6,675 9\n 199,424 195,567\n debt,558 3,352,325\n equity 1,983,122 1,649,853\n 5,017,680 5,002,178\n Gearing ratio 60. 48%." +} +{ + "_id": "d1b38fdc8", + "title": "", + "text": "11 Intangible assets\n(a) Intangible assets\nRIGHTS AND LICENCES\nCertain licences that NEXTDC possesses have an indefinite useful life and are carried at cost less impairment losses and are subject to impairment review at least annually and whenever there is an indication that it may be impaired.\nOther licences that NEXTDC acquires are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful life. The estimated useful life and amortisation method are reviewed at the end of each annual reporting period.\nINTERNALLY GENERATED SOFTWARE\nInternally developed software is capitalised at cost less accumulated amortisation. Amortisation is calculated using the straight-line basis over the asset’s useful economic life which is generally two to three years. Their useful lives and potential impairment are reviewed at the end of each financial year.\nSOFTWARE UNDER DEVELOPMENT\nCosts incurred in developing products or systems and costs incurred in acquiring software and licenses that will contribute to future period financial benefits through revenue generation and/or cost reduction are capitalised to software and systems. Costs capitalised include external direct costs of materials and services and employee costs.\nAssets in the course of construction include only those costs directly attributable to the development phase and are only recognised following completion of technical feasibility and where the Group has an intention and ability to use the asset.\n\n | Rights and licences | Internally generated software | Software under development | Total \n-------------------------------------- | ------------------- | ----------------------------- | -------------------------- | -------\nMovements | $'000 | $'000 | $'000 | $'000 \n30 June 2019 | | | | \nOpening net book amount at 1 July 2018 | 13 | 6,385 | 6,509 | 12,907 \nAdditions – internally developed | - | - | 11,896 | 11,896 \nAmortisation | - | (1,116) | - | (1,116)\nTransfers between classes | - | 2,121 | (2,121) | - \nDisposals | - | (9) | - | (9) \nClosing net book amount | 13 | 7,381 | 16,284 | 23,678 \n\nIntangible assets\n RIGHTS LICENCES\n licences NEXTDC indefinite useful life carried cost less impairment losses subject impairment review annually.\n Other licences carried cost less accumulated amortisation impairment losses. Amortisation recognised estimated useful life. reviewed annual reporting period.\n INTERNALLY GENERATED\n software capitalised cost less accumulated amortisation. calculated economic life two to three years. potential impairment reviewed financial year.\n SOFTWARE UNDER DEVELOPMENT\n Costs developing products systems acquiring software licenses benefits capitalised software. materials services employee costs.\n Assets construction include costs development recognised following technical feasibility Group use asset.\n Rights licences Internally generated software Software under development\n $'000\n 30 June 2019\n Opening net book amount 1 July 2018 6,385\n internally developed 11,896\n Amortisation\nTransfers classes 2,121,121\n Disposals\n Closing book 7,381 16,284 23,678" +} +{ + "_id": "d1b35cf86", + "title": "", + "text": "Total CO2 emissions FY19\n1 Tonnes of carbon dioxide equivalent.\n2 Absolute carbon emissions divided by revenue in millions.\nAuto Trader is required to measure and\nreport its direct and indirect greenhouse\ngas (‘GHG’) emissions by the Companies Act\n2006 (Strategic Report and Directors’ Report)\nRegulations 2013. The greenhouse gas\nreporting period is aligned to the financial\nreporting year. The methodology used to\ncalculate our emissions is based on the\nfinancial consolidation approach, as\ndefined in the Greenhouse Gas Protocol,\nA Corporate Accounting and Reporting\nStandard (Revised Edition). Emission\nfactors used are from UK government\n(‘BEIS’) conversion factor guidance for\nthe year reported.\nAuto Trader is required to measure and report its direct and indirect greenhouse gas (‘GHG’) emissions by the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013. The greenhouse gas reporting period is aligned to the financial reporting year. The methodology used to calculate our emissions is based on the financial consolidation approach, as defined in the Greenhouse Gas Protocol, A Corporate Accounting and Reporting Standard (Revised Edition). Emission factors used are from UK government (‘BEIS’) conversion factor guidance for the year reported.\nThe report includes the ‘Scope 1’ (combustion of fuel) in relation to company cars and ‘Scope 2’ (purchased electricity and gas) emissions associated with our offices. We have chosen to include the emissions associated with leased company cars in Scope 1, as we are responsible for these emissions.\nWe have chosen to present a revenue intensity ratio as this is a relevant indicator of our growth and is aligned with our business strategy. The reduction in our GHG emissions is due to a reduction in the fuel emissions from our company car fleet, as the fleet has reduced. We have also reduced the amount of electricity we use, and this coupled with a decrease in BEIS conversion factors has also contributed to our Scope 2 reduction.\n\n | FY19 | FY18 | FY17 | FY16 \n------------------- | ----- | ----- | ----- | -----\nScope 1 | 263 | 390 | 491 | 565 \nManchester | 213 | 281 | 361 | 357 \nLondon | 44 | 60 | 76 | 88 \nScope 2 | 258 | 340 | 437 | 445 \nTotal | 521 | 731 | 928 | 1,010\nRevenue | 355.1 | 330.1 | 311.5 | 281.6\nCarbon intensity | 1.47 | 2.21 | 2.98 | 3.59 \nYear-on-year change | -34% | -26% | -17% | \n\nCO2 emissions FY19\n Tonnes carbon.\n emissions divided revenue millions.\n Auto Trader measure\n report indirect\n emissions Companies Act\n 2006\n Regulations 2013.\n reporting period aligned financial\n reporting year. methodology\n emissions\n financial consolidation approach\n Greenhouse Gas Protocol\n Corporate Accounting Reporting\n Standard. Emission\n factors UK government\n conversion factor guidance\n.\n Auto Trader report emissions Companies Act 2006 Regulations 2013. reporting period aligned financial reporting year. methodology financial consolidation approach Greenhouse Gas Protocol Corporate Accounting Reporting Standard. Emission factors government conversion factor guidance.\n report includes fuel company cars (purchased electricity gas emissions offices. emissions leased company cars Scope 1.\n revenue intensity ratio indicator growth business strategy. reduction emissions due fuel emissions company car fleet. electricity decrease BEIS conversion factors Scope 2 reduction.\n\n Scope 1 263 390 491 565\n Manchester 213 281 361\n London 44 76\n 2 258 437 445\n Total 521 731 928 1,010\n Revenue. 311. 281.\n Carbon intensity. 47.\n-year -34% -26% -17%" +} +{ + "_id": "d1b3a81f2", + "title": "", + "text": "Accrued Liabilities\nAccrued liabilities consisted of the following (in thousands):\n\n | December 31, 2019 | December 31, 2018\n--------------------------------- | ----------------- | -----------------\nAccrued compensation and benefits | $12,227 | $15,283 \nAccrued tax liabilities | 4,354 | 4,455 \nLease liabilities | 5,109 | — \nOther | 6,066 | 5,553 \nTotal accrued liabilities | $27,756 | $25,291 \n\nAccrued Liabilities\n December 31, 2019 2018\n compensation benefits $12,227 $15,283\n tax 4,354\n Lease 5,109\n 6,066 5,553\n $27,756 $25,291" +} +{ + "_id": "d1b30af92", + "title": "", + "text": "Total Other (Income) Expense, Net\nTotal other income for the year ended December 31, 2019 was $6.6 million compared to $0.5 million of other expense for the year ended December 31,\n2018. Interest income increased due to interest earned on investing our public offering cash proceeds. Interest expense decreased due to having no outstanding borrowings during the year ended December 31, 2019. We discuss borrowings under “Liquidity and Capital Resources” below. Other (income) expense, net was $0.9 million other income in the year ended December 31, 2019 compared to $0.6 million of other income in the year ended December 31, 2018, primarily due to our earnout liabilities. We estimate the fair value of earnout liabilities related to business combinations quarterly. During the year ended December 31, 2019, the adjustments to fair value decreased the carrying value of the earnout liability for our acquisition of Indix, resulting in other income of $1.7 million, partially offset by an increase in the carrying value of the earnout liabilities for our acquisitions of Compli and Portway, which resulted in other expense of $0.6 million. The fair value of the Indix acquisition earnout liability decreased at December 31, 2019, from the fair value at acquisition in February 2019, due primarily to the last three earnout milestones, which are nonfinancial, being more difficult to complete within the required timeframe than initially assessed. During the year ended December 31, 2018, the adjustments to fair value decreased the carrying value of the earnout liabilities for prior acquisitions, resulting in other income of $0.4 million.\n\n | | For the Year Ended December 31, | | | | \n--------------------------------- | --------------------- | ------------------------------- | -------------------------- | --------------------- | ----------- | ----------------\n | | 2019 | | 2018 | $ Change | \n | As reported (ASC 606) | Impacts from Adoption | Without Adoption (ASC 605) | As Reported (ASC 605) | As Reported | Without Adoption\n | | (dollars in thousands) | | | | \nOther (income) expense, net | | | | | | \nInterest income | $(6,037) | $ - | $(6,037) | $(1,553) | $(4,484) | $(4,484) \nInterest expense | 289 | - | 289 | 2,608 | (2,319) | (2,319) \nOther (income) expense, net | (865) | - | (865) | (583) | (282) | (282) \nTotal other (income) expense, net | $(6,613) | $ - | $(6,613) | $472 | $(7,085) | $(7,085) \n\n(Income Expense Net\n December 31, 2019 $6. 6 million compared $0. 5 million December 31,\n 2018. Interest income increased public offering cash proceeds. expense decreased no outstanding borrowings 2019. discuss borrowings “Liquidity Capital Resources”. expense net $0. 9 million 2019 compared $0. 6 million December 2018 due earnout liabilities. estimate fair value liabilities quarterly. 2019 adjustments decreased liability acquisition Indix income $1. 7 million offset increase Compli and Portway expense $0. 6 million. fair value Indix acquisition earnout liability decreased December 31, 2019 February 2019 last three earnout milestones nonfinancial difficult. December 31, 2018 adjustments fair value decreased value earnout liabilities prior acquisitions income $0. 4 million.\n Year Ended December 31,\n 2019 2018\n Impacts Adoption\n(dollars thousands\n Other (income expense net\n Interest income $(6,037) $(1,553) $(4,484)\n Interest expense 289 2,608 (2,319)\n expense net (865) (583) (282)\n Total expense net $(6,613) $472 $(7,085)" +} +{ + "_id": "d1b33efcc", + "title": "", + "text": "Deferred Revenue and Customer Liabilities\nDeferred revenue and customer liabilities consisted of the following (in thousands):\nThe Company expects to recognize the majority of its deferred revenue as of December 31, 2019 over the next 180 days. Revenues of $3.7 million were recognized during the year ended December 31, 2019 from amounts included in deferred revenue at December 31, 2018. Revenues of $4.4 million were recognized during the year ended December 31, 2018 from amounts included in deferred revenue at January 1, 2018.\nThe Company expects to recognize the majority of the customer arrangements with termination rights into revenue as the Company has not historically experienced a high rate of contract terminations.\nEstimated refund liabilities are generally resolved in 180 days, once it is determined whether the requisite service levels and client requirements were achieved to settle the contingency.\n\n | December 31, | \n--------------------------------------------- | ------------ | -------\n | 2019 | 2018 \nDeferred revenue | $3,012 | $3,655 \nCustomer arrangements with termination rights | 15,024 | 16,404 \nEstimated refund liabilities | 8,585 | 10,117 \n | $26,621 | $30,176\n\nDeferred Revenue Customer Liabilities\n expects majority deferred revenue December 31, 2019. Revenues $3. 7 million recognized revenue 2018. Revenues $4. 4 million recognized deferred January 1, 2018.\n recognize majority customer arrangements termination rights revenue high contract terminations.\n Estimated refund liabilities resolved 180 days service levels requirements.\n Deferred revenue $3,012 $3,655\n Customer arrangements termination rights 15,024 16\n Estimated refund liabilities 8,585 10\n $26,621 $30,176" +} +{ + "_id": "d1a731540", + "title": "", + "text": "Operating income in the fourth quarter grew on a sequential and year-over-year basis to $460 million compared to $336 million and $443 million in the prior and year-ago quarters, respectively.\nOperating income\n\n | | Three Months Ended | \n----------------------------- | ----------------- | ------------------------ | -----------------\n | December 31, 2019 | September 29, 2019 | December 31, 2018\n | | (Unaudited, in millions) | \nOperating income | $460 | $336 | $443 \nAs percentage of net revenues | 16.7% | 13.1% | 16.8% \n\nincome fourth quarter grew $460 million compared $336 $443 million prior quarters.\n Three Months Ended\n December 31, 2019 December 31, 2018\n millions\n $460 $336 $443\n percentage net revenues. 7%. 1%." +} +{ + "_id": "d1b3304fe", + "title": "", + "text": "(6) Intangible Assets\nIntangible assets consist of the following (in thousands):\nDuring 2019, we periodically assessed whether any indicators of impairment existed related to our intangible assets. As of each interim period end during the year, we concluded that a triggering event had not occurred that would more likely than not reduce the fair value of our intangible assets below their carrying values.\nAmortization expense recognized in 2019, 2018 and 2017 was $23,671,000, $15,737,000 and $16,812,000, respectively.\n\n | December 31, | \n------------------------ | ------------ | --------\n | 2019 | 2018 \nCustomer relationships | $336,455 | $159,566\nOther | 15,621 | 5,555 \n | 352,076 | 165,121 \nAccumulated amortization | (73,492) | (52,942)\nIntangible assets, net | 278,584 | 112,179 \n\nIntangible Assets\n 2019 assessed indicators impairment. triggering event value values.\n Amortization expense 2019 2018 2017 $23,671,000 $15,737,000 $16,812,000.\n 31,\n Customer relationships $336,455 $159,566\n 15,621 5,555\n 352,076 165,121\n Accumulated amortization (73,492) (52,942)\n Intangible assets 278,584 112,179" +} +{ + "_id": "d1b35a6c8", + "title": "", + "text": "Revenue\nOur revenue consists of fees generated from cloud subscriptions, software licensing, maintenance, professional services, and hardware sales.\nCloud Subscriptions Revenue Year 2019 compared with year 2018 In 2017, we released Manhattan Active™ Solutions accelerating our business transition to cloud subscriptions. As a result, cloud subscriptions revenue increased $23.7 million, or 103%, to $46.8 million in 2019 compared to 2018 as customers began to purchase. our SaaS offerings rather than a traditional perpetual license. Our customers increasingly prefer cloud-based solutions, including existing customers that are migrating from on-premise to cloud-based offerings. Cloud subscriptions revenue for the Americas, EMEA and APAC segments increased $20.3 million, $2.7 million and $0.7 million, respectively.\nYear 2018 compared with year 2017\nCloud subscriptions revenue increased $13.5 million to $23.1 million in 2018 compared to 2017 as customers began to purchase our SaaS offerings rather than a traditional perpetual license. Cloud subscriptions revenue for the Americas, EMEA and APAC segments increased $11.3 million, $1.8 million and $0.4 million, respectively. The EMEA segment began recognizing cloud subscription revenue for the first time in 2017 while the APAC segment began in 2018.\nSoftware License Revenue Year 2019 compared with year 2018 Software license revenue increased $3.5 million to $48.9 million in 2019 compared to 2018. License revenue for the Americas and EMEA segments increased $6.1 million and $0.1 million, respectively, and license revenue for the APAC segment decreased $2.7 million, in 2019 over 2018. The perpetual license sales percentage mix across our product suite in 2019 was approximately 80% warehouse management solutions.\nYear 2018 compared with year 2017 Software license revenue decreased $26.9 million to $45.4 million in 2018 compared to 2017. The decrease was influenced by (1) extended sales cycles and evaluations for some of our contracts, and (2) the business transition to cloud subscriptions, which resulted in traditional perpetual license deals closing as cloud deals based on customer demand. License revenue for the Americas and EMEA segments decreased $15.7 million and $11.5 million, respectively, in 2018 over 2017, while license revenue for the APAC segment increased $0.3 million. The perpetual license sales percentage mix across our product suite in 2018 was approximately 80% warehouse management solutions.\nSoftware license revenue decreased $26.9 million to $45.4 million in 2018 compared to 2017. The decrease was influenced by (1)\nextended sales cycles and evaluations for some of our contracts, and (2) the business transition to cloud subscriptions, which resulted\nin traditional perpetual license deals closing as cloud deals based on customer demand. License revenue for the Americas and EMEA segments decreased $15.7 million and $11.5 million, respectively, in 2018 over 2017, while license revenue for the APAC segment increased $0.3 million. The perpetual license sales percentage mix across our product suite in 2018 was approximately 80% warehouse management solutions.\nMaintenance Revenue\nYear 2019 compared with year 2018\nMaintenance revenue increased $2.2 million in 2019 compared to 2018 primarily due to (1) an increase in the first-year maintenance revenue; (2) our annual renewal rate of customers subscribing to maintenance, which was greater than 90%; and (3) increases in the maintenance renewal prices. Maintenance revenue for the Americas, EMEA and APAC segments increased $1.4 million, $0.4 million and $0.4 million, respectively, compared to 2018.\nYear 2018 compared with year 2017\nMaintenance revenue increased $4.0 million in 2018 compared to 2017 primarily due to (1) an increase in the first-year maintenance revenue; (2) our annual renewal rate of customers subscribing to maintenance, which was greater than 90%; and (3) increases in the maintenance renewal prices. Maintenance revenue for the Americas, EMEA and APAC segments increased $1.1 million, $2.2 million and $0.7 million, respectively, compared to 2017.\nServices Revenue Year 2019 compared with year 2018 Services revenue increased $30.8 million, or 9%, in 2019 compared to 2018. The Americas, EMEA and APAC segments increased $17.8 million, $10.3 million and $2.7 million, respectively, compared to 2018.\nYear 2019 compared with year 2018\nServices revenue increased $30.8 million, or 9%, in 2019 compared to 2018. The Americas, EMEA and APAC segments increased $17.8 million, $10.3 million and $2.7 million, respectively, compared to 2018.\nYear 2018 compared with year 2017 Services revenue increased $3.2 million in 2018 compared to 2017 primarily due to improving demand in the Americas and solid growth in EMEA. Services revenue for the Americas and EMEA segment increased $1.0 million and $6.9 million, respectively, and services revenue for the APAC segment decreased $4.7 million, compared to 2017.\nServices revenue increased $3.2 million in 2018 compared to 2017 primarily due to improving demand in the Americas and solid growth in EMEA. Services revenue for the Americas and EMEA segment increased $1.0 million and $6.9 million, respectively, and services revenue for the APAC segment decreased $4.7 million, compared to 2017.\nHardware\nHardware sales, net decreased $1.5 million, or -10% in 2019 compared to 2018. We adopted the new ASC 606 standard as of\nJanuary 1, 2018 and elected to use the modified retrospective method. Historical hardware sales prior to the adoption of ASC 606\nwere recorded on a gross basis, as we were the principal in the transaction in accordance with the previous standard, ASC 605-45.\nUnder the new standard, we are an agent in the transaction as we do not physically control the hardware which we sell. Accordingly, starting January 1, 2018, we recognize our hardware revenue net of related cost which reduces both hardware revenue and cost of sales as compared to our accounting prior to 2018. For comparison purposes only, had we implemented ASC 606 using the full\nretrospective method, we would have also presented hardware revenue net of cost for prior periods as shown below.\n\n% Change vs. Prior | | | | | | | | \n------------------- | -------- | ------------------ | -------- | ---- | ---- | ---- | ---- | ----\n | Year | % of Total Revenue | | | | | | \n | 2019 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | 2017\n(in thousands) | | | | | | | | \nCloud subscriptions | $46,831 | $23,104 | $9,596 | 103% | 141% | 8% | 4% | 2% \nSoftware license | 48,855 | 45,368 | 72,313 | 8% | -37% | 8% | 8% | 12% \nMaintenance | 149,230 | 147,033 | 142,988 | 1% | 3% | 24% | 26% | 24% \nServices | 360,516 | 329,685 | 326,502 | 9% | 1% | 58% | 59% | 55% \nHardware | 12,517 | 13,967 | 43,190 | -10% | -68% | 2% | 3% | 7% \nTotal revenue | $617,949 | $559,157 | $594,599 | 11% | -6% | 100% | 100% | 100%\n\n\n cloud subscriptions software licensing maintenance services hardware sales.\n Cloud Subscriptions Revenue 2019 2017 Manhattan ActiveTM Solutions cloud subscriptions. revenue increased $23. 7 million $46. 8 million 2019. SaaS. customers prefer cloud-based solutions migrating. subscriptions revenue Americas EMEA APAC increased $20. 3 million $2. 7 million $0. 7 million.\n increased $13. 5 million $23. 1 million SaaS. Americas EMEA APAC increased $11. 3 million $1. 8 million $0. 4 million. EMEA revenue 2017 APAC 2018.\n Software License Revenue increased $3. 5 million to $48. 9 million. Americas EMEA increased $6. 1 million $0. 1 million APAC decreased $2. 7 million. perpetual license sales 80%.\n revenue decreased $26. 9 million to $45. 4 million 2018. influenced extended sales cycles transition. Americas EMEA decreased $15. 7 million.million 2018 revenue APAC increased $0. 3 million. license sales percentage 80% warehouse management solutions.\n Software license revenue decreased $26. 9 million to $45. 4 million 2018 2017. influenced\n extended sales cycles transition cloud subscriptions\n deals. revenue Americas EMEA decreased $15. 7 million $11. 5 million APAC increased $0. 3 million. license sales percentage 80% warehouse management solutions.\n increased $2. 2 million first-year maintenance revenue annual renewal rate 90% prices. Americas EMEA APAC increased $1. 4 million $0. 4 million $0. 4 million.\n increased $4. 0 million first-year maintenance revenue annual renewal rate 90% renewal prices. Americas EMEA APAC increased $1. 1 million $2. 2 million $0. 7 million.\n increased $30. 8 million. Americas EMEA APAC segments increased $17. 8 million $10. 3 million $2. 7 million.\n increased $30. 8 million.Americas EMEA APAC segments increased $17. 8 million $10. 3 million $2. 7 million compared 2018.\n Services revenue increased $3. 2 million due improving demand Americas growth EMEA. Americas EMEA increased $1. 0 million $6. 9 million APAC decreased $4. 7 million.\n Services revenue increased $3. 2 million 2018 due demand Americas growth EMEA. Americas EMEA increased $1. 0 million $6. 9 million APAC decreased $4. 7 million.\n sales net decreased $1. 5 million -10% 2019 compared 2018. adopted ASC 606 standard\n January 1, 2018 modified retrospective method. Historical hardware sales\n recorded gross basis principal transaction.\n new standard agent transaction control hardware. hardware revenue net of cost reduces hardware revenue cost sales 2018. ASC 606\n hardware revenue net cost prior periods.\n Change.\n Total Revenue\nthousands\n Cloud subscriptions $46,831 $23,104 $9,596 103% 141%\n Software license 48,855 45,368 72,313 -37%\n Maintenance 149,230 147,033 142,988\n Services 360,516 329,685 326,502 58%\n Hardware 12,517 13,967 43,190 -10% -68%\n Total revenue $617,949 $559,157 $594,599 -6%" +} +{ + "_id": "d1b38ba70", + "title": "", + "text": "Note 9. Intangible Assets, net\nThe Company’s definite-lived intangible assets as of December 31, 2019 and 2018 consisted of the following:\nAmortization of definite-lived intangible assets is provided over their estimated useful lives on a straight-line basis or the pattern in which economic benefits are consumed, if reliably determinable. The Company reviews its definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Amortization expense from continuing and discontinued operations was $8,879 and $9,150 for the years ended December 31, 2019 and 2018, respectively\n\nDecember 31, 2019 | | | | \n------------------------ | ---------------------- | ---------------------- | ---------- | --------\n | Customer Relationships | Developed Technologies | Trade Name | Total \nGross carrying amount | $52,000 | 32,000 | 3,000 | 87,000 \nAccumulated amortization | (13,866) | (18,286) | (3,000) | (35,152)\nIntangible assets, net | $38,134 | $13,714 | $— | $51,848 \n\n. Intangible Assets\n assets December 31, 2019 2018\n Amortization over estimated lives economic benefits. reviews assets impairment. Amortization expense operations $8,879 $9,150 December 31, 2019 2018\n 31, 2019\n Customer Relationships Developed Technologies Trade\n Gross carrying amount $52,000 32,000 87,000\n Accumulated amortization (13,866) (18,286) (3,000) (35,152)\n Intangible assets net $38,134 $13,714 $51,848" +} +{ + "_id": "d1b32b67a", + "title": "", + "text": "ALTERNATIVE PERFORMANCE MEASURES – continued\nReturn on Invested Capital (RoIC): TORM defines RoIC as earnings before interest and tax (EBIT) less tax, divided by the average invested capital for the period. Invested capital is defined below.\nRoIC expresses the returns generated on capital invested in the Group. The progression of RoIC is used by TORM to measure progress against our longer-term value creation goals outlined to investors. RoIC is calculated as follows:\n\nUSDm | 2019 | 2018 | 2017 \n------------------------------------- | ------- | ------- | -------\nOperating profit/(loss) (EBIT) | 205.9 | 2.8 | 39.5 \nTax | -0.8 | -1.6 | -0.8 \nEBIT less Tax | 205.1 | 1.2 | 38.7 \nInvested capital, opening balance | 1,469.4 | 1,406.0 | 1,387.7\nInvested capital, ending balance | 1,786.0 | 1,469.4 | 1,406.0\nAverage invested capital for the year | 1,627.7 | 1,437.7 | 1,396.9\nReturn on Invested Capital (RoIC) | 12.6% | 0.1% | 2.8% \n\nPERFORMANCE MEASURES\n Return on Invested Capital defines earnings before interest tax divided average invested capital.\n returns capital invested Group. longer-term value goals. calculated\n Operating profit(loss (EBIT 205. 2. 39.\n.\n EBIT less Tax 205. 38.\n Invested capital opening balance 1,469. 1,406. 1,387.\n 1,786. 1,469. 1,406.\n Average invested capital year 1,627. 1,437. 1,396.\n Return on Invested Capital (RoIC 12. 6%. 1%." +} +{ + "_id": "d1a731c70", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 15 — Shareholders' Equity\nA roll forward of common shares outstanding is as follows:\n\n | As of December 31, | \n-------------------------------- | ------------------ | ----------\n | 2019 | 2018 \nBalance at beginning of the year | 32,750,727 | 32,938,466\nRepurchases | (420,770) | (342,100) \nRestricted stock unit issuances | 142,449 | 154,361 \nBalance at end of period | 32,472,406 | 32,750,727\n\nFINANCIAL STATEMENTS\n 15 Shareholders' Equity\n shares\n December 31,\n Balance 32,750,727 32,938,466\n Repurchases (420,770 (342,100)\n Restricted stock issuances 142,449 154,361\n end period 32,472,406 32,750,727" +} +{ + "_id": "d1b3c0234", + "title": "", + "text": "The allowance for doubtful accounts represents management's estimate of uncollectible balances. We determine the allowance based on known troubled accounts, historical experience and other currently available evidence. We write off trade receivables when the likelihood of collection of a trade receivable balance is considered remote.\nThe rollforward of allowance for doubtful accounts is as follows (in millions):\n\n | | Year ended December 31, | \n----------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nBeginning balance | $(1.3) | $(1.9) | $(2.2)\nBad debt expense | (1.6) | (0.6) | (0.8) \nWrite-offs, net of recoveries | 1.6 | 1.2 | 1.1 \nEnding balance | $(1.3) | $(1.3) | $(1.9)\n\nallowance for doubtful accounts management estimate uncollectible balances. determine troubled accounts historical experience evidence. write off receivables likelihood collection remote.\n rollforward allowance doubtful accounts\n ended December 31,\n Beginning balance $(1. 3). 9).\n Bad debt expense (1.\n Write-offs recoveries 1. 6.\n Ending balance $(1." +} +{ + "_id": "d1b2f2640", + "title": "", + "text": "ACQUISITIONS National Storage has successfully transacted 35 acquisitions and 4 development sites in FY19 and continues to pursue high-quality acquisitions across Australia and New Zealand. The ability to acquire and integrate strategic accretive acquisitions is one of National Storage’s major competitive advantages and a cornerstone of its growth strategy. This active growth strategy also strengthens and scales the National Storage operating platform which drives efficiencies across the business.\nWINE ARK Wine Ark, Australia’s largest wine storage provider is part of the National Storage group and houses over two million bottles of fine wine across 15 centres for clients located in over 30 countries. There are few businesses in Australia with more experience when it comes to storing and managing premium wine. Throughout FY19 Wine Ark continued to strengthen its relationship and involvement in the greater wine trade supporting the Wine Communicators of Australia, Sommeliers Association of Australia, Wine Australia and Commanderie de Bordeaux (Australian Chapter).\n\nREGION | NUMBER OF CENTRES | TOTAL NLA\n------------------- | ----------------- | ---------\nBrisbane | 5 | 25,000 \nGold Coast | 4 | 6,500 \nSunshine Coast | 1 | 6,500 \nCentral Coast (NSW) | 6 | 20,600 \nWollongong | 3 | 12,700 \nMelbourne | 2 | 8,600 \nAdelaide | 3 | 15,500 \nPerth | 2 | 10,800 \nAuckland (NZ) | 3 | 27,000 \nHamilton (NZ) | 4 | 21,600 \nRotorua (NZ) | 1 | 5,000 \nTauranga (NZ) | 1 | 3,200 \nTotal Acquisitions | 35 | 163,000 \n\nNational Storage transacted 35 acquisitions 4 development sites FY19 high acquisitions Australia New Zealand. acquisitions competitive growth strategy. growth strategy strengthens platform efficiencies.\n WINE ARK largest wine storage provider National Storage group houses two million bottles wine 15 centres 30 countries. experience storing managing premium wine. FY19 wine Wine Communicators Australia Sommeliers Association Australia Wine Australia Commanderie de Bordeaux.\n REGION CENTRES\n Brisbane 25,000\n Gold Coast 6\n Sunshine Coast\n Central Coast 20,600\n Wollongong 12,700\n Melbourne 8\n Adelaide\n Perth\n Auckland 27,000\n Hamilton 21,600\n Rotorua\n Tauranga 3\n Total Acquisitions 163,000" +} +{ + "_id": "d1b389748", + "title": "", + "text": "The unrecognized tax benefit at December 31, 2019 and 2018, was $29.0 million and $28.4 million, respectively, of which $22.4 million and $22.6 million, respectively, are included in other noncurrent liabilities in the consolidated balance sheets. Of the total unrecognized tax benefit amounts at December 31, 2019 and 2018, $28.2 million and $27.5 million, respectively, represent the net unrecognized tax benefits that, if recognized, would favorably impact the effective income tax rate in the respective years.\nA reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31 is as follows (in thousands):\nThe Company files income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions, and many foreign jurisdictions. The United States, Germany, India, Ireland, Luxembourg, Mexico, the United Kingdom, and Uruguay are the main taxing jurisdictions in which the Company operates. The years open for audit vary depending on the tax jurisdiction. In the United States, the Company’s tax returns for years following 2015 are open for audit. In the foreign jurisdictions, the tax returns open for audit generally vary by jurisdiction between 2003 and 2018.\nThe Company’s Indian income tax returns covering fiscal years 2003, 2005, 2010 through 2013, and 2016 are under audit by the Indian tax authority. Other foreign subsidiaries could face challenges from various foreign tax authorities. It is not certain that the local authorities will accept the Company’s tax positions. The Company believes its tax positions comply with applicable tax law and intends to vigorously defend its positions. However, differing positions on certain issues could be upheld by tax authorities, which could adversely affect the Company’s financial condition and results of operations.\nThe Company believes it is reasonably possible that the total amount of unrecognized tax benefits will decrease within the next 12 months by approximately $11.7 million due to the settlement of various audits and the expiration of statutes of limitations. The Company accrues interest related to uncertain tax positions in interest expense or interest income and recognizes penalties related to uncertain tax positions in other income or other expense. As of December 31, 2019 and 2018, $1.2 million is accrued for the payment of interest and penalties related to income tax liabilities. The aggregate amount of interest and penalties expense (benefit) recorded in the statements of operations for the years ended December 31, 2019, 2018, and 2017, is $0.2 million, $0.0 million, and $(0.8) million, respectively.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------------- | -------- | ------- | --------\nBalance of unrecognized tax benefits at beginning of year | $28,406 | $27,237 | $24,278 \nIncreases for tax positions of prior years | 2,784 | 315 | 2,478 \nDecreases for tax positions of prior years | (96 ) | (61) | (114 ) \nIncreases for tax positions established for the current period | 2,542 | 1,185 | 1,677 \nDecreases for settlements with taxing authorities | (220 ) | — | (154 ) \nReductions resulting from lapse of applicable statute of limitation | (4,462 ) | (115) | (1,155 )\nAdjustment resulting from foreign currency translation | 46 | (155) | 227 \nBalance of unrecognized tax benefits at end of year | $29,000 | $28,406 | $27,237 \n\nunrecognized tax benefit at December 31, 2019 2018 $29. 0 million $28. 4 million $22. 4 million $22. 6 million noncurrent liabilities. December 31, 2019 2018 $28. 2 million $27. 5 million net effective income tax rate.\n reconciliation tax benefits December 31\n Company files income tax returns U. S. federal state jurisdictions foreign jurisdictions. United States Germany India Ireland Luxembourg Mexico United Kingdom Uruguay main jurisdictions. years audit vary jurisdiction. returns 2015 open audit. foreign jurisdictions vary 2003 2018.\n Indian income tax returns 2003, 2005, 2010 2016 under audit. foreign subsidiaries face challenges. local authorities accept tax positions. comply law. differing positions affect financial condition.\n unrecognized tax benefits decrease 12 months by $11. 7 million due to settlement audits expiration statutes of limitations. accrues interest uncertain tax positions recognizes penalties.December 31, 2019 2018 $1. 2 million accrued interest penalties income tax liabilities. interest penalties December 31, 2019 2018 2017 $0. 2 million $0. million $. 8) million.\n unrecognized tax benefits $28,406 $27,237 $24,278\n Increases 2,784,478\n Decreases (96\n 2,542 1,185 1,677\n Decreases settlements authorities (220\n Reductions statute limitation (4,462 (115),155\n Adjustment foreign currency translation 46\n tax benefits end year $29,000 $28,406 $27,237" +} +{ + "_id": "d1b38a56c", + "title": "", + "text": "Note 3 – Inventories, net\nInventories consisted of the following:\n\n | | December 31,\n---------------------- | ------- | ------------\n | 2019 | 2018 \nIngredients | $ 1,942 | $ 1,580 \nPackaging | 2,230 | 2,072 \nFinished goods | 2,220 | 2,165 \nTotal inventories, net | $ 6,392 | $ 5,817 \n\nInventories\n December 31,\n Ingredients 1,942 1,580\n Packaging 2,230 2,072\n Finished goods 2,220 2,165\n inventories $ 6,392" +} +{ + "_id": "d1b358206", + "title": "", + "text": "Results of Operations\nYear Ended December 31, 2019 Compared to the Year Ended December 31, 2018\nOur management reviews and analyzes several key financial measures in order to manage our business and assess the quality of and variability of our service revenue, operating results and cash flows. The following summary tables present a comparison of our results of operations with respect to certain key financial measures. The comparisons illustrated in the tables are discussed in greater detail below.\n\n | | Year Ended December 31, | \n---------------------------------- | ------- | ----------------------- | --------------\n | 2019 | 2018 | Percent Change\nOther Operating Data | | | \nAverage Revenue Per Unit (ARPU) | | | \nARPU—on-net | $ 461 | $ 480 | (3.8)% \nARPU—off-net | $ 1,097 | $ 1,155 | (5.0)% \nAverage price per megabit | $ 0.62 | $ 0.82 | (23.9)% \nCustomer Connections—end of period | | | \nOn-net | 74,554 | 68,770 | 8.4% \nOff-net | 11,660 | 10,974 | 6.3% \n\nOperations\n Ended December 31, 2019 Compared 2018\n management reviews analyzes financial measures service revenue results cash flows. tables comparison results measures. discussed.\n Ended December 31,\n 2019 2018 Percent Change\n Operating Data\n Average Revenue Per Unit)\n-net $ $ 480.\n-net $ 1,097 $ 1,155.\n Average price megabit $. 62 $. 82.\n Customer Connections—end period\n On-net 74,554 68,770.\n Off-net 11,660 10,974. 3%" +} +{ + "_id": "d1b3c7cfa", + "title": "", + "text": "Share-Based Compensation\nThe following table shows a summary of share-based compensation expense included in the Consolidated Statements of Operations during the periods presented (in thousands):\nAmounts presented above include share-based compensation expense of $0.8 million for fiscal year 2017, which is recorded as discontinued operations related to employees of our Compute business.\nAs of September 27, 2019, the total unrecognized compensation costs related to outstanding stock options, restricted stock awards and units including awards with time-based, performance-based, and market-based vesting was $47.0 million, which we expect to recognize over a weighted-average period of 2.9 years.\n\n | | Fiscal Years | \n----------------------------------- | ------- | ------------ | -------\n | 2019 | 2018 | 2017 \nCost of revenue | $2,936 | $3,869 | $3,189 \nResearch and development | 8,551 | 13,448 | 10,565 \nSelling, general and administrative | 12,305 | 14,620 | 22,581 \nTotal | $23,792 | $31,937 | $36,335\n\nShare-Based Compensation\n expense Consolidated Statements Operations\n $0. 8 million 2017 discontinued operations Compute.\n September 27, 2019 unrecognized compensation costs stock options stock awards units $47. 0 million 2. 9 years.\n Fiscal Years\n 2017\n revenue $2,936 $3,869,189\n Research development 8,551 13,448 10,565\n Selling general administrative 12,305 14,620 22,581\n $23,792 $31,937 $36,335" +} +{ + "_id": "d1b302f4a", + "title": "", + "text": "SELECTED FINANCIAL DATA\nThe following data should be read in conjunction with the consolidated financial statements and accompanying notes included elsewhere in the Annual Report on Form 10-K. Fiscal 2018 and 2017 have been recast to reflect the Company’s retrospective adoption of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, and related amendments, collectively referred to as Accounting Standards Codification (“ASC”) 606. Fiscal 2016 and 2015 were not recast. Net income for fiscal 2018 and 2019 has been impacted by the reduced U.S. corporate tax rate enacted by the Tax Cuts and Jobs Act (“TCJA”) of 2017, and fiscal 2018 net income contains the related adjustment for the re-measurement of deferred taxes. Acquisitions have affected revenue and net income in fiscal 2019 as well as the historical periods presented.\n(1) Revenue includes license sales, support and service revenues, and hardware sales, less returns and allowances.\n\n | | | (In Thousands, Except Per Share Data) | | \n---------------------------- | ---------- | ---------- | ------------------------------------- | ----------- | -----------\n | | | YEAR ENDED JUNE 30, | | \nIncome Statement Data | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | | *Unadjusted | *Unadjusted\nRevenue (1) | $1,552,691 | $1,470,797 | $1,388,290 | $1,354,646 | $1,256,190 \nNet Income | $271,885 | $365,034 | $229,561 | $248,867 | $211,221 \nBasic earnings per share | $3.52 | $4.73 | $2.95 | $3.13 | $2.60 \nDiluted earnings per share | $3.52 | $4.70 | $2.93 | $3.12 | $2.59 \nDividends declared per share | $1.54 | $1.36 | $1.18 | $1.06 | $0.94 \nBalance Sheet Data | | | | | \nTotal deferred revenue | $394,306 | $369,915 | $368,151 | $521,054 | $531,987 \nTotal assets | $2,184,829 | $2,033,058 | $1,868,199 | $1,815,512 | $1,836,835 \nLong-term debt | $— | $— | $50,000 | $— | $50,102 \nStockholders’ equity | $1,429,013 | $1,322,844 | $1,099,693 | $996,210 | $991,534 \n\nFINANCIAL DATA\n consolidated financial statements Annual Report Form 10-K. Fiscal 2018 2017 Accounting Standards Update 2014-09 Revenue Contracts Accounting Standards Codification 606. 2016 2015 not recast. Net income 2018 2019 impacted reduced U. corporate tax rate Tax Cuts Jobs Act 2017 2018 adjustment deferred taxes. Acquisitions affected revenue income 2019.\n Revenue includes license support service hardware sales less returns allowances.\n ENDED JUNE 30\n Income Statement Data 2019 2018 2017 2016\n Revenue $1,552,691 $1,470,797 $1,388,290\n Net Income $271,885 $365,034 $229,561 $248,867 $211,221\n Basic earnings per share $3. 52 $4. $2.\n earnings share $3. $4.\n Dividends per share $1. 54..\n Balance\n deferred revenue $394,306 $369,915,151 $521,054\n assets $2,184,829,033,058,868,199,815,512,836,835\n Long-term debt\n Stockholders’ equity $1,429,013 $1,322,844,099,693,210" +} +{ + "_id": "d1b39c2ee", + "title": "", + "text": "49. Notes on related parties\nIn financial year 2018/19, METRO maintained the following business relations to related companies:\nTransactions with associated companies and other related parties\nThe services received totalling €93 million (2017/18: €96 million) that METRO companies received from associates and other related parties in financial year 2018/19 consisted mainly of real estate leases in the amount of €79 million (2017/18: €80 million), thereof €76 million from associates; (2017/18: €78 million) and the rendering of services in the amount of €15 million (2017/18: €16 million), thereof €7 million from joint ventures; (2017/18: €8 million). Other future financial commitments in the amount of €667 million (2017/18: €719 million) consist of tenancy agreements with the following associated companies: OPCI FWP France, OPCI FWS France, Habib METRO Pakistan and the Mayfair group. In financial year 2018/19, METRO companies provided services to companies belonging to the group of associates and related parties in the amount of €8 million (2017/18: €8 million). A dividend of €38 million has been paid out to a shareholder with significant influence. Business relations with related parties are based on contractual agreements providing for arm’s length prices. As in financial year 2017/18, there were no business relations with related natural persons and companies of management in key positions in financial year 2018/19.\nRelated persons (compensation for management in key positions)\nThe management in key positions consists of members of the Management Board and the Supervisory Board of METRO AG. Thus, the expenses for members of the Management Board of METRO AG amounted to €6.9 million (2017/18: €5.2 million) for short-term benefits and €3.7 million (2017/18: €7.0 million) for post-employment benefits. Thereof an amount of €3.0 million relates to termination benefits paid in financial year 2018/19. The expenses for existing compensation programmes with long-term incentive effect in financial year 2018/19, calculated in accordance with IFRS 2, amounted to €2.6 million (2017/18: €0.7 million). The short-term compensation for the members of the Supervisory Board of METRO AG amounted to €2.2 million (2017/18: €2.2 million). The total compensation for members of the Management Board in key positions in financial year 2018/19 amounted to €15.4 million (2017/18: €15.1 million).\n\n€ million | 2017/2018 | 2018/2019\n--------------------------------------------------- | --------- | ---------\nServices provided | 8 | 8 \nAssociates | 5 | 5 \nJoint ventures | 3 | 3 \nMiscellaneous related parties | 0 | 0 \nServices received | 96 | 93 \nAssociates | 78 | 76 \nJoint ventures | 8 | 7 \nMiscellaneous related parties | 10 | 10 \nReceivables from services provided, as of 30/9 | 0 | 0 \nAssociates | 0 | 0 \nJoint ventures | 0 | 0 \nMiscellaneous related parties | 0 | 0 \nLiabilities from goods/services received as of 30/9 | 1 | 1 \nAssociates | 0 | 0 \nJoint ventures | 0 | 0 \nMiscellaneous related parties | 1 | 1 \n\n. Notes related parties\n 2018/19 METRO maintained business relations companies\n Transactions\n services €93 million (2017/18 €96 million real estate leases €79 million €76 million from associates rendering services €15 million €7 million from joint ventures. future financial commitments €667 million €719 million tenancy agreements OPCI FWP France OPCI FWS France Habib METRO Pakistan Mayfair group. provided services €8 million. dividend €38 million paid shareholder influence. Business relations contractual agreements arm’s length prices. no business relations with related persons companies management key positions 2018/19.\n management\n Management Board Supervisory Board METRO AG. expenses for €6. 9 million €5. 2 million short-term benefits €3. 7 million. post-employment benefits. €3. 0 million termination benefits 2018/19. expenses compensation programmes 2018/19 €2. 6 million (2017/18 €0. 7 million. short-term compensation Supervisory Board €2.2 million (2017/18 €2. compensation Management Board 2018/19 €15. 4 million (2017/18 €15. 1 million.\n million 2017/2018 2018/2019\n Services 8\n Associates 5\n Joint ventures 3\n Miscellaneous\n Services 96 93\n Associates 78 76\n Joint ventures 8\n 10\n Receivables services 30/9\n Joint ventures\n Liabilities goods/services 30/9\n Associates\n Joint ventures\n" +} +{ + "_id": "d1a7249da", + "title": "", + "text": "Stock-Based Compensation Expense\nAll share-based awards are measured based on the grant date fair value of the awards and recognized in the Consolidated Statements of Operations and Comprehensive Loss over the period during which the employee is required to perform services in exchange for the award (generally the vesting period of the award).\nThe Company estimates the fair value of stock options granted using the Black-Scholes option valuation model, which requires assumptions, including the fair value of the Company's underlying common stock, expected term, expected volatility, risk-free interest rate and dividend yield of the Company's common stock. These estimates involve inherent uncertainties and the application of management’s judgment. If factors change and different assumptions are used, share-based compensation expense could be materially different in the future.\nThese assumptions are estimated as follows:\n• Fair Value of Common Stock. The Company uses the five-day volume weighted average price for its common stock as reported on the New York Stock Exchange.\n• #Expected Term. The Company determines the expected term based on the average period the stock options are expected to remain outstanding. The Company bases the expected term assumptions on its historical behavior combined with estimates of the post-vesting holding period.\n• Expected Volatility. The Company determines the price volatility factor based on the Company's historical volatility over the expected life of the stock options.\n• Risk-Free Interest Rate. The Company bases the risk-free interest rate used in the Black-Scholes valuation model on the yield available on U.S. Treasury zero-coupon issues with an equivalent remaining term of the stock options for each stock option group.\n• Expected Dividend. The Company has not paid and does not anticipate paying any cash dividends in the foreseeable future and, therefore, uses an expected dividend yield of zero in the option pricing model.\nThe grant weighted average assumptions used to estimate the fair value of stock options granted to employees were as follows:\n\n | Years ended | \n----------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nExpected volatility | 50.7% | 54.2% \nRisk-free interest rate | 2.25% | 2.72% \nDividend yield | Nil | Nil \nAverage expected life | 4.77 | 5.31 \n\nStock-Based Compensation Expense\n share-based awards measured grant date fair value recognized in Consolidated Statements of Operations Comprehensive Loss services vesting period.\n Company estimates fair value stock options Black-Scholes option valuation model value common stock expected term volatility risk interest rate dividend yield. estimates involve uncertainties judgment. change compensation expense.\n assumptions estimated\n Fair Value Common Stock. uses five-day volume average price common stock New York Stock Exchange.\n #Expected Term. determines term. historical behavior post-vesting holding period.\n Expected Volatility. price volatility historical volatility.\n Risk-Free Interest Rate. yield U. S. Treasury zero-coupon issues equivalent remaining term stock options.\n Expected Dividend. cash dividends uses expected dividend yield zero option pricing model.\n grant weighted average assumptions fair value stock options\n December 31, 2019 December 31, 2018\n Expected volatility.54. 2%\n Risk-free interest. 72%\n Dividend yield\n Average life." +} +{ + "_id": "d1b31e448", + "title": "", + "text": "Selected financial data\nUnaudited information\nThe selected financial data shown below include the results of Vodafone India as discontinued operations in all years following the agreement to combine it with Idea Cellular.\nNotes: 1 See note 8 to the consolidated financial statements, “Earnings per share”. Earnings and dividends per ADS is calculated by multiplying earnings per ordinary share by ten, the number of ordinary shares per ADS.\n2 On 19 February 2014, we announced a “6 for 11” share consolidation effective 24 February 2014. This had the effect of reducing the number of shares in issue from 52,821,751,216 ordinary shares (including 4,351,833,492 ordinary shares held in Treasury) as at the close of business on 18 February 2014 to 28,811,864,298 new ordinary shares in issue immediately after the share consolidation on 24 February 2014.\n3 The final dividend for the year ended 31 March 2019 was proposed by the Directors on 14 May 2019 and is payable on 2 August 2019 to holders of record as of 7 June 2019. The total dividends have been translated into US dollars at 31 March 2019 for purposes of the above disclosure but the dividends are payable in US dollars under the terms of the ADS depositary agreement.\n\nAt/for the year ended 31 March | 2019 | 2018 | 2017 | 2016 | 2015 \n----------------------------------------------------------- | -------- | ------- | -------- | -------- | -------\nConsolidated income statement data (€m) | | | | | \nRevenue | 43,666 | 46,571 | 47,631 | 49,810 | 48,385 \nOperating (loss)/profit | (951) | 4,299 | 3,725 | 1,320 | 2,073 \n(Loss)/profit before taxation | (2,613) | 3,878 | 2,792 | (190) | 1,734 \n(Loss)/profit for financial year from continuing operations | (4,109) | 4,757 | (1,972) | (5,127) | 7,805 \n(Loss)/profit for the financial year | (7,644) | 2,788 | (6,079) | (5,122) | 7,477 \nConsolidated statement of financial position data (€m) | | | | | \nTotal assets | 142,862 | 145,611 | 154,684 | 169,107 | 169,579\nTotal equity | 63,445 | 68,607 | 73,719 | 85,136 | 93,708 \nTotal equity shareholders’ funds | 62,218 | 67,640 | 72,200 | 83,325 | 91,510 \nEarnings per share1,2 | | | | | \nWeighted average number of shares (millions) | | | | | \n– Basic | 27,607 | 27,770 | 27,971 | 26,692 | 26,489 \n– Diluted | 27,607 | 27,857 | 27,971 | 26,692 | 26,629 \nBasic (loss)/earnings per ordinary share | (29.05)c | 8.78c | (22.51)c | (20.25)c | 27.48c \nDiluted (loss)/earnings per ordinary share | (29.05)c | 8.76c | (22.51)c | (20.25)c | 27.33c \nBasic (loss)/earnings per share from continuing operations | (16.25)c | 15.87c | (7.83)c | (20.27)c | 28.72c \nCash dividends1,3 | | | | | \nAmount per ordinary share (eurocents) | 9.00c | 15.07c | 14.77c | – | – \nAmount per ADS (eurocents) | 9.00c | 15.07c | 147.7c | – | – \nAmount per ordinary share (pence) | – | – | – | 11.45p | 11.22p \nAmount per ADS (pence) | – | – | – | 114.5p | 111.2p \nAmount per ordinary share (US cents) | 10.10c | 17.93c | 18.52c | 16.49c | 16.65c \nAmount per ADS (US cents) | 10.10c | 179.3c | 182.5c | 164.9c | 166.5c \n\nfinancial data\n Vodafone India discontinued operations Idea Cellular.\n note 8 statements per. ten.\n 19 February 2014, “6 for 11” share consolidation 24 February 2014. 52,821,751,216 4,351,833,492 28,811,864,298.\n final dividend year 31 March 2019 proposed 14 May 2019 payable 2 August 2019 7 June 2019. dividends translated US dollars 31 March 2019 payable US dollars ADS depositary agreement.\n 2019 2018 2017 2016 2015\n Consolidated income statement data (€m)\n Revenue 43,666 46,571 47,631 49,810 48,385\n Operating (loss)/profit (951) 4,299 3,725 1,320 2,073\n/profit before taxation (2,613) 3,878 2,792 (190) 1,734\n)/profit operations (4,109) 4,757 (1,972) (5,127) 7,805\nfinancial year (7,644) 2,788 (6,079) (5,122) 7,477\n Consolidated financial position data (€m\n assets 142,862 145,611 154,684 169,107,579\n equity 63,445 68,607 73,719 85,136 93,708\n equity shareholders’ funds 62,218 67,640 72,200 83,325 91,510\n Earnings per\n Weighted average shares (millions\n 27,607 27,770 27,971 26,692\n/earnings share (29. 8. (22. 27.\n (29. 8. 27.\n operations (16. 25 15. (7. 28.\n Cash dividends1\n Amount ordinary share (eurocents 9. 15. 14.\n 9. 147.\n Amount ordinary share (pence 11. 45p 11. 22p\nADS 114. 111. 2p\n ordinary share cents 10. 17. 18. 52c 16. 65c\n ADS cents 10. 179. 182. 5c 164. 166." +} +{ + "_id": "d1b34134e", + "title": "", + "text": "11. Quarterly financial information (unaudited): (Continued)\n(1) Included in net income for the three months ended September 30, 2019 and December 31, 2019 are an unrealized gain and (loss) on foreign exchange on the Company’s 2024 Notes of $6.1 million and ($4.0) million, respectively.\n\n | | Three months ended | | \n--------------------------------------------------------------- | -------------- | -------------------------------------------------- | ------------------ | -----------------\n | March 31, 2018 | June 30, 2018 | September 30, 2018 | December 31, 2018\n | | (in thousands, except share and per share amounts) | | \nService revenue | $128,706 | $129,296 | $130,139 | $132,049 \nNetwork operations, including equity-based compensation expense | 54,875 | 54,379 | 54,615 | 55,660 \nGains on equipment transactions | 117 | 357 | 416 | 92 \nOperating income | 20,637 | 21,354 | 22,255 | 22,311 \nNet income | 6,784 | 6,552 | 8,231 | 7,100 \nNet income per common share—basic and diluted | 0.15 | 0.15 | 0.18 | 0.16 \nWeighted-average number of common shares—basic | 44,923,973 | 45,016,767 | 45,105,830 | 45,284,481 \nWeighted-average number of common shares—diluted | 45,294,697 | 45,536,473 | 45,699,635 | 45,803,418 \n\n. Quarterly financial information\n income three months September December 31, unrealized gain foreign exchange 2024 Notes $6. 1 million$4. million.\n Three months\n March 31, June 30 September December 31, 2018\n Service revenue $128,706 $129,296 $130,139 $132,049\n Network operations equity compensation expense 54,875 54,379 55,660\n Gains equipment transactions 117\n Operating income 20,637 21,354 22,255\n Net income 6,784 6,552 8,231 7,100\n common diluted.\n-average 44,923,973 45,016,767,105,830\n 45,294,697,536,473,635,803,418" +} +{ + "_id": "d1b374e60", + "title": "", + "text": "The total compensation of the Executive Board members for each of the years 2019, 2018, and 2017 was as follows:\nExecutive Board Compensation\n1) Portion of total executive compensation allocated to the respective year\n\n€ thousands | 2019 | 2018 | 2017 \n---------------------------- | ------ | ------ | ------\nShort-term employee benefits | 17,378 | 18,652 | 16,634\nShare-based payment1) | 32,393 | 23,646 | 25,723\nSubtotal1) | 49,771 | 42,298 | 42,357\nPost-employment benefits | 2,825 | 1,106 | 1,312 \nThereof defined-benefit | 2,056 | 250 | 423 \nThereof defined-contribution | 769 | 856 | 889 \nTotal1) | 52,596 | 43,404 | 43,669\n\ncompensation Executive Board 2019 2018 2017\n compensation\n 2019 2018\n Short-term benefits 17,378 18,652,634\n Share-based 32,393 23,646 25,723\n 49,771 42,298\n Post-employment benefits 2,825 1,106 1,312\n defined-benefit 2,056 423\n-contribution 769 856\n 52,596 43,404 43,669" +} +{ + "_id": "d1b3b5712", + "title": "", + "text": "BALANCE SHEET DATA\n(In thousands)\n(1) Working capital consists of current assets less current liabilities. Amounts prior to 2016 have been recast to conform to the current period’s presentation as a result of our adoption of Accounting Standards Update 2015-17, Balance Sheet Classification of Deferred Taxes. See Note 1 of Notes to Consolidated Financial Statements, included in Part II, Item 8 of this report for additional information.\n(2) Total debt outstanding consisted of taxable revenue bonds due to the State of Alabama Industrial Development Authority. The bonds matured on January 1, 2020 and were repaid in full on January 2, 2020. See Note 12 of Notes to Consolidated Financial Statements, included in Part II, Item 8 of this report for additional information.\n\nAs of December 31, | 2019 | 2018 | 2017 | 2016 | 2015 \n-------------------- | -------- | -------- | -------- | -------- | --------\nWorking capital (1) | $207,599 | $237,416 | $306,296 | $226,367 | $219,219\nTotal assets | $545,118 | $628,027 | $669,094 | $667,235 | $632,904\nTotal debt (2) | $24,600 | $25,600 | $26,700 | $27,800 | $28,900 \nStockholders’ equity | $380,426 | $446,279 | $497,911 | $479,517 | $480,160\n\nBALANCE SHEET\n Working capital assets less liabilities. Accounting Standards Update 2015-17. Note 1.\n debt taxable bonds Alabama Industrial Development Authority. bonds matured January 1 2020 repaid January 2, 2020. Note 12.\n December 31, 2019 2018 2017 2016 2015\n Working capital $207,599 $237,416 $306,296 $226,367 $219,219\n Total assets $545,118 $628,027 $669,094 $667,235 $632,904\n Total debt $24,600 $25,600 $26,700 $27 $28\n Stockholders’ equity $380,426 $446,279 $497,911" +} +{ + "_id": "d1b3278c2", + "title": "", + "text": "Administrative expenses\nThe Group has adopted IFRS 16 ‘Leases’ in the period, which impacts Other costs and Depreciation & amortisation within Operating profit. Property and vehicle rental charges are no longer included in other costs, and depreciation now includes depreciation on leased assets. Prior period comparatives have been restated to reflect these changes as the fully retrospective approach has been used.\nOperating costs continue to be well controlled, with administrative expenses increasing by 3% to £112.3m (2018 restated: £108.8m).\nPeople costs, which comprise all staff costs including third-party contractor costs, increased by 3% in the year to £56.4m (2018: £54.8m). The increase in people costs was driven primarily by underlying salary costs which increased due to strong competition for digital talent, however this has been partially offset by a reduction in average full-time equivalent employees (‘FTEs’) (including contractors) to 804 (2018: 824). The number of FTEs was particularly impacted in the fourth quarter by the transfer of 15 staff to Dealer Auction, our joint venture with Cox Automotive UK. Share-based payments, including applicable national insurance costs of £5.9m (2018: £3.7m), have been included within people costs. The year-on-year increase in the share-based payment charge was due to leavers under the Performance Share Plan in 2018 for which a credit was recognised in the prior year, and a change in the way senior management are remunerated. The Group now settles a greater proportion of the senior management incentive scheme in shares which increases the share-based payment charge with an offset realised within cash bonuses.\nMarketing spend increased in line with revenue by 8% to £17.6m (2018: £16.3m), as we look to maintain and enhance our audience position and educate consumers on new products such as new car offerings and search by monthly payment.\nOther costs, which include data services, property related costs and other overheads, remain well controlled and increased by 2% on a like-for-like basis to £29.4m (2018 restated: £28.7m).\nDepreciation & amortisation remained broadly flat at £8.9m (2018 restated: £9.0m). Within this was depreciation of £2.0m in relation to lease assets (2018 restated: £1.9m).\n1    2018 has been restated for the impact of IFRS 16.\n\n | 2019 | 2018 | \n----------------------------- | ----- | ----- | ------\nCosts | £m | £m | Change\nPeople costs | 56.4 | 54.8 | 3% \nMarketing | 17.6 | 16.3 | 8% \nOther costs | 29.4 | 28.7 | 2% \nDepreciation and amortisation | 8.9 | 9.0 | (1%) \nTotal administrative expenses | 112.3 | 108.8 | 3% \n\n\n Group adopted IFRS 16 ‘Leases’ impacts costs Depreciation amortisation Operating profit. Property vehicle rental charges included depreciation includes leased assets. Prior comparatives restated.\n Operating costs controlled administrative expenses increasing 3% to £112. 3m (2018 £108. 8m.\n People costs increased 3% £56. 4m (2018 £54. 8m. increase salary costs digital offset reduction full-time employees 804 (2018 824). impacted transfer 15 staff Dealer Auction Cox Automotive. Share-based payments national insurance costs £5. 9m (2018 £3. included costs. increase due Performance Share Plan change senior management. Group settles senior management incentive scheme shares increases cash bonuses.\n Marketing spend increased 8% to £17. 6m (2018 £16.\n Other costs data services property overheads controlled increased 2% to £29. 4m (2018 £28. 7m.\nDepreciation amortisation flat £8. 9m restated £9. depreciation £2. lease assets restated £1. 9m.\n restated IFRS 16.\n Costs\n 56. 54. 3%\n Marketing 17. 16. 8%\n 29. 28.\n Depreciation amortisation 8. 9 9.\n administrative expenses 112. 108. 3%" +} +{ + "_id": "d1b377840", + "title": "", + "text": "Property and equipment, net (in millions):\nIn September 2017, we entered into an agreement to sell certain land and buildings located in Sunnyvale, California, with a book value of $118 million, for a total of $306 million, through two separate and independent closings. Upon the completion of the first closing in fiscal 2018, we consummated the sale of properties with a net book value of $66 million for cash proceeds of $210 million, resulting in a gain, net of direct selling costs, of $142 million. The remaining properties, consisting of land with a net book value of $52 million, were classified as assets held-for-sale, and included as other current assets in our consolidated balance sheets as of April 26, 2019 and April 27, 2018. We will consummate the sale of these properties, and receive cash proceeds of $96 million, upon the completion of the second closing, which is expected to occur within the next 12 months. That closing is subject to due diligence, certain termination rights and customary closing conditions, including local governmental approval of the subdivision of a land parcel.\n\n | April 26, 2019 | April 27, 2018\n----------------------------------------------------- | -------------- | --------------\nLand | $ 106 | $ 106 \nBuildings and improvements | 605 | 594 \nLeasehold improvements | 86 | 88 \nComputer, production, engineering and other equipment | 817 | 733 \nComputer software | 357 | 357 \nFurniture and fixtures | 105 | 99 \nConstruction-in-progress | 10 | 27 \n | 2,086 | 2,004 \nAccumulated depreciation and amortization | (1,327 ) | (1,248 ) \nProperty and equipment, net | $ 759 | $ 756 \n\nProperty equipment net\n September 2017 sell land buildings Sunnyvale California book value $118 million $306 million two closings. first closing 2018 sale value $66 million cash proceeds $210 million gain $142 million. remaining properties $52 million assets held-for-sale balance sheets April 26, 2019 27, 2018. consummate sale receive cash proceeds $96 million second closing 12 months. subject due diligence termination rights closing conditions local approval.\n April 26, 2019 April 27, 2018\n Land 106\n Buildings improvements 605\n Leasehold improvements\n Computer production engineering equipment\n software\n Furniture fixtures\n Construction-in-progress\n Accumulated depreciation amortization (1,327\n Property equipment net $ 759 $ 756" +} +{ + "_id": "d1b35243c", + "title": "", + "text": "S. INCOME TAXES\nThe components of income (loss) before income taxes and the provision (benefit) for income taxes as shown in the consolidated statements of operations were as follows:\nIncome tax expense for 2019, 2018 and 2017 totaled $58.3 million, $16.0 million and $266.7 million, respectively. The effective tax rate for 2019, 2018 and 2017 was 11.1%, 3.4% and 50.9%, respectively.\nOn December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act of 2017 (the “Tax Reform Act”), making significant changes to the Internal Revenue Code. The Tax Reform Act has significant direct and indirect implications for accounting for income taxes under ASC 740, “Accounting for Income Taxes” some of which could not be calculated with precision until further clarification and guidance was made available from tax authorities, regulatory bodies or the FASB. In light of this uncertainty, on December 22, 2017 the SEC issued Staff Accounting Bulletin (“SAB”) No. 118, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act,” to address uncertainty in the application of U.S. GAAP when the registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. In accordance with SAB 118, Teradyne recorded $186.0 million of additional income tax expense in the fourth quarter of 2017 which represented Teradyne’s best estimate of the impact of the Tax Reform Act in accordance with Teradyne’s understanding of the Tax Reform Act and available guidance as of that date. The $186.0 million was primarily composed of expense of $161.0 million related to the one-time transition tax on the mandatory deemed repatriation of foreign earnings, $33.6 million of expense related to the remeasurement of certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, and a benefit of $10.3 million associated with the impact of correlative adjustments on uncertain tax positions. In accordance with the requirements of SAB 118, in the fourth quarter of 2018, Teradyne completed its analysis of the effect of the Tax Reform Act based on the application of the most recently available guidance as of December 31, 2018 and recorded $49.5 million of net income tax benefit. The net benefit consisted of $51.7 million of benefit resulting from a reduction in the estimate of the one-time transition tax on the mandatory deemed repatriation of foreign earnings and an expense of $2.2 million associated with the impact of correlative adjustments on uncertain tax positions.\n\n | 2019 | 2018 | 2017 \n------------------------------------ | -------- | -------------- | --------\n | | (in thousands) | \nIncome before income taxes | | | \nU.S | $192,442 | $189,691 | $76,699 \nNon-U.S | 333,330 | 278,110 | 447,713 \n | $525,772 | $467,801 | $524,412\nProvision (benefit) for income taxes | | | \nCurrent: | | | \nU.S. Federal | $19,297 | $(59,122) | $162,679\nNon-U.S | 52,810 | 45,083 | 64,313 \nState | (4,347) | 1,721 | 2,623 \n | 67,760 | (12,318) | 229,615 \nDeferred: | | | \nU.S. Federal | (4,522) | 29,252 | 43,687 \nNon-U.S | (8,007) | (1,243) | (6,476) \nState | 3,073 | 331 | (106) \n | (9,456) | 28,340 | 37,105 \nTotal provision for income taxes | $58,304 | $16,022 | $266,720\n\n. INCOME TAXES\n income before provision consolidated statements operations\n Income tax expense 2019 2018 2017 totaled $58. 3 million $16. 0 million $266. 7 million. effective tax rate 11. 1% 3. 4% 50. 9%.\n December 22, 2017 U. S. enacted Tax Cuts Jobs Act 2017 Reform Internal Revenue Code. implications accounting income taxes ASC clarification tax authorities FASB. December 22, 2017 SEC issued Staff Accounting Bulletin No. 118 Tax Accounting Implications Tax Cuts and Jobs Act uncertainty. GAAP information tax Reform Act. Teradyne recorded $186. 0 million additional income tax expense fourth quarter 2017 estimate impact Tax Reform Act. $186. million expense $161. 0 million-time transition tax repatriation foreign earnings $33. 6 million remeasurement deferred tax assets liabilities benefit $10. 3 million adjustments uncertain tax positions.quarter 2018 Teradyne Tax Reform Act recorded $49. million net income tax benefit. $51. 7 million reduction one-time transition tax foreign earnings expense $2. 2 million adjustments tax positions.\n Income before taxes\n. $192,442 $189,691 $76,699\n Non. 333,330 278,110 447,713\n $525,772 $467,801 $524,412\n Provision) income taxes\n. $19,297(59,122 $162,679\n Non. 52,810 45,083 64,313\n 2,623\n 67,760 (12,318) 229,615\n Deferred\n. (4,522) 29,252 43,687\n Non. (8,007) (1,243) (6,476)\n 37,105\n Total provision income taxes $58,304 $16,022 $266,720" +} +{ + "_id": "d1b3b9f92", + "title": "", + "text": "RECENT DEVELOPMENTS AND RESULTS OF OPERATIONS\nThe results of operations that follow have first been divided into (a) our controlling interests in our publicly-traded subsidiaries Teekay LNG and Teekay Tankers and (b) Teekay Parent.\nWithin these groups, we have further subdivided the results into their respective lines of business. The following table (a) presents revenues and income (loss) from vessel operations for each of Teekay LNG and Teekay Tankers, and for Teekay Parent, and (b) reconciles these amounts to our consolidated financial statements.\n(1) During 2019, Teekay Tankers' ship-to-ship transfer business provided operational and maintenance services to Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by Teekay LNG, for the LNG receiving and regasification terminal in Bahrain. Also during 2019, the Magellan Spirit LNG carrier was chartered by Teekay LNG to Teekay Parent for a short period of time. During 2018, Teekay Parent chartered in two LNG carriers from Teekay LNG until March and April 2018.\n\n | Revenues | | Income (loss) from vessel operations | \n------------------------------- | --------- | --------- | ------------------------------------ | -------\n(in thousands of U.S. dollars) | 2019 | 2018 | 2019 | 2018 \nTeekay LNG | 601,256 | 510,762 | 299,253 | 148,599\nTeekay Tankers | 943,917 | 776,493 | 123,883 | 7,204 \nTeekay Parent | 413,806 | 451,659 | (219,094) | 8,516 \nElimination of intercompany (1) | (13,588) | (10,426) | — | — \nTeekay Corporation Consolidated | 1,945,391 | 1,728,488 | 204,042 | 164,319\n\nDEVELOPMENTS RESULTS\n divided interests Teekay LNG Tankers Teekay Parent.\n subdivided lines business. table presents revenues income (loss Teekay LNG Tankers Parent reconciles consolidated financial statements.\n 2019 Teekay Tankers transfer services LNG Bahrain Operations. LNG terminal Bahrain. Magellan Spirit LNG carrier chartered LNG Teekay Parent. Teekay Parent chartered two LNG carriers March April 2018.\n Revenues Income (loss) operations\n. dollars\n Teekay LNG,256 510,762 299,253 148,599\n Teekay Tankers 943,917 776,493 123,883 7\n Teekay Parent 413,806 451,659 (219,094) 8,516\n,426\n Teekay Corporation Consolidated 1,945,391 1,728,488 204,042 164,319" +} +{ + "_id": "d1b3be34e", + "title": "", + "text": "Note 4. Expenses\nAccounting policy for expenses\nOperating lease costs\nOperating lease payments, net of any incentives received from the lessor, are charged to profit or loss on a straight-line basis over the term of the lease.\nFinance costs\nAll finance costs are expensed in the period in which they are incurred.\nResearch and development costs\nExpenditure on research activities, undertaken with the prospect of obtaining new technical knowledge and understanding, is recognised in the statement of profit or loss and other comprehensive income as an expense when it is incurred.\nExpenditure on development activities is charged as incurred, or deferred where these costs are directly associated with either integration of acquired technology or the development of new technology and it is determined that the technology has reached technological feasibility. Costs are deferred to future periods to the extent that they are expected beyond any reasonable doubt to be recoverable. The costs capitalised comprises directly attributable costs, including costs of materials, services and direct labour. Deferred costs are amortised from the date of commercial release on a straight-line basis over the period of the expected benefit, which varies from 2 to 10 years.\n\nConsolidated | | \n------------------------------------------------------------------ | ------ | ------\n | 2019 | 2018 \n | US$000 | US$000\nProfit before income tax includes the following specific expenses: | | \nIncluded in professional advice expense | | \nCosts associated with acquisitions | 244 | 572 \nFinance costs | | \nInterest and finance charges paid/payable | 1 | 2 \nUnwinding of the discount on provisions | 199 | 60 \nFinance costs expensed | 200 | 62 \nOperating leases included in income statement | | \nOffice rent | 4,339 | 3,538 \nEquipment | 12 | 16 \nMotor vehicle | 51 | 96 \nTotal expense relating to operating leases | 4,402 | 3,650 \nPost-employment benefits | | \nPost-employment benefits: defined contribution | 2,169 | 1,870 \nResearch and development costs expensed | | \nResearch and development costs incurred | 18,478 | 17,793\n\nNote 4. Expenses\n Accounting policy\n Operating lease costs\n incentives charged to profit loss-line over term lease.\n Finance costs\n expensed incurred.\n Research development costs\n new technical knowledge recognised in profit loss income expense.\n charged incurred deferred associated with integration acquired technology or development new technology technological feasibility. Costs deferred to future periods expected recoverable. costs capitalised attributable costs materials services direct labour. Deferred costs amortised from date commercial release expected benefit 2 to 10 years.\n US$000\n Profit before income tax includes expenses\n professional advice expense\n Costs acquisitions\n Finance costs\n Interest finance charges\n Unwinding discount provisions\n Finance costs expensed\n Operating leases income statement\n Office rent 3,538\n Equipment\n Motor vehicle\n expense operating leases 3,650\n Post-employment benefits\nexpensed\n incurred 18,478 17,793" +} +{ + "_id": "d1b3a0da8", + "title": "", + "text": "21. Supplemental Data\nThe following are additional required disclosures and other material items:\n\n | | Years Ended June 30, | \n------------------------------------------------------------ | ------ | -------------------- | -------\n($ in millions) | 2019 | 2018 | 2017 \nCost Data: | | | \nRepairs and maintenance costs | $120.4 | $108.0 | $99.1 \nCash Flow Data: | | | \nNoncash investing and financing activities: | | | \nNoncash purchases of property, plant, equipment and software | $16.1 | $16.5 | $13.7 \nCash paid (received) during the year for: | | | \nInterest payments, net | $27.6 | $29.5 | $27.7 \nIncome tax payments (refunds), net | $27.5 | $33.7 | $(33.3)\n\n. Supplemental Data\n disclosures material items\n Ended June 30\n millions 2019\n Cost Data\n Repairs maintenance $120. $108. $99.\n Cash Flow\n Noncash investing financing\n purchases property plant equipment software $16. $16. $13.\n Cash\n Interest payments $27. $29. $27.\n Income tax payments $27. $33." +} +{ + "_id": "d1b3c1404", + "title": "", + "text": "15 Financial risk management (continued)\n(b) Credit risk\nCredit risk arises from cash and cash equivalents, and trade and other receivables.\n(ii) Trade and other receivables\nCustomer credit risk is managed subject to the Group’s established policy, procedures and control relating to customer credit risk management. Credit evaluations are performed on all customers. Outstanding customer receivables are monitored regularly.\nThe Group aims to minimise concentration of credit risk by undertaking transactions with a large number of customers. In addition, receivable balances are monitored on an ongoing basis with the intention that the Group’s exposure to bad debts is minimised.\nRevenues from data centre services of $61.2 million were derived from two customers (2018: $44.4 million from one customer) whose revenue comprised more than 37% (2018: 29%) of total data centre services revenue.\nThe maximum exposure to credit risk at the end of the reporting period is the carrying value of each class of the financial assets mentioned above and each class of receivable disclosed in Note 5. The Group does not require collateral in respect of financial assets.\nThe Group applies the simplified approach to providing for expected credit losses prescribed by AASB 9, which permits the use of the lifetime expected loss provision for all trade receivables. The loss allowance provision as at 30 June 2019 is determined as follows; the expected credit losses below also incorporate forward looking information.\n\n30 June 2019 | Current | 0 to 30 days past due | 31 to 60 days past due | More than 60 days past due | Total \n------------------------ | ------- | --------------------- | ---------------------- | -------------------------- | ------\n | $'000 | $'000 | $'000 | $'000 | $'000 \nExpected loss rate | 1% | 5% | 7.5% | 20% | - \nGross carrying amount | 23,762 | 2,068 | 787 | 1,703 | 28,320\nLoss allowance provision | 238 | 103 | 59 | 341 | 741 \nNet receivables | 23,524 | 1,965 | 728 | 1,362 | 27,579\n\nFinancial risk management\n Credit risk\n from cash equivalents trade receivables.\n credit risk managed policy. Credit evaluations customers. Outstanding receivables monitored.\n credit risk. receivable balances monitored exposure bad debts.\n Revenues data centre services $61. 2 million from two customers (2018 $44. 4 million one 37% (2018 29%) total revenue.\n maximum exposure to credit risk carrying value financial assets. require collateral.\n applies simplified approach credit losses AASB 9 lifetime loss provision for trade receivables. loss allowance provision 30 June 2019.\n Current 0 to 30 days past 31 to 60 days due More than 60 days Total\n Expected loss rate 1% 5%. 20%\n Gross carrying amount 23,762 2,068 787 1,703 28,320\n Loss allowance provision 238 103 59 341\nreceivables 1,965 27,579" +} +{ + "_id": "d1b35e1e2", + "title": "", + "text": "Section 6: Our investments\nThis section outlines our group structure and includes information about our controlled and associated entities. It provides details of changes to these investments and their effect on our financial position and performance during the financial year. It also includes the results of our associated entities.\n6.1 Parent entity disclosures\nThe accounting policies of the parent entity, iSelect Limited, which have been applied in determining the financial information shown below, are the same as those applied in the consolidated financial statements except for accounting for investments in subsidiaries which are measured at cost.\nThere are no contractual or contingent liabilities of the parent as at reporting date (2018: $nil). iSelect Limited has issued bank guarantees and letters of credit to third parties for various operational purposes. It is not expected these guarantees will be called on.\n\n | CONSOLIDATE | \n--------------------------------------------- | ----------- | ----------\n | 2019 $’000 | 2018 $’000\nFinancial Position | | \nAssets | | \nCurrent Assets | 4,297 | 7,869 \nNon-Current Assets | 165,165 | 174,810 \nTotal Assets | 169,462 | 182,679 \nLiabilities | | \nCurrent Liabilities | 92,352 | 93,067 \nTotal Liabilities | 92,352 | 93,067 \nNet Assets | 77,110 | 89,612 \nEquity | | \nContributed Equity | 111,290 | 111,066 \nReserves | 3,960 | 3,198 \nAccumulated Losses | (38,140) | (24,652) \nTotal Equity | 77,110 | 89,612 \nFinancial Performance | | \nLoss of the parent entity | (4,812) | (163) \nTotal comprehensive loss of the parent entity | (4,812) | (163) \n\nSection 6 investments\n outlines group structure controlled entities. changes financial position performance. results.\n. Parent entity disclosures\n accounting policies iSelect Limited same consolidated financial statements investments subsidiaries cost.\n no contractual contingent liabilities reporting date. iSelect issued bank guarantees letters credit operational purposes. guarantees called.\n 2019 2018\n Financial Position\n Current 4,297 7,869\n Non-Current Assets 165,165 174,810\n Total Assets 169,462 182,679\n Liabilities\n 92,352 93,067\n Net Assets 77,110 89,612\n Contributed Equity 111,290 111,066\n Reserves 3,960 3,198\n Accumulated Losses (38,140) (24,652\n,110\n Financial Performance\n Loss parent entity (4,812)\n" +} +{ + "_id": "d1b2e7a06", + "title": "", + "text": "7. Property, Plant and Equipment and Leases\nProperty, plant and equipment at April 30, 2019 and 2018, consisted of the following (in thousands):\nDepreciation and amortization expense for the years ended April 30, 2019 and 2018 was $2,802,000 and $2,484,000, respectively.\nMaintenance and repairs charged to operations for the years ended April 30, 2019 and 2018 was approximately $309,000 and $466,000, respectively.\nThe Company leases its Long Island, New York headquarters building. On July 25, 2018, the Company signed an amendment to the lease which extends the current lease terms ten years and eight months through September 30, 2029. Pursuant to the amendment to the lease agreement, the annual rent will increase from $1,046,810 in 2019 to $1,276,056 in 2029. Under the terms of the lease, the Company is required to pay its proportionate share of real estate taxes, insurance and other charges.\nIn addition, the Company’s subsidiaries in New Jersey and California lease their office and manufacturing facilities. On February 1, 2018, FEI-Elcom entered into a new lease agreement in New Jersey for office and manufacturing space encompassing approximately 9,000 square feet. The monthly rent is $9,673 through the end of the lease which expires in January 31, 2021. FEI-Zyfer has signed a second amendment to its lease in California, which extends the lease an additional 88 months, beginning October 1, 2017 and expiring January 31, 2025. The average annual rent over the period of the amendment is approximately $312,000. FEI-Zyfer leases office and manufacturing space encompassing 27,850 square feet.\nRent expense under operating leases for the years ended April 30, 2019 and 2018 was approximately $1.2 million and $1.7 million, respectively. The Company records rent expense on its New York building and FEI-Zyfer facility on the straight-line method over the lives of the respective leases. As a result, as of April 30, 2019 and 2018, the Company’s Consolidated Balance Sheet included deferred rent payable of approximately $236,000 and $110,000, respectively, which will be recognized over the respective rental periods.\n\n | 2019 | 2018 \n----------------------------------- | --------- | --------\nBuildings and building improvements | $2,692 | $2,790 \nMachinery, equipment and furniture | 57,157 | 57,503 \n | 59,849 | 60,293 \nLess, accumulated depreciation | (46,811 ) | (46,166)\n | $13,038 | $ 14,127\n\n. Property Plant Equipment Leases\n April 30, 2019 2018\n Depreciation amortization expense $2,802,000 $2,484,000.\n Maintenance repairs $309,000 $466,000.\n Company leases Long Island New York headquarters. July 25, 2018 amendment ten years September 30, 2029. annual rent $1,046,810 2019 to $1,276,056 2029. real estate taxes insurance charges.\n subsidiaries New Jersey California lease office manufacturing facilities. February 1, 2018 lease New Jersey office manufacturing space feet. monthly rent $9,673 January 31, 2021. amendment 88 months 2017 January 31, 2025. average annual rent $312,000. leases office manufacturing 27,850 square feet.\n Rent expense April 2019 2018 $1. 2 million $1. 7 million. rent expense New York building FEI-Zyfer facility.April 30 2019 Balance Sheet deferred rent $236,000 $110,000 recognized rental periods.\n Buildings improvements $2,692 $2,790\n Machinery furniture 57,157\n 60,293\n accumulated depreciation (46,811,166\n $13,038,127" +} +{ + "_id": "d1b3734e8", + "title": "", + "text": "Valuation of Goodwill\nGoodwill balances by reporting unit are as follows:\nGoodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired. Goodwill is not amortized but is subject to an impairment test at a reporting unit level on an annual basis and when circumstances indicate that an impairment is more-likely-than-not. Such circumstances that might indicate an impairment is more-likely-than-not include a significant adverse change in the business climate for one of our reporting units or a decision to dispose of a reporting unit or a significant portion of a reporting unit. The test for goodwill impairment is a two-step process. The first step of the test is performed by comparing the fair value of each reporting unit to its carrying amount, including recorded goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step is performed to measure the amount of the impairment, if any, by comparing the implied fair value of goodwill to its carrying amount. Any resulting impairment would be recorded in the current period.\nDetermining the fair value of a reporting unit for purposes of the goodwill impairment test or for changes in our operating structure is judgmental in nature and involves the use of estimates and assumptions. These estimates and assumptions could have a significant impact on whether or not an impairment charge is recognized and also the magnitude of any such charge. Estimates of fair value are primarily determined using discounted cash flows and market multiples from publicly traded comparable companies. These approaches use significant estimates and assumptions including projected future cash flows, discount rate reflecting the inherent risk in future cash flows, perpetual growth rate and determination of appropriate market comparables.\nWe evaluate our reporting units when changes in our operating structure occur, and if necessary, reassign goodwill using a relative fair value allocation approach. As described in Note 18 to our Consolidated Financial Statements in Item 8 of this Form 10-K, beginning on October 1, 2017, we concluded that CMS became a separate operating segment. In conjunction with the changes to reporting units, we reassigned goodwill between CGD and CMS based on their relative fair values as of October 1, 2017. We estimated the fair value of CGD and CMS at October 1, 2017 based upon market multiples from publicly traded comparable companies in addition to discounted cash flows models for CMS and for a combination of CGD and CMS based on discrete financial forecasts developed by management for planning purposes. Cash flows beyond the discrete forecasts were estimated based on projected growth rates and financial ratios, influenced by an analysis of historical ratios and by calculating a terminal value at the end of the discrete financial forecasts. For the October 1, 2017 valuations, future cash flows were discounted to present value using a discount rate of 13% for our CMS reporting unit and 11% for the combination of our CGD and CMS reporting units.\nFor the first step of our fiscal 2019 annual impairment test, we estimated the fair value of CTS based upon market multiples from publicly traded comparable companies and for CGD and CMS, we estimated the fair value based upon a combination of market multiples from publicly traded comparable companies and discounted cash flow models. The discounted cash flows were based on discrete three-year financial forecasts developed by management for planning purposes. Cash flows beyond the discrete forecasts were estimated based on projected growth rates and financial ratios, influenced by an analysis of historical ratios and by calculating a terminal value at the end of the three-year forecasts. The future cash flows were discounted to present value using a discount rate of 15% for CGD and 12.5% for CMS. The results of our 2019 annual impairment test indicated that the estimated fair value for our CTS and CGD reporting units exceeded their carrying amounts by over 100%, while the estimated fair value of our CMS reporting unit exceeded its carrying amount by over 60%.\nUnforeseen negative changes in future business or other market conditions for any of our reporting units including margin compression or loss of business, could cause recorded goodwill to be impaired in the future. Also, changes in estimates and assumptions we make in conducting our goodwill assessment could affect the estimated fair value of our reporting units and could result in a goodwill impairment charge in a future period.\n\nSeptember 30, | 2019 | 2018 | 2017 \n---------------------------- | -------- | ------------- | --------\n | | (in millions) | \nCubic Transportation Systems | $ 254.6 | $ 49.8 | $ 50.9 \nCubic Mission Solutions | 181.4 | 138.1 | — \nCubic Global Defense | 142.1 | 145.7 | 270.7 \nTotal goodwill | $ 578.1 | $ 333.6 | $ 321.6\n\nValuation Goodwill\n balances by reporting unit\n represents purchase price fair value assets acquired. not amortized subject to impairment test reporting unit level annual circumstances impairment more-likely-than-not. significant adverse change business climate decision dispose portion. test goodwill impairment two-step process. first fair value reporting unit to carrying amount including. If exceeds fair value second impairment fair value goodwill. resulting impairment recorded current period.\n Determining fair value goodwill impairment test changes judgmental involves estimates assumptions. impairment charge magnitude. Estimates determined discounted cash flows market multiples from publicly traded comparable companies. future cash flows discount rate perpetual growth rate market comparables.\n evaluate reporting units changes operating structure reassign goodwill relative fair value allocation approach. Note 18 Financial Statements Item 8 Form 10-K October 1, 2017 CMS separate operating segment.changes reporting units reassigned goodwill between CGD CMS fair values October 1, 2017. estimated fair value CGD CMS October 1 2017 market multiples discounted cash flows CMS financial forecasts. Cash flows estimated projected growth rates financial ratios historical ratios terminal value. valuations future cash flows discounted to present value 13% CMS 11% CGD CMS.\n fiscal 2019 estimated fair value CTS market multiples CGD CMS market multiples discounted cash flow models. discounted cash flows based three-year financial forecasts. Cash flows estimated projected growth rates financial ratios historical ratios terminal value. future cash flows discounted to present value discount 15% for CGD 12. 5% for CMS. 2019 test estimated fair value CTS CGD exceeded carrying amounts over 100% CMS exceeded carrying amount over 60%.\n negative changes in future business market conditions margin compression loss could cause goodwill.changes estimates assumptions goodwill affect value units goodwill impairment.\n 30 2019\n millions\n Cubic Transportation Systems $ 254. 49. $ 50.\n Mission Solutions 181. 138.\n Global Defense 142. 145. 7 270.\n goodwill $. $. 6 $ 321." +} +{ + "_id": "d1b36fb72", + "title": "", + "text": "Other Income (Expense), Net\nOther expense, net decreased by $31 thousand in 2019 compared to 2018 as a result of the recognition of a $1.4 million loss on extinguishment related to the partial repurchase of our 2022 Notes and a $1.1 million increase in interest expense related to our convertible senior notes, offset by an increase of $2.7 million of interest income earned on our investment as a result of proceeds invested from our convertible note and common stock offerings.\n\n | Year Ended December 31, | | Change | \n------------------ | ----------------------- | ---------------------- | ------ | ------\n | 2019 | 2018 | $ | % \n | | (dollars in thousands) | | \nOther expense, net | $ 4,597 | $ 4,628 | $ (31) | (0.7)%\n% of revenue | 2% | 3% | | \n\nIncome Net\n decreased $31 thousand 2019 2018 $1. 4 million loss extinguishment repurchase 2022 Notes $1. 1 million increase interest expense convertible senior notes offset $2. 7 million interest income convertible note common stock offerings.\n Ended December 31,\n 2019 2018\n expense net $ 4,597 $ 4,628.\n revenue 2% 3%" +} +{ + "_id": "d1b3aa1a0", + "title": "", + "text": "F. INVENTORIES\nInventories, net consisted of the following at December 31, 2019 and 2018:\nInventory reserves for the years ended December 31, 2019 and 2018 were $103.6 million and $100.8 million, respectively.\n\n | 2019 | 2018 \n--------------- | -------------- | --------\n | (in thousands) | \nRaw material | $118,595 | $89,365 \nWork-in-process | 32,695 | 31,014 \nFinished goods | 45,401 | 33,162 \n | $196,691 | $153,541\n\n.\n December 31, 2019\n reserves $103. 6 million $100. 8 million.\n Raw material $118,595 $89,365\n Work-in-process 32,695 31,014\n Finished goods 45,401\n $196,691 $153,541" +} +{ + "_id": "d1b376cb0", + "title": "", + "text": "NOTE 14. INCOME (LOSS) PER SHARE (EPS)\nBasic EPS is calculated under the two-class method under which all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities based on their respective rights to receive dividends. Our outstanding convertible preferred stocks are considered participating securities as the holders may participate in undistributed earnings with holders of common shares and are not obligated to share in our net losses.\nDiluted EPS is computed by dividing the net income attributable to RiceBran Technologies common shareholders by the weighted average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if the impact of assumed exercises and conversions is dilutive. The dilutive effects of outstanding options, warrants, nonvested shares and restricted stock units that vest solely on the basis of a service condition are calculated using the treasury stock method. The dilutive effects of the outstanding preferred stock are calculated using the if-converted method.\nBelow are reconciliations of the numerators and denominators in the EPS computations, and information on potentially dilutive securities.\nThe impacts of potentially dilutive securities outstanding at December 31, 2019 and 2018, were not included in the calculation of diluted EPS in 2019 and 2018 because to do so would be anti-dilutive. Those securities listed in the table above which were anti-dilutive in 2019 and 2018, which remain outstanding, could potentially dilute EPS in the future.\n\nYear Ended December 31 | | \n------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ---------- | ----------\n | 2019 | 2018 \nNUMERATOR: Basic and diluted - loss from continuing operations (in thousands) | $ (13,735) | $ (8,101) \nDENOMINATOR: Basic and diluted - weighted average number of common shares outstanding (in thousands) | 32,359,316 | 22,099,149\nNumber of shares of common stock which could be purchased with weighted average outstanding securities not included in diluted EPS because effect would be antidilutive: | | \nStock options | 1,024,811 | 911,264 \nWarrants | 8,443,547 | 16,383,944\nConvertible preferred stock | 224,848 | 581,680 \nRestricted stock units | 1,235,287 | 623,603 \nWeighted average number of nonvested shares of common stock not included in diluted EPS because effect would be antidilutive | 659,581 | 1,169,986 \n\n14. INCOME (LOSS) PER SHARE (EPS)\n calculated two-class method earnings allocated common stock participating securities rights dividends. convertible preferred stocks participating securities earnings not obligated net losses.\n Diluted EPS computed net income RiceBran Technologies common shares additional shares conversions dilutive. dilutive effects options warrants nonvested shares restricted stock units calculated treasury stock method. outstanding preferred stock if-converted method.\n reconciliations numerators denominators EPS computations information potentially dilutive securities.\n impacts dilutive securities December 31, 2019 2018 not included EPS. securities anti-dilutive could dilute EPS.\n Ended December 31\n NUMERATOR diluted loss operations thousands $ (13,735) $ (8,101)\n DENOMINATOR average common shares 32,359,316 22,099,149\nshares common stock\n Stock options 1,024,811 911,264\n Warrants 8,443,547 16,383,944\n Convertible stock 224,848 581,680\n Restricted stock units 1,235,287 623,603\n nonvested shares 659,581 1,169,986" +} +{ + "_id": "d1b3c2bce", + "title": "", + "text": "Stock-based compensation\nThe Company recognized $2.3 million, $2.1 million and $1.9 million of stock-based compensation expense for the years ended March 31, 2019, 2018 and 2017, respectively, as follows:\nStock-based compensation expense in the years ended March 31, 2019, 2018 and 2017 included $211,000, $207,000 and $150,000, respectively, related to the Company’s Employee Stock Purchase Plan.\n\n | | Year Ended March 31, | \n----------------------------------- | ------ | --------------------- | ------\n | 2019 | 2018 | 2017 \n | | (In thousands) | \nCost of revenues | $234 | $259 | $282 \nResearch and development | 1,310 | 1,141 | 980 \nSelling, general and administrative | 722 | 670 | 615 \nTotal | $2,266 | $2,070 | $1,877\n\n\n recognized $2. 3 million. 1 million $1. 9 million stock compensation expense years March 2019 2018 2017\n included $211,000 $207,000 $150,000 Employee Stock Purchase Plan.\n March\n Cost revenues $234 $259\n Research development 1,310 1,141\n Selling general administrative 722 615\n $2,266 $2,070 $1,877" +} +{ + "_id": "d1b3b46be", + "title": "", + "text": "Principal Activities\nThe principal activities during the financial year within the Group were health, life and car insurance policy sales, mortgage brokerage, energy, broadband and financial referral services. There have been no significant changes in the nature of these activities during the year.\nReview of results and operations1\nSummary of financial results\n1 Throughout this report, certain non-IFRS information, such as EBITDA, EBIT, Net Profit after Tax (NPAT), Earnings Per Share (EPS), Conversion Ratio, Leads and Revenue Per Sale (RPS) are used. Earnings before interest and income tax expense (EBIT) reflects profit for the year prior to including the effect of net finance costs and income taxes. Earnings before interest, income tax expense, depreciation and amortisation and loss on associate (EBITDA) reflects profits for the year prior to including the effect of net finance costs, income taxes, depreciation and amortisation and loss on associate. The individual components of EBITDA and EBIT are included as line items in the Consolidated Statement of Profit or Loss and Other Comprehensive Income. Non-IFRS information is not audited. Reference to underlying results excludes the financial impacts of iMoney performance, impairment losses and write-offs from discontinued assets and operations, and material one-off transactions resulting from operations which are no longer core to the business.\n2 Refer to the Reported versus Underlying Results reconciliation on page 112. The reconciliation forms part of the Review of Results and Operations\n3 Restated due to retrospective adoption of new Accounting Standards.\n\n | 2019 $’000 | 2018 $’000 RESTATED3 | CHANGE\n---------------------------------------------------- | ----------- | -------------------- | ------\nContinuing Operations | | | \nOperating revenue | 154,159 | 176,931 | (13%) \nGross profit | 52,963 | 45,139 | 17% \nEBITDA | 7,202 | 10,878 | (34%) \nEBIT | (1,040) | 1,405 | (174%)\nNPAT | (2,003) | 1,089 | (284%)\nReported Results (including discontinued operations) | | | \nOperating revenue | 154,585 | 178,139 | (13%) \nGross profit | 53,225 | 45,944 | 16 \nEBITDA | 6,062 | (5,700) | 206 \nEBIT | (2,252) | (15,278) | 85 \nNPAT | (4,360) | (15,640) | 72 \nEPS (cents) | (1.7) | (7.0) | 76 \nUnderlying Results | | | \nUnderlying EBITDA2 | 22,866 | 15,739 | 45 \nUnderlying EBIT2 | 15,151 | 8,537 | 77 \nUnderlying NPAT2 | 11,062 | 6,732 | 64 \nUnderlying EPS2 | 5.1 | 3.1 | 65 \n\nActivities\n health life car insurance sales mortgage brokerage energy broadband financial referral services. no significant changes.\n Review results\n Summary financial results\n non-IFRS information EBITDA Net Profit after Tax Earnings Per Share Conversion Ratio Leads Revenue Per Sale. Earnings before interest tax profit finance costs taxes. before interest depreciation loss profits. Consolidated Statement Profit Loss. Non-IFRS information not audited. results excludes impacts iMoney performance losses write-offs discontinued assets operations transactions.\n Reported versus Underlying Results reconciliation page 112. Review Results Operations\n Restated new Accounting Standards.\n 2019 2018\n Operations\n Operating revenue 154,159 176,931 (13%)\n Gross profit 52,963 45,139 17%\n EBITDA 7,202 10,878 (34%\n EBIT (1,040) 1,405 (174%)\nNPAT 1,089 (284%\n Results discontinued operations\n Operating revenue 154,585 178,139 (13%)\n Gross profit 53,225 45,944\n EBITDA 6,062 (5,700\n EBIT (2,252) (15,278\n (4,360 (15,640\n EPS.\n Results\n 22,866 15,739\n 15,151 8,537\n 11,062\n EPS2." +} +{ + "_id": "d1b3975be", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n14. Other Payables and Accruals\nAn analysis of other payables and accruals is as follows:\nThe unearned revenue represents charter hires received in advance in December 2019 relating to the hire period of January 2020 for 22 vessels (December 2018: 17 vessels).\n\n | As of December 31, | \n----------------- | ------------------ | -------\n | 2018 | 2019 \nUnearned revenue | 38,680 | 48,183 \nAccrued off-hire | 7,376 | 6,968 \nAccrued purchases | 18,578 | 9,759 \nAccrued interest | 38,107 | 36,746 \nOther accruals | 24,709 | 34,586 \nTotal | 127,450 | 136,242\n\nGasLog Ltd. Subsidiaries\n consolidated financial statements\n December 2017 2018 2019\n amounts. Dollars\n.\n unearned revenue charter hires December 2019 January 2020 22 vessels 17.\n December\n Unearned revenue 38,680 48,183\n off-hire 7,376\n purchases 18,578 9,759\n interest 38,107 36,746\n Other accruals 24,709 34,586\n 127,450 136,242" +} +{ + "_id": "d1b343d6a", + "title": "", + "text": "Note 3. Revenue from Contracts with Customers\nContract Assets\nOur contract assets consist of capitalized commission costs and upfront payments made to customers. The current portion of capitalized commission costs and upfront payments made to customers are included in other current assets within our consolidated balance sheets. The non-current portion of capitalized commission costs and upfront payments made to customers are reflected in other assets within our consolidated balance sheets. Our amortization of contract assets during the years ended December 31, 2019 and 2018 were $2.4 million and $2.0 million, respectively. There were no amortized commission costs during the year ended December 31, 2017.\nWe review the capitalized costs for impairment at least annually. Impairment exists if the carrying amount of the asset recognized from contract costs exceeds the remaining amount of consideration we expect to receive in exchange for providing the goods and services to which such asset relates, less the costs that relate directly to providing those good and services and that have not been recognized as an expense. We did not record an impairment loss on our contract assets during the years ended December 31, 2019, 2018 and 2017.\nThe changes in our contract assets are as follows (in thousands):\n\n | Year Ended December 31, | \n------------------------------------------------------------------------- | ----------------------- | -------\n | 2019 | 2018 \nBeginning of period balance | $2,881 | $— \nCommission costs and upfront payments to a customer capitalized in period | 4,141 | 4,864 \nAmortization of contract assets | (2,444) | (1,983)\nEnd of period balance | $4,578 | $2,881 \n\n. Revenue from Contracts Customers\n Assets\n assets capitalized commission costs upfront payments. current included in assets. non-current reflected. amortization contract assets December 31, 2019 2018 $2. 4 million $2. 0 million. no amortized commission costs December 31, 2017.\n review capitalized costs for impairment annually. Impairment exists if contract exceeds consideration. impairment loss on contract assets December 31, 2019 2018 2017.\n changes in contract assets thousands):\n Year Ended December 31,\n 2018\n Beginning period balance $2,881\n Commission costs upfront payments 4,141,864\n Amortization contract assets (2,444) (1,983)\n End period balance $4,578 $2,881" +} +{ + "_id": "d1b3c1cba", + "title": "", + "text": "2. CONCENTRATIONS OF CREDIT RISK\nThe Company’s principal financial instrument subject to potential concentration of credit risk is accounts receivable, which is unsecured. The Company provides an allowance for doubtful accounts equal to estimated losses expected to be incurred in the collection of accounts receivable. The Company has adopted credit policies and standards intended to accommodate industry growth and inherent risk and it believes that credit risks are moderated by the financial stability of its major customers, conservative payment terms and the Company’s strict credit policies.\nRevenue from significant customers, those representing 10% or more of revenue for the respective periods, are summarized as follows:\nThe Company provided its products to Apple through sales to multiple contract manufacturers.\nThese customers primarily purchase RF and Wi-Fi solutions for cellular base stations and a variety of mobile devices, including smartphones, wearables, laptops, tablets and cellular-based applications for the IoT.\nAccounts receivable related to these customers (which includes multiple contract manufacturers) accounted for 49%, 26%, and 40% of the Company’s total net accounts receivable balance as of March 30, 2019, March 31, 2018 and April 1, 2017, respectively.\nOn May 16, 2019, the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce placed Huawei and 68 of its non-U.S. affiliates on the “entity list” under Export Administration Regulations (EAR), which had the effect of prohibiting all future sales by the Company of any product to Huawei or its affiliates, absent obtaining a license from BIS. While BIS has broad authority to issue licenses, the rulemaking imposes a presumption that licenses will be denied.\nAlthough Huawei is not prohibited from paying (and the Company is not restricted from collecting) accounts receivable for products sold to Huawei prior to the BIS action, the credit risks associated with these accounts may have increased as a result of this development. As of the date of this report, the Company is unable to predict the scope or duration of the new EAR restrictions on Huawei or the impact to the Company’s business or future results of operations.\n\n | | Fiscal Year | \n---------------------------------------- | ---- | ----------- | ----\n | 2019 | 2018 | 2017\nApple Inc. (“Apple”) | 32% | 36% | 34% \nHuawei Technologies Co., Ltd. (“Huawei”) | 13% | 8% | 11% \n\n. CREDIT RISK\n principal financial instrument is accounts receivable unsecured. provides for doubtful accounts equal to estimated losses. adopted credit policies standards industry growth risk risks moderated by financial stability customers conservative payment terms strict credit policies.\n Revenue from significant customers 10% or more revenue\n Company provided products to Apple multiple contract manufacturers.\n customers purchase RF Wi-Fi solutions for cellular base stations mobile devices.\n Accounts receivable 49% 26%, 40% net accounts receivable balance March 30, 2019 March 31, 2018 April 1, 2017.\n May 16, 2019 Bureau of Industry Security. placed Huawei 68 non-U. S. affiliates on Export future sales license from BIS. licenses presumption licenses denied.\n Huawei not prohibited from paying collecting accounts receivable for products credit risks may increased. predict scope duration new EAR restrictions on Huawei impact business future results.\n\n 2019 2018 2017\n Apple Inc. 32% 36%\n Huawei Technologies. 13% 8%" +} +{ + "_id": "d1b3be84e", + "title": "", + "text": "Other Income (Expense)\nInterest Income\nInterest income represents interest earned on our cash, cash equivalents, and investments.\nInterest income increased by $16.9 million in fiscal year 2019. The increase in our interest income is associated with the increase in invested funds, primarily as a result of proceeds of approximately $600 million related to the common stock and convertible note offering in March 2018 and, to a lesser extent, higher yields on those invested funds.\nInterest Expense\nInterest expense includes both stated interest and the amortization of debt discount and issuance costs associated with the $400.0 million aggregate principal amount of our Convertible Senior Notes that were issued in March 2018. Accordingly, interest expense in fiscal year 2019 is higher than fiscal year 2018 as the notes were only outstanding for part of fiscal year 2018.\nInterest expense increased $10.9 million in fiscal year 2019, compared to the same period a year ago. Interest expense for fiscal year 2019 consists of noncash interest expense of $12.2 million related to the amortization of debt discount and issuance costs and stated interest of $5.0 million.\nOther Income (Expense), Net\nOther income (expense), net consists primarily of foreign exchange gains and losses resulting from fluctuations in foreign exchange rates on monetary asset and monetary liability balances that are denominated in currencies other than the functional currency of the entity in which they are recorded. We currently have entities with a functional currency of the Argentine Peso, Australian Dollar, Brazilian Real, British Pound, Canadian Dollar, Euro, Japanese Yen, Malaysian Ringgit, and Polish Zloty.\nWe realized a net currency exchange loss of $1.9 million in fiscal year 2019 as compared to a net currency exchange gain of $0.5 million in fiscal year 2018 as a result of exchange rate movements on foreign currency denominated accounts against the US Dollar.\n\n | Fiscal years ended July 31, | | | \n--------------------------- | --------------------------- | ---------------------------------- | -------- | -----\n | 2019 | 2018 | Change | \n | Amount | Amount | ($) | (%) \n | | (In thousands, except percentages) | | \nInterest income | $30,182 | $13,281 | 16,901 | 127 \nInterest expense | $(17,334) | $(6,442) | (10,892) | 169 \nOther income (expense), net | $(1,867) | $509 | (2,376) | (467)\n\nIncome\n Interest\n cash equivalents investments.\n increased $16. 9 million 2019. increase invested funds proceeds $600 million common stock convertible note offering March 2018 higher yields.\n Interest Expense\n includes stated interest amortization debt discount issuance costs $400. 0 million Convertible Senior Notes March 2018. expense 2019 higher.\n expense increased $10. 9 million 2019. noncash $12. 2 million amortization debt discount issuance costs stated interest $5. 0 million.\n Income Net\n foreign exchange gains losses exchange rates balances currencies. entities Argentine Peso Australian Dollar Brazilian Real British Pound Canadian Dollar Euro Japanese Yen Malaysian Ringgit Polish Zloty.\n net currency exchange loss $1. 9 million 2019 gain $0. 5 million 2018 exchange rate movements foreign currency accounts Dollar.\n Fiscal years ended July 31,\n 2018\n$\n thousands\n Interest income $30,182 $13,281 16,901\n Interest expense $(17,334 $(6,442 (10\n Other income $(1,867) $509" +} +{ + "_id": "d1b30d954", + "title": "", + "text": "Operating assets and liabilities\n5 Trade and other receivables\n(a) Trade receivables\n(i) Classification as trade receivables\nTrade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 - 60 days and therefore are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.\n(ii) Fair values of trade and other receivables\nDue to the short-term nature of the trade and other receivables, their carrying amount is considered to be the same as their fair value.\n(iii) Impairment and risk exposure\nInformation about the Group's impairment policies, calculation of loss allowance and exposure to credit risk, foreign currency risk and interest rate risk can be found in note 15.\n(b) Interest receivable\nInterest receivable relates to interest accrued on term deposits. Credit risk of this is assessed in the same manner as cash and cash equivalents which is detailed in note 15.\n\n | | 30 June 2019 | 30 June 2018\n------------------------------- | ---- | ------------ | ------------\n | Note | $'000 | $'000 \nTrade receivables | 5(a) | 28,320 | 36,522 \nLoss allowance (see note 15(b)) | | (741) | (1,254) \n | | 27,579 | 35,268 \nInterest receivable | 5(b) | 54 | 27 \nGST receivable | | 6,222 | 162 \nOther receivables | | 1 | 1,629 \nTotal | | 33,856 | 37,086 \n\nOperating assets liabilities\n Trade receivables\n Classification\n due goods services. due settlement 30 - 60 days current. recognised unconditional financing fair value. Group holds receivables collect contractual cash flows measures amortised cost effective interest method.\n Fair values\n short-term carrying amount same fair value.\n Impairment risk exposure\n impairment policies loss allowance credit foreign currency interest rate risk note 15.\n Interest receivable\n accrued term deposits. Credit risk assessed cash equivalents note 15.\n 30 June 2019 30 June 2018\n Trade receivables 5(a 28,320 36,522\n Loss allowance 15 (741) (1,254)\n 27,579 35,268\n Interest receivable 5(b)\n GST receivable 6,222\n Other receivables 1,629\n 33,856 37,086" +} +{ + "_id": "d1b2fd590", + "title": "", + "text": "NOTE 10 – COMMON STOCK PURCHASE WARRANTS\nOur warrant activity during the years ended December 31, 2019 and 2018 is shown below (in thousands except price data):\nIn connection with the issuance of the $10.0 million secured promissory notes in December 2013, we issued common stock purchase warrants (“warrants”) exercisable for 60 thousand shares of our common stock having an exercise price of $2.52 per share (after giving effect to our one-for-five reverse stock split) with an expiration date in December 2020. These warrants contain a cashless exercise feature (See Note 7).\nAs part of our July 2017 private placement transaction with Mr. Schutte, we issued warrants to purchase 1,782,531 shares of our common stock. The warrants are immediately exercisable at a price of $0.528 per share and expire five years after issuance (See Note 8). We have assigned a relative fair value of $495 thousand to the warrants out of the total $4.0 million proceeds from the private placement transaction and have accounted for these warrants as equity.\nOn June 28, 2019 as part of the changes made to the loan agreements we had with Mr. Schutte, each having an original due date of January 2, 2020, we issued to him a warrant to purchase 10.0 million shares of our common stock exercisable at a price of $0.01 per share and expire five years after issuance. We obtained a valuation of fair value on the warrant and $1.145 million was allocated to the warrant and accounted for as equity. (see Note 7 and Note 8). The warrant was assigned and transferred by Mr. Schutte to AD Pharma on June 28, 2019.\n\n | | | December 31, | \n-------------------- | ------ | -------- | ------------ | --------\n | | 2019 | | 2018 \n | | WAvg | | WAvg \n | | Exercise | | Exercise\n | Number | Price | Number | Price \nOutstanding, Jan. 1 | 1,842 | $0.59 | 1,842 | $0.59 \nIssued | 10,000 | 0.01 | - | - \nExercised | - | - | - | - \nExpired | - | - | - | - \nModification | - | - | - | - \nOutstanding, Dec. 31 | 11,842 | 0.10 | 1,842 | $0.59 \n\nNOTE 10 COMMON WARRANTS\n warrant activity December 31, 2019 2018\n $10. million promissory notes December 2013, issued common stock purchase warrants 60 thousand shares common stock exercise price $2. 52 per share expiration date December 2020. warrants cashless exercise feature.\n July 2017 private placement transaction. Schutte issued warrants purchase 1,782,531 shares common stock. warrants exercisable $0. 528 per share expire five years after issuance. assigned fair value $495 thousand warrants $4. million proceeds placement accounted warrants equity.\n June 28, 2019 changes loan agreements. Schutte January 2, 2020 issued warrant purchase 10. million shares common stock $0. 01 per share five years after issuance. obtained valuation fair value $1. 145 million allocated accounted equity. warrant assigned transferred. AD Pharma June 28, 2019.\n.\n.01 \n Exercised\n Expired\n Modification\n Outstanding Dec. 31 | 11,842 |. 10 1,842 . 59" +} +{ + "_id": "d1b397ece", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nThe final fair values of the assets acquired and liabilities assumed from our acquisitions in 2018 are as follows:\n\n | Trek | Electrostatic Product Line | LumaSense | Total \n--------------------------------------- | ------- | -------------------------- | --------- | --------\nAccounts and other receivable, net | $ 2,818 | $ 77 | $ 7,167 | $ 10,062\nInventories | 3,941 | 292 | 9,372 | 13,605 \nProperty and equipment | 594 | 50 | 1,353 | 1,997 \nGoodwill | — | 1,220 | 36,258 | 37,478 \nIntangible assets | 788 | 1,400 | 43,240 | 45,428 \nDeferred income tax assets | 606 | — | 6,331 | 6,937 \nOther assets | 854 | — | 6,004 | 6,858 \nTotal assets acquired | 9,601 | 3,039 | 109,725 | 122,365 \nAccounts payable | 747 | 39 | 5,734 | 6,520 \nDeferred income tax liabilities | — | — | 11,699 | 11,699 \nOther liabilities | 2,782 | — | 7,608 | 10,390 \nTotal liabilities assumed | 3,529 | 39 | 25,041 | 28,609 \nTotal fair value of net assets acquired | $ 6,072 | $ 3,000 | $ 84,684 | $ 93,756\n\nADVANCED ENERGY INDUSTRIES. FINANCIAL STATEMENTS share\n assets liabilities 2018\n Trek Electrostatic Product Line LumaSense\n Accounts receivable $ 2,818 7,167 10,062\n Inventories 3,941 9,372\n Property equipment 594 1,353\n Goodwill 1,220 36,258 37,478\n Intangible assets 788 1,400\n Deferred income tax assets 606\n Other assets 854\n acquired 9,601 109,725,365\n Accounts payable 747 5,734\n Deferred income tax liabilities\n Other liabilities 2,782\n liabilities assumed 3,529 25,041\n assets acquired $ 6,072 $ 3,000 $ 84,684 93,756" +} +{ + "_id": "d1b333fe6", + "title": "", + "text": "1998 Employee Qualified Stock Purchase Plan (“ESPP”)\nUnder Autodesk’s ESPP, which was approved by stockholders in 1998, eligible employees may purchase shares of Autodesk’s common stock at their discretion using up to 15% of their eligible compensation, subject to certain limitations, at 85% of the lower of Autodesk's closing price (fair market value) on the offering date or the exercise date. The offering period for ESPP awards consists of four, six-month exercise periods within a 24-month offering period.\nAt January 31, 2019, a total of 8.1 million shares were available for future issuance. Under the ESPP, the Company issues shares on the first trading day following March 31 and September 30 of each fiscal year. The ESPP does not have an expiration date.\nA summary of the ESPP activity for the fiscal years ended January 31, 2019, 2018 and 2017 is as follows:\nAutodesk recorded $27.2 million, $25.7 million, and $25.9 million of compensation expense associated with the ESPP in fiscal 2019, 2018, and 2017, respectively.\n\n | | Fiscal year ended January 31, | \n----------------------------------------------------------------------- | ------ | ----------------------------- | ------\n | 2019 | 2018 | 2017 \nIssued shares | 1.0 | 2.0 | 2.3 \nAverage price of issued shares | $90.25 | $39.03 | $36.99\nWeighted average grant date fair value of awards granted under the ESPP | $42.75 | $32.41 | $19.20\n\n1998 Employee Qualified Stock Purchase Plan\n approved 1998 employees purchase common stock 15% compensation 85% Autodesk closing price. six-month 24-month.\n January 31, 2019 8. 1 million shares available future issuance. Company issues shares first trading day March 31 September 30 each fiscal year. expiration date.\n ESPP activity years January 31, 2019 2018 2017\n Autodesk recorded $27. 2 million $25. 7 million $25. 9 million compensation expense ESPP 2019 2018 2017.\n January\n Issued shares.\n Average price $90. $39. $36.\n average grant date fair value $42. 75 $32. $19." +} +{ + "_id": "d1b362666", + "title": "", + "text": "Deferred income taxes reflect the net tax effects of temporary differences between the amounts of assets and liabilities for accounting purposes and the amounts used for income tax purposes. The components of the net deferred tax assets (liabilities) are as follows (amounts in millions):\nAs of December 31, 2019, we had gross tax credit carryforwards of $191 million for state purposes. The tax credit carryforwards are included in Deferred tax assets net of unrealized tax benefits that would apply upon the realization of uncertain tax positions. In addition, we had foreign NOL carryforwards of $32 million at December 31, 2019, attributed mainly to losses in France which can be carried forward indefinitely.\nWe evaluate deferred tax assets each period for recoverability. We record a valuation allowance for assets that do not meet the threshold of “more likely than not” to be realized in the future. To make that determination, we evaluate the likelihood of realization based on the weight of all positive and negative evidence available. As a result of the Closing Agreement, we received in 2018, we determined at that time that our remaining California research and development credit carryforwards (“CA R&D Credit”) no longer met the threshold of more likely than not to be realized in the future. As such, consistent with our position at December 31, 2018, we have established a full valuation allowance against our CA R&D Credit. For the year ended December 31, 2019, the valuation allowance related to our CA R&D Credit is $71 million. We will reassess this determination quarterly and record a tax benefit if and when future evidence allows for a partial or full release of this valuation allowance.\nAs of December 31, 2017, we no longer consider the available cash balances related to undistributed earnings held outside of the U.S. by our foreign subsidiaries to be indefinitely reinvested.\n\n, | As of December 31, | \n------------------------------------------------ | ------------------ | -----\n | 2019 | 2018 \nDeferred tax assets: | | \nAllowance for sales returns and price protection | $19 | $25 \nAccrued expenses | 28 | 26 \nDeferred revenue | 119 | 136 \nTax attributes carryforwards | 93 | 81 \nShare-based compensation | 54 | 69 \nIntangibles | 1,289 | 43 \nU.S. deferred taxes on foreign earnings | — | 318 \nCapitalized software development expenses | 67 | — \nOther | 109 | 28 \nDeferred tax assets | 1,778 | 726 \nValuation allowance | (181) | (61) \nDeferred tax assets, net of valuation allowance | 1,597 | 665 \nDeferred tax liabilities: | | \nIntangibles | (142) | (140)\nCapitalized software development expenses | — | (57) \nU.S. deferred taxes on foreign earnings | (594) | — \nOther | (73) | (26) \nDeferred tax liabilities | (809) | (223)\nNet deferred tax assets | $788 | $442 \n\nDeferred income taxes reflect differences between assets liabilities accounting tax. net deferred tax assets\n December 31, 2019 gross tax credit carryforwards $191 million state. included in Deferred tax assets unrealized tax benefits tax. foreign NOL carryforwards $32 million December 31, 2019 losses France carried forward indefinitely.\n evaluate deferred tax assets for recoverability. record valuation allowance for assets. likelihood positive evidence. Closing Agreement 2018 California research development credit carryforwards threshold. established full valuation allowance against CA R&D Credit. year December 31, 2019 valuation allowance $71 million. reassess quarterly record tax benefit if future evidence allows partial release valuation allowance.\n December 31, 2017 no consider cash balances undistributed earnings outside U. S. by foreign subsidiaries indefinitely reinvested.\n December\n Deferred tax assets\n Allowance for sales returns price protection\nAccrued expenses 28\n Deferred revenue 119\n Tax 93\n Share compensation\n Intangibles 1,289\n. deferred taxes foreign earnings\n software expenses\n Deferred tax assets 1,778 726\n Valuation allowance\n 1,597\n liabilities\n Intangibles (142)\n software expenses\n. taxes foreign earnings (594)\n tax liabilities (809)\n deferred tax assets $788" +} +{ + "_id": "d1b3bb6f8", + "title": "", + "text": "Greenhouse gas emissions\nSpirent is committed to acting to combat climate change and reporting its progress. Our total Scope 1 and 2 emissions dropped by 6.14 per cent from 2018, and our emissions per $ million of revenue were down by 10.9 per cent. We have reduced our total emissions by 29 per cent since our 2014 baseline.\nThe Group responded to the Carbon Disclosure Project in 2019, completing the Climate Change and Supply Chain questionnaires. In 2019 we achieved a Climate Change rating of B (management) (2018 C) and a Supplier Engagement rating of B (management) (2018 B). The average for our sector is C in both categories.\n\n | 2019 | 2018 \n-------------------------------------------------------------------- | -------------- | --------------\n | Tonnes of CO2e | Tonnes of CO2e\nEmissions from: | | \nCombustion of fuel and operation of facilities (Scope 1) | 144.7 | 137.2 \nElectricity, heat, steam and cooling purchased for own use (Scope 2) | 4,641.0 | 4,950.4 \nTotal emissions | 4,785.7 | 5,087.6 \nEmissions intensity metrics: | | \nNormalised per FTE employee | 3.46 | 3.57 \nNormalised per square metre of gross internal area of our facilities | 0.114 | 0.125 \nNormalised per $ million of revenues | 9.50 | 10.67 \n\nGreenhouse gas emissions\n Spirent climate change. Scope 1 2 emissions dropped. 14 2018 emissions $ million revenue down. 9 cent. reduced emissions 29 cent since 2014.\n responded Carbon Disclosure Project 2019 Climate Change Supply Chain questionnaires. achieved Climate Change rating B Supplier Engagement B. average sector C categories.\n Emissions\n Combustion fuel operation facilities 1) 144. 137.\n Electricity heat steam cooling 2) 4,641.,950.\n emissions 4,785. 5,087.\n Emissions intensity metrics\n FTE employee 3.\n metre area.\n $ million revenues." +} +{ + "_id": "d1b360cc6", + "title": "", + "text": "Cash, Cash Equivalents and Restricted Cash\nAs of December 31, 2019, the Company had $259.1 million of cash and cash equivalents. Cash and cash equivalents include liquid investments, primarily money market funds, with maturities of less than 90 days at the time of purchase. Management determines the appropriate classification of its investments at the time of purchase and at each balance sheet date.\nAs of December 31, 2019 and December 31, 2018, the Company had restricted cash of $0.3 million, representing the amount pledged as collateral to the issuer of a standby letter of credit (the “LC”). The LC, which expires in August 2021, has been provided as a guaranty to the lessor of our corporate offices.\nThe following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheet to the consolidated statement of cash flows (in thousands):\n\n | December 31, | \n------------------------------------------------------------------------------- | ------------ | --------\n | 2019 | 2018 \nCash and cash equivalents | $259,067 | $256,947\nRestricted cash included in other assets | 304 | 304 \nCash, cash equivalents and restricted cash shown in the statement of cash flows | $259,371 | $257,251\n\nCash Equivalents Restricted Cash\n December 31, 2019 Company had $259. 1 million cash equivalents. investments money market funds maturities less 90 days. Management determines classification balance.\n December 31, 2019 2018 restricted cash $0. 3 million pledged standby letter credit. expires August 2021 guaranty lessor offices.\n reconciliation cash equivalents restricted cash consolidated balance sheet cash flows\n Cash equivalents $259,067 $256,947\n Restricted cash\n Cash equivalents restricted cash flows $259,371 $257,251" +} +{ + "_id": "d1b3a042a", + "title": "", + "text": "KEMET CORPORATION AND SUBSIDIARIES\nNotes to Consolidated Financial Statements (Continued)\nA summary of the expenses aggregated on the Consolidated Statements of Operations line item “Restructuring charges” in the fiscal years ended March 31, 2019, 2018 and 2017, is as follows (amounts in thousands):\nFiscal Year Ended March 31, 2019\nThe Company incurred $8.8 million in restructuring charges in the fiscal year ended March 31, 2019, including $2.8 million in personnel reduction costs and $6.0 million in relocation and exit costs. The personnel reduction costs of $2.8 million were primarily due to $0.9 million in costs related to headcount reductions in the TOKIN legacy group across various internal and operational functions, $0.3 million in severance charges related to personnel reductions in the Film and Electrolytic reportable segment resulting from a reorganization of the segment's management structure, and $1.6 million in costs related to reorganization in the Solid Capacitors reportable segment due to a permanent structural change driven by a decline of MnO2 products. The relocation and exit costs of $6.0 million were primarily due to $3.4 million in costs related to the Company's relocation of its tantalum powder equipment from Carson City, Nevada to its plant in Matamoros, Mexico and $2.3 million in costs related to the relocation of axial electrolytic production equipment from Granna, Sweden to its plant in Evora, Portugal.\nFiscal Year Ended March 31, 2018\nThe Company incurred $14.8 million in restructuring charges in the fiscal year ended March 31, 2018, including $12.6 million related to personnel reduction costs and $2.3 million of relocation and exit costs. The personnel reduction costs of $12.6 million were due to $5.2 million related to a voluntary reduction in force in the Film and Electrolytic reportable segment's Italian operations; $4.4 million related to a headcount reduction in the TOKIN legacy group across various internal and operational functions; $2.7 million in severance charges across various overhead functions in the Simpsonville, South Carolina office as these functions were relocated to the Company's new corporate headquarters in Fort Lauderdale, Florida; and $0.2 million in headcount reductions related to a European sales reorganization. The relocation and exit costs of $2.3 million included $0.9 million in lease termination penalties related to the relocation of global marketing, finance and accounting, and information technology functions to the Company's Fort Lauderdale office, $0.8 million in expenses related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant, $0.4 million in exit costs related to the shut-down of operations for KFM, and $0.1 million related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico.\nFiscal Year Ended March 31, 2017\nThe Company incurred $5.4 million in restructuring charges in the fiscal year ended March 31, 2017, including $2.2 million related to personnel reduction costs and $3.2 million of relocation and exit costs. The personnel reduction costs of $2.2 million corresponded with the following: $0.3 million related to the consolidation of certain Solid Capacitor manufacturing in Matamoros, Mexico; $0.4 million for headcount reductions related to the shut-down of operations for KFM; $0.3 million related to headcount reductions in Europe (primarily Italy and Landsberg, Germany) corresponding with the relocation of certain production lines and laboratories to lower cost regions; $0.3 million for overhead reductions in Sweden; $0.3 million in U.S. headcount reductions related to the relocation of global marketing functions to the Company’s Fort Lauderdale, Florida office; $0.3 million in headcount reductions related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico; $0.2 million in overhead reductions for the relocation of research and development operations from Weymouth, England to Evora, Portugal; and $0.1 million in manufacturing headcount reductions related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant. The relocation and exit costs of $3.2 million included $1.9 million in expenses related to contract termination costs related to the shut-down of operations for KFM; $0.6 million in expenses related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant; $0.6 million for transfers of Film and Electrolytic production lines and R&D functions to lower cost regions; and $0.1 million related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico.\n\n | | Fiscal Years Ended March 31, | \n------------------------- | ------ | ---------------------------- | ------\n | 2019 | 2018 | 2017 \nPersonnel reduction costs | $2,823 | $12,587 | $2,214\nRelocation and exit costs | 5,956 | 2,256 | 3,190 \nRestructuring charges | $8,779 | $14,843 | $5,404\n\nKEMET CORPORATION SUBSIDIARIES\n Consolidated Financial Statements\n expenses Statements years 2019 2018 2017\n 2019\n incurred $8. 8 million restructuring charges $2. 8 million personnel reduction $6. million relocation exit costs. personnel reduction costs. million $0. 9 million headcount reductions TOKIN. 3 million severance charges Film Electrolytic $1. 6 million Solid Capacitors MnO2. relocation exit costs $6. million $3. 4 million tantalum powder equipment Carson City Nevada Matamoros Mexico $2. 3 million axial electrolytic equipment Granna Evora.\n March 2018\n incurred $14. 8 million restructuring charges $12. 6 million personnel reduction $2. 3 million relocation exit costs. personnel reduction costs $12. 6 million $5. 2 million reduction Film Electrolytic $4. 4 million headcount reduction TOKIN.7 million severance charges Simpsonville South Carolina Fort Lauderdale. 2 million headcount reductions European sales reorganization. relocation exit costs $2. 3 million. 9 million lease termination penalties marketing finance Fort Lauderdale. 8 million K-Salt Matamoros Mexico. 4 million exit costs shut-down KFM. 1 million transfer Tantalum production Simpsonville Victoria Mexico.\n incurred $5. 4 million restructuring charges $2. 2 million personnel reduction $3. 2 million relocation exit costs. personnel reduction costs $2. 2 million. million consolidation Solid Capacitor manufacturing Matamoros Mexico. 4 million headcount reductions shut KFM. million headcount reductions Europe. million overhead reductions Sweden. million. headcount reductions marketing Fort Lauderdale. million transfer Tantalum. 2 million overhead reductions research development Weymouth Evora Portugal. 1 million manufacturing headcount reductions relocation K-Salt Matamoros.relocation exit $3. 2 million $1. 9 million contract termination KFM. 6 million K-Salt Matamoros. million Film Electrolytic lower cost. 1 million Tantalum production Simpsonville Victoria Mexico.\n Years Ended March\n Personnel reduction $2,823 $12,587 $2,214\n Relocation exit 2,256 3,190\n Restructuring charges $8,779 $14,843 $5,404" +} +{ + "_id": "d1b337c7c", + "title": "", + "text": "Operating expenses\nnm—not meaningful\nResearch and development expenses\nResearch and development expenses increased $19.6 million in the year ended March 31, 2019 compared to the year ended March 31, 2018, which was primarily attributable to increases in personnel-related costs of $11.8 million, share-based compensation expense of $3.6 million and information technology and facility costs of $1.6 million.\nResearch and development expenses for the year ended March 31, 2019 as compared to the year ended March 31, 2018 were positively impacted by approximately $0.5 million primarily as a result of the strengthening of the U.S. dollar relative to the British pound.\nPersonnel-related cost increased primarily as a result of salaries and benefits associated with increased headcount throughout the year, share-based compensation expense increased primarily as a result of share option grants since the prior year and information technology and facility costs increased primarily as a result of increased headcount.\nSales and marketing expenses\nSales and marketing expenses increased $17.9 million in the year ended March 31, 2019 compared to the year ended March 31, 2018, which was primarily attributable to increases in information technology and facilities costs of $5.3 million, personnel-related costs of $4.0 million, share-based compensation expense of $3.4 million, professional services of $2.7 million, travel and other costs of $1.2 million and marketing costs of $1.1 million.\nSales and marketing expenses for the year ended March 31, 2019 as compared to the year ended March 31, 2018 were positively impacted by approximately $1.5 million primarily as a result of the strengthening of the U.S. dollar relative to the Australian dollar, South African rand and British pound. Information technology and facilities costs and travel and other costs increased primarily as a result of increased headcount.\nPersonnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount and commissions, partially offset by the impact of adopting ASC 606, which resulted in capitalizing $13.8 million of commissions that would have been expensed under the prior accounting rules. Share-based compensation expense increased primarily as a result of share option grants since the prior year. Professional services costs increased primarily due to increased consulting fees.\nGeneral and administrative expenses\nGeneral and administrative expenses increased $16.8 million in the year ended March 31, 2019 compared to the year ended March 31, 2018, which was primarily attributable to increases in personnel-related costs of $6.3 million, share-based compensation expense of $5.8 million, information technology and facilities costs of $1.9 million, professional services costs of $1.2 million and litigation-related expenses of $1.0 million. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount.\nShare-based compensation expense increased primarily as a result of share option grants since the prior year and to a lesser extent the impact of share option modifications. Information technology and facility costs increased primarily as a result of increased headcount. Professional services costs increased primarily due to acquisition-related expenses.\nRestructuring and Impairment of long-lived assets\nIn the second quarter of fiscal 2019, we recorded a revision to restructuring expense of $0.2 million related to the exit of our Watertown, Massachusetts corporate office space. In the fourth quarter of fiscal 2018, upon the exit of our Watertown, Massachusetts corporate office space, we recorded a restructuring charge of $0.8 million for the remaining non-cancelable rent and estimated operating expenses for the vacated premises, net of sublease rentals and we recorded a non-cash impairment charge of $1.7 million primarily related to leasehold improvements.\n\n | Year ended March 31, | | Period-to-period change | \n----------------------------------- | -------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | Amount | % Change\n | | | (dollars in thousands) | \nOperating expenses: | | | | \nResearch and development | $57,939 | $38,373 | $19,566 | 51% \nSales and marketing | 139,194 | 121,246 | 17,948 | 15% \nGeneral and administrative | 53,759 | 36,989 | 16,770 | 45% \nImpairment of long-lived assets | — | 1,712 | (1,712) | nm \nRestructuring | (170) | 832 | (1,002) | nm \nTotal operating expenses | $250,722 | $199,152 | $51,570 | 26% \n\nOperating expenses\n Research development expenses\n increased $19. 6 million March 31, 2019 personnel-related costs $11. 8 million share-based compensation expense $3. 6 million information technology facility costs $1. 6 million.\n impacted $0. 5 million strengthening U. dollar.\n Personnel-related cost salaries increased headcount share-based compensation expense share option grants information technology facility costs headcount.\n Sales marketing expenses\n increased $17. 9 million information technology facilities costs $5. 3 million personnel-related costs $4. 0 million share-based compensation expense $3. 4 million professional services $2. 7 million travel other costs $1. 2 million marketing costs $1. 1 million.\n impacted $1. 5 million strengthening. dollar rand. Information technology facilities travel increased increased headcount.\n Personnel-related costs salaries benefits headcount commissions adopting ASC $13. 8 million commissions. Share-based compensation expense increased share option grants. Professional services costs consulting fees.\nadministrative expenses\n increased $16. 8 million March 2019 2018 personnel $6. 3 million share-based compensation $5. 8 million information technology facilities $1. 9 million professional services $1. 2 million litigation $1. 0 million. Personnel salaries benefits headcount.\n Share-based compensation share option grants modifications. Information technology facility headcount. Professional services acquisition expenses.\n Restructuring Impairment-lived assets\n second quarter 2019 restructuring expense $0. 2 million exit Watertown Massachusetts office. fourth quarter 2018 restructuring charge $0. 8 million-cancelable rent vacated premises non impairment charge $1. 7 million leasehold improvements.\n March Period-period change\n %\n Operating expenses\n Research development $57,939 $38,373 $19,566 51%\n Sales marketing 139,194\n General administrative 53,759 36,989 16,770 45%\nassets 1,712\n Restructuring 832\n operating expenses $250,722 $199,152 $51,570 26%" +} +{ + "_id": "d1b399044", + "title": "", + "text": "Cash flows\nThe following table summarizes our cash flow activities in fiscal 2019 compared to fiscal 2018.\nOur cash flow activities in fiscal 2018 compared to fiscal 2017 were discussed under Liquidity, Capital Resources and Cash Requirement in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended March 30, 2018.\n\n | Fiscal Year | \n------------------------------------------------ | ----------- | --------\n(In millions) | 2019 | 2018 \nNet cash provided by (used in): | | \nOperating activities | $1,495 | $957 \nInvesting activities | $(241) | $(21) \nFinancing activities | $(1,209) | $(3,475)\nIncrease (decrease) in cash and cash equivalents | $17 | $(2,473)\n\n\n table summarizes 2019 2018.\n discussed Liquidity Capital Resources Cash Requirement Item 7. Analysis Financial Condition Results Operations Annual Report Form 10-K year March 30 2018.\n millions\n Net cash\n Operating $1,495 $957\n Investing $(241)\n Financing $(1,209)(3,475)\n Increase cash equivalents $17 $(2,473)" +} +{ + "_id": "d1b339a5e", + "title": "", + "text": "Item 6. Selected Financial Data\nThe following table sets forth selected consolidated financial data for each of the fiscal years ended June 30, 2019, 2018, 2017, 2016 and 2015 derived from the Company’s audited financial statements (in thousands, except per share amounts). The consolidated financial data as of and for the years ended June 30, 2015 are derived from the audited financial statements which have not been adjusted for the adoption of Accounting Standards update 2014- 09, Revenue from Contracts with Customers (Topic 606). These tables should be reviewed in conjunction with the Consolidated Financial Statements in Item 8 and related Notes, as well as Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Historical results may not be indicative of future results.\n(1) Operating income (loss) include the following operating expenses (in thousands):\n(2)  The significant increase in net revenues during the year ended June 30, 2018 was primarily due to the acquisitions of the Campus Fabric and Data Center Businesses.\n\n | | Year Ended June 30, | | | \n--------------------------------------------------------------- | --------- | ------------------- | -------- | --------- | ---------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nConsolidated Statements of Operations Data: | | | | | \nNet revenues | $995,789 | $983,142 (2) | $607,084 | $519,834 | $552,940 \nOperating income (loss) (1) | $(14,726) | $(38,210) | $6,040 | $(30,029) | $(62,994)\nNet loss | $(25,853) | $(46,792) | $(1,744) | $(36,363) | $(71,643)\nNet loss per share – basic | $(0.22) | $(0.41) | $(0.02) | $(0.35) | $(0.72) \nNet loss per share – diluted | $(0.22) | $(0.41) | $(0.02) | $(0.35) | $(0.72) \nShares used in per share calculation – basic | 117,954 | 114,221 | 108,273 | 103,074 | 99,000 \nShares used in per share calculation – diluted | 117,954 | 114,221 | 108,273 | 103,074 | 99,000 \n\n6. Selected Financial Data\n table consolidated financial data fiscal years June 2019 2018 2017 2016 2015 audited financial statements. data 2015 not adjusted Accounting Standards update 2014- 09 Revenue Contracts Customers 606). tables reviewed Consolidated Financial Statements Item 8 Item 7 Discussion Analysis Financial Condition Results Operations. Historical results future results.\n Operating income expenses\n increase net revenues June 30 2018 due acquisitions Campus Fabric Data Center Businesses.\n June 30\n 2019 2018 2017 2016 2015\n Consolidated Statements Operations Data\n Net revenues $995,789 $983,142 $607,084 $519,834 $552,940\n Operating income (loss $(14,726) $(38,210),994)\n Net loss $(25,853) $(46,792),363(71,643)\n Net loss per share.\n diluted.. 02. 35. 72\n 117,954 114,221 108,273 103,074 99,000\n diluted 117,954 114,221 108,273 103,074 99,000" +} +{ + "_id": "d1b376ef4", + "title": "", + "text": "The following table summarizes the Qdoba results for each period (in thousands, except per share data):\nSelling, general and administrative expenses presented in the table above include corporate costs directly in support of Qdoba operations. All other corporate costs were classified in results of continuing operations. Our credit facility required us to make a mandatory prepayment (“Qdoba Prepayment”) on our term loan upon the closing of the Qdoba Sale, which was $260.0 million. Interest expense associated with our credit facility was allocated to discontinued operations based on our estimate of the mandatory prepayment that was made upon closing of the Qdoba Sale.\nLease guarantees — While all operating leases held in the name of Qdoba were part of the Qdoba Sale, some of the leases remain guaranteed by the Company pursuant to one or more written guarantees (the “Guarantees”). In the event Qdoba fails to meet its payment and performance obligations under such guaranteed leases, we may be required to make rent and other payments to the landlord under the requirements of the Guarantees. Should we, as guarantor of the lease obligations, be required to make any lease payments due for the remaining term of the subject lease(s) subsequent to March 21, 2018, the maximum amount we may be required to pay is approximately$32.1 million as ofSeptember 29, 2019. The lease terms extend for a maximum of approximately16 more years as of September 29, 2019, and we would remain a guarantor of the leases in the event the leases are extended for any established renewal periods. In the event that we are obligated to make payments under the Guarantees, we believe the exposure is limited due to contractual protections and recourse available in the lease agreements, as well as the Qdoba Purchase Agreement, including a requirement of the landlord to mitigate damages by re-letting the properties in default, and indemnity from the Buyer. Qdoba continues to meet its obligations under these leases and there have not been any events that would indicate that Qdoba will not continue to meet the obligations of the leases. As such, we have not recorded a liability for the Guarantees as of September 29, 2019 as the likelihood of Qdoba defaulting on the assigned agreements was deemed to be less than probable.\n\n | 2019 | 2018 | 2017 \n-------------------------------------------------------------------------- | ------ | --------- | ---------\nCompany restaurant sales | $— | $192,620 | $436,558 \nFranchise revenues | — | 9,337 | 20,065 \nCompany restaurant costs (excluding depreciation and amortization) | — | (166,122) | (357,370)\nFranchise costs (excluding depreciation and amortization) | — | (2,338) | (4,993) \nSelling, general and administrative expenses | 174 | (19,286) | (36,706) \nDepreciation and amortization | — | (5,012) | (21,500) \nImpairment and other charges, net | (262) | (2,305) | (15,061) \nInterest expense, net | — | (4,787) | (9,025) \nOperating (loss) earnings from discontinued operations before income taxes | (88) | 2,107 | 11,968 \n(Loss) gain on Qdoba Sale | (85) | 30,717 | — \n(Loss) earnings from discontinued operations before income taxes | (173) | 32,824 | 11,968 \nIncome tax benefit (expense) | 2,863 | (15,726) | (4,518) \nEarnings from discontinued operations, net of income taxes | $2,690 | $17,098 | $7,450 \nNet earnings per share from discontinued operations: | | | \nBasic | $0.10 | $0.60 | $0.24 \nDiluted | $0.10 | $0.59 | $0.24 \n\ntable summarizes Qdoba results each period share\n Selling general administrative expenses include corporate costs Qdoba operations. other corporate costs classified results continuing operations. credit facility required mandatory prepayment (“Qdoba on term loan Sale $260. 0 million. Interest expense allocated to discontinued operations based estimate prepayment.\n Lease guarantees operating leases Qdoba part Sale some guaranteed Company. Qdoba fails meet payment obligations leases may required make rent payments to landlord under. payments 2018 maximum approximately$32. 1 million as ofSeptember 29, 2019. lease terms extend approximately16 more years as September 29, 2019 remain guarantor extended renewal periods. obligated payments under Guarantees exposure limited due to contractual protections recourse lease agreements Qdoba Purchase Agreement requirement landlord mitigate damages default indemnity from Buyer. Qdoba continues obligations under leases events.recorded liability Guarantees September 29, 2019 Qdoba defaulting less probable.\n restaurant sales $192,620 $436,558\n Franchise revenues 9,337 20,065\n restaurant costs (166,122 (357,370\n costs (2,338) (4,993)\n Selling administrative expenses (19,286) (36,706)\n Depreciation amortization (5,012) (21,500\n Impairment charges (2,305) (15,061)\n Interest expense (4,787) (9,025)\n earnings discontinued operations taxes 11,968\n Qdoba Sale 30,717\n earnings 32,824 11,968\n Income tax benefit 2,863 (15,726) (4,518)\n Earnings net taxes $2,690 $17,098 $7,450\n earnings share\n.\n." +} +{ + "_id": "d1b364c36", + "title": "", + "text": "Billings\nBillings represent the value of products and services invoiced to customers after receiving a purchase order from the customer and delivering products and services to them, or for which there is no right to a refund. Billings do not equate to statutory revenue.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2\n------------------------------------- | ------------------------ | --------------------------------------------\n | $M | $M \nRevenue | 710.6 | 639.0 \nNet deferral of revenue (see note 23) | 49.7 | 129.6 \nBillings | 760.3 | 768.6 \nCurrency revaluation | 25.9 | 18.7 \nConstant currency billings | 786.2 | 787.3 \n\nBillings\n represent value products services invoiced no refund. equate statutory revenue.\n Year-ended 31 March 2019 March 2018\n Revenue 710. 6 639.\n deferral 49. 7 129. 6\n 760. 3. 6\n Currency revaluation 25. 9 18. 7\n billings 786. 2 787." +} +{ + "_id": "d1b34e5e4", + "title": "", + "text": "5. Operating Expenses\nNotes: (1) Includes equipment costs related to ICT services.\n(2) Includes supplies and services, as well as rentals of properties and mobile base stations.\n\n | Group | \n------------------------------------ | -------- | --------\n | 2019 | 2018 \n | S$ Mil | S$ Mil \nCost of equipment sold (1) | 3,106.1 | 2,696.7 \nOther cost of sales | 2,767.1 | 2,499.2 \nStaff costs | 2,597.3 | 2,760.1 \nSelling and administrative costs (2) | 2,472.6 | 2,536.6 \nTraffic expenses | 1,573.4 | 1,615.8 \nRepair and maintenance | 388.0 | 367.9 \n | 12,904.5 | 12,476.3\n\n. Operating Expenses\n equipment ICT services.\n supplies services rentals mobile base stations.\n equipment 3,106. 2,696.\n 2,767. 2,499.\n Staff 2,597. 2,760.\n Selling administrative costs 2,472. 2,536.\n Traffic expenses 1,573. 1,615.\n Repair maintenance 388.\n 12,904. 12,476." +} +{ + "_id": "d1a7127d0", + "title": "", + "text": "5. Remuneration continued\nRemuneration at a glance 2019\nHow we performed\nThe above figures exclude the acquisition of Thermocoax.\n\nRemuneration key performance indicator | 2019 actual | 2019 threshold | 2019 target | 2019 maximum | Remuneration measure \n--------------------------------------- | ----------- | -------------- | ----------- | ------------ | ----------------------\nGroup operating profit (£m) | 277.3 | 256.7 | 270.3 | 283.8 | Annual Incentive Plan \nGroup cash generation (£m) | 296.4 | 270.7 | 285.0 | 299.2 | Annual Incentive Plan \nGroup ROCE (%) | 54.5 | 50.1 | 52.7 | 55.3 | Annual Incentive Plan \n2017-2019 EPS (%) | 57.5 | 27.6 | N/A | 52.3 | Performance Share Plan\n2017-2019 relative TSR (percentile TSR) | 94th | 50th | N/A | 75th | Performance Share Plan\n\n. Remuneration\n 2019\n figures exclude acquisition Thermocoax.\n performance threshold target maximum\n Group operating profit (£m 277. 256. 270. 283. 8 Incentive\n cash generation (£m 296. 270. 7 285. 299. 2\n ROCE 54. 5 50. 52. 7 55. 3\n EPS (%) 57. 5 27. 6 52. 3 Share Plan\n TSR 94th 50th/A 75th" +} +{ + "_id": "d1b3a88a0", + "title": "", + "text": "Note 8 Income taxes\nThe following table shows the significant components of income taxes deducted from net earnings.\n\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \n-------------------------------------------------------------------------------- | ------- | -----\nCurrent taxes | | \nCurrent taxes | (761) | (775)\nUncertain tax positions | 6 | 8 \nChange in estimate relating to prior periods | 22 | 12 \nDeferred taxes | | \nDeferred taxes relating to the origination and reversal of temporary differences | (322) | (352)\nChange in estimate relating to prior periods | (8) | 8 \nRecognition and utilization of loss carryforwards | (106) | 44 \nEffect of change in provincial corporate tax rate | 27 | – \nUncertain tax positions | 9 | 60 \nTotal income taxes | (1,133) | (995)\n\nIncome taxes\n table shows deducted net earnings.\n YEAR ENDED DECEMBER 31 2019\n Current taxes\n (761) (775)\n Uncertain tax positions\n Change estimate periods\n Deferred taxes\n differences (322) (352)\n Recognition loss carryforwards (106)\n provincial corporate tax rate\n Uncertain tax positions 9\n Total income taxes (1,133)" +} +{ + "_id": "d1b306bae", + "title": "", + "text": "Other intangible assets at fiscal year ends 2019 and 2018 consisted of the following:\nGoodwill, trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been taken on these assets. The Company’s retail reporting unit recorded intangible asset (trademarks and tradenames) impairment charges of approximately $2.9 million during fiscal 2019 and goodwill impairment charges of approximately $1.9 million during fiscal 2018 when it was determined that the carrying values of these assets exceeded their fair values. These impairment charges arose from a range of considerations including, but not limited to, heightened competition in the industry, retail sector market conditions, and earning shortfalls which impacted the Company’s projections of future cash flows to be generated. These impairment charges were recorded in the Company’s consolidated statement of operations as a component of operating income.\nGoodwill recorded on the Company’s consolidated balance sheet represents amounts allocated to its wholesale reporting unit which totaled $4.4 million at both September 2019 and September 2018. The Company determined that the estimated fair value of its wholesale reporting unit exceeded its carrying value at both September 2019 and September 2018.\n\n | September 2019 | September 2018\n------------------------------------------------------------------------------------------------------------------------------------------------- | -------------- | --------------\nTrademarks and tradenames (Retail Segment) | $500,000 | $3,373,269 \nustomer relationships (Wholesale Segment) (less accumulated amortization of approximately $2.1 million at both September 2019 and September 2018) | — | 41,667 \n | $ 500,000 | $3,414,936 \n\nintangible assets 2019 2018\n Goodwill trademarks tradenames indefinite lives no amortization. retail reporting unit recorded $2. 9 million 2019 goodwill $1. 9 million 2018 carrying values exceeded fair values. charges competition retail market conditions earning shortfalls future cash flows. recorded consolidated statement operating income.\n Goodwill wholesale reporting unit totaled $4. 4 million September 2019 2018. estimated fair value exceeded carrying value 2019 2018.\n Trademarks tradenames (Retail $500,000 $3,373,269\n ustomer relationships (Wholesale Segment accumulated amortization $2. 1 million September 2019 2018) 41,667\n 500,000 $3,414,936" +} +{ + "_id": "d1b346754", + "title": "", + "text": "Share Repurchase\nIn September 2015, our Board of Directors authorized a program to repurchase up to $150.0 million of our common stock over a thirty-month period. In November 2017, our Board of Directors approved an extension of the share repurchase program to December 2019 from its original maturity of March 2018. In May 2018, our Board of Directors approved a $50 million increase in its authorization to repurchase shares of our common stock under this same program.\nOn December 18, 2019, the Board of Directors authorized to remove the expiration date to the Company’s share repurchase program and increase the authorized amount by $25.1 million. As of December 31, 2019, the Company is authorized to repurchase shares of the Company’s common stock of up to a total of $50.0 million.\nADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nIn order to execute the repurchase of shares of our common stock, the Company periodically enters into stock repurchase agreements. During the years ended December 31, 2019, 2018 and 2017 the Company has repurchased the following shares of common stock:\n\n | | Years Ended December 31, | \n---------------------------------------- | ---- | ------------------------ | -------\n(in thousands, except per share amounts) | 2019 | 2018 | 2017 \nAmount paid to repurchase shares | $ — | $95,125 | $29,993\nNumber of shares repurchased | — | 1,696 | 422 \nAverage repurchase price per share | $ — | $56.07 | $71.07 \n\nShare Repurchase\n September 2015, Board authorized repurchase $150. 0 million common stock thirty-month period. November 2017 approved extension repurchase program December 2019 March 2018. May 2018 approved $50 million increase authorization repurchase.\n December 18, 2019 expiration date share repurchase program amount $25. 1 million. December 31, 2019 authorized repurchase $50. 0 million.\n ADVANCED ENERGY INDUSTRIES. CONSOLIDATED FINANCIAL STATEMENTS\n Company enters stock repurchase agreements. December 31, 2019 2018 2017 repurchased shares\n Amount paid repurchase shares $95,125 $29,993\n shares repurchased 1,696 422\n Average repurchase price per share $56. $71." +} +{ + "_id": "d1b35eb9c", + "title": "", + "text": "OPERATING EXPENSES\n(1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued\noperations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN.\nFiscal 2019 operating expenses increased by 7.3% (5.4% in constant currency) mainly from:\n• growth in the American broadband services segment mainly due to the impact of the MetroCast acquisition which was included in operating expenses for only an eight-month period in the prior year combined with higher programming costs, additional headcount to support growth, higher marketing initiatives to drive primary service units growth and the FiberLight acquisition; and\n• additional costs in Inter-segment eliminations and other resulting from the timing of corporate projects and initiatives; partly offset by\n• lower operating expenses in the Canadian broadband services segment mainly attributable to lower programming costs resulting from a lower level of primary service units and lower compensation expenses resulting from an operational optimization program implemented in the first half of fiscal 2019, partly offset by higher marketing initiatives, additional headcount costs in the first quarter of fiscal 2019 to support the stabilization phase of the new customer management system as well as retroactive costs related to higher rates than expected established by the Copyright Board of Canada.\nFor further details on the Corporation’s operating expenses, please refer to the \"Segmented operating and financial results\" section.\n\nYears ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)\n--------------------------------------------- | --------- | --------- | ------ | ------------------------------- | ---------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ \nCanadian broadband services | 606,286 | 618,886 | (2.0) | (2.2) | 1,102 \nAmerican broadband services | 571,208 | 478,172 | 19.5 | 15.2 | 20,522 \nInter-segment eliminations and other | 26,486 | 24,567 | 7.8 | 7.8 | 12 \n | 1,203,980 | 1,121,625 | 7.3 | 5.4 | 21,636 \n\nOPERATING EXPENSES\n Fiscal 2019 average foreign exchange rate 1. 3255 USD/CDN.\n Fiscal 2018 restated IFRS 15 change accounting policy results Cogeco Peer 1 discontinued\n operations. consult \"Accounting policies \"Discontinued operations sections.\n Fiscal 2019 translated average foreign exchange rate 1. 2773 USD/CDN.\n operating expenses increased 7. 3% (5. 4% constant currency\n growth American broadband services segment MetroCast acquisition higher programming costs headcount marketing initiatives FiberLight acquisition\n additional costs Inter-segment eliminations corporate projects initiatives offset\n lower operating expenses Canadian broadband services lower programming costs compensation expenses operational optimization program marketing initiatives additional headcount costs retroactive costs higher rates Copyright Board Canada.\n \"Segmented operating financial results section.\n Years ended August 31, 2019 2018 Change constant currency Foreign exchange impact\n Canadian broadband services 606,286 618,886.1,102\n broadband,208,172 19. 15. 20,522\n 26,486 24,567 7. 12\n 1,203,980 1,121,625. 21,636" +} +{ + "_id": "d1b365942", + "title": "", + "text": "NOTE L – INCOME TAXES\nOn December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, the following that impact the Company: (1) reducing the U.S. federal corporate income tax rate from 35 percent to 21 percent; (2) eliminating the corporate alternative minimum tax; (3) creating a new limitation on deductible interest expense; (4) limiting the deductibility of certain executive compensation; and (5) limiting certain other deductions.\nThe Company follows ASC 740-10 “Income Taxes” which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.\nA reconciliation of tax expense computed at the statutory federal tax rate on loss from operations before income taxes to the actual income tax (benefit) /expense is as follows:\n\n | 2019 | 2018 \n----------------------------------------------------- | ---------- | ----------\nTax benefit computed at the statutory rate | $(427,244) | $(631,497)\nState taxes | 6,525 | 6,874 \nBook expenses not deductible for tax purposes | 2,980 | 2,882 \nRate Change | 45,656 | – \nOther | 2,517 | (27,286) \n | (369,566) | (649,027) \nChange in valuation allowance for deferred tax assets | 269,203 | 658,650 \nIncome tax (benefit) expense | $(100,363) | $9,623 \n\nINCOME TAXES\n December 22, 2017 U. government enacted tax Tax Cuts Jobs Act. tax code. federal corporate income tax rate 35 percent to 21 percent alternative minimum tax deductible interest expense executive compensation deductions.\n Company follows ASC 740-10 deferred tax liabilities assets future tax consequences. deferred tax liabilities assets determined financial statements tax bases tax rates.\n reconciliation tax expense statutory federal tax rate\n 2019 2018\n Tax benefit $(427,244) $(631,497)\n State taxes 6,525 6,874\n expenses not deductible 2,980 2,882\n Rate Change 45,656\n 2,517,286)\n (369,566 (649,027)\n valuation allowance deferred tax assets 269,203 658,650\n Income tax (benefit expense $(100,363) $9,623" +} +{ + "_id": "d1b34107e", + "title": "", + "text": "The employee pension plan mandated by the Labor Standards Act of the R.O.C. is a defined benefit plan. The pension benefits are disbursed based on the units of service years and average monthly salary prior to retirement according to the Labor Standards Act. Two units per year are awarded for the first 15 years of services while one unit per year is awarded after the completion of the 15th year and the total units will not exceed 45 units.\nThe Company contributes an amount equivalent to 2% of the employees’ total salaries and wages on a monthly basis to the pension fund deposited with the Bank of Taiwan under the name of a pension fund supervisory committee. The pension fund is managed by the government’s designated authorities and therefore is not included in the Company’s consolidated financial statements. For the years ended December 31, 2017, 2018 and 2019, total pension expenses of NT$80 million, NT$69 million and NT$59 million, respectively, were recognized by the Company.\nMovements in present value of defined benefit obligation during the year:\n\n | For the years ended December 31, | \n--------------------------------------------------------------- | -------------------------------- | ------------------\n | 2018 | 2019 \n | $NT (In Thousands) | $NT (In Thousands)\nDefined benefit obligation at beginning of year | $(5,671,058) | $(5,620,509) \nItems recognized as profit or loss: | | \nService cost | (24,477) | (21,043) \nInterest cost | (61,247) | (51,146) \nSubtotal | (85,724) | (72,189) \nRemeasurements recognized in other comprehensive income (loss): | | \nArising from changes in financial assumptions | (91,350) | (114,976) \nExperience adjustments | (5,907) | 180,095 \nSubtotal | (97,257) | 65,119 \nBenefits paid | 233,530 | 216,510 \n\nemployee pension plan Labor Standards Act. defined benefit. benefits disbursed service years average salary retirement. Two units first 15 years one after 15th year total not exceed 45.\n Company contributes 2% salaries wages pension fund Bank of Taiwan. managed not included financial statements. 2017 2018 2019 pension expenses NT$80 million NT$69 million NT$59 million recognized.\n value defined benefit obligation\n benefit obligation beginning year $(5,671,058) $(5,620,509)\n profit loss\n Service cost (24,477)\n Interest cost (61,247) (51,146\n Subtotal (85,724) (72,189\n Remeasurements\n changes financial assumptions (91,350) (114,976)\n Experience adjustments (5,907) 180,095\n Subtotal (97,257) 65\n Benefits paid 233,530" +} +{ + "_id": "d1b2e8b36", + "title": "", + "text": "Selling, General and Administrative\nThe increase in selling, general and administrative in fiscal 2019 compared to fiscal 2018 was primarily due to higher variable costs on increased sales volumes, primarily related to increases in headcount costs and employee incentive compensation, as well as additional costs from the FRT acquisition, offset partially by a decrease in the amortization of intangible assets.\n\n | | Fiscal Year Ended | | \n----------------------------------- | ----------------- | ---------------------- | -------- | --------\n | December 28, 2019 | December 29, 2018 | $ Change | % Change\n | | (Dollars in thousands) | | \nSelling, general and administrative | $106,335 | $99,254 | $7,081 | 7.1 % \n% of revenues | 18.0 % | 18.7 % | | \n | | Fiscal Year Ended | | \n | December 29, 2018 | December 30, 2017 | $ Change | % Change\n | | (Dollars in thousands) | | \nSelling, general and administrative | $99,254 | $95,489 | $3,765 | 3.9 % \n% of revenues | 18.7 % | 17.4 % | | \n\nSelling General Administrative\n increase 2019 2018 due higher variable costs increased sales volumes headcount costs employee incentive compensation FRT acquisition amortization intangible assets.\n Fiscal Year Ended\n December 28, 2019 December 29, 2018\n Selling administrative $106,335 $99,254 $7,081. %\n 18.\n Fiscal Year Ended\n December 29, 2018 30, 2017\n Selling administrative $99,254 $95,489 $3,765 3. 9 %\n 18. 7 % 17. 4 %" +} +{ + "_id": "d1b38b0de", + "title": "", + "text": "* 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity.\nTotal expense and other (income) increased 13.7 percent in the fourth quarter with an expense-to-revenue ratio of 32.6 percent compared to 28.7 percent in the fourth quarter of 2018. The year-to-year increase was a result of higher spending (15 points) driven by Red Hat (15 points) and higher acquisitionrelated charges and amortization of acquired intangible assets associated with the Red Hat transaction (4 points), partially offset by higher divestiture gains (3 points) and lower non-operating retirement-related costs (3 points).\nTotal operating (non-GAAP) expense and other income increased 14.7 percent year to year primarily driven by the higher spending, partially offset by the divestiture gains, as described above.\n\n($ in millions) | | | \n----------------------------------------------- | ------ | ------ | ----------------------------------\nFor the fourth quarter: | 2019 | 2018 | Yr.-to-Yr. Percent/ Margin Change*\nTotal consolidated expense and other (income) | $7,107 | $6,253 | 13.7% \nNon-operating adjustments | | | \nAmortization of acquired intangible assets | (294) | (106) | 176.0 \nAcquisition-related charges | (27) | (13) | 104.7 \nNon-operating retirement related (costs)/income | (196) | (387) | (49.4) \nOperating (non-GAAP) expense and other (income) | $6,591 | $5,746 | 14.7% \nTotal consolidated expense-to-revenue ratio | 32.6% | 28.7% | 3.9pts \nOperating (non-GAAP) expense-to-revenue ratio | 30.3% | 26.4% | 3.9pts \n\n2019 results impacted Red Hat acquisition.\n expense increased. 7 percent fourth quarter-to-revenue ratio 32. 6 percent 28. 7 percent 2018. increase higher spending Red Hat charges amortization assets offset divestiture gains lower non retirement costs.\n operating (non-GAAP expense income increased. 7 percent higher spending divestiture gains.\n fourth quarter 2018.\n consolidated expense $7,107 $6,253 13. 7%\n Non-operating adjustments\n Amortization intangible assets.\n Acquisition charges.\n Non-operating retirement.\n Operating (non-GAAP expense $6,591 $5,746 14. 7%\n consolidated expense-to ratio 32. 6% 28. 7%.\n (non-GAAP expense-to-revenue ratio. 3% 26. 4%." +} +{ + "_id": "d1b336516", + "title": "", + "text": "Upon adoption, the Company recorded a cumulative effect adjustment of $139.4 million, net of tax adjustment of $21.0 million, which increased the June 25, 2018 opening retained earnings balance on the Condensed Consolidated Balance Sheet, primarily as a result of changes in the timing of recognition of system sales. Under ASC 606, the Company recognizes revenue from sales of systems when the Company determines that control has passed to the customer which is generally (1) for products that have been demonstrated to meet product specifications prior to shipment upon shipment or delivery; (2) for products that have not been demonstrated to meet product specifications prior to shipment, revenue is recognized upon completion of installation and receipt of customer acceptance; (3) for transactions where legal title does not pass upon shipment or delivery and the Company does not have a right to payment, revenue is recognized when legal title passes to the customer and the Company has a right to payment, which is generally at customer acceptance.\nThe impact of adoption of ASC 606 on the Company’s Consolidated Statement of Operations and Consolidated Balance Sheet was as follows:\nExcept as disclosed above, the adoption of ASC 606 did not have a significant impact on the Company’s Consolidated Statement of Operations for the year ended June 30, 2019.\nIn January 2016, the FASB released ASU 2016-01, “Financial Instruments – Overall – Recognition and Measurement of Financial Assets and Financial Liabilities.” The FASB issued a subsequent amendment to the initial guidance in February 2018 within ASU 2018-03. These amendments change the accounting for and financial statement presentation of equity investments, other than those accounted for under the equity method of accounting or those that result in consolidation of the investee. The amendments provide clarity on the measurement methodology to be used for the required disclosure of fair value of financial instruments measured at amortized cost on the balance sheet and clarifies that an entity should evaluate the need for a valuation allowance on deferred tax assets related to available-for-sale securities in combination with the entity’s other deferred tax assets, among other changes. The Company’s adoption of this standard in the first quarter of fiscal year 2019 did not have a material impact on its Consolidated Financial Statements.\nIn August 2016, the FASB released ASU 2016-15, “Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments.” The amendment provides and clarifies guidance on the classification of certain cash receipts and cash payments in the statement of cash flows to eliminate diversity in practice. The Company adopted the standard update in the first quarter of fiscal year 2019, using a retrospective transition method. The Company’s adoption of this standard did not have a material impact on its Consolidated Financial Statements.\nIn October 2016, the FASB released ASU 2016-16, “Income Tax – Intra-Entity Transfers of Assets Other than Inventory.” This standard update improves the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The Company adopted this standard in the first quarter of fiscal year 2019 using a modified-retrospective approach through a cumulative-effect adjustment directly to retained earnings. The Company’s adoption of this standard resulted in a $0.4 million decrease to retained earnings and a corresponding $0.4 million offset to other assets on its Consolidated Financial Statements.\nIn November 2016, the FASB released ASU 2016-18, “Statement of Cash Flows – Restricted Cash.” This standard update requires that restricted cash and restricted cash equivalents be included in cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the statement of cash flows. The Company adopted this standard in the first quarter of fiscal year 2019, using a retrospective transition method to each period presented. The adoption of this standard did not have a material impact on its Consolidated Financial Statements.\nIn February 2018, the FASB released ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This standard update addresses a specific consequence of the Tax Cuts and Jobs Act (“U.S. Tax Reform”) and allows a reclassification from accumulated other comprehensive income to retained earnings for the stranded tax effects resulting from U.S. tax reform. Consequently, the update eliminates the stranded tax effects that were created as a result of the historical U.S. federal corporate income tax rate to the newly enacted U.S. federal corporate income tax rate. The Company adopted this standard in the first quarter of fiscal year 2019 using a modified-retrospective approach through a cumulative-effect adjustment directly to retained earnings. The adoption of this standard resulted in a $2.2 million increase to retained earnings, with a corresponding $2.2 million decrease to other comprehensive income.\nIn August 2018, the Securities and Exchange Commission (“SEC”) adopted amendments to eliminate, integrate, update or modify certain of its disclosure requirements. The amendments are part of the SEC’s efforts to improve disclosure effectiveness and were focused on eliminating disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded. The Company adopted these amendments in the first quarter of fiscal Year 2019. The adoption of these amendments resulted in minor changes within its Consolidated Financial Statements.\n\n | | Year Ended | \n------------------ | ----------- | -------------------------- | -------------------------------\n | | June 30, 2019 | \n | As Reported | Without Adoption of ASC606 | Effect of Change Higher/(Lower)\n | | (in thousands) | \nRevenue | $9,653,559 | $9,049,790 | $603,769 \nCost of goods sold | $5,295,100 | $5,016,679 | $278,421 \n\nadoption Company recorded effect adjustment $139. 4 million net tax adjustment $21. 0 million increased June 25, 2018 earnings balance Condensed Consolidated Balance Sheet changes timing recognition system sales. ASC 606 Company recognizes revenue from sales systems when control passed to customer products specifications products revenue recognized upon installation customer acceptance transactions legal title shipment revenue recognized when legal title passes customer customer acceptance.\n impact adoption ASC 606 Consolidated Statement of Operations Balance Sheet\n ASC significant impact Consolidated Statement Operations year ended June 30, 2019.\n January 2016, FASB released ASU 2016-01 “Financial Instruments Recognition Measurement Financial Assets Liabilities. issued amendment February 2018. amendments change accounting financial statement presentation equity investments. amendments clarity measurement methodology disclosure fair value financial instruments amortized cost balance need valuation allowance deferred tax assets available-for-sale securities.adoption 2019 Consolidated Financial Statements.\n August 2016, FASB released ASU 2016-15 Cash Flows Classification Cash Receipts Payments. cash receipts. adopted first quarter 2019 retrospective transition method. Consolidated Financial Statements.\n October 2016, FASB released ASU 2016-16 Tax Intra-Entity Transfers Assets Inventory. improves accounting transfers. adopted first quarter 2019 modified-retrospective approach cumulative-effect adjustment retained earnings. $0. 4 million decrease retained earnings $0. 4 million offset assets Consolidated Financial Statements.\n November 2016, FASB released ASU 2016-18 Cash Flows Restricted Cash. restricted cash equivalents reconciling beginning end-period amounts cash flows. adopted first quarter 2019 retrospective transition method. Consolidated Financial Statements.\n February 2018 FASB released ASU 2018-02 Tax Effects Accumulated Income. addresses Tax Cuts Jobs Act.Tax allows reclassification to earnings for stranded tax effects. update eliminates stranded tax effects. Company adopted standard first quarter 2019 modified-retrospective approach cumulative-effect adjustment retained earnings. $2. 2 million increase retained earnings $2. 2 million decrease income.\n August 2018 Securities Exchange Commission adopted amendments eliminate disclosure requirements. redundant duplicative overlapping outdated superseded. Company adopted amendments first quarter 2019. minor changes Consolidated Financial Statements.\n Year\n June 30, 2019\n Adoption ASC606 Effect Change\n Revenue $9,653,559 $9,049,790 $603,769\n Cost of goods sold $5,295,100 $5,016,679 $278,421" +} +{ + "_id": "d1b38986a", + "title": "", + "text": "CTS CORPORATION AND SUBSIDIARIES Consolidated Statements of Comprehensive Earnings (in thousands)\nThe accompanying notes are an integral part of the consolidated financial statements.\n\n | | Years Ended December 31, | \n------------------------------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nNet earnings | $36,146 | $46,532 | $14,448\nOther comprehensive earnings (loss): | | | \nChanges in fair market value of derivatives, net of tax | (509) | 795 | 110 \nChanges in unrealized pension cost, net of tax | 6,439 | (1,830) | 13,687 \nCumulative translation adjustment, net of tax | 83 | (311) | 437 \nOther comprehensive earnings (loss) | $6,013 | $(1,346) | $14,234\nComprehensive earnings | $42,159 | $45,186 | $28,682\n\nCTS CORPORATION SUBSIDIARIES Statements Earnings\n notes financial statements.\n Ended December 31,\n 2019 2018 2017\n Net earnings $36,146 $46,532 $14,448\n earnings\n market value derivatives\n unrealized pension cost 6,439 13,687\n translation adjustment tax\n earnings $6,013,346) $14,234\n earnings $42,159 $45,186 $28,682" +} +{ + "_id": "d1b34c654", + "title": "", + "text": "Operating Income (Loss) by Business Unit\nPercentages reflect operating income (loss) as a percentage of revenue for each business unit.\nCNBU operating income for 2019 decreased from 2018 primarily due to declines in pricing and higher R&D costs, partially offset by cost reductions. MBU operating income for 2019 decreased from 2018 primarily due to declines in pricing partially offset by increases in sales of high-value managed NAND products and manufacturing cost reductions. SBU operating margin for 2019 declined from 2018 primarily due to declines in pricing, which were partially offset by manufacturing cost reductions and increases in sales volumes. SBU operating results for 2019 and 2018 were adversely impacted by the underutilization charges at IMFT. EBU operating income for 2019 decreased from 2018 as a result of declines in pricing and higher R&D costs partially offset by manufacturing cost reductions and increases in sales volumes.\nCNBU operating income for 2018 improved from 2017 primarily due to improved pricing and higher sales volumes resulting from strong demand for our products combined with manufacturing cost reductions. MBU operating income for 2018 improved from 2017 primarily due to increases in pricing and sales volumes for LPDRAM products, higher sales of high-value managed NAND products, and manufacturing cost reductions. SBU operating income for 2018 improved from 2017 primarily due to manufacturing cost reductions enabled by our execution in transitioning to 64-layer TLC 3D NAND products and improvements in product mix. SBU operating income for 2018 was adversely impacted by higher costs associated with IMFT's production of 3D XPoint memory products at less than full capacity. EBU operating income for 2018 increased as compared to 2017 as a result of increases in average selling prices, manufacturing cost reductions, and increases in sales volumes, partially offset by higher R&D costs.\n\nFor the year ended | 2019 | 2019 | 2018 | 2018 | 2017 | 2017\n------------------ | ------ | ----- | ------- | ---- | ------ | ----\nCNBU | $4,645 | 47% | $9,773 | 64% | $3,755 | 44% \nMBU | 2,606 | 41% | 3,033 | 46% | 927 | 21% \nSBU | (386) | (10)% | 964 | 19% | 552 | 12% \nEBU | 923 | 29% | 1,473 | 42% | 975 | 36% \nAll Other | 13 | 18% | — | —% | 23 | 35% \n | $7,801 | | $15,243 | | $6,232 | \n\nOperating Income) Business Unit\n Percentages reflect unit.\n CNBU income 2019 decreased declines pricing higher R&D costs offset cost reductions. MBU decreased pricing high NAND manufacturing cost reductions. SBU margin 2019 declined pricing offset manufacturing cost reductions sales volumes. impacted underutilization charges IMFT. EBU income decreased declines pricing higher R&D costs offset manufacturing cost reductions sales volumes.\n CNBU income 2018 improved improved pricing higher sales volumes reductions. MBU improved pricing LPDRAM sales high-value NAND manufacturing cost reductions. SBU improved manufacturing cost reductions 64-layer TLC 3D NAND product mix. impacted higher costs IMFT production 3D XPoint memory. EBU income 2018 increased selling prices manufacturing cost reductions sales volumes offset higher R&D costs.\n year 2019\n CNBU $4,645 47% $9,773 64% $3,755\nMBU 2,606 41% 927 21%\n SBU 964 12%\n EBU 29% 1,473 42% 975 36%\n 18% 35%\n $7,801 $15,243 $6,232" +} +{ + "_id": "d1b3ae55c", + "title": "", + "text": "Capital management\nThe following table summarises the capital of the Group at 31 March:\nNote: 1 Financial liabilities under put option arrangements comprise liabilities for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement; the amounts at 31 March 2018 were previously presented within short-term borrowings\nThe Group’s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and borrowing facilities to meet anticipated funding requirements. These borrowings, together with cash generated from operations, are loaned internally or contributed as equity to certain subsidiaries. The Board has approved three internal debt protection ratios being: net interest to operating cash flow (plus dividends from associates); retained cash flow (operating cash flow plus dividends from associates less interest, tax, dividends to non-controlling shareholders and equity dividends) to net debt; and operating cash flow (plus dividends from associates) to net debt. These internal ratios establish levels of debt that the Group should not exceed other than for relatively short periods of time and are shared with the Group’s debt rating agencies being Moody’s, Fitch Ratings and Standard & Poor’s.\n\n | 2019 | 2018 \n---------------------------------------------------- | ------ | -------\n | €m | €m \nNet debt | 27,033 | 29,631 \nFinancial liabilities under put option arrangements1 | 1,844 | 1,838 \nEquity | 63,445 | 68,607 \nCapital | 92,322 | 100,076\n\nCapital management\n table summarises capital Group at 31 March\n Financial liabilities under put option arrangements payments equity Kabel Deutschland AG domination transfer agreement amounts at 31 March short-term borrowings\n policy centrally long-term short-term capital market issues funding. borrowings cash loaned internally contributed equity to subsidiaries. Board approved debt protection ratios net interest cash flow dividends retained cash flow. ratios establish debt shared with Moody’s Fitch Ratings Standard & Poor’s.\n Net debt 27,033 29,631\n Financial liabilities under put option 1,844\n Equity 63,445 68,607\n Capital 92,322 100,076" +} +{ + "_id": "d1b322e9e", + "title": "", + "text": "ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS\nThe following table sets forth information regarding the beneficial ownership of our common stock as of March 1, 2020 for (i) each of our directors, (ii) each of our executive officers, (iii) each person known by us to be the beneficial owner of more than 5% of our outstanding shares of common stock, and (iv) all of our executive officers and directors as a group.\n* Less than 1%.\n(1) Unless otherwise indicated, we believe that all persons named in the above table have sole voting and investment power with respect to all shares of our common stock beneficially owned by them. Unless otherwise indicated the address for each listed beneficial owner is c/o Network-1 Technologies, Inc., 445 Park Avenue, Suite 912, New York, New York 10022.\n(2) A person is deemed to be the beneficial owner of shares of common stock that can be acquired by such person within 60 days from March 1, 2020 upon the exercise of options or restricted stock units that vest within such 60 day period. Each beneficial owner's percentage ownership is determined by assuming that all stock options and restricted stock units held by such person (but not those held by any other person) and which are exercisable or vested within 60 days from March 1, 2020 have been exercised and vested. Assumes a base of 24,032,941 shares of our common stock outstanding as of March 1, 2020.\n(3) Includes (i) 3,549,369 shares of common stock held by Mr. Horowitz, (ii) 500,000 shares of common stock subject to currently exercisable stock options held by Mr. Horowitz, (iii) 2,157,097 shares of common stock held by CMH Capital Management Corp., an entity solely owned by Mr. Horowitz, (iv) 134,275 shares of common stock owned by the CMH Capital Management Corp. Profit Sharing Plan, of which Mr. Horowitz is the trustee, (v) 67,470 shares of common stock owned by Donna Slavitt, the wife of Mr. Horowitz, (vi) an aggregate of 452,250 shares of common stock held by two trusts and a custodian account for the benefit of Mr. Horowitz’s three children, and (vii) 2,291 shares of common stock held by Horowitz Partners, a general partnership of which Mr. Horowitz is a partner. Does not include 250,000 shares of common stock subject to restricted stock units that do not vest within 60 days of March 1, 2020.\n(4) Includes 2,157,097 shares of common stock owned by CMH Capital Management Corp. and 134,275 shares of common stock owned by CMH Capital Management Corp. Profit Sharing Plan. Corey M. Horowitz, by virtue of being the sole officer, director and shareholder of CMH Capital Management Corp. and the trustee of the CMH Capital Management Corp. Profit Sharing Plan, has the sole power to vote and dispose of the shares of common stock owned by CMH Capital Management Corp. and the CMH Capital Management Corp. Profit Sharing Plan.\n(5) Includes (i) 242,235 shares of common stock and (ii) 3,750 shares of common stock subject to restricted stock units that vest within 60 days of March 1, 2020. Does not include 11,250 shares of common stock subject to restricted stock units that do not vest within 60 days from March 1, 2020.\n(6) Includes (i) 108,309 shares of common stock and (ii) 3,750 shares of common stock subject to restricted stock units that vest within 60 days of March 1, 2020. Does not\ninclude 11,250 shares of common stock subject to restricted stock units that do not vest within 60 days from March 1, 2020.\n(7) Includes 94,160 shares of common stock. Does not include 27,500 shares of common stock subject to restricted stock units owned by Mr. Kahn that do not vest within 60 days from March 1, 2020.\n(8) Includes (i) 72,061 shares of common stock and (ii) 3,750 shares of common stock subject to restricted stock units that vest within 60 days of March 1, 2020. Does not include 11,250 shares of common stock subject to restricted stock units that do not vest within 60 days from March 1, 2020.\n(9) Includes 67,499 shares of common stock. Does not include 35,000 shares of common stock subjected to restricted stock units owned by Mr. Greene that do not vest within 60 days from March 1, 2020.\n(10) Includes 585,233 shares of common stock owned by Mr. Heinemann and 2,242,582 shares of common stock owned by Goose Hill Capital LLC. Goose Hill Capital LLC is an entity in which Mr. Heinemann is the sole member. Mr. Heinemann, by virtue of being the sole member of Goose Hill Capital LLC, has the sole power to vote and dispose of the shares of common stock owned by Goose Hill Capital LLC. The aforementioned beneficial ownership is based upon Amendment No. 7 to Schedule 13G filed by Mr. Heinemann with the SEC on February 11, 2019. The address for Mr. Heinemann is c/o Goose Hill Capital, LLC, 12378 Indian Road, North Palm Beach, Florida 33408.\n(11) Includes 2,242,582 shares of common stock. Steven D. Heinemann, by virtue of being the sole member of Goose Hill Capital LLC, has the sole power to vote and dispose of the shares of common stock owned by Goose Hill Capital LLC. The aforementioned beneficial ownership is based upon Amendment No. 7 to Schedule 13G filed by Mr. Heinemann with the SEC on February 11, 2019. The address for Goose Hill Capital LLC is 12378 Indian Road, North Palm Beach, Florida 33408.\n(12) Includes 1,200,130 shares of common stock. The aforementioned beneficial ownership is based upon a Schedule 13G filed by Mr. Herzog with the SEC on February 10, 2016. The address of Mr. Herzog is 824 Harbor Road, Southport, Connecticut 06890-1410.\n\nNAME AND ADDRESS OF BENEFICIAL OWNER | AMOUNT AND NATURE OF BENEFICIAL OWNERSHIP(1)(2) | PERCENTAGE OF COMMON STOCK BENEFICIALLY OWNED(2)\n-------------------------------------------------- | ----------------------------------------------- | ------------------------------------------------\nExecutive Officers and Directors: | | \nCorey M. Horowitz(3) | 6,862,752 | 28.0% \nCMH Capital Management Corp(4) | 2,291,372 | 9.5% \nNiv Harizman(5) | 245,985 | 1.0% \nEmanuel Pearlman (6) | 112,059 | * \nDavid C. Kahn(7) | 94,160 | * \nAllison Hoffman(8) | 75,811 | * \nJonathan E. Greene(9) | 67,499 | * \nAll officers and directors as a group (6 Persons) | 7,458,266 | 30.4% \n5% Stockholders: | | \nSteven D. Heinemann(10) | 2,827,815 | 11.8% \nGoose Hill Capital LLC(11) | 2,242,582 | 9.3% \nJohn Herzog(12) | 1,200,130 | 5.0% \n\nITEM 12. SECURITY OWNERSHIP BENEFICIAL OWNERS MANAGEMENT STOCKHOLDER MATTERS\n table beneficial ownership common stock March 1, 2020 directors executive officers 5% shares stock officers directors.\n Less than 1%.\n persons have sole voting investment power shares common stock. address owner c/o Network-1 Technologies,. 445 Park Avenue Suite 912 New York 10022.\n person beneficial owner shares stock acquired within 60 days March 1, 2020 exercise options stock units. percentage ownership determined stock options restricted stock units vested within 60 days March 1 2020 exercised vested. Assumes base 24,032,941 shares common stock as March 1, 2020.\n Includes 3,549,369 shares. Horowitz 500,000 shares options. 2,157,097 shares CMH Capital Management Corp. 134,275 shares CMH Capital Management Corp. Profit Sharing Plan.Horowitz trustee 67,470 shares common stock Donna Slavitt wife. Horowitz 452,250 shares two trusts custodian account. Horowitz’s three children 2,291 shares Horowitz Partners. Horowitz partner. include 250,000 shares common stock restricted stock units 60 days March 1, 2020.\n Includes 2,157,097 shares CMH Capital Management Corp. 134,275 shares. Profit Sharing Plan. Horowitz sole officer director shareholder CMH Capital. trustee. sole power vote dispose.\n Includes 242,235 shares 3,750 shares restricted units 60 days March 1, 2020. include 11,250 shares 60.\n Includes 108,309 shares 3,750 shares restricted units 60 days March 1, 2020.\n include 11,250 shares 60 1 2020.\n Includes 94,160 shares. include 27,500 shares restricted stock units. Kahn vest 60 days March 1, 2020.\nIncludes 72,061 shares common 3,750 restricted units 60 days March 1, 2020. include 11,250 shares 60 days March 1 2020.\n Includes 67,499 shares common stock. include 35,000 shares units. Greene 60 days March 1 2020.\n Includes 585,233 shares. Heinemann 2,242,582 shares Goose Hill Capital LLC. Heinemann sole member. power vote dispose. based Amendment. 7 Schedule 13G. Heinemann SEC February 11 2019. address. Goose Hill Capital 12378 Indian Road North Palm Beach Florida 33408.\n Includes 2,242,582 shares. power vote dispose. Amendment. 7 Schedule 13G. 2019. address Goose Hill Capital 12378 Indian Road North Palm Beach Florida 33408.\n Includes 1,200,130 shares common stock. ownership Schedule 13G. Herzog SEC February 10, 2016. address. 824 Harbor Road Southport Connecticut 06890-1410.\nADDRESS OWNER PERCENTAGE STOCK\n Officers Directors\n Corey. 6,862,752.\n CMH Capital Management 2,291,372.\n Harizman(5) 245,985.\n Emanuel Pearlman 112,059\n David. Kahn 94,160\n Allison Hoffman 75,811\n Jonathan. Greene(9) 67,499\n officers directors,266 30.\n Stockholders\n Steven. 2,827,815. 8%\n Goose Hill Capital LLC 2,242,582.\n John 1,200,130." +} +{ + "_id": "d1b33bd86", + "title": "", + "text": "Cost of Revenue and Operating Expenses\nCost of subscription and maintenance revenue includes the labor costs of providing product support to our subscription and maintenance customers, including allocated IT and facilities costs, professional services fees related to operating our network and cloud infrastructure, royalties, depreciation expense and operating lease payments associated with computer equipment, data center costs, salaries, related expenses of network operations, and stock-based compensation expense.\nCost of other revenue includes labor costs associated with product setup, costs of consulting and training services contracts, and collaborative project management services contracts. Cost of other revenue also includes stock-based compensation expense, direct material and overhead charges, allocated IT and facilities costs, professional services fees and royalties. Direct material and overhead charges include the cost associated with electronic and physical fulfillment.\nCost of revenue, at least over the near term, is affected by the volume and mix of product sales, fluctuations in consulting costs, amortization of developed technology, new customer support offerings, royalty rates for licensed technology embedded in our products and employee stock-based compensation expense\nMarketing and sales expenses include salaries, bonuses, benefits and stock-based compensation expense for our marketing and sales employees, the expense of travel, entertainment and training for such personnel, sales and dealer commissions, and the costs of programs aimed at increasing revenue, such as advertising, trade shows and expositions, and various sales and promotional programs. Marketing and sales expenses also include payment processing fees, the cost of supplies and equipment, gains and losses on our operating expense cash flow hedges, allocated IT and facilities costs, and labor costs associated with sales and order management.\nResearch and development expenses, which are expensed as incurred, consist primarily of salaries, bonuses, benefits and stock-based compensation expense for research and development employees, the expense of travel, entertainment and training for such personnel, professional services such as fees paid to software development firms and independent contractors, gains and losses on our operating expense cash flow hedges, and allocated IT and facilities costs.\nGeneral and administrative expenses include salaries, bonuses, acquisition-related transition costs, benefits and stock-based compensation expense for our CEO, finance, human resources and legal employees, as well as professional fees for legal and accounting services, certain foreign business taxes, gains and losses on our operating expense cash flow hedges, expense of travel, entertainment and training, net IT and facilities costs, and the cost of supplies and equipment.\n\n | Fiscal year ended January 31, 2019 | Change compared to prior fiscal year | | Fiscal year ended January 31, 2018 | Management comments \n--------------------------------------- | ---------------------------------- | ------------------------------------ | ----- | ---------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------\n(in millions) | | $ | % | | \nCost of revenue: | | | | | \nSubscription and maintenance | $216.0 | $1.6 | 1% | $214.4 | Up primarily due to an increase in cloud hosting costs partially offset by a decrease in royalty and depreciation expense. \nOther (1) | 54.4 | (18.2) | (25)% | 72.6 | Down primarily due to lower employee-related costs from reduced headcount associated with the Fiscal 2018 Plan restructuring and lower professional fees. \nAmortization of developed technology | 15.5 | (0.9) | (5)% | 16.4 | Down as previously acquired developed technologies continue to become fully amortized. \nTotal cost of revenue | $285.9 | $(17.5) | (6)% | $303.4 | \nMarketing and sales | $1,183.9 | $96.6 | 9% | $1,087.3 | Up due to increased employee-related costs driven by higher headcount, as well as higher cloud hosting costs and professional fees. \nResearch and development | 725.0 | (30.5) | (4)% | 755.5 | Down due to a decrease in employee-related costs from lower headcount associated with the Fiscal 2018 plan restructuring partially offset by higher professional fees.\nGeneral and administrative | 340.1 | 34.9 | 11% | 305.2 | Up primarily due to higher professional fees, employee-related costs and facilities costs, partially offset by lower employee benefits costs. \nAmortization of purchased intangibles | 18.0 | (2.2) | (11)% | 20.2 | Down as previously acquired intangible assets continue to become fully amortized. \nRestructuring and other exit costs, net | 41.9 | (52.2) | (55)% | 94.1 | Down as we substantially completed the reduction in force and facilities consolidation of the Fiscal 2018 Plan. \n | $ 2,308.9 | $46.6 | 2% | $2,262.3 | \n\nRevenue Operating Expenses\n subscription maintenance revenue includes labor IT facilities costs professional services royalties depreciation lease payments data center costs salaries network operations stock-based compensation expense.\n other revenue labor product setup consulting training project management. stock-based compensation expense material overhead charges IT facilities costs professional services fees royalties. overhead charges electronic physical fulfillment.\n affected by volume product sales consulting costs amortization technology new support royalty rates technology employee stock-based compensation expense\n Marketing sales expenses include salaries bonuses benefits compensation travel entertainment training commissions advertising. payment processing fees supplies equipment gains losses operating cash flow hedges IT facilities costs labor costs sales order management.\n Research development expenses salaries bonuses benefits compensation travel entertainment training professional services gains losses cash flow hedges IT facilities costs.\nadministrative expenses include salaries bonuses transition costs benefits stock compensation CEO finance human resources legal employees professional fees foreign business taxes gains losses operating cash flow hedges travel entertainment training IT facilities costs supplies equipment.\n Fiscal year January 31, 2019 prior January 31, 2018 Management comments\n millions\n Cost revenue\n Subscription maintenance $216. $1. $214. cloud hosting costs offset royalty depreciation expense.\n 54. lower employee costs reduced headcount Fiscal 2018 Plan restructuring professional fees.\n Amortization technology 15. amortized.\n Total cost revenue $285. $303.\n Marketing sales $1,183. $96. $1,087. increased employee costs higher headcount cloud hosting costs professional fees.\n Research development 725. 755. Down employee costs headcount Fiscal 2018 plan restructuring professional fees.\n 340. 34.11% 305. due professional fees facilities costs offset benefits.\n Amortization intangibles 18. (11)% 20. assets amortized.\n Restructuring exit costs 41. (52. (55)% 94. reduction facilities consolidation Fiscal 2018 Plan.\n 2,308. $46. $2,262." +} +{ + "_id": "d1b36afe6", + "title": "", + "text": "The following table reconciles the expected income tax expense, computed by applying our combined German tax rate of 26.4% (2018: 26.4%; 2017: 26.4%), to the actual income tax expense. Our 2019 combined German tax rate includes a corporate income tax rate of 15.0% (2018: 15.0%; 2017: 15.0%), plus a solidarity surcharge of 5.5% (2018: 5.5%; 2017: 5.5%) thereon, and trade taxes of 10.6% (2018: 10.6%; 2017: 10.6%).\nRelationship Between Tax Expense and Profit Before Tax\n\n€ millions, unless otherwise stated | 2019 | 2018 | 2017 \n-------------------------------------------------------------------------------------------------- | ----- | ----- | -----\nProfit before tax | 4,596 | 5,600 | 5,029\nTax expense at applicable tax rate of 26.4% rate of 26.4% (2018: 26.4%; 2017: 26.4%) | 1,212 | 1,478 | 1,327\nTax effect of: | | | \nForeign tax rates | –209 | –147 | –403 \nChanges in tax laws and tax rates | 10 | 0 | –212 \nNon-deductible expenses | 116 | 106 | 82 \nTax-exempt income | –93 | –38 | –95 \nWithholding taxes | 138 | 91 | 131 \nResearch and development and foreign tax credits | –89 | –33 | –26 \nPrior-year taxes | 80 | –17 | –26 \nReassessment of deferred tax assets, research and development tax credits, and foreign tax credits | 48 | 58 | 185 \nOther | 13 | 13 | 20 \nTotal income tax expense | 1,226 | 1,511 | 983 \nEffective tax rate (in %) | 26.7 | 27.0 | 19.5 \n\ntable expected income tax expense combined German tax rate 26. 4%. actual income tax expense. 2019 tax rate includes corporate income tax rate 15. 0%. solidarity surcharge 5. 5%. trade taxes 10. 6%.\n Relationship Between Tax Expense Profit Before Tax\n millions 2019 2018\n Profit before tax 4,596 5,600 5,029\n Tax expense 26. 1,212 1,478 1,327\n Tax effect\n Foreign tax rates –209\n Changes tax laws rates\n Non-deductible expenses\n Tax-exempt income\n Withholding taxes\n Research development foreign tax credits\n Prior-year taxes\n Reassessment deferred tax assets credits credits\n Total income tax expense 1,226 1,511 983\n Effective tax rate %) 26. 27." +} +{ + "_id": "d1b35c9dc", + "title": "", + "text": "8. Income Per Share\nBasic income per share is calculated by dividing net earnings by the weighted average number of common shares outstanding for the applicable period. Diluted income per share is calculated after adjusting the denominator of the basic income per share calculation for the effect of all potential dilutive common shares outstanding during the period. The following table sets forth the computation of basic and diluted income per share:\nFor fiscal 2019, options and RSUs of 83,939 were excluded from the computation of diluted net income per share as their effect would have been anti-dilutive. For fiscal 2018 and fiscal 2017, the Company had no options or RSUs that were excluded from the computation of diluted net income per shares. RSAs for 594,382 shares in fiscal 2019, 363,413 shares in fiscal 2018 and 779,000 shares in fiscal 2017 were excluded from the calculation of diluted net income per share as these awards contain performance conditions that would not have been achieved as of the end of each reporting period had the measurement period ended as of that date.\n\n | April 27, 2019 | April 28, 2018 | April 29, 2017\n---------------------------------------------------------------- | -------------- | -------------- | --------------\nNumerator: | | | \nNet Income (in millions) | $91.6 | $57.2 | $92.9 \nDenominator: | | | \nDenominator for Basic Earnings Per Share-Weighted Average Shares | | | \nOutstanding and Vested/Unissued Restricted Stock Units | 37,405,298 | 37,281,630 | 37,283,096 \nDilutive Potential Common Shares-Employee Stock Options, | | | \nRestricted Stock Awards and Restricted Stock Units | 264,262 | 260,269 | 202,605 \nDenominator for Diluted Earnings Per Share | 37,669,560 | 37,541,899 | 37,485,701 \nBasic and Diluted Income Per Share: | | | \nBasic Income Per Share | $2.45 | $1.54 | $2.49 \nDiluted Income Per Share | $2.43 | $1.52 | $2.48 \n\n. Income Per Share\n Basic calculated net earnings weighted average common shares. Diluted income calculated adjusting denominator potential dilutive shares. table computation diluted income\n 2019 options RSUs 83,939 excluded anti-dilutive. 2018 2017 no options RSUs excluded.,382 2019 363,413 2018 779,000 2017 excluded performance conditions.\n April 27, 2019 28, 2018 April 29, 2017\n Net Income millions) $91. $57. $92.\n Denominator\n Basic Earnings Per Share-Weighted Average Shares\n Outstanding Vested Restricted Stock Units 37,405,298 37,281,630\n Dilutive Potential Common Shares-Employee Stock Options\n Restricted Stock Awards Units 264,262 260,269 202,605\n Diluted Earnings Per Share 37,669,560 37,541,899 37,485,701\n Basic Diluted Income Per Share\n $2. $1.$2.\n Income Share $2. $2." +} +{ + "_id": "d1b31ad02", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 6 — Retirement Plans\nWe have a number of noncontributory defined benefit pension plans (\"pension plans\") covering approximately 3% of our active employees. Pension plans covering salaried employees provide pension benefits that are based on the employees´ years of service and compensation prior to retirement. Pension plans covering hourly employees generally provide benefits of stated amounts for each year of service.\nWe also provide post-retirement life insurance benefits for certain retired employees. Domestic employees who were hired prior to 1982 and certain former union employees are eligible for life insurance benefits upon retirement. We fund life insurance benefits through term life insurance policies and intend to continue funding all of the premiums on a pay-as-you-go basis.\nWe recognize the funded status of a benefit plan in our consolidated balance sheets. The funded status is measured as the difference between plan assets at fair value and the projected benefit obligation. We also recognize, as a component of other comprehensive earnings, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit/cost.\nThe measurement dates for the pension plans for our U.S. and non-U.S. locations were December 31, 2019, and 2018.\nDuring 2017, we offered certain former vested employees in our U.S. pension plan a one-time option to receive a lump sum distribution of their benefits from pension plan assets. The pension plan made approximately $23,912 in lump sum payments to settle its obligation to these participants. These settlement payments decreased the projected benefit obligation and plan assets by $23,912, and resulted in a non-cash settlement charge of $13,476 related to unrecognized net actuarial losses that were previously included in accumulated other comprehensive loss. The measurement date of this settlement was December 31, 2017.\nIn February 2020, the CTS Board of Directors authorized and empowered management to explore termination of our U.S. based pension plans at management's discretion, subject to certain conditions. Management has not yet made a final decision on whether to pursue a plan termination and the potential timing thereof.\nThe measurement dates for the post-retirement life insurance plan were December 31, 2019, and 2018. The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the post-retirement life insurance plan at those measurement dates.\n\n | Post-Retirement Life Insurance Plan | \n-------------------------------------------------------------- | ----------------------------------- | --------\n | 2019 | 2018 \nAccumulated benefit obligation | $4,766 | $4,595 \nChange in projected benefit obligation: | | \nProjected benefit obligation at January 1 | $4,595 | $5,134 \nService cost | 1 | 2 \nInterest cost | 170 | 156 \nBenefits paid | (145) | (157) \nActuarial loss (gain) | 145 | (540) \nProjected benefit obligation at December 31 | $4,766 | $4,595 \nChange in plan assets: | | \nAssets at fair value at January 1 | $— | $— \nActual return on assets | — | — \nCompany contributions | 145 | 157 \nBenefits paid | (145) | (157) \nOther | — | — \nAssets at fair value at December 31 | $— | $— \nFunded status (plan assets less projected benefit obligations) | $(4,766) | $(4,595)\n\nNOTES CONSOLIDATED FINANCIAL STATEMENTS share data\n NOTE 6 Retirement Plans\n noncontributory defined benefit pension plans 3% active employees. benefits based years service compensation retirement. provide benefits year service.\n post-retirement life insurance benefits retired employees. Domestic employees hired 1982 former union employees eligible life insurance benefits retirement. fund funding premiums pay-as-you-go.\n funded status benefit plan balance sheets. measured difference assets fair value projected benefit obligation. gains losses prior service costs credits.\n measurement dates plans. non-U. December 31, 2019 2018.\n 2017 offered former vested employees.-time option sum distribution benefits. $23,912 sum payments. decreased projected benefit obligation plan assets $23,912 non settlement charge $13,476 unrecognized net actuarial losses. measurement date settlement December 31, 2017.\n February 2020 CTS Board Directors explore termination U. S. pension plans.Management plan termination potential timing.\n measurement dates post-retirement life insurance plan December 2019 2018. table benefit obligation assets funded status.\n Accumulated benefit obligation $4,766 $4,595\n benefit obligation\n January 1 $4,595 $5,134\n Service cost\n Interest cost 170\n Benefits paid\n Actuarial loss 145\n obligation December 31 $4,766 $4,595\n Change assets\n January 1\n return assets\n Company contributions 145\n Benefits paid\n Assets value December 31\n Funded status assets less benefit obligations $(4,766) $(4,595)" +} +{ + "_id": "d1b3832bc", + "title": "", + "text": "The majority of the Company's revenues are generated from U.S. government contracts, either as a prime contractor or as a subcontractor to other contractors. Revenues from the U.S. government can be adversely impacted by spending caps or changes in budgetary priorities of the U.S. government, as well as delays in program start dates or the award of a contract.\nDisaggregated revenues by contract-type were as follows:\n\nYear Ended January 3, 2020 | | | | \n-------------------------------------------------- | ----------------- | ------ | ------ | -------\n | Defense Solutions | Civil | Health | Total \n(in millions) | | | | \nCost-reimbursement and fixed-price-incentive-fee | $3,697 | $1,997 | $234 | $5,928 \nFirm-fixed-price | 1,203 | 1,075 | 1,296 | 3,574 \nTime-and-materials and fixed-price-level-of-effort | 466 | 564 | 444 | 1,474 \nTotal | $5,366 | $3,636 | $1,974 | $10,976\n\nCompany revenues. government contracts. impacted spending caps budgetary priorities. delays program contract.\n revenues contract-type\n Ended January 3 2020\n Defense Solutions Civil Health\n millions\n Cost-reimbursement fixed-price-incentive-fee $3,697 $1,997 $234 $5,928\n Firm-fixed-price 1,203 1,075 1,296 3,574\n Time-materials fixed-price-level-effort 466 444 1,474\n Total $5,366 $3,636 $1,974 $10,976" +} +{ + "_id": "d1b375932", + "title": "", + "text": "Revenue allocated to remaining performance obligations represents contract revenues that have not yet been recognized for contracts with a duration greater than one year. As of December 31, 2019, we did not have any significant performance obligations related to customer contracts that had an original expected duration of one year or more, other than maintenance services, which are satisfied over time. As a practical expedient, for certain contracts recognize revenue equal to the amounts we are entitled to invoice which correspond to the value of completed performance obligations to date. The amount related to these performance obligations was $13.3 million as of December 31, 2018. The amount related to these performance obligations was $13.6 million as of December 31, 2019, and the Company expects to recognize 64% of such revenue over the next 12 months with the remainder thereafter.\nThe following table provides information about accounts receivables, contract assets and unearned revenue from contracts with customers:\n(1) Included in other receivables on the Consolidated Balance Sheets\nOf the outstanding unearned revenue balance as of December 31, 2018, $12.7 million was recognized as revenue during the year ended December 31, 2019.\n\n(In thousands) | December 31, 2019 | December 31, 2018\n---------------------------- | ----------------- | -----------------\nAccounts receivable | $90,531 | $99,385 \nContract assets (1) | $2,812 | $3,766 \nUnearned revenue | $11,963 | $17,940 \nNon-current unearned revenue | $6,012 | $5,296 \n\nperformance obligations recognized one year. December 31, 2019 significant performance obligations contracts one year or maintenance services satisfied. certain contracts recognize revenue equal completed performance obligations. $13. 3 million December 31, 2018. $13. 6 million December 31, 2019 expects recognize 64% revenue next 12 months remainder thereafter.\n table accounts receivables contract assets unearned revenue\n unearned revenue 2018 $12. 7 million recognized December 31, 2019.\n Accounts receivable $90,531 $99,385\n Contract assets $2,812 $3,766\n Unearned revenue $11,963 $17,940\n Non-current unearned revenue $6,012 $5,296" +} +{ + "_id": "d1b38e52c", + "title": "", + "text": "19. Net Income per Share\nThe following table presents the calculation of basic and diluted net income per share (in millions, except per-share amounts):\nEmployee equity share options, unvested shares, and similar equity instruments granted and assumed by Cisco are treated as potential common shares outstanding in computing diluted earnings per share. Diluted shares outstanding include the dilutive effect of in-the-money options, unvested restricted stock, and restricted stock units. The dilutive effect of such equity awards is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options and the amount of compensation cost for future service that has not yet recognized are collectively assumed to be used to repurchase shares.\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n-------------------------------------------------- | ------------- | ------------- | -------------\nNet income . | $11,621 | $110 | $9,609 \nWeighted-average shares—basic | 4,419 | 4,837 | 5,010 \nEffect of dilutive potential common shares | 34 | 44 | 39 \nWeighted-average shares—diluted . | 4,453 | 4,881 | 5,049 \nNet income per share—basic . | $2.63 | $0.02 | $1.92 \nNet income per share—diluted | $2.61 | $0.02 | $1.90 \nAntidilutive employee share-based awards, excluded | 55 | 61 | 136 \n\n. Net Income per Share\n table basic diluted income per share millions\n Employee equity options unvested shares instruments Cisco potential common shares diluted earnings. shares include-money options restricted stock units. calculated average share price treasury stock method. stock options compensation cost future service repurchase shares.\n Years Ended July 27, 2019 July 28, 2018 July 29, 2017\n Net income. $11,621 $110 $9,609\n-average 4,837 5,010\n dilutive common shares 34\n. 4,453 4,881 5,049\n Net income per. $2. $1.\n $2.\n Antidilutive employee share-based awards excluded 55" +} +{ + "_id": "d1b365a78", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nNOTE 11. PROPERTY AND EQUIPMENT, NET\nProperty and equipment, net is comprised of the following:\n\n | December 31, | \n------------------------------------ | ------------ | --------\n | 2019 | 2018 \nBuildings and land | $1,693 | $1,737 \nMachinery and equipment | 108,945 | 41,330 \nComputer and communication equipment | 29,106 | 24,051 \nFurniture and fixtures | 4,119 | 3,203 \nVehicles | 262 | 282 \nLeasehold improvements | 33,041 | 20,593 \nConstruction in process | 9,089 | 867 \n | 186,255 | 92,063 \nLess: Accumulated depreciation | (78,146) | (60,794)\nProperty and equipment, net | $108,109 | $31,269 \n\nENERGY INDUSTRIES. FINANCIAL STATEMENTS\n. PROPERTY EQUIPMENT\n Buildings land $1,693 $1,737\n Machinery 108,945 41,330\n 29,106 24,051\n Furniture fixtures 4\n Vehicles\n Leasehold improvements 33,041 20,593\n Construction 9,089\n 186,255 92,063\n depreciation (78,146) (60,794\n Property equipment $108,109 $31,269" +} +{ + "_id": "d1b34d356", + "title": "", + "text": "Research and Development\nResearch and development expenses in 2019 decreased by $4.6 million, or 21%, as compared to 2018. The decrease was primarily due to a reduction in the number of full-time research and development personnel, resulting in a decrease of $3.1 million in compensation expense and $0.6 million in allocated facilities and information technology costs as compared to 2018. We did not incur restructuring costs in 2019, as compared to 2018 when $0.1 million was incurred as part of the 2018 Restructuring Plan (refer to Note 4 of the accompanying consolidated financial statements). Finally, the decrease was further driven by lower professional fees of $0.6 million, as we reduced the number of research and development contractors as compared to 2018.\n\n | Years Ended December 31, | | Change | \n------------------------ | ------------------------ | ---------------------- | -------- | -----\n | 2019 | 2018 | $ | % \n | | (dollars in thousands) | | \nResearch and development | $17,845 | $22,450 | $(4,605) | (21)%\nPercent of revenues, net | 36% | 38% | | \n\nResearch Development\n expenses 2019 decreased $4. 6 million 21% 2018. due full-time personnel $3. 1 million compensation expense $0. 6 million facilities information technology costs. restructuring costs 2019 $0. 1 million Plan Note 4. decrease driven lower professional fees $0. 6 million reduced contractors.\n Years Ended December 31,\n 2019 2018 $ %\n thousands\n Research development $17,845 $22,450 $(4,605) (21)%\n Percent revenues 36% 38%" +} +{ + "_id": "d1b367134", + "title": "", + "text": "Postretirement Benefit Plans\nThe Company also provides certain postretirement health care and life insurance benefits to qualifying domestic retirees and their eligible dependents. The health care plan for shore-based employees and their dependents and seagoing licensed deck officers (“Deck Officers”) and their dependents is contributory at retirement, while the life insurance plan for all employees is noncontributory.\nIn general, postretirement medical coverage is provided to shore-based employees hired prior to January 1, 2005 and all Deck Officers who retire and have met minimum age and service requirements under a formula related to total years of service. The Company no longer provides prescription drug coverage to its retirees or their beneficiaries once they reach age 65.\nThe Company does not currently fund these benefit arrangements and has the right to amend or terminate the health care and life insurance benefits at any time.\nInformation with respect to the domestic pension and postretirement benefit plans for which the Company uses a December 31 measurement date, follow:\n\n | 2019 | 2018 | 2019 | 2018 \n---------------------------------------------- | --------- | --------- | ----------------------------- | -----------------------------\nAt December 31, | | | Change in benefit obligation: | Change in benefit obligation:\nBenefit obligation at beginning of year | $44,015 | $48,500 | $3,401 | $4,548 \nCost of benefits earned (service cost) | — | — | 105 | 119 \nInterest cost on benefit obligation | 1,802 | 1,673 | 140 | 142 \nActuarial losses/(gains) | 3,805 | (3,456) | 84 | (1,206) \nBenefits paid | (2,686) | (2,702) | (158) | (202) \nBenefit obligation at year end | 46,936 | 44,015 | 3,572 | 3,401 \nChange in plan assets: | | | | \nFair value of plan assets at beginning of year | 31,929 | 35,591 | — | — \nActual return on plan assets | 6,790 | (1,882) | — | — \nEmployer contributions | 721 | 922 | 158 | 202 \nBenefits paid | (2,686) | (2,702) | (158) | (202) \nFair value of plan assets at year end | 36,754 | 31,929 | — | — \nUnfunded status at December 31 | $(10,182) | $(12,086) | $(3,572) | $(3,401) \n\nPostretirement Benefit Plans\n Company provides health care life insurance domestic retirees dependents. health care plan shore-based employees deck officers contributory life insurance plan noncontributory.\n postretirement medical coverage shore-based employees January 1, 2005 Deck Officers minimum age service requirements. provides prescription drug coverage retirees 65.\n benefit amend terminate health care life insurance benefits.\n domestic pension postretirement benefit plans December 31 measurement date\n Change benefit obligation\n $44,015 $48,500 $3,401 $4,548\n Cost benefits\n Interest cost obligation 1,802 1,673\n Actuarial losses(gains 3,805 (3,456) (1,206)\n Benefits paid (2,686) (2,702) (158) (202)\n year end 46,936 44,015 3,572 3,401\n Change plan assets\n value 31,929 35,591\n return plan assets 6,790 (1,882)\nEmployer contributions 721 922 158\n Benefits (2,686) (2,702 (158) (202)\n 36,754 31,929\n Unfunded December 31,182),572" +} +{ + "_id": "d1b357e96", + "title": "", + "text": "17. Quarterly Financial Data (Unaudited)\nThe following is summarized quarterly financial data for fiscal 2019 and 2018 (in thousands, except per share amounts):\n(1) The annual total amounts may not equal the sum of the quarterly amounts due to rounding. Earnings per share is computed independently for each quarter.\n(2) The first quarter of fiscal 2019 results included $7.0 million of tax expense as a result of new regulations issued in November 2018 under Tax Reform. These regulations impacted the treatment of foreign taxes paid.\n(3) The fourth quarter of fiscal 2019 results included restructuring costs of $1.7 million, $1.5 million net of taxes.\n(4) The fourth quarter of fiscal 2019 results included the permanent reinvestment assertion of $10.5 million of certain historical undistributed earnings of two foreign subsidiaries.\n(7) The first quarter of fiscal 2019 included $0.23 per share of tax expense as a result of U.S. Tax Reform. The fourth quarter of fiscal 2019 included $0.05 per share of expense related to restructuring costs and $0.35 per share tax benefit resulting from the permanent reinvestment assertion of certain historical undistributed earnings of two foreign subsidiaries.\n\n2019 | First\nQuarter | Second Quarter | Third Quarter | Fourth Quarter | Total \n--------------------------------- | ------------- | -------------- | ------------- | -------------- | ----------\nNet sales | $765,544 | $789,051 | $799,644 | $810,195 | $3,164,434\nGross profit | 72,383 | 70,636 | 71,030 | 77,789 | 291,838 \nNet income (2,3,4) | 22,226 | 24,758 | 24,801 | 36,831 | 108,616 \nEarnings per share (1): | | | | | \nBasic | $0.71 | $0.81 | $0.83 | $1.26 | $3.59 \nDiluted (7) | $0.69 | $0.79 | $0.81 | $1.23 | $3.50 \n\n. Quarterly Financial Data\n summarized quarterly data 2019 2018\n annual amounts equal quarterly amounts. Earnings per share computed independently.\n first quarter 2019 $7. million tax expense regulations November 2018 Tax Reform. foreign taxes.\n fourth quarter restructuring costs $1. 7 million $1. 5 million net taxes.\n fourth quarter reinvestment $10. 5 million earnings foreign subsidiaries.\n first quarter $0. 23 per share tax expense. Tax Reform. fourth quarter $0. 05 per share expense restructuring $0. 35 per share tax benefit reinvestment subsidiaries.\n Second Third Fourth Quarter\n Net sales $765,544 $789,051 $799,644 $810,195 $3,164,434\n Gross profit 72,383 70,636\n Net income 22,226 24,758 24,801 36,831 108\n Earnings per share\n. 71.\n. 23." +} +{ + "_id": "d1b368c82", + "title": "", + "text": "Accounts Receivable\nAccounts receivable are uncollateralized customer obligations due under normal trade terms. The Company records allowances for doubtful accounts based on customer-specific analysis and general matters such as current assessment of past due balances and economic conditions. The Company writes off accounts receivable when they become uncollectible. The allowance for doubtful accounts was $55,039 and $65,542 at December 31, 2019 and 2018, respectively. Management identifies a delinquent customer based upon the delinquent payment status of an outstanding invoice, generally greater than 30 days past due date. The delinquent account designation does not trigger an accounting transaction until such time the account is deemed uncollectible. The allowance for doubtful accounts is determined by examining the reserve history and any outstanding invoices that are over 30 days past due as of the end of the reporting period. Accounts are deemed uncollectible on a case-by-case basis, at management’s discretion based upon an examination of the communication with the delinquent customer and payment history. Typically, accounts are only escalated to “uncollectible” status after multiple attempts at collection have proven unsuccessful.\nThe allowance for doubtful accounts for the years ended December 31 are as follows:\n\n | 2019 | 2018 \n---------------------------- | -------- | --------\nBeginning balance | $65,542 | $22,173 \nProvision charged to expense | 29,849 | 55,152 \nDeductions | (40,352) | (11,783)\nEnding balance | 55,039 | $65,542 \n\nAccounts Receivable\n uncollateralized obligations trade. Company records allowances doubtful accounts analysis. writes off uncollectible. allowance $55,039 $65,542 at December 31, 2019 2018. identifies delinquent customer payment status invoice 30 days past due. transaction uncollectible. allowance determined reserve history invoices over 30 days past due. Accounts deemed uncollectible case-by-case payment history. escalated after attempts unsuccessful.\n allowance doubtful accounts years December 31\n 2019 2018\n Beginning balance $65,542 $22,173\n Provision charged expense 29,849 55,152\n Deductions (40,352)\n Ending balance 55,039 $65,542" +} +{ + "_id": "d1b33cb1e", + "title": "", + "text": "7. Balance Sheet Details\nCash, cash equivalents, and restricted cash consist of the following:\nAs of December 31, 2019 and December 31, 2018, cash and cash equivalents included $20.4 million and $0 of money market funds, respectively. As of December 31, 2019 and 2018, the Company has restricted cash of $0.4 million and $1.0 million, respectively. The cash is restricted in connection with guarantees for certain import duties and office leases.\n\n | December 31, 2019 | December 31, 2018\n------------------------------------------------ | ----------------- | -----------------\n(in thousands) | | \nCash and cash equivalents | $92,708 | $73,142 \nShort-term restricted cash | 349 | 645 \nLong-term restricted cash | 60 | 404 \nTotal cash, cash equivalents and restricted cash | $93,117 | $74,191 \n\n. Balance Sheet\n Cash equivalents restricted cash\n December 31, 2019 2018 $20. 4 million $0 market funds. Company restricted cash $0. 4 million $1. million. import duties office leases.\n 2019\n Cash equivalents $92,708 $73,142\n Short-term restricted cash\n Long-term restricted cash 60\n equivalents $93,117 $74,191" +} +{ + "_id": "d1b32ab9e", + "title": "", + "text": "Purchased Intangible Assets\nPurchased intangible assets include core and developed technology, in-process research and development, customer-related intangibles, acquisition-date backlog and other intangible assets. The estimated fair values of the core and developed technology and in-process research and development were determined based on the present value of the expected cash flows to be generated by the respective existing technology or future technology. The core and developed technology intangible assets are being amortized in a manner based on the expected cash flows used in the initial determination of fair value. In-process research and development is capitalized until such time as the related projects are completed or abandoned at which time the capitalized amounts will begin to be amortized or written off. Customer-related intangible assets consist of Atmel's contractual relationships and customer loyalty related to its distributor and end-customer relationships, and the fair values of the customerrelated intangibles were determined based on Atmel's projected revenues. An analysis of expected attrition and revenue growth for existing customers was prepared from Atmel's historical customer information. Customer relationships are being amortized in a manner based on the estimated cash flows associated with the existing customers and anticipated retention rates. Backlog relates to the value of orders not yet shipped by Atmel at the acquisition date, and the fair values were based on the estimated profit associated with those orders. Backlog related assets had a one year useful life and were being amortized on a straight line basis over that period. The total weighted average amortization period of intangible assets acquired as a result of the Atmel transaction is 9 years. Amortization expense associated with acquired intangible assets is not deductible for tax purposes. Thus, approximately $178.1 million was established as a net deferred tax liability for the future amortization of the intangible assets.\n\n | Weighted Average Useful Life | April 4, 2016\n----------------------------------- | ---------------------------- | -------------\n | (in years) | (in millions)\nCore and developed technology | 11 | $1,075.0 \nIn-process research and development | — | 140.7 \nCustomer-related | 6 | 630.6 \nBacklog | 1 | 40.3 \nOther | 5 | 1.8 \nTotal purchased intangible assets | | $1,888.4 \n\nPurchased Intangible Assets\n include technology in-process research development customer-related intangibles acquisition-date backlog. estimated fair values of technology determined expected cash flows. amortized based expected cash flows. In-process research development capitalized until projects completed or abandoned amortized. Customer-related intangible assets contractual relationships customer loyalty fair values determined projected revenues. analysis of expected attrition revenue growth for customers prepared from historical customer information. relationships amortized based estimated cash flows retention rates. Backlog orders not shipped fair values estimated profit. assets one year useful life amortized. total average amortization period 9 years. Amortization expense not deductible tax. approximately $178. 1 million net deferred tax liability for future amortization assets.\n Weighted Average Useful Life April 4, 2016\n years millions\n Core technology $1,075.\n In-process research development 140.\n Customer-related 630.\nBacklog.\n.\n purchased intangible assets $1,888." +} +{ + "_id": "d1b309516", + "title": "", + "text": "The significant components of the Company’s deferred tax liabilities and assets follow:\n(1) Includes deferred tax liabilities related to finance lease right-of-use assets totaling $6,190 and $0 at December 31, 2019 and 2018, respectively.\nAs of December 31, 2019, the Company had U.S. federal net operating loss carryforwards of $213,800 which are available to reduce future taxes, if any. The federal net operating loss carryforwards begin to expire in 2034. Additionally, as of December 31, 2019, the Company had U.S. state net operating loss carryforwards of $445,936.\nThis includes net operating losses previously unrecorded due to minimal projected income in those jurisdictions. These U.S. state net operating loss carryforwards expire in various years ending from December 31, 2019 through December 31, 2035. Included in the financing and professional fees deferred income assets above are U.S. federal interest expense deductions with an indefinite carryforward period.\nThere was a change of control in the Company during 2014 that limited the annual usage of pre-ownership change net operating losses. All pre-ownership change net operating losses were fully utilized in 2019.\nThe Company assessed all available positive and negative evidence to determine whether sufficient future taxable income will be generated to permit use of existing deferred tax assets. For U.S. federal deferred tax assets, the Company concluded that sufficient positive evidence existed, primarily the result of reversing deferred tax liabilities during the carryover period.\nHowever, for certain state deferred tax assets, the negative evidence has outweighed the positive evidence which has resulted in the Company establishing a valuation allowance of $20,952 and $10,961 as of December 31, 2019 and 2018, respectively, to recognize only the portion of the deferred tax asset that is more likely than not to be realized.\nDuring the years ended December 31, 2019 and 2018, the Company paid (net of refunds received) $1,293 and $1,313, respectively, of income taxes.\n\n | December 31, | \n--------------------------------------- | ------------ | --------\n | 2019 | 2018 \nDeferred tax liabilities: | | \nVessels and other property (1) | $128,026 | $128,226\nPrepaid expenditures | 5,621 | 7,108 \nOperating lease right-of-use assets | 72,298 | — \nOther-net | 2 | 4 \nTotal deferred tax liabilities | 205,947 | 135,338 \nDeferred tax assets: | | \nLoss carryforwards | 68,917 | 66,737 \nOperating lease liability | 71,779 | — \nFinance lease liability | 6,333 | — \nEmployee compensation and benefit plans | 3,869 | 4,287 \nFinancing and professional fees | 2,003 | 1,859 \nAccrued expenses and other | 1,165 | 51 \nTotal deferred tax assets | 154,066 | 72,934 \nValuation allowance | 20,952 | 10,961 \nNet deferred tax assets | 133,114 | 61,973 \nNet deferred tax liabilities | $72,833 | $73,365 \n\nCompany’s deferred tax liabilities assets\n Includes finance lease right-of-use assets $6,190 $0 at December 31, 2019 2018.\n 2019 had. S. federal net operating loss carryforwards $213,800 reduce future taxes. expire 2034. U. S. state net operating loss carryforwards $445,936.\n minimal income. carryforwards expire December 2019 through 2035. financing fees assets. federal interest expense deductions indefinite carryforward period.\n change control 2014 limited usage pre-ownership change net operating losses. losses utilized 2019.\n assessed positive negative evidence future taxable income deferred tax assets. positive evidence tax liabilities.\n state deferred tax assets negative evidence outweighed valuation allowance $20,952 $10,961 December 31, 2019 2018 deferred tax asset likely.\n December 31, 2019 2018 Company paid $1,293 and $1,313 income taxes.\n\n tax liabilities\n Vessels $128,026 $128,226\n Prepaid expenditures\n lease 72,298\n liabilities 205,947 135,338\n Loss carryforwards 68,917\n lease 71,779\n Finance lease 6,333\n Employee compensation 3,869\n Financing fees\n Accrued expenses,165\n 154,066 72,934\n Valuation allowance 20,952\n deferred tax 133,114 61,973\n $72,833 $73,365" +} +{ + "_id": "d1b378e52", + "title": "", + "text": "20. Trade and other payables\nFollowing the application of IFRS 16, trade and other payables for the year ended 31 March 2018 have been restated (note 2).\nTrade payables are unsecured and are usually paid within 30 days of recognition. The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature.\n\n | 2019 | (Restated) 2018\n------------------------------- | ---- | ---------------\n | £m | £m \nTrade payables | 4.3 | 3.7 \nAccruals | 10.5 | 9.8 \nOther taxes and social security | 13.0 | 11.8 \nDeferred income | 13.2 | 1.8 \nOther payables | 0.3 | 0.9 \nAccrued interest payable | 0.5 | 0.5 \nTotal | 41.8 | 28.5 \n\n. Trade payables\n IFRS 16 year 31 March 2018 restated.\n payables unsecured paid 30 days recognition. amounts same fair values short-term nature.\n 2019 (Restated 2018\n £m\n Trade payables 4. 7\n Accruals 10. 9.\n taxes social security 13. 11.\n Deferred income 13.\n payables.\n Accrued interest.\n 41. 28." +} +{ + "_id": "d1b377ce6", + "title": "", + "text": "RSUs\nThe Company’s RSUs include time-based RSUs, RSUs with performance conditions (“PSUs”), RSUs with market conditions (“MSUs”), and RSUs with both market and performance conditions (“MPSUs”). Vesting of awards with performance conditions or market conditions is subject to the achievement of pre-determined performance goals and the approval of such achievement by the Compensation Committee of the Board of Directors (the “Compensation Committee”). All awards include service conditions which require continued employment with the Company.\nA summary of RSU activity is presented in the table below (in thousands, except per-share amounts):\n(1) Amount reflects the number of awards that may ultimately be earned based on management’s probability assessment of the achievement of performance conditions at each reporting period.\nThe intrinsic value related to vested RSUs was $138.3 million, $90.0 million and $74.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, the total intrinsic value of all outstanding RSUs was $679.5 million, based on the closing stock price of $178.02. As of December 31, 2019, unamortized compensation expense related to all outstanding RSUs was $100.1 million with a weighted-average remaining recognition period of approximately three years.\nCash proceeds from vested PSUs with a purchase price totaled $16.6 million and $10.6 million for the years ended December 31, 2019 and 2018, respectively. There were no proceeds for the year ended December 31, 2017.\n\n | Time-Based RSUs | | PSUs and MPSUs | | MSUs | | Total | \n-------------------------------- | ---------------- | ------------------------------------------------- | ---------------- | ------------------------------------------------- | ---------------- | ------------------------------------------------- | ---------------- | -------------------------------------------------\n | Number of Shares | Weighted- Average Grant Date Fair Value Per Share | Number of Shares | Weighted- Average Grant Date Fair Value Per Share | Number of Shares | Weighted- Average Grant Date Fair Value Per Share | Number of Shares | Weighted- Average Grant Date Fair Value Per Share\nOutstanding at January 1, 2017 | 366 | $51.35 | 2,284 | $43.24 | 1,620 | $23.57 | 4,270 | $36.47 \nGranted | 81 | $94.25 | 585(1) | $62.72 | - | $- | 666 | $66.56 \nVested | (175) | $48.35 | (597) | $41.94 | - | $- | (772) | $43.39 \nForfeited | (14) | $61.8 | (6) | $49.82 | - | $- | (20) | $58.46 \nOutstanding at December 31, 2017 | 258 | $66.3 | 2,266 | $48.59 | 1,620 | $23.57 | 4,144 | $39.91 \nGranted | 133 | $114.36 | 630(1) | $85.06 | 600 | $68.48 | 1,363 | $80.62 \nVested | (136) | $60.23 | (717) | $41.08 | - | $- | (853) | $44.13 \nForfeited | (15) | $82.2 | (5) | $63.16 | (1) | $68.48 | (21) | $76.92 \nOutstanding at December 31, 2018 | 240 | $95.38 | 2,174 | $61.61 | 2,219 | $35.69 | 4,633 | $50.94 \nGranted | 52 | $142.32 | 512(1) | $99.88 | - | $- | 564 | $103.68 \nVested | (103) | $81.53 | (656) | $53.72 | (324) | $23.57 | (1,083) | $47.34 \nForfeited | (9) | $117.31 | (43) | $42.72 | (9) | $68.48 | (61) | $57.01 \nOutstanding at December 31, 2019 | 180 | $115.45 | 1,987 | $74.50 | 1,886 | $37.63 | 4,053 | $59.16 \n\n\n include time-based performance conditions market. Vesting of awards subject to performance goals approval Compensation Committee. awards include service conditions continued employment.\n summary RSU activity table\n Amount reflects awards earned probability.\n intrinsic value vested RSUs was $138. 3 million $90. 0 million $74. 0 million years December 31, 2019 2018 2017. 2019 total value $679. 5 million closing stock price $178. 02. unamortized compensation expense was $100. 1 million recognition period three years.\n Cash proceeds from vested PSUs purchase price totaled $16. 6 million $10. 6 million December 2019 2018. no proceeds December 31, 2017.\n Time-Based RSUs PSUs MPSUs MSUs\nNumber Shares- Average Grant Value\n January 1, 2017 366 $51. 35 2,284 $43. 24 1,620 $23. 57 4,270 $36. 47\n $94. 25 $62. 72 $66.\n $48. 35 (597) $41. 94 $43. 39\n Forfeited $61. $49. 82 $58. 46\n December 31, 2017 258 $66. 3 2,266 $48. 59 1,620 $23. 57 4,144 $39. 91\n $114. 36 $85. $68. 48 1,363 $80.\n $60. 23 (717) $41. 08 $44. 13\n $82. $63. $68. $76.\n December 31, 2018 $95. 38 2,174 $61. 61 2,219 $35. 69 4,633 $50.\n $142. $99. 88 $103.\nVested $81. 53 $53. $23. 57 $47.\n Forfeited $117. 31 $42. 72 $68. $57.\n December 31, 2019 $115. 45 $74. 50 $37. $59." +} +{ + "_id": "d1b311a04", + "title": "", + "text": "Accounts receivable and contract balances\nThe timing of revenue recognition may differ from the time of billing to customers. Receivables presented in the balance sheet represent an unconditional right to consideration.\nContract balances represent amounts from an arrangement when either the performance obligation has been satisfied by transferring goods and/or services to the customer in advance of receiving all or partial consideration for such goods and/or services from the customer, or the customer has made payment in advance of obtaining control of the goods and/or services promised to the customer in the contract.\nContract assets primarily relate to rights to consideration for goods and/or services provided to the customers but for which there is not an unconditional right at the reporting date. Under a fixed-term plan, the total contract revenue is allocated between wireless services and equipment revenues, as discussed above.\nIn conjunction with these arrangements, a contract asset is created, which represents the difference between the amount of equipment revenue recognized upon sale and the amount of consideration received from the customer. The contract asset is recognized as accounts receivable as wireless services are provided and billed. The right to bill the customer is\n\nobtained as service is provided over time, which results in the right to the payment being unconditional.\nThe contract asset balances are presented in the balance sheets as prepaid expenses and other, and other assets - net. Contract assets are assessed for impairment on an annual basis and an impairment charge is recognized to the extent the carrying amount is not recoverable. The impairment charge related to contract assets was insignificant for the years ended December 31, 2019 and 2018.\nIncreases in the contract asset balances were primarily due to new contracts and increases in sales promotions recognized upfront, driven by customer activity related to wireless services, while decreases were due to reclassifications to accounts receivable due to billings on the existing contracts and insignificant impairment charges.\nContract liabilities arise when customers are billed and consideration is received in advance of providing the goods and/or services promised in the contract. The majority of the contract liability at each year end is recognized during the following year as these contract liabilities primarily relate to advanced billing of fixed monthly fees for service that are recognized within the following month when services are provided to the customer.\nThe contract liability balances are presented in the balance sheet as contract liabilities and other, and other liabilities. Increases in contract liabilities were primarily due to increases in sales promotions recognized over time and upfront fees, as well as increases in deferred revenue related to advanced billings, while decreases in contract liabilities were primarily due to the satisfaction of performance obligations related to wireless services.\nThe balance of receivables from contracts with customers, contract assets and contract liabilities recorded in the balance sheet were as follows:\n(1) Balances do not include receivables related to the following contracts: leasing arrangements (such as towers) and the interest on equipment financed on a device payment plan agreement when sold to the customer by an authorized agent. (2) Included in device payment plan agreement receivables presented in Device Payment Plans Note. Balances do not include receivables related to contracts completed prior to January 1, 2018 and receivables derived from the sale of equipment on a device payment plan through an authorized agent.\n\n | At December 31, 2019 | At December 31, 2018 | At January 1, 2018\n--------------------------------------------- | -------------------- | -------------------- | ------------------\nReceivables (1) | $ 5,752 | $ 5,448 | $ 5,555 \nDevice payment plan agreement receivables (2) | 15,313 | 12,272 | 2,073 \nContract assets | 761 | 772 | 858 \nContract liabilities | 4,721 | 4,521 | 3,445 \n\nAccounts receivable contract balances\n revenue recognition from billing. Receivables represent unconditional right to consideration.\n Contract balances represent performance obligation goods services payment.\n Contract assets relate to rights to consideration for goods services not unconditional right at reporting date. fixed-term plan contract revenue allocated between wireless services equipment revenues.\n contract created difference between equipment revenue sale consideration received from customer. asset recognized as accounts receivable services provided billed. right to bill customer\n obtained service provided over time right payment unconditional.\n contract asset balances as prepaid expenses other assets. assessed for impairment charge recognized not recoverable. impairment charge insignificant years ended December 31, 2019 2018.\n Increases asset balances due to new contracts sales promotions to reclassifications insignificant impairment charges.\n Contract liabilities arise when customers billed consideration received advance goods.majority contract liability year end recognized following year relate advanced billing fixed monthly fees recognized following month services provided.\n contract liability balances liabilities. Increases due sales promotions upfront fees deferred revenue decreases performance obligations wireless services.\n balance receivables contracts assets liabilities\n Balances include receivables leasing interest equipment financed device payment plan agreement. include contracts prior January 1, 2018 sale equipment authorized agent.\n December 31, 2019 December 31, 2018 January 1, 2018\n Receivables $ 5,752 $ 5,448 $ 5,555\n plan agreement receivables (2) 15,313 12,272 2,073\n Contract assets 761 772 858\n Contract liabilities 4,721 4,521 3,445" +} +{ + "_id": "d1b367f1c", + "title": "", + "text": "Stock Ownership Requirements\nWe believe that in order to align the interests of our executive officers with those of our stockholders, our executive officers should have a financial stake in our Company. We have maintained stock ownership requirements for our executive officers since October 2005. For FY19, our executive officers were required to hold the following minimum number of shares:\n• CEO: 6x base salary; • CFO, COO and President: 3x base salary; and • Executive Vice Presidents: 2x base salary.\nStock options and unvested RSUs and PRUs do not count toward stock ownership requirements.\nThe executive officer is required to acquire and thereafter maintain the stock ownership required within four years of becoming an executive officer of NortonLifeLock (or four years following the adoption date of these revised guidelines). During the four-year transitional period, each executive officer must retain at least 50% of all net (after-tax) equity grants until the required stock ownership level has been met.\nAs of October 25, 2019, Messrs. Kapuria, Pilette and Taylor reached the stated ownership requirements for FY19. Transitioning or former executive officers and non-executive officers are not included in the table below. See the table below for individual ownership levels relative to the executive’s ownership requirement.\n(1) Based on the closing price for a share of our common stock of $22.69 on October 25, 2019.\n\nExecutive Officer | Ownership Requirement (1) (# of shares) | Holdings as of October 25, 2019(# of shares)\n----------------- | --------------------------------------- | --------------------------------------------\nSamir Kapuria | 39,665 | 186,735 \nVincent Pilette | 85,941 | 785,906 \nScott C. Taylor | 52,887 | 408,724 \n\nStock Ownership Requirements\n stockholders financial stake Company. stock ownership requirements since 2005. FY19 hold minimum shares\n CEO 6x salary CFO COO President 3x Vice Presidents 2x.\n Stock options unvested RSUs PRUs count ownership.\n officer acquire maintain stock ownership four years NortonLifeLock guidelines. retain 50% net equity grants until stock ownership level met.\n October 25, 2019. Kapuria Pilette Taylor reached ownership requirements FY19. Transitioning non-executive officers not included. ownership levels.\n closing price common stock $22. 69 October 25, 2019.\n Officer Ownership Requirement Holdings\n Samir Kapuria 39,665 186,735\n Vincent Pilette 85,941 785,906\n Scott. Taylor 52,887 408,724" +} +{ + "_id": "d1b382eac", + "title": "", + "text": "Deferred Tax Assets and Valuation Allowance\nDeferred tax assets reflect the tax effects of net operating losses (“NOLs”), tax credit carryovers, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The most significant item of our deferred tax assets is derived from our Federal NOLs. We have approximately $167.8 million gross Federal NOLs at December 31, 2019 (of which approximately $160.2 million was generated prior to January 1, 2018). Because we believe the ability for us to use these NOLs generated prior to January 1, 2018 to offset any future taxable income is severely limited as prescribed under Internal Revenue Code (“IRC”) Section 382, we had estimated and recorded an amount for the likely limitation to our deferred tax asset in the fourth quarter of 2017, thereby reducing the aggregate estimated benefit of the Federal NOLs available to us of approximately $1.0 million at December 31, 2017. We believe the gross Federal NOL benefit we generated prior to January 1, 2018 to offset taxable income is less than $150 thousand annually. As prescribed under Internal Revenue Code, any unused Federal NOL benefit from the annual limitation can be accumulated and carried forward to the subsequent year and will expire if not used in accordance with the NOL carried forward term of 20 years or 2037, if generated before 2018 and Federal NOLs generated after 2017 can be carried forward indefinitely. Future common stock transactions, such as the exercise of common stock purchase warrants or the conversion of debt into common stock, may cause another qualifying event under IRC 382 which may further limit our utilization of our NOLs.\nThe components of our deferred tax assets are as follows (in thousands):\nThe realization of deferred income tax assets is dependent upon future earnings, if any, and the timing and amount of which may be uncertain. A valuation allowance is required against deferred income tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the deferred income tax assets may not be realized. At both December 31, 2019 and 2018, all our remaining net deferred income tax assets were offset by a valuation allowance due to uncertainties with respect to future utilization of NOL carryforwards. If in the future it is determined that additional amounts of our deferred income tax assets would likely be realized, the valuation allowance would be reduced in the period in which such determination is made and an additional benefit from income taxes in such period would be recognized.\n\n | | December 31,\n------------------------------------ | ------- | ------------\n | 2019 | 2018 \nDeferred tax assets: | | \nEstimated future value of NOLs | | \n- Federal | $2,622 | $2,174 \n- State | 869 | 862 \nResearch and development tax credits | | \n- Federal | 1,207 | 1,184 \n- State | 8 | - \nShare-based compensation | 72 | 71 \nOther, net | 177 | 151 \nTotal deferred taxes | 4,955 | 4,442 \nValuation allowance | (4,955) | (4,442) \nNet deferred tax assets | $- | $- \n\nDeferred Tax Assets Valuation Allowance\n reflect tax net operating losses tax credit carryovers differences between assets liabilities financial income tax. significant Federal NOLs. $167. 8 million gross Federal NOLs at December 31, 2019 $160. 2 million generated prior to January 1, 2018). NOLs January 2018 future taxable income limited Internal Revenue Code Section 382 limitation deferred tax asset fourth quarter 2017 reducing benefit Federal NOLs $1. 0 million at December 31, 2017. gross Federal NOL benefit prior to January 1, 2018 offset income less than $150 thousand annually. unused NOL benefit expire not used 20 years or 2037 before 2018 after 2017 carried forward indefinitely. Future common stock transactions qualifying event IRC 382 limit utilization NOLs.\n components deferred tax assets\n realization future earnings timing uncertain. valuation allowance required against if not realized.December 31, 2019 2018 deferred income tax assets offset valuation allowance uncertainties future NOL carryforwards. additional valuation allowance reduced additional benefit recognized.\n December 31,\n 2018\n Deferred tax assets\n future value NOLs\n Federal $2,622 $2,174\n State\n Research development tax credits\n 1,207 1,184\n Share-based compensation 72\n Total deferred taxes 4,955 4,442\n Valuation allowance (4,955)\n Net deferred tax assets" +} +{ + "_id": "d1b393784", + "title": "", + "text": "Restricted Stock Units\nThe 2013 Plan provides for the issuance of RSUs to employees, directors, and consultants. RSUs issued under the 2013 Plan generally vest over four years. A summary of activity of RSUs under the 2013 Plan at December 31, 2019 and changes during the periods then ended is presented in the following table:\nAs of December 31, 2019 and 2018, there was a total of $198.3 million and $107.9 million of unrecognized share-based compensation expense, net of estimated forfeitures, related to RSUs, which will be recognized on a straight-line basis over the remaining weighted-average vesting periods of approximately 2.3 years and 2.4 years, respectively.\n\n | Number of RSUs Outstanding (in thousands) | Weighted- Average Grant Date Fair Value Per Share | Aggregate Intrinsic Value (in thousands)\n-------------------------------- | ----------------------------------------- | ------------------------------------------------- | ----------------------------------------\nOutstanding at December 31, 2016 | 3,554 | $18.01 | $73,261 \nGranted | 3,005 | 30.20 | \nReleased | (1,680) | 19.54 | \nCanceled/Forfeited | (598) | 20.91 | \nOutstanding at December 31, 2017 | 4,281 | $25.51 | $207,197 \nGranted | 1,746 | 67.64 | \nReleased | (1,971) | 30.50 | \nCanceled/Forfeited | (495) | 34.99 | \nOutstanding at December 31, 2018 | 3,561 | $42.09 | $293,523 \nGranted | 2,069 | 122.35 | \nReleased | (1,906) | 50.99 | \nCanceled/Forfeited | (475) | 60.38 | \nOutstanding at December 31, 2019 | 3,249 | $85.39 | $548,145 \n\n\n 2013 Plan RSUs employees directors consultants. vest four years. summary activity December 31, 2019 changes\n December 31, 2019 2018 $198. 3 million $107. 9 million unrecognized share-based compensation expense forfeitures RSUs recognized vesting periods 2. 3. 4 years.\n RSUs Weighted Average Grant Date Value Per Share Aggregate Intrinsic Value\n Outstanding December 31, 2016 3,554 $18. $73,261\n Granted 3,005 30.\n 19.\n Canceled/Forfeited.\n December 31, 2017 4,281 $25. $207,197\n Granted 1,746 67.\n 30.\n/Forfeited.\n December 31, 2018 3,561 $42. $293,523\n 122.\n.\n.\n December 31, 2019 3,249 $85. $548,145" +} +{ + "_id": "d1a728c1a", + "title": "", + "text": "(b) Revenue for Groups of Similar Products and Services\nWe design, manufacture, and sell IP-based networking and other products related to the communications and IT industry and provide services associated with these products and their use.\nThe following table presents revenue for groups of similar products and services (in millions):\n(1) Includes SPVSS business revenue of $168 million and $903 million for fiscal 2019 and 2018, respectively.\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n--------------------------- | ------------- | ------------- | -------------\nRevenue: | | | \nInfrastructure Platforms . | $30,191 | $28,322 | $27,817 \nApplications . | 5,803 | 5,036 | 4,568 \nSecurity | 2,730 | 2,352 | 2,152 \nOther Products . | 281 | 999 | 1,168 \nTotal Product . | 39,005 | 36,709 | 35,705 \nServices | 12,899 | 12,621 | 12,300 \nTotal (1) | $51,904 | $49,330 | $48,005 \n\nRevenue Products\n design manufacture sell IP networking IT services.\n revenue\n Includes SPVSS revenue $168 million $903 million 2019 2018.\n July 27,\n Revenue\n Infrastructure Platforms. $30,191 $28,322 $27,817\n Applications. 5,036\n Security 2,730 2,352 2,152\n Other Products. 281 1,168\n. 39,005 36,709 35,705\n Services 12,899 12,621,300\n $51,904 $49,330 $48,005" +} +{ + "_id": "d1b3c043c", + "title": "", + "text": "The components of the deferred income tax assets are as follows:\nAt December 31, 2019, the Company had federal, state and foreign tax net operating loss carryforwards of approximately $269.3 million, $86.4 million and $11.7 million, respectively. The federal, state and foreign tax loss carryforwards will begin to expire in2 020, 2020 and 2026 respectively, unless previously utilized. At December 31, 2019, the Company had federal, state and foreign tax credit carryforwards of approximately $41.8 million, $86.3 million and $5.7 million, respectively. The federal and foreign tax credit carryforwards will begin to expire in 2023 and 2024 respectively, unless previously utilized. The state tax credit carryforwards do not expire. The Company also has foreign incentive deductions of approximately $24.5 million that do not expire.\nIn addition, the Company has $0.3 million of federal alternative minimum tax credit carryforwards that will be refundable in future years, due to the Tax Cuts and Jobs Act described below.\nThe Company utilizes the asset and liability method of accounting for income taxes, under which deferred taxes are determined based on temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the temporary differences reverse. The Company records a valuation allowance to reduce its deferred taxes to the amount it believes is more likely than not to be realized. In making such determination, the Company considers all available positive and negative evidence quarterly, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and recent financial performance. Forming a conclusion that a valuation allowance is not required is difficult when there is negative evidence such as cumulative losses in recent years. Based upon the Company's review of all positive and negative evidence, the Company released $51.2 million in valuation allowance against certain of its deferred tax assets in 2017. In 2018, the Company released an additional $11.3 million of its valuation allowance as a result of completing its analysis of the effects of the Tax Act. The Company continues to maintain a valuation allowance on its state deferred taxes, certain of its federal deferred tax assets, and certain foreign deferred tax assets in jurisdictions where the Company has cumulative losses or otherwise is not expected to utilize certain tax attributes. The Company does not incur expense or benefit in certain tax-free jurisdictions in which it operates.\nThe income tax benefit for the year ended December 31, 2019 primarily related to the mix of pre-tax income among jurisdictions, discrete tax benefits related to stockbased compensation, and release of certain reserves for uncertain tax positions under ASC 740-10.\nThe income tax benefit for the year ended December 31, 2018 primarily related to a partial release of the Company's valuation allowance and the mix of pre-tax income among jurisdictions, excess tax benefits related to stock-based compensation, and release of uncertain tax positions under ASC 740-10.\n\n | 2019 | 2018 \n-------------------------------- | -------------- | --------\n | (in thousands) | \nDeferred tax assets: | | \nNet operating loss carryforwards | $65,477 | $64,887 \nResearch and development credits | 80,404 | 75,032 \nAccrued expenses and other | 7,768 | 7,965 \nLease obligation | 2,047 | — \nAccrued compensation | 1,441 | 2,504 \nStock-based compensation | 3,460 | 2,550 \n | 160,597 | 152,938 \nLess valuation allowance | (77,957) | (79,196)\n | 82,640 | 73,742 \nDeferred tax liabilities: | | \nFixed assets | (246) | (1,391) \nLeased right-of-use assets | (1,483) | — \nIntangible assets | (13,627) | (20,833)\nNet deferred tax assets | $67,284 | 51,518 \n\ndeferred income tax assets\n December 31, 2019 Company had federal state foreign tax loss carryforwards $269. 3 million $86. 4 million $11. 7 million. carryforwards expire 2020 2026. federal state foreign tax credit carryforwards $41. 8 million $86. 3 million $5. 7 million. expire 2023 2024. state tax credit carryforwards expire. foreign incentive deductions $24. 5 million expire.\n $0. 3 million federal alternative minimum tax credit carryforwards refundable future due Tax Cuts and Jobs Act.\n Company utilizes liability method deferred taxes determined temporary differences financial statement tax basis assets liabilities. records valuation allowance reduce deferred taxes. considers evidence future income tax planning financial performance. allowance negative evidence. released $51. 2 million valuation allowance against deferred tax assets 2017. 2018 released additional $11. 3 million valuation allowance Tax Act.Company valuation allowance state federal foreign. expense tax-free jurisdictions.\n income tax benefit 2019 pre income tax benefits release reserves tax positions ASC 740-10.\n 2018 partial release valuation allowance pre-tax income excess tax benefits compensation release uncertain tax positions ASC 740-10.\n Deferred tax assets\n Net operating loss carryforwards $65,477 $64,887\n Research development credits 80,404 75,032\n Accrued expenses 7,768\n Lease obligation\n Accrued compensation\n Stock-based compensation 3,460\n Less valuation allowance (77,957) (79,196)\n Deferred tax liabilities\n Fixed assets (246)\n Leased right-of-use assets (1,483)\n Intangible assets (13,627) (20\n Net deferred tax assets $67,284 51,518" +} +{ + "_id": "d1b33829e", + "title": "", + "text": "Long-term state receivables include receivables related to funding and receivables related to tax refund. Funding are mainly public grants to be received from governmental agencies in Italy and France as part of longterm research and development, industrialization and capital investment projects. Long-term receivables related to tax refund correspond to tax benefits claimed by the Company in certain of its local tax jurisdictions, for which collection is expected beyond one year.\nIn 2019 and 2018, the Company entered into a factoring transaction to accelerate the realization in cash of some non-current assets. As at December 31, 2019, $131 million of the non-current assets were sold without recourse, compared to $122 million as at December 31, 2018, with a financial cost of less than $1 million for both periods.\nOther non-current assets consisted of the following:\n\n | December 31, 2019 | December 31, 2018\n------------------------------------- | ----------------- | -----------------\nEquity securities | 23 | 19 \nLong-term state receivables | 358 | 391 \nDeposits and other non-current assets | 56 | 42 \nTotal | 437 | 452 \n\nreceivables funding tax refund. public grants Italy France research industrialization capital investment. tax refund tax benefits local tax jurisdictions collection beyond one year.\n 2019 2018 factoring non-current assets. December 31, 2019 $131 million sold without recourse $122 million December 31, 2018 financial cost less than $1 million.\n-current assets\n 2019 2018\n Equity securities 23\n Long-term receivables 358 391\n Deposits non-current assets 56\n Total 437" +} +{ + "_id": "d1b3aa632", + "title": "", + "text": "Accumulated other comprehensive income (loss)\nComponents and activities of AOCI, net of tax, were as follows:\nDuring fiscal 2018, a net foreign currency translation loss of $8 million related to foreign entities sold in the divestiture of our WSS and PKI solutions was reclassified to Gain on divestiture, and a net gain of $3 million related to liquidated foreign entities was reclassified to Other income (expense), net. A realized gain of $7 million on securities sold in connection with the divestiture of our WSS and PKI solutions was reclassified to Gain on divestiture. The tax effect of $3 million was reclassified to Income tax expense (benefit).\n\n(In millions) | Foreign Currency Translation Adjustments | Unrealized Gain (Loss) On Available- For-Sale Securities | Equity Method Investee | Total AOCI\n---------------------------------------------------------- | ---------------------------------------- | -------------------------------------------------------- | ---------------------- | ----------\nBalance as of March 31, 2017 | $7 | $5 | $— | $12 \nOther comprehensive loss before reclassifications | (4) | (5) | — | (9) \nReclassification to net income (loss) | 5 | (4) | — | 1 \nBalance as of March 30, 2018 | 8 | (4) | — | 4 \nOther comprehensive income (loss) before reclassifications | (13) | 3 | (1) | (11) \nBalance as of March 29, 2019 | $(5) | $(1) | $(1) | $(7) \n\nincome (loss\n AOCI net tax\n 2018 foreign currency translation loss $8 million entities divestiture reclassified Gain net gain $3 million liquidated foreign entities Other income. gain $7 million securities divestiture reclassified Gain. tax effect $3 million reclassified Income tax expense (benefit.\n Foreign Currency Translation Adjustments Unrealized Gain (Loss) For-Sale Securities Equity Method Investee AOCI\n Balance March 31, 2017 $7 $5 $12\n loss before reclassifications\n Reclassification net income (loss\n Balance March 30, 2018\n income (loss) before reclassifications\n Balance March 29, 2019 $(5)" +} +{ + "_id": "d1a71d310", + "title": "", + "text": "(8) LONG-TERM DEBT\nOn September 23, 2016, Roper entered into a five-year $2.5 billion unsecured credit facility, as amended December 2, 2016, (the “2016 Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders, which replaced its previous $1.85 billion unsecured credit facility dated as of July 27, 2012, as amended as of October 28, 2015 (the “2012 Facility”). The 2016 Facility comprises a five year $2.5 billion revolving credit facility, which includes availability of up to $150.0 for letters of credit. Roper may also, subject to compliance with specified conditions, request term loans or additional revolving credit commitments in an aggregate amount not to exceed $500.0. At December 31, 2019, there were $0.0 of outstanding borrowings under the 2016 Facility.\nThe 2016 Facility contains affirmative and negative covenants which, among other things, limit Roper’s ability to incur new debt, enter into certain mergers and acquisitions, sell assets and grant liens, make restricted payments (including the payment of dividends on our common stock) and capital expenditures, or change its line of business. Roper is also subject to financial covenants which require the Company to limit its consolidated total leverage ratio and to maintain a consolidated interest coverage ratio. The most restrictive covenant is the consolidated total leverage ratio which is limited to 3.50 to 1.\nThe 2016 Facility provides that the consolidated total leverage ratio may be increased, no more than twice during the term of the 2016 Facility, to 4.00 to 1 for a consecutive four quarter fiscal period per increase (or, for any portion of such four quarter fiscal period in which the maximum would be 4.25 to 1). In conjunction with the Deltek acquisition in December of 2016, we increased the maximum consolidated total leverage ratio covenant to 4.25 to 1 through June 30, 2017 and 4.00 to 1 through December 31, 2017.\nThe Company was in compliance with its debt covenants throughout the years ended December 31, 2019 and 2018.\nOn August 26, 2019, the Company completed a public offering of $500.0 aggregate principal amount of 2.35% senior unsecured notes due September 15, 2024 and $700.0 aggregate principal amount of 2.95% senior unsecured notes due September 15, 2029 (the “2019 Offering”). The notes bear interest at a fixed rate and are payable semi-annually in arrears on March 15 and September 15 of each year, beginning March 15, 2020. The net proceeds were used to fund a portion of the purchase of iPipeline Holdings, Inc.\nOn August 28, 2018, the Company completed a public offering of $700.0 aggregate principal amount of 3.65% senior unsecured notes due September 15, 2023 and $800.0 aggregate principal amount of 4.20% senior unsecured notes due September 15, 2028 (the “2018 Offering”). The notes bear interest at a fixed rate and are payable semi-annually in arrears on March 15 and September 15 of each year, beginning March 15, 2019.\nOn December 19, 2016, the Company completed a public offering of $500.0 aggregate principal amount of 2.80% senior unsecured notes due December 15, 2021 and $700.0 aggregate principal amount of 3.80% senior unsecured notes due December 15, 2026. The notes bear interest at a fixed rate and are payable semi-annually in arrears on June 15 and December 15 of each year, beginning June 15, 2017.\nOn December 7, 2015, the Company completed a public offering of $600.0 aggregate principal amount of 3.00% senior unsecured notes due December 15, 2020 and $300.0 aggregate principal amount of 3.85% senior unsecured notes due December 15, 2025. The notes bear interest at a fixed rate and are payable semi-annually in arrears on June 15 and December 15 of each year, beginning June 15, 2016.\nOn November 21, 2012, the Company completed a public offering of $500.0 aggregate principal amount of 3.125% senior unsecured notes due November 15, 2022. The notes bear interest at a fixed rate and are payable semi-annually in arrears on May 15 and November 15 of each year, beginning May 15, 2013.\nIn September 2009, the Company completed a public offering of $500.0 aggregate principal amount of 6.25% senior unsecured notes due September 1, 2019 (the “2019 Notes”). During 2018 a portion of the net proceeds of the 2018 Offering were used to redeem all of the $500.0 of outstanding 2019 Notes. The Company incurred a debt extinguishment charge in connection with the redemption of the 2019 Notes of $15.9, which represents the make-whole premium and unamortized deferred financing costs.\nRoper may redeem some or all of these notes at any time or from time to time, at 100% of their principal amount, plus a makewhole premium based on a spread to U.S. Treasury securities.\nThe Company’s senior notes are unsecured senior obligations of the Company and rank equally in right of payment with all of Roper’s existing and future unsecured and unsubordinated indebtedness. The notes are effectively subordinated to any of its existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The notes are not guaranteed by any of Roper’s subsidiaries and are effectively subordinated to all existing and future indebtedness and other liabilities of Roper’s subsidiaries.\nTotal debt at December 31 consisted of the following:\n\n | 2019 | 2018 \n------------------------------------ | ----------- | ---------\n2016 Facility | $ — | $ 865.0\n$600 3.000% senior notes due 2020 | 600.0 | 600.0 \n$500 2.800% senior notes due 2021 | 500.0 | 500.0 \n$500 3.125% senior notes due 2022 | 500.0 | 500.0 \n$700 3.650% senior notes due 2023 | 700.0 | 700.0 \n$500 2.350% senior notes due 2024 | 500.0 | — \n$300 3.850% senior notes due 2025 | 300.0 | 300.0 \n$700 3.800% senior notes due 2026 | 700.0 | 700.0 \n$800 4.200% senior notes due 2028 | 800.0 | 800.0 \n$700 2.950% senior notes due 2029 | 700.0 | — \nOther | 7.7 | 3.0 \nLess unamortized debt issuance costs | (32.4) | (26.3) \nTotal debt | 5,275.3 | 4,941.7 \nLess current portion | 602.2 | 1.5 \nLong-term debt | $ 4,673.1 | $ 4,940.2\n\nLONG-TERM DEBT\n September 23, 2016, Roper entered five-year $2. 5 billion unsecured credit facility December 2, JPMorgan Chase Bank. syndicate lenders replaced previous $1. 85 billion July 27, 2012, October 28, 2015. 2016 Facility five year $2. 5 billion credit facility $150. letters credit. Roper request loans credit commitments not $500. December 31, 2019 $0. 0 outstanding borrowings 2016 Facility.\n covenants incur new debt mergers sell assets grant liens payments capital expenditures change business. financial covenants consolidated total leverage ratio interest coverage ratio. restrictive covenant consolidated total leverage ratio 3. 50 to 1.\n 2016 Facility 4. 1. Deltek acquisition increased leverage ratio 4. 25 to 1 June 30, 2017 4. 1 December 31, 2017.\n debt covenants December 31, 2019 2018.\n August 26, 2019 public offering $500. principal 2.35% notes September 15 2024 $700. 2. 95% September 15 2029. interest fixed rate payable semi March 15 September 15 2020. proceeds purchase iPipeline Holdings.\n August 28, 2018 public offering $700. 3. 65% September 15 2023 $800. 4. 20% September 15 2028. fixed rate payable semi-annually March 15 September 15 2019.\n December 19, 2016, offering $500. 2. 80% December 15, 2021 $700. 3. 80% December 15 2026. fixed rate payable semi-annually June 15 December 15 2017.\n December 7, 2015, $600. 3.% December 15, 2020 $300. 85% December 15, 2025. fixed rate payable semi-annually June 15 December 15 15 2016.\n November 21, 2012, $500. 3. 125% notes November 15, 2022. fixed rate payable semi-annually May 15 November 15 15 2013.\n September 2009, $500. 6.25% senior unsecured notes due September 1 2019. 2018 net proceeds Offering redeem $500. outstanding 2019 Notes. Company incurred debt extinguishment charge redemption 2019 Notes $15. 9 make-whole premium unamortized deferred financing costs.\n Roper may redeem notes 100% principal amount makewhole premium. Treasury securities.\n senior notes unsecured obligations rank equally right payment Roper’s future unsecured indebtedness. subordinated collateral. not guaranteed Roper’s subsidiaries subordinated.\n Total debt December 31\n 2019 2018\n 2016 865.\n $600 3. 2020.\n $500 2. 800% 2021.\n 3. 125% 2022.\n $700 3. 650% 2023 700.\n 2. 350% 2024.\n 3. 850% 2025 300.\n $700 3. 800% 2026 700.\n $800 4. 200% 2028 800.\n $700 2.senior notes 2029 700.\n 7. 3.\n unamortized debt. 4) (26. 3)\n debt 5,275.\n 602.\n Long-term debt 4,673." +} +{ + "_id": "d1b3c3a38", + "title": "", + "text": "8. Earnings Per Share\nCertain share-based payment awards entitling holders to receive non-forfeitable dividends before vesting are considered participating securities and thus included in the calculation of basic earnings per share, to the extent they are dilutive. These awards are included in the calculation of basic earnings per share under the two-class method. The two-class method allocates earnings for the period between common shareholders and other security holders. The participating awards receiving dividends are allocated the same amount of income as if they were outstanding shares.\nThe following table presents earnings per share (in thousands).\n\n | | For the years ended | \n---------------------------------------------------------------------- | ---------------- | -------------------- | ----------------\n | October 31, 2019 | October 31, 2018 | October 31, 2017\nNet income | $53,294 | $61,431 | $279,745 \nDistributed and undistributed (earnings) to unvested restricted | (778) | (878) | (4,285) \nDistributed and undistributed earnings to common shareholders -- Basic | 52,516 | 60,553 | 275,460 \nWeighted average shares outstanding — Basic | 21,829 | 22,429 | 22,393 \nWeighted average shares outstanding — Diluted | 21,829 | 22,429 | 22,393 \nEarnings per common share — Basic | $2.41 | $2.70 | $12.30 \nEarnings per common share — Diluted | $2.41 | $2.70 | $12.30 \n\n. Earnings Per Share\n share-based payment awards non dividends before vesting participating securities included calculation earnings per share. two-class method. allocates earnings between common shareholders holders. participating awards dividends same income outstanding shares.\n table presents earnings per share thousands.\n October 31, 2019 2018 2017\n Net income $53,294 $61,431 $279,745\n Distributed undistributed unvested (4,285\n earnings common shareholders 52,516 60,553 275,460\n Weighted average shares outstanding 21,829 22,429 22,393\n Earnings per common share $2. $12.\n." +} +{ + "_id": "d1b2fcdd4", + "title": "", + "text": "Financing receivables primarily consist of client loan and installment payment receivables (loans), investment in sales-type and direct financing leases, and commercial financing receivables. Client loan and installment payment receivables (loans) are provided primarily to clients to finance the purchase of hardware, software and services.\nPayment terms on these financing arrangements are generally for terms up to seven years. Client loans and installment payment financing contracts are priced independently at competitive market rates. Investment in sales-type and direct financing leases relates principally to the company’s Systems products and are for terms ranging generally from two to six years.\nCommercial financing receivables relate primarily to inventory and accounts receivable financing for dealers and remarketers of IBM and OEM products. Payment terms for inventory and accounts receivable financing generally range from 30 to 90 days.\n\n($ in millions) | | | | \n-------------------------------- | ---------------------------------------------------- | -------------------------------- | -------------------------------------------------------- | -------\nAt December 31, 2019: | Investment in Sales-Type and Direct Financing Leases | Commercial Financing Receivables | Client Loan and Installment Payment Receivables/ (Loans) | Total \nFinancing receivables, gross | $6,077 | $3,836 | $13,592 | $23,504\nUnearned income | (509) | (4) | (570) | (1,083)\nRecorded investment | $5,567 | $3,831 | $13,022 | $22,421\nAllowance for credit losses | (72) | (11) | (138) | (221) \nUnguaranteed residual value | 652 | — | — | 652 \nGuaranteed residual value | 53 | — | — | 53 \nTotal financing receivables, net | $6,199 | $3,820 | $12,884 | $22,904\nCurrent portion | $2,334 | $3,820 | $ 8,037 | $14,192\nNoncurrent portion | $3,865 | $ — | $ 4,847 | $ 8,712\n\nFinancing receivables client loan installment investment leases commercial financing receivables. hardware software services.\n Payment terms up to seven years. priced market rates. Investment leases Systems products two to six years.\n Commercial financing receivables inventory remarketers IBM OEM products. Payment terms 30 to 90 days.\n millions\n December 31, 2019 Investment Leases Commercial Financing Client Loan Installment Total\n $6,077 $3,836 $13,592 $23,504\n Unearned income (509)\n Recorded investment $5,567 $3,831 $13,022 $22,421\n Allowance for credit losses (72)\n Unguaranteed residual value 652\n Total financing receivables net $6,199 $3,820 $12,884 $22,904\n Current portion $2,334 $3,820 $14,192\nNoncurrent $3,865 4,847" +} +{ + "_id": "d1b3aa0e2", + "title": "", + "text": "9. Net interest income/interest expenses\nThe interest result can be broken down as follows:\nInterest income and interest expenses from financial instruments are assigned to the measurement categories according to IFRS 9 on the basis of the underlying transactions.\nThe interest expenses included here (of the measurement categories in accordance with IFRS 9) primarily include interest expenses for issued bonds (including the Commercial Paper Programme) of €41 million (2017/18: €55 million) and for liabilities to banks of €19 million (2017/18: €12 million).\nThe decline in interest expenses was primarily the result of more favourable refinancing terms.\n\n€ million | 2017/2018 | 2018/2019\n------------------------------------------------------------------------------------------------------------ | --------- | ---------\nInterest income | 27 | 29 \nthereof finance leases | (0) | (0) \nthereof from post-employment benefits plans | (5) | (7) \nthereof from financial instruments of the measurement categories according to IFRS 9 (previous year: IAS39): | (16) | (12) \nInterest expenses | −163 | −148 \nthereof finance leases | (−51) | (−49) \nthereof from post-employment benefits plans | (−16) | (−15) \nthereof from financial instruments of the measurement categories according to IFRS9 (previous year: IAS39) | (−79) | (−69) \nInterest result | −136 | −119 \n\n. Net interest income/interest expenses\n Interest income expenses financial instruments assigned categories IFRS 9 transactions.\n issued bonds €41 million (2017/18 €55 million liabilities banks €19 million €12 million.\n decline interest expenses favourable refinancing terms.\n million 2017/2018 2018/2019\n Interest income 27 29\n finance leases\n post-employment benefits plans\n (16)\n Interest expenses −163 −148\n finance leases (−51) (−49)\n post-employment benefits plans (−16) (−15)\n financial instruments (−79) (−69)\n Interest result −136 −119" +} +{ + "_id": "d1b2f454e", + "title": "", + "text": "NOTE 13 - TAXES ON INCOME (Cont.)\nD. Loss from continuing operations, before taxes on income, consists of the following:\nE. Due to the Company’s cumulative losses, the effect of ASC 740 as codified from ASC 740-10 is not material.\n\n | Year ended December 31 | \n------------- | ---------------------- | --------\n | 2019 | 2 0 1 8 \n | U.S. $ in thousands | \nUnited States | (4,378) | (3,617) \nIsrael | (18,875) | (10,331)\n | (23,253) | (13,948)\n\n13 TAXES INCOME.\n. Loss operations taxes\n. cumulative losses effect ASC not.\n ended December 31\n 2019\n.\n United States (4,378) (3,617)\n Israel (18,875) (10,331)\n (23,253) (13,948)" +} +{ + "_id": "d1b3a5b00", + "title": "", + "text": "UK OPERATING COSTS\nUK operating costs decreased 1.2%. Store closures more than offset the cost of new space and channel shift. Cost savings across the business outweighed inflation related increases.\nStore staffing costs reduced, as savings from store management restructuring, closures and other efficiencies more than offset pay inflation. Other store costs reduced driven by lower depreciation, due to our closure programme and as a number of assets have reached the end of their useful life, which more than offset rent and rates inflation in the year.\nThe growth in distribution and warehousing costs was largely driven by inflation and the costs of channel shift, as well as costs associated with the closure of an equipment warehouse, with some offset achieved from improved efficiencies at Castle Donington.\nThe increase in marketing costs reflected investments in our Food brand and the planned increase in costs in the second half of the year due to the timing of campaigns.\nCentral costs reduced as lower incentive costs year-on-year, the benefits of technology transformation programmes and other cost efficiencies more than offset system investment write offs and expenditure on the Fuse programme.\n\n | 52 weeks ended | | \n-------------------------- | -------------- | ----------- | ------\n | 30 Mar 2019 | 31 Mar 2018 | Change\n | £m | £m | % \nStore staffing | 1,044.7 | 1,070.6 | -2.4 \nOther store costs | 950.4 | 992.1 | -4.2 \nDistribution & warehousing | 564.6 | 538.0 | 4.9 \nMarketing | 155.1 | 151.6 | 2.3 \nCentral costs | 694.8 | 698.0 | -0.5 \nTotal | 3,409.6 | 3,450.3 | -1.2 \n\nOPERATING COSTS\n decreased. 2%. Store closures new space channel shift. savings outweighed inflation increases.\n staffing costs reduced management restructuring efficiencies. costs reduced lower depreciation programme assets end useful life.\n growth distribution warehousing costs driven inflation channel shift equipment warehouse improved efficiencies Castle Donington.\n increase marketing costs reflected investments Food brand increase timing.\n Central costs reduced lower incentive costs technology transformation programmes cost efficiencies investment write offs Fuse programme.\n 52 weeks\n 30 Mar 2019 31 2018\n Store staffing 1,044. 1,070. -2.\n costs 950. 992.\n Distribution warehousing 564. 538.\n Marketing 155. 151.\n Central costs 694. 698.\n Total 3,409. 3,450." +} +{ + "_id": "d1a7309a6", + "title": "", + "text": "Revenues. Revenues increased by 21% to RMB377.3 billion for the year ended 31 December 2019 on a year-on-year basis. The following table sets forth our revenues by line of business for the years ended 31 December 2019 and 2018:\nRevenues from our VAS business increased by 13% year-on-year to RMB200 billion. Online games revenues grew by 10% to RMB114.7 billion. The increase was primarily due to revenue contributions from domestic smart phone games including Honour of Kings and Peacekeeper Elite, as well as increased contributions from our overseas titles such as PUBG Mobile and Supercell titles, partly offset by the revenue decline from PC client games such as DnF. Social networks revenues increased by 17% to RMB85,281 million. The increase mainly reflected revenue growth from digital content services such as live broadcast services and video streaming subscriptions.\nRevenues from FinTech and Business Services increased by 39% year-on-year to RMB101.4 billion. The increase was primarily driven by greater revenues from commercial payment due to increased daily active consumers and number of transactions per user. Greater revenues from cloud services also contributed to the annual growth.\nRevenues from Online Advertising business increased by 18% year-on-year to RMB68,377 million. Social and others advertising revenues grew by 33% to RMB52,897 million. The increase mainly reflected higher advertising revenues derived from Weixin (primarily Weixin Moments and Mini Programs) as a result of its increased inventories and impressions, as well as contributions from our mobile advertising network due to increased traffic and video inventories. Media advertising revenues decreased by 15% to RMB15,480 million. The decrease was primarily due to lower advertising revenues from our media platforms including Tencent Video and Tencent News resulting from unpredictability in broadcast schedules and the challenging macro-environment, as well as the absence of the FIFA World Cup in year 2019.\n\n | Year ended 31 December | | | \n----------------------------- | ----------------------------------- | ---------- | ---------- | ----------\n | 2019 | | 2018 | \n | | % of total | | % of total\n | Amount | revenues | Amount | revenues \n | | | (Restated) | (Restated)\n | (RMB in millions, unless specified) | | | \nVAS | 199,991 | 53% | 176,646 | 56% \nFinTech and Business Services | 101,355 | 27% | 73,138 | 23% \nOnline Advertising | 68,377 | 18% | 58,079 | 19% \nOthers | 7,566 | 2% | 4,831 | 2% \nTotal revenues | 377,289 | 100% | 312,694 | 100% \n\n. increased 21% RMB377. 3 billion 31 December 2019. revenues\n business increased 13% RMB200 billion. Online games grew 10% RMB114. 7 billion. increase due domestic games Honour of Kings Peacekeeper Elite overseas PUBG Mobile Supercell decline PC games. Social networks revenues increased 17% RMB85,281 million. digital content services live broadcast video streaming.\n FinTech Business Services increased 39% RMB101. 4 billion. increase driven commercial payment increased consumers transactions. revenues cloud services contributed growth.\n Online Advertising increased 18% RMB68,377 million. Social advertising grew 33% RMB52,897 million. revenues Weixin Moments Mini Programs mobile advertising network. Media advertising revenues decreased 15% RMB15,480 million. due lower revenues Tencent Video News unpredictability broadcast schedules challenging macro-environment FIFA World Cup 2019.\n% total\n millions\n VAS 199,991 53% 176,646\n FinTech Business Services 101,355 27% 73,138 23%\n Online Advertising 68,377 18% 58,079 19%\n Others 7,566 2%\n Total revenues,289 100% 312,694" +} +{ + "_id": "d1b373ba0", + "title": "", + "text": "Cost of Revenues\nCost of Subscription Solutions\nCost of subscription solutions increased $27.2 million, or 26.9%, for the year ended December 31, 2019 compared to the same period in 2018. The increase was primarily due to higher third-party infrastructure and hosting costs. The increase was also due to an increase in costs necessary to support a greater number of merchants using our platform, resulting in an increase in: credit card fees for processing merchant billings, employee-related costs, amortization of technology related to enhancing our platform, payments to third-party partners for the registration of domain names, and payments to third-party theme developers. As a percentage of revenues, costs of subscription solutions decreased from 9.4% in 2018 to 8.1% in 2019 due to a decrease in third-party infrastructure and hosting costs and employee-related costs as a percentage of revenue in 2019.\nCost of subscription solutions increased $39.7 million, or 64.8%, for the year ended December 31, 2018 compared to the same period in 2017. The increase was primarily due to higher third-party infrastructure and hosting costs as well as higher employee-related costs.\nCost of Merchant Solutions\nCost of merchant solutions increased $208.4 million, or 55.4%, for the year ended December 31, 2019 compared to the same period in 2018. The increase was primarily due to the increase in GMV facilitated through Shopify Payments, which resulted in higher payment processing and interchange fees. The increase was also due to higher amortization, largely related to the technology resulting from the 6RS acquisition, higher product costs associated with expanding our product offerings and higher credit card fees for processing merchant billings. Cost of merchant solutions as a percentage of revenues increased from 35.0% in 2018 to 37.0% in 2019, mainly as a result of Shopify Payments representing a larger percentage of total revenue.\nCost of merchant solutions increased $144.2 million, or 62.2%, for the year ended December 31, 2018 compared to the same period in 2017. The increase was primarily due to the increase in GMV facilitated through Shopify Payments, which resulted in payment processing fees, including interchange fees, increasing for the year ended December 31, 2018 as compared to the same period in 2017.\n\n | Years ended December 31 | | | 2019 vs 2018 | 2018 vs 2017\n------------------------------ | ---------------------------------- | --------- | --------- | ------------ | ------------\n | 2019 | 2018 | 2017 | % | % \n | (in thousands, except percentages) | | | | \nCost of revenues: | | | | | \nCost of subscription solutions | $ 128,155 | $ 100,990 | $ 61,267 | 26.9 % | 64.8 % \nCost of merchant solutions | 584,375 | 375,972 | 231,784 | 55.4 % | 62.2 % \nTotal cost of revenues | $ 712,530 | $ 476,962 | $ 293,051 | 49.4 % | 62.8 % \nPercentage of revenues: | | | | | \nCost of subscription solutions | 8.1 % | 9.4 % | 9.1 % | | \nCost of merchant solutions | 37.0 % | 35.0 % | 34.4 % | | \n | 45.1 % | 44.4 % | 43.5 % | | \n\n\n Subscription Solutions\n increased $27. 2 million 26. December 31, 2019 compared 2018. increase due to higher third-party infrastructure hosting costs. merchants credit card fees employee-related costs amortization technology payments theme developers. costs decreased from 9. 4% 2018 to 8. 1% 2019 infrastructure hosting employee-related costs.\n Cost increased $39. 7 million 64. 8% December 31, 2018 2017. increase due to higher third-party infrastructure hosting costs higher employee-related costs.\n Cost Merchant Solutions\n increased $208. 4 million 55. 4% December 31, 2019 2018. due to Shopify Payments higher payment processing interchange fees. higher amortization acquisition higher product costs higher credit card fees. Cost solutions revenues increased from 35. 0% 2018 to 37. 0% 2019 Shopify Payments larger percentage revenue.\n Cost increased $144. 2 million 62. 2% 2018 2017. due to Shopify Payments payment processing fees interchange.\nYears ended December 31 2019 2018\n revenues\n subscription $ 128,155 100,990 61,267 26. 9 % 64. 8 %\n merchant 584,375 375,972 231,784 55. 4 % 62. 2 %\n $ 712,530 $ 476,962 $ 293,051 49. 4 % 62. 8 %\n. 1 %. 4 %. 1 %\n 37. 0 % 35. 34. 4 %\n. 1 % 44. 4 %. 5 %" +} +{ + "_id": "d1b3c0c84", + "title": "", + "text": "Deferred Tax Assets and Liabilities\nDeferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The components of the net deferred income tax asset were as follows:\n\n | | Fiscal Year End\n----------------------------------------------- | ------- | ---------------\n | 2019 | 2018 \n | | (in millions) \nDeferred tax assets: | | \nAccrued liabilities and reserves | $ 245 | $ 255 \nTax loss and credit carryforwards | 6,041 | 3,237 \nInventories | 43 | 58 \nIntangible assets | 964 | — \nPension and postretirement benefits | 248 | 179 \nDeferred revenue | 4 | 5 \nInterest | 134 | 30 \nUnrecognized income tax benefits | 7 | 8 \nBasis difference in subsidiaries | — | 946 \nOther | 8 | 13 \nGross deferred tax assets | 7,694 | 4,731 \nValuation allowance | (4,970) | (2,191) \nDeferred tax assets, net of valuation allowance | 2,724 | 2,540 \n | | \nDeferred tax liabilities: | | \nIntangible assets | — | (552) \nProperty, plant, and equipment | (57) | (13) \nOther | (47) | (38) \nTotal deferred tax liabilities | (104) | (603) \nNet deferred tax assets | $ 2,620 | $ 1,937 \n\nDeferred Tax Assets Liabilities\n differences assets liabilities. components deferred\n millions\n Deferred tax assets\n Accrued liabilities reserves $ 245 $ 255\n Tax loss credit carryforwards 3,237\n Inventories\n Intangible assets\n Pension postretirement benefits\n Deferred revenue\n Unrecognized income tax benefits\n difference subsidiaries\n Gross deferred tax assets 7,694 4,731\n Valuation allowance\n 2,724 2,540\n Deferred tax liabilities\n Intangible assets\n Property plant equipment\n Total deferred tax liabilities\n Net deferred tax assets $ 2,620 $ 1,937" +} +{ + "_id": "d1b31cf44", + "title": "", + "text": "Due To/From Related Parties, Net\nAmounts due to and from related parties, net as of the periods presented consisted of the following (table in millions):\n(1) Includes an immaterial amount related to the Company’s current operating lease liabilities due to related parties as of January 31, 2020.\nThe Company also recognized an immaterial amount related to non-current operating lease liabilities due to related parties. This amount has been included in operating lease liabilities on the consolidated balance sheet as of January 31, 2020.\n\n | January 31, 2020 | February 1, 2019\n-------------------------------------- | ---------------- | ----------------\nDue from related parties, current | $1,618 | $1,248 \nDue to related parties, current(1) | 161 | 158 \nDue from related parties, net, current | $1,457 | $1,090 \n\nDue Related Parties Net\n Amounts due\n Includes immaterial amount current lease liabilities January 31, 2020.\n recognized immaterial amount non-current lease liabilities. included liabilities consolidated balance sheet January 31, 2020.\n January 31, 2020 February 1, 2019\n Due related parties $1,618 $1,248\n 161\n net $1,457 $1,090" +} +{ + "_id": "d1b39ca32", + "title": "", + "text": "Contract assets and deferred revenue\n(1) Included in other current assets. (2) Included in other long-term assets. (3) Included in other long-term liabilities.\nContract assets are client committed amounts for which revenue recognized exceeds the amount billed to the client and the right to payment is subject to conditions other than the passage of time, such as the completion of a related performance obligation. Deferred revenue consists of billings and payments received in advance of revenue recognition. Contract assets and deferred revenue are netted at the contract level for each reporting period.\nThe change in deferred revenue in the year ended December 31, 2019 was primarily due to new billings in advance of revenue recognition, partially offset by revenue recognized during the period that was included in deferred revenue at December 31, 2018.\n\n(in thousands) | December 31, 2019 | December 31, 2018\n------------------------------ | ----------------- | -----------------\nContract assets (1) | $5,558 | $3,711 \nLong-term contract assets (2) | 5,420 | 2,543 \n | $10,978 | $6,254 \nDeferred revenue | $190,080 | $185,145 \nLong-term deferred revenue (3) | 5,407 | 5,344 \n | $195,487 | $190,489 \n\nContract assets deferred revenue\n Included. long-term assets.-term liabilities.\n amounts revenue exceeds billed right payment subject. Deferred revenue billings payments revenue recognition. netted level reporting period.\n change deferred revenue December 31, 2019 due to new billings offset revenue 2018.\n 2019\n Contract assets (1) $5,558 $3,711\n Long-term (2) 5,420 2,543\n $10,978 $6,254\n Deferred revenue $190,080 $185,145\n (3) 5,407 5,344\n $195,487 $190,489" +} +{ + "_id": "d1b32848e", + "title": "", + "text": "9. DEFERRED REVENUES\nDeferred revenues consisted of the following:\nDeferred cloud services and license support revenues and deferred hardware revenues substantially represent customer payments made in advance for cloud or support contracts that are typically billed in advance with corresponding revenues generally being recognized ratably over the contractual periods. Deferred services revenues include prepayments for our services business and revenues for these services are generally recognized as the services are performed. Deferred cloud license and on-premise license revenues typically resulted from customer payments that related to undelivered products and services or specified enhancements.\nIn connection with our acquisitions, we have estimated the fair values of the cloud services and license support performance obligations assumed from our acquired companies. We generally have estimated the fair values of these obligations assumed using a cost build-up approach. The cost build-up approach determines fair value by estimating the costs related to fulfilling the obligations plus a normal profit margin. The sum of the costs and operating profit approximates, in theory, the amount that we would be required to pay a third party to assume these acquired obligations. These aforementioned fair value adjustments recorded for obligations assumed from our acquisitions reduced the cloud services and license support deferred revenues balances that we recorded as liabilities from these acquisitions and also reduced the resulting revenues that we recognized or will recognize over the terms of the acquired obligations during the post-combination periods.\n\n | | May 31,\n----------------------------------------------------------------- | ------ | -------\n(in millions) | 2019 | 2018 \nCloud services and license support | $7,340 | $7,265 \nHardware | 635 | 645 \nServices | 360 | 404 \nCloud license and on-premise license | 39 | 27 \nDeferred revenues, current | 8,374 | 8,341 \nDeferred revenues, non-current (in other non-current liabilities) | 669 | 625 \nTotal deferred revenues | $9,043 | $8,966 \n\n. DEFERRED REVENUES\n cloud services license support hardware represent customer payments for cloud contracts revenues recognized over contractual periods. services revenues include prepayments recognized as performed. cloud license on-premise license revenues from payments undelivered products services enhancements.\n estimated fair values of cloud services license support obligations from acquired companies. cost build-up approach. value normal profit margin. approximates party obligations. fair value adjustments reduced cloud services license support deferred revenues revenues recognized over obligations post-combination.\n May 31,\n millions) 2019 2018\n Cloud services license support $7,340 $7,265\n Hardware 635 645\n Services 360 404\n Cloud license on-premise license 39 27\n Deferred revenues current 8,374 8,341\n non-current 625\n Total deferred revenues $9,043 $8,966" +} +{ + "_id": "d1b3aa86c", + "title": "", + "text": "The activity for unrecognized gross tax benefits is as follows (in millions):\nIncluded in the December 31, 2019 balance of $130.0 million is $97.2 million related to unrecognized tax benefits that, if recognized, would impact the annual effective tax rate. Also included in the balance of unrecognized tax benefits as of December 31, 2019 is $32.8 million of benefit that, if recognized, would result in adjustments to other tax accounts, primarily deferred taxes.\nAlthough the Company cannot predict the timing of resolution with taxing authorities, if any, the Company believes it is reasonably possible that its unrecognized tax benefits will be reduced by $1.5 million in the next 12 months due to settlement with tax authorities or expiration of the applicable statute of limitations. The Company did not recognize any additional tax benefit or expense for interest and penalties during the year ended December 31, 2019.\nThe Company recognized approximately $0.8 million of tax benefit and $1.5 million of tax expense for interest and penalties during the years ended December 31, 2018 and 2017, respectively. The Company had approximately $5.1 million, $5.1 million, and $5.9 million of accrued interest and penalties at December 31, 2019, 2018, and 2017, respectively. The Company recognizes interest and penalties accrued in relation to unrecognized tax benefits in tax expense.\nTax years prior to 2016 are generally not subject to examination by the IRS except for items involving tax attributes that have been carried forward to tax years whose statute of limitations remains open. The Company is not currently under IRS examination. For state returns, the Company is generally not subject to income tax examinations for years prior to 2015.\nThe Company is also subject to routine examinations by various foreign tax jurisdictions in which it operates. With respect to jurisdictions outside the United States, the Company's subsidiaries are generally no longer subject to income tax audits for years prior to 2009. The Company is currently under audit in the following jurisdictions including, but not limited to, Canada, China, the Czech Republic, the Philippines, Singapore and the United Kingdom.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------ | ------ | ------ | ------\nBalance at beginning of year | $112.2 | $114.8 | $136.7\nAcquired balances | 15.5 | — | — \nAdditions for tax benefits related to the current year | 9.4 | 7.4 | 23.6 \nAdditions for tax benefits of prior years | 8.0 | 2.8 | 4.7 \nReductions for tax benefits of prior years | (0.2) | (1.9) | (1.6) \nLapse of statute | (8.2) | (10.9) | (16.3)\nSettlements | (6.7) | — | (4.9) \nChange in rate due to U.S. Tax Reform | — | — | (27.4)\nBalance at end of year | $130.0 | $112.2 | $114.8\n\nactivity unrecognized tax benefits\n December 31, 2019 balance $130. 0 million $97. 2 million annual tax rate. $32. 8 million adjustments tax deferred taxes.\n resolution unrecognized tax benefits by $1. 5 million 12 months settlement expiration statute of limitations. additional tax benefit expense interest penalties December 31, 2019.\n recognized $0. 8 million tax benefit $1. 5 million tax expense for interest penalties December 31, 2018 2017. $5. 1 million $5. 1 million $5. 9 million accrued interest penalties December 31, 2019. recognizes interest penalties unrecognized tax benefits.\n years prior to 2016 not subject examination. not under IRS examination. not subject income tax examinations prior 2015.\n subject examinations foreign tax jurisdictions. subsidiaries no longer subject tax audits prior 2009. under audit jurisdictions Canada China Czech Republic Philippines Singapore United Kingdom.\n 2019 2018 2017\nyear $112. $114. 8 $136.\n Acquired balances 15. 5\n Additions tax benefits 9. 4 7. 23. 6\n prior years 8. 2. 4.\n Reductions. (1. 9).\n (8. (10. (16.\n (6. 7) (4.\n Change. Tax Reform (27.\n end year $130. $112. $114." +} +{ + "_id": "d1b3921e0", + "title": "", + "text": "Profitability Measures\nNet Income:\nOur net income in the fiscal year ended February 28, 2019 was $18.4 million as compared to net income of $16.6 million in the same period last year. The increase is due to a $11.7 million increase in operating income, $3.0 million increase in investment income and $12.0 million decrease in income tax provision. The increase in operating income was primarily attributable to $21.0 million decrease in general and administrative expense due to reduced legal provision and related costs as further discussed in Note 19 and partially offset by $8.0 million of restructuring expense.\nAdjusted EBITDA for Telematics Systems in the fiscal year ended February 28, 2019 decreased $8.1 million compared to the same period last year due to lower revenues as described above and the impact of high margin revenue earned on a strategic technology partnership arrangement in fiscal 2018. These factors were coupled with higher operating expenses in Telematics Systems as a result of increased headcount and outsourced professional service fees. Adjusted EBITDA for Software and Subscription Services increased $4.9 million compared to the same period last year due primarily to continued growth in revenues and gross profit from our Italia market and higher gross profit from our fleet management services.\nSee Note 20 for reconciliation of Adjusted EBITDA by reportable segments and a reconciliation to GAAP-basis net income (loss).\n\n | Fiscal years ended | | | \n-------------------------------- | ------------------ | ------- | -------- | --------\n | February 28, | | | \n(In thousands) | 2019 | 2018 | $ Change | % Change\n | Segment | | | \nTelematics Systems | $40,821 | $48,943 | $(8,122) | (17.0%) \nSoftware & Subscription Services | 13,093 | 8,233 | 4,860 | 59.0% \nCorporate Expense | (5,699) | (4,794) | (905) | 19.0% \nTotal Adjusted EBITDA | $48,215 | $52,382 | $(4,167) | (8.0%) \n\nProfitability Measures\n Net Income\n fiscal year 2019 $18. 4 million $16. 6 million last year. increase due $11. 7 million operating $3. million investment income $12. million income tax provision. increase attributable $21. million decrease expense reduced legal provision costs offset $8. million restructuring expense.\n Adjusted EBITDA Telematics Systems decreased $8. 1 million lower revenues high margin revenue. higher operating expenses increased headcount outsourced service fees. EBITDA Software Subscription Services increased $4. 9 million growth revenues profit Italia market higher profit fleet management services.\n Note 20 reconciliation Adjusted EBITDA GAAP net income (loss.\n Fiscal years\n Telematics Systems $40,821 $48,943(8,122).\n Software Subscription Services.\n Corporate Expense (5,699) (4,794).\n Adjusted EBITDA $48,215 $52,382 $(4,167." +} +{ + "_id": "d1b331c50", + "title": "", + "text": "The impact of product mix within our TS segment on gross margins for the fiscal years ended September 30 was as follows:\nThe overall TS segment gross margin as a percentage of sales remained the same in fiscal year 2019 when compared to fiscal year 2018. The $0.6 million increase in our TS segment product gross margins resulted from an increase in product revenues in the U.S. division, partially offset by a decrease in the U.K division. The $1.1 million.increase in the TS segment service gross margins primarily resulted from increased service revenues in the U.S. division.\n\n | | | 2018 | | Increase | \n-------- | ------- | --- | ---------------------------- | --- | -------- | ---\n | GM$ | GM% | GM$ | GM% | GM$ | GM%\n | | | (Dollar amount in thousands) | | | \nProducts | $7,462 | 13% | $6,886 | 13% | $576 | -% \nServices | 6,427 | 56% | 5,376 | 55% | 1,051 | 1 \nTotal | $13,889 | 20% | $12,262 | 20% | 1,627 | -% \n\nimpact product mix TS segment gross margins fiscal years September 30\n TS segment gross margin sales same 2019 compared 2018. $0. 6 million increase product gross margins increase product revenues U. S. division offset decrease U. K division. $1. 1 million. increase service gross margins increased service revenues U. S. division.\n Increase\n$\n amount thousands\n Products $7,462 13% $6,886\n Services 6,427 56%\n Total $13,889 20% $12,262" +} +{ + "_id": "d1a7362fc", + "title": "", + "text": "Movements in Class A ordinary share capital\nClass A shares as of June 30, 2019 and June 30, 2018 does not include 911,367 and 827,871 shares of restricted stock outstanding, respectively, that are subject to forfeiture or repurchase.\n\n | Number of Shares | Amount \n-------------------------------------------------- | ---------------- | ---------------------\n | | (U.S. $ in thousands)\nDetails | | \nBalance as of June 30, 2017 | 91,979,704 | $9,198 \nConversion of Class B ordinary shares | 5,861,707 | 587 \nExercise of share options | 1,902,084 | 190 \nIssuance for settlement of RSUs | 5,253,809 | 525 \nVesting of share options that were early exercised | 374,496 | 37 \nBalance as of June 30, 2018 | 105,371,800 | 10,537 \nConversion of Class B ordinary shares | 5,219,947 | 522 \nExercise of share options | 1,496,875 | 150 \nIssuance for settlement of RSUs | 4,674,873 | 467 \nVesting of share options that were early exercised | 510,071 | 51 \nBalance as of June 30, 2019 | 117,273,566 | $11,727 \n\nClass A capital\n 2019 2018 911,367 827,871 shares restricted stock subject forfeiture repurchase.\n.\n Balance June 30 2017 91,979,704 $9,198\n Conversion Class B shares,707\n 1,902,084\n settlement 5,253,809\n Vesting,496\n Balance June 30 2018 105,371,800 10,537\n Conversion Class B shares 5,219,947 522\n 1,496,875\n settlement RSUs 4,674,873 467\n Vesting 510,071\n Balance June 30 2019 117,273,566 $11,727" +} +{ + "_id": "d1a72c40a", + "title": "", + "text": "14. Fair Value Measures\nThe Company is required to categorize both financial and nonfinancial assets and liabilities based on the following fair value hierarchy. The fair value of an asset is the price at which the asset could be sold in an orderly transaction between unrelated, knowledgeable, and willing parties able to engage in the transaction. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that would be paid to settle the liability with the creditor.\n• Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 - Unobservable inputs for the asset or liability supported by little or no market activity and are significant to the fair value of the assets or liabilities.\nThe disclosure of fair value of certain financial assets and liabilities recorded at cost are as follows:\nCash and cash equivalents, accounts receivable, and accounts payable: The carrying amount approximates fair value due to the short maturity of these instruments.\nLong-term debt: The carrying value of the Company’s long-term debt is at its stated value. We have not elected to carry our long-term debt at fair value. Fair values for debt are based on quoted market prices or published forward interest rate curves, which are level 2 inputs. Estimated fair values are management’s estimates, which is a level 3 input; however, when there is no readily available market data, the estimated fair values may not represent the amounts that could be realized in a current transaction, and the fair values could change significantly. The fair value of the Company’s debt is sensitive to changes in the general level of U.S. interest rates. Under its current policies, the Company does not use interest rate derivative instruments to manage exposure to interest rate changes. A one percent (1%) decrease in interest rates would increase the net fair value of the Company’s debt by $23,000 at June 1, 2019. The fair value and carrying value of the Company’s long-term debt were as follows (in thousands):\n\n | June 1, 2019 | | June 2, 2018 | \n---------------- | -------------- | ---------- | -------------- | ----------\n | Carrying Value | Fair Value | Carrying Value | Fair Value\nNote payable | $1,283 | $1,309 | $4,750 | $4,732 \nLong-term leases | 1,054 | 940 | 1,340 | 1,171 \n | $2,337 | $2,249 | $6,090 | $5,903 \n\n. Fair Value Measures\n Company financial nonfinancial assets liabilities fair value hierarchy. fair value asset price sold transaction between unrelated parties. fair value transfer new obligor not creditor.\n Level 1 Quoted prices markets identical assets. Level 2 Inputs other. Level 3 Unobservable inputs market activity significant fair value.\n disclosure fair value financial assets liabilities\n Cash equivalents accounts receivable payable carrying amount approximates fair value short maturity.\n Long-term debt value stated value. not fair value. Fair values based on quoted market prices forward interest rate curves level 2 inputs. Estimated fair values estimates level 3 no market data estimated may not represent current transaction change. debt sensitive to U. S. interest rates. use interest rate derivative instruments manage exposure interest rate changes. one percent (1%) decrease interest rates net fair value debt by $23,000 at June 1, 2019.fair carrying long-term debt\n June 1, 2019 June 2, 2018\n Note payable $1,283 $1,309 $4,750\n Long-term leases 1,054 1,171\n $2,337 $2,249 $6,090 $5,903" +} +{ + "_id": "d1b362fe4", + "title": "", + "text": "C) DIVIDENDS\nFor the year ended August 31, 2019, quarterly eligible dividends of $0.525 per share, for a total of $2.10 per share or $103.7 million, were paid to the holders of multiple and subordinate voting shares, compared to quarterly eligible dividends of $0.475 per share, for a total of $1.90 per share or $93.7 million for the year ended August 31, 2018.\nAt its October 30, 2019 meeting, the Board of Directors of Cogeco Communications declared a quarterly eligible dividend of $0.58 per share for multiple voting and subordinate voting shares, payable on November 27, 2019 to shareholders of record on November 13, 2019.\n\nYears ended August 31, | 2019 | 2018 \n-------------------------------------- | ------- | ------\n(In thousands of Canadian dollars) | $ | $ \nDividends on multiple voting shares | 32,951 | 29,813\nDividends on subordinate voting shares | 70,757 | 63,886\n | 103,708 | 93,699\n\nDIVIDENDS\n August 31, 2019 quarterly dividends $0. 525 share $2. 10 $103. 7 million paid multiple voting shares $0. 475 share $1. 90 $93. 7 million 2018.\n October 30, 2019 Board Cogeco Communications dividend $0. 58 share payable November 27, shareholders November 13,.\n August\n Dividends multiple voting shares 32,951 29,813\n subordinate voting 70,757 63,886\n 93" +} +{ + "_id": "d1b38464e", + "title": "", + "text": "Deferred Revenue\nThe opening balances of current and long-term deferred revenue were $30,694 and $1,352, respectively, as of January 1, 2018.\nExpressed in US $000's except share and per share amounts\n\n | Years ended | \n----------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\n | $ | $ \nCurrent portion | 56,691 | 39,180 \nLong term portion | 5,969 | 1,881 \n | 62,660 | 41,061 \n\nDeferred\n balances long-term $30,694 $1,352 January 1, 2018.\n Expressed US $000\n December 31, 2019 2018\n Current 56,691 39,180\n Long 5,969\n 62,660 41,061" +} +{ + "_id": "d1b3a6e42", + "title": "", + "text": "(D.6) Non-Current Assets by Region\nThe table below shows non-current assets excluding financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts.\nNon-Current Assets by Region\nFor a breakdown of our employee headcount by region, see Note (B.1) , and for a breakdown of revenue by region, see Note (A.1) .\n\n€ millions | 2019 | 2018 \n---------------- | ------ | ------\nGermany | 4,486 | 4,184 \nRest of EMEA | 5,386 | 4,742 \nEMEA | 9,872 | 8,926 \nUnited States | 29,744 | 22,133\nRest of Americas | 411 | 258 \nAmericas | 30,154 | 22,391\nAPJ | 1,276 | 922 \nSAP Group | 41,302 | 32,239\n\n. Non-Current Assets Region\n table shows non-current assets excluding financial deferred tax post-employment benefit rights insurance contracts.\n employee headcount Note. revenue.\n Germany 4,486 4,184\n EMEA 5,386 4,742\n United States 29,744 22,133\n Americas 411\n 30,154 22,391\n 1,276\n SAP Group 41,302 32,239" +} +{ + "_id": "d1b3a49c6", + "title": "", + "text": "The Group has non-current borrowing facilities denominated in Australian Dollars (“AUD”) and New Zealand Dollars (“NZD”). All facilities are interest only facilities with any drawn balances payable at maturity. Drawn amounts and facility limits are as follows:\nThe major terms of these agreements are as follows: • Maturity dates on the facilities range from 23 July 2020 to 23 December 2026 (2018: 23 July 2019 to 23 December 2026). • The interest rate applied is the bank bill rate plus a margin depending on the gearing ratio. • Security has been granted over the Group's freehold investment properties.\nThe Group has a bank overdraft facility with a limit of $3m that was undrawn at 30 June 2019 and 30 June 2018. During the year ended 30 June 2019, the Group converted an existing AUD facility of $25m into an NZD facility of $25.75m, refinanced part of the existing debt facilities, and increased its club banking facilities by AUD $100m and NZD $50m (year ended 30 June 2018 facilities increased by $150m AUD and $25m NZD).\nThe Group have complied with the financial covenants of their borrowing facilities during the 2019 and 2018 reporting periods (see note 16). The fair value of borrowings approximates carrying value. Details of the exposure to risk arising from current and non-current borrowings are set out in note 15.\n\n | 2019 | 2018 \n-------------------------------- | ------- | -------\n | $'000 | $'000 \nBank finance facilities (AUD) | | \nDrawn amount | 663,800 | 520,300\nFacility limit | 680,000 | 605,000\nBank finance facilities (NZD) | | \nDrawn amount | 192,250 | 87,500 \nFacility limit | 196,750 | 121,000\nAUD equivalent of NZD facilities | | \nDrawn amount | 184,038 | 80,048 \nFacility limit | 188,346 | 110,696\n\nGroup has non-current borrowing facilities Australian New Zealand Dollars. interest only balances payable at maturity. amounts limits\n Maturity dates 23 July 2020 to 23 December 2026. interest rate bank bill rate plus margin gearing ratio. Security granted over Group freehold investment properties.\n bank overdraft facility limit $3m undrawn 30 June 2019 June 2018. converted AUD facility $25m into $25. 75m refinanced debt increased club banking facilities AUD $100m NZD $50m 2018 increased $150m AUD $25m NZD.\n complied with financial covenants borrowing 2019 2018. fair value borrowings approximates carrying value. exposure risk borrowings note 15.\n 663,800 520,300\n 605,000\n (NZD\n 192,250 87,500\n,750\n 184,038 80,048\n 188,346 110" +} +{ + "_id": "d1a71febc", + "title": "", + "text": "S. Selected Quarterly Financial Data (unaudited)\nQuarterly financial data for fiscal 2020 and 2019 were as follows (tables in millions, except per share amounts):\n(1) Adjusted to reflect the recast of prior period information due to the Pivotal acquisition, which was accounted for as a transaction between entities under common control (refer to Note B).\n\nFiscal 2020 | Q1 2020 (1) | Q2 2020 (1) | Q3 2020 (1) | Q4 2020\n---------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------- | ----------- | ----------- | -------\nTotal revenue | $2,450 | $2,632 | $2,656 | $3,073 \nNet income attributable to VMware, Inc. | 380 | 5,303 | 407 | 321 \ncommon stockholders, basic for Classes A and B Net income per weighted-average share attributable to VMware, Inc. common stockholders, basic for Classes A and B | $0.91 | $12.72 | $0.98 | $0.77 \nNet income per weighted-average share attributable to VMware, Inc. common stockholders, diluted for Classes A and B | $0.89 | $12.47 | $0.96 | $0.76 \n\n. Selected Quarterly Financial Data\n 2020 2019 millions share\n Adjusted recast prior information Pivotal acquisition transaction entities common control.\n Fiscal 2020 Q1 Q2 Q3 Q4\n Total revenue $2,450 $2,632 $2,656 $3,073\n Net income VMware Inc. 380 5,303 407 321\n common stockholders Classes B income share. $0. 91 $12. 72. 98. 77\n VMware. Classes B $0. 89 $12. 47. 96." +} +{ + "_id": "d1b39dacc", + "title": "", + "text": "The breakout of product and service revenues was as follows:\nOur product revenues increased $158.1 million, or 9%, in 2019 from 2018 primarily due to higher sales in Semiconductor Test of testers for 5G infrastructure and image sensors, higher sales in Storage Test of 3.5” hard disk drive testers, and higher demand in Industrial Automation, partially offset by a decrease in sales in Semiconductor Test automotive and analog test segments. Service revenues increased $36.1 million or 10%.\nIn 2019 and 2018, no single direct customer accounted for more than 10% of our consolidated revenues. In 2019 and 2018, our five largest direct customers in aggregate accounted for 27% and 27% of our consolidated revenues, respectively.\nWe estimate consolidated revenues driven by Huawei Technologies Co. Ltd. (“Huawei”), combining direct sales to that customer with sales to the customer’s OSATs, accounted for approximately 11% and 4% of our consolidated revenues in 2019 and 2018, respectively. We estimate consolidated revenues driven by another OEM customer, combining direct sales to that customer with sales to the customer’s OSATs, accounted for approximately 10% and 13% of our consolidated revenues in 2019 and 2018, respectively.\n\n | 2019 | 2018 | 2018-2019 Dollar Change\n----------------- | -------- | ------------- | -----------------------\n | | (in millions) | \nProducts revenues | $1,887.7 | $1,729.6 | $158.1 \nServices revenues | 407.3 | 371.2 | 36.1 \n | $2,295.0 | $2,100.8 | $194.2 \n\nproduct service revenues\n product revenues increased $158. 1 million 2019 2018 due higher sales Semiconductor Test 5G Storage Test 3. 5” hard disk testers Industrial Automation offset decrease Semiconductor Test automotive analog test segments. Service revenues increased $36. 1 million 10%.\n 2019 2018 no direct customer more 10% consolidated revenues. five largest customers 27% 27% revenues.\n revenues Huawei Technologies Co. 11% 4% revenues. another OEM customer 10% 13%.\n 2018 2018-2019 Dollar Change\n millions\n Products revenues $1,887. 7 $1,729. 6 $158.\n Services revenues 407.\n $2,295. $2,100. $194." +} +{ + "_id": "d1b31457e", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nThe provision for income taxes from continuing operations is summarized as follows:\nThe Company’s effective tax rates differ from the U.S. federal statutory rate of 21% for the years ended December 31, 2019 and December 31, 2018, primarily due to the benefit of tax credits and earnings in foreign jurisdictions which are subject to lower tax rates, offset by additional GILTI tax in the US and withholding taxes.\n\n | | Years Ended December 31, | \n-------------------------------- | -------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nCurrent: | | | \nFederal | $(9,627) | $1,423 | $26,550 \nState | 882 | 12 | 601 \nForeign | 18,429 | 13,772 | 9,621 \nTotal current provision | $9,684 | $15,207 | $36,772 \nDeferred: | | | \nFederal | $ 3,822 | $ 4,021 | $ 28,297\nState | (178) | 2,363 | (1,000) \nForeign | (2,629) | 3,636 | (1,979) \nTotal deferred provision | 1,015 | 10,020 | 25,318 \nTotal provision for income taxes | $10,699 | $25,227 | $62,090 \n\nADVANCED ENERGY INDUSTRIES. FINANCIAL STATEMENTS share\n provision income taxes operations\n tax rates differ. federal rate 21% 2019 2018 due tax credits earnings foreign jurisdictions GILTI tax withholding taxes.\n Years Ended\n 2018\n Current\n Federal(9,627) $1,423 $26,550\n State\n Foreign 18,429 13,772\n provision $9,684 $15,207 $36,772\n Deferred\n Federal 3,822 4,021 28,297\n State\n Foreign 3,636\n deferred provision 1,015 10,020 25,318\n income taxes $10,699 $25,227 $62,090" +} +{ + "_id": "d1b30f8da", + "title": "", + "text": "Other (Income) Expenses\nnm - not meaningful\nInterest income. Interest income decreased $64,000 during fiscal 2018 as compared to fiscal 2017.\nInterest expense. Interest expense consists of costs associated with capital leases and loans on corporate-owned life insurance policies.\nOther (income) expense, net. Other (income) expense, net consists mainly of the impact of foreign currency due to movement of European and Asian currencies against the US dollar.\n\n | Year ended March 31, | | (Unfavorable) favorable | \n--------------------------------- | -------------------- | ------ | ----------------------- | -------\n(Dollars in thousands) | 2018 | 2017 | $ | % \nOther (income) expenses | | | | \nInterest (income) | $(98) | $(162) | $(64) | (39.5)%\nInterest expense | 10 | 15 | 5 | 33.3% \nOther (income) expense, net | (391) | 224 | 615 | nm \nTotal other (income) expense, net | $(479) | $77 | $556 | nm \n\n(Income Expenses\n Interest income. decreased $64,000 2018 2017.\n Interest expense. costs capital leases loans corporate life insurance policies.\n expense. impact foreign currency European Asian currencies against US dollar.\n ended March 31,\n thousands 2018 2017\n expenses\n Interest (income $(98) $(162) $(64).\n Interest expense.\n (income expense net (391) 224 615\n Total expense $(479) $77 $556" +} +{ + "_id": "d1b356de8", + "title": "", + "text": "Note 15—Segments and Geographic Information\nWe operate in two reportable segments consisting of the Probe Cards Segment and the Systems Segment. Our chief operating decision maker (\"CODM\") is our Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire company. The following table summarizes the operating results by reportable segment (dollars in thousands):\nOperating results provide useful information to our management for assessment of our performance and results of operations. Certain components of our operating results are utilized to determine executive compensation along with other measures.\nCorporate and Other includes unallocated expenses relating to amortization of intangible assets, share-based compensation expense, acquisition-related costs, including charges related to inventory stepped up to fair value, and other costs, which are not used in evaluating the results of, or in allocating resources to, our reportable segments. Acquisition-related costs include transaction costs and any costs directly related to the acquisition and integration of acquired businesses.\n\n | | | Fiscal 2019 | \n------------ | ----------- | ------- | ------------------- | --------\n | Probe Cards | Systems | Corporate and Other | Total \nRevenues | $491,363 | $98,101 | $— | $589,464\nGross profit | $211,382 | $50,927 | $(24,813) | $237,496\nGross margin | 43.0 % | 51.9 % | — % | 40.3 % \n | | | Fiscal 2018 | \n | Probe Cards | Systems | Corporate and Other | Total \nRevenues | $434,269 | $95,406 | $— | $529,675\nGross profit | $187,320 | $47,074 | $(24,055) | $210,339\nGross margin | 43.1 % | 49.3 % | — % | 39.7 % \n | | | Fiscal 2017 | \n | Probe Cards | Systems | Corporate and Other | Total \nRevenues | $454,794 | $93,647 | $— | $548,441\nGross profit | $195,903 | $46,647 | $(26,953) | $215,597\nGross margin | 43.1 % | 49.8% | — % | 39.3 % \n\nNote 15—Segments Geographic Information\n operate segments Probe Cards Systems. chief Chief Executive Officer reviews results performance. table summarizes operating results segment\n results information performance. executive compensation measures.\n includes unallocated expenses amortization assets share-based compensation acquisition-related costs other costs not evaluating allocating resources. Acquisition-related costs transaction costs acquisition integration businesses.\n Fiscal 2019\n Cards Systems\n Revenues $491,363 $98,101 $589,464\n Gross profit $211,382 $50,927 $237,496\n Gross margin 43. 0 % 51. 9 % 40. 3 %\n Fiscal 2018\n Revenues $434,269 $95,406 $529,675\n Gross profit $187,320 $47,074 $(24,055 $210,339\n margin 43. 1 % 49. 3 % 39. 7 %\n Fiscal 2017\nRevenues $454,794 $93,647,441\n profit $195,903 $46,647 $215,597\n margin. 49. 3" +} +{ + "_id": "d1b3c3056", + "title": "", + "text": "The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities are as follows (in thousands):\nThe Company considered both positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, historic book profit/loss, prior taxable income/loss, and results of future operations, and determined that a valuation allowance was not required for a significant portion of its deferred tax assets. A valuation allowance of $31.4 million and $28.5 million remained as of July 31, 2019 and 2018, respectively.\nThe increase of $2.9 million in the valuation allowance in the current fiscal year relates primarily to net operating losses and income tax credits incurred in certain tax jurisdictions for which no tax benefit was recognized.\n\n | As of July 31, | \n------------------------------------ | -------------- | -------\n | 2019 | 2018 \nAccruals and reserves | $7,870 | $12,129\nStock-based compensation | 6,353 | 7,658 \nDeferred revenue | 2,316 | 4,023 \nProperty and equipment | — | 1,268 \nNet operating loss carryforwards | 55,881 | 56,668 \nTax credits | 74,819 | 60,450 \nTotal deferred tax assets | 147,239 | 142,196\nLess valuation allowance | 31,421 | 28,541 \nNet deferred tax assets | 115,818 | 113,655\nLess deferred tax liabilities: | | \nIntangible assets | 7,413 | 11,461 \nConvertible debt | 10,274 | 11,567 \nProperty and equipment | 1,435 | — \nUnremitted foreign earnings | 302 | 258 \nCapitalized commissions | 6,086 | — \nTotal deferred tax liabilities | 25,510 | 23,286 \nDeferred tax assets, net | 90,308 | 90,369 \nLess foreign deferred revenue | — | 69 \nLess foreign capitalized commissions | 906 | — \nTotal net deferred tax assets | 89,402 | 90,300 \n\ntax effects differences deferred tax assets liabilities\n Company valuation allowance required deferred tax assets. allowance $31. 4 million $28. 5 million remained July 31, 2019 2018.\n increase $2. 9 million operating losses tax credits jurisdictions.\n Accruals reserves $7,870 $12,129\n Stock-based compensation 6,353,658\n Deferred revenue 2,316\n Property\n loss 55,881 56,668\n Tax credits 74,819\n deferred tax assets 147,239\n Less valuation allowance 31,421\n deferred tax assets 115,818 113,655\n Less liabilities\n Intangible assets 7,413 11,461\n Convertible debt 10,274,567\n Property equipment 1,435\n Unremitted foreign earnings\n Capitalized commissions\n deferred tax liabilities 25,510 23,286\n 90,308\n Less foreign deferred revenue\ncommissions 906\n tax 89,402 90,300" +} +{ + "_id": "d1b30ff60", + "title": "", + "text": "Product warranty liabilities:\nEquipment and software systems sales include a standard product warranty. The following tables summarize the activity related to product warranty liabilities and their balances as reported in our consolidated balance sheets (in millions):\n\n | Year Ended | \n--------------------------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018\nBalance at beginning of period | $ 40 | $ 50 \nExpense accrued during the period | 22 | 16 \nWarranty costs incurred | (22) | (26) \nBalance at end of period | $ 40 | $ 40 \nTotal warranty liabilities | $ 40 | $ 40 \n\nwarranty liabilities\n Equipment warranty. tables summarize activity liabilities balances balance sheets\n April 26, 2019 April 27, 2018\n Balance $ 40 $ 50\n Expense accrued\n Warranty costs incurred\n end period $ 40\n Total warranty liabilities $" +} +{ + "_id": "d1b383f1e", + "title": "", + "text": "For a particular tax-paying component of the Company and within a particular tax jurisdiction, all current deferred tax liabilities and assets are offset and presented as a single amount, similarly to non-current deferred tax liabilities and assets. The Company does not offset deferred tax liabilities and assets attributable to different tax-paying components or to different tax jurisdictions.\nThe net deferred tax assets are recorded in legal entities which have been historically profitable and are expected to be profitable in the next coming years.\n\n | December 31, 2019 | December 31, 2018\n------------------------------------------------------- | ----------------- | -----------------\nTax loss carryforwards and investment credits | 612 | 603 \nLess unrecognized tax benefit | (21) | (20) \nTax loss carry forwards net of unrecognized tax benefit | 591 | 583 \nInventory valuation | 28 | 28 \nImpairment and restructuring charges | 6 | 14 \nFixed asset depreciation in arrears | 39 | 35 \nIncreased depreciation incentives | 213 | 211 \nCapitalized development costs | 118 | 108 \nReceivables for government funding | 14 | 11 \nTax credits granted on past capital investments | 1,151 | 1,155 \nPension service costs | 81 | 65 \nStock awards | 6 | 7 \nOperating lease liabilities | 40 | — \nCommercial accruals | 15 | 12 \nOther temporary differences | 22 | 26 \nTotal deferred tax assets | 2,324 | 2,255 \nValuation allowances | (1,534) | (1,548) \nDeferred tax assets, net | 790 | 707 \nAccelerated fixed asset depreciation | (20) | (16) \nAcquired intangible assets | (16) | (13) \nAdvances of government funding | (31) | (12) \nOperating lease right-of-use assets | (40) | — \nOther temporary differences | (7) | (7) \nDeferred tax liabilities | (114) | (48) \nNet deferred income tax asset | 676 | 659 \n\ntax-paying current deferred tax liabilities offset. offset components jurisdictions.\n net deferred tax assets recorded entities profitable expected.\n 2018\n Tax loss carryforwards investment credits 612 603\n Less unrecognized tax benefit\n loss 591\n Inventory valuation 28\n Impairment restructuring charges\n Fixed asset depreciation arrears\n Increased depreciation incentives 213\n Capitalized development costs 118\n Receivables government funding\n Tax credits past capital investments 1,151\n Pension service costs\n Stock awards\n Operating lease liabilities\n Commercial accruals\n temporary differences\n deferred tax assets 2,324 2,255\n Valuation allowances (1,534)\n 790 707\n Accelerated fixed asset depreciation\n Acquired intangible assets\n government funding\n Operating lease right-of-use assets\n temporary differences\n Deferred tax liabilities (114)\ndeferred 676 659" +} +{ + "_id": "d1b33b3e0", + "title": "", + "text": "Sales and Marketing\nSales and marketing expenses in 2019 decreased by $7.6 million, or 32%, as compared to 2018. This decrease was primarily due to a reduction in the global sales support and marketing headcount, including reductions that were part of our restructuring activities during 2019 (refer to Note 4 of the accompanying consolidated financial statements), contributing to net decreases of $4.8 million in personnel-related costs, and $1.0 million in allocated facilities and information technology costs as compared to 2018. Restructuring costs in 2019 decreased $0.4 million, as there were additional restructuring activities in 2018, including a headcount reduction of approximately 13% of our workforce and the closure of certain leased facilities. The remaining decrease during 2019 was primarily the result of lower marketing costs of $0.6 million, as we eliminated or shifted the timing of certain of our marketing activities.\n\n | Years Ended December 31, | | Change | \n------------------------ | ------------------------ | ------- | -------- | -----\n | 2019 | 2018 | $ | % \n | (dollars in thousands) | | | \nSales and marketing | $15,836 | $23,425 | $(7,589) | (32)%\nPercent of revenues, net | 32% | 40% | | \n\nSales Marketing\n expenses 2019 decreased $7. 6 million 32%, compared 2018. due reduction global sales marketing headcount restructuring activities Note decreases $4. 8 million personnel $1. 0 million facilities information technology costs. Restructuring costs decreased $0. 4 million headcount reduction 13% closure leased facilities. remaining decrease lower marketing costs $0. 6 million timing activities.\n Years Ended December 31,\n 2019 2018 %\n Sales marketing $15,836 $23,425 $(7,589) (32)%\n revenues 32% 40%" +} +{ + "_id": "d1b2fc690", + "title": "", + "text": "13. INCOME TAXES\nThe Company files income tax returns in the U.S. federal jurisdiction and the state of California. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2015.\nDeferred income taxes have been provided by temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. To the extent allowed by GAAP, the Company provides valuation allowances against the deferred tax assets for amounts when the realization is uncertain. Included in the balances at December 31, 2019 and 2018, are no tax positions for which the ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period.\nThe Company’s policy is to recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the periods ended December 31, 2019 and 2018, the Company did not recognize interest and penalties.\nThe income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the year ended December 31, 2019 and 2018 due to the following:\n\n | 2019 | 2018 \n----------------------------------------- | -------- | --------\nNet taxable (loss) at effective tax rates | $(2,508) | $(1,567)\nStock compensation expense | 119 | 358 \nAmortization of debt discount | 94 | 10 \nImpairment of goodwill | - | 519 \nOther | (223) | (153) \nValuation allowance | 2,518 | 833 \nIncome tax expense | $- | $- \n\n. INCOME TAXES\n Company files returns U. S. federal California. no subject to. federal non. tax examinations before 2015.\n Deferred income taxes provided temporary differences between assets liabilities tax. provides valuation allowances against deferred tax assets realization uncertain. balances December 31, 2019 2018 no tax positions ultimate deductibility certain uncertainty timing. disallowance shorter deductibility period affect annual tax rate payment cash.\n interest unrecognized tax benefits penalties operating expenses. December 31, 2019 2018 interest penalties.\n income tax provision differs from. federal income tax rate income December 31, 2019 2018\n Net taxable (loss) rates $(2,508) $(1,567)\n Stock compensation expense 119\n Amortization debt discount\n Impairment goodwill\n Valuation allowance 2,518 833\n Income tax expense $" +} +{ + "_id": "d1b31a370", + "title": "", + "text": "Combined Incentive Plan Information\nRSU share activity under the 2004 Plan is set forth below:\nThe total intrinsic value of RSUs which vested during the years ended March 31, 2019, 2018 and 2017 was $229.3 million, $146.0 million and $166.1 million, respectively. The aggregate intrinsic value of RSUs outstanding at March 31, 2019 was $522.0 million, calculated based on the closing price of the Company's common stock of $82.96 per share on March 29, 2019. At March 31, 2019, the weighted average remaining expense recognition period was 1.91 years.\n\n | Number of Shares | Weighted Average Grant Date Fair Value\n---------------------------------- | ---------------- | --------------------------------------\nNonvested shares at March 31, 2016 | 6,307,742 | $36.76 \nGranted | 1,635,655 | 51.46 \nAssumed upon acquisition | 2,059,524 | 46.57 \nForfeited | (722,212) | 43.58 \nVested | (2,861,253) | 38.60 \nNonvested shares at March 31, 2017 | 6,419,456 | 42.06 \nGranted | 1,267,536 | 77.26 \nForfeited | (279,051) | 49.65 \nVested | (1,735,501) | 38.00 \nNonvested shares at March 31, 2018 | 5,672,440 | 50.79 \nGranted | 1,951,408 | 77.83 \nAssumed upon acquisition | 1,805,680 | 91.70 \nForfeited | (408,242) | 73.36 \nVested | (2,729,324) | 61.51 \nNonvested shares at March 31, 2019 | 6,291,962 | $64.81 \n\nIncentive Plan\n RSU 2004\n value RSUs 2018 2017 $229. million $146. $166. million. value March 31, 2019 $522. million closing price common stock $82. per share March 29, 2019. average expense 1. 91 years.\n Average\n Nonvested shares March 31, 2016 6,307,742 $36. 76\n 1,635,655 51.\n 2,059,524.\n Forfeited.\n (2,861,253).\n shares March 31, 2017,456.\n 1,267,536 77.\n Forfeited.\n,735,501).\n March 31, 2018 5,672,440.\n 1,951,408.\n 1,805,680.\n Forfeited.\n,729,324).\n shares March 31, 2019 6,291,962 $64." +} +{ + "_id": "d1b311c48", + "title": "", + "text": "Costs and Expenses\nCost of Revenues\nThe following tables detail the components of cost of revenues in dollars (amounts in millions) and as a percentage of associated net revenues:\nCost of Revenues—Product Sales:\nThe decrease in product costs for 2019, as compared to 2018, was due to the decrease in product sales, primarily associated with the Destiny franchise (reflecting our sale of the publishing rights for Destiny to Bungie in December 2018).\nThe decrease in software royalties, amortization, and intellectual property licenses related to product sales for 2019, as compared to 2018, was primarily due to a decrease of $133 million in software amortization and royalties from Activision, primarily due to the Destiny franchise. The decrease was partially offset by:\nhigher software amortization and royalties for Call of Duty: Black Ops 4, which was released in October 2018, as compared to Call of Duty: WWII, which was released in November 2017; software amortization and royalties from Sekiro: Shadows Die Twice, which was released in March 2019; and higher software amortization and royalties for Call of Duty: Modern Warfare, which was released in October 2019, as compared to Call of Duty: Black Ops 4.\nCost of Revenues—Subscription, Licensing, and Other Revenues:\nThe decrease in game operations and distribution costs for 2019, as compared to 2018, was primarily due to a decrease of $50 million in service provider fees such as digital storefront fees (e.g., fees retained by Apple and Google for our sales on their platforms), payment processor fees, and server bandwidth fees.\nThe decrease in software royalties, amortization, and intellectual property licenses related to subscription, licensing, and other revenues for 2019, as compared to 2018, was primarily due to:\na decrease of $122 million in amortization of internally-developed franchise intangible assets acquired as part of our acquisition of King; a decrease of $36 million in software amortization and royalties from Activision, driven by the Destiny franchise, partially offset by software royalties on Call of Duty: Mobile, which was released in October 2019; and  lower amortization of capitalized film costs due to the release of the third season of the animated TV series, Skylanders™ Academy, in September 2018, with no comparable release in 2019.\n\n | Year Ended December 31, 2019 | % of associated net revenues | Year Ended December 31, 2018 | % of associated net revenues | Increase (Decrease)\n---------------------------------------------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | -------------------\nCost of revenues—product sales: | | | | | \nProduct costs | $656 | 33% | $719 | 32% | $(63) \nSoftware royalties, amortization, intellectual property licenses | 240 | 12 | 371 | 16 | (131) \nCost of revenues—subscription, licensing, and other revenues: | | | | | \nGame operations and distribution costs | 965 | 21 | 1,028 | 20 | (63) \nSoftware royalties, amortization, intellectual property licenses | 233 | 5 | 399 | 8 | (166) \nTotal cost of revenues | $2,094 | 32% | $2,517 | 34% | $(423) \n\nCosts Expenses\n Revenues\n tables detail cost revenues dollars millions percentage net revenues\n Cost Revenues—Product Sales\n decrease product costs 2019 due to sales Destiny franchise sale publishing rights Bungie.\n decrease software royalties amortization intellectual property licenses due $133 million software amortization royalties Activision Destiny franchise. offset by\n higher amortization royalties Call of Duty: Black Ops 4 Sekiro: Shadows Die Twice March 2019 Call of Duty: Modern Warfare.\n Cost Revenues—Subscription Licensing Other Revenues\n decrease game operations distribution costs 2019 due to decrease $50 million service provider fees digital storefront fees. payment processor server bandwidth fees.\n decrease software royalties amortization intellectual property licenses subscription 2019 due to\ndecrease $122 million franchise assets King $36 million software amortization royalties Activision Destiny offset royalties Call of Duty: Mobile October 2019 lower amortization film costs third season Academy September 2018 no comparable release 2019.\n Ended December 31, 2019 Increase\n Cost sales\n Product costs $656 33% $719 32% $(63)\n Software royalties amortization intellectual property licenses 240 371\n licensing revenues\n Game operations distribution costs 965 21 1,028\n Software royalties amortization licenses 233\n cost $2,094 32% $2,517 34% $(423)" +} +{ + "_id": "d1b35fb64", + "title": "", + "text": "Other assets\nOther assets consisted of the following at December 31, 2019 and 2018 (in thousands):\n(1)    See Note 10. \"Leases\" to our consolidated financial statements for discussion of our lease arrangements.\n(1)    (2)    In April 2009, we entered into a credit facility agreement with a solar power project entity of one of our customers for an available amount of €17.5 million to provide financing for a PV solar power system. The credit facility bears interest at 8.0% per annum, payable quarterly, with the full amount due in December 2026. As of December 31, 2019 and 2018, the balance outstanding on the credit facility was €7.0 million ($7.8 million and $8.0 million, respectively).\n(3)    In June 2015, 8point3 Energy Partners LP (the “Partnership”), a limited partnership formed by First Solar and SunPower Corporation (collectively the “Sponsors”), completed its initial public offering (the “IPO”). As part of the IPO, the Sponsors contributed interests in various projects to OpCo in exchange for voting and economic interests in the entity, and the Partnership acquired an economic interest in OpCo using proceeds from the IPO.\nIn June 2018, we completed the sale of our interests in the Partnership and its subsidiaries to CD Clean Energy and Infrastructure V JV, LLC, an equity fund managed by Capital Dynamics, Inc. and certain other co-investors and other parties, and received net proceeds of $240.0 million after the payment of fees, expenses, and other amounts. We accounted for our interests in OpCo, a subsidiary of the Partnership, under the equity method of accounting as we were able to exercise significant influence over the Partnership due to our representation on the board of directors of its general partner and certain of our associates serving as officers of its general partner. During the year ended December 31, 2018, we recognized equity in earnings, net of tax, of $39.7 million from our investment in OpCo, including a gain of $40.3 million, net of tax, for the sale of our interests in the Partnership and its subsidiaries. During the year ended December 31, 2018, we received distributions from OpCo of $12.4 million.\nIn connection with the IPO, we also entered into an agreement with a subsidiary of the Partnership to lease back one of our originally contributed projects, Maryland Solar, until December 31, 2019. Under the terms of the agreement, we made fixed rent payments to the Partnership’s subsidiary and were entitled to all of the energy generated by the project. Due to certain continuing involvement with the project, we accounted for the leaseback agreement as a financing transaction until the sale of our interests in the Partnership and its subsidiaries in June 2018. Following the sale of such interests, the Maryland Solar project qualified for sale-leaseback accounting, and we recognized net revenue of $32.0 million from the sale of the project.\n(4)    See Note 9. “Derivative Financial Instruments” to our consolidated financial statements for discussion of our derivative instruments.\n\n | 2019 | 2018 \n------------------------------- | -------- | -------\nOperating lease assets (1) | $145,711 | $— \nIndirect tax receivables . | 9,446 | 22,487 \nNotes receivable (2) | 8,194 | 8,017 \nIncome taxes receivable . | 4,106 | 4,444 \nEquity method investments (3) . | 2,812 | 3,186 \nDerivative instruments (4) . | 139 | — \nDeferred rent . | — | 27,249 \nOther . | 79,446 | 33,495 \nOther assets | $249,854 | $98,878\n\nassets\n December 31, 2019 2018\n See Note 10. \"Leases financial statements arrangements.\n April 2009, credit facility agreement solar power project entity €17. 5 million financing power system. interest 8. 0% per annum payable quarterly full due December 2026. December 31, 2019 2018 balance €7. 0 million ($7. 8 million $8. 0 million.\n June 2015, 8point3 Energy Partners LP First Solar SunPower Corporation initial public offering. Sponsors contributed interests OpCo voting economic interests Partnership acquired economic interest OpCo proceeds.\n June 2018 interests Partnership CD Clean Energy Infrastructure V JV Capital. received net proceeds $240. 0 million fees. accounted interests OpCo equity method accounting influence board. December 31, 2018 recognized equity earnings net tax $39. 7 million investment OpCo gain $40. 3 million sale. 31, 2018 received distributions from OpCo $12. 4 million.\nagreement subsidiary lease Maryland Solar until December 31, 2019. fixed rent entitled energy. accounted leaseback until sale interests June 2018. Maryland Solar qualified sale-leaseback accounting recognized net revenue $32. 0 million sale.\n Note 9. “Derivative Financial Instruments”.\n Operating lease assets $145,711\n Indirect tax receivables. 9,446 22,487\n Notes receivable 8,194 8,017\n Income taxes receivable. 4,106 4,444\n Equity investments. 2,812 3,186\n Derivative instruments. 139\n Deferred rent. 27,249\n. 79,446 33,495\n assets $249,854 $98,878" +} +{ + "_id": "d1b3c32cc", + "title": "", + "text": "Contract Costs\nAs discussed in Note 1, Topic 606 requires the recognition of an asset for incremental costs to obtain a customer contract, which is then amortized to expense over the respective period of expected benefit. We recognize an asset for incremental commission costs paid to internal and external sales personnel and agents in conjunction with obtaining customer contracts. We only defer these costs when we have determined the commissions are incremental costs that would not have been incurred absent the customer contract and are expected to be recoverable. Costs to obtain a contract are amortized and recorded ratably as commission expense over the period representing the transfer of goods or services to which the assets relate. Costs to obtain wireless contracts are amortized over both of our Consumer and Business customers’ estimated device upgrade cycles, as such costs are typically incurred each time a customer upgrades. Costs to obtain wireline contracts are amortized as expense over the estimated customer relationship period for our Consumer customers. Incremental costs to obtain wireline contracts for our Business customers are insignificant. Costs to obtain contracts are recorded in Selling, general and administrative expense.\nWe also defer costs incurred to fulfill contracts that: (1) relate directly to the contract; (2) are expected to generate resources that will be used to satisfy our performance obligation under the contract; and (3) are expected to be recovered through revenue generated under the contract. Contract fulfillment costs are expensed as we satisfy our performance obligations and recorded to Cost of services. These costs principally relate to direct costs that enhance our wireline business resources, such as costs incurred to install circuits.\nWe determine the amortization periods for our costs incurred to obtain or fulfill a customer contract at a portfolio level due to the similarities within these customer contract portfolios.\nOther costs, such as general costs or costs related to past performance obligations, are expensed as incurred.\nCollectively, costs to obtain a contract and costs to fulfill a contract are referred to as deferred contract costs, and amortized over a 2 to 5-year period. Deferred contract costs are classified as current or non-current within Prepaid expenses and other and Other assets, respectively.\nThe balances of deferred contract costs included in our consolidated balance sheets were as follows:\nFor the years ended December 31, 2019 and 2018, we recognized expense of $2.7 billion and $2.0 billion, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our consolidated statements of income.\nWe assess our deferred contract costs for impairment on a quarterly basis. We recognize an impairment charge to the extent the carrying amount of a deferred cost exceeds the remaining amount of consideration we expect to receive in exchange for the goods and services related to the cost, less the expected costs related directly to providing those goods and services that have not yet been recognized as expenses. There have been no impairment charges recognized for the years ended December 31, 2019 and 2018.\n\n(dollars in millions) | At December 31, 2019 | At December 31, 2018\n-------------------------- | -------------------- | --------------------\nAssets | | \nPrepaid expenses and other | $2,578 | $ 2,083 \nOther assets | 1,911 | 1,812 \nTotal | $ 4,489 | $ 3,895 \n\nContract Costs\n Note 1 Topic 606 requires incremental costs contract amortized over period expected benefit. recognize asset for incremental commission costs sales personnel agents contracts. defer costs when incremental recoverable. Costs contract amortized recorded as commission expense over transfer goods services. wireless contracts amortized over Consumer Business device upgrade cycles. wireline contracts amortized expense over customer relationship period Consumer. costs Business customers insignificant. recorded in Selling general administrative expense.\n defer costs contracts relate contract expected generate resources recovered through revenue. Contract fulfillment costs expensed performance obligations recorded to Cost of services. relate to direct costs wireline business resources.\n determine amortization periods portfolio level similarities.\n Other costs performance obligations expensed as incurred.\n costs obtain deferred contract costs amortized over 2 to 5-year period. Deferred costs classified as current or non-current within Prepaid expenses other assets.\nbalances deferred contract costs balance sheets\n years December 31, 2019 2018 recognized expense $2. 7 billion $2. 0 billion amortization deferred contract costs Selling administrative expense.\n assess deferred costs impairment quarterly. recognize impairment charge exceeds less. no impairment charges recognized December 31, 2019 2018.\n December 31, 2019 2018\n Assets\n Prepaid expenses other $2,578 $ 2,083\n Other assets 1,911\n Total $ 4,489 $ 3,895" +} +{ + "_id": "d1b372f34", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nNOTE 23. SUPPLEMENTAL QUARTERLY FINANCIAL DATA (UNAUDITED)\nThe following tables present unaudited quarterly results for each of the eight quarters in the periods ended December 31, 2019 and 2018, in thousands. We believe that all necessary adjustments have been included in the amounts stated below to present fairly such quarterly information. Due to the volatility of the industries in which our customers operate, the operating results for any quarter are not necessarily indicative of results for any subsequent period.\n\n | | Quarter Ended | | \n------------------------------------------------------------------------- | ----------------- | ------------------ | ------------- | --------------\n | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019\nSales, net | $ 338,268 | $ 175,127 | $ 134,810 | $ 140,743 \nGross Profit | $112,295 | $73,491 | $64,126 | $65,740 \nRestructuring Expense | $1,418 | $152 | $1,795 | $1,673 \nOperating income | $22,202 | $9,390 | $11,005 | $11,791 \nIncome from continuing operations, net of income taxes | $ 10,479 | $ 7,256 | $ 23,373 | $ 15,387 \nLoss (income) from discontinued operations, net of income taxes | $ (210) | $ 375 | $ 8,324 | $ (9) \nNet Income | $ 10,269 | $ 7,631 | $ 31,697 | $ 15,378 \nIncome from continuing operations attributable to noncontrolling interest | $ 5 | $ 10 | $ 11 | $ 8 \nNet income attributable to Advanced Energy Industries, Inc. | $ 10,264 | $ 7,621 | $ 31,686 | $ 15,370 \nEarnings (Loss) Per Share: | | | | \nContinuing Operations: | | | | \nBasic earnings per share | $ 0.27 | $ 0.19 | $ 0.61 | $ 0.40 \nDiluted earnings per share | $ 0.27 | $ 0.19 | $ 0.61 | $ 0.40 \nDiscontinued Operations: | | | | \nBasic loss per share | $ (0.01) | $ 0.01 | $ 0.22 | $ — \nDiluted loss per share | $ (0.01) | $ 0.01 | $ 0.22 | $ — \nNet Income: | | | | \nBasic earnings per share | $ 0.27 | $ 0.20 | $ 0.83 | $ 0.40 \nDiluted earnings per share | $ 0.27 | $ 0.20 | $ 0.82 | $ 0.40 \n\nADVANCED ENERGY INDUSTRIES. FINANCIAL STATEMENTS share\n. SUPPLEMENTAL QUARTERLY FINANCIAL DATA\n quarterly results eight quarters December 31, 2019 2018. adjustments included. volatility results indicative.\n December 31, September 30 June 30 March 31, 2019\n Sales $ 338,268 $ 175,127 $ 134,810 140,743\n Gross Profit $112,295 $73,491 $64,126\n Restructuring Expense $1,418\n Operating income $22,202 $9,390 $11,005 $11,791\n Income operations taxes $ 10,479 $ 7,256 23,373 15,387\n Loss discontinued operations 8,324\n Net Income $ 10,269 $ 7,631 31,697 15,378\n Income operations noncontrolling interest\n income Advanced Energy Industries. $ 10,264 $ 7,621 31,686 15,370\nEarnings (Loss Per Share\n Continuing Operations\n Basic earnings share. 27. 19. 61. 40\n earnings. 27. 19. 61. 40\n Discontinued Operations\n Basic loss per share. 01. 01. 22\n Diluted loss share. 01. 01. 22\n Net Income\n Basic earnings per share. 27. 20. 83. 40\n earnings share. 27. 20 . 82. 40" +} +{ + "_id": "d1b332efc", + "title": "", + "text": "Operating Income and Operating Margin\nOperating income for fiscal 2019 increased $406 million, or 7%, over fiscal 2018.\nOperating income and operating margin for each of the operating groups were as follows:\nAmounts in table may not total due to rounding.\n(1) Effective September 1, 2018, we adopted FASB ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Certain components of pension service costs were reclassified from Operating expenses to Non-operating expenses. Prior period amounts have been revised to conform with the current period presentation.\n\n | | Fiscal | | | \n---------------------------------- | ---------------- | ---------------- | ----------------------------- | ---------------- | -------------------\n | 2019 | | 2018 (1) | | \n | Operating Income | Operating Margin | Operating Income | Operating Margin | Increase (Decrease)\n | | | (in millions of U.S. dollars) | | \nCommunications, Media & Technology | $1,555 | 18% | $1,380 | 17% | $175 \nFinancial Services | 1,238 | 15 | 1,365 | 16 | (128) \nHealth & Public Service | 739 | 10 | 766 | 11 | (27) \nProducts | 1,720 | 14 | 1,664 | 15 | 56 \nResources | 1,053 | 16 | 724 | 12 | 330 \nTOTAL | $6,305 | 14.6% | $5,899 | 14.4% | $406 \n\nOperating Income Margin\n 2019 increased $406 million 7% 2018.\n margin groups\n Amounts rounding.\n September 1 2018 adopted FASB ASU No. 2017-07 Compensation-Retirement Benefits 715) Improving Presentation Net Periodic Pension Cost Postretirement Benefit Cost. pension costs reclassified Operating expenses to Non-operating expenses. Prior amounts revised current presentation.\n Operating Income Margin\n millions U. S. dollars\n Communications Media Technology $1,555 18% $1,380 17% $175\n Financial Services 1,238 1,365\n Health Public Service 739\n Products 1,720\n Resources 1,053\n $6,305. $5,899. $406" +} +{ + "_id": "d1b3c5a04", + "title": "", + "text": "Contractual Obligations\nThe following summarizes our contractual obligations as of December 31, 2019 (in thousands):\nPurchase obligations represent an estimate of open purchase orders and contractual obligations in the normal course of business for which we have not received the goods or services as of December 31, 2019. Although open purchase orders are considered enforceable and legally binding, except for our purchase orders with our inventory suppliers, the terms generally allow us the option to cancel, reschedule, and adjust our requirements based on our business needs prior to the delivery of goods or performance of services. Our purchase orders with our inventory suppliers are non-cancellable. In addition, we have other obligations for goods and services that we enter into in the normal course of business. These obligations, however, are either not enforceable or legally binding, or are subject to change based on our business decisions. The aggregate of these items represents our estimate of purchase obligations.\n\n | | Payments due by period | | | \n--------------------------- | ------------ | ---------------------- | ------------ | ----------------- | -------\n | Up to 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | Total \nOperating lease obligations | 16,164 | 19,812 | 6,551 | 5,883 | 48,410 \nFinancing obligations | 2,956 | 5,912 | — | — | 8,868 \nLong-term debt | — | — | 460,000 | — | 460,000\nPurchase obligations | 55,755 | 16,220 | 7,595 | 17,649 | 97,219 \nTotal | 74,875 | 41,944 | 474,146 | 23,532 | 614,497\n\nContractual Obligations\n obligations December 31, 2019\n Purchase obligations estimate open orders obligations received goods services. orders enforceable binding allow cancel reschedule adjust. inventory suppliers non-cancellable. other obligations goods services. not enforceable change. aggregate estimate purchase obligations.\n Payments due by period\n Up to 1 year 1 to 3 years 3 to 5 years More than 5 years\n Operating lease obligations 16,164 19,812 6,551 5,883 48,410\n Financing obligations 2,956 5,912 8,868\n Long-term debt 460,000\n Purchase obligations 55,755 16,220 7,595 17,649 97,219\n Total 74,875 41,944 474,146 23,532 614,497" +} +{ + "_id": "d1a719184", + "title": "", + "text": "Differences between the provision for income taxes on earnings from continuing operations and the amount computed using the U.S. Federal statutory income tax rate are as follows (amounts in thousands):\n(1) The statutory income tax rate for the fiscal year ended March 31, 2017 is 35%. The Tax Cuts and Jobs Act enacted on December 22, 2017 reduced the U.S. federal corporate tax rate from 35% to 21%, effective January 1, 2018. Based on the fiscal year of the Company ending on March 31, the statutory income tax rate for the fiscal year ended March 31, 2018 is a blended rate of 31.6% based on the number of days in the fiscal year before January 1, 2018 and the number of days in the fiscal after December 31, 2017. The statutory income tax rate for the fiscal year ended March 31, 2019 is 21%.\n(2) The effect of prior year adjustments was offset by a full valuation allowance resulting in no impact on the provision for income taxes.\n(3) Fiscal year ended March 31, 2019 difference consist of $1.5 million related to the expansion of the Sec. 162(m) limitation due to tax law changes.\n(4) Fiscal year end March 31, 2018 differences due to tax law changes consists of $4.8 million related to foreign earnings and $45.6 million related to tax rate adjustment. $45.6 million related to tax rate adjustment is the gross deferred rate change, which is offset by valuation allowance adjustment, resulting in a net benefit of $0.8 million.\n(5) Fiscal year ended March 31, 2018 difference consists mainly of $3.7 million related to the revaluation of state net operating loss carryforwards as a result of the change in the federal tax rate.\n(6) The change in foreign operations valuation allowance excludes other comprehensive income and currency translation adjustments of $3.8 million, $(3.4) million, and $0.9 million for fiscal years ended 2019, 2018 and 2017, respectively, which has no impact on the provision for income taxes.\nThe foreign jurisdictions having the greatest effect on the provision for income taxes are China and Mexico. The statutory tax rates for China and Mexico are 25% and 30%, respectively. The combined provision for income taxes for China\nand Mexico for fiscal years ended 2019, 2018 and 2017 is $5.7 million, $3.8 million, and $3.1 million, respectively.\n\n | | Fiscal Years Ended March 31, | \n------------------------------------------------------ | --------- | ---------------------------- | -------\n | 2019 | 2018 | 2017 \nAmount computed using the statutory rate (1) | $35,791 | $59,162 | $3,722 \nChange in U.S. valuation allowance | (67,761) | (66,948) | (7,080)\nUnremitted earnings of foreign subsidiaries | — | — | 2,127 \nEffect of prior year adjustments (2) | 2,450 | (1,337) | 1,789 \nIRC section 162(m) limitation (3) | 4,553 | — | — \nExpired foreign tax credits | — | 407 | 4,766 \nTaxable foreign source income | 3,502 | 22,238 | 1,835 \n(Put)/call option valuation impact | — | — | (3,745)\nNon-taxable gain from bargain purchase | — | (41,292) | — \nDeduction related to APA settlement | (2,309) | — | — \nTax-deductible equity compensation | (4,215) | (5,699) | (44) \nOther non-deductible expenses | (44) | 220 | (893) \nDifferences due to U.S. tax law changes (4) | — | 50,420 | — \nState income taxes, net of federal taxes (5) | (695) | (3,325) | (35) \nChange in foreign operations tax exposure reserves | 132 | 1,059 | 108 \nForeign tax rate differential | 6,501 | (400) | 587 \nChange in foreign tax law | (1,956) | 251 | 144 \nChange in foreign operations valuation allowance (6) | (41,133) | (6,676) | 983 \nNondeductible expenses related to antitrust litigation | 14,360 | 488 | — \nOther effect of foreign operations | 11,364 | 564 | 30 \nProvision for income tax expense (benefit) | $(39,460) | $9,132 | $4,294 \n\nDifferences between taxes operations. Federal statutory income tax rate\n statutory tax rate fiscal year March 31, 2017 35%. Tax Cuts and Jobs Act reduced. federal corporate tax rate 35% to 21% effective January 1, 2018. income tax rate blended 31. 6%. year March 2019 21%.\n prior year adjustments offset by full valuation allowance no impact.\n difference $1. 5 million expansion Sec. 162(m) limitation tax law changes.\n 2018 differences $4. 8 million foreign earnings $45. 6 million tax rate adjustment. million deferred change offset by valuation allowance adjustment net benefit $0. 8 million.\n 2018 difference $3. 7 million revaluation state net operating loss carryforwards federal tax rate.\n change foreign operations valuation allowance excludes adjustments of $3. 8 million $(3. million $0. 9 million for years 2019 2018 2017 no impact.\n jurisdictions China Mexico. statutory tax rates 25% 30%. combined provision taxes\n $5. 7 million, $3.8 million. 1 million.\n Fiscal Years Ended March 31,\n 2018 2017\n statutory rate $35,791 $59,162 $3,722\n. valuation allowance (67,761\n Unremitted earnings foreign subsidiaries 2,127\n prior year adjustments 2,450\n IRC section 162(m) limitation\n Expired foreign tax credits 4\n Taxable foreign income 3,502 22,238 1,835\n option valuation impact,745\n Non-taxable gain bargain purchase (41,292)\n APA settlement\n Tax-deductible equity compensation (4\n non-deductible expenses\n. tax law changes 50,420\n State income taxes federal taxes\n foreign operations tax reserves\n Foreign tax rate differential\n tax law\n foreign operations valuation allowance,133\n Nondeductible expenses antitrust litigation 14,360\n foreign operations 11,364\nincome tax,460 $9,132 $4,294" +} +{ + "_id": "d1b364b50", + "title": "", + "text": "The following table summarizes the maturities of our available-for-sale debt investments as of July 27, 2019 (in millions):\nActual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.\n\n | Amortized Cost | Fair Value\n-------------------------------------------------- | -------------- | ----------\nWithin 1 year | $6,322 | $6,324 \nAfter 1 year through 5 years | 12,191 | 12,218 \nAfter 5 years through 10 years | 1,643 | 1,687 \nAfter 10 years | 9 | 10 \nMortgage-backed securities with no single maturity | 1,425 | 1,421 \nTotal | $21,590 | $21,660 \n\ntable summarizes maturities debt investments July 27, 2019\n differ borrowers call prepay obligations.\n Amortized Cost\n 1 year $6,322\n 5 years 12,191\n 10 1,643\n 10 years\n Mortgage-backed securities no maturity 1,425\n $21,590 $21,660" +} +{ + "_id": "d1b318a5c", + "title": "", + "text": "11. Taxation\nThe taxation charge for the year is lower than (2018: the same as) the effective rate of corporation tax in the UK of 19% (2018: 19%). The differences are explained below:\nTaxation on items taken directly to equity was a credit of £0.6m (2018: £0.1m) relating to tax on share-based payments.\nThe tax charge for the year is based on the standard rate of UK corporation tax for the period of 19% (2018: 19%). Deferred income taxes have been measured at the tax rate expected to be applicable at the date the deferred income tax assets and liabilities are realised. Management has performed an assessment, for all material deferred income tax assets and liabilities, to determine the period over which the deferred income tax assets and liabilities are forecast to be realised, which has resulted in an average deferred income tax rate of 17% being used to measure all deferred tax balances as at 31 March 2019 (2018: 17%).\n\n | 2019 | (Restated) 2018\n----------------------------------------------------------------------------------------------- | ----- | ---------------\n | £m | £m \nProfit before taxation | 242.2 | 210.7 \nTax on profit on ordinary activities at the standard UK corporation tax rate of 19% (2018: 19%) | 46.0 | 40.0 \nExpenses not deductible for taxation purposes | 0.3 | 0.8 \nIncome not taxable | (1.7) | – \nAdjustments in respect of foreign tax rates | (0.1) | (0.1) \nAdjustments in respect of prior years | – | (1.1) \nTotal taxation charge | 44.5 | 39.6 \n\n. Taxation\n charge year lower same effective rate corporation tax UK 19%. differences explained\n Taxation items equity credit £0. 6m (2018 £0. 1m) tax share-based payments.\n tax charge based standard rate UK corporation tax 19%. Deferred income taxes measured tax rate. Management assessment average deferred income tax rate 17% balances 31 March 2019 17%.\n 2018\n £m\n Profit before taxation 242. 2 210. 7\n Tax profit ordinary activities standard UK corporation tax rate 19% 19% 46. 40.\n Expenses not deductible taxation.\n Income not taxable (1.\n Adjustments foreign tax rates.\n prior years.\n Total taxation charge 44. 5 39. 6" +} +{ + "_id": "d1b354a8e", + "title": "", + "text": "10.5. Intangible assets\nImpairment testing of goodwill\nGoodwill has been allocated to the listed group (NSR). Management have determined that the listed group, which is considered one operating segment (see note 4), is the appropriate CGU against which to allocate these intangible assets owing to the synergies arising from combining the portfolios of the Group.\nThe recoverable amount of the listed group has been determined based on the fair value less costs of disposal method using the fair value quoted on an active market. As at 1 July 2019, NSR had 773,343,956 stapled securities quoted on the Australian Securities Exchange at $1.745 per security providing a market capitalisation of $1,349.5m.\nThis amount is in excess of the carrying amount of the Group’s net assets at 30 June 2019 which includes the contract for future issue of equity recognised as contributed equity within the statement of financial position at this date (see note 13). Had the security price decreased by 2.5% the market capitalisation would still have been in excess of the carrying amount.\n\n | | 2019 | 2018 \n---------------------------------- | ----- | ------ | ------\n | Notes | $'000 | $'000 \nGoodwill | | | \nOpening and closing net book value | | 43,954 | 43,954\nOther intangible assets | | | \nOpening net book value | | 2,051 | 1,582 \nAdditions | | 1,079 | 864 \nAmortisation | 6 | (584) | (395) \nClosing net book value | | 2,546 | 2,051 \nTotal intangible assets | | 46,500 | 46,005\n\n. Intangible assets\n goodwill\n allocated listed group). determined operating appropriate CGU allocate intangible assets combining portfolios.\n recoverable amount determined fair value less costs disposal active market. 1 July 2019 NSR 773,343,956 stapled securities Australian Securities Exchange $1. 745 per security market capitalisation $1,349. 5m.\n excess net assets 30 June 2019 contract future issue equity. security price decreased 2. 5% market capitalisation excess carrying amount.\n 2019 2018\n Goodwill\n Opening closing net book value 43,954\n Other intangible assets\n 2,051 1,582\n Additions 1,079\n Amortisation\n Closing 2,546 2,051\n Total intangible assets 46,500" +} +{ + "_id": "d1b365cb2", + "title": "", + "text": "OTHER FINANCIAL INFORMATION\nIn addition to our results determined under U.S. generally accepted accounting principles (“GAAP”) discussed above, we believe the following non-GAAP measures are useful to investors in evaluating our operating performance. For the fiscal years ended January 31, 2019, 2018, and 2017, our gross profit, gross margin, (loss) income from operations, operating margin, net (loss) income, diluted net (loss) income per share and diluted shares used in per share calculation on a GAAP and non-GAAP basis were as follows (in millions except for gross margin, operating margin, and per share data):\nFor our internal budgeting and resource allocation process and as a means to provide consistency in period-to-period comparisons, we use non-GAAP measures to supplement our consolidated financial statements presented on a GAAP basis. These non-GAAP measures do not include certain items that may have a material impact upon our reported financial results. We also use non-GAAP measures in making operating decisions because we believe those measures provide meaningful supplemental information regarding our earning potential and performance for management by excluding certain benefits, credits, expenses and charges that may not be indicative of our core business operating results. For the reasons set forth below, we believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. This allows investors and others to better understand and evaluate our operating results and future prospects in the same manner as management, compare financial results across accounting periods and to those of peer companies and to better understand the long-term performance of our core business. We also use some of these measures for purposes of determining company-wide incentive compensation.\nThere are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures included above are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which charges are excluded from the non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures. The presentation of non-GAAP financial information is meant to be considered in addition to, not as a substitute for or in isolation from, the directly comparable financial measures prepared in accordance with GAAP. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate our business.\n\n | | Fiscal Year Ended January 31, | \n---------------------------------------------------------------------- | -------- | ----------------------------- | --------\n | 2019 | 2018 | 2017 \n | | (Unaudited) | \nGross profit | $2,283.9 | $1,753.2 | $1,689.1\nNon-GAAP gross profit | $2,317.0 | $1,785.5 | $1,743.2\nGross margin | 89% | 85% | 83% \nNon-GAAP gross margin | 90% | 87% | 86% \nLoss from operations | $(25.0) | $(509.1) | $(499.6)\nNon-GAAP income (loss) from operations | $316.0 | $(112.0) | $(125.5)\nOperating margin | (1)% | (25)% | (25)% \nNon-GAAP operating margin | 12% | (5)% | (6)% \nNet loss | $(80.8) | $(566.9) | $(582.1)\nNon-GAAP net income (loss) | $223.3 | $(106.3) | $(111.0)\nDiluted net loss per share | $(0.37) | $(2.58) | $(2.61) \nNon-GAAP diluted net income (loss) per share | $1.01 | $(0.48) | $(0.50) \nGAAP diluted weighted average shares used in per share calculation | 218.9 | 219.5 | 222.7 \nNon-GAAP diluted weighted average shares used in per share calculation | 222.0 | 219.5 | 222.7 \n\nFINANCIAL INFORMATION\n results under U. S. accounting principles (“GAAP”) non-GAAP measures useful operating performance. fiscal years 2019 2018 2017 gross profit margin (loss income operations net (loss income diluted net (loss income per share diluted shares calculation GAAP non-GAAP millions except margin per share\n comparisons non-GAAP measures supplement consolidated financial statements. measures include items financial results. use measures operating decisions provide supplemental information earning potential performance excluding benefits credits expenses charges not indicative core business results.-GAAP measures useful investors allow transparency financial operational decision-making institutional investors analyze health business. investors understand operating results future prospects compare financial results across periods peer companies understand long performance core business. use measures company-wide incentive compensation.\n limitations in non-GAAP financial measures not prepared GAAP different from other companies.non-GAAP measures limited value exclude financial results. subject limitations judgments management. compensate analyzing future results providing GAAP measures public disclosures. non-GAAP not comparable measures. urge investors review reconciliation non measures not rely single measure business.\n Fiscal Year Ended January 31,\n Gross profit $2,283. $1,753. $1,689.\n Non-GAAP gross profit $2,317. $1,785. $1,743.\n Gross margin 89%\n Non-GAAP 90% 87%\n Loss from operations $(25. $(509. $(499.\n Non-GAAP income (loss) operations $316. $(112. $(125.\n Operating margin (1)% (25)\n Non-GAAP margin 12% (5)%\n Net loss $(80. $(566. $(582.\n Non-GAAP net income (loss $223. 3 $(106. $(111.\n net loss per share $(0.. 58). 61\n Non-GAAP diluted income share $1. 01. 48. 50)\n GAAP shares 218. 9 219. 5 222.\n Non-GAAP diluted shares 222." +} +{ + "_id": "d1b3791b8", + "title": "", + "text": "9. PROPERTY, PLANT AND EQUIPMENT\nProperty, plant and equipment consists of the following (in thousands):\nDepreciation and amortization expense related to property and equipment for fiscal years 2019, 2018 and 2017 was $29.7 million, $30.7 million and $27.3 million, respectively. Accumulated depreciation on capital lease assets for fiscal years 2019 and 2018 was $5.3 million and $3.2 million, respectively.\nSee Note 17 - Impairments and Note 15 - Restructurings for information related to property and equipment impaired during fiscal year 2019.\n\n | September 27, | September 28, \n---------------------------------------------- | -------------- | --------------\n | 2019 | 2018 \nConstruction in process | 24,848 | 49,661 \nMachinery and equipment | 175,696 | 174,638 \nLeasehold improvements | 12,962 | 14,984 \nFurniture and fixtures | 3,716 | 2,306 \nCapital lease assets | 46,496 | 19,380 \nComputer equipment and software | 18,116 | 17,317 \n Total property and equipment | 281,834 | 278,286 \nLess accumulated depreciation and amortization | (149,187) | (128,363) \nProperty and equipment — net | $132,647 | $149,923 \n\n. PROPERTY PLANT EQUIPMENT\n Depreciation 2017 $29. million $30. 7 million $27. 3 million. depreciation capital lease assets $5. 3 million $3. 2 million.\n Note 17 Impairments 15 Restructurings.\n Construction 24,848 49\n Machinery equipment 175,696,638\n Leasehold improvements 12,962\n Furniture fixtures 3,716\n Capital lease assets 46,496\n Computer equipment software 18,116\n property equipment 281,834,286\n depreciation amortization (149,187,363\n $132,647 $149,923" +} +{ + "_id": "d1b3604d8", + "title": "", + "text": "Telecommunications Segment\nNet revenue: Net revenue from our Telecommunications segment for the year ended December 31, 2019 decreased $97.5 million to $696.1 million from $793.6 million for the year ended December 31, 2018. The decrease can be attributed to changes in our customer mix, fluctuations in wholesale voice termination volumes and market pressures, which resulted in a decline in revenue contribution.\nCost of revenue: Cost of revenue from our Telecommunications segment for the year ended December 31, 2019 decreased $94.2 million to $684.9 million from $779.1 million for the year ended December 31, 2018. The decrease was directly correlated to the fluctuations in wholesale voice termination volumes, in addition to a slight reduction in margin mix attributed to market pressures on call termination rates.\nSelling, general and administrative: Selling, general and administrative expenses from our Telecommunications segment for the year ended December 31, 2019 decreased $1.2 million to $8.2 million from $9.4 million for the year ended December 31, 2018. The decrease was primarily due to a decrease in compensation expense due to headcount decreases and reductions in bad debt expense.\nOther operating expense: $4.5 million of other operating expense for the year ended December 31, 2019 was driven by impairment of goodwill as a result of declining performance at the segment.\n\n | | Years Ended December 31, | \n----------------------------------- | ------ | ------------------------ | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nNet revenue | $696.1 | $793.6 | $(97.5) \nCost of revenue | 684.9 | 779.1 | (94.2) \nSelling, general and administrative | 8.2 | 9.4 | (1.2) \nDepreciation and amortization | 0.3 | 0.3 | — \nOther operating expense | 4.5 | — | 4.5 \nIncome (loss) from operations | (1.8) | $4.8 | $(6.6) \n\nTelecommunications Segment\n Net revenue 2019 decreased $97. 5 million to $696. 1 million from $793. 6 million. attributed changes customer mix wholesale voice termination volumes market pressures revenue.\n decreased $94. 2 million to $684. 9 million from $779. 1 million. fluctuations voice termination volumes reduction margin mix market pressures call termination rates.\n Selling general administrative expenses decreased $1. 2 million to $8. 2 million from $9. 4 million. due compensation expense headcount decreases reductions bad debt expense.\n Other operating expense $4. 5 million driven impairment goodwill declining performance.\n Net revenue $696. 1 $793. 6.\n Cost of revenue 684. 779.\n Selling general administrative 8.\n Depreciation amortization.\n Other operating expense 4.\n Income (loss) from operations. $4." +} +{ + "_id": "d1b3c3c5e", + "title": "", + "text": "As a result of the U.S. federal corporate income tax rate change, effective as of January 1, 2018, we remeasured our deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future periods. During fiscal 2018, we recorded $108 million of tax expense related to all tax rate changes. Upon finalization of our provisional estimates during the third quarter of fiscal 2019, we recorded tax expense of $6 million related to deferred tax assets for equity-based compensation awards to our executives.\nThe TCJA imposes a mandatory, one-time transition tax on accumulated foreign earnings and profits not previously subject to U.S. income tax at a rate of 15.5% on earnings to the extent of foreign cash and other liquid assets, and 8% on the remaining earnings. In fiscal 2018, we recorded a $732 million discrete tax expense for the estimated U.S. federal and state income tax impacts of the transition tax. In the third quarter of fiscal 2019, we finalized our computation of the transition tax and recorded a reduction of $5 million to our provisional estimate.\nAs of April 26, 2019, we have completed the accounting for the tax impacts of the TCJA, however, we will continue to assess the impact of further guidance from federal and state tax authorities on our business and consolidated financial statements, and recognize any adjustments in the period in which they are determined.\nUnder the TCJA, the global minimum tax on intangible income (GMT) provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. Under U.S. GAAP, companies are allowed to make an accounting policy election to either (i) account for GMT as a component of tax expense in the period in which a company is subject to the rules, or (ii) account for GMT in a company’s measurement of deferred taxes. We have elected to recognize the GMT as a period cost and thus recorded $22 million of tax expense for federal and state impacts for fiscal 2019.\nIn October 2016, the FASB issued an ASU which eliminates the deferred tax effects of intra-entity asset transfers other than inventory. As a result, tax expense from the sale of an asset in the seller’s tax jurisdiction is recognized when the transfer occurs, even though the pre-tax effects of that transaction are eliminated in consolidation.\nDuring fiscal 2017, we adopted a new accounting standard that simplifies stock-based compensation income tax accounting and presentation within the financial statements and recorded a tax charge of $18 million following the post-adoption rules which require that all excess tax benefits and deficiencies from stock-based compensation be recognized as a component of income tax expense.\nThe components of our deferred tax assets and liabilities are as follows (in millions):\nThe valuation allowance increased by $14 million in fiscal 2019. The increase is mainly attributable to corresponding changes in deferred tax assets, primarily foreign tax credit carryforwards and certain state tax credit carryforwards.\nAs of April 26, 2019, we have federal net operating loss and tax credit carryforwards of approximately $2 million and $3 million, respectively. In addition, we have gross state net operating loss and tax credit carryforwards of $25 million and $138 million, respectively. The majority of the state credit carryforwards are California research credits which are offset by a valuation allowance as we believe it is more likely than not that these credits will not be utilized. We also have $4 million of foreign net operating losses, and $43 million of foreign tax credit carryforwards generated by our Dutch subsidiary which are fully offset by a valuation allowance. Certain acquired net operating loss and credit carryforwards are subject to an annual limitation under Internal Revenue Code Section 382, but are expected to be realized with the exception of those which have a valuation allowance. The federal, state, and foreign net operating loss carryforwards and credits will expire in various years from fiscal 2020 through 2038. The California research credit and Dutch foreign tax credit carryforwards do not expire.\n\n | April 26, 2019 | April 27, 2018\n---------------------------------------------------------------------------- | -------------- | --------------\nDeferred tax assets: | | \nReserves and accruals | $ 50 | $ 57 \nNet operating loss and credit carryforwards | 139 | 131 \nStock-based compensation | 16 | 22 \nDeferred revenue | 205 | 156 \nOther | 16 | 29 \nGross deferred tax assets | 426 | 395 \nValuation allowance | (123 ) | (109 ) \nDeferred tax assets, net of valuation allowance | 303 | 286 \nDeferred tax liabilities: | | \nPrepaids and accruals | 31 | 21 \nAcquired intangibles | 32 | 29 \nProperty and equipment | 31 | 25 \nOther | 10 | 14 \nTotal deferred tax liabilities | 104 | 89 \nDeferred tax assets, net of valuation allowance and deferred tax liabilities | $199 | $197 \n\nU. S. federal corporate income tax rate change January 1, 2018 remeasured deferred tax assets liabilities future. fiscal 2018 recorded $108 million tax expense tax rate changes. third quarter 2019 recorded tax expense $6 million deferred tax assets equity-based compensation awards executives.\n TCJA imposes mandatory transition tax foreign earnings profits. 15. 5% earnings foreign cash assets 8% remaining earnings. fiscal 2018 recorded $732 million tax expense. transition. third quarter 2019 reduction $5 million provisional estimate.\n April 26, 2019 completed accounting tax impacts TCJA continue assess impact guidance federal tax financial statements recognize adjustments.\n TCJA global minimum tax intangible income foreign income return assets. companies account GMT tax expense taxes. GMT cost recorded $22 million tax expense federal state impacts fiscal 2019.\n October 2016, FASB issued ASU eliminates deferred tax effects intra-entity asset transfers.tax expense sale jurisdiction recognized pre-tax effects eliminated.\n 2017 stock-based compensation recorded tax charge $18 million tax benefits deficiencies.\n deferred tax assets liabilities\n valuation allowance increased $14 million 2019. deferred tax assets foreign tax credit carryforwards state tax credit carryforwards.\n April 26, 2019 federal net operating loss tax credit carryforwards $2 million $3 million. state net loss tax credit carryforwards $25 million $138 million. majority carryforwards California research credits offset valuation allowance. $4 million foreign net operating losses $43 million tax credit carryforwards offset valuation allowance. acquired loss carryforwards subject limitation Internal Revenue Code Section 382. federal state foreign net operating loss carryforwards credits expire 2020 2038. California research Dutch foreign tax credit carryforwards expire.\n 27, 2018\n Deferred tax assets\n Reserves accruals $\nloss credit carryforwards 139 131\n Stock-based compensation 16\n Deferred revenue 205 156\n deferred tax assets 426 395\n allowance\n 303 286\n liabilities\n Prepaids accruals 31\n Acquired intangibles 32\n Property equipment\n deferred tax liabilities 104 89\n $199 $197" +} +{ + "_id": "d1b394e18", + "title": "", + "text": "NOTE 5: EARNINGS PER SHARE\nWe computed basic earnings per share of common stock based on the weighted average number of shares of common stock outstanding during the period. We computed diluted earnings per share of common stock based on the weighted average number of shares of common stock outstanding plus potentially dilutive shares of common stock outstanding during the period.\nPotentially dilutive shares of common stock from employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, and the assumed issuance of common stock under the 2006 ESPP. In December 2017, we paid cash to satisfy the conversion of our convertible\ndebentures due 2035, which we excluded from our diluted earnings per share computation starting in the fourth quarter of 2017 and are no longer dilutive. In November 2019, we issued a notice of redemption for the remaining $372 million of 2009 Debentures with a redemption date of January 9, 2020. Our 2009 Debentures required settlement of the principal amount of the debt in cash upon conversion. Since the conversion premium was paid in cash or stock at our option, we determined the potentially dilutive shares of common stock by applying the treasury stock method. We included our 2009 Debentures in the calculation of diluted earnings per share of common stock in all periods presented because the average market price was above the conversion price.\nPotentially dilutive shares of common stock from employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, and the assumed issuance of common stock under the 2006 ESPP. In December 2017, we paid cash to satisfy the conversion of our convertible debentures due 2035, which we excluded from our diluted earnings per share computation starting in the fourth quarter of 2017 and are no longer dilutive. In November 2019, we issued a notice of redemption for the remaining $372 million of 2009 Debentures with a redemption date of January 9, 2020. Our 2009 Debentures required settlement of the principal amount of the debt in cash upon conversion. Since the conversion premium was paid in cash or stock at our option, we determined the potentially dilutive shares of common stock by applying the treasury stock method. We included our 2009 Debentures in the calculation of diluted earnings per share of common stock in all periods presented because the average market price was above the conversion price.\nSecurities that would have been anti-dilutive are insignificant and are excluded from the computation of diluted earnings per share in all periods presented.\n\nYears Ended (In Millions, Except Per Share Amounts) | Dec 28, 2019 | Dec 29, 2018 | Dec 30, 2017\n----------------------------------------------------------- | ------------ | ------------ | ------------\nNet income available to common stockholders | $21,048 | $21,053 | $9,601 \nWeighted average shares of common stock outstanding—Basic | 4,417 | 4,611 | 4,701 \nDilutive effect of employee incentive plans | 41 | 50 | 47 \nDilutive effect of convertible debt | 15 | 40 | 87 \nWeighted average shares of common stock outstanding—Diluted | 4,473 | 4,701 | 4,835 \nEarnings per share—Basic | $4.77 | $4.57 | $2.04 \nEarnings per share—Diluted | $4.71 | $4.48 | $1.99 \n\nPER SHARE\n computed earnings per average. computed diluted earnings potentially dilutive shares.\n dilutive shares incentive plans determined treasury stock method stock options vesting RSUs issuance 2006 ESPP. December 2017 paid cash conversion convertible\n debentures due 2035 excluded diluted earnings no dilutive. November 2019 issued notice redemption remaining $372 million 2009 Debentures redemption date January 9, 2020. settlement debt cash conversion. determined dilutive shares treasury stock method. included 2009 Debentures diluted earnings average market price above conversion price.\n dilutive shares incentive plans determined treasury stock method stock options RSUs issuance 2006 ESPP. December 2017 paid cash conversion convertible debentures 2035 excluded diluted earnings no longer dilutive. November 2019 issued notice redemption remaining $372 million 2009 Debentures redemption date January 9, 2020. Debentures required settlement debt cash conversion.conversion premium paid cash stock determined dilutive shares treasury stock method. included 2009 Debentures diluted earnings average market price above conversion price.\n Securities anti-dilutive insignificant excluded earnings.\n Years Millions Dec 28, 2019 Dec 29, 2018 Dec 30, 2017\n Net income common stockholders $21,048 $21,053 $9,601\n average shares 4,611 4,701\n Dilutive effect employee incentive plans\n effect convertible debt\n 4,701 4,835\n Earnings per $4. 77. $2.\n $4. 71." +} +{ + "_id": "d1b3022fc", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS\n(Tabular amounts in millions, unless otherwise disclosed)\n2. PREPAID AND OTHER CURRENT ASSETS\nPrepaid and other current assets consisted of the following:\nThe reduction in Prepaid operating ground leases is a result of the reclassification of assets to the Right-of-use asset in connection with the Company’s adoption of the new lease accounting standard.\n\n | As of December 31, 2019 | As of December 31, 2018\n----------------------------------------------------- | ----------------------- | -----------------------\nUnbilled receivables | $142.3 | $126.1 \nPrepaid income tax | 185.8 | 125.1 \nValue added tax and other consumption tax receivables | 71.3 | 86.3 \nPrepaid assets | 56.8 | 40.5 \nPrepaid operating ground leases | — | 165.0 \nOther miscellaneous current assets | 57.4 | 78.2 \nPrepaid and other current assets | $513.6 | $621.2 \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES\n FINANCIAL STATEMENTS\n amounts millions\n. ASSETS\n reduction Prepaid leases reclassification Right-of-use new lease accounting standard.\n December 31, 2019\n Unbilled receivables $142. $126.\n Prepaid income tax 185. 125.\n Value added tax consumption tax receivables 71. 86.\n Prepaid 56. 40.\n leases 165.\n miscellaneous assets 57. 78.\n $513. $621." +} +{ + "_id": "d1b3bdaa2", + "title": "", + "text": "Cash Flows\nComparison of Years Ended December 31, 2019 and 2018\nThe following table summarizes our cash flows for the years ended December 31, 2019 and 2018 (in thousands):\nCash Flows from Operating Activities\nNet cash used in operating activities was $0.6 million for the year ended December 31, 2019 and consisted primarily of a net loss of $3.8 million, capitalized debt discount of $13 thousand and a loss on debt extinguishment of $2.6 million. This net loss was partially offset by non-cash items such as $108 thousand in share-based compensation expense, $66 thousand of debt discount and debt issue cost amortization expense, $66 thousand of depreciation expense, and $207 thousand of intangible asset amortization expense with $154 thousand in net cash outflows from changes in operating assets and liabilities. Cash outflows from changes in operating assets and liabilities of $154 thousand were primarily due to $78 thousand increase in collaboration revenue receivable and $379 thousand decrease in accounts payable and accrued expenses. These cash outflows were partially offset by a decreases of $55 thousand in royalty receivables, $67 thousand in income tax receivable, $394 thousand in accrued interest and $44 thousand in prepaid expenses and other current assets and increases of $18 thousand in other current liabilities.\nNet cash used in operating activities was $3.9 million for the year ended December 31, 2018 and consisted primarily of a net loss of $3.8 million, capitalized debt discount of $172 thousand and a gain on the debt extinguishment of $296 thousand. This net loss was partially offset by non-cash items such as $218 thousand in share-based compensation expense, $87 thousand of debt discount and debt issue cost amortization expense, $73 thousand of depreciation expense, and $207 thousand of intangible asset amortization expense with $183 thousand in net cash outflows from changes in operating assets and liabilities. Cash outflows from changes in operating assets and liabilities of $896 thousand were primarily due to $66 thousand increase in royalty receivable and $830 thousand decreases in both accrued interest and accrued expenses. These cash outflows were partially offset by a $109 thousand decrease in prepaid expenses and other current assets and increase of $604 in accounts payable.\nCash Flows from Investing Activities\nWe had no investing activities for the years ended December 31, 2019 and 2018.\nCash Flows from Financing Activities\nNet cash provided by financing activities was $1.4 million for the year ended December 31, 2019 and consisted of the net proceeds from loans provided by Mr. Schutte.\nNet cash provided by financing activities was $1.8 million for the year ended December 31, 2018 and consisted of the $4.350 million net proceeds from loans provided by Mr. Schutte partially offset by $2.6 million principal repayments and debt retirement on the loan with Oxford Finance.\n\n | | Year Ended \n---------------------------------------------------- | ------ | ------------\n | | December 31,\n | 2019 | 2018 \nNet cash (used in) provided by: | | \nOperating activities | $(618) | $(3,908) \nInvesting activities | - | - \nFinancing activities | 1,389 | 1,779 \nNet increase (decrease) in cash and cash equivalents | $771 | $(2,129) \n\nCash Flows\n 2019 2018\n table summarizes cash flows 2019 2018\n Activities\n $0. 6 million 2019 loss $3. 8 million debt discount $13 thousand loss debt extinguishment $2. 6 million. offset $108 share compensation $66 debt depreciation $207 intangible amortization $154 thousand cash outflows assets liabilities. $78 thousand collaboration revenue receivable $379 thousand accounts payable accrued expenses. offset $55 thousand royalty receivables $67 income tax $394 accrued interest $44 thousand prepaid expenses increases $18 thousand liabilities.\n $3. 9 million 2018 loss $3. 8 million debt discount $172 thousand gain debt extinguishment $296 thousand. offset $218 share-based compensation $87 debt discount $73 depreciation $207 intangible asset amortization $183 thousand cash outflows liabilities. $896 $66 increase royalty receivable $830 decreases accrued interest expenses.cash outflows offset $109 thousand decrease prepaid expenses assets $604 accounts payable.\n no investing activities December 2019 2018.\n Financing\n cash $1. 4 million 2019 proceeds loans. Schutte.\n $1. 8 million 2018 $4. 350 million net proceeds loans. offset $2. 6 million principal repayments debt retirement loan Oxford Finance.\n Net cash\n Operating activities $(618) $(3,908)\n Investing\n Financing 1,389\n increase cash equivalents $771 $(2,129" +} +{ + "_id": "d1b37f2b6", + "title": "", + "text": "3. REVENUE FROM CONTRACTS WITH CUSTOMERS\nRevenues and related costs on construction contracts are recognized as the performance obligations are satisfied over time in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue and associated profit, will be recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment will generally be excluded from the Company’s recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress.\nThe following tables summarize the impact of the adoption of ASC 606 on the Company’s condensed consolidated statement of operations for the year ended December 31, 2018 and the consolidated balance sheet as of December 31, 2018:\n\n | | For the Year Ended December 31, 2018 | \n------------------ | ----------- | ------------------------------------ | -----------------------------\n | As Reported | Without Adoption of ASC 606 | Impact of Adoption of ASC 606\nRevenue | $70,965 | $68,845 | $(2,120) \nCost of goods sold | 58,701 | 57,471 | (1,230) \nGross profit | 12,264 | 11,374 | (890) \n\n. REVENUE FROM CONTRACTS CUSTOMERS\n Revenues costs construction contracts recognized performance obligations satisfied ASC 606. revenue profit recognized customer obtains control goods services promised. cost uninstalled materials equipment excluded from profit unless produced not progress.\n tables impact adoption ASC 606 on statement operations year ended December 31, 2018 balance sheet December 31, 2018:\n Revenue $70,965 $68,845 $(2,120)\n Cost goods sold 58,701 57,471 (1,230)\n Gross profit 12,264 11,374 (890)" +} +{ + "_id": "d1b2fc294", + "title": "", + "text": "Plan Assets  The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 26, 2019, was as follows:\nLevel 1 assets are valued based on quoted prices in active markets for identical securities. The majority of the Level 1 assets listed above include the common stock of both U.S. and international companies, mutual funds, master limited partnership units, and real estate investment trusts, all of which are actively traded and priced in the market.\nLevel 2 assets are valued based on other significant observable inputs including quoted prices for similar securities, yield curves, indices, etc. Level 2 assets consist primarily of individual fixed income securities where values are based on quoted prices of similar securities and observable market data.\nLevel 3 assets consist of investments where active market pricing is not readily available and, as such, fair value is estimated using significant unobservable inputs.\nCertain assets that are measured at fair value using the NAV (net asset value) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such investments are generally considered long-term in nature with varying redemption availability. For certain of these investments, with a fair value of approximately $51.0 million as of May 26, 2019, the asset managers have the ability to impose customary redemption gates which may further restrict or limit the redemption of invested funds therein. As of May 26, 2019, funds with a fair value of $4.2 million have imposed such gates.\nAs of May 26, 2019, we have unfunded commitments for additional investments of $48.3 million in private equity funds and $17.0 million in natural resources funds. We expect unfunded commitments to be funded from plan assets rather than the general assets of the Company.\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\n | Level 1 | Level 2 | Level 3 | Total \n------------------------------------------------------------------------- | ------- | -------- | ------- | --------\nCash and cash equivalents | $0.7 | $77.7 | $— | $78.4 \nEquity securities: | | | | \nU.S. equity securities | 56.3 | 91.8 | — | 148.1 \nInternational equity securities | 87.8 | 0.4 | — | 88.2 \nFixed income securities: | | | | \nGovernment bonds | — | 748.3 | — | 748.3 \nCorporate bonds | — | 2,255.5 | — | 2,255.5 \nMortgage-backed bonds | — | 31.1 | — | 31.1 \nReal estate funds | 0.4 | — | — | 0.4 \nNet receivables for unsettled transactions | 5.6 | — | — | 5.6 \nFair value measurement of pension plan assets in the fair value hierarchy | $150.8 | $3,204.8 | $— | $3,355.6\nInvestments measured at net asset value | | | | 245.9 \nTotal pension plan assets | | | | $3,601.5\n\nPlan Assets fair value Note 20 May 26, 2019\n Level 1 assets valued quoted prices securities. majority include common stock U. international companies mutual funds partnership units real estate trusts traded priced.\n Level 2 assets valued inputs quoted prices securities yield curves indices. fixed income securities quoted prices market data.\n Level 3 assets investments market pricing estimated unobservable inputs.\n Certain assets measured NAV share not classified. long-term varying redemption availability. $51. 0 million 2019 managers impose redemption gates redemption. funds fair value $4. 2 million imposed gates.\n unfunded commitments investments $48. 3 million private equity funds $17. 0 million natural resources funds. unfunded commitments plan assets.\n Consolidated Financial Statements Fiscal Years Ended May 26, 2019 May 27, 2018 May 28, 2017\n Level 1 2 3 Total\n\n Cash equivalents $0. $77. $78.\n Equity securities\n. 56. 91. 148.\n International equity securities 87. 88.\n Fixed income securities\n Government bonds 748.\n Corporate bonds 2,255. 5.\n Mortgage-backed bonds 31.\n Real estate funds.\n Net receivables unsettled transactions 5. 6.\n Fair value pension plan assets $150. $3,204. $3,355.\n Investments net asset value 245. 9\n pension plan assets $3,601." +} +{ + "_id": "d1b32fc66", + "title": "", + "text": "Unrecognized Tax Benefits\nThe aggregate changes in the balance of gross unrecognized tax benefits were as follows (in millions):\nAs of July 27, 2019, $1.7 billion of the unrecognized tax benefits would affect the effective tax rate if realized. During fiscal 2019, we recognized $30 million of net interest expense and $6 million of penalty expense. During fiscal 2018, we recognized $10 million of net interest expense and no net penalty expense. During fiscal 2017, we recognized $26 million of net interest expense and a $4 million reduction in penalties. Our total accrual for interest and penalties was $220 million, $180 million, and $186 million as of the end of fiscal 2019, 2018, and 2017, respectively. We are no longer subject to U.S. federal income tax audit for returns covering tax years through fiscal 2010. We are no longer subject to foreign or state income tax audits for returns covering tax years through fiscal 1999 and fiscal 2008, respectively.\nWe regularly engage in discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. We believe it is reasonably possible that certain federal, foreign, and state tax matters may be concluded in the next 12 months. Specific positions that may be resolved include issues involving transfer pricing and various other matters. We estimate that the unrecognized tax benefits at July 27, 2019 could be reduced by $50 million in the next 12 months.\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n------------------------------------------------------------ | ------------- | ------------- | -------------\nBeginning balance | $2,000 | $1,973 | $1,627 \nAdditions based on tax positions related to the current year | 185 | 251 | 336 \nAdditions for tax positions of prior years | 84 | 84 | 180 \nReductions for tax positions of prior years . | (283) | (129) | (78) \nSettlements | (38) | (124) | (43) \nLapse of statute of limitations . | (23) | (55) | (49) \nEnding balance . | $ 1,925 | $ 2,000 | $ 1,973 \n\nUnrecognized Tax Benefits\n changes\n July 27, 2019 $1. 7 billion unrecognized tax benefits tax rate. 2019 $30 million interest $6 million penalty. 2018 $10 million no penalty. 2017 $26 million $4 million penalties. total accrual interest penalties $220 million $180 million $186 million 2019 2018 2017. federal income tax audit 2010. foreign state income tax audits 1999 2008,.\n tax authorities. federal tax matters 12 months. transfer pricing. unrecognized tax benefits July 27, 2019 $50 million 12 months.\n Years July 27, 2019 July 28, 2018 July 29, 2017\n Beginning balance $2,000 $1,973 $1,627\n Additions tax positions 185 251 336\n Additions prior years 84\n Reductions. (283) (129)\n Settlements (38) (124)\n Lapse statute limitations. (23) (55)\n Ending balance. $ 1,925" +} +{ + "_id": "d1b3bfb40", + "title": "", + "text": "FAIR VALUE MEASUREMENT\nThe Company measures certain financial assets and liabilities at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows:\nLevel 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.\nLevel 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or\ncorroborated by observable market data for substantially the full term of the assets or liabilities.\nLevel 3—Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.\nThe Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company’s investments are in money market funds, U.S. treasury bonds, commercial paper, certificates of deposit, asset-backed securities and corporate debt securities, which are classified as Level 2 within the fair value hierarchy, and were initially valued at the transaction price and subsequently valued at each reporting date utilizing market-observable data. The market-observable data included reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events.\nThe fair value of these assets measured on a recurring basis was determined using the following inputs as ofDecember 31, 2019 and 2018 (in thousands):\n\nDecember 31, 2019 | | | | \n------------------------- | ----------------------------------------- | --------------------------------------------- | ----------------------------------------- | ----------------\n | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value\nAssets: | | | | \nMoney market funds | $— | $2,010 | $— | $2,010 \nU.S. treasury bonds | — | 116,835 | — | 116,835 \nCommercial paper | — | 44,300 | — | 44,300 \nCertificates of deposit | — | 24,539 | — | 24,539 \nAsset-backed securities | — | 73,499 | — | 73,499 \nCorporate debt securities | — | 181,079 | — | 181,079 \nTotal | $— | 442,262 | — | 442,262 \n\nFAIR VALUE MEASUREMENT\n Company measures financial assets liabilities at fair value. determined exit price transfer liability transaction determined principal or advantageous market. Inputs valuation classified three-level hierarchy\n Level 1—Quoted prices active markets identical assets.\n Level 2—Observable inputs insufficient model-derived valuations\n.\n Level 3—Unobservable inputs significant.\n Company considers liquid investments maturity three months or less cash equivalents. investments in money market funds. treasury bonds commercial paper certificates of deposit securities corporate debt securities classified Level 2 fair value initially valued at transaction price each reporting date market-observable data. trades benchmark yields credit spreads broker/dealer quotes bids offers spot rates industry economic events.\n fair value assets measured determined using inputs ofDecember 31, 2019 2018\n December\nQuoted Prices Active Markets 1) Observable Inputs 2) Unobservable Inputs 3) Total Value\n Assets\n Money market funds $2,010\n. treasury bonds 116,835\n Commercial paper 44,300\n Certificates deposit 24,539\n Asset-backed securities 73,499\n Corporate debt securities 181,079\n Total 442,262" +} +{ + "_id": "d1b2f23f2", + "title": "", + "text": "CAPITAL MANAGEMENT\nThe primary objective of the Company’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios to support its business and maximize the stockholders’ value. The Company also ensures its ability to operate continuously to provide returns to stockholders and the interests of other related parties, while maintaining the optimal capital structure to reduce costs of capital.\nTo maintain or adjust the capital structure, the Company may adjust the dividend payment to stockholders, return capital to stockholders, issue new shares or dispose assets to redeem liabilities.\nSimilar to its peers, the Company monitors its capital based on debt to capital ratio. The ratio is calculated as the Company’s net debt divided by its total capital. The net debt is derived by taking the total liabilities on the consolidated balance sheets minus cash and cash equivalents. The total capital consists of total equity (including capital, additional paid-in capital, retained earnings, other components of equity and non-controlling interests) plus net debt.\nThe Company’s strategy, which is unchanged for the reporting periods, is to maintain a reasonable ratio in order to raise capital with reasonable cost. The debt to capital ratios as of December 31, 2018 and 2019 were as follows:\n\n | As of December 31, | \n------------------------------- | ------------------ | --------------\n | 2018 | 2019 \n | NT$ | NT$ \n | (In Thousands) | (In Thousands)\nTotal liabilities | $158,199,746 | $163,347,778 \nLess: Cash and cash equivalents | (83,661,739) | (95,492,477) \nNet debt | 74,538,007 | 67,855,301 \nTotal equity | 204,397,483 | 202,913,915 \nTotal capital | $278,935,490 | $270,769,216 \nDebt to capital ratios | 26.72% | 25.06% \n\nCAPITAL MANAGEMENT\n objective strong credit rating healthy capital ratios business stockholders’ value. ensures returns optimal capital structure costs.\n dividend payment return capital issue shares dispose assets redeem liabilities.\n monitors capital debt to capital ratio. calculated net debt divided by total capital. derived liabilities balance minus cash equivalents. total capital equity plus net debt.\n strategy reasonable ratio raise capital reasonable cost. debt to capital ratios December 31, 2018 2019\n liabilities $158,199,746 $163,347,778\n Cash equivalents (83,661,739) (95,492,477)\n Net debt 74,538,007 67,855,301\n Total equity 204,397,483 202,913,915\n capital $278,935,490 $270,769,216\n Debt to capital ratios 26. 72% 25. 06%" +} +{ + "_id": "d1b398464", + "title": "", + "text": "16. Segment, Geographic, and Significant Customer Information\nWith the exception of property and equipment, we do not identify or allocate our long-lived assets by geographic area. The following table presents property and equipment information for geographic areas based on the physical location of the assets (in millions):\n\n | April 26, 2019 | April 27, 2018\n------------- | -------------- | --------------\nU.S. | $ 572 | $ 566 \nInternational | 187 | 190 \nTotal | $ 759 | $ 756 \n\n. Segment Geographic Customer Information\n identify allocate long-lived assets geographic area. table presents property equipment location\n April 26, 2019 April 27, 2018\n. $ 572 $\n 187\n $ 759 $ 756" +} +{ + "_id": "d1a734aec", + "title": "", + "text": "Segment operating results\nEnterprise Security segment\nRevenue increased $199 million primarily due to increases of $331 million in revenue from sales of our network and web security solutions and $36 million from sales of endpoint and information protection solutions, partially offset by a $184 million decrease in revenue as a result of the divestiture of our WSS and PKI solutions. Revenue during fiscal 2018 was also unfavorably affected by a shift in the mix of sales towards subscription and cloud-delivered solutions subject to ratable revenue recognition, which resulted in less in-period recognized revenue and more revenue deferred to the balance sheet as compared to fiscal 2017. Operating income increased $286 million primarily due to higher revenue discussed above, a $51 million decrease in sales and marketing expenses and a $38 million decrease in cost of revenues.\n\n | Fiscal Year | | Variance in | \n------------------------------------- | ----------- | ------ | ----------- | -------\n(In millions, except for percentages) | 2018 | 2017 | Dollars | Percent\nNet revenues | $2,554 | $2,355 | $199 | 8% \nPercentage of total net revenues | 53% | 59% | | \nOperating income | $473 | $187 | $286 | 153% \nOperating margin | 19% | 8% | | \n\n\n Enterprise Security\n Revenue increased $199 million $331 million network web security $36 million endpoint information protection solutions offset $184 million decrease divestiture WSS PKI solutions. affected subscription cloud-delivered solutions less in-period more revenue deferred. income increased $286 million higher revenue $51 million decrease sales marketing expenses $38 million decrease cost revenues.\n Fiscal Year Variance\n Net revenues $2,554 $2,355 $199 8%\n revenues 53%\n Operating income $473 $187 $286 153%\n margin 19% 8%" +} +{ + "_id": "d1a730672", + "title": "", + "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 6. Property, Equipment and Software\nThe following table shows depreciation and amortization expense, as well as recorded impairment losses related to abandoned capitalized software projects that are recorded within general and administrative expense in the Consolidated Statements of Operations. We determined that these software projects would not generate future cash flows through use or disposal to a third party and, as such, the fair value as of the respective reporting dates was $0.\n\n | | Year Ended December 31, | \n-------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nDepreciation expense | $2,540 | $2,320 | $2,149\nAmortization expense | 4,764 | 2,158 | 1,834 \nImpairment losses | — | 19 | 78 \n\nGreenSky Inc. NOTES FINANCIAL STATEMENTS States Dollars share data\n Note 6. Property Equipment Software\n table shows depreciation amortization expense impairment losses abandoned software projects Statements. projects generate future cash fair value $0.\n Ended December 31,\n 2017\n Depreciation $2,540 $2,320 $2,149\n Amortization 4,764 2,158 1,834\n Impairment losses 19" +} +{ + "_id": "d1b2f46ca", + "title": "", + "text": "Research, Development and Engineering Expense\nNM—Not meaningful\nResearch, development and engineering (RD&E) expense was 7.8 percent of revenue in 2019 and 6.8 percent of revenue in 2018.\nRD&E expense increased 11.3 percent in 2019 versus 2018 primarily driven by: • Higher spending (11 points) including investment in the z15 and Red Hat spending in the second half of 2019 (8 points); and • Higher acquisition-related charges associated with the Red Hat transaction (1 point); partially offset by • The effects of currency (1 point).\nOperating (non-GAAP) expense increased 10.4 percent year to year primarily driven by the same factors excluding the acquisition-related charges associated with the Red Hat transaction.\n\n($ in million) | | | \n---------------------------------------------------------- | ------ | ------ | -------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change\nTotal consolidated research, development and engineering | $5,989 | $5,379 | 11.3% \nNon-operating adjustment | | | \nAcquisition-related charges | (53) | - | NM \nOperating (non-GAAP) research, development and engineering | $5,936 | $5,379 | 10.4% \n\nResearch Development Engineering Expense\n 7. percent revenue 2019 6. 8 percent 2018.\n increased. 3 percent 2019 2018 driven Higher spending Red Hat Higher acquisition-related charges Red Hat transaction offset currency.\n Operating (non-GAAP) expense increased. 4 percent factors acquisition charges Red Hat.\n year December 31 2019 2018. Percent Change\n consolidated research development engineering $5,989 $5,379 11. 3%\n Non-operating adjustment\n Acquisition-related charges\n-GAAP research $5,936 $5,379. 4%" +} +{ + "_id": "d1b3162d4", + "title": "", + "text": "The Corporation’s segment profit (loss) is reported in two operating segments: Canadian broadband services and American broadband services. The reporting structure reflects how the Corporation manages its business activities to make decisions about resources to be allocated to the segments and to assess their performance.\nThe Canadian and American broadband services segments provide a wide range of Internet, video and telephony services primarily to residential customers as well as business services across their coverage areas. The Canadian broadband services activities are carried out by Cogeco Connexion in the provinces of Québec and Ontario and the American broadband services activities are carried out by Atlantic Broadband in 11 states: Connecticut, Delaware, Florida, Maine, Maryland, New Hampshire, New York, Pennsylvania, South Carolina, Virginia and West Virginia.\nThe previously reported Business ICT services segment, comprised of the Cogeco Peer 1 operations, is now reported in discontinued operations following the sale on April 30, 2019 of the Cogeco Peer 1 subsidiary. Information about the discontinued segment is provided in Note 8.\nThe Corporation and its chief operating decision maker assess the performance of each operating segment based on its segment profit (loss), which is equal to revenue less operating expenses. The other expenses, except for management fees, financial expense and income taxes, are reported by segment solely for external reporting purposes.\n(1) Revenue by geographic market includes $1,294,967 in Canada and $1,036,853 in the United States. (2) Comprised of restructuring costs within the Canadian broadband services segment and acquisition and integration costs related to the FiberLight network acquisition in the American broadband services segment.\n\nYear ended August 31, 2019 | Canadian broadband services | American broadband services | Inter-segment eliminations and other | Consolidated\n---------------------------------------------------- | --------------------------- | --------------------------- | ------------------------------------ | ------------\n(In thousands of Canadian dollars) | $ | $ | $ | $ \nRevenue (1) | 1,294,967 | 1,036,853 | — | 2,331,820 \nOperating expenses | 606,286 | 571,208 | 26,486 | 1,203,980 \nManagement fees – Cogeco Inc. | — | — | 19,900 | 19,900 \nSegment profit (loss) | 688,681 | 465,645 | (46,386) | 1,107,940 \nIntegration, restructuring and acquisition costs (2) | 9,299 | 1,851 | — | 11,150 \nDepreciation and amortization | 254,345 | 226,301 | 79 | 480,725 \nFinancial expense | | | | 175,502 \nProfit before income taxes | | | | 440,563 \nIncome taxes | | | | 83,655 \nProfit for the year from continuing operations | | | | 356,908 \nAcquisition of property, plant and equipment | 241,940 | 192,605 | — | 434,545 \n\nCorporation’s profit Canadian American. reporting structure business activities resources performance.\n Canadian American services provide Internet video telephony services residential business services. Canadian Cogeco Connexion Québec Ontario American Atlantic Broadband Connecticut Delaware Florida Maine Maryland New Hampshire New York Pennsylvania South Carolina Virginia West Virginia.\n Business ICT services segment Cogeco Peer 1 discontinued sale April 30, 2019 Cogeco subsidiary. Note 8.\n Corporation assess performance segment profit equal revenue less operating expenses. other expenses reported external reporting.\n Revenue by market $1,294,967 Canada $1,036,853 United States. restructuring costs Canadian acquisition costs FiberLight network American.\n Year ended August 31, 2019 Canadian American broadband services Inter-segment eliminations Consolidated\n thousands Canadian dollars\n Revenue 1,294,967 1,036,853 2,331,820\n Operating expenses 606,286 571,208 1,203,980\nCogeco. 19,900\n profit 688,681 465,645,107,940\n Integration restructuring acquisition 9,299 11,150\n Depreciation amortization 254,345 226,301 480,725\n Financial expense 175,502\n Profit taxes 440,563\n,655\n Profit 356,908\n Acquisition property plant equipment 241,940 192,605 434,545" +} +{ + "_id": "d1b340598", + "title": "", + "text": "Postretirement Benefit Plans\nIn addition to receiving pension benefits, U.S. Teradyne employees who meet early retirement eligibility requirements as of their termination dates may participate in Teradyne’s Welfare Plan, which includes medical and dental benefits up to age 65. Death benefits provide a fixed sum to retirees’ survivors and are available to all retirees. Substantially all of Teradyne’s current U.S. employees could become eligible for these benefits, and the existing benefit obligation relates primarily to those employees.\nThe December 31 balances of the postretirement assets and obligations are shown below:\n\n | 2019 | 2018 \n----------------------------- | -------------- | --------\n | (in thousands) | \nAssets and Obligations | | \nChange in benefit obligation: | | \nProjected benefit obligation: | | \nBeginning of year | $9,256 | $6,177 \nService cost | 41 | 39 \nInterest cost | 347 | 196 \nActuarial loss | 717 | 25 \nBenefits paid | (1,358) | (889) \nSpecial termination benefits | — | 3,708 \nEnd of year | 9,003 | 9,256 \nChange in plan assets: | | \nFair value of plan assets: | | \nBeginning of year | — | — \nCompany contributions | 1,358 | 889 \nBenefits paid | (1,358) | (889) \nEnd of year | — | — \nFunded status | $(9,003) | $(9,256)\n\nPostretirement Benefit Plans\n pension benefits. Teradyne employees early retirement participate Welfare Plan medical dental benefits to 65. Death benefits fixed sum survivors all retirees. employees eligible existing benefit obligation.\n December 31 balances postretirement assets obligations\n Assets Obligations\n Change benefit obligation\n Projected\n Beginning $9,256 $6,177\n Service cost\n Interest cost\n Actuarial loss\n Benefits\n Special termination benefits 3,708\n End year 9,003 9,256\n Change plan assets\n Fair value\n Company contributions 1,358\n Benefits\n Funded status $(9,003) $(9,256" +} +{ + "_id": "d1b2e3a5a", + "title": "", + "text": "Profit or loss for the period after taxes\nThe current result of METRO China was reclassified in the consolidated income statement under the item ‘profit or loss for the period from discontinued operations after taxes’, taking into account necessary consolidation measures. To increase the economic meaningfulness of the earnings statement of the continuing sector, its shares in the consolidation effects were also included in the discontinued section of the earnings statement as far as they were related to business relations that are to be upheld in the long term even after the planned disposal. The previous year’s figures of the income statement were adjusted accordingly.\nProfit or loss for the period from discontinued operations after taxes is attributable to the shareholders of METRO AG in the amount of €118 million (2017/18: €87 million). Noncontrolling interests account for €5 million of earnings (2017/18: €1 million).\nIn connection with the divestment process, expenses in the low 2-digit million euros range have been incurred to date.\nAs a result, profit or loss for the period from discontinued operations after taxes is made up as follows for METRO China:\n\n€ million | 2017/2018 | 2018/2019\n--------------------------------------------------------------------------------------- | --------- | ---------\nSales | 2,680 | 2,901 \nExpenses | −2,563 | −2,736 \nCurrent earnings from discontinued operations before taxes | 117 | 165 \nIncome taxes on gains/losses on the current result | −29 | −43 \nCurrent earnings from discontinued operations after taxes | 88 | 122 \nGains/losses from the remeasurement or disposal of discontinued operations before taxes | 0 | 0 \nGains/losses from the remeasurement or disposal of discontinued operations after taxes | 0 | 0 \nProfit or loss for the period from discontinued operations after taxes | 88 | 122 \n\nProfit loss after taxes\n METRO China reclassified consolidated income statement loss discontinued operations consolidation measures. shares consolidation included discontinued section business relations disposal. previous year’s figures adjusted.\n Profit loss discontinued operations after taxes attributable shareholders METRO AG €118 million (2017/18 €87 million. Noncontrolling interests €5 million earnings (2017/18 €1 million).\n divestment process expenses low 2-digit million euros incurred.\n profit or loss discontinued operations after taxes METRO China\n € million 2017/2018 2018/2019\n Sales 2,680 2,901\n Expenses −2,563 −2,736\n earnings discontinued operations before taxes 117 165\n Income taxes gains/losses −29 −43\n earnings after taxes 122\n Gains/losses\n Profit loss" +} +{ + "_id": "d1b3577de", + "title": "", + "text": "Non-GAAP Integration and Transformation Costs and Special Items\n(UNAUDITED)\n($ in millions)\n(1) Includes $18 million of hardware impairment for Q3 2018 and $15 million of content commitment impairment and $27 million of hardware, software and internal labor impairment in Q1 2018.\n(2) Includes $55 million of restructuring reserve impairment for Q2 2018.\n(3) Reference to pro forma figures assume the Level 3 acquisition and the colocation and data center sale took place on January 1, 2017.\n\n | | | Pro Forma (3)\n----------------------------------------------------------------------------------------- | ---- | ---- | -------------\nIntegration and Transformation Costs and Special Items Impacting Adjusted EBITDA | 2019 | 2018 | 2017 \nConsumer litigation settlement | $65 | 0 | 0 \nLoss on sale of data centers and colocation business | 0 | 0 | 82 \nOTT/Stream impairment of content commitment and hardware, software, and internal labor(1) | 0 | 60 | 0 \nTotal special items impacting Adjusted EBITDA | 65 | 60 | 82 \nPlus: integration and transformation costs impacting Adjusted EBITDA (2) | 234 | 378 | 164 \nPlus: transaction related expenses impacting Adjusted EBTIDA | 0 | 0 | 192 \nTotal integration and transformation costs and special items impacting Adjusted EBITDA | $299 | 438 | 438 \n\nNon-GAAP Integration Transformation Costs Special Items\n millions\n $18 million hardware Q3 2018 $15 million content commitment $27 million hardware software internal labor Q1 2018.\n $55 million restructuring reserve Q2 2018.\n Level 3 acquisition colocation data center sale January 1 2017.\n Integration Transformation Costs Special Items Adjusted EBITDA\n Consumer litigation settlement $65\n Loss sale data colocation business\n OTT content hardware software internal\n special items EBITDA\n integration transformation costs\n transaction expenses\n integration transformation costs special items EBITDA $299" +} +{ + "_id": "d1b3bb45a", + "title": "", + "text": "22. Directors and key management compensation\nThis note details the total amounts earned by the Company’s Directors and members of the Executive Committee.\nDirectors\nAggregate emoluments of the Directors of the Company were as follows:\nNotes: 1 Excludes gains from long-term incentive plans.\n2 Includes the value of the cash allowance taken by some individuals in lieu of pension contributions\nNo Directors serving during the year exercised share options in the year ended 31 March 2019 (2018: one Director, gain €0.1 million; gain 2017: one Director, €0.7 million\n\n | 2019 €m | 2018 €m | 2017 €m\n------------------ | ------- | ------- | -------\nSalaries and fees | 4 | 4 | 4 \nIncentive schemes1 | 2 | 3 | 2 \nOther benefits2 | – | 1 | 1 \n | 6 | 8 | 7 \n\n. Directors management compensation\n note details amounts earned Directors Executive Committee.\n emoluments\n Excludes gains long-term incentive plans.\n Includes cash allowance pension contributions\n No Directors exercised share options 31 March 2019 (2018 one Director gain. 1 million 2017:. 7 million\n 2019 2018 2017\n Salaries fees\n Incentive schemes1\n Other\n" +} +{ + "_id": "d1b32775a", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nNOTE 15. WARRANTIES\nProvisions of our sales agreements include customary product warranties, ranging from 12 months to 24 months following installation. The estimated cost of our warranty obligation is recorded when revenue is recognized and is based upon our historical experience by product, configuration and geographic region.\nOur estimated warranty obligation is included in Other accrued expenses in our Consolidated Balance Sheets. Changes in our product warranty obligation are as follows:\n\n | | Years Ended December 31, | \n------------------------------------------ | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nBalances at beginning of period | $2,084 | $2,312 | $2,329 \nWarranty acquired in business combinations | 4,818 | 305 | 118 \nIncreases to accruals | 1,752 | 1,606 | 2,029 \nWarranty expenditures | (2,249) | (2,127) | (2,184)\nEffect of changes in exchange rates | 8 | (12) | 20 \nBalances at end of period | $6,413 | $2,084 | $2,312 \n\nADVANCED INDUSTRIES. FINANCIAL STATEMENTS\n. WARRANTIES\n sales agreements product warranties 12 24 months. estimated cost warranty obligation experience.\n obligation expenses Consolidated Balance Sheets. Changes warranty obligation\n Ended December 31,\n 2017\n Balances $2,084 $2,312 $2,329\n Warranty acquired combinations\n Increases accruals 1,752 1,606 2,029\n Warranty expenditures (2,249) (2,127,184)\n changes exchange rates\n Balances end period $6,413 $2,084 $2,312" +} +{ + "_id": "d1b3af812", + "title": "", + "text": "Interest Income and Interest Expense\nInterest income is earned on our cash, cash equivalents, restricted cash and marketable securities. The increase in interest income in fiscal 2019 compared to fiscal 2018 was attributable to higher investment yields, related in part to longer duration investments, as well as higher average investment balances.\nInterest expense primarily includes interest on our term loans, partially offset by income from our interest-rate swap derivative contracts, as well as term loan issuance costs amortization charges. The decrease in interest expense in fiscal 2019 compared to fiscal 2018 was primarily due to lower outstanding debt balances related to the CMI acquisition as a result of principal payments made, partially offset by additional interest expense related to the term loan originated to finance the acquisition of FRT.\nOther Income (Expense), Net\nOther income (expense), net primarily includes the effects of foreign currency impact and various other gains and losses.\n\n | | Fiscal Year Ended | \n------------------------------------------------ | ----------------- | ---------------------- | -----------------\n | December 28, 2019 | December 29, 2018 | December 30, 2017\n | | (Dollars in thousands) | \nInterest income | $2,714 | $1,356 | $548 \nWeighted average balance of cash and investments | $179,526 | $138,467 | $124,637 \nWeighted average yield on cash and investments | 2.05 % | 1.51 % | 0.84 % \nInterest expense | $1,915 | $3,314 | $4,491 \nAverage debt outstanding | $56,776 | $90,086 | $127,598 \nWeighted average interest rate on debt | 4.09 % | 3.98 % | 3.07 % \n\nInterest Income Expense\n earned cash equivalents restricted cash marketable securities. increase 2019 higher investment yields longer duration investments higher investment balances.\n expense includes term loans offset interest-rate swap contracts issuance amortization charges. decrease due lower debt balances CMI acquisition offset additional expense term loan.\n foreign currency impact gains losses.\n Year\n December 28, 2019 2018 30\n Interest income $2,714 $1,356 $548\n balance cash investments $179,526 $138,467\n yield 2. 05 %. 51 %.\n Interest expense $1,915 $3,314 $4,491\n Average debt $56,776 $90,086 $127,598\n average interest rate debt 4. 09 % 3. 98 %." +} +{ + "_id": "d1b300222", + "title": "", + "text": "Note 3 – Net Income per Share\nThe following table sets forth the computation of basic and diluted earnings per share:\n\n | | Fiscal Year Ended | \n------------------------------- | ------------------ | ------------------ | -----------------\n | December 27, 2019 | December 28, 2018 | December 29, 2017\nNet income per share: | | | \nBasic | $0.82 | $0.71 | $0.55 \nDiluted | $0.81 | $0.70 | $0.54 \nWeighted average common shares: | | | \nBasic | 29,532,342 | 28,703,265 | 26,118,482 \nDiluted | 30,073,338 | 29,678,919 | 27,424,526 \n\nNet Income Share\n table basic diluted earnings share\n Fiscal Year\n December 27, 2019 28, 2018\n income share\n. 82. 71.\n Diluted. 81.\n shares\n 29,532,342 28,703,265 26,118,482\n Diluted 30,073,338 29,678,919 27,424,526" +} +{ + "_id": "d1a731748", + "title": "", + "text": "Expected realisation of remaining performance obligations at year end\nThe Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.\nFor contracts that exceed one year, deferred income that relates to unsatisfied or partially satisfied performance obligations at year end is expected to be recognised as revenue in the future as follows:\nThe above information represents the revenue the Group will recognise when it satisfies the remaining performance obligations in the contracts. The amounts presented do not include orders for which the Group has not performed.\n\n | 2019 | 2018 \n--------------------- | --------- | ---------\n | $ million | $ million\nWithin one year | 18.3 | 15.5 \nGreater than one year | 10.3 | 12.7 \n | 28.6 | 28.2 \n\nrealisation remaining obligations year end\n Group applies IFRS 15 disclose obligations one year less.\n contracts one year deferred income unsatisfied obligations recognised revenue future\n information represents revenue satisfies remaining obligations. amounts include orders performed.\n 2019 2018\n $ million\n Within one year 18. 15.\n Greater than one year 10. 12. 7\n 28." +} +{ + "_id": "d1a737d96", + "title": "", + "text": "Historically, a small number of OEM customers have accounted for a substantial portion of our net revenues, and we expect that significant customer concentration will continue for the foreseeable future. Many of our OEMs use contract manufacturers to manufacture their equipment. Accordingly, a significant percentage of our net revenues is derived from sales to these contract manufacturers and to consignment warehouses.\nIn addition, a significant portion of our sales are made to foreign and domestic distributors who resell our products to OEMs, as well as their contract manufacturers. Direct sales to contract manufacturers and consignment warehouses accounted for 41.3%, 34.9% and 39.0% of our net revenues for fiscal 2019, 2018 and 2017, respectively.\nSales to foreign and domestic distributors accounted for 56.0%, 62.5% and 57.5% of our net revenues for fiscal 2019, 2018 and 2017, respectively. The following direct customers accounted for 10% or more of our net revenues in one or more of the following periods:\nNokia was our largest customer in fiscal 2019, 2018 and 2017. Nokia purchases products directly from us and through contract manufacturers and distributors. Based on information provided to us by its contract manufacturers and our distributors, purchases by Nokia represented approximately 45%, 36% and 41% of our net revenues in fiscal 2019, 2018 and 2017, respectively.\nOur revenues have been substantially impacted by significant fluctuations in sales to Nokia, and we expect that future direct and indirect sales to Nokia will continue to fluctuate substantially on a quarterly basis and that such fluctuations may significantly affect our operating results in future periods. To our knowledge, none of our other OEM customers accounted for more than 10% of our net revenues in fiscal 2019, 2018 or 2017.\n\n | | Fiscal Year Ended | \n--------------------------------------------------------- | ----- | ----------------- | -----\n | | March 31, | \n | 2019 | 2018 | 2017 \nContract manufacturers and consignment warehouses: | | | \nFlextronics Technology | 21.8% | 14.0% | 10.4%\nSanmina | 17.7 | 16.0 | 20.4 \nDistributors: | | | \nAvnet Logistics | 31.3 | 35.3 | 25.5 \nNexcomm | 14.8 | 16.1 | 19.7 \n\nsmall OEM customers net revenues expect concentration. OEMs use contract manufacturers. percentage net revenues from sales contract manufacturers consignment warehouses.\n sales foreign domestic distributors products OEMs contract manufacturers. Direct sales contract manufacturers consignment warehouses 41. 3% 34. 39. 0% net revenues 2019 2018 2017.\n Sales foreign domestic distributors 56. 0% 62. 5% 57. 5% net revenues 2017. direct customers accounted 10% or more net revenues\n Nokia largest customer 2019 2018 2017. purchases products directly from contract manufacturers distributors. purchases Nokia represented 45% 36% 41% net revenues 2019 2018 2017.\n revenues impacted by fluctuations sales Nokia expect future sales affect results. other OEM customers more 10% net revenues 2019 2018 2017.\n Contract manufacturers consignment warehouses\n Flextronics Technology 21. 8% 14. 0%. 4%\n Sanmina.\n Distributors\nAvnet Logistics 31. 35.\n Nexcomm 14." +} +{ + "_id": "d1b321864", + "title": "", + "text": "11. Fair Value Measurements\nThe following is a description of the valuation techniques that we use to measure the fair value of assets and liabilities that we measure and report at fair value on a recurring basis:\nCash Equivalents. At December 31, 2019 and 2018, our cash equivalents consisted of money market funds. We value our cash equivalents using observable inputs that reflect quoted prices for securities with identical characteristics, and accordingly, we classify the valuation techniques that use these inputs as Level 1.\nMarketable Securities and Restricted Investments. At December 31, 2019 and 2018, our marketable securities consisted of foreign debt, foreign government obligations, U.S. debt, and time deposits, and our restricted investments consisted of foreign and U.S. government obligations. We value our marketable securities and restricted investments using observable inputs that reflect quoted prices for securities with identical characteristics or quoted prices for securities with similar characteristics and other observable inputs (such as interest rates that are observable at commonly quoted intervals). Accordingly, we classify the valuation techniques that use these inputs as either Level 1 or Level 2 depending on the inputs used. We also consider the effect of our counterparties’ credit standing in these fair value measurements.\nDerivative Assets and Liabilities. At December 31, 2019 and 2018, our derivative assets and liabilities consisted of foreign exchange forward contracts involving major currencies and interest rate swap contracts involving major interest rates. Since our derivative assets and liabilities are not traded on an exchange, we value them using standard industry valuation models. As applicable, these models project future cash flows and discount the amounts to a present value using market-based observable inputs, including interest rate curves, credit risk, foreign exchange rates, and forward and spot prices for currencies. These inputs are observable in active markets over the contract term of the derivative instruments we hold, and accordingly, we classify the valuation techniques as Level 2. In evaluating credit risk, we consider the effect of our counterparties’ and our own credit standing in the fair value measurements of our derivative assets and liabilities, respectively.\nAt December 31, 2019 and 2018, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands):\n\n | | | Fair Value Measurements at Reporting Date Using | \n------------------------------ | ----------------- | -------------------------------------------------------------- | ----------------------------------------------- | -----------------------------------------\n | December 31, 2019 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)\nAssets: | | | | \nCash equivalents: | | | | \nMoney market funds . | $7,322 | $7,322 | $ — | $ — \nMarketable securities: | | | | \nForeign debt | 387,820 | — | 387,820 | — \nForeign government obligations | 22,011 | — | 22,011 | — \nU.S. debt . | 66,134 | — | 66,134 | — \nTime deposits . | 335,541 | 335,541 | — | — \nRestricted investments . | 223,785 | — | 223,785 | — \nDerivative assets . | 1,338 | — | 1,338 | — \nTotal assets . | $ 1,043,951 | $ 342,863 | $ 701,088 | $ — \nLiabilities: | | | | \nDerivative liabilities | $ 10,021 | $ — | $ 10,021 | $ — \n\n. Fair Value Measurements\n valuation techniques fair value assets liabilities\n Cash Equivalents. December 31, 2019 2018 equivalents money market funds. value prices identical classify Level 1.\n Marketable Securities Restricted Investments. 2019 2018 foreign debt government obligations U. S. debt time deposits restricted investments foreign U. S. government obligations. prices. classify techniques Level 1 or Level 2. consider effect counterparties’ credit standing.\n Derivative Assets Liabilities. December 2019 foreign exchange forward contracts major currencies interest rate swap contracts major interest rates. not traded value using standard industry valuation models. project future cash flows discount amounts present value using market-based inputs interest rate curves credit risk foreign exchange rates forward spot prices. observable in active markets contract term classify valuation techniques Level 2.evaluating credit risk consider effect counterparties’ credit fair value measurements derivative assets liabilities.\n December 31, 2019 2018 fair value measurements liabilities\n Value Measurements Reporting Date\n December 31, 2019 Quoted Prices Active Markets Identical Assets 1) Observable Inputs 2) Unobservable Inputs 3)\n Assets\n Cash equivalents\n Money market funds. $7,322\n Marketable securities\n Foreign debt 387,820\n government obligations 22,011\n. debt. 66,134\n Time deposits. 335,541\n Restricted investments. 223,785\n Derivative assets. 1,338\n Total assets. $ 1,043,951 $ 342,863 701,088\n Liabilities\n 10,021" +} +{ + "_id": "d1b33c48e", + "title": "", + "text": "Current assets of continuing operations decreased by €569 million compared to the previous year's figures to €7.8 billion (30/9/2018: €8.3 billion). Cash and cash equivalents in particular contributed to this development with a decrease of €407 million to €0.5 billion (30/9/2018: €0.9 billion).\n1 Adjusted for effects of the discontinued business segment.\nFor more information about the development of current assets, see the notes to the consolidated financial statements in the numbers listed in the table.\n\n€ million | Note no. | 30/9/2018 | 30/9/2018 adjusted1 | 30/9/2019\n---------------------------------------------- | -------- | --------- | ------------------- | ---------\nCurrent assets | | 7,703 | 8,329 | 7,761 \nInventories | 26 | 2,108 | 1,905 | 1,946 \nTrade receivables | 27 | 571 | 496 | 482 \nFinancial assets | | 1 | 1 | 4 \nOther financial and other non-financial assets | 24 | 913 | 796 | 881 \nEntitlements to income tax refunds | | 206 | 202 | 190 \nCash and cash equivalents | 29 | 1,298 | 906 | 500 \nAssets held for sale | 30,43 | 2,605 | 4,024 | 3,758 \n\nassets decreased €569 million €7. billion (30/9/2018. 3 billion. Cash equivalents €407 million. 5 billion. billion.\n Adjusted discontinued business segment.\n consolidated financial statements.\n. 30/9/2018\n Current assets 7,703 8,329 7,761\n Inventories 26 2,108 1,905\n Trade receivables 27 571 496 482\n Financial assets\n 24 913 796 881\n income tax refunds 206 202\n Cash equivalents 29 1,298 906 500\n Assets sale 30 2,605 4,024 3,758" +} +{ + "_id": "d1b37423a", + "title": "", + "text": "Performance-Based Restricted Stock Units\nPerformance-based restricted stock units are eligible to vest at the end of each fiscal year in a three-year performance period based on the Company’s annual growth rate in net sales and non-GAAP diluted earnings per share (subject to certain adjustments) over a multiple of four times the related results for the fourth quarter of 2018 relative to the growth rates for a peer group of companies for the same metrics and periods.\nFor the performance-based restricted stock units granted in 2019, 60% of each performance-based award is subject to the net sales metric for the performance period and 40% is subject to the non-GAAP diluted earnings per share metric for the performance period. The maximum percentage for a particular metric is2 50% of the target number of units subject to the award related to that metric, however, vesting of the performance stock units is capped at 30% and 100%, respectively, of the target number of units subject to the award in years one and two, respectively, of the three-year performance period.\nAs of December 31, 2019, the Company believes that it is probable that the Company will achieve performance metrics specified in the award agreement based on its expected revenue and non-GAAP diluted EPS results over the performance period and calculated growth rates relative to its peers’ expected results based on data available, as defined in the award agreement.\nA summary of the Company’s performance-based restricted stock unit activity is as follows:\n(1) Number of shares granted is based on the maximum percentage achievable in the performance-based restricted stock unit award.\n\n | Number of Shares | Weighted-Average Grant-Date\n-------------------------------- | ---------------- | ---------------------------\n | (in thousands) | Fair Value per Share \nOutstanding at December 31, 2018 | — | $— \nGranted(1) | 445 | 22.21 \nOutstanding at December 31, 2019 | 445 | 22.21 \n\nPerformance-Based Restricted Stock Units\n eligible vest end fiscal year three-year based Company’s annual growth rate net sales non-GAAP diluted earnings per share multiple four times results fourth quarter 2018 relative peer group.\n performance-based stock units granted 2019 60% subject net sales 40% non-GAAP diluted earnings per share. maximum percentage 50% target units vesting capped at 30% 100% target units years one two.\n December 31, 2019 Company believes probable achieve performance metrics based expected revenue non-GAAP diluted EPS results calculated growth rates peers’ results.\n summary performance-based restricted stock unit activity\n Number shares granted based maximum percentage achievable award.\n Number of Shares Weighted-Average Grant-Date\n Fair Value per Share\n December 31, 2018\n.\n December 31, 2019." +} +{ + "_id": "d1b340c28", + "title": "", + "text": "Performance\nFree Cash Flow was £54.9m in FY19 compared to £92.4m in FY18, the decrease primarily reflecting the impact of US cash flows. This represents a conversion rate of 36% of Adjusted EBITDA (FY18: 45%). Excluding the US cash flows, Free Cash Flow Conversion increased to 47% from 33% in FY18, driven by improved EBITDA, lower working capital outflows, lower interest costs and lower exceptional cashflows.\nSeveral other factors had a specific impact on cash flow during FY19. These included the effects of the disposal of the US business and associated capital restructuring, as well as the timing of dividend payments.\nNet Debt decreased to £288.5m from £501.1m at the end of FY18. The Group’s Net Debt:EBITDA leverage as measured under financing agreements was 1.8x at year end. This compared to 1.9x at the end of March 2019 and 2.3x at the end of September 2018. This outturn includes the increased debt associated with the Freshtime acquisition completed in early September 2019. As at 27 September 2019, the Group had committed facilities of £506m with a weighted average maturity of 4.0 years.\nROIC was 14.4% for the 12 months ended 27 September 2019, compared to 15.6% for the 12 months ended 28 September 2018. The reduction was primarily driven by increased investment, in particular the timing of the acquisition of Freshtime and was so impacted by an increased tax rate.\n\n | FY19 £m | FY18 £m | Change (As reported)\n------------------------------------------- | ------- | ------- | --------------------\nFree Cash Flow | 54.9 | 92.4 | -£37.5m \nNet Debt | 288.5 | 501.1 | \nNet Debt:EBITDA as per financing agreements | 1.8x | 2.3x | \nROIC | 14.4% | 15.6% | -120bps \n\n\n Free Cash Flow £54. 9m FY19 £92. 4m FY18 US cash flows. conversion rate 36% Adjusted EBITDA 45%. Flow Conversion increased 47% from 33% improved EBITDA lower working capital outflows interest costs exceptional cashflows.\n factors cash flow. disposal US business capital restructuring timing dividend payments.\n Net Debt decreased £288. 5m from £501. 1m FY18. Net Debt:EBITDA leverage 1. 8x. 9x March 2019 2. 3x September 2018. increased debt Freshtime acquisition 2019. 27 September 2019 facilities £506m maturity 4. years.\n ROIC 14. 4% 12 months 2019 15. 6% 2018. reduction driven increased investment acquisition Freshtime increased tax rate.\n Free Cash Flow.\n Net Debt.\n:EBITDA.\n." +} +{ + "_id": "d1b33ab70", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n13. INCOME TAXES\nBeginning in the taxable year ended December 31, 2012, the Company has filed, and intends to continue to file, U.S. federal income tax returns as a REIT, and its domestic TRSs filed, and intend to continue to file, separate tax returns as required. The Company also files tax returns in various states and countries. The Company’s state tax returns reflect different combinations of the Company’s subsidiaries and are dependent on the connection each subsidiary has with a particular state and form of organization. The following information pertains to the Company’s income taxes on a consolidated basis.\nThe income tax provision from continuing operations consisted of the following:\nThe effective tax rate (“ETR”) on income from continuing operations for the years ended December 31, 2019, 2018 and 2017 differs from the federal statutory rate primarily due to the Company’s qualification for taxation as a REIT, as well as adjustments for state and foreign items. As a REIT, the Company may deduct earnings distributed to stockholders against the income generated by its REIT operations. In addition, the Company is able to offset certain income by utilizing its NOLs, subject to specified limitations.\n\n | 2019 | 2018 | 2017 \n------------------------------ | ------ | ------- | -------\nCurrent: | | | \nFederal | $(1.7) | $(1.4) | $(0.1) \nState | (5.0) | (1.8) | (3.8) \nForeign | (48.2) | (189.7) | (113.4)\nDeferred: | | | \nFederal | 1.4 | 4.0 | 0.2 \nState | 0.5 | 0.7 | 1.0 \nForeign | 53.2 | 298.3 | 85.4 \nIncome tax benefit (provision) | $0.2 | $110.1 | $(30.7)\n\nAMERICAN TOWER CORPORATION SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS amounts millions\n. INCOME TAXES\n December 31, 2012, Company filed intends U. S. federal income tax returns REIT domestic separate tax returns. files tax returns states countries. state tax returns reflect subsidiaries dependent connection state form organization. information income taxes consolidated basis.\n income tax provision continuing operations\n effective tax rate years December 31, 2019 2018 2017 differs federal statutory rate due qualification taxation REIT adjustments state foreign items. Company deduct earnings against income REIT operations. offset income NOLs limitations.\n 2019 2018 2017\n Federal. 7). 4).\n (5. (3.\n (48. (189. (113.\n Deferred\n 1.\n.\n 53. 3 85.\n Income tax benefit (provision. $110.(30." +} +{ + "_id": "d1b2ee34c", + "title": "", + "text": "The Company maintains a general allowance for doubtful accounts based on historical experience, along with additional customer specific allowances. The Company regularly monitors credit risk exposures in consolidated receivables. In estimating the necessary level of our allowance for doubtful accounts, management considers the aging of accounts receivable, the creditworthiness of customers, economic conditions within the customer’s industry, and general economic conditions, among other factors.\nThe following reflects activity in the Company’s allowance for doubtful accounts receivable for the periods indicated (in thousands):\nProvision increases recorded in general and administrative expense during the years ended December 31, 2019, 2018, and 2017, reflect increases in the allowance for doubtful accounts based upon collection experience in the geographic regions in which the Company conducts business, net of collection of customer-specific receivables that were previously reserved for as doubtful of collection.\n\n | | Years Ended December 31, | \n-------------------------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nBalance, beginning of period | -$3,912 | -$4,799 | -$3,873\nProvision increase | -2,561 | -1,505 | -2,086 \nAmounts written off, net of recoveries | 1,368 | 2,269 | 1,305 \nForeign currency translation adjustments and other | -44 | 123 | -145 \nBalance, end of period | -$5,149 | -$3,912 | -$4,799\n\nCompany maintains allowance doubtful accounts customer specific. monitors credit risk consolidated receivables. considers aging creditworthiness economic conditions.\n reflects allowance doubtful accounts\n increases administrative expense December 31, 2019 2018 2017 reflect allowance experience net-specific receivables.\n Years Ended December 31,\n 2018 2017\n Balance beginning -$3,912 -$4,799 -$3,873\n Provision increase -2,561 -1,505 -2,086\n Amounts written off net recoveries 1,368 2,269 1,305\n Foreign currency translation adjustments -44\n Balance end period -$5,149 -$3,912 -$4,799" +} +{ + "_id": "d1b3203ce", + "title": "", + "text": "1.25% Notes Embedded Cash Conversion Option\nThe embedded cash conversion option within the 1.25% Notes is required to be separated from the 1.25% Notes and accounted for separately as a derivative liability, with changes in fair value recognized immediately in our consolidated statements of operations in Other income (loss), net until the cash conversion option settles or expires.\nThe initial fair value liability of the embedded cash conversion option was $82.8 million, which simultaneously reduced the carrying value of the 1.25% Notes (effectively an original issuance discount). The embedded cash conversion option is measured and reported at fair value on a recurring basis within Level 3 of the fair value hierarchy. For further discussion of the inputs used to determine the fair value of the embedded cash conversion option, refer to Note 1, “Basis of Presentation and Significant Accounting Policies.”\nThe following table shows the net impact of the changes in fair values of the 1.25% Call Option and 1.25% Notes embedded cash conversion option in the consolidated statements of operations:\n\n | | Year Ended December 31, | \n----------------------------------------------- | --------- | ----------------------- | --------\n(In thousands) | 2019 | 2018 | 2017 \n1.25% Call Option | $ (9,020) | $ (37,474) | $ 29,498\n1.25% Embedded cash conversion option | 9,789 | 37,803 | (30,118)\nNet (loss) income included in other income, net | $ 769 | $ 329 | $ (620) \n\n. 25% Notes Embedded Cash Conversion Option\n. separated. accounted derivative liability changes fair value recognized consolidated statements settles expires.\n initial fair value liability $82. 8 million reduced carrying value 1. 25% Notes original issuance discount. measured reported fair value Level 3 fair value hierarchy. Note 1 Presentation Accounting Policies.\n table impact changes values 1. 25% Call Option. Notes statements operations\n December 31,\n 2017\n 1. 25% Call Option $ (9,020 (37,474) 29,498\n. 25% Embedded cash conversion option 9,789 37,803 (30,118\n Net (loss) income $ 769 $ 329 (620)" +} +{ + "_id": "d1b3c24f8", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 21 — Quarterly Financial Data\nQuarterly Results of Operations (Unaudited)\n\n | First | Second | Third | Fourth \n-------------------------- | -------- | -------- | -------- | --------\n2019 | | | | \nNet sales | $117,625 | $120,684 | $115,651 | $115,040\nGross margin | $40,615 | $41,204 | $37,057 | $38,700 \nOperating earnings | $14,218 | $17,083 | $10,124 | $12,391 \nNet earnings | $11,419 | $11,943 | $2,722 | $10,062 \nBasic earnings per share | $0.35 | $0.36 | $0.08 | $0.31 \nDiluted earnings per share | $0.34 | $0.36 | $0.08 | $0.31 \n2018 | | | | \nNet sales | $113,530 | $118,021 | $118,859 | $120,073\nGross margin | $38,433 | $41,813 | $42,082 | $42,645 \nOperating earnings | $13,359 | $14,544 | $16,118 | $17,017 \nNet earnings | $ 11,54 | $7,209 | $10,211 | $17,564 \nBasic earnings per share | $0.35 | $0.22 | $0.31 | $0.53 \nDiluted earnings per share | $0.34 | $0.21 | $0.30 | $0.52 \n\nFINANCIAL STATEMENTS\n Quarterly Financial Data\n Operations\n Third Fourth\n Net sales $117,625 $120,684 $115,651\n Gross margin $40,615 $41,204 $37,057 $38,700\n Operating earnings $14,218 $17,083 $10\n Net earnings $11,419 $11,943 $2,722 $10,062\n Basic earnings share.\n earnings.\n Net sales $113,530 $118,021 $118,859 $120,073\n Gross margin $38,433 $41,813 $42,082,645\n Operating earnings $13,359 $14,544 $16,118 $17,017\n Net earnings 11,54 $7,209 $10,211 $17,564\n earnings share.\n earnings." +} +{ + "_id": "d1b2e7cb8", + "title": "", + "text": "Other Defined Benefit Plans\nWe maintain various defined benefit plans to provide termination and postretirement benefits to certain eligible employees outside of the U.S. We also provide disability benefits to certain eligible employees in the U.S. Eligibility is determined based on the terms of our plans and local statutory requirements.\nFunded Status\nThe funded status of our postretirement health care and other defined benefit plans, which is recognized in other long-term liabilities in our consolidated balance sheets, was as follows (in millions):\n\n | April 26, 2019 | April 27, 2018\n------------------------- | -------------- | --------------\nFair value of plan assets | $ 31 | $ 25 \nBenefit obligations | (61) | (53) \nUnfunded obligations | $(30) | $(28) \n\nBenefit Plans\n maintain termination postretirement outside U. S. disability benefits. Eligibility terms local requirements.\n Funded Status\n postretirement health care plans balance\n April 26, 2019 April 27, 2018\n value assets $ 31 $ 25\n Benefit obligations (61) (53)\n Unfunded obligations $(30) $(28)" +} +{ + "_id": "d1b36bf9a", + "title": "", + "text": "3.6 Provisions\nRecognition, measurement and classification\nEmployee benefits – annual and long service leave\nThe Group recognises a liability for long service leave and annual leave measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures, and periods of service. Expected future payments are discounted using market yields at the reporting date on corporate bond rates with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows.\nThe Group does not expect its long service leave or annual leave benefits to be settled wholly within 12 months of the reporting date.\nAnnual and long service leave are classified as current where there is a current obligation to pay the employee shall they leave the Group.\nClawback provisions\nUpfront fees received from certain insurance funds, broadband providers and mortgage brokers can be clawed back in the event of early termination of membership. They vary across the industries and are usually triggered where a referred member terminates their policy. Each relevant Product Provider has an individual agreement and the clawback period ranges between 0 and 24 months, depending on the agreement.\nKey estimates - Employee benefits\nProvisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the reporting date using the discounted cash flow methodology. The risks specific to the provision are factored into the cash flows and as such a corporate bond rate relative to the expected life of the provision is used as a discount rate. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects the time value of money and the risks specific to the liability. The increase in the provision resulting from the passage of time is recognised as interest expense.\nKey estimates - Clawback provisions\nThe Group provides for this liability based upon historic average rates of attrition and recognises revenue net of these clawback amounts.\n\n | CONSOLIDATED | \n------------------ | ------------ | ----------\n | 2019 $’000 | 2018 $’000\nCurrent | | \nAnnual leave | 2,349 | 2,233 \nLong service leave | 830 | 781 \nClawback | 2,715 | 2,463 \nRebates | 241 | 224 \n | 6,135 | 5,701 \nNon-Current | | \nLong service leave | 418 | 343 \n | 418 | 343 \n\n. 6 Provisions\n Recognition measurement classification\n Employee benefits annual long service leave\n Group recognises liability for annual leave present value future payments services projected unit credit method. future wage salary levels departures periods service. future payments discounted using market yields corporate bond rates estimated future cash outflows.\n Group annual benefits settled wholly within 12 months.\n Annual leave classified current obligation pay.\n Clawback provisions\n fees insurance funds broadband providers mortgage brokers clawed back early termination membership. triggered terminates policy. clawback period 0 24 months.\n benefits\n measured present value estimate expenditure present obligation discounted cash flow methodology. risks factored into cash flows corporate bond rate discount rate. time value provisions discounted current pre-tax rate. increase provision time as interest expense.\n Clawback provisions\n Group provides liability rates attrition recognises revenue net clawback amounts.\nCONSOLIDATED\n 2019 2018\n Annual 2,349 2,233\n service 830 781\n Clawback 2,715 2,463\n Rebates\n 6,135 5,701\n Non-Current\n service\n" +} +{ + "_id": "d1b350c5e", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nFollowing the enactment of the 2017 Tax Cut and Jobs Act and the associated one-time transition tax, in general, repatriation of foreign earnings to the US can be completed with no incremental US Tax. However, there are limited other taxes that continue to apply such as foreign withholding and certain state taxes. The company records a deferred tax liability for the estimated foreign earnings and state tax cost associated with the undistributed foreign earnings that are not permanently reinvested.\nThe Tax Act also includes provisions for Global Intangible Low-Taxed Income (“GILTI”) wherein taxes on foreign income are imposed in excess of a deemed return on tangible assets of foreign corporations. We elected to recognize the tax on GILTI as an expense in the period the tax is incurred.\nWe recognize the financial statement benefit of a tax position when it is more-likely-than-not, based on its technical merits, that the position will be sustained upon examination. A tax position that meets the more-likely-than-not threshold is then measured to determine the amount of benefit to be recognized in the financial statements. As of December 31, 2019, we have approximately $5,016 of unrecognized tax benefits, which if recognized, would impact the effective tax rate. We do not anticipate any significant changes in our unrecognized tax benefits within the next 12 months.\nA reconciliation of the beginning and ending unrecognized tax benefits is provided below:\nOur continuing practice is to recognize interest and/or penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2019, and 2018, $707 and $2,515, respectively, of interest and penalties were accrued.\nWe are subject to taxation in the U.S., various states, and in non-U.S. jurisdictions. Our U.S. income tax returns are primarily subject to examination from 2016 through 2018; however, U.S. tax authorities also have the ability to review prior tax years to the extent loss carryforwards and tax credit carryforwards are utilized. The open years for the non-U.S. tax returns range from 2008 through 2018 based on local statutes.\n\n | As of December 31, | \n------------------------------------------------------- | ------------------ | -------\n | 2019 | 2018 \nBalance at January 1 | $3,649 | $4,670 \nIncrease related to current year tax positions | 2,834 | 55 \n(Decrease) increase related to prior year tax positions | (10) | 46 \nDecrease related to lapse in statute of limitation | (1,457) | (1,076)\nDecrease related to settlements with taxing authorities | — | (46) \nBalance at December 31 | $5,016 | $3,649 \n\nFINANCIAL STATEMENTS thousands share data\n 2017 Tax Cut Jobs Act one-time transition tax repatriation foreign earnings US no incremental US Tax. limited taxes foreign withholding state taxes. company records deferred tax liability estimated earnings state tax cost undistributed earnings not reinvested.\n Tax Act Global Intangible Low-Taxed Income taxes foreign income return assets. tax GILTI as expense.\n financial statement benefit tax position. measured benefit. December 31, 2019 approximately $5,016 unrecognized tax benefits effective tax rate. changes next 12 months.\n reconciliation unrecognized tax benefits\n interest penalties unrecognized tax benefits as income tax expense. December 31, 2019 2018 $707 $2,515 interest penalties accrued.\n subject to taxation U. states non-U. jurisdictions. income tax returns 2016 through 2018. authorities review prior tax years loss carryforwards tax credit carryforwards.open years non. tax returns 2008 2018 local statutes.\n December\n Balance January 1 $3,649 $4,670\n current tax positions 2,834\n prior tax positions\n statute limitation (1,457)\n settlements taxing authorities\n Balance December 31 $5,016 $3,649" +} +{ + "_id": "d1a7326f2", + "title": "", + "text": "Disaggregation of Revenue\nThe Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Sales outside the United States are principally to customers in countries in the Caribbean, Canada, Central and South America.\nThe following table presents our domestic and international sales for each of the last three fiscal years:\nLong-lived assets: As of September 30, 2019 and 2018, the Company had property, plant and equipment with a net book value of $1,406,546 and $412,755, respectively, located in Mexico.\n\n | | Year Ended September 30, | \n------------------- | ----------- | ------------------------ | -----------\n | 2019 | 2018 | 2017 \nUnited States | $78,553,000 | $72,295,000 | $67,901,000\nAll Other Countries | 6,481,000 | 5,356,000 | 6,047,000 \nTotal Net Sales | 85,034,000 | $77,651,000 | $73,948,000\n\n\n Company allocates sales. Sales Caribbean Canada Central South America.\n table domestic international sales three fiscal years\n Long-lived assets September 30 2019 2018 property plant equipment $1,406,546 $412,755 Mexico.\n United States $78,553,000 $72,295,000 $67,901,000\n Other Countries 6,481,000 5,356,000,047,000\n Net Sales 85,034,000 $77,651,000 $73,948,000" +} +{ + "_id": "d1b386e80", + "title": "", + "text": "Note 19 – Summarized Quarterly Financial Data (Unaudited)\nThe following table presents unaudited quarterly operating results for each of our last eight fiscal quarters. This information has been prepared on a basis consistent with our audited financial statements and includes all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the data.\nUNAUDITED QUARTERLY OPERATING RESULTS\n(In thousands, except for per share amounts)\n(1) Assumes exercise of dilutive securities calculated under the treasury stock method.\n\nThree Months Ended | March 31, 2019 | June 30, 2019 | September 30, 2019 | December 31, 2019\n------------------------------------------ | -------------- | ------------- | ------------------ | -----------------\nNet sales | $143,791 | $156,391 | $114,092 | $115,787 \nGross profit | $60,612 | $65,015 | $46,331 | $47,209 \nOperating income (loss) | $(6,167) | $562 | $(20,288) | $(14,070) \nNet income (loss) | $770 | $3,995 | $(46,123) | $(11,624) \nEarnings (loss) per common share - basic | $0.02 | $0.08 | $(0.96) | $(0.25) \nEarnings (loss) per common share - diluted | $0.02(1) | $0.08(1) | $(0.96) | $(0.25) \n\n19 Summarized Quarterly Financial Data\n table presents unaudited quarterly results last eight fiscal quarters. statements includes.\n UNAUDITED QUARTERLY OPERATING RESULTS\n thousands share\n dilutive securities treasury stock method.\n Three Months Ended March 31, June September December 31, 2019\n Net sales $143,791 $156,391 $114,092 $115,787\n Gross profit $60,612 $65,015 $46,331 $47,209\n Operating income (loss $(6,167),288,070\n Net income (loss $770 $3,995 $(46,123 $(11,624)\n Earnings per common share.\n diluted." +} +{ + "_id": "d1a722202", + "title": "", + "text": "Research and Development Expense\nResearch and development expense increased by $19.1 million in 2018 compared to 2017. The increase was primarily due to a $18.1 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 159 employees as of December 31, 2017 to 229 employees as of December 31, 2018. The remaining increase was principally the result of a $2.9 million increase in hosting and software related cost to support research and development activities and an increase of $0.3 million in software subscription cost which was offset by a $1.0 million decrease in office related expenses to support research and development activities. A total of $7.8 million of internally-developed software costs during 2018 and $6.3 million of internally-developed software costs during 2017 were capitalized, resulting in a decrease of the expense by $1.4 million compared to 2017.\n\n | Year Ended December 31, | | Change | \n------------------------ | ----------------------- | ---------------------- | -------- | -----\n | 2018 | 2017 | $ | % \n | | (dollars in thousands) | | \nResearch and development | $ 41,305 | $ 22,241 | $ 19,064 | 85.7%\n% of revenue | 28% | 21% | | \n\nResearch Development Expense\n increased $19. 1 million 2018 2017. due $18. 1 million employee costs stock-based compensation increased headcount 159 229 2018. remaining increase $2. 9 million hosting software $0. 3 million software subscription cost offset $1. 0 million office expenses. $7. 8 million 2018 $6. 3 million 2017 expense $1. 4 million 2017.\n Year Ended December 31,\n 2018 2017 %\n Research development $ 41,305 $ 22,241 $ 19,064. 7%\n % revenue 28% 21%" +} +{ + "_id": "d1b2f7b68", + "title": "", + "text": "Contractual Obligations\nThe following table provides a summary of our contractual obligations and commercial commitments at December 31, 2019. Additional detail about these items is included in the notes to the consolidated financial statements.\n(1) Items included in long-term debt with variable coupon rates exclude unamortized debt issuance costs, and are described in Note 7 to the consolidated financial statements. (2) See Note 6 to the consolidated financial statements for additional information.\n(3) Items included in purchase obligations are primarily commitments to purchase content and network services, equipment, software and marketing services, which will be used or sold in the ordinary course of business. These amounts do not represent our entire anticipated purchases in the future, but represent only those items that are the subject of contractual obligations. We also purchase products and services as needed with no firm commitment.\nFor this reason, the amounts presented in this table alone do not provide a reliable indicator of our expected future cash outflows or changes in our expected cash position. See Note 16 to the consolidated financial statements for additional information.\n(4) Other long-term liabilities represent estimated postretirement benefit and qualified pension plan contributions. Estimated qualified pension plan contributions include expected minimum funding contributions, which commence in 2026 based on the plan’s current funded status. Estimated postretirement benefit payments include expected future postretirement benefit payments.\nThese estimated amounts: (1) are subject to change based on changes to assumptions and future plan performance, which could impact the timing or amounts of these payments; and (2) exclude expectations beyond 5 years due to uncertainty of the timing and amounts. See Note 11 to the consolidated financial statements for additional information.\n(5) Represents future minimum payments under the sublease arrangement for our tower transaction. See Note 6 to the consolidated financial statements for additional information.\nWe are not able to make a reasonable estimate of when the unrecognized tax benefits balance of $2.9 billion and related interest and penalties will be settled with the respective taxing authorities until issues or examinations are further developed. See Note 12 to the consolidated financial statements for additional information.\n\n | | | | | (dollars in millions) Payments Due By Period\n--------------------------------------------------- | --------- | ---------------- | ------------- | ------------- | --------------------------------------------\nContractual Obligations | Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years \nLong-term debt(1) | $110,865 | $ 10,470 | $ 16,431 | $ 9,803 | $ 74,161 \nFinance lease obligations(2) | 1,213 | 366 | 479 | 244 | 124 \nTotal long-term debt, including current maturities | 112,078 | 10,836 | 16,910 | 10,047 | 74,285 \nInterest on long-term debt(1) | 62,450 | 4,578 | 8,383 | 7,426 | 42,063 \nOperating leases(2) | 25,968 | 4,099 | 7,127 | 5,485 | 9,257 \nPurchase obligations(3) | 18,769 | 8,384 | 7,448 | 1,441 | 1,496 \nOther long-term liabilities(4) | 4,135 | 694 | 1,692 | 1,749 | — \nFinance obligations(5) | 1,539 | 281 | 579 | 603 | 76 \nTotal contractual obligations | $ 224,939 | $ 28,872 | $ 42,139 | $ 26,751 | $ 127,177 \n\nContractual Obligations\n table contractual obligations commercial commitments at December 31, 2019. detail in consolidated financial statements.\n long-term debt variable coupon rates exclude unamortized debt costs described in Note 7. See Note 6.\n purchase obligations commitments purchase services equipment software marketing services used sold business. represent entire purchases contractual obligations. purchase products services needed no firm commitment.\n amounts reliable indicator future cash outflows cash position. See Note 16.\n long-term liabilities estimated postretirement benefit qualified pension plan contributions. pension plan contributions minimum funding contributions 2026. postretirement benefit payments future payments.\n subject to change exclude expectations beyond 5 years uncertainty. See Note 11.\n future minimum payments sublease arrangement tower transaction. See Note 6.\n unrecognized tax benefits balance $2. 9 billion interest penalties settled taxing authorities until issues. See Note 12.\n millions Payments Due By Period\n\n Obligations\n Long-term $110,865 10,470 16,431 74,161\n lease 1,213 366\n-term debt 112,078 10,836 16,910 74,285\n Interest-term 62,450 4,578 8,383 7,426 42\n 25,968 4,099 7,127 5,485 9,257\n Purchase obligations(3) 18,769 8,384 7,448 1,441 1,496\n long-term liabilities(4) 4,135 694 1,692 1,749\n 1,539 281 603\n obligations $ 224,939 28,872 42,139 26,751 127" +} +{ + "_id": "d1b3aed54", + "title": "", + "text": "Deferred commissions\nAs a result of our adoption of ASC 606, we capitalize sales commissions that are incremental direct costs of obtaining customer contracts for which revenue is not immediately recognized. We then amortize capitalized commissions based on the transfer of goods or services to which they relate. The following tables summarize the activity related to deferred commissions and their balances as reported in our consolidated balance sheets (in millions):\n\n | | Year Ended \n-------------------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018\nOther current assets | $ 75 | $ 66 \nOther non-current assets | 97 | 71 \nTotal deferred commissions | $ 172 | $ 137 \n\nDeferred commissions\n ASC 606 capitalize sales commissions contracts. amortize commissions transfer goods services. tables activity deferred commissions balances balance sheets\n April 26, 2019 April 27, 2018\n current assets $ 75 $ 66\n non-current assets 97 71\n deferred commissions $ 172 $ 137" +} +{ + "_id": "d1a731306", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n6. NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS\nNotes receivable and other non-current assets consisted of the following:\nThe reduction in Long-term prepaid ground rent is a result of the reclassification of assets to the Right-of-use asset in connection with the Company’s adoption of the new lease accounting standard.\n\n | As of | \n--------------------------------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nLong-term prepaid ground rent | $— | $607.5 \nNotes receivable | 1.1 | 1.0 \nOther miscellaneous assets | 405.3 | 354.1 \nNotes receivable and other non-current assets | $406.4 | $962.6 \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n. NOTES RECEIVABLE NON-CURRENT\n reduction Long-term prepaid ground rent reclassification Right-of-use asset new lease accounting standard.\n December 31, 2019 31, 2018\n Long-term prepaid ground rent $607.\n Notes receivable.\n miscellaneous assets.\n $406. $962." +} +{ + "_id": "d1b3b9614", + "title": "", + "text": "On August 1, 2019 the Company acquired 100% of the limited liability company interest in Automated Packaging Systems, LLC, formerly Automated Packaging Systems, Inc., a manufacturer of automated bagging systems. The acquisition is included in our Product Care reporting segment. Automated offers opportunities to expand the Company's automated solutions as well as expand into adjacent markets.\nConsideration exchanged for Automated was $445.7 million in cash. The preliminary opening balance sheet includes $58.2 million of assumed liabilities in connection with a deferred incentive compensation plan for Automated's European employees. Of this amount $19.7 million was paid as of December 31, 2019. Sealed Air will make the remaining payments to deferred incentive compensation plan participants in approximately equal installments over the next two years.\nThe purchase price was primarily funded with proceeds from the incremental term facility provided for under an amendment to our Credit Agreement, as described in Note 14, \"Debt and Credit Facilities,\" of the Notes to Consolidated Financial Statements. For the year ended December 31, 2019, transaction expenses recognized for the Automated acquisition was $3.3 million. These expenses are included within selling, general and administrative expenses in the Consolidated Statements of Operations.\nThe following table summarizes the consideration transferred to acquire Automated and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed. The allocation of purchase price is still preliminary as the Company finalizes the final purchase price adjustment with the seller and finalizes other aspects of the valuation including deferred taxes and intangible valuations. Preliminary estimates will be finalized within one year of the date of acquisition.\n(1) On August 1, 2019, $8.6 million in cash was initially recorded as Other receivables in our preliminary opening balance sheet as disclosed in the table included in our third quarter 2019 Form 10-Q filing. The Company determined this balance should be reflected in Cash as the amount was settled to Automated on the day of purchase. This change had no impact on consideration paid or on our Consolidated Balance Sheets as of September 30, 2019.\n(2) On August 1, 2019, $19.4 million was initially recorded within Other non-current liabilities in our preliminary opening balance sheet as disclosed in the table included in our third quarter 2019 Form 10-Q filing. This amount was related to the second installment payment of the deferred incentive compensation plan for Automated's European employees. As two payments were expected to be made within the first twelve months after acquisition, the amount related to the second payment should have been reflected in other current liabilities. The preliminary allocation as of August 1, 2019 now shows the second installment within other current liabilities.\n\n | Revised Preliminary | Measurement | Revised Preliminary \n----------------------------------------------------------- | -------------------- | ----------- | -----------------------\n | Allocation | Period | Allocation \n(In millions) | As of August 1, 2019 | Adjustments | As of December 31, 2019\nTotal consideration transferred | $ 445.7 | $ — | $ 445.7 \nAssets: | | | \nCash and cash equivalents(1) | 16.0 | (0.2) | 15.8 \nTrade receivables, net | 37.3 | — | 37.3 \nOther receivables(1) | 0.3 | — | 0.3 \nInventories, net | 40.7 | (0.7) | 40.0 \nPrepaid expenses and other current assets | 2.3 | — | 2.3 \nProperty and equipment, net | 79.3 | 9.3 | 88.6 \nIdentifiable intangible assets, net | 78.7 | (1.4) | 77.3 \nGoodwill | 261.3 | (7.4) | 253.9 \nOperating lease right-of-use-assets | — | 4.3 | 4.3 \nOther non-current assets | 24.7 | 1.3 | 26.0 \nTotal assets | $ 540.6 | $ 5.2 | $ 545.8 \nLiabilities: | | | \nAccounts Payable | 12.0 | — | 12.0 \nCurrent portion of long-term debt | 2.6 | — | 2.6 \nCurrent portion of operating lease liabilities | — | 1.5 | 1.5 \nOther current liabilities(2) | 56.2 | (1.1) | 55.1 \nLong-term debt, less current portion | 4.3 | — | 4.3 \nLong-term operating lease liabilities, less current portion | — | 2.8 | 2.8 \nDeferred taxes | — | 0.4 | 0.4 \nOther non-current liabilities(2) | 19.8 | 1.6 | 21.4 \nTotal liabilities | $ 94.9 | $ 5.2 | $ 100.1 \n\nAugust 1, 2019 Company acquired 100% Automated Packaging Systems. manufacturer automated bagging systems. acquisition Product Care reporting segment. Automated expand solutions adjacent markets.\n Automated $445. 7 million cash. preliminary balance sheet $58. 2 million assumed liabilities deferred incentive compensation plan European employees. $19. 7 million paid December 31, 2019. Sealed Air remaining payments installments two years.\n purchase price funded incremental term facility amendment Credit Agreement 14. December 31, 2019 transaction expenses Automated $3. 3 million. selling administrative expenses Consolidated Statements Operations.\n table summarizes consideration Automated preliminary allocation purchase price assets acquired liabilities assumed. preliminary adjustment. estimates finalized one year acquisition.\n August 1, 2019 $8. 6 million cash receivables balance sheet. Cash settled Automated purchase. impact Consolidated Balance Sheets September 30, 2019.\n August 1, 2019 $19.4 million recorded non liabilities preliminary balance sheet third quarter 2019 Form 10-Q filing. related second installment deferred incentive compensation plan Automated European employees. two payments expected twelve months acquisition second payment reflected current liabilities. preliminary allocation August 1 2019 shows second installment liabilities.\n Revised Preliminary\n Allocation\n millions August 1 2019 Adjustments December 31, 2019\n Total consideration transferred $ 445. 7.\n Assets\n Cash cash 16. 15.\n Trade receivables 37.\n.\n Inventories 40.\n Prepaid expenses current assets 2.\n Property equipment 79.\n intangible assets 78.\n Goodwill 261. 253.\n Operating lease right-of-use-assets 4.\n non-current assets 24. 26.\n Total assets $ 540. 5. 545.\n Liabilities\n Accounts Payable 12.\n long-term debt 2. 6.\n operating lease liabilities. 5. 5\n 56. 2. 55.\n-term debt current 4. 3.\n lease 2. 8.\n Deferred taxes. 4.\n non-current 19. 8. 6 21. 4\n liabilities 94. 9 5. 2 100." +} +{ + "_id": "d1b3a358a", + "title": "", + "text": "Acquisition-Related Expenses\nWe have incurred acquisition-related expenses related to our acquisition of Level 3. The table below summarizes our acquisition-related expenses, which consist of integration and transformation-related expenses, including severance and retention compensation expenses, and transaction-related expenses:\nAt December 31, 2019, we had incurred cumulative acquisition-related expenses of $950 million for Level 3. The total amounts of these expenses are included in our selling, general and administrative expenses.\nLevel 3 incurred transaction-related expenses of $47 million on the date of acquisition. This amount is not included in our results of operations.\n\n | | Years Ended December 31, | \n----------------------------------------------- | ---- | ------------------------ | ----\n | 2019 | 2018 | 2017\n | | (Dollars in millions) | \nTransaction-related expenses | $— | 2 | 174 \nIntegration and transformation-related expenses | 234 | 391 | 97 \nTotal acquisition-related expenses | $234 | 393 | 271 \n\nAcquisition-Related Expenses\n Level 3. table summarizes integration transformation severance retention compensation transaction\n December 31, 2019 incurred $950 million Level 3. selling general administrative expenses.\n transaction $47 million acquisition. not included results operations.\n Ended December 31,\n 2019 2018\n millions\n Transaction-related expenses 174\n Integration transformation expenses 234 391\n Total acquisition expenses $234 393" +} +{ + "_id": "d1b386d40", + "title": "", + "text": "Provision (Benefit) For Income Taxes\nProvision for income taxes reflects the tax provision on our operations in foreign and U.S. jurisdictions, offset by tax benefits from a partial release of valuation allowance against U.S. federal and state deferred tax assets (\"DTAs\") and from lapsing of statute of limitations related to uncertain tax positions in foreign jurisdictions. As of December 28, 2019, we maintain a valuation allowance of $36.6 million primarily against our California deferred tax assets and foreign tax credits, due to uncertainty about the future realization of these assets.\nThe benefit for income taxes in fiscal 2018 includes a $75.8 million reduction to our valuation allowance on our U.S. deferred tax assets as sufficient positive evidence existed to support the realization of such DTAs. The effective tax rate in fiscal 2018 also benefited from a lower statutory tax rate in the U.S., partially offset by higher profits in foreign jurisdictions.\nOur effective tax rate may vary from period to period based on changes in estimated taxable income or loss by jurisdiction, changes to the valuation allowance, changes to U.S. federal, state or foreign tax laws, future expansion into areas with varying country, state, and local income tax rates, deductibility of certain costs and expenses by jurisdiction.\n\n | | Fiscal Year Ended | \n------------------------------------ | ----------------- | ---------------------- | -----------------\n | December 28, 2019 | December 29, 2018 | December 30, 2017\n | | (Dollars in thousands) | \nProvision (benefit) for income taxes | $11,717 | $(70,109) | $1,293 \nEffective tax rate | 22.9 % | (206.6) % | 3.1 % \n\nProvision Income Taxes\n operations foreign. jurisdictions offset release valuation allowance against. federal state deferred tax assets statute limitations tax positions. December 28, 2019 valuation allowance $36. 6 million against California deferred tax assets foreign tax credits uncertainty future realization.\n 2018 $75. 8 million reduction valuation allowance. deferred tax assets. tax rate lower statutory tax rate. offset higher profits foreign jurisdictions.\n tax rate vary estimated taxable income loss valuation allowance. tax laws future expansion deductibility costs expenses.\n Fiscal Year Ended\n December 28, 2019 December 29, 2018 December 30, 2017\n Provision income taxes $11,717 $(70,109) $1,293\n Effective tax rate 22. 9 %." +} +{ + "_id": "d1b394044", + "title": "", + "text": "Our net sales by offering category for North America for 2019 and 2018, were as follows (dollars\nin thousands):\nNet sales in North America increased 12%, or $661.3 million, in 2019 compared to 2018. This increase reflects the addition of PCM, which reported $716.1 million in net sales in 2019, partially offset by a decline in net sales of the core business of $51.3 million. Net sales of hardware, software and services increased 10%, 14% and 25%, respectively, year over year.\n\n | North America | | \n-------- | ------------- | ---------- | -------\nSalesMix | 2019 | 2018 | %Change\nHardware | $3,957,507 | $3,610,356 | 10% \nSoftware | 1,269,983 | 1,112,715 | 14% \nServices | 796,815 | 639,910 | 25% \n | $6,024,305 | $5,362,981 | 12% \n\nnet sales North America 2019 2018\n North America increased 12% $661. 3 million 2019. PCM $716. 1 million decline core business $51. 3 million. hardware software services increased 10% 14% 25% year.\n Hardware $3,957,507 $3,610,356\n Software 1,269,983 1,112,715\n Services 796,815 639,910\n $6,024,305 $5,362,981" +} +{ + "_id": "d1b33a846", + "title": "", + "text": "3.3 DEPRECIATION AND AMORTIZATION\n(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\nFiscal 2019 depreciation and amortization expense increased by 10.9% resulting mainly from the impact of the MetroCast acquisition combined with additional depreciation from the acquisitions of property, plant and equipment during the fiscal year and the appreciation of the US dollar against the Canadian dollar compared to the prior year.\n\nYears ended August 31, | 2019 | 2018 (1) | Change\n--------------------------------------------- | ------- | -------- | ------\n(in thousands of dollars, except percentages) | $ | $ | % \nDepreciation of property, plant and equipment | 423,432 | 387,726 | 9.2 \nAmortization of intangible assets | 57,293 | 45,928 | 24.7 \n | 480,725 | 433,654 | 10.9 \n\n. DEPRECIATION AMORTIZATION\n Fiscal 2018 restated IFRS 15 accounting policy reclassify Cogeco Peer 1 discontinued operations. consult policies operations sections.\n Fiscal 2019 depreciation amortization increased. 9% MetroCast acquisition depreciation property plant equipment appreciation US dollar Canadian dollar.\n Years August 31, 2019 2018\n Depreciation property plant equipment 423,432 387,726.\n Amortization intangible assets 57,293 45,928.\n 480,725,654." +} +{ + "_id": "d1b365190", + "title": "", + "text": "Long-lived assets by geographic region were as follows (amounts in millions):\nThe only long-lived assets that we classify by region are our long-term tangible fixed assets, which consist of property, plant, and equipment assets, and beginning with 2019, as a result of our adoption of a new lease accounting standard, our lease ROU assets; all other long-term assets are not allocated by location.\nFor information regarding significant customers, see “Concentration of Credit Risk” in Note 2.\n\n | | At December 31, | \n-------------------------------------------- | ---- | --------------- | ----\n | 2019 | 2018 | 2017\nLong-lived assets* by geographic region: | | | \nAmericas | $322 | $203 | $197\nEMEA | 142 | 62 | 75 \nAsia Pacific | 21 | 17 | 22 \nTotal long-lived assets by geographic region | $485 | $282 | $294\n\nLong-lived assets region\n region fixed assets property plant equipment 2019 new lease accounting standard ROU assets other not allocated location.\n of Credit Note 2.\n December 31,\n 2019 2018 2017\n Long-lived assets region\n Americas $322 $203 $197\n EMEA 142 62 75\n Asia Pacific 21 17\n Total assets $485 $282 $294" +} +{ + "_id": "d1b3558a8", + "title": "", + "text": "20 Trade and Other Receivables\nTrade receivables are non interest-bearing and are generally on 30–90 day payment terms depending on the geographical territory in which sales are generated. The carrying value of trade and other receivables also represents their fair value. During the year-ended 31 March 2019 a provision for impairment of $0.6M (2018: $0.6M) was recognised in operating expenses against receivables.\nThe net contract acquisition expense deferred within the Consolidated Statement of Profit or Loss was $0.9M of the total $259.9M of Sales and Marketing costs (2018: $8.4M / $239.9M).\n\n | 31 March 2019 | 31 March 2018 Restated See note 2\n--------------------------------------------- | ------------- | ---------------------------------\n | $M | $M \nCurrent | | \nTrade receivables | 128.7 | 151.8 \nPrepayments | 26.9 | 23.1 \nDeferral of contract acquisition costs | 31.5 | 29.5 \nOther receivables | 8.2 | 6.4 \nTotal current trade and other receivables | 195.3 | 210.8 \nNon-current | | \nDeferral of contract acquisition costs | 15.1 | 16.2 \nOther receivables | 1.3 | 1.3 \nTotal non-current trade and other receivables | 16.4 | 17.5 \n\nTrade Receivables\n non interest-bearing 30–90 day payment terms territory. carrying value represents fair value.-ended 31 March 2019 provision impairment $0. 6M. operating expenses receivables.\n contract acquisition expense deferred $0. 9M $259. 9M Sales Marketing costs $8. 4M $239. 9M.\n 31 March 2019 2018\n receivables 128. 151.\n Prepayments 26. 23.\n Deferral contract acquisition costs 31. 29.\n 8. 6.\n 195. 210.\n Non-current\n Deferral acquisition costs 15. 16.\n.\n non. 17." +} +{ + "_id": "d1b39a5ac", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nThe fair value of the Company’s qualified pension plan assets by category for the years ended December 31, are as follows:\nAt December 31, 2019 our plan’s assets of $14.9 million were invested in five separate funds including a multiasset fund (32.4%), a diversified growth fund (32.6%), an index-linked gilt (13.0%), corporate bonds (14.0%), and insurance contracts (7%). The asset and growth funds aim to generate an ‘equity-like’ return over an economic cycle with significantly reduced volatility relative to equity markets and have scope to use a diverse range of asset classes, including equities, bonds, cash and alternatives, e.g. property, infrastructure, high yield bonds, floating rate debt, private, equity, hedge funds and currency. The bond fund and gilt fund are invested in index-linked gilts and corporate bonds. These investments are intended to provide a degree of protection against changes in the value of our plan’s liabilities related to changes in long-term expectations for interest rates and inflation expectations.\n\n | | December 31, 2019 | | \n----------------------- | ------- | ----------------- | ------- | -------\n | Level 1 | Level 2 | Level 3 | Total \nMulti-Asset Fund | $ — | $4,825 | $ — | $ 4,825\nDiversified Growth Fund | — | 4,855 | — | 4,855 \nIndex-Linked Gilts | — | 1,934 | — | 1,934 \nCorporate Bonds | — | 2,090 | — | 2,090 \nInsurance Contracts | — | — | 1,045 | 1,045 \nCash | 154 | — | — | 154 \nTotal | $154 | $13,704 | $1,045 | $14,903\n | | December 31, 2018 | | \n | Level 1 | Level 2 | Level 3 | Total \nMulti-Asset Fund | $ — | $4,570 | $— | $4,570 \nDiversified Growth Fund | — | 4,650 | — | 4,650 \nIndex-Linked Gilts | — | 2,044 | — | 2,044 \nCorporate Bonds | — | 2,044 | — | 2,044 \nInsurance Contracts | — | — | 72 | 72 \nCash | 53 | — | — | 53 \nTotal | $53 | $13,308 | $72 | $13,433\n\nADVANCED ENERGY INDUSTRIES. FINANCIAL STATEMENTS thousands per share amounts\n value pension plan assets category years December 31,\n December 31, 2019 assets $14. 9 million invested five funds multiasset fund. diversified growth fund. index-linked gilt (13. corporate bonds. insurance contracts (7%). asset growth funds generate ‘equity return reduced volatility classes equities bonds cash alternatives. property infrastructure high yield bonds debt private equity hedge funds currency. bond fund gilt fund invested index-linked gilts corporate bonds. investments protection against interest rates inflation.\n December 31, 2019\n Multi-Asset Fund $4,825\n Diversified Growth Fund 4,855\n Index-Linked Gilts 1,934\n Corporate Bonds 2,090\n Insurance Contracts 1,045\n 154\n Total $13,704\n December 31, 2018\nMulti-Asset Fund $4,570\n Diversified Growth Fund 4,650\n Index-Linked Gilts 2,044\n Corporate Bonds\n Insurance Contracts 72\n Cash 53\n Total $53 $13,308 $72 $13,433" +} +{ + "_id": "d1b3b60c2", + "title": "", + "text": "Goodwill\nGoodwill consists of the excess of the consideration transferred over the fair value of net assets acquired in business combinations. Autodesk tests goodwill for impairment annually in its fourth fiscal quarter or more often if circumstances indicate a potential impairment may exist, or if events have affected the composition of reporting units.\nWhen goodwill is assessed for impairment, Autodesk has the option to perform an assessment of qualitative factors of impairment (“optional assessment”) prior to necessitating a quantitative impairment test. Should the optional assessment be used for any given fiscal year, qualitative factors to consider include cost factors; financial performance; legal, regulatory, contractual, political, business, or other factors; entity specific factors; industry and market considerations, macroeconomic conditions, and other relevant events and factors affecting the reporting unit. If, after assessing the totality of events or circumstances, it is more likely than not that the fair value of the reporting unit is greater than its carrying value, then performing the quantitative impairment test is unnecessary.\nThe quantitative impairment test is necessary when either Autodesk does not use the optional assessment or, as a result of the optional assessment, it is not more likely than not that the fair value of the reporting unit is greater than its carrying value. In situations in which an entity's reporting unit is publicly traded, the fair value of the Company may be approximated by its market capitalization, in performing the quantitative impairment test.\nGoodwill impairment exists when the estimated fair value of goodwill is less than its carrying value. If impairment exists, the carrying value of the goodwill is reduced to fair value through an impairment charge recorded in the Company's statements of operations. The process of evaluating the potential impairment of goodwill is subjective and requires significant judgment at many points during the analysis. The value of Autodesk’s goodwill could also be impacted by future adverse changes such as: (i) declines in Autodesk’s actual financial results, (ii) a sustained decline in Autodesk’s market capitalization, (iii) a significant slowdown in the worldwide economy or the industries Autodesk serves, or (iv) changes in Autodesk’s business strategy.\nFor the annual impairment test, Autodesk's market capitalization was substantially in excess of the carrying value of the Company as of January 31, 2019. Accordingly, Autodesk has determined there was no goodwill impairment during the fiscal year ended January 31, 2019. In addition, Autodesk did not recognize any goodwill impairment losses in fiscal 2018 or 2017.\nThe following table summarizes the changes in the carrying amount of goodwill during the fiscal years ended January 31, 2019 and 2018:\n(1) Purchase accounting adjustments reflect revisions made to the Company’s preliminary determination of estimated fair value of assets and liabilities assumed during fiscal 2019 and 2018.\n\n(in million) | January 31, 2019 | January 31, 2018\n------------------------------------------------------------------------------------- | ---------------- | ----------------\nGoodwill, beginning of the year | $1,769.4 | $1,710.3 \nLess: accumulated impairment losses, beginning of the year | (149.2) | (149.2) \nAdditions arising from acquisitions during the year | 866.9 | — \nEffect of foreign currency translation, measurement period adjustments, and other (1) | (36.3) | 59.1 \nGoodwill, end of the year | $2,450.8 | $1,620.2 \n\nGoodwill\n excess consideration transferred over fair value net assets acquired. Autodesk tests goodwill for impairment annually fourth fiscal quarter if potential impairment reporting units.\n Autodesk qualitative factors impairment quantitative impairment test. factors include cost financial performance legal regulatory contractual political business factors entity specific factors industry market considerations macroeconomic conditions events affecting unit. If fair value unit greater than carrying value quantitative impairment test unnecessary.\n test necessary when optional assessment or fair value unit greater than carrying value. unit publicly traded fair value approximated by market capitalization.\n Goodwill impairment estimated fair value less than carrying value. carrying value reduced to fair value through impairment charge statements. evaluating potential impairment subjective requires judgment.Autodesk’s goodwill impacted by future changes financial results market capitalization slowdown economy changes business strategy.\n Autodesk market capitalization excess carrying value January 31, 2019. no goodwill impairment January 31, 2019. goodwill impairment losses 2018 2017.\n table summarizes changes carrying goodwill years 2019\n Purchase accounting adjustments reflect revisions estimated fair value assets liabilities 2019 2018.\n million January 31, 2019 31, 2018\n Goodwill $1,769. 4 $1,710. 3\n accumulated impairment losses (149.\n Additions from acquisitions 866.\n Effect foreign currency translation measurement period adjustments.\n Goodwill end year $2,450. $1,620." +} +{ + "_id": "d1b301ffa", + "title": "", + "text": "Operating Leases and Other Contractual Commitments\nVMware leases office facilities and equipment under various operating arrangements. VMware’s minimum future lease commitments and other contractual commitments at January 31, 2020 were as follows (table in millions):\n(1) Amounts in the table above exclude legally binding minimum lease payments for leases signed but not yet commenced of $361 million, as well as expected sublease income.\nThe amount of the future lease commitments after fiscal 2025 is primarily for the ground leases on VMware’s Palo Alto, California headquarter facilities, which expire in fiscal 2047. As several of VMware’s operating leases are payable in foreign currencies, the operating lease payments may fluctuate in response to changes in the exchange rate between the U.S. dollar and the foreign currencies in which the commitments are payable.\n\n | Future Lease Commitments(1) | Purchase Obligations | Asset Retirement Obligations | Total \n---------- | --------------------------- | -------------------- | ---------------------------- | ------\n2021 | $144 | $168 | $1 | $313 \n2022 | 141 | 74 | 3 | 218 \n2023 | 127 | 13 | 2 | 142 \n2024 | 101 | — | — | 101 \n2025 | 77 | — | 2 | 79 \nThereafter | 612 | — | 5 | 617 \nTotal | $1,202 | $255 | $13 | $1,470\n\nOperating Leases Contractual Commitments\n VMware leases office facilities equipment. future lease commitments January 31, 2020\n exclude lease payments $361 million sublease income.\n future lease commitments after 2025 ground leases Palo Alto headquarter facilities expire 2047. leases payable foreign currencies payments fluctuate exchange rate. currencies.\n Future Lease Commitments(1) Purchase Obligations Asset Retirement Obligations Total\n 2021 $144 $168 $313\n 2022 141 74 218\n 2023 127 13 142\n 2024 101\n 2025 77 79\n 612 617\n $1,202 $255 $13 $1,470" +} +{ + "_id": "d1b3a2fb8", + "title": "", + "text": "Property, plant and equipment, net\nProperty, plant and equipment, net consisted of the following at December 31, 2019 and 2018 (in thousands):\nWe periodically assess the estimated useful lives of our property, plant and equipment whenever applicable facts and circumstances indicate a change in the estimated useful life of an asset may have occurred. During the year ended December 31, 2019, we revised the estimated useful lives of certain core Series 6 manufacturing equipment from 10 years to 15 years. Such revision was primarily due to the validation of certain aspects of our Series 6 module technology, including the nature of the manufacturing process, the operating and maintenance cost profile of the manufacturing equipment, and the technology’s compatibility with our long-term module technology roadmap. We expect the revised useful lives to reduce depreciation by approximately $15.0 million per year. Depreciation of property, plant and equipment was $176.4 million, $109.1 million, and $91.4 million for the years ended December 31, 2019, 2018, and 2017, respectively.\n\n | 2019 | 2018 \n------------------------------------ | ----------- | -----------\nLand | $14,241 | $14,382 \nBuildings and improvements . | 664,266 | 567,605 \nMachinery and equipment . | 2,436,997 | 1,826,434 \nOffice equipment and furniture . | 159,848 | 178,011 \nLeasehold improvements | 48,772 | 49,055 \nConstruction in progress | 243,107 | 405,581 \nProperty, plant and equipment, gross | 3,567,231 | 3,041,068 \nAccumulated depreciation . | (1,386,082) | (1,284,857)\nProperty, plant and equipment, net | $2,181,149 | $1,756,211 \n\nProperty plant equipment\n December 31, 2019 2018\n estimated useful lives. 2019 revised Series 6 equipment 10 to 15 years. due Series 6 technology long-term roadmap. reduce depreciation $15. 0 million per year. Depreciation $176. 4 million $109. 1 million $91. 4 million December 31, 2019 2018 2017.\n Land $14,241 $14,382\n Buildings improvements. 664,266,605\n Machinery equipment. 2,436,997 1,826,434\n Office equipment furniture. 159,848 178,011\n Leasehold improvements 48,772\n Construction 243,107 405,581\n Property plant equipment 3,567,231 3,041,068\n Accumulated depreciation. (1,386,082),284,857)\n $2,181,149 $1,756,211" +} +{ + "_id": "d1b391722", + "title": "", + "text": "Our financial performance\nThis section presents our operating performance, providing commentary on how the revenue and the adjusted EBITDA performance of the Group and its operating segments have developed over the last year. Following the adoption of IFRS 15 “Revenue from Contracts with Customers” on 1 April 2018, the Group’s statutory results for the year ended 31 March 2019 are on an IFRS 15 basis, whereas the statutory results for the year ended 31 March 2018 are on an IAS 18 basis as previously reported, with any comparison between the two bases of reporting not being meaningful. As a result, the discussion of our operating financial performance is primarily on an IAS 18 basis for all years presented. See “Alternative performance measures” on page 231 for more information and reconciliations to the closest respective equivalent GAAP measures.\nNotes:\n* All amounts in the Our financial performance section marked with an “*” represent organic growth which presents performance on a comparable basis, both in terms of merger and acquisition activity and movements in foreign exchange rates. Organic growth is an alternative performance measure. See “Alternative performance measures” on page 231 for further details and reconciliations to the respective closest equivalent GAAP measure.\nRevenue and service revenue include the regional results of Europe, Rest of the World, Other (which includes the results of partner market activities) and eliminations. The 2019 results reflect average foreign exchange rates of €1:£0.88, €1:INR 80.93, €1:ZAR 15.92, €1:TKL 6.05 and €1: EGP 20.61.\n2 Service revenue, adjusted EBITDA, adjusted EBIT and adjusted operating profit are alternative performance measures. Alternative performance measures are non-GAAP measures that are presented to provide readers with additional financial information that is regularly reviewed by management and should not be viewed in isolation or as an alternative to the equivalent GAAP measures. See “Alternative performance measures” on page 231 for more information and reconciliations to the closest respective equivalent GAAP measure and “Definition of terms” on page 250 for further details.\n3 Share of adjusted results in equity accounted associates and joint ventures excludes amortisation of acquired customer bases and brand intangible assets, restructuring costs and other costs of €0.6 billion which are included in amortisation of acquired customer base and brand intangible assets, restructuring costs and other income and expense respectively.\n\nGroup1,2 | | | | | \n------------------------------------------------------------------- | ---------- | --------- | --------- | ------------- | ----------\n | 2019 | 2019 | 2018 | IAS 18 growth | \n | IFRS 15 €m | IAS 18 €m | IAS 18 €m | Reported % | Organic* %\nRevenue | 43,666 | 45,066 | 46,571 | (3.2) | (0.1) \nService revenue | 36,458 | 39,220 | 41,066 | (4.5) | (0.9) \nOther revenue | 7,208 | 5,846 | 5,505 | | \nAdjusted EBITDA | 13,918 | 14,139 | 14,737 | (4.1) | (0.5) \nDepreciation and amortisation | (9,665) | (9,665) | (9,910) | | \nAdjusted EBIT | 4,253 | 4,474 | 4,827 | (7.3) | (2.5) \nShare of adjusted results in associates and joint ventures3 | (348) | (291) | 389 | | \nAdjusted operating profit | 3,905 | 4,183 | 5,216 | (19.8) | (0.2) \nAdjustments for: | | | | | \nImpairment loss | (3,525) | | – | | \nRestructuring costs | (486) | | (156) | | \nAmortisation of acquired customer bases and brand intangible assets | (583) | | (974) | | \nOther income and expense | (262) | | 213 | | \nOperating (loss)/profit | (951) | | 4,299 | | \nNon-operating income and expense | (7) | | (32) | | \nNet financing costs | (1,655) | | (389) | | \nIncome tax (expense)/credit | (1,496) | | 879 | | \n(Loss)/profit for the financial year from continuing operations | (4,109) | | 4,757 | | \nLoss for the financial year from discontinued operations | (3,535) | | (1,969) | | \n(Loss)/profit for the financial year | (7,644) | | 2,788 | | \n\nfinancial performance\n presents operating performance revenue adjusted EBITDA Group segments year. IFRS 15 Contracts 1 April 2018 results 31 March 2019 IFRS 15 31 March 2018 18 comparison. operating financial performance IAS 18 years. “Alternative performance measures” page 231 reconciliations GAAP measures.\n financial performance organic growth comparable merger acquisition activity foreign exchange rates. alternative performance measure. “Alternative performance page 231 reconciliations.\n Revenue service revenue include regional results Europe Rest World Other market eliminations. 2019 results reflect average foreign exchange rates €1:£0. 88 €1:INR 80. 93 €1:ZAR 15. 92 €1:TKL 6. 05 €1: EGP 20. 61.\n Service revenue adjusted EBITDA EBIT operating profit alternative performance measures. non-GAAP additional financial information not. See performance page 231 reconciliations GAAP “Definition terms” page 250.\nadjusted results equity associates joint ventures excludes amortisation customer bases brand intangible assets restructuring costs. 6 billion.\n IAS 18 growth\n IFRS\n Revenue 43,666 45,066 46,571 .\n Service revenue 36,458 39,220 41,066.\n Other revenue 7,208 5,505 \n Adjusted EBITDA 13,918 14,139 14,737 .\n Depreciation amortisation (9,665)\n Adjusted EBIT 4,253 4,474 4,827 .\n Share adjusted results associates joint (348)\n Adjusted operating profit 3,905 4,183 5,216 .\n Adjustments\n Impairment loss (3,525)\n Restructuring costs (486)\n Amortisation customer bases brand intangible assets (583)\n Other income expense (262)\nOperating (951) 4,299\n Non-operating income expense (7)\n Net financing costs (1,655) (389)\n Income tax (1,496)\n continuing operations (4,109)\n Loss discontinued operations (3,535) (1,969)\n (7,644) 2,788" +} +{ + "_id": "d1b318f20", + "title": "", + "text": "Item 6. Selected Financial Data\nYou should read the following selected consolidated financial data in conjunction with Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations,\" and our consolidated financial statements and the related notes included in Part II, Item 8, \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K.\nThe consolidated statements of income data for each of the years ended December 31, 2019, 2018, and 2017 and the consolidated balance sheets data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included in Part II, Item 8, \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K. The consolidated statements of income data for the years ended December 31, 2016 and 2015 and the consolidated balance sheets data as of December 31, 2017, 2016, and 2015 are derived from our audited consolidated financial statements, except as otherwise noted, that are not included in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of our results in any future period.\n(1) Total costs and expenses include 4,840 million, 4,150 million, 3,720 million, 3,220 million, and 2,970 million of share-based compensation for the years ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively.\n\n | | | Year Ended December 31, | | \n--------------------------------------------------------------------------- | ------- | ------- | ------------------------------------ | ------- | -------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (in millions, except per share data) | | \nConsolidated Statements of Income Data: | | | | | \nRevenue | $70,697 | $55,838 | $40,653 | $27,638 | $17,928\nTotal costs and expenses(1) | $46,711 | $30,925 | $20,450 | $15,211 | $11,703\nIncome from operations | $23,986 | $24,913 | $20,203 | $12,427 | $6,225 \nIncome before provision for income taxes | $24,812 | $25,361 | $20,594 | $12,518 | $6,194 \nNet income | $18,485 | $22,112 | $15,934 | $10,217 | $3,688 \nNet income attributable to Class A and Class B common stockholders | $18,485 | $22,111 | $15,920 | $10,188 | $3,669 \nEarnings per share attributable to Class A and Class B common stockholders: | | | | | \nBasic | $6.48 | $7.65 | $5.49 | $3.56 | $1.31 \nDiluted | $6.43 | $7.57 | $5.39 | $3.49 | $1.29 \n\nItem 6. Financial Data\n consolidated financial data Part II Item 7 Discussion Analysis Financial Condition Results Operations consolidated financial statements notes Part II Item 8 Annual Report Form 10-K.\n consolidated statements income December 31, 2019 2018 2017 balance sheets statements Part II 8. income December 31, 2016 2015 balance sheets statements. historical results not indicative future.\n costs expenses include 4,840 million 4,150 million 3,720 million 3,220 million 2,970 million share-based compensation years December 31, 2019 2018 2017 2016, 2015,.\n 2016\n Consolidated Statements Income Data\n Revenue $70,697 $55,838 $40,653 $27,638 $17,928\n Total costs $46,711 $30,925 $20,450 $15,211 $11,703\n Income operations $23,986 $24,913 $20,203 $12,427 $6,225\ntaxes $24,812 $25,361 $20,594 $12,518 $6,194\n $18,485 $22,112 $15,934 $10,217 $3,688\n B stockholders $18,485 $22,111 $15,920 $10,188 $3,669\n Earnings share\n $6. $7. $5.\n $6. $7. $5." +} +{ + "_id": "d1b344f08", + "title": "", + "text": "Repurchase of Company Shares\nIn November 2018, the Board of Directors authorized management to repurchase up to an additional $5.0 billion of Common Stock on such terms and conditions as it deems appropriate. These repurchases can be conducted on the open market or as private purchases and may include the use of derivative contracts with large financial institutions, in all cases subject to compliance with applicable law. This repurchase program has no termination date and may be suspended or discontinued at any time. Funding for this share repurchase program may be through a combination of cash on hand, cash generation, and borrowings. As of June 30, 2019, we have purchased approximately $2.0 billion of shares under this authorization, $0.5 billion via open market trading and $1.5 billion utilizing accelerated share repurchase arrangements.\nAccelerated Share Repurchase Agreements\nOn June 4, 2019, we entered into four separate accelerated share repurchase agreements (collectively, the “June 2019 ASR”) with two financial institutions to repurchase a total of $750 million of Common Stock. We took an initial delivery of approximately 3.1 million shares, which represented 75% of the prepayment amount divided by our closing stock price on June 4, 2019. The total number of shares received under the June 2019 ASR will be based upon the average daily volume weighted average price of our Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the June 2019 ASR is anticipated to occur no later than November 20, 2019.\nOn January 31, 2019, we entered into two separate accelerated share repurchase agreements (collectively, the “January 2019 ASR”) with two financial institutions to repurchase a total of $760 million of Common Stock. We took an initial delivery of approximately 3.3 million shares, which represented 75% of the prepayment amount divided by our closing stock price on January 30, 2019. The total number of shares received under the January 2019 ASR was based upon the average daily volume weighted average price of our Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the agreements occurred during May 2019, resulted in the receipt of approximately 0.8 million additional shares, which yielded a weighted-average share price of approximately $182.32 for the transaction period.\nShare repurchases, including those under the repurchase program, were as follows:\n(1) During the fiscal year ended June 30, 2019, we acquired 0.5 million shares at a total cost of $80.5 million which we withheld through net share settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under our equity compensation plans. The shares retained by us through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under our equity compensation plan.\n(2) Average price paid per share excludes effect of accelerated share repurchases, see additional disclosure above regarding our accelerated share repurchase activity during the fiscal year.\n\nPeriod | Total Number of Shares Repurchased (1) | Average Price Paid per Share(2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Amount Available Under Repurchase Program\n------------------------------------------------- | -------------------------------------- | ------------------------------------- | -------------------------------------------------------------------------------- | -----------------------------------------\n | | (in thousands, except per share data) | | \nAvailable balance as of June 24, 2018 | | | | $1,733,638 \nQuarter ended September 23, 2018 | 7,821 | $183.46 | 7,807 | 108 \nBoard authorization, $5.0 billion, November 2018 | | | | 5,000,000 \nQuarter ended December 23, 2018 | 1,693 | $145.30 | 1,683 | 5,000,000 \nQuarter ended March 31, 2019 | 6,125 | $172.06 | 5,702 | 4,138,494 \nApril 1, 2019 - April 28, 2019 | 3 | $193.52 | — | 4,138,494 \nApril 29, 2019 - May 26, 2019 | 1,147 | $190.89 | 1,143 | 3,920,258 \nMay 27, 2019 - June 30, 2019 | 4,728 | $176.68 | 4,724 | 3,033,500 \nTotal | 21,517 | $181.72 | 21,059 | $ 3,033,500 \n\nRepurchase Company Shares\n November 2018 Board Directors authorized management repurchase additional $5. 0 billion Common Stock. repurchases open market private derivative contracts financial institutions subject compliance law. program no termination suspended discontinued. Funding cash cash generation borrowings. June 30, 2019 purchased $2. 0 billion $0. 5 billion open market trading $1. 5 billion accelerated share repurchase arrangements.\n June 4, 2019 two financial institutions repurchase $750 million Common Stock. initial delivery 3. 1 million shares 75% prepayment closing stock price June 4. total shares based average daily volume price Common Stock less discount. Final settlement November 20, 2019.\n January 31, 2019 two agreements repurchase $760 million Common Stock. initial delivery 3. 3 million shares 75% prepayment closing stock price. total shares based average daily volume price Common Stock less discount.settlement agreements May 2019 receipt. 8 million additional shares-average share price $182. 32.\n Share repurchases\n fiscal year June 30 2019 acquired. 5 million shares $80. 5 million withheld net share settlements tax restricted stock awards equity compensation plans. shares retained not Board-authorized repurchase program authorized equity compensation plan.\n Average price paid per share excludes accelerated share repurchases.\n Total Number Shares Repurchased Average Price Paid per Shares Publicly Announced Plans Programs Amount Repurchase Program\n balance June 24, 2018 $1,733,638\n Quarter September 23, 2018 $183.\n Board authorization $5. billion November 2018\n Quarter December 23, 2018 1,693 $145.\n Quarter March 31, 2019,125 $172. 4,138,494\n April 1, 28,.\n April 26, $190.1,143,258\n May June 30 $176. 3,033,500\n 21,517 $181. 21,059 3,033" +} +{ + "_id": "d1b335d96", + "title": "", + "text": "31. NET DEFERRED GAIN (Cont’d)\nNetLink Trust (“NLT”) is a business trust established as part of the Info-communications Media Development Authority of Singapore’s effective open access requirements under Singapore’s Next Generation Nationwide Broadband Network.\nIn prior years, Singtel had sold certain infrastructure assets, namely ducts, manholes and exchange buildings (“Assets”) to NLT. At the consolidated level, the gain on disposal of Assets recognised by Singtel is deferred in the Group’s statement of financial position and amortised over the useful lives of the Assets. The unamortised deferred gain is released to the Group’s income statement when NLT is partially or fully sold, based on the proportionate equity interest disposed.\nSingtel sold its 100% interest in NLT to NetLink NBN Trust (the “Trust”) in July 2017 for cash as well as a 24.8% interest in the Trust. Net deferred gains of S$1.10 billion were correspondingly released to the Group’s income statement in the previous financial year upon this sale. Following the divestment, Singtel ceased to own units in NLT but continues to have an interest of 24.8% in the Trust which owns all the units in NLT.\n\nSingtel sold its 100% interest in NLT to NetLink NBN Trust (the “Trust”) in July 2017 for cash as well as a 24.8% interest in the Trust. Net deferred gains of S$1.10 billion were correspondingly released to the Group’s income statement in the previous financial year upon this sale. Following the divestment, Singtel ceased to own units in NLT but continues to have an interest of 24.8% in the Trust which owns all the units in NLT.\n\n | | Group | \n------------------------------------------------ | -------- | -------- | -------\n | 31 March | 31 March | 1 April\n | 2019 | 2018 | 2017 \n | S$ Mil | S$ Mil | S$ Mil \nUnamortised deferred gain | 446.3 | 452.7 | 1,616.5\nReclassification from ‘Associates’ (see Note 23) | (50.5) | (74.9) | (265.0)\nNet deferred gain | 395.8 | 377.8 | 1,351.5\nClassified as – | | | \nCurrent | 20.8 | 20.1 | 68.8 \nNon-current | 375.0 | 357.7 | 1,282.7\n | 395.8 | 377.8 | 1,351.5\n\n. NET DEFERRED GAIN\n NetLink Trust Info-communications Media Development Authority Next Generation Nationwide Broadband Network.\n Singtel sold infrastructure assets manholes exchange buildings NLT. gain on disposal deferred financial position amortised over lives. unamortised deferred gain released income when NLT or sold equity.\n Singtel sold 100% interest NLT NetLink NBN Trust July 2017 for cash 24. 8% interest. Net deferred gains S$1. 10 billion released income year. Singtel ceased units NLT interest 24. 8%.\n Singtel sold 100% interest NLT NetLink Trust July 2017 for cash 24. 8% interest. Net deferred gains S$1. 10 billion released. Singtel ceased own units interest 24. 8% Trust units.\n 31 March 1 April\n 2019 2018\n Unamortised deferred gain 446. 1,616.\nReclassification Note 23 (50. 9).\n deferred gain 395. 377. 8 1,351.\n 20. 8. 68.\n Non-current 375. 357. 7 1,282.\n. 1,351." +} +{ + "_id": "d1b3b7846", + "title": "", + "text": "5. Income taxes: (Continued)\nOur consolidated temporary differences comprising our net deferred tax assets are as follows (in thousands):\nAt each balance sheet date, the Company assesses the likelihood that it will be able to realize its deferred tax assets. The Company considers all available positive and negative evidence in assessing the need for a valuation allowance. The Company maintains a full valuation allowance against certain of its deferred tax assets consisting primarily of net operating loss carryforwards related to its foreign operations in Canada, Europe, Asia, Latin America and Australia and net operating losses in the United States that are limited for use under Section 382 of the Internal Revenue Code.\nAs of December 31, 2019, the Company has combined net operating loss carry-forwards of $994.0 million. This amount includes federal net operating loss carry-forwards in the United States of $97.6 million, net operating loss carry-forwards related to its European, Mexican, Canadian and Asian operations of $890.1 million, $3.3 million, $1.8 million and $1.0 million, respectively. Section 382 of the Internal Revenue Code in the United States limits the utilization of net operating losses when ownership changes, as defined by that section, occur. The Company has performed an analysis of its Section 382 ownership changes and has determined that the utilization of certain of its net operating loss carryforwards in the United States is limited based on the annual Section 382 limitation and remaining carryforward period. Of the net operating losses available at December 31, 2019 in the United States $38.4 million are limited for use under Section 382. Net operating loss carryforwards outside of the United States totaling $896.4 million are not subject to limitations similar to Section 382. The net operating loss carryforwards in the United States will expire, if unused, between 2025 and 2036. The net operating loss carry-forwards related to the Company's Mexican, Asian and Canadian operations will expire if unused, between 2020 and 2029. The net operating loss carry- forwards related to the Company's European operations include $744.6 million that do not expire and $145.5 million that expire between 2020 and 2035.\nOther than the $2.3 million transition tax recorded in the year ended December 31, 2017 as a result of its foreign earnings the Company has not provided for United States deferred income taxes or foreign withholding taxes on its undistributed earnings for certain non-US subsidiaries earnings or cumulative translation adjustments because these earnings and adjustments are intended to be permanently reinvested in operations outside the United States. It is not practical to determine the amount of the unrecognized deferred tax liability on such undistributed earnings or cumulative translation adjustments.\n\n | December 31, | \n------------------------------------- | ------------ | ---------\n | 2019 | 2018 \nDeferred Tax Assets: | | \nNet operating loss carry-forwards | $255,269 | $255,235 \nTax credits | 2,261 | 2,458 \nEquity-based compensation | 4,116 | 3,322 \nOperating leases | 32,289 | — \nTotal gross deferred tax assets | 293,935 | 261,015 \nValuation allowance | (131,069) | (126,579)\n | 162,866 | 134,436 \nDeferred Tax Liabilities: | | \nDepreciation and amortization | 34,884 | 29,769 \nAccrued liabilities and other | 107,711 | 101,934 \nRight-of-use assets | 29,670 | — \nGross deferred tax liabilities | 172,265 | 131,703 \nNet deferred tax (liabilities) assets | $(9,399) | $2,733 \n\n. Income taxes\n consolidated differences deferred tax assets\n Company assesses likelihood deferred tax assets. considers evidence valuation allowance. maintains full valuation allowance against deferred tax assets net operating loss carryforwards foreign operations Canada Europe Asia Latin America Australia United States limited Section 382 Internal Revenue Code.\n December 31, 2019 Company combined net operating loss carry-forwards $994. 0 million. federal $97. 6 million European Mexican Canadian Asian operations $890. 1 million $3. 3 million $1. 8 million $1. 0 million. Section 382 limits utilization ownership changes. utilization carryforwards limited 382 limitation. losses December 31, 2019 $38. 4 million limited Section 382. loss carryforwards outside States $896. 4 million not subject limitations. carryforwards United States expire 2025 2036. Mexican Asian Canadian operations 2020 2029. loss European operations include $744. 6 million $145.million expire 2020 2035.\n $2. 3 million transition tax December 2017 Company States deferred income undistributed non-US subsidiaries. unrecognized deferred tax liability.\n Deferred Tax Assets\n Net operating loss carry-forwards $255,269\n Tax credits 2,261\n Equity compensation 4,116\n Operating leases 32,289\n deferred tax assets 293,935 261,015\n Valuation allowance (131,069)\n Deferred Tax Liabilities\n Depreciation amortization 34,884\n Accrued liabilities 107,711\n Right-of-use assets 29,670\n Gross deferred tax liabilities 172,265 131,703\n Net deferred tax $,399) $2,733" +} +{ + "_id": "d1b3393c4", + "title": "", + "text": "The funded status of the plans was as follows:\n(in thousands)\n\n | Years Ended March 31, | \n----------------------------------- | --------------------- | ---------\n | 2019 | 2018 \nFair value of plan assets | $90,365 | $84,718 \nLess: projected benefit obligations | 143,662 | 128,915 \nUnderfunded status | $(53,297) | $(44,197)\n\nfunded status plans\n Ended March 31,\n assets $90,365 $84,718\n obligations 143,662 128,915\n Underfunded $(53,297 $(44,197)" +} +{ + "_id": "d1b36de6c", + "title": "", + "text": "Property and Equipment\nProperty and equipment are stated at cost. Depreciation of these assets is generally computed using the straight-line method over their estimated useful lives based on asset class. As of December 31, 2019 and 2018, net property and equipment consisted of the following (in thousands):\n\n | | December 31, | \n------------------------------ | --------------------------------------------------------------- | ------------ | ----------\n | Useful Lives | 2019 | 2018 \nComputer and office equipment | 3 - 5 years | $143,942 | $129,359 \nLeasehold improvements lease | Lesser of useful life of improvement or remaining life of lease | 33,346 | 32,096 \nFurniture and fixtures | 7 years | 12,980 | 12,500 \nBuilding and improvements | 7 - 30 years | 14,553 | 14,381 \nLand | Non-depreciable | 1,785 | 1,785 \nProperty and equipment, gross | | 206,606 | 190,121 \nLess: accumulated depreciation | | (136,226 ) | (117,392 )\nProperty and equipment, net | | $ 70,380 | $ 72,729 \n\nProperty Equipment\n cost. Depreciation computed-line estimated lives. December 31, 2019 2018 net property equipment\n Computer office equipment 3 - 5 years $143,942 $129,359\n Leasehold improvements 33,346\n Furniture fixtures 7 years 12,980\n Building improvements 7 - 30 years 14,553\n Land Non-depreciable 1,785\n Property equipment 206,606 190,121\n accumulated depreciation (136,226 (117,392\n $ 70,380 $ 72,729" +} +{ + "_id": "d1b372692", + "title": "", + "text": "Markets and Pricing\nThe three largest customer markets in the fresh and frozen chicken industry are food service customers that purchase fresh, bulk-packed products produced from a relatively big bird, retail grocery store customers that purchase fresh, tray- packed products produced from a medium-sized bird, and quick-serve food service customers that purchase products produced from relatively small birds.\nThe following table sets forth, for each of the Company’s poultry processing plants, the general customer market to which the plant is devoted, the weekly capacity of each plant at full capacity expressed in number of head processed, and the industry's average size of birds processed in the relevant market.\nOur big bird plants process a relatively large bird. The chicken products produced at these plants is generally sold as fresh, bulk-packed chicken cut into a variety of products, including boneless breast meat, chicken tenders, whole and cut wings and boneless thigh meat, and is sold primarily to restaurants, food service customers and further processors at negotiated spreads from quoted commodity market prices for those products. We have long-term contracts with many of our customers for these products produced at our big bird plants, but prices for products sold pursuant to those contracts fluctuate based on quoted commodity market prices. The contracts do not require the customers to purchase, or the Company to sell, any specific quantity of product. The dark meat from these birds that is not deboned is sold primarily as frozen leg quarters in the export market or as fresh whole legs to further processors. While we have long-standing relationships with many of our export partners, virtually all of our export sales are at negotiated or spot commodity prices, which prices exhibit fluctuations typical of commodity markets. We have few long-term contracts for this product.\nAs of October 31, 2019, the Company had the capacity to process 7.1 million head per week in its big bird plants, and its results are materially affected by fluctuations in the commodity market prices for boneless breast meat, chicken tenders, wings, leg quarters and boneless thigh meat as quoted by Urner Barry.\nUrner Barry is an independent company specializing in the timely, accurate and independent reporting on market news and market price quotations to its customers in various food and protein industries, including poultry. The Urner Barry spot market prices for boneless breast meat, chicken tenders, leg quarters, whole wings and boneless thighs for the past five calendar years are set forth below and are published with Urner Barry's permission. Realized prices will not necessarily equal quoted market prices since most contracts offer negotiated discounts to quoted market prices, which discounts are negotiated on a customer by customer basis and are influenced by many factors. Selection of a particular market price benchmark is largely customer driven:\nOur chill-pack plants process medium sized birds and cut and package the product in various sized individual trays to customers’ specifications. The trays are weighed and pre-priced primarily for customers to resell through retail grocery outlets. While the Company sells some of its chill-pack product under store brand names, most of its chill-pack production is sold under the Company’s Sanderson Farms® brand name. The Company has long-term contracts with most of its chill-pack customers. These agreements typically provide for the pricing of product based on agreed upon, flat prices or on negotiated formulas that use an agreed upon, regularly quoted market price as the base, as well as various other guidelines for the relationship between the parties. All of our contracts with retail grocery store customers also provide for the sale of negotiated quantities of product at periodically negotiated prices, rather than the flat and formula-driven prices discussed above. None of our contracts with retail grocery store customers require the customers to purchase, or the Company to sell, any specific quantity of product. As of October 31, 2019, the Company had the capacity to process 6.5 million head per week at its chill-pack plants, and its results are materially affected by fluctuations in Urner Barry prices and other market benchmarks.\nAs with products produced at our big bird plants, selection of the desired methodology for pricing chill-pack products is largely customer driven. Prior to the discontinuation in November 2016 of the Georgia Dock index, which had been published by the Georgia Department of Agriculture, many of our chill-pack customers used that index as the base for pricing formulas. As new and renewing contracts have been negotiated, many of our chill-pack customers chose to negotiate flat prices for the life of the contracts, while some of our customers have chosen to use an index published by Express Markets, Inc. (\"EMI\").\nAlmost all of our products sold by our prepared chicken plant are sold under long-term contracts at fixed prices related to the spot commodity price of chicken at the time the contract is negotiated, plus a premium for additional processing.\n\nPlant Location | Market | Capacity Per Week | Industry Bird Size\n------------------------- | ----------------- | ------------------- | ------------------\nLaurel, Mississippi | Big Bird | 650,000 | 8.95 \nHammond, Louisiana | Big Bird | 650,000 | 8.95 \nHazlehurst, Mississippi | Big Bird | 650,000 | 8.95 \nCollins, Mississippi | Big Bird | 1,300,000 | 8.95 \nWaco, Texas | Big Bird | 1,300,000 | 8.95 \nPalestine, Texas | Big Bird | 1,300,000 | 8.95 \nSt. Pauls, North Carolina | Big Bird | 1,300,000 | 8.95 \nMcComb, Mississippi | Chill-Pack Retail | 1,300,000 | 6.52 \nBryan, Texas | Chill-Pack Retail | 1,300,000 | 6.52 \nMoultrie, Georgia | Chill-Pack Retail | 1,300,000 | 6.52 \nKinston, North Carolina | Chill-Pack Retail | 1,300,000 | 6.52 \nTyler, Texas | Chill-Pack Retail | 1,300,000 | 6.52 \n\nMarkets Pricing\n three largest markets in fresh frozen chicken industry food service retail medium-sized quick-serve small.\n table poultry processing plants customer market weekly capacity average size birds.\n big bird plants process large bird. chicken products sold as fresh bulk-packed chicken boneless breast meat chicken tenders whole wings boneless thigh meat to restaurants food service customers further processors at negotiated spreads from commodity market prices. long-term contracts for products prices fluctuate based commodity market prices. require quantity. dark meat sold as frozen leg quarters or fresh whole legs. sales at negotiated spot commodity prices. few long-term contracts for product.\n October 31, 2019 Company process 7. 1 million head per week bird plants results affected by fluctuations commodity market prices for boneless breast meat chicken tenders wings leg quarters boneless thigh meat.\nUrner Barry independent company reporting market news price quotations food protein industries including poultry. Urner Barry spot market prices for boneless breast meat chicken tenders leg quarters whole wings boneless thighs past five years published with permission. Realized prices not equal quoted market prices contracts offer negotiated discounts. Selection market price benchmark customer driven\n chill-pack plants process medium sized birds package product trays to specifications. trays weighed pre-priced for retail grocery outlets. sells product under brand names Sanderson Farms® brand name. long-term contracts with chill-pack customers. pricing flat prices negotiated formulas guidelines. contracts with sale negotiated quantities negotiated prices. contracts require specific quantity. As October 31, 2019 process 6. 5 million head per week plants results affected by fluctuations Urner Barry prices market benchmarks.\n pricing chill-pack customer driven.discontinuation November 2016 Georgia Dock index published Georgia Department of Agriculture chill-pack customers used index pricing formulas. new contracts negotiated flat prices some index Express Markets Inc.\n products sold prepared chicken plant long-term contracts at fixed prices spot commodity price chicken premium for additional processing.\n Plant Location Market Capacity Per Week Industry Bird Size\n Laurel, Mississippi Big Bird 650,000 .\n Hammond, Louisiana.\n Hazlehurst, Mississippi.\n Collins, Mississippi 1,300,000.\n Waco, Texas.\n Palestine Texas.\n. Pauls, North Carolina.\n McComb, Mississippi 1,300,000.\n Bryan, Texas 1.\n Moultrie, Georgia 1.\n Kinston, North Carolina.\n Tyler, Texas 1,300,000." +} +{ + "_id": "d1b32c16a", + "title": "", + "text": "Transactions involving stock options issued to employees are summarized as follows:\nThe expected life of awards granted represents the period of time that they are expected to be outstanding. The Company determines the expected life based on historical experience with similar awards, giving consideration to the contractual terms, vesting schedules, exercise patterns and pre-vesting and post-vesting forfeitures. The Company estimates the volatility of the Company’s common stock based on the calculated historical volatility of the Company’s common stock using the share price data for the trailing period equal to the expected term prior to the date of the award. The Company bases the risk-free interest rate used in the Black-Scholes option valuation model on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent remaining term equal to the expected life of the award. The Company has not paid any cash dividends on the Company’s common stock and does not anticipate paying any cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero in the Black-Scholes option valuation model. The Company uses historical data to estimate pre-vesting option forfeitures and records share-based compensation for those awards that are expected to vest. In accordance with ASC 718-10, the Company calculates share-based compensation for changes to the estimate of expected equity award forfeitures based on actual forfeiture experience.\n\n | Number of Shares | Weighted Average Exercise Price Per Share\n-------------------------------- | ---------------- | -----------------------------------------\nOutstanding at January 1, 2018 | 4,376,474 | $0.16 \nGranted | 67,394 | 0.17 \nExercised | – | – \nCancelled or expired | (1,094,075) | 0.14 \nOutstanding at December 31, 2018 | 3,349,793 | $0.16 \nGranted | – | – \nExercised | – | – \nCancelled or expired | – | – \nOutstanding at December 31, 2019 | 3,349,793 | $0.16 \n\nTransactions stock options employees\n expected life awards represents. Company determines life experience contractual terms vesting schedules exercise patterns pre forfeitures. estimates volatility common stock historical volatility price data term award. bases risk-free interest rate Black-Scholes option valuation model implied yield U. S. Treasury zero-coupon issues term life. paid cash dividends anticipate. uses expected dividend yield zero Black-Scholes option valuation model. uses historical data pre-vesting option forfeitures records share-based compensation awards expected vest. calculates compensation equity award forfeitures forfeiture experience.\n Weighted Average Exercise Price Per Share\n Outstanding January 1, 2018 4,376,474.\n Granted.\n Exercised\n Cancelled expired (1,094,075).\n December 31, 2018 3,349,793.\n Granted\n Cancelled expired\n December 31, 2019 3,349,793." +} +{ + "_id": "d1a71a016", + "title": "", + "text": "Annual Dividends Paid and Proposed\nThe following table sets forth in euro the annual dividends paid or proposed to be paid per ordinary share in respect of each of the years indicated. One SAP ADR currently represents one SAP SE ordinary share. Accordingly, the final dividend per ADR is equal to the dividend for one SAP SE ordinary share and is dependent on the euro/U.S. dollar exchange rate. The table does not reflect tax credits that may be available to German taxpayers who receive dividend payments. If you own our ordinary shares or ADRs and if you are a U.S. resident, refer to “Item 10. Additional Information — Taxation,” for further information.\n(1) Translated for the convenience of the reader from euro into U.S. dollars at the Noon Buying Rate for converting euro into U.S. dollars on the dividend payment date. The Depositary is required to convert any dividend payments received from SAP as promptly as practicable upon receipt.\n(2) Subject to approval at the Annual General Meeting of Shareholders of SAP SE currently scheduled to be held on May 15, 2020.\n(3) Translated for the convenience of the reader from euro into U.S. dollars at the Noon Buying Rate for converting euro into U.S. dollars on February 7, 2020 of US$1.0950 per €1.00. The dividend paid may differ due to changes in the exchange rate.\nThe amount of dividends paid on the ordinary shares depends on the amount of profits to be distributed by SAP SE, which depends in part upon our financial performance. In addition, the amount of dividends received by holders of ADRs may be affected by fluctuations in exchange rates (see “Item 3. Key Information — Exchange Rates”). The timing, declaration, amount and payment of any future dividend will depend upon our future earnings, capital needs and other relevant factors, in each case as proposed by the Executive Board and the Supervisory Board of SAP SE and approved by the Annual General Meeting of Shareholders.\nIn light of SAP’s strong financial performance and healthy balance sheet, the Supervisory Board of SAP SE approved, on November 4, 2019, the Executive Board’s plan for enhanced capital return in 2020. Under this new program, the Company intends to repurchase shares and/or issue a special dividend with a combined volume of €1.5 billion by December 31, 2020.\n\n | Dividend Paid per Ordinary Share | \n----------------------- | -------------------------------- | -------------\nYear Ended December 31, | € | US$ \n2015 | 1.15 | 1.30 (1) \n2016 | 1.25 | 1.37 (1) \n2017 | 1.40 | 1.65 (1) \n2018 | 1.50 | 1.68 (1) \n2019 (proposed) | 1.58 (2) | 1.73 (2), (3)\n\nAnnual Dividends Paid Proposed\n table euro annual dividends per ordinary share. One SAP ADR represents one SAP SE ordinary share. final dividend per ADR equal one SAP SE share euro/U. dollar exchange rate. tax credits German taxpayers. shares ADRs U. resident refer “Item 10. Additional Information Taxation.\n Translated euro into. dollars. dividend Depositary convert dividend payments receipt.\n approval Annual General Meeting Shareholders SAP May 15, 2020.\n Translated euro. dollars Noon converting. February 7, 2020 US$1. 0950 per €1. dividend differ exchange rate.\n dividends depends profits SAP SE financial performance. dividends ADRs affected exchange rates “Item 3. Key Information Exchange. timing amount payment future dividend future earnings capital needs factors proposed Executive Board Supervisory Board SAP approved Annual General Meeting Shareholders.\nstrong financial performance balance Supervisory Board approved November 4 2019 plan enhanced capital return 2020. Company repurchase shares issue special dividend €1. 5 billion December 31, 2020.\n Dividend Paid Ordinary Share\n Ended December 31, US$\n 2015. 15. 30\n. 25. 37\n. 65\n. 50. 68\n. 58. 73" +} +{ + "_id": "d1a727810", + "title": "", + "text": "B. Remuneration to other directors:\n* Relinquished the position of Independent Director w.e.f. July 10, 2018.\n** Relinquished the position of Independent Director w.e.f. September 28, 2018.\n*** Appointed as Additional and Independent Director w.e.f. December 18, 2018.\n**** Appointed as an Additional and Independent Director w.e.f. January 10, 2019.\n@ As a policy, N Chandrasekaran, Chairman, has abstained from receiving commission from the Company.\n@@ In line with the internal guidelines of the Company, no payment is made towards commission to the Non-Executive Directors of the Company, who are in full time employment with any other Tata company.\n\n | | | | (` lakh) \n----------------------------------------------------------------------------------------------- | ---------------------------------------------------- | ---------- | ---------------------- | ------------\nParticulars of Remuneration | Sitting Fees for attending board/ committee meetings | Commission | Others, please specify | Total Amount\n1. Independent Directors | | | | \nAman Mehta | 4.80 | 315.00 | - | 319.80 \nV Thyagarajan* | 3.00 | 100.00 | - | 103.00 \nProf Clayton M Christensen** | 0.30 | 75.00 | - | 75.30 \nDr Ron Sommer | 5.10 | 220.00 | - | 225.10 \nO P Bhatt | 7.50 | 215.00 | - | 222.50 \nDr Pradeep Kumar Khosla | 2.10 | 150.00 | - | 152.10 \nHanne Sorensen*** | 0.60 | 50.00 | - | 50.60 \nKeki Mistry*** | 0.60 | 50.00 | - | 50.60 \nDon Callahan**** | 0.30 | 35.00 | - | 35.30 \nTotal (1) | 24.30 | 1,210.00 | - | 1,234.30 \n2. Other Non-Executive Directors | | | | \nN Chandrasekaran@ | 3.60 | - | - | 3.60 \nAarthi Subramanian@@ | 5.70 | - | - | 5.70 \nTotal (2) | 9.30 | - | - | 9.30 \nTotal (B)=(1+2) | 33.60 | 1,210.00 | - | 1,243.60 \nTotal Managerial Remuneration | | | | \nCeiling as per the Act (@1% of profits calculated under Section 198 of the Companies Act, 2013) | | 40,434.81 | | \n\n. Remuneration directors\n Relinquished Independent Director. July 10, 2018.\n Relinquished Independent Director. September 28, 2018.\n Appointed Additional Independent Director. December 18, 2018.\n Additional Independent Director. January 10, 2019.\n Chandrasekaran Chairman abstained receiving commission Company.\n no payment commission Non-Executive Directors full time employment Tata company.\n Remuneration Sitting Fees attending board committee meetings specify Total Amount\n. Independent Directors\n Aman Mehta 4. 315. 319.\n Thyagarajan 3. 100. 103.\n Clayton M. 75.\n Ron Sommer 5. 220. 225.\n 7. 215. 222.\n Pradeep Kumar Khosla 2. 150. 152.\n Hanne Sorensen***. 50.\n Mistry***. 50.\n Don Callahan****. 35.\n 24. 1,210. 1,234.\n.Non-Executive Directors\n Chandrasekaran 3. 60.\n Aarthi 5. 70.\n 9. 30.\n=(1+2 33. 60 1,210. 1,243. 60\n Managerial Remuneration\n (@1% profits Section 198 Companies Act 2013) 40,434. 81" +} +{ + "_id": "d1b3b23be", + "title": "", + "text": "Net sales\nNet sales of $1.2 billion for fiscal year 2018 increased 58.5% from $757.3 million for fiscal year 2017. Solid Capacitor and Film and Electrolytic sales increased by $196.1 million and $19.7 million, respectively and net sales for MSA, our new reportable segment in fiscal year 2018, was $227.0 million. Prior to the acquisition of TOKIN on April 19, 2017, the Company did not have any MSA sales.\nThe increase in Solid Capacitors net sales was primarily driven by the addition of net sales of $133.8 million resulting from the TOKIN acquisition and an increase in net sales to the legacy products distributor channel of $81.7 million. To a lesser degree, an increase in legacy Ceramic products' net sales of $6.0 million in the EMS channel across all regions and $10.2 million in the OEM channel in the EMEA and APAC regions also contributed to the increase in Solid Capacitors net sales. These increases were partially offset by a $28.0 million decrease in net sales in the OEM channel for legacy Tantalum products across all regions. In addition, Solid Capacitors net sales was favorably impacted by $6.1 million from foreign currency exchange due to the change in the value of the Euro compared to the U.S. dollar.\nThe increase in Film and Electrolytic net sales was driven by an increase in net sales in the distributor channel across the APAC and EMEA regions of $13.7 million, and to a lesser degree, a $3.3 million increase in net sales in the OEM channel of the EMEA region and a $4.2 million increase in the EMS channel across the Americas, EMEA, and APAC regions. These increases were partially offset by a decrease in net sales of $1.2 million in the OEM channel across the Americas, APAC, and JPKO regions. In addition, there was a favorable impact of $7.6 million from foreign currency exchange primarily due to the change in the value of the Euro compared to the U.S. dollar.\nIn fiscal years 2018 and 2017, net sales by region were as follows (dollars in thousands):\n\n | Fiscal Year 2018 | | Fiscal Year 2017 | \n-------- | ---------------- | ---------- | ---------------- | ----------\n | Net Sales | % of Total | Net Sales | % of Total\nAPAC | $479,987 | 40.0% | $288,764 | 38.1% \nEMEA | 277,898 | 23.1% | 237,437 | 31.4% \nAmericas | 259,105 | 21.6% | 224,056 | 29.6% \nJPKO | 183,191 | 15.3% | 7,081 | 0.9% \nTotal | $ 1,200,181 | | $ 757,338 | \n\n\n $1. 2 billion 2018 increased. 5% from $757. 3 million 2017. Solid Capacitor Film Electrolytic increased $196. 1 million $19. 7 million MSA $227. 0 million. acquisition TOKIN 2017 MSA sales.\n increase Solid Capacitors driven $133. 8 million TOKIN acquisition products distributor channel $81. 7 million. increase Ceramic products sales $6. 0 million EMS channel $10. 2 million OEM EMEA APAC. offset $28. 0 million decrease OEM Tantalum products. impacted $6. 1 million foreign currency exchange Euro. dollar.\n increase Film Electrolytic sales driven distributor APAC EMEA $13. 7 million $3. 3 million increase OEM EMEA $4. 2 million increase EMS channel Americas EMEA APAC. offset decrease sales $1. 2 million OEM channel Americas APAC JPKO regions. impact $7. 6 million foreign currency exchange Euro.\n 2018 2017 net sales region\n 2018 2017\n\n Net Sales %\n APAC $479,987 40. $288,764 38.\n EMEA 277,898 23. 237,437.\n Americas 259,105 21. 224,056 29.\n JPKO 183,191 15.\n 1,200,181 757,338" +} +{ + "_id": "d1b34c80c", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nThe table below summarizes the restructuring charges for the years ended:\n\n | 2019 | 2018 | Cumulative Cost Through December 31, 2019\n--------------------------------------- | ------ | ------ | -----------------------------------------\nSeverance and related charges | $3,041 | $4,239 | $7,280 \nFacility relocation and closure charges | 1,996 | — | 1,996 \nTotal restructuring charges | $5,038 | $4,239 | $9,277 \n\nADVANCED ENERGY INDUSTRIES. FINANCIAL STATEMENTS share\n table restructuring charges\n 31, 2019\n Severance charges $3,041 $4,239 $7,280\n Facility relocation closure 1,996\n restructuring $5,038 $4,239 $9,277" +} +{ + "_id": "d1b338c9e", + "title": "", + "text": "14. Net Loss Per Share\nBasic net loss per common share for the years ended December 31, 2019 and 2018 was computed by dividing the net loss attributable to Neonode Inc. for the relevant period by the weighted average number of shares of common stock outstanding during the year. Diluted loss per common share is computed by dividing net loss attributable to Neonode Inc. for the relevant period by the weighted average number of shares of common stock and common stock equivalents outstanding during the year.\nPotential common stock equivalents of approximately 0 and 350,000 outstanding stock warrants, 0 and 11,000 shares issuable upon conversion of preferred stock and 0 and 0 stock options are excluded from the diluted earnings per share calculation for the years ended December 31, 2019 and 2018, respectively, due to their anti-dilutive effect.\n\n(In thousands, except per share amounts) | Years ended December 31, | \n---------------------------------------------------- | ------------------------ | --------\n | 2019 | 2018 \nBASIC AND DILUTED | | \nWeighted average number of common shares outstanding | 8,844 | 5,884 \nNet loss attributable to Neonode Inc. | $(5,298) | $(3,060)\nNet loss per share basic and diluted | $(0.60) | $(0.52) \n\n. Net Loss Per Share\n December 31, 2019 2018 computed loss Neonode Inc. shares common stock. Diluted loss Neonode Inc. shares common equivalents.\n 0 350,000 stock warrants 11,000 shares preferred stock stock options excluded diluted earnings per share December 31, 2019 2018 anti-dilutive effect.\n Years December\n 2019 2018\n DILUTED\n Weighted average shares 8,844 5,884\n Net loss Neonode Inc. $(5,298) $(3,060)\n Net loss per share basic diluted $(0. $." +} +{ + "_id": "d1b39bad8", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued)\n(in thousands, except per share amounts)\nIn 2019, Advanced Energy finalized the assessment of fair value for the assets acquired and liabilities assumed related to the LumaSense acquisition. The following table summarizes the fair values of the assets acquired and liabilities assumed from the LumaSense acquisition, including measurement period adjustments.\nDuring 2019, we adjusted the estimated values of the assets acquired and liabilities assumed based upon the final valuation report. These adjustments included additional liabilities, changes to deferred taxes and changes in the allocation of excess purchase price between goodwill and intangibles.\n\n | Preliminary: December 31, 2018 | Measurement Period Adjustments | Adjusted: December 31, 2019\n--------------------------------------- | ------------------------------ | ------------------------------ | ---------------------------\nAccounts and other receivable, net | $ 7,167 | $ - | $ 7,167 \nInventories | 9,372 | - | 9,372 \nProperty and equipment | 1,353 | - | 1,353 \nGoodwill | 48,032 | (11,774) | 36,258 \nIntangible assets | 26,000 | 17,240 | 43,240 \nDeferred income tax assets | 8,116 | (1,785) | 6,331 \nOther assets | 5,126 | 878 | 6,004 \nTotal assets acquired | 105,166 | 4,559 | 109,725 \nAccounts payable | 5,734 | - | 5,734 \nDeferred income tax liabilities | 7,984 | 3,715 | 11,699 \nOther liabilities | 6,764 | 844 | 7,608 \nTotal liabilities assumed | 20,482 | 4,559 | 25,041 \nTotal fair value of net assets acquired | $ 84,684 | $ - | $ 84,684 \n\nADVANCED ENERGY INDUSTRIES.\n FINANCIAL STATEMENTS\n share\n 2019 assessment fair value assets liabilities LumaSense acquisition. table summarizes fair values adjustments.\n adjusted values final valuation report. adjustments additional liabilities deferred taxes excess purchase price goodwill intangibles.\n Preliminary December 31, 2018 December 31, 2019\n Accounts receivable $ 7,167\n Inventories 9,372\n Property equipment 1,353\n Goodwill 48,032\n Intangible assets 26,000\n Deferred income tax assets 8,116\n Other assets,126\n Total assets acquired 105,166\n Accounts payable 5,734\n Deferred income tax liabilities 7,984\n Other liabilities 6,764\n liabilities assumed 20,482\n Total fair value net assets acquired $ 84,684" +} +{ + "_id": "d1a71b628", + "title": "", + "text": "The deferred tax assets and liabilities result from differences in the timing of the recognition of certain income and expense items for tax and financial accounting purposes. The sources of these differences at each balance sheet date are as follows (in thousands):\nIn assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers projected future taxable income, carryback opportunities, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods which the deferred tax assets are deductible, the Company believes it is more likely than not that it will realize the benefits of these deductible differences, net of the valuation allowances recorded. During the year ended December 31, 2019, the Company decreased its valuation allowance by $12.8 million which relates to a reduction in the valuation allowance on U.S. foreign tax credits offset by an increase in valuation allowance on foreign net operating losses.\nAt December 31, 2019, the Company had domestic federal tax net operating losses (“NOLs”) of $65.9 million, which will begin to expire in 2020. The Company had deferred tax assets equal to $1.4 million related to domestic state tax NOLs which will begin to expire in 2020. The Company does not have any valuation allowance against the federal tax NOLs but has provided a $1.2 million valuation allowance against the deferred tax asset associated with the state NOLs. The Company had foreign tax NOLs of $30.4 million, of which $28.1 million may be utilized over an indefinite life, with the remainder expiring over the next 17 years. The Company has provided a $0.7 million valuation allowance against the deferred tax asset associated with the foreign NOLs.\nThe Company had U.S. foreign tax credit carryforwards at December 31, 2019, of $40.7 million, for which an $1.2 million valuation allowance has been provided. The U.S. foreign tax credits will begin to expire in 2022. The Company had foreign tax credit carryforwards in other foreign jurisdictions at December 31, 2019, of $1.9 million, of which $1.3 million may be utilized over an indefinite life, with the remainder expiring over the next seven years. The Company has provided a $1.2 million valuation allowance against the tax benefit associated with these foreign credits. The Company also has domestic federal and state general business tax credit carryforwards at December 31, 2019, of $15.7 million and $0.8 million, respectively, which will begin to expire in 2020 and 2022, respectively.\n\n | December 31, | \n---------------------------------------------------------------------- | ------------ | ----------\n | 2019 | 2018 \nDeferred income tax assets: | | \nNet operating loss carryforwards | $23,030 | $25,745 \nTax credits | 52,902 | 43,838 \nCompensation | 18,791 | 15,934 \nDeferred revenue | 25,599 | 27,587 \nResearch and development expense deferral | — | 12,631 \nOther | 4,065 | 5,393 \nGross deferred income tax assets | 124,387 | 131,128 \nLess: valuation allowance | (7,653) | (20,415 ) \nNet deferred income tax assets | $ 116,734 | $ 110,713 \nDeferred income tax liabilities: | | \nDepreciation and amortization | $ (52,978) | (60,872 ) \nDeferred revenue | (44,198) | (54,508 ) \nTotal deferred income tax liabilities | (97,176) | (115,380 )\nNet deferred income taxes | $ 19,558 | (4,667 ) \nDeferred income taxes / liabilities included in the balance sheet are: | | \nDeferred income tax asset – noncurrent | $ 51,611 | $ 27,048 \nDeferred income tax liability – noncurrent | (32,053) | (31,715 ) \nNet deferred income taxes | $ 19,558 | (4,667 ) \n\ndeferred tax assets liabilities result from differences income expense. sources differences\n realizability Company considers. realization future taxable income. considers future income carryback opportunities tax planning strategies. historical income benefits differences. December 31, 2019 decreased valuation allowance by $12. 8 million reduction. foreign tax credits offset increase foreign net operating losses.\n December 31, 2019 had domestic federal tax net operating losses of $65. 9 million 2020. deferred tax assets equal $1. 4 million 2020. against federal tax NOLs provided $1. 2 million allowance against deferred tax asset state NOLs. foreign tax NOLs of $30. 4 million $28. 1 million utilized indefinite remainder expiring 17 years. provided $0. 7 million valuation allowance against deferred tax foreign NOLs.\n had U. S. foreign tax credit carryforwards December 31, 2019 of $40. 7 million $1.2 million valuation allowance. foreign tax credits expire 2022. carryforwards jurisdictions $1. 9 million $1. 3 million indefinite remainder seven years. $1. 2 million valuation allowance tax benefit. domestic state business tax credit carryforwards $15. 7 million. 8 million 2020 2022.\n Deferred income tax assets\n Net operating loss carryforwards $23,030 $25,745\n Tax credits 52,902 43\n Compensation 18,791\n Deferred revenue 25,599\n Research development expense deferral\n deferred income tax assets 124,387\n deferred income tax assets 116,734 110,713\n liabilities\n Depreciation amortization,978)\n Deferred revenue (44,198)\n deferred liabilities (97,176\n deferred income taxes 19,558\n tax asset noncurrent 51,611 27,048\nDeferred noncurrent (32,053)\n Net 19,558 (4,667" +} +{ + "_id": "d1a7310a4", + "title": "", + "text": "Income Tax Provision (Benefit)\nThe income tax benefit for the year ended December 31, 2019 was $12.6 million or approximately 39% of pre-tax loss compared to an income tax benefit of $6.7 million or approximately 20% of pre-tax loss for the year ended December 31, 2018.\nThe income tax benefit for the year ended December 31, 2019 primarily related to the mix of pre-tax income among jurisdictions, discrete tax benefits related to stockbased compensation, and release of certain reserves for uncertain tax positions under ASC 740-10.\nThe income tax benefit for the year ended December 31, 2018 primarily related to a partial release of our valuation allowance and the mix of pre-tax income among jurisdictions, excess tax benefits related to stock-based compensation, and release of uncertain tax positions under ASC 740-10.\n\n | Year Ended December 31, | | % Change\n------------------ | ----------------------- | ---------------------- | --------\n | 2019 | 2018 | 2019 \n | | (dollars in thousands) | \nIncome tax benefit | $(12,586) | $(6,653) | 89% \n% of pre-tax loss | 39% | 20% | \n\nIncome Tax Provision\n benefit 2019 $12. 6 million 39% pre-tax loss $6. 7 million 20%-tax loss 2018.\n pre-tax income benefits compensation release reserves uncertain tax positions ASC 740-10.\n 2018 partial release valuation allowance pre-tax income excess tax benefits stock-based compensation release uncertain tax positions ASC 740-10.\n Year Ended December 31, % Change\n 2019\n Income tax benefit $(12,586) $(6,653) 89%\n pre-tax loss 39% 20%" +} +{ + "_id": "d1b2f4cb0", + "title": "", + "text": "2019 vs 2018\nThe decrease in tax expense for the year ended December 31, 2019, compared to the year ended December 31, 2018, resulted primarily from a decline in pre-tax earnings coupled with favorable benefits from the settlement of international tax audits and changes in estimate in tax expense recorded upon finalizing U.S. tax returns. These benefits were partially offset by the impact of stock based compensation related to shortfalls that occurred during the year as well as the impact of limitations on current and future deductions for certain executive officers under IRC section 162(m).\nDuring fiscal year 2019, the Company evaluated the impact of the Global Intangible Low-Taxed Income “GILTI”, Foreign Derived Intangible Income “FDII” and Base Erosion and Anti-abuse Tax “BEAT” provisions. These provisions resulted in a net addition to tax of $1.7 million. This amount is comprised of BEAT of $2.1 million offset by the impact of GILTI and FDII of $(0.4) million. For fiscal year 2018, the company estimated that these provisions would result on a net benefit of $(0.3) million. Included in the 2019 tax expense is a benefit of $(0.7) million related to the net impact of these provisions as reported on the final U.S. tax return for the year ended December 31, 2018.\n2018 vs 2017\nThe decrease in the effective tax rate and the decrease in tax expense for the year ended December 31, 2018, compared to the year ended December 31, 2017, resulted primarily from the combination of a decline in pre-tax earnings and the decrease in the US federal tax rate from 35% to 21%, and the impact of other provisions of the tax Cuts and Jobs Act. Additionally, tax expense for the year ended December 31, 2017 included the effect of the implementation of certain aspects of the Tax Act including recording provisional expense for the transition tax of $21.7 million for US federal and state income tax purposes. Additionally, the Company recorded tax expense of $26.6 million resulting from the remeasurement of net deferred tax assets resulting from the reduction in US federal tax rate. These items resulted in higher tax expense during fiscal 2017. During fiscal year 2018, the Company completed the computation of the transition tax as part of the 2017 income tax returns filing and reduced the federal and state provisional amount by $6.7 million. The Company has also evaluated the impact of the Global Intangible Low-Taxed Income “GILTI”, Foreign Derived Intangible Income “FDII” and Base Erosion and Anti-abuse Tax “BEAT” provisions and as a result recorded a detriment of $0.4 million and a benefit of $(0.7) million in relation to GILTI and FDII respectively, resulting on a net benefit of $(0.3) million. During the year ended December 31, 2018, the Company recorded tax expense of $23.0 million in continuing operations related to the write-off of deferred tax assets for which the underlying assets and liabilities related to Arlo. The decrease in the effective tax rate and the decrease in tax expense for the year ended December 31, 2018, compared to the year ended December 31, 2017, resulted primarily from the combination of a decline in pre-tax earnings and the decrease in the US federal tax rate from 35% to 21%, and the impact of other provisions of the tax Cuts and Jobs Act. Additionally, tax expense for the year ended December 31, 2017 included the effect of the implementation of certain aspects of the Tax Act including recording provisional expense for the transition tax of $21.7 million for US federal and state income tax purposes. Additionally, the Company recorded tax expense of $26.6 million resulting from the remeasurement of net deferred tax assets resulting from the reduction in US federal tax rate. These items resulted in higher tax expense during fiscal 2017. During fiscal year 2018, the Company completed the computation of the transition tax as part of the 2017 income tax returns filing and reduced the federal and state provisional amount by $6.7 million. The Company has also evaluated the impact of the Global Intangible Low-Taxed Income “GILTI”, Foreign Derived Intangible Income “FDII” and Base Erosion and Anti-abuse Tax “BEAT” provisions and as a result recorded a detriment of $0.4 million and a benefit of $(0.7) million in relation to GILTI and FDII respectively, resulting on a net benefit of $(0.3) million. During the year ended December 31, 2018, the Company recorded tax expense of $23.0 million in continuing operations related to the write-off of deferred tax assets for which the underlying assets and liabilities related to Arlo.\nWe are subject to income taxes in the U.S. and numerous foreign jurisdictions. Our future foreign tax rate could be affected by changes in the composition in earnings in countries with tax rates differing from the U.S. federal rate. We are under examination in various U.S. and foreign jurisdictions.\n\n | Year Ended December 31, | | | | \n-------------------------------------- | ----------------------- | -------- | ------- | -------- | -------\n | 2019 | % Change | 2018 | % Change | 2017 \n(In thousands, except percentage data) | | | | | \nProvision (benefit) for income tax | $3,780 | (85.4)% | $25,878 | (54.9)% | $57,357\nEffective tax rate | 12.8% | | 59.9% | | 124.1% \n\n2019 vs 2018\n decrease tax expense December 31, decline pre-tax earnings benefits international tax audits changes tax expense. offset by stock compensation limitations deductions executive officers IRC section 162(m).\n 2019 evaluated impact Global Intangible Low-Taxed Income Foreign Derived Intangible Income Base Erosion Anti-abuse Tax provisions. net addition tax $1. 7 million. BEAT $2. 1 million offset GILTI $(0. 4) million. 2018 estimated net benefit $(0. 3) million. 2019 tax expense benefit $(0. 7) million final. tax return December 31, 2018.\n 2018 vs 2017\n decrease effective tax rate tax expense decline pre-tax earnings decrease US federal tax rate 35% to 21% tax Cuts and Jobs Act. tax expense Tax Act expense transition tax $21. 7 million. tax expense $26. 6 million remeasurement net deferred tax assets reduction US federal tax rate. higher tax expense 2017.fiscal year 2018 Company transition tax reduced federal state provisional amount $6. 7 million. evaluated impact Global Intangible Low-Taxed Income Foreign Derived Intangible Income Base Erosion Anti-abuse Tax recorded detriment $0. 4 million benefit $. 7) million GILTI net benefit $. 3) million. December 31, 2018 recorded tax expense $23. 0 million write-off deferred tax assets. decrease effective tax rate tax expense decline pre-tax earnings decrease US federal tax rate 35% to 21% tax Cuts Jobs Act. tax expense Tax Act expense transition tax $21. 7 million. tax expense $26. 6 million remeasurement deferred tax assets reduction US federal tax rate. higher tax expense. 2018 transition tax reduced federal state provisional amount $6. 7 million. evaluated impact Global Intangible Low-Taxed Income Base Anti-abuse Tax recorded detriment $0. 4 million benefit $.million GILTI FDII net benefit $. million. year ended December 31, 2018 Company recorded tax expense $23. million write-off deferred tax assets.\n subject income taxes U. foreign jurisdictions. future foreign tax rate earnings. under examination. foreign jurisdictions.\n Year Ended December 31,\n 2019 % Change 2018 2017\n Provision (benefit) income tax $3,780 (85.% $25,878.% $57,357\n Effective tax rate 12. 8% 59. 9%. 1%" +} +{ + "_id": "d1b34c74e", + "title": "", + "text": "VMware and Pivotal Employee Stock Purchase Plans\nIn June 2007, VMware adopted its 2007 Employee Stock Purchase Plan (the “ESPP”), which is intended to be qualified under Section 423 of the Internal Revenue Code. On June 25, 2019, VMware amended its ESPP to increase the number of shares available for issuance by 9.0 million shares of Class A common stock. As of January 31, 2020, the number of authorized shares under the ESPP was a total of 32.3 million shares. Under the ESPP, eligible VMware employees are granted options to purchase shares at the lower of 85% of the fair market value of the stock at the time of grant or 85% of the fair market value at the time of exercise. The option period is generally twelve months and includes two embedded six-month option periods. Options are exercised at the end of each embedded option period. If the fair market value of the stock is lower on the first day of the second embedded option period than it was at the time of grant, then the twelve-month option period expires and each enrolled participant is granted a new twelve-month option. As of January 31, 2020, 14.3 million shares of VMware Class A common stock were available for issuance under the ESPP.\nThe following table summarizes ESPP activity for VMware during the periods presented (cash proceeds in millions, shares in thousands):\nAs of January 31, 2020, $95 million of ESPP withholdings were recorded as a liability in accrued expenses and other on the consolidated balance sheets for the purchase that occurred on February 29, 2020.\nPrior to the acquisition of Pivotal, Pivotal granted options to eligible Pivotal employees to purchase shares of its Class A common stock at the lower of 85% of the fair market value of the stock at the time of grant or 85% of the fair market value of the Pivotal stock at the time of exercise. Pivotal’s ESPP activity was not material during the periods presented.\n\n | | For the Year Ended | \n-------------------------------- | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nCash proceeds | $172 | $161 | $65 \nClass A common stock purchased | 1,489 | 1,895 | 903 \nWeighted-average price per share | $115.51 | $84.95 | $72.40 \n\nVMware Pivotal Employee Stock Purchase Plans\n 2007, VMware adopted Employee Stock Purchase Plan Section 423 Internal Revenue Code. June 25, 2019 amended ESPP 9. 0 million shares Class A common stock. January 31, 2020 authorized 32. 3 million shares. VMware employees granted options purchase shares 85% fair market value grant 85% exercise. option period twelve months two six-month option periods. Options exercised end. fair market value lower expires new option. January 31, 2020 14. 3 million shares VMware Class A common stock available ESPP.\n table summarizes ESPP activity VMware\n January 31, 2020 $95 million ESPP withholdings liability accrued expenses consolidated balance sheets purchase February 29, 2020.\n acquisition Pivotal Pivotal granted options employees purchase shares Class A common stock lower 85% fair market value grant. ESPP activity not material.\nJanuary 2020 2019 2 2018\n $172 $65\n A common stock 1,489 1,895\n share $115. $84." +} +{ + "_id": "d1b3a74e6", + "title": "", + "text": "3.3 Trade receivables and contract assets\nRecognition and measurement\nAll trade and other receivables recognised as current assets are due for settlement within no more than 30 days for marketing fees and within one year for trail commission. Trade receivables are measured on the basis of amortised cost.\nIt is the Group’s policy that all key partners who wish to trade on credit terms are subject to credit verification procedures.\nAllowance for credit losses\niSelect applies the simplified approach and records lifetime expected losses on all trade receivables and contract assets. As a consequence, we do not track changes in credit risk, but recognise a loss allowance based on lifetime expected credit loss at each reporting date.\niSelect calculates its provision utilising historical credit loss experience, adjusted for other relevant factors, i.e. aging of receivables, credit rating of the debtor, etc. Debts that are known to be uncollectable are written off when identified. If an impairment allowance has been recognised for a debt that becomes uncollectable, the debt is written off against the provision. If an amount is subsequently recovered, it is credited against profit or loss.\nAs at 30 June 2019, expected credit losses are not considered material.\nContract assets\nContract assets are initially recognised for revenue earned from comparison, purchase support and referral services, as receipt of consideration is conditional on successful completion of a purchase between the customers and the product providers. Upon completion of sale and acceptance by the customer and the provider, invoices are issued to the provider for the amount receivable. These amounts invoiced are reclassified from contract assets to trade receivables. The trade receivable balance represents the Group’s unconditional right to receive the cash.\nKey estimates – allowance for credit losses\nWe apply management judgement to estimate the expected credit losses for trade receivables and contract assets. Expected credit losses are assessed on an ongoing basis. Financial difficulties of the debtor, probability of default, delinquency in payments and credit ratings are utilised in this assessment.\n\n | CONSOLIDATED CONSOLIDATED | \n---------------------------------------------------------------------------------------- | ------------------------- | ----------\n | 2019 $’000 | 2018 $’000\nTrade receivables | 6,165 | 4,952 \nAllowance for credit losses | - | (15) \nContract assets | 16,824 | 23,773 \n | 22,989 | 28,710 \nThe ageing analysis of trade rec The ageing analysis of trade receivables is as follows: | | \nCurrent | 4,967 | 4,408 \nPast due 1 – 30 days | 1,024 | 291 \nPast due 31 – 90 days | 130 | 108 \nPast due 90+ days | 44 | 130 \n | 6,165 | 4,937 \n\n. Trade receivables contract assets\n Recognition measurement\n receivables due settlement 30 days marketing fees one year trail commission. measured amortised cost.\n partners trade credit terms credit verification.\n Allowance credit losses\n iSelect records lifetime losses receivables contract assets. credit risk loss allowance credit loss reporting date.\n calculates provision historical credit loss experience adjusted factors. credit rating. Debts uncollectable written off. impairment allowance recognised uncollectable written off against provision. recovered credited against profit loss.\n 30 June 2019 expected credit losses not material.\n Contract assets\n recognised revenue comparison purchase support referral services completion purchase. invoices issued receivable. reclassified contract assets trade receivables. receivable balance unconditional right receive cash.\n estimates credit losses\n management judgement credit losses receivables assets. assessed. Financial difficulties probability default delinquency credit ratings.\n\n 2019 2018\n Trade receivables 6,165 4,952\n credit losses\n Contract assets 16,824 23,773\n 22,989 28,710\n ageing analysis\n 4,967 4,408\n 1 – 30 days 1,024 291\n 31 – 90 days\n 6,165" +} +{ + "_id": "d1b353dd2", + "title": "", + "text": "Global Services\nAdjusteda revenue £4,735m\n£4,735m\nAdjusteda operating profit\n£135m\nGlobal Services operates in a global market that continues to experience high levels of change driven by both rapid technology innovation and a dynamic competitive landscape. Customers’ demands continue to evolve towards more flexible, on-demand models and new cloud-based and software-defined networking solutions. We continue to execute our Digital Global Services transformation programme to focus our business, standardise our operations, transform our underlying infrastructure, and provide innovative solutions to address the changing demands of our customers. We are focused on around 800 multinational companies and financial institutions served by three global industry verticals.\nAdjusteda revenue for the year was down 6%, in line with our strategy to de-emphasise low margin business and including the impact of divestments. This includes a £35m negative impact from foreign exchange movements, primarily reflecting lower IP Exchange volumes and equipment sales.\nAdjusteda operating costs for the year were down 8% mainly reflecting the decline in IP Exchange volumes and equipment sales and lower labour costs from our ongoing restructuring programme. Adjusteda EBITDA for the year was up £71m reflecting the reduction in operating costs and certain one-offs, more than offsetting the impact of lower revenue.\nDepreciation and amortisation was down 13% for the year due to closure of certain projects in the prior year.\nCapital expenditure was down 12% for the year reflecting ongoing rationalisation and our strategy to become a more asset light business. Normalised free cash flowb for the year improved by 151% to £296m, reflecting higher EBITDA, lower capital expenditure and improved working capital.\nTotal order intake was £3.3bn, down 15% year on year continuing to reflect a shift in customer behaviour, including shorter contract lengths and greater prevalence of usage-based terms.\na Adjusted measures exclude specific items, as explained in the Additional Information on page 185. b Free cash flow after net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items. c Openreach comparatives have been re-presented to reflect the transfer of Northern Ireland Networks from Enterprise to Openreach.\n\n | 2019 (IFRS 15) | 2018 (IAS 18) | Change | \n--------------------------- | -------------- | ------------- | ------ | -----\nYear to 31 March | £m | £m | £m | % \nAdjusted a revenue | 4,735 | 5,013 | (278) | (6) \nAdjusted a operating costs | 4,230 | 4,579 | (349) | (8) \nAdjusted a EBITDA | 505 | 434 | 71 | 16 \nDepreciation & amortisation | 370 | 424 | (54) | (13) \nAdjusted a operating profit | 135 | 10 | 125 | 1,250\nCapital expenditure | 245 | 278 | (33) | (12) \nNormalised free cash flow b | 296 | 118 | 178 | 151 \n\nServices\n Adjusteda revenue £4,735m\n profit\n £135m\n global market change technology innovation landscape. demands flexible on-demand models cloud software networking solutions. Digital Global Services transformation programme operations infrastructure innovative solutions. 800 multinational companies financial institutions three industry verticals.\n revenue down 6% low margin business divestments. £35m negative impact foreign exchange lower IP Exchange volumes equipment sales.\n operating costs down 8% IP Exchange volumes sales lower labour costs restructuring. EBITDA up £71m costs.\n Depreciation amortisation down 13% projects.\n Capital expenditure down 12% rationalisation light business. free cash improved 151% £296m higher EBITDA lower capital expenditure improved working capital.\n order intake £3. 3bn down 15% customer behaviour shorter contract lengths usage-based terms.\n measures exclude items. cash flow interest pension deficit payments. transfer Northern Ireland Networks Enterprise Openreach.\n2019 15 2018 18\n 31 March\n revenue 4,735 5,013 (278)\n operating costs 4,230 4,579 (349)\n EBITDA 505 434 71\n Depreciation amortisation 370 424\n operating profit 135 125\n Capital expenditure 245 278 (33)\n free cash flow 296 118 178" +} +{ + "_id": "d1b33c330", + "title": "", + "text": "Financial information of associates and joint ventures:\nThere is no individually significant associate or joint venture for the Company. For individually immaterial associates and joint ventures, the following tables summarize the amount recognized by the Company at its share of those associates and joint ventures separately.\nWhen an associate or a joint venture is a foreign operation, and the functional currency of the foreign entity is different from the Company, an exchange difference arising from translation of the foreign entity will be recognized in other comprehensive income (loss).\nSuch exchange differences recognized in other comprehensive income (loss) in the financial statements for the years ended December 31, 2017, 2018 and 2019 were NT$45 million, NT$(16) million and NT$(9) million, respectively, which were not included in the following table.\nThe aggregate amount of the Company’s share of all its individually immaterial associates that are accounted for using the equity method was as follows:\n\n | | For the years ended December 31, | \n-------------------------------------------- | ----------------- | -------------------------------- | ------------------\n | 2017 | 2018 | 2019 \n | $NT(In Thousands) | $NT (In Thousands) | $NT (In Thousands)\nProfit (loss) from continuing operations | $77,589 | $(616,665) | $115,329 \nPost-tax profit from discontinued operations | 80,248 | — | — \nOther comprehensive income (loss) | 526,773 | (82,871) | 873,308 \nTotal comprehensive income (loss) | $684,610 | $(699,536) | $988,637 \n\nFinancial information associates joint ventures\n no individually significant associate joint venture Company. tables summarize recognized.\n foreign operation currency different exchange difference recognized income (loss).\n exchange differences 2017 2018 2019 NT$45 million NT$(16) million NT$(9) million not included table.\n Company’s share associates equity method\n years ended December 31,\n 2017 2018 2019\n Profit (loss) continuing operations $77,589 $(616,665) $115,329\n Post-tax profit discontinued operations 80,248\n Other comprehensive income (loss) 526,773 (82,871) 873,308\n Total comprehensive income (loss) $684,610 $(699,536) $988,637" +} +{ + "_id": "d1b2f9a8a", + "title": "", + "text": "Balance Sheet and Cash Flows\nCash and Cash Equivalents and Investments The following table summarizes our cash and cash equivalents and investments (in millions):\nThe net decrease in cash and cash equivalents and investments from fiscal 2018 to fiscal 2019 was primarily driven by cash returned to shareholders in the form of repurchases of common stock of $20.7 billion under the stock repurchase program and cash dividends of $6.0 billion, net cash paid for acquisitions and divestitures of $2.2 billion, a net decrease in debt of $1.1 billion, and capital expenditures of $0.9 billion. These uses of cash were partially offset by cash provided by operating activities of $15.8 billion and the timing of settlements of investments and other of $2.0 billion.\nIn addition to cash requirements in the normal course of business, on July 9, 2019 we announced our intent to acquire Acacia Communications, Inc. (“Acacia”) for a purchase consideration of approximately $2.6 billion in cash. Additionally, $0.7 billion of the U.S. transition tax on accumulated earnings for foreign subsidiaries, $6.0 billion of long-term debt and $4.2 billion of commercial paper notes outstanding at July 27, 2019, are payable within the next 12 months from the balance sheet date. See further discussion of liquidity and future payments under “Contractual Obligations” and “Liquidity and Capital Resource Requirements” below.\nWe maintain an investment portfolio of various holdings, types, and maturities. We classify our investments as short-term investments based on their nature and their availability for use in current operations. We believe the overall credit quality of our portfolio is strong, with our cash equivalents and our available-for-sale debt investment portfolio consisting primarily of high quality investment-grade securities. We believe that our strong cash and cash equivalents and investments position allows us to use our cash resources for strategic investments to gain access to new technologies, for acquisitions, for customer financing activities, for working capital needs, and for the repurchase of shares of common stock and payment of dividends as discussed below.\n\n | July 27, 2019 | July 28, 2018 | Increase (Decrease)\n----------------------------------- | ------------- | ------------- | -------------------\nCash and cash equivalents . | $11,750 | $8,934 | $2,816 \nAvailable-for-sale debt investments | 21,660 | 37,009 | (15,349) \nMarketable equity securities | 3 | 605 | (602) \nTotal | $33,413 | $46,548 | $(13,135) \n\nBalance Sheet Cash Flows\n Equivalents Investments table summarizes equivalents investments\n decrease cash equivalents investments 2018 to 2019 driven by cash returned shareholders repurchases common stock $20. 7 billion cash dividends $6. 0 billion divestitures $2. 2 billion decrease debt $1. 1 billion capital expenditures $0. 9 billion. offset by operating activities $15. 8 billion settlements investments $2. 0 billion.\n July 9, 2019 acquire Acacia Communications. $2. 6 billion. $0. 7 billion U. S. transition tax earnings subsidiaries $6. 0 billion long-term debt $4. 2 billion commercial paper notes 2019 payable 12 months. Capital Resource.\n investment portfolio. short-term. credit quality portfolio strong cash equivalents debt portfolio high quality investment-grade securities. strategic investments technologies customer financing working capital repurchase common stock dividends.\nJuly 27, 28, 2018\n Cash equivalents. $11,750 $8,934\n debt investments 21,660 37,009,349\n equity securities\n $33,413 $46,548,135" +} +{ + "_id": "d1b348dce", + "title": "", + "text": "(1)  The bonus paid in 2019, 2018 and 2017 was approved by the compensation Committee and Supervisory Board with respect to the 2018, 2017 and 2016 financial year, respectively, based on the evaluation and assessment of the actual fulfillment of a number of pre-defined objectives for such year.\n(2)  Including stock awards, employer social contributions, company car allowance, pension contributions, complementary pension contributions, miscellaneous allowances as well as one-off contractually obligated deferred compensation paid to Mr. Bozotti in 2019.\nIn accordance with the resolutions adopted at our AGM held on May 30, 2012, the bonus of our former President and Chief Executive Officer, Mr. Bozotti, in 2018 and 2017 included a portion of a bonus payable in stock awards and corresponding to 86,782 and 59,435 vested shares, respectively, based on fulfillment of a number of pre-defined objectives.\nIn addition, our sole member of our Managing Board, President and Chief Executive Officer, Mr. Chery, was granted, in accordance with the compensation policy adopted by our General Meeting of Shareholders and subsequent shareholder authorizations, up to 100,000 unvested Stock Awards. The vesting of such stock awards is conditional upon the sole member of our Managing Board, President and Chief Executive Officer’s, continued service with us.\n(3) In 2019, the total compensation of the sole member of our Managing Board, President and Chief Executive Officer was 46% fixed to 54% variable, compared to 12% fixed to 88% variable in 2018 and 44% fixed to 56% variable in 2017.\n\n | 2019 | 2018 | 2017 \n-------------------------------- | ---------- | ----------- | ----------\nSalary | $896,297 | $927,820 | $903,186 \nBonus(1) | $1,280,173 | $3,214,578 | $1,044,514\nCharges and Non-cash Benefits(2) | $5,618,382 | $6,971,946 | $1,828,814\nTotal(3) | $7,794,852 | $11,114,344 | $3,776,514\n\nbonus paid in 2019 2018 2017 approved by compensation Committee Supervisory Board objectives.\n stock awards employer social contributions company car allowance pension contributions miscellaneous allowances deferred compensation. Bozotti 2019.\n bonus President. Bozotti 2018 2017 included bonus in stock awards 86,782 59,435 vested shares objectives.\n Managing Board. Chery granted 100,000 unvested Stock Awards. vesting conditional upon continued service.\n 2019 total compensation 46% fixed to 54% variable 12% to 88% variable 2018 44% to 56% variable 2017.\n Salary $896,297 $927,820 $903,186\n Bonus(1) $1,280,173 $3,214,578 $1,044,514\n Charges Non-cash Benefits(2) $5,618,382 $6,971,946 $1,828,814\n Total(3) $7,794,852 $11,114,344 $3,776,514" +} +{ + "_id": "d1b39ec7e", + "title": "", + "text": "OPERATING AND FINANCIAL RESULTS\n(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued\noperations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.\n\nThree months ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency | Foreign exchange impact\n--------------------------------------------- | -------- | -------- | ------ | --------------------------- | -----------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ \nRevenue | 583,673 | 566,184 | 3.1 | 2.7 | 2,427 \nOperating expenses | 302,833 | 297,977 | 1.6 | 1.1 | 1,441 \nManagement fees – Cogeco Inc. | 5,230 | 4,796 | 9.0 | 9.0 | - \nAdjusted EBITDA | 275,610 | 263,411 | 4.6 | 4.3 | 986 \nAdjusted EBITDA margin | 47.2% | 46.5% | | | \n\nFINANCIAL RESULTS\n three-month period August 31, 2019 average foreign exchange rate. 3222 USD/CDN.\n Fiscal 2018 restated IFRS 15 change accounting policy reclassify results Cogeco Peer 1 discontinued\n operations. consult policies operations sections.\n Fiscal 2019 translated average foreign exchange rate. 3100 USD/CDN.\n Three months August currency Foreign exchange impact\n Revenue 583,673 566,184 3. 2.\n Operating expenses 302,833 297,977.\n Management fees Cogeco. 5,230 9.\n Adjusted EBITDA 275,610 263,411 4.\n EBITDA margin 47. 2% 46. 5%" +} +{ + "_id": "d1a72083a", + "title": "", + "text": "29. Share-based payments continued\nShare Incentive Plan\nIn 2015, the Group established a Share Incentive Plan (‘SIP’). All eligible employees were awarded free shares (or nil-cost options in the case of employees in Ireland) valued at £3,600 each based on the share price at the time of the Company’s admission to the Stock Exchange in March 2015, subject to a three-year service period (‘Vesting Period’). The SIP shareholders are entitled to dividends over the Vesting Period. There are no performance conditions applicable to the vesting of SIP shares. The fair value of the SIP awards at the grant date was measured to be £2.72 using the Black-Scholes model. The resulting share-based payments charge is being spread evenly over the Vesting Period.\n\n | Group | | Company | \n------------------------------------------------ | ----- | ---- | ------- | ----\n | 2019 | 2018 | 2019 | 2018\n | £m | £m | £m | £m \nShare Incentive Plan (‘SIP’) | – | 0.8 | – | – \nSharesave scheme (‘SAYE’) | 0.3 | 0.3 | – | – \nPerformance Share Plan (‘PSP’) | 2.1 | 1.8 | 1.3 | 0.7 \nDeferred Annual Bonus and Single Incentive Plan | 2.3 | 0.4 | 0.4 | 0.2 \nTotal share-based payment charge | 4.7 | 3.3 | 1.7 | 0.9 \nNI and apprenticeship levy on applicable schemes | 1.2 | 0.4 | 0.6 | 0.1 \nTotal charge | 5.9 | 3.7 | 2.3 | 1.0 \n\n. Share-based payments continued\n Incentive Plan\n 2015, Group established Share Incentive Plan. eligible employees awarded free shares-cost options valued £3,600 each based share price Company’s admission to Stock Exchange March 2015, three-year service period. SIP shareholders entitled to dividends over Vesting Period. no performance conditions applicable vesting SIP shares. fair value SIP awards grant date measured £2. 72 Black-Scholes model. share-based payments spread evenly over Vesting Period.\n 2019\n Share Incentive Plan. 8\n Sharesave scheme.\n Performance Share Plan.\n Deferred Annual Bonus Single Incentive Plan.\n Total share-based payment charge 4. 7.\n apprenticeship levy schemes.\n charge 5. 9." +} +{ + "_id": "d1b38c9f2", + "title": "", + "text": "The following table presents the principal components of the difference between the effective tax rate to the U.S. federal statutory income tax rate for the years ended March 31:\nDuring fiscal 2018, we recorded a provisional tax benefit of approximately $3.3 million as a result of the enactment of the Tax Cuts and Jobs Act (\"Tax Act\") on December 22, 2017.\nWe completed the accounting for the Tax Act during Q3 fiscal 2019 and recorded an adjustment on December 31, 2018 of $0.2 million to increase our deferred tax liability associated with certain indefinite lived intangibles. We have elected to account for global intangible low-taxed income (GILTI) inclusions in the period in which they are incurred.\nOur tax provision includes a provision for income taxes in certain foreign jurisdictions where subsidiaries are profitable, but only a minimal benefit is reflected related to U.S. and certain foreign tax losses due to the uncertainty of the ultimate realization of future benefits from these losses.\nThe 2019 tax provision results primarily from foreign tax expense, the reversal of reserves for uncertain tax positions and the completion of our accounting for the Tax Act. The 2019 tax provision differs from the statutory rate primarily due to the recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, state taxes and other U.S. permanent book to tax differences.\nThe 2018 tax provision primarily results from a reduction in the deferred rate and the ability to offset indefinite lived deferred tax liabilities with certain deferred tax assets due to passage of the Tax Act. The 2018 effective rate differs from the statutory rate primarily due to the impact of the Tax Act, recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, certain foreign and state tax effects including a benefit of $0.4 million related to a settlement with the California Franchise Tax Board and other U.S. permanent book to tax differences.\nThe 2017 tax provision primarily results from state taxes, taxes withheld in foreign jurisdictions and foreign tax expense. The 2017 tax provision differs from the statutory rate primarily due to the recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, state taxes and other U.S. permanent book to tax differences.\n\n(In thousands) | 2019 | 2018 | 2017 \n--------------------------------------------------- | -------- | -------- | --------\nIncome tax benefit at the US Federal statutory rate | $(2,718) | $(3,654) | $(4,019)\nBenefit for state taxes | (304) | (642) | (142) \nImpact of foreign operations | (310) | 38 | 158 \nIndefinite life assets | 130 | 335 | 102 \nOfficer life insurance | 3 | (5) | (6) \nChange in valuation allowance | 3,302 | 3,328 | 4,007 \nChange in liability for unrecognized tax benefits | (400) | 40 | 9 \nImpact of Tax Act, net | 226 | (3,287) | — \nMeals and entertainment | 60 | 81 | 163 \nEquity | 2 | 476 | — \nGlobal intangible low-taxed income | 94 | — | — \nOther | 136 | 39 | (36) \nTotal income tax expense (benefit) | $221 | $(3,251) | $236 \n\ntable effective. federal statutory income years March 31\n 2018 recorded provisional tax benefit $3. 3 million Tax Cuts Jobs Act.\n completed accounting Tax Act Q3 2019 recorded adjustment December 31, 2018 $0. 2 million deferred tax liability indefinite intangibles. global intangible low-taxed income) inclusions.\n tax provision includes income taxes foreign jurisdictions minimal benefit. losses.\n 2019 tax provision foreign tax expense reversal reserves uncertain tax positions accounting Tax Act. differs net operating losses deferred tax assets offset valuation allowance state taxes.\n 2018 tax reduction deferred rate deferred tax liabilities Tax Act. rate differs Tax Act net operating losses deferred tax assets offset valuation allowance foreign state tax effects benefit $0. 4 million settlement California Franchise Tax Board. differences.\n 2017 tax provision state taxes taxes withheld foreign jurisdictions foreign tax expense.2017 tax provision differs operating losses deferred tax assets offset valuation allowance state taxes. tax differences.\n 2018\n Income tax benefit Federal statutory rate $(2,718) $(3,654) $(4,019)\n Benefit state taxes (304)\n foreign operations\n Indefinite life assets\n life insurance\n valuation allowance 3,302 3,328 4,007\n liability unrecognized tax benefits\n Impact Tax Act 226 (3,287)\n Meals entertainment\n Global intangible low-taxed income\n Total income tax expense $221 $(3,251)" +} +{ + "_id": "d1b3a9b60", + "title": "", + "text": "The net contract acquisition expense deferred within the Consolidated Statement of Profit or Loss was $0.9M of the total $259.9M of Sales and Marketing costs (2018: $8.4M / $239.9M).\nAt 31 March 2019, trade receivables at a nominal value of $1.2M (2018: $0.9M) were impaired and fully provided for. Movements in the provision for impairment of receivables were as follows: 31\n\n | 31 March 2019 | 31 March 2018\n-------------------------------------- | ------------- | -------------\n | $M | $M \nAt 1 April | 0.9 | 0.4 \nCharge for the year | 0.6 | 0.6 \nAmounts written off | (0.2) | (0.1) \nEffects of movements in exchange rates | (0.1) | – \nAt 31 March | 1.2 | 0.9 \n\ncontract acquisition expense deferred Profit $0. 9M $259. 9M Sales Marketing costs (2018 $8. 4M $239. 9M.\n 31 March 2019 trade receivables $1. 2M (2018 $0. 9M impaired provided. impairment receivables 31\n 2019 2018\n April.\n.\n Amounts written off.\n Effects movements exchange rates.\n 31 March." +} +{ + "_id": "d1b393bb2", + "title": "", + "text": "Network advertising revenue is generated primarily from the sale of television airtime for programs or advertisements. Network advertising revenue is recognized when the program or advertisement is broadcast. Revenues are reported net of agency commissions, which are calculated as a stated percentage applied to gross billings. The Network advertising contracts are generally short-term in nature.\nNetwork distribution revenue consists of payments received from cable, satellite and other multiple video program distribution systems for their retransmission of our network content. Network distribution revenue is recognized as earned over the life of the retransmission consent contract and varies from month to month.\nVariable fees are usage/sales based, calculated on the average number of subscribers, and recognized as revenue when the usage occurs. Transaction prices are based on the contract terms, with no material judgments or estimates.\nBroadcast station revenue is generated primarily from the sale of television airtime in return for a fixed fee or a portion of the related ad sales recognized by the third party. In a typical broadcast station revenue agreement, the licensee of a station makes available, for a fee, airtime on its station to a party which supplies content to be broadcast during that airtime and collects revenue from advertising aired during such content.\nBroadcast station revenue is recognized over the life of the contract, when the program is broadcast. The fees that we charge can be fixed or variable and the contracts that the Company enters into are generally short-term in nature. Variable fees are usage/salesbased and recognized as revenue when the subsequent usage occurs. Transaction prices are based on the contract terms, with no material judgments or estimates.\nDisaggregation of Revenues The following table disaggregates the Broadcasting segment's revenue by type (in millions):\n\n | Years Ended December 31, | \n------------------------------------------- | ------------------------ | ------\n | 2019 | 2018 \nNetwork advertising | $22.7 | $28.2 \nBroadcast station | 11.9 | 10.8 \nNetwork distribution | 4.9 | 4.8 \nOther | 2.3 | 1.6 \nTotal revenue from contracts with customers | 41.8 | 45.4 \nOther revenue | - | - \nTotal Broadcasting segment revenue | $ 41.8 | $ 45.4\n\nNetwork advertising revenue from sale television airtime for. recognized when broadcast. net agency commissions calculated gross billings. contracts short-term.\n distribution revenue payments from cable satellite video distribution systems for retransmission content. earned varies month to month.\n Variable fees usage/sales based average subscribers recognized revenue when usage. Transaction prices based on contract terms no material judgments estimates.\n Broadcast station revenue from sale television airtime fixed fee or portion ad sales third party. licensee airtime party collects revenue from advertising.\n revenue recognized when program. fees fixed or variable short-term. fees usage/salesbased recognized as revenue when usage. Transaction prices based on contract terms no material judgments estimates.\n Disaggregation of Revenues Broadcasting segment revenue by type\n Network advertising $22. $28.\n Broadcast station.\n Network distribution.\n.\n revenue from contracts customers 41. 45\n Other revenue\nBroadcasting $ 41. 45." +} +{ + "_id": "d1b3757ac", + "title": "", + "text": "NOTE 6. ACCOUNTS RECEIVABLE AND REVENUES\nAmounts billed and due from our customers are classified as accounts receivables on our consolidated balance sheets and require\npayment on a short-term basis. Invoices are generally issued at the point control transfers and substantially all of our invoices are due\nwithin 30 days or less, however certain customers have terms of up to 120 days. For substantially all of our contracts, control of the\nordered product(s) transfers at our location. Periodically, we require payment prior to the point in time we recognize revenue. Amounts\nreceived from customers prior to revenue recognition on a contract are contract liabilities, are classified as customer prepayments liability on our consolidated balance sheets and are typically applied to an invoice within 30 days of the prepayment. Revenues in 2019 include $0.1 million in unearned revenue as of December 31, 2018, and in 2018 include less than $0.1 million in unearned revenue as of\nJanuary 1, 2018.\nOur accounts receivable potentially subject us to significant concentrations of credit risk. Revenues and accounts receivable from significant customers (customers with revenue or accounts receivable in excess of 10% of consolidated totals) are stated below as a percent of consolidated totals.\n\n | | | Customer | | \n------------------------------------------------- | --- | --- | -------- | --- | ---\n | A | B | C | D | E \n% of revenue, 2019 | 11% | 9% | 16% | 3% | 2% \n% of revenue, 2018 | 17% | 14% | 1% | 4% | -% \n% of accounts receivable, as of December 31, 2019 | 10% | 8% | 31% | -% | 10%\n% of accounts receivable, as of December 31, 2018 | 13% | -% | 16% | 14% | -% \n\n6. ACCOUNTS RECEIVABLE REVENUES\n Amounts billed due from customers accounts receivables\n payment short-term. Invoices issued at control transfers due\n within 30 days or less certain up to 120 days. control\n product at location. require payment prior revenue. Amounts\n received prior liabilities customer prepayments applied invoice within 30 days prepayment. Revenues 2019 include $0. 1 million unearned revenue as December 31, 2018 2018 less than $0. 1 million unearned\n January 1, 2018.\n accounts receivable credit risk. Revenues from customers 10% percent totals.\n revenue 2019 11% 16% 3% 2%\n 2018 17% 14% 1% 4%\n accounts receivable December 31, 2019 10% 8% 31%\n 31, 2018 13% 16% 14%" +} +{ + "_id": "d1b34b8d0", + "title": "", + "text": "Summarized financial information of Hilli LLC\nThe assets and liabilities of Hilli LLC(1) that most significantly impacted our consolidated balance sheet as of December 31, 2019 and 2018, are as follows:\n(1) As Hilli LLC is the primary beneficiary of the Hilli Lessor VIE (see above) the Hilli LLC balances include the Hilli Lessor VIE.\n\n(in thousands of $) | 2019 | 2018 \n----------------------- | --------- | ---------\nBalance sheet | | \nCurrent assets | 64,507 | 172,554 \nNon-current assets | 1,300,065 | 1,392,710\nCurrent liabilities | (496,029) | (278,728)\nNon-current liabilities | (418,578) | (842,786)\n\nfinancial Hilli LLC\n assets liabilities balance sheet December 31, 2019 2018\n primary beneficiary Lessor VIE balances VIE.\n Current assets 64,507 172,554\n Non-current assets 1,300,065 1,392,710\n liabilities (496,029) (278,728)\n Non-current liabilities (418,578) (842,786" +} +{ + "_id": "d1a73899e", + "title": "", + "text": "Contract Balances\nTiming of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when revenue is recognized prior to invoicing, or unearned revenue when revenue is recognized subsequent to invoicing. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. We record a receivable related to revenue recognized for multi-year on-premises licenses as we have an unconditional right to invoice and receive payment in the future related to those licenses.\nAs of June 30, 2019 and 2018, long-term accounts receivable, net of allowance for doubtful accounts, was $2.2 billion and $1.8 billion, respectively, and is included in other long-term assets in our consolidated balance sheets.\nThe allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence.\nActivity in the allowance for doubtful accounts was as follows:\n\n(In millions) | | | \n---------------------------- | ------- | ------ | ------\nYear Ended June 30, | 2019 | 2018 | 2017 \nBalance, beginning of period | $ 397 | $ 361 | $ 409\nCharged to costs and other | 153 | 134 | 58 \nWrite-offs | (116) | (98) | (106) \nBalance, end of period | $ 434 | $ 397 | $ 361\n\nContract Balances\n revenue recognition invoicing. record receivable unearned. multi-year agreements invoice annually. record receivable revenue multi-year on-premises licenses unconditional right invoice.\n June 30, 2019 2018 long-term accounts receivable allowance doubtful accounts $2. 2 billion $1. 8 billion included assets balance sheets.\n allowance doubtful accounts reflects losses. troubled accounts historical experience evidence.\n Activity allowance doubtful accounts\n millions\n Ended June 30 2019 2018 2017\n Balance period $ 397 $ 361 $ 409\n Charged costs\n Write-offs\n end period $ 434 $ 397 $" +} +{ + "_id": "d1b32e6c2", + "title": "", + "text": "Contract costs As discussed in the Significant Accounting Policies Note, Topic 606 requires the recognition of an asset for incremental costs to obtain a customer contract, which is then amortized to expense, over the respective period of expected benefit. The Partnership recognizes a contract asset for incremental commission costs paid to Verizon Wireless personnel and agents in conjunction with obtaining customer contracts.\nThe costs are only deferred when it is determined the commissions are incremental costs that would not have been incurred absent the customer contract and are expected to be recovered. Costs to obtain a contract are amortized and recorded ratably as commission expense over the period representing the transfer of goods or services to which the assets relate. Costs to obtain contracts are amortized over the customers' estimated device upgrade cycle of two to three years, as such costs are typically incurred each time a customer upgrades their equipment.\nThe amortization periods for the costs incurred to obtain a customer contract is determined at a portfolio level due to the similarities within these customer contract portfolios. Other costs, such as general costs or costs related to past performance obligations, are expensed as incurred. Deferred contract costs are classified as current or non-current within prepaid expenses and other, and other assets – net, respectively. The balances of deferred contract costs as of December 31, 2019 and 2018, included in the balance sheet were as follows:\nFor the years ended December 31, 2019 and 2018, the Partnership recognized expense of $3,126 and $2,161, respectively, associated with the amortization of deferred contract costs, primarily within selling, general and administrative expenses in the statements of income.\nDeferred contract costs are assessed for impairment on an annual basis. An impairment charge is recognized to the extent the carrying amount of a deferred cost exceeds the remaining amount of consideration expected to be received in exchange for the goods and services related to the cost, less the expected costs related directly to providing those goods and services that have not yet been recognized as expenses. There have been no impairment charges recognized for the year ended December 31, 2019 and 2018.\n\n | 2019 | 2018 \n-------------------------- | ------- | -------\nAssets | | \nPrepaid expenses and other | $ 3,027 | $ 2,347\nOther assets - net | 1,824 | 1,831 \nTotal | $ 4,851 | $ 4,178\n\nContract costs Accounting Policies Note Topic 606 requires recognition incremental costs customer contract amortized expense benefit. Partnership recognizes contract incremental commission costs Verizon Wireless personnel agents contracts.\n costs deferred incremental incurred contract expected recovered. Costs contract amortized recorded as commission expense transfer goods services. Costs amortized over device upgrade cycle two to three years.\n amortization periods determined portfolio level similarities. Other costs obligations expensed as incurred. Deferred contract costs classified current or non-current prepaid expenses other assets. balances of deferred contract costs December 31, 2019 2018\n December 31, 2019 2018 Partnership recognized expense $3,126 $2,161 amortization deferred contract costs selling general administrative expenses statements income.\n Deferred contract costs assessed for impairment. impairment charge recognized deferred cost exceeds remaining consideration goods services. no impairment charges recognized year ended December 31, 2019 2018.\nAssets\n Prepaid expenses $ 3,027 2,347\n 1,824\n $ 4,178" +} +{ + "_id": "d1b35acf4", + "title": "", + "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nKey details of the term loan are as follows:\n(1) The principal balance of the term loan is scheduled to be repaid on a quarterly basis at an amortization rate of 0.25% per quarter through December 31, 2024, with the balance due at maturity. For each of the next five years, principal repayments on the term loan are expected to be $4,000.\n(2) For the years ended December 31, 2019 and 2018, debt discount of $613 and $593, respectively, and debt issuance costs of $1,062\nand $1,091, respectively, were amortized into interest expense in the Consolidated Statements of Operations. Giving effect to the\namortization of debt discount and debt issuance costs on the term loan, the effective interest rates were 5.95% and 5.99% during the\nyears ended December 31, 2019 and 2018, respectively.\n\n | December 31, | \n---------------------------------- | ------------ | --------\n | 2019 | 2018 \nTerm loan, face value(1) | $393,000 | $397,000\nUnamortized debt discount (2) | (3,115) | (3,728) \nUnamortized debt issuance costs(2) | (5,388) | (6,450) \nTerm loan | $384,497 | $386,822\n\nGreenSky Inc. FINANCIAL STATEMENTS States Dollars share data\n details term loan\n principal balance repaid quarterly amortization rate 0. 25% quarter December 31, 2024 balance due maturity. next five years repayments $4,000.\n December 31, 2019 2018 debt discount $613 $593 debt issuance costs $1,062\n $1,091 amortized interest expense.\n effective interest rates 5. 95% 5. 99%\n 2019 2018.\n Term loan face $393,000 $397,000\n Unamortized debt discount (3,115\n issuance (5,388\n loan $384,497 $386,822" +} +{ + "_id": "d1b2f3a5e", + "title": "", + "text": "4.11 Income Taxes\nThe following table reconciles the amount of reported income taxes in the income statements with income taxes calculated at a statutory income tax rate of 27.0% for both 2019 and 2018.\nIncome taxes in 2019 increased by $138 million, compared to 2018, mainly due to higher taxable income and a lower value of uncertain tax positions favourably resolved in 2019 compared to 2018, partly offset by a favourable change in the corporate income tax rate in Alberta in Q2 2019.\n\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \n---------------------------------------------------- | ------- | -------\nNet earnings | 3,253 | 2,973 \nAdd back income taxes | 1,133 | 995 \nEarnings before income taxes | 4,386 | 3,968 \nApplicable statutory tax rate | 27.0% | 27.0% \nIncome taxes computed at applicable statutory rates | (1,184) | (1,071)\nNon-taxable portion of gains (losses) on investments | 4 | (9) \nUncertain tax positions | 15 | 68 \nEffect of change in provincial corporate tax rate | 27 | – \nChange in estimate relating to prior periods | 14 | 20 \nNon-taxable portion of equity losses | (20) | (10) \nPreviously unrecognized tax benefits | 9 | – \nOther | 2 | 7 \nTotal income taxes | (1,133) | (995) \nAverage effective tax rate | 25.8% | 25.1% \n\n. Income Taxes\n table reconciles 27. 0% 2019 2018.\n taxes 2019 increased $138 million higher taxable income lower uncertain tax positions offset corporate income tax rate Alberta Q2 2019.\n YEAR ENDED DECEMBER 31\n Net earnings 3,253 2,973\n taxes 1,133\n before taxes 4,386\n tax rate 27. 0%.\n taxes rates (1,184) (1,071)\n Non-taxable gains investments\n Uncertain tax positions\n corporate tax rate\n Non-taxable equity losses\n unrecognized tax benefits\n Total income taxes (1,133) (995)\n Average effective tax rate 25. 8%." +} +{ + "_id": "d1b2e2632", + "title": "", + "text": "Inventories\nThe components of inventories consist of the following (in millions):\nInventories are valued at the lower of cost and net realizable value using the first-in, first-out method. Inventory impairment charges establish a new cost basis for inventory and charges are not subsequently reversed to income even if circumstances later suggest that increased carrying amounts are recoverable.\n\n | March 31, | \n----------------- | --------- | ------\n | 2019 | 2018 \nRaw materials | $74.5 | $26.0 \nWork in process | 413.0 | 311.8 \nFinished goods | 224.2 | 138.4 \nTotal inventories | $711.7 | $476.2\n\nInventories\n valued lower cost net realizable value first-in first-out method. Inventory impairment charges new cost basis not reversed income.\n March 31, Raw materials $74. $26.\n Work process 413. 311.\n Finished goods 224. 138.\n Total inventories $711. $476." +} +{ + "_id": "d1b32309c", + "title": "", + "text": "Liquidity and Capital Resources\nAs of December 31, 2019, we had total current assets of approximately $27.1 million, compared with current liabilities of approximately $6.1 million, resulting in working capital of approximately $21.0 million and a current ratio of approximately 4.4 to 1. This compares with the working capital balance of approximately $11.5 million and the current ratio of 3.7 to 1 at December 31, 2018. This increase in working capital, as discussed in more detail below, is primarily the result of the capital we raised in 2019.\nFollowing is a table with summary data from the consolidated statement of cash flows for the years ended December 31, 2019 and 2018, as presented.\nOur operating activities used approximately $1.7 million in the year ended December 31, 2019, as compared with approximately $0.8 million provided by operating activities in the year ended December 31, 2018. The cash provided in 2018 was the result of our net income and non-cash expenses, partially offset by the increased working capital required to support higher revenues. The cash used in operations in 2019 was the result of increased levels of working capital required to support higher revenue levels, expenditures related to growth, and costs associated with our acquisition in 2019.\nWe used approximately $5.7 million in investing activities in the year ended December 31, 2018, as compared with approximately $10.6 million used in investing activities in the year ended December 31, 2019. The majority of the investing activities in 2018 related to our acquisition of CareSpeak communications in October 2018. The majority of investing in activities in 2019 related to our acquisitions of RMDY Health, Inc. in 2019, as well as a software purchase in 2019.\nFinancing activities provided $8.7 million in the year ended December 31, 2018, as compared with $22.2 million in the year ended December 31, 2019. The cash provided in 2018 was primarily the result of the equity raised in connection with our uplisting to Nasdaq, as well as from the proceeds of option exercises. The cash used in 2019 was the result of our underwritten offering in 2019, as well as from the proceeds of option exercises.\nWith our cash on hand, we have sufficient cash to operate our business for more than the next 12 months and we do not anticipate the need to raise additional equity for operating purposes.\n\n | 2019 | 2018 \n--------------------------------------------------- | ------------ | -----------\nNet cash provided by (used in) operating activities | $(1,660,796) | $792,555 \nNet cash used in investing activities | (10,582,086) | (5,686,833)\nNet cash provided by financing activities | 22,181,528 | 8,685,739 \nNet increase in cash and cash equivalents | $9,938,646 | $3,791,461 \n\nLiquidity Capital Resources\n December 31, 2019 assets $27. 1 million liabilities $6. 1 million working capital $21. 0 million ratio 4. 4 to 1. working capital balance $11. 5 million ratio 3. 7 to 1 December 31, 2018. increase working capital capital raised 2019.\n table data consolidated cash flows December 31, 2019 2018.\n operating activities used $1. 7 million 31, 2019 $0. 8 million 2018. cash 2018 net income non-cash expenses offset increased working capital revenues. cash 2019 increased working capital revenue expenditures growth costs acquisition 2019.\n used $5. 7 million investing 31, 2018 $10. 6 million 2019. majority 2018 acquisition CareSpeak communications. 2019 RMDY Health. software purchase.\n Financing activities provided $8. 7 million 2018 $22. 2 million 2019. cash 2018 equity raised uplisting Nasdaq proceeds option exercises. cash 2019 underwritten offering option exercises.\n operate business 12 months need raise additional equity.\n\n operating,660,796) $792,555\n investing (10,582,086) (5,686,833)\n financing 22,181,528 8,685,739\n cash $9,938,646 $3,791,461" +} +{ + "_id": "d1b324adc", + "title": "", + "text": "Our Net Financial Position as of December 31, 2019 was a net cash position of $672 million, decreasing compared to the net cash position of $686 million at December 31, 2018.\nAt December 31, 2019, our financial debt was $2,072 million, composed of (i) $173 million of current portion of long-term debt and (ii) $1,899 million of long-term debt. The breakdown of our total financial debt included: (i) $1,354 million in the senior unsecured convertible bonds issued in 2017, (ii) $706 million in European Investment Bank loans (the “EIB Loans”), and (iii) $12 million in loans from other funding programs and other long-term loans.\nThe EIB Loans are comprised of three long-term amortizing credit facilities as part of our R&D funding programs. The first, signed in 2010, is a €350 million multi-currency loan to support our industrial and R&D programs. It was drawn mainly in U.S. dollars for an amount of $321 million and only partially in Euros for an amount of €100 million, of which $55 million remained outstanding as of December 31, 2019.\nThe second, signed in 2013, is a €350 million multi-currency loan which also supports our R&D programs. It was drawn in U.S. dollars for an amount of $471 million, of which $118 million is outstanding as of December 31, 2019. The third, signed in August 2017 for a total aggregate amount of €500 million in relation to R&D and capital expenditure investments in the European Union. It was fully drawn in Euros corresponding to $533 million outstanding as of December 31, 2019.\n\n | | Year Ended December 31, | \n------------------------------------------ | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \n | | (In millions) | \nCash and cash equivalents | $2,597 | $2,266 | $1,759 \nRestricted cash | 10 | — | — \nShort-term deposits | 4 | — | — \nMarketable securities | 133 | 330 | 431 \nTotal financial resources | 2,744 | 2,596 | 2,190 \nShort-term debt, including bank overdrafts | (173) | (146) | (118) \nLong-term debt | (1,899) | (1,764) | (1,583)\nTotal financial debt | (2,072) | (1,910) | (1,701)\nNet Financial Position | $672 | $686 | $489 \n\nNet Financial Position December 31, 2019 $672 million $686 million 2018.\n financial debt $2,072 million $173 million current long-term $1,899 million long-term debt. debt $1,354 million senior unsecured convertible bonds 2017 $706 million European Investment Bank loans $12 million long-term loans.\n EIB Loans three long-term credit facilities R&D. first 2010, €350 million loan industrial R&D. U. S. dollars $321 million partially Euros €100 million $55 million outstanding 2019.\n second 2013, €350 million loan. U. S. dollars $471 million $118 million outstanding December 2019. third August 2017 €500 million R&D European Union. Euros $533 million outstanding December 31, 2019.\n December\n Cash equivalents $2,597 $2,266 $1,759\n Restricted cash\n Short-term deposits\n Marketable securities 133\nresources 2,744 2,596,190\n Short-term debt overdrafts (173)\n Long-term debt (1,899)\n debt (2,072)\n $672 $686" +} +{ + "_id": "d1b37c246", + "title": "", + "text": "Note 12. Liabilities\nThe components of accounts payable, accrued expenses and other current liabilities are as follows (in thousands):\n\n | December 31, 2019 | December 31, 2018\n---------------------------------------------------- | ----------------- | -----------------\nDeferred rent | $ — | $11,656 \nContingent consideration liability from acquisitions | 2,595 | — \nHoldback liability from acquisitions | 1,650 | — \nOther liabilities | 3,244 | 1,650 \nOther liabilities | $7,489 | $13,306 \n\n12. Liabilities\n accounts payable accrued expenses liabilities\n December 31, 2019 2018\n Deferred rent $11,656\n Contingent 2,595\n Holdback 1,650\n liabilities 3,244\n $7,489 $13,306" +} +{ + "_id": "d1b36eb0a", + "title": "", + "text": "Balance sheet\n(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details\nGoodwill and intangible assets increased to €31.0 billion (2018: €29.5 billion) mainly as a result of acquisitions which contributed €1.2 billion and favourable currency impact of €0.5 billion driven by strengthening of the US Dollar and Pound Sterling.\nIn current assets, cash and cash equivalents increased by €1.0 billion. The increase is primarily due to strong cash delivery in several countries which will be used to repay short term debt in due course.\nCurrent and non-current financial liabilities increased by €1.5 billion as a result of commercial paper issue and bank borrowings.\nThe net pension plan deficit was lower than prior year by €0.7 billion as\ngains from investment performance exceeded the increase in liabilities.\n\n | € million | € million \n------------------------------ | --------- | -------------\n | 2019 | 2018 \n | | (Restated)(a)\nGoodwill and intangible assets | 31,029 | 29,493 \nOther non-current assets | 17,347 | 16,140 \nCurrent assets | 16,430 | 15,478 \nTotal assets | 64,806 | 61,111 \nCurrent liabilities | 20,978 | 20,150 \nNon-current liabilities | 29,942 | 28,844 \nTotal liabilities | 50,920 | 48,994 \nShareholders’ equity | 13,192 | 11,397 \nNon-controlling interest | 694 | 720 \nTotal equity | 13,886 | 12,117 \nTotal liabilities and equity | 64,806 | 61,111 \n\nBalance sheet\n Restated IFRS 16. note 1 24\n Goodwill intangible assets increased €31. billion €29. billion acquisitions. billion currency. US Dollar Pound Sterling.\n cash equivalents increased €1. billion. strong cash delivery short term debt.\n non-current financial liabilities increased. billion commercial paper issue bank borrowings.\n net pension plan deficit lower. billion\n gains exceeded liabilities.\n Goodwill intangible assets 31,029 29,493\n non-current assets 17,347,140\n 16,430\n 64,806 61\n liabilities 20,978\n Non-current liabilities 29,942\n 50,920\n Shareholders’ equity 13,192\n Non-controlling interest\n 13,886\n 64,806" +} +{ + "_id": "d1b3021b2", + "title": "", + "text": "3.1 OPERATING RESULTS\n(1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued\noperations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN.\n\nYears ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)\n--------------------------------------------- | --------- | --------- | ------ | ------------------------------- | ---------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ \nRevenue | 2,331,820 | 2,147,404 | 8.6 | 6.8 | 37,433 \nOperating Expenses | 1,203,980 | 1,121,625 | 7.3 | 5.4 | 21,636 \nManagement fees – Cogeco Inc. | 19,900 | 18,961 | 5.0 | 5.0 | - \nAdjusted EBITDA | 1,107,940 | 1,006,818 | 10.0 | 8.5 | 15,797 \nAdjusted EBITDA margin | 47.5% | 46.9% | | | \n\n. OPERATING RESULTS\n Fiscal 2019 average foreign exchange rate. 3255 USD/CDN.\n 2018 restated IFRS 15 change accounting policy reclassify results Cogeco 1 discontinued\n operations. consult \"Accounting policies operations sections.\n Fiscal 2019 translated average foreign exchange rate 1. 2773 USD/CDN.\n Years ended August 31, constant currency Foreign exchange impact\n thousands\n Revenue 2,331,820 2,147,404 8.\n Operating Expenses 1,203,980 1,121,625.\n Management fees Cogeco. 18.\n Adjusted EBITDA 1,107,940 1,006,818.\n EBITDA margin. 5%. 9%" +} +{ + "_id": "d1b37e578", + "title": "", + "text": "1.10 Percentage change in remuneration of the Group Chief Executive\nThe following table provides a summary of the 2019 increase in base salary, benefits and bonus for the Group Chief Executive compared to the average increase for the general UK employee population across the Group in the same period.\n* 2018 percentage restated to include all UK bonuses for the general UK employee population across the Group.\n\n | | 2019 change | 2018 change\n-------- | ---------------------------- | ----------- | -----------\nSalary | Group Chief Executive | 7.7% | 2.7% \n | General employee population | 2.9% | 2.7% \nBenefits | Group Chief Executive | 5.2% | 3.2% \n | General employee population | 2.9% | 2.7% \nBonus | Group Chief Executive | 15.5% | -4.9% \n | General employee population* | 22.2% | 1.6% \n\n. Percentage change remuneration Group Chief Executive\n table 2019 increase salary benefits bonus Group Chief Executive average UK employee population.\n 2018 percentage bonuses.\n 2019 2018\n Salary Chief Executive 7. 7% 2. 7%\n population 2.\n Benefits 5. 2% 3. 2%\n 2. 9%.\n Bonus 15. 5%. 9%\n employee population 22. 2% 1. 6%" +} +{ + "_id": "d1b31bcc0", + "title": "", + "text": "12. Geographic Information\nThe following table depicts the disaggregation of revenue by geographic region based on the ship to location of our customers and is consistent with how we evaluate our financial performance (in thousands)\n\n | | Years Ended December 31, | \n----------------------------- | -------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nAmericas | $89,944 | $112,506 | $122,893\nJapan | 59,454 | 55,205 | 51,488 \nAsia Pacific, excluding Japan | 35,689 | 36,897 | 33,189 \nEMEA | 27,541 | 27,615 | 27,859 \nTotal | $212,628 | $232,223 | $235,429\n\n.\n table revenue region financial performance\n Ended December 31,\n Americas $89,944 $112,506 $122,893\n Japan 59,454 55,205 51,488\n Asia Pacific 35,689 36,897 33,189\n EMEA 27,541 27,615 27,859\n $212,628 $232,223 $235,429" +} +{ + "_id": "d1b358e2c", + "title": "", + "text": "Restricted Stock Units\nCertain key employees have been granted time-based, performance-based and market-based restricted stock units. The time-based restricted stock units granted generally vest on a graded vesting schedule over three years. The performance-based restricted stock units generally vest on a cliff vesting schedule over three years and up to a maximum of 150%, depending on the specified performance condition and the level of achievement obtained. The performance-based restricted stock units have a vesting condition that is based upon the Company’s cumulative adjusted core earnings per share during the performance period. The market-based restricted stock units generally vest on a cliff vesting schedule over three years and up to a maximum of 200%, depending on the specified performance condition and the level of achievement obtained. The market-based restricted stock units have a vesting condition that is tied to the Company’s total shareholder return based on the Company’s stock performance in relation to the companies in the Standard and Poor’s (S&P) Super Composite Technology Hardware and Equipment Index excluding the Company.\nOn October 6, 2017, the Company’s Compensation Committee approved the modification of vesting criteria for certain performance-based restricted stock units granted in fiscal year 2015. As a result of the modification, 0.8 million awards vested during the first quarter of fiscal year 2018, which resulted in approximately $24.9 million of stock-based compensation expense recognized.\nThe following table summarizes restricted stock units activity from August 31, 2018 through August 31, 2019:\n(1) For those shares granted that are based on the achievement of certain performance criteria, the amount represents the maximum number of shares that can vest. During the fiscal year ended August 31, 2019, the Company awarded approximately 1.6 million time-based restricted stock units, 0.4 million performance based restricted stock units and 0.4 million market-based restricted stock units based on target performance criteria.\n\n | Shares | Weighted- Average Grant-Date Fair Value\n--------------------------------- | ----------- | ---------------------------------------\nOutstanding as of August 31, 2018 | 8,352,307 | $24.34 \nChanges during the period | | \nShares granted(1) | 3,144,205 | $25.25 \nShares vested | (1,983,411) | $25.07 \nShares forfeited | (2,347,628) | $24.78 \nOutstanding as of August 31, 2019 | 7,165,473 | $26.27 \n\nRestricted Stock\n employees granted time performance market-based stock units. time-based vest graded three years. performance-based schedule three years 150%, performance. cumulative earnings per share. market-based vest vesting schedule three years 200%,. market tied total shareholder return performance Standard and Poor’s (S&P) Super Composite Technology Hardware and Equipment Index.\n October 6, 2017 Compensation Committee approved modification vesting criteria performance-based restricted stock units 2015. 0. 8 million awards vested first quarter fiscal year 2018 $24. 9 million stock-based compensation expense.\n table summarizes restricted stock units activity August 31, 2018 August 31, 2019\n performance criteria maximum. 2019 Company awarded 1. 6 million time-based 0. 4 million performance 0. 4 million market performance criteria.\n Weighted Average Grant-Date Fair Value\n August 31, 2018 8,352,307 $24. 34\n\n Shares 3,144,205 $25.\n (1,983,411).\n forfeited (2,347,628).\n 2019 7,165,473 $26." +} +{ + "_id": "d1b301ca8", + "title": "", + "text": "F. Tabular Disclosure of Contractual Obligations\nThe following table sets forth our contractual obligations and commitments with definitive payment terms on a consolidated basis which will require significant cash outlays in the future as of December 31, 2019.\n(1) Assuming the domestic bonds are paid off upon maturity.\n(2) Represents our obligations to make lease payments mainly to use machineries, equipment, office and land on which our fabs are located, primarily in the Hsinchu Science Park and the Tainan Science Park in Taiwan, Pasir Ris Wafer Fab Park in Singapore.\n(3) Represents commitments for purchase of raw materials and construction contracts, intellectual properties and royalties payable under our technology license agreements. These commitments include the amounts which are not recorded on our balance sheet as of December 31, 2019.\n(4) Represents the guarantee deposits and financial liability for the repurchase of other investors’ investment. The amounts of payments due under these agreements are determined based on fixed contract amounts.\n\n | | | Payments Due by Period | | \n---------------------------------- | ------- | ---------------- | ---------------------------- | --------- | -------------\n | Total | Less than 1 Year | 1-3 Years | 4-5 Years | After 5 Years\n | | | (in NT$ millions)$ millions) | | \nLong-term debt(1) | | | | | \nUnsecured bonds | 39,940 | 20,660 | 10,590 | 8,690 | — \nLoans | 51,058 | 18,316 | 19,632 | 13,098 | 12 \nLease obligations(2) | 7,128 | 741 | 1,414 | 1,181 | 3,792 \nPurchase obligations(3) | 38,878 | 29,832 | 2,845 | 1,810 | 4,391 \nOther long-term obligations(4) | 21,411 | 101 | 12,765 | 8,446 | 99 \nTotal contractual cash obligations | 158,415 | 69,650 | 47,246 | 33,225 | 8,294 \n\n. Tabular Disclosure Contractual Obligations\n table obligations cash outlays December 31, 2019.\n domestic bonds paid maturity.\n obligations lease payments machineries equipment office land Hsinchu Science Park Tainan Science Park Pasir Ris Wafer Park Singapore.\n purchase raw materials construction contracts intellectual properties royalties technology license agreements. amounts not recorded balance 2019.\n guarantee deposits financial liability repurchase investment. fixed contract amounts.\n Payments Due Period\n Less 1 Year 1-3 Years 4-5 Years After 5 Years\n Long-term\n Unsecured bonds 39,940 20,660,590\n Loans 51,058 18,316\n Lease 7,128 1,414 1,181\n Purchase obligations(3) 38,878 29,832 2,845\n Other long-term obligations(4) 21,411,765,446\n158,415 69,650 47,246 33,225,294" +} +{ + "_id": "d1b34a7be", + "title": "", + "text": "3. Investment in Unconsolidated Entities\nThe Company has several investments in unconsolidated entities that are accounted for using the equity method of accounting. Red River Valley Egg Farm, LLC (\"Red River\") operates a cage-free shell egg production complex near Bogota, Texas. Specialty Eggs, LLC (\"Specialty Eggs\") owns the Egg-Land's Best franchise for most of Georgia and South Carolina, as well as a portion of western North Carolina and eastern Alabama. Southwest Specialty Eggs, LLC (\"Southwest Specialty Eggs\") owns the Egg-Land's Best franchise for Arizona, southern California and Clark County, Nevada (including Las Vegas). As of June 1, 2019, the Company owns 50% of each of Red River, Specialty Eggs, and Southwest Specialty Eggs. Equity method investments are included in “Investments in unconsolidated entities” in the accompanying Consolidated Balance Sheets and totaled $60.7 million and $64.2 million at June 1, 2019 and at June 2, 2018, respectively.\nEquity in income of unconsolidated entities of $4.8 million, $3.5 million, and $1.4 million from these entities has been included in the Consolidated Statements of Operations for fiscal 2019, 2018, and 2017, respectively.\nThe condensed consolidated financial information for the Company's unconsolidated joint ventures was as follows (in thousands):\nThe Company is a member of Eggland’s Best, Inc. (“EB”), which is a cooperative. At June 1, 2019 and June 2, 2018, “Other long-term assets” as shown on the Company’s Consolidated Balance Sheet includes the cost of the Company’s investment in EB plus any qualified written allocations. The Company cannot exert significant influence over EB’s operating and financial activities; therefore, the Company accounts for this investment using the cost method. The carrying value of this investment at June 1, 2019 and June 2, 2018 was $2.6 million and $2.6 million, respectively.\n\n | | For the fiscal year ended | \n----------------- | ------------ | ------------------------- | ------------\n | June 1, 2019 | June 2, 2018 | June 3, 2017\nNet sales | $112,396 | $107,705 | $86,072 \nNet income | 9,490 | 7,071 | 2,804 \nTotal assets | 128,470 | 134,056 | 131,871 \nTotal liabilities | 7,600 | 5,859 | 6,543 \nTotal equity | 120,870 | 128,197 | 125,328 \n\n. Investment Unconsolidated Entities\n Company equity. Red River Valley Egg Farm operates cage-free egg complex Bogota Texas. Specialty Eggs owns Egg-Land's Best franchise Georgia South Carolina western North Carolina eastern Alabama. Southwest Specialty Eggs Arizona southern California Clark County Nevada Las Vegas. June 1 2019 owns 50% Red River Specialty Eggs Southwest Specialty Eggs. Equity investments totaled $60. 7 million $64. 2 million June 1, 2019 June 2, 2018.\n Equity income $4. 8 million $3. 5 million $1. 4 million Consolidated Statements Operations 2019 2018 2017.\n financial information joint ventures\n member Eggland’s Best. cost investment allocations. activities accounts cost method. carrying value June 1 2019 2 2018 $2. 6 million $2. 6 million.\n fiscal year\n\n sales $112,396 $107,705,072\n income 9,490 7,071 2,804\n assets 128,470 134,056\n liabilities 7,600,859\n equity 120,870 125" +} +{ + "_id": "d1b2e6b6a", + "title": "", + "text": "11 Intangible assets\n(a) Intangible assets\nRIGHTS AND LICENCES\nCertain licences that NEXTDC possesses have an indefinite useful life and are carried at cost less impairment losses and are subject to impairment review at least annually and whenever there is an indication that it may be impaired.\nOther licences that NEXTDC acquires are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful life. The estimated useful life and amortisation method are reviewed at the end of each annual reporting period.\nINTERNALLY GENERATED SOFTWARE\nInternally developed software is capitalised at cost less accumulated amortisation. Amortisation is calculated using the straight-line basis over the asset’s useful economic life which is generally two to three years. Their useful lives and potential impairment are reviewed at the end of each financial year.\nSOFTWARE UNDER DEVELOPMENT\nCosts incurred in developing products or systems and costs incurred in acquiring software and licenses that will contribute to future period financial benefits through revenue generation and/or cost reduction are capitalised to software and systems. Costs capitalised include external direct costs of materials and services and employee costs.\nAssets in the course of construction include only those costs directly attributable to the development phase and are only recognised following completion of technical feasibility and where the Group has an intention and ability to use the asset.\n\n | 30 June 2019 | 30 June 2018\n----------------------------- | ------------ | ------------\n | $'000 | $'000 \nRights and licences | 13 | 13 \nInternally generated software | 7,381 | 6,385 \nSoftware under development | 16,284 | 6,509 \nTotal intangible assets | 23,678 | 12,907 \n\nIntangible assets\n RIGHTS LICENCES\n licences NEXTDC indefinite useful life carried cost less impairment losses subject review annually.\n licences cost less accumulated amortisation impairment losses. Amortisation recognised estimated useful life. reviewed annual reporting period.\n INTERNALLY GENERATED\n capitalised cost less amortisation. calculated life two to three years. potential impairment reviewed financial year.\n SOFTWARE UNDER DEVELOPMENT\n Costs developing products acquiring software licenses capitalised software. materials services employee costs.\n Assets construction costs recognised technical feasibility Group use.\n 30 June 2019 June 2018\n Rights licences\n Internally generated software 7,381 6,385\n Software under development 16,284 6,509\n Total intangible assets 23,678 12,907" +} +{ + "_id": "d1b3300b2", + "title": "", + "text": "Share-based payments expense for the period was $62,028,117 (2018: $57,710,434).\nThe variables in the table below are used as inputs into the model to determine the fair value of performance rights.\n(1) Grant date represents the offer acceptance date.\n(2) The expected volatility is based on the historical implied volatility calculated based on the weighted average remaining life of the performance rights adjusted for any expected changes to future volatility due to publicly available information.\n\n | 2019 | 2018 \n----------------------------------------- | ----------- | -----------\n | F19 LTI | F18 LTI \nGrant date (1) | 30 Nov 2018 | 31 Oct 2017\nPerformance period start date | 1 Jul 2018 | 1 Jul 2017 \nExercise date | 1 Jul 2021 | 1 Jul 2020 \nExpected volatility (2) | 15.0% | 16.0% \nExpected dividend yield | 4.0% | 4.0% \nRisk-free interest rate | 2.1% | 1.9% \nWeighted average fair value at grant date | $24.63 | $20.23 \n\nShare payments $62,028,117 (2018 $57,710,434.\n variables value performance rights.\n Grant date offer acceptance date.\n expected volatility historical average rights adjusted.\n Grant date 30 Nov 2018 31 Oct 2017\n Performance start 1 Jul 2018\n Exercise 1 Jul 2021 1 Jul 2020\n volatility 15. 16.\n dividend yield 4.\n Risk-free interest rate 2. 1%.\n Weighted average value grant date $24. $20." +} +{ + "_id": "d1b3afdf8", + "title": "", + "text": "The following table sets forth our 60-month backlog estimate, by reportable segment, as of December 31, 2019; September 30, 2019; June 30, 2019; March 31, 2019; and December 31, 2018 (in millions). The 60-month backlog estimate includes approximately $1.5 billion as a result of the acquisition of Speedpay, which occurred on May 9, 2019. Dollar amounts reflect foreign currency exchange rates as of each period end. This is a non-GAAP financial measure being presented to provide comparability across accounting periods. We believe this measure provides useful information to investors and others in understanding and evaluating our financial performance.\nEstimates of future financial results require substantial judgment and are based on several assumptions, as described above. These assumptions may turn out to be inaccurate or wrong for reasons outside of management’s control. For example, our customers may attempt to renegotiate or terminate their contracts for many reasons, including mergers, changes in their financial condition, or general changes in economic conditions in the customer’s industry or geographic location. We may also experience delays in the development or delivery of products or services specified in customer contracts, which may cause the actual renewal rates and amounts to differ from historical experiences. Changes in foreign currency exchange rates may also impact the amount of revenue recognized in future periods. Accordingly, there can be no assurance that amounts included in backlog estimates will generate the specified revenues or that the actual revenues will be generated within the corresponding 60-month period. Additionally, because certain components of Committed Backlog and all of Renewal Backlog estimates are operating metrics, the estimates are not required to be subject to the same level of internal review or controls as contracted but not recognized Committed Backlog.\n\n | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018\n-------------- | ----------------- | ------------------ | ------------- | -------------- | -----------------\nACI On Premise | $1,977 | $1,925 | $1,880 | $1,861 | $1,875 \nACI On Demand | 3,855 | 3,756 | 3,813 | 2,290 | 2,299 \nTotal | $5,832 | $5,681 | $5,693 | $4,151 | $4,174 \n | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018\nCommitted | $2,168 | $2,003 | $2,105 | $1,734 | $1,832 \nRenewal | 3,664 | 3,678 | 3,588 | 2,417 | 2,342 \nTotal | $5,832 | $5,681 | $5,693 | $4,151 | $4,174 \n\ntable 60-month backlog estimate December 31, 2019 September 30 June 30 March 31, December 31, 2018 millions. 60-month backlog estimate includes $1. 5 billion acquisition Speedpay May 9, 2019. Dollar amounts reflect foreign currency exchange rates period. non-GAAP financial measure comparability across periods. information financial performance.\n Estimates future financial results require judgment based on assumptions. control. customers renegotiate terminate contracts mergers financial economic conditions. delays development delivery products renewal rates amounts differ. foreign currency exchange rates impact revenue future. no backlog estimates revenues 60-month period. Committed Backlog Renewal Backlog estimates operating metrics not internal review controls.\n December 31, 2019 September 30 June 30, 2019 March 31, December 31, 2018\n ACI On Premise $1,977 $1,925 $1,880 $1,861 $1,875\nDemand 3,855,756 3,813 2,290\n $5,832 $5,681,151\n December September June March December\n $2,168,003,105,734 $1,832\n Renewal 3,664 3,678 3,588 2,417 2,342\n $5,832 $5,681 $4,151" +} +{ + "_id": "d1b35277a", + "title": "", + "text": "Proofpoint, Inc. Notes to Consolidated Financial Statements (Continued) (dollars and share amounts in thousands, except per share amounts)\nAlso, as part of the share purchase agreement, the unvested restricted shares of a certain employee of ObserveIT were exchanged into the right to receive $532 of deferred cash consideration. The deferred cash consideration is presented as restricted cash on the Company’s consolidated balance sheet. The deferred cash consideration of $485 was allocated to post-combination expense and was not included in the purchase price. The deferred cash consideration is subject to forfeiture if employment terminates prior to the lapse of the restrictions, and the fair value is expensed as compensation expense over the three-year vesting period.\nThe Discounted Cash Flow Method was used to value the acquired developed technology, in-process research and development asset, customer relationships and order backlog. The Relief from Royalty Method was used to value the acquired trade name. Management applied significant judgment in estimating the fair values of these intangible assets, which involved the use of significant assumptions with respect to forecasted revenue, forecasted operating results and discount rates.\nThe following table summarizes the fair values of tangible assets acquired, liabilities assumed, intangible assets and goodwill:\n*Purchased in-process research and development will be accounted for as an indefinite-lived intangible asset until the underlying project is completed or abandoned.\nMeta Networks, Ltd.\nOn May 15, 2019 (the “Meta Networks Acquisition Date”), pursuant to the terms of the share purchase agreement, the Company acquired all shares of Meta Networks, Ltd. (“Meta Networks”), an innovator in zero trust network access.\nBy combining Meta Networks’ innovative zero trust network access technology with the Company’s people-centric security capabilities the Company expects to make it far simpler for enterprises to precisely control employee and contractor access to on-premises, cloud and consumer applications.\nThese factors, among others, contributed to a purchase price in excess of the estimated fair value of acquired net identifiable assets and, as a result, goodwill was recorded in connection with the acquisition. The results of operations and the fair values of the acquired assets and liabilities assumed have been included in the accompanying consolidated financial statements since the Meta Networks Acquisition Date.  These factors, among others, contributed to a purchase price in excess of the estimated fair value of acquired net identifiable assets and, as a result, goodwill was recorded in connection with the acquisition. The results of operations and the fair values of the acquired assets and liabilities assumed have been included in the accompanying consolidated financial statements since the Meta Networks Acquisition Date.\nAt the Meta Networks Acquisition Date, the consideration transferred was $104,664, net of cash acquired of $104. Of the consideration transferred, $12,500 was held in escrow to secure indemnification obligations, which has not been released as of the issuance of these consolidated financial statements. The revenue from Meta Networks was not material in 2019, and due to the continued integration of the combined businesses, it was impractical to determine the earnings.\n\n | Estimated | Estimated \n------------------------------------ | ---------- | -----------\n | Fair value | Useful Life\n | | (in years) \nCurrent assets | $10,603 | N/A \nFixed assets | 2,132 | N/A \nOperating lease right-of-use asset | 2,669 | N/A \nOther assets | 652 | N/A \nCustomer relationships | 15,800 | 5 \nOrder backlog | 1,300 | 1 \nCore/developed technology | 35,400 | 4 \nTrade name | 400 | 2 \nIn-process research and development* | 20,600 | N/A \nOperating lease liabilities | (3,317) | N/A \nDeferred revenue | (6,700) | N/A \nOther liabilities | (5,414) | N/A \nGoodwill | 144,374 | Indefinite \n | $218,499 | \n\nProofpoint, Inc. Financial Statements (dollars share amounts thousands\n purchase unvested shares employee ObserveIT exchanged into $532 deferred cash consideration. restricted cash balance sheet. $485 post-combination expense not included purchase price. subject forfeiture employment terminates expensed compensation expense three-year vesting period.\n Discounted Cash Flow Method acquired technology-process research development customer relationships order backlog. Relief from Royalty Method acquired trade name. assumptions revenue operating results discount rates.\n table summarizes fair values assets acquired liabilities assumed intangible assets goodwill\n *Purchased in-process research development indefinite-lived asset until project completed abandoned.\n Meta Networks Ltd.\n May 15, 2019 acquired shares. zero trust network access.\n people-centric security capabilities control employee contractor access on-premises cloud consumer applications.\nfactors contributed to purchase price estimated acquired assets goodwill recorded acquisition. results operations fair values assets liabilities included in financial statements since Meta Networks Acquisition Date. contributed purchase price assets goodwill recorded. results operations included in financial statements since.\n consideration transferred $104,664 cash acquired $104. $12,500 held in escrow indemnification obligations not released. revenue from Meta Networks not material in 2019 integration impractical to determine earnings.\n Estimated\n Current assets $10,603\n Fixed assets 2,132\n Operating lease right-of-use asset 2,669\n Other assets 652\n Customer relationships 15,800\n Order backlog 1,300\n Core technology 35,400\n In-process research development 20,600\n Operating lease liabilities (3,317)\n Deferred revenue (6,700\n Other liabilities (5,414) N\n144,374\n $218,499" +} +{ + "_id": "d1b34d946", + "title": "", + "text": "Contractual Obligations\nThe following summarizes our contractual obligations at June 30, 2019, and the effect such obligations are expected to have on our liquidity and cash flow in future periods (in thousands):\nThe contractual obligations referenced above are more specifically defined as follows:\nDebt obligations relate to amounts owed under our Credit Agreement.\nInventory unconditional purchase obligations represent the purchase of long lead-time component inventory that our contract manufacturers procure in accordance with our forecast. We expect to honor the inventory purchase commitments within the next 12 months.\nContractual commitments to suppliers for future services.\nDeferred payments represent Data Center Business consideration obligation of $1.0 million per quarter.\nContingent consideration for the Capital Financing Business acquisition, at fair value. Actual payments could be different\nNon-cancelable operating lease obligations represent base rents and operating expense obligations.\nOther liabilities include our commitments towards debt related fees and specific arrangements other than inventory.\nThe amounts in the table above exclude immaterial income tax liabilities related to uncertain tax positions as we are unable to reasonably estimate the timing of the settlement.\nWe did not have any material commitments for capital expenditures as of June 30, 2019.\n\n | Total | Less than\n1 Year | 1-3 years | 3-5 years | More than\n5 years\n------------------------------------------------ | -------- | ---------------- | ------------- | ----------- | -----------------\nContractual Obligations: | | | | | \nDebt obligations | $180,500 | $9,500 | $28,500 | $142,500 | $— \nInterest on debt obligations | 25,582 | 8,333 | 14,952 | 2,297 | — \nInventory unconditional purchase obligations | 51,241 | 51,241 | — | — | — \nContractual commitments | 94,000 | 23,500 | 47,000 | 23,500 | — \nNon-cancellable operating lease obligations | 104,678 | 22,733 | 41,854 | 23,804 | 16,287 \nDeferred payments for an acquisition | 15,000 | 4,000 | 8,000 | 3,000 | — \nContingent consideration for an acquisition | 6,298 | 4,236 | 2,013 | 49 | — \nOther liabilities | 379 | 124 | 249 | 6 | — \nTotal contractual cash obligations | $477,678 | $123,667 | $142,568 | $195,156 | $16,287 \n\nContractual Obligations\n obligations June 30, 2019 effect liquidity cash flow\n Debt obligations Credit Agreement.\n Inventory unconditional purchase obligations long lead-time inventory. honor commitments 12 months.\n commitments future.\n Deferred payments Data Center Business obligation $1. 0 million per quarter.\n Capital Financing Business acquisition. payments different\n Non-cancelable operating lease obligations base rents expense obligations.\n Other liabilities debt fees arrangements.\n exclude income tax liabilities.\n material commitments capital expenditures June 30, 2019.\n 1-3 3-5 years\n 5 years\n Debt obligations $180,500 $9,500 $28,500 $142,500\n Interest debt obligations 25,582 8,333 14,952\n Inventory unconditional purchase obligations 51,241\n Contractual commitments 94,000 23,500\n-cancellable lease 104,678 22,733 41,854 23,804 16,287\n Deferred payments 15,000\n 6,298 4,236 2,013\n liabilities 379 249\n cash obligations $477,678 $123,667 $142,568 $195,156,287" +} +{ + "_id": "d1b376116", + "title": "", + "text": "14. Selected Quarterly Financial Data (Unaudited)\nSelected quarterly financial data for 2019 and 2018 is as follows (in thousands, except per share amounts):\n\n | | Quarter Ended | | \n-------------------------- | --------- | ------------- | ------------- | ------------\n | March 31, | June 30, | September 30, | December 31,\n | 2019 | 2019 | 2019 | 2019 \nRevenue | $50,290 | $49,189 | $52,833 | $60,316 \nGross profit | $38,040 | $37,918 | $40,913 | $46,876 \nNet income (loss) | $(12,272) | $(5,771) | $173 | $51 \nNet loss per share-basic | $(0.16) | $(0.08) | $— | $— \nNet loss per share-diluted | $(0.16) | $(0.08) | $— | $— \n | | Quarter | Ended | \n | March 31, | June 30, | September 30, | December 31,\n | 2018 | 2018 | 2018 | 2018 \nRevenue | $49,183 | $60,713 | $60,502 | $61,825 \nGross profit | $37,299 | $47,526 | $47,488 | $48,014 \nNet loss | $(19,670) | $(4,532) | $(1,807) | $(1,608) \nNet loss per share-basic | $(0.27) | $(0.06) | $(0.02) | $(0.02) \nNet loss per share-diluted | $(0.27) | $(0.06) | $(0.02) | $(0.02) \n\n. Selected Quarterly Financial Data\n 2019 2018\n Quarter Ended\n March June September December\n 2019\n Revenue $50,290 $49,189 $52,833 $60,316\n Gross profit $38,040 $37,918 $40,913 $46,876\n Net income (loss $(12,272) $(5,771) $173 $51\n Net loss share-basic.\n loss share-diluted.\n Quarter Ended\n March June September December\n 2018\n Revenue $49,183 $60,713 $60,502 $61,825\n Gross profit $37,299 $47,526 $47,488 $48,014\n Net loss $(19,670) $(4,532) $(1,807) $(1,608)\n loss share-basic.\n share-diluted." +} +{ + "_id": "d1b313dcc", + "title": "", + "text": "Geographical information\nNet revenues by geography are based on the billing addresses of our customers. The following table represents net revenues by geographic area for the periods presented:\nNote: The Americas include U.S., Canada, and Latin America; EMEA includes Europe, Middle East, and Africa; APJ includes Asia Pacific and Japan\nRevenues from customers inside the U.S. were $2.8 billion, $2.8 billion, and $2.1 billion during fiscal 2019, 2018, and 2017, respectively. No other individual country accounted for more than 10% of revenues.\n\n | | Year Ended | \n------------------ | -------------- | -------------- | --------------\n(In millions) | March 29, 2019 | March 30, 2018 | March 31, 2017\nAmericas | $3,028 | $3,031 | $2,329 \nEMEA | 1,002 | 1,048 | 955 \nAPJ | 701 | 755 | 735 \nTotal net revenues | $4,731 | $4,834 | $4,019 \n\n\n revenues billing addresses.\n Americas U. S. Canada Latin America EMEA Europe Middle East Africa APJ Asia Pacific Japan\n Revenues U. $2. billion. $2. 1 billion 2019 2018 2017. No country 10% revenues.\n 2019 2018 2017\n Americas $3,028 $3,031 $2,329\n EMEA 1,002 1,048\n APJ 755\n revenues $4,731 $4,834 $4,019" +} +{ + "_id": "d1b35d094", + "title": "", + "text": "Item 14. Principal Accountant Fees and Services\nThe aggregate fees for professional services rendered by our independent registered public accounting firm, KPMG LLP, for Fiscal 2019 and Fiscal 2018 were:\n(1) Audit fees were primarily for professional services rendered for (a) the annual audits of our consolidated financial statements and the accompanying attestation report regarding our ICFR contained in our Annual Report on Form 10- K, (b) the review of quarterly financial information included in our Quarterly Reports on Form 10-Q, (c) audit services related to mergers and acquisitions and offering documents, and (d) annual statutory audits where applicable.\n(2) Audit-related fees were primarily for assurance and related services, such as the review of non-periodic filings with the SEC.\n(3) Tax fees were for services related to tax compliance, including the preparation of tax returns, tax planning and tax advice.\n(4) All other fees consist of fees for services other than the services reported in audit fees, audit-related fees, and tax fees.\nOpenText's Audit Committee has established a policy of reviewing, in advance, and either approving or not approving, all audit, audit-related, tax and other non-audit services that our independent registered public accounting firm provides to us. This policy requires that all services received from our independent registered public accounting firm be approved in advance by the Audit Committee or a delegate of the Audit Committee. The Audit Committee has delegated the pre-approval responsibility to the Chair of the Audit Committee. All services that KPMG LLP provided to us in Fiscal 2019 and Fiscal 2018 have been preapproved by the Audit Committee.\nThe Audit Committee has determined that the provision of the services as set out above is compatible with the maintaining of KPMG LLP's independence in the conduct of its auditing functions.\n\n | Year ended June 30, | \n---------------------- | ------------------- | ------\n(In thousands) | 2019 | 2018 \nAudit fees (1) | $4,598 | $4,701\nAudit-related fees (2) | — | — \nTax fees (3) | 108 | 116 \nAll other fees (4) | 40 | 101 \nTotal | $4,746 | $4,918\n\n14. Principal Accountant Fees Services\n fees services by KPMG LLP Fiscal 2019 2018\n Audit fees annual audits consolidated financial statements attestation report Form 10- K review quarterly financial information Form 10-Q audit services mergers annual statutory audits.\n Audit-related fees services review non-periodic filings SEC.\n Tax fees services tax compliance preparation tax returns tax planning advice.\n other fees services other audit.\n OpenText's Audit Committee policy audit-related tax non-audit services. policy requires services Audit Committee. delegated pre-approval responsibility to Chair Audit Committee. services KPMG LLP Fiscal 2019 2018 preapproved by Audit Committee.\n compatible with KPMG LLP's independence auditing functions.\n Year ended June 30,\n 2019 2018\n Audit fees (1) $4,598 $4,701\n Audit-related fees (2)\n Tax fees (3) 108 116\n other fees (4) 40 101\n$4,918" +} +{ + "_id": "d1b34cb5e", + "title": "", + "text": "In November 2017, GMSL acquired the trenching and cable laying services business from Fugro N.V. (\"Fugro\"). As part of the transaction, Fugro became a 23.6% holder of GMSL's parent, Global Marine Holdings, LLC (\"GMH\"). GMSL, in the normal course of business, incurred revenue and expenses with Fugro for various services.\nFor the years ended December 31, 2019 and 2018, GMSL recognized $11.3 million and $9.3 million respectively, of expenses for transactions with Fugro. For the year ended December 31, 2019 GMSL recognized $0.8 million of revenues. The parent company of GMSL, GMH, incurred management fees of $0.6 million for each of the years ended December 31, 2019 and 2018.\nGMSL also has transactions with several of their equity method investees. A summary of transactions with such equity method investees and balances outstanding are as follows (in millions):\n\n | Years Ended December 31, | \n--------------------- | ------------------------ | ------\n | 2019 | 2018 \nNet revenue | $ 6.4 | $ 21.8\nOperating expenses | $ 1.0 | $ 4.8 \nInterest expense | $ 1.0 | $ 1.3 \n | December 31, | \n | 2019 | 2018 \nAccounts receivable | $ 1.2 | $ 5.0 \nLong-term obligations | $ 22.5 | $ 28.5\nAccounts payable | $ 0.1 | $ 2.2 \nDividends | $ 4.5 | $ 25.8\n\nNovember 2017 GMSL acquired trenching cable Fugro. 6% holder Global Marine Holdings. GMSL incurred revenue expenses Fugro.\n years December 31, 2019 2018 GMSL recognized $11. 3 million $9. 3 million expenses Fugro. 2019 recognized $0. 8 million revenues. GMH incurred management fees $0. 6 million 2019.\n transactions equity method investees.\n Years December\n Net revenue $ 6. $ 21.\n Operating expenses $ 1. $ 4.\n Interest expense.\n Accounts receivable $ 1. 5.\n Long-term obligations $ 22. $ 28.\n Accounts payable.\n Dividends $ 4. $ 25." +} +{ + "_id": "d1b3a9354", + "title": "", + "text": "CONSOLIDATED STATEMENTS OF OPERATIONS\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n | Fiscal Years Ended September | \n------------------------------------------------------------------- | ---------------------------- | --------------\n | 2019 | 2018 \nSales (including excise taxes of $370.2 million and $368.4 million, | $1,392,388,157 | $1,322,306,658\nCost of sales | 1,308,364,726 | 1,245,375,460 \nGross profit | 84,023,431 | 76,931,198 \nSelling, general and administrative expenses | 72,182,883 | 66,781,234 \nDepreciation and amortization | 2,617,591 | 2,318,146 \nImpairment charges | 2,873,269 | 1,912,877 \n | 77,673,743 | 71,012,257 \nOperating income | 6,349,688 | 5,918,941 \nOther expense (income): | | \nInterest expense | 1,598,864 | 1,194,373 \nOther (income), net | (61,119) | (54,042) \n | 1,537,745 | 1,140,331 \nIncome from operations before income taxes | 4,811,943 | 4,778,610 \nIncome tax expense | 1,609,000 | 1,164,000 \nNet income available to common shareholders | $ 3,202,943 | $ 3,614,610 \nBasic earnings per share available to common shareholders | $ 5.36 | $ 5.47 \nDiluted earnings per share available to common shareholders | $ 5.25 | $ 5.38 \nBasic weighted average shares outstanding | 597,961 | 660,925 \nDiluted weighted average shares outstanding | 609,836 | 672,449 \nDividends declared and paid per common share | $ 1.00 | $ 1.00 \n\nSTATEMENTS\n notes.\n Fiscal Years Ended September\n Sales taxes $370. 2 million $368. 4 million $1,392,388,157 $1,322,306,658\n Cost 1,308,364,726 1,245,375,460\n Gross profit 84,023,431 76,931,198\n expenses 72,182,883 66,781,234\n Depreciation amortization 2,617,591 2,318,146\n Impairment charges 2,873,269 1,912,877\n 77,673,743,257\n Operating income 6,349,688 5,918,941\n Interest expense 1,598,864 1,194,373\n Income taxes 4,811,943,778\n expense 1\n Net income $ 3,202,943 3,614,610\n earnings share.\n.\n shares 597,961 660,925\n Dividends share $." +} +{ + "_id": "d1b330422", + "title": "", + "text": "As described in Note 7, the acquisition of Norstel resulted in the recognition of technology in process for $86 million in the line “Technologies in progress”.\nThe line “Technologies in progress” in the table above also includes internally developed software under construction and software not ready for use.\nThe amortization expense in 2019, 2018 and 2017 was $69 million, $64 million and $58 million, respectively.\n\nDecember 31, 2019 | Gross Cost | Accumulated Amortization | Net Cost\n----------------------------------------- | ---------- | ------------------------ | --------\nTechnologies & licenses | 699 | (578) | 121 \nPurchased & internally developed software | 486 | (427) | 59 \nTechnologies in progress | 119 | — | 119 \nOther intangible assets | 70 | (70) | — \nTotal | 1,374 | (1,075) | 299 \nDecember 31, 2018 | Gross Cost | Accumulated Amortization | Net Cost\nTechnologies & licenses | 705 | (592) | 113 \nPurchased & internally developed software | 459 | (404) | 55 \nTechnologies in progress | 44 | — | 44 \nOther intangible assets | 69 | (69) | — \nTotal | 1,277 | (1,065) | 212 \n\nacquisition Norstel technology $86 million.\n ready.\n amortization expense 2019 2018 2017 $69 million $64 million $58 million.\n December 31, 2019 Gross Cost Accumulated Amortization Net Cost\n Technologies licenses 699 (578) 121\n Purchased software (427)\n 119\n intangible assets 70\n 1,374 (1,075) 299\n December 31, 2018 Gross Cost Amortization Net\n licenses 705 (592) 113\n software 459 (404) 55\n Technologies 44\n intangible assets 69\n 1,277 (1,065)" +} +{ + "_id": "d1b3950ac", + "title": "", + "text": "Note 9: Long-Term Debt\nThe Company's long-term debt consists of the following (annualized interest rates, dollars in millions):\n(1) Interest is payable on June 1 and December 1 of each year at 1.00% annually. (2) Interest is payable on April 15 and October 15 of each year at 1.625% annually. (3) Consists of U.S. real estate mortgages, term loans, revolving lines of credit, notes payable and other facilities at certain international locations where interest is payable weekly, monthly or quarterly, with interest rates between 1.00% and 4.00% and maturity dates between 2019 and 2022.\n(4) Debt discount of $20.4 million and $41.6 million for the 1.00% Notes, $71.8 million and $88.5 million for the 1.625% Notes and $10.5 million and $9.3 million for the Term Loan \"B\" Facility, in each case as of December 31, 2019 and December 31, 2018, respectively. (5) Debt issuance costs of $2.8 million and $5.8 million for the 1.00% Notes, $6.9 million and $8.5 million for the 1.625% Notes and $24.3 million and $19.2 million for the Term Loan \"B\" Facility, in each case as of December 31, 2019 and December 31, 2018, respectively.\n\n | As of | \n--------------------------------------------------------------------------------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nAmended Credit Agreement: | | \nRevolving Credit Facility due 2024, interest payable monthly at3 .30% and 3.77%, respectively | $800.0 | $400.0 \nTerm Loan “B” Facility due 2026, interest payable monthly at3 .80% and 4.27%, respectively | 1,630.9 | 1,134.5 \n1.00% Notes due 2020 (1) | 690.0 | 690.0 \n1.625% Notes due 2023 (2) | 575.0 | 575.0 \nOther long-term debt (3) | 53.3 | 139.5 \nGross long-term debt, including current maturities | 3,749.2 | 2,939.0 \nLess: Debt discount (4) | (102.7) | (139.4) \nLess: Debt issuance costs (5) | (34.0) | (33.5) \nNet long-term debt, including current maturities | 3,612.5 | 2,766.1 \nLess: Current maturities | (736.0) | (138.5) \n Net long-term debt | $2,876.5 | $2,627.6 \n\nLong-Term Debt\n interest rates payable June 1 December 1 1.% annually. April 15 October 15. 625% annually. U S. real estate mortgages term loans revolving lines credit notes international payable weekly monthly quarterly rates 1. 4.% maturity dates 2019 2022.\n Debt discount $20. 4 million $41. 6 million. $71. 8 million $88. 5 million. 625% $10. 5 million $9. 3 million Term Loan December 31, 2019 2018. Debt issuance costs $2. 8 million $5. 8 million. Notes $6. 9 million $8. 5 million. 625% $24. 3 $19. 2 million Term Loan December.\n Revolving Credit Facility 2024 interest payable. 30%. 77%.\n Term Loan Facility 2026 interest. 80%. 27%,.\n. 2020.\n. 2023 575.\n long-term debt.\nlong-term debt maturities 3,749. 2,939.\n Debt discount.\n Debt issuance costs (34.\n long-term debt 3,612. 2,766.\n (736. (138.\n $2,876. $2,627." +} +{ + "_id": "d1b3bb91e", + "title": "", + "text": "The Company sponsors a defined benefit plan, the Woolworths Group Superannuation Plan (WGSP or the Plan), that provides superannuation benefits for employees upon retirement. The defined benefit plan is closed to new members. The assets of the WGSP are held in a sub-plan within AMP SignatureSuper that is legally separated from the Group. The WGSP invests entirely in pooled unit trust products where prices are quoted on a daily basis.\nThe WGSP consists of members with defined benefit entitlements and defined contribution benefits. The plan also pays allocated pensions to a small number of pensioners. The following disclosures relate only to the Group’s obligation in respect of defined benefit entitlements.\nThe Group contributes to the WGSP at rates as set out in the Trust Deed and Rules and the Participation Deed between the Group and AMP Superannuation Limited. Members contribute to the WGSP at rates dependent upon their membership category. The plan provides lump sum defined benefits that are defined by salary and period of membership.\nAn actuarial valuation was carried out at both reporting dates by Mr Nicholas Wilkinson, FIAA, Willis Towers Watson. The principal actuarial assumptions used for the purpose of the valuation are as follows:\n\n | 2019 | 2018\n-------------------------------- | ---- | ----\n | % | % \nDiscount rate | 2.9 | 3.8 \nExpected rate of salary increase | 2.5 | 2.5 \nRate of price inflation | 2.0 | 2.0 \n\nCompany sponsors benefit plan Woolworths Group Superannuation Plan benefits employees retirement. closed new members. assets sub-plan AMP SignatureSuper separated Group. invests in pooled unit trust products prices quoted daily.\n consists members defined benefit entitlements contribution benefits. pays allocated pensions small pensioners. disclosures relate Group’s obligation benefit entitlements.\n Group contributes rates Trust Deed Rules Participation Deed. Members contribute membership category. provides sum defined benefits defined by salary period membership.\n actuarial valuation Wilkinson FIAA Willis Towers Watson. actuarial assumptions\n Discount rate.\n salary increase.\n price inflation." +} +{ + "_id": "d1b38d4ec", + "title": "", + "text": "Warranty Obligations\nWe offer warranties on certain products and record a liability for the estimated future costs associated with warranty claims at the time revenue is recognized. The warranty liability is based upon historical experience and our estimate of the level of future costs. While we engage in product quality programs and processes, our warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure.\nWe continuously monitor product returns for warranty and maintain a reserve for the related expenses based upon our historical experience and any specifically identified field failures. As we sell new products to our customers, we must exercise considerable judgment in estimating the expected failure rates. This estimating process is based on historical experience of similar products, as well as various other assumptions that we believe to be reasonable under the circumstances.\nWe provide for the estimated cost of product warranties at the time revenue is recognized. Warranty costs are reflected in the Consolidated Statement of Income as a Cost of revenues. A reconciliation of the changes in our warranty liability is as follows (in thousands):\n\n | | Fiscal Year Ended | \n---------------------------- | ----------------- | ----------------- | -----------------\n | December 28,\n2019 | December 29, 2018 | December 30, 2017\nBalance at beginning of year | $2,102 | $ 3,662 | $2,972 \nAccruals | 3,881 | 3,181 | 8,115 \nSettlements | (4,041) | (4,741) | (7,425) \nBalance at end of year | $1,942 | $2,102 | $3,662 \n\nWarranty Obligations\n offer warranties record liability estimated future costs revenue. liability based historical experience estimate future costs. warranty obligation affected failure rates material usage delivery costs.\n monitor returns warranty maintain reserve expenses. new products judgment failure rates. experience assumptions.\n provide estimated cost warranties revenue. costs reflected Consolidated Statement Income Cost revenues. reconciliation changes warranty liability\n Fiscal Year Ended\n December 28,\n 29, 2018 30, 2017\n Balance year $2,102 3,662 $2,972\n Accruals 3,881 3,181 8,115\n Settlements (4,041) (4,741) (7,425)\n end year $1,942 $2,102 $3,662" +} +{ + "_id": "d1b2ee798", + "title": "", + "text": "22. Cash and cash equivalents\nCash at bank earns interest at floating interest rates. Of the total cash and cash equivalents balance, $79.3 million (2018 $63.9 million) is callable at notice of three months or less at the date of investment.\nShort-term bank deposits are made for varying periods of between one day and three months depending on the cash requirements of the Group and earn interest at the short-term deposit rates appropriate for the term of the deposit and currency.\nAt the end of 2019, the currency split of cash and cash equivalents was US Dollar 78 per cent (2018 83 per cent), Sterling 11 per cent (2018 8 per cent) and other currencies 11 per cent (2018 9 per cent).\nFor the purposes of the cash flow statement, cash and cash equivalents comprise the above amounts.\n\n | 2019 | 2018 \n------------------------ | --------- | ---------\n | $ million | $ million\nCash at bank | 103.9 | 57.7 \nShort-term bank deposits | 79.3 | 63.9 \n | 183.2 | 121.6 \n\n. Cash equivalents\n earns interest floating rates. total balance $79. 3 million (2018 $63. 9 million) callable three months investment.\n Short-term bank deposits periods one day three months requirements earn interest rates.\n end 2019 currency split US Dollar 78 (2018 83 Sterling 11 other currencies 11 cent 9.\n cash flow statement equivalents comprise amounts.\n 2019 2018\n $ million\n 103.\n Short-term bank deposits 79. 63.\n." +} +{ + "_id": "d1b30124e", + "title": "", + "text": "The following is a summary of investments, including those that meet the definition of a cash equivalent, as of December 31, 2018 (in thousands):\nAs of December 31, 2019, the Company’s investment in corporate bonds and US treasury securities had a weighted-average maturity date of approximately five months. Unrealized gains and losses on investments were not significant individually or in aggregate, and the Company does not believe the unrealized losses represent other-than-temporary impairments as of December 31, 2019.\n\n | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value\n------------------------------- | -------------- | ---------------- | ----------------- | ----------\nCurrent assets: | | | | \nCash | $54,275 | $— | $— | $54,275 \nCash equivalents: | | | | \nMoney market funds | 129,321 | — | — | 129,321 \nTotal cash equivalents | 129,321 | — | — | 129,321 \nTotal cash and cash equivalents | 183,596 | — | — | 183,596 \nShort-term investments: | | | | \nCorporate bonds | 58,115 | — | (82) | 58,033 \nUS treasury securities | 138,826 | — | (100) | 138,726 \nCommercial paper | 7,973 | — | — | 7,973 \nTotal short-term investments | 204,914 | — | (182) | 204,732 \nLong-term investments: | | | | \nStrategic investments | 1,250 | — | — | 1,250 \nTotal long-term investments | $1,250 | $— | $— | $1,250 \n\nsummary of investments cash equivalent as of December 31, 2018 thousands):\n December 31, 2019 Company’s investment in corporate bonds US treasury securities weighted-average maturity five months. Unrealized gains losses not significant represent-temporary impairments 2019.\n Amortized Cost Unrealized Gains Losses Fair Value\n Current assets\n Cash $54,275\n Cash equivalents\n Money market funds 129,321\n cash equivalents\n 183,596\n Short-term investments\n Corporate bonds 58,115\n US treasury securities 138,826\n Commercial paper 7,973\n Total short-term investments 204,914\n Long-term investments\n Strategic investments 1,250\n Total long-term investments $1,250" +} +{ + "_id": "d1b36daca", + "title": "", + "text": "ITEM 2. PROPERTIES\nThe Company leases the following real property:\nThe Company executed a three-year lease beginning in October 2017 for approximately 83,000 square feet for our Aurora, Illinois headquarters facility.\nDuring fiscal year 2019, the Company executed a two-year lease beginning in September 2018 for approximately 2,300 square feet for our Manchester, New Hampshire IBW office space.\nThe Company is currently evaluating a replacement lease for the ISM design center in Ohio.\nOn April 1, 2013, as a result of the Kentrox acquisition, the Company acquired a sixteen acre parcel of land in Dublin, Ohio. The Company sold four acres in April 2015 and is marketing the remaining twelve acres for sale.\n\nLocation | Purpose | Square footage | Termination calendar year | Segment\n-------------- | -------------------------------------------------------------- | --------------- | ------------------------- | -------\nAurora, IL | Corporate headquarters, office, distribution and manufacturing | 83,000 | 2020 | \nDublin, OH | Design center | 9,465 | 2019 | ISM \nManchester, NH | IBW office | 2,287 | 2020 | IBW \n\n.\n Company leases\n three-year lease 2017 83,000 square feet Aurora Illinois headquarters.\n two-year lease September 2018 2,300 square feet Manchester New Hampshire IBW office.\n evaluating replacement lease ISM design center Ohio.\n acquired sixteen acre Dublin Ohio. sold four acres 2015 remaining twelve acres sale.\n Aurora IL Corporate headquarters office distribution manufacturing 83,000\n Dublin OH Design center 9,465\n Manchester IBW office 2,287" +} +{ + "_id": "d1b3ba1fe", + "title": "", + "text": "Executive Overview of Results – Fiscal Years Ended June 1, 2019, June 2, 2018, and June 3, 2017\nOur operating results are significantly affected by wholesale shell egg market prices and feed costs, which can fluctuate\nwidely and are outside of our control. The majority of our shell eggs are sold at independently quoted wholesale\nmarket prices for shell eggs or formulas related to our costs of production which include the cost of corn and soybean\nmeal. The following table shows our net income (loss), gross profit, net average shell egg selling price, the average\nUrner Barry wholesale large shell egg prices in the southeast region, and feed cost per dozen produced for each of our\nthree most recent fiscal years.\nThe shell egg industry has historically been subject to periods of high profitability followed by periods of significant\nloss. The periods of high profitability have often reflected increased consumer demand relative to supply while the\nperiods of significant loss have often reflected excess supply for the then prevailing consumer demand. Historically,\ndemand for shell eggs increases in line with overall population growth. As reflected above, our operating results\nfluctuate with changes in the spot egg market quote and feed costs. The net average shell egg selling price is the\nblended price for all sizes and grades of shell eggs, including non-graded shell egg sales, breaking stock and undergrades. In fiscal 2017, our net average selling price and dozens sold decreased over the previous fiscal year\nprimarily due to the oversupply of eggs resulting from the repopulation of the national flock of laying hens to levels\nexceeding the flock size prior to the avian influenza outbreak in 2015, along with a reduced demand for egg products. In\nfiscal 2018, strong demand resulted in an increase in our average selling price and dozens sold, and feed costs decreased\nover prior years. Fiscal 2019 saw an increasing U.S. flock size result in oversupply of eggs, particularly in the last half\nof the fiscal year. This resulted in decreased gross profit and net income for fiscal 2019.\nNET SALES\nNet sales for the fiscal year ended June 1, 2019 were $1,361.2 million, a decrease of $141.7 million, or 9.4%, from\nnet sales of $1,502.9 million for fiscal 2018. The decrease was primarily due to lower selling prices for non-specialty\neggs in fiscal 2019 due to the oversupply of eggs, particularly in the last half of the fiscal year, contrasted with fiscal\n2018 in which we experienced strong demand resulting in higher prices for non-specialty eggs.\nIn fiscal 2019, shell egg sales made up approximately 97% of our net sales. Total dozens sold in fiscal 2019 were 1,038.9 million, an increase of 1.2 million dozen, or 0.1%, compared to 1,037.7 million sold in fiscal 2018 resulting in an increase in net sales of $1.7 million for fiscal 2019 compared with the prior year.\nNet average selling price of shell eggs decreased from $1.397 per dozen for fiscal 2018 to $1.265 per dozen for fiscal 2019, a decrease of $0.132 per dozen, or 9.4%, primarily reflecting an abundance of eggs in the market. The decrease in sales price in fiscal 2019 from fiscal 2018 resulted in a corresponding decrease in net sales of approximately $137.1 million. Our operating results are significantly affected by wholesale shell egg market prices, which are outside of our control. Small changes in production or demand levels can have a large effect on shell egg prices.\nEgg products accounted for approximately 3% of our net sales. These revenues were $41.5 million for the fiscal year\nended June 1, 2019 compared with $43.5 million for the fiscal 2018.\n\nFiscal Year ended | June 1, 2019 | June 2, 2018 | June 3, 2017\n------------------------------------------------------------------------ | ------------ | ------------ | ------------\nNet income (loss) attributable to Cal-Maine Foods, Inc. - (in thousands) | $54,229 | $125,932 | $(74,278) \nGross profit (in thousands) | 222,859 | 361,046 | 45,550 \nNet average shell egg selling price (rounded) | 1.27 | 1.40 | 1.01 \nAverage Urner Barry Spot Egg Market Quotations 1 | 1.23 | 1.49 | 0.85 \nFeed cost per dozen produced | 0.415 | 0.394 | 0.399 \n\nOverview Results Fiscal Years Ended 2019 2018 2017\n operating results affected by wholesale shell egg market prices feed costs\n control. majority shell eggs sold quoted wholesale\n market prices corn soybean\n. table shows net income gross profit average shell egg selling price\n Urner Barry wholesale large egg prices feed cost per dozen\n three recent fiscal years.\n shell egg industry high profitability\n loss. profitability increased demand\n loss excess supply.\n demand increases population growth. operating results\n fluctuate spot egg market feed costs. net average shell egg selling price\n all sizes grades. fiscal 2017 average selling price dozens sold decreased\n oversupply repopulation flock\n influenza reduced demand.\n 2018 strong demand average selling price dozens sold feed costs decreased\n. 2019 increasing. flock size oversupply\n. decreased gross profit net income.\n NET SALES\n fiscal year June 1, 2019 $1,361.decrease $141. 7 million. 4% from\n net sales $1,502. 9 million 2018. due lower prices non-specialty\n eggs oversupply\n strong demand higher prices.\n egg sales 97% net sales. dozens sold 1,038. 9 million increase 1. 2. 1% 1,037. 7 million 2018 increase net sales $1. 7 million.\n average price decreased $1. 397 per dozen to $1. 265 per dozen decrease $0. 132 per dozen. 4% abundance eggs. decrease price net sales $137. 1 million. results affected by wholesale shell egg market prices. changes production demand egg prices.\n products 3% net sales. revenues $41. 5 million\n 2019 $43. 5 million 2018.\n Net income (loss Cal-Maine Foods. $54,229 $125,932 $(74,278\n Gross profit 222,859 361,046 45\n average shell egg selling price 1. 27. 40\n Spot Egg Market.. 49.\n Feed cost dozen. 415. 394. 399" +} +{ + "_id": "d1a7210fa", + "title": "", + "text": "NOTE 4. OTHER ASSETS\nGoodwill\nThe carrying amount of goodwill for the fiscal years ended June 30, 2019 and 2018, by reportable segments, is as follows:\nGoodwill acquired during fiscal 2019 totaled $17,015, with $12,893 of that resulting from the purchase of BOLTS Technologies, Inc., $3,999 resulting from the purchase of Agiletics, Inc., and the remainder resulting from a measurement period adjustment on the Ensenta valuation. The goodwill arising from these acquisitions consists largely of the growth potential, synergies and economies of scale expected from combining the operations of the Company with those of BOLTS Technologies and Agiletics, together with the value of their assembled workforces. No goodwill was assigned to the Company’s Corporate and Other reportable segment.\nGoodwill acquired during fiscal 2018 totaled $97,597, with $91,098 of that resulting from the purchase of Ensenta Corporation, included in the Payments segment. The remaining $6,499 of goodwill acquired during fiscal 2018 resulted from the purchase of Vanguard Software Group, which was added to the Company’s Complementary segment. The goodwill arising from these acquisitions consists largely of the growth potential, synergies and economies of scale expected from combining the operations of the Company with those of Ensenta and Vanguard, together with the value of their assembled workforces. No goodwill was assigned to the Company’s Corporate and Other reportable segment.\nThe Goodwill reduction during fiscal 2018 was a result of the Company’s sale of jhaDirect product line in the first quarter. Goodwill allocated to the carrying amount of the net assets sold was calculated based on the relative fair values of the business disposed and the portion of the reporting unit that was retained.\n\n | June 30, | \n--------------------------------------------- | -------- | --------\nCore | 2019 | 2018 \nBeginning balance | $195,956 | $195,956\nGoodwill, acquired during the year | 4,000 | — \nGoodwill, adjustments related to dispositions | — | — \nEnding balance | $199,956 | $195,956\nPayments | | \nBeginning balance | $325,204 | $234,106\nGoodwill, acquired during the year | 122 | 91,098 \nGoodwill, adjustments related to dispositions | — | — \nEnding balance | $325,326 | $325,204\nComplementary | | \nBeginning balance | $128,769 | $122,403\nGoodwill, acquired during the year | 12,893 | 6,499 \nGoodwill, adjustments related to dispositions | — | (133) \nEnding balance | $141,662 | $128,769\n\nNOTE 4.\n Goodwill\n fiscal years 2019 2018\n Goodwill acquired 2019 $17,015 $12,893 BOLTS Technologies. $3,999 Agiletics. remainder adjustment Ensenta valuation. goodwill growth potential synergies economies scale combining operations Technologies Agiletics value workforces. No goodwill assigned Corporate Other segment.\n Goodwill acquired 2018 $97,597 $91,098 purchase Ensenta Corporation Payments segment. remaining $6,499 purchase Vanguard Software Group Complementary segment. goodwill growth potential synergies economies scale combining operations Ensenta Vanguard value workforces. No goodwill assigned Corporate Other reportable segment.\n Goodwill reduction 2018 sale jhaDirect product line. Goodwill net assets sold calculated based fair values business disposed reporting unit retained.\n June 30\n 2019 2018\n balance $195,956\n Goodwill acquired 4,000\n adjustments related dispositions\nEnding balance $199,956\n Payments\n Beginning $325,204 $234,106\n acquired 91,098\n adjustments\n $325,326 $325,204\n Beginning balance $128,769 $122,403\n acquired\n adjustments\n Ending balance $141,662 $128,769" +} +{ + "_id": "d1b352216", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nAs of December 31, 2019, the Company does not have material operating or financing leases that have not yet commenced.\nMaturities of operating and finance lease liabilities as of December 31, 2019 were as follows:\n(1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.\n\nFiscal Year | Operating Lease (1) | Finance Lease (1)\n--------------------------------------- | ------------------- | -----------------\n2020 | $904.3 | $8.0 \n2021 | 878.3 | 5.3 \n2022 | 845.5 | 4.3 \n2023 | 810.3 | 3.0 \n2024 | 766.4 | 2.1 \nThereafter | 6,140.1 | 45.4 \nTotal lease payments | 10,344.9 | 68.1 \nLess amounts representing interest | (3,340.0) | (37.4) \nTotal lease liability | 7,004.9 | 30.7 \nLess current portion of lease liability | 494.5 | 6.7 \nNon-current lease liability | $6,510.4 | $24.0 \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n December 31, 2019 Company operating financing leases commenced.\n lease liabilities\n Balances translated period-end exchange rate comparability.\n Operating Lease Finance Lease\n $904. $8.\n 2021 878. 5\n 845. 4.\n 810.\n 2024 766. 2.\n 6,140. 45.\n lease payments 10,344. 68.\n (3,340.\n lease liability 7,004. 30.\n 494. 6.\n Non-current lease liability $6,510. $24." +} +{ + "_id": "d1b32e136", + "title": "", + "text": "4. Acquisitions and Divestitures\n(a) Acquisition Summary\nWe completed five acquisitions during fiscal 2019. A summary of the allocation of the total purchase consideration is presented as follows (in millions):\nOn September 28, 2018, we completed our acquisition of privately held Duo Security, Inc. (“Duo”), a leading provider of unified access security and multi-factor authentication delivered through the cloud. Revenue from the Duo acquisition has been included in our Security product category.\nOn February 6, 2019, we completed our acquisition of Luxtera, Inc. (“Luxtera”), a privately held semiconductor company. Revenue from the Luxtera acquisition has been included in our Infrastructure Platforms product category.\nThe total purchase consideration related to our acquisitions completed during fiscal 2019 consisted of cash consideration and vested share-based awards assumed. The total cash and cash equivalents acquired from these acquisitions was approximately $100 million.\n\nFiscal 2019 | Purchase Consideration | Net Tangible Assets Acquired (Liabilities Assumed) | Purchased Intangible Assets | Goodwill\n----------------------- | ---------------------- | -------------------------------------------------- | --------------------------- | --------\nDuo | $2,025 | $(57) | $342 | $1,740 \nLuxtera | 596 | (19) | 319 | 296 \nOthers (three in total) | 65 | 2 | 11 | 52 \nTotal | $2,686 | $(74) | $672 | $2,088 \n\n. Acquisitions Divestitures\n Acquisition Summary\n five acquisitions fiscal 2019. purchase consideration\n September 28, 2018 Duo Security. unified access security multi-factor authentication. Security category.\n February 6, 2019 Luxtera. semiconductor company. Infrastructure Platforms category.\n cash vested share awards. cash equivalents approximately $100 million.\n Fiscal 2019 Purchase Consideration Tangible Assets Acquired (Liabilities Assumed Purchased Intangible Assets Goodwill\n Duo $2,025 $(57) $342 $1,740\n Luxtera 596 319 296\n Others 65 2 11\n Total $2,686 $ $672 $2,088" +} +{ + "_id": "d1b347b86", + "title": "", + "text": "Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.\nThe Company’s common stock is traded on the NASDAQ Stock Market LLC under the symbol SAFM.\nThe number of stockholders of record as of December 12, 2019, was 2,742. The number of beneficial owners of our stock is greater than the number of holders of record, and the exact number is unknown.\nThe amount of future common stock dividends will depend on our earnings, financial condition, capital requirements, the effect a dividend would have on the Company's compliance with financial covenants and other factors, which will be considered by the Board of Directors on a quarterly basis.\nDuring its fourth fiscal quarter, the Company repurchased shares of its common stock as follows:\n1  All purchases were made pursuant to the Company's Stock Incentive Plan, as amended and restated on February 11, 2016, under which shares were withheld to satisfy tax withholding obligations.\n2  On May 31, 2018, the Company’s Board of Directors expanded and extended the share repurchase program originally approved on October 22, 2009, under which the Company was originally authorized to purchase up to one million shares of its common stock and is now authorized to purchase up to two million shares of its common stock in open market transactions or negotiated purchases, subject to market conditions, share price and other considerations. The authorization will expire on May 31, 2021. During the fourth quarter of fiscal 2018, the Company purchased 823,385 shares in open market transactions under this program. The Company’s repurchases of vested restricted stock to satisfy tax withholding obligations of its Stock Incentive Plan participants are not made under the 2018 general repurchase plan.\n3  Does not include vested restricted shares that may yet be repurchased under the Stock Incentive Plan as described in Note 1.\n\nPeriod | (a) Total Number of Shares Purchased (1) | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2)(3)\n----------------------- | ---------------------------------------- | -------------------------------- | ---------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------\nAug. 1 - Aug. 31, 2019 | — | — | — | 1,176,615 \nSep. 1 - Sep. 30, 2019 | 901 | $151.33 | 901 | 1,176,615 \nOct. 1 - Oct. 31, 2019 | 34,344 | $154.81 | 34,344 | 1,176,615 \nTotal | 35,245 | $154.72 | 35,245 | 1,176,615 \n\n5. Market Registrant’s Common Equity Stockholder Matters Issuer Purchases Equity Securities.\n common stock traded Stock Market SAFM.\n stockholders December 12, 2019 2,742. beneficial owners greater holders exact unknown.\n future stock dividends depend earnings financial condition capital requirements compliance financial covenants considered Board Directors quarterly.\n fourth fiscal quarter Company repurchased shares common stock\n purchases Stock Incentive Plan shares withheld tax withholding obligations.\n May 31, 2018 Board expanded extended share repurchase program 2009, million two million subject market conditions price. authorization May 31, 2021. fourth quarter 2018 purchased 823,385 shares market. repurchases vested restricted stock tax withholding obligations not 2018 general repurchase plan.\n include vested restricted shares repurchased Stock Incentive Plan.\nPeriod Total Shares Purchased Average Price Paid Share Plans Programs Maximum Value Shares Purchased Plans\n Aug. 1 -. 31, 2019 1,176,615\n Sep. 1 -. 30, 2019 $151. 1,176,615\n Oct. 1 -. 31, 2019 34,344 $154. 1,176,615\n 35,245 $154. 72 1,176,615" +} +{ + "_id": "d1b32863c", + "title": "", + "text": "A summary of the status of the Company’s nonvested options as of December 31, 2019, and changes during the year ended December 31, 2019, is presented below\nAs of December 31, 2019, the Company had 3,835,366 shares issuable under options outstanding at a weighted average exercise price of $1.34 and an intrinsic value of\n$635,536.\nAs of December 31, 2019, the Company had 3,846,299 shares issuable under options outstanding at a weighted average exercise price of $1.36 and an intrinsic value of\n$2,150,912.\nThe total number of options granted during the year ended December, 2019 and 2018 was 126,567 and 280,000, respectively. The exercise price for these options was $1.00 per share, $1.25 per share, or $1.75 per share.\nThe Company recognized compensation expense related to options issued of $797,761 and $1,130,071 during the year ended December 31, 2019 and 2018, respectively,\nwhich is included in general and administrative expenses and research and development expenses. For the year ended December 31, 2019, $562,734 of the stock compensation\nwas related to employees and $235,027 was related to non-employees.\nOn January 24, 2018, the Company entered into a consulting agreement (the “Agreement”) with NeuroAssets Sàrl (“Consultant”), a Swiss company. As part of the\nagreement, on February 20, 2018, the Compensation Committee of the Company’s Board of Directors approved a grant of 200,000 options under our 2016 Equity Compensation\nPlan. The options vest over 48 months in equal monthly installments with the first monthly vesting event scheduled to occur on March 20, 2018, have a term of ten years and\nare exercisable at a price of $1.75 per share. The vesting of the options will accelerate if a corporate partnership results from an introduction made by Consultant.\nOn January 24, 2018, the Company entered into a consulting agreement (the “Agreement”) with NeuroAssets Sàrl (“Consultant”), a Swiss company. As part of the agreement, on February 20, 2018, the Compensation Committee of the Company’s Board of Directors approved a grant of 200,000 options under our 2016 Equity Compensation Plan. The options vest over 48 months in equal monthly installments with the first monthly vesting event scheduled to occur on March 20, 2018, have a term of ten years and are exercisable at a price of $1.75 per share. The vesting of the options will accelerate if a corporate partnership results from an introduction made by Consultant.\nDuring the first quarter of 2018 the Company granted 80,000 stock options to four consultants. 50,000 of these options vest immediately and the remaining 30,000\noptions vest monthly over 48 months, have an exercise price of $1.75, and have a term of ten years\nAs of December 31, 2019, the unamortized stock option expense was $287,905 with $144,423 being related to employees and $143,482 being related to non-employees.\nAs of December 31, 2019, the weighted average period for the unamortized stock compensation to be recognized is 3.98 years\nOn February 25, 2019, the Company granted 101,567 options with an exercise price of $1.00 and a ten year term. 59,900 of these options vest immediately and 41,667\nvest bi-weekly over two months. These options have a Black-Scholes value of $199,807. The Company issued 59,900 options for settlement of accounts payable totaling\n$29,850 and recorded a loss of $99,541 on the settlement of the accounts payable\nOn February 25, 2019, the Company granted 101,567 options with an exercise price of $1.00 and a ten year term. 59,900 of these options vest immediately and 41,667 vest bi-weekly over two months. These options have a Black-Scholes value of $199,807. The Company issued 59,900 options for settlement of accounts payable totaling $29,850 and recorded a loss of $99,541 on the settlement of the accounts payable.\nOn June 17, 2019, the Company granted 25,000 options with an exercise price of $1.75 and a ten year term. These options vest immediately and have a Black-Scholes\nvalue of $36,374\n\nNonvested Options | Option | Weighted-Average Exercise Price\n--------------------------- | --------- | -------------------------------\nNonvested at December, 2017 | 1,492,861 | $1.54 \nGranted | 280,000 | $1.75 \nVested | (972,651) | $1.29 \nForfeited | | \nNonvested at December, 2018 | 800,210 | $1.63 \nGranted | 126,567 | $1.15 \nVested | (584,895) | $1.46 \nForfeited | (137,500) | $1.75 \nNonvested at December, 2019 | 204,382 | $1.74 \n\nsummary Company’s nonvested options December 31, 2019 changes\n had 3,835,366 shares price $1. 34 intrinsic value\n $635,536.\n 3,846,299 shares price $1. 36 intrinsic value\n $2,150,912.\n total options granted 126,567 280,000. exercise price $1. $1. 25 $1. 75 per share.\n recognized compensation expense options $797,761 $1,130,071\n included general administrative expenses research development expenses. $562,734 stock compensation\n employees $235,027 non-employees.\n January 24 2018 consulting agreement NeuroAssets Sàrl.\n February 20 2018 Compensation Committee approved 200,000 options 2016 Equity Compensation\n Plan. options vest over 48 months installments first vesting March 20, 2018 term ten years\n exercisable $1. 75 per share. vesting partnership introduction Consultant.\n January 24 2018 consulting agreement NeuroAssets.February 20, 2018 Compensation Committee approved 200,000 options 2016 Equity Compensation Plan. vest 48 months first vesting March 20, 2018 ten years $1. 75 per share. vesting partnership Consultant.\n first quarter 2018 granted stock options four consultants. 50,000 vest immediately 30,000\n monthly 48 months price $1. 75 term ten years\n December 31, 2019 unamortized stock option expense $287,905 $144,423 employees $143,482 non-employees.\n average unamortized stock compensation 3. 98 years\n February 25, 2019 granted 101,567 options price $1. 00 ten year term. 59,900 immediately 41,667\n bi-weekly. Black value $199,807.\n $29,850 loss $99,541\n $1. ten year term. 59,900 immediately 41,667 bi-weekly. $99,541.\n June 17, 2019 granted 25,000 options price $1. 75 ten year term. vest immediately Black-Scholes\n value $36,374\n\n Nonvested Options Weighted-Average Exercise\n December 2017 1,492,861. 54\n 280,000. 75\n (972,651). 29\n 2018 800,210.\n 126,567.\n (584,895). 46\n (137,500. 75\n December 2019 204,382." +} +{ + "_id": "d1a72f362", + "title": "", + "text": "Total Restructuring Reserves\nRestructuring reserves included on the Consolidated Balance Sheets were as follows:\n\n | | Fiscal Year End\n------------------------------------- | ------ | ---------------\n | 2019 | 2018 \n | | (in millions) \nAccrued and other current liabilities | $ 245 | $ 141 \nOther liabilities | 19 | 26 \nRestructuring reserves | $ 264 | $ 167 \n\nRestructuring Reserves\n Consolidated Balance Sheets\n Fiscal Year\n 2019 2018\n millions\n Accrued liabilities $ 245 $ 141\n reserves $ $ 167" +} +{ + "_id": "d1b34d766", + "title": "", + "text": "The credit quality and credit concentration of cash equivalents, current asset investments and derivative financial assets are detailed in the tables below. Where the opinion of Moody’s and Standard & Poor’s (S&P) differ, the lower rating is used.\na We hold cash collateral of £638m (2017/18: £492m, 2016/17: £702m) in respect of derivative financial assets with certain counterparties.\nThe concentration of credit risk for our trading balances is provided in note 17, which analyses outstanding balances by customerfacing unit. Where multiple transactions are undertaken with a single financial counterparty or group of related counterparties, we enter into netting arrangements to reduce our exposure to credit risk by making use of standard International Swaps and Derivatives Association (ISDA) documentation.\nWe have also entered into credit support agreements with certain swap counterparties whereby, on a daily, weekly and monthly basis, the fair value position on notional £3,289m of long dated cross-currency swaps and interest rate swaps is collateralised. The related net cash inflow during the year was £129m (2017/18: outflow £220m, 2016/17: inflow £100m). The collateral paid and received is recognised within current asset investments and loans and other borrowings, respectively.\n\n | 2019 | 2018 | 2017 \n------------------------------------------- | ----- | ----- | -----\nMoody’s / S&P credit rating of counterparty | £m | £m | £m \nAa2/AA and above | 2,522 | 2,575 | 1,444\nAa3/AA– | 1,376 | 313 | 208 \nA1/A+a | 1,145 | 651 | 952 \nA2/Aa | 649 | 628 | 370 \nA3/A–a | 50 | 180 | 204 \nBaa1/BBB+a | 75 | 59 | 561 \nBaa2/BBB and below a | 160 | 207 | 86 \n | 5,977 | 4,613 | 3,825\n\ncredit quality concentration cash equivalents investments derivative assets tables. Moody’s Standard & Poor’s lower rating.\n cash collateral £638m derivative assets counterparties.\n concentration credit risk trading balances note 17,. transactions arrangements risk International Swaps Derivatives Association documentation.\n credit support agreements swap counterparties fair value £3,289m cross-currency swaps swaps. net cash inflow £129m. collateral paid received recognised asset investments loans borrowings.\n Moody’s S&P credit rating counterparty\n Aa2/AA above 2,522 2,575 1,444\n Aa3/AA– 1,376 313 208\n A1/A+a 1,145 651 952\n A2/Aa 649 628 370\n A3/A–a 50 180 204\n Baa1/BBB+a 75 59 561\n 207\n 5,977 4,613 3,825" +} +{ + "_id": "d1b32cf84", + "title": "", + "text": "Executive Director Fixed Pay increases\nThe Committee has approved Fixed Pay increases of 4% for the CEO and 3% for the CFO, effective from 1 January 2020. This is in line with the average increase awarded to the wider Unilever workforce in 2019 of 3.6%. These increases were awarded to recognise the strong leadership of both individuals in 2019, which was Alan Jope’s first year in the CEO role and a year of transformation for Unilever generally. We also wanted to recognise Graeme Pitkethly’s seniority in his role, coming into his 5th year as CFO.\nWhen our CEO Alan Jope was appointed on 1 January 2019 he was appointed with Fixed Pay 14% below that of what the Committee proposed for his predecessor and at the lower quartile of our remuneration benchmarking peer group, despite Unilever being one of the largest companies in this peer group. This positioning was intentional, given Alan’s internal promotion on appointment. However, subject to Alan’s continuing good performance the Committee will, over time, continue to review his Fixed Pay positioning and progress this towards the market median benchmark.\n* MCIP at maximum (67%) investment of bonus.\n\n | Alan Jope CEO €'000 p.a. | | Graeme Pitkethly CFO €'000 p.a. | \n---------------------------- | ------------------------ | ----- | ------------------------------- | -----\n | 2019 | 2020 | 2019 | 2020 \nFixed Pay | 1,450 | 1,508 | 1,103 | 1,136\nAnnual Bonus | 2,175 | 2,262 | 1,323 | 1,363\nMCIP* Match share award | 2,186 | 2,273 | 1,330 | 1,370\nTarget Total Pay | 5,811 | 6,043 | 3,756 | 3,869\nPersonal MCIP* Investment in | 67% | 67% | 67% | 67% \nUnilever shares | 1,457 | 1,516 | 886 | 913 \n\nFixed Pay increases\n Committee approved increases 4% CEO 3% CFO 1 January 2020. average increase Unilever workforce 2019 3. 6%. increases leadership 2019 Alan first CEO transformation Unilever. Graeme Pitkethly’s seniority 5th year CFO.\n CEO Alan Jope appointed 1 January 2019 Fixed Pay 14% below Committee lower quartile remuneration benchmarking peer group Unilever. intentional promotion. performance Committee Fixed Pay progress market median benchmark.\n maximum (67% investment bonus.\n Alan Jope CEO. Graeme Pitkethly CFO.\n Fixed Pay 1,450 1,508,103\n Annual Bonus 2,175 2,262\n MCIP Match share award 2,186 2,273 1,330\n Target Total Pay 5,811 6,043 3,756\n Investment 67%\n Unilever shares 1,457 1,516" +} +{ + "_id": "d1b3a6bfe", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe information set forth below is not necessarily indicative of results of future operations and should be read in conjunction with Item 7. ‘‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’’ and the Consolidated Financial Statements and Notes to Consolidated Financial Statements included elsewhere in this annual report.\nWe derived the consolidated statement of operations data for fiscal 2019, 2018 and 2017 and the consolidated balance sheet data as of fiscal 2019 and 2018 year-end from our audited consolidated financial statements, and accompanying notes, contained in this annual report. The consolidated statements of operations data for fiscal 2016 and 2015 and the consolidated balance sheet data as of fiscal 2017, 2016 and 2015 year-end are derived from our audited consolidated financial statements which are not included in this annual report.\n* In November 2015, the FASB issued amended guidance that clarifies that in a classified statement of financial position, an entity shall classify deferred tax liabilities and assets as noncurrent amounts. This guidance superseded ASC 740-10-45-5 which required the valuation allowance for a particular tax jurisdiction be allocated between current and noncurrent deferred tax assets for that tax jurisdiction on a pro rata basis. We elected to early adopt the standard retrospectively in fiscal 2016, which resulted in the reclassification of current deferred income tax assets to non-current deferred income tax assets and non-current deferred income tax liabilities on our consolidated balance sheets for fiscal 2017, 2016 and 2015.\n(1) Includes $16.0 million of after-tax restructuring charges, $0.4 million of after-tax amortization of purchase accounting step-up, $1.1 million of benefit from amounts received on a resolved asset recovery matter, $1.7 million non-recurring income tax net expense and $2.5 million of excess tax benefits for employee stock-based compensation.\n(2) Includes $2.9 million of after-tax restructuring charges, $0.8 million impairment and other charges, $0.7 million of after-tax acquisition costs, $0.6 million of after-tax amortization of purchase accounting step-up, $26.7 million of tax charges due to the U.S. Tax Cuts and Jobs Act transition tax and deferred tax remeasurement, $3.3 million tax charge due to an increase in valuation allowances against deferred tax assets and $12.8 million of tax benefit from the adoption of new rules for accounting for excess tax benefits and tax deficiencies for employee stock-based compensation.\n(3) Includes $19.0 million of after-tax amortization of purchase accounting step-up, $17.4 million of after tax costs related to the acquisition of Rofin, $8.4 million of after-tax restructuring charges, an after-tax charge of $1.9 million for the impairment of net assets of several entities held for sale, $1.8 million after-tax interest expense on the commitment of our term loan to finance the acquisition of Rofin, a $7.1 million after-tax gain on our hedge of our foreign exchange risk related to the commitment of our term loan and the issuance of debt to finance the acquisition of Rofin, a $3.4 million after-tax gain on our sale of previously owned Rofin shares and a benefit of $1.4 million from the closure of R&D tax audits.\n(4) Includes $6.4 million of after tax costs related to the acquisition of Rofin, a $1.4 million after-tax loss on our hedge of our foreign exchange risk related to the commitment of our term loan to finance the acquisition of Rofin, $0.8 million after-tax interest expense on the commitment of our term loan to finance the acquisition of Rofin and a benefit of $1.2 million from the renewal of the R&D tax credit for fiscal 2015.\n(5) Includes a charge of $1.3 million after tax for the impairment of our investment in SiOnyx, a $1.3 million after-tax charge for an accrual related to an ongoing customs audit, a benefit of $1.1 million from the renewal of the R&D tax credit for fiscal 2014 and a $1.3 million gain on our purchase of Tinsley in the fourth quarter of fiscal 2015.\n\n | Fiscal | Fiscal | Fiscal | Fiscal | Fiscal \n----------------------------------------------- | ---------- | ---------- | ------------------------------------- | ---------- | --------\nConsolidated financial data | 2019(1) | 2018(2) | 2017(3) | 2016(4) | 2015(5) \n | | | (in thousands, except per share data) | | \nNet sales | $1,430,640 | $1,902,573 | $1,723,311 | $857,385 | $802,460\nGross profit | $486,465 | $830,691 | $750,269 | $381,392 | $335,399\nNet income from continuing operations | $53,825 | $247,360 | $208,644 | $87,502 | $76,409 \nNet income per share from continuing operations | | | | | \nBasic | $2.23 | $10.07 | $8.52 | $3.62 | $3.09 \nDiluted | $2.22 | $9.95 | $8.42 | $3.58 | $3.06 \nShares used in computation: | | | | | \nBasic | 24,118 | 24,572 | 24,487 | 24,142 | 24,754 \nDiluted | 24,279 | 24,851 | 24,777 | 24,415 | 24,992 \nTotal assets* | $2,083,169 | $2,259,969 | $2,337,800 | $1,161,148 | $968,947\nLong-term obligations | $392,238 | $420,711 | $589,001 | $— | $— \nOther long-term liabilities* | $165,881 | $151,956 | $166,390 | $48,826 | $49,939 \nStockholders’ equity | $1,284,736 | $1,314,464 | $1,163,264 | $910,828 | $796,418\n\nITEM 6. FINANCIAL DATA\n information not indicative future operations read with Item 7. Discussion Analysis Financial Condition Results Consolidated Financial Statements Notes.\n derived operations data 2019 2018 2017 balance sheet data audited financial statements notes. 2016 2015 not.\n November 2015, FASB guidance deferred tax liabilities assets noncurrent. superseded ASC valuation allowance deferred tax. standard fiscal 2016, reclassification deferred tax assets non-current balance sheets 2017 2016 2015.\n Includes $16. 0 million after-tax restructuring charges $0. 4 million-tax amortization purchase accounting $1. 1 million benefit asset recovery matter $1. 7 million non-recurring income tax net expense $2. 5 million excess tax benefits employee stock-based compensation.\n Includes $2. 9 million after-tax restructuring charges $0. 8 million impairment charges. 7 million after-tax acquisition costs.million after-tax amortization purchase $26. 7 million tax charges. Tax Cuts Jobs Act deferred tax $3. 3 million tax valuation allowances deferred tax $12. 8 million tax benefit rules excess tax benefits employee stock-based compensation.\n $19. 0 million-tax amortization purchase $17. 4 million costs acquisition Rofin $8. 4 million-tax restructuring charge $1. 9 million assets $1. 8 million interest loan $7. 1 million-tax gain foreign exchange risk $3. 4 million gain sale Rofin shares benefit $1. 4 million R&D tax audits.\n $6. 4 million tax costs $1. 4 million-tax loss foreign exchange $0. 8 million interest benefit $1. 2 million R&D tax credit 2015.\n $1. 3 million investment SiOnyx $1. 3 million-tax charge customs audit benefit $1. 1 million R&D tax credit $1. 3 million gain purchase Tinsley 2015.\nFiscal\n Consolidated financial data 2015(5)\n Net sales $1,430,640 $1,902,573 $1,723,311 $857,385 $802,460\n Gross profit $486,465 $830,691 $750,269 $381,392 $335,399\n Net income $53,825 $247,360 $208,644 $87,502 $76,409\n Net income per share\n $2. $10.\n. $9. $8.\n Shares computation\n 24,118\n Total assets $2,083,169 $2,259,969 $2,337,800 $1,161,148 $968,947\n Long-term obligations $392,238 $420,711 $589,001\n Other long-term liabilities $165,881 $151,956 $166,390 $49,939\nequity,284,736,314,464,264,828 $796,418" +} +{ + "_id": "d1a72d184", + "title": "", + "text": "Other Income (Expense), Net\nInterest expense decreased $54.7 million during fiscal 2019 as compared to fiscal 2018, primarily due to elimination of the non-recourse residential financing obligations in connection with the sale of the Residential Lease Portfolio in November 2018, as well as the elimination of the sales-leaseback financing obligations in connection with the sale of the commercial sale-leaseback portfolio during the first and second quarters of fiscal 2019.\nInterest expense increased $17.7 million in fiscal 2018 as compared to fiscal 2017 primarily due to new debt and new commercial sale-leaseback arrangements.\nOther income increased by $119.4 million during fiscal 2019 as compared to fiscal 2018, primarily due to a $158.3 million gain on an equity investment with readily determinable fair value in fiscal 2019, as compared to a loss of $6.4 million in fiscal 2018. Additionally, gain on sale of equity investments during fiscal 2019 was $17.7 million, compared to $54.2 million in fiscal 2018.\nOther income increased by $143.0 million in fiscal 2018 as compared to fiscal 2017. The change is primarily due to a $54.2 million gain on the sale of our equity method investments in fiscal 2018, a $73.0 million impairment charge in fiscal 2017 in our 8point3 Energy Partners LP equity investment balance due to the adoption of ASC 606 which materially increased the investment balance and consequently, led to the recognition of an other-than-temporary impairment in the first quarter of fiscal 2017.\n\n | | Fiscal Year | \n---------------------------------- | -------- | ----------- | ----------\n(In thousands, except percentages) | 2019 | 2018 | 2017 \nInterest income | $2,702 | $3,057 | $2,100 \nInterest expense | (53,353) | (108,011) | (90,288) \nOther Income (expense): | | | \nOther, net | 174,734 | 55,314 | (87,645) \nOther income (expense), net | $124,083 | $(49,640) | $(175,833)\nAs a percentage of revenue | 7% | (3)% | (10)% \n\nIncome\n Interest expense decreased $54. 7 million 2019 due non-recourse residential financing obligations Residential Lease Portfolio sales-leaseback financing obligations commercial portfolio.\n Interest expense increased $17. 7 million due new debt commercial sale-leaseback arrangements.\n income increased $119. 4 million due $158. 3 million gain equity investment loss $6. 4 million. gain sale equity investments $17. 7 million $54. 2 million 2018.\n income increased $143. 0 million. due $54. 2 million gain sale equity investments $73. 0 million impairment charge 8point3 Energy Partners LP equity investment ASC 606 increased balance-temporary impairment 2017.\n Interest income $2,702 $3,057 $2,100\n Interest expense (53,353) (108,011) (90,288)\n Other Income\n 174,734 55,314 (87,645)\n $124,083 $(49,640)(175,833)\npercentage revenue 7% (3)" +} +{ + "_id": "d1b38f878", + "title": "", + "text": "Item 6. Selected Financial Data.\nSELECTED CONSOLIDATED FINANCIAL DATA\nThe following selected historical financial data should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our consolidated financial statements and the related notes appearing in Item 8, “Financial Statements and Supplementary Data,” of this Annual Report on Form 10-K to fully understand the factors that may affect the comparability of the information presented below.\nThe selected consolidated financial data in this section are not intended to replace the consolidated financial statements and are qualified in their entirety by the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K.\nThe following selected consolidated statements of operations data for the years ended December 31, 2019, 2018 and 2017, and the consolidated balance sheet data as of December 31, 2019 and 2018, have been derived from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. The consolidated statements of operations data for the years ended December 31, 2016 and 2015 and the consolidated balance sheet data as of December 31, 2017, 2016 and 2015 have been derived from our audited consolidated financial statements not included in this Annual Report on Form 10-K. The selected consolidated financial data for the year ended December 31, 2019 and as of December 31, 2019 reflects the adoption of ASU No. 2016-02, Leases (Topic 842). The selected consolidated financial data for the years ended December 31, 2019 and 2018 and as of December 31, 2019 and 2018 reflects the adoption of ASU No. 2014-09, Revenue from Contracts with Customers. See Notes 15 and 18 of the notes to consolidated financial statements for a summary of adjustments. The summary consolidated financial data for the years ended December 31, 2018, 2017, 2016 and 2015 and as of December 31, 2018, 2017, 2016 and 2015 does not reflect the adoption of ASU 2016-02. The summary consolidated financial data for the years ended December 31, 2017, 2016 and 2015 and as of December 31, 2017, 2016 and 2015 does not reflect the adoption of ASU 2014-09.\n\n | | | Year Ended December 31, | | \n-------------------------------------------------------------------------- | ---------- | ---------- | ------------------------------------------------ | ---------- | ----------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (in thousands, except shares and per share data) | | \nRevenue | $200,882 | $147,094 | $104,352 | $76,846 | $58,720 \nCost of revenue(1) | 63,535 | 46,810 | 31,503 | 23,767 | 19,789 \nGross profit | 137,347 | 100,284 | 72,849 | 53,079 | 38,931 \nOperating expenses: | | | | | \nSales and marketing(1) | 87,731 | 69,608 | 46,998 | 34,847 | 25,925 \nResearch and development(1) | 50,024 | 41,305 | 22,241 | 14,765 | 11,521 \nGeneral and administrative(1) | 46,820 | 31,462 | 22,895 | 14,293 | 12,272 \nTotal operating expenses | 184,575 | 142,375 | 92,134 | 63,905 | 49,718 \nOperating loss | (47,228) | (42,091) | (19,285) | (10,826) | (10,787) \nOther expenses, net | (4,597) | (4,628) | (302) | (484) | (599) \nLoss before income taxes | (51,825) | (46,719) | (19,587) | (11,310) | (11,386) \n(Provision for) benefit from income taxes | (425) | (796) | (47) | 24 | 562 \nNet loss | $(52,250) | $(47,515) | $(19,634) | $(11,286) | $(10,824) \nNet loss per share attributable to common shareholders - basic and diluted | $(1.58) | $(1.63) | $(0.70) | $(0.68) | $(0.88) \nWeighted average shares outstanding - basic and diluted | 33,161,656 | 29,107,267 | 27,862,375 | 16,659,561 | 12,257,413\n\nItem 6. Selected Financial Data.\n historical financial data read with Item 7 “Management’s Discussion Analysis Financial Condition Results Operations consolidated financial statements notes Item 8 “Financial Statements Supplementary Data Annual Report Form 10-K understand comparability.\n consolidated financial data not replace financial statements qualified by consolidated financial statements notes.\n consolidated statements operations years ended December 31, 2019 2018 2017 balance sheet data derived from audited consolidated financial statements. consolidated statements years December 31, 2016 2015 balance sheet data derived from audited financial statements not. consolidated financial data December 31, 2019 reflects ASU No. 2016-02, Leases (Topic 842). December 2019 2018 ASU No. 2014-09, Revenue from Contracts Customers. See Notes 15 18 financial summary adjustments. consolidated financial data years ended December 31, 2018 2017 2016 2015 reflect adoption ASU 2016-02. adoption ASU 2014-09.\n Year Ended December\n\n 2019 2016 2015\n Revenue $200,882 $147,094 $104,352 $76,846 $58,720\n Cost 63,535 46,810 31,503 23,767\n Gross profit 137,347 100,284 72,849 53,079 38,931\n Operating expenses\n Sales 87,731 69,608 46,998 34,847 25,925\n Research 50,024 41,305 22,241 14,765\n General 46,820 31,462 22,895 14,293\n operating expenses 184,575 142,375 92,134 63,905 49,718\n loss (47,228 (42,091) (19,285 (10\n Other expenses (4,597) (4,628)\n Loss before taxes (51,825) (46,719) (19,587 (11,310\n Net loss $(52,250 $(47,515),634\n loss per share..\n 33,161,656 29,107,267 27,862,375 16,659,561 12,257,413" +} +{ + "_id": "d1b390570", + "title": "", + "text": "Our 2019 net revenues decreased 1.1% compared to the prior year, primarily due to a decrease in volumes of approximately 8%, partially compensated by an increase in average selling prices of approximately 7%. The increase in the average selling prices was driven by favorable product mix of approximately 10%, partially offset by a negative pricing effect of approximately 3%.\nOur 2018 net revenues increased 15.8% compared to the prior year, primarily due to increase in average selling prices of approximately 16%, while volumes remained substantially flat. The increase in the average selling prices was driven by favorable product mix of approximately 18%, partially offset by a negative pricing effect of approximately 2%. Our net revenues registered double-digit growth across all product groups and geographies.\nIn 2019, 2018 and 2017, our largest customer, Apple, accounted for 17.6%, 13.1% and 10.5% of our net revenues, respectively, reported within our three product groups.\n\n | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | % Variation | % Variation \n-------------- | ----------------------- | ----------------------- | ----------------------- | ------------ | ------------\n | 2019 | 2018 | 2017 | 2019 vs 2018 | 2018 vs 2017\n | (in millions) | (in millions) | (in millions) | | \nNet sales | $9,529 | $9,612 | $8,308 | (0.9)% | 15.7% \nOther revenues | 27 | 52 | 39 | (49.0) | 36.1 \nNet revenues | $9,556 | $9,664 | $8,347 | (1.1)% | 15.8% \n\n2019 revenues decreased. 1% due decrease volumes 8% compensated increase average selling prices 7%. driven favorable product mix 10% offset negative pricing effect 3%.\n 2018 revenues increased. 8% due average selling prices 16% volumes flat. increase driven favorable product mix 18% offset negative pricing effect 2%. revenues double-digit growth product groups geographies.\n 2019 2018 2017 largest customer Apple accounted 17. 6% 13. 1% 10. 5% net revenues three product groups.\n Year Ended December Variation\n 2019 2018 2017\n Net sales $9,529 $9,612 $8,308.\n Other revenues.\n Net revenues $9,556 $9,664 $8,347." +} +{ + "_id": "d1b3895d6", + "title": "", + "text": "Unaudited Pro Forma Financial Information\nThe pro forma financial information in the table below presents the combined results of operations for ACI and Speedpay as if the acquisition had occurred January 1, 2018. The pro forma information is shown for illustrative purposes only and is not necessarily indicative of future results of operations of the Company or results of operations of the Company that would have actually occurred had the transaction been in effect for the periods presented. This pro forma information is not intended to represent or be indicative of actual results had the acquisition occurred as of the beginning of each period, and does not reflect potential synergies, integration costs, or other such costs or savings.\nCertain pro forma adjustments have been made to net income (loss) for the year ended December 31, 2019 and 2018, to give effect to estimated adjustments that remove the amortization expense on eliminated Speedpay historical identifiable intangible assets, add amortization expense for the value of acquired identified intangible assets (primarily acquired software, customer relationships, and trademarks), and add estimated interest expense on the Company’s additional Delayed Draw Term Loan and Revolving Credit Facility borrowings. Additionally, certain transaction expenses that are a direct result of the acquisition have been excluded from the year ended December 31, 2019.\nThe following is the unaudited summarized pro forma financial information for the periods presented (in thousands, except per share data):\nWalletron\nOn May 9, 2019, the Company also completed the acquisition of Walletron, which delivers patented mobile wallet technology. The Company has included the financial results of Walletron in the consolidated financial statements from the date of acquisition, which were not material.\nRevChip and TranSend\nOn October 1, 2019, the Company acquired certain technology assets of RevChip, LLC (\"RevChip\") and TranSend Integrated Technologies Inc. (\"TranSend\") for a combined $7.0 million. As substantially all of the value was in the developed technology, the purchase was recognized as an asset acquisition. The Company has included the financial results of RevChip and TranSend in the consolidated financial statements from the date of acquisition, which were not material.\n\n | Years Ended December 31, | \n--------------------------- | ------------------------ | ----------\n | 2019 | 2018 \nPro forma revenue | $1,382,957 | $1,361,729\nPro forma net income | $82,003 | $88,428 \nPro forma income per share: | | \nBasic | $ 0.71 | $ 0.76 \nDiluted | $ 0.69 | $ 0.75 \n\nUnaudited Pro Forma Financial Information\n presents combined results ACI Speedpay acquisition January 1, 2018. illustrative not indicative future. not actual results reflect potential synergies integration costs savings.\n pro forma adjustments net income) year ended December 31, 2019 2018 amortization expense Speedpay assets amortization expense acquired intangible assets software relationships estimated interest expense Delayed Draw Term Loan Revolving Credit Facility borrowings. transaction expenses acquisition excluded from year ended December 31, 2019.\n unaudited summarized pro forma financial information\n Walletron\n May 9, 2019 acquisition patented mobile wallet technology. included financial results Walletron in consolidated financial statements.\n RevChip TranSend\n October 1, 2019 acquired technology assets RevChip, TranSend Integrated Technologies Inc. for combined $7. 0 million. value technology purchase recognized asset acquisition. included financial results RevChip TranSend in consolidated financial statements.\n\n Years Ended December 31,\n 2018\n revenue $1,382,957 $1,361,729\n net income $82,003 $88,428\n per share\n $. 71.\n." +} +{ + "_id": "d1b338d98", + "title": "", + "text": "Note 11. Share-Based Compensation\nA summary of share-based compensation expense recognized in the Company’s Consolidated Statements of Operations is as follows (in thousands):\n\n | | Year ended December 31, | \n-------------------------------------- | -------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nCost of revenues | $8,741 | $4,982 | $3,735\nResearch and development | 23,132 | 14,975 | 9,550 \nSales and marketing | 38,325 | 27,324 | 16,015\nGeneral and administrative | 31,156 | 20,807 | 12,760\nTotal share-based compensation expense | $101,354 | 68,088 | 42,060\n\n. Share Compensation\n Statements\n December 31,\n revenues $8,741 $4,982 $3,735\n Research development 23,132 14,975 9,550\n Sales marketing 38,325 16,015\n General administrative 31,156 20,807 12,760\n expense $101,354 68,088 42,060" +} +{ + "_id": "d1b38224a", + "title": "", + "text": "The 2019 operating expenses increased 3.9% compared to the prior year, mainly due to salary dynamic, increased spending in certain R&D programs and higher share-based compensation cost, partially offset by favorable currency effects, net of hedging.\nThe 2018 operating expenses increased 9.5% compared to the prior year, mainly due to unfavorable currency effects, net of hedging, salary dynamic, increased R&D activities and higher costs of the share-based compensation plans.\nThe R&D expenses were net of research tax credits in France and Italy, which amounted to $126 million in 2019, $138 million in 2018 and $124 million in 2017.\n\n | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Variation | Variation \n-------------------------------------------- | ----------------------- | ----------------------- | ----------------------- | ------------ | ------------\n | 2019 | 2018 | 2017 | 2019 vs 2018 | 2018 vs 2017\n | (In millions) | (In millions) | (In millions) | | \nSelling, general and administrative expenses | $(1,093) | $(1,095) | $(981) | 0.3% | (11.7)% \nResearch and development expenses | (1,498) | (1,398) | (1,296) | (7.1) | (7.9) \nTotal operating expenses | $(2,591) | $(2,493) | $(2,277) | (3.9)% | (9.5)% \nAs percentage of net revenues | (27.1)% | (25.8)% | (27.3)% | -130 bps | +150 bps \n\n2019 operating expenses increased. 9% due salary dynamic R&D higher share-based compensation cost offset currency hedging.\n 2018 expenses increased. 5% unfavorable currency hedging salary dynamic increased R&D higher costs share-based compensation plans.\n R&D expenses net research tax credits France Italy $126 million 2019 $138 million 2018 $124 million 2017.\n Year Ended December 31,\n 2019 2018\n Selling general administrative expenses $(1,093).\n Research development expenses (1,498) (7.\n Total operating expenses $(2,591) $(2,493) $(2,277) (3.\n percentage net revenues (27. 1) (25. 8). +150" +} +{ + "_id": "d1b34fb10", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n7. Leases (Continued)\nOn February 24, 2016, GasLog’s subsidiary, GAS-twenty six Ltd., completed the sale and leaseback of the Methane Julia Louise with a subsidiary of Mitsui. Mitsui has the right to on-sell and lease back the vessel. The vessel was sold to Mitsui for a cash consideration of $217,000. GasLog leased back the vessel under a bareboat charter from Mitsui for a period of up to 20 years. GasLog has the option to repurchase the vessel on pre-agreed terms no earlier than the end of year ten and no later than the end of year 17 of the bareboat charter. The bareboat hire is fixed and GasLog had a holiday period for the first 210 days, which expired on September 21, 2016. This leaseback meets the definition of a finance lease under IAS 17 Leases.\nThe movements in right-of use assets are reported in the following table:\n*The balance as of December 31, 2018 represented the vessel held under finance lease and was included in the financial statement line ‘‘Vessel held under finance lease’’, which was renamed to ‘‘Right-of-use assets’’ as of January 1, 2019.\n\nRight-of-Use Assets | Vessel | Vessel Equipment | Properties | Other | Total \n----------------------- | ---------- | ---------------- | ---------- | ----- | --------\nAs of January 1, 2019 | 206,753(*) | 2,630 | 4,969 | 19 | 214,371 \nAdditions | 1,001 | 336 | 1,080 | 47 | 2,464 \nDepreciation expense | (7,722) | (1,109) | (1,499) | (10) | (10,340)\nAs of December 31, 2019 | 200,032 | 1,857 | 4,550 | 56 | 206,495 \n\nGasLog. Subsidiaries\n consolidated financial statements\n years December 31, 2017 2018 2019\n amounts U. S. Dollars\n 7. Leases\n February 24, 2016, GAS-twenty six. sale leaseback Methane Julia Louise Mitsui. Mitsui on-sell lease vessel. sold cash $217,000. leased bareboat charter 20 years. repurchase terms ten 17. hire fixed holiday period 210 days expired September 21, 2016. leaseback finance lease IAS 17 Leases.\n movements right-of use assets\n balance December 31, 2018 vessel finance lease financial statement renamed-of-use January 1, 2019.\n Right-of-Use Assets Vessel Equipment Properties Total\n January 1 2019 2,630 4,969 214,371\n Additions 1,001 1,080 2,464\n Depreciation expense (7,722) (1,109 (1,499)\nDecember 31, 1,857 4,550 206,495" +} +{ + "_id": "d1b35f90c", + "title": "", + "text": "A discussion of net sales by reportable segment is presented below for the indicated fiscal years (in millions):\nAMER. Net sales for fiscal 2019 in the AMER segment increased $210.4 million, or 17.3%, as compared to fiscal 2018. The increase in net sales was driven by a $181.7 million increase in production ramps of new products for existing customers, a $13.5 million increase in production ramps for new customers and overall net increased customer end-market demand. The increase was partially offset by a $16.4 million decrease for end-of-life products and a $6.0 million reduction due to disengagements with customers.\nAPAC. Net sales for fiscal 2019 in the APAC segment increased $59.2 million, or 4.0%, as compared to fiscal 2018. The increase in net sales was driven by an $87.3 million increase in production ramps of new products for existing customers and a $58.1 million increase in production ramps for new customers. The increase was partially offset by a $28.4 million reduction due to a disengagement with a customer, a $7.3 million decrease for end-of-life products and overall net decreased customer end-market demand.\nEMEA. Net sales for fiscal 2019 in the EMEA segment increased $28.4 million, or 10.1%, as compared to fiscal 2018. The increase in net sales was the result of a $20.2 million increase in production ramps of new products for existing customers, a $4.2 million increase in production ramps for new customers and overall net increased customer end-market demand. The increase was partially offset by a $6.2 million reduction due to a disengagement with a customer.\n\n | 2019 | 2018 \n---------------------------------- | -------- | --------\nNet sales: | | \nAMER | $1,429.3 | $1,218.9\nAPAC | 1,557.2 | 1,498.0 \nEMEA | 309.9 | 281.5 \nElimination of inter-segment sales | (132.0) | (124.9) \nTotal net sales | 3,164.4 | 2,873.5 \n\nnet sales segment fiscal years\n AMER. sales 2019 increased $210. 4 million 17. 3% 2018. driven $181. 7 million increase $13. 5 million increase increased customer end-market demand. offset $16. 4 million decrease end-life products $6. million reduction disengagements.\n APAC. increased $59. 2 million 4. 0%. $87. 3 million increase $58. 1 million increase. offset $28. 4 million reduction disengagement $7. 3 million decrease end-of-life decreased customer end-market demand.\n EMEA. 2019 increased $28. 4 million 10. 1%. $20. 2 million increase $4. 2 million increase increased end-market demand. offset $6. 2 million reduction disengagement.\n sales\n AMER $1,429. $1,218.\n APAC 1,557. 1,498.\n EMEA 309. 281.\n inter-segment sales.\n Total net sales 3,164. 2,873." +} +{ + "_id": "d1b39cb0e", + "title": "", + "text": "Definite-Lived Intangible Assets, Net\nThe following table summarizes the changes in the carrying amount of definite-lived intangible assets during the periods presented (table in millions):\nUpon adoption of Topic 842 on February 2, 2019, leasehold interest of $116 million related to favorable terms of certain ground lease agreements was derecognized and adjusted to the carrying amount of the operating lease ROU assets and classified as other assets on the consolidated balance sheets. Prior to adoption, these assets were classified as intangible assets, net on the consolidated balance sheets.\n\n | January 31, 2020 | February 1, 2019\n--------------------------------------------------------------- | ---------------- | ----------------\nBalance, beginning of the year | $966 | $1,059 \nAdditions to intangible assets related to business combinations | 622 | 154 \nAmortization expense | (300) | (247) \nDerecognized leasehold interest | (116) | — \nBalance, end of the year | $1,172 | $966 \n\n-Lived Intangible Assets\n table changes intangible assets\n adoption Topic 842 February 2, 2019 leasehold interest $116 million lease derecognized adjusted operating lease assets classified other assets. intangible.\n January 31, 2020 February 1, 2019\n Balance $966 $1,059\n Additions intangible assets business combinations 622\n Amortization expense\n Derecognized leasehold interest\n Balance end year $1,172 $966" +} +{ + "_id": "d1b38897e", + "title": "", + "text": "Stock Option Activity - The weighted-average fair value of options granted during the years ended December 31, 2019, 2018 and 2017, as determined under the Black-Scholes-Merton valuation model, was $12.07, $10.42 and $6.75, respectively. Option grants that vested during the years ended December 31, 2019, 2018 and 2017 had a combined fair value of $2.5 million, $1.5 million and $1.7 million, respectively.\nThe following table summarizes stock option activity for the years ended December 31, 2019, 2018 and 2017:\n\n | Number of Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value (in thousands) | Weighted Average Remaining Contractual Life\n---------------------------------------------- | ---------------- | ------------------------------- | ---------------------------------------- | -------------------------------------------\nStock options outstanding at December 31, 2016 | 1,160,419 | $29.93 | $14,299 | \nGranted | 534,030 | $42.90 | | \nExercised | (463,800) | $29.34 | $7,203 | \nCancelled and expired | (61,241) | $33.80 | | \nStock options outstanding at December 31, 2017 | 1,169,408 | $35.88 | $16,731 | \nGranted | 466,828 | $54.87 | | \nExercised | (420,524) | $30.05 | $12,411 | \nCancelled and expired | (122,312) | $43.85 | | \nStock options outstanding at December 31, 2018 | 1,093,400 | $45.34 | $8,776 | \nGranted | 489,947 | $63.87 | | \nExercised | (338,748) | $37.94 | $9,641 | \nCancelled and expired | (108,504) | $51.21 | | \nStock options outstanding at December 31, 2019 | 1,136,095 | $54.98 | $28,291 | 4 years \nStock options exercisable at December 31, 2019 | 290,540 | $44.90 | $10,163 | 3 years \n\nStock Option Activity-average value options 2019 2018 2017 Black-Scholes-Merton $12. 07 $10. 42 $6. 75. grants value $2. 5 million $1. 5 million $1. 7 million.\n table summarizes option activity\n Weighted Average Price Intrinsic Value Contractual Life\n options December 31, 2016 1,160,419 $29. $14,299\n 534,030 $42.\n $29. $7,203\n Cancelled expired $33.\n December 31, 2017 1,169,408 $35. $16,731\n,828 $54.\n $30. $12,411\n expired $43.\n December 31, 2018 1,093,400 $45. $8,776\n 489,947 $63.\n (338,748) $37. $9,641\n expired $51.\n options December 31, 2019 1,136,095 $54. $28,291 4\nDecember 2019 290,540. $10,163 3" +} +{ + "_id": "d1b38dc80", + "title": "", + "text": "PSUs – Total Shareholder Return (TSR)\nThe PSUs granted based on TSR are contingently awarded and will be payable in shares of the Company’s common stock subject to the condition that the number of PSUs, if any, earned by the employees upon the expiration of a three-year award performance period is dependent on the Company’s TSR ranking relative to a peer group of companies. The fair value of the PSUs based on TSR was estimated on the grant date using a Monte Carlo Simulation. Other assumptions include the expected volatility of all companies included in the TSR, the historical share price returns analysis of all companies included in the TSR and assumes dividends are reinvested. The expected volatility was based on the historical volatility for a period of time that approximates the duration between the valuation date and the end of the performance period. The risk-free interest rate is based on the Zero-Coupon Treasury STRIP yield curve matching the term from the valuation date to the end of the performance period. Compensation expense for the PSUs based on TSR (which is considered a market condition) is a fixed amount determined at the grant date fair value and is recognized 100% over the three-year award performance period regardless of whether PSUs are awarded at the end of the award performance period.\nThe number of PSUs granted based on TSR and the assumptions used to calculate the grant date fair value of the PSUs based on TSR are shown in the following table:\n(1) For 2019, this represents the weighted average fair value for PSU awards approved during the first and third quarter.\n(2) For 2019, values represent weighted average assumptions for PSU awards approved during the first and third quarter.\n(3) On May 18, 2017, the O&C Committee approved a change in the vesting policy regarding the existing 2017 Three year PSU Awards for Ilham Kadri. The modified vesting terms resulted in award modification accounting treatment. The weighted average fair value on grant date reflects the impact of the fair value on date of modification for these awards.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------ | ------- | ------- | -------\nNumber of units granted | 70,543 | 56,829 | 100,958\nWeighted average fair value on grant date(1) (3) | $ 57.53 | $ 43.40 | $ 44.24\nExpected Price volatility(2) | 22.86% | 22.00% | 25.31 %\nRisk-free interest rate(2) | 2.36% | 2.00% | 1.56 % \n\nPSUs Total Shareholder Return (TSR)\n PSUs granted TSR contingently awarded payable in Company’s common stock PSUs earned three-year on Company’s TSR ranking. fair value estimated Monte Carlo Simulation. assumptions include expected volatility historical share price returns analysis dividends reinvested. expected volatility based historical volatility valuation date. risk-free interest rate based on Zero-Coupon Treasury STRIP yield curve. Compensation expense for PSUs TSR market condition fixed amount grant date recognized 100% over three-year period.\n number of PSUs granted TSR assumptions value shown in table\n 2019 weighted average fair value awards first third quarter.\n assumptions quarter.\n May 18, 2017 O&C Committee approved change vesting policy 2017 Three year PSU Awards Ilham Kadri. modified award modification accounting treatment. weighted average fair value on grant date reflects impact date modification.\n 2019 2018 2017\nunits granted 70,543 56,829 100,958\n $ 57. 53 43. 44.\n Price 22. 86%. 25. 31 %\n-free interest 2. 36%." +} +{ + "_id": "d1b349b3e", + "title": "", + "text": "Cost of Revenue, Gross Profit, and Gross Margin\nCost of revenue increased $4.9 million, or 3%, in 2019 as compared to 2018. The increase in cost of revenue was primarily due to $12.1 million in increased personnel expenses, stock-based compensation, and overhead costs, $3.9 million in increased content costs, $3.6 million in increased amortization of acquired intangible assets, and $1.6 million in increased capitalized software amortization. These increased costs were partially offset by $16.4 million in decreased external implementation professional service costs. These costs were incurred to service our existing customers and support our continued growth. The improvement in gross margin was primarily due to a higher mix of subscription revenue, which carries a higher gross margin.\nCost of revenue increased $1.5 million, or 1%, in 2018 as compared to 2017. The increase in cost of revenue was primarily due to $6.0 million in increased capitalized software amortization and $4.5 million in increased content costs. These increased costs were partially offset by $6.6 million in decreased amortization of acquired intangible assets and $2.9 million in external implementation service costs. These costs were incurred to service our existing customers and support our continued growth. The improvement in gross margin was primarily due to a higher mix of subscription revenue, which carries a higher gross margin.\n\n | | Year Ended December 31, | \n--------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \n | | (dollars in thousands) | \nCost of revenue | $149,215 | $144,349 | $142,867\nGross profit | $427,308 | $393,542 | $339,118\nGross margin | 74.1% | 73.2% | 70.4% \n\nRevenue Gross Profit Margin\n increased $4. 9 million 3% 2019 2018. due $12. 1 million personnel expenses $3. 9 million content costs $3. 6 million amortization $1. 6 million capitalized software amortization. offset $16. 4 million decreased service costs. growth. higher subscription revenue.\n revenue increased $1. 5 million 1% 2018 2017. $6. million increased capitalized software amortization $4. 5 million content costs. offset $6. 6 million decreased amortization acquired intangible assets $2. 9 million external implementation service costs. growth. higher subscription revenue.\n December\n revenue $149,215 $144,349,867\n Gross profit $427,308 $393,542 $339,118\n Gross margin 74. 1%. 2%. 4%" +} +{ + "_id": "d1b32136e", + "title": "", + "text": "Revenue from external customers, classified by significant product and service offerings, was as follows:\nOur commercial cloud revenue, which includes Office 365 Commercial, Azure, the commercial portion of LinkedIn, Dynamics 365, and other commercial cloud properties, was $38.1 billion, $26.6 billion and $16.2 billion in fiscal years 2019, 2018, and 2017, respectively. These amounts are primarily included in Office products and cloud services, Server products and cloud services, and LinkedIn in the table above.\n\n | | (In millions) | \n---------------------------------- | ---------- | ------------- | ----------\nYear Ended June 30, | 2019 | 2018 | 2017 \nServer products and cloud services | $ 32,622 | $ 26,129 | $ 21,649 \nOffice products and cloud services | 31,769 | 28,316 | 25,573 \nWindows | 20,395 | 19,518 | 18,593 \nGaming | 11,386 | 10,353 | 9,051 \nSearch advertising | 7,628 | 7,012 | 6,219 \nLinkedIn | 6,754 | 5,259 | 2,271 \nEnterprise Services | 6,124 | 5,846 | 5,542 \nDevices | 6,095 | 5,134 | 5,062 \nOther | 3,070 | 2,793 | 2,611 \nTotal | $ 125,843 | $ 110,360 | $ 96,571\n\ncustomers\n commercial cloud revenue Office 365 Azure LinkedIn Dynamics 365 $38. billion $26. 6 billion $16. 2 billion 2019 2018 2017. Office Server LinkedIn.\n June 30\n Server $ 32,622 26,129 21,649\n Office 31,769 28,316 25,573\n Windows 20,395 19,518 18,593\n Gaming 11,386 10,353 9,051\n Search advertising 7,628 7,012\n LinkedIn 6,754 5,259\n Enterprise Services 6,124\n Devices 6,095,134\n Other 3,070 2,793\n $ 125,843 110,360 96,571" +} +{ + "_id": "d1b2f2a1e", + "title": "", + "text": "Segments\nWe operate through three reportable segments: Transportation Solutions, Industrial Solutions, and Communications Solutions. We believe our segments serve a combined market of approximately $190 billion.\nOur net sales by segment as a percentage of our total net sales were as follows:\nBelow is a description of our reportable segments and the primary products, markets, and competitors of each segment.\nTransportation Solutions The Transportation Solutions segment is a leader in connectivity and sensor technologies. The primary products sold by the Transportation Solutions segment include terminals and connector systems and components, sensors, antennas, relays, application tooling, and wire and heat shrink tubing. The Transportation Solutions segment’s products, which must withstand harsh conditions, are used in the following end markets:\n• Automotive (73% of segment’s net sales)—We are one of the leading providers of advanced automobile connectivity solutions. The automotive industry uses our products in automotive technologies for body and chassis systems, convenience applications, driver information, infotainment solutions, miniaturization solutions, motor and powertrain applications, and safety and security systems. Hybrid and electronic mobility solutions include in-vehicle technologies, battery technologies, and charging solutions.\n• Commercial transportation (15% of segment’s net sales)—We deliver reliable connectivity products designed to withstand harsh environmental conditions for on- and off-highway vehicles and recreational transportation, including heavy trucks, construction, agriculture, buses, and other vehicles.\n• Sensors (12% of segment’s net sales)—We offer a portfolio of intelligent, efficient, and high-performing sensor solutions that are used by customers across multiple industries, including automotive, industrial equipment, commercial transportation, medical solutions, aerospace and defense, and consumer applications.\nThe Transportation Solutions segment’s major competitors include Yazaki, Aptiv, Sumitomo, Sensata, Honeywell, Molex, and Amphenol.\nIndustrial Solutions The Industrial Solutions segment is a leading supplier of products that connect and distribute power, data, and signals. The primary products sold by the Industrial Solutions segment include terminals and connector systems and components, heat shrink tubing, relays, and wire and cable. The Industrial Solutions segment’s products are used in the following end markets:\n• Industrial equipment (49% of segment’s net sales)—Our products are used in factory automation and process control systems such as industrial controls, robotics, human machine interface, industrial communication, and power distribution. Our intelligent building products are used to connect lighting, HVAC, elevators/escalators, and security. Our rail products are used in high-speed trains, metros, light rail vehicles, locomotives, and signaling switching equipment. Our products are also used by the solar industry. The medical industry uses our products in imaging, diagnostic, surgical, and minimally invasive interventional applications.\n• Aerospace, defense, oil, and gas (33% of segment’s net sales)—We design, develop, and manufacture a comprehensive portfolio of critical electronic components and systems for the harsh operating conditions of the aerospace, defense, and marine industries. Our products and systems are designed and manufactured to operate effectively in harsh conditions ranging from the depths of the ocean to the far reaches of space.\n• Energy (18% of segment’s net sales)—Our products are used by OEMs and utility companies in the electrical power industry and include a wide range of solutions for the electrical power generation, transmission, distribution, and industrial markets.\nThe Industrial Solutions segment competes primarily against Amphenol, Belden, Hubbell, Carlisle Companies, 3M, Integer Holdings, Esterline, Molex, and Phoenix Contact.\nCommunications Solutions The Communications Solutions segment is a leading supplier of electronic components for the data and devices and the appliances markets. The primary products sold by the Communications Solutions segment include terminals and connector systems and components, relays, heat shrink tubing, and antennas. The Communications Solutions segment’s products are used in the following end markets:\n• Data and devices (59% of segment’s net sales)—We deliver products and solutions that are used in a variety of equipment architectures within the networking equipment, data center equipment, and wireless infrastructure industries. Additionally, we deliver a range of connectivity solutions for the Internet of Things, smartphones, tablet computers, notebooks, and virtual reality applications to help our customers meet their current challenges and future innovations.\n• Appliances (41% of segment’s net sales)—We provide solutions to meet the daily demands of home appliances. Our products are used in many household appliances, including washers, dryers, refrigerators, air conditioners, dishwashers, cooking appliances, water heaters, air purifiers, floor care devices, and microwaves. Our expansive range of standard products is supplemented by an array of custom-designed solutions.\nThe Communications Solutions segment’s major competitors include Amphenol, Molex, JST, and Korea Electric Terminal (KET).\n\n | | Fiscal | \n------------------------ | ----- | ------ | -----\n | 2019 | 2018 | 2017 \nTransportation Solutions | 58 % | 59 % | 58 % \nIndustrial Solutions | 30 | 28 | 29 \nCommunications Solutions | 12 | 13 | 13 \nTotal | 100 % | 100 % | 100 %\n\n\n operate three Transportation Industrial Solutions Communications Solutions. serve market $190 billion.\n net sales\n description segments primary products markets competitors.\n Transportation Solutions leader connectivity sensor technologies. products terminals connector systems sensors antennas relays application tooling wire heat shrink tubing.\n Automotive (73% automobile connectivity solutions. products body convenience driver information infotainment miniaturization motor powertrain safety security. Hybrid mobility solutions in-vehicle battery charging solutions.\n Commercial transportation (15% connectivity products recreational transportation heavy trucks construction buses.\n Sensors (12% intelligent efficient high sensor solutions automotive industrial commercial transportation medical aerospace defense consumer applications.\n competitors include Yazaki Aptiv Sumitomo Sensata Honeywell Molex Amphenol.\n Industrial Solutions leading supplier power data signals. products terminals connector systems heat shrink tubing relays wire cable.Industrial Solutions products\n Industrial equipment (49% sales factory automation process control industrial controls robotics human machine interface communication power distribution. building products lighting HVAC elevators/escalators security. products high-speed trains metros light vehicles locomotives signaling switching equipment. solar industry. medical industry imaging diagnostic surgical minimally invasive interventional applications.\n Aerospace defense oil gas (33% sales design develop manufacture electronic components systems aerospace defense marine industries.\n Energy (18% products OEMs electrical power solutions generation transmission distribution.\n competes Amphenol Belden Hubbell Carlisle Companies 3M Integer Holdings Esterline Molex Phoenix Contact.\n leading supplier electronic components data devices appliances markets. products terminals connector systems relays heat shrink tubing antennas.\n Data devices (59% sales networking data center wireless infrastructure.deliver connectivity solutions Internet of Things smartphones tablet computers notebooks virtual reality future innovations.\n Appliances (41% sales solutions home appliances. products washers dryers refrigerators air conditioners dishwashers cooking appliances water heaters air purifiers floor care microwaves. standard custom-designed solutions.\n Communications Solutions competitors Amphenol Molex JST Korea Electric Terminal.\n Transportation Solutions 58 %\n Industrial Solutions\n Communications Solutions\n" +} +{ + "_id": "d1b2e4efa", + "title": "", + "text": "The fair value of our foreign exchange forward contracts is presented on a gross basis in our Condensed Consolidated Balance Sheets. To mitigate losses in the event of nonperformance by counterparties, we have entered into master netting arrangements with our counterparties that allow us to settle payments on a net basis. The effect of netting on our derivative assets and liabilities was not material as of March 29, 2019 and March 30, 2018.\nThe notional amount of our outstanding foreign exchange forward contracts in U.S. dollar equivalent was as follows:\n\n(In millions) | March 29, 2019 | March 30, 2018\n-------------------------------------------- | -------------- | --------------\nNet investment hedges | | \nForeign exchange forward contracts sold | $116 | $— \nBalance sheet contracts | | \nForeign exchange forward contracts purchased | $963 | $697 \nForeign exchange forward contracts sold | $122 | $151 \n\nvalue foreign exchange contracts presented Condensed Balance Sheets. netting arrangements payments. effect netting derivative assets liabilities not material March 29, 2019 March 30, 2018.\n amount outstanding foreign exchange contracts. dollar\n March 29, 2019 March 30, 2018\n Net investment hedges\n contracts sold $116\n Balance sheet\n purchased $963 $697\n sold $122 $151" +} +{ + "_id": "d1b370068", + "title": "", + "text": "Openreach has a UK-wide presence which is overlapped by our competitors in around half the country. This overlap is expected to grow as alternative network providers build-out new fibre footprint. Our volume discount deal, signed with the majority of our major communications provider customers, has led to another record quarter for fibre sales. We are also rapidly expanding our fibre-to-the-premises network to provide the next generation of services for our customers. We have experienced strong demand from businesses for Ethernet circuits for the second consecutive quarter.\nAdjusteda revenue decline of 4% for the year was driven by regulated price reductions predominantly on FTTC and Ethernet products, non-regulated price reductions (mainly driven by communications providers signing up for fibre volume discounts), a small decline in our physical line base and a reclassification of costs to revenue. This was partly offset by 25% growth in our fibre rental base, a 9% increase in our Ethernet rental base and the impact of adopting IFRS 15.\nAdjusteda operating costs were broadly flat, with higher costs from recruiting and training engineers to support our ‘Fibre First’ programme and help improve customer experience, as well as pay inflation and business rates, offset by efficiency savings and a reclassification of costs to revenue. Adjusteda EBITDA was down 7% for the year.\nCapital expenditure was £2.1bn, up 22%, driven by investment in our FTTP and Gfast network build and higher year-on-year BDUK net grant funding deferrals, partly offset by efficiency savings.\nNormalised free cash flowb was down 38% due to the EBITDA decline, higher underlying capital expenditure (excluding BDUK grant funding deferrals) and timing of customer receipts.\na Adjusted measures exclude specific items, as explained in the Additional Information on page 185. b Free cash flow after net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items. c Openreach comparatives have been re-presented to reflect the transfer of Northern Ireland Networks from Enterprise to Openreach.\n\nOpenreachc | | | | \n--------------------------- | -------------- | ------------- | -------------------------------- | ----\nAdjusteda revenue £5,075m | | | Adjusteda operating profit £955m | \n | 2019 (IFRS 15) | 2018 (IAS 18) | Change | \nYear to 31 March | £m | £m | £m | % \nAdjusted a revenue | 5,075 | 5,278 | (203) | (4) \nAdjusted a operating costs | 2,652 | 2,663 | (11) | – \nAdjusted a EBITDA | 2,423 | 2,615 | (192) | (7) \nDepreciation & amortisation | 1,468 | 1,401 | 67 | 5 \nAdjusted a operating profit | 955 | 1,214 | (259) | (21)\nCapital expenditure | 2,081 | 1,699 | 382 | 22 \nNormalised free cash flowb | 685 | 1,100 | (415) | (38)\n\nOpenreach UK-wide presence overlapped competitors half country. expected providers fibre. volume discount deal communications customers record quarter fibre sales. expanding fibre-to-premises network next generation. strong demand Ethernet circuits second quarter.\n revenue decline 4% driven price reductions Ethernet non-regulated price reductions small decline physical line base reclassification costs revenue. offset 25% growth fibre rental base increase Ethernet rental base IFRS 15.\n operating costs flat higher recruiting training engineers pay inflation business rates offset efficiency savings reclassification costs revenue. EBITDA down 7%.\n Capital expenditure £2. 1bn up 22% investment FTTP Gfast network BDUK grant funding deferrals offset efficiency savings.\n free cash down 38% EBITDA decline higher capital expenditure timing customer receipts.\n measures. interest pension deficit payments. transfer Northern Ireland Networks Enterprise Openreach.\n\n revenue £5,075m operating profit £955m\n 2019 15 2018 (IAS 18\n 31 March\n revenue 5,075,278\n operating costs 2,652 2,663\n EBITDA 2,423 2,615\n Depreciation amortisation 1,468 1,401\n operating profit 955 1,214 (259)\n Capital expenditure 2,081 1,699\n free cash 685 1,100" +} +{ + "_id": "d1b3c77f0", + "title": "", + "text": "As of December 31, 2019, maturities of lease liabilities were as follows:\nAs of December 31, 2019, we had no material operating or finance leases that had not yet commenced.\n\n | Operating Leases | Finance Leases\n--------------------- | --------------------- | --------------\n | (Dollars in millions) | \n2020 | $460 | 47 \n2021 | 361 | 28 \n2022 | 308 | 22 \n2023 | 265 | 22 \n2024 | 194 | 21 \nThereafter | 686 | 170 \nTotal lease payments | 2,274 | 310 \nLess: interest | (516) | (90) \nTotal | $1,758 | 220 \nLess: current portion | (416) | (35) \nLong-term portion | $1,342 | 185 \n\nDecember 31, 2019 lease liabilities\n no operating finance leases commenced.\n millions\n 2020 $460 47\n 2021 28\n 2022 22\n 2023 265\n 2024 21\n 170\n lease payments 2,274 310\n interest (516)\n $1,758 220\n current portion (416)\n Long-term portion $1,342" +} +{ + "_id": "d1b30f236", + "title": "", + "text": "Revenues. Revenues increased by 9% to RMB105.8 billion for the fourth quarter of 2019 on a quarter-on-quarter basis.\nRevenues from VAS increased by 3% to RMB52,308 million for the fourth quarter of 2019. Online games revenues grew by 6% to RMB30,286 million. The increase was primarily due to revenue contributions from domestic smart phone titles such as Peacekeeper Elite, as well as revenues contributed from Supercell commencing in the fourth quarter of 2019, partly offset by the decrease in revenues from PC client games. Social networks revenues were RMB22,022 million, broadly stable compared to the third quarter of 2019.\nRevenues from FinTech and Business Services increased by 12% to RMB29,920 million for the fourth quarter of 2019. The increase mainly reflected the growth of commercial payment, social payment and cloud services.\nRevenues from Online Advertising increased by 10% to RMB20,225 million for the fourth quarter of 2019. Social and others advertising revenues grew by 11% to RMB16,274 million. The increase was primarily driven by greater revenues from our mobile advertising network and Weixin Moments, benefitting from the positive seasonality of eCommerce promotional activities in the fourth quarter. Media advertising revenues increased by 8% to RMB3,951 million. The increase mainly reflected greater advertising revenues from our media platforms including Tencent Video, Tencent News and TME.\nCost of revenues. Cost of revenues increased by 9% to RMB59,659 million for the fourth quarter of 2019 on a quarter-onquarter basis. The increase was primarily driven by greater channel costs, costs of FinTech services and content costs. As a percentage of revenues, cost of revenues was 56% for the fourth quarter of 2019, broadly stable compared to the third quarter of 2019.\nCost of revenues for VAS increased by 7% to RMB26,120 million for the fourth quarter of 2019. The increase was primarily due to greater content costs for live broadcast services and major eSport events, as well as higher channel and content costs for smart phone games, including the channel costs attributable to Supercell.\nCost of revenues for FinTech and Business Services increased by 11% to RMB21,520 million for the fourth quarter of 2019. The increase mainly reflected greater costs from increased volume of payment activities and greater scale of cloud services.\nCost of revenues for Online Advertising decreased by 2% to RMB9,241 million for the fourth quarter of 2019. The decrease was primarily driven by lower content costs for our advertising-funded long form video service, partly offset by traffic acquisition costs due to revenue growth from our advertising network.\nSelling and marketing expenses. Selling and marketing expenses increased by 17% to RMB6,712 million for the fourth quarter of 2019 on a quarter-on-quarter basis. The increase mainly reflected seasonally greater marketing spending on smart phone games and digital content services, as well as expenses attributable to Supercell.\nGeneral and administrative expenses. General and administrative expenses increased by 18% to RMB16,002 million for the fourth quarter of 2019 on a quarter-on-quarter basis. The increase was mainly due to greater R&D expenses and staff costs, including expenses attributable to Supercell.\nShare of (loss)/profit of associates and joint ventures. We recorded share of losses of associates and joint ventures of RMB1,328 million for the fourth quarter of 2019, compared to share of profit of RMB234 million for the third quarter of 2019. The movement mainly reflected certain associates booking non-cash fair value changes to their investment portfolios.\nProfit attributable to equity holders of the Company. Profit attributable to equity holders of the Company increased by 6% to RMB21,582 million for the fourth quarter of 2019 on a quarter-on-quarter basis. Non-IFRS profit attributable to equity holders of the Company increased by 4% to RMB25,484 million.\n\n | Unaudited | \n------------------------------------------------------------- | ------------------ | ------------\n | Three months ended | \n | 31 December | 30 September\n | 2019 | 2019 \n | (RMB in millions) | \nRevenues | 105,767 | 97,236 \nCost of revenues | (59,659) | (54,757) \nGross profit | 46,108 | 42,479 \nInterest income | 1,580 | 1,674 \nOther gains, net | 3,630 | 932 \nSelling and marketing expenses | (6,712) | (5,722) \nGeneral and administrative expenses | (16,002) | (13,536) \nOperating profit | 28,604 | 25,827 \nFinance costs, net | (2,767) | (1,747) \nShare of (loss)/profit of associates and joint ventures | (1,328) | 234 \nProfit before income tax | 24,509 | 24,314 \nIncome tax expense | (2,137) | (3,338) \nProfit for the period | 22,372 | 20,976 \nAttributable to: | | \nEquity holders of the Company | 21,582 | 20,382 \nNon-controlling interests | 790 | 594 \n | 22,372 | 20,976 \nNon-IFRS profit attributable to equity holders of the Company | 25,484 | 24,412 \n\nRevenues. increased RMB105. 8 billion fourth quarter 2019.\n VAS increased 3% RMB52,308 million. Online games grew 6% RMB30,286 million. increase due titles Peacekeeper Elite Supercell offset decrease PC games. Social networks revenues RMB22,022 million stable third.\n FinTech Business Services increased 12% RMB29,920 million. growth commercial payment social payment cloud services.\n Online Advertising increased 10% RMB20,225 million. Social advertising grew 11% RMB16,274 million. mobile advertising Weixin Moments. Media advertising revenues increased 8% RMB3,951 million. Tencent Video Tencent News TME.\n Cost revenues. increased RMB59,659 million. increase driven channel costs FinTech services content costs. percentage revenues 56% stable.\n VAS increased 7% RMB26,120 million. due greater content costs live broadcast eSport events higher channel content costs smart phone games Supercell.\nrevenues FinTech Business Services increased 11% RMB21,520 million fourth quarter 2019. reflected costs payment activities cloud services.\n Online Advertising decreased 2% RMB9,241 million. driven lower content costs advertising-funded video offset traffic acquisition costs growth.\n Selling marketing expenses. increased 17% RMB6,712 million fourth quarter. reflected marketing spending smart phone games digital content expenses Supercell.\n General administrative expenses. increased 18% RMB16,002 million. due R&D expenses staff costs Supercell.\n/profit associates joint ventures. losses RMB1,328 million fourth quarter profit RMB234 million third quarter. associates non-cash value changes.\n Profit equity holders. increased 6% RMB21,582 million quarter. Non-IFRS profit increased 4% RMB25,484 million.\n months\n 31 December 30 September\n Revenues 105,767 97,236\n Cost revenues (59,659)\nprofit 46,108 42,479\n Interest income 1,580 1,674\n gains 3,630\n Selling marketing\n expenses (16,002 (13,536\n Operating profit 28,604 25,827\n Finance costs (2,767\n ventures\n tax 24,509 24,314\n (2,137,338\n 22,372 20,976\n Equity holders 21,582 20,382\n Non-controlling interests\n Non-IFRS profit 25,484 24,412" +} +{ + "_id": "d1b32e3fc", + "title": "", + "text": "Note 4 – Stock-Based Compensation\nStock Incentive Program Descriptions\nIn January 2006, the Board of Directors adopted the ADTRAN, Inc. 2006 Employee Stock Incentive Plan (the “2006 Plan”), which authorized 13.0 million shares of common stock for issuance to certain employees and officers through incentive stock options and non-qualified stock options, stock appreciation rights, RSUs and restricted stock. The 2006 Plan was adopted by stockholder approval at our annual meeting of stockholders held in May 2006. Options granted under the 2006 Plan typically become exercisable beginning after one year of continued employment, normally pursuant to a four-year vesting schedule beginning on the first anniversary of the grant date and had a ten-year contractual term. The 2006 Plan was replaced in May 2015 by the ADTRAN, Inc. 2015 Employee Stock Incentive Plan (the “2015 Plan”). Expiration dates of options outstanding as of December 31, 2019 under the 2006 Plan range from 2020 to 2024.\nIn January 2015, the Board of Directors adopted the 2015 Plan, which authorized 7.7 million shares of common stock for issuance to certain employees and officers through incentive stock options and non-qualified stock options, stock appreciation rights, PSUs, RSUs and restricted stock. The 2015 Plan was adopted by stockholder approval at our annual meeting of stockholders held in May 2015. PSUs, RSUs and restricted stock granted under the 2015 Plan reduce the shares authorized for issuance under the 2015 Plan by 2.5 shares of common stock for each share underlying the award. Options granted under the 2015 Plan typically become exercisable beginning after one year of continued employment, normally pursuant to a four-year vesting schedule beginning on the first anniversary of the grant date and have a ten-year contractual term. Expiration dates of options outstanding as of December 31, 2019 under the 2015 Plan range from 2025 to 2026.\nOur stockholders approved the 2010 Directors Stock Plan (the “2010 Directors Plan”) in May 2010, under which 0.5 million shares of common stock have been reserved for issuance. This plan replaced the 2005 Directors Stock Option Plan. Under the 2010 Directors Plan, the Company may issue stock options, restricted stock and RSUs to our non-employee directors. Stock awards issued under the 2010 Directors Plan become vested in full on the first anniversary of the grant date. Options issued under the 2010 Directors Plan had a ten-year contractual term. All remaining options under the 2010 Directors Plan expired in 2019.\nThe following table summarizes stock-based compensation expense related to stock options, PSUs, RSUs and restricted stock for the years ended December 31, 2019, 2018 and 2017, which was recognized as follows:\n\n(In thousands) | 2019 | 2018 | 2017 \n---------------------------------------------------------------------------------------------- | ------- | ------- | -------\nStock-based compensation expense included in cost of sales | $369 | $418 | $379 \nSelling, general and administrative expense | 3,889 | 3,989 | 4,063 \nResearch and development expense | 2,704 | 2,748 | 2,991 \nStock-based compensation expense included in operating expenses | 6,593 | 6,737 | 7,054 \nTotal stock-based compensation expense | 6,962 | 7,155 | 7,433 \nTax benefit for expense associated with non-qualified options, PSUs, RSUs and restricted stock | (1,659) | (1,432) | (1,699)\nTotal stock-based compensation expense, net of tax | $5,303 | $5,723 | $5,734 \n\nStock-Based Compensation\n Incentive Program\n January 2006, Board Directors adopted ADTRAN, Inc. 2006 Employee Stock Incentive Plan authorized 13. million shares common stock employees officers options options appreciation rights RSUs restricted stock. adopted May 2006. Options exercisable after one year employment four-year vesting schedule ten-year contractual term. replaced May 2015 ADTRAN. 2015 Employee Stock Incentive Plan. Expiration dates 2020 to 2024.\n January 2015, adopted 2015 Plan authorized 7. million shares common stock employees officers options rights PSUs RSUs restricted stock. adopted May 2015. PSUs RSUs restricted stock reduce shares authorized 2. shares. Options exercisable one year employment four-year vesting schedule ten-year term. Expiration dates options 2025 to 2026.\n approved 2010 Directors Stock Plan May 2010,. million shares common stock reserved for issuance. replaced 2005 Directors Stock Option Plan.2010 Directors Plan stock options restricted stock RSUs non-employee directors. awards vested first anniversary grant. Options ten-year term. options expired 2019.\n summarizes compensation expense PSUs RSUs stock 2019 2018 2017\n cost sales $369 $418\n Selling administrative expense 3,889 3,989 4,063\n Research development expense 2,704 2,748 2,991\n operating expenses 6,593 6,737 7,054\n 6,962 7,155,433\n Tax benefit non-qualified options PSUs RSUs restricted stock (1,659) (1,432)\n net tax $5,303 $5,723" +} +{ + "_id": "d1b3a079a", + "title": "", + "text": "The net deferred tax asset is classified on the consolidated balance sheets as follows (in thousands):\nWe have various tax attribute carryforwards which include the following:\n• Foreign federal and local gross net operating loss carryforwards are $61.6 million, of which $47.0 million have no expiration date and $14.6 million have various expiration dates beginning in fiscal 2020. Among the total of $61.6 million foreign net operating loss carryforwards, a valuation allowance of $31.7 million has been provided for certain jurisdictions since the recovery of the carryforwards is uncertain. U.S. federal and certain state gross net operating loss carryforwards are $14.0 million and $30.7 million, respectively, which were acquired from our acquisitions. A full valuation allowance against certain other state net operating losses of $30.7 million has been recorded. California gross net operating loss carryforwards are $2.8 million and are scheduled to expire beginning in fiscal 2032.\n• U.S. federal R&D credit carryforwards of $35.4 million are scheduled to expire beginning in fiscal 2025. California R&D credit carryforwards of $32.2 million have no expiration date. A total of $27.1 million valuation allowance, before U.S. federal benefit, has been recorded against California R&D credit carryforwards of $32.2 million since the recovery of the carryforwards is uncertain. Other states R&D credit carryforwards of $3.9 million are scheduled to expire beginning in fiscal 2020. A valuation allowance totaling $2.7 million, before U.S. federal benefit, has been recorded against certain state R&D credit carryforwards of $3.9 million since the recovery of the carryforwards is uncertain.\n• U.S. federal foreign tax credit carryforwards of $51.9 million are scheduled to expire beginning in fiscal 2022.\n\n | Fiscal year-end | \n------------------------------------------- | --------------- | --------\n | 2019 | 2018 \nNon-current deferred income tax assets | $87,011 | $64,858 \nNon-current deferred income tax liabilities | (27,785) | (26,339)\nNet deferred tax assets | $59,226 | $38,519 \n\nnet deferred tax classified balance sheets\n tax carryforwards\n Foreign federal local loss carryforwards $61. 6 million $47. million no expiration $14. 6 million expiration dates 2020. $61. million valuation allowance $31. 7 million jurisdictions. federal state loss carryforwards $14. million $30. 7 million acquired. full valuation allowance state losses $30. 7 million recorded. California carryforwards $2. 8 million expire 2032.\n. federal R&D carryforwards $35. 4 million expire 2025. California $32. 2 million no expiration date. $27. 1 million valuation allowance. recorded. carryforwards $3. 9 million expire 2020. valuation allowance $2. 7 million. recorded carryforwards $3. million.\n. federal foreign tax credit carryforwards $51. 9 million expire 2022.\n Non-current deferred income tax assets $87 $64,858\n(27,785 (26,339\n $59,226 $38,519" +} +{ + "_id": "d1b30e5d4", + "title": "", + "text": "Dividend Policy\nOur policy is to declare quarterly dividends to shareholders as decided by the Board of Directors. The dividend to shareholders could be higher than the operating cash flow or the dividend to shareholders could be lower than the operating cash flow after reserves as the Board of Directors may from time to time determine are required, taking into account contingent liabilities, the terms of our borrowing agreements, our other cash needs and the requirements of Bermuda law.\nTotal dividends distributed in 2019 totaled $14.3 million or $0.10 per share. The quarterly dividend payments per share over the last 5 years have been as follows:\n* Includes $0.05 per share distributed as dividend-in-kind.\nThe Company declared a dividend of $0.07 per share in respect of the fourth quarter of 2019, which was paid to shareholders on March 16, 2020.\n\nPeriod | 2019 | 2018 | 2017 | 2016 | 2015 \n------------ | ----- | ----- | ------- | ----- | -----\n1st Quarter | $0.04 | $0.03 | $0.20 | $0.43 | $0.22\n2nd Quarter | $0.03 | $0.01 | $0.20 | $0.43 | $0.38\n3rd Quarter | $0.01 | $0.02 | $0.15* | $0.25 | $0.40\n4th Quarter | $0.02 | $0.01 | $0.03 | $0.26 | $0.38\nTotal | $0.10 | $0.07 | $0.58 | $1.37 | $1.38\n\nDividend Policy\n quarterly dividends by Board of Directors. higher than operating cash or lower after reserves contingent liabilities borrowing agreements cash needs Bermuda law.\n dividends 2019 $14. 3 million or $0. 10 per share. quarterly dividend payments per share last 5 years\n Includes $0. 05 per share dividend-in-kind.\n declared dividend $0. 07 per share fourth quarter 2019 paid March 16, 2020.\n 2019 2018 2017 2016 2015\n 1st Quarter $0. 04. 03. 20. 43.\n 2nd Quarter. 43.\n 3rd Quarter. 01. 25.\n 4th Quarter. 02. 26.\n. 10. 07. 58. 37." +} +{ + "_id": "d1a73e024", + "title": "", + "text": "Item 6: Selected Financial Data\nThe following selected consolidated financial data is derived from our consolidated financial statements. This data should be read in conjunction with our consolidated financial statements and the related notes, and Item 7: Management's Discussion and Analysis of Financial Condition and Results of Operations contained elsewhere in this Annual Report on Form 10-K.\n(1) Fiscal 2018 net income includes an income tax benefit of $75.8 million from a valuation allowance release against certain U.S. deferred tax assets. See Note 13 of Notes to Consolidated Financial Statements. (2) Fiscal 2019, 2018, 2017, 2016, and 2015 net income (loss) includes restructuring charges, net, of $0.5 million, $0.2 million, $0.8 million, $7.3 million and $0.6 million, respectively.\n(3) Fiscal 2016 net loss includes impairment charges of $12.4 million. (4) Fiscal 2015 net loss includes the following: i) a $1.5 million gain from a business interruption insurance claim relating to a factory fire at a customer's facility; and ii) a $1.0 million net gain from the sale of intellectual property.\n(5) Fiscal 2016 includes the following as a result of the Cascade Microtech acquisition: i) $82.6 million in revenue; ii) $27.8 million of intangible amortization expense; and iii) a $7.6 million charge for inventory-related step-up amortization.\n\n | Fiscal 2019 (2) | Fiscal 2018(1)(2) | Fiscal 2017(2) | Fiscal 2016 (2)(3)(5) | Fiscal 2015(2)(4)\n------------------------------------------------ | --------------- | ----------------- | --------------------------------------------- | --------------------- | -----------------\n | | | (Dollars in thousands, except per share data) | | \nConsolidated Statements of Operations Data: | | | | | \nRevenues | $589,464 | $529,675 | $548,441 | $383,881 | $282,358 \nGross profit | 237,496 | 210,339 | 215,597 | 102,682 | 85,738 \nNet income (loss) | 39,346 | 104,036 | 40,913 | (6,557) | (1,523) \nBasic net income (loss) per share | 0.52 | 1.42 | 0.57 | (0.10) | (0.03) \nDiluted net income (loss) per share | 0.51 | 1.38 | 0.55 | (0.10) | (0.03) \nConsolidated Balance Sheets Data: | | | | | \nCash, cash equivalents and marketable securities | $220,872 | $149,003 | $140,172 | $108,905 | $187,589 \nWorking capital | 282,483 | 235,302 | 213,693 | 172,002 | 214,437 \nTotal assets | 839,882 | 728,222 | 646,574 | 618,982 | 342,723 \nTerm loan, net of current portion | 15,639 | 34,971 | 87,228 | 125,475 | — \nTotal stockholders' equity | 640,997 | 580,164 | 458,637 | 401,056 | 294,681 \nNumber of employees | 1,836 | 1,676 | 1,685 | 1,571 | 958 \n\nFinancial Data\n statements. Management Discussion Analysis Financial Condition Results Operations Annual Report Form 10-K.\n 2018 income tax benefit $75. 8 million valuation allowance. deferred tax assets. Note 13. 2019 2018 2017 2015 income restructuring charges $0. 5 million. 2 million. 8 million $7. 3 million. 6 million.\n 2016 loss impairment charges $12. 4 million. 2015 loss $1. 5 million gain business interruption insurance fire $1. million gain sale intellectual property.\n 2016 Cascade Microtech acquisition $82. 6 million revenue $27. 8 million intangible amortization expense $7. 6 million inventory-related step-up amortization.\n 2016\n Consolidated Statements Operations Data\n Revenues $589,464 $529,675 $548,441 $383,881 $282,358\n Gross profit 237,496 210,339 215,597 102 85,738\nincome 39,346 104,036 40,913 (6,557)\n.\n.\n Balance Sheets\n Cash equivalents securities $220,872 $149,003 $140,172 $108,905 $187,589\n Working capital 282,483 235,302 213,693 172,002 214\n Total assets 839,882 728,222 646,574 618,982 342,723\n Term loan 15,639 34,971 87,228 125,475\n stockholders equity 640,997 580,164 458,637 401,056\n employees 1,836 1,676" +} +{ + "_id": "d1b3797e4", + "title": "", + "text": "Gross Profit\nGross profit in fiscal year 2018 increased to $382.3 million, or 17.7 percent of net sales from $300.8 million, or 16.7 percent of net sales for fiscal year 2017. Excluding the impact of the surcharge revenue, our gross margin in fiscal year 2018 was 21.3 percent compared to 19.3 percent in fiscal year 2017. The results reflect the impact of stronger demand and improved product mix coupled with operating cost improvements compared to fiscal year 2017.\nOur surcharge mechanism is structured to recover increases in raw material costs, although in certain cases with a lag effect as discussed above. While the surcharge generally protects the absolute gross profit dollars, it does have a dilutive effect on gross margin as a percent of sales. The following represents a summary of the dilutive impact of the surcharge on gross margin. We present and discuss these financial measures because management believes removing the impact of surcharge provides a more consistent and meaningful basis for comparing results of operations from period to period. See the section “Non-GAAP Financial Measures” below for further discussion of these financial measures.\n\n | Fiscal Year | \n---------------------------------------- | ----------- | --------\n($ in millions) | 2018 | 2017 \nNet sales | $2,157.7 | $1,797.6\nLess: surcharge revenue | 365.4 | 239.2 \nNet sales excluding surcharge revenue | $1,792.3 | $1,558.4\nGross profit | $382.3 | $300.8 \nGross margin | 17.7% | 16.7% \nGross margin excluding surcharge revenue | 21.3% | 19.3% \n\n\n 2018 increased $382. 3 million 17. 7 percent sales from $300. 8 million 16. 7 percent 2017. Excluding surcharge revenue gross margin 21. 3 percent 19. 3 percent 2017. stronger demand improved product mix operating cost improvements.\n surcharge mechanism raw material costs. surcharge protects profit gross margin. dilutive impact surcharge margin. removing impact surcharge comparing results. “Non-GAAP Financial Measures”.\n Fiscal Year\n Net sales $2,157. 7 $1,797. 6\n surcharge revenue.\n sales excluding surcharge $1,792. 3 $1,558. 4\n Gross profit $382. 3 $300. 8\n margin 17. 7%.\n excluding surcharge revenue 21. 3%." +} +{ + "_id": "d1b3bff82", + "title": "", + "text": "As of April 30, 2019, the Company has U.S. federal net operating losses of $23 million of which $4 million begins to expire in Fiscal 2023 through 2031 and which are subject to annual limitation under Internal Revenue Code Section 382. The remaining U.S. federal net operating losses of $18.9 million have an indefinite carry-forward period. The U.S. federal capital loss carry-forward of $9.9 million expires in 2023. The Company also has state net operating loss carry-forwards, R&D tax credits, and state tax credits that expire in various years and amounts.\nA reconciliation of the beginning and ending amounts of unrecognized tax benefits, is as follows (in thousands):\nThe entire amount reflected in the table above at April 30, 2019, if recognized, would reduce our effective tax rate. As of April 30, 2019, and 2018, the Company had $64,000 and $10,000, respectively, accrued for the payment of interest and penalties. For the fiscal years ended April 30, 2019 and 2018, the Company recognized interest and penalties of $54,000 and $3,000, respectively. Although it is difficult to predict or estimate the change in the Company’s unrecognized tax benefits over the next twelve months, the Company believes that it is reasonably possible that decreases in unrecognized tax benefits of up to $40,000 may be recognized during the next twelve months.\nThe Company is subject to taxation in the U.S. federal, various state and local jurisdictions, and foreign jurisdictions. The Company is no longer subject to examination of its federal income tax returns by the Internal Revenue Service for fiscal years 2016 and prior. During Fiscal 2018, the Company closed an Internal Revenue Service examination of its Fiscal 2016 tax return with no change to the tax liability reported. The Company is no longer subject to examination by the taxing authorities in its foreign jurisdictions for Fiscal 2015 and prior. Net operating losses and tax attributes generated by domestic and foreign entities in closed years and utilized in open years are subject to adjustment by the tax authorities.\n\n | 2019 | 2018 \n------------------------------------------------------ | ------ | ------\nBalance at the beginning of the fiscal year | $1,264 | $1,626\nAdditions based on positions taken in the current year | - | - \nAdditions based on positions taken in prior years | 142 | - \nDecreases based on positions taken in prior years | (119 ) | (304) \nLapse in statute of limitations | (29 ) | (58) \nBalance at the end of the fiscal year | $1,258 | $1,264\n\nApril 30, 2019 Company has U. S. federal losses $23 million $4 million 2023 2031 annual limitation Internal Revenue Code Section 382. remaining. losses $18. 9 million indefinite carry-forward. federal capital loss carry-forward $9. 9 million expires 2023. state loss carry-forwards R&D tax credits state tax credits expire.\n reconciliation unrecognized tax benefits\n amount April 30, 2019 recognized effective tax rate. April 30, 2019 2018 Company $64,000 $10,000 accrued interest penalties. 2018 recognized interest penalties $54,000 $3,000. decreases tax benefits up $40,000 recognized.\n Company subject taxation U. S. federal state local foreign jurisdictions. no longer examination federal income tax returns 2016. closed Internal Revenue Service examination 2016 tax return no change tax liability. subject examination foreign jurisdictions Fiscal 2015 prior. Net operating losses tax attributes subject adjustment.\nfiscal year $1,264 $1,626\n Additions current\n prior years 142\n Decreases prior (119 (304)\n Lapse statute limitations (29 (58)\n fiscal year $1,258 $1,264" +} +{ + "_id": "d1b3127ec", + "title": "", + "text": "GreenSky, Inc.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)\n(United States Dollars in thousands, except per share data, unless otherwise stated)\nThe following table reconciles the beginning and ending fair value measurements of our servicing liabilities associated with transferring our rights to Charged-Off Receivables during the periods presented.\n(1) Recognized in other gains (losses), net in the Consolidated Statements of Operations.\n(2) Represents the reduction of our servicing liabilities due to the passage of time and collection of loan payments.\n\n | | Year Ended December 31, | \n-------------------------------------------------------------- | ------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nBeginning balance | $3,016 | $2,071 | $— \nInitial obligation from transfer of Charged-Off Receivables(1) | 2,705 | 2,461 | 2,379 \nFair value changes recognized in other gains (losses), net(2) | (1,925) | (1,516) | (308) \nEnding balance | $3,796 | $3,016 | $2,071\n\nGreenSky.\n FINANCIAL STATEMENTS\n States Dollars share data\n table reconciles servicing liabilities transferring rights Charged-Off Receivables.\n.\n reduction liabilities time loan payments.\n Ended December 31,\n 2019 2018 2017\n Beginning balance $3,016 $2,071\n Initial obligation transfer Charged-Off 2,705 2,461 2,379\n Fair value changes (1,925) (1,516)\n Ending balance $3,796 $3,016 $2,071" +} +{ + "_id": "d1b389392", + "title": "", + "text": "Obligations and Commitments\nAs of August 31, 2019, we had the following obligations and commitments to make future payments under contracts, contractual obligations and commercial commitments:\nAmounts in table may not total due to rounding.\nThe liability related to unrecognized tax benefits has been excluded from the contractual obligations table because a reasonable estimate of the timing and amount of cash outflows from future tax settlements cannot be determined. For additional information, see Note 10 (Income Taxes) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”\nAmounts represent projected payments under certain unfunded retirement plans for former pre-incorporation partners. Given these plans are unfunded, we pay these benefits directly. These plans were eliminated for active partners after May 15, 2001\nOther commitments include, among other things, information technology, software support and maintenance obligations, as well as other obligations in the ordinary course of business that we cannot cancel or where we would be required to pay a termination fee in the event of cancellation. Amounts shown do not include recourse that we may have to recover termination fees or penalties from clients.\n\n | | | Payments due by period | | \n---------------------------------------------- | ------ | ---------------- | ----------------------------- | --------- | -----------------\nContractual Cash Obligations (1) | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years\n | | | (in millions of U.S. dollars) | | \nLong-term debt | $23 | $6 | $11 | $6 | \nOperating leases | 3,840 | 688 | 1,114 | 792 | 1,246 \nRetirement obligations (2) | 95 | 10 | 20 | 20 | 44 \nPurchase obligations and other commitments (3) | 286 | 206 | 61 | 12 | 6 \nTotal | $4,244 | $910 | $1,206 | $830 | $1,296 \n\nObligations Commitments\n August 31, 2019 obligations future payments contracts commercial\n Amounts total rounding.\n liability unrecognized tax benefits excluded obligations. Note 10 (Income Taxes Consolidated Financial Statements Item 8.\n Amounts projected payments unfunded retirement plans pre partners. pay benefits directly. plans eliminated after May 15, 2001\n commitments information technology software support maintenance termination fee. Amounts recourse termination fees penalties.\n Payments due by period\n Contractual Cash Obligations Less than 1 year 1-3 years 3-5 years More 5 years\n.\n Long-term debt $23 $6 $11\n Operating leases 3,840 688 1,114 792 1,246\n Retirement obligations 95 20\n Purchase obligations commitments 286 206 61\n $4,244 $910 $1,206 $830 $1,296" +} +{ + "_id": "d1b32c020", + "title": "", + "text": "Gross Profit\nGross profit increased $269.4 million, or 45.2%, for the year ended December 31, 2019 compared to the same period in 2018. As a percentage of total revenues, gross profit decreased from 55.6% in the year ended December 31, 2018 to 54.9% in the year ended December 31, 2019, due to Shopify Payments representing a larger percentage of total revenue and an increase in amortization of technology related to the 6RS acquisition as well as other platform enhancements. This was partly offset by lower third-party infrastructure and hosting costs and employee-related costs as a percentage of revenues as well as the relative growth of higher-margin merchant solutions products, namely Shopify Capital and referral fees from partners.\nGross profit increased $216.0 million, or 56.8%, for the year ended December 31, 2018 compared to the same period in 2017. As a percentage of total revenues, gross profit decreased from 56.5% in the year ended December 31, 2017 to 55.6% in the year ended December 31, 2018, due to Shopify Payments representing a larger percentage of total revenue, increasing the functionality and flexibility of our hosting infrastructure, and higher product costs associated with expanding our product offerings. This was partly offset by the relative growth of higher-margin merchant solutions products, namely referral fees from partners, Shopify Capital, and Shopify Shipping.\n\n | Years ended December 31 | | | 2019 vs 2018 | 2018 vs 2017\n---------------------------- | ---------------------------------- | --------- | --------- | ------------ | ------------\n | 2019 | 2018 | 2017 | % Change | % Change \n | (in thousands, except percentages) | | | | \nGross profit | $ 865,643 | $ 596,267 | $ 380,253 | 45.2 % | 56.8 % \nPercentage of total revenues | 54.9 % | 55.6 % | 56.5 % | | \n\nProfit\n increased $269. 4 million 45. 2% December 31, 2019 2018. decreased from 55. 6% to 54. 9% due Shopify Payments increase amortization technology 6RS acquisition platform enhancements. offset by lower third-party infrastructure hosting costs employee-related costs growth higher-margin Shopify Capital referral fees.\n profit increased $216. 0 million 56. 8% 2018 2017. decreased from 56. 5% to 55. 6% due Shopify Payments hosting infrastructure higher product costs expanding offerings. offset growth higher-margin merchant referral fees Shopify Capital Shopify Shipping.\n 2019 2018 2017\n % Change\n Gross profit $ 865,643 $ 596,267 $ 380,253 45. 2 % 56. 8 %\n Percentage total revenues 54. 9 % 55. 6 % 56. 5 %" +} +{ + "_id": "d1a73ccc4", + "title": "", + "text": "COMMITMENTS AND CONTINGENCIES\nWarranties\nThe Company’s standard warranty obligation to its customers provides for repair or replacement of a defective product at the Company’s discretion for a period of time following purchase, generally between 12 and 24 months. Factors that affect the warranty obligation include product failure rates, material usage and service delivery costs incurred in correcting product failures. In addition, from time to time, specific warranty accruals may be made if unforeseen technical problems arise. The estimated cost associated with fulfilling the Company’s warranty obligation to customers is recorded in cost of revenue.\nChanges in the Company’s warranty liability, which is included as a component of accrued liabilities on the consolidated balance sheets, are set forth in the table below (in thousands):\n\n | | Year Ended December 31, | \n----------------------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nWarranty reserve, beginning of period | $8,220 | $8,306 | $2,158 \nProvisions made to warranty reserve during the period | 13,708 | 11,775 | 16,597 \nCharges against warranty reserve during the period | (11,574) | (11,861) | (10,449)\nWarranty reserve end of period | $10,354 | 8,220 | 8,306 \n\nCOMMITMENTS\n Warranties\n Company’s standard warranty obligation repair replacement defective product discretion purchase 12 24 months. Factors obligation failure rates material usage service delivery costs. warranty accruals technical problems. estimated cost recorded cost revenue.\n Changes warranty liability liabilities table\n Year Ended December 31,\n 2019 2018 2017\n Warranty reserve $8,220 $8,306 $2,158\n Provisions reserve 13,708 11,775 16,597\n Charges reserve (11,574) (11,861) (10,449)\n end period $10,354 8,220 8,306" +} +{ + "_id": "d1b2e9cc0", + "title": "", + "text": "CUSTOMER STATISTICS\nINTERNET Fiscal 2019 fourth-quarter Internet service customers net additions stood at 2,441 compared to 4,693 for the same period of the prior year as a result of: • additional connects related to the Florida expansion initiatives and in the MetroCast footprint; • our customers' ongoing interest in high speed offerings; and • growth in both the residential and business sectors.\nVIDEO Fiscal 2019 fourth-quarter video service customers net additions stood at 5,294 compared to net losses of 3,046 for the same period of the prior year mainly from: • the activation of bulk properties in Florida during the fourth quarter of fiscal 2019; and • our customers' ongoing interest in TiVo's digital advanced video services; partly offset by • competitive offers in the industry; and • a changing video consumption environment.\nTELEPHONY Fiscal 2019 fourth-quarter telephony service customers net losses stood at 304 compared to net additions of 1,150 for the same period of the prior year mainly as a result of a decline in the residential sector, partly offset by growth in the business sector. TELEPHONY Fiscal 2019 fourth-quarter telephony service customers net losses stood at 304 compared to net additions of 1,150 for the same period of the prior year mainly as a result of a decline in the residential sector, partly offset by growth in the business sector.\n\n | | Net additions (losses) | \n--------------------------- | ---------- | ----------------------------- | -------\n | | Three months ended August 31, | \n | August 31, | | \n | 2019 | 2019 | 2018 \nPrimary service units | 901,446 | 7,431 | 2,797 \nInternet service customers | 446,137 | 2,441 | 4,693 \nVideo service customers | 312,555 | 5,294 | (3,046)\nTelephony service customers | 142,754 | (304) | 1,150 \n\nCUSTOMER STATISTICS\n INTERNET Fiscal 2019 fourth-quarter Internet additions 2,441 4,693 prior year additional connects Florida expansion MetroCast footprint interest high speed growth residential business sectors.\n VIDEO Fiscal 2019 fourth-quarter video additions 5,294 losses 3,046 prior year activation bulk properties Florida interest TiVo digital video services competitive offers changing video consumption environment.\n TELEPHONY Fiscal 2019 fourth-quarter telephony net losses 304 additions 1,150 decline residential offset growth business. losses 304 1,150 decline residential growth business.\n Net additions\n Three months ended August 31,\n 2019\n Primary service units 901,446 7,431 2,797\n Internet service customers 446,137 2,441 4,693\n Video service customers 312,555 5,294\n Telephony service customers 142,754 1,150" +} +{ + "_id": "d1b3302a6", + "title": "", + "text": "If not presented separately in our income statement, restructuring expenses would have been classified in the different expense items in our income statement as follows:\nRestructuring Expenses by Functional Area\n\n€ millions | 2019 | 2018 | 2017\n-------------------------- | ------ | ---- | ----\nCost of cloud and software | –138 | –3 | –55 \nCost of services | –154 | –3 | –118\nResearch and development | –467 | –3 | –9 \nSales and marketing | –299 | –11 | –2 \nGeneral and administration | –71 | 0 | 2 \nRestructuring expenses | –1,130 | –19 | –182\n\nnot restructuring expenses classified\n Restructuring Expenses Functional Area\n € millions 2019 2018 2017\n Cost cloud software –138 –55\n services –154 –118\n Research development –467 –9\n Sales marketing –299\n General administration –71\n Restructuring expenses –1,130 –182" +} +{ + "_id": "d1b3a277a", + "title": "", + "text": "Note 7. Prepaid Expenses and Other Current Assets and Accrued and Other Current Liabilities\nPrepaid expenses and other current assets as of December 31, 2019 and 2018 consisted of the following:\n\nDecember 31, | | \n------------------------------------------ | ------- | ------\n | 2019 | 2018 \nPrepaid expenses | $1,948 | $1,179\nSecurities litigation insurance receivable | 16,627 | 306 \nOther current assets | 1,556 | 2,865 \nPrepaid expenses and other current assets | $20,131 | $4,350\n\n. Prepaid Expenses Assets Liabilities\n December 31, 2019 2018\n 2018\n Prepaid expenses $1,948 $1,179\n Securities insurance receivable 16,627 306\n assets 1,556 2,865\n $20,131 $4,350" +} +{ + "_id": "d1b372930", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries Notes to the consolidated financial statements (Continued) For the years ended December 31, 2017, 2018 and 2019 (All amounts expressed in thousands of U.S. Dollars, except share and per share data)      Investment in associates and joint venture consist of the following:\nThe additions of $158 relate to the investment in Gastrade (December 31, 2018: $136). On February 9, 2017, GasLog acquired a 20% shareholding in Gastrade, a private limited company licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing an FSRU along with other fixed infrastructure. GasLog, as well as being a shareholder, will provide operations and maintenance (‘‘O&M’’) services for the FSRU through an O&M agreement which was signed on February 23, 2018.\n\n | Associates | \n----------------------------- | ---------- | ------\n | 2018 | 2019 \nAs of January 1, | 20,800 | 20,713\nAdditions | 136 | 158 \nShare of profit of associates | 1,800 | 1,627 \nDividend declared | (2,023) | (878) \nAs of December 31, | 20,713 | 21,620\n\nGasLog Ltd. Subsidiaries consolidated financial statements December 31, 2017 2018 2019 amounts. Dollars Investment associates joint venture\n additions $158 Gastrade 31, $136). February 9, 2017 GasLog acquired 20% shareholding Gastrade natural gas system Alexandroupolis Greece. operations maintenance services FSRU agreement signed February 23, 2018.\n 2019\n January 1 20,800 20,713\n Additions\n profit 1,800 1,627\n Dividend (2,023)\n December 31, 20,713 21,620" +} +{ + "_id": "d1b3324de", + "title": "", + "text": "2020 Incentive Plan Enhancements.\nFor 2020, we have transitioned into the operation phase of our long-term strategy. As discussed further in this\nCD&A, following an internal review process, extensive discussions with our shareholders and consultation with our executive compensation consultants, we revised the design for our 2020 incentive programs to support our strategic priorities as described below:\n• added Revenue as metric to our STI plan to encourage and reward top-line performance • changed the metric and performance period for our LTI plan to three-year cumulative Adjusted EBITDA target • added three-year Relative TSR Modifier, as a positive or negative adjustment +/- 20%, for our LTI plan.\n\n | Short-Term Incentive Plan | \n----------------------------------- | ------------------------- | --------------\nStrategy | Integrate and Transform | Operate \nMetrics | 2018 & 2019 Weighting | 2020 Weighting\nAdjusted EBITDA | 65% | 50% \nFree Cash Flow | 25% | 25% \nRevenue | — | 15% \nCustomer Experience | 10% | 10% \n | Long-Term Incentive Plan | \nStrategy | Integrate and Transform | Operate \nMetrics | 2018 & 2019 Weighting | 2020 Weighting\nAdjusted EBITDA Run Rate (2 year) | 100% | — \nCumulative Adjusted EBITDA (3 year) | — | 100% \nRelative TSR Modifier (3 year) | — | +/-20% \n\n2020 Incentive Plan Enhancements.\n transitioned operation phase long-term strategy.\n revised design 2020 incentive programs strategic priorities\n added Revenue STI plan performance changed metric performance period LTI three-year Adjusted EBITDA added three-year Relative TSR Modifier 20% LTI.\n Short-Term Incentive Plan\n Transform\n 2018 2019\n Adjusted EBITDA 65%\n Free Cash Flow 25%\n Revenue\n Customer Experience 10%\n Long-Term Incentive Plan\n 2019\n Adjusted EBITDA Rate (2 year\n Cumulative Adjusted EBITDA (3 year\n Relative TSR Modifier (3 year +/-20%" +} +{ + "_id": "d1b32dce0", + "title": "", + "text": "O. Accrued Expenses and Other\nAccrued expenses and other as of the periods presented consisted of the following (table in millions)\n(1) Other primarily consists of litigation accrual, leases accrual, income tax payable and indirect tax accrual.\nAccrued partner liabilities primarily relate to rebates and marketing development fund accruals for channel partners, system vendors and systems integrators. Accrued partner liabilities also include accruals for professional service arrangements for which VMware intends to leverage channel partners to directly fulfill the obligation to its customers.\nAs of January 31, 2020, other included $237 million litigation accrual related to Cirba patent and trademark infringement lawsuit and $155 million accrual for amounts owed to dissenting shareholders in connection with the Pivotal acquisition. Refer to Note E and Note B, respectively, for more information.\n\n | January 31, 2020 | February 1, 2019\n--------------------------------- | ---------------- | ----------------\nAccrued employee related expenses | $845 | $780 \nAccrued partner liabilities | 181 | 207 \nCustomer deposits | 247 | 239 \nOther(1) | 878 | 438 \nTotal | $2,151 | $1,664 \n\n. Accrued Expenses\n leases income indirect tax.\n liabilities rebates marketing development fund channel partners system vendors integrators. professional service arrangements.\n January 31, 2020 $237 million Cirba patent trademark infringement lawsuit $155 million dissenting shareholders Pivotal acquisition. Note E B information.\n January 31, 2020 February 1, 2019\n Accrued employee expenses $845 $780\n partner liabilities 181 207\n Customer deposits 247 239\n 878 438\n Total $2,151 $1,664" +} +{ + "_id": "d1b37c7fa", + "title": "", + "text": "Telecommunications Segment\nICS operates an extensive network of direct routes and offers premium voice communication services for carrying a mix of business, residential and carrier long-distance traffic, data and transit traffic. Customers may have a bilateral relationship with ICS, meaning they have both a customer and vendor relationship with ICS. In these cases, ICS sells the customer access to the ICS supplier routes but also purchases access to the customer’s supplier routes.\nNet revenue is derived from the long-distance data and transit traffic. Net revenue is earned based on the number of minutes during a call multiplied by the price per minute, and is recorded upon completion of a call. Completed calls are billable activity while incomplete calls are non-billable. Incomplete calls may occur as a result of technical issues or because the customer’s credit limit was exceeded and thus the customer routing of traffic was prevented.\nRevenue for a period is calculated from information received through ICS’s billing software, such as minutes and market rates. Customized billing software has been implemented to track the information from the switch and analyze the call detail records against stored detailed information about revenue rates. This software provides ICS with the ability to perform a timely and accurate analysis of revenue earned in a period.\nICS evaluates gross versus net revenue recognition for each of its contractual arrangements by assessing indicators of control and significant influence to determine whether the ICS acts as a principal (i.e. gross recognition) or an agent (i.e. net recognition). ICS has determined that it acts as a principal for all of its performance obligations in connection with all revenue earned. Net revenue represents gross revenue, net of allowance for doubtful accounts receivable, service credits and service adjustments. Cost of revenue includes network costs that consist of access, transport and termination costs. The majority of ICS’s cost of revenue is variable, primarily based upon minutes of use, with transmission and termination costs being the most significant expense.\nDisaggregation of Revenues ICS's revenues are predominantly derived from wholesale of international long distance minutes (in millions):\n\nYears Ended December 31, | | \n------------------------------------------- | ------ | ------\n | 2019 | 2018 \nTermination of long distance minutes | $696.1 | $793.6\nTotal revenue from contracts with customers | 696.1 | 793.6 \nOther revenue | — | — \nTotal Telecommunications segment revenue | $696.1 | $793.6\n\n\n ICS operates direct routes offers premium voice communication services business residential long-distance data transit traffic. Customers bilateral relationship ICS. ICS sells access supplier routes purchases access routes.\n Net revenue from long-distance data transit traffic. earned based on number minutes call multiplied by price per minute recorded upon completion. Completed calls billable incomplete non-billable. Incomplete calls technical issues credit limit exceeded routing prevented.\n Revenue calculated from billing software minutes market rates. Customized billing software call detail records revenue. software analysis revenue.\n ICS evaluates gross versus net revenue indicators control. principal. Net revenue represents gross revenue allowance for doubtful accounts receivable service credits service adjustments. Cost revenue includes network costs access transport termination costs. cost revenue variable based upon minutes use transmission termination costs significant.\n ICS revenues from international long distance minutes\n December 31,\n\n 2019 2018\n long distance minutes $696. $793.\n revenue contracts 696. 793.\n Telecommunications revenue $696. $793." +} +{ + "_id": "d1b2f76d6", + "title": "", + "text": "Operating costs\nTotal Group adjusted operating costs were up $8.3 million or 3.1 per cent in 2019 compared to last year, broadly in line with inflation. The emphasis remained on effective resource allocation and careful cost management. The overall investment in product development was maintained, with continuing focus on high-growth, high-margin areas. Investment in the sales and marketing organisation was targeted on expanding our key account management programme to drive incremental business with our most valuable customers and developing routes to market for our new technologies to a broadening customer base. Administration costs in 2019 reflected an inflationary increase and higher corporate costs, primarily due to CEO transition.\nSegmentally, investment continued in Networks & Security, where we see the most near-term opportunities for growth, particularly in relation to 400G high-speed Ethernet and our Positioning business. A new General Manager joined Lifecycle Service Assurance in October and a review is in progress to evolve the business and optimise the organisational structure to expand the customer base and deliver on our growth agenda. Proactive cost management has once again been demonstrated within Connected Devices, where we have seen a decrease in legacy product revenue year-on-year. As stated above, corporate costs in 2019 included costs associated with CEO transition.\nNote\n1. Before exceptional items, acquisition related costs, acquired intangible asset amortisation and share-based payment amounting to $4.3 million in total (2018 $19.6 million).\n\n$ million | 2019 | 2018 \n--------------------------- | ----- | -----\nProduct development | 96.5 | 96.9 \nSelling and marketing | 129.2 | 123.9\nAdministration1 | 50.0 | 46.6 \nAdjusted operating costs1 | 275.7 | 267.4\nNetworks & Security | 158.4 | 148.9\nLifecycle Service Assurance | 70.5 | 70.5 \nConnected Devices | 38.2 | 40.8 \nCorporate | 8.6 | 7.2 \nAdjusted operating costs1 | 275.7 | 267.4\n\nOperating costs\n up $8. 3 million. per cent 2019 line with inflation. emphasis on resource allocation cost management. investment in product development maintained focus high-growth high-margin areas. sales marketing expanding account management new technologies. Administration costs 2019 reflected inflationary increase higher costs due to CEO transition.\n investment in Networks & Security opportunities growth 400G high-speed Ethernet business. new General Manager joined Lifecycle Service Assurance review evolve business optimise structure expand customer base growth agenda. Proactive cost management Connected Devices decrease product revenue year-on-year. costs 2019 included CEO transition.\n. acquisition intangible amortisation share-based payment $4. 3 million (2018 $19. 6 million.\n Product development.\n Selling marketing.\n.\n operating 275. 267.\n Networks Security.\n Lifecycle Service Assurance 70.\n Connected Devices.\n.\n 275. 267." +} +{ + "_id": "d1b3247ee", + "title": "", + "text": "2.4 KEY PERFORMANCE INDICATORS AND PERFORMANCE HIGHLIGHTS\nThe following key performance indicators are closely monitored to ensure that business strategies and objectives are closely aligned with shareholder value creation. The key performance indicators are not measurements in accordance with IFRS and should not be considered an alternative to other measures of performance in accordance with IFRS. The Corporation's method of calculating key performance indicators may differ from other companies and, accordingly, these key performance indicators may not be comparable to similar measures presented by other companies. The Corporation measures its performance, with regard to these objectives by monitoring revenue, adjusted EBITDA(1), free cash flow(1) and capital intensity(1) on a constant currency basis(1).\n(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(2) Following the announcement of the agreement on February 27, 2019 to sell Cogeco Peer 1, fiscal 2019 financial guidelines were revised.\n(3) Actual results are presented in constant currency based on fiscal 2018 average foreign exchange rates of 1.2773 USD/CDN.\nFor further details on the Corporation's operating results, please refer to the \"Operating and financial results\", the \"Segmented operating and financial results\" and the \"Cash flow analysis\" sections.\n\n(in millions of dollars, except percentages) | Actual Fiscal 2018 (1) $ | Revised projections (2) Fiscal 2019 (constant currency) (3) | Actual Fiscal 2019 (constant currency) (3) $ | Actual Fiscal 2019 (constant currency) (3) % | Achievement of the projections Fiscal 2019\n--------------------------------------------- | ------------------------ | ----------------------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ------------------------------------------\nFinancial guidelines | | | | | \nRevenue | 2,147 | Increase of 6% to 8% | 2,294 | 6.8 | Achieved \nAdjusted EBITDA | 1,007 | Increase of 8% to 10% | 1,092 | 8.5 | Achieved \nAcquisitions of property, plant and equipment | 458 | $450 to $470 | 425 | (7.1) | Surpassed \nCapital intensity | 21.3% | 20% to 21% | 18.5% | - | Surpassed \nFree cash flow | 302 | Increase of 38% to 45% | 453 | 50.0 | Surpassed \n\n. KEY PERFORMANCE INDICATORS HIGHLIGHTS\n indicators monitored business strategies objectives shareholder value creation. not IFRS alternative measures. Corporation's method calculating indicators not comparable. measures performance monitoring revenue EBITDA(1) free cash capital intensity(1) constant currency.\n Fiscal 2018 restated IFRS 15 change accounting policy reclassify results Cogeco Peer 1 discontinued operations. consult \"Accounting policies\" \"Discontinued operations\" sections.\n February 2019 sell Cogeco Peer 1 fiscal 2019 financial guidelines revised.\n results constant currency fiscal 2018 average foreign exchange rates 1. 2773 USD/CDN.\n financial \"Segmented operating financial results \"Cash flow analysis\" sections.\n millions Fiscal 2018 Revised projections Fiscal 2019 (constant currency Achievement projections Fiscal 2019\n Financial guidelines\n Revenue 2,147 Increase 6% to 8% 2,294. Achieved\nEBITDA 1,007 Increase 8% 10% 1,092.\n Acquisitions property equipment $450 $470.\n Capital 21. 3% 20% 21% 18. 5%\n cash flow Increase 38% 45%." +} +{ + "_id": "d1b32f824", + "title": "", + "text": "Transactions with Dell\nVMware and Dell engaged in the following ongoing related party transactions, which resulted in revenue and receipts, and unearned revenue for VMware:\n• Pursuant to OEM and reseller arrangements, Dell integrates or bundles VMware’s products and services with Dell’s products and sells them to end users. Dell also acts as a distributor, purchasing VMware’s standalone products and services for resale to end-user customers through VMwareauthorized resellers. Revenue under these arrangements is presented net of related marketing development funds and rebates paid to Dell. In addition, VMware provides professional services to end users based upon contractual agreements with Dell. • Dell purchases products and services from VMware for its internal use. • From time to time, VMware and Dell enter into agreements to collaborate on technology projects, and Dell pays VMware for services or reimburses VMware for costs incurred by VMware, in connection with such projects.\nDell purchases VMware products and services directly from VMware, as well as through VMware’s channel partners. Information about VMware’s\nrevenue and receipts, and unearned revenue from such arrangements, for the periods presented consisted of the following (table in millions):\nCustomer deposits resulting from transactions with Dell were $194 million and $85 million as of January 31, 2020 and February 1, 2019, respectively\n\n | | Revenue and Receipts | | Unearned Revenue | \n----------------------------------------- | ---------------- | -------------------- | ---------------- | ---------------- | ----------------\n | | For the Year Ended | | As of | \n | January 31, 2020 | February 1, 2019 | February 2, 2018 | January 31, 2020 | February 1, 2019\nReseller revenue | $3,288 | $2,355 | $1,464 | $3,787 | $2,554 \nInternal-use revenue | 82 | 41 | 46 | 57 | 29 \nCollaborative technology project receipts | 10 | 4 | — | n/a | n/a \n\nTransactions Dell\n VMware transactions resulted in revenue receipts unearned revenue for\n Dell integrates VMware’s products sells. Dell distributor products services for resale resellers. Revenue net of marketing development funds rebates. VMware provides services agreements Dell. Dell purchases products services VMware for internal use. VMware Dell projects Dell pays services reimburses costs.\n Dell purchases VMware products services channel partners. VMware’s\n revenue receipts unearned revenue\n Customer deposits Dell were $194 million $85 million as January 31, 2020 February 1, 2019\n Revenue Receipts Unearned Revenue\n Reseller revenue $3,288 $2,355 $1,464 $3,787 $2\n Internal-use revenue 82 | 41 | 46 | 57 | 29\n Collaborative technology project receipts 10 4 n/a" +} +{ + "_id": "d1b34a228", + "title": "", + "text": "11. Income Taxes\nThe geographical breakdown of loss before income taxes is as follows (in thousands):\n\n | | Years Ended December 31, | \n------------------------ | --------- | ------------------------ | ---------\n | 2019 | 2018 | 2017 \nDomestic loss | $(20,345) | $(29,658) | $(13,752)\nForeign income | 3,933 | 3,123 | 4,207 \nLoss before income taxes | $(16,412) | $(26,535) | $(9,545) \n\n. Taxes\n geographical breakdown loss\n Ended December 31,\n Domestic loss $(20,345) $(29,658),752)\n Foreign income 4\n Loss before taxes $(16,412) $(26,535)(9,545)" +} +{ + "_id": "d1b3712f6", + "title": "", + "text": "Debt\nOur funding requirements are continually monitored and we execute our strategies to manage the overall asset and liability profile. Additionally, we maintain sufficient flexibility to access global funding sources as needed.\nTotal debt of $62,899 million increased $17,087 million from December 31, 2018, driven by issuances of $32,415 million; partially offset by debt maturities of $12,673 million and a decrease in commercial paper of $2,691 million.\nNon-Global Financing debt of $38,173 million increased $23,587 million from prior year-end levels primarily driven by issuances to fund the Red Hat acquisition.\nGlobal Financing debt of $24,727 million decreased $6,500 million from December 31, 2018, primarily due to the wind down of OEM IT commercial financing operations.\nGlobal Financing provides financing predominantly for IBM’s external client assets, as well as for assets under contract by other IBM units. These assets, primarily for GTS, generate long-term, stable revenue streams similar to the Global Financing asset portfolio. Based on their attributes, these GTS assets are leveraged with the balance of the Global Financing asset base.\nThe debt used to fund Global Financing assets is composed of intercompany loans and external debt. Total debt changes generally correspond with the level of client and commercial financing receivables, the level of cash and cash equivalents, the change in intercompany and external payables and the change in intercompany investment from IBM. The terms of the intercompany loans are set by the company to substantially match the term, currency and interest rate variability underlying the financing receivable and are based on arm’s-length pricing. The Global Financing debt-to-equity ratio remained at 9 to 1 at December 31, 2019.\nAs previously stated, we measure Global Financing as a stand-alone entity, and accordingly, interest expense relating to debt supporting Global Financing’s external client and internal business is included in the “Global Financing Results of Operations” and in note D, “Segments.” In the Consolidated Income Statement, the external debt-related interest expense supporting Global Financing’s internal financing to IBM is reclassified from cost of financing to interest expense.\n\n($ in millions) | | \n----------------------------------- | ------- | -------\nAt December 31: | 2019 | 2018 \nTotal company debt | $62,899 | $45,812\nTotal Global Financing segment debt | $24,727 | $31,227\nDebt to support external clients | 21,487 | 27,536 \nDebt to support internal clients | 3,239 | 3,690 \nNon-Global Financing debt | 38,173 | 14,585 \n\n\n funding requirements monitored asset liability profile. flexibility access global funding.\n debt $62,899 million increased $17,087 million December 31, 2018 issuances $32,415 million offset maturities $12,673 million decrease commercial paper $2,691 million.\n Non-Global Financing debt $38,173 million increased $23,587 million Red Hat acquisition.\n Global Financing debt $24,727 million decreased $6,500 million OEM IT financing.\n Financing provides financing external client assets assets contract units. generate revenue. assets leveraged Global Financing base.\n debt intercompany loans external debt. changes correspond with financing receivables cash equivalents payables investment IBM. terms intercompany loans match interest rate variability arm’s-length pricing. debt-to-equity ratio 9 to 1 December 31, 2019.\n Financing stand-alone entity interest expense Financing.Consolidated Income Statement Global financing interest expense.\n December 31\n company debt $62,899 $45,812\n Global Financing $24,727 $31,227\n external clients 21,487 27,536\n internal clients 3,239\n Non-Global Financing 38,173 14,585" +} +{ + "_id": "d1b355b1e", + "title": "", + "text": "Services\nTeradyne services consist of extended warranties, training and application support, service agreement, post contract customer support (“PCS”) and replacement parts. Each service is recognized based on relative standalone selling price. Extended warranty, training and support, service agreements and PCS are recognized over time based on the period of service. Replacement parts are recognized at a point in time upon transfer of control to the customer.\nTeradyne does not allow customer returns or provide refunds to customers for any products or services. Teradyne products include a standard 12-month warranty. This warranty is not considered a distinct performance obligation because it does not obligate Teradyne to provide a separate service to the customer and it cannot be purchased separately. Cost related to warranty are included in cost of revenues when product revenues are recognized.\nAs of December 31, 2019 and 2018, deferred revenue and customer advances consisted of the following and are included in the short and long-term deferred revenue and customer advances:\n\n | 2019 | 2018 \n------------------------------------------------- | -------------- | --------\n | (in thousands) | \nMaintenance, service and training | $63,815 | $58,362 \nExtended warranty | 30,677 | 27,422 \nCustomer advances, undelivered elements and other | 56,358 | 24,677 \nTotal deferred revenue and customer advances | $150,850 | $110,461\n\n\n Teradyne extended warranties training support service agreement post contract customer support replacement parts. service recognized selling price. Extended warranty training support service agreements PCS recognized over time. Replacement parts recognized transfer control customer.\n Teradyne returns refunds. 12-month warranty. not purchased separately. Cost warranty.\n December 31, 2019 2018 deferred revenue customer advances\n Maintenance service training $63,815 $58,362\n Extended warranty 30,677 27,422\n Customer advances undelivered elements 56,358 24,677\n Total deferred revenue customer advances $150,850 $110,461" +} +{ + "_id": "d1b364844", + "title": "", + "text": "ACCOUNTING POLICY\nAccounts receivable represent amounts owing to us that are currently due and collectible. We initially recognize accounts receivable on the date they originate. We measure accounts receivable initially at fair value, and subsequently at amortized cost, with changes recognized in net income. We measure an impairment loss for accounts receivable as the excess of the carrying amount over the present value of future cash flows we expect to derive from it, if any. The excess is allocated to an allowance for doubtful accounts and recognized as a loss in net income.\nEXPLANATORY INFORMATION\nWe have retrospectively reclassified $23 million as at December 31, 2018 and January 1, 2019 related to our wireless financing programs from “accounts receivable” to “other current assets” as the collection time frame of the amounts differs from accounts receivable.\n\n | As at December 31 | As at December 31 | As at December 31\n------------------------------- | ----------------- | ----------------- | -----------------\n(In millions of dollars) | Note | 2019 | 2018 \nCustomer accounts receivable | | 1,579 | 1,529 \nOther accounts receivable | | 785 | 762 \nAllowance for doubtful accounts | 15 | (60) | (55) \nTotal accounts receivable | | 2,304 | 2,236 \n\nACCOUNTING POLICY\n Accounts receivable due collectible. recognize. measure fair value amortized cost changes net income. impairment loss excess carrying amount over future cash flows. excess allocated allowance for doubtful accounts recognized loss net income.\n reclassified $23 million December 31, 2018 January 1, 2019 wireless financing programs from to current collection time differs.\n millions\n Customer accounts receivable 1,579 1,529\n Other accounts receivable 785 762\n Allowance for doubtful accounts 15\n Total accounts receivable 2,304 2,236" +} +{ + "_id": "d1b3501c8", + "title": "", + "text": "The Company is holding the following currency derivatives designated as hedging instruments:\nHedge ratio is 1:1 and changes in forward rate have been designated as the hedged risk. The change in the fair value of the hedging instrument is compared with the change in fair value of the hedged item, and the lower amount\nis taken to OCI. If the change in fair value of the hedging instrument is higher, then the excess change in fair value is considered ineffective hedging and recorded in net foreign exchange gains and losses. Upon recognition of the\nhedged net sales, the cumulative amount in hedging reserve is released in the OCI as a reclassification adjustment and recognized in net sales.\nSee note E1, “Equity” for movement in the cash flow hedge reserve. No hedged net sales were recognized in 2019, hence no amount was released from hedging reserve in the OCI. No hedge ineffectiveness was recognized in\nthe income statement in 2019.\n\nForeign exchange forward contracts | | | \n---------------------------------- | -------- | --------- | -----\n2019 | < 1 year | 1–3 years | Total\nNotional Amount (USD millions) | 517 | 176 | 693 \nAverage forward rate (SEK/USD) | 9.13 | 8.92 | – \n\nCompany currency derivatives hedging instruments\n Hedge ratio 1:1 forward rate hedged risk. value lower\n taken OCI. higher excess ineffective recorded exchange gains losses.\n hedged net sales cumulative reserve released OCI reclassification adjustment recognized net sales.\n note E1 cash flow hedge reserve. No hedged net sales recognized 2019 amount released. No hedge ineffectiveness recognized\n income statement 2019.\n Foreign exchange forward contracts\n 1 1–3 years Total\n Amount (USD millions) 517 176\n Average forward rate (SEK/USD)." +} +{ + "_id": "d1b342c1c", + "title": "", + "text": "Expected realisation of remaining performance obligations at year end\nThe Company applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.\nFor contracts that exceed one year, deferred income that relates to unsatisfied or partially satisfied performance obligations at year end is expected to be recognised as revenue in the future as follows:\nThe above information represents the revenue the Company will recognise when it satisfies the remaining performance obligations in the contracts. The amounts presented do not include orders for which neither party has performed.\nRevenue from the sale of hardware and software generally arises from contracts less than one year in length. Consequently, the above amounts predominantly relate to the sale of maintenance and support services.\nVirtually all of the revenue will be recognised within three years.\nThe Company provides standard warranties on its products and services. The nature of these warranties is considered to provide customers with assurance that the related product or service will function as intended in accordance with the agreed specification, and does not contain or imply any additional service obligation to the customer. Warranty obligations are estimated and recognised as liabilities based on the probable outflow of resources.\n\n | 2019 | 2018 \n--------------------- | --------- | ---------\n | £ million | £ million\nWithin one year | 1.0 | 1.2 \nGreater than one year | 0.8 | 0.9 \n | 1.8 | 2.1 \n\nExpected realisation remaining performance obligations year end\n Company applies 121 IFRS 15 disclose remaining performance obligations one year or less.\n contracts one year deferred income unsatisfied performance obligations end recognised as revenue future\n information represents revenue satisfies remaining performance obligations. amounts include orders neither party performed.\n Revenue sale hardware software arises contracts less than one year. amounts relate sale maintenance support services.\n revenue recognised within three years.\n Company provides standard warranties products services. function additional service obligation. Warranty obligations estimated recognised liabilities probable outflow resources.\n Within one year.\n Greater than one year.\n." +} +{ + "_id": "d1b327aa2", + "title": "", + "text": "Contractual Obligations and Commitments\nThe following table summarizes our contractual cash obligations and other commercial commitments as of December 31, 2019.\n(1) These amounts include interest and principal payment obligations on our €135.0 million of 2024 Notes through the maturity date of June 30, 2024, interest and principal payments on our $445.0 million of 2022 Notes through the maturity date of March 1, 2022, interest and principal payments on our $189.2 million of 2021 Notes through the maturity date of April 15, 2021 and $12.5 million due under an installment payment agreement with a vendor.\n(2) The amounts include principal and interest payments under our finance lease obligations. Our finance lease obligations were incurred in connection with IRUs for inter-city and intra-city dark fiber underlying substantial portions of our network. These finance leases are presented on our balance sheet at the net present value of the future minimum lease payments, or $169.8 million at December 31, 2019. These leases generally have initial terms of 15 to 20 years.\n(3) These amounts include amounts due under our facilities, operating leases, colocation obligations and carrier neutral data center obligations. Certain of these operating lease liabilities are presented on our balance sheet at the net present value of the future minimum lease payments, or $96.8 million at December 31, 2019.\n(4) These amounts include amounts due under unconditional purchase obligations including dark fiber IRU operating and finance lease agreements entered into but not delivered and accepted prior to December 31, 2019.\n\n | | | Payments due by period | | \n----------------------------------------------------------- | ---------- | ---------------- | ---------------------- | ----------- | -------------\n | Total | Less than 1 year | 1 - 3 years | 3 - 5 years | After 5 years\n | | | (in thousands) | | \nDebt(1) | 903,696 | 50,601 | 691,748 | 161,347 | — \nFinance lease obligations(2) | 340,188 | 25,459 | 48,693 | 45,311 | 220,725 \nOperating leases, colocation and data center obligations(3) | 205,087 | 36,119 | 42,344 | 26,138 | 100,486 \nUnconditional purchase obligations(4) | 27,885 | 12,154 | 1,346 | 1,307 | 13,078 \nTotal contractual cash obligations | $1,476,856 | $124,333 | $784,131 | $234,103 | $334,289 \n\nContractual Obligations Commitments\n table summarizes cash obligations commercial commitments December 31, 2019.\n interest principal €135. million 2024 June 30, $445. million 2022 $189. 2 million 2021 April 15 2021 $12. 5 million installment agreement vendor.\n finance lease obligations. IRUs inter-city intra-city dark fiber. $169. 8 million December 31, 2019. terms 15 to 20 years.\n facilities operating leases colocation obligations carrier data center obligations. liabilities future $96. 8 million December 31, 2019.\n unconditional purchase obligations dark fiber IRU operating finance lease agreements December 31, 2019.\n Payments due period\n Less 1 1 - 3 years 3 - 5 years 5 years\n Debt(1) 903,696 50,601 691,748 161,347\n Finance lease obligations(2) 340,188 25,459 48,693 45,311 220,725\nleases center 205,087 36,119 42,344 26,138 100,486\n 27,885 12,154 13,078\n obligations,476,856 $124,333,131 $234,103,289" +} +{ + "_id": "d1b3b7c24", + "title": "", + "text": "Systems Business\nDuring 2019, EDP Renewables, ConnectGen, and Innergex Renewable Energy each accounted for more than 10% of our systems business net sales, and the majority of our systems business net sales were in the United States and Australia. Substantially all of our systems business net sales during 2019 were denominated in U.S. dollars and Australian dollars. We typically recognize revenue for sales of solar power systems using cost based input methods, which result in revenue being recognized as work is performed based on the relationship between actual costs incurred compared to the total estimated costs for a given contract. We may also recognize revenue for the sale of a development project, which excludes EPC services, or for the sale of a completed system when we enter into the associated sales contract with the customer. The revenue recognition policies for our systems business are further described in Note 2. “Summary of Significant Accounting Policies” to our consolidated financial statements.\nThe following table shows net sales by reportable segment for the years ended December 31, 2019, 2018, and 2017:\nNet sales from our modules segment increased by $958.1 million in 2019 primarily due to a 180% increase in the volume of watts sold and a 4% increase in the average selling price per watt. Net sales from our systems segment decreased by $139.0 million in 2019 primarily as a result of the sale of the Mashiko and certain India projects in 2018 and the completion of substantially all construction activities at the California Flats, Willow Springs, and various other projects in Florida in late 2018 and early 2019, partially offset by the sale of the Sun Streams, Sunshine Valley, and Beryl projects and ongoing construction activities at the Phoebe and GA Solar 4 projects in 2019.\n\n | | Years Ended | | | Change | | \n---------------------- | ----------- | ----------- | ----------- | -------------- | ------ | -------------- | -----\n(Dollars in thousands) | 2019 | 2018 | 2017 | 2019 over 2018 | | 2018 over 2017 | \nModules | $ 1,460,116 | $ 502,001 | $ 806,398 | $ 958,115 | 191% | $(304,397) | (38)%\nSystems . | 1,603,001 | 1,742,043 | 2,134,926 | (139,042) | (8)% | (392,883) | (18)%\nNet sales . | $ 3,063,117 | $ 2,244,044 | $ 2,941,324 | $ 819,073 | 36% | $(697,280) | (24)%\n\nSystems Business\n 2019 EDP Renewables ConnectGen Innergex Renewable Energy 10% net sales majority United States Australia. sales denominated U. S. Australian dollars. recognize revenue solar power systems cost based input methods. revenue development project completed system. revenue recognition policies described Note 2. Significant Accounting Policies” financial statements.\n table shows net sales December 31, 2019 2018 2017:\n sales modules segment increased $958. 1 million 2019 180% volume watts sold 4% increase average selling price per watt. systems segment decreased $139. 0 million 2019 sale Mashiko India projects 2018 construction California Flats Willow Springs projects Florida offset sale Sun Streams Sunshine Valley Beryl construction Phoebe GA Solar 4 projects 2019.\n Years\n thousands 2019 2018 2017\n Modules $ 1,460,116 $ 502,001 $ 806,398 $ 958,115 191% $(304,397) (38)%\n Systems.1,603,001 1,742,043 2,134,926\n sales. 3,063,117 2,244,044 2,941,324 819,073 36%,280" +} +{ + "_id": "d1b3861b0", + "title": "", + "text": "Consolidated Statements of Earnings and Comprehensive Earnings\nA detail of related party items included in Operating expenses (net of expense reimbursements) is as follows (in millions):\n(1) Transactions with FNF are summarized through November 30, 2019, the date after which FNF is no longer considered a related party.\n\n | | Year ended December 31, | \n---------------------------------------------------------- | ------- | ----------------------- | -----\n | 2019(1) | 2018 | 2017 \nData entry, indexing services and other operating expenses | $8.8 | $8.2 | $5.1 \nCorporate services | 3.8 | 4.9 | 9.2 \nTechnology and corporate services | (0.1) | (1.0) | (1.7)\nTotal related party expenses, net | $12.5 | $12.1 | $12.6\n\nStatements\n related party Operating expenses\n Transactions FNF summarized November 30, 2019 related party.\n ended December 31,\n Data entry indexing services operating expenses $8. 8 $8. $5.\n Corporate services 3. 4. 9.\n Technology corporate services (0. (1.\n Total related party expenses $12. 5 $12. 1 $12." +} +{ + "_id": "d1b302c5c", + "title": "", + "text": "Share Unit Awards\nIn accordance with stockholder-approved equity incentive plans, we grant awards of restricted stock units and cash-settled restricted stock units (\"share units\") to employees and directors. These awards generally have requisite service periods of three years. Under each such award, stock or cash (as applicable) is issued without direct cost to the employee. We estimate the fair value of the share units based upon the market price of our stock at the date of grant. Certain share unit grants do not provide for the payment of dividend equivalents to the participant during the requisite service period (the \"vesting period\"). For those grants, the value of the grants is reduced by the net present value of the foregone dividend equivalent payments.\nWe recognize compensation expense for share unit awards on a straight-line basis over the requisite service period, accounting for forfeitures as they occur. All cash-settled restricted stock units are marked-to-market and presented within other current and noncurrent liabilities in our Consolidated Balance Sheets. The compensation expense for our stock-settled share unit awards totaled $23.9 million, $21.8 million, and $18.2 million for fiscal 2019, 2018, and 2017, respectively, including discontinued operations of $1.4 million for fiscal 2017. The tax benefit related to the stock-settled share unit award compensation expense for fiscal 2019, 2018, and 2017 was $6.0 million, $7.2 million, and $7.0 million, respectively. The compensation expense for our cash-settled share unit awards totaled $17.5 million, $5.8 million, and $20.9 million for fiscal 2019, 2018, and 2017, respectively, including discontinued operations of $2.6 million for fiscal 2017. The tax benefit related to the cash-settled share unit award compensation expense for fiscal 2019, 2018, and 2017 was $4.4 million, $1.9 million, and $8.0 million, respectively.\nDuring the second quarter of fiscal 2019, in connection with the completion of the Pinnacle acquisition, we granted 2.0 million cash-settled share unit awards at a grant date fair value of $36.37 per share unit to Pinnacle employees in replacement of their unvested restricted share unit awards that were outstanding as of the closing date. Included in the compensation expense described above for fiscal 2019 is expense of $18.9 million for accelerated vesting of awards related to Pinnacle integration restructuring activities, net of the impact of marking-to-market these awards based on a lower market price of shares of Conagra Brands common stock. Approximately $36.3 million of the fair value of the replacement share unit awards granted to Pinnacle employees was attributable to pre-combination service and was included in the purchase price and established as a liability. Included in the expense for cash-settled share unit awards above is income of $6.7 million related to the mark-to-market of this liability. As of May 26, 2019, our liability for the replacement awards was $15.9 million, which includes post-combination service expense, the mark-to-market of the liability, and the impact of payouts since completing the Pinnacle acquisition. Post-combination expense of approximately $3.9 million, based on the market price of shares of Conagra Brands common stock as of May 26, 2019, is expected to be recognized related to the replacement awards over the remaining post-combination service period of approximately two years.\nThe following table summarizes the nonvested share units as of May 26, 2019 and changes during the fiscal year then ended:\nDuring fiscal 2019, 2018, and 2017, we granted 0.9 million, 0.9 million, and 0.6 million stock-settled share units, respectively, with a weighted average grant date fair value of $35.43, $34.16, and $46.79 per share unit, respectively. During fiscal 2017, we granted 0.4 million cash-settled share units with a weighted average grant date fair value of $48.07 per share unit. No cash-settled share unit awards were granted in fiscal 2018.\nThe total intrinsic value of stock-settled share units vested was $24.6 million, $18.5 million, and $27.0 million during fiscal 2019, 2018, and 2017, respectively. The total intrinsic value of cash-settled share units vested was $50.5 million, $14.2 million, and $24.0 million during fiscal 2019, 2018, and 2017, respectively.\nAt May 26, 2019, we had $25.2 million and $4.2 million of total unrecognized compensation expense that will be recognized over a weighted average period of 1.9 years and 1.5 years, related to stock-settled share unit awards and cash-settled share unit awards, respectively\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\n | Stock-Settled | | Cash-Settled | \n------------------------------------- | ------------------------- | -------------------------------------- | ------------------------- | --------------------------------------\nShare Units | Share Units (in Millions) | Weighted Average Grant-Date Fair Value | Share Units (in Millions) | Weighted Average Grant-Date Fair Value\nNonvested share units at May 27, 2018 | 1.78 | $34.20 | 0.71 | $34.58 \nGranted | 0.89 | $35.43 | 1.95 | $36.37 \nVested/Issued | (0.72) | $33.29 | (1.64) | $35.55 \nForfeited | (0.14) | $35.08 | (0.05) | $36.07 \nNonvested share units at May 26, 2019 | 1.81 | $34.89 | 0.97 | $36.20 \n\nShare Unit Awards\n equity plans grant restricted cash-settled employees directors. service periods three years. stock cash issued without cost. estimate value market price grant. grants dividend equivalents. value reduced by value foregone dividend payments.\n recognize compensation expense awards accounting forfeitures. cash-settled stock units marked-to-market Consolidated Balance Sheets. compensation expense $23. 9 million $21. 8 million $18. 2 million 2019 2018 2017 discontinued operations $1. 4 million. tax benefit $6. 0 million $7. 2 million $7. 0 million. cash-settled awards totaled $17. 5 million $5. 8 million $20. 9 million 2019 2018 discontinued operations $2. 6 million 2017. $4. 4 million $1. 9 million $8. 0 million.\n quarter 2019 Pinnacle granted 2. million cash-settled share unit awards grant date fair value $36.37 share unit Pinnacle employees unvested awards. compensation 2019 $18. 9 million accelerated vesting Pinnacle restructuring lower market price Conagra Brands. $36. 3 million replacement awards pre-combination service purchase price liability. cash-settled awards $6. 7 million-to-market. May 26, 2019 liability replacement awards $15. 9 million post-combination service expense mark-to-market payouts Pinnacle acquisition. Post-combination expense $3. 9 million price Conagra Brands post-combination two years.\n nonvested share units May 26, 2019\n 2019 2018 2017 granted. stock-settled share units fair value $35. 43 $34. 16 $46. 79 per share unit. 2017 granted. 4 million cash-settled units $48. 07. No cash-settled awards 2018.\n total stock-settled share units vested $24. 6 million $18. 5 million $27.2019 2018 2017. value cash-settled share units $50. 5 million $14. 2 million $24. million 2019 2018 2017.\n May 26, 2019 $25. 2 million $4. 2 million unrecognized compensation expense 1. 9. 5 years stock-settled cash-settled\n Consolidated Financial Statements Fiscal Years May 26, 2019 27, 2018 May 28, 2017 millions\n Stock-Settled Cash-Settled\n Nonvested share units May 27, 2018. 78 $34.\n. $35. $36.\n Vested. $33. $35.\n Forfeited. $36.\n Nonvested share units May 26, 2019. 81 $34. 89. $36." +} +{ + "_id": "d1b355ccc", + "title": "", + "text": "Results of Operations\nRevenue (in thousands, except for percentages)\nComparison of Years Ended December 31, 2018 and 2017\nTotal net revenue for the year ended December 31, 2018, increased by $1,083.9 million, or 49%, compared to the year ended December 31, 2017.\nTransaction-based revenue for the year ended December 31, 2018, increased by $551.3 million, or 29%, compared to the year ended December 31, 2017. This increase was attributable to the growth in GPV processed of $19.3 billion, or 30%, to $84.7 billion from $65.3 billion. We continued to benefit from growth in processed volumes from our existing sellers, in addition to meaningful contributions from new sellers. Additionally, GPV from larger sellers, which we define as all sellers that generate more than $125,000 in annualized GPV, represented 51% of our GPV in the fourth quarter of 2018, an increase from 47% in the fourth quarter of 2017. We continued to see ongoing success with attracting and enabling large seller growth, which we believe will help drive strong GPV growth as we scale.\nSubscription and services-based revenue for the year ended December 31, 2018 increased by $339.0 million, or 134%, compared to the year ended December 31, 2017. Growth was driven primarily by Instant Deposit, Caviar, Cash Card, and Square Capital, as well as acquisitions completed in the second quarter. Subscription and services-based revenue grew to 18% of total net revenue in the year ended December 31, 2018, up from 11% in the year ended December 31, 2017.\nHardware revenue for the year ended December 31, 2018, increased by $27.1 million, or 65%, compared to the year ended December 31, 2017. The increase primarily reflects growth in shipments of Square Register following its launch in the fourth quarter of 2017 and, to a lesser extent, the launch of Square Terminal during the fourth quarter of 2018. The increase was also driven by continued growth in sales of our contactless and chip readers, as well as growth in sales of our Square Stand and third-party peripherals driven primarily by new features and product offerings. Additionally, the adoption of ASC 606 resulted in an increase of $5.9 million in hardware revenue for the year ended December 31, 2018 primarily related to the earlier revenue recognition of hardware sold through retail distribution channels and hardware installment sales, which were previously recorded upon sell through to the end user customer.\nBitcoin revenue for the year ended December 31, 2018, increased by $166.5 million compared to the year ended December 31, 2017. During the fourth quarter of 2017, we started offering our Cash App customers the ability to purchase bitcoin from us. Bitcoin revenue comprises the total sale amount we receive from bitcoin sales to customers and is recorded upon transfer of bitcoin to the customer’s account. The sale amount generally includes a small margin added to the price we pay to purchase bitcoin and accordingly, the amount of bitcoin revenue will fluctuate depending on the volatility of market bitcoin prices and customer demand.\n\n | | Year Ended December 31, | | 2017 to 2018 | 2016 to 2017\n--------------------------------------- | ---------- | ----------------------- | ---------- | ------------ | ------------\n | 2018 | 2017 | 2016 | % Change | % Change \nTransaction-based revenue | $2,471,451 | $1,920,174 | $1,456,160 | 29% | 32% \nStarbucks transaction-based revenue | — | — | 78,903 | NM | (100)% \nSubscription and services-based revenue | 591,706 | 252,664 | 129,351 | 134% | 95% \nHardware revenue | 68,503 | 41,415 | 44,307 | 65% | (7)% \nBitcoin revenue | 166,517 | — | — | NM | NM \nTotal net revenue | $3,298,177 | $2,214,253 | $1,708,721 | 49% | 30% \n\nOperations\n Revenue\n Comparison Years 2018 2017\n net revenue 2018 increased $1,083. 9 million 49% compared 2017.\n Transaction-based revenue increased $551. 3 million 29%, 2017. increase attributable growth GPV processed $19. 3 billion 30% to $84. 7 billion from $65. 3 billion. growth processed volumes existing sellers new sellers. GPV larger sellers $125,000 represented 51% GPV fourth quarter 2018 increase 47% 2017. success attracting large seller growth GPV growth.\n Subscription services-based revenue 2018 increased $339. 0 million 134% 2017. driven Instant Deposit Caviar Cash Card Square Capital acquisitions. 18% total net revenue up 11% 2017.\n Hardware revenue increased $27. 1 million 65% 2017. increase reflects growth shipments Square Register 2017 Square Terminal 2018. driven sales contactless chip readers Square Stand third-party peripherals new features product offerings. ASC 606 increase $5.9 million hardware revenue December 31, 2018 related hardware retail installment sales recorded.\n Bitcoin revenue increased $166. 5 million 2017. fourth quarter 2017 Cash App customers purchase bitcoin. revenue total sale sales recorded transfer. small margin market bitcoin prices customer demand.\n Year Ended December 31, 2017 2018 2016 2017\n 2016 %\n Transaction-based revenue $2,471,451 $1,920,174 $1,456,160 29% 32%\n Starbucks transaction-based revenue 78,903\n Subscription services-based revenue 591,706 252,664 129,351 134%\n Hardware revenue 68,503 41,415 44,307 65%\n Bitcoin revenue 166,517\n Total net revenue $3,298,177 $2,214,253 $1,708,721 49%" +} +{ + "_id": "d1b38706a", + "title": "", + "text": "NOTES PAYABLE (continued)\nAll of these notes payable issued by the Group were unsecured.\nOn 1 April 2019, the Company updated the Global Medium Term Note Programme (the “Programme”) to include, among other things, the Company’s recent corporate and financial information and increased the limit of aggregate principal amount of the notes under the Programme from USD10 billion to USD20 billion (or its equivalent in other currencies).\nOn 11 April 2019, the Company issued five tranches of senior notes under the Programme with an aggregate principal amount of USD6 billion as set out below.\nDuring the year ended 31 December 2019, the notes payable with an aggregate principal amount of USD2,000 million issued in April 2014 reached their maturity and were repaid in full by the Group.\nAs at 31 December 2019, the fair value of the notes payable amounted to RMB98,668 million (31 December 2018: RMB62,820 million). The respective fair values are assessed based on the active market price of these notes on the reporting date or by making reference to similar instruments traded in the observable market.\n\n | Amount (USD’Million) | Interest Rate (per annum) | Due \n------------------------ | -------------------- | -------------------------- | ----\n2024 Notes | 1,250 | 3.280% | 2024\n2024 Floating Rate Notes | 750 | 3-month USD LIBOR + 0.910% | 2024\n2026 Notes | 500 | 3.575% | 2026\n2029 Notes | 3,000 | 3.975% | 2029\n2049 Notes | 500 | 4.525% | 2049\n | 6,000 | | \n\nNOTES PAYABLE\n notes issued Group unsecured.\n 1 April 2019 Company updated Global Medium Term Note Programme corporate financial information increased principal amount USD10 billion to USD20 billion.\n 11 April 2019 issued five tranches senior notes principal amount USD6 billion.\n 31 December 2019 notes principal USD2,000 million issued April 2014 reached maturity repaid.\n 31 December 2019 fair value RMB98,668 million (31 December 2018: RMB62,820 million. fair values assessed active market price similar instruments.\n Amount Interest Rate annum\n 2024 Notes 1,250. 280%\n Floating Rate Notes 3-month USD LIBOR. 910%\n. 575%\n. 975%\n. 525%\n" +} +{ + "_id": "d1b35a1c8", + "title": "", + "text": "5. Investment income and financing costs\nInvestment income comprises interest received from short-term investments and other receivables as well as certain foreign exchange movements. Financing costs mainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging transactions used to manage foreign exchange and interest rate movements\nNote: 1 Includes €305 million (2018: €187 million; 2017: €272 million) of interest on foreign exchange derivatives.\n\n | 2019 | 2018 | 2017 \n--------------------------------------------------------- | ----- | ----- | -----\n | €m | €m | €m \nInvestment income: | | | \nAmortised cost | 286 | 339 | 426 \nFair value through profit and loss | 147 | 24 | 20 \nForeign exchange | – | 322 | 28 \n | 433 | 685 | 474 \nFinancing costs: | | | \nItems in hedge relationships: | | | \nOther loans | 17 | 74 | 170 \nInterest rate and cross-currency interest rate swaps | (414) | (128) | (235)\nFair value hedging instrument | (8) | 48 | 22 \nFair value of hedged item | 10 | (36) | (16) \nOther financial liabilities held at amortised cost: | | | \nBank loans and overdrafts | 336 | 317 | 419 \nBonds and other liabilities1 | 1,567 | 885 | 1,243\nInterest (credit)/charge on settlement of tax issues | (1) | (11) | 47 \nFair value through profit and loss: | | | \nDerivatives – options, forward starting swaps and futures | 391 | (75) | (244)\nForeign exchange | 190 | – | – \n | 2,088 | 1,074 | 1,406\nNet financing costs | 1,655 | 389 | 932 \n\n. Investment income financing costs\n interest short-term investments foreign exchange movements. Financing costs interest bonds commercial paper bank loans hedging transactions\n Includes €305 million €187 2017: €272 million interest foreign exchange derivatives.\n Investment income\n Amortised cost 286 339 426\n profit loss 147\n Foreign exchange 322\n 433 685 474\n Financing costs\n hedge\n Other loans 74\n Interest swaps (414) (128)\n Fair value hedging instrument\n financial liabilities cost\n Bank loans overdrafts 336 317 419\n Bonds 1,567 1,243\n Interest)/charge settlement tax issues\n profit loss\n Derivatives options swaps futures 391 (75)\n Foreign exchange\n 2,088 1,074 1,406\n Net financing costs 1,655 389" +} +{ + "_id": "d1b338e56", + "title": "", + "text": "Segment Product Revenue, Operating Income and Operating Income as a Percentage of Revenue\nInfrastructure and Defense Products\nIDP revenue increased $104.2 million, or 13.2%, in fiscal 2019, compared to fiscal 2018, primarily due to higher demand for our base station products.\nIDP operating income increased $31.6 million, or 13.4%, in fiscal 2019, compared to fiscal 2018, primarily due to higher revenue, partially offset by lower gross margin (which was negatively impacted by lower factory utilization).\nSee Note 16 of the Notes to the Consolidated Financial Statements set forth in Part II, Item 8 of this report for a reconciliation of segment operating income to the consolidated operating income for fiscal years 2019, 2018 and 2017.\n\nFiscal Year | | \n---------------------------------- | -------- | --------\n(In thousands, except percentages) | 2019 | 2018 \nRevenue | $892,665 | $788,495\nOperating income | $267,304 | $235,719\nOperating income as a % of revenue | 29.9% | 29.9% \n\nProduct Revenue Operating\n Infrastructure Defense Products\n IDP revenue increased $104. 2 million. 2% 2019 higher demand base station products.\n IDP operating income increased $31. 6 million. 4% higher revenue lower gross margin factory utilization.\n Note 16 Consolidated Financial Statements Part II 8 reconciliation segment operating income 2019 2018 2017.\n Revenue $892,665 $788,495\n Operating income $267,304 $235,719\n % revenue." +} +{ + "_id": "d1b370c02", + "title": "", + "text": "Note 5. Fair Value of Financial Instruments\nThe Company measures and reports certain cash equivalents, including money market funds and certificates of deposit, in addition to its long-term investments at fair value in accordance with the provisions of the authoritative accounting guidance that addresses fair value measurements. This guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available\nThe hierarchy is broken down into three levels based on the reliability of the inputs as follows:\nLevel 1: Observable inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities\nLevel 2: Other inputs, such as quoted prices for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability\nLevel 3: Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques\nThe financial assets carried at fair value were determined using the following inputs (in thousands):\nThe Company’s other financial instruments, including accounts receivable, accounts payable, and other current liabilities, are carried at cost, which approximates fair-value due to the relatively short maturity of those instruments.\n\n | Fair value at December 31, 2019 | Level 1 | Level 2 | Level 3\n--------------------- | ------------------------------- | -------- | ------- | -------\nCash equivalents: | | | | \nMoney market funds | $297,311 | $297,311 | $ - | $ - \nNoncurrent assets: | | | | \nLong-term investments | 132,188 | - | - | 132,188\n | Fair value at December 31, 2018 | Level 1 | Level 2 | Level 3\nCash equivalents: | | | | \nMoney market funds | $485,872 | $485,872 | $ - | $ - \nNoncurrent assets: | | | | \nLong-term investments | - | - | - | - \n\nNote 5. Fair Value of Financial Instruments\n Company measures reports cash equivalents money market funds certificates of deposit long-term investments at fair value authoritative accounting guidance fair value. guidance establishes hierarchy inputs maximizes observable minimizes unobservable observable\n hierarchy three levels reliability\n Level 1: Observable inputs unadjusted quoted prices active markets\n Level 2:\n Level 3: Unobservable inputs supported little no market activity based management’s assumptions pricing models discounted cash flow methodologies\n financial assets carried at fair value determined using inputs\n other financial instruments accounts receivable accounts payable current liabilities carried at cost approximates fair-value short maturity.\n Fair value at December 31, 2019\n Cash equivalents\n Money market funds $297,311\n Noncurrent assets\n Long-term investments 132,188\n Fair value at December 31, 2018\nCash equivalents\n Money market funds $485,872 $\n Noncurrent assets\n Long-term investments " +} +{ + "_id": "d1b39a7e6", + "title": "", + "text": "Sales and Distribution\nWe maintain a strong local presence in each of the geographic regions in which we operate. Our net sales by geographic region(1) as a percentage of our total net sales were as follows:\n(1) Net sales to external customers are attributed to individual countries based on the legal entity that records the sale.\nWe sell our products into approximately 150 countries primarily through direct selling efforts to manufacturers. In fiscal 2019, our direct sales represented approximately 80% of total net sales. We also sell our products indirectly via third-party distributors.\nWe maintain distribution centers around the world. Products are generally delivered to the distribution centers by our manufacturing facilities and then subsequently delivered to the customer. In some instances, however, products are delivered directly from our manufacturing facility to the customer. Our global coverage positions us near our customers’ locations and allows us to assist them in consolidating their supply base and lowering their production costs. We contract with a wide range of transport providers to deliver our products globally via road, rail, sea, and air. We believe our balanced sales distribution lowers our exposure to any particular geography and improves our financial profile.\n\n | | Fiscal | \n---------------------------------- | ----- | ------ | -----\n | 2019 | 2018 | 2017 \nEurope/Middle East/Africa (“EMEA”) | 36 % | 38 % | 36 % \nAsia–Pacific | 33 | 34 | 35 \nAmericas | 31 | 28 | 29 \nTotal | 100 % | 100 % | 100 %\n\nSales Distribution\n maintain local presence in regions. net sales by geographic total\n sales to external customers attributed countries legal entity sale.\n sell products 150 countries direct selling. fiscal 2019 direct sales 80% total net sales. sell indirectly via third-party distributors.\n maintain distribution centers. Products delivered manufacturing customer. some delivered directly from manufacturing customer. global coverage near locations supply base production costs. contract with transport providers products road sea air. balanced sales distribution lowers exposure improves financial profile.\n Europe/Middle East/Africa 36 % 38 %\n Asia–Pacific 33 34 35\n Americas 31 28\n Total 100 %" +} +{ + "_id": "d1a73a424", + "title": "", + "text": "2019 Compensation of Outside Directors\n(1) For fiscal 2019, the Compensation Committee granted each outside director an award of restricted shares or restricted stock units valued at $165,000 based upon the volume-weighted average closing price of our Common Shares over a 15-day trading period ending prior to the May 22, 2019, grant date. However, as required by SEC rules, the dollar value reported in this column reflects the grant date fair value of that award based upon the closing stock price of our Common Shares on the grant date in accordance with FASB ASC Topic 718. These awards vest on May 22, 2020 (subject to accelerated vesting or forfeiture in certain limited circumstances). See “—Cash and Stock Payments.”\n(2) As of December 31, 2019, Mr. Post held 365,221 unvested shares of restricted stock (consisting of 14,706 time-based and 350,515 performance-based shares, which will vest and pay out or be forfeited in accordance with their original performance conditions) and each of our other outside directors held 14,706 unvested shares of restricted stock or unvested RSUs deferred under the Non-Employee Director Deferred Compensation Plan (the “Deferred RSUs”), which constituted the only unvested equity-based awards held by our outside directors as of such date. For further information on our directors’ stock ownership, see “Ownership of Our Securities— Executive Officers and Directors,” and for information on certain deferred fee arrangements pertaining to Mr. Roberts, see “—Other Benefits.”\n(3) Includes (i) reimbursements for the cost of annual physical examinations and related travel of $5,000 for each of Mr. Hanks and Ms. Landrieu, $3,950 for Mr. Perry and $4,436 for Mr. Post, (ii) the payments related to the attendance of the KPMG Conference of $6,000 for Messrs. Hanks and Perry, (iii) payments related to the attendance of the NACD Global Board Leaders’ Summit of $6,000 for each of Ms. Landrieu and Messrs. Hanks and Perry and the payments related to the attendance of the G100 Conference of $4,000 for each of Ms. Bejar and Mr. Chilton. Except as otherwise noted in the prior sentence, the table above does not reflect (i) reimbursements for travel expenses or (ii) any benefits associated with the directors or their family members participating in recreational activities scheduled during Board retreats or meetings (as described further under the heading “Compensation Discussion and Analysis—Our Compensation Program Objectives and Components of Pay—Other Benefits—Perquisites”).\n(4) The terms of each of these directors will end immediately following the 2020 annual shareholders meeting.\n\nName | Fees Earned or Paid in Cash | Stock Awards(1),(2) | All Other Compensation(3) | Total \n--------------------------- | --------------------------- | ------------------- | ------------------------- | --------\nContinuing Directors: | | | | \nMartha H. Bejar | $120,000 | $146,472 | $4,000 | $270,472\nVirginia Boulet | 130,000 | 146,472 | — | 276,472 \nPeter C. Brown | 128,375 | 146,472 | — | 274,847 \nKevin P. Chilton | 128,500 | 146,472 | — | 274,972 \nSteven T. Clontz | 115,000 | 146,472 | — | 261,472 \nT. Michael Glenn | 121,000 | 146,472 | — | 267,472 \nW. Bruce Hanks | 244,000 | 146,472 | 17,000 | 407,472 \nMichael J. Roberts | 114,000 | 146,472 | — | 260,472 \nLaurie A. Siegel | 113,000 | 146,472 | — | 259,472 \nNon-Returning Directors:(4) | | | | \nMary L. Landrieu | 113,000 | 146,472 | — | 259,472 \nHarvey P. Perry | 309,000 | 146,472 | 15,950 | 471,422 \nGlen F. Post, III | 109,000 | 146,472 | 4,436 | 259,908 \n\n2019 Compensation Outside Directors\n 2019 Compensation Committee granted director restricted shares $165,000 average closing price Common Shares 15-day period May 22, 2019 grant date. dollar value reflects grant date fair value closing price FASB ASC Topic 718. awards vest May 22, 2020 accelerated vesting forfeiture. Stock Payments.\n December 31, 2019. Post held 365,221 unvested shares stock 14,706 time-based 350,515 performance-based outside directors held 14,706 unvested shares deferred Non-Employee Director Deferred Compensation Plan unvested equity-based awards directors. stock ownership deferred fee arrangements. Benefits.\n Includes reimbursements annual examinations travel $5,000. Hanks. Landrieu $3,950. Perry $4,436. Post payments KPMG Conference $6,000. Hanks Perry NACD Global Board Leaders’ Summit $6,000. Landrieu.Hanks Perry payments G100 Conference $4,000. Bejar. Chilton. table travel benefits directors recreational activities Board retreats meetings.\n terms directors end 2020 shareholders meeting.\n Fees Stock\n Directors\n Martha. Bejar $120,000 $146,472 $4,000 $270,472\n Virginia Boulet 130,000 146,472 276,472\n Peter. Brown 128,375 146\n Kevin. Chilton 128,500 146,472 274,972\n Steven. Clontz 115,000 146,472 261,472\n. Michael Glenn 121,000 146\n. Bruce Hanks 244,000 146 407,472\n Michael. Roberts 114,000 146,472 260\n Laurie. Siegel 113,000 146,472 259,472\n Non-Returning Directors\n Mary. Landrieu 113,000 146,472 259\n Harvey. Perry 309,000 146,472 15,950 471,422\n. 109,000 146,472 4,436" +} +{ + "_id": "d1b303d6e", + "title": "", + "text": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated)\nIn light of the anticipated material non-cash charges to be recorded in connection with our financial guarantee arrangements as required subsequent to the adoption and implementation of ASU 2016-13 (as discussed in Note 1 to the Notes to Consolidated Financial Statements in Item 8 within \"Accounting Standards Issued, But Not Yet Adopted – Measurement of credit losses on financial instruments\"), management is evaluating both the disclosure of additional non-GAAP financial measures and the modification of its historical computation of adjusted EBITDA commencing in 2020 to enhance the disclosure of indicators of our business performance over the long term and to provide additional useful information to users of our financial statements.\nFurther, we utilize Adjusted Pro Forma Net Income, which we define as consolidated net income, adjusted for (i) transaction and non-recurring expenses; (ii) for 2019, losses associated with the financial guarantee arrangement for a Bank Partner that did not renew its loan origination agreement; and (iii) incremental pro forma tax expense assuming all of our noncontrolling interests were subject to income taxation. Adjusted Pro Forma Net Income is a useful measure because it makes our results more directly comparable to public companies that have the vast majority of their earnings subject to corporate income taxation. Adjusted Pro Forma Net Income has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures, such as net income. Some of the limitations of Adjusted Pro Forma Net Income include:\n• It makes assumptions about tax expense, which may differ from actual results; and • It is not a universally consistent calculation, which limits its usefulness as a comparative measure.\nManagement compensates for the inherent limitations associated with using the measure of Adjusted Pro Forma Net Income through disclosure of such limitations, presentation of our financial statements in accordance with GAAP and reconciliation of Adjusted Pro Forma Net Income to the most directly comparable GAAP measure, net income, as presented below.\n(1) Includes losses recorded in the fourth quarter of 2019 associated with the financial guarantee arrangement for a Bank Partner that did not renew its loan origination agreement when it expired in November 2019. See Note 14 to the Notes to Consolidated Financial Statements included in Item 8 for additional discussion of our financial guarantee arrangements.\n(2) For the year ended December 31, 2019, includes loss on remeasurement of our tax receivable agreement liability of $9.8 million and professional fees associated with our strategic alternatives review process of $1.5 million. For the year ended December 31, 2018, includes certain costs associated with our IPO, which were not deferrable against the proceeds of the IPO. Further, includes certain costs, such as legal and debt arrangement costs, related to our March 2018 term loan upsizing. For the year ended December 31, 2017, includes one-time fees paid to an affiliate of one of the members of the board of managers in conjunction with the August 2017 term loan transaction.\n(3) For the year ended December 31, 2019, includes (i) legal fees associated with IPO related litigation of $2.0 million, (ii) one-time tax compliance fees related to filing the final tax return for the Former Corporate Investors associated with the Reorganization Transactions of $0.2 million, and (iii) lien filing expenses related to certain Bank Partner solar loans of $0.6 million.\n(4) Represents the incremental tax effect on net income, adjusted for the items noted above, assuming that all consolidated net income was subject to corporate taxation for the periods presented. For the years ended December 31, 2019, 2018 and 2017, we assumed effective tax rates of 14.8%, 19.7% and 38.4%, respectively.\n\n | | Year Ended December 31, | \n------------------------------------------ | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nNet income | $95,973 | $127,980 | $138,668\nChange in financial guarantee liability(1) | 16,215 | — | — \nTransaction expenses(2) | 11,345 | 2,393 | 2,612 \nNon-recurring expenses(3) | 2,804 | — | — \nIncremental pro forma tax expense(4) | (24,768) | (21,248) | (54,266)\nAdjusted Pro Forma Net Income | $101,569 | $109,125 | $87,014 \n\nITEM 7. MANAGEMENT DISCUSSION ANALYSIS FINANCIAL CONDITION RESULTS OPERATIONS States Dollars thousands share data\n anticipated non-cash charges financial guarantee arrangements ASU 2016-13 Note 1 Consolidated Financial Statements Item 8 \"Accounting Standards Issued Not Adopted Measurement credit losses financial management evaluating non-GAAP financial measures modification historical computation adjusted EBITDA 2020 enhance business performance provide information financial statements.\n utilize Adjusted Pro Forma Net Income consolidated adjusted transaction non expenses 2019 losses financial guarantee arrangement Bank Partner loan incremental pro forma tax expense noncontrolling interests taxation. results comparable public companies earnings corporate income taxation. limitations not GAAP financial measures. limitations\n assumptions tax expense differ results not universally consistent calculation limits usefulness comparative measure.\nManagement compensates limitations Adjusted Pro Forma Net Income disclosure financial statements GAAP reconciliation comparable GAAP income.\n Includes losses fourth quarter 2019 financial guarantee Bank Partner loan November 2019. Note 14 Consolidated Financial Statements.\n year December 31, 2019 loss remeasurement tax receivable agreement liability $9. 8 million professional fees strategic alternatives review $1. 5 million. December 31, 2018 costs not deferrable proceeds. legal debt arrangement March 2018 loan upsizing. December 31, 2017 one-time fees affiliate August 2017 loan transaction.\n December 31, 2019 legal fees litigation $2. 0 million tax compliance fees $0. 2 million lien filing expenses Bank Partner solar loans $0. 6 million.\n Represents incremental tax effect net income adjusted consolidated income subject corporate taxation. December 31, 2019 2018 2017 tax rates 14. 8% 19. 7% 38. 4%.\n Ended December\n$95,973 $127,980,668\n guarantee 16,215\n Transaction 11,345\n Non-recurring 2,804\n Incremental tax (24,768 (21,248,266)\n Income $101,569 $109,125 $87,014" +} +{ + "_id": "d1b37b97c", + "title": "", + "text": "Operating expenses\nSales and marketing expense decreased primarily due to a $51 million decrease in stock-based compensation expense and a $41 million decrease as a result of the divestiture of our WSS and PKI solutions.\nResearch and development expense decreased primarily due to a $66 million decrease in stockbased compensation expense.\nGeneral and administrative expense decreased primarily due to a $130 million decrease in stock-based compensation expense.\nAmortization of intangible assets decreased primarily due to the intangible assets sold with the divestiture of WSS and PKI solutions.\nRestructuring, transition and other costs reflect a decrease of $70 million in fiscal 2019 compared to fiscal 2018 in severance and other restructuring costs. In addition, fiscal 2018 costs included $88 million of transition related costs related to our fiscal 2018 divestiture of our WSS and PKI solutions compared to $3 million in fiscal 2019.\n\nFiscal Year | | | Variance in | \n----------------------------------------- | ------ | ------ | ----------- | -------\n | 2019 | 2018 | Dollars | Percent\n(In millions, except for percentages) | | | | \nSales and marketing | $1,493 | $1,593 | $(100) | (6)% \nResearch and development | 913 | 956 | (43) | (4)% \nGeneral and administrative | 447 | 574 | (127) | (22)% \nAmortization of intangible assets | 207 | 220 | (13) | (6)% \nRestructuring, transition and other costs | 241 | 410 | (169) | (41)% \nTotal | $3,301 | $3,753 | $(452) | (12)% \n\n\n Sales marketing decreased $51 million stock-based compensation $41 million divestiture WSS PKI.\n Research development decreased $66 million.\n General administrative decreased $130 million decrease stock-based compensation.\n Amortization intangible assets decreased sold divestiture WSS PKI.\n Restructuring transition costs decrease $70 million 2019. $88 million transition divestiture WSS PKI $3 million 2019.\n Fiscal Year Variance\n 2018 Dollars Percent\n Sales marketing $1,493\n Research development 913\n General administrative 447 574 (127)\n Amortization intangible assets 207 220\n Restructuring transition costs 241 410 (169) (41)\n Total $3,301 $3,753 $(452) (12)" +} +{ + "_id": "d1b393cac", + "title": "", + "text": "Segment Financial Results\nRevenues\nThe following table sets forth revenues by segment for the periods presented (in millions):\n(1) Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP.\n\n | Year ended December 31 | | Variance | \n----------------------- | ---------------------- | -------- | -------- | --\n | 2019 | 2018 | $ | % \nSoftware Solutions | $1,012.3 | $962.0 | $50.3 | 5%\nData and Analytics | 165.4 | 154.5 | 10.9 | 7%\nCorporate and Other (1) | (0.5) | (2.5) | 2.0 | NM\nTotal | $1,177.2 | $1,114.0 | $63.2 | 6%\n\nSegment Financial Results\n Revenues\n table revenues segment periods\n Revenues Corporate Other deferred accounting adjustments GAAP.\n Year December 31\n 2019 2018\n Software Solutions $1,012. $962. $50. 5%\n Data Analytics 165. 154. 10. 7%\n Corporate Other.\n $1,177. $1,114. $63. 6%" +} +{ + "_id": "d1b3309ea", + "title": "", + "text": "Employee Stock Purchase Plan\nThe weighted average estimated fair value, as defined by the amended authoritative guidance, of rights issued pursuant to the Company’s ESPP during 2019, 2018 and 2017 was $4.28, $5.18 and $6.02, respectively. Sales under the ESPP were 24,131 shares of common stock at an average price per share of $9.76 for 2019, 31,306 shares of common stock at an average price per share of $15.40 for 2018, and 38,449 shares of common stock at an average price per share of $12.04 for 2017.\nAs of December 29, 2019, 62,335 shares under the 2009 ESPP remained available for issuance. The Company recorded compensation expenses related to the ESPP of $60,000, $205,000 and $153,000 in 2019, 2018 and 2017, respectively.\nThe fair value of rights issued pursuant to the Company’s ESPP was estimated on the commencement date of each offering period using the following weighted average assumptions:\nThe methodologies for determining the above values were as follows:\n• Expected term: The expected term represents the length of the purchase period contained in the ESPP.\n• Risk-free interest rate: The risk-free interest rate assumption is based upon the risk-free rate of a Treasury Constant Maturity bond with a maturity appropriate for the term of the purchase period.\n• Volatility: The Company determines expected volatility based on historical volatility of the Company’s common stock for the term of the purchase period.\n• Dividend Yield: The expected dividend assumption is based on the Company’s intent not to issue a dividend under its dividend policy.\n\n | Fiscal Years | | \n----------------------- | ------------ | ----- | -----\n | 2019 | 2018 | 2017 \nExpected life (months) | 6.0 | 6.0 | 6.1 \nRisk-free interest rate | 2.37% | 2.26% | 1.22%\nVolatility | 54% | 50% | 53% \n\nEmployee Stock Purchase Plan\n average value rights issued ESPP 2019 2018 2017 was $4. 28, $5. 18 $6. 02. Sales were 24,131 shares $9. 76 2019 31,306 $15. 40 2018 38,449 $12. 04 2017.\n December 29, 2019 62,335 shares 2009 ESPP remained available for issuance. compensation expenses $60,000 $205,000 $153,000 2019 2018 2017.\n fair value rights estimated commencement each offering period weighted average assumptions\n methodologies\n Expected term purchase period ESPP.\n Risk-free interest rate Treasury Constant Maturity bond period.\n Volatility volatility historical volatility common stock.\n Dividend Yield dividend intent not issue dividend dividend policy.\n Fiscal Years\n Expected life (months 6.\n Risk-free interest rate. 37%. 26%. 22%\n Volatility 54%" +} +{ + "_id": "d1a73e402", + "title": "", + "text": "Information on the reportable segment net revenues and segment operating income are presented below (amounts in millions):\n(1) Intersegment revenues reflect licensing and service fees charged between segments.\n\n | | Year Ended December 31, 2019 | | \n------------------------------------ | ---------- | ---------------------------- | ------ | ------\n | Activision | Blizzard | King | Total \nSegment Revenues | | | | \nNet revenues from external customers | $2,219 | $1,676 | $2,031 | $5,926\nIntersegment net revenues (1) | — | 43 | — | 43 \nSegment net revenues | $2,219 | $1,719 | $2,031 | $5,969\nSegment operating income | $850 | $464 | $740 | $2,054\n | | Year Ended December 31, 2018 | | \n | Activision | Blizzard | King | Total \nSegment Revenues | | | | \nNet revenues from external customers | $2,458 | $2,238 | $2,086 | $6,782\nIntersegment net revenues (1) | — | 53 | — | 53 \nSegment net revenues | $2,458 | $2,291 | $2,086 | $6,835\nSegment operating income | $1,011 | $685 | $750 | $2,446\n | | Year Ended December 31, 2017 | | \n | Activision | Blizzard | King | Total \nSegment Revenues | | | | \nNet revenues from external customers | $2,628 | $2,120 | $1,998 | $6,746\nIntersegment net revenues (1) | — | 19 | — | 19 \nSegment net revenues | $2,628 | $2,139 | $1,998 | $6,765\nSegment operating income | $1,005 | $712 | $700 | $2,417\n\nreportable segment net revenues operating income\n revenues licensing service fees segments.\n Ended December 31, 2019\n Activision Blizzard\n revenues customers $2,219 $1,676 $2,031 $5,926\n Intersegment revenues\n $2,219 $2,031,969\n operating income $850 $464 $740 $2,054\n Ended December 31, 2018\n revenues customers $2,458 $2,238 $2,086 $6,782\n revenues\n $2,458 $2 $2,086 $6,835\n operating income $1,011 $685 $750 $2,446\n Ended December 31, 2017\n revenues external customers $2,628 $2,120 $1,998 $6,746\n revenues $2,628 $2 $1,998\n operating income $1,005 $712 $700 $2,417" +} +{ + "_id": "d1b360794", + "title": "", + "text": "EXPLANATORY INFORMATION\nFor the years ended December 31, 2019 and 2018, accounting for outstanding share-based payments using the equity-settled method for stock-based compensation was determined to be more dilutive than using the cash-settled method. As a result, net income for the year ended December 31, 2019 was reduced by $6 million (2018 – $2 million) in the diluted earnings per share calculation.\nFor the year ended December 31, 2019, there were 1,077,875 options out of the money (2018 – 37,715) for purposes of the calculation of earnings per share. These options were excluded from the calculation of the effect of dilutive securities because they were anti-dilutive.\n\n | Years ended December 31 | \n--------------------------------------------------------------------------------------------------- | ----------------------- | -----\n(In millions of dollars, except per share amounts) | 2019 | 2018 \nNumerator (basic) – Net income for the year | 2,043 | 2,059\nDenominator – Number of shares (in millions): Weighted average number of shares outstanding – basic | 512 | 515 \nEffect of dilutive securities (in millions): Employee stock options and restricted share units | 1 | 1 \nWeighted average number of shares outstanding – diluted | 513 | 516 \nEarnings per share: | | \nBasic | $3.99 | $4.00\nDiluted | $3.97 | $3.99\n\n\n years December 2019 2018 share-based payments equity-settled method more dilutive cash-settled. net income December 2019 reduced $6 million (2018 – $2 million) diluted earnings per share calculation.\n December 2019 1,077,875 options (2018 – 37,715) earnings per share. options excluded anti-dilutive.\n Years ended December 31\n millions 2019 2018\n Net income 2,043 2,059\n Number average 512 515\n Effect dilutive securities Employee stock options restricted share units\n average shares 513 516\n Earnings per share\n $3. 99 $4.\n." +} +{ + "_id": "d1b32002c", + "title": "", + "text": "Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities.\nOur common shares, without par value, are traded on the NASDAQ Stock Market LLC under the symbol “AGYS”. The high and low sales prices for the common shares for each quarter during the past two fiscal years are presented in the table below.\nThe closing price of the common shares on May 21, 2019, was $22.51 per share. There were 1,561 active shareholders of record.\nWe did not pay dividends in fiscal 2019 or 2018 and are unlikely to do so in the foreseeable future. The current policy of the Board of Directors is to retain any available earnings for use in the operations of our business.\n\n2019 | High | Low \n-------------- | ------ | ------\nFourth quarter | $21.17 | $13.92\nThird quarter | $17.02 | $13.88\nSecond quarter | $16.72 | $14.72\nFirst quarter | $15.55 | $11.78\n2018 | High | Low \nFourth quarter | $13.00 | $10.77\nThird quarter | $12.98 | $11.30\nSecond quarter | $12.14 | $9.80 \nFirst quarter | $10.30 | $9.08 \n\n. Registrant's Common Equity Shareholder Matters Issuer Purchases Securities.\n common shares traded Stock Market. high low sales prices two years.\n closing price May 21, 2019 $22. 51 per share. 1,561 active shareholders.\n dividends 2019 2018 unlikely. policy Board retain earnings operations.\n Fourth quarter $21. $13.\n Third $17. $13.\n Second $16. $14.\n First quarter $15. $11.\n Fourth quarter $13. $10.\n Third $12. $11.\n $12. $9.\n First quarter $10. $9." +} +{ + "_id": "d1b30b0a0", + "title": "", + "text": "Free Cash Flow\nFree cash flow is a non-GAAP financial measure that reflects an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Free cash flow is calculated by subtracting capital expenditures from net cash provided by operating activities. We believe it is a more conservative measure of cash flow since purchases of fixed assets are necessary for ongoing operations.\nFree cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures. For example, free cash flow does not incorporate payments made on finance lease obligations or cash payments for business acquisitions or wireless licenses. Therefore, we believe it is important to view free cash flow as a complement to our entire consolidated statements of cash flows.\nThe following table reconciles net cash provided by operating activities to Free cash flow:\nThe increase in free cash flow during 2019 is a reflection of the increase in operating cash flows, partially offset by the increase in capital expenditures discussed above.\n\n | | (dollars in millions)\n---------------------------------------------------------- | -------- | ---------------------\nYears Ended December 31, | 2019 | 2018 \nNet cash provided by operating activities | $ 35,746 | $ 34,339 \nLess Capital expenditures (including capitalized software) | 17,939 | 16,658 \nFree cash flow | $ 17,807 | $ 17,681 \n\nFree Cash Flow\n non-GAAP measure liquidity. calculated subtracting capital expenditures from operating activities. conservative purchases fixed assets necessary operations.\n limitations represent residual cash flow discretionary expenditures. incorporate payments finance lease obligations business acquisitions wireless licenses. consolidated statements cash.\n table reconciles net cash activities Free cash flow\n increase free cash flow 2019 operating cash flows offset capital expenditures.\n millions\n December 31, 2019 2018\n Net cash operating activities $ 35,746 $ 34,339\n Less Capital expenditures 17,939 16,658\n Free cash flow $ 17,807 $ 17,681" +} +{ + "_id": "d1b336372", + "title": "", + "text": "Value-at-Risk (VaR)\nWe employ various tools to monitor our derivative risk, including value-at-risk (\"VaR\") models. We perform simulations using historical data to estimate potential losses in the fair value of current derivative positions. We use price and volatility information for the prior 90 days in the calculation of VaR that is used to monitor our daily risk. The purpose of this measurement 45 is to provide a single view of the potential risk of loss associated with derivative positions at a given point in time based on recent changes in market prices. Our model uses a 95% confidence level. Accordingly, in any given one-day time period, losses greater than the amounts included in the table below are expected to occur only 5% of the time. We include commodity swaps, futures, and options and foreign exchange forwards, swaps, and options in this calculation. The following table provides an overview of our average daily VaR for our energy, agriculture, and foreign exchange positions for fiscal 2019 and 2018.\n\n | Fair Value Impact | \n----------------------- | ------------------------------------------------- | -------------------------------------------------\nIn Millions | Average During the Fiscal Year Ended May 26, 2019 | Average During the Fiscal Year Ended May 27, 2018\nProcessing Activities | | \nEnergy commodities | $0.4 | $0.2 \nAgriculture commodities | 0.4 | 0.4 \nOther commodities | 0.1 | — \nForeign exchange | 0.7 | 0.7 \n\nValue-at-Risk\n tools derivative risk. perform simulations historical data estimate potential losses derivative positions. use price volatility information prior 90 days calculation daily risk. measurement single view potential risk loss derivative positions changes market prices. model uses 95% confidence level. losses greater occur 5%. include commodity swaps futures options foreign exchange forwards swaps options. average daily VaR energy foreign exchange positions fiscal 2019 2018.\n Fair Value Impact\n Millions Average Year May 26, 2019 27, 2018\n Processing Activities\n Energy commodities.\n Agriculture commodities.\n Other commodities.\n Foreign exchange." +} +{ + "_id": "d1b38e05e", + "title": "", + "text": "PRODUCTS\nOur primary product is drinkable kefir, a cultured dairy product. Lifeway Kefir is tart and tangy, high in protein, calcium and vitamin D. Thanks to our exclusive blend of kefir cultures, each cup of kefir contains 12 live and active cultures and 15 to 20 billion beneficial CFU (Colony Forming Units) at the time of manufacture.\nWe manufacture (directly or through co-packers) our products under our own brand, as well as under private labels on behalf of certain customers. As of December 31, 2019, Lifeway offered approximately 20 varieties of our kefir products including more than 60 flavors . In addition to our core drinkable kefir products, we offer several lines of products developed through our innovation and development efforts. These include Kefir Cups, a strained, cupped version of our kefir; and Organic Farmer Cheese Cups, a cupped version of our soft cheeses, both served in resealable 5 oz. containers. We also offer Skyr, a strained cupped Icelandic yogurt; Plantiful, a plant-based probiotic beverage made from organic and non-GMO pea protein with 10 vegan kefir cultures; a line of probiotic supplements for adults and children; and a soft serve kefir mix.\nOur product categories are:\n• Drinkable Kefir, sold in a variety of organic and non-organic sizes, flavors, and types, including low fat, non-fat, whole milk, protein, and BioKefir (a 3.5 oz. kefir with additional probiotic cultures). • European-style soft cheeses, including farmer cheese in resealable cups. • Cream and other, which consists primarily of cream, a byproduct of making our kefir. • ProBugs, a line of kefir products designed for children. • Other Dairy, which includes Cupped Kefir and Icelandic Skyr, a line of strained kefir and yogurt products in resealable cups. • Frozen Kefir, available in both soft serve and pint-size containers.\nNet sales of products by category were as follows for the years ended December 31:\n(a) Includes Lifeway Kefir Shop sales\n\n | | 2019 | | 2018\n---------------------------------- | -------- | ---- | --------- | ----\nIn thousands | $ | % | $ | % \nDrinkable Kefir other than ProBugs | $ 71,822 | 77% | $ 78,523 | 76% \nCheese | 11,459 | 12% | 11,486 | 11% \nCream and other | 4,228 | 4% | 5,276 | 5% \nProBugs Kefir | 2,780 | 3% | 2,795 | 3% \nOther dairy | 1,756 | 2% | 3,836 | 4% \nFrozen Kefir (a) | 1,617 | 2% | 1,434 | 1% \nNet Sales | $ 93,662 | 100% | $ 103,350 | 100%\n\n\n primary product drinkable kefir cultured dairy. Lifeway Kefir tart tangy high protein calcium vitamin D. each cup contains 12 cultures 15 to 20 billion beneficial CFU Units).\n brand private labels. December 31, 2019 20 varieties kefir 60 flavors. lines products. Kefir Cups Organic Farmer Cheese Cups resealable 5 oz. containers. Skyr Icelandic yogurt Plantiful probiotic beverage organic pea protein 10 vegan kefir cultures probiotic supplements soft serve kefir mix.\n product categories\n Drinkable Kefir organic non-organic sizes flavors low fat non whole milk protein BioKefir. probiotic. European-style soft cheeses farmer resealable cups. Cream. ProBugs children. Other Dairy Cupped Kefir Icelandic Skyr. Frozen Kefir soft serve pint-size containers.\n Net sales by category December 31\n Lifeway Kefir Shop sales\n\n Drinkable Kefir 71,822 77% 78,523 76%\n Cheese 11,459,486 11%\n Cream 4,228 4% 5,276 5%\n ProBugs Kefir 2,780\n Other dairy 1,756 3,836\n Frozen Kefir 1,617 1,434\n Net Sales $ 93,662 103,350" +} +{ + "_id": "d1b37f626", + "title": "", + "text": "(1) Of the total deferred costs, $1,896 million was current and $2,472 million was noncurrent at December 31, 2019 and $2,300 million was current and $2,676 million was noncurrent at December 31, 2018.\nThe amount of total deferred costs amortized during the year ended December 31, 2019 was $3,836 million and there were no material impairment losses incurred. Refer to note A, “Significant Accounting Policies,” for additional information on deferred costs to fulfill a contract and capitalized costs of obtaining a contract.\n\n($ in millions) | | \n-------------------------------------- | ------ | ------\nAt December 31: | 2019 | 2018 \nCapitalized costs to obtain a contract | $ 609 | $ 717\nDeferred costs to fulfill a contract | | \nDeferred setup costs | 1,939 | 2,085 \nOther deferred fulfillment costs | 1,820 | 2,173 \nTotal deferred costs (1) | $4,368 | $4,975\n\ndeferred costs $1,896 million current $2,472 million noncurrent December 31, 2019 $2,300 million $2,676 million noncurrent 2018.\n amortized 2019 $3,836 million no impairment losses. Accounting Policies deferred costs.\n December 31\n costs $ $ 717\n Deferred costs\n setup costs 1,939 2,085\n fulfillment costs 1,820 2,173\n costs $4,368 $4,975" +} +{ + "_id": "d1b3711d4", + "title": "", + "text": "14. Restructuring and Related Charges\nFollowing is a summary of the Company’s restructuring and related charges (in thousands):\n(1) Includes $21.5 million, $16.3 million and $51.3 million recorded in the EMS segment, $2.6 million, $16.6 million and $82.4 million recorded in the DMS segment and $1.8 million, $4.0 million and $26.7 million of non-allocated charges for the fiscal years ended August 31, 2019, 2018 and 2017, respectively. Except for asset write-off costs, all restructuring and related charges are cash settled.\n(2) Fiscal year ended August 31, 2017, includes expenses related to the 2017 and 2013 Restructuring Plans.\n\n | | Fiscal Year Ended August 31, | \n------------------------------------------ | ------- | ---------------------------- | --------\n | 2019 | 2018 | 2017(2) \nEmployee severance and benefit costs | $16,029 | $16,269 | $56,834 \nLease costs | (41) | 1,596 | 3,966 \nAsset write-off costs | (3,566) | 16,264 | 94,346 \nOther costs | 13,492 | 2,773 | 5,249 \nTotal restructuring and related charges(1) | $25,914 | $36,902 | $160,395\n\n. Restructuring Charges\n summary\n $21. 5 million $16. 3 million $51. million EMS $2. 6 million $16. $82. 4 million DMS $1. 8 million $4. $26. 7 million non-allocated 2019 2018 2017. asset write-off cash settled.\n August 2017 2017 2013 Restructuring Plans.\n Employee severance benefit costs $16,029 $16,269 $56,834\n Lease costs\n Asset write-off 16,264\n Other costs 13,492\n restructuring $25,914 $36,902 $160,395" +} +{ + "_id": "d1b2f0d72", + "title": "", + "text": "5.2 Employee share plans (continued)\nFY2019, FY2018 & FY2017 offer under LTI Plan\nEach LTI Plan share is offered subject to the achievement of the performance measure, which is tested once at the end of the performance period. The LTI Plans will be measured against one performance measure – relative Total Shareholder Return (TSR). LTI Plan shares that do not vest after testing of the relevant performance measure, lapse without retesting.\nThe shares will only vest if a certain Total Shareholder Return (TSR) relative to the designated comparator group, being the ASX Small Ordinaries Index excluding mining and energy companies, is achieved during the performance period. In relation to the offer, vesting starts where relative TSR reaches the 50th Percentile.\nAt the 50th Percentile, 50% of LTI Plan shares will vest. All LTI Plan shares will vest if relative TSR is above the 75th Percentile. Between these points, the percentage of vesting increases on a straight-line basis.\nSummary of Shares issued under the FY2017 LTI Plan\nThe following table illustrates the number of, and movements in, shares issued during the year:\n\n | 2019 NUMBER | 2018 NUMBER\n------------------------------------------ | ----------- | -----------\nOutstanding at the beginning of the period | 768,806 | 3,384,696 \nGranted during the period | - | - \nForfeited during the period | (768,806) | (2,615,890)\nExercised during the period | - | - \nOutstanding at the end of the period | - | 768,806 \n\n. Employee share plans\n FY2019 LTI Plan\n Each share subject to performance measure tested end period. Plans measured against Total Shareholder Return (TSR). shares vest after lapse without.\n vest if Return) ASX Small Ordinaries Index achieved during performance period. vesting starts TSR 50th Percentile.\n 50th Percentile 50% LTI Plan shares vest. All vest if TSR above 75th Percentile. percentage vesting increases.\n Shares issued under FY2017 LTI Plan\n table movements shares issued year\n 2019 2018\n Outstanding 768,806 3,384,696\n Granted\n Forfeited (768,806) (2,615,890)\n Exercised\n end,806" +} +{ + "_id": "d1b30842c", + "title": "", + "text": "(a) Description of segments and principal activities (continued)  The Group also conducts operations in the United States of America (“United States”), Europe and other regions, and holds investments (including investments in associates, investments in joint ventures, FVPL and FVOCI) in various territories. The geographical information on the total assets is as follows:\nAs at 31 December 2019, the total non-current assets other than financial instruments and deferred tax assets located in Mainland China and other regions amounted to RMB311,386 million (31 December 2018: RMB282,774 million) and RMB136,338 million (31 December 2018: RMB65,057 million), respectively.\nAll the revenues derived from any single external customer were less than 10% of the Group’s total revenues during the years ended 31 December 2019 and 2018.\n\n | As at 31 December | \n--------------------------------------------- | ----------------- | -----------\n | 2019 | 2018 \n | RMB’Million | RMB’Million\nOperating assets | | \n– Mainland China | 345,721 | 270,373 \n– Others | 168,714 | 83,962 \nInvestments | | \n– Mainland China and Hong Kong | 289,491 | 254,992 \n– North America | 76,488 | 44,835 \n– Europe | 29,707 | 37,451 \n– Asia excluding Mainland China and Hong Kong | 40,139 | 30,148 \n– Others | 3,726 | 1,760 \n | 953,986 | 723,521 \n\nDescription segments activities Group conducts operations United Europe regions holds investments territories. geographical information total assets\n 31 December 2019 non-current assets deferred tax assets Mainland China regions RMB311,386 million,774 million RMB136,338 million,057.\n revenues external customer less than 10% total revenues 31 December 2019 2018.\n 31\n Operating assets\n Mainland China 345,721 270,373\n Others 168,714 83,962\n Investments\n Mainland China Hong Kong,491 254,992\n North America 76,488 44,835\n Europe 29,707 37,451\n Asia 40,139 30,148\n Others\n 953,986 723,521" +} +{ + "_id": "d1b3736be", + "title": "", + "text": "(5) Revenue Recognition\nThe following tables present our reported results under ASC 606 and a reconciliation to results using the historical accounting method:\n\n | | Year Ended December 31, 2018 | \n-------------------------------------------------------------------------- | ----------------- | ----------------------------------------------------------------------- | ------------------------------------\n | Reported Balances | Impact of ASC 606 | ASC 605 Historical Adjusted Balances\n | | (Dollars in millions, except per share amounts and shares in thousands) | \nOperating revenue | $23,443 | 39 | 23,482 \nCost of services and products (exclusive of depreciation and amortization) | 10,862 | 22 | 10,884 \nSelling,general and administrative | 4,165 | 71 | 4,236 \nInterest expense | 2,177 | (9) | 2,168 \nIncome tax expense | 170 | (12) | 158 \nNet loss | (1,733) | (33) | (1,766) \nBASIC AND DILUTED LOSS PER COMMON SHARE | | | \nBASIC | $(1.63) | (0.03) | (1.66) \nDILUTED | $(1.63) | (0.03) | (1.66) \nWEIGHTED-AVERAGE COMMON SHARES OUTSTANDING | | | \nBASIC | 1,065,866 | - | 1,065,866 \nDILUTED | 1,065,866 | - | 1,065,866 \n\nRevenue Recognition\n tables present results ASC 606 historical accounting\n Ended December 31, 2018\n Reported Balances Impact ASC 606 605 Historical Adjusted Balances\n millions share amounts thousands\n Operating revenue $23,443 23,482\n Cost services products depreciation amortization 10,862,884\n Selling administrative 4,165 4,236\n Interest expense 2,177 2,168\n Income tax expense 170\n Net loss (1,733) (1,766)\n LOSS PER COMMON SHARE\n.\n.\n WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING\n 1,065,866\n" +} +{ + "_id": "d1b34d270", + "title": "", + "text": "Contractual obligations and commitments\nA summary of our principal contractual financial obligations and commitments at 31 March 2019 are set out below. In addition, information in relation to our participation in the current German spectrum licence auction and our commitments arising from the Group’s announcement on 9 May 2018 that it had agreed to acquire Liberty Global’s operations in Germany, the Czech Republic, Hungary and Romania (are set out in note 28 “Commitments”).\nNotes: 1 This table includes obligations to pay dividends to non-controlling shareholders (see “Dividends from associates and to non-controlling shareholders” on page 160). The table excludes current and deferred tax liabilities and obligations under post employment benefit schemes, details of which are provided in notes 6 “Taxation” and 25 “Post employment benefits” respectively. The table also excludes the contractual obligations of associates and joint ventures.\n2 See note 21 “Capital and financial risk management”.\n3 See note 28 “Commitments”.\n4 Primarily related to spectrum and network infrastructure.\n5 Primarily related to device purchase obligations.\n\n | | | | | Payments due by period\n---------------------------------------- | ------- | -------- | --------- | --------- | ----------------------\n | | | | | €m \nContractual obligations and commitments1 | Total | < 1 year | 1–3 years | 3–5 years | >5 years \nFinancial liabilities2 | 86,160 | 21,953 | 11,404 | 14,881 | 37,922 \nOperating lease commitments3 | 10,816 | 2,834 | 2,881 | 1,689 | 3,412 \nCapital commitments3,4 | 3,012 | 1,514 | 1,274 | 173 | 51 \nPurchase commitments5 | 8,460 | 4,091 | 2,616 | 689 | 1,064 \nTotal | 108,448 | 30,392 | 18,175 | 17,432 | 42,449 \n\nContractual obligations commitments\n financial obligations 31 March 2019. German spectrum licence auction commitments 9 May 2018 Liberty operations Germany Czech Republic Hungary Romania note 28.\n includes obligations dividends non-controlling shareholders. excludes tax liabilities post employment benefit schemes notes 6 25. obligations associates joint ventures.\n note 21 “Capital financial risk.\n 28.\n spectrum network infrastructure.\n device purchase obligations.\n Payments due\n Contractual obligations 1–3 3–5\n Financial 86,160 21,953 11,404 14,881 37,922\n Operating lease 10,816 2,834 2,881 1,689 3,412\n Capital 3,012 1,514 1,274\n Purchase 8,460 4,091 2,616 689 1,064\n 108,448 30,392 18,175 17,432 42,449" +} +{ + "_id": "d1b34da5e", + "title": "", + "text": "Our fourth quarter 2019 net revenues amounted to $2,754 million, registering a sequential increase of 7.9%, 290 basis points above the mid-point of our guidance, with all product groups contributing to the growth. The sequential increase resulted from higher volumes of approximately 7% and an increase of approximately 1% in average selling prices, the latter entirely due to product mix, while selling prices remained substantially stable.\nOn a year-over-year basis, our net revenues increased by 4.0%. This increase was entirely due to an increase of approximately 6% in average selling prices, partially offset by an approximate 2% decrease in volumes. The average selling prices increase was entirely driven by improved product mix of approximately 9%, partially offset by lower selling prices of approximately 3%.\n\n | Three Months Ended | Three Months Ended | Three Months Ended | % Variation | % Variation \n-------------- | ------------------------ | ------------------ | ------------------ | ----------- | ----------------\n | December 31, 2019 | September 29, 2019 | December 31, 2018 | Sequential | Year- Over- Year\n | (Unaudited, in millions) | | | | \nNet sales | $ 2,750 | $ 2,547 | $ 2,633 | 8.0% | 4.5% \nOther revenues | 4 | 6 | 15 | (45.0) | (77.4) \nNet revenues | $ 2,754 | $ 2,553 | $ 2,648 | 7.9% | 4.0% \n\nfourth quarter 2019 revenues $2,754 million increase 7. 9% 290 points above guidance product groups. higher volumes 7% 1% average selling prices due product mix prices stable.\n year-over-year net revenues increased 4. 0%. 6% average selling prices offset 2% decrease volumes. increase improved product mix offset lower selling prices 3%.\n Months Ended Variation\n December 31, 2019 Year Year\n Net sales $ 2,750 $ 2,547 $ 2,633 8. 0% 4. 5%\n Other revenues.\n Net revenues $ 2,754 $ 2,553 $ 2,648 7. 9%." +} +{ + "_id": "d1b3545fc", + "title": "", + "text": "NOTE 7 – LEASING\nTORM has leases for the office buildings, some vehicles and other administrative equipment. With the exception of short-term leases and leases of low-value assets, each lease is reflected on the balance sheet as a right-of-use asset with a corresponding lease liability. The right-of-use assets are included in the financial statement line item in which the corresponding underlying assets would be presented if they were owned. Please refer to note 6.\nAs of 31 December 2019, TORM had recognized the following right-of-use assets:\n\nUSDm | Vessels and capitalized dry-docking | Land and buildings | Other plant and operating equipment\n----------------------------------- | ----------------------------------- | ------------------ | -----------------------------------\nCost: | | | \nBalance as of 1 January | 43.3 | - | - \nAdjustment on transition to IFRS 16 | - | 9.9 | 0.3 \nAdditions | 1.8 | 0.5 | 0.4 \nDisposals | -2.7 | - | -0.1 \nBalance as of 31 December | 42.4 | 10.4 | 0.6 \nDepreciation: | | | \nBalance as of 1 January | 13.4 | - | - \nDisposals | -2.7 | - | - \nDepreciation for the year | 4.8 | 2.3 | 0.2 \nBalance as of 31 December | 15.5 | 2.3 | 0.2 \nCarrying amount as of 31 December | 26.9 | 8.1 | 0.4 \n\n7\n TORM leases office buildings vehicles administrative equipment. exception short-term low-value assets lease reflected balance sheet right-of-use asset liability. right-of-use assets included financial statement line. note 6.\n 31 December 2019 TORM recognized right-use assets\n Vessels capitalized dry-docking Land buildings plant operating equipment\n Cost\n Balance 1 January 43. 3\n Adjustment transition IFRS 16 9.\n Additions.\n -2.\n Balance 31 December 42. 4 10.\n Depreciation\n Balance 1 January 13. 4\n -2.\n Depreciation year 4. 2.\n Balance 31 December 15. 2.\n Carrying amount 31 December 26. 9 8." +} +{ + "_id": "d1b37221e", + "title": "", + "text": "Note 2: Net Income Per Share\nBasic net income per share is computed using the weighted-average number of common shares outstanding for the period. Diluted net income per share is computed by adjusting the weighted-average number of common shares outstanding for the effect of dilutive potential common shares outstanding during the period. Potential common shares included in the diluted calculation consist of incremental shares issuable upon the exercise of outstanding stock options calculated using the treasury stock method.\nThe following table sets forth the calculation of basic and diluted net income per share (in thousands, except per share amounts):\nFor the years ended December 31, 2019 and 2018, options to purchase 200,000 and 200,000 shares of common stock, respectively, were not included in the computation of diluted net income per share because the effect would have been anti-dilutive.\n\nYear Ended December 31, | | \n-------------------------------------------- | ------ | ------\n | 2019 | 2018 \nNet income | $4,155 | $4,661\nWeighted average common shares—basic | 11,809 | 12,323\nEffect of dilutive securities: stock options | 226 | 187 \nWeighted average common shares—diluted | 12,035 | 12,510\nNet income per share—basic | $0.35 | $0.38 \nNet income per share—diluted | $0.35 | $0.37 \n\nNet Income Per Share\n computed-average shares. Diluted dilutive potential common shares. shares incremental shares stock options treasury stock method.\n table calculation basic diluted net income per share\n years ended December 31, 2019 2018 options purchase 200,000,000 shares common stock not included diluted anti-dilutive.\n Year Ended December 31,\n 2018\n Net income $4,155 $4,661\n Weighted average common shares—basic 11,809 12,323\n Effect dilutive securities stock options\n 12,035 12,510\n Net income per share—basic $0. 35.\n." +} +{ + "_id": "d1b3a79e6", + "title": "", + "text": "Net revenues by geographical region\nPercentage of revenue by geographic region as presented below is based on the billing location of the customer.\nPercentages may not add to 100% due to rounding.\nThe Americas include U.S., Canada, and Latin America; EMEA includes Europe, Middle East, and Africa; APJ includes Asia Pacific and Japan.\n\n | Fiscal Year | \n-------- | ----------- | ----\n | 2019 | 2018\nAmericas | 64% | 63% \nEMEA | 21% | 22% \nAPJ | 15% | 16% \n\nrevenues\n billing location.\n not add 100% rounding.\n Americas U. S. Canada Latin America EMEA Europe Middle East Africa APJ Asia Pacific Japan.\n Americas 64%\n EMEA 21%\n APJ 15% 16%" +} +{ + "_id": "d1b2e83de", + "title": "", + "text": "Stock-Based Compensation\nA summary of our stock-based compensation expense is as follows (in thousands):\n(1) Amount for the year ended December 31, 2018 includes $4.1 million of accelerated stock-based compensation expense. In March 2018, as\na result of a suspension of the 2014 Purchase Plan due to our non-timely filing status, all unrecognized stock-based compensation expense\nrelated to ESPP under the 2014 Purchase Plan was accelerated and recognized within the consolidated statement of operations.\nAs of December 31, 2019, we had $29.5 million of unrecognized stock-based compensation expense related to\nunvested stock-based awards, including ESPP under our Amended 2014 Purchase Plan, which will be recognized\nover a weighted-average period of 2.6 years.\n\n | | Years Ended December 31, | \n------------------------------------------------ | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nStock-based compensation by type of award: | | | \nStock options | $648 | $1,353 | $2,705 \nStock awards | 14,882 | 10,445 | 11,421 \nEmployee stock purchase rights(1) | 999 | 5,240 | 3,077 \nTotal | $16,529 | $17,038 | $17,203\nStock-based compensation by category of expense: | | | \nCost of revenue | $1,500 | $1,602 | $1,362 \nSales and marketing | 5,765 | 5,667 | 6,075 \nResearch and development | 6,039 | 6,631 | 6,343 \nGeneral and administrative | 3,225 | 3,138 | 3,423 \nTotal | $16,529 | $17,038 | $17,203\n\nStock-Based Compensation\n summary expense\n December 31, 2018 $4. 1 million accelerated. March 2018\n 2014 Purchase Plan unrecognized stock-based compensation expense\n accelerated recognized consolidated statement operations.\n December 31, 2019 $29. 5 million unrecognized expense\n unvested awards ESPP Amended 2014 Purchase Plan recognized\n 2. 6 years.\n Years Ended December\n compensation type award\n Stock options $648 $1,353 $2,705\n Stock awards 14,882\n Employee stock purchase 5,240 3,077\n $16,529 $17,038\n category expense\n Cost revenue $1,500 $1,602\n Sales marketing\n Research development\n General administrative 3,225\n $16,529 $17,038" +} +{ + "_id": "d1b317652", + "title": "", + "text": "5. Property, Plant and Equipment\nProperty, plant and equipment consists of the following (in thousands):\n\n | August 31, | \n---------------------------------------------- | ---------- | ----------\n | 2019 | 2018 \nLand and improvements | $146,719 | $144,136 \nBuildings | 962,559 | 849,975 \nLeasehold improvements | 1,092,787 | 1,013,428 \nMachinery and equipment | 4,262,015 | 3,983,025 \nFurniture, fixtures and office equipment | 209,257 | 192,243 \nComputer hardware and software | 671,252 | 601,955 \nTransportation equipment | 16,423 | 17,215 \nConstruction in progress | 83,234 | 42,984 \n | 7,444,246 | 6,844,961 \nLess accumulated depreciation and amortization | 4,110,496 | 3,646,945 \n | $3,333,750 | $3,198,016\n\n. Property Plant Equipment\n Land $146,719 $144,136\n Buildings 962,559 849,975\n 1,092,787 1,013,428\n Machinery,262,015 3,983,025\n Furniture 209,257 192,243\n 671,252\n Transportation\n Construction 83,234 42,984\n 7,444,246 6,844,961\n amortization 4,110,496 3,646,945\n $3,333,750,198,016" +} +{ + "_id": "d1b3a9174", + "title": "", + "text": "Liquidity and Capital Resources\nAs of December 31, 2019, we had $19.5 million in cash and cash equivalents, of which $14.8 million was held outside the U.S. in certain of our foreign operations. If these assets are distributed to the U.S., we may be subject to additional U.S. taxes in certain circumstances. We have not provided for any repatriation taxes and currently have the intent to leave such cash and cash equivalents in the foreign countries. Cash and cash equivalents increased from $18.0 million as of December 31, 2018 primarily as a result of cash provided by operating activities, offset partially by cash used for repurchases of our common stock and our equity investment in WeekenGO. We expect that cash on hand will be sufficient to provide for working capital needs for at least the next twelve months.\nNet cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities. Net cash provided by operating activities was $11.2 million for 2019, which consisted of net income of $4.2 million, adjustments for non-cash items of $3.8 million and a $3.2 million increase in cash from changes in operating assets and liabilities. Adjustments for non-cash items primarily consisted of a $1.3 million of depreciation and amortization expense on property and equipment, a $993,000 of stock-based compensation expense and $821,000 for our share of WeekenGO losses, amortization of basis differences and currency translation adjustment. The increase in cash from changes in operating assets and liabilities primarily consisted of a $3.1 million increase in accounts payable.\nNet cash provided by operating activities was $5.3 million for 2018, which consisted of a net income of $4.7 million, adjustments for non-cash items of $2.5 million, offset partially a $1.9 million decrease in cash from changes in operating assets and liabilities. Adjustments for non-cash items primarily consisted of a $1.8 million of depreciation and amortization expense on property and equipment and a $915,000 of stock-based compensation expense. The decrease in cash from changes in operating assets and liabilities primarily consisted of a $1.5 million increase in accounts receivable.\nCash paid for income taxes, net of refunds received in 2019 and 2018, was $4.7 million and $4.3 million, respectively.\nNet cash used in investing activities for 2019 and 2018 was $1.1 million and $3.7 million, respectively. The cash used in investing activities in 2019 was primarily due to $673,000 investment in WeekenGO and $474,000 in purchases of property and equipment. The cash used in investing activities in 2018 was primarily due to $3.1 million investment in WeekenGO and $752,000 in purchases of property and equipment, offset partially by $150,000 proceeds from sale of property and equipment.\nNet cash used in financing activities for 2019 and 2018 was $9.1 million and $5.3 million, respectively. Net cash used in financing activities for the year ended December 31, 2019 was primarily due to $10.8 million used in repurchases of our common stock, offset partially by $1.7 million of proceeds from the issuance of common stock, net of tax paid for the net share settlement. Net cash used in financing activities for the year ended December 31, 2018 was primarily due to $5.3 million cash used in repurchases of our common stock.\n\nYear Ended December 31, | | \n----------------------------------------------------------------------------- | ------- | -------\n | 2019 | 2018 \n(In thousands) | | \nNet cash provided by operating activities | $11,236 | $5,317 \nNet cash used in investing activities | (1,147) | (3,685)\nNet cash used in financing activities | (9,106) | (5,292)\nEffect of exchange rate changes on cash, cash equivalents and restricted cash | 266 | (880) \nNet increase (decrease) in cash, cash equivalents and restricted cash | $1,249 | (4,540)\n\nLiquidity Capital Resources\n December 31, 2019 $19. 5 million cash equivalents $14. 8 million outside. foreign operations. distributed. taxes. repatriation taxes intent leave foreign. increased $18. 0 million December 31, 2018 operating activities repurchases common stock equity investment WeekenGO. cash working capital twelve months.\n Net cash activities adjusted non items assets liabilities. $11. 2 million 2019 income $4. 2 million adjustments non-cash $3. 8 million $3. 2 million increase assets liabilities. Adjustments $1. 3 million depreciation amortization property $993,000 stock-based compensation $821,000 WeekenGO losses amortization differences currency translation adjustment. increase $3. 1 million increase accounts payable.\n Net cash $5. 3 million 2018 income $4. 7 million adjustments non $2. 5 million $1. 9 million decrease. Adjustments $1. 8 million depreciation amortization $915,000 stock-based compensation. decrease $1.5 million increase accounts receivable.\n Cash taxes refunds 2019 2018 $4. 7 million $4. 3 million.\n Net cash investing 2019 2018 $1. 1 million $3. 7 million. 2019 $673,000 WeekenGO $474,000 purchases property equipment. 2018 $3. 1 million WeekenGO $752,000 $150,000 sale.\n Net cash financing 2019 2018 $9. 1 million $5. 3 million. due $10. 8 million repurchases common stock offset $1. 7 million proceeds issuance. $5. 3 million repurchases common stock.\n 2019 2018\n Net cash operating activities $11,236 $5,317\n investing (1,147)\n financing (9,106\n exchange rate changes cash equivalents restricted cash 266 (880)\n Net increase $1,249 (4,540)" +} +{ + "_id": "d1b3b3926", + "title": "", + "text": "Stock Options\nThe following table summarizes stock option activity under the Company’s stock option plans during the fiscal years ended September 30, 2019, 2018, and 2017:\nThe Company recognized $0.7 million, $1.4 million, and $1.0 million in stock-based compensation expense related to outstanding stock options in the fiscal years ended September 30, 2019, 2018, and 2017, respectively. As of September 30, 2019, the Company had $2.0 million of unrecognized compensation expense related to outstanding stock options expected to be recognized over a weighted-average period of approximately three years.\nAggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the fiscal period in excess of the weighted-average exercise price, multiplied by the number of options outstanding and exercisable. The total intrinsic value of options exercised during the fiscal years ended September 30, 2019, 2018, and 2017 was $11.1 million, $1.4 million, and $1.4 million, respectively. The per-share weighted-average fair value of options granted during the fiscal years ended September 30, 2019, 2018, and 2017 was $5.07, $4.56, and $4.28, respectively. The aggregate intrinsic value of options outstanding as of September 30, 2019 and 2018, was $4.9 million and $8.7 million, respectively.\n\n | Number of Shares | Weighted-Average Exercise Price Per Share | Weighted-Average Remaining Contractual Term (in Years)\n--------------------------------- | ---------------- | ----------------------------------------- | ------------------------------------------------------\nOutstanding at September 30, 2016 | 3,015,374 | $3.95 | 6.4 \nGranted | 147,800 | $7.06 | \nExercised | (235,514) | $2.92 | \nCanceled | (81,794) | $3.59 | \nOutstanding at September 30, 2017 | 2,845,866 | $4.21 | 5.4 \nGranted | 299,397 | $8.60 | \nExercised | (250,823) | $2.96 | \nCanceled | (88,076) | $5.23 | \nOutstanding at September 30, 2018 | 2,806,364 | $4.75 | 4.6 \nGranted | 409,368 | $9.59 | \nExercised | (1,384,647) | $3.25 | \nCanceled | (144,183) | $6.62 | \nOutstanding at September 30, 2019 | 1,686,902 | 7.00 | 5.4 \n\n\n table summarizes activity years 2019 2018\n recognized $0. 7 million $1. 4 million $1. 0 million stock-based compensation expense options. 2019 $2. 0 million unrecognized compensation expense three years.\n Aggregate intrinsic value closing stock price multiplied options outstanding. total value options $11. 1 million $1. 4 million $1. 4 million. per-share-average value $5. 07 $4. 56 $4. 28,. aggregate intrinsic value options 2019 2018 $4. 9 million $8. 7 million.\n Number Shares Weighted-Average Exercise Price Per Share Remaining Contractual Term Years\n Outstanding September 30 2016 3,015,374 $3. 95.\n Granted 147,800 $7.\n (235,514) $2.\n (81,794) $3.\n September 30 2017 2,845,866 $4. 21.\n 299,397 $8.\n $2.\nCanceled (88,076) $5. 23\n September 30 2018 2,806,364 $4.\n 409,368.\n,384,647 $3.\n,183).\n September 30 2019 1,686,902." +} +{ + "_id": "d1b34cc44", + "title": "", + "text": "£1.5m (2018: £1.4m) of scheme assets have a quoted market price in an active market.\nThe actual return on plan assets was a gain of £5.5m (2018: £1.0m loss).\nThe amounts recognised in the Company Statement of Financial Position are determined as follows:\n\n | 2019 | 2018 \n-------------------------------------------------------------------------- | ------ | ------\n | £m | £m \nFair value of scheme’s assets | 59.5 | 56.4 \nPresent value of funded scheme’s liabilities | (53.9) | (52.7)\nRetirement benefit asset recognised in the Statement of Financial Position | 5.6 | 3.7 \nRelated deferred tax | (0.9) | (0.6) \nNet pension asset | 4.7 | 3.1 \n\n£1. 5m (2018. 4m scheme assets quoted market price active market.\n return gain £5. 5m £1. 0m loss.\n amounts Company Statement Financial Position\n value assets 59. 56.\n value liabilities (53. 7)\n Retirement benefit 5. 6 3.\n deferred tax.\n pension asset 4. 7." +} +{ + "_id": "d1b30a7d6", + "title": "", + "text": "Consolidated Statements of Financial Position Data:\n* Adjusted IFRS balances to reflect the impact of the full retrospective adoption of IFRS 15. See Note 2 of the notes to our consolidated financial statements for further details.\n\n | | | As of June 30, | | \n------------------------------ | ---------- | --------------------- | -------------- | -------- | --------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | (U.S. $ in thousands) | | | \n | | *As Adjusted | *As Adjusted | | \nCash and cash equivalents | $1,268,441 | $1,410,339 | $244,420 | $259,709 | $187,094\nShort-term investments | 445,046 | 323,134 | 305,499 | 483,405 | 30,251 \nDerivative assets | 215,233 | 99,995 | 3,252 | — | — \nWorking capital | (287,597) | 1,377,145 | 296,984 | 542,038 | 50,477 \nTotal assets | 2,977,258 | 2,421,828 | 1,282,117 | 990,973 | 397,161 \nDeferred revenue | 468,820 | 342,871 | 245,195 | 181,068 | 136,565 \nDerivative liabilities | 855,079 | 207,970 | — | — | — \nExchangeable senior notes, net | 853,576 | 819,637 | — | — | — \nTotal liabilities | 2,411,791 | 1,514,508 | 379,424 | 259,310 | 207,107 \nShare capital | 24,199 | 23,531 | 22,726 | 21,620 | 18,461 \nTotal equity | 565,467 | 907,320 | 902,693 | 731,663 | 190,054 \n\nFinancial\n Adjusted IFRS balances 15. Note 2.\n June 30\n 2016 2015\n.\n Cash equivalents $1,268,441 $1,410,339 $244,420 $259,709 $187,094\n Short-term investments 445,046 323,134 305,499 483,405\n Derivative assets 215,233 99,995\n Working capital (287,597) 1,377,145 296,984 542,038\n Total assets 2,977,258 2,421,828 1,282,117,973\n Deferred revenue 468,820 342,871,195\n Derivative liabilities 855,079 207,970\n Exchangeable senior notes 853,576 819,637\n Total liabilities 2,411,791 1,514,508 379,424 259\n Share capital 24,199 23,531\n Total equity 565,467 907,320 902,693" +} +{ + "_id": "d1b367724", + "title": "", + "text": "23. Investments continued\nIFRS 9 was applied for the first time on 1 April 2018 and introduces new classifications for financial instruments, including investments. Under IAS 39, we classified investments as available-for-sale, loans and receivables, and fair value through profit or loss. On transition to IFRS 9 we have reclassified them as fair value through other comprehensive income, fair value through profit or loss, and amortised cost, as set out in note 1. The current year figures in the following table reflect the classifications under IFRS 9, and the prior year figures reflect the previous classifications under IAS 39.\nInvestments held at amortised cost consist of investments previously classified as loans and receivables and relate to money market investments denominated in sterling of £2,687m (2017/18: £416m, 2016/17: £35m), in US dollars of £26m (2017/18: £27m, 2016/17: £30m) in euros of £499m (2017/18: £nil, 2016/17: £nil) and in other currencies £2m (2017/18: £4m, 2016/17: £18m). They also include investments in liquidity funds of £2,522m (2017/18: £2,575m, 2016/17: £1,437m) held to collect contractual cash flows. In prior years these were classified as available-for-sale.\n\nAt 31 March | 2019 £m | 2018 £m | 2017 £m\n--------------------------------------------- | ------- | ------- | -------\nNon-current assets | 48 | - | - \nFair value through other comprehensive income | - | 46 | 37 \nAvailable-for-sale | 6 | 7 | 7 \nFair value through profit or loss | 54 | 53 | 44 \nCurrent assets | | | \nFair value through other comprehensive income | - | - | - \nAvailable-for-sale | - | 2,575 | 1,437 \nInvestments held at amortised cost | 3,214 | - | - \nLoans and receivables | - | 447 | 83 \n | 3,214 | 3,022 | 1,520 \n\n. Investments\n IFRS 9 applied 1 April 2018 new classifications financial instruments investments. IAS 39 classified investments available-for-sale loans receivables fair value profit loss. transition IFRS 9 reclassified fair value income profit loss amortised cost note 1. current year figures reflect classifications IFRS 9 prior year figures classifications IAS 39.\n Investments amortised cost loans receivables money market investments sterling £2,687m US dollars £26m euros £499m other currencies £2m. investments liquidity funds £2,522m contractual cash flows. prior years classified available-for-sale.\n 31 March 2019 2018 2017\n Non-current assets\n Fair value income\n Available-for-sale\n Fair value profit or loss\n Current assets\n Fair value income\n Available-for-sale 2,575 1,437\n Investments amortised cost 3,214\n Loans receivables\n" +} +{ + "_id": "d1a7285e4", + "title": "", + "text": "Inventories and Inventory Valuation\nInventories are stated at the lower of first-in, first-out (FIFO) cost or market value. Market value is based upon an estimated average selling price reduced by estimated costs of disposal. Should actual market conditions differ from the Company’s estimates, the Company’s future results of operations could be materially affected. Reductions in inventory valuation are included in Cost of revenue in the accompanying Consolidated Statements of Operations. The Company reviews inventory for excess quantities and obsolescence based on its best estimates of future demand, product lifecycle status and product development plans. The Company uses historical information along with these future estimates to reduce the inventory cost basis. Subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Prices anticipated for future inventory demand are compared to current and committed inventory values.\nThe components of inventories are as follows:\n\nMarch 31, | | \n----------------- | ------ | ------\n(in thousands) | 2019 | 2018 \nRaw materials | $3,445 | $2,969\nFinished goods | 6,356 | 6,253 \nTotal inventories | $9,801 | $9,222\n\nInventories Valuation\n first-in cost market value. value selling price reduced costs disposal. market conditions future results. Reductions inventory valuation included Cost revenue Consolidated Statements Operations. reviews inventory excess obsolescence future demand lifecycle development plans. uses historical information reduce inventory cost. changes cost basis. future inventory demand compared current values.\n components inventories\n March 31,\n 2018\n Raw materials $3,445 $2,969\n Finished goods 6,356\n Total inventories $9,801 $9,222" +} +{ + "_id": "d1b30db52", + "title": "", + "text": "Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)  During fiscal 2019, we recognized the following pre-tax expenses for the Pinnacle Integration Restructuring Plan:\nIncluded in the above results are $163.5 million of charges that have resulted or will result in cash outflows and $4.7 million in non-cash charges.\n\n | International | Pinnacle Foods | Corporate | Total \n---------------------------------------------------- | ------------- | -------------- | --------- | ------\nOther cost of goods sold | $— | $3.7 | $— | $3.7 \nTotal cost of goods sold . | — | 3.7 | — | 3.7 \nSeverance and related costs | 0.7 | 0.6 | 110.8 | 112.1 \nAccelerated depreciation | — | — | 4.7 | 4.7 \nContract/lease termination . | — | 0.8 | 0.3 | 1.1 \nConsulting/professional fees . | 0.2 | — | 38.1 | 38.3 \nOther selling, general and administrative expenses . | 0.1 | — | 8.2 | 8.3 \nTotal selling, general and administrative expenses | 1.0 | 1.4 | 162.1 | 164.5 \nConsolidated total | $1.0 | $5.1 | $162.1 | $168.2\n\nConsolidated Financial Statements Fiscal Years Ended May 26, 2019 27, 2018 28, 2017 millions share amounts 2019 recognized pre-tax expenses Pinnacle Integration Restructuring Plan\n $163. 5 million charges cash outflows $4. 7 million non-cash charges.\n Pinnacle Foods Corporate\n cost goods sold $3.\n Total cost goods sold. 3.\n related costs. 110. 112.\n Accelerated depreciation 4.\n Contract/lease termination.\n Consulting/professional fees. 38.\n selling general administrative expenses. 8.\n selling administrative expenses. 162. 164.\n Consolidated total $1. $5. $162. $168." +} +{ + "_id": "d1b2e2ab0", + "title": "", + "text": "COMMON SHARES AND CLASS B SHARES\nBCE’s articles of amalgamation provide for an unlimited number of voting common shares and non-voting Class B shares, all without par value. The common shares and the Class B shares rank equally in the payment of dividends and in the distribution of assets if BCE is liquidated, dissolved or wound up, after payments due to the holders of preferred shares. No Class B shares were outstanding at December 31, 2019 and 2018.\nThe following table provides details about the outstanding common shares of BCE.\nIn Q1 2018, BCE repurchased and canceled 3,085,697 common shares for a total cost of $175 million through a NCIB. Of the total cost, $69 million represents stated capital and $3 million represents the reduction of the contributed surplus attributable to these common shares. The remaining $103 million was charged to the deficit.\nCONTRIBUTED SURPLUS\nContributed surplus in 2019 and 2018 includes premiums in excess of par value upon the issuance of BCE common shares and share-based compensation expense net of settlements.\n\n | | 2019 | | 2018 | \n----------------------------------------------- | ---- | ---------------- | -------------- | ---------------- | --------------\n | NOTE | NUMBER OF SHARES | STATED CAPITAL | NUMBER OF SHARES | STATED CAPITAL\nOutstanding, January 1 | | 898,200,415 | 20,036 | 900,996,640 | 20,091 \nShares issued for the acquisition of AlarmForce | 34 | – | – | 22,531 | 1 \nShares issued under employee stock option plan | 28 | 4,459,559 | 251 | 266,941 | 13 \nRepurchase of common shares | | – | – | (3,085,697) | (69) \nShares issued under ESP | | 1,231,479 | 75 | – | – \nShares issued under DSP | | 16,729 | 1 | – | – \nOutstanding, December 31 | | 903,908,182 | 20,363 | 898,200,415 | 20,036 \n\nCOMMON SHARES CLASS B SHARES\n BCE’s articles amalgamation unlimited voting common non-voting Class B shares without par value. Class B rank equally dividends distribution assets if BCE liquidated dissolved. No Class B shares outstanding December 31, 2019 2018.\n table outstanding common shares BCE.\n Q1 2018 repurchased canceled 3,085,697 common shares $175 million. $69 million stated capital $3 million contributed surplus. remaining $103 million charged deficit.\n CONTRIBUTED SURPLUS\n includes premiums share-based compensation expense.\n NUMBER SHARES STATED CAPITAL\n 898,200,415,996,640\n Shares acquisition AlarmForce 22,531\n Shares employee stock option plan 4,459,559 266,941\n Repurchase common shares (3,085,697)\n Shares ESP 1,231,479\n Shares DSP 16,729\nDecember 31 903,908,182,363,200,415" +} +{ + "_id": "d1b37f428", + "title": "", + "text": "Fiscal Year Ended 2019 and 2018 Revenues\n* Adjusted IFRS balances to reflect the impact of the full retrospective adoption of IFRS 15. See Note 2 of the notes to our consolidated financial statements for further details.\nTotal revenues increased $329.1 million, or 37%, in the fiscal year ended June 30, 2019 compared to the fiscal year ended June 30, 2018. Growth in total revenues was attributable to increased demand for our products from both new and existing customers. Of total revenues recognized in the fiscal year ended June 30, 2019, over 90% was attributable to sales to customer accounts existing on or before June 30, 2018. Our number of total customers increased to 152,727 at June 30, 2019 from 125,796 at June 30, 2018.\nSubscription revenues increased $223.3 million, or 54%, in the fiscal year ended June 30, 2019 compared to the fiscal year ended June 30, 2018. The increase in subscription revenues was primarily attributable to additional subscriptions from our existing customer base. As customers increasingly adopt cloud-based, subscription services and term-based licenses of our Data Center products for their business needs, we expect our subscription revenues to continue to increase at a rate higher than the rate of increase of our perpetual license revenues in future periods.\nMaintenance revenues increased $68.0 million, or 21%, in the fiscal year ended June 30, 2019 compared to the fiscal year ended June 30, 2018. The increase in maintenance revenues was primarily attributable to growing renewal of software maintenance contracts from our customers related to our perpetual license software offerings.\nPerpetual license revenues increased $10.4 million, or 13%, in the fiscal year ended June 30, 2019 compared to the fiscal year ended June 30, 2018. A substantial majority of the increase in perpetual license revenues was attributable to additional licenses to existing customers.\nOther revenues increased $27.5 million, or 45%, in the fiscal year ended June 30, 2019 compared to the fiscal year ended June 30, 2018. The increase in other revenues was primarily attributable to an increase in revenue from sales of third-party apps through our Atlassian Marketplace.\n\n | Fiscal Year Ended June 30, | | | \n----------------- | -------------------------- | --------------------- | -------- | --------\n | 2019 | 2018 | $ Change | % Change\n | | (U.S. $ in thousands) | | \n | | *As Adjusted | | \nSubscription | $633,950 | $410,694 | $223,256 | 54% \nMaintenance | 394,526 | 326,511 | 68,015 | 21 \nPerpetual license | 93,593 | 83,171 | 10,422 | 13 \nOther | 88,058 | 60,602 | 27,456 | 45 \nTotal revenues | $1,210,127 | $880,978 | $329,149 | 37 \n\nFiscal Year Ended 2019 2018 Revenues\n Adjusted IFRS balances IFRS 15. See Note 2 consolidated financial statements details.\n Total revenues increased $329. 1 million 37% fiscal year June 30, 2019 2018. Growth attributable increased demand products new existing customers. 90% sales customer accounts before June 30 2018. customers increased 152,727 June 2019 from 125,796 2018.\n Subscription revenues increased $223. 3 million 54%. additional subscriptions existing customer base. cloud-based subscription term-based licenses Data Center expect subscription revenues increase higher than perpetual license revenues.\n Maintenance revenues increased $68. 0 million 21% June 2019 2018. attributable renewal software maintenance contracts perpetual license.\n Perpetual license revenues increased $10. 4 million 13% 2019 2018. majority additional licenses existing customers.\n Other revenues increased $27. 5 million 45%. attributable sales third-party apps Atlassian Marketplace.\n Fiscal Year June 30\n\n 2019 2018 %\n.\n Subscription $633,950 $410,694 $223,256 54%\n Maintenance 394,526 326,511 68,015\n Perpetual license 93,593 83,171\n 88,058 60,602\n revenues $1,210,127 $880,978 $329,149" +} +{ + "_id": "d1b33c6f0", + "title": "", + "text": "Net Investment in Direct Financing Leases and Sales-Type Leases\nTeekay LNG owns a 70% ownership interest in Teekay BLT Corporation (or the Teekay Tangguh Joint Venture), which is a party to operating leases whereby the Teekay Tangguh Joint Venture leases two LNG carriers (or the Tangguh LNG Carriers) to a third party, which in turn leases the vessels back to the joint venture. The time charters for the two Tangguh LNG carriers are accounted for as direct financing leases. The Tangguh LNG Carriers commenced their time charters with their charterers in 2009.\nIn 2013, Teekay LNG acquired two 155,900-cubic meter LNG carriers, the WilPride and WilForce, from Norway-based Awilco LNG ASA (or Awilco) and chartered them back to Awilco on five- and four-year fixed-rate bareboat charter contracts (plus a one-year extension option), respectively, with Awilco holding a fixed-price purchase obligation at the end of the charters. The bareboat charters with Awilco were accounted for as direct financing leases.\nHowever, in June 2017, Teekay LNG agreed to amend the charter contracts with Awilco to defer a portion of charter hire and extend the bareboat charter contracts and related purchase obligations on both vessels to December 2019. The amendments had the effect of deferring charter hire of between $10,600 per day and $20,600 per day per vessel from July 1, 2017 until December 2019, with such deferred amounts added to the purchase obligation amounts.\nAs a result of the contract amendments, both of the charter contracts with Awilco were reclassified as operating leases upon the expiry of their respective original contract terms in November 2017 and August 2018.\nIn September 2019, Awilco exercised its option to extend both charters from December 31, 2019 by up to 60 days with the ownership of both vessels transferring to Awilco at the end of this extension. In October 2019, Awilco obtained credit approval for a financing facility that would provide funds necessary for Awilco to satisfy its purchase obligation of the two LNG carriers.\nAs a result, both vessels were derecognized from the consolidated balance sheets and sales-type lease receivables were recognized based on the remaining amounts owing to Teekay LNG, including the purchase obligations. Teekay LNG recognized a gain of $14.3 million upon derecognition of the vessels for the year ended December 31, 2019, which was included in write-down and loss on sale of vessels in the Company's consolidated statements of loss (see Note 19). Awilco purchased both vessels in January 2020 (see Note 24(a)).\nIn addition, the 21-year charter contract for the Bahrain Spirit floating storage unit (or FSU) commenced in September 2018 and is accounted for as a direct finance lease. The following table lists the components of the net investments in direct financing leases and sales-type leases:\nAs at December 31, 2019, estimated minimum lease payments to be received by Teekay LNG related to its direct financing and sales-type leases in each of the next five succeeding fiscal years were approximately $324.7 million (2020), $64.2 million (2021), $64.2 million (2022), $64.0 million (2023), $64.3 million (2024) and an aggregate of $534.6 million thereafter. The leases are scheduled to end between 2020 and 2039.\nAs at December 31, 2018, estimated minimum lease payments to be received by Teekay LNG related to its direct financing leases in each of the next five years were approximately $63.9 million (2019), $64.3 million (2020), $64.2 million (2021), $64.2 million (2022), $64.0 million (2023) and an aggregate of $576.5 million thereafter.\n\n | December 31, 2019 | December 31, 2018\n---------------------------------------------------------- | ----------------- | -----------------\n | $ | $ \nTotal minimum lease payments to be received | 1,115,968 | 897,130 \nEstimated unguaranteed residual value of leased properties | 284,277 | 291,098 \nInitial direct costs and other | 296 | 329 \nLess unearned revenue | (581,732) | (613,394) \nTotal | 818,809 | 575,163 \nLess current portion | (273,986) | (12,635) \nLong-term portion | 544,823 | 562,528 \n\nInvestment Direct Financing Sales-Type Leases\n Teekay LNG owns 70% Teekay BLT Corporation Tangguh Joint leases leases two LNG carriers third party leases vessels. time charters LNG carriers direct financing leases. charters 2009.\n 2013, LNG acquired 155,900-cubic meter LNG carriers WilPride WilForce Awilco LNG chartered five- four-year fixed-rate charter contracts one-year extension Awilco fixed-price purchase obligation end. charters direct financing leases.\n June 2017 LNG contracts defer hire extend purchase obligations to December 2019. hire $10,600 $20,600 per day July 1 2017 December 2019 deferred amounts added purchase obligation amounts.\n contracts reclassified operating leases expiry November 2017 August 2018.\n September 2019 Awilco charters December 2019 60 days ownership vessels Awilco.October 2019 Awilco credit approval financing purchase two LNG carriers.\n vessels derecognized lease receivables recognized remaining Teekay LNG. recognized gain $14. 3 million derecognition December 31, 2019 included write-down loss sale statements. Awilco purchased vessels January 2020.\n 21-year charter contract Bahrain Spirit floating storage unit commenced September 2018 direct finance lease. net investments financing sales leases\n December 31, 2019 estimated minimum lease payments Teekay LNG five years $324. 7 million $64. 2 million. (2023). 3 million (2024) $534. 6 million. leases end 2020 2039.\n December 31, 2018 minimum lease payments Teekay LNG $63. 9 million $64. 3 million. 2 million. 2. (2023) $576. 5 million.\n December 31, 2019 2018\n Total minimum lease payments 1,115,968\n284,277 291,098\n unearned revenue (581,732) (613,394\n 818,809 575,163\n (273,986),635\n 544,823 562,528" +} +{ + "_id": "d1b35377e", + "title": "", + "text": "Other Current Liabilities\nThe components of other current liabilities are included in the following table (in thousands):\n\n | December 31, | \n------------------------------- | ------------ | -------\n | 2019 | 2018 \nOperating lease liabilities | $15,049 | $ — \nVendor financed licenses | 9,667 | 3,551 \nRoyalties payable | 6,107 | 11,318 \nAccrued interest | 9,212 | 8,407 \nOther | 36,936 | 38,412 \nTotal other current liabilities | $76,971 | $61,688\n\nLiabilities\n Operating lease liabilities $15,049\n Vendor licenses 9,667 3,551\n Royalties 6,107 11,318\n Accrued interest 9,212 8,407\n 36,936 38,412\n liabilities $76,971 $61,688" +} +{ + "_id": "d1b2efb8e", + "title": "", + "text": "Net debt including IFRS 16 lease liabilities\nA reconciliation between net debt and net debt including IFRS 16 lease liabilities is given below. A breakdown of the balances that are included within net debt is given within Note 24. Net debt excludes IFRS 16 lease liabilities to enable comparability with prior years.\n\n | 2019 | 2018 \n-------------------------------------- | ----- | -----\n | £m | £m \nNet debt | 295.2 | 235.8\nIFRS 16 lease liabilities | 38.9 | – \nNet debt and IFRS 16 lease liabilities | 334.1 | 235.8\n\nNet debt IFRS 16 lease liabilities\n reconciliation. breakdown balances Note 24. debt excludes IFRS 16 lease liabilities comparability prior years.\n 2019 2018\n Net debt 295. 235.\n IFRS 16 lease liabilities 38.\n 16. 235." +} +{ + "_id": "d1b390e62", + "title": "", + "text": "EBITDA and EBITDA Margin\nThe following tables set forth EBITDA (in millions) and EBITDA Margin by segment for the periods presented:\nSoftware Solutions\nEBITDA was $567.2 million in 2018 compared to $516.5 million in 2017, an increase of $50.7 million, or 10%, with an EBITDA Margin of 59.0%, an increase of 190 basis points from the prior year. The increase was primarily driven by incremental margins on revenue growth.\nData and Analytics\nEBITDA was $39.5 million in 2018 compared to $38.4 million in 2017, an increase of $1.1 million, or 3%, with an EBITDA Margin of 25.6%, an increase of 30 basis points from the prior year. The EBITDA Margin increase was primarily driven by incremental margins on revenue growth.\n\n | Year ended December 31, | | Variance | \n------------------ | ----------------------- | ------ | -------- | ---\n | 2018 | 2017 | $ | % \nSoftware Solutions | $567.2 | $516.5 | $50.7 | 10%\nData and Analytics | 39.5 | 38.4 | 1.1 | 3% \n\nEBITDA Margin\n tables EBITDA Margin\n Software Solutions\n EBITDA $567. 2 million 2018 $516. 5 million 2017 $50. 7 million 10% EBITDA Margin 59. 0% 190. driven incremental margins revenue growth.\n Data Analytics\n EBITDA $39. 5 million 2018 $38. 4 million 2017 $1. 1 million 3% EBITDA Margin 25. 6% 30. driven incremental margins revenue growth.\n December\n Solutions $567. $516. $50.\n Data Analytics." +} +{ + "_id": "d1b39336a", + "title": "", + "text": "Asia Pacific\nAsia Pacific net revenues decreased $1.4 million in 2019 compared to 2018 (see “Revenues” above). Asia Pacific expenses decreased $203,000 from 2018 to 2019. This decrease was primarily due to a $503,000 decrease of salary expense, offset partially by a $303,000 increase in member acquisition costs.\nForeign currency movements relative to the U.S. dollar negatively impacted our local currency loss from our operations in Asia Pacific by approximately $136,000 for 2019. Foreign currency movements relative to the U.S. dollar positively impacted our local currency loss from our operations in Asia Pacific by approximately $127,000 for 2018.\n\nYear Ended December 31, | | \n----------------------------------------- | -------- | --------\n | 2019 | 2018 \n(In thousands) | | \nRevenues | $6,490 | $7,859 \n(Loss) from operations | $(7,488) | $(6,322)\n(Loss) from operations as a % of revenues | (115)% | (80)% \n\nPacific\n revenues decreased $1. 4 million 2019 2018. expenses decreased $203,000 2018 2019. due $503,000 decrease salary expense $303,000 increase member acquisition costs.\n Foreign currency movements. dollar impacted local currency loss $136,000 2019. currency. impacted loss $127,000 2018.\n Ended December 31,\n Revenues $6,490 $7,859\n (Loss operations $ $(6,322)\n" +} +{ + "_id": "d1b3c1ada", + "title": "", + "text": "Operating Metrics\nThe following operating metrics are key performance indicators that we use to evaluate our business. The key drivers of changes in our operating metrics are presented in the order of significance.\nNet bookings and In-game net bookings\nWe monitor net bookings as a key operating metric in evaluating the performance of our business because it enables an analysis of performance based on the timing of actual transactions with our customers and provides more timely indication of trends in our operating results. Net bookings is the net amount of products and services sold digitally or sold-in physically in the period, and includes license fees, merchandise, and publisher incentives, among others. Net bookings is equal to net revenues excluding the impact from deferrals. In-game net bookings primarily includes the net amount of downloadable content and microtransactions sold during the period, and is equal to in-game net revenues excluding the impact from deferrals.\nNet bookings and in-game net bookings were as follows (amounts in millions):\nNet bookings\nThe decrease in net bookings for 2019, as compared to 2018, was primarily due to:\na $572 million decrease in Blizzard net bookings primarily driven by (1) lower net bookings from Hearthstone and (2) overall lower net bookings from World of Warcraft expansion and in-game content sales, primarily due to World of Warcraft: Battle for Azeroth, which was released in August 2018, with no comparable release in 2019 (although net bookings from subscriptions increased due to the release of World of Warcraft Classic in August 2019);\na $239 million decrease in Activision net bookings primarily driven by (1) lower net bookings from the Destiny franchise (reflecting our sale of the publishing rights for Destiny to Bungie in December 2018) and (2) lower net bookings from Call of Duty franchise catalog titles, partially offset by net bookings from Sekiro: Shadows Die Twice, Crash Team Racing Nitro-Fueled, and Call of Duty: Mobile, which were new releases in March 2019, June 2019, and October 2019, respectively; and\na $55 million decrease in King net bookings primarily driven by lower net bookings from player purchases across various franchise titles, primarily driven by the Candy Crush franchise, partially offset by an increase in advertising net bookings.\nIn-game net bookings\nThe decrease in in-game net bookings for 2019, as compared to 2018, was primarily due to:\na $539 million decrease in Blizzard in-game net bookings primarily driven by (1) lower in-game net bookings from Hearthstone and (2) lower in-game net bookings from World of Warcraft, in part due to World of Warcraft: Battle for Azeroth;\na $167 million decrease in Activision in-game net bookings primarily due to lower in-game net bookings from the Destiny franchise, partially offset by in-game net bookings from Call of Duty: Mobile; and\na $131 million decrease in King in-game net bookings primarily due to lower in-game net bookings across various franchise titles, primarily driven by the Candy Crush franchise.\n\n | For the Years Ended December 31, | | \n-------------------- | -------------------------------- | ------ | -------------------\n | 2019 | 2018 | Increase (Decrease)\nNet bookings | $6,388 | $7,262 | $(874) \nIn-game net bookings | $3,366 | $4,203 | $(837) \n\nOperating Metrics\n key performance indicators business. key drivers significance.\n Net bookings In-game net bookings\n monitor net bookings analysis trends results. Net bookings products services sold digitally or physically includes license fees merchandise publisher incentives. equal to net revenues excluding deferrals. In-game net bookings includes downloadable content microtransactions sold equal to revenues.\n Net bookings in-game\n Net bookings\n decrease 2019 2018 due to\n $572 million decrease Blizzard net bookings lower bookings Hearthstone World of Warcraft expansion Battle for Azeroth 2018 no comparable release 2019 bookings increased World of Warcraft Classic\n $239 million decrease in Activision net bookings lower net bookings Destiny franchise lower Call of Duty offset by Sekiro: Shadows Die Twice Crash Team Racing Nitro-Fueled Call of Duty: Mobile March June October 2019\n$55 million decrease King bookings lower player purchases Candy Crush offset increase advertising bookings.\n-game bookings\n decrease 2019 2018 due\n $539 million decrease Blizzard bookings Hearthstone World of Warcraft\n $167 million decrease Activision bookings lower Destiny offset Call of Duty: Mobile\n $131 million decrease King bookings lower bookings Candy Crush.\n Years Ended December 31,\n 2019 2018 Increase\n Net bookings $6,388 $7,262 $(874)\n In-game net bookings $3,366 $4,203 $(837)" +} +{ + "_id": "d1b36f4e2", + "title": "", + "text": "Operating Expenses\nThe following table sets forth, for the periods indicated, the amount of operating expenses and their relative percentages of total net sales by the line items reflected in our consolidated statement of operations (dollars in thousands):\n\n | Fiscal 2019 | | Fiscal 2018 | \n----------------------------------- | ----------- | ----------------------------- | ----------- | -----------------------------\n | Amount | Percentage of total net sales | Amount | Percentage of total net sales\n | | (Dollars in thousands) | | \nResearch and development | $117,353 | 8.2% | $132,586 | 7.0% \nSelling, general and administrative | 272,257 | 19.0% | 293,632 | 15.4% \nImpairment and other charges | — | —% | 766 | —% \nAmortization of intangible assets | 13,760 | 1.0% | 10,690 | 0.6% \nTotal operating expenses | $403,370 | 28.2% | $437,674 | 23.0% \n\nOperating Expenses\n table operating expenses percentages net sales items consolidated statement operations\n Fiscal 2019 2018\n Percentage\n Research development $117,353 8. 2% $132,586 7.\n Selling general administrative 272,257 19. 0% 293,632 15. 4%\n Impairment charges\n Amortization intangible assets 13,760 1. 10,690.\n operating expenses $403,370 28. 2% $437,674 23." +} +{ + "_id": "d1b304fca", + "title": "", + "text": "Fees Paid to our Independent Auditor\nThe following table sets forth the fees billed to us by Ernst & Young LLP for services in fiscal 2019 and 2018, all of which\nwere pre-approved by the Audit Committee.\n(1) In accordance with the SEC’s definitions and rules, “audit fees” are fees that were billed to Systemax by Ernst & Young LLP for\nthe audit of our annual financial statements, to be included in the Form 10-K, and review of financial statements included in the\nForm 10-Qs; for the audit of our internal control over financial reporting with the objective of obtaining reasonable assurance about\nwhether effective internal control over financial reporting was maintained in all material respects; for the attestation of management’s\nreport on the effectiveness of internal control over financial reporting; and for services that are normally provided by the auditor\nin connection with statutory and regulatory filings or engagements.\n(2) “Audit-related fees” are fees for assurance and related services that are reasonably related to the performance of the audit or\nreview of our financial statements and internal control over financial reporting, including services in connection with assisting\nSystemax in our compliance with our obligations under Section 404 of the Sarbanes-Oxley Act and related regulations.\n(3) Ernst & Young LLP did not provide any professional services for tax compliance, planning or advice in 2019 or 2018.\n(4) Consists of fees billed for other professional services rendered to Systemax.\n\nFee Category | 2019 ($) | 2018 ($) \n---------------------- | --------- | ---------\nAudit fees (1) | 1,196,000 | 1,257,000\nAudit-related fees (2) | 0 | 15,000 \nTax fees (3) | 0 | 0 \nAll other fees (4) | 2,000 | 2,000 \nTotal | 1,198,000 | 1,274,000\n\nFees Paid Independent Auditor\n table fees billed by Ernst & Young LLP for services 2019 2018\n pre-approved by Audit Committee.\n “audit billed to Systemax by Ernst & Young LLP\n audit annual financial statements Form 10-K\n Form 10-Qs audit internal control over financial reporting\n attestation\n report services\n statutory regulatory filings engagements.\n “Audit-related assurance services related to audit\n financial\n compliance obligations Section 404 Sarbanes-Oxley Act.\n Ernst & Young services for tax compliance planning advice 2019 2018.\n fees services.\n Fee 2019 2018\n Audit fees (1) 1,196,000 1,257,000\n Audit-related fees (2) 15,000\n Tax fees (3)\n All other fees (4)\n Total 1,198,000 1,274,000" +} +{ + "_id": "d1b39bd9e", + "title": "", + "text": "23 Borrowings (continued)\nThe fair values of fixed rate borrowings and CMBS are assessed based on quoted market prices, and as such are categorised as Level 1 in the fair value hierarchy (see note 27 for definition). The fair values of unlisted floating rate borrowings are equal to their carrying values and are categorised as Level 2 in the fair value hierarchy.\nThe maturity profile of debt (excluding lease liabilities) is as follows:\nCertain borrowing agreements contain financial and other conditions that, if contravened, could alter the repayment profile (further information is provided in financial covenants on pages 165 and 166)\nAt 31 December 2019 the Group had committed undrawn borrowing facilities of £238.5 million (2018: £274.2 million), maturing in 2021 and 2022. This includes £42.1 million of undrawn facilities in respect of development finance.\n\n£m | 2019 | 2018 \n------------------------------------------------------------- | ------- | -------\nRepayable within one year | 65.8 | 46.7 \nRepayable in more than one year but not more than two years | 901.8 | 30.5 \nRepayable in more than two years but not more than five years | 2,114.2 | 2,722.0\nRepayable in more than five years | 1,569.6 | 2,155.9\n | 4,651.4 | 4,955.1\n\nBorrowings\n fixed rate borrowings CMBS assessed market prices Level 1 note 27. unlisted floating rate borrowings equal Level 2.\n maturity profile debt lease\n borrowing agreements conditions alter repayment profile financial covenants pages 165 166\n 31 December 2019 Group committed undrawn borrowing facilities £238. 5 million (2018 £274. 2 maturing 2021 2022. includes £42. 1 million undrawn facilities development finance.\n Repayable one year 65. 46.\n two 901. 30.\n 2,114. 2,722.\n five 1,569. 2,155.\n 4,651.,955." +} +{ + "_id": "d1b3878a8", + "title": "", + "text": "Free cash flow\nWe define free cash flow as net cash provided by (used in) operating activities less purchase of property and equipment. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in our business and strengthening the balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. Free cash flow is not prepared in accordance with U.S. GAAP, and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with U.S. GAAP.\nThe following table presents a reconciliation of net cash provided by (used in) operating activities to free cash flow:\n(1) Our adoption of ASU 2016-09 on January 1, 2017 resulted in excess tax benefits for share-based payments recorded as a reduction of income tax expense and reflected within operating cash flows, rather than recorded within equity and reflected within financing cash flows. We elected to adopt this new standard retrospectively, which impacted the presentation for all periods prior to the adoption date.\n\n | | | Year Ended December 31, | | \n------------------------------------------------------- | ---------- | -------- | ----------------------- | ---------- | ----------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (in thousands) | | \nNet cash provided by (used in) operating activities (1) | $(156,832) | $113,207 | $64,241 | $138,720 | $141,257 \nPurchase of property and equipment | (36,531) | (52,880) | (89,160) | (78,640) | (30,566) \nFree cash flow | $(193,363) | $60,327 | $(24,919) | $60,080 | $110,691 \nNet cash provided by (used in) investing activities | $25,761 | $17,496 | $(28,718) | $(392,666) | $(170,027)\nNet cash provided by (used in) financing activities (1) | $(8,406) | $1,287 | $4,635 | $19,794 | $368,953 \n\nFree cash flow\n operating activities less purchase property equipment. liquidity measure information investors cash balance sheet not residual cash discretionary expenditures. not U. S. GAAP not.\n table reconciliation net cash operating activities free cash flow\n adoption ASU 2016-09 2017 excess tax benefits share-based payments income tax operating cash flows financing cash flows. standard retrospectively impacted presentation.\n December 31,\n 2016 2015\n Net cash operating activities $(156,832) $113,207 $64,241 $138,720 $141,257\n Purchase property equipment (36,531) (52,880) (89,160) (78,640) (30,566)\n Free cash flow $(193,363) $60,327 $(24,919) $60,080 $110,691\n Net cash investing activities $25,761 $17,496 $(28,718) $(392,666) $(170,027)\ncash financing,406,287 $4,635 $19,794 $368,953" +} +{ + "_id": "d1b3aaa1a", + "title": "", + "text": "Operating profit\nNotes\n1. Before exceptional items, acquisition related costs, acquired intangible asset amortisation and share-based payment amounting to $4.3 million in total (2018 $19.6 million).\n2. Adjusted operating profit as a percentage of revenue in the period.\nAdjusted operating profit increased by $15.8 million or 20.5 per cent to $92.9 million in 2019, compared with $77.1 million in 2018. Adjusted operating margin increased by 2.2 per cent to 18.4 per cent, from 16.2 per cent in 2018.\nReported operating profit was up by $31.1 million or 54.1 per cent to $88.6 million (2018 $57.5 million). Total adjusting items were lower in 2019 at $4.3 million, compared to $19.6 million in 2018, mainly due to exceptional items totalling $13.1 million charged last year (see below).\n\n$ million | 2019 | Adjusted operating margin 1, 2 % | 2018 | Adjusted operating margin 1, 2 %\n-------------------------------------- | ----- | -------------------------------- | ------ | --------------------------------\nNetworks & Security | 73.9 | 23.1 | 56.4 | 19.8 \nLifecycle Service Assurance | 18.1 | 16.3 | 17.4 | 15.4 \nConnected Devices | 9.5 | 13.1 | 10.5 | 13.3 \nCorporate | (8.6) | | (7.2) | \nAdjusted operating profit1 | 92.9 | 18.4 | 77.1 | 16.2 \nExceptional items | 0.5 | | (13.1) | \nAcquisition related costs | (0.1) | | – | \nAcquired intangible asset amortisation | (1.2) | | (3.7) | \nShare-based payment | (3.5) | | (2.8) | \nReported operating profit | 88.6 | | 57.5 | \n\nOperating profit\n. exceptional items acquisition costs intangible amortisation share-based payment $4. 3 million (2018 $19. 6 million.\n. Adjusted operating profit revenue.\n increased $15. 8 million. $92. 9 million 2019 $77. 1 million 2018. margin increased. 2 18. 4 per cent 16. 2 2018.\n profit $31. 1 million. $88. 6 million (2018 $57. 5 million. adjusting items lower 2019 $4. 3 million $19. 6 million 2018 exceptional items $13. 1 million last year.\n Adjusted operating margin 1, 2 %\n Networks Security 73.\n Lifecycle Service Assurance.\n Connected Devices.\n.\n Adjusted operating. 18\n Exceptional items.\n Acquisition costs.\n Acquired intangible asset amortisation.\n Share-based payment.\n operating profit 88." +} +{ + "_id": "d1b3610c2", + "title": "", + "text": "Write-offs of lease receivables and loan receivables were $15 million and $20 million, respectively, for the year ended December 31, 2018. Provisions for credit losses recorded for lease receivables and loan receivables were $14 million and $2 million, respectively, for the year ended December 31, 2018.\nThe average recorded investment of impaired leases and loans for Americas, EMEA and Asia Pacific was $138 million, $55 million and $73 million, respectively, for the year ended December 31, 2018. Both interest income recognized, and interest income recognized on a cash basis on impaired leases and loans were immaterial for the year ended December 31, 2018.\n\n($ in millions) | | | | \n---------------------------------------------------------- | -------- | ------ | ------------ | --------\nAt December 31, 2018: | Americas | EMEA | Asia Pacific | Total \nRecorded investment: | | | | \nLease receivables | $ 3,827 | $1,341 | $1,152 | $ 6,320 \nLoan receivables | 6,817 | 3,675 | 2,489 | 12,981 \nEnding balance | $10,644 | $5,016 | $3,641 | $19,301 \nRecorded investment, collectively evaluated for impairment | $10,498 | $4,964 | $3,590 | $19,052 \nRecorded investment, individually evaluated for impairment | $ 146 | $ 52 | $ 51 | $ 249 \nAllowance for credit losses | | | | \nBeginning balance at January 1, 2018 | | | | \nLease receivables | $ 63 | $ 9 | $ 31 | $ 103 \nLoan receivables | 108 | 52 | 51 | 211 \nTotal | $ 172 | $ 61 | $ 82 | $ 314 \nWrite-offs | (10) | (2) | (23) | (35) \nRecoveries | 0 | 0 | 2 | 2 \nProvision | 7 | 9 | 0 | 16 \nOther* | (11) | (3) | (4) | (19) \nEnding balance at December 31, 2018 | $ 158 | $ 65 | $ 56 | $ 279 \nLease receivables | $ 53 | $ 22 | $ 24 | $ 99 \nLoan receivables | $ 105 | $ 43 | $ 32 | $ 179 \nRelated allowance, collectively evaluated for impairment | $ 39 | $ 16 | $ 5 | $ 59\nRelated allowance, individually evaluated for impairment | $ 119 | $ 49 | $ 51 | $ 219 \n\nWrite-offs lease loan $15 $20 million 31, 2018. credit losses $14 million $2 million.\n average investment impaired leases Americas EMEA Asia Pacific $138 million $55 million $73 million. interest immaterial.\n December 31, Americas EMEA Asia Pacific\n Lease receivables $ 3,827 $1,341 $1 6,320\n Loan receivables 3,675 2,489 12,981\n balance $10,644 $5,016 $3,641 $19,301\n impairment $10,498 $4,964 $3,590 $19,052\n $ 146 $ 52 $ 51 249\n Allowance credit losses\n balance January 1, 2018\n Lease receivables $ 63 $ 9 $ 31 103\n Loan receivables 108 52 51 211\n $ 172 $ 61 $ 82 314\n Write-offs\n Recoveries\nProvision 7 9 16\n (11) (19)\n balance December 31, 2018 $ 158 65 56 279\n Lease $ 53 22 24 99\n Loan $ 105 43 32 179\n impairment $ 39 16 5 59\n $ 119 49 51 219" +} +{ + "_id": "d1b32b54e", + "title": "", + "text": "The Company estimates the fair values of stock options using the Black-Scholes option-pricing model on the date of grant.For the years ended December 31, 2019 and 2018, the assumptions used in the Black-Scholes option pricing model, which was used to estimate the grant date fair value per option, were as follows:\nThe risk-free interest rate is the United States Treasury rate for the day of the grant having a term equal to the life of the equity instrument. The volatility is a measure of the amount by which the Company’s share price has fluctuated or is expected to fluctuate; the Company used its common stock volatility along with the average of historic volatilities of comparative companies. The dividend yield is zero as the Company has not made any dividend payment and has no plans to pay dividends in the foreseeable future. The Company determines the expected term of its stock option awards by using the simplified method, which assumes each vesting tranche of the award has a term equal to average of the contractual term and the vesting period.\nAs of December 31, 2019, total compensation cost not yet recognized related to unvested stock options was approximately $0.8 million, which is expected to be recognized over a weighted-average period of 2.3 years.\n\n | 2019 | 2018 \n---------------------------------------------------------------- | --------------- | ---------------\n | Employee Grants | Employee Grants\nWeighted-average Black-Scholes option pricing model assumptions: | | \nVolatility | 73.01% | 82.00% \nExpected term (in years) | 6 | 6 \nRisk-free rate | 2.22% | 2.24% \nExpected dividend yield | 0.0% | 0.0% \nWeighted average grant date fair value per share | $2.10 | $2.22 \n\nCompany estimates values stock options Black-Scholes option-pricing model date grant. years December 31, 2019 2018 assumptions\n risk-free interest rate United States Treasury rate grant term equal life equity instrument. volatility share price common stock volatility average historic volatilities. dividend yield zero no plans. determines expected term stock option awards simplified method vesting tranche term equal contractual term vesting period.\n December 31, 2019 compensation cost unvested stock options approximately $0. 8 million expected recognized 2. 3 years.\n-average Black-Scholes option pricing model assumptions\n Volatility 73. 01%.\n Expected term years 6\n Risk-free rate 2. 22%.\n Expected dividend yield.\n average grant date fair value per share $2." +} +{ + "_id": "d1b3150c8", + "title": "", + "text": "1 Interest on borrowings includes interest on short-term borrowings and on long-term debt. 2 See “Accounting Policies” for more information.\nThe 6% increase in finance costs this year was a result of: • interest on lease liabilities as a result of our adoption of IFRS 16; and • higher outstanding debt as a result of our debt issuances in April 2019, in large part to fund our acquisition of 600 MHz spectrum licences (see “Managing Our Liquidity and Financial Resources”); partially offset by • a $21 million loss on discontinuation of hedge accounting on certain bond forward derivatives recognized in 2018.\nInterest on borrowings Interest on borrowings increased this year as a result of the net issuance of senior notes throughout the year, partially offset by a higher proportion of borrowings under our lower-interest US CP program compared to 2018. See “Managing Our Liquidity and Financial Resources” for more information about our debt and related finance costs.\nLoss on repayment of long-term debt This year, we recognized a $19 million loss (2018 – $28 million loss) on repayment of long-term debt, reflecting the payment of redemption premiums associated with our redemption of $900 million (2018 – US$1.4 billion) of 4.7% senior notes in November 2019 that were otherwise due in September 2020 (2018 – 6.8% senior notes in April 2018 that were otherwise due in August 2018).\nForeign exchange and change in fair value of derivative instruments We recognized $79 million in net foreign exchange gains in 2019 (2018 – $136 million in net losses). These gains and losses were primarily attributed to our US dollar-denominated commercial paper (US CP) program borrowings.\nThese foreign exchange gains (2018 – losses) were offset by the $80 million loss related to the change in fair value of derivatives (2018 – $95 million gain) that was primarily attributed to the debt derivatives, which were not designated as hedges for accounting purposes, we used to offset the foreign exchange risk related to these US dollar-denominated borrowings.\nDuring the year ended December 31, 2018, we determined that we would no longer be able to exercise certain ten-year bond forward derivatives within the originally designated time frame. Consequently, we discontinued hedge accounting on those bond forward derivatives and reclassified a $21 million loss from the hedging reserve within shareholders’ equity to finance costs (recorded in “change in fair value of derivative instruments”). We subsequently extended the bond forwards to May 31, 2019, with the ability to extend them further, and redesignated them as effective hedges. During the year ended December 31, 2019, we exercised our remaining bond forwards.\nSee “Managing Our Liquidity and Financial Resources” for more information about our debt and related finance costs.\n\nFINANCE COSTS | Years ended December 31 | | \n-------------------------------------------------- | ----------------------- | ---- | ----\n(In millions of dollars) | 2019 | 2018 | %Chg\nInterest on borrowings 1 | 746 | 709 | 5 \nInterest on post-employment benefits liability | 11 | 14 | (21)\nLoss on repayment of long-term debt | 19 | 28 | (32)\n(Gain) loss on foreign exchange | (79) | 136 | n/m \nChange in fair value of derivative instruments | 80 | (95) | n/m \nCapitalized interest | (19) | (20) | (5) \nOther | 21 | 21 | - \nFinance costs before interest on lease liabilities | 779 | 793 | (2) \nInterest on lease liabilities 2 | 61 | - | n/m \nTotal finance costs | 840 | 793 | 6 \n\nInterest borrowings includes short long-term debt. “Accounting Policies”.\n 6% increase finance costs lease liabilities IFRS 16 higher outstanding debt issuances April 2019 acquisition 600 MHz spectrum licences offset $21 million loss discontinuation hedge accounting bond derivatives.\n Interest borrowings increased net issuance senior notes offset higher borrowings lower-interest US CP program. Liquidity Financial costs.\n Loss repayment long-term debt $19 million loss $28 million repayment-term debt redemption premiums redemption $900 million$1. 4 billion 4. 7% senior notes November 2019 due September 2020 6. 8% April 2018 August.\n Foreign exchange fair value derivative instruments $79 million net exchange gains 2019 (2018 $136 million losses. US dollar-denominated commercial paper) program borrowings.\n offset $80 million loss change fair value derivatives $95 million debt derivatives risk.\nDecember 31, 2018 ten-year bond forward derivatives. discontinued hedge accounting reclassified $21 million loss finance costs. extended bond forwards to May 31, 2019 redesignated effective hedges. December 31, 2019 exercised remaining bond forwards.\n Liquidity Financial Resources” debt finance costs.\n FINANCE COSTS ended December 31\n millions 2019 2018\n Interest on borrowings 746 709\n Interest post-employment benefits\n Loss repayment long-term debt 19 28\n loss foreign exchange 136\n Change fair value derivative instruments\n Capitalized interest\n Finance costs before interest lease liabilities 779 793\n Interest lease liabilities 61\n Total finance costs 840 793" +} +{ + "_id": "d1b380ed6", + "title": "", + "text": "1.2 Data Centres\nNote: 1. Due to its business nature, the significant air emissions of the Group are GHG emissions, arising mainly from fuels and purchased electricity produced from fossil fuels.\n2. The Group’s GHG inventory includes carbon dioxide, methane and nitrous oxide. GHG emissions data for the year ended 31 December 2019 is presented in carbon dioxide equivalent and is calculated based on the “2017 Baseline Emission Factors for Regional Power Grids in China for CDM and CCER Projects” issued by the Ministry of Ecology and Environment of China, and the “2006 IPCC Guidelines for National Greenhouse Gas Inventories” issued by the Intergovernmental Panel on Climate Change (IPCC).\n3. Diesel is consumed by backup power generators.\n4. Hazardous waste produced by the Group’s office buildings mainly includes waste toner cartridge and waste ink cartridge from printing equipment. Waste toner cartridge and waste ink cartridge are centralised and disposed of by printing suppliers. Such data covers all office buildings of the Group in Mainland China.\n5. Non-hazardous waste produced by the Group’s office buildings mainly includes domestic waste and non-hazardous office waste. Domestic waste is disposed of by the property management companies and kitchen waste recycling vendors, and its data is not available, therefore estimation of domestic waste is made with reference to “Handbook on Domestic Discharge Coefficients for Towns in the First Nationwide Census on Contaminant Discharge” published by the State Council. Non-hazardous office waste is centralised for disposal by vendors; hence such data covers all office buildings of the Group in Mainland China.\n6. Hazardous waste produced by the Group’s data centres mainly includes waste lead-acid accumulators. Waste lead-acid accumulators are disposed of by qualified waste recycling vendors.\n7. Non-hazardous waste produced by the Group’s data centres mainly includes waste servers and waste hard drives. Waste servers and destroyed waste hard drives are centralised and recycled by waste recycling vendors. Such data covers all the Group’s data centres.\n\nIndicators | For the year ended 31 December | \n--------------------------------------------- | ------------------------------ | ----------\n | 2019 | 2018 \nTotal GHG emissions (Scopes 1 and 2) (tonnes) | 743,287.01 | 612,521.16\nDirect GHG emissions (Scope 1) (tonnes) | 316.35 | 36.76 \nIncluding: Diesel (tonnes) | 316.35 | 36.76 \nIndirect GHG emissions (Scope 2) (tonnes) | 742,970.66 | 612,484.40\nIncluding: Purchased electricity (tonnes) | 742,970.66 | 612,484.40\nHazardous waste (tonnes) | 8.00 | – \nNon-hazardous waste (tonnes) | 1,811.27 | 1,350.76 \n\n. Data Centres\n. business air emissions Group GHG emissions from electricity fossil fuels.\n. GHG inventory includes carbon methane nitrous oxide. emissions 31 December 2019 carbon equivalent calculated Baseline Emission Factors Regional Power Grids China Ministry IPCC Guidelines National Greenhouse Gas Inventories”.\n. Diesel consumed backup power generators.\n. Hazardous waste includes toner cartridge ink cartridge printing equipment. disposed printing suppliers. covers office buildings Mainland China.\n. Non-hazardous waste domestic non. disposed property management companies kitchen waste recycling vendors estimation “Handbook Domestic Discharge Coefficients State. Non-hazardous office waste centralised disposal vendors covers all office buildings Mainland China.\n. Hazardous waste lead-acid accumulators. disposed waste recycling vendors.\n. Non-hazardous waste waste servers hard drives.Waste servers hard drives recycled vendors. centres.\n year 31 December\n GHG emissions 1 2) 743,287. 612,521.\n Direct GHG emissions 316. 36.\n Diesel.\n Indirect GHG emissions 2),970. 612,484.\n Purchased electricity,970. 612,484.\n Hazardous waste 8.\n Non-hazardous waste 1,811. 27 1,350." +} +{ + "_id": "d1b3686ec", + "title": "", + "text": "d) Transaction with other related parties:\nNet revenues/(expenses): The transactions with other related parties for the years ended December 31, 2019, 2018 and 2017 consisted of the following:\n(i) The Cool Pool - On July 8, 2019 GasLog's vessel charter contracts had concluded and withdrew their participation from the Cool Pool. Following Gaslog's departure, we assumed sole responsibility for the management of the Cool Pool and consolidate the Cool Pool. From point of consolidation, the Cool Pool ceased to be a related party.\n(ii) Magni Partners - Tor Olav Trøim is the founder of, and partner in, Magni Partners (Bermuda) Limited, a privately held Bermuda company, and is the ultimate beneficial owner of the company. Receivables and payables from Magni Partners comprise primarily of the cost (without mark-up) or part cost of personnel employed by Magni Partners who have providedadvisory and management services to Golar. These costs do not include any payment for any services provided by Tor Olav Trøim himself.\niii) Borr Drilling - Tor Olav Trøim is the founder, and director of Borr Drilling, a Bermuda company listed on the Oslo and NASDAQ stock exchanges. Receivables comprise primarily of management and administrative services provided by our Bermuda corporate office.\niv) 2020 Bulkers - 2020 Bulkers is a related party by virtue of common directorships. Receivables comprise primarily of management and administrative services provided by our Bermuda corporate office.\n\n(in thousands of $) | 2019 | 2018 | 2017 \n------------------- | ------ | ------- | ------\nThe Cool Pool (i) | 39,666 | 151,152 | 59,838\nMagni Partners (ii) | (858) | (375) | (260) \nBorr Drilling (iii) | 542 | — | — \n2020 Bulkers (iv) | 265 | — | — \nTotal | 39,615 | 150,777 | 59,578\n\nTransaction related parties\n Net revenues transactions December 31, 2019 2018 2017\n Cool Pool July 8, 2019 GasLog's vessel charter contracts participation Cool Pool. assumed responsibility management. ceased related party.\n Magni Partners Tor Olav Trøim founder partner Magni Partners (Bermuda) Limited company ultimate beneficial owner. Receivables payables personnel management services. payment services Tor Olav Trøim.\n Borr Drilling Trøim founder director Drilling Bermuda company Oslo NASDAQ. Receivables management administrative services Bermuda office.\n 2020 Bulkers related party. Receivables management administrative services Bermuda office.\n 2019 2018 2017\n Cool Pool 39,666 151,152 59,838\n Magni Partners (858) (375)\n Borr Drilling 542\n 2020 Bulkers 265\n Total 39,615 150,777 59,578" +} +{ + "_id": "d1b31b4fa", + "title": "", + "text": "4. Prepaid expenses\nPrepaid expenses consisted of the following:\n\nOctober 31, | | \n---------------------- | ------- | -------\n | 2019 | 2018 \n(In thousands) | | \nParts and supplies | $33,617 | $28,287\nPrepaid insurance | 8,859 | 8,232 \nOther prepaid expenses | 14,455 | 6,721 \nTotal prepaid expenses | $56,931 | $43,240\n\n. Prepaid expenses\n October 31,\n 2018\n Parts supplies $33,617 $28,287\n insurance 8,859,232\n Other expenses 14,455\n Total $56,931 $43,240" +} +{ + "_id": "d1b30bbfe", + "title": "", + "text": "Uncertain Tax Positions\nA reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):\nOut of $2.1 million of unrecognized tax benefits, there are no unrecognized tax benefits that would result in a change in the Company's effective tax rate if recognized in future years. The accrued interest and penalties related to uncertain tax positions was not significant for December 29, 2019, December 30, 2018 and December 31, 2017.\nThe Company is not currently under tax examination and the Company’s historical net operating loss and credit carryforwards may be adjusted bythe Internal Revenue Service, and other tax authorities until the statute closes on the year in which such tax attributes are utilized. The Company estimates that its unrecognized tax benefits will not change significantly within the next twelve months.\nThe Company is subject to U.S. federal income tax as well as income taxes in many U.S. states and foreign jurisdictions in which the Company operates. The U.S. tax years from 1999 forward remain effectively open to examination due to the carryover of unused net operating losses and tax credits.\n\n | December 29, 2019 | December 30,2018 | December 31, 2017\n------------------------------------------------------- | ----------------- | ---------------- | -----------------\nBeginning balance of unrecognized tax benefits | $2,161 | $2,107 | $2,014 \nAdditions for tax positions related to the prior year | (46) | (2) | 16 \nAdditions for tax positions related to the current year | 88 | 125 | 77 \nLapse of statutes of limitations | (86) | (69) | — \nEnding balance of unrecognized tax benefits | $2,117 | $2,161 | $2,107 \n\nUncertain Tax Positions\n reconciliation unrecognized tax benefits\n $2. 1 million no Company tax rate. accrued interest penalties not significant December 29, 2019 30 2018 31, 2017.\n Company not under tax examination net operating loss credit carryforwards adjusted Internal Revenue Service statute closes. unrecognized tax benefits change twelve months.\n subject. federal income tax taxes. states foreign jurisdictions. tax years 1999 open examination unused net operating losses tax credits.\n 2019 31, 2017\n Beginning balance unrecognized tax benefits $2,161 $2,107 $2,014\n Additions prior year\n current year 125\n Lapse statutes of limitations (86)\n Ending balance tax benefits $2,117 $2,161 $2,107" +} +{ + "_id": "d1b36b4aa", + "title": "", + "text": "Profitability Measures\nNet income:\nThe net income in the fiscal year ended February 28, 2018 was $16.6 million as compared to a net loss of $7.9 million in the same period last year. The increase is primarily the result of the $28.3 million non-operating gain from the legal settlement with a former supplier of LoJack, which was recognized during fiscal 2018. This gain was partially offset by higher tax expense in fiscal 2018 due to U.S. and foreign taxes on the $28.3 million legal settlement gain as well as the revaluation of our net deferred income tax assets that occurred in the fourth quarter of fiscal 2018 as we adopted the provisions of the Tax Cuts and Jobs Act which was enacted on December 22, 2017.\nAdjusted EBITDA:\nAdjusted EBITDA for Telematics Systems in the fiscal year ended February 28, 2018 increased $1.5 million compared to the same period last year due to higher MRM products revenue. Adjusted EBITDA for Software and Subscription Services increased $5.2 million compared to the same period last year due primarily to lower selling and marketing expenses and lower general and administrative expenses.\nSee Note 20 for a reconciliation of Adjusted EBITDA by reportable segments and a reconciliation to GAAP-basis net income (loss).\n\n | Fiscal years ended | | | \n-------------------------------- | ------------------ | ------- | -------- | --------\n | February 28, | | | \n(In thousands) | 2018 | 2017 | $ Change | % Change\nSegment | | | | \nTelematics Systems | $48,943 | $47,432 | $1,511 | 3.2% \nSoftware & Subscription Services | 8,233 | 3,075 | 5,158 | 167.7% \nSatellite | - | 2,447 | (2,447) | (100.0%)\nCorporate Expense | (4,794) | (3,586) | (1,208) | 33.7% \nTotal Adjusted EBITDA | $52,382 | $49,368 | $3,014 | 6.1% \n\nProfitability Measures\n Net income\n year 2018 $16. million $7. 9 million last year. increase $28. 3 million non-operating gain legal settlement LoJack 2018. offset by higher tax expense. foreign taxes. million settlement revaluation deferred income tax assets Tax Cuts Jobs Act December 22, 2017.\n Adjusted EBITDA\n Telematics Systems increased $1. 5 million higher MRM products revenue. Software Subscription Services increased $5. 2 million lower selling marketing expenses general administrative expenses.\n Note 20 reconciliation Adjusted EBITDA GAAP net income.\n Fiscal years\n Telematics Systems $48,943 $47,432 $1,511. 2%\n Software Subscription Services 8,233 3,075 5,158. 7%\n Satellite (2,447).\n Corporate Expense (4,794) (3,586). 7%\n Total Adjusted EBITDA $52,382 $49,368 $3,014." +} +{ + "_id": "d1b35e2be", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nIn February 2018, Advanced Energy acquired Trek Holding Co., LTD (\"Trek\"), a privately held company with operations in Tokyo, Japan and Lockport, New York, for $6.1 million, net of cash acquired. Trek has a 95% ownership interest in its U.S. subsidiary which is also its primary operation.\nThe components of the fair value of the total consideration transferred for our 2018 acquisitions are as follows:\n\n | Trek | Electrostatic Product Line | LumaSense | Total \n------------------------- | ------- | -------------------------- | --------- | ---------\nCash paid for acquisition | $11,723 | $3,000 | $94,946 | $ 109,669\nLess cash acquired | (5,651) | — | (10,262) | (15,913) \nTotal purchase price | $6,072 | $3,000 | $84,684 | $ 93,756 \n\nADVANCED INDUSTRIES. FINANCIAL STATEMENTS\n February 2018 acquired Trek Holding. Tokyo Lockport New York $6. 1 million. 95% ownership U. S. subsidiary primary.\n acquisitions\n Trek Electrostatic Product Line LumaSense\n Cash $11,723 $3,000 $94,946 109,669\n Less cash acquired (5,651) (10 (15,913)\n purchase price $6,072 $3,000 $84,684 93,756" +} +{ + "_id": "d1b37796c", + "title": "", + "text": "NOTE 7 — PROPERTY AND EQUIPMENT\nThe components of property and equipment were as follows:\nDuring fiscal years 2019, 2018, and 2017, depreciation expense was $9.7 billion, $7.7 billion, and $6.1 billion, respectively. We have committed $4.0 billion for the construction of new buildings, building improvements, and leasehold improvements as of June 30, 2019.\n\n(In millions) | | \n------------------------------- | --------- | ---------\nJune 30, | 2019 | 2018 \nLand | $ 1,540 | $ 1,254 \nBuildings and improvements | 26,288 | 20,604 \nLeasehold improvements | 5,316 | 4,735 \nComputer equipment and software | 33,823 | 27,633 \nFurniture and equipment | 4,840 | 4,457 \nTotal, at cost | 71,807 | 58,683 \nAccumulated depreciation | (35,330) | (29,223) \nTotal, net | $ 36,477 | $ 29,460\n\nPROPERTY EQUIPMENT\n 2019 2017 depreciation expense $9. billion $7. $6. billion. committed $4. billion buildings leasehold improvements June 30 2019.\n Land 1,540 1,254\n Buildings improvements 26,288 20,604\n Leasehold improvements 5,316 4\n Computer equipment 33,823 27,633\n Furniture equipment\n 71,807 58,683\n depreciation (35,330\n $ 36,477" +} +{ + "_id": "d1b323f38", + "title": "", + "text": "A.2.6 Calculation of return on capital employed\nFor purposes of calculating ROCE in interim periods, income before interest after tax is annualized. Average capital employed is determined using the average of the respective balances as of the quarterly reporting dates for the periods under review.\n[1] Item Other interest expenses / income, net primarily consists of interest relating to corporate debt, and related hedging activities, as well as interest income on corporate assets.\n\n(in millions of €) | 2019 | 2018 \n-------------------------------------------------------------------------- | ------ | ------\nNet income | 5,648 | 6,120 \nLess: Other interest expenses / income, net 1 | (529) | (482) \nPlus: SFS Other interest expenses / income | 763 | 721 \nPlus: Net interest expenses related to provisions for pensions and similar | | \nobligations | 148 | 164 \nLess: Interest adjustments | | \n(discontinued operations) | – | – \nLess: Taxes on interest adjustments | | \n(tax rate (flat) 30%) | (115) | (121) \n(I) Income before interest after tax | 5,916 | 6,401 \n(II) Average capital employed | 53,459 | 50,715\n(I) / (II) ROCE | 11.1 % | 12.6 %\n\n. Calculation return capital employed\n ROCE income before after tax annualized. Average capital employed determined balances quarterly reporting dates.\n interest expenses corporate debt hedging activities corporate assets.\n millions € 2019 2018\n Net income 5,648 6,120\n Other interest expenses (529) (482)\n 763 721\n pensions\n obligations 148 164\n Interest adjustments\n Taxes interest adjustments\n rate 30% (115)\n Income before after tax 5,916 6,401\n Average capital employed 53,459 50,715\n ROCE. 1 %. 6" +} +{ + "_id": "d1b3aeca0", + "title": "", + "text": "Segment Financial Results\nRevenues\nThe following table sets forth revenues by segment for the periods presented (in millions):\n(1) Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP.\nSoftware Solutions\nRevenues were $962.0 million in 2018 compared to $904.5 million in 2017, an increase of $57.5 million, or 6%. Our servicing software solutions revenues increased 7%, or $52.5 million, primarily driven by loan growth on MSP® from new and existing  clients. Our origination software solutions revenues increased 3%, or $5.0 million, primarily driven by growth in our loan origination system solutions and a software license fee in our Lending Solutions business, partially offset by the effect of lower volumes on our Exchange and eLending platforms primarily as a result of the 26% decline in refinancing originations as reported by the Mortgage Bankers Association.\nData and Analytics\nRevenues were $154.5 million in 2018 compared to $151.6 million in 2017, an increase of $2.9 million, or 2%. The increase was primarily driven by growth in our property data and multiple listing service businesses, partially offset by upfront revenues from long-term strategic license deals in 2017.\n\n | Year ended December 31 | | Variance | \n---------------------- | ---------------------- | -------- | -------- | --\n | 2018 | 2017 | $ | % \nSoftware Solutions | $962.0 | $904.5 | $57.5 | 6%\nData and Analytics | 154.5 | 151.6 | 2.9 | 2%\nCorporate and Other(1) | (2.5) | (4.5) | 2.0 | NM\nTotal | $1,114.0 | $1,051.6 | $62.4 | 6%\n\nSegment Financial Results\n Revenues\n table revenues segment\n Revenues Corporate Other deferred revenue adjustments GAAP.\n Software Solutions\n Revenues $962. million 2018 $904. million 2017 increase $57. million 6%. servicing software increased 7% $52. million loan growth. origination software increased 3% $5. million loan origination system software license fee Lending offset lower Exchange eLending 26% decline refinancing originations.\n Data Analytics\n Revenues $154. 5 million 2018 $151. million 2017 increase $2. million 2%. increase driven property data listing service businesses offset upfront revenues-term license deals 2017.\n Year December 31\n Software Solutions $962. $904. 6%\n Data Analytics.\n Corporate.\n $1,114. $1,051. $62. 6%" +} +{ + "_id": "d1b30b5d2", + "title": "", + "text": "Free Cash Flow\nFree cash flow is a non-IFRS financial measure that we calculate as net cash provided by operating activities less net cash used in investing activities for capital expenditures.\nFree cash flow increased by $140.9 million during the fiscal year ended June 30, 2019 due to a $154.9 million increase of net cash provided by operating activities, offset by a $14.0 million increase of capital expenditures as we continue to invest in our facilities.\nFor more information about net cash provided by operating activities, please see “Liquidity and Capital Resources”.\n\n | | Fiscal Year Ended June 30, | \n----------------------------------------- | -------- | -------------------------- | --------\n | 2019 | 2018 | 2017 \nNet cash provided by operating activities | $466,342 | $311,456 | $199,381\nLess: Capital expenditures | (44,192) | (30,209) | (15,129)\nFree cash flow | $422,150 | $281,247 | $184,252\n\nFree Cash Flow\n non-IFRS measure less.\n increased $140. 9 million fiscal year June 30 2019 $154. 9 million increase offset $14. 0 million increase capital expenditures.\n Capital.\n Fiscal Year Ended June 30\n Net cash operating activities $466,342 $311,456 $199,381\n Capital expenditures (44,192) (30,129\n Free cash flow $422,150 $281,247 $184,252" +} +{ + "_id": "d1b3b4cea", + "title": "", + "text": "Note 3: Balance Sheet Components\nPrepaid expenses and other consist of the following (in thousands):\n\nDecember 31, | | \n-------------------------------- | ------ | ------\n | 2019 | 2018 \nPrepaid expenses | $2,303 | $1,780\nOther current assets | 193 | 167 \nTotal prepaid expenses and other | $2,496 | $1,947\n\nBalance Sheet Components\n Prepaid expenses\n December 31,\n Prepaid expenses $2,303 $1,780\n assets 167\n expenses $2,496 $1,947" +} +{ + "_id": "d1b33f684", + "title": "", + "text": "Seasonality\nThe Company’s sales, income and cash flow from operations vary between quarters, and are generally lowest in the first quarter of the from operations vary between quarters, and are generally lowest in the first quarter of the year and highest in the fourth quarter. This is mainly a result of the seasonal purchase patterns of network operators.\n\nMost recent three-year average seasonality | | | | \n------------------------------------------ | ------------- | -------------- | ------------- | --------------\n | First quarter | Second quarter | Third quarter | Fourth quarter\nSequential change, sales | -25% | 11% | 4% | 17% \nShare of annual sales | 22% | 24% | 25% | 29% \n\nSeasonality\n sales income cash flow vary quarters lowest first highest fourth quarter. result seasonal purchase patterns network operators.\n three-year average seasonality\n First quarter Second Third Fourth quarter\n Sequential change sales -25% 11% 4% 17%\n annual sales 22% 24% 25% 29%" +} +{ + "_id": "d1a720542", + "title": "", + "text": "IFRS cash flow\nThe key drivers of the decrease in cash and cash equivalents of £35.8 million in the year are discussed below.\nCash flows from operating activities of £11.1 million were £91.5 million lower than 2018, largely due to the reduction in underlying earnings of £65.9 million (see income statement section) and the early settlement of interest rate swaps of £52.4 million, partially offset by improvements in working capital of £32.2 million.\nCash flows from investing activities mainly reflected cash inflows related to the part disposal of intu Derby of £96.7 million and other sundry disposals of £75.3 million, partially offset by capital expenditure during the year of £127.7 million.\nCash flows from financing activities primarily reflected net borrowings repaid in the year (see debt activity section on page 36).\n\nm | 2019 | 2018 \n--------------------------------------- | ------- | ------\nCash flows from: | | \noperating activities | 11.1 | 102.6 \ninvesting activities | 75.5 | (0.4) \nfinancing activities | (122.4) | (90.8)\nNet change in cash and cash equivalents | (35.8) | 11.4 \n\nIFRS cash flow\n cash equivalents £35. 8 million.\n flows operating £11. 1 million £91. 5 million lower 2018 reduction earnings £65. 9 million early settlement interest rate swaps £52. 4 million offset improvements working capital £32. 2 million.\n investing disposal Derby £96. 7 million £75. 3 million offset capital expenditure £127. 7 million.\n flows financing net borrowings repaid debt activity.\n Cash flows\n operating.\n investing.\n financing.\n change cash equivalents." +} +{ + "_id": "d1a715e30", + "title": "", + "text": "The tax effect of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following:\nThe liability for gross unrecognized tax benefits at May 26, 2019 was $44.1 million, excluding a related liability of $11.7 million for gross interest and penalties. Included in the balance at May 26, 2019 are $1.0 million of tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period. Any associated interest and penalties imposed would affect the tax rate. As of May 27, 2018, our gross liability for unrecognized tax benefits was $32.5 million, excluding a related liability of $7.7 million for gross interest and penalties. Interest and penalties recognized in the Consolidated Statements of Operations was an expense of $1.2 million in fiscal 2019, an expense of $1.6 million in fiscal 2018, and a benefit of $0.3 million in fiscal 2017.\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\n | May 26, 2019 | | May 27, 2018 | \n-------------------------------------------------------------- | ------------ | ----------- | ------------ | -----------\n | Assets | Liabilities | Assets | Liabilities\nProperty, plant and equipment | $— | $240.7 | $— | $141.0 \nInventory | 15.2 | — | 2.6 | — \nGoodwill, trademarks and other intangible assets | — | 1,187.0 | — | 406.2 \nAccrued expenses | 11.8 | — | 15.5 | — \nCompensation related liabilities | 35.9 | — | 34.1 | — \nPension and other postretirement benefits | 54.6 | — | 45.8 | — \nInvestment in unconsolidated subsidiaries | — | 185.4 | — | 165.8 \nOther liabilities that will give rise to future tax deductions | 123.5 | — | 109.7 | — \nNet capital and operating loss carryforwards | 766.5 | — | 762.5 | — \nFederal credits | 18.0 | — | 3.5 | — \nOther | 37.6 | 24.0 | 23.6 | 9.5 \n | 1,063.1 | 1,637.1 | 997.3 | 722.5 \nLess: Valuation allowance | (738.1) | — | (739.6) | — \nNet deferred taxes | $325.0 | $1,637.1 | $257.7 | $722.5 \n\ntax effect temporary differences carryforwards deferred tax assets liabilities\n liability unrecognized tax benefits May 26, 2019 $44. 1 million excluding $11. 7 million interest penalties. $1. 0 million tax positions deductibility certain uncertainty timing. disallowance shorter deductibility period affect annual tax rate payment cash. associated interest penalties affect tax rate. May 27, 2018 gross liability unrecognized tax benefits $32. 5 million excluding liability $7. 7 million interest penalties. Interest penalties Consolidated Statements Operations $1. 2 million 2019 $1. 6 million 2018 $0. 3 million 2017.\n Consolidated Financial Statements Fiscal Years May 26, 2019 27, 2018 May 28, 2017\n Assets Liabilities\n Property plant equipment.\n Inventory.\n Goodwill trademarks intangible assets.\n Accrued expenses.\n Compensation related liabilities.34.\n Pension benefits 54. 6 45. 8\n subsidiaries 185. 4 165. 8\n tax deductions 123. 5 109. 7\n capital loss carryforwards 766. 5.\n Federal credits 18. 3. 5\n 37. 24. 23.\n 1,063. 1,637. 722.\n Valuation allowance (738. 6)\n deferred taxes $325. $1,637. $257. $722." +} +{ + "_id": "d1b3769fe", + "title": "", + "text": "Long-lived assets by geographic area, which primarily include property and equipment, net, as of the periods presented were as follows (table in millions):\nNo individual country other than the U.S. accounted for 10% or more of these assets as of January 31, 2020 and February 1, 2019\nVMware’s product and service solutions are organized into three main product groups:\n• Software-Defined Data Center\n• Hybrid and Multi-Cloud Computing\n• Digital Workspace—End-User Computing\nVMware develops and markets product and service offerings within each of these three product groups. Additionally, synergies are leveraged across these three product areas. VMware’s products and service solutions from each of its product groups may also be bundled as part of an enterprise agreement arrangement or packaged together and sold as a suite. Accordingly, it is not practicable to determine revenue by each of the three product groups described above.\n\n | January 1, 2020 | February 1, 2019\n------------- | --------------- | ----------------\nUnited States | $860 | $849 \nInternational | 209 | 113 \nTotal | $1,069 | $962 \n\nLong-lived assets property equipment\n No country U. S. accounted 10% assets January 31, 2020 February 1, 2019\n VMware’s product solutions three groups\n Software-Defined Data Center\n Hybrid Multi-Cloud Computing\n Digital Workspace—End-User Computing\n develops markets. synergies leveraged across. bundled enterprise sold suite. not practicable determine revenue.\n January 1, 2020 February 1, 2019\n United States $860 $849\n International\n Total $1,069 $962" +} +{ + "_id": "d1a73715c", + "title": "", + "text": "Geographic information\nThe Group is domiciled in the UK and the following tables detail external revenue by location of customers, trade receivables and non-current assets (excluding deferred tax) by geographic area:\nDue to the large number of customers the Group serves, there are no individual customers whose revenue is greater than 10% of the Group’s total revenue in all periods presented in these financial statements.\n\n | 2019 | 2018 \n------------- | ----- | -----\nRevenue | £m | £m \nUK | 349.9 | 324.9\nIreland | 5.2 | 5.2 \nTotal revenue | 355.1 | 330.1\n\n\n Group domiciled UK tables detail revenue location trade receivables non-current assets deferred tax\n large number no customers revenue greater 10% total revenue periods statements.\n Revenue £m\n UK 349. 9 324.\n Ireland 5.\n Total revenue 355. 330." +} +{ + "_id": "d1b36ef9c", + "title": "", + "text": "The Systems gross profit margin increased 3.2 points to 53.1 percent in 2019 compared to the prior year. The increase was driven by actions taken in 2018 to better position the cost structure over the longer term, a mix to IBM Z hardware and operating systems and margin improvement in Storage Systems.\nPre-tax income of $701 million declined 22.4 percent and pre-tax margin of 8.4 percent decreased 1.8 points year to year driven by the declines in Power Systems and Storage Systems revenue and the continued investment in innovation across the Systems portfolio, mitigated by the benefit from the new hardware launches in the second-half 2019.\n\n($ in millions) | | | \n------------------------------------------------------- | ------ | ------ | --------------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr Percent/ Margin Change\nSystems | | | \nExternal Systems Hardware gross profit | $2,622 | $2,590 | 1.2% \nExternal Systems Hardware gross profit margin | 44.3% | 40.7% | 3.6pts. \nExternal Operating Systems Software gross profit | $1,412 | $1,412 | 0.0% \nExternal Operating Systems Software gross profit margin | 83.8% | 84.5% | (0.7)pts. \nExternal total gross profit | $4,034 | $4,002 | 0.8% \nExternal total gross profit margin | 53.1% | 49.8% | 3.2pts. \nPre-tax income | $701 | $904 | (22.4)% \nPre-tax margin | 8.4% | 10.2% | (1.8)pts. \n\nSystems profit margin increased. points 53. 1 percent 2019. driven cost structure IBM Z hardware operating systems margin improvement Storage Systems.\n Pre-tax income $701 million declined. 4 percent pre-tax margin 8. 4 percent decreased. points declines Power Storage Systems revenue investment innovation new hardware launches 2019.\n year December 31 2019. Margin Change\n Hardware gross profit $2,622 $2,590.\n margin 44. 3% 40. 7%.\n Software profit $1,412.\n margin 83. 8% 84. 5%.\n total gross profit $4,034 $4,002.\n 53. 1% 49. 8%.\n Pre-tax income $701 $904.\n margin 8. 4%." +} +{ + "_id": "d1b3a9f84", + "title": "", + "text": "This section presents the Group’s contractual obligation to make a payment in the future in relation to purchases of property, plant and equipment, and lease commitments.\nCapital expenditure and operating lease commitments of the Group at the reporting date are as follows:\nThe commitments set out above do not include contingent turnover rentals, which are charged on many retail premises leased by the Group. These rentals are calculated as a percentage of the turnover of the store occupying the premises, with the percentage and turnover threshold at which the additional rentals commence varying with each lease agreement.\nThe Group leases retail premises and warehousing facilities which are generally for periods up to 40 years. The operating lease commitments include leases for the Norwest office and distribution centres. Generally the lease agreements are for initial terms of between five and 25 years and most include multiple renewal options for additional five to 10-year terms. Under most leases, the Group is responsible for property taxes, insurance, maintenance, and expenses related to the leased properties. However, many of the more recent lease agreements have been negotiated on a gross or semi-gross basis, which eliminates or significantly reduces the Group’s exposure to operational charges associated with the properties.\nFrom 1 July 2019, the Group adopted AASB 16 Leases and as a result the operating lease commitments set out above have been recognised in the Consolidated Statement of Financial Position, with the exception of the service component of lease payments. Refer to Note 1.2.6 for a reconciliation between the operating lease commitments at 30 June 2019 and the lease liabilities recognised at 1 July 2019.\n\n | 2019 | 2018 \n----------------------------------------------------------------------- | ------ | ------\n | $M | $M \nCapital expenditure commitments | | \nEstimated capital expenditure under firm contracts, payable: | | \nNot later than one year | 398 | 416 \nLater than one year, not later than two years | – | – \nLater than two years, not later than five years | – | – \nTotal capital expenditure commitments | 398 | 416 \nOperating lease commitments | | \nFuture minimum rentals under non-cancellable operating leases, payable: | | \nNot later than one year | 1,998 | 2,089 \nLater than one year, not later than five years | 7,415 | 7,484 \nLater than five years | 12,378 | 13,331\nTotal operating lease commitments | 21,791 | 22,904\nTotal commitments for expenditure | 22,189 | 23,320\n\nsection presents Group’s obligation payment future purchases property equipment lease commitments.\n Capital expenditure operating lease commitments reporting date\n include contingent turnover rentals retail premises leased. rentals calculated percentage turnover.\n Group leases retail warehousing facilities up to 40 years. lease include Norwest office distribution centres. lease agreements five 25 years multiple renewal options five 10-year terms. Group responsible property taxes insurance maintenance expenses. recent lease agreements gross semi-gross exposure operational charges.\n 1 July 2019 adopted AASB 16 Leases operating lease commitments recognised in Consolidated Statement Financial Position exception service component lease payments. Note 1. 2. 6 reconciliation operating lease commitments 30 June 2019 lease liabilities 1 July 2019.\n Capital expenditure commitments\n Estimated capital expenditure firm contracts payable\n later one year\n two\ncapital expenditure 398 416\n lease\n rentals leases\n one year 1,998 2,089\n five,484\n 12,378 13,331\n operating lease commitments 21,791 22,904\n expenditure 22,189 23,320" +} +{ + "_id": "d1b382998", + "title": "", + "text": "During the year ended December 31, 2019, the Company completed a reorganization of certain of its foreign subsidiaries that resulted in the derecognition of the related deferred tax assets for net operating losses which were subject to a valuation allowance. As a result, the Company reduced both its net operating loss deferred tax assets and valuation allowance by approximately $19.7 million.\nThe Company accrued $2.7 million as of both December 31, 2019 and 2018, excluding penalties and interest, for the liability for unrecognized tax benefits, which was included in “Long-term income tax liabilities” in the accompanying Consolidated Balance Sheets. Had the Company recognized these tax benefits, approximately $2.7 million, along with the related interest and penalties, would have favorably impacted the effective tax rate in both 2019 and 2018. The Company does not anticipate that any of the unrecognized tax benefits will be recognized in the next twelve months.\nThe Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. The Company had $1.1 million and $0.6 million accrued for interest and penalties as of December 31, 2019 and 2018, respectively. Of the accrued interest and penalties at December 31, 2019 and 2018, $0.6 million and $0.4 million, respectively, relate to statutory penalties. The amount of interest and penalties, net, included in the provision for income taxes in the accompanying Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017 was $0.4 million, $0.7 million and $(9.5) million, respectively.\nThe tabular reconciliation of the amounts of unrecognized net tax benefits is presented below (in thousands):\n\n | | Years Ended December 31, | \n----------------------------------------------------------- | ------ | ------------------------ | --------\n | 2019 | 2018 | 2017 \nBalance at the beginning of the period | $2,720 | $1,342 | $8,531 \nCurrent period tax position increases | — | 2,950 | — \nDecreases from settlements with tax authorities | — | (191) | (10,865)\nDecreases due to lapse in applicable statute of limitations | — | (1,310) | (466) \nForeign currency translation increases (decreases) | (9) | (71) | 4,142 \nBalance at the end of the period | $2,711 | $2,720 | $1,342 \n\nDecember 31, 2019 Company reorganization foreign subsidiaries deferred tax assets. reduced net operating loss deferred tax assets valuation allowance $19. 7 million.\n accrued $2. 7 million December 31, 2019 2018 excluding penalties unrecognized tax benefits-term income tax Consolidated Balance Sheets. $2. 7 million impacted effective tax rate 2019 2018. tax benefits next twelve months.\n recognizes interest penalties tax benefits. $1. 1 million $0. 6 million accrued December 31, 2019 2018. $0. 6 million $0. 4 million statutory penalties. interest penalties taxes Consolidated Statements Operations December 31, 2019 2018 2017 $0. 4 million $0. 7 million $. million.\n tabular reconciliation unrecognized net tax benefits\n Years December\n Balance $2,720 $1,342 $8,531\n period tax position increases 2,950\n Decreases settlements tax authorities,865\nstatute (1,310) (466)\n Foreign currency 4,142\n Balance end period $2,711 $2,720 $1,342" +} +{ + "_id": "d1b3af100", + "title": "", + "text": "Disaggregation of Revenue\nThe tables below present the Company’s revenue disaggregated by type of revenue. Refer to Note 13, Reportable Segment Information, for disaggregated revenue by type and reportable segment. The majority of the Company’s revenue is earned domestically, with revenue from customers outside the United States comprising less than 1% of total revenue.\n\n | Year Ended June 30, | | \n--------------------------- | ------------------- | ---------- | ----------\n | 2019 | 2018 | 2017 \nProcessing | $594,202 | $550,058 | $506,555 \nOutsourcing & Cloud | 405,359 | 361,922 | 327,738 \nProduct Delivery & Services | 231,982 | 251,743 | 256,794 \nIn-House Support | 321,148 | 307,074 | 297,203 \nServices & Support | 958,489 | 920,739 | $881,735 \nTotal Revenue | $1,552,691 | $1,470,797 | $1,388,290\n\nRevenue\n tables. Note 13,. majority domestically outside less 1% revenue.\n Ended June 30\n Processing $594,202 $550,058 $506,555\n Outsourcing Cloud 405,359 361,922 327,738\n Product Delivery 231,982 251,743 256,794\n In-House Support 321,148 307,074,203\n 958,489 920,739 $881,735\n Revenue $1,552,691 $1,470,797 $1,388,290" +} +{ + "_id": "d1b339b76", + "title": "", + "text": "Assumptions used\nThe last triennial actuarial valuation of the Scheme was performed by an independent professional actuary at 30 April 2018 using the projected unit method of valuation. For the purposes of IAS 19 (revised) the actuarial valuation as at 30 April 2018 has been updated on an approximate basis to 31 March 2019. There have been no changes in the valuation methodology adopted for this year’s disclosures compared to the prior year’s disclosures.\nThe principal financial assumptions used to calculate the liabilities under IAS 19 (revised) are as follows:\nThe financial assumptions reflect the nature and term of the Scheme’s liabilities.\n\n | 2019 | 2018\n------------------------------------ | ---- | ----\n | % | % \nDiscount rate for scheme liabilities | 2.45 | 2.60\nCPI inflation | 2.35 | 2.25\nRPI inflation | 3.45 | 3.35\nPension increases | | \nPre 1988 GMP | – | – \nPost 1988 GMP | 2.10 | 2.10\nPre 2004 non GMP | 5.00 | 5.00\nPost 2004 | 3.35 | 3.25\n\n\n last triennial actuarial valuation Scheme performed independent actuary 30 April 2018 projected unit method. 19 valuation updated to 31 March 2019. no changes in valuation methodology disclosures prior.\n principal financial assumptions liabilities IAS 19\n reflect nature term Scheme’s liabilities.\n Discount rate scheme liabilities 2. 45 2. 60\n CPI inflation. 35. 25\n RPI inflation 3. 45.\n Pension increases\n 1988 GMP\n 2. 10.\n 2004 5.\n 3." +} +{ + "_id": "d1b3105c8", + "title": "", + "text": "6. Goodwill and Other Intangible Assets\nThe Company completed its annual impairment test for goodwill and indefinite-lived intangible assets during the fourth quarter of fiscal year 2019 and determined the fair values of the reporting units and the indefinite-lived intangible assets were in excess of the carrying values and that no impairment existed as of the date of the impairment test.\nThe following table presents the changes in goodwill allocated to the Company’s reportable segments, Electronics Manufacturing Services (“EMS”) and Diversified Manufacturing Services (“DMS”), during the fiscal years ended August 31, 2019 and 2018 (in thousands):\n(1) Includes $8.2 million of goodwill reallocated between DMS and EMS during fiscal year 2018.\n\n | EMS | DMS | Total \n----------------------------------------- | ------- | -------- | --------\nBalance as of August 31, 2017 | $52,574 | $555,610 | $608,184\nAcquisitions and adjustments(1) | 30,763 | (8,186) | 22,577 \nChange in foreign currency exchange rates | (667) | (2,349) | (3,016) \nBalance as of August 31, 2018 | 82,670 | 545,075 | 627,745 \nChange in foreign currency exchange rates | (702) | (4,788) | (5,490) \nBalance as of August 31, 2019 | $81,968 | $540,287 | $622,255\n\n. Goodwill Intangible Assets\n Company impairment test goodwill assets quarter 2019 no impairment.\n changes goodwill Electronics Diversified Manufacturing Services 2019 2018\n Includes $8. 2 million goodwill reallocated DMS EMS 2018.\n Balance August 31, 2017 $52,574 $555,610 $608,184\n Acquisitions 30,763 (8,186) 22,577\n foreign currency exchange rates (667) (2,349)\n Balance August 31, 2018 82,670 545,075 627,745\n (702) (4,788) (5,490)\n Balance August 31, 2019 $81,968 $540,287 $622,255" +} +{ + "_id": "d1b3174e0", + "title": "", + "text": "Audit and Non-Audit Fees\nThe following table presents fees billed for professional audit services rendered by PricewaterhouseCoopers LLP for the audit of the Company’s annual financial statements for the years ended June 29, 2019 and June 30, 2018 respectively, and fees billed for other services rendered by PricewaterhouseCoopers LLP and during those periods.\n(1) Audit Fees are related to professional services rendered in connection with the audit of the Company’s annual financial statements, the audit of internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002, reviews of financial statements included in the Company’s Quarterly Reports on Form 10-Q, and audit services provided in connection with other statutory and regulatory filings. Audit Fees in fiscal 2019 include fees for services performed by PricewaterhouseCoopers LLP in connection with the acquisitions of RPC Photonics, Inc. (“RPC”) and 3Z Telecom, Inc. (“3Z”). Audit Fees in fiscal 2018 include fees for the acquisitions of the AvComm and Wireless businesses of Cobham plc (“AW”) and Trilithic Inc. (“Trilithic”).\n(2) Audit-Related Fees are related to due diligence services for our acquisition activities incurred in fiscal 2018.\n(3) Tax Fees for fiscal 2019 and 2018 include professional services rendered in connection with transfer pricing consulting, tax audits, planning services and other tax consulting.\n(4) All Other Fees are related to certain software subscription fees.\nFor fiscal year 2019, the Audit Committee considered whether audit-related services and services other than audit-related services provided by PricewaterhouseCoopers LLP are compatible with maintaining the independence of PricewaterhouseCoopers LLP and concluded that the independence of PricewaterhouseCoopers LLP was maintained.\n\n | Fiscal 2019 | Fiscal 2018\n---------------------- | ----------- | -----------\nAudit Fees (1) | $3,631,575 | $3,784,488 \nAudit-Related Fees (2) | 0 | 359,000 \nTax Fees (3) | 169,776 | 61,592 \nAll Other Fees (4) | 4,500 | 3,600 \nTotal | $3,805,851 | $4,208,680 \n\nAudit Non-Audit Fees\n table presents services PricewaterhouseCoopers LLP annual financial statements June 29, 2019 June 30, 2018 other services.\n Audit Fees annual financial statements internal control 404 Sarbanes-Oxley Act 2002 reviews financial statements Quarterly Reports Form 10-Q statutory regulatory filings. 2019 RPC Photonics. 3Z Telecom. 2018 AvComm Wireless Cobham plc Trilithic Inc.\n Audit-Related Fees due diligence services acquisition activities 2018.\n Tax Fees 2019 2018 transfer pricing consulting tax audits planning services consulting.\n Other Fees software subscription fees.\n 2019 Audit Committee PricewaterhouseCoopers LLP independence PricewaterhouseCoopers LLP independence.\n 2019 2018\n Audit Fees (1) $3,631,575 $3,784,488\n Audit-Related Fees (2) 359,000\n Tax Fees (3) 169,776 61,592\nFees 4,600\n $3,805,851,208,680" +} +{ + "_id": "d1b37ec1c", + "title": "", + "text": "21 Called up share capital and reserves\nOther reserves in the Consolidated Statement of Changes in Equity on pages 151 to 152 are made up as follows:\nThe change in translation reserve includes a £1.4m credit transferred from retained earnings.\n\n | 1st January 2019 | Change in year | 31st December 2019\n------------------------------ | ---------------- | -------------- | ------------------\n | £m | £m | £m \nTranslation reserve | 30.3 | (45.0) | (14.7) \nNet investment hedge reserve | (7.4) | 12.9 | 5.5 \nCash flow hedges reserve | – | 3.3 | 3.3 \nCapital redemption reserve | 1.8 | – | 1.8 \nEmployee Benefit Trust reserve | (2.5) | (4.0) | (6.5) \nTotal other reserves | 22.2 | (32.8) | (10.6) \n\nshare capital reserves\n Consolidated Statement Changes Equity pages 151 152\n change reserve £1. 4m credit transferred earnings.\n 1st January 2019 31st December 2019\n Translation reserve 30. (14.\n investment hedge reserve. 12.\n Cash flow hedges reserve.\n Capital redemption reserve.\n Employee Benefit Trust reserve (2. (6.\n reserves 22. 8) (10." +} +{ + "_id": "d1b39023c", + "title": "", + "text": "In November 2016, the FASB issued guidance that requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements.\nIn October 2016, the FASB issued guidance that requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than\ninventory, in the period in which the transfer occurs. The guidance is effective for annual reporting periods and interim periods within those annual reporting\nperiods beginning after December 15, 2017, our fiscal 2019. The modified retrospective transition method should be applied. We adopted this guidance in the first\nquarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements.\nIn August 2016, the FASB issued guidance that aims to eliminate diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements.\nn January 2016, the FASB issued guidance that requires most equity investments be measured at fair value, with subsequent other changes in fair value recognized in net income. The guidance also impacts financial liabilities under the fair value option and the presentation and disclosure requirements on the classification and measurement of financial instruments. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. It should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, unless equity securities do not have readily determinable fair values, in which case the amendments should be applied prospectively. We adopted this guidance in the first quarter of fiscal 2019. We did not use prospective amendments for any investments and adoption did not have a material impact on our consolidated financial statements.\nThe following reconciliations provide the effect of the reclassification of the net periodic benefit cost from operating expenses to other (income) expense in our consolidated statements of income for fiscal year 2018 and 2017 (in millions):\n\nTwelve Months Ended September 29, 2018: | As Previously Reported | Adjustments | As Recast\n--------------------------------------- | ---------------------- | ----------- | ---------\nCost of Sales | $34,926 | $30 | $34,956 \nSelling, General and Administrative | $2,071 | $(7) | $2,064 \nOperating Income | $3,055 | $(23) | $3,032 \nOther (Income) Expense | $310 | $(23) | $287 \nTwelve Months Ended September 30, 2017: | As Previously Reported | Adjustments | As Recast\nCost of Sales | $33,177 | $21 | $33,198 \nSelling, General and Administrative | $2,152 | $(11) | $2,141 \nOperating Income | $2,931 | $(10) | $2,921 \nOther (Income) Expense | $303 | $(10) | $293 \n\nNovember 2016, FASB show changes cash equivalents restricted statement cash flows. effective interim periods after December 15 2017. retrospective transition method applied. adopted first quarter fiscal 2019 consolidated financial statements.\n October 2016, FASB recognize income tax effects intercompany sales transfers assets\n. effective interim periods\n after December 15 2017 2019. modified retrospective transition method applied. adopted first\n quarter fiscal 2019 impact consolidated financial statements.\n August 2016, FASB diversity cash receipts payments cash flows. effective after December 15 2017. retrospective transition method applied. adopted first quarter fiscal 2019 impact consolidated financial statements.\n January 2016, FASB equity investments measured at fair value changes recognized net income. impacts financial liabilities fair value option presentation disclosure requirements classification measurement financial instruments. effective after December 15, 2017 fiscal 2019.cumulative-effect adjustment balance sheet fiscal year unless equity securities values amendments prospectively. adopted first quarter 2019. amendments investments consolidated financial statements.\n reconciliations net benefit cost consolidated statements 2018 2017\n Twelve Months Ended September 29, 2018: Adjustments\n Cost Sales $34,926\n Selling General Administrative $2,071 $2,064\n Operating Income $3,055 $3,032\n Other (Income Expense $310\n Twelve Months Ended September 30, 2017:\n Cost Sales $33,177 $33,198\n Selling General Administrative $2,152\n Operating Income $2,931 $2,921\n Other (Income) Expense $303 $293" +} +{ + "_id": "d1b3b5dc0", + "title": "", + "text": "Note 14. Property and Equipment, Net\nProperty and equipment, net consisted of the following (in thousands):\n\n | December 31, | \n----------------------------------------------- | ------------ | --------\n | 2019 | 2018 \nLand | $1,949 | $2,185 \nBuildings and leasehold improvements | 138,755 | 129,582 \nEquipment, furniture and fixtures | 307,559 | 298,537 \nCapitalized internally developed software costs | 38,466 | 41,883 \nTransportation equipment | 613 | 636 \nConstruction in progress | 5,037 | 2,253 \n | 492,379 | 475,076 \nLess: Accumulated depreciation | 366,389 | 339,658 \n | $125,990 | $135,418\n\n. Property Equipment\n Land $1,949 $2,185\n Buildings improvements 138,755 129,582\n Equipment furniture fixtures 307,559,537\n software 38,466 41,883\n Transportation\n Construction 5,037 2,253\n,379 475,076\n depreciation,389 339,658\n $125,990 $135,418" +} +{ + "_id": "d1b327df4", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nNOTE 9. ACCOUNTS AND OTHER RECEIVABLE\nAccounts and other receivable are recorded at net realizable value. Components of accounts and other receivable, net of reserves, are as follows:\nAmounts billed, net consist of amounts that have been invoiced to our customers in accordance with terms and conditions, and are shown net of an allowance for doubtful accounts. These receivables are all short term in nature and do not include any financing components.\nUnbilled receivables consist of amounts where we have satisfied our contractual obligations related to inventory stocking contracts with customers. Such amounts are typically invoiced to the customer upon their consumption of the inventory managed under the stocking contracts. We anticipate that substantially all unbilled receivables will be invoiced and collected over the next twelve months. These contracts do not include any financing components.\n\n | December 31, 2019 | December 31, 2018\n---------------------- | ----------------- | -----------------\nAmounts billed, net | $227,528 | $80,709 \nUnbilled receivables | 19,036 | 19,733 \nTotal receivables, net | $246,564 | $100,442 \n\nADVANCED. FINANCIAL STATEMENTS thousands share\n NOTE 9. ACCOUNTS RECEIVABLE\n recorded net realizable value.\n Amounts billed invoiced doubtful accounts. short term financing.\n Unbilled receivables contractual obligations inventory stocking contracts. invoiced consumption inventory. anticipate unbilled receivables invoiced collected next twelve months. financing.\n December 31, 2019 December 31, 2018\n Amounts billed net $227,528 $80,709\n Unbilled receivables 19,036 19,733\n Total receivables net $246,564 $100,442" +} +{ + "_id": "d1b319772", + "title": "", + "text": "Following is a summary of our cash flows provided by (used in) operating activities, investing activities and financing activities for the years endedD ecember 31, 2019 and 2018. A discussion of cash flows for the year ended December 31, 2017 has been omitted from this Annual Report on Form 10-K, but may be found in “Item 7.\nManagement’s Discussion and Analysis of Financial Condition and Results of Operations,” under the heading “Liquidity and Capital Resources” in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 5, 2019, which discussion is incorporated herein by reference and which is available free of charge on the SEC’s website at www.sec.gov.\nCash Flows from Operating Activities\nNet cash provided by operating activities was $78.3 million for the year ended December 31, 2019. Net cash provided by operating activities consisted of positive cash flow from operations including $101.1 million in non-cash expenses and $16.9 million in changes in operating assets and liabilities, partially offset by net loss of $19.9 million and deferred income taxes and excess tax benefits from stock-based compensation of $19.8 million.\nNon-cash items included in net loss for the year ended December 31, 2019 primarily included depreciation and amortization of property, equipment, intangible assets and leased right-of-use assets of $66.4 million and stock-based compensation of $32.1 million.\nDuring the year ended December 31, 2019, we also exited certain leased facilities, which resulted in impairment of leased right-of-use assets of$ 9.2 million and leasehold improvements of $1.4 million, which was partially offset by a gain on extinguishment of related lease liabilities of$ 10.4 million, all of which are non-cash items that did not affect cash flows.\nNet cash provided by operating activities was $102.7 million for the year ended December 31, 2018. Net cash provided by operating activities consisted of positive cash flow from operations including $100.3 million in non-cash operating expenses and $28.6 million in changes in operating assets and liabilities, partially offset by net loss of $26.2 million.\nNon-cash items included in net loss for the year ended December 31, 2018 primarily included depreciation and amortization of property, equipment and intangible assets of $79.0 million, stock-based compensation of $31.7 million, and impairment of intangible assets of $2.2 million, partially offset by deferred income taxes of $12.1 million and excess tax benefits on stock-based awards of $2.0 million.\nCash Flows from Investing Activities\nNet cash used in investing activities was $7.0 million for the year ended December 31, 2019. Net cash used in investing activities primarily consisted of $6.9 million in purchases of property and equipment. Net cash used in investing activities was $7.8 million for the year ended December 31, 2018. Net cash used in investing activities consisted entirely of $7.8 million in purchases of property and equipment.\nCash Flows from Financing Activities\nNet cash used in financing activities was $53.4 million for the year ended December 31, 2019. Net cash used in financing activities consisted primarily of cash outflows from aggregate prepayments of principal of $50.0 million and $12.0 million in minimum tax withholding paid on behalf of employees for restricted stock units, partially offset by cash inflows of $8.6 million in net proceeds from issuance of common stock upon exercise of stock options.\nNet cash used in financing activities was $93.8 million for the year ended December 31, 2018. Net cash used in financing activities primarily consisted of cash outflows from $93.0 million in aggregate prepayments of principal on outstanding debt and $7.6 million in minimum tax withholding paid on behalf of employees for restricted stock units, partially offset by cash inflows of $6.8 million in net proceeds from issuance of common stock upon exercise of stock options.\nWe believe that our $92.7 million of cash and cash equivalents at December 31, 2019 will be sufficient to fund our projected operating requirements for at least the next twelve months. We have repaid $213.0 million of debt to date. The credit agreement permits the Company to request incremental loans in an aggregate principal amount not to exceed the sum of $160.0 million (subject to adjustments for any voluntary prepayments), plus an unlimited amount that is subject to pro forma compliance with certain secured leverage ratio and total leverage ratio tests.\nIncremental loans are subject to certain additional conditions, including obtaining additional commitments from the lenders then party to the credit agreement or new lenders. The term loan facility has a seven-year term and bears interest at either an Adjusted LIBOR or an Adjusted Base Rate, at our option, plus a fixed applicable margin.\nOur cash and cash equivalents in recent years have been favorably affected by our implementation of an equity-based bonus program for our employees, including executives. In connection with that bonus program, in February 2019, we issued 0.3 million freely-tradable shares of our common stock in settlement of bonus awards for the 2018 performance period. We expect to implement a similar equity-based plan for fiscal 2019, but our compensation committee retains discretion to effect payment in cash, stock, or a combination of cash and stock.\nNotwithstanding the foregoing, we may need to raise additional capital or incur additional indebtedness to fund strategic initiatives or operating activities, particularly if we continue to pursue acquisitions.\nOur future capital requirements will depend on many factors, including our rate of revenue growth, the expansion of our engineering, sales and marketing activities, the timing and extent of our expansion into new territories, the timing of introductions of new products and enhancements to existing products, the continuing market acceptance of our products and potential material investments in, or acquisitions of, complementary businesses, services or technologies. Additional funds may not be available on terms favorable to us or at all.\nIf we are unable to raise additional funds when needed, we may not be able to sustain our operations or execute our strategic plans.\n\n | Years Ended December 31, | \n----------------------------------------------------------------------------- | ------------------------ | --------\n | 2019 | 2018 \n | (in thousands) | \nNet cash provided by operating activities | $78,348 | $102,689\nNet cash used in investing activities | (6,973) | (7,825) \nNet cash used in financing activities | (53,383) | (93,784)\nEffect of exchange rate changes on cash, cash equivalents and restricted cash | 934 | (1,301) \nIncrease (decrease) in cash, cash equivalents and restricted cash | $18,926 | (221) \n\nsummary cash flows operating investing financing 2019 2018. 2017 omitted Annual Report Form 10-K.\n Analysis Financial Condition Results Operations Capital Annual Report 2018 SEC February 5 2019 available website.\n Cash Flows Operating Activities\n Net $78. 3 million 2019. positive flow $101. 1 million non-cash expenses $16. 9 million assets liabilities offset net loss $19. 9 million deferred income taxes benefits stock-based compensation $19. 8 million.\n Non-cash items depreciation amortization property equipment intangible assets leased right-use assets $66. 4 million stock-based compensation $32. 1 million.\n exited leased facilities impairment leased-of-use assets$ 9. 2 million leasehold improvements $1. 4 million offset gain extinguishment lease liabilities$ 10. 4 million.\n Net cash $102. 7 million 31, 2018. positive $100. 3 million non-cash expenses $28.assets liabilities offset net loss $26. 2 million.\n Non-cash items depreciation amortization property equipment intangible assets $79. 0 million stock-based compensation $31. 7 million impairment intangible assets $2. 2 million offset deferred income taxes $12. 1 million excess tax benefits stock-based awards $2. million.\n Cash Flows Investing Activities\n $7. 0 million 2019. $6. 9 million purchases property equipment. $7. 8 million. $7. million.\n Cash Flows Financing Activities\n $53. 4 million 2019. prepayments $50. million $12. million minimum tax withholding offset $8. 6 million proceeds issuance common stock.\n financing $93. 8 million 2018. outflows $93. 0 million prepayments $7. 6 million minimum tax withholding offset $6. 8 million proceeds.\n $92. 7 million cash equivalents December 31, 2019 operating requirements twelve months. repaid $213.million debt. credit agreement permits Company request incremental loans not exceed $160. 0 million adjustments voluntary unlimited amount subject compliance secured leverage ratio tests.\n Incremental loans subject conditions commitments from lenders new. term loan facility seven-year term interest Adjusted LIBOR or Adjusted Base Rate fixed margin.\n cash equivalents affected equity bonus program employees. February 2019 issued. 3 million freely-tradable shares common stock bonus 2018. expect similar equity-based plan fiscal 2019 compensation committee payment cash stock.\n may need raise additional capital indebtedness fund strategic initiatives activities acquisitions.\n future capital requirements depend revenue growth expansion engineering sales marketing new products market acceptance potential investments acquisitions complementary businesses. Additional funds may not available.\n unable raise additional funds may sustain operations execute strategic plans.\n Years Ended December 31,\n 2019 2018\n thousands\n$78,348 $102,689\n investing (6,973) (7,825)\n financing (53,383) (93,784)\n exchange rate changes cash 934 (1,301)\n $18,926 (221)" +} +{ + "_id": "d1a73ab0e", + "title": "", + "text": "13. SHARE-BASED EMPLOYEE COMPENSATION\nStock incentive plans — We offer share-based compensation plans to attract, retain, and motivate key officers, employees, and non-employee directors to work toward the financial success of the Company.\nOur stock incentive plans are administered by the Compensation Committee of the Board of Directors and have been approved by the stockholders of the Company. The terms and conditions of our share-based awards are determined by the Compensation Committee for each award date and may include provisions for the exercise price, expirations, vesting, restriction on sales, and forfeitures, as applicable. We issue new shares to satisfy stock issuances under our stock incentive plans.\nOur Amended and Restated 2004 Stock Incentive Plan authorizes the issuance of up to11,600,000 common shares in connection with the granting of stock options, stock appreciation rights, restricted stock purchase rights, restricted stock bonuses, restricted stock units, or performance units to key employees, directors, and other designated employees. There were 1,677,983 shares of common stock available for future issuance under this plan as of September 29, 2019.\nWe also maintain a deferred compensation plan for non-management directors under which those who are eligible to receive fees or retainers may choose to defer receipt of their compensation. The deferred amounts are converted to stock equivalents. The plan requires settlement in shares of our common stock based on the number of stock equivalents and dividend equivalents at the time of a participant’s separation from the Board of Directors. This plan provides for the issuance of up to 350,000 shares of common stock in connection with the crediting of stock equivalents. There were143,122 shares of common stock available for future issuance under this plan as of September 29, 2019.\nCompensation expense — The components of share-based compensation expense, included within “Selling, general, and administrative expenses” in our consolidated statement of earnings, in each fiscal year are as follows (in thousands):\nNonvested restricted stock units — Nonvested restricted stock units (“RSUs”) are generally issued to executives, non-management directors and certain other members of management and employees. Prior to fiscal 2011, RSUs were granted to certain Executive and Senior Vice Presidents pursuant to our share ownership guidelines. These awards vest upon retirement or termination based on years of service. There were 60,272 of such RSUs outstanding as of September 29, 2019.\n\n | 2019 | 2018 | 2017 \n----------------------------------------------- | ------ | ------ | -------\nNonvested stock units | $5,458 | $5,737 | $5,873 \nStock options | 936 | 1,790 | 1,826 \nPerformance share awards | 1,417 | 1,236 | 2,580 \nNonvested restricted stock awards | — | 33 | 88 \nNon-management directors’ deferred compensation | 263 | 350 | 270 \nTotal share-based compensation expense | $8,074 | $9,146 | $10,637\n\n. SHARE-BASED EMPLOYEE COMPENSATION\n Stock incentive plans offer share-based compensation plans attract motivate officers employees directors financial success.\n administered by Compensation Committee approved by stockholders. terms conditions awards determined by Committee include exercise price expirations vesting restriction sales forfeitures. issue new shares stock issuances.\n Amended 2004 Stock Incentive Plan authorizes issuance,600,000 common shares stock options appreciation rights purchase rights bonuses units performance units to employees directors. 1,677,983 shares available future issuance September 29, 2019.\n deferred compensation plan for non-management directors. deferred amounts converted to stock equivalents. requires settlement in shares based equivalents dividend equivalents separation. provides issuance 350,000 shares.,122 shares available future issuance September 29, 2019.\n Compensation expense share-based compensation\nNonvested units issued executives non-management directors. Senior Vice Presidents. vest retirement. 60,272 RSUs September 29, 2019.\n Nonvested stock units $5,458 $5,737 $5,873\n Stock options 936 1,790 1,826\n Performance share awards 1,417 1,236 2,580\n Non-management directors’ deferred compensation 263 350\n share-based compensation expense $8,074 $9,146 $10,637" +} +{ + "_id": "d1a72ff9c", + "title": "", + "text": "Significant components of Teradyne’s deferred tax assets (liabilities) as of December 31, 2019 and 2018 were as follows:\nAs of December 31, 2019 and 2018, Teradyne evaluated the likelihood that it would realize deferred income taxes to offset future taxable income and concluded that it is more likely than not that a substantial majority of its deferred tax assets will be realized through consideration of both the positive and negative evidence. At December 31, 2019 and 2018, Teradyne maintained a valuation allowance for certain deferred tax assets of $77.2 million and $69.9 million, respectively, primarily related to state net operating losses and state tax credit carryforwards, due to the uncertainty regarding their realization. Adjustments could be required in the future if Teradyne estimates that the amount of deferred tax assets to be realized is more or less than the net amount recorded.\n\n | 2019 | 2018 \n-------------------------------- | -------------- | ---------\n | (in thousands) | \nDeferred tax assets | | \nTax credits | $79,480 | $69,091 \nAccruals | 25,424 | 23,449 \nPension liabilities | 24,459 | 20,826 \nInventory valuations | 18,572 | 18,514 \nDeferred revenue | 7,622 | 9,130 \nEquity compensation | 7,042 | 7,190 \nVacation accrual | 4,768 | 4,772 \nInvestment impairment | 3,292 | — \nNet operating loss carryforwards | 2,705 | 3,658 \nMarketable securities | — | 962 \nOther | 1,472 | 685 \nGross deferred tax assets | 174,836 | 158,277 \nLess: valuation allowance | (77,177) | (69,852) \nTotal deferred tax assets | $97,659 | $88,425 \nDeferred tax liabilities: | | \nDepreciation | $(18,238) | $(14,028)\nIntangible assets | (16,705) | (24,211) \nMarketable securities | (1,601) | — \nTotal deferred tax liabilities | $(36,544) | $(38,239)\nNet deferred assets | $61,115 | $50,186 \n\nTeradyne’s deferred tax assets December 31, 2019 2018\n evaluated deferred taxes majority deferred assets. valuation allowance $77. 2 million $69. 9 million net operating losses tax credit carryforwards uncertainty realization. Adjustments.\n Deferred tax assets\n Tax credits $79,480 $69,091\n Accruals 25,424\n Pension liabilities 24,459\n Inventory valuations 18,572 18,514\n Deferred revenue 7,622\n Equity compensation 7,042\n Vacation accrual 4,768\n Investment impairment 3,292\n Net operating loss carryforwards 2,705\n Marketable securities\n 1,472\n Gross deferred tax assets 174,836 158,277\n valuation allowance (77,177\n deferred tax assets $97,659 $88,425\n liabilities\n Depreciation $(18,238) $(14,028)\nIntangible (16,705\n deferred tax liabilities,239)\n deferred assets $61,115 $50,186" +} +{ + "_id": "d1b374866", + "title": "", + "text": "Contract Liabilities\nContract liabilities include payments received in advance of performance under the contract, and are realized with the associated revenue recognized under the contract. The changes in our contract liabilities are as follows (in thousands):\nThe revenue recognized from amounts included in contract liabilities primarily relates to prepayment contracts with customers as well as payments of activation fees.\n\nYear Ended December 31, | | \n---------------------------------------------------------------- | ------- | -------\n | 2019 | 2018 \nBeginning of period balance | $11,176 | $12,678\nRevenue deferred and acquired in current period | 6,127 | 3,954 \nRevenue recognized from amounts included in contract liabilities | (6,805) | (5,456)\nEnd of period balance | $10,498 | $11,176\n\nContract Liabilities\n payments performance realized revenue. changes\n revenue prepayment contracts activation fees.\n Year Ended December 31,\n 2019 2018\n Beginning period balance $11,176 $12,678\n Revenue deferred acquired period 6,127 3,954\n Revenue (6,805) (5,456)\n End period balance $10,498 $11,176" +} +{ + "_id": "d1b31baa4", + "title": "", + "text": "Stock-Based Compensation\nThe following table summarizes the components of total stock-based compensation included in VMware’s consolidated statements of income during the periods presented (table in millions):\nAs of January 31, 2020, the total unrecognized compensation cost for stock options and restricted stock was $1.8 billion and will be recognized through fiscal 2024 with a weighted-average remaining period of 1.5 years. Stock-based compensation related to VMware equity awards held by VMware employees is recognized on VMware’s consolidated statements of income over the awards’ requisite service periods.\n\n | | For the Year Ended | \n------------------------------------------ | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nCost of license revenue | $1 | $1 | $2 \nCost of subscription and SaaS revenue | 13 | 7 | 5 \nCost of services revenue | 83 | 58 | 53 \nResearch and development | 459 | 391 | 363 \nSales and marketing | 293 | 226 | 205 \nGeneral and administrative | 168 | 117 | 84 \nStock-based compensation | 1,017 | 800 | 712 \nIncome tax benefit | (347) | (253) | (232) \nTotal stock-based compensation, net of tax | $670 | $547 | $480 \n\nStock-Based Compensation\n table summarizes compensation statements\n January 31, 2020 unrecognized compensation cost stock options restricted stock $1. 8 billion recognized 2024 1. 5 years. compensation VMware equity awards recognized statements periods.\n January 31, 2020 February 1, 2019 2 2018\n license revenue $1\n subscription SaaS revenue 13\n services 83\n Research development 459\n Sales marketing 293\n General administrative 168\n Stock-based compensation 1,017\n Income tax benefit (347) (253)\n compensation net tax $670 $547 $480" +} +{ + "_id": "d1b38bf5c", + "title": "", + "text": "Results of Operations\nThe following describes the line items set forth in our consolidated statements of operations. A discussion of changes in our results of operations during the year ended December 31, 2018 compared to the year ended December 31, 2017 has been omitted from this Annual Report on Form 10-K, but may be found in “Item 7.\nManagement’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 5, 2019, which discussion is incorporated herein by reference and which is available free of charge on the SEC’s website at www.sec.gov.\nNet Revenue. Net revenue is generated from sales of radio-frequency, analog and mixed-signal integrated circuits for the connected home, wired and wireless infrastructure, and industrial and multi-market applications. A significant portion of our sales are to distributors, which then resell our products.\nCost of Net Revenue. Cost of net revenue includes the cost of finished silicon wafers processed by third-party foundries; costs associated with our outsourced packaging and assembly, test and shipping; costs of personnel, including stock-based compensation, and equipment associated with manufacturing support, logistics and quality assurance; amortization of acquired developed technology intangible assets and inventory step-ups to fair value; amortization of certain production mask costs; cost of production load boards and sockets; and an allocated portion of our occupancy costs.\nResearch and Development. Research and development expense includes personnel-related expenses, including stock-based compensation, new product engineering mask costs, prototype integrated circuit packaging and test costs, computer-aided design software license costs, intellectual property license costs, reference design development costs, development testing and evaluation costs, depreciation expense and allocated occupancy costs.\nResearch and development activities include the design of new products, refinement of existing products and design of test methodologies to ensure compliance with required specifications. All research and development costs are expensed as incurred.\nSelling, General and Administrative. Selling, general and administrative expense includes personnel-related expenses, including stock-based compensation, amortization of certain acquired intangible assets, third-party sales commissions, field application engineering support, travel costs, professional and consulting fees, legal fees, depreciation expense and allocated occupancy costs. Impairment Losses. Impairment losses consist of charges resulting from the impairment of acquired intangible assets.\nRestructuring Charges. Restructuring charges consist of severance, lease and leasehold impairment charges, and other charges related to restructuring plans. Interest and Other Income (Expense), Net. Interest and other income (expense), net includes interest income, interest expense and other income (expense). Interest income consists of interest earned on our cash, cash equivalents and restricted cash balances. Interest expense consists of interest accrued on debt. Other income (expense) generally consists of income (expense) generated from non-operating transactions.\nIncome Tax Provision (Benefit). We make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expenses for tax and financial statement purposes and the realizability of assets in future years.\nThe following table sets forth our consolidated statement of operations data as a percentage of net revenue for the periods indicated:\n\n | | Years Ended December 31,\n---------------------------------------------- | ---- | ------------------------\n | 2019 | 2018 \nNet revenue | 100% | 100% \nCost of net revenue | 47 | 46 \nGross profit | 53 | 54 \nOperating expenses: | | \nResearch and development | 31 | 31 \nSelling, general and administrative | 28 | 26 \nImpairment losses | - | 1 \nRestructuring charges | 1 | 1 \nTotal operating expenses | 60 | 59 \nLoss from operations | (7) | (5) \nTotal interest and other income (expense), net | (3) | (4) \nLoss before income taxes | (10) | (9) \nIncome tax benefit | (4) | (2) \nNet loss | (6)% | (7)% \n\nResults Operations\n items consolidated statements operations. discussion changes December 31, 2018 2017 omitted Annual Report Form 10-K found “Item 7.\n Management’s Discussion Analysis Financial Condition Results Annual Report 10-K 2018 filed SEC February 5, 2019 available website.\n Net Revenue. sales radio analog mixed-signal circuits home wired wireless infrastructure industrial multi-market applications. sales distributors resell products.\n Cost Net Revenue. includes finished silicon wafers outsourced packaging assembly test shipping personnel equipment manufacturing support logistics assets inventory production mask costs load boards sockets occupancy costs.\n Research Development. personnel stock-based compensation product engineering mask prototype circuit packaging test computer-aided design software intellectual property design development testing evaluation depreciation occupancy costs.\n development design new products refinement test methodologies. costs expensed incurred.\n Selling Administrative.Selling administrative expense includes personnel expenses stock compensation amortization assets sales commissions engineering support travel professional consulting fees legal fees depreciation occupancy costs. Impairment Losses. assets.\n Restructuring Charges. severance lease leasehold impairment restructuring plans. Interest Income. Interest cash equivalents cash balances. Interest expense accrued debt. Other income non-operating transactions.\n Income Tax Provision (Benefit. estimates judgments income tax expense financial statement. differences timing revenue expenses realizability.\n table consolidated statement operations data net revenue periods\n Ended\n Net revenue 100%\n Cost revenue 47\n Gross profit 53 54\n Operating expenses\n Research development 31\n Selling general administrative 28 26\n Impairment losses\n Restructuring charges\n Total operating expenses 60 59\n Loss operations (7)\n interest other income\ntaxes (10)\n benefit (4)\n Net loss (6)" +} +{ + "_id": "d1b31ee98", + "title": "", + "text": "Outstanding Equity Awards at Fiscal Year End\nThe following table summarizes the equity awards made to our named executive officers that were outstanding at December 31, 2019\n\nName | No. of Securities Underlying Unexercised Options (#) Exercisable No. of Securities Underlying Unexercised | No. of Securities Underlying Unexercised Options (#) Unexercisable No. of Securities Underlying Unexercised | Option Exercise Price | Option Expiration Date\n---------------------- | --------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------- | --------------------- | ----------------------\nGaro H. Armen (1) | 500,000 | - | $1.25 | April 16, 2026 \nGaro H. Armen (2) | 184,028 | 65,972 | $1.75 | October 16, 2027 \nAlexander K. Arrow (3) | 100,000 | - | $1.25 | February 12, 2026 \nAlexander K. Arrow (3) | 140,000 | - | $1.25 | April 15, 2026 \nAlexander K. Arrow (4) | 55,208 | 19,792 | $1.75 | October 16, 2027 \nAlexander K. Arrow (5) | 41,667 | - | $1.00 | February 1, 2029 \n\nEquity Awards Fiscal Year End\n table summarizes equity awards executive officers December 31, 2019\n Name. Options. Option Price Expiration Date\n Garo. Armen $1. 25 April 16 2026\n. 184,028 65,972 $1. October 16 2027\n Alexander. (3) 100,000. February 12 2026\n Alexander. 140,000 $1. April 15 2026\n. (4) 55,208 19,792. October 16 2027\n. (5) 41,667 $1. February 1 2029" +} +{ + "_id": "d1b3958ea", + "title": "", + "text": "12. Information about Segments of Geographic Areas\nThe Company operates in one segment, the development and marketing of network infrastructure equipment. Revenue is attributed to a geographical area based on the location of the customers. The Company operates in three geographic theaters: Americas, which includes the United States, Canada, Mexico, Central America and South America; EMEA, which includes Europe, Russia, Middle East and Africa; and APAC which includes Asia Pacific, China, South Asia and Japan. The Company’s chief operating decision maker (“CODM”), who is its CEO, reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance.\nSee Note 3. Revenues for the Company’s revenues by geographic regions and channel based on the customers’ ship-to location.\nThe Company’s long-lived assets are attributed to the geographic regions as follows (in thousands):\n\nLong-lived Assets | June 30,\n2019 | June 30,\n2018\n----------------------- | ------------- | -------------\nAmericas | $136,035 | $178,251 \nEMEA | 28,744 | 15,106 \nAPAC | 11,529 | 9,896 \nTotal long-lived assets | $176,308 | $203,253 \n\n. Areas\n Company operates development marketing network infrastructure equipment. Revenue attributed area location customers. operates three Americas Mexico Central South EMEA Europe Russia Middle East Africa APAC Japan. CEO reviews financial information allocating resources evaluating performance.\n Note 3. Revenues geographic regions location.\n long-lived assets attributed regions\n Assets June\n 2019\n 2018\n Americas $136,035 $178,251\n EMEA 28,744 15,106\n APAC 11,529 9,896\n Total assets $176,308 $203,253" +} +{ + "_id": "d1b33a1de", + "title": "", + "text": "19 Trade and other payables\nContract liabilities relate to advance payments received from customers which have not yet been recognised as revenue. £8.3m of the contract liabilities at 31st December 2018 was recognised as revenue during 2019 (2018: £3.0m).\n\n | 2019 | 2018 \n------------------------------ | ----- | -----\n | £m | £m \nTrade payables | 57.9 | 57.4 \nContract liabilities | 8.7 | 8.9 \nSocial security | 5.6 | 5.1 \nOther payables | 37.8 | 37.6 \nAccruals | 64.8 | 58.0 \nTotal trade and other payables | 174.8 | 167.0\n\nTrade payables\n liabilities advance payments revenue. £8. 3m liabilities 31st December 2018 recognised revenue 2019 £3.\n Trade payables 57. 9\n Contract liabilities 8.\n Social security 5.\n payables 37.\n Accruals 64. 58.\n trade payables 174. 167." +} +{ + "_id": "d1b319ea2", + "title": "", + "text": "9. Audit, audit related and other non-audit services  The following fees were paid or are payable to the company’s auditors, KPMG LLP and other firms in the KPMG network, for the year ended 31 March 2019. Figures in the table below for the years ended 31 March 2017 and 2018 are in respect of fees paid to the company’s previous auditors, PricewaterhouseCoopers LLP.\na Services in relation to the audit of the parent company and the consolidated financial statements, including fees for reports under section 404 of the Sarbanes-Oxley Act. This also includes fees payable for the statutory audits of the financial statements of subsidiary companies. This excludes amounts for the audit of BT Group Employee Share Ownership Trust and Ilford Trustees (Jersey) Limited amounting to £32,000.\nb During the year a further £446,000 of fees were payable to PricewaterhouseCoopers LLP in relation to the audit of 2017/18 subsidiary accounts and the audit of our restated IAS 19 accounting valuation of retirement benefit obligations, which have not been included in the 2019 balances in the above table.\nc Services in relation to other statutory filings or engagements that are required by law or regulation to be carried out by an appointed auditor. This includes fees for the review of interim results, the accrued fee for the audit of the group’s regulatory financial statements and reporting associated with the group’s US debt shelf registration. d Services relating to tax returns, tax audits, monitoring and enquiries.\ne Fees payable for all taxation advisory services not falling within taxation compliance. All other assurance services include fees payable to KPMG LLP for agreed upon procedures performed on the estimated impact of the new IFRS 15 revenue accounting standard, which took effect from 1 April 2018 for the 2017/18 audit. g Fees payable for all non-audit services not covered above, principally comprising other advisory services.\nf All other assurance services include fees payable to KPMG LLP for agreed upon procedures performed on the estimated impact of the new IFRS 15 revenue accounting standard, which took effect from 1 April 2018 for the 2017/18 audit.\ng Fees payable for all non-audit services not covered above, principally comprising other advisory services.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------------------- | ------ | ------ | ------\nYear ended 31 March | £000 | £000 | £000 \nFees payable to the company’s auditors and its associates for: | | | \nAudit services a,b | | | \nThe audit of the parent company and the consolidated financial statements | 8,165 | 5,418 | 4,316 \nThe audit of the company’s subsidiaries | 6,061 | 5,877 | 5,675 \n | 14,226 | 11,295 | 9,991 \nAudit related assurance services c | 2,236 | 1,771 | 1,865 \nOther non-audit services | | | \nTaxation compliance services d | – | – | 366 \nTaxation advisory services e | – | – | 111 \nAll other assurance services f | 748 | 211 | 200 \nAll other services g | 210 | 592 | 2,332 \n | 958 | 803 | 3,009 \nTotal services | 17,420 | 13,869 | 14,865\n\n. Audit non-audit services fees paid auditors KPMG LLP KPMG network year 31 March 2019. years 2017 2018 fees previous PricewaterhouseCoopers LLP.\n Services audit parent company consolidated financial statements reports 404 Sarbanes-Oxley Act. fees statutory audits financial subsidiary companies. excludes audit BT Group Employee Share Ownership Trust Ilford Trustees (Jersey) Limited £32,000.\n £446,000 fees PricewaterhouseCoopers LLP audit 2017/18 subsidiary accounts IAS 19 accounting valuation retirement benefit obligations not included 2019 balances.\n Services statutory filings auditor. fees review interim results audit regulatory financial statements US debt shelf registration. tax returns audits monitoring enquiries.\n taxation advisory services. KPMG LLP new IFRS 15 revenue accounting standard 1 April 2018 2017/18. non-audit services.\n KPMG LLP new IFRS 15 revenue accounting standard April 2018 2017/18 audit.\nFees non-audit services advisory.\n ended 31 March £000\n Fees auditors associates\n Audit services\n parent company consolidated financial statements 8,165 5,418 4,316\n subsidiaries 6,061 5,877,675\n 14,226 11,295\n assurance services 2,236 1,771 1,865\n non-audit services\n Taxation compliance services\n Taxation advisory services 111\n assurance services 748 211\n 592 2,332\n 3,009\n Total services 17,420 13,869 14,865" +} +{ + "_id": "d1b363336", + "title": "", + "text": "30. Financial instruments and financial risk management\nThe main purpose of the Group’s financial instruments, other than trade and other receivables, trade and other payables, contractual provisions and lease liabilities, is to fund the Group’s liquidity requirements.\nAll of the Group’s financial assets and liabilities are categorised as financial assets/liabilities stated at amortised cost, except for forward foreign currency exchange contracts, included within current other financial assets, that are designated as financial assets at fair value through profit or loss and corporate owned life insurance, amounting to $3.0 million (2018 $2.4 million), included within non-current trade and other receivables, that is designated as financial assets at fair value through profit or loss. These are shown in the below table:\nThe Group enters into derivative transactions, forward foreign currency exchange contracts, for the management of the Group’s foreign currency exposures when deemed appropriate.\nThe key objective of the Group’s treasury department is to manage the financial risks of the business and to ensure that sufficient liquidity is available to the Group. All treasury activity operates within a formal control framework. The Board has approved treasury policies and guidelines and periodically reviews treasury activities. Additionally, it is the Group’s policy that speculative treasury transactions are expressly forbidden.\n\n | | 2019 | 2018 \n------------------------------------------------------- | ----- | --------- | ---------\n | Notes | $ million | $ million\nNon-current trade and other receivables | 20 | 5.7 | 3.5 \nCash and cash equivalents | 22 | 183.2 | 121.6 \nCurrent trade and other receivables | 20 | 133.2 | 126.9 \nCurrent other financial assets | 20 | 0.1 | – \nFinancial assets | | 322.2 | 252.0 \nNon-current other payables, excluding government grants | 23 | 0.8 | 4.4 \nCurrent trade payables, other payables and accruals | 23 | 75.4 | 57.1 \nLease liabilities, current and non-current | 26 | 33.0 | – \nContractual provisions | 28 | 3.6 | 3.6 \nFinancial liabilities | | 112.8 | 65.1 \n\n. Financial instruments risk management\n main purpose Group’s financial instruments trade receivables contractual provisions lease liabilities fund liquidity requirements.\n financial assets liabilities amortised cost except forward foreign currency exchange contracts fair value profit loss corporate owned life insurance $3. 0 million (2018 $2. 4 non trade. shown table\n Group enters derivative transactions foreign currency exchange contracts currency exposures.\n objective treasury department financial risks ensure liquidity. treasury activity within formal control framework. Board approved treasury policies guidelines reviews activities. speculative treasury transactions forbidden.\n million\n Non-current trade receivables.\n Cash equivalents 183. 121.\n Current trade receivables 133. 126.\n Current other financial assets.\n 322. 252.\n Non-current payables excluding government grants. 4.\n Current trade payables accruals 75. 57.\nLease liabilities non-current 26.\n Contractual provisions 28.\n Financial liabilities 112." +} +{ + "_id": "d1b2e2826", + "title": "", + "text": "The following are the significant assumptions adopted in measuring the Company’s pension and other benefit obligations:\nFor certain Canadian post-retirement plans the above trend rates are applicable for 2019 to 2024 which will increase linearly to 4.75% in 2029 and grading down to an ultimate rate of 3.57% per annum in 2040 and thereafter.\n\nAs at December 31, | Pension 2019 | Other 2019 | Pension 2018 | Other 2018 \n-------------------------------- | ------------ | -------------- | ------------ | --------------\nActuarial benefit obligation | | | | \nDiscount rate | 3.20% | 2.95% to 3.20% | 3.80% | 3.80% to 4.00%\nBenefit costs for the year ended | | | | \nDiscount rate | 3.90% | 3.90% to 4.00% | 3.60% | 3.25% to 3.60%\nFuture salary growth | 2.50% | N/A | 2.50% | N/A \nHealth care cost trend rate | N/A | 3.49% to 5.49% | N/A | 4.50% \nOther medical trend rates | N/A | 4.00% to 4.56% | N/A | 4.50% \n\nassumptions pension benefit obligations\n Canadian post-retirement plans trend rates 2019 to 2024. 75% 2029 3. 57% 2040.\n Actuarial benefit obligation\n Discount 3. 20% 2. 95% 3. 80%. 80% 4.\n Benefit costs year\n 3. 90%. 90% 4. 60%. 25% 3. 60%\n Future salary growth 2. 50%.\n Health care cost trend 3. 49% to 5. 49%. 50%\n medical trend rates 4. 4. 56%. 50%" +} +{ + "_id": "d1b31fb54", + "title": "", + "text": "The following table summarizes stock-based compensation expense in the Company’s consolidated statements of operations:\nFor the year ended September 30, 2019, the Company granted 33,000 nonvested shares to certain key employees, 55,000 nonvested shares to certain officers including 35,000 shares granted to the Chief Executive Officer, and 20,000 nonvested shares\nto its non-employee directors. For the year ended September 30, 2018, the Company granted 12,000 nonvested shares to certain key employees, 40,000 nonvested shares to certain officers including 30,000 to its Chief Executive Officer and 20,000 nonvested\nshares to its non-employee directors.\nThe Company measures the fair value of nonvested stock awards based upon the market price of its common stock as of the date of grant. The Company used the Black-Scholes option-pricing model to value stock options. The Black-Scholes model requires the use of a number of assumptions including volatility of the Company’s stock price, the weighted average risk-free interest rate and the weighted average expected life of the options, at the time of grant. The expected dividend yield is equal to the divided per share declared, divided by the closing share price on the date the options were granted. All equity compensation awards granted for the years ended September 30, 2019 and September 30, 2018 were nonvested stock awards.\n\n | Years Ended | \n----------------------------------- | ---------------------- | ------------------\n | September 30, 2019 | September 30, 2018\n | (Amounts in thousands) | \nCost of sales | $7 | $5 \nEngineering and development | 49 | 32 \nSelling, general and administrative | 736 | 654 \nTotal | $792 | $691 \n\ntable summarizes stock-based compensation expense statements\n year September 30 2019 granted 33,000 shares employees 55,000 officers Chief Executive Officer\n non-employee directors. year September 30 2018 granted 12,000 employees officers 30,000 Chief Executive Officer\n non-employee directors.\n measures value nonvested stock awards market price common stock. Black-Scholes option-pricing model options. assumptions volatility stock price risk-free interest rate expected life options. expected dividend yield equal divided per share closing share price. equity compensation awards 2019 2018 nonvested.\n Years Ended\n 2019 2018\n thousands\n Cost sales $7 $5\n Engineering development 49\n Selling general administrative 736 654\n Total $792 $691" +} +{ + "_id": "d1a714224", + "title": "", + "text": "Equity in net earnings of affiliates:\nThe decrease in the share of net earnings in Golar Partners is as a result of a decrease in the underlying performance of Golar Partners in 2018. As a result, during the year ended December 31, 2018, we recognized an impairment charge of $149.4 million. The year ended December 31, 2017 included a deemed loss on disposal of $17.0 million as a result of a dilution in our holding in Golar Partners due to further issuances of common units by Golar Partners in February 2017. As of December 31, 2018, we held a 32.0% (2017: 31.8%) ownership interest in Golar Partners (including our 2% general partner interest) and 100% of IDRs.\nThe share of net earnings in other affiliates represents our share of equity in Egyptian Company for Gas Services S.A.E (\"ECGS\") and Avenir LNG Limited (\"Avenir\"). During the year ended December 31, 2018 we recognized negative goodwill of $3.8 million in equity in net earnings of affiliates to reflect our bargain purchase of Avenir. Refer to note 14 \"Investment in Affiliates\" of our consolidated financial statements included herein for further details.\n\n | | December 31, | | \n------------------------------------------------------------ | --------- | ------------ | --------- | --------\n(in thousands of $) | 2018 | 2017 | Change | % Change\nShare of net earnings in Golar Partners | 7,001 | 17,702 | (10,701) | (60)% \nImpairment of investment in Golar Partners | (149,389) | — | (149,389) | 100% \nNet loss on deemed disposal of investments in Golar Partners | — | (16,992) | 16,992 | 100% \nShare of net earnings in other affiliates | 3,711 | 793 | 2,918 | 368% \n | (138,677) | 1,503 | (140,180) | (9,327)%\n\nEquity net earnings affiliates\n decrease Golar Partners performance 2018. 2018 recognized impairment charge $149. 4 million. 2017 loss disposal $17. 0 million dilution Golar Partners 2017. December 31, 2018 held 32. 0% (2017 31. 8%) ownership Golar Partners 2% general partner interest 100% IDRs.\n net earnings other affiliates equity Egyptian Company Gas Services. Avenir LNG. 2018 recognized negative goodwill $3. 8 million net earnings bargain purchase Avenir. note 14 \"Investment Affiliates details.\n 2018 2017\n Share net earnings Golar Partners 7,001 17,702 (10,701%\n Impairment investment (149,389) 100%\n Net loss disposal (16,992)\n Share net earnings other affiliates 3,711 2,918 368%\n (138,677 (140,180,327)" +} +{ + "_id": "d1b3a9dd6", + "title": "", + "text": "Selected financial information from our consolidated balance sheets is as follows:\n(1) During 2016, as a result of our then pending sale of a portion of our colocation business and data centers, we reclassified $1.1 billion in net property, plant and equipment and $1.1 billion of goodwill to assets held for sale which is included in other current assets on our consolidated balance sheet. See Note 3—Sale of Data Centers and Colocation Business to our consolidated financial statements in Item 8 of Part II of this report, for additional information.\n(2) During 2019 and 2018, we recorded non-cash, non-tax-deductible goodwill impairment charges of $6.5 billion and $2.7 billion, respectively.\n(3) In 2015, we adopted both ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs” and ASU 2015-17 “Balance Sheet Classification of Deferred Taxes” by retrospectively applying the requirements of the ASUs to our previously issued consolidated financial statements.\n(4) In 2019, we adopted ASU 2016-02 “Leases (ASC 842)” by using the non-comparative transition option pursuant to ASU 2018-11. Therefore, we have not restated comparative period financial information for the effects of ASC 842.\n(5) Total long-term debt includes current maturities of long-term debt and finance lease obligations of $305 million for the year ended December 31, 2016 associated with assets held for sale. For additional information on our total long-term debt, see Note 7— Long-Term Debt and Credit Facilities to our consolidated financial statements in Item 8 of Part II of this report. For total contractual obligations, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Future Contractual Obligations” in Item 7 of Part II of this report.\n\n | | | As of December 31, | | \n------------------------------------ | ------- | ------ | --------------------- | ------ | ------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (Dollars in millions) | | \nNet property, plant and equipment(1) | $26,079 | 26,408 | 26,852 | 17,039 | 18,069\nGoodwill(1)(2) | 21,534 | 28,031 | 30,475 | 19,650 | 20,742\nTotal assets(3)(4) | 64,742 | 70,256 | 75,611 | 47,017 | 47,604\nTotal long-term debt(3)(5) | 34,694 | 36,061 | 37,726 | 19,993 | 20,225\nTotal stockholders’ equity | 13,470 | 19,828 | 23,491 | 13,399 | 14,060\n\nfinancial information consolidated balance sheets\n 2016, sale colocation business data centers reclassified $1. 1 billion property plant equipment $1. 1 billion goodwill assets sale. See Note 3—Sale Data Centers Colocation Business Item 8 Part II.\n 2019 2018 recorded non-cash non-deductible goodwill impairment charges $6. 5 billion $2. 7 billion.\n 2015, adopted ASU 2015-03 Debt Issuance ASU 2015-17 Deferred.\n 2019 adopted ASU 2016-02 “Leases (ASC non-comparative transition 2018-11. restated comparative information ASC 842.\n long-term debt maturities lease obligations $305 million December 31, 2016 assets sale. Note 7— Long-Term Debt Credit Facilities 8. contractual obligations Discussion Analysis Financial Condition Results Operations—Future Contractual Item 7 Part II.\n December 31,\n 2018 2017\n millions\nproperty $26,079 26,408 17,039 18,069\n 21,534 28,031 30,475 19,650 20,742\n 64,742 70,256,017\n-term 34,694 19,993 20,225\n equity 13,470 19,828 23,491 14" +} +{ + "_id": "d1b3a1f8c", + "title": "", + "text": "Disaggregation of revenue\nTo provide visibility into our transition from older products to our newer, higher growth products and clarity into the dynamics of our product revenue, we have historically grouped our products by “Strategic” and “Mature” solutions. Strategic solutions include Clustered ONTAP, branded E-Series, SolidFire, converged and hyper-converged infrastructure, ELAs and other optional add-on software products. Mature solutions include 7-mode ONTAP, add-on hardware and related operating system (OS) software and original equipment manufacturers (OEM) products. Both our Mature and Strategic product lines include a mix of disk, hybrid and all flash storage media. Additionally, we provide a variety of services including software maintenance, hardware maintenance and other services including professional services, global support solutions, and customer education and training.\nThe following table depicts the disaggregation of revenue by our products and services (in millions):\nRevenues by geographic region are presented in Note 16 – Segment, Geographic, and Significant Customer Information\n\n | | Year Ended | \n------------------------------------------------ | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nProduct revenues | $ 3,755 | $ 3,525 | $ 3,060 \nStrategic | 2,709 | 2,468 | 2,000 \nMature | 1,046 | 1,057 | 1,060 \nSoftware maintenance revenues | 946 | 902 | 905 \nHardware maintenance and other services revenues | 1,445 | 1,492 | 1,526 \nHardware maintenance support contracts | 1,182 | 1,214 | 1,258 \nProfessional and other services | 263 | 278 | 268 \nNet revenues | $ 6,146 | $ 5,919 | $ 5,491 \n\nDisaggregation revenue\n transition grouped products solutions. Strategic Clustered ONTAP E-Series SolidFire converged infrastructure ELAs add-on software. Mature 7-mode ONTAP add-on hardware software original. Mature Strategic include disk hybrid flash storage media. services software hardware professional services global support customer education training.\n table disaggregation revenue products services\n Revenues region Note 16 Segment Geographic Significant Customer Information\n 2019 2017\n Product revenues $ 3,755 $ 3,525 3,060\n Strategic 2,709 2,468\n Mature 1,046\n Software maintenance\n Hardware maintenance services 1,445 1,492\n support contracts 1,182 1,214\n Professional other services 263 278\n Net revenues $ 6,146 $ 5,919" +} +{ + "_id": "d1b3a0c72", + "title": "", + "text": "Restricted Stock Units\nRSU activity is summarized as follows (shares in thousands):\nThe weighted-average grant date fair value of RSUs granted during the years ended December 31, 2019, 2018, and 2017 was $55.69, $46.17, and $37.99, respectively. The total fair value of RSUs vested as of the vesting dates during the years ended December 31, 2019, 2018, and 2017 was $58.4 million, $49.9 million, and $37.2 million, respectively.\nUnrecognized compensation expense related to unvested RSUs was $127.2 million at December 31, 2019, which is expected to be recognized over a weighted-average period of 2.6 years.\n\n | Number of Shares | Weighted- Average Grant Date Fair Value\n------------------------------------ | ---------------- | ---------------------------------------\nUnvested shares at December 31, 2018 | 4,117 | $41.94 \nGranted | 1,589 | 55.69 \nForfeited | (510) | 45.72 \nVested | (1,440) | 40.61 \nUnvested shares at December 31, 2019 | 3,756 | $47.76 \n\n\n activity\n-average grant date value 2019 2018 2017 $55. $46. 17, $37. 99. total value $58. 4 million $49. 9 million $37. 2 million.\n Unrecognized compensation expense unvested $127. 2 million December 31, 2019 recognized 2. 6 years.\n Grant\n Unvested shares December 31, 2018 4,117 $41.\n Granted 1,589.\n Forfeited.\n.\n Unvested shares December 31, 2019 3,756 $47." +} +{ + "_id": "d1b2f0318", + "title": "", + "text": "Contractual Obligations\nOur contractual obligations as of December 31, 2019, were:\nWe have no off-balance sheet arrangements that have a material current effect or are reasonably likely to have a material future effect on our financial condition or changes in our financial condition.\nManagement believes that existing capital resources and funds generated from operations are sufficient to finance anticipated capital requirements.\n\n | | | Payments due by period | | \n---------------------------------- | -------- | ------ | ---------------------- | --------- | -----------\n | Total | 2020 | 2021-2022 | 2023-2024 | 2025-beyond\nLong-term debt, including interest | $111,586 | $2,807 | $5,876 | $102,903 | $— \nOperating lease payments | 37,610 | 4,467 | 8,764 | 7,813 | 16,566 \nRetirement obligations | 6,447 | 757 | 1,429 | 1,328 | 2,933 \nTotal | $155,643 | $8,031 | $16,069 | $112,044 | $19,499 \n\nObligations\n December 31, 2019\n no off-balance sheet arrangements.\n existing capital resources requirements.\n Payments due\n 2021-2022 2023-2024 2025\n Long-term debt interest $111,586 $2,807 $5,876 $102,903\n Operating lease payments 37,610 4,467 8,764 16,566\n Retirement obligations 6,447 1,429 1,328 2,933\n $155,643 $8,031 $16,069 $112,044 $19,499" +} +{ + "_id": "d1b36d9f8", + "title": "", + "text": "Note 9. Non-current assets - property, plant and equipment\nProperty, plant and equipment secured under finance leases\nRefer to note 24 for further information on property, plant and equipment secured under finance leases.\nAccounting policy for property, plant and equipment\nPlant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably.\nPlant and equipment are depreciated and leasehold improvements are amortised over their estimated useful lives using the straightline method. Assets held under finance lease are depreciated over their expected useful lives as owned assets or, where shorter, the term of the relevant lease.\n\nConsolidated | | \n-------------------------------- | ------- | -------\n | 2019 | 2018 \n | US$000 | US$000 \nLeasehold improvements - at cost | 7,754 | 5,181 \nLess: Accumulated depreciation | (3,648) | (2,501)\n | 4,106 | 2,680 \nPlant and equipment - at cost | 6,472 | 5,298 \nLess: Accumulated depreciation | (2,827) | (2,278)\n | 3,645 | 3,020 \nPlant and equipment under lease | 15 | 27 \nLess: Accumulated depreciation | (4) | (15) \n | 11 | 12 \n | 7,762 | 5,712 \n\n9. Non-current assets property plant equipment\n secured finance leases\n note 24 information.\n Accounting policy\n cost less accumulated depreciation impairment losses. Cost includes expenditure acquisition. costs included assets carrying separate asset future economic benefits measured.\n Plant equipment depreciated leasehold improvements amortised over estimated useful lives straightline method. Assets finance lease depreciated over useful lives owned term lease.\n US$000\n Leasehold improvements cost 7,754 5,181\n Accumulated depreciation (3,648\n Plant equipment cost 6,472 5,298\n Accumulated depreciation (2,827),278\n 3\n Plant equipment under lease\n Accumulated depreciation\n 7,762" +} +{ + "_id": "d1b31d5de", + "title": "", + "text": "Streamlined Energy and Carbon Reporting\nWe have decided to voluntarily comply with the UK government’s Streamlined Energy and Carbon Reporting (SECR) policy a year early. The table below represents Unilever’s energy use and associated GHG emissions from electricity and fuel in the UK for the 2018 and 2019 reporting years (1 October to 30 September), with scope calculations aligned to the Greenhouse Gas Protocol. The scope of this data includes 8 manufacturing sites and 11 non-manufacturing sites based in the UK. The UK accounts for 5% of our global total Scope 1 and 2 emissions, outlined in our mandatory GHG reporting also on this page.\n(a) Fleet and associated diesel use excluded. Transportation is operated by a\nthird party and accounted for under Scope 3.\n(b) Carbon emission factors for grid electricity calculated according to the marketbased method'\nFor further information on energy efficiency measures taken to reduce our carbon\nemissions, please see page 19.\n\nK operations | 2019 | 2018 \n---------------------------------------- | ------- | -------\nBiogas (MWh) | 17,045 | 15,958 \nNatural gas (MWh) | 238,081 | 278,849\nPG (MWh) | 866 | 1,513 \nFuel oils (MWh) | 580 | 648 \nCoal (MWh) | 0 | 0 \nElectricity (MWh) | 195,796 | 196,965\nHeat and steam (MWh) | 212,482 | 272,985\nTotal energy (MWh)(a) | 408,280 | 469,950\nTotal Scope 1 emissions (tonnes CO2e) | 48,178 | 56,533 \nTotal Scope 2 emissions (tonnes COe)(b)2 | 702 | 3,067 \n\nEnergy Carbon Reporting\n UK policy. table Unilever’s energy use GHG emissions electricity fuel 2018 2019 (1 October 30 Greenhouse Gas Protocol. 8 manufacturing 11 non sites UK. 5% global Scope 1 2 emissions mandatory GHG reporting.\n Fleet diesel use excluded. Transportation operated\n third party accounted Scope 3.\n Carbon emission factors grid electricity marketbased method\n page 19.\n Biogas 17,045 15,958\n Natural gas 238,081 278,849\n Fuel oils 580\n Coal\n Electricity 195,796,965\n Heat steam 212,482 272,985\n Total energy 408,280 469,950\n Scope 1 emissions 48,178 56,533\n Scope 2 emissions 3,067" +} +{ + "_id": "d1b321a58", + "title": "", + "text": "iv) Shareholding Pattern of top ten shareholders (other than Directors, Promoters and holder of GDRs and ADRs):\n* The shares of the Company are traded on daily basis and hence the datewise increase/decrease in shareholding is not indicated. Shareholding is consolidated based on permanent account number (PAN) of the shareholder.\n\nTop Ten Shareholders* | Shareholding at the beginning of the year April 1, 2018 | | Cumulative shareholding at end of the year March 31, 2019 | \n---------------------------------------------------------------------------------------------------- | ------------------------------------------------------- | -------------------------------- | --------------------------------------------------------- | --------------------------------\n | No. of shares | % of total shares of the Company | No. of shares | % of total shares of the Company\n1. Life Insurance Corporation of India | 75,384,947 | 3.9 | 152,493,927 | 4.1 \n2. SBI Mutual Fund | 7,056,720 | 0.4 | 21,680,561 | 0.6 \n3. First State Investments Icvc- Stewart Investors Asia Pacific Leaders Fund | 15,054,489 | 0.8 | 19,248,438 | 0.5 \n4. Government of Singapore | 6,497,754 | 0.3 | 18,028,475 | 0.5 \n5.Oppenheimer Developing Markets Fund | 7,996,009 | 0.4 | 16,731,906 | 0.5 \n6.ICICI Prudential Life Insurance Company Ltd | 3,886,141 | 0.2 | 16,139,316 | 0.4 \n7.Axis Mutual Fund Trustee Limited | 4,055,256 | 0.2 | 15,244,614 | 0.4 \n8.Abu Dhabi Investment Authority | 6,296,384 | 0.3 | 15,036,984 | 0.4 \n9. Vanguard Emerging Markets Stock Index Fund, A Series of Vanguard International Equity Index Funds | 7,595,080 | 0.4 | 14,112,213 | 0.4 \n10. Vanguard Total International Stock Index Fund | 6,179,273 | 0.3 | 13,978,944 | 0.4 \n\nShareholding Pattern top ten shareholders\n shares traded daily increase. consolidated account number.\n Ten Shareholders April 1 2018 March 31, 2019\n.\n. Life Insurance Corporation India 75,384,947. 152,493,927.\n. SBI Mutual Fund 7,056,720. 21,680,561.\n. State Investments Stewart Investors Asia Pacific Leaders Fund 15,054,489. 19,248,438.\n. Government Singapore 6,497,754. 18,028,475.\n. Oppenheimer Developing Markets Fund 7,996,009. 16,731,906.\n. ICICI Prudential Life Insurance Company 3,886,141. 16,139,316.\n. Axis Mutual Fund Trustee 4,055,256. 15,244,614.\n. Abu Dhabi Investment Authority 6,296,384. 15,036,984.\n. Vanguard Emerging Markets Stock Index Fund 7,595,080.14,112,213.\n. Stock Index 6,179,273. 13,978,944." +} +{ + "_id": "d1b3675c6", + "title": "", + "text": "(a) GitHub has been included in our consolidated results of operations starting on the October 25, 2018 acquisition date.\n(b) Includes a $2.6 billion net income tax benefit related to intangible property transfers and a $157 million net charge related to the enactment of the Tax Cuts and Jobs Act (“TCJA”), which together increased net income and diluted earnings per share (“EPS”) by $2.4 billion and $0.31, respectively. Refer to Note 12 – Income Taxes of the Notes to Financial Statements for further discussion.\n(c) Includes a $13.7 billion net charge related to the enactment of the TCJA, which decreased net income and diluted EPS by $13.7 billion and $1.75, respectively. Refer to Note 12 – Income Taxes of the Notes to Financial Statements for further discussion.\n(d) Reflects the impact of the adoption of new accounting standards in fiscal year 2018 related to revenue recognition and leases.\n(e) LinkedIn has been included in our consolidated results of operations starting on the December 8, 2016 acquisition date.\n(f) Includes $306 million of employee severance expenses primarily related to our sales and marketing restructuring plan, which decreased operating income, net income, and diluted EPS by $306 million, $243 million, and $0.04, respectively.\n(g) Includes $630 million of asset impairment charges related to our Phone business and $480 million of restructuring charges associated with our Phone business restructuring plans, which together decreased operating income, net income, and diluted EPS by $1.1 billion, $895 million, and $0.11, respectively.\n(h) Includes $7.5 billion of goodwill and asset impairment charges related to our Phone business and $2.5 billion of integration and restructuring expenses, primarily associated with our Phone business restructuring plans, which together decreased operating income, net income, and diluted EPS by $10.0 billion, $9.5 billion, and $1.15, respectively.\n\n(In millions, except per share amounts) | | | | | \n--------------------------------------- | --------- | --------- | ----------- | ---------- | ---------\nYear Ended June 30, | 2019 (a) | 2018 | 2017 (d)(e) | 2016 (d) | 2015 \nRevenue | $ 125,843 | $ 110,360 | $ 96,571 | $ 91,154 | $ 93,580 \nGross margin | 82,933 | 72,007 | 62,310 | 58,374 | 60,542 \nOperating income | 42,959 | 35,058 | 29,025 (f) | 26,078 (g) | 18,161(h)\nNet income | 39,240(b) | 16,571(c) | 25,489 (f) | 20,539 (g) | 12,193(h)\nDiluted earnings per share | 5.06 (b) | 2.13(c) | 3.25 (f) | 2.56 (g) | 1.48(h) \nCash dividends declared per share | 1.84 | 1.68 | 1.56 | 1.44 | 1.24 \nCash, cash equivalents, and short-term | | | | | \ninvestments | 133,819 | 133,768 | 132,981 | 113,240 | 96,526 \nTotal assets | 286,556 | 258,848 | 250,312 | 202,897 | 174,303 \nLong-term obligations | 114,806 | 117,642 | 106,856 | 66,705 | 44,574 \nStockholders’ equity | 102,330 | 82,718 | 87,711 | 83,090 | 80,083 \n\nGitHub consolidated results October 25, 2018.\n Includes $2. 6 billion income tax benefit property transfers $157 million charge Tax Cuts Jobs Act increased income diluted earnings per share $2. 4 billion $0. 31,. Note 12 Taxes.\n $13. 7 billion charge TCJA decreased income EPS $13. 7 billion $1. 75.\n new accounting standards 2018 revenue.\n LinkedIn results December 8, 2016.\n Includes $306 million employee severance expenses sales marketing restructuring plan decreased operating income diluted EPS $306 million $243 million.\n $630 million impairment charges $480 million restructuring charges decreased operating income income EPS $1. 1 billion $895 million.\n $7. 5 billion goodwill impairment charges $2. 5 billion integration restructuring expenses decreased income EPS $10. billion $9. billion $1.\n\n June 30 2019 2016\n Revenue 125,843 110,360 96,571 91,154 93,580\n Gross margin 82,933 72,007 62 58,374 60,542\n Operating income 42,959 35,058 29,025 26,078 18,161\n Net income 39,240 16,571 25,489 20,539 12,193\n earnings share.\n dividends.\n short-term\n investments 133,819,981 113,240 96,526\n assets 286,556 258,848 250,312 202,897 174,303\n Long-term obligations 114,806 117,642 106,856 66,705 44,574\n Stockholders’ equity 102,330 82,718 87,711 83,090" +} +{ + "_id": "d1a73fcc6", + "title": "", + "text": "The following table presents each NEO’s base salary for FY19.\n(1) Mr. Kapuria was named an executive officer during FY19 and received a salary increase in connection with his promotion. His salary increased from $390,000 to $440,000 effective May 8, 2018.\nAs presented in the table above, our named executive officers did not receive an increase in annual base salary other than in connection with a promotion for Mr. Kapuria. Our former CEO determined that none of our other NEOs would receive a base salary increase for FY19. In addition, our Board also determined that Mr. Clark would not receive a salary increase in FY19.\n\n | FY18 | Change in | FY19 \n----------------------- | ----------------- | ---------- | -------------\nNEO | Annual Salary ($) | Salary (%) | Annual Salary\nGregory S. Clark | 1,000,000 | — | 1,000,000 \nNicholas R. Noviello | 650,000 | — | 650,000 \nAmy L. Cappellanti-Wolf | 440,000 | — | 440,000 \nSamir Kapuria(1) | 390,000(1) | 60,000(1) | 450,000 \nScott C. Taylor | 600,000 | — | 600,000 \n\ntable presents base salary FY19.\n. Kapuria executive officer FY19 received salary increase promotion. salary increased $390,000 to $440,000 May 8, 2018.\n executive officers increase salary promotion. Kapuria. former CEO other NEOs salary increase FY19. Board determined. Clark salary increase FY19.\n Annual Salary\n Gregory S. Clark 1,000,000\n Nicholas R. Noviello 650,000\n Amy L. Cappellanti-Wolf 440,000\n Samir 390\n Scott C. Taylor 600,000" +} +{ + "_id": "d1b388d20", + "title": "", + "text": "Vesting of Equity Awards During 2019\nThe following table provides details regarding the equity awards held by our named executives that vested during 2019. Restricted stock and restricted stock units were the only equity awards held by our named executives during 2019.\n(1) Represents both time-vested and performance-based equity awards that vested during 2019. For details on the payout of our performance-based equity awards, please see “Compensation Discussion and Analysis—Our 2019 Compensation Program and Components of Pay—Grants of Long Term Incentive Compensation—Long Term Incentive Performance Updates” and “—Our Compensation Philosophy Objectives and Linkage to Corporate Strategy—Overview of Pay Elements and Linkage to Compensation Philosophy and Corporate Strategy.”\n(2) Based on the closing trading price of the Common Shares on the applicable vesting date.\n\n | Stock Vested During 2019 | \n----------- | --------------------------------------- | ----------------------------\nName | Number of Shares Acquired on Vesting(1) | Value Realized on Vesting(2)\nMr. Storey | 1,063,929 | $13,479,617 \nMr. Dev | 55,490 | 749,737 \nMr. Goff | 114,167 | 1,338,934 \nMr. Trezise | 71,576 | 812,600 \nMr. Andrews | 16,678 | 221,859 \n\nVesting Equity Awards 2019\n table equity awards executives 2019. Restricted units awards.\n time-vested performance-based equity awards 2019. Discussion 2019 Compensation Program Long Term Incentive Compensation Objectives Corporate.\n closing price Common Shares vesting date.\n Stock Vested 2019\n Shares Acquired Vesting(1) Value Realized Vesting(2)\n. Storey 1,063,929 $13,479,617\n. Dev 55,490 749,737\n. Goff 114,167 1,338,934\n. Trezise 71,576 812,600\n. Andrews 16,678 221,859" +} +{ + "_id": "d1b38257e", + "title": "", + "text": "FAIR VALUE\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.\nCertain fair value estimates are affected by assumptions we make about the amount and timing of future cash flows and discount rates, all of which reflect varying degrees of risk. Income taxes and other expenses that would be incurred on disposition of financial instruments are not reflected in the fair values. As a result, the fair values are not the net amounts that would be realized if these instruments were settled.\nThe carrying values of our cash and cash equivalents, trade and other receivables, dividends payable, trade payables and accruals, compensation payable, severance and other costs payable, interest payable, notes payable and loans secured by trade receivables approximate fair value as they are short-term.\nThe following table provides the fair value details of financial instruments measured at amortized cost in the statements of financial position.\n(1) Upon adoption of IFRS 16 on January 1, 2019, fair value disclosures are no longer required for leases\n\n | | | DECEMBER 31, 2019 | | DECEMBER 31, 2018 | \n--------------------------------- | ---------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- | ----------------- | ---------- | ----------------- | ----------\n | CLASSIFICATION | FAIR VALUE METHODOLOGY | CARRYING VALUE | FAIR VALUE | CARRYING VALUE | FAIR VALUE\nCRTC tangible benefits obligation | Trade payables and other liabilities and other non-current liabilities | Present value of estimated future cash flows discounted using observable market interest rates | 29 | 29 | 61 | 61 \nCRTC deferral account obligation | Trade payables and other liabilities and other non-current liabilities | Present value of estimated future cash flows discounted using observable market interest rates | 82 | 85 | 108 | 112 \nDebt securities and other debt | Debt due within one year and long-term debt | Quoted market price of debt | 18,653 | 20,905 | 18,188 | 19,178 \nFinance leases (1) | Debt due within one year and long-term debt | Present value of future cash flows discounted using observable market interest rates | - | - | 2,097 | 2,304 \n\nFAIR VALUE\n price sell asset transfer liability in transaction measurement date.\n value estimates affected by assumptions future cash flows discount rates reflect risk. Income taxes expenses on disposition financial instruments not reflected in fair values. not net amounts if instruments settled.\n carrying values cash equivalents trade receivables dividends trade accruals compensation severance costs interest notes loans approximate fair value short-term.\n table provides fair value details of financial instruments amortized cost.\n IFRS 16 January 1, 2019 fair value disclosures no required for leases\n FAIR VALUE METHODOLOGY\n CRTC tangible benefits obligation Trade payables liabilities non-current liabilities future cash flows discounted market interest rates\n CRTC deferral account obligation future cash flows discounted\nsecurities year long market price 18,653 20,905 18,188 19,178\n Finance leases long-term future cash flows discounted market interest rates 2,097 2,304" +} +{ + "_id": "d1b36e1dc", + "title": "", + "text": "10. Creditors: amounts falling due within one year\nTrade creditors are non-interest bearing and are normally settled on 30 to 60-day terms. Other creditors are non-interest bearing.\nThe Directors consider that the carrying amount of trade creditors approximates their fair value.\n\n | | 2019 | 2018 \n------------------------------------- | ----- | --------- | ---------\n | Notes | £ million | £ million\nTrade creditors | | 2.3 | 1.4 \nOwed to subsidiaries | | 90.4 | 84.8 \nAccruals | | 5.1 | 4.5 \nDeferred income | | 3.2 | 4.4 \nLease liabilities | 14 | 0.1 | – \nOther taxes and social security costs | | 0.4 | 0.5 \nGovernment grants | 12 | 0.7 | 0.3 \n | | 102.2 | 95.9 \n\n. Creditors due year\n creditors non settled 30 to 60-day terms. creditors non-interest.\n Directors carrying amount creditors approximates fair value.\n 2019 2018\n £ million\n Trade creditors 2.\n Owed subsidiaries 90. 84.\n Accruals.\n Deferred income 3.\n Lease liabilities.\n taxes social security costs.\n Government grants.\n 102. 95." +} +{ + "_id": "d1b33931a", + "title": "", + "text": "Reconciliation of segment EBITDA to total adjusted EBITDA is below:\nFor additional information on our reportable segments and product and services categories, see Note 17— Segment Information to our consolidated financial statements in Item 8 of Part II of this report.\n\n | | Year Ended December 31, | \n--------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \n | | (Dollars in millions) | \nAdjusted EBITDA | | | \nInternational and Global Accounts | $2,286 | 2,341 | 821 \nEnterprise | 3,490 | 3,522 | 2,456 \nSmall and Medium Business | 1,870 | 2,013 | 1,581 \nWholesale | 3,427 | 3,666 | 2,566 \nConsumer | 4,914 | 5,105 | 5,136 \nTotal segment EBITDA | $15,987 | 16,647 | 12,560 \nOperations and Other EBITDA | (7,216) | (8,045) | (6,504)\nTotal adjusted EBITDA | $8,771 | 8,602 | 6,056 \n\nReconciliation segment EBITDA\n segments Note consolidated financial statements Item 8 Part II.\n Ended December 31,\n millions\n Adjusted EBITDA\n International Global Accounts $2,286 2,341\n Enterprise 3,490 3,522 2\n Small Medium Business 1,870 2,013\n Wholesale 3,666\n Consumer 5,105\n EBITDA $15,987 16,647 12,560\n Operations Other EBITDA (7\n adjusted EBITDA $8,771 8,602" +} +{ + "_id": "d1b3ba9b0", + "title": "", + "text": "In Endeavour Drinks, BWS and Dan Murphy’s key VOC metrics ended F19 at record highs, with improvements both in‐store and Online. Sales increased by 5.0% (3.2% normalised) to $8.7 billion with comparable sales increasing 2.3%. The market remained subdued throughout the year with declining volumes offset by price and mix improvements. Sales growth in H2 improved on H1 in both Dan Murphy’s and BWS, with Endeavour Drinks’ sales increasing by 4.8% (normalised) with comparable sales increasing 4.0%, compared to 0.7% growth in H1. The timing of New Year’s Day boosted sales in H2 by 84 bps and Q3, in particular, also benefitted from more stable weather compared to Q2. Dan Murphy’s focus on ‘discovery’ driven range, service and convenience is also beginning to resonate with customers.\nBWS maintained its strong trading momentum, with enhancements to localised ranging and tailored Woolworths Rewards offerings. The BWS store network grew to 1,346 stores with 30 net new stores and the new BWS Renewal format successfully extended to key urban standalone stores. BWS’ convenience offering continued to expand, with On Demand delivery now available in 605 stores, supporting double‐digit online sales growth. Jimmy Brings expanded its geographical reach to Brisbane, Gold Coast, Canberra and new suburbs in Sydney and Melbourne.\nDan Murphy’s delivered double‐digit Online sales growth with new customer offerings, including the roll out of On Demand delivery to 91 stores and 30‐minute Pick up from all stores. In‐store customer experience was enhanced with the introduction of wine merchants in key stores, to improve team product knowledge and customer discovery, while memberships in My Dan’s loyalty program increased 15% on the prior year. Dan Murphy’s store network grew to 230 with three new store openings in Q4 including the first store to be powered by solar energy.\nEndeavour Drinks sales per square metre increased by 3.2% (1.4% normalised) with sales growth above net average space growth of 1.7%.\nGross margin was 22.9%, 14 bps down on a normalised basis, with trading margin improvements offset by higher freight costs attributable to petrol prices, growth in online delivery and category mix.\nNormalised CODB as a percentage of sales grew 64 bps, driven by a $21 million impairment charge related to goodwill and other intangible assets associated with the Summergate business in China. Summergate has now transitioned to ExportCo. Excluding Summergate, normalised CODB as a percentage of sales increased by 40 bps due to above‐inflationary cost pressures, as well as targeted investment in key focus areas including customer experience, ranging, data and analytics.\nEndeavour Drinks EBIT for F19 decreased 8.2% to $474 million. EBIT normalised for the 53rd week and Summergate impairment of $21 million decreased 5.6%. Normalised ROFE (excluding the Summergate impairment) declined 148 bps driven by the decline in EBIT.\n(3) During the period, the management of the New Zealand Wine Cellars business transferred from Endeavour Drinks to New Zealand Food. The prior period has been re‑presented toconform with the current period presentation.\n\n | F19 | F18 (3) | | CHANGE \n----------------------------- | -------- | -------- | --------- | ----------\n$ MILLION | 53 WEEKS | 52 WEEKS | CHANGE | NORMALISED\nSales | 8,657 | 8,244 | 5.0% | 3.2% \nEBITDA | 579 | 603 | (4.1)% | (5.4)% \nDepreciation and amortisation | (105) | (87) | 20.1% | 20.1% \nEBIT | 474 | 516 | (8.2)% | (9.7)% \nGross margin (%) | 22.9 | 23.1 | (16) bps | (14) bps \nCost of doing business (%) | 17.4 | 16.8 | 63 bps | 64 bps \nEBIT to sales (%) | 5.5 | 6.3 | (78) bps | (78) bps \nSales per square metre ($)$) | 18,675 | 18,094 | 3.2% | 1.4% \nFunds employed | 3,185 | 3,214 | (0.9)% | \nROFE (%) | 15.2 | 17.1 | (190) bps | (215) bps \n\nEndeavour Drinks BWS Dan F19 highs in‐store Online. Sales increased 5. 0%. 2% $8. 7 billion comparable sales 2. 3%. market subdued declining volumes price mix improvements. Sales H2 4. 8% 4. 0%. 7% H1. New Year’s Day boosted sales Q3 stable weather. Dan convenience.\n BWS ranging Woolworths Rewards. store network 1,346 stores 30 new stores Renewal. On Demand delivery stores double‐digit online sales growth. Jimmy Brings Brisbane Gold Coast Canberra Sydney Melbourne.\n Dan Murphy’s double‐digit sales growth On Demand delivery 91 stores 30‐minute Pick up. In‐store experience wine merchants Dan’s loyalty program increased 15%. Dan store network 230 three new openings Q4 solar energy.\n Endeavour Drinks sales metre increased 3. 2%. 4% above 1. 7%.\n Gross margin 22.14 bps down trading margin offset higher freight costs petrol prices online delivery category mix.\n CODB sales grew 64 bps $21 million impairment goodwill assets Summergate China. transitioned ExportCo. CODB sales increased 40 bps above‐inflationary cost pressures targeted investment customer experience ranging data analytics.\n Endeavour Drinks EBIT F19 decreased 8. 2% $474 million. Summergate impairment $21 million decreased. 6%. ROFE declined 148 bps decline EBIT.\n management New Zealand Wine Cellars transferred Endeavour Drinks New Zealand Food. prior period re‐presented current.\n 53\n Sales 8,657. 2%\n EBITDA 579.\n Depreciation amortisation (105).\n EBIT 474 516.\n Gross margin 22.\n Cost doing business 17. 4. 63\n EBIT sales 5. (78)\nSales square metre 18,675,094. 2%. 4%\n Funds 3,185 3,214.\n. (190) (215)" +} +{ + "_id": "d1b381124", + "title": "", + "text": "Amounts in the financial statements Group income statement\nThe expense or income arising from all group retirement benefit arrangements recognised in the group income statement is shown below.\na Relates to the removal of future indexation obligations following changes to the benefits provided under certain pension plans operating outside the UK in 2017/18. b All employees impacted by the closure of the BTPS receive transition payments into their BTRSS pot for a period linked to the employee’s age. There was no past service cost or credit on closure due to the assumed past service benefit link as an active member being the same as that assumed for a deferred member.\nc In October, a High Court judgment involving the Lloyds Banking Group’s defined benefit pension schemes was handed down, resulting in the group needing to recognise additional liability to equalise benefits between men and women due to GMPs, in common with most UK defined benefit schemes.\n\n | 2019 | 2018 | 2017\n----------------------------------------------------------------------------------------- | ---- | ---- | ----\nYear ended 31 March | £m | £m | £m \nRecognised in the income statement before specific items | | | \nService cost (including administration expenses & PPF levy: | | | \ndefined benefit plans | 135 | 376 | 281 \ndefined contribution plans | 476 | 265 | 240 \nPast service credit a | – | (17) | – \nSubtotal | 611 | 624 | 521 \nRecognised in the income statement as specific items (note 10) | | | \nCosts to close BT Pension Scheme and provide transition paymentsb for affected employees | 23 | – | – \nCost to equalise benefits between men and women due to guaranteed minimum pension (GMP) c | 26 | – | – \nNet interest expense on pensions deficit included in specific items | 139 | 218 | 209 \nSubtotal | 188 | 218 | 209 \nTotal recognised in the income statement | 799 | 842 | 730 \n\nfinancial statements Group income statement\n group retirement benefit arrangements.\n Relates removal future indexation obligations changes pension plans outside UK 2017/18. employees impacted closure BTPS receive transition payments BTRSS pot age. no past service cost credit closure past service benefit link deferred.\n High Court judgment Lloyds Banking defined benefit pension schemes additional liability equalise benefits women GMPs.\n 2019 2018 2017\n Year ended 31 March £m\n Service cost administration expenses PPF levy\n defined benefit plans 135 376 281\n plans 476 265 240\n Past service credit\n 611 624 521\n Costs close BT Pension Scheme transition employees\n Cost equalise benefits women guaranteed minimum pension (GMP)\n Net interest expense pensions deficit 139 218 209\n 799 842 730" +} +{ + "_id": "d1b3121fc", + "title": "", + "text": "NOTE 6- continued\n¹⁾ For additional information regarding impairment considerations, please refer to note 8.\nIncluded in the carrying amount for \"Vessels and capitalized dry-docking\" are capitalized drydocking costs in the amount of USD 60.7m (2018: USD 67.5m, 2017: USD 68.1m).\nThe sale and leaseback transactions in 2019 were all classified as financing arrangements and did not result in derecognition of the underlying assets as control was retained by the Group.\n\nUSDm | 2019 | 2018 | 2017 \n------------------------------------------ | ------- | ------- | -------\nVessels and capitalized dry-docking | | | \nCost: | | | \nBalance as of 1 January | 1,886.3 | 1,726.6 | 1,697.4\nAdditions | 81.3 | 162.7 | 103.1 \nDisposals | -25.6 | -30.2 | -14.3 \nTransferred from prepayments | 252.3 | 81.8 | - \nTransferred to assets held for sale | -130.1 | -54.6 | -59.6 \nBalance as of 31 December | 2,064.2 | 1,886.3 | 1,726.6\nDepreciation: | | | \nBalance as of 1 January | 327.6 | 264.8 | 180.0 \nDisposals | -25.6 | -30.2 | -14.3 \nDepreciation for the year | 106.5 | 113.4 | 113.6 \nTransferred to assets held for sale | -47.9 | -20.4 | -14.5 \nBalance as of 31 December | 360.6 | 327.6 | 264.8 \nImpairment: | | | \nBalance as of 1 January | 162.1 | 167.3 | 173.6 \nImpairment losses on tangible fixed assets | 6.0 | 3.2 | 3.6 \nReversal of impairment ¹⁾ | -120.0 | - | - \nTransferred to assets held for sale | -19.3 | -8.4 | -9.9 \nBalance as of 31 December | 28.8 | 162.1 | 167.3 \nCarrying amount as of 31 December | 1,674.8 | 1,396.6 | 1,294.5\n\n\n additional information impairment refer note 8.\n capitalized dry-docking costs USD 60. 7m USD 67. 5m 2017: 68. 1m.\n sale leaseback transactions 2019 financing arrangements derecognition assets control Group.\n 2019 2018\n Vessels capitalized dry-docking\n Balance 1 January 1,886. 1,726. 1,697.\n 81. 162. 103.\n. -30.\n prepayments 252. 81.\n Transferred assets -130. -54. -59.\n 31 December 2,064. 1,886. 1,726. 6\n Depreciation\n 1 January 327. 264. 180.\n. -30.\n Depreciation 106. 113. 113.\n Transferred assets.\n 31 December 360. 327. 264.\n Impairment\n 1 January 162. 167. 173.\n Impairment losses fixed assets 6. 3. 3.\n Reversal impairment -120.\n Transferred assets sale. 4.\n 31 December 28. 8 162. 167.\n 1,674. 8 1,396. 6 1,294." +} +{ + "_id": "d1b377e58", + "title": "", + "text": "The provision for income taxes differed from the provision computed by applying the Federal statutory rate to income (loss) from continuing operations before taxes due to the following:\nThe effective income tax rate was 18.9% and (141.8)% during the years ended December 31, 2019 and December 31, 2018, respectively. The decrease in 2019 compared to statutory tax rate of 21% was primarily due to deferred tax adjustments related to foreign tax credit carryforwards and state taxes, offset by changes in the valuation allowance and excess tax benefits resulting from the exercise of non-qualified stock options.\nThe effective tax rate for the year ended December 31,2018 was significantly impacted by recording a substantial increase in a valuation allowance on the entire deferred tax assets.\n\n | Year ended December 31, | \n------------------------------- | ----------------------- | --------\n | 2019 | 2018 \nFederal statutory tax rate | 21.0% | 21.0% \nState taxes | (4.5) | 4.4 \nNon deductible expenses | (0.3) | (0.6) \nTax credits | 4.0 | 4.6 \nExpired tax credit | (1.3) | (3.9) \nDeferred tax adjustment | (4.8) | — \nStock based compensation | 1.9 | 0.8 \nValuation allowance | 3.2 | (167.0) \nContingent purchase revaluation | — | (1.0) \nOther | (0.3) | (0.1) \n | 18.9% | (141.8)%\n\nincome taxes differed Federal statutory rate\n effective income tax rate 18. 9% (141. 8)% 2019 2018. decrease 2019 21% due deferred tax adjustments foreign tax credit carryforwards state taxes offset changes valuation allowance excess tax benefits non stock options.\n tax rate December 31,2018 impacted increase valuation allowance deferred tax assets.\n Federal statutory tax rate 21. 0% 21.\n State taxes.\n Non deductible expenses.\n Tax credits.\n Expired tax credit.\n Deferred tax adjustment.\n Stock based compensation.\n Valuation allowance.\n Contingent purchase revaluation.\n.\n 18. 9% (141. 8)" +} +{ + "_id": "d1b32b31e", + "title": "", + "text": "7. Property, Plant and Equipment\nProperty, plant and equipment consisted of the following components at June 30, 2019 and 2018:\n\n | June 30, | \n----------------------------------------------- | -------- | --------\n($ in millions) | 2019 | 2018 \nLand | $35.6 | $34.8 \nBuildings and building equipment | 512.9 | 500.0 \nMachinery and equipment | 2,183.6 | 2,129.0 \nConstruction in progress | 150.7 | 83.6 \nTotal at cost | 2,882.8 | 2,747.4 \nLess: accumulated depreciation and amortization | 1,516.6 | 1,434.0 \nTotal property, plant, and equipment | $1,366.2 | $1,313.4\n\n. Property Plant Equipment\n June 30 2019 2018:\n millions\n Land $35. $34.\n Buildings equipment 512. 500.\n Machinery equipment 2,183. 2,129.\n Construction 150. 83.\n 2,882. 2,747.\n depreciation amortization 1,516. 1,434.\n property $1,366. $1,313." +} +{ + "_id": "d1b398a04", + "title": "", + "text": "5. Earnings Per Common Share\nBasic earnings per common share (\"EPS\") is based upon the weighted-average number of common shares outstanding during the period.  Diluted EPS reflects the potential dilution that would occur upon issuance of common shares for awards under stock-based compensation plans, or conversion of preferred stock, but only to the extent that they are considered dilutive.\nThe following table shows the computation of basic and diluted EPS:\nIn conjunction with the acquisition of Hawaiian Telcom in the third quarter of 2018, the Company issued 7.7 million Common Shares as a part of the acquisition consideration. In addition, the Company granted 0.1 million time-based restricted stock units to certain Hawaiian Telcom employees under the Hawaiian Telcom 2010 Equity Incentive Plan\nFor the years ended December 31, 2019 and December 31, 2018, the Company had a net loss available to common shareholders and, as a result, all common stock equivalents were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive.  For the year ended December 31, 2017, awards under the Company’s stock-based compensation plans for common shares of 0.2 million, were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive.  For all periods presented, preferred stock convertible into 0.9 million common shares was excluded as it was anti-dilutive.\n\nYear Ended December 31, | | | \n---------------------------------------------------------------------- | ------- | ------- | -----\n(in millions, except per share amounts) | 2019 | 2018 | 2017 \nNumerator: | | | \nNet (loss) income | $(66.6) | $(69.8) | $40.0\nPreferred stock dividends | 10.4 | 10.4 | 10.4 \nNet (loss) income applicable to common shareowners - basic and diluted | $(77.0) | $(80.2) | $29.6\nDenominator: | | | \nWeighted-average common shares outstanding - basic | 50.4 | 46.3 | 42.2 \nStock-based compensation arrangements | — | — | 0.2 \nWeighted-average common shares outstanding - diluted | 50.4 | 46.3 | 42.4 \nBasic and diluted net (loss) earnings per common share | ($1.53) | ($1.73) | $0.70\n\n. Earnings Per Common Share\n earnings based weighted-average shares. Diluted EPS reflects potential dilution issuance stock compensation plans conversion preferred stock.\n table shows computation basic diluted EPS\n acquisition Hawaiian Telcom 2018 issued 7. million Common Shares. granted. 1 million restricted stock units Hawaiian Telcom employees 2010 Equity Incentive Plan\n December 31, 2019 2018 net loss common stock equivalents excluded EPS. December 2017 compensation plans. 2 million excluded. preferred stock convertible. 9 million shares excluded anti-dilutive.\n Year Ended December 31,\n millions 2019 2018 2017\n Net (loss) income $(66. 6) $(69. 8) $40.\n Preferred stock dividends.\n Net (loss) income shareowners basic diluted $(77. $(80. 2) $29. 6\n Weighted-average common shares outstanding basic.46. 42.\n Stock compensation arrangements.\n shares 50. 46. 42.\n Basic diluted earnings common share$1. 53)$1. 73." +} +{ + "_id": "d1b39d270", + "title": "", + "text": "16. Segment, Geographic, and Significant Customer Information\nWe operate in one industry segment: the design, manufacturing, marketing, and technical support of high-performance storage and data management solutions. We conduct business globally, and our sales and support activities are managed on a geographic basis. Our management reviews financial information presented on a consolidated basis, accompanied by disaggregated information it receives from our internal management system about revenues by geographic region, based on the location from which the customer relationship is managed, for purposes of allocating resources and evaluating financial performance. We do not allocate costs of revenues, research and development, sales and marketing, or general and administrative expenses to our geographic regions in this internal management reporting because management does not review operations or operating results, or make planning decisions, below the consolidated entity level.\nSummarized revenues by geographic region based on information from our internal management system and utilized by our Chief Executive Officer, who is considered our Chief Operating Decision Maker, is as follows (in millions):\nAmericas revenues consist of sales to Americas commercial and U.S. public sector markets. Sales to customers inside the U.S. were $3,116 million, $2,878 million and $2,721 million during fiscal 2019, 2018 and 2017, respectively.\n\n | | Year Ended | \n-------------------------------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nUnited States, Canada and Latin America (Americas) | $ 3,425 | $ 3,207 | $ 3,021 \nEurope, Middle East and Africa (EMEA) | 1,847 | 1,873 | 1,741 \nAsia Pacific (APAC) | 874 | 839 | 729 \nNet revenues | $ 6,146 | $ 5,919 | $ 5,491 \n\n. Segment Geographic Customer Information\n operate industry segment design manufacturing marketing support high-performance storage data management solutions. conduct business globally sales support managed geographic. management reviews financial information disaggregated information revenues geographic region allocating resources evaluating financial performance. allocate costs research development sales marketing administrative expenses regions operations consolidated entity.\n Summarized revenues by geographic region\n Americas revenues sales commercial U. S. public sector markets. Sales U. S. $3,116 million $2,878 million $2,721 million 2019 2018 2017.\n United States Canada Latin America $ 3,425 $ 3,207 $ 3,021\n Europe Middle East Africa 1,847 1,873 1,741\n Asia Pacific 874\n Net revenues $ 6,146 $ 5,919" +} +{ + "_id": "d1b34c4ba", + "title": "", + "text": "Note 18: Comprehensive Income (Loss)\nThe components of accumulated other comprehensive loss, net of tax at the end of June 30, 2019, as well as the activity during the fiscal year ended June 30, 2019, were as follows:\n(1) Amount of after-tax gain reclassified from accumulated other comprehensive income into net income located in other expense, net.\n(2) Amount of after-tax gain reclassified from accumulated other comprehensive income into net income located in revenue: $9.6 million gain; cost of goods sold: $5.0 million loss; selling, general, and administrative expenses: $1.7 million loss; and other income and expense: $0.1 million loss.\nTax related to other comprehensive income, and the components thereto, for the years ended June 30, 2019, June 24, 2018 and June 25, 2017 was not material.\n\n | Accumulated Foreign Currency Translation Adjustment | Accumulated Unrealised Gains or Losses on Cash Flow Hedges | Accumulated Unrealized Holding Gain or Loss on Available-For- Sale Investments | Accumulated Unrealized Components of Defined Benefit Plans | Total \n----------------------------------------------------------------------------------------------- | --------------------------------------------------- | ---------------------------------------------------------- | ------------------------------------------------------------------------------ | ---------------------------------------------------------- | ---------\n | | | (inthousands) | | \nBalance as of June 24, 2018 | $(32,722) | $(4,042) | $(1,190) | $(19,495) | $(57,449)\nOther comprehensive (loss) income before reclassifications | (9,470) | 2,860 | 3,535 | (1,153) | (4,228) \nLosses (gains) reclassified from accumulated other comprehensive income (loss) to net income | 2,822 | (2,749) | (199) | — | (126) \nEffects of ASU 2018-02 adoption | — | (399) | — | (1,828) | (2,227) \nNet current-period other comprehensive income (loss) | (6,648) | (288) | 3,336 | (2,981) | (6,581) \nBalance as of June 30, 2019 | $(39,370) | $(4,330) | $2,146 | $(22,476) | $(64,030)\n\nComprehensive Income\n loss tax June 30, 2019 activity year\n after-tax gain.\n revenue $9. 6 million gain cost goods sold $5. 0 million loss expenses $1. 7 million loss other income expense $0. 1 million loss.\n Tax years June 30 2019 24 2018 25 2017 material.\n Foreign Currency Translation Adjustment Unrealised Gains Losses Cash Flow Hedges Gain Loss Investments Unrealized Components Benefit Plans Total\n Balance June 24, 2018 $(32,722) $(4,042) $(1,190 $(19,495 $(57,449)\n income before reclassifications (9,470) 2,860 3,535 (1,153 (4,228\n Losses reclassified net income 2,822 (2,749\n Effects ASU 2018-02 adoption (399) (1,828)\n(6,648) (288) 3,336 (2,981\n Balance June 30 2019(39,370,330 $2,146(22,476,030" +} +{ + "_id": "d1b334e28", + "title": "", + "text": "Restricted Shares\nWe granted shares to certain of our Directors, executives and key employees under the 2016 and 2011 Plans, the vesting of which is service-based. The following table summarizes the activity during the twelve months ended March 31, 2019 for restricted shares awarded under the 2016 and 2011 Plans:\nThe weighted-average grant date fair value of the restricted shares is determined based upon the closing price of our common shares on the grant date. During fiscal 2019, a total of 197,917 shares, net of 47,146 shares withheld from the vested restricted shares to cover the employee's minimum applicable income taxes, were issued from treasury. The shares withheld were returned to treasury shares.\n\n | Number of Shares | Weighted-Average Grant-Date Fair Value\n----------------------------- | ---------------- | --------------------------------------\n | | (per share) \nOutstanding at April 1, 2018 | 243,354 | $10.78 \nGranted | 265,452 | 14.66 \nVested | (197,917) | 12.74 \nForfeited | (73,743) | 11.3 \nOutstanding at March 31, 2019 | 237,146 | $13.46 \n\nRestricted Shares\n granted Directors executives employees 2016 2011 Plans service-based. table summarizes activity months March 2019\n weighted-average grant date value closing price common. 2019 197,917 shares 47,146 withheld taxes issued treasury. withheld returned treasury.\n Weighted-Average Grant Value\n April 1, 2018 243,354 $10. 78\n Granted 265,452. 66\n Vested (197,917).\n Forfeited (73,743) 11.\n March 31, 2019 237,146 $13." +} +{ + "_id": "d1b36ee3e", + "title": "", + "text": "Share-based Compensation Expense\nWe have several share-based compensation plans covering stock options and RSUs for our employees and directors, which are described more fully in Note 11.\nWe measure our compensation cost related to share-based payment transactions based on fair value of the equity or liability classified instrument. For purposes of estimating the fair value of each stock option unit on the date of grant, we utilize the Black-Scholes option-pricing model. Option valuation models require the input of highly subjective assumptions including the expected volatility factor of the market price of our common stock (as determined by reviewing our historical public market closing prices). Our accounting for share-based compensation for RSUs is based on the closing market price of our common stock on the date of grant.\nOur total share-based compensation expense recognized in the Company’s results of operations from non-cash and cash-portioned instruments issued to our employees and directors comprised the following (in thousands):\n\n | | Year Ended December 31,\n-------------------------------------- | ---- | -----------------------\n | 2019 | 2018 \nResearch and development expense: | | \nStock option awards | $8 | $38 \nRSU awards | 13 | 27 \n | 21 | $65 \nGeneral and administrative expense: | | \nStock option awards | 12 | 61 \nRSU awards | 105 | 104 \n | 117 | $165 \nTotal share-based compensation expense | 138 | $230 \n\nShare-based Compensation Expense\n compensation plans stock options RSUs employees directors described Note 11.\n compensation cost fair value equity instrument. Black-Scholes option-pricing model. subjective assumptions expected volatility market price common stock. accounting share compensation RSUs closing market price common stock grant.\n total share-based compensation expense non cash-portioned instruments employees directors\n Ended December 31,\n Research development expense\n Stock option awards $8 $38\n RSU awards\n $65\n General administrative expense\n Stock option awards 12 61\n RSU awards\n $165\n Total share-based compensation expense $230" +} +{ + "_id": "d1b3a6596", + "title": "", + "text": "2019 vs 2018\nSMB segment net revenue was flat for the year ended December 31, 2019 compared to the prior year, primarily due to a decline in net revenue of our\nnetwork storage products, substantially offset by growth in net revenue of our switch products. Geographically, net revenue grew in APAC, but declined in Americas and EMEA.\nContribution income decreased for the year ended December 31, 2019 compared to the prior year, primarily as a result of lower gross margin attainment, partially offset by lower operating expenses as a proportion of net revenue. Contribution margin decreased for the year ended December 31, 2019 compared to the prior year, primarily lower gross margin attainment mainly resulting from foreign exchange headwinds due to the strengthening of the U.S. dollar as well as higher provisions for sales returns.\n2018 vs 2017\nSMB segment net revenue increased for the year ended December 31, 2018 compared to the prior year, primarily due to growth in switches, partially offset by the decrease in network storage. SMB experienced growth in net revenue across all regions. SMB net revenue was further benefited by lower provisions for sales returns deemed to be a reduction of net revenue.\nContribution income increased for the year ended December 31, 2018 compared to the prior year, primarily due to increasing net revenue and improved gross margin performance not being met with proportionate increases in operating expense compared to the prior period.\n\n | | | Year Ended December 31, | | \n------------------------- | -------- | -------- | -------------------------------------- | -------- | --------\n | 2019 | % Change | 2018 | % Change | 2017 \n | | | (in thousands, except percentage data) | | \nNet revenue | $287,372 | (0.1)% | $287,756 | 6.2% | $270,908\nPercentage of net revenue | 28.8% | | 27.2% | | 26.1% \nContribution income | $67,282 | (4.1)% | $70,142 | 9.8% | $63,865 \nContribution margin | 23.4% | | 24.4% | | 23.6% \n\n2019 vs 2018\n SMB net revenue flat December 31, 2019 due decline\n network storage products offset growth switch products. revenue grew APAC declined Americas EMEA.\n Contribution income decreased 2019 lower gross margin offset lower operating expenses. decreased foreign exchange headwinds strengthening U. S. dollar higher provisions sales returns.\n 2018 vs 2017\n SMB net revenue increased 2018 due growth switches offset decrease network storage. growth revenue regions. benefited lower provisions sales returns.\n Contribution income increased December 31, 2018 due increasing net revenue improved gross margin performance not operating expense.\n December\n 2019 % 2018 2017\n Net revenue $287,372. $287,756 6. 2% $270,908\n Percentage net revenue 28. 8%. 2%.\n Contribution income $67,282. $70,142. 8% $63,865\n Contribution margin 23. 4% 24. 4%." +} +{ + "_id": "d1b343752", + "title": "", + "text": "Accrued expenses consisted of the following (in thousands):\nContract liabilities represent amounts that are collected in advance of the satisfaction of performance obligations under the new revenue recognition standard. See Recently Adopted Accounting Standards in Note 2 and Contract Liabilities in Note 6.\n\n | December 31, | December 31,\n---------------------------------------------- | ------------ | ------------\n | 2019 | 2018 \nAccrued payroll and related taxes | $3,985 | $3,800 \nAccrued federal, state, and local taxes | 2,635 | 1,827 \nAccrued bonus | 20,206 | 10,766 \nSelf-insurance reserves | 2,238 | — \nEmployee stock purchase plan contributions | 4,716 | 6,473 \nAccrued sales commissions | 5,397 | 6,889 \nAccrued partner commissions | 7,043 | 5,535 \nContract liabilities | 5,197 | — \nAccrued purchase price related to acquisitions | 2,763 | — \nOther | 7,924 | 6,811 \nTotal | $62,104 | $42,101 \n\nAccrued expenses\n Contract liabilities obligations revenue. Accounting Standards Note 2 Contract Liabilities Note 6.\n payroll taxes $3,985\n federal state local taxes 2,635 1,827\n bonus 20,206\n Self-insurance reserves 2,238\n Employee stock purchase plan contributions\n sales commissions 5,397\n partner commissions 7,043\n Contract liabilities 5,197\n acquisitions 2,763\n 7,924\n $62,104 $42,101" +} +{ + "_id": "d1b3ab596", + "title": "", + "text": "A.9.1 Results of operations\nStatement of Income of Siemens AG in accordance with German Commercial Code (condensed)\nBeginning of August 2018, Siemens AG carved out its mobility business to Siemens Mobility GmbH by way of singular succession. The decreases in revenue, cost of sales, gross profit and research and development (R & D) expenses were mainly driven by this carve-out.\nOn a geographical basis, 75 % of revenue was generated in the Europe, C. I. S., Africa, Middle East region, 18 % in the Asia, Australia region and 7 % in the Americas region. Exports from Germany accounted for 62 % of overall revenue. In fiscal 2019, orders for Siemens AG amounted to € 21.6 billion. Within Siemens AG, the development of revenue depends strongly on the completion of contracts, primarily in connection with large orders.\nThe R & D intensity (R & D as a percentage of revenue) increased by 0.8 percentage points year-over-year. The research and development activities of Siemens AG are fundamentally the same as for its fields of business activities within the Siemens Group, respectively. On an average basis, we employed 9,000 people in R & D in fiscal 2019.\nThe decrease in Financial income, net was primarily attributable to lower income from investments, net. The main factor for this decrease was a significant income from the profit transfer agreement with Siemens Beteiligungen Inland GmbH, Germany, in\nfiscal 2018.\n\n | | Fiscal year | \n----------------------------------------------------------------------------------- | -------- | ----------- | ---------\n(in millions of €) | 2019 | 2018 | % Change \nRevenue | 22,104 | 28,185 | (22) % \nCost of Sales | (15,825) | (21,074) | 25 % \nGross profit | 6,279 | 7,111 | (12) % \nas percentage of revenue | 28 % | 25 % | \nResearch and development expenses | (2,362) | (2,788) | 15 % \nSelling and general administrative expenses | (3,979) | (3,767) | (6) % \nOther operating income (expenses), net | 9,469 | 1 | n / a \nFinancial income, net thereof Income from investments, net 3,754 (prior year 5,381) | 3,188 | 4,643 | (31) % \nIncome from business activity | 12,596 | 5,199 | 142 % \nIncome taxes | (1,377) | (653) | (111) % \nNet income | 11,219 | 4,547 | 147 % \nProfit carried forward | 170 | 134 | 27 % \nAllocation to other retained earnings | (6,005) | (1,451) | > (200) %\nUnappropriated net income | 5,384 | 3,230 | 67 % \n\n. operations\n Siemens AG German Commercial Code\n 2018 Siemens mobility business Siemens Mobility GmbH. decreases revenue cost sales gross profit research expenses driven carve-out.\n 75 % revenue Europe. Africa Middle East 18 % Asia Australia 7 % Americas. Exports Germany 62 % revenue. 2019 orders Siemens € 21. 6 billion. revenue depends contracts large orders.\n R & D intensity increased. 8 points year-over-year. research development activities same. employed people R & D 2019.\n decrease Financial income lower income investments. profit transfer agreement Siemens Beteiligungen Inland\n 2018.\n millions\n Revenue 22,104 28,185 (22) %\n Cost Sales (15,825) (21,074) 25 %\n Gross profit 6,279 7,111\n Research development expenses (2,362),788 15 %\n Selling administrative expenses (3,979) (3,767) (6) %\noperating 9,469\n Financial investments 3,754 5,381\n business 12,596 5,199 142 %\n taxes (1,377\n Net income 11,219 4,547 147 %\n Profit 170 27 %\n earnings (6,005) %\n Unappropriated income 5,384 3,230 67 %" +} +{ + "_id": "d1b2eb41c", + "title": "", + "text": "Changes in Accumulated Other Comprehensive Income (Loss)\nThe following table summarizes the changes in accumulated other comprehensive income (loss), which is reported as a component of shareholders’ equity, for the years ended December 31, 2019 and 2018:\nExpressed in US $000's except share and per share amounts\n\n | Accumulated Other Comprehensive Income (Loss) | \n--------------------------------------------------------------------------------------------------------------------- | --------------------------------------------- | -----------------\n | Years ended | \n | December 31, 2019 | December 31, 2018\n | $ | $ \nBalance, beginning of the year | (12,216) | 3,435 \n | | \nOther comprehensive income (loss) before reclassifications | 12,865 | (19,821) \nLoss on cash flow hedges reclassified from accumulated other comprehensive income (loss) to earnings were as follows: | | \nCost of revenues | 279 | 255 \nSales and marketing | 1,538 | 1,224 \nResearch and development | 2,620 | 2,063 \nGeneral and administrative | 744 | 628 \nTax effect on unrealized gain (loss) on cash flow hedges | (4,784) | — \nOther comprehensive income (loss), net of tax | 13,262 | (15,651) \nBalance, end of the year | 1,046 | (12,216) \n\nChanges Accumulated Income\n table summarizes changes equity years 2019 2018:\n Expressed US $000's share amounts\n Income\n Years\n 2019 2018\n (12,216) 3,435\n before reclassifications 12,865 (19,821)\n Loss cash flow hedges earnings\n Cost revenues 279\n Sales marketing 1,538 1,224\n Research development 2,620\n General administrative 744\n Tax effect unrealized gain cash flow hedges (4,784)\n income net tax 13,262 (15,651)\n end year 1,046 (12,216)" +} +{ + "_id": "d1b3b3ffc", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 18 — Income Taxes\nThe long-term deferred tax assets and long-term deferred tax liabilities are as follows below:\nAt each reporting date, we weigh all available positive and negative evidence to assess whether it is more-likely-than-not that the Company's deferred tax assets, including deferred tax assets associated with accumulated loss carryforwards and tax credits in the various jurisdictions in which it operates, will be realized. As of December 31, 2019, and 2018, we recorded deferred tax assets related to certain U.S. state and non-U.S. income tax loss carryforwards of $4,724 and $4,647, respectively, and U.S. and non- U.S. tax credits of $15,964 and $16,909, respectively. The deferred tax assets expire in various years primarily between 2021 and 2039.\nGenerally, we assess if it is more-likely-than-not that our net deferred tax assets will be realized during the available carry-forward periods. As a result, we have determined that valuation allowances of $8,011 and $8,274 should be provided for certain deferred tax assets at December 31, 2019, and 2018, respectively. As of December 31, 2019, the valuation allowances relate to certain U.S. state and non-U.S. loss carry-forwards and certain U.S. state tax credits that management does not anticipate will be utilized.\nNo valuation allowance was recorded in 2019 against the U.S. federal foreign tax credit carryforwards of $5,785, which expire in varying amounts between 2023 and 2029 as well as the research and development tax credits of $7,495, which expire in varying amounts between 2021 and 2039. We assessed the anticipated realization of those tax credits utilizing future taxable income projections. Based on those projections, management believes it is more-likely-than-not that we will realize the benefits of these credit carryforwards.\n\n | As of December 31, | \n------------------------------------ | ------------------ | --------\n | 2019 | 2018 \nNon-current deferred tax assets | $19,795 | $22,201 \nNon-current deferred tax liabilities | $(5,637) | $(3,990)\nTotal net deferred tax assets | $14,158 | $18,211 \n\nNOTES FINANCIAL STATEMENTS thousands share data\n NOTE 18 Income Taxes\n long-term deferred tax assets liabilities\n weigh positive negative evidence Company deferred tax assets loss carryforwards tax credits. December 31, 2019 2018 recorded deferred tax assets U. non. income tax loss carryforwards $4,724 $4,647. tax credits $15,964 $16,909. assets expire 2021 2039.\n deferred tax assets carry-forward periods. valuation allowances $8,011 $8,274 deferred tax assets December 31, 2019 2018. 2019 allowances. non. loss carry-forwards. tax credits.\n No valuation allowance against. federal foreign tax credit carryforwards $5,785 2023 2029 research development tax credits $7,495 2021 2039. assessed realization tax credits future taxable income projections. management believes more-likely realize benefits credit carryforwards.\n December\n\n deferred tax assets $19,795 $22,201\n liabilities $(5,637)\n $14,158 $18,211" +} +{ + "_id": "d1b37640e", + "title": "", + "text": "Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. A summary of the tax effect of the significant components of deferred income taxes is as follows (in thousands):\nAt December 31, 2019, we had state and foreign net operating losses of approximately $12.2 million and $7.9 million, respectively. The state net operating losses expire beginning 2027 through 2038. We recorded a full valuation allowance against the foreign net operating losses and a partial valuation allowance against the state net operating losses, as we do not believe those losses will be fully utilized in the future.\n\nDecember 31, | | \n------------------------------------------------------------------- | -------- | --------\n | 2019 | 2018 \nGoodwill and other intangibles | $136,882 | $114,532\nLease arrangements | 31,128 | — \nProperty and equipment | 13,270 | 8,168 \nUnbilled receivables - IRC Section 481(a) | 5,878 | 8,816 \nGross deferred tax liabilities | 187,158 | 131,516 \nLease obligations | (34,146) | — \nRetirement and other liabilities | (18,614) | (20,707)\nAllowance for potential contract losses and other contract reserves | (2,205) | (1,681) \nForeign and state operating loss carryforwards | (2,239) | (1,709) \nLess: Valuation allowance | 1,828 | 1,537 \nGross deferred tax assets | (55,376) | (22,560)\nNet deferred tax liabilities | $131,782 | $108,956\n\nDeferred income taxes differences assets liabilities financial statements.\n December 31, 2019 state foreign losses $12. 2 million $7. 9 million. losses expire 2027 2038. full valuation foreign partial.\n Goodwill intangibles $136,882 $114,532\n Lease arrangements 31,128\n Property equipment 13,270\n Unbilled receivables Section 481 5,878\n deferred tax liabilities 187,158\n Lease obligations (34,146\n Retirement liabilities (18,614)\n contract losses reserves (2,205\n Foreign state loss carryforwards (2,239) (1,709)\n 1,828\n deferred tax assets (55,376) (22,560\n deferred tax liabilities $131,782 $108,956" +} +{ + "_id": "d1b327fa2", + "title": "", + "text": "The weighted-average grant date fair value of stock options granted during 2017 was $2.00 per share. There were no stock options granted in 2019 or 2018. The total grant date fair value of stock options that vested during 2019, 2018, and 2017 was $2.8 million, $10.1 million and $20.2 million, respectively. As of December 31, 2019, the total unrecognized compensation expense related to unvested stock options was $0.3 million, which the Company expects to recognize over an estimated weighted average period of 0.2 years. As of December 31, 2019, the total unrecognized compensation expense related to unvested RSUs was $94.2 million, which the Company expects to recognize over an estimated weighted average period of 1.9 years. As of December 31, 2019, there was zero unrecognized compensation expense related to unvested warrants.\nStock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period of the respective award. The Company accounts for forfeitures as they occur. The fair value of RSUs without market conditions is the fair value of the Company’s Class A common stock on the grant date. The fair value of RSUs with market conditions is estimated using a Monte Carlo simulation model. In determining the fair value of the stock options, warrants and the equity awards issued under the 2015 ESPP, the Company used the Black-Scholes option-pricing model and assumptions discussed below. Each of these inputs is subjective and generally requires significant judgment.\nFair Value of Common Stock—The fair value of the shares of common stock underlying stock options had historically been established by the Company’s board of directors. Following the completion of the IPO, the Company began using the market closing price for the Company’s Class A common stock as reported on the New York Stock Exchange.\nExpected Term—The Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time stock-based awards have been exercisable. As a result, for stock options, the Company used the simplified method to calculate the expected term, which is equal to the average of the stock-based award’s weighted average vesting period and its contractual term. The expected term of the 2015 ESPP was based on the contractual term.\nVolatility—The Company estimates the expected volatility of the common stock underlying its stock options at the grant date. Prior to 2018, the Company estimated the expected volatility of the common stock underlying stock options, warrants and equity awards issued under its 2015 ESPP at the grant date by taking the average historical volatility of the common stock of a group of comparable publicly traded companies over a period equal to the expected life. The Company used this method because it had limited information on the volatility of its Class A common stock because of its short trading history. Beginning in 2018, the Company used a combination of historical volatility from its Class A common stock along with historical volatility from the group of comparable publicly traded companies.\nRisk-Free Rate—The risk-free interest rate is estimated average interest rate based on U.S. Treasury zero-coupon notes with terms consistent with the expected term of the awards.\nDividend Yield—The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. Consequently, it used an expected dividend yield of zero.\nThe assumptions used in calculating the fair value of the stock-based awards represent management judgment. As a result, if factors change and different assumptions are used, the stock-based compensation expense could be materially different in the future. The fair value of the stock option awards, warrants, awards issued under the 2015 ESPP, and awards granted to employees was estimated at the date of grant using a Black-Scholes option-pricing model. The fair value of the RSUs with market conditions were estimated using a Black-Scholes option-pricing model combined with a Monte Carlo simulation model. The fair value of these awards were estimated using the following Black-Scholes assumptions:\n\n | | Year Ended December 31, | \n-------------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nCost of revenue | $6,403 | $7,312 | $5,312 \nResearch and development | 44,855 | 57,188 | 54,123 \nSales and marketing | 11,585 | 14,726 | 14,959 \nGeneral and administrative | 14,896 | 17,783 | 17,187 \nTotal stock-based compensation expense | $77,739 | $97,009 | $91,581\n\n-average grant value stock options 2017 $2. 00 per share. no options 2019 2018. total value 2019 2018 2017 $2. 8 million $10. 1 million $20. 2 million. December 31, 2019 unrecognized compensation expense unvested stock options $0. 3 million 0. 2 years. unvested RSUs $94. 2 million 1. 9 years. zero unrecognized compensation expense unvested warrants.\n Stock-based compensation measured grant date fair value recognized expense requisite service period vesting period. accounts forfeitures. fair value RSUs without market conditions Class A common stock grant date. RSUs market conditions estimated Monte Carlo simulation model. stock options warrants equity awards 2015 Black-Scholes option-pricing model assumptions. subjective judgment.\n Fair Value Common established board directors. market closing price Class A common stock New York Stock Exchange.\n historical data term stock-based awards.stock options Company used simplified method expected term equal average award’s vesting period contractual term. term 2015 ESPP based contractual term.\n Company estimates volatility common stock options grant date. estimated equity awards 2015 ESPP average historical volatility comparable companies. limited information Class A common stock short trading history. 2018 used historical volatility A comparable traded companies.\n Risk-Free estimated U. S. Treasury zero-coupon notes consistent expected term awards.\n Dividend never cash plan. used expected dividend yield zero.\n assumptions fair value awards represent management judgment. if factors compensation expense could different. fair value stock option awards warrants awards 2015 ESPP awards employees estimated Black-Scholes option-pricing model. fair value RSUs with market conditions estimated Black-Scholes option-pricing model Monte Carlo simulation model. estimated Black-Scholes assumptions\n Year Ended December 31,\n\n revenue $6,403 $7,312\n Research development 44,855 57,188 54,123\n Sales marketing 11,585\n General 14,896 17,783\n compensation $77,739 $97,009 $91,581" +} +{ + "_id": "d1b313192", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nNOTE 23. SUPPLEMENTAL QUARTERLY FINANCIAL DATA (UNAUDITED)\nThe following tables present unaudited quarterly results for each of the eight quarters in the periods ended December 31, 2019 and 2018, in thousands. We believe that all necessary adjustments have been included in the amounts stated below to present fairly such quarterly information. Due to the volatility of the industries in which our customers operate, the operating results for any quarter are not necessarily indicative of results for any subsequent period.\n\n | | Quarter Ended | | \n------------------------------------------------------------------------- | ------------ | ------------- | --------- | ---------\n | December 31, | September 30, | June 30, | March 31,\n | 2018 | 2018 | 2018 | 2018 \nSales, net | $154,161 | $173,082 | $196,032 | $195,617 \nGross Profit | $ 75,188 | $ 85,539 | $ 101,235 | $ 103,645\nRestructuring Expense | $ 3,836 | $ 403 | $ — | $ — \nOperating income | $ 19,570 | $ 39,862 | $ 56,018 | $ 56,103 \nIncome from continuing operations, net of income taxes | $ 19,222 | $ 35,157 | $ 46,400 | $ 46,370 \nLoss (income) from discontinued operations, net of income taxes | $ 188 | $ (371) | $ 5 | $ 140 \nNet Income | $19,410 | $34,786 | $46,405 | $46,510 \nIncome from continuing operations attributable to noncontrolling interest | $ 4 | $ 7 | $ 44 | $ 31 \nNet income attributable to Advanced Energy Industries, Inc. | $ 19,406 | $34,779 | $46,361 | $ 46,479 \nEarnings (Loss) Per Share: | | | | \nContinuing Operations: | | | | \nBasic earnings per share | $0.50 | $0.90 | $1.18 | $1.17 \nDiluted earnings per share | $0.50 | $0.90 | $1.17 | $1.16 \nDiscontinued Operations: | | | | \nBasic loss per share | $ — | $ (0.01) | $ — | $ — \nDiluted loss per share | $ — | $ (0.01) | $ — | $ — \nNet Income: | | | | \nBasic earnings per share | $ 0.51 | $ 0.89 | $ 1.18 | $1.17 \nDiluted earnings per share | $0.50 | $0.89 | $1.17 | $1.16 \n\nADVANCED ENERGY INDUSTRIES. FINANCIAL STATEMENTS thousands share\n 23. SUPPLEMENTAL QUARTERLY FINANCIAL DATA\n tables quarterly results eight quarters December 31, 2019 2018. adjustments included. volatility results not indicative.\n Quarter Ended\n December 31, September 30 June 30 March 31,\n Sales $154,161 $173,082 $196,032\n Gross Profit $ 75,188 $ 85,539 101,235\n Restructuring Expense $ 3,836 $\n Operating income $ 19,570 $ 39,862 $ 56,018\n Income continuing operations taxes $ 19,222 $ 35,157 46\n Loss discontinued operations taxes $ 188\n Net Income $19,410 $34,786 $46,405\n Income operations noncontrolling interest $\n income Advanced Energy Industries. $ 19,406 $34,779 $46,361\nEarnings Per Share\n Operations\n Basic earnings. 50. 90 $1. 18 $1. 17\n Diluted earnings. 50. 90 $1. 17 $1. 16\n Discontinued Operations\n Basic loss. 01\n Diluted loss.\n Net Income\n Basic earnings share. 51. 89. 18 $1. 17\n earnings. 50. 89 $1. 17 $1." +} +{ + "_id": "d1b3b2e40", + "title": "", + "text": "Loan-to-value (LTV): TORM defines Loan-to-value (LTV) ratio as Vessel values divided by net borrowings on the vessels.\nLTV describes the net debt ratio on the vessel, and is used by TORM to describe the financial situation, the liquidity risk as well as to express the future possibilities to raise new capital by new loan facilities.\n\nUSDm | 2019 | 2018 | 2017 \n-------------------------------------------------------------------------------- | ------- | ------- | -------\nVessel values including newbuildings (broker values) | 1,801.5 | 1,675.1 | 1,661.1\nTotal (value) | 1,801.5 | 1,675.1 | 1,661.1\nBorrowings | 863.4 | 754.7 | 753.9 \n- Hereof debt regarding Land and buildings & Other plant and operating equipment | -8.7 | - | - \nCommitted CAPEX on newbuildings | 51.2 | 258.0 | 306.9 \nLoans receivables | -4.6 | - | - \nCash and cash equivalents, including restricted cash | -72.5 | -127.4 | -134.2 \nTotal (loan) | 828.8 | 885.3 | 926.6 \nLoan-to-value (LTV) ratio | 46.0% | 52.9% | 55.8% \n\nLoan-to-value TORM defines Vessel values borrowings.\n debt financial liquidity risk future possibilities capital.\n Vessel values newbuildings 1,801. 5 1,675. 1,661.\n 1,801. 1,675. 1,661.\n Borrowings 863. 754. 7 753.\n debt Land buildings equipment -8.\n Committed CAPEX newbuildings 51. 258. 306.\n Loans receivables -4.\n Cash equivalents restricted -72. -127. -134.\n. 8 885. 3 926. 6\n Loan-to-value) ratio 46. 0% 52. 9% 55. 8%" +} +{ + "_id": "d1b3315de", + "title": "", + "text": "The fair value of the assets held by the U.K. pension plan by asset category are as follows:\nThe expected long-term rates of return on plan assets are equal to the yields to maturity of appropriate indices for government and corporate bonds and by adding a premium to the government bond return for equities. The expected rate of return on cash is the Bank of England base rate in force at the effective date.\nLevel 1 investments represent mutual funds for which a quoted market price is available on an active market. These investments primarily hold stocks or bonds, or a combination of stocks and bonds.\n\n | | | | Fair value as of | | | | \n----------------- | -------------------------------------------------- | ------- | ------- | ---------------- | -------------------------------------------------- | ------- | ------- | -------\n | September 30, 2019 | | | | September 30, 2018 | | | \n | Fair Value Measurements Using Inputs Considered as | | | | Fair Value Measurements Using Inputs Considered as | | | \nAsset category | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3\nCash on deposit | $279 | $279 | $- | $- | $36 | $36 | $- | $- \nPooled funds | 7,959 | 7,959 | - | - | 8,234 | 8,234 | - | - \nTotal plan assets | $8,238 | $8,238 | $- | $- | $8,270 | $8,270 | $- | $- \n\nfair value assets U. K. pension plan asset category\n expected long-term rates return on plan assets equal to yields maturity indices for government corporate bonds premium to government bond return for equities. expected rate return on cash Bank of England base rate effective date.\n Level 1 investments represent mutual funds quoted market price available active market. hold stocks or bonds combination.\n Fair value\n September 30, 2019 September 30, 2018\n Fair Value Measurements Inputs\n Asset category Level 1 2 3\n Cash on deposit $279 \n Pooled funds 7,959 8,234\n Total plan assets $8,238 " +} +{ + "_id": "d1b31d46c", + "title": "", + "text": "The following table presents the percentage relationship of our Consolidated Statement of Operations line items to our consolidated net revenues for the periods presented:\nNet revenue. Total revenue increased $13.5 million, or 10.6%, in fiscal 2019 compared to fiscal 2018. Products revenue increased $5.3 million, or 15.7%, due to growth in third-party hardware sales and in on premise software sales, which grew more than 20% compared to the prior year.\nSupport, maintenance and subscription services revenue increased $6.4 million, or 9.3%, driven by growth in customers using our on premise software products that require the payment of support and maintenance along with continued increases in subscription based revenue, which increased 23.5% in fiscal 2019 compared to fiscal 2018.\nSubscription based revenue comprised 17.7% of total consolidated revenues in 2019 compared to 15.8% in 2018. Professional services revenue increased $1.8 million, or 7.1%, as a result of growth in our customer base including installations of our traditional on premise and subscription based software solutions and increased responses to customer service requests.\nGross profit and gross profit margin. Our total gross profit increased $9.5 million, or 14.7%, in fiscal 2019 and total gross profit margin increased from 50.6% to 52.5%. Products gross profit decreased $0.1 million and gross profit margin decreased 3.3% to 18.4% primarily as a result of increased developed technology amortization.\nSupport, maintenance and subscription services gross profit increased $7.2 million and gross profit margin increased 310 basis points to 78.9% due to the scalable nature of our infrastructure supporting and hosting customers. Professional services gross profit increased $2.4 million and gross profit margin increased 7.7% to 26.9% due to increased revenue with lower costs from the restructuring of our professional services workforce during the first quarter of 2018 into a more efficient operating structure with limited use of contract labor.\nOperating expenses Operating expenses, excluding the charges for legal settlements and restructuring, severance and other charges, increased $10.5 million, or 13.7%, in fiscal 2019 compared with fiscal 2018. As a percent of total revenue, operating expenses have increased 2.3% in fiscal 2019 compared with fiscal 2018.\nProduct development. Product development includes all expenses associated with research and development. Product development increased $9.9 million, or 35.4%, during fiscal 2019 as compared to fiscal 2018 primarily due to the reduction of cost capitalization. The products in our rGuest platform for which we had capitalized costs reached general availability by the beginning of the second quarter of fiscal 2019.\nThese products join our well established products with the application of agile development practices in a more dynamic development process that involves higher frequency releases of product features and functions. We capitalized $2.0 million of external use software development costs, and $0.3 million of internal use software development costs during fiscal 2019, with the full balance capitalized in Q1 fiscal 2019.\nWe capitalized approximately $8.9 million in total development costs during fiscal 2018. Total product development costs, including operating expenses and capitalized amounts, were $40.1 million during fiscal 2019 compared to $38.4 million in fiscal 2018. The $1.7 million increase is mostly due to continued expansion of our R&D teams and increased compensation expense as a result of bonus earnings.\nSales and marketing. Sales and marketing increased $1.6 million, or 8.7%, in fiscal 2019 compared with fiscal 2018. The change is due primarily to an increase of $1.6 million in incentive compensation related to an increase in sales, revenue and profitability during fiscal 2019.\nGeneral and administrative. General and administrative decreased $0.9 million, or 3.8%, in fiscal 2019 compared to fiscal 2018. The change is due primarily to reduced outside professional costs for legal and accounting services.\nDepreciation of fixed assets. Depreciation of fixed assets decreased $0.1 million or 5% in fiscal 2019 as compared to fiscal 2018.\nAmortization of intangibles. Amortization of intangibles increased $0.7 million, or 36.6%, in fiscal 2019 as compared to fiscal 2018 due to our remaining Guest suite of products being placed into service on June 30, 2018.\nRestructuring, severance and other charges. Restructuring, severance, and other charges decreased $1.8 million due to non-recurring 2018 restructuring activities while charges for non-restructuring severance increased $1.2 million, resulting in a net decrease of $0.6 million during fiscal 2019. Our restructuring actions are discussed further in Note 4, Restructuring Charges.\nLegal settlements. Legal settlements consist of settlements of employment and other business-related matters.\n\n | Year ended March 31, | \n-------------------------------------------------------- | -------------------- | ------\n | 2019 | 2018 \nNet revenue: | | \nProducts | 27.7% | 26.5% \nSupport, maintenance and subscription services | 53.6 | 54.2 \nProfessional services | 18.7 | 19.3 \nTotal net revenue | 100.0 | 100.0 \nCost of goods sold: | | \nProducts, inclusive of developed technology amortization | 22.6 | 20.7 \nSupport, maintenance and subscription services | 11.3 | 13.1 \nProfessional services | 13.6 | 15.6 \nTotal net cost of goods sold | 47.5 | 49.4 \nGross profit | 52.5 | 50.6 \nOperating expenses: | | \nProduct development | 26.9 | 21.9 \nSales and marketing | 13.9 | 14.2 \nGeneral and administrative | 16.4 | 18.9 \nDepreciation of fixed assets | 1.8 | 2.1 \nAmortization of intangibles | 1.8 | 1.5 \nRestructuring, severance and other charges | 0.8 | 1.4 \nLegal settlements | 0.1 | 0.1 \nOperating loss | (9.3)% | (9.5)%\n\ntable relationship Consolidated Statement Operations items net revenues\n. increased $13. 5 million. 6% 2019 2018. Products revenue increased $5. 3 million. 7% growth third-party hardware on premise software sales.\n Support maintenance subscription services revenue increased $6. 4 million. 3% growth premise software subscription revenue. 5% 2019.\n Subscription based revenue. 7% revenues 2019. 8% 2018. Professional services revenue increased $1. 8 million 7. 1% growth customer base increased responses service.\n. increased $9. 5 million. 7% 2019 margin increased. to. 5%. Products profit decreased. 1 million margin decreased. 3% to. 4% increased technology amortization.\n Support maintenance subscription services profit increased $7. 2 million margin increased 310 78. infrastructure. Professional services profit increased $2. 4 million margin increased. 7%. 9% increased revenue lower costs restructuring.\n Operating increased $10. 5 million. 7% 2019. increased 2. 3% 2019.\n. expenses research development.Product development increased $9. million. 4% 2019 cost capitalization. products rGuest platform availability second quarter 2019.\n agile development practices higher frequency releases. capitalized $2. million external software $0. 3 million internal full balance capitalized Q1 2019.\n capitalized $8. 9 million. $40. 1 million $38. 4 million 2018. $1. 7 million increase due expansion R&D increased compensation expense bonus earnings.\n Sales marketing. increased $1. 6 million. 7%. increase $1. 6 million incentive compensation sales revenue profitability.\n administrative. decreased $0. 9 million 3. 8%. reduced costs legal accounting services.\n Depreciation fixed assets. decreased $0. 1 million 5%.\n Amortization intangibles. increased $0. 7 million 36. 6% Guest suite products June 30, 2018.\n Restructuring severance charges. decreased $1. 8 million non-recurring 2018 restructuring increased $1. 2 million decrease $0. 6 million.restructuring actions Note 4.\n Legal settlements. employment business-related matters.\n Year ended March 31,\n Net revenue\n 27. 7% 26. 5%\n Support maintenance subscription services 53. 54.\n Professional services 18. 19.\n revenue 100.\n Cost goods\n technology amortization 22.\n Support maintenance subscription services 11. 13.\n services. 15\n cost 47. 49.\n profit 52. 50.\n Operating expenses\n Product development 26. 21.\n Sales marketing 13. 14\n 16. 18.\n Depreciation fixed assets.\n Amortization intangibles.\n Restructuring charges.\n Legal settlements.\n Operating loss." +} +{ + "_id": "d1b38f3c8", + "title": "", + "text": "Foreign Currency Exchange Rate Risk\nAs part of managing the exposure to changes in foreign currency exchange rates, we utilize cross-currency swap contracts and foreign currency forward contracts, a portion of which are designated as cash flow hedges. The objective of these contracts is to minimize impacts to cash flows and profitability due to changes in foreign currency exchange rates on intercompany and other cash transactions. We expect that significantly all of the balance in accumulated other comprehensive income (loss) associated with the cash flow hedge-designated instruments addressing foreign exchange risks will be reclassified into the Consolidated Statement of Operations within the next twelve months.\nDuring fiscal 2015, we entered into cross-currency swap contracts with an aggregate notional value of €1,000 million to reduce our exposure to foreign currency exchange rate risk associated with certain intercompany loans. Under the terms of these contracts, which have been designated as cash flow hedges, we make interest payments in euros at 3.50% per annum and receive interest in U.S. dollars at a weighted-average rate of 5.33% per annum. Upon the maturity of these contracts in fiscal 2022, we will pay the notional value of the contracts in euros and receive U.S. dollars from our counterparties. In connection with the cross-currency swap contracts, both counterparties to each contract are required to provide cash collateral.\nAt fiscal year end 2019, these cross-currency swap contracts were in an asset position of $19 million and were recorded in other assets on the Consolidated Balance Sheet. The cross-currency swap contracts were in a liability position of $100 million and were recorded in other liabilities on the Consolidated Balance Sheet at fiscal year end 2018. At fiscal year end 2019 and 2018, collateral received from or paid to our counterparties approximated the derivative positions and was recorded in accrued and other current liabilities (when the contracts are in an asset position) or prepaid expenses and other current assets (when the contracts are in a liability position) on the Consolidated Balance Sheets. The impacts of these cross-currency swap contracts were as follows:\n(1) Gains and losses excluded from the hedging relationship are recognized prospectively in selling, general, and administrative expenses and are offset by losses and gains generated as a result of re-measuring certain intercompany loans to the U.S. dollar.\n\n | | Fiscal | \n------------------------------------------------------------ | ---- | ------------- | ------\n | 2019 | 2018 | 2017 \n | | (in millions) | \nGains (losses) recorded in other comprehensive income (loss) | $ 53 | $ (25) | $ (20)\nGains (losses) excluded from the hedging relationship (1) | 66 | 21 | (58) \n\nForeign Currency Exchange Rate Risk\n managing utilize cross-currency swap forward contracts cash flow hedges. objective minimize impacts cash flows profitability exchange rates intercompany transactions. expect income (loss) flow hedge instruments reclassified into Consolidated Statement of Operations next twelve months.\n fiscal 2015, entered cross-currency swap contracts €1,000 million reduce foreign currency exchange rate risk intercompany loans. interest payments euros 3. 50% per annum receive interest U. S. dollars 5. 33% per annum. maturity contracts 2022 pay value euros receive U. S. dollars counterparties. counterparties required provide cash collateral.\n fiscal year end 2019 contracts position $19 million recorded other assets Consolidated Balance Sheet. liability position $100 million recorded other liabilities end 2018. collateral counterparties approximated positions recorded in accrued current liabilities prepaid expenses assets. impacts contracts\nGains losses excluded hedging relationship recognized in selling administrative expenses offset by re-measuring intercompany loans U. S. dollar.\n 2019 2018 2017\n millions\n Gains (losses recorded income $ 53 (25)\n Gains excluded hedging relationship" +} +{ + "_id": "d1b3c8146", + "title": "", + "text": "4) Professional Service and Other:\nProfessional service and other revenues consist of revenues from consulting contracts and contracts to provide implementation, training and integration services (professional services). Other revenues consist of hardware revenues, which are grouped within the “Professional service and other” category because they are relatively immaterial to our service revenues. Professional services are typically performed after the purchase of new software licenses. Professional service and other revenues can vary from period to period based on the type of engagements as well as those implementations that are assumed by our partner network.\nCost of professional service and other revenues consists primarily of the costs of providing integration, configuration and training with respect to our various software products. The most significant components of these costs are personnel-related expenses, travel costs and third party subcontracting.\nProfessional service and other revenues decreased by $31.3 million or 9.9% during the year ended June 30, 2019 as compared to the prior fiscal year; down 7.4% after factoring the impact of $8.1 million of foreign exchange rate changes. Geographically, the overall change was attributable to a decrease in Americas of $19.0 million, a decrease in EMEA of $9.0 million and a decrease in Asia Pacific of $3.3 million.\nCost of Professional service and other revenues decreased by $28.8 million during the year ended June 30, 2019 as compared to the prior fiscal year as a result of a decrease in labour-related costs of approximately $29.0 million resulting primarily from a reduction in the use of external labour resources, partially offset by an increase in other miscellaneous costs of $0.2 million.\nOverall, the gross margin percentage on Professional service and other revenues increased to approximately 21% from approximately 20%. This is the result of effectively executing our strategy of optimizing margins by being selective about the professional service engagements we accept.\nProfessional service and other revenues under proforma Topic 605 were not materially different from those under Topic 606 as discussed above.\n\n | | | Year Ended June 30, | | \n-------------------------------------------------------- | -------- | -------------------------- | ------------------- | -------------------------- | --------\n(In thousands) | 2019 | Change increase (decrease) | 2018 | Change increase (decrease) | 2017 \nProfessional Service and Other Revenues: | | | | | \nAmericas | $132,426 | $(19,045) | $151,471 | $39,872 | $111,599\nEMEA | 122,861 | (8,982) | 131,843 | 29,601 | 102,242 \nAsia Pacific | 29,649 | (3,294) | 32,943 | 11,468 | 21,475 \nTotal Professional Service and Other Revenues | 284,936 | (31,321) | 316,257 | 80,941 | 235,316 \nCost of Professional Service and Other Revenues | 224,635 | (28,754) | 253,389 | 58,435 | 194,954 \nGAAP-based Professional Service and Other Gross Profit | $60,301 | $(2,567) | $62,868 | $22,506 | $40,362 \nGAAP-based Professional Service and Other Gross Margin % | 21.2% | | 19.9% | | 17.2% \n% Professional Service and Other Revenues by | | | | | \nGeography: | | | | | \nAmericas | 46.5% | | 47.9% | | 47.4% \nEMEA | 43.1% | | 41.7% | | 43.4% \nAsia Pacific | 10.4% | | 10.4% | | 9.2% \n\nProfessional Service Other\n revenues from consulting implementation training integration services. hardware immaterial to. performed after new software licenses. vary engagements implementations partner network.\n Cost integration configuration training software products. significant personnel-related expenses travel costs third party subcontracting.\n revenues decreased by $31. 3 million or 9. 9% ended June 30, 2019 down 7. 4% $8. 1 million foreign exchange rate changes. to decrease Americas $19. 0 million EMEA $9. 0 million Asia Pacific $3. 3 million.\n decreased by $28. 8 million June 30, 2019 decrease in labour-related costs $29. 0 million external labour resources offset by increase other miscellaneous costs $0. 2 million.\n gross margin percentage on increased to 21% from 20%. of optimizing margins professional service engagements.\n revenues under Topic 605 not different from Topic 606.\n Year Ended June 30,\n2019 2018\n Professional Service Revenues\n Americas $132,426,045) $151,471 $39,872 $111,599\n EMEA 122,861 131,843 29,601 102,242\n Asia Pacific 29,649,294) 32,943 11,468 21,475\n Professional Service Revenues 284,936 (31,321 316,257 80,941 235,316\n Professional Service Revenues 224,635 (28,754 253,389 58,435 194,954\n GAAP Service Profit $60,301 $(2,567) $62,868 $22,506 $40,362\n Margin 21. 2%.\n Americas 46. 5%.\n EMEA.\n Asia Pacific." +} +{ + "_id": "d1b347744", + "title": "", + "text": "Segment Data\nOperating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses; for which separate financial information is available; and whose operating results are regularly reviewed by the chief operating decision maker to assess the performance\nof the individual segment and make decisions about resources to be allocated to the segment.\nThe Company derives its revenue from providing comprehensive electronics design, production and product management services. The chief operating decision maker evaluates performance and allocates resources on a segment basis. The Company’s operating segments consist of two segments – EMS and DMS, which are also the Company’s reportable segments. The segments are organized based on the economic profiles of the services performed, including manufacturing capabilities, market strategy, margins, return on capital and risk profiles.\nThe EMS segment is focused around leveraging IT, supply chain design and engineering, technologies largely centered on core electronics, utilizing the Company’s large scale manufacturing infrastructure and the ability to serve a broad range of end markets. The EMS segment is a high volume business that produces products at a quicker rate (i.e. cycle time) and in larger quantities and includes customers primarily in the automotive and transportation, capital equipment, cloud, computing and storage, defense and aerospace, industrial and energy, networking and telecommunications, print and retail, and smart home and appliances industries.\nThe DMS segment is focused on providing engineering solutions, with an emphasis on material sciences, technologies and healthcare. The DMS segment includes customers primarily in the edge devices and accessories, healthcare, mobility and packaging industries.\nNet revenue for the operating segments is attributed to the segment in which the service is performed. An operating segment’s performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net revenue less cost of revenue, segment selling, general and administrative expenses, segment research and development expenses and an allocation of corporate manufacturing expenses and selling, general and administrative expenses. Segment income does not include amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition and integration charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, restructuring of securities loss, goodwill impairment charges, business interruption and impairment charges, net, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations, other expense, interest income, interest expense, income tax expense or adjustment for net income (loss) attributable to noncontrolling interests.\nTotal segment assets are defined as accounts receivable, inventories, net, customer-related property, plant and equipment, intangible assets net of accumulated amortization and goodwill. All other non-segment assets are reviewed on a global basis by management. Transactions between operating segments are generally recorded at amounts that approximate those at which we would transact with third parties.\nThe following tables set forth operating segment information (in thousands):\n\n | August 31, 2019 | August 31, 2018\n-------------------------- | --------------- | ---------------\nTotal assets | | \nEMS | $4,353,465 | $3,456,866 \nDMS | 4,988,198 | 5,378,436 \nOther non-allocated assets | 3,628,812 | 3,210,339 \n | $12,970,475 | $12,045,641 \n\n\n Operating segments components enterprise earn revenues expenses separate financial information results reviewed by chief decision\n resources.\n Company revenue electronics design production product management services. evaluates performance allocates resources. segments EMS DMS reportable. organized economic profiles manufacturing capabilities market strategy margins return on capital risk profiles.\n EMS segment IT supply chain design engineering core electronics large scale manufacturing infrastructure end markets. high volume. larger quantities customers automotive transportation capital equipment cloud computing storage defense aerospace industrial energy networking telecommunications print retail smart home appliances industries.\n DMS segment engineering solutions material sciences technologies healthcare. customers edge devices accessories healthcare mobility packaging industries.\n Net revenue attributed to segment. performance evaluated pre-tax operating contribution income. defined net revenue less cost revenue selling expenses research development expenses manufacturing expenses.Segment income amortization stock compensation restructuring distressed customer acquisition loss disposal settlement impairment restructuring goodwill business interruption discontinued operations sale interest tax noncontrolling interests.\n Total segment assets accounts receivable inventories customer-related property plant equipment intangible assets amortization goodwill. non assets reviewed. Transactions segments recorded third parties.\n tables segment information\n August 2019 August 2018\n Total assets\n $4,353,465 $3,456,866\n DMS 4,988,198 5,378,436\n non-allocated assets 3,628,812,339\n $12,970,475 $12,045,641" +} +{ + "_id": "d1b35284c", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 18 — Income Taxes\nEarnings before income taxes consist of the following:\n\n | | Years Ended December 31, | \n-------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nU.S. | $15,103 | $30,815 | $9,315 \nNon-U.S. | 35,163 | 27,288 | 30,938 \nTotal | $50,266 | $58,103 | $40,253\n\nFINANCIAL STATEMENTS thousands\n 18 Income Taxes\n Earnings\n Ended December 31,\n 2018\n. $15,103 $30,815 $9,315\n Non. 35,163 27,288 30,938\n $50,266 $58,103 $40,253" +} +{ + "_id": "d1b2e585a", + "title": "", + "text": "8. Debt and Interest Rate Swap\nDebt The carrying amount of the Company's long-term debt consists of the following:\nOn May 12, 2017, the Company entered into a credit agreement with certain lenders and a collateral agent in connection with the acquisition of Exar (Note 3). The credit agreement provides for an initial secured term B loan facility (the “Initial Term Loan”) in an aggregate principal amount of $425.0 million. The credit agreement permits the Company to request incremental loans in an aggregate principal amount not to exceed the sum of $160.0 million (subject to adjustments for any voluntary prepayments), plus an unlimited amount that is subject to pro forma compliance with certain secured leverage ratio and total leverage ratio tests. Incremental loans are subject  to certain additional conditions, including obtaining additional commitments from the lenders then party to the credit agreement or new lenders.\nLoans under the credit agreement bear interest, at the Company’s option, at a rate equal to either (i) ab ase rate equal to the highest of (x) the federal funds rate, plus 0.50%, (y) the prime rate then in effect and (z) an adjusted LIBOR rate determined on the basis of a one- three- or six-month interest period, plus 1.0% or (ii) an adjusted LIBOR rate, subject to a floor of 0.75%, in each case, plus an applicable margin of 2.50% in the case of LIBOR rate loans and 1.50% in the case of base rate loans. Commencing on September 30, 2017, the Initial Term Loan will amortize in equal quarterly installments equal to 0.25% of the original principal amount of the Initial Term Loan, with the balance payable on the maturity date. The Initial Term Loan has a term of seven years and will mature on May 12, 2024, at which time all outstanding principal and accrued and unpaid interest on the Initial Term Loan must be repaid. The Company is also required to pay fees customary for a credit facility of this size and type.\nThe Company is required to make mandatory prepayments of the outstanding principal amount of term loans under the credit agreement with the net cash proceeds from the disposition of certain assets and the receipt of insurance proceeds upon certain casualty and condemnation events, in each case, to the extent not reinvested within a specified time period, from excess cash flow beyond stated threshold amounts, and from the incurrence of certain indebtedness. The Company has the right to prepay its term loans under the credit agreement, in whole or in part, at any time without premium or penalty, subject to certain limitations and a 1.0% soft call premium applicable during the first six months for the loan term. The Company exercised its right to prepay and made aggregate payments of principal of $213.0 million to date through December 31, 2019.\nThe Company’s obligations under the credit agreement are required to be guaranteed by certain of its domestic subsidiaries meeting materiality thresholds set forth in the credit agreement. Such obligations, including the guaranties, are secured by substantially all of the assets of the Company and the subsidiary guarantors pursuant to a security agreement with the collateral agent.\nThe credit agreement also contains customary events of default that include, among other things, certain payment defaults, cross defaults to other indebtedness, covenant defaults, change in control defaults, judgment defaults, and bankruptcy and insolvency defaults. If an event of default exists, the lenders may require immediate payment of all obligations under the credit agreement, and may exercise certain other rights and remedies provided for under the credit agreement, the other loan documents and applicable law.\nAs of December 31, 2019 and 2018, the weighted average effective interest rate on long-term debt was approximately4 .9% and 4.6%, respectively.\nThe debt is carried at its principal amount, net of unamortized debt discount and issuance costs, and is not adjusted to fair value each period. The issuance date fair value of the liability component of the debt in the amount of $398.5 million was determined using a discounted cash flow analysis, in which the projected interest and principal payments were discounted back to the issuance date of the term loan at a market interest rate for nonconvertible debt of 4.6%, which represents a Level 2 fair value measurement. The debt discount of $2.1 million and debt issuance costs of $6.0 million are being amortized to interest expense using the effective interest method from the issuance date through the contractual maturity date of the term loan of May 12, 2024.\nDuring the year ended December 31, 2017, the Company recognized amortization of debt discount of $0.2 million and debt issuance costs of $0.6 million to interest expense.\nThe approximate fair value of the term loan as of December 31, 2019 and 2018 was $214.6 million and $268.1 million, respectively, which was estimated on the basis\nof inputs that are observable in the market and which is considered a Level 2 measurement method in the fair value hierarchy.\nAs of December 31, 2019 and 2018, the remaining principal balance on the term loan was $212.0 million and $262.0 million, respectively. The remaining principal\nbalance is due on May 12, 2024 at the maturity date on the term loan.\n\n | December 31, 2019 | December 31, 2018\n--------------------------------------- | ----------------- | -----------------\n | (in thousands) | \nPrincipal | $212,000 | $262,000 \nLess: | | \nUnamortized debt discount | (1,328) | (1,630) \nUnamortized debt issuance costs | (3,763) | (4,613) \nNet carrying amount of long-term debt | 206,909 | 255,757 \nLess: current portion of long-term debt | — | — \nLong-term debt, non-current portion | $206,909 | 255,757 \n\n. Debt Interest Rate Swap\n Company's long-term debt\n May 12, 2017 Company entered credit agreement lenders collateral agent acquisition Exar. agreement initial secured term B loan facility principal $425. 0 million. permits request incremental loans not exceed $160. 0 million adjustments voluntary unlimited amount compliance secured leverage ratio ratio tests. loans subject additional conditions commitments from lenders new.\n Loans bear interest rate equal rate federal funds rate plus 0. 50% prime rate adjusted LIBOR rate 1. 0% or adjusted LIBOR rate 0. 75% margin 2. 50% LIBOR rate 1. 50% base rate loans. Commencing September 30, 2017 Initial Term Loan quarterly installments 0. 25% original principal balance payable maturity date. seven years May 12, 2024 outstanding principal unpaid interest repaid. Company required pay fees credit facility.\nCompany required mandatory prepayments outstanding principal term loans credit agreement net cash proceeds disposition assets insurance proceeds casualty condemnation events excess cash flow beyond incurrence indebtedness. prepay term loans without premium penalty subject limitations 1. 0% soft call premium first six months. made payments principal $213. 0 million December 31, 2019.\n obligations guaranteed by domestic subsidiaries. obligations secured by assets subsidiary guarantors security agreement.\n credit agreement contains events default payment cross covenant change control judgment bankruptcy insolvency. lenders require immediate payment exercise other rights remedies.\n December 31, 2019 2018 weighted average effective interest rate long-term debt approximately4. 9% 4. 6%.\n debt carried principal amount net unamortized debt discount issuance costs not adjusted fair value. issuance date fair value liability component $398.million determined discounted cash flow analysis projected interest principal payments discounted issuance date loan market interest rate nonconvertible 4. 6% Level 2 fair value measurement. debt discount $2. 1 million issuance costs $6. million amortized interest expense issuance maturity May 12, 2024.\n December 31, 2017 recognized amortization debt discount $0. 2 million issuance costs $0. 6 million interest expense.\n approximate fair value loan December 31, 2019 2018 $214. 6 million $268. 1 million estimated\n Level 2.\n remaining principal balance $212. million $262. million.\n due May 12, 2024 maturity date.\n $212,000\n Unamortized debt discount (1,328)\n issuance costs (3,763)\n long-term debt 255,757\n" +} +{ + "_id": "d1b3a8756", + "title": "", + "text": "Sources and uses of cash\nCash flow movement for the year ended March 31, 2019 compared to year ended March 31, 2018\nNet cash generated from operating activities in fiscal year 2019 was $75.0 million compared to $83.2 million in the in fiscal year 2018, a decrease of $8.2 million, or 9.9%, primarily due to decrease in working capital movement of $65.1 million, mainly attributable to increase in trade receivables by $88.5 million and increase in trade payables by $23.4 million and as a result of lower operating profit before exceptional item generated in fiscal year 2019 as compared to fiscal year 2018.\nNet cash used in investing activities in fiscal year 2019 was $157.7 million compared to $185.4 million in fiscal year 2018, a decrease of $27.7 million, or 14.9%, primarily as a result of investment in restricted deposits amounting to $53.5 million in fiscal year 2019 and offset by the decrease in purchase of intangible film rights and content rights in fiscal year 2019 was $107.7 million, compared to $186.8 million in fiscal year 2018, decrease of $79.1 million, or 42.3%.\nNet cash from financing activities in fiscal year 2019 was $84.1 million compared to $77.4 million in fiscal year 2018, an increase of $6.7 million, or 8.7%, primarily as a result of the proceeds from the issuance of share capital and an increase in short-term borrowings in fiscal year, 2019.\nCash flow movement for the year ended March 31, 2018 compared to year ended March 31, 2017\nNet cash generated from operating activities in fiscal year 2018, was $83.2 million, compared to $99.0 million in fiscal year 2017, a decrease of $15.8 million, or 15.9%, primarily due to decrease in working capital movement of $24.3 million mainly attributable to increase in trade receivables to $19.1 million and decrease in trade payables by $5.4 million. The cash flow from operating activities has also decreased due to increase in interest and income tax paid in fiscal 2018 by 2.4 million and $2.9 million respectively. The aforesaid decrease is partially offset on account of deconsolidation of a subsidiary during the year.\nNet cash used in investing activities in fiscal year 2018 was $185.4 million, compared to $175.2 million in fiscal year 2017, an increase of $10.2 million, or 5.8%, due to the change in mix of films released in fiscal year 2018. The purchase of intangible film rights and content rights in fiscal year 2018 was $186.8 million, compared to $173.5 million in fiscal year 2017, an increase of $13.3 million, or 7.7%.\nNet cash generated from financing activities in fiscal year 2018 was $77.4 million, compared to $5.9 million in fiscal year 2017, an increase of $71.5 million, or 1,205.7%, primarily due proceeds from issue of share capital of $16.6 million, proceeds from sale of shares of a subsidiary of $40.2 million and share application money of 18.0 million.\nCapital expenditures\nIn fiscal year 2019, the company invested over $264.3 million (of which cash outflow is $107.7 million) in film content, and in fiscal 2020 the company expects to invest approximately $150 to $160 million in film content.\n\n | | Year Ended March 31, | \n------------------------------------- | ---------- | -------------------- | ----------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nNet cash from operating activities | $74,966 | $83,243 | $98,993 \nNet cash used in investing activities | $(157,733) | $(185,420) | $(175,191)\nNet cash from financing activities | $84,117 | $77,415 | $5,929 \n\nSources uses cash\n March 31, 2019\n Net cash $75. 0 million $83. 2 million 2018 decrease $8. 2 million 9. 9% working capital $65. 1 million trade receivables $88. 5 million payables $23. 4 million lower operating profit.\n cash investing $157. 7 million $185. 4 million 2018 decrease $27. 7 million 14. restricted deposits $53. 5 million intangible film rights content rights $107. 7 million $186. 8 million 2018 $79. 1 million 42. 3%.\n cash financing $84. 1 million $77. 4 million 2018 increase $6. 7 million 8. 7% share capital short borrowings.\n March 31, 2018\n $83. 2 million $99. 0 million 2017 decrease $15. 8 million 15. working capital $24. 3 million trade receivables $19. 1 million trade payables $5. 4 million. cash flow decreased interest income tax 2. 4 million $2. 9 million. offset deconsolidation subsidiary.\ninvesting 2018 $185. 4 million $175. 2 million 2017 increase $10. 2 million. 8% films. purchase film $186. 8 million $173. 5 million 2017 increase $13. 3 million 7. 7%.\n financing $77. 4 million $5. 9 million 2017 increase $71. 5 million. 7% share capital $16. 6 million sale subsidiary $40. 2 million share application money 18. million.\n 2019 invested $264. 3 million cash outflow $107. 7 million film 2020 $150 $160 million.\n cash operating $74,966 $83,243 $98,993\n investing $(157,733)(185,420(175,191)\n financing $84,117 $77,415 $5,929" +} +{ + "_id": "d1b36f99c", + "title": "", + "text": "The following table summarizes our principal contractual obligations and sets forth the amounts of required or contingently required cash outlays in 2020 and future years:\n(1) Current portion of long-term debt is exclusive of present value discounting for finance lease obligations of $1.7 million. The long-term debt is exclusive of capitalized lender fees of $22.2 million, present value discounting for finance lease obligations of $6.1 million, and debt discounts of $2.3 million.\n(2) Includes interest payments required under our senior notes issuances and Amended Credit Facility only. The interest payments included above for our Term Loan A were calculated using the following assumptions: • interest rates based on stated LIBOR rates as of December 31, 2019; and • all non-US Dollar balances are converted using exchange rates as of December 31, 2019.\n(3) Obligations related to defined benefit pension plans and other post-employment benefit plans have been excluded from the table above, due to factors such as the retirement of employees, the performance of plan assets and economic and actuarial assumptions, as it is not reasonably possible to estimate when these obligations will become due. Refer to Note 17, “Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans,” and Note 18, “Other Post- Employment Benefits and Other Employee Benefit Plans,” of the Notes to Consolidated Financial Statements for additional information related to these plans.\nShort-term Borrowings, Current Portion of Long-Term Debt and Long-Term Debt\nShort-term borrowings, current portion of long-term debt and long-term debt represent the principal amount of the debt\nrequired to be repaid in each period.\nOperating Leases\nThe contractual operating lease obligations listed in the table above represent estimated future minimum annual rental commitments primarily under non-cancelable real and personal property leases as of December 31, 2019.\nOther Principal Contractual Obligations\nOther principal contractual obligations include agreements to purchase an estimated amount of goods, including raw materials, or services, including energy, in the normal course of business. These obligations are enforceable and legally binding and specify all significant terms, including fixed or minimum quantities to be purchased, minimum or variable price provisions and the approximate timing of the purchase. The amounts included in the table above represent estimates of the minimum amounts we are obligated to pay, or reasonably likely to pay under these agreements. We may purchase additional goods or services above the minimum requirements of these obligations and, as a result use additional cash.\n\n | | | Payments Due by Years | | \n--------------------------------------------------- | --------- | ------- | --------------------- | --------- | ----------\n(In millions) | Total | 2020 | 2021-2022 | 2023-2024 | Thereafter\nContractual Obligations | | | | | \nShort-term borrowings | $ 98.9 | $ 98.9 | $ — | $ — | $ — \nCurrent portion of long-term debt(1) | 18.4 | 18.4 | — | — | — \nLong-term debt(1) | 3,729.2 | — | 938.9 | 1,499.8 | 1,290.5 \nTotal debt | $ 3,846.5 | $ 117.3 | $ 938.9 | $ 1,499.8 | $ 1,290.5 \nInterest payments due on long-term debt(2) | 1,057.2 | 180.4 | 342.7 | 204.7 | 329.4 \nOperating leases | 105.4 | 30.6 | 40.0 | 18.7 | 16.1 \nFirst quarter 2020 quarterly cash dividend declared | 24.8 | 24.8 | — | — | — \nOther principal contractual obligations | 86.2 | 35.6 | 31.4 | 19.2 | — \nTotal contractual cash obligations(3) | $ 5,120.1 | $ 388.7 | $ 1,353.0 | $ 1,742.4 | $ 1,636.0 \n\ntable summarizes contractual obligations required cash outlays 2020 future\n long-term debt exclusive value discounting finance lease obligations $1. 7 million. capitalized fees $22. 2 million value discounting lease $6. 1 million debt discounts $2. 3 million.\n Includes interest payments senior notes Amended Credit Facility. interest payments calculated interest rates LIBOR rates December 31, 2019 non-US Dollar balances converted exchange rates 31, 2019.\n Obligations defined benefit pension plans post benefit plans excluded retirement performance assets economic actuarial assumptions. Note 17, Sharing Retirement Savings Plans Pension Plans Note 18 Financial Statements information.\n Short-term Borrowings Long-Term Debt Long\n principal\n.\n Leases\n obligations estimated future annual rental commitments non-cancelable property leases December 31, 2019.\n Principal Contractual Obligations\n agreements purchase goods services energy.obligations enforceable binding specify terms fixed quantities price provisions timing. amounts represent estimates minimum amounts. purchase additional goods services above use additional cash.\n Payments Due Years\n millions 2020 2021-2022 2023-2024\n Contractual Obligations\n Short-term borrowings $ 98. $ 98.\n long-term 18.\n 3,729. 938. 1,499. 1,290.\n Total debt $ 3,846. $ 117. 938. 1,499. 1,290.\n Interest payments long-term 1,057. 180. 342. 204. 329.\n Operating leases 105. 30. 40. 18. 16.\n First quarter 2020 quarterly cash dividend 24. 24.\n contractual obligations 86. 35. 31. 19.\n Total contractual cash obligations(3) $ 5,120. $ 388. $ 1,353. 1,742. $ 1,636." +} +{ + "_id": "d1b373862", + "title": "", + "text": "(19) Income Taxes\nAs of December 31, 2019 and 2018, the components of deferred tax assets primarily relate to equity method investments, equity-based compensation, deferred revenues, interest rate swaps, employee benefits accruals and deferred compensation. As of December 31, 2019 and 2018, the components of deferred tax liabilities primarily relate to depreciation and amortization of intangible assets, property and equipment and deferred contract costs.\nThe significant components of deferred tax assets and liabilities consist of the following (in millions):\n\n | December 31, | \n----------------------------------------- | ------------ | --------\n | 2019 | 2018 \nDeferred tax assets: | | \nEquity method investments | $25.7 | $— \nEquity-based compensation | 12.6 | 9.2 \nDeferred revenues | 6.2 | 14.8 \nInterest rate swaps | 5.6 | — \nOther | 13.0 | 11.4 \nTotal deferred tax assets | 63.1 | 35.4 \nDeferred tax liabilities: | | \nGoodwill and other intangibles | (168.7) | (178.9) \nDeferred contract costs | (40.3) | (41.9) \nProperty, equipment and computer software | (34.3) | (28.0) \nOther | (5.1) | (7.5) \nTotal deferred tax liabilities | (248.4) | (256.3) \nNet deferred tax liability | $(185.3) | $(220.9)\n\nIncome Taxes\n December 31, 2019 2018 deferred tax assets equity investments compensation deferred revenues interest rate swaps employee benefits accruals compensation. liabilities depreciation amortization intangible assets property equipment deferred contract costs.\n Deferred tax assets\n Equity investments $25.\n Equity-based compensation.\n Deferred revenues.\n Interest rate swaps.\n.\n deferred tax assets 63. 35.\n Deferred tax liabilities\n Goodwill intangibles (168.\n Deferred contract costs.\n Property equipment computer software.\n.\n deferred tax liabilities (248. (256.\n Net deferred tax liability $(185. $(220." +} +{ + "_id": "d1b3667ac", + "title": "", + "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nFinance charge reversal liability\nOur Bank Partners offer certain loan products that have a feature whereby the account holder is provided a promotional period to repay the loan principal balance in full without incurring a finance charge. For these loan products, we bill interest each month throughout the promotional period and, under the terms of the contracts with our Bank Partners, we are obligated to pay this billed interest to the Bank Partners if an account holder repays the loan balance in full within the promotional period. Therefore, the monthly process of billing interest on deferred loan products triggers a potential future finance charge reversal (\"FCR\") liability for the Company. The FCR component of our Bank Partner contracts qualifies as an embedded derivative. The FCR liability is not designated as a hedge for accounting purposes and, as such, changes in its fair value are recorded within cost of revenue in the Consolidated Statements of Operations.\nThe FCR liability is carried at fair value on a recurring basis in the Consolidated Balance Sheets and is estimated based on historical experience and management’s expectation of future FCR. The FCR liability is classified within Level 3 of the fair value hierarchy, as the primary component of the fair value is obtained from unobservable inputs based on the Company’s data, reasonably adjusted for assumptions that would be used by market participants. The following table reconciles the beginning and ending fair value measurements of our FCR liability during the periods indicated.\n(1) Includes: (i) incentive payments from Bank Partners, which is the surplus of finance charges billed to borrowers over an agreedupon portfolio yield, a fixed servicing fee and realized net credit losses, (ii) cash received from recoveries on previously charged-off Bank Partner loans, and (iii) the proceeds received from transferring our rights to Charged-Off Receivables attributable to previously charged-off Bank Partner loans. We consider all monthly incentive payments from Bank Partners during the period to be related to billed finance charges on deferred interest products until monthly incentive payments exceed total billed finance charges on deferred products, which did not occur during any of the periods presented.\n(2) Represents the reversal of previously billed finance charges associated with deferred payment loan principal balances that were repaid within the promotional period.\n(3) A fair value adjustment is made based on the expected reversal percentage of billed finance charges (expected settlements), which is estimated at each reporting date. The fair value adjustment is recognized in cost of revenue in the Consolidated Statements of Operations.\n\n | | Year Ended December 31, | \n--------------------------------------------------- | --------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \nBeginning balance | $138,589 | $94,148 | $68,064 \nReceipts(1) | 159,527 | 129,153 | 109,818 \nSettlements(2) | (262,449) | (181,590) | (127,029)\nFair value changes recognized in cost of revenue(3) | 170,368 | 96,878 | 43,295 \nEnding balance | $206,035 | $138,589 | $94,148 \n\nGreenSky, Inc. NOTES FINANCIAL STATEMENTS States Dollars thousands share data\n Finance charge reversal liability\n Bank Partners offer loan products promotional period repay loan principal balance without finance charge. bill interest obligated pay interest if repays. billing interest triggers future finance charge reversal liability. FCR derivative. liability not hedge changes fair value recorded cost revenue Consolidated Statements of Operations.\n FCR liability carried fair value recurring Balance Sheets estimated historical experience expectation future FCR. Level 3 fair value hierarchy obtained from unobservable inputs data adjusted assumptions. table reconciles beginning ending fair value measurements FCR liability.\n Includes incentive payments Bank Partners surplus finance charges fixed servicing fee net credit losses cash recoveries previously charged-off Bank Partner loans proceeds transferring rights Charged-Off Receivables.incentive payments Bank Partners deferred products.\n reversal charges deferred balances repaid.\n fair value adjustment reversal estimated reporting date. recognized revenue Consolidated Statements Operations.\n Ended December 31,\n 2018 2017\n Beginning balance $138,589 $94,148 $68,064\n Receipts(1) 159,527 129,153 109,818\n Settlements(2) (262,449 (181,590) (127,029)\n Fair value changes cost revenue(3) 170,368 96,878 43,295\n Ending balance $206,035 $138,589 $94,148" +} +{ + "_id": "d1b339c52", + "title": "", + "text": "10 Taxation (continued)\nThere are unrecognised deferred tax assets on the following temporary differences (presented below before the application of the relevant tax rate) due to uncertainty over the level of profits in the non-REIT elements of the Group in future periods:\nThe Company recognises no deferred tax asset or liability (2018: nil).\n\n£m | 2019 | 2018 \n---------------------------------------- | ----- | -----\nRevenue losses – UK | 398.4 | 300.8\nCapital losses – UK | 34.5 | 34.2 \nDerivative financial instruments | 172.7 | 184.9\nOther temporary differences | 20.1 | 9.7 \nTotal unrecognised temporary differences | 625.7 | 529.6\n\nTaxation\n unrecognised deferred tax assets differences uncertainty profits non-REIT future\n Company no deferred tax asset liability.\n £m 2019\n Revenue losses 398. 300.\n Capital losses 34.\n financial instruments 172. 184.\n temporary differences 20. 9.\n unrecognised temporary differences 625. 529." +} +{ + "_id": "d1b362b70", + "title": "", + "text": "Dividends\nThe following table shows our total cash dividends paid in the years ended December 31:\nOn February 13, 2020, our Board of Directors declared a quarterly cash dividend of $0.16 per common share payable on March 20, 2020 to stockholders of record at the close of business on March 6, 2020. The estimated amount of this dividend payment is $24.8 million based on 154.7 million shares of our common stock issued and outstanding as of February 21, 2020.\nThe dividend payments discussed above are recorded as reductions to cash and cash equivalents and retained earnings on our Consolidated Balance Sheets. Our credit facility and our senior notes contain covenants that restrict our ability to declare or pay dividends and repurchase stock. However, we do not believe these covenants are likely to materially limit the future payment of quarterly cash dividends on our common stock. From time to time, we may consider other means of returning value to our stockholders based on our consolidated financial condition and results of operations. There is no guarantee that our Board of Directors will declare any further dividends.\n\n(In millions, except per share amounts) | Total Cash Dividends Paid | Total Cash Dividends Paid Per Common Share\n--------------------------------------- | ------------------------- | ------------------------------------------\n2017 | $119.7 | $0.64 \n2018 | 102.9 | 0.64 \n2019 | 99.1 | 0.64 \nTotal | $321.7 | \n\n\n table shows cash dividends December 31\n February 13, 2020 Board Directors declared quarterly dividend $0. 16 per common share payable March 20, 2020 stockholders business March 6, 2020. estimated $24. 8 million 154. 7 million shares common stock February 21, 2020.\n dividend payments recorded cash equivalents retained earnings Consolidated Balance Sheets. credit facility senior notes covenants declare dividends repurchase stock. covenants limit future dividends. consider value financial condition. no guarantee Board declare dividends.\n Total Cash Dividends Paid Share\n 2017 $119.\n 2018.\n 2019.\n $321." +} +{ + "_id": "d1b37336c", + "title": "", + "text": "Results of Operations: Years Ended December 31, 2018, versus Year Ended December 31, 2017 (Amounts in thousands, except percentages and per share amounts):\nCapital Resources\nLong-term debt was comprised of the following:\nOn February 12, 2019, we entered into an amended and restated five-year Credit Agreement with a group of banks (the \"Credit Agreement\") to extend the term of the facility. The Credit Agreement provides for a revolving credit facility of $300,000, which may be increased by $150,000 at the request of the Company, subject to the administrative agent's approval. This new unsecured credit facility replaces the prior $300,000 unsecured credit facility, which would have expired August 10, 2020. Borrowings of $50,000 under the prior credit agreement were refinanced into the Credit Agreement. The prior agreement was terminated as of February 12, 2019.\nThe Revolving Credit Facility includes a swing line sublimit of $15,000 and a letter of credit sublimit of $10,000. Borrowings under the Revolving Credit Facility bear interest at the base rate defined in the Credit Agreement. We also pay a quarterly commitment fee on the unused portion of the Revolving Credit Facility. The commitment fee ranges from 0.20% to 0.30% based on the our total leverage ratio.\nWe have entered into interest rate swap agreements to fix interest rates on $50,000 of long-term debt through February 2024. The difference to be paid or received under the terms of the swap agreements is recognized as an adjustment to interest expense when settled.\nWe have historically funded our capital and operating needs primarily through cash flows from operating activities, supported by available credit under our Revolving Credit Facility. We believe that cash flows from operating activities and available borrowings under our Revolving Credit Facility will be adequate to fund our working capital needs, capital expenditures, and debt service requirements for at least the next twelve months. However, we may choose to pursue additional equity and debt financing to provide additional liquidity or to fund acquisitions.\n\n | As of December 31, | \n----------------------------------- | ------------------ | --------\n | 2019 | 2018 \nTotal credit facility | $300,000 | $300,000\nBalance Outstanding | $99,700 | $50,000 \nStandby letters of credit | $1,800 | $1,940 \nAmount available | $198,500 | $248,060\nWeighted-average interest rate | 3.25% | 3.10% \nCommitment fee percentage per annum | 0.23% | 0.20% \n\nOperations Years Ended December 31, 2018 2017 thousands percentages per share\n Capital Resources\n Long-term debt\n February 12, 2019 five-year Credit Agreement banks extend term facility. revolving credit facility $300,000 increased $150,000 approval. replaces prior $300,000 expired August 10, 2020. Borrowings $50,000 prior refinanced. terminated February 12, 2019.\n Revolving Credit Facility includes swing line sublimit $15,000 letter credit sublimit $10,000. Borrowings bear interest base rate. quarterly commitment fee. fee ranges 0. 20% to. 30% leverage ratio.\n interest rate swap agreements fix $50,000 long-term debt February 2024. difference adjustment interest expense.\n funded capital operating needs cash flows supported credit Revolving Credit Facility. cash flows working capital expenditures debt service twelve months. pursue additional equity debt financing acquisitions.\n December 31,\n 2019 2018\n Total credit facility $300,000\n$99,700 $50,000\n $1,800 $1,940\n $198,500 $248,060\n interest. 25%. 10%\n Commitment fee." +} +{ + "_id": "d1b325342", + "title": "", + "text": "ACI WORLDWIDE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands)\nThe accompanying notes are an integral part of the consolidated financial statements.\n\n | | Years Ended December 31, | \n---------------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nNet income | $67,062 | $68,921 | $5,135 \nOther comprehensive income (loss): | | | \nForeign currency translation adjustments | 1,034 | -15,261 | 16,744 \nTotal other comprehensive income (loss) | 1,034 | (15,261 ) | 16,744 \nComprehensive income | $68,096 | $53,660 | $21,879\n\nWORLDWIDE. SUBSIDIARIES STATEMENTS INCOME\n notes consolidated financial statements.\n Ended December 31,\n Net income $67,062 $68,921 $5,135\n income\n Foreign currency translation adjustments 1,034,261 16,744\n income\n Comprehensive income $68,096 $53,660 $21,879" +} +{ + "_id": "d1b3b4394", + "title": "", + "text": "According to the regulations of Taiwan Financial Supervisory Commission (FSC), UMC is required to appropriate a special reserve in the amount equal to the sum of debit elements under equity, such as unrealized loss on financial instruments and debit balance of exchange differences on translation of foreign operations, at every year-end. Such special reserve is prohibited from distribution. However, if any of the debit elements is reversed, the special reserve in the amount equal to the reversal may be released for earnings distribution or offsetting accumulated deficits.\nThe distribution of earnings for 2018 was approved by the stockholders’ meeting held on June 12, 2019, while the distribution of earnings for 2019 was approved by the Board of Directors’ meeting on April 27, 2020. The details of distribution are as follows:\n\n | Appropriation of earnings (in thousand NT dollars) Appropriation of earnings (in thousand NT dollars) | | Cash dividend per share (NT dollars) | \n--------------- | ----------------------------------------------------------------------------------------------------- | ----------- | ------------------------------------ | -----\n | 2018 | 2019 | 2018 | 2019 \nLegal reserve | $707,299 | $963,947 | | \nSpecial reserve | 14,513,940 | (3,491,626) | | \nCash dividends | 6,916,105 | 9,765,155 | $0.58 | $0.75\n\nTaiwan Financial Supervisory Commission UMC special reserve equal debit elements equity unrealized loss financial instruments debit exchange differences foreign operations year-end. reserve prohibited distribution. reversed reserve released earnings distribution deficits.\n distribution earnings 2018 approved stockholders’ meeting June 12 2019 2019 Board Directors’ meeting April 27, 2020. details\n Appropriation earnings Cash dividend per share dollars\n 2018 2019\n Legal reserve $707,299 $963,947\n Special reserve 14,513,940 (3,491,626)\n Cash dividends,105 9,765,155 $0." +} +{ + "_id": "d1b36177a", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n10. Other Non-Current Assets\nOther non-current assets consist of the following:\nCash collaterals on swaps represent cash deposited for the Group’s interest rate swaps being the difference between their fair value and an agreed threshold.\n\n | As of December 31, | \n------------------------- | ------------------ | ------\n | 2018 | 2019 \nVarious guarantees | 451 | 388 \nOther long-term assets | 2,092 | 1,613 \nCash collaterals on swaps | — | 22,220\nTotal | 2,543 | 24,221\n\nGasLog Ltd. Subsidiaries\n consolidated financial statements\n December 31, 2017 2018 2019\n amounts. Dollars\n. Non-Current Assets\n Cash collaterals swaps interest rate swaps difference fair value threshold.\n December 31,\n 2019\n guarantees\n long-term assets 1,613\n Cash collaterals swaps 22,220\n 24,221" +} +{ + "_id": "d1b37f78e", + "title": "", + "text": "The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities are as follows:\nAs of December 31, 2019 and 2018, the Company had federal net operating loss carryforwards (“NOL”) of approximately $7,161,000 and $6,617,000, respectively. The\nlosses expire beginning in 2024. The Company has not performed a detailed analysis to determine whether an ownership change under IRC Section 382 has occurred. The effect\nof an ownership change would be the imposition of annual limitation on the use of NOL carryforwards attributable to periods before the change Any limitation may result in\nexpiration of a portion of the NOL before utilization. As of December 31, 2019 and 2018, the Company had state and local net operating loss carryforwards of approximately\n$7,153,000 and $6,609,000, respectively, to reduce future state tax liabilities also through 2035.\nAs of December 31, 2019 and 2018, the Company had Canadian NOL of approximately $1,111,000 and $1,070,000, respectively. The Canadian losses expire in stages\nbeginning in 2026. As of December 31, 2019 and 2018, the Company also has unclaimed Canadian federal scientific research and development investment tax credits, which are\navailable to reduce future federal taxes payable of approximately $0 and $0 respectively.\nAs of December 31, 2019 and 2018, the Company had Canadian NOL of approximately $1,111,000 and $1,070,000, respectively. The Canadian losses expire in stages beginning in 2026. As of December 31, 2019 and 2018, the Company also has unclaimed Canadian federal scientific research and development investment tax credits, which are available to reduce future federal taxes payable of approximately $0 and $0 respectively. As of December 31, 2019 and 2018, the Company had Canadian NOL of approximately $1,111,000 and $1,070,000, respectively. The Canadian losses expire in stages beginning in 2026. As of December 31, 2019 and 2018, the Company also has unclaimed Canadian federal scientific research and development investment tax credits, which are available to reduce future federal taxes payable of approximately $0 and $0 respectively. As of December 31, 2019 and 2018, the Company had Canadian NOL of approximately $1,111,000 and $1,070,000, respectively. The Canadian losses expire in stages beginning in 2026. As of December 31, 2019 and 2018, the Company also has unclaimed Canadian federal scientific research and development investment tax credits, which are available to reduce future federal taxes payable of approximately $0 and $0 respectively.\nAs a result of losses and uncertainty of future profit, the net deferred tax asset has been fully reserved. The net change in the valuation allowance during the years\nended December 31, 2019 and 2018 was an increase of $661,000 and $457,000, respectively\nForeign earnings are assumed to be permanently reinvested. U.S. Federal income taxes have not been provided on undistributed earnings of our foreign subsidiary.\nThe Company recognizes interest and penalties related to uncertain tax positions in selling, general and administrative expenses. The Company has not identified any\nuncertain tax positions requiring a reserve as of December 31, 2019 and 2018.\nThe Company is required to file U.S. federal and state income tax returns. These returns are subject to audit by tax authorities beginning with the year ended December 31, 2014.\n\n | 2019 | 2018 \n----------------------------------------------------- | ----------- | -----------\nU.S. net operating loss carryforwards | 2,894,000 | 2,627,000 \nStock compensation | 784,000 | 359,000 \nCanadian Provincial income tax losses | 29,000 | 56,000 \nCanadian Provincial scientific investment tax credits | (4,000) | - \n | 3,703,000 | 3,042,000 \nValuation allowance | (3,703,000) | (3,042,000)\nNet deferred tax assets | - | - \n\ntax effects temporary differences Company’s deferred tax assets liabilities\n December 31, 2019 2018 Company had federal net operating loss carryforwards $7,161,000 $6,617,000.\n losses expire 2024. analysis ownership change under IRC Section 382.\n ownership change annual limitation NOL carryforwards limitation\n expiration NOL before utilization. had state local net operating loss carryforwards\n $7,153,000 $6,609,000 reduce future state tax liabilities through 2035.\n Canadian NOL $1,111,000 $1,070,000. losses expire\n 2026. unclaimed Canadian federal scientific research development investment tax credits\n reduce future federal taxes $0 $0.\n Canadian NOL $1,111,000 $1,070,000. losses expire 2026. unclaimed investment tax credits reduce future federal taxes $0 $0. $1,070,000. losses expire 2026. unclaimed Canadian federal scientific research investment tax credits reduce future federal taxes $0. Canadian NOL $1,111,000 $1,070,000.Canadian losses expire 2026. December 31, 2019 Company unclaimed Canadian federal scientific tax credits future taxes $0 $0.\n net deferred tax asset reserved. valuation allowance\n 2019 2018 $661,000 $457,000\n Foreign earnings reinvested. Federal income taxes undistributed earnings foreign subsidiary.\n recognizes interest penalties uncertain tax positions.\n uncertain tax positions reserve December 31, 2019 2018.\n file. federal state income tax returns. audit December 31, 2014.\n. net operating loss 2,894,000 2,627,000\n Stock compensation 784,000\n Provincial income tax losses 29,000\n scientific investment tax credits\n Valuation allowance\n Net deferred tax assets" +} +{ + "_id": "d1a729b42", + "title": "", + "text": "For the fourth quarter of 2019, we reported a net income of $392 million, compared to a net income of $302 million and $418 million in the prior and year-ago quarters, respectively. The fourth quarter 2019 net income represented diluted earnings per share of $0.43 compared to $0.34 in the prior quarter and $0.46 in the prior-year quarter.\nNet income attributable to parent company\n\n | | Three Months Ended | \n----------------------------------------- | ----------------- | ------------------------ | -----------------\n | December 31, 2019 | September 29, 2019 | December 31, 2018\n | | (Unaudited, in millions) | \nNet income attributable to parent company | $392 | $302 | $418 \nAs percentage of net revenues | 14.2% | 11.8% | 15.8% \n\nfourth quarter 2019 net income $392 million $302 $418 million. diluted earnings per share $0. 43 $0. 34. 46.\n Net income parent company\n Three Months Ended\n December 31, 2019 September 29, December 31, 2018\n Net income $392 $302 $418\n percentage net revenues 14. 2%. 8%." +} +{ + "_id": "d1b3b6b30", + "title": "", + "text": "Net financial result and taxes\n1 Adjustment of previous year according to explanation in notes.\nNet financial result The net financial result from continuing operations primarily comprises the interest result of €−119 million (2017/18: €−136 million) and the other financial result of €1 million (2017/18: €−2 million). Net interest result improved significantly as a result of more favourable refinancing terms.\n\n€ million | 2017/2018 | 2018/2019\n---------------------------------------------------------------------- | --------- | ---------\nEarnings before interest and taxes EBIT | 713 | 828 \nEarnings share of non-operating companies recognised at equity | 0 | 0 \nOther investment result | 0 | −1 \nInterest income/expenses (interest result) | −136 | −119 \nOther financial result | −2 | 1 \nNet financial result | −137 | −119 \nEarnings before taxes EBT | 576 | 709 \nIncome taxes | −216 | −298 \nProfit or loss for the period from continuing operations | 359 | 411 \nProfit or loss for the period from discontinued operations after taxes | −22 | −526 \nProfit or loss for the period | 337 | −115 \n\nfinancial result taxes\n Adjustment previous year.\n interest €−119 million €−136 million financial €1 million €−2 million. improved favourable refinancing terms.\n 2017/2018 2018/2019\n Earnings before interest taxes EBIT 713 828\n non-operating companies\n Interest income/expenses −136 −119\n −137 −119\n Earnings before taxes EBT 576 709\n −216 −298\n Profit loss continuing operations 359 411\n discontinued operations taxes −22 −526\n 337 −115" +} +{ + "_id": "d1a71f084", + "title": "", + "text": "The net deferred tax assets (liabilities) are comprised of the following (in thousands):\nA valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized based on an assessment of positive and negative evidence, including estimates of future taxable income necessary to realize future deductible amounts. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2019. Such objective evidence limits the ability to consider other subjective evidence such as its projections for future growth. On the basis of this evaluation, at December 31, 2019 and 2018, a valuation allowance of $24.6 million and $25.1 million, respectively, has been recorded.\nAs of December 31, 2019, the Company has accumulated federal and state net operating loss (“NOL”) carryforwards of $165.0 million and $134.3 million, respectively. Of the $165.0 million of federal NOL carryforwards, $57.9 million was generated before January 1, 2018 and is subject to the 20-year carryforward period (“pre-Tax Act losses”). The remaining $107.1 million (“post-Tax Act losses”) can be carried forward indefinitely but is subject to the 80% taxable income limitation. The pre-Tax Act U.S. federal and state net operating loss carryforwards will expire in varying amounts through 2037. The Company completed a Section 382 study for the period through March 31, 2019 and determined that a Section 382 ownership change occurred on December 31, 2017 subjecting all pre-Tax Act losses to a utilization limitation; however, such limitation is not expected to result in NOLs expiring unused. Any future annual limitation may result in the expiration of NOLs before utilization.\nAs of December 31, 2019 and 2018, the Company had combined foreign net operating loss carry-forwards available to reduce future taxable income of approximately $25.6 million and $25.5 million, respectively. As of December 31, 2019 and 2018, valuation allowances of $24.6 million and $25.1 million, respectively, had been recorded against the related deferred tax assets for those loss carry-forwards that are not more likely than not to be fully utilized in reducing future taxable income.\n\n | As of December 31 | \n------------------------------------------------- | ----------------- | --------\n | 2019 | 2018 \nDeferred tax assets | | \nLease liability | $4,295 | $278 \nAMT credit | 9 | 11 \nAccrued expenses | 2,837 | 2,057 \nDeferred revenue | — | 549 \nNet operating loss carryforward | 50,950 | 34,662 \nOther assets | 6,967 | 2,343 \nProperty and equipment | — | 123 \nIntangible assets | 2,416 | 836 \nValuation allowance | (24,637) | (25,079)\nTotal net deferred tax assets | 42,837 | 15,780 \nDeferred tax liabilities | | \nDeferred commissions | (4,308) | (3,215) \nDeferred revenue | (336) | — \nIntangible assets | (7,948) | (7,295) \nProperty and equipment | (296) | — \nDebt discount | (26,589) | (4,986) \nRight-of-use asset | (3,909) | — \nDeferred state taxes | (1,101) | (1,233) \nOther | (352) | — \nTotal deferred tax liabilities | (44,839) | (16,729)\nTotal non-current deferred income tax liabilities | $(2,002) | $(949) \n\ndeferred tax assets\n valuation allowance deferred tax assets evidence future taxable income. cumulative loss three-year December 31, 2019. limits projections future growth. December 31, 2019 2018 valuation allowance of $24. 6 million $25. 1 million recorded.\n federal state net operating loss carryforwards $165. 0 million $134. 3 million. $57. 9 million generated before January 1 2018 subject 20-year carryforward period. remaining $107. 1 million Act indefinitely 80% taxable income limitation. pre-Tax. carryforwards expire through 2037. Section 382 study ownership change December 31, 2017 pre-Tax Act losses utilization limitation NOLs. future limitation before utilization.\n December 31, 2019 2018 combined foreign net operating loss carry-forwards reduce future taxable income $25. 6 million $25. 5 million. valuation allowances of $24. 6 million $25.1 million recorded deferred tax assets income.\n December 31\n Deferred tax assets\n Lease liability $4,295 $278\n AMT credit\n Accrued expenses 2,837\n Deferred revenue\n loss carryforward 50,950 34,662\n Other assets 6,967\n Property equipment\n Intangible assets 2,416\n Valuation allowance (24,637\n deferred tax assets 42,837 15,780\n Deferred commissions (4,308)\n revenue\n Intangible assets\n Property equipment\n Debt discount,589\n Right-of-use asset\n Deferred state taxes\n deferred tax liabilities (44,839)\n non-current deferred income liabilities(2,002)" +} +{ + "_id": "d1b38d7c6", + "title": "", + "text": "Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities\nOur common stock is listed on NASDAQ under the symbol ‘‘CSGS’’. On January 31, 2020, the number of holders of record of common stock was 126.\nStock Price Performance\nThe following graph compares the cumulative total stockholder return on our common stock, the Russell 2000 Index, and our Standard Industrial Classification (“SIC”) Code Index: Data Preparation and Processing Services during the indicated five-year period. The graph assumes that $100 was invested on December 31, 2014, in our common stock and in each of the two indexes, and that all dividends, if any, were reinvested.\n\n | | | As of December 31, | | | \n---------------------------------------- | ------- | ------- | ------------------ | ------- | ------- | -------\n | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 \nCSG Systems International, Inc. | $100.00 | $146.72 | $200.85 | $185.42 | $137.31 | $227.96\nRussell 2000 Index | 100.00 | 95.59 | 115.95 | 132.94 | 118.30 | 148.49 \nData Preparation and Processing Services | 100.00 | 110.52 | 129.67 | 159.46 | 174.32 | 245.10 \n\n. Registrant’s Common Equity Stockholder Matters Issuer Purchases Securities\n common stock listed NASDAQ. January 31, 2020 holders 126.\n graph compares stockholder return common stock Russell 2000 Index Standard Industrial Classification Code Index Data Preparation Processing Services five-year period. $100 invested December 31, 2014, common stock indexes dividends reinvested.\n December\n 2014 2015 2016 2019\n CSG Systems International. $100. $146. $200. $185. $137. $227.\n Russell 2000 Index. 95. 115. 148.\n Data Preparation Processing Services. 129. 174." +} +{ + "_id": "d1b38a148", + "title": "", + "text": "Sales by Category\nIn addition to the above reporting segments, we also report revenue for the following three categories – (1) Access & Aggregation, (2) Subscriber Solutions & Experience and (3) Traditional & Other Products.\nThe following tables disaggregates our revenue by major source for the years ended December 31, 2019, 2018 and 2017:\n(1) Subscriber Solutions & Experience was formerly reported as Customer Devices. With the increasing focus on enhancing the customer experience for both our business and consumer broadband customers and the addition of SmartRG during the fourth quarter of 2018, Subscriber Solutions & Experience more accurately represents this revenue category.\n\n | | | 2019 \n------------------------------------- | ----------------- | ------------------ | --------\n(In thousands) | Network Solutions | Services & Support | Total \nAccess & Aggregation | $289,980 | $58,894 | $348,874\nSubscriber Solutions & Experience (1) | 144,651 | 8,269 | 152,920 \nTraditional & Other Products | 20,595 | 7,672 | 28,267 \nTotal | $455,226 | $74,835 | $530,061\n\nSales by Category\n revenue categories Access & Aggregation Subscriber Solutions & Experience Traditional Other Products.\n revenue 2019 2018 2017:\n Subscriber Solutions & Experience Customer Devices. SmartRG represents.\n Network Solutions Services Support\n Access Aggregation $289,980 $58,894 $348,874\n Subscriber Solutions & Experience 144,651 8,269 152,920\n Traditional & Other Products 20,595 7,672 28,267\n Total $455,226 $74,835 $530,061" +} +{ + "_id": "d1b354c00", + "title": "", + "text": "Consolidated Statements of Comprehensive Income (Loss)\n(Amounts in thousands)\n(1) Fiscal years ended March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n(2) Fiscal year ended March 31, 2018 adjusted due to the adoption of ASC 606.\nSee accompanying notes to consolidated financial statements.\n\n | | Fiscal Years Ended March 31, | \n--------------------------------------------------------------- | -------- | ---------------------------- | --------\n | 2019 | 2018 | 2017 \nNet income (1) | $206,587 | $254,127 | $47,157 \nOther comprehensive income (loss), net of tax: | | | \nForeign currency translation gains (losses) (2) | (24,065) | 35,271 | (15,284)\nDefined benefit pension plans | (927) | 167 | 163 \nDefined benefit post-retirement plan adjustments | (86) | (255) | 20 \nEquity interest in investee’s other comprehensive income (loss) | (11) | 5,584 | 1,440 \nForeign exchange contracts | (588) | (1,753) | 3,274 \nExcluded component of fair value hedges | (2,249) | — | — \nOther comprehensive income (loss) (2) | (27,926) | 39,014 | (10,387)\nTotal comprehensive income (1) | $178,661 | $293,141 | $36,770 \n\nStatements Income\n Fiscal years March 2018 2017 adjusted ASC 606.\n 2018 ASC 606.\n statements.\n Fiscal Years\n 2018\n Net income $206,587 $254,127 $47,157\n income net tax\n Foreign currency gains (24,065) 35,271 (15,284)\n benefit pension plans\n post-retirement plan adjustments\n Equity interest income 5,584 1,440\n Foreign exchange contracts (1,753) 3,274\n fair value hedges (2,249)\n comprehensive income (27,926) 39,014 (10,387\n income $178,661 $293,141 $36,770" +} +{ + "_id": "d1b370a72", + "title": "", + "text": "Director Compensation\nIn 2019, we compensated each non-management director of our Company by granting to each such outside director 15,000 RSUs. The RSUs vested in equal amounts of 3,750 RSUs on each of March 15, 2019, June 15, 2019, September 15, 2019 and December 15, 2019. In addition, we pay our non-management directors cash director fees of $40,000 per annum ($10,000 per quarter). Non-management directors also receive additional cash compensation on an annual basis for serving on the following Board committees: The Audit Committee Chairperson receives $7,500 and members receive $5,000; the Chairperson and members of each of the Compensation Committee and Nominating and Corporate Governance Committee receive annual fees of $3,750 and $2,500, respectively.\nIn consideration for serving as the sole member of our Strategic Development Committee, in June 2013 we issued to Niv Harizman a five-year stock option to purchase 300,000 shares of our common stock, at an exercise price of $1.88 per share, which option vested 100,000 shares on the date of grant, 100,000 shares on the first anniversary of the date of grant and vested 100,000 shares on the second anniversary from the grant date. On June 17, 2018, Mr. Harizman exercised the aforementioned stock option on a net (cashless) exercise basis by delivering to us 181,936 shares of our common stock and he received 118,064 shares of our common stock.\nThe following table sets forth the compensation awarded to, earned by or paid to all persons who served as members of our board of directors (other than our Named Executive Officers) during the year ended December 31, 2019. No director who is also a Named Executive Officer received any compensation for services as a director in 2019.\n(1) Represents directors’ fees payable in cash to each non-management director of $10,000 per quarter ($40,000 per annum) for 2019 plus additional cash fees for serving on Board committees as disclosed in the text above.\n(2) The amounts included in this column represent the grant date fair value of restricted stock unit awards (RSUs) granted to directors, computed in accordance with FASB ASC Topic 718. For a discussion of valuation assumptions see Note B[11] to our consolidated financial statements included in this Annual Report. The 15,000 RSUs granted to each non-management director vested on a quarterly basis beginning March 15, 2019. Each restricted stock unit represents the contingent right to receive one share of common stock.\n(3) As of December 31, 2019, each of the above listed directors held outstanding stock options to purchase 35,000 shares of our common stock at an exercise price of $2.34 per share.\n(4) Includes payment of dividends (dividend equivalent rights) on RSUs for 2019.\n\nName | Fees earned or paid in cash ($) (1) | Stock Awards ($) (2) (3) | All other compensation ($) (4) | Total ($)\n---------------- | ----------------------------------- | ------------------------ | ------------------------------ | ---------\nEmanuel Pearlman | $ 50,000 | $ 39,000 | $ 750 | $ 89,750\nNiv Harizman | $ 46,250 | $ 39,000 | $ 750 | $ 86,000\nAlison Hoffman | $ 48,890 | $ 39,000 | $ 750 | $ 88,640 \n\nDirector Compensation\n 2019 compensated non-management director 15,000 RSUs. vested 3,750 RSUs March June September December 15, 2019. non-management directors cash fees $40,000 per annum ($10,000 per quarter. receive additional cash compensation Board committees Audit Committee Chairperson $7,500 members $5,000 Chairperson Compensation Committee Nominating Corporate Governance Committee annual fees $3,750 $2,500.\n June 2013 issued Niv Harizman five-year stock option shares common stock $1. 88 per share vested 100,000 shares first anniversary second anniversary. June 17, 2018. Harizman exercised 181,936 shares common stock received 118,064 shares.\n table compensation board directors Officers December 31, 2019. No Named Executive Officer received compensation 2019.\n fees $10,000 per quarter ($40,000 per annum additional cash fees Board committees.\namounts restricted stock unit awards directors FASB ASC Topic 718. Note B[11] financial statements Annual Report. 15,000 RSUs non-management director quarterly March 15 2019. right share common stock.\n December 31, 2019 directors options purchase 35,000 shares common stock $2. 34 per share.\n Includes dividends RSUs 2019.\n Fees Stock Awards compensation Total\n Emanuel Pearlman $ 50,000 $ 39,000 750 89,750\n Niv Harizman $ 46,250 39,000\n Alison Hoffman $ 48,890 $ 39,000 750 88,640" +} +{ + "_id": "d1a7118d0", + "title": "", + "text": "Research and Development (“R&D”), Sales and Marketing, and General and Administrative (“G&A”) Expenses\nR&D, sales and marketing, and G&A expenses are summarized in the following table (in millions, except percentages):\nR&D Expenses R&D expenses increased due to higher headcount-related expenses and, to a lesser extent, higher acquisition-related costs, higher contracted services and higher discretionary spending.\nWe continue to invest in R&D in order to bring a broad range of products to market in a timely fashion. If we believe that we are unable to enter a particular market in a timely manner with internally developed products, we may purchase or license technology from other businesses, or we may partner with or acquire businesses as an alternative to internal R&D.\nSales and Marketing Expenses Sales and marketing expenses increased due to higher headcount-related expenses, higher discretionary spending and, to a lesser extent, higher contracted services and higher acquisition-related costs, partially offset by lower share-based compensation expense.\nG&A Expenses G&A expenses decreased due to a benefit from the $400 million litigation settlement with Arista Networks and lower contracted services, partially offset by higher discretionary spending and higher headcount-related expenses.\nEffect of Foreign Currency In fiscal 2019, foreign currency fluctuations, net of hedging, decreased the combined R&D, sales and marketing, and G&A expenses by approximately $233 million, or 1.3%, compared with fiscal 2018. In fiscal 2018, foreign currency fluctuations, net of hedging, increased the combined R&D, sales and marketing, and G&A expenses by approximately $93 million, or 0.5%, compared with fiscal 2017.\n\n | | Years Ended | | | \n-------------------------- | ------------- | ------------- | ------------- | ------------------- | -------------------\n | July 27, 2019 | July 28, 2018 | July 29, 2017 | Variance in Dollars | Variance in Percent\nResearch and development | $ 6,577 | $ 6,332 | $6,059 | $245 | 4% \nPercentage of revenue | 12.7% | 12.8% | 12.6% | | \nSales and marketing | 9,571 | 9,242 | 9,184 | 329 | 4% \nPercentage of revenue | 18.4% | 18.7% | 19.1% | | \nGeneral and administrative | 1,827 | 2,144 | 1,993 | (317) | (15)% \nPercentage of revenue | 3.5% | 4.3% | 4.2% | | \nTotal | $17,975 | $17,718 | $17,236 | $257 | 1% \nPercentage of revenue | 34.6% | 35.9% | 35.9% | | \n\nResearch Development Sales Marketing General Administrative Expenses\n summarized table millions\n R&D Expenses increased headcount expenses acquisition costs contracted services discretionary spending.\n R&D products market timely. If purchase license technology partner acquire R&D.\n Sales Marketing Expenses increased headcount expenses discretionary spending contracted services acquisition costs offset lower share-based compensation expense.\n G&A Expenses decreased $400 million settlement Arista Networks lower contracted services offset higher discretionary spending headcount-related expenses.\n Effect Foreign Currency 2019 foreign currency fluctuations decreased R&D sales marketing G&A expenses $233 million 1. 3% compared 2018. increased R&D expenses $93 million 0. 5% compared 2017.\n 2019 29, 2017 Variance Dollars Percent\n Research development $ 6,577 $ 6,332 $6,059 $245 4%\n Percentage revenue.12. 8%. 6%\n Sales marketing 9,571 9,242 9,184 329 4%\n 18. 4%. 7% 19. 1%\n 1,827 2,144 1,993\n. 5%. 3%. 2%\n $17,975 $17,718 $17,236 $257\n. 6%." +} +{ + "_id": "d1a733a98", + "title": "", + "text": "Disaggregated Revenue\nThe table below includes the Company’s revenue for the fiscal year ended September 28, 2019 disaggregated by geographic reportable segment and market sector (in thousands):\n\n | | Fiscal Year Ended September 28, 2019 | | \n------------------------- | ---------- | ------------------------------------ | -------- | ----------\n | | Reportable Segment: | | \n | AMER | APAC | EMEA | Total \nMarket Sector: | | | | \nHealthcare/Life Sciences | $488,851 | $602,922 | $128,225 | $1,219,998\nIndustrial/Commercial | 359,381 | 534,971 | 86,868 | 981,220 \nAerospace/Defense | 317,558 | 186,486 | 84,556 | 588,600 \nCommunications | 256,523 | 113,329 | 4,764 | 374,616 \n External revenue | 1,422,313 | 1,437,708 | 304,413 | 3,164,434 \nInter-segment sales | 6,995 | 119,497 | 5,520 | 132,012 \n Segment revenue | $1,429,308 | $1,557,205 | $309,933 | $3,296,446\n\nRevenue\n 2019 segment market sector\n APAC EMEA\n Healthcare Sciences $488,851 $602,922 $128,225 $1,219,998\n Industrial,381 534,971 86\n Aerospace 317,558 186,486 84,556,600\n Communications 256,523 113,329\n External revenue 1,422,313 1,437,708 304,413 3,164,434\n Inter-segment sales 6,995 119,497\n Segment revenue $1,429,308 $1,557,205 $309,933 $3,296,446" +} +{ + "_id": "d1b3b0d3e", + "title": "", + "text": "24. Post employment benefits\nThe Group operates a number of defined benefit and defined contribution pension plans for our employees. The Group’s largest defined benefit scheme is in the UK. For further details see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 to the consolidated financial statements.\nAccounting policies\nFor defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is recognised as an asset or liability on the statement of financial position. Scheme liabilities are assessed using the projected unit funding method and applying the principal actuarial assumptions at the reporting period date. Assets are valued at market value.\nActuarial gains and losses are taken to the statement of comprehensive income as incurred. For this purpose, actuarial gains and losses comprise both the effects of changes in actuarial assumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The return on plan assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other comprehensive income.\nOther movements in the net surplus or deficit are recognised in the income statement, including the current service cost, any past service cost and the effect of any settlements. The interest cost less the expected interest income on assets is also charged to the income statement. The amount charged to the income statement in respect of these plans is included within operating costs or in the Group’s share of the results of equity accounted operations, as appropriate\nThe Group’s contributions to defined contribution pension plans are charged to the income statement as they fall due.\nBackground\nAt 31 March 2019 the Group operated a number of pension plans for the benefit of its employees throughout the world, with varying rights and obligations depending on the conditions and practices in the countries concerned. The Group’s pension plans are provided through both defined benefit and defined contribution arrangements. Defined benefit schemes provide benefits based on the employees’ length of pensionable service and their final pensionable salary or other criteria. Defined contribution schemes offer employees individual funds that are converted into benefits at the time of retirement\nThe Group operates defined benefit schemes in Germany, Ghana, India, Ireland, Italy, the UK, the United States and the Group operates defined benefit indemnity plans in Greece and Turkey. Defined contribution pension schemes are currently provided in Egypt, Germany, Greece, Hungary, India, Ireland, Italy, New Zealand, Portugal, South Africa, Spain and the UK.\nDefined benefit schemes\nThe Group’s retirement policy is to provide competitive pension provision, in each operating country, in line with the market median for that location. The Group’s preferred retirement provision is focused on Defined Contribution (‘DC’) arrangements and/or State provision for future service.\nThe Group’s main defined benefit funding liability is the Vodafone UK Group Pension Scheme (‘Vodafone UK plan’). Since June 2014 the plan has consisted of two segregated sections: the Vodafone Section and the Cable & Wireless Section (‘CWW Section’). Both sections are closed to new entrants and to future accrual. The Group also operates smaller funded and unfunded plans in the UK, funded and unfunded plans in Germany and funded plans in Ireland. Defined benefit pension provision exposes the Group to actuarial risks such as longer than expected longevity of participants, lower than expected return on investments and higher than expected inflation, which may increase the liabilities or reduce the value of assets of the schemes.\nThe main defined benefit schemes are administered by trustee boards which are legally separate from the Group and consist of representatives who are employees, former employees or are independent from the Company. The boards of the pension schemes are required by legislation to act in the best interest of the participants, set the investment strategy and contribution rates and are subject to statutory funding objectives.\nThe Vodafone UK plan is registered as an occupational pension plan with HM Revenue and Customs (‘HMRC’) and is subject to UK legislation and operates within the framework outlined by the Pensions Regulator. UK legislation requires that pension schemes are funded prudently and that valuations are undertaken at least every three years. Separate valuations are required for the Vodafone Section and CWW Section.\nThe trustees obtain regular actuarial valuations to check whether the statutory funding objective is met and whether a recovery plan is required to restore funding to the level of the agreed technical provisions. On 19 October 2017, the 31 March 2016 triennial actuarial valuation for the Vodafone Section and CWW Section of the Vodafone UK plan, which is used to judge the funding the Group needs to put into the scheme, was concluded.\n\nIncome statement expense | | | \n-------------------------------------------------- | ------- | ------- | -------\n | 2019 €m | 2018 €m | 2017 €m\nDefined contribution schemes | 166 | 178 | 192 \nDefined benefit schemes | 57 | 44 | 20 \nTotal amount charged to income statement (note 23) | 223 | 222 | 212 \n\n. benefits\n Group operates defined benefit contribution pension plans. largest benefit scheme UK. “Critical accounting judgements estimation uncertainty” note 1 consolidated financial statements.\n defined benefit retirement plans difference fair value assets present value liabilities recognised financial position. liabilities assessed projected unit funding method principal actuarial assumptions reporting. Assets valued at market value.\n Actuarial gains losses income. effects adjustments. return on assets interest income costs management income.\n net surplus deficit recognised income statement current service cost past cost settlements. interest cost less expected interest income assets charged to income statement. included operating costs results equity operations\n contributions to pension plans charged income statement.\n 31 March 2019 Group operated pension plans employees varying rights obligations. pension plans provided defined benefit contribution arrangements. benefit schemes benefits pensionable service final pensionable salary. offer funds converted into benefits retirement\nGroup operates defined benefit schemes Germany Ghana India Ireland Italy UK United States Greece Turkey. pension schemes in Egypt Germany Greece Hungary India Ireland Italy New Zealand Portugal South Africa Spain UK.\n competitive pension provision market median. preferred retirement Defined Contribution arrangements State provision.\n main defined benefit Vodafone UK Group Pension Scheme. Since 2014 sections Vodafone Cable & Wireless Section. closed to new entrants future accrual. operates smaller plans UK Germany Ireland. pension exposes actuarial risks longevity return inflation liabilities value assets.\n schemes administered by trustee boards separate. boards act interest set investment strategy contribution rates subject to statutory funding objectives.\n Vodafone UK plan registered occupational pension plan with Revenue Customs subject to UK legislation operates Pensions Regulator. valuations every three years. Separate valuations for Vodafone CWW Section.\ntrustees obtain valuations funding objective recovery plan funding. 19 October 2017 31 March 2016 triennial valuation Vodafone CWW Section UK plan funding concluded.\n Income statement expense\n 2019 2018 2017\n contribution schemes 166 178 192\n benefit schemes 57 44 20\n amount charged income statement 23 223 222" +} +{ + "_id": "d1b3550b0", + "title": "", + "text": "3.5 Leases\nRecognition, measurement and classification\nThe Group has applied AASB 16 using the retrospective approach. The impact of changes is disclosed in Note 1.6.\nAt inception of a contract, the Group assesses whether a contract is, or contains a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether:\n• The contract involves the use of an identified asset – this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified.\n• The Group has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use; and\n• The Group has the right to direct the use of the asset. The Group has this right when it has the decisionmaking rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where all the decisions about how and for what purpose the asset is used are predetermined, the Group has the right to direct the use of the asset if either:\n• The Group has the right to operate the asset\n•• The Group designed the asset in a way that predetermines how and for what purpose it will be used\nThe Group recognises a right-of-use asset and a lease liability at the lease commencement date. For measurement and recognition of right-of-use assets, refer to Note 3.1.\nThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.\nLease payments included in the measurement of the lease liability comprise:\n• Fixed payments, including in-substance fixed payments;\n• variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;\n• amounts expected to be payable under a residual value guarantee; and\n• the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.\nThe lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option.\nWhen the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.\nShort-term leases and leases of low-value assets\nThe Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less and leases of low-value assets, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.\n\n | CONSOLIDATED | \n----------------- | ------------ | ----------\n | 2019 $’000 | 2018 $’000\nLease liabilities | | \nCurrent | 2,569 | 2,599 \nNon-current | 6,773 | 5,934 \n | 9,342 | 8,533 \n\n3. 5 Leases\n Recognition measurement classification\n Group applied AASB 16 retrospective approach. impact changes disclosed in Note 1.\n inception contract Group assesses contract lease. contract lease if conveys right control use identified asset exchange consideration. contract\n contract involves use identified asset or physically distinct or represent capacity. If supplier substantive substitution right asset not identified.\n Group obtain economic benefits from use asset\n Group right direct use asset. decisionmaking rights relevant asset. rare cases decisions predetermined Group direct use if\n Group operate asset\n Group asset\n recognises right-of-use asset lease liability at lease commencement date. For measurement recognition right-of-use assets refer Note 3. 1.\n lease liability measured at present value lease payments not paid commencement date discounted interest rate implicit in lease or Group’s incremental borrowing rate. discount rate.\n Lease payments lease liability comprise\nFixed payments\n variable lease payments on index or rate measured commencement date\n amounts under residual value guarantee\n exercise price under purchase option lease payments optional renewal period penalties for early termination.\n lease liability measured at amortised cost effective interest method. remeasured future lease payments index or rate estimate amount residual value guarantee purchase extension termination option.\n lease liability remeasured adjustment to carrying amount right-of-use recorded in profit or loss if reduced to zero.\n Short-term leases low-value assets\n Group not recognise right-of-use assets lease liabilities for short leases machinery 12 months or less low-value assets IT equipment. recognises lease payments as expense straight-line over lease.\n Lease liabilities\n Current 2,569\n Non-current 6,773 5,934\n 9,342" +} +{ + "_id": "d1b32a568", + "title": "", + "text": "Net Cash Provided By Operating Activities and Free Cash Flow\nThe following table presents a reconciliation of net cash provided by operating activities to free cash flow (in thousands, except for percentages):\nNet cash provided by operating activities for the twelve months ended December 31, 2019 was $115.5 million as compared to $90.3 million during the same period in 2018. The increase was primarily due to improved profitability, improved collections, and other working capital changes in 2019 when compared to the same period in 2018.\nFree cash flow for the twelve months ended December 31, 2019 was $72.8 million, resulting in a free cash flow margin of 12.6%, as compared to free cash flow of $49.8 million and a free cash flow margin of 9.3% for the same period in 2018. The increase was primarily due to both improved profitability and collections, and is partially offset by cash paid for interest on our convertible notes of $17.4 million in the twelve months ended December 31, 2019. Refer to the section titled “Liquidity and Capital Resources” for additional information on the convertible notes.\n\n | | Year Ended December 31, | \n----------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nReconciliation of free cash flow: | | | \nNet cash provided by operating activities | $115,549 | $90,253 | $67,510 \nCapital expenditures | (18,034) | (14,895) | (7,100) \nCapitalized software costs | (24,668) | (25,515) | (20,571)\nFree cash flow | $72,847 | $49,843 | $39,839 \nFree cash flow margin | 12.6% | 9.3% | 8.3% \n\nNet Cash Activities Free Cash Flow\n table net cash free cash flow\n Net cash activities twelve months December 2019 $115. 5 million $90. 3 million 2018. increase due improved profitability collections working capital changes.\n Free cash flow months $72. 8 million margin 12. 6% $49. 8 million 9. 3% 2018. increase due profitability offset cash interest convertible notes $17. 4 million. “Liquidity Capital Resources” information convertible notes.\n 2018\n Reconciliation free cash flow\n Net cash operating activities $115,549 $90,253 $67,510\n Capital expenditures (18,034)\n Capitalized software costs (24\n Free cash flow $72,847 $49,843 $39,839\n margin 12. 6% 9. 3%." +} +{ + "_id": "d1b3673aa", + "title": "", + "text": "The components of net deferred income tax assets for income tax purposes are as follows (in thousands):\nThe net deferred tax assets as of February 28, 2018 in the above table include the deferred tax assets of our Italian and Canadian subsidiaries amounting to $7.4 million and $7.6 million, respectively, which were disclosed narratively in the fiscal 2018 Form 10-K. The deferred tax assets primarily relate to net operating losses (NOL’s) and research and development expenditure pool carryforwards. We had provided a 100% valuation allowance against these deferred tax assets at February 28, 2018, as it was more likely than not that the deferred tax assets would not be realized.\nAs of February 28, 2019 and 2018, we maintained a valuation allowance with respect to certain of our deferred tax assets relating primarily to NOL’s in certain non-U.S. jurisdictions and certain state tax credits that we believe are not likely to be realized. During fiscal 2019, we decreased the valuation allowance against our deferred tax assets by approximately $5.9 million, as it is more likely than not that these deferred tax assets would be realized based upon the assessment of positive and negative evidence. This reduction in our valuation allowance is primarily attributable to a release of valuation allowance against foreign deferred tax assets, partially offset by an increase in valuation allowances for state tax credits.\nAt February 28, 2019, we had net operating loss carryforwards of approximately $30.1 million, $60.8 million and $44.7 million for federal, state and foreign purposes, respectively, expiring at various dates through fiscal 2039. Approximately $18.3 million of foreign net operating loss carryforwards do not expire. The federal net operating loss carryforwards are subject to various limitations under Section 382 of the Internal Revenue Code. If substantial changes in our ownership were to occur, there may be certain annual limitations on the amount of the NOL carryforwards that can be utilized\nAs of February 28, 2019, we had R&D tax credit carryforwards of $9.1 million and $8.9 million for federal and state income tax purposes, respectively. The federal R&D tax credits expire at various dates through 2039. A substantial portion of the state R&D tax credits have no expiration date.\nWe adopted the updated guidance on stock based compensation and we have tax deductions on exercised stock options and vested restricted stock awards that exceed stock compensation expense amounts recognized for financial reporting purposes. The gross excess tax deductions were $2.9 million, $2.6 and $0 in fiscal years 2019, 2018 and 2017, respectively. Under the new guidance, all excess tax benefits and tax deficiencies are recognized in the income statement as they occur.\nWe follow ASC Topic 740, “Income Taxes,” which clarifies the accounting for income taxes by prescribing a minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. Management determined based on our evaluation of our income tax positions that we have uncertain tax benefit of $3.2 million, $1.0 million and $1.0 million on at February 28, 2019, 2018 and 2017, respectively, for which we have not yet recognized an income tax benefit for financial reporting purposes.\nAt February 28, 2019, we increased the uncertain tax benefits related to certain foreign net operating loss carryforwards. Such deferred tax assets were previously offset by a valuation allowance so that the increase in the unrecognized tax benefit coupled with the reduction of the valuation allowance on such net operating losses did not result in an income tax expense during the current fiscal year. If total uncertain tax benefits were realized in a future period, it would result in a tax benefit of $3.2 million. As of February 28, 2019, our liabilities for uncertain tax benefits were netted against our deferred tax assets on our consolidated balance sheet. It is reasonably possible the amount of unrecognized tax benefits could be reduced within the next 12 months by at least $0.6 million.\nWe recognize interest and/or penalties related to uncertain tax positions in income tax expense. No amounts of interest and/or penalties have been accrued as of February 28, 2019.\n\n | | February 28,\n------------------------------------------ | -------- | ------------\n | 2019 | 2018 \nNet operating loss carryforwards | $19,269 | $22,013 \nDepreciation, amortization and impairments | (11,945) | (11,112) \nResearch and development credits | 19,189 | 17,432 \nStock-based compensation | 2,783 | 2,376 \nOther tax credits | 1,018 | 2,015 \nInventory reserve | 624 | 292 \nWarranty reserve | 313 | 429 \nPayroll and employee benefit accruals | 2,220 | 1,941 \nAllowance for doubtful accounts | 454 | 354 \nOther accrued liabilities | 6,208 | 8,975 \nConvertible debt | (10,822) | (194) \nOther, net | 3,281 | 3,904 \nGross deferred tax assets | 32,592 | 48,425 \nValuation allowance | (10,929) | (16,844) \nNet deferred tax assets | $21,663 | $31,581 \nReported as: | | \nDeferred tax assets | $22,626 | $31,581 \nDeferred tax liabilities | (963) | - \nNet deferred tax assets | $21,663 | $31,581 \n\nnet deferred income tax assets\n deferred tax assets February 28, 2018 include Italian Canadian subsidiaries $7. 4 million $7. 6 million disclosed fiscal 2018 Form 10-K. net operating losses (NOL’s research development expenditure pool carryforwards. 100% valuation allowance against.\n maintained valuation allowance assets NOL’s non-U. S. jurisdictions state tax credits. 2019 decreased valuation allowance assets $5. 9 million. attributable allowance foreign deferred tax assets offset increase allowances state tax credits.\n February 28, 2019 net operating loss carryforwards of $30. 1 million $60. 8 million $44. 7 million for federal state foreign purposes expiring through 2039. $18. 3 million foreign net operating loss carryforwards expire. subject limitations Section 382 Internal Revenue Code. limitations\n February 28, 2019 R&D tax credit carryforwards of $9. 1 million $8.9 million federal state income tax. federal R&D tax credits expire 2039. state R&D tax credits no expiration.\n adopted guidance stock compensation tax deductions stock options vested restricted stock awards compensation expense. excess tax deductions $2. 9 million $2. 6 $0 2019 2018 2017. excess tax benefits deficiencies recognized income statement.\n ASC Topic minimum recognition threshold. uncertain tax benefit $3. 2 million $1. 0 million $1. 0 million February 28, 2019 2018 2017 not recognized.\n February 28, 2019 increased uncertain tax benefits foreign net operating loss carryforwards. offset valuation allowance income tax expense fiscal year. benefits tax benefit $3. 2 million. liabilities uncertain tax benefits netted against deferred tax assets balance sheet. possible unrecognized tax benefits 12 months $0. 6 million.\n interest penalties uncertain tax positions. No accrued February 28, 2019.\n\n loss $19,269 $22,013\n Depreciation amortization\n Research development credits 19,189 17,432\n Stock compensation 2,783 2,376\n tax credits 1,018\n Inventory reserve\n Warranty\n Payroll benefit accruals 2,220\n doubtful accounts\n accrued liabilities 6,208\n Convertible debt (10\n 3,281\n deferred tax assets 32,592 48,425\n Valuation\n deferred tax $21,663 $31,581\n $22,626 $31,581\n $21,663" +} +{ + "_id": "d1b3979a6", + "title": "", + "text": "Contractual Obligations\nThe following table summarizes our contractual obligations as of September 30, 2019 (in thousands):\nOur principal executive offices, as well as our research and development facility, are located in approximately 29,000 square feet of office space in San Diego, California and the term of the lease continues through June 30, 2024. The average annual base rent under this lease is approximately $1.0 million per year. In connection with this lease, we received tenant improvement allowances totaling approximately $1.0 million. These lease incentives are being amortized as a reduction of rent expense over the term of the lease.\nOur other offices are located in Paris, France; Amsterdam, The Netherlands; New York, New York; Barcelona, Spain; and London, United Kingdom. The\nterm of the Paris, France lease continues through July 31, 2021, with an annual base rent of approximately €0.4 million (or $0.4 million). The term of the\nAmsterdam, The Netherlands lease continues through December 31, 2022, with an annual base rent of approximately €0.2 million (or $0.2 million). The term of\nthe New York, New York lease continues through November 30, 2024, with an annual base rent of approximately $0.2 million. The term of the Barcelona, Spain lease continues through May 31, 2023, with an annual base rent of approximately €0.1 million (or $0.1 million). The term of the London, United Kingdom lease continues through May 31, 2020, with an annual base rent of approximately £63,000 (or approximately $78,000). Our other offices are located in Paris, France; Amsterdam, The Netherlands; New York, New York; Barcelona, Spain; and London, United Kingdom. The term of the Paris, France lease continues through July 31, 2021, with an annual base rent of approximately €0.4 million (or $0.4 million). The term of the Amsterdam, The Netherlands lease continues through December 31, 2022, with an annual base rent of approximately €0.2 million (or $0.2 million). The term of the New York, New York lease continues through November 30, 2024, with an annual base rent of approximately $0.2 million. The term of the Barcelona, Spain lease continues through May 31, 2023, with an annual base rent of approximately €0.1 million (or $0.1 million). The term of the London, United Kingdom lease continues through May 31, 2020, with an annual base rent of approximately £63,000 (or approximately $78,000).\nOther than the lease for our office space in San Diego, California, we do not believe that the leases for our offices are material to the Company. We believe our existing properties are in good condition and are sufficient and suitable for the conduct of its business.\n\n | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total \n--------------------------- | ---------------- | --------- | --------- | ----------------- | ------\nOperating lease obligations | $1,699 | $3,950 | $2,707 | $36 | $8,392\nOther borrowings | 131 | 145 | 219 | 61 | 556 \nTotal | $1,830 | $4,095 | $2,926 | $97 | $8,948\n\nContractual Obligations\n table summarizes obligations September 30, 2019\n executive offices research development facility 29,000 feet San Diego California lease continues through June 30, 2024. average annual base rent $1. 0 million per year. tenant improvement allowances $1. 0 million. incentives amortized rent expense.\n offices Paris France Amsterdam New York Barcelona Spain London.\n Paris France lease through July 31, 2021 annual base rent. 4 million.\n Amsterdam December 31, 2022 rent. 2 million.\n New York November 30, 2024. Barcelona Spain May 31, 2023. 1 million. London United Kingdom May 31, 2020 base rent £63,000 $78,000. other offices Paris France Amsterdam Netherlands New York Barcelona. Paris France lease through July 31, 2021 base rent. 4 million. Amsterdam Netherlands December 31, 2022. 2 million. New York November 30, 2024 rent $0. 2.Barcelona Spain lease May 31, 2023 annual base rent €0. 1 million. 1 million. London Kingdom lease May 31, 2020 base rent £63,000 $78,000).\n. existing properties good business.\n Less 1 1-3 3-5 years 5 years\n Operating lease obligations $1,699 $3,950 $2,707 $36 $8,392\n Other borrowings 131 145 556\n $1,830 $4,095 $2,926 $8,948" +} +{ + "_id": "d1b375216", + "title": "", + "text": "(8) Accounts Receivable\nThe following table presents details of our accounts receivable balances:\nWe are exposed to concentrations of credit risk from residential and business customers. We generally do not require collateral to secure our receivable balances. We have agreements with other communications service providers whereby we agree to bill and collect on their behalf for services rendered by those providers to our customers within our local service area. We purchase accounts receivable from other communications service providers primarily on a recourse basis and include these amounts in our accounts receivable balance. We have not experienced any significant loss associated with these purchased receivables.\n\n | As of December 31, | \n------------------------------------- | --------------------- | -----\n | 2019 | 2018 \n | (Dollars in millions) | \nTrade and purchased receivables | $1,971 | 2,094\nEarned and unbilled receivables | 374 | 425 \nOther | 20 | 21 \nTotal accounts receivable | 2,365 | 2,540\nLess: allowance for doubtful accounts | (106) | (142)\nAccounts receivable, less allowance | $2,259 | 2,398\n\nAccounts Receivable\n table balances\n exposed credit risk residential business customers. require collateral balances. agreements communications providers bill collect services local area. purchase recourse include balance. significant loss receivables.\n December 31,\n 2019 2018\n (Dollars millions\n Trade purchased receivables $1,971 2,094\n Earned unbilled receivables 374 425\n Total accounts receivable 2,365 2,540\n Less allowance doubtful accounts (106)\n less $2,259 2,398" +} +{ + "_id": "d1b328358", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA.\nThe following selected financial data has been derived from our audited financial statements. This data should be read in conjunction with Item 7— “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our financial statements and related notes thereto included elsewhere in this Form 10-K. Our historical results are not necessarily indicative of operating results to be expected in the future.\n\nSelected Financial Data (in thousands, except per share data) | | | | | \n------------------------------------------------------------- | -------- | --------- | ------------------------ | ------- | -------\n | | | Year Ended September 30, | | \n | 2019 | 2018 | 2017 | 2016 | 2015 \nIncome Statement Data | | | | | \nRevenue | $84,590 | $63,559 | $45,390 | $34,701 | $25,367\nOperating income (loss) | $(4,590) | $(7,806) | $2,769 | $1,824 | $1,892 \nNet income (loss) | $(724) | $(11,807) | $14,092 | $1,959 | $2,526 \nNet income (loss) per share—basic | $(0.02) | $(0.33) | $0.43 | $0.06 | $0.08 \nNet income (loss) per share—diluted | $(0.02) | $(0.33) | $0.40 | $0.06 | $0.08 \nBalance Sheet Data | | | | | \nWorking capital | $34,082 | $17,221 | $41,342 | $31,980 | $24,005\nTotal assets | $135,897 | $127,150 | $71,719 | $48,385 | $38,746\nOther borrowings | $556 | $810 | $— | $— | $— \nStockholders’ equity | $107,333 | $95,394 | $61,408 | $39,485 | $30,433\n\n6. SELECTED FINANCIAL DATA.\n derived from audited financial statements. with Discussion Analysis Financial Condition Results statements Form 10-K. historical results not indicative results future.\n Selected Financial Data\n Ended September 30\n 2018 2017 2016 2015\n Income Statement Data\n Revenue $84,590 $63,559 $45,390 $34,701 $25,367\n Operating income (loss $(4,590) $(7,806) $2,769 $1,824\n Net income (loss $ $(11,807) $14,092 $1,959 $2,526\n.\n.\n Balance Sheet Data\n Working capital $34,082 $17,221 $41,342 $31,980 $24,005\n Total assets $135,897 $127,150 $71,719 $48,385 $38,746\n Other borrowings $556 $810\nequity $107,333,394,408,485,433" +} +{ + "_id": "d1b34d45a", + "title": "", + "text": "Net Loss per Share\nThe Company applies the two-class method to calculate its basic and diluted net loss per share as both classes of its voting shares are participating securities with equal participation rights and are entitled to receive dividends on a share for share basis.\nThe following table summarizes the reconciliation of the basic weighted average number of shares outstanding and the diluted weighted average number of shares outstanding:\nIn the years ended December 31, 2019 and 2018, the Company was in a loss position and therefore diluted loss per share is equal to basic loss per share.\n\n | Years ended | \n------------------------------------------------------------------------------------------------------------------------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nBasic and diluted weighted average number of shares outstanding | 113,026,424 | 105,671,839 \nThe following items have been excluded from the diluted weighted average number of shares outstanding because they are anti-dilutive: | | \nStock options | 3,812,242 | 5,476,790 \nRestricted share units | 1,939,918 | 2,473,665 \nDeferred share units | 673 | 347 \n | 5,752,833 | 7,950,802 \n\nNet Loss per Share\n Company applies two-class method basic diluted net loss per share dividends.\n table summarizes reconciliation basic diluted\n December 31, 2019 2018 loss position diluted loss equal basic loss.\n 2019 2018\n Basic diluted shares 113,026,424 105,671,839\n items excluded diluted anti-dilutive\n Stock options 3,812,242 5,476,790\n Restricted share units 1,939,918 2,473,665\n Deferred share units\n 5,752,833 7,950,802" +} +{ + "_id": "d1a73d944", + "title": "", + "text": "The following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered by Ernst & Young, our principal external auditors, for the years indicated.\n(1) Audit fees consist of fees associated with the annual audit, review of our quarterly financial statements, statutory audits and internal control review. They also include fees billed for those services that are normally provided by the independent accountants in connection with statutory and regulatory filings.\n(2) Audit-related fees consist of fees billed for assurance and services related to the performance of the audit or review of our financial statements but not described in footnote (1) above. These services include certification of our Singapore Branch to Singapore authorities and application for corporation registration.\n(3) Tax fees include fees billed for professional services rendered by Ernst & Young, primarily in connection with our tax compliance activities.\nAll audit and non-audit services performed by Ernst & Young were pre-approved by our audit committee. In certain circumstances, the audit committee delegates to one designated member to pre-approve such audit and non-audit services. Pre-approval by a designated member should be reported to the audit committee at its upcoming meeting.\n\n | | Years ended December 31, | \n---------------------- | ------ | ------------------------ | -----\n | 2018 | 2019 | \n | NT$ | NT$ | US$ \n | | (in thousands) | \nAudit Fees (1) | 52,794 | 62,040 | 2,074\nAudit-related Fees (2) | 1,283 | 1,095 | 37 \nTax Fees (3) | 4,304 | 3,943 | 132 \nTotal | 58,381 | 67,078 | 2,243\n\ntable fees by categories services Ernst & Young years.\n Audit fees annual audit quarterly financial statements statutory audits internal control review. independent accountants.\n Audit-related fees assurance services financial not. include certification Singapore Branch application corporation registration.\n Tax fees services Ernst & Young tax compliance activities.\n audit non-audit services Ernst & Young pre-approved by audit committee. committee delegates member pre. Pre-approval reported upcoming meeting.\n Years ended December 31,\n 2018 2019\n US\n Audit Fees (1) 52,794 62,040 2,074\n Audit-related Fees (2) 1,283 1,095\n Tax Fees (3) 4,304 \n Total 58,381 | 67,078 | 2,243" +} +{ + "_id": "d1b2f751e", + "title": "", + "text": "12. Commitments and Contingencies\nThe Company leases its facilities under non-cancelable operating leases and build-to-suit leases with various expiration dates through March 2029. Rent expense related to the Company’s office facilities was $5.3 million, $4.8 million and $3.2 million for the years ended March 31, 2019, 2018 and 2017, respectively. The Company has also entered into various capital lease agreements for computer equipment with non-cancelable terms through January 2022 and has non-cancelable commitments related to its data centers.\nFuture minimum payments for our capital leases, facility operating leases (including Lexington MA – U.S. build-to-suit lease) and data center operating leases as of March 31, 2019 are as follows:\nCertain amounts included in the table above relating to data center operating leases for the Company’s servers include usage-based charges in addition to base rent.\nFuture lease payments in the table above do not include amounts due to the Company for future minimum sublease rental income of $0.6 million under non-cancelable subleases through 2020.\nThe Company has outstanding letters of credit of $3.9 million and $3.8 million related to certain operating leases as of March 31, 2019 and 2018, respectively.\n\nYear Ending March 31, | Capital Leases | Facility Leases | Data Centers\n----------------------------------------------- | -------------- | --------------- | ------------\n2020 | $ 918 | $ 10,649 | $ 21,216 \n2021 | 1,102 | 15,186 | 17,427 \n2022 | 326 | 14,111 | 13,010 \n2023 | — | 13,825 | 2,774 \n2024 | — | 13,686 | 356 \nThereafter | — | 59,502 | — \nTotal minimum lease payments | $ 2,346 | $ 126,959 | $ 54,783 \nLess: Amount representing interest | (121) | | \nPresent value of capital lease obligations | 2,225 | | \nLess: Current portion | (844) | | \nLong-term portion of capital lease obligations | $1,381 | | \n\n. Commitments Contingencies\n Company leases facilities non-cancelable build-to-suit leases expiration through March 2029. Rent expense office facilities $5. 3 million $4. 8 million $3. 2 million March 2019 2018 2017. capital lease agreements computer equipment through January 2022-cancelable commitments data centers.\n Future payments capital leases. data center March 31, 2019\n usage-based charges base rent.\n Future lease payments minimum sublease rental income $0. 6 million through 2020.\n outstanding letters of credit $3. 9 million $3. 8 million leases March 31, 2019 2018.\n Capital Leases Facility Leases Data Centers\n 2020 10,649 21,216\n 2021\n 2024\n minimum lease payments $ 2,346 $ 126,959 54,783\n Present value capital lease obligations 2,225\nCurrent (844)\n Long-term lease $1,381" +} +{ + "_id": "d1b37dea2", + "title": "", + "text": "Cubic Global Defense\nSales: CGD sales decreased 10% to $325.2 million in 2018 compared to $360.2 million in 2017. The year-over-year comparative sales and operating income were significantly impacted by an $8.0 million gain recognized on an equitable contract adjustment in fiscal 2017 for our littoral combat ship virtual training contract with the U.S. Navy. Sales were lower in fiscal 2018 on virtual training sales, air combat training system sales, and ground combat training system sales, while sales of international training support services increased between fiscal 2017 and 2018. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar had no significant impact on CGD sales between 2017 and 2018.\nAmortization of Purchased Intangibles: Amortization of purchased intangibles included in the CGD results amounted to $1.1 million in 2018 and $0.9 million in 2017.\nOperating Income: CGD had operating income of $16.6 million in 2018 compared to $28.1 million in 2017. The decrease in operating income was primarily caused by the gain of $8.0 million recognized in fiscal 2017 due to the approval of a contract adjustment with the U.S. Navy described above. In fiscal 2018 an arbitrator awarded $1.7 million to a former reseller of our air combat training systems in the Far East, which was recorded as SG&A expense by CGD in 2018. In addition, CGD’s R&D expenditures increased approximately $1.8 million year-over-year. The increase in R&D expenditures is indicative of the acceleration of our development of next generation live, virtual, constructive, and game-based training systems. These decreases in operating income in fiscal 2018 were partially offset by increased operating income from ground combat training systems, which was higher primarily due to improvements in expected total costs for the development of two ground combat training system contracts in the Far East. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar had no significant impact on CGD operating income between 2017 and 2018.\nAdjusted EBITDA: CGD Adjusted EBITDA was $26.3 million in 2018 compared to $39.4 million in 2017. The decrease in Adjusted EBITDA was primarily driven by the same factors that drove the decrease in operating income described above excluding the increase in amortization which is excluded from Adjusted EBITDA.\n\n | Fiscal 2018 | Fiscal 2017 | % Change\n---------------- | ----------- | ------------- | --------\n | | (in millions) | \nSales | $ 325.2 | $ 360.2 | (10)% \nOperating income | 16.6 | 28.1 | (41) \nAdjusted EBITDA | 26.3 | 39.4 | (33) \n\n\n Sales CGD sales decreased 10% to $325. 2 million 2018 compared $360. 2 million 2017. sales income impacted by $8. 0 million gain equitable contract adjustment 2017 virtual training contract U. Navy. Sales lower 2018 virtual air ground international training services increased 2018. exchange rates. sales.\n Amortization Purchased Intangibles $1. 1 million 2018 $0. 9 million 2017.\n $16. 6 million 2018 $28. 1 million 2017. caused by gain $8. 0 million 2017 contract adjustment. Navy. 2018 arbitrator awarded $1. 7 million to former reseller air combat training SG&A expense. R&D expenditures increased $1. 8 million-over-year. development next generation virtual-based training systems. decreases income offset by increased income ground combat training systems costs contracts. average exchange rates. operating income.\n Adjusted EBITDA CGD $26. 3 million 2018 compared $39. 4 million 2017.decrease Adjusted EBITDA driven factors operating income excluding increase amortization.\n Fiscal 2018 2017 Change\n millions\n Sales $ 325. $ 360.\n Operating income 16. 28.\n Adjusted EBITDA 26. 3 39. 4" +} +{ + "_id": "d1b33198a", + "title": "", + "text": "Cost of Revenues and Gross Margin\nSubscription cost of revenues and gross margin. Cost of subscriptions revenues increased by $50.9 million, or 46%, during fiscal year 2019 as compared to fiscal year 2018. Primary drivers of the increase were increases in third-party costs to support our solution offerings of $21.5 million, infrastructure support costs of $19.8 million including amortization expense from acquired intangible assets, and headcount and personnel and contractor related costs of $9.6 million including share-based compensation expense. These factors resulted in a decrease in gross margin.\nThe increase in headcount and other expense categories described herein was driven primarily by investments in our infrastructure and capacity to improve the availability of our subscription offerings, while also supporting the growth in new customers and increased usage of our subscriptions by our existing customer base. We expect subscription gross margin to be within a relatively similar range in the future.\nOther cost of revenues and gross margin. Cost of other revenues increased by $23.0 million, or 48%, during fiscal year 2019 as compared to fiscal year 2018. This was primarily due to the increase in services personnel costs of $11.1 million including share-based compensation expense, cost of product sales of $10.6 million, and overhead costs of $1.3 million. Other revenues gross margin fluctuates based on timing of completion of professional services projects and discounting on phones.\n\n | Year ended December 31, | | | | Year ended December 31, | | | \n---------------------------------- | ----------------------- | -------- | -------- | -------- | ----------------------- | -------- | -------- | --------\n(in thousands, except percentages) | 2019 | 2018 | $ Change | % Change | 2018 | 2017 | $ Change | % Change\nCost of revenues | | | | | | | | \nSubscriptions | $160,320 | $109,454 | $50,866 | 46% | $109,454 | $89,193 | $20,261 | 23% \nOther | 70,723 | 47,675 | 23,048 | 48% | 47,675 | 32,078 | 15,597 | 49% \nTotal cost of revenues | $231,043 | $157,129 | $73,914 | 47% | $157,129 | $121,271 | $35,858 | 30% \nPercentage of revenues | | | | | | | | \nSubscriptions | 18% | 16% | | | 16% | 18% | | \nOther | 8% | 7% | | | 7% | 6% | | \nGross margins | | | | | | | | \nSubscriptions | 80% | 82% | | | 82% | 81% | | \nOther | 17% | 22% | | | 22% | 16% | | \nTotal gross margin % | 74% | 77% | | | 77% | 76% | | \n\nCost Revenues Gross Margin\n Subscription cost margin. increased $50. 9 million 46% fiscal 2019 2018. third-party costs $21. 5 million infrastructure costs $19. 8 million headcount personnel contractor costs $9. 6 million. decrease gross margin.\n increase expense driven by investments infrastructure capacity subscription growth new customers increased usage. expect subscription gross margin similar range future.\n Other cost revenues gross margin. increased $23. 0 million 48% 2019. due to services personnel costs $11. 1 million product sales $10. 6 million overhead costs $1. 3 million. gross margin fluctuates timing services projects discounting phones.\n Year ended December 31,\n thousands 2019 2018 2017\n Cost revenues\n Subscriptions $160,320 $109,454 $50,866 46% $89,193 $20,261 23%\n70,723 47,675 23,048 48% 32,078 15,597 49%\n Total cost revenues $231,043 $157,129 $73,914 47% $121,271 $35,858 30%\n Percentage revenues\n Subscriptions 18% 16%\n Other 8% 7%\n Gross margins\n Subscriptions 80% 82%\n Other 17% 22%\n Total gross margin % 74%" +} +{ + "_id": "d1a724228", + "title": "", + "text": "Change in Product Mix and Technology Migration\nBecause the price of wafers processed with different technologies varies significantly, the mix of wafers that we produce is among the primary factors that affect our revenues and profitability. The value of a wafer is determined principally by the complexity and performance of the processing technology used to produce the wafer, as well as by the yield and defect density. Production of devices with higher levels of functionality and performance, with better yields and lower defect density as well as with greater system-level integration requires better manufacturing expertise and generally commands higher wafer prices. The increase in price generally has more than offset associated increases in production cost once an appropriate economy of scale is reached.\nPrices for wafers of a given level of technology generally decline over the processing technology life cycle. As a result, we have continuously been migrating to increasingly sophisticated technologies to maintain the same level of profitability. We began our volume production with 65-nanometer and 40-nanometer technologies in 2006 and 2009, respectively. We introduced our 28-nanometer technology to customers in 2011 and started large-scale commercial production in 2014. Our 28nm and below technologies contributed approximately 17.1%, 15.2% and 11.3% of our foundry revenue in 2017, 2018 and 2019 respectively.\n\n | | Years Ended December 31, | \n----------------------- | ----- | ------------------------ | -----\nProcess Technologies | 2017 | 2018 | 2019 \n | % | % | % \n14 nanometers and under | 0.9 | 2.6 | 0.0 \n28 nanometers | 16.2 | 12.6 | 11.3 \n40 nanometers | 28.4 | 25.3 | 23.1 \n65 nanometers | 12.3 | 12.5 | 14.7 \n90 nanometers | 4.9 | 8.3 | 13.6 \n0.11/0.13 micron | 11.5 | 11.6 | 12.6 \n0.15/0.18 micron | 12.4 | 13.7 | 13.1 \n0.25/0.35 micron | 10.0 | 10.1 | 8.7 \n0.50 micron or higher | 3.4 | 3.3 | 2.9 \nTotal | 100.0 | 100.0 | 100.0\n\nProduct Mix Technology Migration\n price wafers processed with technologies varies mix wafers primary revenues profitability. value wafer determined by complexity performance processing technology yield defect density. higher functionality performance better yields lower defect density greater system-level integration requires better manufacturing expertise commands higher wafer prices. increase in price more than increases production cost once economy of scale reached.\n Prices wafers technology decline over processing life cycle. migrating to sophisticated technologies profitability. began volume production with 65-nanometer 40-nanometer technologies 2006 2009,. introduced 28-nanometer technology 2011 started large-scale production 2014. 28nm below technologies contributed 17. 1% 15. 2% 11. 3% of foundry revenue in 2017 2018 2019.\n Process Technologies\n 14 nanometers.\n.\n 40.\n 65.\n 90 nanometers.\n. 13.\n. 18 micron.\n. 35 micron.8. 7\n. 50 micron 3. 4. 9\n 100. 100" +} +{ + "_id": "d1a7177a8", + "title": "", + "text": "NOTE 4 – REVENUE FROM CONTRACTS WITH CUSTOMERS\nRevenue is recognized when, or as, performance obligations under terms of a contract are satisfied, which occurs when control of the promised service is transferred to a customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring services to a customer (“transaction price”). The Company will then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when, or as, the performance obligation is satisfied. When determining the transaction price of the contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. None of the Company’s licenses and collaboration agreements contained a significant financing component at either December 31, 2019 or 2018.\nThe Company’s existing license and collaboration agreements may contain a single performance obligation or may contain multiple performance obligations. Those which contain multiple performance obligations will require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised services underlying each performance obligation.\nThe Company’s existing license and collaboration agreements contain customer options for the license of additional products and territories. We determined the option’s standalone selling prices based on the option product’s potential market size in the option territory as compared to the currently licensed product and U.S. territory. Some of our existing license and collaboration agreements contain a license to the technology as well as licenses to tradenames or trademarks. The Company determined that the licenses to the tradenames or trademarks were immaterial in context of the contract.\nSales-based Milestones and Royalty Revenues\nThe commercial sales-based milestones and sales royalties earned under the license and collaboration for Oxaydo and sales royalties earned under the license for the Nexafed products, are recorded in the period of the related sales by Zyla and MainPointe. Payments of sales-based milestones are generally due within 30 days after the end of a calendar year. Payments of royalties are generally due within 45 days after the end of a calendar quarter.\nLicense and Collaboration Agreement Revenues\nThe achievement of milestones under the Company’s license and collaboration agreements will be recorded as revenue during the period the milestone’s achievement becomes probable, which may result in earlier recognition as compared to the previous accounting standards. The license fee of an option product or option territory under the Company’s license and collaboration agreements will be recorded as revenue when the option is exercised and any obligations on behalf of the Company, such as to transfer know-how, has been fulfilled. The monthly license fee under the Company’s LTX-03 license and collaboration agreement will be recorded as revenue upon the fulfillment of the monthly development activities. The out-of-pocket development expenses under the license and collaboration agreements will be recorded as revenue upon the performance of the service or delivery of the material during the month.\nOn June 28, 2019 we entered into an agreement with AD Pharma for the development and license of LTX-03 (hydrocodone bitartrate with acetaminophen) immediate-release tablets utilizing Acura’s patented LIMITx™ having a monthly license payment of $350 thousand from AD Pharma to us for a period of up to 18 months until November 2020. AD Pharma will pay directly for or reimburse Acura to the extent Acura pay’s for, all out-of-pocket development expenses. The first license payment was received July 2, 2019.\nDisaggregation of Total Revenues\nThe Company has two license agreements for currently marketed products containing its technologies; the Oxaydo product containing the Aversion Technology has been licensed to Zyla and the Nexafed products containing the Impede Technology which have been licensed to MainPointe. On January 1, 2020, MainPointe assigned to AD Pharma, with Acura’s consent, all of its right, title and interest in the MainPointe Agreement between MainPointe and Acura. All of the Company’s royalty revenues are earned from these two license agreements by the licensee’s sale of products in the United States.\nRoyalty revenues by licensee are summarized below:\nContract Balance and Performance Obligations\nThe Company had no contract assets and contract liability balances under the license and collaboration agreements at either December 31, 2019 or 2018. Contract assets may be reported in future periods under prepaid expenses or other current assets on the consolidated balance sheet. Contract liabilities may be reported in future periods consisting of deferred revenue as presented on the consolidated balance sheet.\n\n | | For the Year Ended\n-------------------- | ---- | ------------------\n | | December 31, \n | 2019 | 2018 \n | | (in thousands) \nZyla (Oxaydo) | $351 | $386 \nMainPointe (Nexafed) | 21 | 24 \nRoyalty revenues | 372 | $410 \n\nNOTE 4 REVENUE FROM CONTRACTS WITH CUSTOMERS\n Revenue recognized performance obligations satisfied control service transferred to customer. Revenue measured as consideration Company for transferring services (“transaction price”). revenue transaction price allocated to performance obligation. adjustment if payment before or after performance significant financing component. licenses collaboration agreements significant financing at December 31, 2019 or 2018.\n license agreements may contain single or multiple. require allocation transaction price based on estimated selling prices services.\n license agreements contain options for additional products territories. determined selling prices based on potential market size. Some agreements contain technology tradenames trademarks. licenses immaterial in contract.\n Sales-based Milestones Royalty Revenues\n milestones royalties Oxaydo Nexafed recorded in sales Zyla MainPointe. Payments of milestones due 30 days after end year. royalties 45 days after end quarter.\n License and Collaboration Agreement Revenues\nmilestones under license agreements recorded as revenue earlier recognition. license fee of option product revenue when option exercised obligations fulfilled. monthly license fee under LTX-03 recorded as revenue upon development activities. out-of-pocket development expenses recorded as revenue upon performance.\n June 28, 2019 agreement with AD Pharma for development LTX-03 (hydrocodone bitartrate acetaminophen) tablets LIMITxTM monthly license payment $350 thousand from AD Pharma 18 months until November 2020. Acura development expenses. first license payment received July 2, 2019.\n two license agreements for products Oxaydo Zyla Nexafed Impede MainPointe. January 1, 2020 MainPointe assigned to AD Pharma right title interest in MainPointe. royalty revenues earned from agreements sale products United States.\n Royalty revenues summarized\n no contract assets liability balances under agreements at December 31, 2019 or 2018.Contract assets reported future prepaid expenses consolidated balance sheet. liabilities future deferred revenue.\n Year\n December 31,\n thousands\n Zyla (Oxaydo $351 $386\n MainPointe (Nexafed\n Royalty revenues $410" +} +{ + "_id": "d1b33c20e", + "title": "", + "text": "Expense\nFor the years ended December 31, 2019, 2018, and 2017, Teradyne’s net periodic postretirement benefit cost (income) was comprised of the following:\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------------------------------------------- | ------ | -------------- | ------\n | | (in thousands) | \nComponents of Net Periodic Postretirement Benefit | | | \nCost (income): | | | \nService cost | $41 | $39 | $34 \nInterest cost | 347 | 196 | 201 \nAmortization of prior service credit | (191) | (373) | (496) \nNet actuarial loss | 717 | 25 | 398 \nSpecial termination benefits | — | 3,708 | 591 \nTotal net periodic postretirement benefit cost | 914 | 3,595 | 728 \nChanges in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | | | \nPrior service cost | — | — | — \nReversal of amortization items: | | | \nPrior service credit | 191 | 373 | 496 \nTotal recognized in other comprehensive income | 191 | 373 | 496 \nTotal recognized in net periodic postretirement cost and other comprehensive income | $1,105 | $3,968 | $1,224\n\n\n 2019 2018 2017 Teradyne’s postretirement benefit cost\n Components Postretirement Benefit\n Cost\n Service cost $41 $39 $34\n Interest cost 347 196 201\n Amortization service credit (373\n Net actuarial loss 717 25 398\n Special termination benefits 3,708 591\n postretirement benefit cost 914 3,595 728\n Changes Plan Assets Benefit Obligations\n service cost\n Reversal amortization items\n service credit 191 373 496\n cost $1,105 $3,968 $1,224" +} +{ + "_id": "d1b3c55fe", + "title": "", + "text": "Cash Flow Information\nCash flows in foreign currencies have been converted to U.S. Dollars at an approximate weighted-average exchange rate for the respective reporting periods. The weighted-average exchange rates for the consolidated statements of operations were as follows:\n\n | Years ended December 31, | \n---------------- | ------------------------ | --------\n | 2019 | 2018 \nSwedish Krona | 9.46 | 8.70 \nJapanese Yen | 109.01 | 110.43 \nSouth Korean Won | 1,165.70 | 1,100.50\nTaiwan Dollar | 30.90 | 30.15 \n\nCash Flow\n foreign currencies converted. Dollars weighted-average exchange rate reporting periods. exchange rates consolidated statements\n ended December 31,\n Swedish Krona 9.\n Japanese Yen.\n South Korean Won 1,165. 1\n Taiwan Dollar." +} +{ + "_id": "d1b303e86", + "title": "", + "text": "10 Earnings per share\nBasic and diluted earnings per share calculated on an adjusted profit basis are included in Note 2.\nThe dilution is in respect of unexercised share options and the Performance Share Plan.\n\n | 2019 | 2018 \n----------------------------------------------- | ------ | ------\nProfit attributable to equity shareholders (£m) | 166.6 | 223.1 \nWeighted average shares (million) | 73.7 | 73.6 \nDilution (million) | 0.2 | 0.2 \nDiluted weighted average shares (million) | 73.9 | 73.8 \nBasic earnings per share | 226.2p | 303.1p\nDiluted earnings per share | 225.5p | 302.0p\n\nEarnings share\n diluted adjusted profit Note 2.\n dilution unexercised options Performance Share Plan.\n Profit equity shareholders (£m 166. 6 223.\n Weighted average shares 73. 7. 6\n Dilution.\n 73. 9. 8\n earnings 226. 303.\n Diluted 225. 302." +} +{ + "_id": "d1a741ec2", + "title": "", + "text": "NOTE 21—EARNINGS PER SHARE\nBasic earnings per share are computed by dividing net income, attributable to OpenText, by the weighted average number of Common Shares outstanding during the period. Diluted earnings per share are computed by dividing net income, attributable to OpenText, by the shares used in the calculation of basic earnings per share plus the dilutive effect of Common Share equivalents, such as stock options, using the treasury stock method. Common Share equivalents are excluded from the computation of diluted earnings per share if their effect is anti-dilutive.\n(1) Please also see note 14 \"Income Taxes\" for details relating to a one-time tax benefit of $876.1 million recorded during the three months ended September 30, 2016 in connection with an internal reorganization of our subsidiaries.\n(2) Represents options to purchase Common Shares excluded from the calculation of diluted earnings per share because the exercise price of the stock options was greater than or equal to the average price of the Common Shares during the period.\n\n | | Year Ended June 30, | \n-------------------------------------------------------- | -------- | ------------------- | -------------\n | 2019 | 2018 | 2017 \nBasic earnings per share | | | \nNet income attributable to OpenText | $285,501 | $242,224 | $1,025,659(1)\nBasic earnings per share attributable to OpenText | $1.06 | $0.91 | $4.04 \nDiluted earnings per share | | | \nNet income attributable to OpenText | $285,501 | $242,224 | $1,025,659(1)\nDiluted earnings per share attributable to OpenText | $1.06 | $0.91 | $4.01 \nWeighted-average number of shares outstanding (in 000's) | | | \nBasic | 268,784 | 266,085 | 253,879 \nEffect of dilutive securities | 1,124 | 1,407 | 1,926 \nDiluted | 269,908 | 267,492 | 255,805 \nExcluded as anti-dilutive(2) | 2,759 | 2,770 | 1,371 \n\n21—EARNINGS PER SHARE\n Basic earnings computed net income OpenText weighted average Common Shares. Diluted earnings computed shares used dilutive effect Common Share equivalents options. equivalents excluded anti-dilutive.\n note 14 \"Income Taxes one-time tax benefit $876. 1 million three months September 30, 2016 reorganization subsidiaries.\n options purchase Common Shares excluded earnings exercise price greater average price Common Shares.\n Ended June 30,\n 2019 2018 2017\n Basic earnings per share\n Net income OpenText $285,501 $242,224 $1,025,659(1)\n.\n Diluted earnings per share\n $285,501 $242,224 $1,025,659(1)\n.\n Weighted-average number shares outstanding\n 268,784 266,085 253,879\n Effect dilutive securities 1,124 1,407 1,926\n 269,908 267,492 255,805\nanti 2,759,770 1,371" +} +{ + "_id": "d1b312dd2", + "title": "", + "text": "Revenue and deferred revenue\nThe Group adopted IFRS 15 Revenue from Contracts with Customers in the current year and has therefore restated the results for the prior-year on a consistent basis, see note 2 of the Financial Statements for further details.\nThe Group’s revenue increased by $71.6 million, or 11.2 per cent, to $710.6 million in the year-ended 31 March 2019. Subscription revenue was notably strong in the period, with reported growth of 15.9 per cent, or 16.7 per cent on a constant currency basis, because of strong prior-period billings and incremental growth of the MSP channel in the current period.\n1 Restated for the adoption of IFRS 15 as explained in note 2 of the Financial Statements\nRevenue in the period of $710.6 million comprised $394.1 million from the recognition of prior-period deferred revenues and $316.5 million from in-period billings. The majority of the Group’s billings, which are recognised over the life of the contract, relate to subscription products (FY19: 84.8 per cent; FY18: 83.8 per cent), with the benefit from increased billings being spread over a number of years on the subsequent recognition of deferred revenue. The deferred revenue balance at the end of the period of $742.1 million increased $13.5 million year-on-year, an increase of 1.9 per cent. This was mainly due to a net deferral of billings amounting to $49.7 million partially offset by a net currency revaluation of $36.2 million, a consequence of the weakening of the euro and sterling against the US dollar during the year. Deferred revenue due within one year at the balance sheet date of $428.6M increased by 5.1 per cent at actual rates or by 10.7 per cent in constant currency.\nRevenue in the Americas increased by $29.7 million or 13.3 per cent to $253.3 million in the year-ended 31 March 2019, supported by the recognition of prior-period Enduser billings from the Sophos Central platform and the growth of the MSP channel in the current period.\nEMEA revenue increased by $39.1 million or 12.0 per cent to $363.6 million in the year-ended 31 March 2019, with growth in Enduser in particular, but also aided by Network sales.\nAPJ revenue increased by $2.8 million, or 3.1 per cent to $93.7 million in the year-ended 31 March 2019, with good growth in Enduser products partially offset by a decline in Network sales following the legacy product transition.\n\n | FY19 | FY18¹ | Growth % | Growth %\n------------------- | ------------- | ------------- | ---------- | --------\n | $m (Reported) | $m (Reported) | (Reported) | (CC) \nRevenue by Region: | | | | \n– Americas | 253.3 | 223.6 | 13.3 | 13.4 \n– EMEA | 363.6 | 324.5 | 12.0 | 12.7 \n– APJ | 93.7 | 90.9 | 3.1 | 6.2 \n | 710.6 | 639.0 | 11.2 | 12.0 \nRevenue by Product: | | | | \n– Network | 328.5 | 316.5 | 3.8 | 4.7 \n– Enduser | 348.4 | 291.8 | 19.4 | 20.2 \n– Other | 33.7 | 30.7 | 9.8 | 10.0 \n | 710.6 | 639.0 | 11.2 | 12.0 \nRevenue by Type: | | | | \n– Subscription | 593.9 | 512.4 | 15.9 | 16.7 \n– Hardware | 106.8 | 115.1 | (7.2) | (6.3) \n– Other | 9.9 | 11.5 | (13.9) | (12.8) \n | 710.6 | 639.0 | 11.2 | 12.0 \n\n\n Group adopted IFRS 15 restated results note 2 Financial Statements.\n revenue increased $71. 6 million. 2 per $710. 6 million-ended 31 March 2019. Subscription revenue strong growth 15. 9 per. prior-period billings growth MSP channel.\n IFRS 15\n Revenue $710. 6 million $394. 1 million prior-period deferred revenues $316. 5 million in-period billings. majority billings subscription products 84. FY18 83. spread. balance $742. 1 million increased $13. 5 million year-on-year 1. 9 per cent. due net deferral billings $49. 7 million offset currency revaluation $36. 2 million weakening euro sterling. Deferred revenue $428. 6M increased 5. per cent 10. 7 per cent.\n Revenue Americas increased $29. 7 million. 3 per cent $253. 3 million-ended 31 March 2019 prior-period billings growth MSP channel.\n EMEA revenue increased $39.million 12. $363. 6 million year-ended 31 March 2019 growth Enduser aided Network sales.\n APJ revenue increased $2. 8 million 3. 1 $93. 7 million year-ended 31 March 2019 growth Enduser decline Network sales product transition.\n FY19 Growth\n Revenue Region\n Americas 253. 3 223. 6 13. 13.\n 363. 324. 5 12.\n 93. 90. 3. 6.\n 710. 639. 11. 12.\n Revenue Product\n 328. 316. 5 3. 4.\n 348. 291. 19. 20.\n 33. 30. 9. 10.\n 710. 639. 11. 12.\n Revenue Type\n 593. 512. 15. 16.\n 106. 115. (7. (6.\n 9. 11. (13. (12.\n 710. 639. 11. 12." +} +{ + "_id": "d1b304b42", + "title": "", + "text": "Gross margin\nThe Group achieved further gross margin expansion in 2019 with an increase of 1.0 percentage points, to 73.2 per cent from 72.2 per cent in 2018. This followed an increase of 0.7 percentage points last year. Once again, all the operating segments achieved an improvement in gross margin, benefiting from new product launches and a higher proportion of software sales.\n\n$ million | 2019 | % | 2018 | % \n--------------------------- | ----- | ---- | ----- | ----\nNetworks & Security | 232.3 | 72.6 | 205.3 | 72.0\nLifecycle Service Assurance | 88.6 | 79.7 | 87.9 | 77.9\nConnected Devices | 47.7 | 65.8 | 51.3 | 64.9\n | 368.6 | 73.2 | 344.5 | 72.2\n\n\n Group expansion 2019. 73. 2 72. 2018. increase. 7 points last year. operating segments margin product launches higher software sales.\n million 2019\n Networks Security 232. 3 72. 6 205. 72.\n Lifecycle Service Assurance 88. 79. 87. 77.\n Connected Devices 47. 65. 8 51. 64.\n. 6 73. 2 344. 5 72." +} +{ + "_id": "d1b347866", + "title": "", + "text": "Fiscal 2019 Restructuring Plan\nDuring Fiscal 2019, we began to implement restructuring activities to streamline our operations (Fiscal 2019 Restructuring Plan), including in connection with our recent acquisitions of Catalyst and Liaison, to take further steps to improve our operational efficiency. The Fiscal 2019 Restructuring Plan charges relate to workforce reductions and facility consolidations. These charges require management to make certain judgments and estimates regarding the amount and timing of restructuring charges or recoveries. Our estimated liability could change subsequent to its recognition, requiring adjustments to the expense and the liability recorded. On a quarterly basis, we conduct an evaluation of the related liabilities and expenses and revise our assumptions and estimates as appropriate.\nAs of June 30, 2019, we expect total costs to be incurred in conjunction with the Fiscal 2019 Restructuring Plan to be approximately $30.0 million, of which $28.3 million has already been recorded within \"Special charges (recoveries)\" to date. We do not expect to incur any further significant charges relating to this plan.\nA reconciliation of the beginning and ending liability for the year ended June 30, 2019 is shown below.\n\nFiscal 2019 Restructuring Plan | Workplace reduction | Facility costs | Total \n----------------------------------- | ------------------- | -------------- | --------\nBalance payable as at June 30, 2018 | $— | $— | $— \nAccruals and adjustments | 12,460 | 15,858 | 28,318 \nCash payments | (10,420) | (4,739) | (15,159)\nNon-cash adjustments | — | (3,393) | (3,393) \nForeign exchange | (221) | (2,438) | (2,659) \nBalance payable as at June 30, 2019 | $1,819 | $5,288 | $7,107 \n\nFiscal 2019 Restructuring Plan\n restructuring activities operations Catalyst Liaison operational efficiency. charges workforce reductions facility consolidations. require judgments estimates. liability change adjustments. quarterly revise assumptions estimates.\n June 30, 2019 costs approximately $30. 0 million $28. 3 million recorded \"Special charges (recoveries). further significant charges.\n reconciliation liability June 30, 2019.\n Fiscal 2019 Restructuring Plan Workplace reduction Facility costs\n Balance payable June 30, 2018 $—\n Accruals adjustments 12,460 15,858\n Cash payments (10,420) (4,739),159\n Non-cash adjustments (3,393\n Foreign exchange (221) (2,438 (2,659)\n Balance payable June 30, 2019 $1,819 $5,288 $7,107" +} +{ + "_id": "d1b38a288", + "title": "", + "text": "MEDIA FINANCIAL RESULTS\nREVENUE\nMedia revenue is earned from:\n• advertising sales across its television, radio, and digital media properties; • subscriptions to televised and OTT products; • ticket sales, fund redistribution and other distributions from MLB, and concession sales; and • retail product sales.\nThe 4% decrease in revenue this year was a result of: • the sale of our publishing business in the second quarter of 2019; and • lower revenue at the Toronto Blue Jays, primarily as a result of a distribution from Major League Baseball in 2018; partially offset by • higher revenue generated by Sportsnet and TSC. Excluding the sale of our publishing business and the impact of the distribution from Major League Baseball last year, Media revenue would have increased by 1% this year.\nOPERATING EXPENSES\nWe record Media operating expenses in four primary categories:\n• the cost of broadcast content, including sports programming\nand production;\n• Toronto Blue Jays player compensation;\n• the cost of retail products sold; and\n• all other expenses involved in day-to-day operations.\nThe 2% decrease in operating expenses this year was a result of:\n• lower Toronto Blue Jays player compensation; and\n• lower publishing-related costs due to the sale of this business;\npartially offset by\n• higher programming costs; and\n• higher cost of sales as a result of higher revenue at TSC.\nADJUSTED EBITDA\nThe 29% decrease in adjusted EBITDA this year was a result of the\nrevenue and expense changes described above. Excluding the\nimpact of the sale of our publishing business in the second quarter\nof 2019 and the distribution from Major League Baseball last year,\nadjusted EBITDA would have increased by 1% this year.\n\n | | Years ended December 31 | \n---------------------------------------- | ----- | ----------------------- | --------\n(In millions of dollars, except margins) | 2019 | 2018 | %Chg \nRevenue | 2,072 | 2,168 | (4) \nOperating expenses | 1,932 | 1,972 | (2) \nAdjusted EBITDA | 140 | 196 | (29) \nAdjusted EBITDA margin | 6.8% | 9.0% | (2.2pts)\nCapital expenditures | 102 | 90 | 13 \n\nMEDIA FINANCIAL RESULTS\n REVENUE\n earned from\n advertising sales digital subscriptions ticket fund redistribution distributions MLB concession sales retail sales.\n 4% decrease revenue sale publishing business 2019 lower revenue Toronto Blue Jays distribution Major League Baseball offset higher revenue Sportsnet TSC. Excluding sale revenue increased 1%.\n OPERATING EXPENSES\n expenses categories\n cost broadcast content\n Toronto Blue Jays player compensation\n retail products\n other expenses.\n 2% decrease operating expenses\n lower Toronto Blue Jays player compensation\n lower publishing-related costs sale\n offset\n higher programming costs\n higher cost sales higher revenue TSC.\n ADJUSTED EBITDA\n 29% decrease EBITDA\n revenue expense changes.\n sale publishing\n distribution Major League Baseball\n EBITDA increased 1%.\n Years December 31\n Revenue 2,072 2,168\n Operating expenses 1,932 1,972\n Adjusted EBITDA 140 196\nEBITDA. 8%.\n Capital expenditures 102 90" +} +{ + "_id": "d1b33423e", + "title": "", + "text": "8 Auditor’s remuneration\n1 Relates to the interim report review of the Group, and interim reviews of certain subsidiary undertakings.\n2 2019 other non-audit assurance services relate primarily to reporting accountants’ work associated with the potential equity raise not completed.\nThe reporting accountants’ work surrounding the potential equity raise not completed includes a working capital report that requires the accountant to have detailed knowledge of the Group. If a firm other than the audit firm were to undertake this work, they would require a significant amount of additional time to become familiar with the Group. Deloitte was therefore chosen to undertake this work as it was considered to be sensible and more efficient both in terms of time and costs.\n2018 other non-audit assurance services included £40,000 related to reporting accountants’ work associated with a year end significant change report and £190,000 related to reporting accountants’ work in connection with the Group’s Q3 profit estimate which was required at the time due to Takeover Code rules.\nThe work surrounding a significant change report and a profit estimate requires the accountant to have detailed knowledge of the Group. If a firm other than the audit firm were to undertake this work, they would require a significant amount of additional time to become familiar with the Group. PwC was therefore chosen to undertake this work as it was considered to be sensible and more efficient both in terms of time and costs.\nAs for all 2019 and 2018 non-audit work, consideration was given as to whether Deloitte’s (2019) and PwC’s (2018) independence could be affected by undertaking this work. It was concluded by the Audit Committee that this would not be the case.\nFees payable by the Group’s joint ventures in respect of 2019 were £156,000 (Group’s share), all of which relates to audit and audit-related services (2018: £121,000, all of which related to audit and audit-related services).\n\n | 2019 | 2018 \n------------------------------------------------------------- | ----- | -----\n | £000 | £000 \nFees payable to the Company’s auditor and its associates for: | | \nThe audit of the Company’s annual financial statements | 559 | 382 \nThe audit of the Company’s subsidiaries | 533 | 441 \nFees related to the audit of the Company and its subsidiaries | 1,092 | 823 \nAudit-related assurance services1 | 64 | 51 \nTotal fees for audit and audit-related services | 1,156 | 874 \nOther non-audit assurance services2 | 534 | 230 \nTotal fees | 1,690 | 1,104\n\n8 Auditor’s remuneration\n 1 Relates interim report review Group subsidiary undertakings.\n 2019 non-audit assurance services reporting accountants’ work potential equity raise not completed.\n includes working capital report detailed knowledge Group. additional time. Deloitte chosen sensible efficient time costs.\n 2018 non-audit services included £40,000 year end significant change report £190,000 Group’s Q3 profit estimate required due to Takeover Code rules.\n work change report profit estimate requires accountant detailed knowledge Group. additional time. PwC chosen sensible efficient time costs.\n 2019 2018 consideration Deloitte’s PwC’s (2018) independence affected. concluded Audit Committee not case.\n Fees payable by Group’s joint ventures 2019 were £156,000 (Group’s audit audit-related services (2018: £121,000 audit audit-related services).\n 2019 2018\n £000\n Fees payable to Company’s auditor associates for\n audit Company’s annual financial statements\naudit subsidiaries 533 441\n Fees 1,092 823\n 64 51\n fees 1,156 874\n non-audit assurance 534 230\n 1,690 1,104" +} +{ + "_id": "d1b32ef28", + "title": "", + "text": "NOTE 3 – STAFF COSTS\nEmployee information\nThe majority of the staff on vessels are not employed by TORM. Staff costs included in operating expenses relate to the 108 seafarers (2018: 112, 2017: 131).\nThe average number of employees is calculated as a full-time equivalent (FTE).\nThe Executive Director is, in the event of termination by the Company, entitled to a severance payment of up to 12 months' salary.\n\nUSDm | 2019 | 2018 | 2017 \n----------------------------------------------- | ----- | ----- | -----\nTotal staff costs | | | \nStaff costs included in operating expenses | 8.1 | 9.3 | 9.2 \nStaff costs included in administrative expenses | 37.7 | 36.9 | 34.6 \nTotal | 45.8 | 46.2 | 43.8 \nStaff costs comprise the following | | | \nWages and salaries | 37.2 | 38.1 | 36.4 \nShare-based compensation | 1.9 | 2.1 | 1.9 \nPension costs | 3.5 | 3.3 | 3.1 \nOther social security costs | 0.9 | 0.6 | 0.3 \nOther staff costs | 2.3 | 2.1 | 2.1 \nTotal | 45.8 | 46.2 | 43.8 \nAverage number of permanent employees | | | \nSeafarers | 107.6 | 111.7 | 130.6\nLand-based | 313.5 | 302.2 | 286.6\nTotal | 421.1 | 413.9 | 417.2\n\n3 STAFF\n majority staff not employed TORM. costs operating expenses 108 seafarers (2018 112 2017: 131.\n average employees full-time equivalent.\n Executive Director termination severance payment 12 months salary.\n staff costs\n operating expenses 8. 9.\n administrative expenses 37. 36. 34.\n 45. 46. 43.\n Wages salaries 37. 38. 36.\n Share-based compensation 1. 9 2.\n Pension costs 3. 5.\n social security costs.\n staff costs 2.\n 45. 46. 43.\n Average permanent employees\n Seafarers 107. 111. 130. 6\n Land-based 313. 5 302. 286. 6\n 421. 413. 9 417." +} +{ + "_id": "d1a73cf94", + "title": "", + "text": "13. EARNINGS (LOSS) PER SHARE\nBasic earnings per share (“EPS”) are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period.\nOn March 29, 2019, the Company launched an ATM program of our common shares for up to $40.0 million. The Company has issued 5,260,968 shares with net proceeds of $17.9 million under its At-the-Market as of December 31, 2019. The Company has not issued any shares subsequent to the balance sheet date.\nThe remaining available proceeds through the offering is $21.4 million as of the date of this report. Based on the share price of the Company of $3.47 per share as of April 3, 2020 it would have resulted in 6,173,500 new shares being issued, if fully utilizing the remaining balance available through the ATM.\n\nAll figures in USD except number of shares and earnings (loss) per common share | 2019 | 2018 | 2017 \n------------------------------------------------------------------------------- | ----------- | ----------- | -----------\nNumerator: | | | \nNet Loss | (10,352) | (95,306) | (204,969) \nDenominator: | | | \nBasic - Weighted Average Common Shares Outstanding | 142,571,361 | 141,969,666 | 103,832,680\nDilutive – Weighted Average Common Shares Outstanding | 142,571,361 | 141,969,666 | 103,832,680\nLoss per Common Share: | | | \nBasic | (0.07) | (0.67) | (1.97) \nDiluted | (0.07) | (0.67) | (1.97) \n\n. EARNINGS (LOSS) PER SHARE\n earnings computed net income weighted-average common shares. Diluted EPS net income-average shares equivalents.\n March 29, 2019 Company launched ATM program $40. 0 million. issued 5,260,968 shares net proceeds $17. 9 million December 31, 2019. issued shares.\n remaining proceeds $21. 4 million. share price $3. 47 per share April 3, 2020 6,173,500 new shares issued remaining balance.\n figures USD except number shares earnings (loss) per common share 2019 2018 2017\n Net Loss (10,352) (95,306) (204,969)\n - Weighted Average Common Shares 142,571,361 141,969,666 103,832,680\n Loss per Common Share\n.\n." +} +{ + "_id": "d1b34fe9e", + "title": "", + "text": "(18) Quarterly Financial Data (Unaudited)\nDuring the first quarter of 2019, we recorded a non-cash, non-tax-deductible goodwill impairment charge of $6.5 billion for goodwill, see Note 4—Goodwill, Customer Relationships and Other Intangible Assets for further details.\nDuring the fourth quarter of 2018, we recorded a non-cash, non-tax-deductible goodwill impairment charge of $2.7 billion for goodwill see Note 4—Goodwill, Customer Relationships and Other Intangible Assets for further details.\nDuring the first quarter of 2018, we recognized $71 million of expenses related to our acquisition of Level 3 followed by acquisition-related expenses of $162 million, $43 million and $117 million in the second, third and fourth quarters of 2018, respectively. During 2019, we recognized expenses related to our acquisition of Level 3 of $34 million, $39 million, $38 million and $123 million in the first, second, third and fourth quarters of 2019, respectively.\n\n | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total \n---------------------------------------- | ------------- | -------------- | ----------------------------------------------- | -------------- | -------\n | | | (Dollars in millions, except per share amounts) | | \n2019 | | | | | \nOperating revenue | $5,647 | 5,578 | 5,606 | 5,570 | 22,401 \nOperating (loss) income | (5,499) | 976 | 950 | 847 | (2,726)\nNet (loss) income | (6,165) | 371 | 302 | 223 | (5,269)\nBasic (loss) earnings per common share | (5.77) | 0.35 | 0.28 | 0.21 | (4.92) \nDiluted (loss) earnings per common share | (5.77) | 0.35 | 0.28 | 0.21 | (4.92) \n2018 | | | | | \nOperating revenue | $5,945 | 5,902 | 5,818 | 5,778 | 23,443 \nOperating income (loss) | 750 | 767 | 894 | (1,841) | 570 \nNet income (loss) | 115 | 292 | 272 | (2,412) | (1,733)\nBasic earnings (loss) per common share | 0.11 | 0.27 | 0.25 | (2.26) | (1.63) \nDiluted earnings (loss) per common share | 0.11 | 0.27 | 0.25 | (2.26) | (1.63) \n\nQuarterly Financial Data\n first quarter 2019 recorded non-cash-tax goodwill impairment charge $6. 5 billion Note 4—Goodwill Customer Relationships Intangible Assets.\n fourth quarter 2018 non impairment charge $2. 7 billion Note.\n first quarter 2018 recognized $71 million expenses acquisition Level 3 expenses $162 million $43 million $117 million second third fourth quarters. 2019 recognized expenses acquisition Level 3 $34 million $39 million $38 million $123 million first second third fourth quarters.\n First Second Third Fourth Quarter\n millions\n Operating revenue $5,647 5,578\n Operating (loss) income (5,499)\n Net (loss income (6,165) 371 (5,269)\n Basic (loss earnings common share.\n Diluted (loss earnings.\n2018\n Operating revenue $5,945 5,778 23,443\n income 750 767 894 (1,841)\n Net income 115 292 272 (2,412) (1,733)\n Basic earnings share. 11. 27.\n Diluted earnings (loss common share." +} +{ + "_id": "d1b32ed66", + "title": "", + "text": "Plan Summaries\nAs of January 3, 2020, the Company had stock-based compensation awards outstanding under the following plans: the 2017 Omnibus Incentive Plan, 2006 Equity Incentive Plan, as amended, and the 2006 Employee Stock Purchase Plan, as amended (\"ESPP\"). Leidos issues new shares upon the issuance of the vesting of stock units or exercising of stock options under these plans.\nIn fiscal 2017, stockholders approved the 2017 Omnibus Incentive Plan which provides the Company and its affiliates' employees, directors and consultants the opportunity to receive various types of stock-based compensation awards, such as stock options, restricted stock units and performance-based awards, as well as cash awards.\nThe Company grants service-based awards that generally vest or become exercisable 25% a year over four years or cliff vest in three years. As of January 3, 2020, 4.4 million shares of Leidos' stock were reserved for future issuance under the 2017 Omnibus Incentive Plan and the 2006 Equity Incentive Plan.\nThe Company offers eligible employees the opportunity to defer restricted stock units into an equity-based deferred equity compensation plan, the Key Executive Stock Deferral Plan (\"KESDP\"). Prior to 2013, the Company offered an additional opportunity for deferrals into the Management Stock Compensation Plan (\"MSCP\"). Benefits from these plans are payable in shares of Leidos' stock that are held in a trust for the purpose of funding shares to the plans' participants.\nRestricted stock units deferred under the KESDP are counted against the total shares available for future issuance under the 2017 Omnibus Incentive Plan. All awards under the MSCP are fully vested and the plan does not provide for a maximum number of shares available for future issuance.\nThe Company's ESPP allows eligible employees to purchase shares of Leidos' stock at a discount of up to 15% of the fair market value on the date of purchase. During the first half of fiscal 2018 and 2017, the discount was 5% of the fair market value on the date of purchase, thereby resulting in the ESPP being non-compensatory. Effective the second half of fiscal 2018, the Company increased the discount to 10% of the fair market value on the date of purchase, resulting in the ESPP being compensatory.\nDuring fiscal 2019, 2018 and 2017, $25 million, $11 million and $10 million, respectively, was received from ESPP plan participants for the issuance of Leidos' stock. A total of 4.2 million shares remain available for future issuance under the ESPP.\nStock-based compensation and related tax benefits recognized under all plans were as follows:\n\n | | Year Ended | \n----------------------------------------------------- | --------------- | ----------------- | -----------------\n | January 3, 2020 | December 28, 2018 | December 29, 2017\n | | (in millions) | \nTotal stock-based compensation expense | $52 | $44 | $43 \nTax benefits recognized from stock-based compensation | 13 | 11 | 17 \n\n\n January 3, 2020 Company stock compensation awards 2017 Omnibus Incentive Plan 2006 Equity Incentive Plan 2006 Employee Stock Purchase Plan. Leidos issues new shares vesting options.\n 2017 approved 2017 Omnibus Incentive Plan stock-based compensation awards options restricted stock units performance-based awards cash awards.\n grants service-based awards 25% year four years three years. January 3, 2020 4. million shares Leidos' stock reserved future issuance 2017 Omnibus 2006 Equity Incentive Plan.\n employees defer stock units Deferral Plan. deferrals Management Stock Compensation Plan. Benefits payable shares Leidos' stock.\n Restricted stock units deferred counted against shares future issuance 2017 Omnibus Incentive Plan. awards fully vested maximum future issuance.\n ESPP allows employees purchase Leidos' stock 15% fair market value. 2018 2017 discount 5% ESPP non-compensatory.2018 Company increased discount 10% market value ESPP compensatory.\n 2019 2018 2017 $25 million $11 million $10 million received ESPP Leidos' stock. 4. 2 million shares future issuance.\n Stock-based compensation tax benefits\n January 3, 2020 December 28, 2018 December 29, 2017\n stock-based compensation expense $52 $44\n Tax benefits" +} +{ + "_id": "d1b374794", + "title": "", + "text": "Deferred Revenue The following table presents the breakdown of deferred revenue (in millions):\nDeferred revenue decreased primarily due to the adoption of ASC 606 in the beginning of our first quarter of fiscal 2019. Of the total deferred revenue decrease related to the adoption of ASC 606 of $2.8 billion, $2.6 billion relates to deferred product revenue and $0.2 billion relates to deferred service revenue. Of the adjustment to deferred product revenue, $1.3 billion related to our recurring software and subscription offers, $0.6 billion related to two-tier distribution, and the remainder related to nonrecurring software and other adjustments. The decrease related to the adoption of ASC 606 was partially offset by an increase in product deferred revenue during the fiscal year. The increase in deferred service revenue was driven by the impact of contract renewals, partially offset by amortization of deferred service revenue.\n\n | July 27, 2019 | July 28, 2018 | Increase (Decrease)\n------------ | ------------- | ------------- | -------------------\nService | $11,709 | $11,431 | $ 278 \nProduct | 6,758 | 8,254 | (1,496) \nTotal | $18,467 | $19,685 | $(1,218) \nReported as: | | | \nCurrent | $10,668 | $11,490 | $(822) \nNoncurrent | 7,799 | 8,195 | (396) \nTotal | $18,467 | $19,685 | $(1,218) \n\nDeferred Revenue deferred revenue\n decreased ASC 606 quarter 2019. $2. 8 billion $2. 6 billion product $0. 2 billion service revenue. $1. 3 billion recurring software subscription offers $0. 6 billion two-tier distribution remainder nonrecurring software adjustments. decrease offset increase product deferred revenue. increase service contract renewals offset amortization.\n July 27, 2019 July 28, 2018 Increase\n Service $11,709 $11,431\n Product 8,254\n Total $18,467 $19,685 $(1,218)\n Current $10,668 $11,490\n Noncurrent 7,799 8,195\n $18,467 $19,685 $" +} +{ + "_id": "d1b37bddc", + "title": "", + "text": "For purposes of reconciling the Company’s provision for income taxes at the statutory rate and the Company’s provision (benefit) for income taxes at the effective tax rate, a notional 26% tax rate was applied as follows (in thousands):\nThe difference between the statutory federal income tax rate and the Company’s effective tax rate in 2019, 2018 and 2017 is primarily attributable to the effect of state income taxes, difference between the U.S. and foreign tax rates, deferred tax state rate adjustment, share-based compensation, true up of deferred taxes, other non-deductible permanent items, and change in valuation allowance. In addition, the Company’s foreign subsidiaries are subject to varied applicable statutory income tax rates for the periods presented.\n\n | | Year Ended December 31, | \n---------------------------------------------------------------------- | --------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nIncome tax at federal statutory rate | $(10,883) | $(9,811) | $(6,659)\nIncrease (decrease) in tax resulting from: | | | \nState income tax expense, net of federal tax effect | (3,657) | (2,749) | (421) \nNondeductible permanent items | 3,522 | (1,522) | 1,506 \nForeign rate differential | (367) | 552 | 599 \nTax rate change | — | 134 | 7,226 \nAdjustment to deferred taxes | (1,904) | 307 | 37 \nChange in valuation allowance | 22,481 | 15,805 | (2,291) \nUncertain tax positions | 128 | 143 | 76 \nNonqualified stock option and performance award windfall upon exercise | (9,128) | (1,983) | — \nOther | 233 | (80) | (26) \nTotal | $425 | $796 | $47 \n\n26% tax rate applied\n difference federal effective tax rate 2019 2018 2017 state taxes U. S. foreign tax rates deferred tax adjustment share-based compensation deferred taxes non items valuation allowance. foreign subsidiaries varied tax rates.\n December 31,\n 2019 2018 2017\n Income tax federal statutory rate $(10,883) $(9,811) $(6,659)\n Increase\n State income tax expense federal tax effect (3,657 (2,749\n Nondeductible permanent items 3,522\n Foreign rate differential (367)\n Tax rate change\n Adjustment deferred taxes\n Change valuation allowance 22,481,805\n Uncertain tax positions\n Nonqualified stock option performance award windfall (9,128 (1,983)\n 233\n $425 $796 $47" +} +{ + "_id": "d1b3aad30", + "title": "", + "text": "Interest Expense and Interest Income and Other Expense, net\nThe table below sets forth the changes in interest expense and interest income and other expense, net, for the fiscal year ended December 29, 2019, as compared to fiscal year ended December 30, 2018 (in thousands, except percentage data):\nThe $242,000 increase in interest expense was attributable to higher line of credit balance in 2019 compared to 2018. The $112,000 increase in interest income and other expenses was attributable to increase in interest income from money market account with Heritage Bank.\n\n | Fiscal Years | | Year-Over-Year Change | \n-------------------------------------- | ------------ | ------ | --------------------- | ----------\n | 2019 | 2018 | Amount | Percentage\nInterest expense | $(350) | $(108) | $(242) | 224% \nInterest income and other expense, net | 189 | 77 | 112 | 145% \n | $(161) | $(31) | $(130) | 419% \n\nInterest Expense Income\n table changes expense December 2019 2018\n $242,000 increase expense higher line credit balance 2019. $112,000 increase money market account Heritage Bank.\n Fiscal Years Year-Over-Year Change\n 2019 2018 Amount Percentage\n Interest expense $(350) $(108) $(242) 224%\n Interest income expense net 189 77 112 145%\n $(161) $(31) $(130) 419%" +} +{ + "_id": "d1b2fb01a", + "title": "", + "text": "5.2 Key Management Personnel Compensation\nNotes: (1) Comprise base salary, bonus, contributions to defined contribution plans and other benefits, but exclude performance share and share option expenses disclosed below.\n(2) The Group Chief Executive Officer, an executive director of Singtel, was awarded up to 1,030,168 (2018: 1,712,538) ordinary shares of Singtel pursuant to Singtel performance share plans, subject to certain performance criteria including other terms and conditions being met. The performance share award in the previous financial year included a one-off Special Share Award (“SSA”). The performance share expense computed in accordance with SFRS(I) 2, Share-based Payment, was S$1.5 million (2018: S$3.3 million).\n(3) The other key management personnel of the Group comprise the Chief Executive Officers of Consumer Singapore, Consumer Australia, Group Enterprise, Group Digital Life and International Group, as well as the Group Chief Corporate Officer, Group Chief Financial Officer, Group Chief Human Resources Officer, Group Chief Information Officer and Group Chief Technology Officer. The other key management personnel were awarded up to 3,537,119 (2018: 4,391,498) ordinary shares of Singtel pursuant to Singtel performance share plans, subject to certain performance criteria including other terms and conditions being met. The performance share award in the previous financial year included a one-off SSA. The performance share expense computed in accordance with SFRS(I) 2 was S$6.1 million (2018: S$8.5 million).\n(4) Directors’ remuneration comprises the following: (i) Directors’ fees of S$2.7 million (2018: S$2.5 million), including fees paid to certain directors in their capacities as members of the Optus Advisory Committee and the Technology Advisory Panel, and as director of Singtel Innov8 Pte. Ltd. (ii) Car-related benefits of the Chairman of S$24,557 (2018: S$20,446). In addition to the Directors’ remuneration, Venkataraman Vishnampet Ganesan, a non-executive director of Singtel, was awarded 831,087 (2018: Nil) of share options pursuant to the Amobee Long-Term Incentive Plan during the financial year, subject to certain terms and conditions being met. The share option expense computed in accordance with SFRS(I) 2 was S$104,278 (2018: S$21,607).\n\n | | Group \n----------------------------------------- | ------ | ------\n | 2019 | 2018 \n | S$ Mil | S$ Mil\nKey management personnel compensation (1) | | \nExecutive director (2) | 3.5 | 6.1 \nOther key management personnel (3) | 15.9 | 22.4 \n | 19.4 | 28.5 \nDirectors' remuneration (4) | 2.7 | 2.5 \n | 22.1 | 31.0 \n\n. Management Personnel Compensation\n base salary bonus contributions plans benefits performance share option expenses.\n Group Chief Executive Officer Singtel awarded 1,030,168 (2018 1,712,538) shares Singtel. Special Share Award. expense S$1. 5 million (2018 S$3. 3 million).\n other Chief Executive Officers Consumer Singapore Australia Enterprise Digital Life International Group Corporate Officer Financial Officer Human Resources Officer Information Officer Technology Officer. awarded 3,537,119 (2018 4,391,498) shares Singtel criteria. one-off. expense S$6. 1 million (2018: S$8. 5 million).\n Directors’ remuneration Directors’ fees S$2. 7 million (2018 S$2. 5 Optus Advisory Committee Panel Singtel Innov8. Car-related benefits Chairman S$24,557 (2018: S$20,446).Directors’ remuneration Venkataraman Vishnampet Ganesan non director Singtel awarded 831,087 share options Amobee Long-Term Incentive Plan financial terms conditions. share option expense SFRS(I 2 S$104,278 (2018 S$21,607).\n management personnel compensation\n Executive director.\n management personnel 15. 22.\n 19. 28.\n Directors' remuneration.\n." +} +{ + "_id": "d1b301e4c", + "title": "", + "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nDisaggregated revenue\nRevenue disaggregated by type of service was as follows for the periods presented:\n(1) For the year ended December 31, 2019, includes a $30,459 change in fair value of our servicing asset primarily associated with increases to the contractually specified fixed servicing fees for certain Bank Partners. Refer to Note 3 for additional information.\n(2) Other revenue includes miscellaneous revenue items that are individually immaterial. Other revenue is presented separately herein in order to clearly present merchant, interchange and servicing fees, which are more integral to our primary operations and better enable financial statement users to calculate metrics such as servicing and merchant fee yields.\nNo assets were recognized from the costs to obtain or fulfill a contract with a customer as of December 31,\n2019 and 2018. We recognized bad debt expense arising from our contracts with customers of $950, $1,294 and\n$817 during the years ended December 31, 2019, 2018 and 2017, respectively, which is recorded within general and\nadministrative expense in our Consolidated Statements of Operations.\n\n | | Year Ended December 31, | \n------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nMerchant fees | $361,755 | $297,776 | $234,548\nInterchange fees | 44,150 | 51,128 | 44,410 \nTransaction fees | 405,905 | 348,904 | 278,958 \nServicing fees(1) | 123,697 | 65,597 | 46,575 \nOther(2) | 44 | 172 | 354 \nServicing and other | 123,741 | 65,769 | 46,929 \nTotal revenue | $529,646 | $414,673 | $325,887\n\nGreenSky Inc. NOTES FINANCIAL STATEMENTS States Dollars share data\n Disaggregated revenue\n service\n year ended December 31, 2019 $30,459 change value servicing increases servicing fees Bank Partners. Note 3.\n Other revenue miscellaneous. presented merchant interchange servicing fees.\n No assets recognized costs contract December 31,\n 2018. recognized bad debt expense contracts $950 $1,294\n $817 December 31, 2019 2018 2017 recorded\n expense Consolidated Statements Operations.\n Ended December\n Merchant fees $361,755 $297,776 $234,548\n Interchange fees 44,150 51,128\n Transaction fees 405,905 348,904 278,958\n Servicing 123,697 65,597 46,575\n 123,741 65,769 46,929\n Total revenue $529,646 $414,673 $325,887" +} +{ + "_id": "d1b33382a", + "title": "", + "text": "Restricted Stock Units\nThe Company intends to settle all vested restricted stock unit payments held by United States-based participants in shares of the Company’s common stock and classifies these awards as equity awards in its Consolidated Balance Sheets. Awards held by participants who are based outside of the United States will be settled in cash and are classified within accrued and other current liabilities on the Consolidated Balance Sheets as of December 31, 2019 and 2018\nThe following table summarizes the activity related to the unvested restricted stock units during the years ended December 31, 2019 and 2018:\nUnrecognized compensation expense related to unvested restricted stock units was $731 at December 31, 2019, which is expected to be recognized as expense over the weighted-average period of 0.7 years.\nDuring the years ended December 31, 2019 and 2018, the Company issued 642,520 and 782,364 shares, respectively, of common stock to participants of the 2016 Plan based in the United States, after withholding approximately 261,335 and 472,965 shares, respectively, to satisfy tax withholding obligations. The Company made a cash payment of $181 and $1,495 to cover employee withholding taxes upon the settlement of these vested restricted stock units during the years ended December 31, 2019 and 2018, respectively. During the years ended December 31, 2019 and 2018, the Company also paid $0 and $300 to cash-settle 16 and 100,025 vested restricted stock units by agreement with the Chief Operating Officer in relation to certain grants made to him and to pay cash in lieu of fractional shares for vested units held by participants based in the United States.\n\n | Number of Units | Weighted-Average Grant-Date Fair Value\n--------------------------------------------------------------- | --------------- | --------------------------------------\nUnvested restricted stock units outstanding - December 31, 2017 | 3,106,024 | $3.43 \nGranted | 853,736 | 1.46 \nVested | (1,583,399) | 3.18 \nForfeited | (563,400) | 3.39 \nUnvested restricted stock units outstanding - December 31, 2018 | 1,812,961 | $2.74 \nGranted | 60,000 | $0.98 \nVested | (904,096) | $2.67 \nForfeited | (263,450) | $2.71 \nUnvested restricted stock units outstanding - December 31, 2019 | 705,415 | $2.68 \n\n\n Company vested stock payments United States participants common stock classifies equity Balance Sheets. outside settled cash classified accrued liabilities Balance Sheets December 31, 2019 2018\n table summarizes activity unvested stock units December 31, 2019\n Unrecognized compensation expense $731 at December 31, 2019 recognized 0. 7 years.\n 2019 2018 issued 642,520 782,364 shares common stock participants 2016 Plan United States withholding 261,335 472,965 shares tax withholding obligations. cash payment $181 $1,495 employee withholding taxes settlement stock units. paid $0 $300 cash-settle 16 100,025 vested stock units cash shares vested units.\n Weighted-Average Grant-Date Value\n Unvested restricted stock units outstanding December 31, 2017 3,106,024. 43\n Granted 853,736.\n Vested (1,583,399).\n Forfeited (563,400.\nstock units December 31, 2018 1,812,961.\n Granted.\n Vested (904,096).\n Forfeited (263,450.\n December 31, 2019,415." +} +{ + "_id": "d1b338460", + "title": "", + "text": "Basic and Diluted Net Income Per Share\nBasic net income per share is computed using net income divided by the weighted average number of shares of common stock\noutstanding (“Weighted Shares”) for the period presented.\nDiluted net income per share is computed using net income divided by Weighted Shares and the treasury stock method effect of common equivalent shares (“CESs”) outstanding for each period presented. In the following table, we present a reconciliation of earnings per share and the shares used in the computation of earnings per share for the years ended December 31, 2019, 2018 and 2017 (in thousands, except per share data):\ncommon equivalent shares (“CESs”) outstanding for each period presented. In the following table, we present a reconciliation of\nearnings per share and the shares used in the computation of earnings per share for the years ended December 31, 2019, 2018 and\n2017 (in thousands, except per share data):\nThe number of anti-dilutive CESs in 2019, 2018 and 2017 was immaterial. See Note 2 for further information on those securities.\n\n | | Year Ended December 31, | \n---------------------------------- | ---------- | ---------------------------------------- | ---------\n | 2019 | 2018 | 2017 \n | | (in thousands, except per share data) | \nNet income | $ 85,762 | $ 104,690 | $ 116,481\nEarnings per share： | | | \nBasic | $ 1.33 | $ 1.58 | $ 1.68 \nEffect of CESs | (0.01 ) | - | - \nDiluted | $ 1.32 | $ 1.58 | $ 1.68 \nWeighted average number of shares: | | | \nBasic | 64,397 | 66,201 | 69,175 \nEffect of CESs | 706 | 233 | 249 \nDiluted | 65,103 | 66,434 | 69,424 \n\nBasic Diluted Net Income Per Share\n computed divided weighted average shares common stock\n.\n Diluted income computed divided by Weighted Shares treasury stock method effect common equivalent shares. reconciliation earnings per share shares years ended December 31, 2019 2018 2017\n.\n years ended December 31, 2019 2018\n 2017\n anti-dilutive CESs 2019 2018 2017 immaterial. See Note 2 information.\n Year Ended December 31,\n 2019 2018 2017\n Net income $ 85,762 $ 104,690 $ 116,481\n Earnings per share\n $ 1. 33 1. 58 1. 68\n Effect of CESs.\n.\n Weighted average number shares\n Basic 64,397 66,201 69,175\n Effect of CESs 233\n Diluted 65,103 66,434 69,424" +} +{ + "_id": "d1b326d46", + "title": "", + "text": "Year Ended December 31, 2018 Compared to the Year Ended December 31, 2017\nOur management reviews and analyzes several key financial measures in order to manage our business and assess the quality of and variability of our service revenue, operating results and cash flows. The following summary tables present a comparison of our results of operations with respect to certain key financial measures. The comparisons illustrated in the tables are discussed in greater detail below.\n(1) Includes non-cash equity-based compensation expense of $895 and $604 for 2018 and 2017, respectively.\n(2) Includes non-cash equity-based compensation expense of $16,813 and $12,686 for 2018 and 2017, respectively.\nService Revenue. Our service revenue increased 7.2% from 2017 to 2018. Exchange rates positively impacted our increase in service revenue by approximately $4.0 million. All foreign currency comparisons herein reflect results for 2018 translated at the average foreign currency exchange rates for 2017. We increased our total service revenue by increasing the number of sales representatives selling our services, by expanding our network, by adding additional buildings to our network, by increasing our penetration into the buildings connected to our network and by gaining market share by offering our services at lower prices than our competitors.\nRevenue recognition standards include guidance relating to any tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between a seller and a customer and may include, but is not limited to, gross receipts taxes, Universal Service Fund fees and certain state regulatory fees. We record these taxes billed to our customers on a gross basis (as service revenue and network operations expense) in our consolidated statements of operations. The impact of these taxes including the Universal Service Fund resulted in an increase to our revenues from 2017 to 2018 of approximately $1.6 million.\nOur net-centric customers tend to purchase their service on a price per megabit basis. Our corporate customers tend to utilize a small portion of their allocated bandwidth on their connections and tend to purchase their service on a per connection basis. Revenues from our corporate and net-centric customers represented 64.9% and 35.1% of total service revenue, respectively, for 2018 and represented 62.3% and 37.7% of total service revenue, respectively, for 2017. Revenues from corporate customers increased 11.8% to $337.8 million for 2018 from $302.1 million for 2017 primarily due to an increase in our number of our corporate customers. Revenues from our net-centric customers decreased by 0.4% to $182.3 million for 2018 from $183.1 million for 2017 primarily due to an increase in our number of net-centric customers being offset by a decline in our average price per megabit. Our revenue from our net- centric customers has declined as a percentage of our total revenue and grew at a slower rate than our corporate customer revenue because net-centric customers purchase our services based upon a price per megabit basis and our average price per megabit declined by 25.9% from 2017 to 2018. Additionally, the net-centric market experiences a greater level of pricing pressure than the corporate market and net-centric customers who renew their service with us expect their renewed service to be at a lower price than their current price. We expect that our average price per megabit will continue to decline at similar rates which would result in our corporate revenues continuing to represent a greater portion of our total revenues and our net-centric revenues continuing to grow at a lower rate than our corporate revenues. Additionally, the impact of foreign exchange rates has a more significant impact on our net- centric revenues.\nOur on-net revenues increased 8.1% from 2017 to 2018. We increased the number of our on-net customer connections by 12.1% at December 31, 2018 from December 31, 2017. On-net customer connections increased at a greater rate than on-net revenues primarily due to the 5.1% decline in our on-net ARPU, primarily from a decline in ARPU for our net-centric customers. ARPU is determined by dividing revenue for the period by the average customer connections for that period. Our average price per megabit for our installed base of customers is determined by dividing the aggregate monthly recurring fixed charges for those customers by the aggregate committed data rate for the same customers. The decline in on-net ARPU is partly attributed to volume and term based pricing discounts. Additionally, on-net customers who cancel their service from our installed base of customers, in general, have an ARPU that is greater than the ARPU for our new customers due to declining prices primarily for our on-net services sold to our net-centric customers. These trends resulted in the reduction to our on-net ARPU and a 25.9% decline in our average price per megabit for our installed base of customers.\nOur off-net revenues increased 5.2% from 2017 to 2018. Our off-net revenues increased as we increased the number of our off-net customer connections by 10.3% at December 31, 2018 from December 31, 2017. Our off-net customer connections increased at a greater rate than our off-net revenue primarily due to the 6.8% decrease in our off-net ARPU.\nNetwork Operations Expenses. Network operations expenses include the costs of personnel associated with service delivery, network management, and customer support, network facilities costs, fiber and equipment maintenance fees, leased circuit costs, access and facilities fees paid to building owners and excise taxes billed to our customers and recorded on a gross basis. Non-cash equity-based compensation expense is included in network operations expenses consistent with the classification of the employee's salary and other compensation. Our network operations expenses, including non-cash equity-based compensation expense, increased 4.9% from 2017 to 2018 as we were connected to 11.9% more customer connections and we were connected to 170 more on-net buildings as of December 31, 2018 compared to December 31, 2017. The increase in network operations expense is primarily attributable to an increase in costs related to our network and facilities expansion activities and the increase in our off- net revenues. When we provide off-net services we also assume the cost of the associated tail circuits.\nSelling, General, and Administrative Expenses (“SG&A”). Our SG&A expenses, including non-cash equity- based compensation expense, increased 4.6% from 2017 to 2018. Non cash equity-based compensation expense is included in SG&A expenses consistent with the classification of the employee's salary and other compensation and was $16.8 million for 2018 and $12.7 million for 2017. SG&A expenses increased primarily from an increase in salaries and related costs required to support our expansion and increases in our sales efforts and an increase in our headcount partly offset by a $1.1 million decrease in our legal fees primarily associated with U.S. net neutrality and interconnection regulatory matters and by the $1.3 million reduction in commission expense from the impact of the new revenue accounting standard which requires us to capitalize certain commissions paid to our sales agents and sales employees. Our sales force headcount increased by 7.8% from 574 at December 31, 2017 to 619 at December 31, 2018 and our total headcount increased by 4.8% from 929 at December 31, 2017 to 974 at December 31, 2018.\nDepreciation and Amortization Expenses. Our depreciation and amortization expenses increased 7.0% from 2017 to 2018. The increase is primarily due to the depreciation expense associated with the increase related to newly deployed fixed assets more than offsetting the decline in depreciation expense from fully depreciated fixed assets.\nGains on Equipment Transactions. We exchanged certain used network equipment and cash consideration for new network equipment resulting in gains of $1.0 million for 2018 and $3.9 million for 2017. The gains are based upon the excess of the estimated fair value of the new network equipment over the carrying amount of the returned used network equipment and the cash paid. The reduction in gains from 2017 to 2018 was due to purchasing more equipment under the exchange program in 2017 than we purchased in 2018.\nInterest Expense. Interest expense results from interest incurred on our $445.0 million of senior secured notes, interest incurred on our $189.2 million of senior unsecured notes, interest on our installment payment agreement and interest on our finance lease obligations. Our interest expense increased by 5.3% for 2018 from 2017 primarily due to the issuance of $70.0 million of senior secured notes in August 2018 and an increase in our finance lease obligations.\nIncome Tax Expense. Our income tax expense was $12.7 million for 2018 and $25.2 million for 2017. The decrease in our income tax expense was primarily related to an increase in deferred income tax expense for 2017 primarily due to the impact of the Tax Cuts and Jobs Act (the \"Act\"). On December 22, 2017, the President of the United States signed into law the Act. The Act amended the Internal Revenue Code and reduced the corporate tax rate from a maximum rate of 35% to a flat 21% rate. The rate reduction was effective on January 1, 2018 and may reduce our future income taxes payable once we become a cash taxpayer in the United States. As a result of the reduction in the corporate income tax rate and other provisions under the Act, we were required to revalue our net deferred tax asset at December 31, 2017 resulting in a reduction in our net deferred tax asset of $9.0 million and we also recorded a transition tax of $2.3 million related to our foreign operations for a total income tax expense of approximately $11.3 million, which was recorded as additional noncash income tax expense in 2017.\nBuildings On-net. As of December 31, 2018 and 2017 we had a total of 2,676 and 2,506 on-net buildings connected to our network, respectively.\n\n | Year Ended December 31, | | Change \n------------------------------------------------ | ----------------------- | -------- | -------\n | 2018 | 2017 | Percent\n | (in thousands) | | \nService revenue | $520,193 | $485,175 | 7.2% \nOn-net revenues | 374,555 | 346,445 | 8.1% \nOff-net revenues | 145,004 | 137,892 | 5.2% \nNetwork operations expenses(1) | 219,526 | 209,278 | 4.9% \nSelling, general, and administrative expenses(2) | 133,858 | 127,915 | 4.6% \nDepreciation and amortization expenses | 81,233 | 75,926 | 7.0% \nGains on equipment transactions | 982 | 3,862 | (74.6)%\nInterest expense | 51,056 | 48,467 | 5.3% \nIncome tax expense | 12,715 | 25,242 | (49.6)%\n\nYear Ended December 31, 2018 2017\n management reviews financial measures service revenue operating results cash flows. summary tables results financial measures.\n Includes non-cash equity compensation expense $895 $604 2018 2017.\n $16,813 $12,686 2018 2017.\n Service Revenue. increased 7. 2% 2017 to 2018. Exchange rates impacted revenue $4. 0 million. foreign currency comparisons reflect results 2018 average exchange rates 2017. increased service revenue increasing sales representatives expanding network adding buildings penetration gaining market share lower prices.\n Revenue recognition standards tax gross receipts taxes Universal Service Fund fees state regulatory fees. record taxes consolidated statements operations. taxes revenues 2017 to 2018 $1. 6 million.\n net-centric customers purchase service price per megabit. corporate customers utilize small bandwidth per connection. Revenues corporate net-centric customers represented 64. 35. 1% total service revenue 2018 62. 3% 37.7% service revenue 2017. Revenues corporate customers increased 11. 8% to $337. 8 million 2018 from $302. 1 million 2017 increase. net-centric customers decreased 0. 4% $182. 3 million 2018 from $183. 1 million 2017 increase offset decline average price per megabit. revenue net centric declined slower corporate declined 25. 9% 2017 to 2018. net-centric market pricing pressure expect lower price. average price per megabit decline corporate revenues greater portion total revenues net-centric revenues grow lower. foreign exchange rates net- centric revenues.\n on-net revenues increased 8. 1% 2017 to 2018. customer connections 12. 1% December 31, 2018. due 5. 1% decline on-net ARPU decline net-centric customers. ARPU determined revenue average customer connections. average price per megabit determined monthly charges rate. decline on-net ARPU attributed volume term based pricing discounts.on-net customers service have ARPU greater than new customers due to declining prices services. on-net ARPU 25. 9% decline average price per megabit.\n off-net revenues increased 5. 2% 2017 to 2018. increased connections by 10. 3% at December 31, 2018. due to 6. 8% decrease off-net ARPU.\n Network Operations Expenses. include personnel management support facilities costs fiber equipment maintenance fees leased circuit costs access facilities fees excise taxes. Non-cash equity-based compensation expense in. increased 4. 9% from 2017 to 2018 connected to 11. 9% more customer connections 170 more on-net buildings December 31, 2018. increase attributable to costs network facilities expansion increase off- net revenues. assume cost circuits.\n Administrative Expenses. non-cash increased 4. 6% 2017 to 2018. $16. 8 million for 2018 $12.million 2017. SG&A expenses increased salaries expansion sales headcount offset $1. 1 million legal fees. net neutrality $1. 3 million reduction commission expense new revenue accounting standard commissions. sales force headcount increased 7. 8% 619 2018 total headcount 4. 8% 929 974.\n Depreciation Amortization Expenses. increased 7. 0% 2017 2018. due newly deployed fixed assets.\n Gains Equipment Transactions. exchanged used network equipment cash new gains $1. million 2018 $3. 9 million 2017. gains estimated fair value new equipment. reduction gains purchasing more equipment 2017.\n Interest Expense. $445. million secured notes $189. 2 million unsecured notes installment payment agreement finance lease obligations. interest expense increased 5. 3% 2018 $70. million senior secured notes 2018 finance lease obligations.\n Income Tax Expense. $12. 7 million 2018 $25. 2 million 2017.decrease income tax expense related deferred 2017 Tax Cuts and Jobs Act. December 22, 2017 President signed. reduced corporate tax rate 35% to 21%. effective January 1, 2018 future taxes. net deferred tax asset December 31, 2017 $9. million transition tax $2. 3 million foreign operations total income tax expense $11. 3 million additional noncash income tax expense 2017.\n. December 31, 2018 2017 2,676 2,506 on-net buildings.\n Service revenue $520,193 $485,175 7. 2%\n On-net revenues 374,555 346,445. 1%\n Off-net revenues 145,004 137,892. 2%\n Network operations 219,526 209,278. 9%\n 133,858 127,915 4. 6%\n Depreciation amortization expenses 81,233 75,926.\n Gains equipment transactions 982 3,862.\n Interest expense 51,056 48,467. 3%\nexpense 12,715 25,242." +} +{ + "_id": "d1a7265a0", + "title": "", + "text": "13. Income Taxes\nOn December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was signed into U.S. Law. As of December 31, 2018, the Company had completed its accounting for the tax effects related to the enactment of the Tax Act.\nThe Tax Act reduced the U.S. federal corporate income tax rate from 35% to 21%, effective January 1, 2018. During the year ended December 31, 2017, the Company remeasured certain deferred tax assets and liabilities and recorded a $15.0 million provisional tax charge. During the year ended December 31, 2018, the Company reduced the initial provisional tax charge by recording a $4.9 million benefit related to accelerated tax deductions claimed on the 2018 U.S. Federal Income Tax Return.\nThe Tax Act required U.S. companies to pay a one-time transition tax on certain unremitted foreign earnings. During the year ended December 31, 2017, the Company recorded a $20.9 million provisional tax charge based on post-1986 earnings and profits of foreign subsidiaries that were previously deferred from U.S. income taxes. Upon further analysis, the Company reduced the initial provisional tax charge by recording an $8.1 million benefit during the year ended December 31, 2018.\nDuring the year ended December 31, 2018, the Company recorded a $15.5 million valuation allowance on its deferred tax asset related to U.S. foreign tax credits based upon business conditions and tax laws in effect at that time.\nDuring the year ended December 31, 2019, following the acquisition of Speedpay, the Company determined it will more likely than not be able to utilize foreign tax credits in future years due to additional income generated by Speedpay; therefore, the Company released the $15.5 million valuation allowance that had been established on this deferred tax asset.\nThe Tax Act subjects a U.S. shareholder to tax on global intangible low-taxed income (\"GILTI\") earned by certain foreign subsidiaries. The Company has elected to account for GILTI in the year the tax is incurred.\nPrior to 2018, the Company considered all earnings in foreign subsidiaries to be indefinitely reinvested, and accordingly, recorded no deferred income taxes related to unremitted earnings. As of December 31, 2019 and 2018, the Company considered only the earnings in its Indian subsidiaries to be indefinitely reinvested. The earnings of all other foreign subsidiaries are no longer considered indefinitely reinvested. The Company is also permanently reinvested for outside book/tax basis differences related to foreign subsidiaries.\nFor financial reporting purposes, income before income taxes includes the following components (in thousands):\n\n | | Years Ended December 31, | \n------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nUnited States | -16,317 | $16,312 | -42,863\nForeign | 88,527 | 75,487 | 86,435 \nTotal | $72,210 | $91,799 | $43,572\n\n. Income Taxes\n December 22, 2017 Tax Cuts Jobs Act signed. Law. December 31, 2018 Company completed accounting tax effects.\n reduced. corporate income tax rate 35% to 21% January 1, 2018. 2017 Company remeasured deferred tax assets recorded $15. million tax charge. 2018 reduced tax $4. 9 million benefit accelerated tax deductions 2018. Federal Income Tax Return.\n Act. companies one-time transition tax unremitted foreign earnings. 2017 recorded $20. 9 million tax charge post-1986 earnings foreign subsidiaries deferred. reduced tax $8. 1 million benefit 2018.\n recorded $15. 5 million valuation allowance deferred tax. foreign tax credits.\n December 31, 2019 acquisition Speedpay tax credits income released $15. 5 million valuation allowance deferred tax.\n Tax Act subjects. shareholder tax low-taxed income foreign subsidiaries. GILTI.\n2018 Company earnings foreign subsidiaries reinvested no deferred income taxes. December 31, 2019 2018 Indian subsidiaries reinvested. foreign subsidiaries reinvested. permanently reinvested differences.\n income before taxes\n Years Ended December 31,\n 2018 2017\n United States,317 $16,312,863\n Foreign 88,527 75,487 86,435\n Total $72,210 $91,799 $43,572" +} +{ + "_id": "d1b3c6bc0", + "title": "", + "text": "Consolidated Comparison of Fiscal Year 2019 to Fiscal Year 2018\nNet Sales\nNet sales of $1.4 billion in fiscal year 2019 increased 15.2% from $1.2 billion in fiscal year 2018 primarily due to an increased in Solid Capacitor net sales $164.6 million. In addition, Film and Electrolytic net sales increased by $4.3 million, and MSA net sales increased by $13.8 million.\nThe increase in Solid Capacitors net sales was primarily driven by a $111.8 million increase in distributor sales across the Americas, APAC, and EMEA regions. The $111.8 million increase consisted of a $72.8 million increase in Ceramic product line sales and a $39.0 million increase in Tantalum product line sales. Also contributing to the increase in net sales was a $30.6 million increase in OEM sales across the APAC, EMEA, and JPKO regions, and a $28.0 million increase in EMS sales across all regions. These increases in net sales were partially offset by a $3.2 million decrease in distributor sales in the JPKO region and a $2.7 million decrease in OEM sales in the Americas region. In addition, Solid Capacitors net sales was unfavorably impacted by $0.5 million from foreign currency exchange due to the change in the value of the Euro compared to the U.S. dollar.\nThe increase in Film and Electrolytic net sales was primarily driven by a $10.5 million increase in distributor sales across the Americas and EMEA regions. Also contributing to the increase in net sales was $1.7 million increase in EMS sales in the Americas region and a $0.8 million increase in OEM sales in the JPKO region. These increases in net sales were partially offset by a $5.6 million decrease in OEM sales across the APAC and EMEA regions and a $3.1 million decrease in distributor sales across the APAC and JPKO regions. In addition, there was an unfavorable impact of $0.1 million from foreign currency exchange primarily due to the change in the value of the Euro compared to the U.S. dollar.\nThe increase in MSA net sales was primarily driven by a $15.0 million increase in OEM sales in the JPKO region. Also contributing to the increase in net sales was a $4.3 million increase in EMS sales across all regions and a $3.7 million increase in distributor sales across the Americas and EMEA regions. These increase in net sales were partially offset by a $5.5 million decrease in distributor sales across the APAC and JPKO regions and a $3.8 million decrease in OEM sales across the Americas, APAC, and JPKO regions.\nIn fiscal years 2019 and 2018, net sales by channel and the percentages of net sales by region to total net sales were as follows (dollars in thousands):\n\n | Fiscal Year 2019 | | Fiscal Year 2018 | \n-------- | ---------------- | ---------- | ---------------- | ----------\n | Net Sales | % of Total | Net Sales | % of Total\nAPAC | $533,340 | 38.6% | $479,987 | 40.0% \nEMEA | 315,535 | 22.8% | 277,898 | 23.1% \nAmericas | 337,842 | 24.4% | 259,105 | 21.6% \nJPKO | 196,101 | 14.2% | 183,191 | 15.3% \nTotal | $1,382,818 | | $1,200,181 | \n\n2019 2018\n Sales\n $1. 4 billion increased. 2% $1. 2 billion Solid Capacitor sales $164. 6 million. Film Electrolytic $4. 3 million MSA $13. 8 million.\n Solid Capacitors driven $111. 8 million increase distributor sales Americas APAC EMEA. $72. million Ceramic $39. million Tantalum. $30. 6 million OEM sales APAC EMEA JPKO $28. million EMS sales. offset $3. 2 million decrease distributor sales JPKO $2. 7 million decrease OEM sales Americas. impacted $0. 5 million exchange Euro.\n Film Electrolytic $10. 5 million increase sales Americas EMEA. $1. 7 million increase EMS sales $0. 8 million OEM sales JPKO. offset $5. 6 million decrease OEM sales APAC EMEA $3. 1 million decrease sales APAC JPKO. unfavorable impact $0. 1 million currency exchange Euro.\n MSA sales $15. million increase OEM sales JPKO.increase net sales $4. 3 million EMS $3. 7 million distributor sales Americas EMEA. offset $5. 5 million decrease distributor APAC JPKO $3. 8 million decrease OEM sales.\n fiscal years 2019 2018 net sales channel percentages\n APAC $533,340 38. 6% $479,987 40.\n EMEA 315,535 22. 8% 277,898 23.\n Americas 337,842 24. 4% 259,105 21.\n JPKO 196,101. 2% 183,191 15. 3%\n Total $1,382,818" +} +{ + "_id": "d1b32921c", + "title": "", + "text": "BIG W’s Store‐controllable VOC and VOC NPS improved on the prior year with higher customer scores translating into sales, with an increase in F19 of 4.2% on a normalised basis to $3.8 billion. Comparable sales increased by 5.3% in F19 and 7.2% in Q4 (Easter‐adjusted) with growth in all customer universes.\nBIG W’s growth continues to be driven by an increase in customer transactions (F19: 4.0%) and customers increasingly putting more items in their baskets with comparable items per basket growth of 4.4%. Together this drove comparable item growth of 8.6%. Excluding reusable bags, comparable items increased by 5.2%.\nWith BIG W’s turnaround gaining momentum, and to build a sustainable network for the future, a store and DC network review was announced in April. BIG W intends to close approximately 30 stores over the next three years and two distribution centres at the end of their leases. The review of the store network is ongoing, with three stores recently announced to be closed in F20.\nBIG W has remained price competitive, improved ranges and built a convenient online and in‐store experience in F19.\nNormalised Online sales increased by 128% in F19 with Pick up consistently delivering strong sales growth. Apparel, which has been more challenging, improved steadily through H2 due to a focus on range, stock flow and in‐store execution.\nNormalised gross profit declined 49 bps for F19 reflecting continued challenges in stockloss as well as slow sell‐through of seasonal apparel in H1. Category mix improved in H2 with improved apparel sell‐through.\nNormalised CODB declined 132 bps resulting from store efficiencies and sales growth fractionalising fixed costs.\nThe LBIT of $85 million before significant items excludes a $371 million charge identified as part of the network review.\nFunds employed declined primarily due to significant items provisions. Inventory quality has improved as a result of solid sales and improved apparel sell‐through in H2.\nIn F20, BIG W will focus on creating a sustainable business that is simpler to operate, and continue providing customers with low prices and more convenient, connected solutions in‐store and online.\n\n | F19 | F18 | | CHANGE \n----------------------------- | -------- | -------- | --------- | ----------\n$ MILLION | 53 WEEKS | 52 WEEKS | CHANGE | NORMALISED\nSales | 3,797 | 3,566 | 6.5% | 4.2% \nLBITDA before | | | | \nsignificant items | (5) | (30) | (82.2)% | (88.7)% \nDepreciation and amortisation | (80) | (80) | 0.7% | 0.7% \nLBIT before significant items | (85) | (110) | (22.2)% | (24.0)% \nSignificant items | (371) | – | n.m. | n.m. \nLBIT after significant items | (456) | (110) | 315.5% | 313.7% \nGross margin (%) | 31.1 | 31.7 | (59) bps | (49) bps \nCost of doing business (%) | 33.4 | 34.8 | (142) bps | (132) bps \nLBIT 2 to sales (%) | (2.3) | (3.1) | 83 bps | 84 bps \nSales per square metre ($)$) | 3,629 | 3,369 | 7.7% | 5.4% \nFunds employed | 204 | 502 | (59.4)% | \nROFE (%) | (23.0) | (23.3) | 24 bps | 77 bps \n\nBIG W’s NPS improved scores sales F19 4. 2% $3. 8 billion. sales increased 5. 3% F19 7. 2% Q4.\n customer transactions 4. more items baskets items basket growth 4. 4%. item growth 8. 6%. reusable bags increased 5. 2%.\n BIG network review April. 30 stores three years two distribution centres. review three stores F20.\n price competitive improved ranges convenient online in‐store experience.\n Online sales increased 128% F19 Pick. Apparel improved range stock flow in‐store execution.\n gross profit declined 49 bps F19 stockloss slow sell‐through seasonal apparel. Category mix improved H2 sell‐through.\n CODB declined 132 bps store efficiencies sales growth.\n LBIT $85 million $371 million charge network review.\n provisions. Inventory quality improved solid sales apparel sell‐through.\nF20 BIG W sustainable business low prices connected solutions in‐store online.\n F19 F18\n $ MILLION 53 WEEKS 52 WEEKS\n Sales 3,797 3,566 6. 5% 4. 2%\n LBITDA\n significant items.\n Depreciation amortisation (80). 7%.\n LBIT before items (85) (110) (22. (24.\n Significant items (371).\n after (456) 315. 5% 313. 7%\n Gross margin 31.\n Cost business (%) 33. 4 34. 8 (142)\n LBIT sales.\n Sales square metre 3,629 3,369 7. 7% 5. 4%\n Funds 204 502 (59. 4)\n ROFE (23." +} +{ + "_id": "d1b2f65ce", + "title": "", + "text": "Summary Disclosures about Contractual Obligations and Commercial Commitments\nOur material capital commitments consist of obligations under facilities and operating leases. Some of these leases have free or escalating rent payment provisions. We recognize rent expense under leases on a straight-line basis. We anticipate that we will experience an increase in our capital expenditures and lease commitments as a result of our anticipated growth in operations, infrastructure, personnel and resources devoted to building our brand name.\nThe following table summarizes our obligations as of March 31, 2019 (dollars in thousands):\nWe generally do not enter into binding purchase obligations. The purchase obligations above relate primarily to marketing and IT services. The contractual obligations table above excludes unrecognized tax benefits, plus related interest and penalties totaling $1.1 million because we cannot reasonably estimate in which future periods these amounts will ultimately be settled.\nWe have certain software royalty commitments associated with the shipment and licensing of certain products. Royalty expense is generally based on a fixed cost per unit shipped or a fixed fee for unlimited units shipped over a designated period. Royalty expense, included in cost of software and products revenues was $12.3 million in fiscal 2019 and $4.5 million million in fiscal 2018.\nWe offer a 90-day limited product warranty for our software. To date, costs relating to this product warranty have not been material.\n\n | | | Payments Due by Period | | \n--------------------------- | ------- | ---------------- | ---------------------- | --------- | -----------------\n | Total | Less Than 1 Year | 2-3 Years | 4-5 Years | More Than 5 Years\nOperating lease obligations | $23,673 | $9,008 | $10,907 | $2,827 | $931 \nPurchase obligations | 20,520 | 16,748 | 3,669 | 103 | — \nTotal | $44,193 | $25,756 | $14,576 | $2,930 | $931 \n\nDisclosures Contractual Obligations Commercial Commitments\n capital commitments facilities operating leases. leases free rent. rent expense. anticipate increase capital expenditures lease commitments growth infrastructure personnel brand name.\n table summarizes obligations as March 31, 2019\n purchase obligations. marketing IT services. excludes tax benefits interest penalties $1. 1 million.\n software royalty commitments shipment licensing. expense fixed cost unit fee units. expense $12. 3 million 2019 $4. 5 million 2018.\n 90-day product warranty software. costs.\n Payments Due Period\n Less Than 1 Year 2-3 Years 4-5 Years More 5 Years\n Operating lease obligations $23,673 $9,008 $10,907 $2,827 $931\n Purchase obligations 20,520 16,748 3,669\n $44,193 $25,756 $14,576 $2,930 $931" +} +{ + "_id": "d1a71a764", + "title": "", + "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data)\nNOTE 5: ACCOUNTS RECEIVABLE, NET\nAccounts receivable consisted of the following:\n\n | December 31, 2019 | December 31,2018\n---------------------------------------- | ----------------- | ----------------\nAccounts receivable | $68,309 | $76,376 \nLess: provision for doubtful receivables | (16,377) | (16,086) \nAccounts receivable, net | $51,932 | $60,290 \n\nNAVIOS MARITIME HOLDINGS. FINANCIAL STATEMENTS. dollars share\n ACCOUNTS RECEIVABLE\n 2019 31,2018\n $68,309 $76,376\n doubtful receivables (16,377 (16,086)\n $51,932 $60,290" +} +{ + "_id": "d1b332632", + "title": "", + "text": "Acquisition Related and Other Expenses: Acquisition related and other expenses consist of personnel related costs and stock-based compensation for transitional and certain other employees, integration related professional services, and certain business combination adjustments including certain adjustments after the measurement period has ended and certain other operating items, net. Stock-based compensation expenses included in acquisition related and other expenses resulted from unvested restricted stock-based awards and stock options assumed from acquisitions whereby vesting was accelerated generally upon termination of the employees pursuant to the original terms of those restricted stock-based awards and stock options.\n* Not meaningful\nOn a constant currency basis, acquisition related and other expenses decreased in fiscal 2019 compared to fiscal 2018 primarily due to certain favorable business combination related adjustments that were recorded in fiscal 201 9 .\n\n | | | Year Ended May 31, | \n--------------------------------------------- | ---- | ------ | ------------------ | ----\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018\nTransitional and other employee related costs | $49 | 3% | 4% | $48 \nStock-based compensation | — | -100% | -100% | 1 \nProfessional fees and other, net | 16 | 373% | 426% | 3 \nBusiness combination adjustments, net | (21) | * | * | — \nTotal acquisition related and other expenses | $44 | -15% | -13% | $52 \n\nAcquisition Related Expenses personnel costs stock-based compensation transitional employees integration professional services business combination adjustments after measurement period operating items. Stock-based compensation expenses from unvested restricted stock awards options vesting accelerated upon termination.\n acquisition expenses decreased fiscal 2019 due favorable business adjustments.\n Year Ended May 31,\n Percent Change\n millions 2019\n Transitional employee costs $49 3% 4% $48\n Stock-based compensation -100%\n Professional fees 16 373% 426% 3\n Business combination adjustments net\n Total acquisition related expenses $44 -15% -13% $52" +} +{ + "_id": "d1b3b2026", + "title": "", + "text": "In accordance with the requirements of ASC 606, the disclosure of the impact of adoption on our consolidated\nbalance sheet as of the fiscal year ended February 28, 2019 is as follows:\n(1) Deferred product costs included in Prepaid expenses and other current assets and Other assets amounted\nto $6.2 million and $8.8 million, respectively, as of February 28, 2019.\n(2) The balances as of February 28, 2019 also included deferred revenue of TRACKER, which was acquired\non February 25, 2019 (see Note 2).\nThe impact of adopting ASC 606 on our consolidated statements of comprehensive income (loss) for the fiscal year ended February 28, 2019 was immaterial.\n\n | | As of February 28, 2019 | \n--------------------------------------------- | ------------------------------------ | ----------------------- | ---------------\n | | ASC 606 | Without ASC 606\n | As reported | Adjustments | Adoption \nAssets | | | \nPrepaid expenses and other current assets (1) | $19,373 | (1,473) | $17,900 \nDeferred income tax assets | 22,626 | (532) | 22,094 \nOther assets (1) | 22,510 | (3,319) | 19,191 \n | Liabilities and Stockholders' Equity | | \nDeferred revenue (2) | $24,264 | (1,945) | 22,319 \nOther non-current liabilities (2) | 38,476 | (5,353) | 33,123 \nStockholders' equity: | | | \nAccumulated deficit | $(2,227) | 1,689 | (538) \n\nASC 606 impact adoption\n balance sheet February 28, 2019\n Deferred product costs Prepaid expenses assets\n $6. 2 million $8. 8 million February.\n balances deferred revenue TRACKER acquired\n February 25, 2019.\n impact ASC 606 statements income).\n ASC 606\n Adjustments Adoption\n Assets\n Prepaid expenses assets $19,373 (1,473) $17,900\n Deferred income tax assets 22,626\n Other assets 22,510 (3,319)\n Liabilities Stockholders' Equity\n Deferred revenue $24,264 (1,945)\n non-current liabilities 38,476 (5,353) 33,123\n Stockholders' equity\n Accumulated deficit $(2,227) 1,689" +} +{ + "_id": "d1b34ebe8", + "title": "", + "text": "23. Associates (Cont'd)\nThe summarised financial information of the Group’s significant associate namely Intouch Holdings Public Company Limited (“Intouch”), based on its financial statements and a reconciliation with the carrying amount of the investment in the consolidated financial statements was as follows –\nNote: (1) Others include adjustments to align the respective local accounting standards to SFRS(I).\n\n | 2019 | 2018 | 2017 \n------------------------------------------------- | ------- | ------- | -------\n | S$ Mil | S$ Mil | S$ Mil \nStatement of comprehensive income | | | \nRevenue | 250.1 | 353.9 | 144.1 \nProfit after tax | 451.7 | 488.2 | 166.1 \nOther comprehensive (loss)/ income | (0.9) | 10.9 | (1.6) \nTotal comprehensive income | 450.8 | 499.1 | 164.5 \nStatement of financial position | | | \nCurrent assets | 743.1 | 720.0 | 701.9 \nNon-current assets | 1,532.5 | 1,554.3 | 1,629.3\nCurrent liabilities | (305.1) | (444.4) | (483.6)\nNon-current liabilities | (205.5) | (313.4) | (395.3)\nNet assets | 1,765.0 | 1,516.5 | 1,452.3\nLess: Non-controlling interests | (304.6) | (342.2) | (411.6)\nNet assets attributable to equity holders | 1,460.4 | 1,174.3 | 1,040.7\nProportion of the Group’s ownership | 21.0% | 21.0% | 21.0% \nGroup’s share of net assets | 306.7 | 246.6 | 218.5 \nGoodwill and other identifiable intangible assets | 1,441.7 | 1,417.6 | 1,371.7\nOthers (1) | (46.8) | (23.0) | (8.4) \nCarrying amount of the investment | 1,701.6 | 1,641.2 | 1,581.8\nOther items | | | \nGroup’s share of market value | 1,653.2 | 1,639.6 | 1,525.0\nDividends received during the year | 78.5 | 77.8 | - \n\n. Associates\n financial information Intouch Holdings reconciliation investment\n adjustments local accounting standards SFRS.\n Statement income\n Revenue 250. 9 144.\n Profit after tax 451. 7. 166.\n. 10.\n income 450. 8 499. 164.\n financial position\n assets 743. 720. 701. 9\n Non-current assets 1,532. 5 1,554. 1,629.\n liabilities (305. (444. (483.\n (205. (313. (395.\n assets 1,765. 1,516. 1,452.\n Non-controlling interests (304. (342. (411.\n assets equity holders 1,460. 4 1,174. 3 1,040. 7\n Group’s ownership 21. 0% 21.\n share net assets 306. 7 246. 6 218.\n Goodwill intangible assets 1,441. 7 1,417. 6 1,371. 7\n (46..\n investment 1,701. 1,641. 1,581.\n market value 1,653. 1,639. 6 1,525.\n Dividends 78. 5 77. 8" +} +{ + "_id": "d1b333df2", + "title": "", + "text": "Accumulated Other Comprehensive Loss-Recognition and Deferrals\nThe following table presents cumulative items not recognized as a component of net periodic benefits expense as of December 31, 2018, items recognized as a component of net periodic benefits expense in 2019, additional items deferred during 2019 and cumulative items not recognized as a component of net periodic benefits expense as of December 31, 2019. The items not recognized as a component of net periodic benefits expense have been recorded on our consolidated balance sheets in accumulated other comprehensive loss:\n\n | | | As of and for the Years Ended December 31, | | \n------------------------------------------ | -------- | -------------------------------------------- | ------------------------------------------ | ------------------ | -------\n | 2018 | Recognition of Net Periodic Benefits Expense | Deferrals | Net Change in AOCL | 2019 \n | | | (Dollars in millions) | | \nAccumulated other comprehensive loss: | | | | | \nPension plans: | | | | | \nNet actuarial (loss) gain | $(2,973) | 224 | (297) | (73) | (3,046)\nPrior service benefit (cost) | 46 | (8) | 9 | 1 | 47 \nDeferred income tax benefit (expense) | 754 | (53) | 69 | 16 | 770 \nTotal pension plans | (2,173) | 163 | (219) | (56) | (2,229)\nPost-retirement benefit plans: | | | | | \nNet actuarial (loss) gain | 7 | — | (182) | (182) | (175) \nPrior service (cost) benefit | (87) | 16 | — | 16 | (71) \nDeferred income tax benefit (expense) | 22 | (4) | 44 | 40 | 62 \nTotal post-retirement benefit plans | (58) | 12 | (138) | (126) | (184) \nTotal accumulated other comprehensive loss | $(2,231) | 175 | (357) | (182) | (2,413)\n\nAccumulated Loss-Recognition Deferrals\n table presents items not recognized December 31, 2018 2019 deferred 2019 not 2019. items not recorded balance sheets loss\n December\n 2018 Recognition Net Benefits Expense Deferrals Net Change AOCL 2019\n millions\n Accumulated loss\n Pension plans\n Net actuarial (loss gain $(2,973) 224 (297) (73) (3,046)\n Prior service benefit (cost 46\n Deferred income tax benefit (expense 754 (53)\n pension plans (2,173) 163 (219) (56),229\n Post-retirement benefit plans\n Net actuarial (loss) gain 7 (182)\n Prior service (cost benefit (87)\n Deferred income tax benefit (expense 22\n post-retirement benefit plans (58) 12 (138) (126) (184)\nloss,231) (357) (182) (2,413)" +} +{ + "_id": "d1a732a94", + "title": "", + "text": "Dividends are distributions of the Group’s profit after tax before significant items to its shareholders and represent one of the ways the Group distributes returns to its shareholders.\nAll dividends are fully franked at a 30% tax rate.\nOn 29 August 2019, the Board of Directors declared a final dividend in respect of the 2019 period of 57 cents per share, fully franked at a 30% tax rate. The amount will be paid on or around 30 September 2019 and is expected to be $717 million. As the dividend was declared subsequent to 30 June 2019, no provision had been made as at 30 June 2019.\nThe DRP remains active. Eligible shareholders may participate in the DRP in respect of all or part of their shareholding. There is currently no DRP discount applied and no limit on the number of shares that can participate in the DRP.\nShares will be allocated to shareholders under the DRP for the 2019 final dividend at an amount equal to the average of the daily volume weighted average market price of ordinary shares of the Company traded on the ASX over the period of 10 trading days commencing on 6 September 2019. The last date for receipt of election notices for the DRP is 5 September 2019. The Company may acquire shares on-market during this period to satisfy its obligations under the DRP.\nDuring the period, 13.4% (2018: 39.9%) of the dividends paid were reinvested in shares of the Company. The change in the reinvestment participation rate reflects the removal of the discount with effect from the 2018 final dividend paid on 12 October 2018. The DRP in respect of the 2019 interim dividend was satisfied in full through the on-market purchase and transfer of $73 million of shares to participating shareholders.\n\n | 2019 | | | | 2018 | \n----------------------------------------- | --------- | ------ | --------------- | --------- | ------ | --------------\n | CENTS PER | TOTAL | DATE OF | CENTS PER | TOTAL | DATE OF \n | SHARE | AMOUNT | PAYMENT | SHARE | AMOUNT | PAYMENT \n | | $M | | | $M | \nCurrent year interim | 45 | 593 | 5 April 2019 | 43 | 561 | 6 April 2018 \nPrior year final | 50 | 657 | 12 October 2018 | 50 | 647 | 6 October 2017\nPrior year special | 10 | 131 | 12 October 2018 | - | – | \nDividends paid during the period | 105 | 1,381 | | 93 | 1,208 | \nIssues of shares to satisfy the dividend | | | | | | \nreinvestment plan | | (114) | | | (482) | \nDividends received - shares held in trust | | - | | | (2) | \nDividends paid in cash | | 1,267 | | | 724 | \n\nDividends Group’s profit after tax to shareholders returns.\n All dividends franked 30% tax rate.\n 29 August 2019 Board of Directors declared final dividend 2019 57 cents per share franked 30% tax rate. paid 30 September 2019 expected $717 million. no provision 2019.\n DRP active. shareholders participate. no DRP discount no limit shares.\n Shares allocated to 2019 final dividend equal to daily volume market price of ordinary shares ASX 10 trading days 6 September 2019. last date election notices DRP 5 September 2019. Company may acquire shares on-market obligations DRP.\n 13. 4% (2018 39. 9%) dividends reinvested in shares. change reinvestment reflects removal discount 2018 final dividend 12 October 2018. DRP 2019 interim dividend satisfied through on-market purchase transfer $73 million shares to shareholders.\n 2018\n\n Current year interim 45 593 5 April 2019 43 561 6 April 2018\n year 50 657 12 October 2018 647 6 October 2017\n 131 12 October 2018\n Dividends 105 1,381 93 1,208\n shares dividend\n reinvestment plan (114)\n Dividends shares trust\n Dividends cash 1,267 724" +} +{ + "_id": "d1b32e28a", + "title": "", + "text": "Contractual Obligations\nFollowing is a summary of our contractual cash obligations as of February 28, 2019 (in thousands):\nPurchase obligations consist primarily of inventory purchase commitments.\n\n | | | Future Estimated Cash Payments Due by Period | | \n---------------------------------------- | --------- | -------- | -------------------------------------------- | --------- | --------\n | Less than | 1 - 3 | 3 - 5 | | \nContractual Obligations | 1 year | years | years | > 5 years | Total \nConvertible senior notes principal | $- | $122,527 | $- | $230,000 | $352,527\nConvertible senior notes stated interest | 6,591 | 10,196 | 9,200 | 6,900 | 32,887 \nOperating leases | 7,565 | 12,628 | 12,325 | 7,659 | 40,177 \nPurchase obligations | 39,390 | - | - | - | 39,390 \nTotal contractual obligations | $53,546 | $145,351 | $21,525 | $244,559 | $464,981\n\nContractual Obligations\n summary cash obligations February 28, 2019\n inventory commitments.\n Future Estimated Cash Payments\n 1 - 3\n Obligations 5 years\n Convertible senior notes principal $122,527 $230,000\n interest 6,591 10,196\n Operating leases 7,565 12,628,325 7,659 40,177\n Purchase obligations 39,390\n contractual obligations $53,546 $145,351 $21,525 $244,559 $464,981" +} +{ + "_id": "d1a73e6aa", + "title": "", + "text": "10. Other financial result\nThe other financial income and expenses from financial instruments are assigned to measurement categories according to IFRS 9 on the basis of the underlying transactions. Besides income and expenses from the measurement of financial instruments (except derivatives in hedging relationships in accordance with IAS 39), this also includes the measurement of foreign currency positions according to IAS 21.\nThe total comprehensive income from currency effects and measurement results from hedging transactions and hedging relationships totalled €17 million (2017/18: €−14 million). In addition, the other financial result reflects €−5 million (2017/18: €4 million) in currency effects resulting from the translation of the financial statements of foreign subsidiaries that are recognised through profit or loss in the year the subsidiary is deconsolidated or in the year business activities are discontinued. In addition, impairment losses on financial assets amounting to €2 million (2017/18: €0 million) were recognised in the reporting period.\n\n€ million | 2017/2018 | 2018/2019\n------------------------------------------------------------------------------------------------------------ | --------- | ---------\nOther financial income | 182 | 159 \nthereof currency effects | (126) | (112) \nthereof hedging transactions | (16) | (39) \nOther financial expenses | −184 | −158 \nthereof currency effects | (−152) | (−116) \nthereof hedging transactions | (−3) | (−18) \nOther financial result | −2 | 1 \nthereof from financial instruments of the measurement categories according to IFRS 9 (previous year: IAS39): | (−16) | (17) \nthereof cash flow hedges: | | \nineffectiveness | (7) | (−1) \n\n. financial result\n income expenses from instruments assigned categories IFRS 9. foreign currency positions IAS 21.\n income currency effects results hedging transactions €17 million (2017/18 €−14 million). reflects €−5 million (2017/18 €4 million currency effects translation financial statements foreign subsidiaries deconsolidated business activities discontinued. impairment losses on financial assets €2 million (2017/18 €0 million) recognised reporting period.\n million 2017/2018 2018/2019\n financial income 182 159\n currency effects\n hedging transactions\n financial expenses −184 −158\n currency effects (−152\n hedging transactions\n financial result −2\n financial instruments IFRS 9 (−16)\n cash flow hedges\n" +} +{ + "_id": "d1b34a89a", + "title": "", + "text": "Unaudited Pro Forma Financial Information\nThe unaudited pro forma financial information in the table below summarizes the combined results of operations for Oracle, Aconex and certain other companies that we acquired since the beginning of fiscal 2018 that were considered relevant for the purposes of unaudited pro forma financial information disclosure as if the companies were combined as of the beginning of fiscal 2018. The unaudited pro forma financial information for all periods presented included the business combination accounting effects resulting from these acquisitions, including amortization charges from acquired intangible assets (certain of which are preliminary), stock-based compensation charges for unvested restricted stock-based awards and stock options assumed, if any, and the related tax effects as though the aforementioned companies were combined as of the beginning of fiscal 2018. The unaudited pro forma financial information as presented below is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisitions had taken place at the beginning of fiscal 2018 or 2019.\nThe unaudited pro forma financial information for fiscal 2019 presented the historical results of Oracle for fiscal 2019 and certain other companies that we acquired since the beginning of fiscal 2019 based upon their respective previous reporting periods and the dates these companies were acquired by us, and the effects of the pro forma adjustments listed above.\nThe unaudited pro forma financial information for fiscal 2018 combined the historical results of Oracle for fiscal 201 8 and the historical results of Aconex for the twelve month period ended December 31, 2017 (adjusted due to differences in reporting periods and considering the date we acquired Aconex) and certain other companies that we acquired since the beginning of fiscal 201 8 based upon their respective previous reporting periods and the dates these companies were acquired by us, and the effects of the pro forma adjustments listed above. The unaudited pro forma financial information was as follows:\n\n | Year Ended May 31, | \n------------------------------------ | ------------------ | -------\n(in millions, except per share data) | 2019 | 2018 \nTotal revenues | $39,512 | $39,546\nNet income | $11,076 | $3,500 \nBasic earnings per share | $3.05 | $0.85 \nDiluted earnings per share | $2.97 | $0.83 \n\nUnaudited Pro Forma Financial Information\n summarizes combined results for Oracle Aconex other companies acquired since 2018 relevant for disclosure. information included business combination accounting effects acquisitions amortization charges from acquired intangible assets stock-based compensation charges for unvested restricted stock awards stock options tax effects. information for informational purposes not indicative of results acquisitions fiscal 2018 or 2019.\n information for fiscal 2019 presented historical results of Oracle other companies previous reporting periods dates effects of pro forma adjustments.\n information for fiscal 2018 combined historical results Oracle Aconex for ended December 31, 2017 (adjusted due to differences reporting periods date Aconex other companies acquired since effects pro forma adjustments. unaudited pro forma financial information\n Year Ended May 31, \n millions share data 2019 2018\n Total revenues $39,512 $39,546\n Net income $11,076 $3,500\n Basic earnings per share $3.. 85\n earnings share $2. 83" +} +{ + "_id": "d1b354372", + "title": "", + "text": "Concentrations\nThe Company may be subject to concentration of credit risk as a result of certain financial instruments consisting of accounts receivable and short term investments. The Company performs ongoing credit evaluations of its customers and generally does not require collateral in exchange for credit.\nThe following table sets forth major customers accounting for 10% or more of the Company’s net revenue:\n\n | Year Ended | | \n--------------------- | ------------- | ------------- | -------------\n | June 30,\n2019 | June 30,\n2018 | June 30, 2017\nTech Data Corporation | 18% | 14% | 16% \nJenne Corporation | 17% | 13% | 15% \nWestcon Group Inc. | 12% | 13% | 12% \n\n\n Company credit risk financial instruments receivable short term investments. performs credit evaluations require collateral.\n table customers 10% net revenue\n Year Ended\n June\n 2019\n 2018 2017\n Tech Data Corporation 18% 14% 16%\n Jenne Corporation 17% 13% 15%\n Westcon Group. 12%" +} +{ + "_id": "d1a71fa20", + "title": "", + "text": "9. DEBT AND OTHER FINANCING ARRANGEMENTS\n2021 Senior Convertible Notes\nIn 2017, the Company issued $300.0 million principal amount of 5.75% senior convertible notes (the “2021 Notes”) for a purchase price equal to 98% of the principal amount. The Company received net proceeds of $284.9 million, net of a discount of $6.0 million and issuance costs of $9.1 million. The debt discount is being accreted to interest expense over the term of the 2021 Notes using the interest method. The issuance costs were deferred and are being amortized to interest expense over the same term.\nThe 2021 Notes are governed by an Indenture, dated December 8, 2017 between the Company and US Bank National Association, as trustee (the “2017 Indenture”). The 2021 Notes mature on July 1, 2021, unless earlier repurchased or converted. Interest is payable semi-annually in arrears on January 1 and July 1, commencing January 1, 2018.\nThe 2021 Notes are convertible at an initial conversion rate of 23.8095 shares of the Company’s common stock per $1,000 principal amount of the 2021 Notes, which represents an initial conversion price of $42.00 per share, subject to adjustment for anti-dilutive issuances, voluntary increases in the conversion rate, and make-whole adjustments upon a fundamental change. A fundamental change includes a change in control, delisting of the Company’s common stock, and a liquidation of the Company. Upon conversion, the Company will deliver the applicable number of the Company’s common stock and cash in lieu of any fractional shares. Holders of the 2021 Notes may convert their 2021 Notes at any time prior to the close of business on the scheduled trading day immediately preceding the maturity date.\nThe holders of the 2021 Notes may require the Company to repurchase all or a portion of their 2021 Notes at a cash repurchase price equal to 100% of the principal amount of the 2021 Notes being repurchased, plus the remaining scheduled interest through and including the maturity date, upon a fundamental change and events of default, including non-payment of interest or principal and other obligations under the 2017 Indenture.\nThe net carrying amounts of the liability components of the 2021 Notes consist of the following (in thousands):\nThe effective interest rate of the liability component is 6.4% for the 2021 Notes.\n\n | December 31, 2019 | December 31, 2018\n---------------------------------------------------------- | ----------------- | -----------------\nPrincipal amount | $300,000 | $300,000 \nUnamortized debt discount | (2,691) | (4,348) \nNet carrying amount before unamortized debt issuance costs | 297,309 | 295,652 \nUnamortized debt issuance costs | (4,135) | (6,685) \nNet carrying value | $293,174 | $288,967 \n\n. DEBT FINANCING ARRANGEMENTS\n 2021 Convertible Notes\n 2017 Company issued $300. million. 75% convertible notes purchase 98%. proceeds $284. 9 million discount $6. million issuance costs $9. 1 million. debt discount accreted interest expense. issuance costs deferred amortized interest.\n Notes governed Indenture December 8, 2017 US Bank National Association. Notes mature July 1, 2021. Interest payable semi-annually January 1 July 1 January 1 2018.\n Notes convertible conversion rate 23. 8095 shares common stock $1,000 principal conversion price $42. 00 per share subject adjustment anti issuances increases conversion adjustments fundamental change. control delisting liquidation. common stock cash shares. Holders convert business maturity.\nholders 2021 Notes require repurchase 100% principal remaining scheduled interest maturity date fundamental change default non-payment interest obligations 2017 Indenture.\n net carrying amounts\n effective interest rate 6. 4%.\n December 2019 31, 2018\n Principal amount $300,000\n Unamortized debt discount (2,691) (4,348)\n Net carrying before costs 297,309 295,652\n (4,135) (6,685)\n Net carrying value $293,174 $288,967" +} +{ + "_id": "d1b389e46", + "title": "", + "text": "11. Reportable Segments, Geographic Information and Major Customers\nReportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company’s resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment’s performance is evaluated based upon its operating income (loss). A segment’s operating income (loss) includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses  fiscal 2019 and the $13.5 million one-time employee bonus paid to full-time, non-executive employees during fiscal 2018 due to the Company's ability to access overseas cash as a result of Tax Reform (the \"one-time employee bonus\"). These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm’s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole.\nInformation about the Company’s three reportable segments for fiscal 2019, 2018 and 2017 is as follows (in thousands):\n\n | 2019 | 2018 | 2017 \n--------------------- | ------- | ------- | -------\nDepreciation: | | | \nAMER | $22,531 | $21,224 | $19,694\nAPAC | 16,905 | 15,954 | 15,588 \nEMEA | 6,105 | 6,054 | 5,467 \nCorporate | 5,344 | 4,863 | 4,581 \n | 50,885 | 48,095 | 45,330 \nCapital expenditures: | | | \nAMER | $42,459 | $17,690 | $18,111\nAPAC | 33,454 | 33,018 | 13,816 \nEMEA | 5,186 | 7,923 | 5,748 \nCorporate | 9,501 | 4,149 | 863 \n | $90,600 | $62,780 | $38,538\n\n. Reportable Segments Geographic Information Major Customers\n segments components enterprise financial information evaluated by chief decision maker performance resources. Company uses internal management reporting system financial data performance resources. Net sales attributed to region product manufactured service performed. services manufacturing processes customers order fulfillment processes similar interchangeable. performance evaluated operating income (loss). net sales cost administrative expenses excludes corporate other expenses. 2019 $13. 5 million-time employee bonus overseas cash Tax Reform. not allocated to segments. Inter-segment transactions recorded arm’s length. accounting policies same Company.\n three reportable segments for 2019 2018 2017\n Depreciation\n AMER $22,531 $21,224 $19,694\n APAC 16,905 15,954,588\n EMEA 6,105 6,054 5,467\n Corporate 5,344 4,863\n 50,885 48,095,330\n Capital expenditures\n,459 $17,690\n APAC 33,454 13,816\n EMEA 5,186\n 4,149\n $90,600,780 $38,538" +} +{ + "_id": "d1b3193e4", + "title": "", + "text": "2. Earnings Per Share:\nBasic earnings per share are computed by dividing net earnings by the weighted average number of shares of common stock outstanding for the period. Diluted\nearnings per share are computed by dividing net earnings by the sum of (a) the weighted average number of shares of common stock outstanding during the period and\n(b) the dilutive effect of potential common stock equivalents during the period. Stock options and unvested service-based RSU awards make up the common stock\nequivalents and are computed using the treasury stock method.\nThe table below represents the basic and diluted earnings per share, calculated using the weighted average number of shares of common stock and potential\ncommon stock equivalents outstanding for the years ended March 31, 2017, 2018, and 2019:\n(1) Common stock equivalents not included in the computation of diluted earnings per share because the impact would have been anti-dilutive were 1,381 shares, 1,733\nshares, and 4,375 shares for the fiscal years ended March 31, 2017, 2018, and 2019, respectively.\n\n | | Fiscal Year Ended March 31, | \n--------------------------------------------------------------------- | -------- | --------------------------- | --------\n | 2017 | 2018 | 2019 \nNet income | $125,785 | $4,910 | $271,813\nComputation of Basic EPS: | | | \nWeighted Average Shares Outstanding used in Computing Basic EPS | 167,506 | 168,262 | 168,713 \nBasic earnings per share | $0.75 | $0.03 | $1.61 \nComputation of Diluted EPS: | | | \nWeighted Average Shares Outstanding used in Computing Basic EPS | 167,506 | 168,262 | 168,713 \nEffect of stock options | 311 | 663 | 609 \nWeighted Average Shares Outstanding used in Computing Diluted EPS (1) | 167,837 | 168,925 | 169,322 \nDiluted earnings per share | $0.75 | $0.03 | $1.61 \n\n. Earnings Per Share\n Basic earnings computed net earnings weighted average shares common stock. Diluted\n earnings computed dividing net earnings weighted average shares\n dilutive effect potential common stock equivalents. Stock options unvested RSU awards common\n equivalents computed treasury stock method.\n table represents basic diluted earnings share calculated weighted average\n equivalents March 31, 2017 2018 2019\n Common stock equivalents not included anti-dilutive 1,381 1,733\n 4,375 shares years 2017 2018 2019.\n March\n 2018 2019\n Net income $125,785 $4,910 $271,813\n Basic EPS\n Weighted Average Shares 167,506 168,262 168,713\n earnings.\n Diluted EPS\n Weighted Average Shares 167,506 168,262 168,713\n stock options\n 167,837 168,925 169,322\n earnings share." +} +{ + "_id": "d1b3c842a", + "title": "", + "text": "Indefinite-lived Intangible Assets\nThe carrying amount of indefinite-lived intangible assets were as follows (in millions):\nThe Broadcasting segment strategically acquires assets across the United States, which results in the recording of FCC licenses. Providing the Company acts within the requirements and constraints of the regulatory authorities, the renewal and extension of these licenses is reasonably certain at minimal costs. Accordingly, we have concluded that the acquired FCC licenses are indefinite-lived intangible assets.\nIn 2019, FCC licenses increased $15.6 million, $18.2 million of which was through acquisitions, offset by $2.3 million of impairments and $0.3 million loss on the sale of licenses. Our Broadcasting segment recorded the impairment as a result of its decision to forfeit FCC licenses in certain lower-ranked markets, and does not expect any significant changes to future cash flows as a result of these forfeitures. The Company reports intangible impairment charges within the Asset impairment expense line of our Consolidated Statements of Operations.\n\n | December 31, | \n-------------- | ------------ | -------\n | 2019 | 2018 \nFCC licenses | $ 136.2 | $ 120.6\nState licenses | 2.5 | 2.5 \nTotal | $ 138.7 | $ 123.1\n\nIndefinite-lived Intangible Assets\n Broadcasting segment acquires assets FCC licenses. renewal extension minimal costs. acquired FCC licenses indefinite-lived.\n 2019 FCC licenses increased $15. 6 million $18. 2 million offset $2. 3 million impairments $0. 3 million loss sale. Broadcasting segment recorded impairment FCC licenses changes future cash flows. reports impairment charges Asset impairment expense Consolidated Statements Operations.\n 2018\n FCC licenses $ 136. 2 $ 120. 6\n State licenses.\n $ 138. $ 123." +} +{ + "_id": "d1b32ddbc", + "title": "", + "text": "Contract Balances\nA contract asset will be recorded if we have recognized revenue but do not have an unconditional right to the related consideration from the customer. For example, this will be the case if implementation services offered in a cloud arrangement are identified as a separate performance obligation and are provided to a customer prior to us being able to bill the customer. In addition, a contract asset may arise in relation to subscription licenses if the license revenue that is recognized upfront exceeds the amount that we are able to invoice the customer at that time. Contract assets are reclassified to accounts receivable when the rights become unconditional.\nThe balance for our contract assets and contract liabilities (i.e. deferred revenues) for the periods indicated below were as follows:\nThe difference in the opening and closing balances of our contract assets and deferred revenues primarily results from the timing difference between our performance and the customer’s payments. We fulfill our obligations under a contract with a customer by transferring products and services in exchange for consideration from the customer. During the year ended June 30, 2019, we reclassified $19.2 million of contract assets to receivables as a result of the right to the transaction consideration becoming unconditional. During the year ended June 30, 2019, there was no significant impairment loss recognized related to contract assets.\nWe recognize deferred revenue when we have received consideration or an amount of consideration is due from the customer for future obligations to transfer products or services. Our deferred revenues primarily relate to customer support agreements which have been paid for by customers prior to the performance of those services. The amount of revenue that was recognized during the year ended June 30, 2019 that was included in the deferred revenue balances at July 1, 2018 was approximately $617 million.\n\n | As of June 30, 2019 | As of July 1, 2018\n--------------------------- | ------------------- | ------------------\nShort-term contract assets | $20,956 | $5,474 \nLong-term contract assets | $15,386 | $12,382 \nShort-term deferred revenue | $641,656 | $618,197 \nLong-term deferred revenue | $46,974 | $64,743 \n\nContract Balances\n asset recorded if recognized revenue unconditional right to consideration customer. services cloud arrangement separate provided prior. contract asset subscription licenses if revenue exceeds. assets reclassified to receivable when rights unconditional.\n balance contract assets liabilities. deferred revenues\n difference in opening closing balances revenues from timing difference performance payments. fulfill obligations transferring products services for consideration. June 30 2019 reclassified $19. 2 million assets to receivables right unconditional. no significant impairment loss.\n deferred revenue consideration for future obligations. revenues relate to customer support agreements paid. revenue June 2019 deferred revenue balances at July 1, 2018 approximately $617 million.\n June 30, 2019 July 1, 2018\n Short-term contract assets $20,956 $5,474\n Long-term $15,386 $12,382\n Short-term deferred revenue $641,656 $618,197\n Long-term deferred $46,974 $64,743" +} +{ + "_id": "d1b3add00", + "title": "", + "text": "Overview of the Markets We Serve\nThe U.S. mortgage loan servicing market is comprised of first and second lien mortgage loans. Even through housing downturns, the mortgage loan servicing market generally remains stable, as the total number of first lien mortgage loans outstanding tends to stay relatively constant. The number of second lien mortgage loans outstanding can vary based on a number of factors including loan-to-value ratios, interest rates and lenders' desire to own such loans.\nWhile delinquent mortgage loans typically represent a small portion of the overall mortgage loan servicing market, the mortgage loan default process is long and complex and involves multiple parties, a significant exchange of data and documentation and extensive regulatory requirements. Providers in the default process must be able to meet strict regulatory guidelines, which we believe are best met through the use of proven technology.\nThe U.S. mortgage loan origination market consists of both purchase and refinance mortgage loan originations. The mortgage loan origination process is complex and involves multiple parties, significant data exchange and significant regulatory oversight, which requires a comprehensive, scalable solution developed by a company with substantial industry experience. According to the Mortgage Bankers Association (\"MBA\"), the U.S. mortgage loan origination market for purchase and refinance mortgage loan originations is estimated as follows (in billions):\nNote: Amounts may not recalculate due to rounding.\n(1) The 2019, 2018 and 2017 U.S. mortgage loan origination market for purchase and refinance originations is estimated by the MBA Mortgage Finance Forecast as of February 18, 2020, February 11, 2019 and October 16, 2018, respectively.\n\n | 2019 | 2018 | 2017 \n------------------------------ | -------- | -------- | --------\nMortgage loan originations(1): | | | \nPurchase | $1,272.0 | $1,185.0 | $1,143.0\nRefinance | 796.0 | 458.0 | 616.0 \nTotal | $2,068.0 | $1,643.0 | $1,760.0\n\nOverview Markets\n U. S. mortgage loan market first second lien loans. housing downturns stable first lien loans constant. second lien loans loan-to ratios interest rates lenders desire.\n delinquent loans small portion default process long complex multiple parties exchange data regulatory requirements. Providers default meet strict regulatory guidelines proven technology.\n U. S. mortgage loan origination market purchase refinance. complex multiple parties data exchange regulatory oversight requires comprehensive scalable solution industry experience. Mortgage Bankers Association. market estimated billions):\n Amounts not recalculate rounding.\n 2019 2018 2017. market estimated MBA Mortgage Finance Forecast February 18, 2020 February 11, 2019 October 16, 2018.\n Mortgage loan\n Purchase $1,272. $1,185. $1,143.\n Refinance 796. 616.\n Total $2,068. $1,643. $1,760." +} +{ + "_id": "d1b38a04e", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 18 — Income Taxes\nSignificant components of our deferred tax assets and liabilities are as follows:\n\n | As of December 31, | \n-------------------------------------- | ------------------ | -------\n | 2019 | 2018 \nPost-retirement benefits | $1,100 | $1,061 \nInventory reserves | 708 | 1,236 \nLoss carry-forwards | 4,724 | 4,647 \nCredit carry-forwards | 15,964 | 16,909 \nAccrued expenses | 4,932 | 5,685 \nResearch expenditures | 17,953 | 16,847 \nOperating lease liabilities | 6,211 | — \nStock compensation | 2,232 | 2,142 \nForeign exchange loss | 1,986 | 2,245 \nOther | 230 | 207 \nGross deferred tax assets | 56,040 | 50,979 \nDepreciation and amortization | 12,453 | 11,500 \nPensions | 13,552 | 11,736 \nOperating lease assets | 5,963 | — \nSubsidiaries' unremitted earnings | 1,903 | 1,258 \nGross deferred tax liabilities | 33,871 | 24,494 \nNet deferred tax assets | 22,169 | 26,485 \nDeferred tax asset valuation allowance | (8,011) | (8,274)\nTotal net deferred tax assets | $14,158 | $18,211\n\nFINANCIAL STATEMENTS\n Income\n deferred tax assets liabilities\n December\n Post-retirement benefits $1,100,061\n Inventory reserves\n Loss-forwards\n Credit-forwards 15,964\n Accrued expenses\n Research expenditures 17,953\n lease liabilities 6,211\n Stock compensation 2,232\n Foreign exchange loss 1,986\n deferred tax assets 56,040 50,979\n Depreciation amortization,453\n Pensions 13,552\n unremitted earnings 1,903\n deferred tax liabilities 33,871 24\n deferred tax assets 22,169\n allowance\n deferred tax assets $14,158 $18,211" +} +{ + "_id": "d1b35575e", + "title": "", + "text": "Deferred tax (liabilities) assets are comprised of the following at:\nThe Company has Federal tax credit carryforwards of $5.4 million that expire in various tax years from 2028 to 2038. The Company has a Federal operating loss carryforward of $24.5 million expiring from 2029 through 2037 and a Federal operating loss carryforward of $17.9 million with an unlimited carryforward period. The Company also has state tax credit carryforwards of $0.3 million and state operating loss carryforwards of $43.3 million, which vary by jurisdiction and expire in various tax years through 2039.\nIn assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.\nAs a result of this analysis and based on the current year’s taxable income, and utilization of certain carryforwards management determined an increase in the valuation allowance in the current year to be appropriate.\nIn calculating the valuation allowance, the Company was not permitted to use its existing deferred tax liabilities related to its indefinite-lived intangible assets (i.e. “naked credit deferred tax liabilities”) as a source of taxable income to support the realization of its existing finite-lived deferred tax assets.\nDue to the Tax Act, U.S. net operating losses (\"NOLs\") arising in tax years ending after December 31, 2017 will no longer be subject to the limited 20-year carryforward period. Under the new law, these NOLs carry forward indefinitely, resulting in the creation of indefinite-lived deferred tax assets. Consequently, as the Company schedules its deferred taxes and considers the ability to realize its deferred tax assets in future periods, it needs to consider how existing deferred tax assets, other than historical NOLs, will reverse.\nIf the reversal is expected to generate an indefinite carryforward NOL under the new law, this may impact the valuation allowance assessment. The indefinite carryforward period for NOLs also means that its deferred tax liabilities related to indefinite-lived intangibles, commonly referred to as “naked credits,” can be considered as support for realization. The adjustment for the 2019 “naked credit” resulted in a $0.01 million deferred tax liability.\nIn 2019, it was determined that the foreign tax credit carryforward of the Company would not be realizable. The reduction of the foreign tax credit carryforward resulted in a decrease in the valuation allowance for those credits. Therefore, there is no net income tax provision in 2019 related to the reduction in the foreign tax credit carryforward. A valuation allowance is required to the extent it is more likely than not that the future benefit associated with certain Federal and state tax loss carryforwards will not be realized.\nThe current year income tax provision includes a reduction of the Company’s valuation allowance due to the establishment of a deferred tax liability in connection with the issuance of convertible debt. The establishment of that deferred tax liability created “future taxable income” for the utilization of existing deferred tax assets of the Company, resulting in the $4 million reduction of the Company’s valuation allowance.\nThe Company records the benefits relating to uncertain tax positions only when it is more likely than not (likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities. Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement.\nAt December 31, 2019, the Company’s reserve for uncertain tax positions is not material and we believe we have adequately provided for its tax-related liabilities. The Company is no longer subject to United States federal income tax examinations for years before 2014.\n\n | December 31, | \n--------------------------------------------- | -------------- | --------\n | (in thousands) | \n | 2019 | 2018 \nDeferred tax (liabilities) assets: | | \nSubordinated debt | $(3,659) | $— \nIndefinite lived intangibles | (64) | — \nRight of use assets | (756) | — \nSoftware development costs | (1,219) | (1,954) \nAcquired intangible assets | (446) | (676) \nDepreciation on property, plant and equipment | (352) | — \nGross deferred tax liabilities | (6,496) | (2,630) \nAllowances for bad debts and inventory | 3,013 | 2,785 \nCapitalized inventory costs | 141 | 116 \nIntangible assets | 117 | 420 \nEmployee benefit accruals | 2,427 | 1,742 \nInterest Limitation | 1,248 | — \nLease liabilities | 772 | — \nFederal net operating loss carryforward | 8,563 | 6,512 \nState net operating loss carryforward | 2,317 | 2,112 \nTax credit carryforwards | 5,777 | 6,176 \nDepreciation on property, plant and equipment | — | 373 \nOther | 912 | 722 \nGross deferred tax assets | 25,287 | 20,958 \nLess valuation allowance | (18,855) | (18,328)\nNet deferred tax liabilities | $(64) | $— \n\nDeferred tax assets\n Company has Federal tax credit carryforwards $5. 4 million expire 2028 to 2038. Federal operating loss carryforward $24. 5 million expiring 2029 through 2037 Federal operating loss carryforward $17. 9 million unlimited carryforward period. state tax credit carryforwards $0. 3 million state operating loss carryforwards $43. 3 million vary jurisdiction expire through 2039.\n tax assets management considers. realization future taxable income. considers reversal projected future taxable income tax planning strategies.\n determined increase valuation allowance.\n not permitted use existing deferred tax liabilities indefinite-lived assets. taxable income.\n Tax Act. net operating losses after December 31, 2017 subject limited 20-year carryforward period. NOLs carry forward indefinitely indefinite-lived deferred tax assets.Company schedules deferred taxes considers assets.\n reversal indefinite carryforward NOL new law impact valuation allowance assessment. indefinite carryforward period for NOLs deferred tax liabilities indefinite-lived intangibles “naked credits support for realization. adjustment 2019 “naked credit” $0. 01 million deferred tax liability.\n 2019 foreign tax credit carryforward realizable. reduction valuation allowance. no net income tax provision 2019 reduction. valuation allowance required future benefit tax loss carryforwards realized.\n current year income tax provision includes reduction valuation allowance due to deferred tax liability issuance convertible debt. created “future taxable income” for deferred tax assets $4 million reduction valuation allowance.\n Company records benefits uncertain tax positions more likely sustained. positions measured largest tax benefit greater than 50% likely upon settlement.\nDecember 31, 2019 reserve tax positions tax liabilities. subject income tax examinations 2014.\n Deferred tax assets\n Subordinated debt,659\n Indefinite intangibles\n Right use assets\n Software development costs\n Acquired intangible assets\n Depreciation property plant equipment\n Gross deferred tax liabilities (6,496)\n Allowances bad debts inventory\n Capitalized inventory costs\n Intangible assets\n Employee benefit accruals 2,427\n Interest Limitation\n Lease liabilities\n Federal net operating loss\n State loss\n Tax credit carryforwards\n Depreciation property plant equipment\n Gross deferred tax assets 25,287\n Less valuation allowance (18,855\n Net deferred tax liabilities" +} +{ + "_id": "d1b3489dc", + "title": "", + "text": "Sales and Marketing\nSales and marketing expenses increased $3.1 million, or 1%, in 2019 as compared to 2018. As a percentage of revenue, sales and marketing expense decreased by approximately two percentage points, resulting from the 2018 Reallocation, increased cost efficiency, and leverage realized from changes to our sales commission plans as we continued our efforts to strategically scale our sales teams and improve their productivity.\nSales and marketing expenses decreased $15.6 million, or 7%, in 2018 as compared to 2017. As a percentage of revenue, sales and marketing expense decreased by approximately eight percentage points, primarily resulting from a combination of increased cost efficiency, reduction in headcount as part of our restructuring activities, and leverage realized from changes to our sales commission plans as we continued our efforts to strategically scale our sales teams and improve their productivity.\n\n | | Year Ended December 31, | \n------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \n | | (dollars in thousands) | \nSales and marketing | $227,733 | $224,635 | $240,271\nPercent of revenue | 39.5% | 41.8% | 49.9% \n\nSales Marketing\n expenses increased $3. 1 million 1% 2019 2018. decreased two points 2018 Reallocation cost efficiency leverage sales commission plans.\n expenses decreased $15. 6 million 7% 2018 2017. decreased eight percentage points increased cost efficiency reduction headcount restructuring leverage commission plans.\n Year Ended December 31,\n 2019 2018 2017\n (dollars thousands\n Sales marketing $227,733 $224,635 $240,271\n Percent revenue 39. 5% 41. 8% 49. 9%" +} +{ + "_id": "d1b32a07c", + "title": "", + "text": "1 Interest on borrowings includes interest on short-term borrowings and on long-term debt.\nFOREIGN EXCHANGE AND CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS We recognized $79 million in net foreign exchange gains in 2019 (2018 – $136 million in net losses). These gains and losses were primarily attributed to our US dollar-denominated commercial paper (US CP) program borrowings (see note 17).\nThese foreign exchange gains (2018 – losses) were partially offset by the $80 million loss related to the change in fair value of derivatives (2018 – $95 million gain) that was primarily attributed to the debt derivatives, which were not designated as hedges for accounting purposes, we used to substantially offset the foreign exchange risk related to these US dollar-denominated borrowings.\nDuring the year ended December 31, 2018, after determining we would not be able to exercise our outstanding bond forward derivatives (bond forwards) within the designated time frame, we discontinued hedge accounting and reclassified a $21 million loss from the hedging reserve within shareholders’ equity to “change in fair value of derivative instruments” within finance costs.\nWe subsequently extended the bond forwards and redesignated them as effective hedges. During the year ended December 31, 2019, we exercised these bond forwards. See note 17 for more information on our bond forwards.\nNOTE 11: FINANCE COSTS\n\n | Years ended December 31 | Years ended December 31 | Years ended December 31\n-------------------------------------------------- | ----------------------- | ----------------------- | -----------------------\n(In millions of dollars) | Note | 2019 | 2018 \nInterest on borrowings 1 | | 746 | 709 \nInterest on post-employment benefits liability | 23 | 11 | 14 \nLoss on repayment of long-term debt | 21 | 19 | 28 \n(Gain) loss on foreign exchange | | (79) | 136 \nChange in fair value of derivative instruments | | 80 | (95) \nCapitalized interest | | (19) | (20) \nOther | | 21 | 21 \nFinance costs before interest on lease liabilities | | 779 | 793 \nInterest expense on lease liabilities | 8 | 61 | - \nTotal finance costs | | 840 | 793 \n\nInterest on borrowings includes short long-term debt.\n FOREIGN EXCHANGE CHANGE FAIR VALUE DERIVATIVE INSTRUMENTS recognized $79 million foreign exchange gains 2019 (2018 – $136 million losses. gains US dollar commercial paper) program borrowings.\n offset by $80 million loss change fair value derivatives $95 million gain debt derivatives foreign exchange risk.\n December 31, 2018 discontinued hedge accounting reclassified $21 million loss hedging reserve to “change fair value derivative finance costs.\n extended bond forwards redesignated effective hedges. December 31, 2019 exercised bond forwards. note 17 information.\n 11 FINANCE COSTS\n Years ended December 31\n millions\n Interest on borrowings\n Interest post-employment benefits liability\n Loss on repayment long-term debt\n foreign exchange\n Change fair value derivative instruments\n Capitalized interest\n\n Finance costs interest 779 793\n Interest expense lease 61\n finance costs 840 793" +} +{ + "_id": "d1b3c6152", + "title": "", + "text": "Note: 1 Primarily comprises foreign exchange differences reflected in the income statement in relation to sterling and US dollar balances.\nNet financing costs increased by €1.3 billion, primarily driven by mark-to-market losses (including hedges of the mandatory convertible bond) and adverse foreign exchange rate movements. Net financing costs before interest on settlement of tax issues includes increased interest costs as part of the financing for the Liberty Global transaction as well as adverse interest rate movements on borrowings in foreign operations. Excluding these, underlying financing costs remained stable, reflecting consistent average net debt balances and weighted average borrowing costs for both periods.\n\nNet financing costs | | \n--------------------------------------------------------------- | ------- | -------\n | 2019 | 2018 \n | €m | €m \nInvestment income | 433 | 685 \nFinancing costs | (2,088) | (1,074)\nNet financing costs | (1,655) | (389) \nAnalysed as: | | \nNet financing costs before interest on settlement of tax issues | (1,043) | (749) \nInterest income arising on settlement of outstanding tax issues | 1 | 11 \n | (1,042) | (738) \nMark to market (losses)/gains | (423) | 27 \nForeign exchange (losses)/gains1 | (190) | 322 \nNet financing costs | (1,655) | (389) \n\nforeign exchange differences sterling US dollar.\n financing costs increased €1. 3 billion mark-to-market losses adverse foreign exchange rate movements. costs before interest increased Liberty Global adverse interest rate foreign operations. underlying financing costs stable debt balances borrowing costs.\n financing costs\n Investment income 433\n Financing costs (2,088) (1,074)\n (1,655) (389)\n costs before interest settlement tax issues (1,043)\n Interest income settlement tax issues\n Mark market\n Foreign exchange (losses\n financing costs (1,655) (389)" +} +{ + "_id": "d1b2e9e46", + "title": "", + "text": "Fourth quarter gross profit was $1,081 million and gross margin was 39.3%. On a sequential basis, gross margin increased 140 basis points, mainly driven by improved product mix and better manufacturing efficiencies.\nGross margin decreased 70 basis points year-over-year, mainly impacted by price pressure and unsaturation charges, partially offset by improved manufacturing efficiencies, better product mix and favorable currency effects, net of hedging.\n\n | | Three Months Ended | | Variation | \n-------------------------------------------- | ----------------- | ------------------------ | ----------------- | ---------- | --------------\n | December 31, 2019 | September 29, 2018 | December 31, 2018 | Sequential | Year-Over-Year\n | | (Unaudited, in millions) | | | \nGross profit | $ 1,081 | $ 967 | $ 1,059 | 11.8% | 2.0% \nGross margin (as percentage of net revenues) | 39.3% | 37.9% | 40.0% | +140 bps | -70 bps \n\nFourth quarter profit $1,081 million margin 39. 3%. margin increased 140 points improved product mix manufacturing efficiencies.\n margin decreased 70 year-over-year impacted price pressure unsaturation charges offset improved manufacturing efficiencies currency effects hedging.\n Three Months\n December 31, Year-Over-Year\n profit $ 1,081 11. 8% 2. 0%\n margin revenues 39. 3% 37. 9% 40. 0%" +} +{ + "_id": "d1b38eae0", + "title": "", + "text": "* As adjusted to reflect the impact of the full retrospective adoption of IFRS 15. See Note 2 for further details.\nThe U.S. Tax Cuts and Jobs Act (the “Tax Act”) enacted on December 22, 2017 introduces a number of changes to U.S. income tax law. Among other changes, the Tax Act (i) reduces the U.S. federal corporate tax rate from 35% to 21%, (ii) enacts limitations regarding the deductibility of interest expense, (iii) modifies the provisions relating to the limitations on deductions for executive compensation of publicly traded corporations, (iv) imposes new limitations on the utilization of net operating loss arising in taxable years beginning after December 31, 2017, (v) repeals the corporate alternative minimum tax and provides for a refund of existing alternative minimum tax credits, and (vi) creates new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion tax, respectively.\nAs a result of the new U.S. federal statutory corporate tax rate of 21% contained within the Tax Act, the Group recorded non-cash charges of $16.9 million to tax expense and $16.9 million to equity to revalue the Group’s U.S. net deferred tax assets during fiscal year 2018.\nIn June 2019 and December 2017, as a result of the Group’s assessment of the realizability of its Australian and U.S. deferred tax assets, the Group recorded non-cash charges to tax expense of $54.7 million and $30.4 million, respectively, and $25.8 million to equity in December 2017 to reduce the carrying value of these assets. The assessment of the realizability of the Australian and U.S. deferred tax assets is based on all available positive and negative evidence. Such evidence includes, but is not limited to, recent cumulative earnings or losses, expectations of future taxable income by taxing jurisdiction, and the carry-forward periods available for the utilization of deferred tax assets. The Group will continue to assess and record any necessary changes to align its deferred tax assets to their realizable value.\nIn December 2017, the Group made changes to its corporate structure to include certain foreign subsidiaries in its U.S. consolidated tax group that resulted in the creation of certain deferred tax assets and liabilities, including a non-recognized deferred tax asset of $2.1 billion related to the fair market value of its intellectual property. The assets are included in the Group’s quarterly assessment and are only recognized to the extent they are determined to be realizable.\nThe impact on the net deferred tax asset from business combinations of $19.1 million in fiscal year 2019 represents the net deferred tax assets and liabilities recognized as a result of the acquisition of OpsGenie. The Group acquired net operating loss carryforward deferred tax assets of approximately $1.8 million from OpsGenie. The Group also recognized deferred tax liabilities of approximately $19.6 million primarily related to acquired intangibles from OpsGenie, the amortization of which will not be deductible from future taxable profits.\n\n | 2019 | 2018 \n------------------------------------------- | --------------------- | ------------\n | (U.S. $ in thousands) | \n | | *As Adjusted\nReconciliation of deferred tax assets, net | | \nBalance at the beginning of | $47,060 | $140,532 \nDeferred tax expense for the year | (15,916) | (53,297) \nDebited to equity | (8,884) | (40,092) \nAdjustment in respect of income tax payable | — | (83) \nImpact from business combinations | (19,092) | — \nCurrency revaluation impact | 44 | — \nBalance at the ending of | $3,212 | $47,060 \n\nadjusted impact IFRS 15. Note 2.\n U. S. Tax Cuts Jobs Act December 22, 2017 changes. income tax law. reduces. federal corporate tax rate 35% to 21% enacts deductibility interest expense modifies executive compensation limitations net operating loss December 31, 2017 repeals corporate alternative minimum tax refund tax credits creates new taxes foreign-sourced earnings related-party payments global intangible low-taxed income tax base erosion tax.\n. corporate tax rate 21% Group recorded non-cash charges $16. 9 million tax expense $16. 9 million equity. deferred tax assets 2018.\n June 2019 December 2017. tax recorded non-cash charges tax expense $54. 7 million $30. 4 million $25. 8 million equity 2017 carrying value. assessment. based evidence. recent earnings losses future taxable income carry-forward periods deferred tax.Group changes deferred tax assets realizable value.\n December 2017 foreign subsidiaries. consolidated tax group deferred tax assets liabilities non-recognized deferred tax asset $2. 1 billion intellectual property. assets quarterly assessment recognized realizable.\n impact net deferred tax asset business combinations $19. 1 million 2019 acquisition OpsGenie. acquired deferred tax assets $1. 8 million OpsGenie. recognized deferred tax liabilities $19. 6 million intangibles OpsGenie amortization not deductible future taxable profits.\n.\n Reconciliation deferred tax assets\n Balance $47,060 $140,532\n Deferred tax expense (15,916)\n Debited equity\n income tax\n Impact business combinations (19,092)\n Currency revaluation impact\n Balance $3,212 $47,060" +} +{ + "_id": "d1b371b5c", + "title": "", + "text": "Foreign Currency Analysis\nWe generate a significant amount of our revenue in the United States, Germany, Japan, the United Kingdom and Canada\nThe following table shows the impact of foreign exchange rate changes on our net revenue and total spend:\n(1) Please refer to the Glossary of Terms for the definitions of our constant currency growth rates.\nChanges in the value of the U.S. dollar may have a significant effect on net revenue, total spend, and income (loss) from operations in future periods. We use foreign currency contracts to reduce the exchange rate effect on a portion of the net revenue of certain anticipated transactions but do not attempt to completely mitigate the impact of fluctuations of such foreign currency against the U.S. dollar.\n\n | Fiscal Year Ended January 31, 2019 | | \n----------- | ---------------------------------------------------------- | ------------------------------------------------------------------ | -------------------------------------------------------------------\n | Percent change compared to prior fiscal year (as reported) | Constant currency percent change compared to prior fiscal year (1) | Positive/negative/neutral impact from foreign exchange rate changes\nRevenue | 25% | 24% | Positive \nTotal spend | 1% | 1% | Neutral \n\nForeign Currency Analysis\n generate revenue United States Germany Japan Kingdom Canada\n table impact foreign exchange rate changes net revenue spend\n Glossary Terms constant currency growth rates.\n Changes. dollar revenue total spend income. foreign currency contracts reduce exchange rate effect mitigate impact fluctuations.\n Fiscal Year Ended January 31, 2019\n Percent change fiscal year Constant currency percent change Positive impact foreign exchange rate changes\n Revenue 25% 24% Positive\n Total spend 1% Neutral" +} +{ + "_id": "d1b308d82", + "title": "", + "text": "Contractual Obligations\nThe following table presents the payments due by fiscal year for our outstanding contractual obligations as of December 31, 2019 (in thousands):\n(1) Includes estimated cash interest to be paid over the remaining terms of the underlying debt. Interest payments are based on fixed and floating rates as of December 31, 2019.\n(2) Purchase obligations represent agreements to purchase goods or services, including open purchase orders and contracts with fixed volume commitments, that are noncancelable or cancelable with a significant penalty. Purchase obligations for our long-term supply agreements for the purchase of substrate glass and cover glass represent specified termination penalties, which are up to $430 million in the aggregate under the agreements. Our actual purchases under these supply agreements are expected to be approximately $2.4 billion of substrate glass and $500 million of cover glass.\n(3) In connection with business or project acquisitions, we may agree to pay additional amounts to the selling parties upon achievement of certain milestones. See Note 14. “Commitments and Contingencies” to our consolidated financial statements for further information.\n(4) Transition tax obligations represent estimated payments for U.S. federal taxes associated with accumulated earnings and profits of our foreign corporate subsidiaries. See Note 18. “Income Taxes” to our consolidated financial statements for further information.\n(5) Includes expected letter of credit fees and unused revolver fees.\nWe have excluded $72.2 million of unrecognized tax benefits from the amounts presented above as the timing of such obligations is uncertain.\n\n | | | Payments Due by Year | | \n-------------------------------- | ---------- | --------- | -------------------- | -------- | ---------\n | | Less Than | 1 - 3 | 3 - 5 | More Than\n | Total | 1 Year | Years | Years | 5 Years \nLong-term debt obligations | $482,892 | $17,684 | $98,571 | $37,496 | $329,141 \nInterest payments (1) . | 168,040 | 17,276 | 29,533 | 27,409 | 93,822 \nOperating lease obligations | 162,913 | 15,153 | 28,771 | 26,708 | 92,281 \nPurchase obligations (2) . | 1,424,267 | 900,200 | 221,888 | 187,277 | 114,902 \nRecycling obligations . | 137,761 | — | — | — | 137,761 \nContingent consideration (3) . | 6,895 | 2,395 | 4,500 | — | — \nTransition tax obligations (4) . | 76,667 | 6,620 | 14,747 | 32,259 | 23,041 \nOther obligations (5) . | 10,527 | 2,933 | 5,164 | 2,430 | — \nTotal . | $2,469,962 | $962,261 | $403,174 | $313,579 | $790,948 \n\nContractual Obligations\n table presents payments due fiscal year obligations December 31, 2019\n Includes estimated cash interest remaining terms debt. based fixed floating rates.\n Purchase obligations agreements goods services noncancelable significant penalty. long-term supply agreements substrate cover glass termination penalties up to $430 million. purchases approximately $2. 4 billion substrate glass $500 million cover glass.\n pay additional amounts selling parties milestones. Note 14.\n Transition tax obligations payments. federal taxes earnings profits foreign subsidiaries. Note 18.\n Includes letter credit fees unused revolver fees.\n excluded $72. 2 million unrecognized tax benefits timing uncertain.\n Payments Due Year\n 1 - 3 - 5\n 5 Years\n Long-term debt obligations $482,892 $17,684 $98,571 $37,496 $329,141\n Interest payments.168,040 29,533 27,409 93,822\n lease 162 26,708 92,281\n Purchase. 1,424,267,200 221,888 187,277\n Recycling.\n.,895 4,500\n Transition tax. 76,667 14,747 32,259 23,041\n. 10,527 2,933 5,164 2,430\n. $2,469,962 $962,261 $403,174 $313,579 $790,948" +} +{ + "_id": "d1b3c1bb6", + "title": "", + "text": "Additional Information\nThe following table presents sales information by geographic area for the years ended December 31, 2019, 2018 and 2017:\nCustomers comprising more than 10% of revenue can change from year to year. Single customers comprising more than 10% of our revenue in 2019 included three customers at 19%, 17% and 13%. Single customers comprising more than 10% of our revenue in 2018 included two customers at 27% and 17%. Single customers comprising more than 10% of our revenue in 2017 included two customers at 40% and 16%. Other than those with more than 10% of revenues disclosed above, and excluding distributors, our next five largest customers can change, and has historically changed, from year-to-year. These combined customers represented 15%, 18% and 15% of total revenue in 2019, 2018 and 2017, respectively.\nAs of December 31, 2019, property, plant and equipment, net totaled $73.7 million, which included $69.9 million held in the U.S. and $3.9 million held outside the U.S. As of December 31, 2018, property, plant and equipment, net totaled $80.6 million, which included $77.3 million held in the U.S. and $3.3 million held outside the U.S. Property, plant and equipment, net is reported on a company-wide, functional basis only.\n\n(In thousands) | 2019 | 2018 | 2017 \n------------------- | -------- | -------- | --------\nUnited States | $300,853 | $288,843 | $508,178\nMexico | 90,795 | 12,186 | 2,246 \nGermany | 78,062 | 167,251 | 119,502 \nOther international | 60,351 | 60,997 | 36,974 \nTotal | $530,061 | $529,277 | $666,900\n\n\n table presents sales by geographic area 2019 2018\n Customers 10% revenue change. 2019 included 19% 17% 13%. 2018 27% 17%. 2017 40% 16%. five largest customers change-to-year. represented 15% 18% 15% revenue 2019 2018 2017.\n December 31, 2019 property equipment totaled $73. 7 million $69. 9 million. $3. 9 million outside. December 31, 2018 $80. 6 million $77. 3 million. $3. 3 million outside. company-wide basis.\n 2019 2018 2017\n United States $300,853 $288,843 $508,178\n Mexico 90,795 12,186\n Germany 78,062 167,251 119,502\n international 60,351,997 36,974\n Total $530,061 $529,277 $666,900" +} +{ + "_id": "d1b326a3a", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENT(Tabular amounts in millions, unless otherwise disclosed)\n11. ASSET RETIREMENT OBLIGATIONS\nThe changes in the carrying amount of the Company’s asset retirement obligations were as follows:\n(1) Revisions in estimates include decreases to the liability of $6.7 million and $49.4 million related to foreign currency translation for the years ended December 31, 2019 and 2018, respectively.\nAs of December 31, 2019, the estimated undiscounted future cash outlay for asset retirement obligations was $3.2 billion.\n\n | 2019 | 2018 \n---------------------------------- | -------- | --------\nBeginning balance as of January 1, | $1,210.0 | $1,175.3\nAdditions | 61.8 | 39.6 \nAccretion expense | 81.6 | 83.6 \nRevisions in estimates (1) | 56.8 | (81.5) \nSettlements | (26.1) | (7.0) \nBalance as of December 31, | $1,384.1 | $1,210.0\n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENT amounts millions\n. RETIREMENT OBLIGATIONS\n changes obligations\n Revisions $6. 7 million $49. 4 million foreign currency December 2019 2018.\n future cash outlay obligations $3. 2 billion.\n balance January 1 $1,210. $1,175.\n Additions 61. 39.\n 81. 83.\n Revisions estimates 56.\n Settlements.\n Balance December 31, $1,384. $1,210." +} +{ + "_id": "d1b3c36a0", + "title": "", + "text": "Free Cash Flow (non-U.S. GAAP measure). We also present Free Cash Flow, which is a non-U.S. GAAP measure, defined as (i) net cash from operating activities plus (ii) net cash used in investing activities, excluding payment for purchases (and proceeds from the sale) of marketable securities, and net cash variation for joint ventures deconsolidation, which are considered as temporary financial investments. The result of this definition is ultimately net cash from operating activities plus payment for purchase and proceeds from sale of tangible, intangible and financial assets, proceeds received in the sale of businesses and cash paid for business acquisitions.\nWe believe Free Cash Flow, a non-U.S. GAAP measure, provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations. Free Cash Flow is not a U.S. GAAP measure and does not represent total cash flow since it does not include the cash flows generated by or used in financing activities.\nFree Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases (and proceeds from the sale) of marketable securities and net cash variation from joint ventures deconsolidation, the net cash from (used in) financing activities and the effect of changes in exchange rates. In addition, our definition of Free Cash Flow may differ from definitions used by other companies. Free Cash Flow is determined from our Consolidated Statements of Cash Flows as follows:\n(1) Reflects the total of the following line items reconciled with our Consolidated Statements of Cash Flows relating to the investing activities: Payment for purchase of tangible assets, Proceeds from sale of tangible assets, Payment for purchase of intangible assets, Payment for purchase of financial assets, Proceeds from sale of financial assets, Payment for disposal of equity investment, Proceeds received in sale of businesses, Payment for business acquisitions, net of cash and cash equivalents acquired.\nFree Cash Flow was positive $497 million in 2019, compared to positive $533 million and positive $308 million in 2018 and 2017, respectively.\n\n | | Year Ended December 31, | \n------------------------------------------------------------------------------------------------------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \n | | (In millions) | \nNet cash from operating activities | $1,869 | $1,845 | $1,677 \nNet cash used in investing activities | (1,172) | (1,212) | (1,468)\nExcluding: | | | \nPayment for purchase and proceeds from sale of marketable securities, and net cash variation for joint ventures deconsolidation | (200) | (100) | 99 \nPayment for purchase and proceeds from sale of tangible and intangible assets, payment for business acquisitions(1) | (1,372) | (1,312) | (1,369)\nFree Cash Flow (non-U.S. GAAP measure) | $497 | $533 | $308 \n\nFree Cash Flow-U. GAAP measure. net cash operating activities investing excluding purchases proceeds marketable securities cash joint ventures deconsolidation temporary financial investments. net cash from operating activities purchase proceeds sale tangible intangible financial assets proceeds sale businesses cash business.\n Free Cash Flow non. GAAP information investors management measures capacity cash operating investing. not. GAAP represent total cash flow include cash flows financing activities.\n reconciles with total cash flow payment purchases proceeds sale marketable securities cash joint ventures deconsolidation financing effect changes exchange rates. definition Free Cash Flow differ. determined from Consolidated Statements of Cash Flows\n Reflects investing Payment purchase tangible Proceeds sale financial sale disposal equity investment Proceeds sale businesses business cash equivalents.\n Free Cash Flow positive $497 million 2019 compared positive $533 million $308 million in 2018 2017.\nEnded December 31,\n 2019 2018\n millions\n cash operating activities $1,869 $1,845 $1,677\n investing (1,172 (1,212) (1,468)\n purchase securities joint ventures deconsolidation (200 (100\n sale assets business (1,372) (1,312) (1,369\n Free Cash Flow. $497 $533 $308" +} +{ + "_id": "d1b391e34", + "title": "", + "text": "11. Segment Information and Geographic Area Information\nThe following table sets forth certain geographic financial information for fiscal 2019, fiscal 2018 and fiscal 2017. Geographic net sales are determined based on our sales from our various operational locations.\n\n | | Fiscal Year Ended | \n---------------------------------------- | -------------- | ----------------- | --------------\n(Dollars in Millions) | April 27, 2019 | April 28, 2018 | April 29, 2017\nNet Sales: | | | \nU.S. | $540.5 | $487.5 | $506.9 \nMalta | 148.5 | 184.0 | 155.5 \nChina | 113.7 | 117.3 | 127.7 \nCanada | 101.6 | 54.4 | — \nOther | 96.0 | 65.1 | 26.4 \nTotal Net Sales | $1,000.3 | $908.3 | $816.5 \nProperty, Plant and Equipment, Net: | | | \nU.S. | $83.9 | $63.3 | $44.9 \nMalta | 33.0 | 36.8 | 26.4 \nBelgium | 22.1 | 25.0 | — \nChina | 18.6 | 7.2 | 5.9 \nOther | 34.3 | 29.9 | 13.4 \nTotal Property, Plant and Equipment, Net | $191.9 | $162.2 | $90.6 \n\n. Segment Geographic Area\n table geographic financial information 2019 2018 2017. sales operational locations.\n Fiscal Year\n Millions April 27, 2019 28, 2018 29, 2017\n Sales\n. $540. $487. $506.\n 148. 184. 155.\n 113. 117. 127.\n 101. 54.\n 96. 65. 26.\n Net Sales $1,000. $908. $816.\n Property Plant Equipment\n. $83. $63. $44.\n 33. 36. 26.\n 22. 25.\n 18. 7. 5.\n 34. 29. 13.\n Property Plant Equipment $191. $162. $90." +} +{ + "_id": "d1b3b24cc", + "title": "", + "text": "Results of Continuing Operations\nThe analysis presented below is organized to provide the information we believe will facilitate an understanding of our historical performance and relevant trends going forward, and should be read in conjunction with our Consolidated Financial Statements, including the notes thereto, in Item 8 \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10 - K.\nThe following table sets forth, for the periods indicated, certain data derived from our Consolidated Statements of Operations (in thousands):\n\n | Year Ended December 31, | \n------------------------------------------------------ | ----------------------- | ---------\n | 2019 | 2018 \nSales | $788,948 | $718,892 \nGross profit | 315,652 | 365,607 \nOperating expenses | 261,264 | 194,054 \nOperating income from continuing operations | 54,388 | 171,553 \nOther income (expense), net | 12,806 | 823 \nIncome from continuing operations before income taxes | 67,194 | 172,376 \nProvision for income taxes | 10,699 | 25,227 \nIncome from continuing operations, net of income taxes | $ 56,495 | $ 147,149\n\nContinuing Operations\n analysis historical performance trends Consolidated Financial Statements Item 8 Annual Report Form 10 - K.\n table data Consolidated Statements Operations\n Ended December 31,\n Sales $788,948 $718,892\n Gross profit 315,652 365,607\n Operating expenses 261,264 194,054\n income 54,388 171,553\n Other income 12,806 823\n taxes 67,194 172,376\n Provision income taxes 10,699 25,227\n net taxes $ 56,495 147,149" +} +{ + "_id": "d1b386c5a", + "title": "", + "text": "Commitments and Contractual Obligations\nAs of June 30, 2019, we have entered into the following contractual obligations with minimum payments for the indicated fiscal periods as follows:\n1) Includes interest up to maturity and principal payments. Please see note 10 \"Long-Term Debt\" for more details.\n(2) Net of $30.7 million of sublease income to be received from properties which we have subleased to third parties.\n\n | | | Payments due between | | \n------------------------------- | ---------- | --------------------------- | --------------------------- | --------------------------- | -----------------------\n | Total | July 1, 2019— June 30, 2020 | July 1, 2020— June 30, 2022 | July 1, 2022— June 30, 2024 | July 1, 2024 and beyond\nLong-term debt obligations (1) | $3,408,565 | $147,059 | $292,156 | $1,045,567 | $1,923,783 \nOperating lease obligations (2) | 318,851 | 72,853 | 106,394 | 59,441 | 80,163 \nPurchase obligations | 11,280 | 8,364 | 2,747 | 169 | — \n | $3,738,696 | $228,276 | $401,297 | $1,105,177 | $2,003,946 \n\nCommitments Contractual Obligations\n June 30, 2019 obligations minimum payments\n Includes interest principal payments. note 10-Term Debt.\n $30. 7 million sublease income properties.\n Payments\n July 1, June 30, 2020\n Long-term debt obligations $3,408,565 $147,059 $292,156 $1,045,567 $1,923,783\n Operating lease obligations 318,851 72,853 106,394,441\n Purchase obligations 11,280 8,364\n $3,738,696 $228,276 $401,297 $1,105,177 $2,003,946" +} +{ + "_id": "d1a7261ea", + "title": "", + "text": "8. Directors and Key Management remuneration\nThe remuneration of Directors is disclosed in the Directors’ remuneration report on pages 64 to 74:\nKey Management compensation\nDuring the year to 31 March 2019, Key Management comprised the members of the OLT and the Non-Executive Directors (2018: OLT and the Non-Executive Directors). The remuneration of all Key Management (including Directors) was as follows:\n\n | 2019 | 2018\n---------------------------- | ---- | ----\n | £m | £m \nShort-term employee benefits | 5.3 | 4.9 \nShare-based payments | 3.5 | 2.6 \nTermination benefits | – | 0.1 \nPension contributions | 0.2 | 0.2 \nTotal | 9.0 | 7.8 \n\n. Directors Key Management remuneration\n Directors disclosed report pages 64 to 74\n 31 March 2019 Key Management OLT Non-Executive Directors. remuneration Key Management\n 2019 2018\n £m\n Short-term employee benefits 5. 4.\n Share-based payments.\n Termination benefits.\n Pension contributions.\n Total 9. 7." +} +{ + "_id": "d1b34279e", + "title": "", + "text": "A.4.1 Orders and revenue by region\nPositive currency translation effects added one percentage point each to order and revenue growth; portfolio transactions had only minimal effects on volume growth year-over-year. The resulting ratio of orders to revenue (book-to-bill) for Siemens in fiscal 2019 was a strong 1.13, again well above 1. The order backlog was € 146 billion as of September 30, 2019, a new high.\n1 As defined by the International Monetary Fund.\nOrders related to external customers were clearly up year-overyear on growth in nearly all industrial businesses, led by Mobility. Gas and Power, Siemens Healthineers, Smart Infrastructure and SGRE all posted clear growth, while orders declined slightly in Digital Industries. Volume from large orders for Industrial Businesses overall was up substantially due to a sharp increase at Mobility, but also due to a significant increase in SGRE and Gas and Power. Growth in emerging markets was driven by orders from China, and from Russia where Mobility won a € 1.2 billion contract for high-speed trains including maintenance.\nOrder development was mixed in the Europe, C. I. S., Africa, Middle East region. The majority of industrial businesses posted order growth, led by double-digit growth in Mobility, which won several large contracts in the year under review. This increase was more than offset by a substantial decline in SGRE due mainly to a lower volume from large orders and a decrease in Digital Industries. In contrast to the region overall, orders were up clearly in Germany, driven by sharp growth in Gas and Power which recorded, among others, a large high voltage direct current (HVDC) order. Mobility recorded a significant increase in order intake in Germany, while the other industrial businesses posted declines.\nOrders in the Americas region were up significantly year-over-year, benefiting from positive currency translation effects. Double-digit growth in nearly all industrial businesses was led by SGRE and Mobility with particularly sharp increases. The pattern of order development in the U. S. was largely the same as in the Americas region.\nIn the Asia, Australia region, orders also rose significantly due to growth in nearly all industrial businesses. The primary growth driver was SGRE, which recorded a sharply higher volume from large orders, including two large orders for offshore wind-farms\nincluding service in Taiwan totaling € 2.3 billion. Orders for Mobility dropped substantially compared to the prior year. Clear growth in China included a majority of industrial businesses.\n\n | | Fiscal year | | % Change\n------------------------------------- | ------ | ----------- | ------ | --------\n(in millions of €) | 2019 | 2018 | Actual | Comp. \nEurope, C. I. S., Africa, Middle East | 46,086 | 46,495 | (1)% | (1)% \ntherein: Germany | 12,021 | 11,254 | 7% | 7% \nAmericas | 29,812 | 25,060 | 19% | 14% \ntherein: U.S. | 21,166 | 18,106 | 17% | 10% \nAsia, Australia | 22,101 | 19,742 | 12% | 11% \ntherein: China | 8,989 | 8,459 | 6% | 6% \nSiemens | 97,999 | 91,296 | 7% | 6% \ntherein: emerging markets1 | 31,720 | 30,564 | 4% | 4% \n\n. Orders revenue by region\n currency translation added percentage point order revenue growth portfolio transactions minimal volume growth. ratio orders to revenue Siemens 2019 1. 13,. order backlog € 146 billion September 30, 2019 high.\n International Monetary Fund.\n Orders external customers up year-overyear Mobility. Gas and Power Siemens Healthineers Smart Infrastructure SGRE declined Digital Industries. Volume large orders up Mobility SGRE Gas and Power. Growth emerging markets driven by orders China Russia Mobility won € 1. 2 billion contract high-speed trains.\n Order development mixed Europe C. S. Africa Middle East. majority growth double growth Mobility large contracts. offset by decline SGRE lower volume decrease Digital Industries. orders up Germany Gas and Power. Mobility increase other businesses declines.\n Orders Americas region up-over currency translation. growth led by SGRE Mobility. same.\n Asia Australia orders rose growth.growth driver SGRE higher volume orders offshore wind-farms\n Taiwan € 2. 3 billion. Orders Mobility dropped. growth China industrial businesses.\n Fiscal year\n millions € 2019.\n Europe. Africa Middle East 46,086 46,495\n Germany 12,021 11,254 7%\n Americas 29,812 25,060 19%\n. 21,166 18,106 17%\n Asia Australia 22,101 19,742 12%\n China 8,989\n 97,999 91,296 7%\n emerging 31,720 30,564 4%" +} +{ + "_id": "d1b2f19b6", + "title": "", + "text": "Item 6. Selected Consolidated Financial Data\nThe following table presents selected consolidated financial data as of and for the five-year period ended December 31, 2019. Our past results of operations are not necessarily indicative of our future results of operations. The following selected consolidated financial data is qualified in its entirety by, and should be read in conjunction with, “Management's Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and the notes thereto included elsewhere herein.\nConsolidated Statement of Operations Data:\n\n | | | Year Ended December 31, | | \n-------------------------------------------------------------------------- | -------- | -------- | ------------------------------------- | -------- | --------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (In thousands, except per share data) | | \nRevenues | $111,412 | $111,322 | $106,524 | $114,263 | $123,961\nIncome from operations | 9,464 | 8,238 | 4,545 | 10,186 | 3,820 \nIncome from continuing operations, net of taxes | 4,155 | 4,661 | 1,592 | 6,007 | 8,523 \nIncome from discontinued operations, net of taxes | — | — | 1,938 | 624 | 2,341 \nNet income | $4,155 | $4,661 | $3,530 | $6,631 | $10,864 \nIncome per share—basic: | | | | | \nContinuing operations | $0.35 | $0.38 | $0.12 | $0.43 | $0.58 \nDiscontinued operations | — | — | 0.15 | 0.04 | 0.16 \nNet income per share | $0.35 | $0.38 | $0.27 | $0.47 | $0.74 \nIncome per share—diluted: | | | | | \nContinuing operations | $0.35 | $0.37 | $0.12 | $0.43 | $0.58 \nDiscontinued operations | — | — | 0.15 | 0.04 | 0.16 \nNet income per share | $0.35 | $0.37 | $0.27 | $0.47 | $0.74 \nShares used in per share calculation from continuing operations —basic | 11,809 | 12,323 | 12,882 | 13,997 | 14,722 \nShares used in per share calculation from discontinued operations —basic | 11,809 | 12,323 | 12,882 | 13,997 | 14,722 \nShares used in per share calculation from continuing operations—diluted | 12,035 | 12,510 | 12,894 | 13,997 | 14,722 \nShares used in per share calculation from discontinuing operations—diluted | 12,035 | 12,510 | 12,894 | 13,997 | 14,722 \n\n. Consolidated Financial Data\n table presents consolidated financial data five-year period ended December 31, 2019. past not indicative future. data qualified's Discussion Analysis Financial Condition Results consolidated financial statements notes.\n Operations Data\n Ended December 31,\n 2019 2018 2017 2016 2015\n Revenues $111,412 $111,322 $106,524 $114,263 $123,961\n Income operations 9,464 8,238 4,545 10,186 3,820\n continuing operations net taxes 4,155 4,661 1,592 6,007 8,523\n discontinued operations taxes 1,938 2,341\n Net income $4,155 $4,661 $3,530 $6,631 $10,864\n Income per share—basic\n operations.\n Discontinued operations.\n Net income per share.\n Income per share—diluted\noperations. 35. 37. 12. 43. 58\n Discontinued operations. 15. 04. 16\n Net income share. 35. 37. 27. 47. 74\n Shares share calculation continuing operations 11,809 12,323 12,882 13,997 14,722\n discontinued operations 14\n continuing 12,035 12,510 12,894 13,997 14,722\n discontinuing 12,035 12,510 12,894 13,997 14" +} +{ + "_id": "d1b30a394", + "title": "", + "text": "Deferred income taxes are recorded for differences in the basis of assets and liabilities for financial reporting purposes and tax reporting purposes. Deferred tax assets (liabilities) were comprised of the following:\nAt January 3, 2020, the Company had state net operating losses of $77 million and state tax credits of $7 million. Both will begin to expire in fiscal 2020; however, the Company expects to utilize $24 million and $7 million of these state net operating losses and state tax credits, respectively. The Company also had foreign net operating losses of $44 million, which do not expire. The Company expects to utilize $9 million of these foreign net operating losses.\nOur valuation allowance for deferred tax assets was $20 million and $28 million as of January 3, 2020 and December 28, 2018, respectively. The valuation allowance decreased by $8 million primarily due to the sale of the commercial cybersecurity business and releases related to the expected utilization of certain carryover attributes, partially offset by an increase related to foreign withholding taxes.\n\n | January 3, 2020 | December 28, 2018\n----------------------------------------------- | --------------- | -----------------\n | (in millions) | \nOperating lease liabilities | $115 | $— \nAccrued vacation and bonuses | 54 | 48 \nReserves | 46 | 57 \nDeferred compensation | 26 | 25 \nCredits and net operating losses carryovers | 25 | 31 \nVesting stock awards | 18 | 20 \nAccumulated other comprehensive loss | 12 | — \nDeferred rent and tenant allowances | 4 | 18 \nInvestments | 2 | 18 \nDeferred gain | — | 20 \nOther | 9 | 13 \nTotal deferred tax assets | 311 | 250 \nValuation allowance | (20) | (28) \nDeferred tax assets, net of valuation allowance | 291 | 222 \nPurchased intangible assets | $(339) | $(326) \nOperating lease right-of-use assets | (103) | — \nDeferred revenue | (17) | (40) \nEmployee benefit contributions | (6) | (4) \nAccumulated other comprehensive income | — | (6) \nPartnership interest | — | (2) \nOther | (10) | (14) \nTotal deferred tax liabilities | (475) | (392) \nNet deferred tax liabilities | $(184) | $(170) \n\nDeferred income taxes recorded differences assets liabilities.\n January 3, 2020 Company state net losses $77 million tax credits $7 million. 2020 utilize $24 million $7 million. foreign net losses $44 million expire. utilize $9 million.\n valuation allowance deferred tax assets $20 million $28 million January 3, 2020 December 28, 2018. decreased $8 million due sale commercial cybersecurity business offset increase foreign withholding taxes.\n January 3 2020 December 28, 2018\n Operating lease liabilities\n Accrued vacation bonuses\n Reserves\n Deferred compensation\n Credits net operating losses carryovers\n Vesting stock awards\n Accumulated loss\n Deferred rent tenant allowances\n Investments\n Deferred gain\n Total deferred tax assets 311\n Valuation allowance\n Purchased intangible assets\n Operating lease right-of-use assets\nDeferred revenue (17)\n Employee benefit contributions (6)\n income\n Partnership interest\n deferred tax liabilities (475) (392)\n Net tax" +} +{ + "_id": "d1b373038", + "title": "", + "text": "Note 10 – Income taxes\nThe provision (benefit) for income taxes consists of the following:\n\n | For the Years Ended December 31, | \n------------------------------------ | -------------------------------- | -------\n | 2019 | 2018 \nCurrent: | | \nFederal | $ (27) | $ (13 )\nState and local | 276 | 249 \nTotal current | 249 | 236 \nDeferred | 533 | (461) \nProvision (benefit) for income taxes | $ 782 | $ (225)\n\n10 Income taxes\n Years Ended December 31,\n 2019 2018\n Federal $ (27) (13\n State local 276 249\n 236\n Deferred 533 (461)\n Provision $ 782 (225)" +} +{ + "_id": "d1b343c66", + "title": "", + "text": "Equity, liabilities and net debt in the consolidated financial statements\nEquity amounts to €2,735 million (30/9/2018: €3,074 million), while liabilities amounts to €11,762 million (30/9/2018: €12,132 million). Net debt related to continuing operations decreased by €0.2 billion in the adjusted year-on-year comparison and amounted to €2.9 billion as of 30 September 2019 (30/09/2018: €3.1 billion).\n1 Adjustment of previous year according to explanation in notes\n2 Shown in the balance sheet under other financial assets (current).\n3 Adjusted for the effects of discontinued operations.\n\n€ million | 30/9/2018 1 | 30/9/2018 adjusted3 | 30/9/2019\n-------------------------------------------- | ----------- | ------------------- | ---------\nEquity | 3,074 | 3,074 | 2,735 \nLiabilities | 12,132 | 12,132 | 11,762 \nNet debt | 2,710 | 3,102 | 2,858 \nFinancial liabilities (incl. finance leases) | 4,010 | 4,010 | 3,369 \nCash and cash equivalents | 1,298 | 906 | 500 \nShort-term financial investments2 | 2 | 2 | 11 \n\nEquity liabilities net debt consolidated financial statements\n Equity €2,735 million (30/9/2018 €3,074 liabilities €11,762 million €12,132 million. Net debt operations decreased €0. 2 billion €2. 9 billion 30 September 2019 €3. 1 billion.\n Adjustment previous year\n financial assets.\n Adjusted discontinued operations.\n Equity\n Liabilities 12,132\n Net debt\n Financial liabilities. finance leases 4,010\n Cash equivalents 1,298\n Short-term financial" +} +{ + "_id": "d1b3229ee", + "title": "", + "text": "(c) Additional Segment Information\nThe majority of our assets as of July 27, 2019 and July 28, 2018 were attributable to our U.S. operations. In fiscal 2019, 2018, and 2017, no single customer accounted for 10% or more of revenue.\nProperty and equipment information is based on the physical location of the assets. The following table presents property and equipment information for geographic areas (in millions):\n\n | July 27, 2019 | July 28, 2018 | July 29, 2017\n---------------------------- | ------------- | ------------- | -------------\nProperty and equipment, net: | | | \nUnited States | $2,266 | $2,487 | $2,711 \nInternational | 523 | 519 | 611 \nTotal | $2,789 | $3,006 | $3,322 \n\nAdditional Segment\n majority assets July 27, 2019 28, 2018. operations. 2019 2017 no customer 10% revenue.\n Property equipment physical location. table geographic areas\n July 27, 2019 28, 2018 29, 2017\n United States $2,266 $2,487 $2,711\n International\n $2,789 $3 $3" +} +{ + "_id": "d1b394972", + "title": "", + "text": "NOTE 2. RIGHT-OF-USE ASSETS\nThe Company leases many assets, including land, buildings, houses, motor vehicles, machinery and equipment. Leases typically run up to a period of 5 years, some with an option to renew the lease after the end of the non-cancelable period. Lease payments are renegotiated on a periodic basis; timing is depending on the region and type of lease. The Company has not entered into any sub-lease arrangements.\nRight-of-use assets\n\n | Land and buildings | Motor vehicles | Other machinery and equipment | Total \n------------------------------------------- | ------------------ | -------------- | ----------------------------- | -------\nBalance January 1, 2019 | 23,579 | 1,488 | 620 | 25,687 \nAdditions | 6,475 | 1,588 | 16 | 8,079 \nTransfer from property, plant and equipment | 459 | – | – | 459 \nModifications and reassessments | 75 | 31 | (24) | 82 \nRetirements | – | – | – | – \nDepreciation for the year | (6,057) | (1,008) | (268) | (7,333)\nForeign currency translation effect | 518 | 43 | 12 | 573 \nBalance December 31, 2019 | 25,049 | 2,142 | 356 | 27,547 \n\n.-USE\n Company leases land buildings houses vehicles machinery equipment. Leases 5 years option. payments region type. sub-lease arrangements.\n-use assets\n Land buildings Motor vehicles machinery equipment\n Balance January 1 2019 23,579 1,488 25,687\n Additions 6,475 1,588 8,079\n Transfer property equipment 459\n Modifications reassessments 75\n Retirements\n Depreciation (6,057) (1,008) (268) (7,333\n Foreign currency translation effect 518\n Balance December 31, 2019 25,049 2,142 356 27,547" +} +{ + "_id": "d1b326814", + "title": "", + "text": "EXECUTIVE OFFICERS OF THE REGISTRANT\nExecutive officers of our Company are appointed by the Board of Directors and serve at the discretion of the Board. The following table sets forth certain information with respect to all executive officers of our Company.\nCHRISTOPHER H. ATAYAN has served in various senior executive positions with the Company since March 2006, including his service as Chairman of the Board since January 2008 and Chief Executive Officer since October 2006, and has been a director of the Company since 2004. Mr. Atayan has served as the Senior Managing Director of Slusser Associates, a private equity and investment banking firm, since 1988, and has been engaged in private equity and investment banking since 1982. He also serves on the Board of Eastek Holdings, LLC, a manufacturing company.\nANDREW C. PLUMMER has served as our President and Chief Operating Officer since October 2018, as our Chief Financial Officer since January 2007, and as our Secretary from January 2007 to October 2018. From 2004 to 2007, Mr. Plummer served our company in various roles including Acting Chief Financial Officer, Corporate Controller, and Manager of SEC Compliance. Prior to joining our company in 2004, Mr. Plummer practiced public accounting, primarily with the accounting firm Deloitte and Touche, LLP (now Deloitte).\nCHARLES J. SCHMADERER has served as the Company’s Vice President and Corporate Controller since April 2018 and as Secretary since October 2018. From 2006 to 2018, Mr. Schmaderer served the Company in various roles including as the Vice President of Financial Reporting and Assistant Secretary, and as the Director of Financial and SEC Reporting. Prior to joining AMCON in 2006, Mr. Schmaderer practiced public accounting, primarily with the accounting firm Grant Thornton, LLP and also holds a Master of Business Administration (MBA).\n\nName | Age | Position \n--------------------- | --- | --------------------------------------------------------\nChristopher H. Atayan | 59 | Chairman of the Board, Chief Executive Officer, Director\nAndrew C. Plummer | 45 | President, Chief Financial Officer, Director \nCharles J. Schmaderer | 50 | Vice President, Corporate Controller, Secretary \n\nEXECUTIVE OFFICERS\n Board Directors. officers.\n CHRISTOPHER H. ATAYAN senior executive positions since March 2006, Chairman January 2008 Chief Executive Officer October 2006, director since 2004. Senior Managing Director Slusser since 1988 since 1982. Board Eastek Holdings manufacturing company.\n ANDREW C. PLUMMER President Chief Operating Officer since October 2018 Chief Financial Officer January 2007, Secretary January 2007 October 2018. Acting Chief Financial Officer Corporate Controller Manager SEC Compliance. Deloitte Touche.\n CHARLES J. SCHMADERER Vice President Corporate Controller since April 2018 Secretary since October 2018. 2006. Vice President Financial Reporting Assistant Secretary Director Financial SEC Reporting. accounting Grant Thornton Master of Business Administration (MBA).\n Christopher H. Atayan 59 Chairman Board Chief Executive Officer Director\n Andrew. Plummer Chief Financial\n Charles. Schmaderer 50 Vice President Corporate Controller Secretary" +} +{ + "_id": "d1b33add2", + "title": "", + "text": "Accounts Receivable\nThe following is a summary of Accounts receivable (in thousands):\n\n | June 30,\n2019 | June 30,\n2018\n------------------------------- | ------------- | -------------\nAccounts receivable | $201,365 | $225,167 \nAllowance for doubtful accounts | (1,054) | (1,478) \nAllowance for product returns | (25,897) | (11,266) \nAccounts receivable, net | $174,414 | $212,423 \n\n\n summary\n 30\n 2019\n 2018\n $201,365 $225,167\n doubtful accounts (1,054)\n product returns (25,897) (11,266)\n $174,414 $212,423" +} +{ + "_id": "d1b392bae", + "title": "", + "text": "Financial position and cash flow\nCapital expenditure and cash flow\nNet operating cash inflow was $4,709,000, which was $4,081,000 lower than last year. The reduction in operating revenue was offset by lower operational costs. However, net cash was impacted by the increase in trail to upfront revenue mix. In addition, as a result of the loss position reported for FY18, the Group received a net tax refund of $2,327,000 during the year, compared to the prior year net tax paid of $172,000.\nNet investing cash outflows for the year was $12,337,000. The $7,755,000 decrease in spend in investing activities relates to the Group’s controlling interest acquisition of iMoney in December 2017.\nNet financing cash outflows for the 2019 year totalled $3,471,000. This included $2,839,000 lease payments and $497,000 interest expense related to leases. The material decrease against the prior year comparative period relates to $32,918,000 paid in share buy-backs and dividends in the prior period.\n\nCASH FLOW SUMMARY | 2019 $’000 | 2018 $’000 RESTATED | CHANGE\n--------------------------------------------- | ---------- | ------------------- | ------\nNet cash provided from operating activities | 4,709 | 8,790 | 46% \nNet cash used in investing activities | (12,337) | (20,092) | (39%) \nNet cash used in financing activities | (3,471) | (36,014) | (90%) \nNet change in cash and cash equivalent | (11,099) | (47,316) | (77%) \n\nFinancial position cash flow\n Capital\n operating cash inflow $4,709,000 $4,081,000 lower last. reduction offset lower costs. cash impacted trail upfront revenue. loss received tax refund $2,327,000 prior $172,000.\n investing cash $12,337,000. $7,755,000 decrease acquisition iMoney 2017.\n financing cash outflows $3,471,000. $2,839,000 lease payments $497,000 interest. decrease $32,918,000 share buy-backs dividends.\n CASH FLOW SUMMARY 2019 2018\n operating 4,709 46%\n investing (12,337 (39%\n financing (3,471) (36,014) (90%\n (11,099) (47,316) (77%" +} +{ + "_id": "d1b2f68da", + "title": "", + "text": "Interest expense includes the following (in millions):\nThe remaining period over which the unamortized debt discount will be recognized as non-cash interest expense is 7.88 years, 5.88 years, and 17.88 years for the 2017 Senior Convertible Debt, 2015 Senior Convertible Debt and 2017 Junior Convertible Debt, respectively.\nIn November 2017, the Company called for redemption $14.6 million in principal value of the remaining outstanding 2007 Junior Subordinated Convertible Debt (2007 Junior Convertible Debt) with an effective redemption date of December 15, 2017 for which substantially all holders submitted requests to convert. Prior to the call, conversion requests were received in both the second and third quarters of fiscal 2018. Total conversions for fiscal 2018 were for a principal amount of $32.5 million for which the Company settled the principal amount in cash and issued 0.5 million shares of its common stock in respect of the conversion value in excess of the principal amount for the conversions occurring prior to the redemption notice and $41.0  of redemption. A loss on total conversions was recorded for $2.2 million.\nIn June 2017, the Company exchanged, in privately negotiated transactions, $111.3 million aggregate principal amount of its 2007 Junior Convertible Debt for (i) $111.3 million principal amount of 2017 Junior Convertible Debt with a market value of $119.3 million plus (ii) the issuance of 3.2 million shares of the Company's common stock with a value of $254.6 million, of which $56.3 million was allocated to the fair value of the liability and $321.1 million was allocated to the reacquisition of the equity component for total consideration of $374.0 million. The transaction resulted in a loss on settlement of the 2007 Junior Convertible Debt of approximately $13.8 million, which represented the difference between the fair value of the liability component at time of repurchase and the sum of the carrying values of the debt component and any unamortized debt issuance costs. The debt discount on the new 2017 Junior Convertible Debt was the difference between the par value and the fair value of the debt resulting in a debt discount of $55.1 million which will be amortized to interest expense using the effective interest method over the term of the debt.\nIn February 2017, the Company issued the 2017 Senior Convertible Debt and 2017 Junior Convertible Debt for net proceeds of $2.04 billion and $567.7 million, respectively. In connection with the issuance of these instruments, the Company incurred issuance costs of $33.7 million, of which $17.8 million and $3.4 million was recorded as convertible debt issuance costs related to the 2017 Senior Convertible Debt and 2017 Junior Convertible Debt, respectively, and will be amortized using the effective interest method over the term of the debt. The balance of $12.5 million in fees was recorded to equity. Interest on both instruments is payable semi-annually on February 15 and August 15 of each year.\nIn February 2015, the Company issued the 2015 Senior Convertible Debt for net proceeds of approximately $1.69 billion. In connection with the issuance, the Company incurred issuance costs of $30.3 million, of which $20.4 million was recorded as debt issuance costs and will be amortized using the effective interest method over the term of the debt. The balance of $9.9 million was recorded to equity.\nThe Company utilized the proceeds from the issuances of the 2017 Senior Convertible Debt, 2017 Junior Convertible Debt, and 2015 Senior Convertible Debt to reduce amounts borrowed under its Credit Facility and to settle a portion of the 2007 Junior Convertible Debt in privately negotiated transactions. In February 2017 and February 2015, the Company settled $431.3 million and $575.0 million, respectively, in aggregate principal of its 2007 Junior Convertible Debt. The February 2015 repurchase consisted solely of cash. In February 2017, the Company used cash of $431.3 million and an aggregate of 12.0 million in shares of the Company's common stock valued at $862.7 million for total consideration of $1.29 billion to repurchase $431.3 million of the 2007 Junior Convertible Debt, of which $188.0 million was allocated to the liability component and $1.11 billion was allocated to the equity component. In addition, in February 2017, there was an inducement fee of $5.0 million which was recorded in the consolidated statements of income in loss on settlement of debt. The consideration transferred in February 2015 was $1.13 billion, of which $238.3 million was allocated to the liability component and $896.3 million was allocated to the equity component. In the case of both settlements of the 2007 Junior Convertible Debt, the consideration was allocated to the liability and equity components using the equivalent rate that reflected the borrowing rate for a similar nonconvertible debt prior to the retirement. The transactions resulted in a loss on settlement of debt of approximately $43.9 million and $50.6 million in fiscal 2017 and fiscal 2015, respectively, which represented, in each case, the difference between the fair value of the liability component at time of repurchase and the sum of the carrying values of the debt component and any unamortized debt issuance costs.\n\n | | Year Ended March 31, | \n----------------------------------------------------- | ------ | -------------------- | ------\n | 2019 | 2018 | 2017 \nDebt issuance amortization | $12.9 | $3.1 | $2.4 \nDebt discount amortization | 2.2 | — | — \nInterest expense | 291.8 | 6.6 | 40.4 \nTotal interest expense on Senior Secured Indebtedness | 306.9 | 9.7 | 42.8 \nDebt issuance amortization | 3.6 | 3.5 | 2.1 \nDebt discount amortization | 112.4 | 106.1 | 56.1 \nCoupon interest expense | 77.1 | 77.3 | 44.5 \nTotal interest expense on Convertible Debt | 193.1 | 186.9 | 102.7 \nOther interest expense | 2.9 | 2.4 | 0.8 \nTotal interest expense | $502.9 | $199.0 | $146.3\n\nInterest expense includes\n unamortized debt discount non-cash 7. 5. 17. 2017 2015 2017 Junior Debt.\n November 2017 Company called redemption $14. 6 million 2007 Junior Convertible Debt effective redemption date December 15, 2017 holders. conversion requests received second third quarters fiscal 2018. conversions $32. 5 million settled cash issued 0. 5 million shares common stock. loss conversions $2. 2 million.\n June 2017 Company exchanged $111. 3 million 2007 Junior Convertible Debt $111. 3 million 2017 $119. 3 million 3. 2 million shares common stock $254. 6 million $56. 3 million fair value liability $321. 1 million reacquisition equity $374. 0 million. loss settlement 2007 Debt $13. 8 million difference fair value liability carrying values debt unamortized debt issuance costs.debt discount 2017 Junior Convertible Debt par value fair value discount $55. 1 million amortized interest.\n February 2017 issued 2017 Senior net proceeds $2. 04 billion $567. 7 million. incurred costs $33. 7 million $17. 8 million $3. 4 million amortized interest. balance $12. 5 million fees recorded equity. Interest payable semi-annually February 15 August 15.\n February 2015, issued 2015 Senior Convertible Debt proceeds $1. 69 billion. incurred costs $30. 3 million $20. 4 million amortized interest. balance $9. 9 million equity.\n utilized proceeds 2017 Credit Facility 2007 Junior Convertible Debt. February 2017 2015, settled $431. 3 million $575. 0 million 2007 Junior Convertible Debt. February 2015 repurchase cash. 2017 used cash $431. 3 million 12. 0 million shares common stock $862. 7 million total $1.29 billion repurchase $431. 3 million 2007 Junior Convertible Debt $188. million liability $1. 11 billion equity. February 2017 inducement fee $5. million recorded statements loss settlement debt. consideration transferred February 2015 $1. 13 billion $238. 3 million liability $896. 3 million equity. settlements 2007 Junior Convertible Debt allocated liability equity equivalent rate borrowing rate nonconvertible debt retirement. transactions loss settlement $43. 9 million $50. 6 million 2017 2015, difference fair value liability repurchase carrying values debt unamortized debt issuance costs.\n March 31,\n amortization $12. $3. $2.\n.\n 291. 6. 40.\n Senior Secured Indebtedness 306. 42.\n 3.\n 112. 106. 56.\n 77. 44.\n Convertible Debt 193. 186. 102.\nexpense 2. 9. 4.\n $502. $199. $146." +} +{ + "_id": "d1b3780ba", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 9 — Accrued Expenses and Other Liabilities\nThe components of accrued expenses and other liabilities are as follows:\n\n | As of December 31, | \n-------------------------------------------- | ------------------ | -------\n | 2019 | 2018 \nAccrued product-related costs | $4,464 | $4,377 \nAccrued income taxes | 7,903 | 6,914 \nAccrued property and other taxes | 1,574 | 1,976 \nAccrued professional fees | 1,599 | 3,350 \nContract liabilities | 2,877 | 1,981 \nDividends payable | 1,299 | 1,310 \nRemediation reserves | 11,444 | 11,274 \nOther accrued liabilities | 5,218 | 6,165 \nTotal accrued expenses and other liabilities | $36,378 | $37,347\n\nFINANCIAL STATEMENTS\n 9 Accrued Expenses Liabilities\n December\n product costs $4,464 $4,377\n income taxes\n property taxes 1,574 1,976\n professional fees 1,599 3,350\n Contract liabilities 2,877 1,981\n Dividends 1,299 1,310\n Remediation reserves 11,444,274\n liabilities 5,218 6,165\n $36,378 $37,347" +} +{ + "_id": "d1b30f3ee", + "title": "", + "text": "Restricted Share Units\nThe following table illustrates the number and WASP on date of award, and movements in, restricted share units (“RSUs”) and cash-based awards granted under the 2015 LTIP:\nRSUs and cash-based awards have a vesting period between two to five years, with no award vesting within the first 12 months of the grant.\n\n | Year-ended 31 March 2019 | | Year-ended 31 March 2018 | \n------------------------------------ | ------------------------ | ------- | ------------------------ | -------\n | Number | WASP | Number | WASP \nRestricted share units | 000’s | £ pence | 000’s | £ pence\nOutstanding at the start of the year | 14,840 | 316.09 | 15,350 | 215.92 \nAwarded | 8,749 | 478.44 | 6,337 | 453.14 \nForfeited | (1,421) | 426.11 | (1,421) | 284.15 \nReleased | (6,822) | 309.77 | (5,426) | 218.49 \nOutstanding at the end of the year | 15,346 | 401.27 | 14,840 | 316.09 \n\nRestricted Share Units\n table illustrates WASP award restricted units cash-based awards 2015 LTIP\n vesting period two five years no vesting first 12 months.\n Year-ended 31 March 2019 31 March 2018\n Restricted share units\n Outstanding 14,840 316. 15 215. 92\n Awarded 8,749 478. 6,337 453.\n Forfeited (1,421) 426. 284.\n Released (6,822) 309.,426 218.\n end 15,346 401. 14,840 316." +} +{ + "_id": "d1b2f8694", + "title": "", + "text": "2019 Annual LTI Grants. Except for Messrs. Dev, Trezise and Andrews, the Committee granted annual LTI\nawards to our named executives in February 2019 at amounts substantially similar to the awards granted to\nthem in 2018. Mr. Dev’s 2019 LTI target was increased to $2,700,000, as previously approved by the Committee\nupon his promotion to CFO in November 2018. Mr. Andrews’ 2019 LTI target was increased to $750,000, as\npreviously approved by the Committee following a review of compensation benchmarking in November 2018. In\nFebruary 2019, the Committee reviewed the compensation benchmarking data for all executive officers and\nincreased Mr. Trezise’s LTI target to $800,000 and left unchanged the LTI target for our other NEOs.\nOn February 28, 2019, the Committee granted our named executives the following number of (i) restricted shares or RSUs that will vest over a three-year period principally in exchange for continued service (“time-vested restricted shares or RSUs”), (ii) performance-based restricted shares or RSUs that will vest in two equal installments on March 1 of each of 2021 and 2022 based on attainment during the 2019 Performance Period, as defined above, of an Adjusted EBITDA Run Rate target of 0.0% (the “Performance-Vested Shares or RSUs”), as described further above:\n(1) Represents the number of restricted shares or RSUs granted in 2019.\n(2) As discussed further above, the actual number of shares that vest in the future may be lower or higher, depending on the level of performance achieved.\n(3) Dividends on the shares of restricted stock (or, with respect to RSUs, dividend equivalents) will not be paid while unvested, but will accrue and paid or be forfeited in tandem with the vesting of the related shares or RSUs.\n(4) For purposes of these grants, we determined both the number of time-vested and performance-based restricted shares or RSUs by dividing the total grant value granted to the executive by the volume-weighted average closing price of a share of our common stock over the 15-trading-day period ending five trading days prior to the grant date (“VWAP”), rounding to the nearest whole share. However, as noted previously, for purposes of reporting these awards in the Summary Compensation Table, our shares of time-vested restricted stock or RSUs are valued based on the closing price of our common stock on the date of grant and our shares of performance-based restricted stock or RSUs are valued as of the grant date based on probable outcomes, as required by applicable accounting and SEC disclosure rules. See footnote 2 to the Summary Compensation Table for more information.\n(5) Mr. Storey’s annual grant was in the form of RSUs.\n\n | | 2019 Annual LTI Grants | | | \n-------------------- | ------------------------------------- | ---------------------- | ------------------------------------------- | -------------- | --------------------\n | Time-vested Restricted Shares or RSUs | | Performance-based Restricted Shares or RSUs | | \nNamed Officer | No. of Shares(1)(3) | Grant Value(1) | No. of Shares(2)(3) | Grant Value(4) | Total Grant Value(4)\nCurrent Executives: | | | | | \nJeffrey K. Storey(5) | 358,884 | $5,040,000 | 538,328 | $7,560,000 | $12,600,000 \nIndraneel Dev | 76,904 | 1,080,000 | 115,356 | 1,620,000 | 2,700,000 \nStacey W. Goff | 56,966 | 800,000 | 85,449 | 1,200,000 | 2,000,000 \nScott A. Trezise | 22,786 | 320,000 | 34,180 | 480,000 | 800,000 \nShaun. C. Andrews | 21,362 | 300,000 | 32,043 | 450,000 | 750,000 \n\n2019 Annual LTI Grants. Dev Trezise Andrews Committee granted annual LTI\n awards executives February 2019 similar\n 2018. Dev’s 2019 LTI target increased $2,700,000\n CFO November 2018. Andrews’ 2019 LTI target increased $750,000\n 2018.\n February 2019 Committee reviewed\n increased. Trezise’s LTI target to $800,000 unchanged other NEOs.\n February 28, 2019 Committee granted executives restricted shares RSUs three-year period service performance-based restricted shares two installments March 1 2021 2022 2019 Performance Period Adjusted EBITDA Run Rate target 0. 0% “Performance-Vested Shares\n Represents shares granted 2019.\n shares future may lower or higher performance.\n Dividends shares not paid unvested accrue with vesting shares RSUs.\ndetermined time-vested performance-based shares grant value by volume-weighted average closing price common stock 15-trading-day period grant nearest share. time-vested valued closing price performance-based probable outcomes accounting SEC disclosure rules. footnote 2 Summary Compensation Table.\n. Storey’s annual grant RSUs.\n 2019 Annual LTI Grants\n Time-vested Performance-based Restricted Shares\n. Grant.\n Current Executives\n Jeffrey K. Storey(5) 358,884 $5,040,000 538,328 $7,560,000 $12,600,000\n Indraneel Dev 76,904 1,080,000 115,356 1,620,000 2,700,000\n Stacey W. Goff 56,966 800,000 85,449 1,200,000 2,000,000\n Scott A. Trezise 22,786 320,000 34,180 480,000 800,000\n Shaun. C.32,043 450,000 750,000" +} +{ + "_id": "d1b39967a", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n23. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)\nSelected quarterly financial data for the years ended December 31, 2019 and 2018 is as follows (in millions, except per share data):\n(1) Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses.\n\n | | Three Months Ended | | | \n------------------------------------------------------------------------------------------- | --------- | ------------------ | ------------- | ------------ | ------------------------\n | March 31, | June 30, | September 30, | December 31, | Year Ended, December 31,\n2019: | | | | | \nOperating revenues | $1,813.4 | $1,889.6 | $1,953.6 | $1,923.7 | $7,580.3 \nCosts of operations (1) | 543.4 | 563.3 | 559.9 | 550.2 | 2,216.8 \nOperating income | 614.9 | 683.9 | 728.3 | 661.3 | 2,688.4 \nNet income | 407.6 | 434.3 | 505.3 | 569.4 | 1,916.6 \nNet income attributable to American Tower Corporation stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8 \nNet income attributable to American Tower Corporation common stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8 \nBasic net income per share attributable to American Tower Corporation common stockholders | 0.90 | 0.97 | 1.13 | 1.27 | 4.27 \nDiluted net income per share attributable to American Tower Corporation common stockholders | 0.89 | 0.96 | 1.12 | 1.26 | 4.24 \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n. QUARTERLY FINANCIAL DATA\n data December 31, 2019 2018 millions\n Operating expenses Depreciation amortization accretion Selling administrative development expense Other operating expenses.\n Three Months\n March June September December\n 2019\n Operating revenues $1,813. $1,889. $1,953. $1,923. $7,580.\n Costs operations 543. 563. 559. 550. 2,216.\n Operating income 614. 683. 728. 661. 2,688.\n Net income 407. 434. 505. 569. 1,916.\n income American Tower Corporation 397. 429. 498. 562. 1,887.\n 397. 429. 498. 562. 1,887.\n net income share. 4.\nincome share American Tower Corporation. 89. 96. 12. 26." +} +{ + "_id": "d1b35af42", + "title": "", + "text": "The following table presents a rollforward of our restructuring liability as of September 30, 2019, which is included within accrued compensation and other current liabilities within our Consolidated Balance Sheet, (in millions):\nCertain restructuring costs are based upon estimates. Actual amounts paid may ultimately differ from these estimates. If additional costs are incurred or recognized amounts exceed costs, such changes in estimates will be recognized when incurred.\n\n | Restructuring Liability Employee Separation and other | Restructuring Liability Consulting Costs\n-------------------------------- | ----------------------------------------------------- | ----------------------------------------\nBalance as of October 1, 2017 | $ 1.0 | $ — \nAccrued costs | 4.2 | 0.8 \nCash payments | (4.6) | (0.5) \nBalance as of September 30, 2018 | $ 0.6 | $ 0.3 \nAccrued costs | 7.5 | 7.9 \nCash payments | (6.1) | (7.4) \nBalance as of September 30, 2019 | $ 2.0 | $ 0.8 \n\ntable restructuring liability September 30, 2019 included accrued compensation liabilities Consolidated Balance Sheet\n restructuring costs based estimates. amounts differ estimates. additional costs incurred changes estimates recognized.\n Liability Employee Separation Consulting Costs\n Balance October 1, 2017 $ 1.\n Accrued costs.\n Cash payments.\n Balance September 30, 2018 $.\n Accrued costs 7.\n payments.\n Balance September 30, 2019." +} +{ + "_id": "d1b39d34c", + "title": "", + "text": "Long-term Incentive Program Performance Share Awards\nDuring the year ended December 31, 2017, pursuant to the Company’s 2016 Incentive Plan, the Company granted long-term incentive program performance share awards (“LTIP performance shares”). These LTIP performance shares are earned, if at all, based upon the achievement, over a specified period that must not be less than one year and is typically a three-year performance period, of performance goals related to (i) the compound annual growth over the performance period in the sales for the Company as determined by the Company, and (ii) the cumulative operating income or EBITDA over the performance period as determined by the Company. Up to 200% of the LTIP performance shares may be earned upon achievement of performance goals equal to or exceeding the maximum target levels for the performance goals over the performance period. On a quarterly basis, management\nA summary of the nonvested LTIP performance shares is as follows:\nDuring the year ended December 31, 2019, the Company revised the expected attainment rates for outstanding LTIP performance shares due to changes in forecasted sales and operating income, resulting in additional stock-based compensation expense of approximately $3.7 million.\n\n | Number of Shares at Expected Attainment | Weighted Average Grant Date Fair Value\n------------------------------ | --------------------------------------- | --------------------------------------\nNonvested at December 31, 2018 | 540,697 | $19.83 \nForfeited | -56,567 | 18.80 \nChange in expected attainment | 185,339 | 20.09 \nNonvested at December 31, 2019 | 669,469 | $20.12 \n\nLong-term Incentive Program Performance Share Awards\n December 31, 2017 granted long-term incentive performance awards. earned not one year three-year goals compound annual growth sales cumulative operating income EBITDA. 200% LTIP shares earned performance goals maximum target levels. quarterly\n summary nonvested LTIP performance shares\n December 31, 2019 revised expected attainment rates LTIP shares changes sales operating income additional stock-based compensation expense $3. 7 million.\n Shares Expected Attainment Weighted Average Grant Date Value\n Nonvested December 31, 2018 540,697 $19.\n Forfeited -56,567.\n attainment 185,339.\n Nonvested December 31, 2019,469 $20." +} +{ + "_id": "d1b367b34", + "title": "", + "text": "Cash, Cash Equivalents and Marketable Securities\nCash, cash equivalents, and marketable securities increased by $485.5 million to $2,455.2 million as at December 31, 2019 from $ 1,969.7 million as at December 31, 2018, primarily as a result of proceeds from the public offering in September 2019, cash provided by our operating activities, and proceeds from the exercise of stock options.\nCash equivalents and marketable securities include money market funds, repurchase agreements, term deposits, U.S. and Canadian federal bonds, corporate bonds, and commercial paper, all maturing within the 12 months from December 31, 2019.\nThe following table summarizes our total cash, cash equivalents and marketable securities as at December 31, 2019 and 2018 as well as our operating, investing and financing activities for the years ended December 31, 2019 and 2018:\nCash Flows From Operating Activities\nOur largest source of operating cash is from subscription solutions. These payments are typically paid to us at the beginning of the applicable subscription period, except for our Shopify Plus merchants who typically pay us at the end of their monthly billing cycle. We also generate significant cash flows from our Shopify Payments processing fee arrangements, which are received on a daily basis as transactions are processed. Our primary uses of cash from operating activities are for third-party payment processing fees, employee-related expenditures, advancing funds to merchants through Shopify Capital, marketing programs, third-party shipping and fulfillment partners, outsourced hosting costs, and leased facilities.\nFor the year ended December 31, 2019, cash provided by operating activities was $70.6 million. This was primarily as a result of our net loss of $124.8 million, which once adjusted for $158.5 million of stock-based compensation expense, $35.7 million of amortization and depreciation, a $37.9 million increase in deferred income taxes, a $15.9 million increase of our provision for uncollectible merchant cash advances and loans, and an unrealized foreign exchange loss of $3.2 million, contributed $50.4 million of positive cash flows. Additional cash of $162.9 million resulted from the following increases in operating liabilities: $84.6 million in accounts payable and accrued liabilities due to indirect taxes payable, payroll liabilities, and payment processing and interchange fees; $64.6 million in income tax assets and liabilities; $12.3 million in deferred revenue due to the growth in sales of our subscription solutions along with the acquisition of 6RS; and $1.5 million increase in net lease liabilities. These were offset by $142.8 million of cash used resulting from the following increases in operating assets: $74.2 million in merchant cash advances and loans as we continued to grow Shopify Capital; $56.2 million in trade and other receivables; and $12.4 million in other current assets driven primarily by an increase in prepaid expenses, forward contract assets designated for hedge accounting, and deposits.\nFor the year ended December 31, 2018, cash provided by operating activities was $9.3 million. This was primarily as a result of our net loss of $64.6 million, which once adjusted for $95.7 million of stock-based compensation expense, $27.1 million of amortization and depreciation, a $5.9 million increase of our provision for uncollectible merchant cash advances, and an unrealized foreign exchange loss of $1.3 million, contributed $65.4 million of positive cash flows. Additional cash of $38.1 million resulted from the following increases in operating liabilities: $20.6 million in accounts payable and accrued liabilities; $9.0 million in deferred revenue; and $8.4 million in lease liabilities. These were offset by $94.2 million of cash used resulting from the following increases in operating assets: $50.7 million in merchant cash advances and loans; $32.6 million in trade and other receivables; and $10.8 million in other current assets.\nCash Flows From Investing Activities\nCash flows used in investing activities are primarily related to the purchase and sale of marketable securities, business acquisitions, purchases of leasehold improvements and furniture and fixtures to support our expanding infrastructure and workforce, purchases of computer equipment, and software development costs eligible for capitalization.\nNet cash used in investing activities in the year ended December 31, 2019 was $ 569.5 million, which was driven by $265.5 million used to make business acquisitions, most of which was for the 6RS acquisition on October 17, 2019, net purchases of $241.6 million in marketable securities, $ 56.8 million used to purchase property and equipment, which primarily consisted of expenditures on leasehold improvements, and $5.6 million used for purchasing and developing software to add functionality to our platform and support our expanding merchant base.\nNet cash used in investing activities in the year ended December 31, 2018 was $810.6 million, reflecting net purchases of $749.7 million in marketable securities. Cash used in investing activities also included $28.0 million used to purchase property and equipment, which primarily consisted of expenditures on leasehold improvements, $19.4 million used to make business acquisitions, and $13.6 million used for purchasing and developing software.\nCash Flows From Financing Activities\nTo date, cash flows from financing activities have related to proceeds from private placements, public offerings, and exercises of stock options.\nNet cash provided by financing activities in the year ended December 31, 2019 was $736.4 million driven mainly by the $688.0 million raised by our September 2019 public offering, and $48.3 million in proceeds from the issuance of Class A subordinate voting shares and Class B multiple voting shares as a result of stock option exercises. This compares to $1,072.2 million for the same period in 2018 of which $1,041.7 million was raised by our February and December 2018 public offerings while the remaining $30.5 million related to stock option exercises.\n\n | Years ended December 31, | \n---------------------------------------------------------------- | ------------------------ | ----------\n | 2019 | 2018 \n | (in thousands) | \nCash, cash equivalents and marketable securities (end of period) | $2,455,194 | 1,969,670 \nNet cash provided by (used in): | | \nOperating activities | $70,615 | $9,324 \nInvesting activities | (569,475) | (810,633) \nFinancing activities | 736,351 | 1,072,182 \nEffect of foreign exchange on cash and cash equivalents | 1,742 | (1,867) \nNet increase in cash and cash equivalents | 239,233 | 269,006 \nChange in marketable securities | 246,291 | 762,625 \nNet increase in cash, cash equivalents and marketable securities | $485,524 | $1,031,631\n\nCash Equivalents Marketable Securities\n securities increased $485. 5 million to $2,455. 2 million December 31, 2019 1,969. 7 million 2018 public offering operating activities stock options.\n include money market funds repurchase agreements term deposits. bonds corporate bonds commercial paper maturing 12 months December 31, 2019.\n summarizes cash equivalents securities operating investing financing activities\n Cash Flows Activities\n largest subscription solutions. Shopify Payments processing fee.-party fees employee expenditures marketing shipping outsourced hosting costs leased facilities.\n December 2019 cash $70. 6 million. net loss $124. 8 million $158. million stock-based compensation expense $35. million amortization depreciation $37. million deferred income taxes $15. million uncollectible merchant cash advances loans unrealized foreign exchange loss $3. 2 million $50. 4 million positive cash flows. Additional cash $162.$84. 6 million $64. 6 million income tax $12. 3 million deferred revenue $1. 5 million lease. offset $142. million $74. 2 million merchant cash advances loans $56. 2 million trade receivables $12. 4 million assets prepaid expenses deposits.\n $9. 3 million. net loss $64. 6 million $95. 7 million stock compensation $27. 1 million amortization depreciation $5. million cash advances foreign exchange loss $1. 3 million $65. 4 million positive cash flows. Additional $38. 1 million $20. 6 million accounts payable $9. million deferred revenue $8. 4 million lease liabilities. offset $94. 2 million $50. 7 million merchant cash advances loans $32. 6 million trade receivables $10. 8 million current assets.\nCash flows investing related purchase sale securities business leasehold improvements furniture computer equipment software development.\n Net cash December 31, 2019 $ 569. 5 million driven $265. 5 million business acquisitions 6RS acquisition October 2019 $241. 6 million securities $ 56. 8 million property equipment $5. 6 million software.\n Net cash December 31, 2018 $810. 6 million purchases $749. 7 million securities. $28. 0 million property equipment $19. 4 million business $13. 6 million software.\n Cash Flows Financing\n private placements public offerings stock options.\n Net cash December 31, 2019 $736. 4 million $688. 0 million September 2019 public offering $48. 3 million Class A stock option exercises. compares $1,072. 2 million 2018 $1,041. 7 million February December 2018 public offerings remaining $30. 5 million stock option exercises.\n Years December\n\n Cash equivalents securities $2,455,194 1,969,670\n Operating $70,615 $9,324\n Investing (569,475),633\n Financing 736,351 1,072,182\n foreign exchange 1,742\n increase 239,233 269,006\n securities 246,291 762,625\n securities $485,524 $1,031,631" +} +{ + "_id": "d1b316f0e", + "title": "", + "text": "Free Cash Flow. Free cash flow represents net cash provided by operating activities minus capital expenditures and capitalized software development costs. Free cash flow is a measure used by management to understand and evaluate our core operating performance and trends and to generate future operating plans.\nThe exclusion of capital expenditures and amounts capitalized for internally-developed software facilitates comparisons of our operating performance on a period-to-period basis and excludes items that we do not consider to be indicative of our core operating performance. Free cash flow is not a measure calculated in accordance with GAAP. We believe that free cash flow provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.\nNevertheless, our use of free cash flow has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. You should consider free cash flow alongside our other GAAP-based financial performance measures, net cash provided by operating activities, and our other GAAP financial results. The following table presents a reconciliation of free cash flow to net cash for operating activities, the most directly comparable GAAP measure, for each of the periods indicated (in thousands):\n\n | | Year Ended December 31, | \n----------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nNet cash provided by operating activities | $10,317 | $3,295 | $4,863 \nCapital expenditures | (5,269) | (1,721) | (1,667) \nCapitalized software development costs | (7,819) | (8,499) | (6,160) \nFree cash flow | $(2,771) | $(6,925) | $(2,964)\n\nFree Cash Flow. represents net cash operating activities minus capital expenditures software development costs. management operating performance generate future plans.\n exclusion capital expenditures-developed software facilitates comparisons excludes items. not calculated GAAP. provides information investors results.\n flow has limitations substitute for analysis financial results GAAP. consider alongside GAAP financial performance measures net cash results. table reconciliation free cash flow net cash activities\n Year December 31,\n 2019 2018 2017\n Net cash operating activities $10,317 $3,295 $4,863\n Capital expenditures (5,269) (1,721) (1,667)\n Capitalized software development costs (7,819) (8,499) (6,160)\n Free cash flow $(2,771) $(6,925) $(2,964)" +} +{ + "_id": "d1b369e02", + "title": "", + "text": "8 EXPENSES BY NATURE\nNote: (a) Transaction costs primarily consist of bank handling fees, channel and distribution costs.\n(b) During the year ended 31 December 2019, the Group incurred expenses for the purpose of research and development of approximately RMB30,387 million (2018: RMB22,936 million), which comprised employee benefits expenses of approximately RMB24,478 million (2018: RMB19,088 million).\nDuring the year ended 31 December 2019, employee benefits expenses included the share-based compensation expenses of approximately RMB10,500 million (2018: RMB7,900 million).\nNo significant development expenses had been capitalised for the years ended 31 December 2019 and 2018.\n(c) Included the amortisation charges of intangible assets mainly in respect of media contents.\nDuring the year ended 31 December 2019, amortisation of intangible assets included the amortisation of intangible assets resulting from business combinations of approximately RMB1,051 million (2018: RMB524 million).\n\n | 2019 | 2018 \n------------------------------------------------------------------------------------------------------------------ | ----------- | -----------\n | RMB’Million | RMB’Million\nTransaction costs (Note (a)) | 85,702 | 69,976 \nEmployee benefits expenses (Note (b) and Note 13) | 53,123 | 42,153 \nContent costs (excluding amortisation of intangible assets) | 48,321 | 39,061 \nAmortisation of intangible assets (Note (c) and Note 20) | 28,954 | 25,616 \nBandwidth and server custody fees (excluding depreciation of right-of-use assets) | 16,284 | 15,818 \nDepreciation of property, plant and equipment, investment properties and right-of-use assets (Note 16 and Note 18) | 15,623 | 8,423 \nPromotion and advertising expenses | 16,405 | 19,806 \nTravelling and entertainment expenses | 1,773 | 1,450 \nAuditor’s remuneration | | \n– Audit and audit-related services | 105 | 110 \n– Non-audit services | 43 | 26 \n\nEXPENSES\n Transaction costs bank handling channel distribution costs.\n 31 December 2019 Group incurred expenses research development RMB30,387 million (2018 RMB22,936 employee benefits RMB24,478 million (2018 RMB19,088 million.\n 2019 share-based compensation RMB10,500 million (2018 RMB7,900 million.\n No development expenses 2019 2018.\n amortisation intangible assets media contents.\n RMB1,051 million (2018 RMB524 million.\n Transaction costs 85,702 69,976\n Employee benefits,123\n Content costs amortisation 48,321 39,061\n Amortisation 28,954\n Bandwidth server custody fees depreciation-use 16,284 15,818\n Depreciation property 15,623 8\n Promotion advertising expenses 16,405\n Travelling entertainment expenses 1,773\n Auditor’s remuneration\n Audit-related services\nNon-audit services" +} +{ + "_id": "d1b34b240", + "title": "", + "text": "The following table provides detail of amounts reclassified from AOCL:\n(1) These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 15, “Derivatives and Hedging Activities,” of the Notes to Consolidated Financial Statements for additional details.\n\n(In millions) | 2019 | 2018 | 2017 | Location of Amount Reclassified from AOCL\n----------------------------------------------------------------- | ------ | ------ | ------ | -----------------------------------------\nDefined benefit pension plans and other post-employment benefits: | | | | \nPrior service credits | $ 0.1 | $0.3 | $ 1.3 | \nActuarial losses | (4.9) | (3.1) | (10.0) | \nTotal pre-tax amount | (4.8) | (2.8) | (8.7) | Other (expense) income, net \nTax benefit | 1.2 | 0.7 | 2.5 | \nNet of tax | (3.6) | (2.1) | (6.2) | \nNet gains (losses) on cash flow hedging derivatives:(1) | | | | \nForeign currency forward contracts | 1.6 | 0.2 | 0.9 | Cost of sales \nInterest rate and currency swaps | — | — | (3.4) | \nTreasury locks | 0.1 | 0.1 | 0.1 | Interest expense, net \nTotal pre-tax amount | 1.7 | 0.3 | (2.4) | \nTax (expense) benefit | (0.6) | (0.1) | 0.8 | \nNet of tax | 1.1 | 0.2 | (1.6) | \nTotal reclassifications for the period | (2.5 ) | (1.9 ) | (7.8 ) | \n\ntable provides detail amounts reclassified AOCL\n components derivative hedging activities. See Note 15 “Derivatives Hedging Activities Consolidated Financial Statements details.\n millions 2019 2018 2017 Location Amount Reclassified AOCL\n benefit pension plans post benefits\n Prior service credits. 1. 3.\n Actuarial losses (4. (10.\n pre-tax amount (4. 8) (2. (expense income\n Tax benefit.\n Net tax (3. (6.\n gains (losses cash flow hedging derivatives\n Foreign currency forward contracts. Cost sales\n Interest rate currency swaps.\n Treasury locks. Interest expense\n pre-tax amount. 7.\n Tax (expense benefit.\n Net tax.\n Total reclassifications period (2. 5. 9 (7." +} +{ + "_id": "d1b35ed0e", + "title": "", + "text": "Deferred Compensation Plan\nThe Company has a non-qualified, unfunded deferred compensation plan, which provides certain key employees, including executive officers, with the ability to defer the receipt of compensation in order to accumulate funds for retirement on a tax deferred basis. The Company does not make contributions to the plan or guarantee returns on the investments. The Company is responsible for the plan’s administrative expenses. Participants’ deferrals and investment gains and losses remain as the Company’s liabilities and the underlying assets are subject to claims of general creditors.\nThe liabilities for compensation deferred under the plan are recorded at fair value in each reporting period. Changes in the fair value of the liabilities are included in operating expense on the Consolidated Statements of Operations. The Company manages the risk of changes in the fair value of the liabilities by electing to match the liabilities with investments in corporate-owned life insurance policies, mutual funds and money market funds that offset a substantial portion of the exposure. The investments are recorded at the cash surrender value of the corporate-owned life insurance policies, and at the fair value of the mutual funds and money market funds, which are classified as trading securities. Changes in the cash surrender value of the corporate-owned life insurance policies and the fair value of mutual fund and money market fund investments are included in interest and other income, net on the Consolidated Statements of Operations. The following table summarizes the deferred compensation plan balances on the Consolidated Balance Sheets (in thousands):\n\n | December 31, | \n--------------------------------------------------------------- | ------------ | -------\n | 2019 | 2018 \nDeferred compensation plan asset components: | | \nCash surrender value of corporate-owned life insurance policies | $16,883 | $13,103\nFair value of mutual funds and money market funds | 21,975 | 18,867 \nTotal | $38,858 | $31,970\nDeferred compensation plan assets reported in: | | \nOther long-term assets | $38,858 | $31,970\nDeferred compensation plan liabilities reported in: | | \nAccrued compensation and related benefits (short-term) | $425 | $447 \nOther long-term liabilities | 39,665 | 32,283 \nTotal | $40,090 | $32,730\n\nDeferred Compensation Plan\n Company non-qualified unfunded deferred compensation plan employees defer receipt compensation funds for retirement. guarantee returns. responsible for administrative expenses. deferrals investment gains losses remain liabilities subject to claims creditors.\n liabilities compensation deferred recorded at fair value reporting period. Changes value included in operating expense Consolidated Statements Operations. manages risk with investments life insurance policies mutual funds money market funds. investments recorded at value fair value. Changes included in interest income Consolidated Statements Operations. table summarizes deferred compensation plan balances Consolidated Balance Sheets\n Deferred compensation plan asset components\n Cash surrender value life insurance policies $16,883 $13,103\n Fair value mutual funds money market funds 21,975 18,867\n Total $38,858 $31,970\n plan assets\n$38,858 $31,970\n Deferred compensation liabilities\n compensation $425\n liabilities 39,665 32,283\n $40,090,730" +} +{ + "_id": "d1b36580c", + "title": "", + "text": "The following securities have been excluded from the calculation of diluted weighted average common shares outstanding as the inclusion of these securities would have an anti-dilutive effect:\nParticipating securities are composed of certain stock options granted under the 2015 Plan, and previously granted under the 2009 Equity Incentive Plan, that may be exercised before the options have vested. Unvested shares have a non-forfeitable right to dividends. Unvested shares issued as a result of early exercise are subject to repurchase by us upon termination of employment or services at the original exercise price. The common stock subject to repurchase is no longer classified as participating securities when shares revert to common stock outstanding as the awards vest and our repurchase right lapses.\nOur redeemable noncontrolling interest relates to our 85% equity ownership interest in OpenEye. The OpenEye stockholder agreement contains a put option that gives the minority OpenEye stockholders the right to sell their OpenEye shares to us based on the fair value of the shares. The OpenEye stockholder agreement also contains a call option that gives us the right to purchase the remaining OpenEye shares from the minority OpenEye stockholders based on the fair value of the shares. The put and call options can each be exercised beginning in the first quarter of 2023. This redeemable noncontrolling interest is considered temporary equity and we report it between liabilities and stockholders’ equity in the consolidated balance sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded in the consolidated statements of operations.\n\n | | Year Ended December 31, | \n---------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nStock options | 223,259 | 229,294 | 258,917\nRestricted stock awards | — | — | 129 \nRestricted stock units | 136,600 | 148,175 | 188,050\nCommon stock subject to repurchase | 250 | 957 | 13,281 \n\nsecurities excluded from diluted common shares-dilutive\n Participating securities stock options 2015 Plan 2009 Equity Incentive Plan exercised before options vested. Unvested shares non-forfeitable right to dividends. early subject to repurchase termination employment at original exercise price. stock shares revert to repurchase right lapses.\n redeemable noncontrolling interest to 85% equity ownership OpenEye. agreement put option sell shares fair value. call option purchase remaining shares. put call options exercised first quarter 2023. temporary equity consolidated balance sheets. net income loss recorded in consolidated statements of operations.\n Year Ended December 31,\n 2019 2018 2017\n Stock options 223,259 229,294 258,917\n Restricted stock awards 129\n units 136,600 148,175 188,050\n Common stock subject to repurchase 250 957 13,281" +} +{ + "_id": "d1b31b5e0", + "title": "", + "text": "5. Other operating expenses\nThe expenses from logistics services provided by METRO LOGISTICS to companies intended for sale and non-group companies are offset by income from logistics services, which are reported under other operating income.\n\n€ million | 2017/2018 | 2018/2019\n---------------------------------------- | --------- | ---------\nExpenses from logistics services | 272 | 254 \nLosses from the disposal of fixed assets | 4 | 6 \nImpairment losses on goodwill | 0 | 3 \nMiscellaneous | 17 | 17 \n | 293 | 279 \n\n. operating expenses\n logistics services METRO LOGISTICS offset reported income.\n million 2017/2018 2018/2019\n Expenses logistics services 272 254\n Losses disposal fixed assets 4\n losses goodwill\n Miscellaneous 17\n 293" +} +{ + "_id": "d1b3515fa", + "title": "", + "text": "Sufficiency of Cash Resources The following table sets forth selected information regarding our financial condition:\nOur net working capital position improved $18.0 million as of December 31, 2019 compared to December 31, 2018 primarily as a result of the elimination in 2019 of the quarterly dividend of approximately $27.6 million and a decrease in accrued compensation of $7.4 million.\nThese reductions in the working capital deficit were offset in part by the recognition of current lease liabilities of $6.2 million at December 31, 2019 as part of the adoption on January 1, 2019 of ASU No. 2016- 02, Leases. Working capital was also impacted by a decline in accounts receivable of $13.1 million compared to December 31, 2018.\nOur most significant use of funds in 2020 is expected to be for: (i) interest payments on our indebtedness of between $125.0 million and $130.0 million and principal payments on debt of $18.4 million; and (ii) capital expenditures of between $195.0 million and $205.0 million.\nBased on available cash, we may utilize a portion of the dividend savings to reduce our longterm debt or repurchase additional amounts of our Senior Notes in the open market or in private transactions if such purchases can be made on economically favorable terms. In the future, our ability to use cash may be limited by our other expected uses of cash and our ability to incur additional debt will be limited by our existing and future debt agreements.\nWe believe that cash flows from operating activities, together with our existing cash and borrowings available under our revolving credit facility, will be sufficient for at least the next twelve months to fund our current anticipated uses of cash.\nAfter that, our ability to fund these expected uses of cash and to comply with the financial covenants under our debt agreements will depend on the results of future operations, performance and cash flow. Our ability to fund these expected uses from the results of future operations will be subject to prevailing economic conditions and to financial, business, regulatory, legislative and other factors, many of which are beyond our control.\nWe may be unable to access the cash flows of our subsidiaries since certain of our subsidiaries are parties to credit or other borrowing agreements, or subject to statutory or regulatory restrictions, that restrict the payment of dividends or making intercompany loans and investments, and those subsidiaries are likely to continue to be subject to such restrictions and prohibitions for the foreseeable future.\nIn addition, future agreements that our subsidiaries may enter into governing the terms of indebtedness may restrict our subsidiaries’ ability to pay dividends or advance cash in any other manner to us.\nTo the extent that our business plans or projections change or prove to be inaccurate, we may require additional financing or require financing sooner than we currently anticipate. Sources of additional financing may include commercial bank borrowings, other strategic debt financing, sales of nonstrategic assets, vendor financing or the private or public sales of equity and debt securities.\nThere can be no assurance that we will be able to generate sufficient cash flows from operations in the future, that anticipated revenue growth will be realized, or that future borrowings or equity issuances will be available in amounts sufficient to provide adequate sources of cash to fund our expected uses of cash. Failure to obtain adequate financing, if necessary, could require us to significantly reduce our operations or level of capital expenditures, which could have a material adverse effect on our financial condition and the results of operations.\n\n | | December 31,\n-------------------------------- | -------- | ------------\n(In thousands, except for ratio) | 2019 | 2018 \nCash and cash equivalents | $ 12,395 | $ 9,599 \nWorking capital (deficit) | (67,429) | (85,471) \nCurrent ratio | 0.72 | 0.70 \n\nSufficiency Cash Resources table financial condition\n net working capital improved $18. 0 million December 31, 2019 elimination quarterly dividend $27. 6 million decrease accrued compensation $7. 4 million.\n reductions working capital deficit offset by current lease liabilities $6. 2 million December 31, 2019 ASU No. 2016- 02, Leases. impacted decline accounts receivable $13. 1 million 2018.\n significant use funds 2020 for interest payments indebtedness $125. 0 million $130. 0 million principal payments debt $18. 4 million capital expenditures $195. 0 million $205. 0 million.\n utilize dividend savings reduce longterm debt repurchase Senior Notes. cash additional debt future debt agreements.\n cash flows existing cash borrowings revolving credit twelve months fund current uses.\n financial covenants future operations performance cash flow. subject to economic conditions financial business regulatory legislative factors control.\nunable access cash flows subsidiaries parties credit borrowing agreements subject statutory regulatory restrictions payment dividends intercompany loans investments likely restrictions.\n future agreements indebtedness may restrict pay dividends advance cash.\n business plans projections change inaccurate may require additional financing sooner. Sources financing include commercial bank borrowings strategic debt financing sales nonstrategic assets vendor financing sales equity debt securities.\n no assurance cash flows revenue growth future borrowings equity issuances. Failure financing could reduce operations capital expenditures financial condition results operations.\n December 31,\n thousands ratio 2019 2018\n Cash equivalents $ 12,395 $ 9,599\n Working capital (deficit) (67,429) (85,471)\n Current ratio 0. 72. 70" +} +{ + "_id": "d1b2fec7e", + "title": "", + "text": "Summarized financial information of Hilli LLC\nThe most significant impacts of Hilli LLC VIE's operations on our consolidated statements of income and consolidated statements of cash flows, as of December 31, 2019 and 2018, are as follows:\n\n(in thousands of $) | 2019 | 2018 \n----------------------------------------------------------------------- | --------- | --------\nStatement of income | | \nLiquefaction services revenue | 218,096 | 127,625 \nRealized and unrealized (losses)/gains on the oil derivative instrument | (26,001) | 16,767 \nStatement of cash flows | | \nNet debt repayments | (243,513) | (30,300)\nNet debt receipts | 129,454 | — \n\nHilli LLC\n impacts income cash flows December 31, 2019 2018\n 2018\n income\n Liquefaction services revenue 218,096 127,625\n oil derivative instrument (26,001) 16,767\n cash flows\n Net debt repayments (243,513) (30,300)\n debt receipts 129,454" +} +{ + "_id": "d1a71da5e", + "title": "", + "text": "17. Personnel expenses\nPersonnel expenses can be broken down as follows:\nWages and salaries include expenses relating to restructuring measures and severance payments of €23 million (2017/18: €19 million). The variable remuneration rose from €52 million in financial year 2017/18 to €81 million in financial year 2018/19. Wages and salaries also include expenses for long-term remuneration components totalling €7 million (2017/18: €16 million).\n\n€ million | 2017/2018 | 2018/2019\n--------------------------------------------------------------------------------------------- | --------- | ---------\nWages and salaries | 2,173 | 2,264 \nSocial security expenses, expenses for post-employment benefits and related employee benefits | 552 | 552 \nthereof for post-employment benefits | (43) | (41) \n | 2,725 | 2,816 \n\n. Personnel expenses\n Wages salaries restructuring severance payments €23 million €19 million. variable remuneration €52 million 2017/18 to €81 million 2018/19. long-term remuneration €7 million (2017/18 €16 million.\n 2018/2019\n Wages salaries 2,173\n Social security post benefits\n 2,725 2,816" +} +{ + "_id": "d1b3669c8", + "title": "", + "text": "A summary of our outstanding debt as of December 31, 2018, is as follows (amounts in millions):\nRefer to Note 13 of the notes to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K for further disclosures regarding our debt obligations.\n\n | | | December 31, 2018 \n---------- | --------------------- | ------------------------------------------------- | -------------------\n | Gross Carrying Amount | Unamortized Discount and Deferred Financing Costs | Net Carrying Amount\n2021 Notes | 650 | (3) | 647 \n2022 Notes | 400 | (3) | 397 \n2026 Notes | 850 | (8) | 842 \n2027 Notes | 400 | (5) | 395 \n2047 Notes | 400 | (10) | 390 \nTotal debt | $2,700 | $(29) | $2,671 \n\noutstanding debt December 31, 2018\n Note 13 Item 8 Annual Report Form 10-K disclosures debt obligations.\n December 31, 2018\n Gross Carrying Amount Unamortized Discount Deferred Financing Costs Net Carrying Amount\n 2021 650 647\n 2022\n 2026 842\n 2027 395\n 2047\n Total debt $2,700 $2,671" +} +{ + "_id": "d1b313ad4", + "title": "", + "text": "Unfunded Status\nThe following table presents the unfunded status of the Combined Pension Plan and post-retirement benefit plans:\nThe current portion of our post-retirement benefit obligations is recorded on our consolidated balance sheets in accrued expenses and other current liabilities-salaries and benefits.\n\n | Combined Pension Plan | | Post-Retirement Benefit Plans | \n-------------------------------------- | ------------------------ | --------------------- | ----------------------------- | -------\n | Years Ended December 31, | | Years Ended December 31, | \n | 2019 | 2018 | 2019 | 2018 \n | | (Dollars in millions) | | \nBenefit obligation | $(12,217) | (11,594) | (3,037) | (2,977)\nFair value of plan assets | 10,493 | 10,033 | 13 | 18 \nUnfunded status | (1,724) | (1,561) | (3,024) | (2,959)\nCurrent portion of unfunded status | — | — | (224) | (252) \nNon-current portion of unfunded status | $(1,724) | (1,561) | (2,800) | (2,707)\n\nUnfunded Status\n table unfunded status Combined Pension Plan post-retirement benefit plans\n current post-retirement benefit obligations recorded balance sheets accrued expenses liabilities benefits.\n Combined Pension Plan Post-Retirement Benefit Plans\n Years Ended December\n millions\n Benefit obligation $(12,217) (11,594 (3,037) (2,977\n plan assets 10,493\n Unfunded status (1,724) (1,561 (2\n Current\n Non-current(1,724) (1,561" +} +{ + "_id": "d1b31b176", + "title": "", + "text": "Note 17. Other Accrued Expenses and Current Liabilities\nOther accrued expenses and current liabilities consisted of the following (in thousands):\n\n | December 31, | \n------------------------------------------------------- | ------------ | -------\n | 2019 | 2018 \nAccrued purchases | $4,328 | $1,679 \nAccrued legal and professional fees | 3,860 | 3,380 \nAccrued customer-acquisition advertising costs (Note 1) | 3,745 | 2,831 \nDeferred Symphony acquisition purchase price (Note 4) | 3,517 | 3,394 \nAccrued roadside assistance claim costs | 1,709 | 1,330 \nAccrued telephone charges | 1,605 | 2,000 \nFinancial derivatives (Note 12) | 251 | 2,859 \nAccrued restructuring (Note 5) | 56 | 976 \nAccrued rent (Note 3) | — | 3,283 \nOther | 10,259 | 9,503 \n | $29,330 | $31,235\n\n17. Accrued Expenses Liabilities\n December\n purchases $4,328 $1,679\n legal fees 3,860 3,380\n customer-acquisition advertising costs 2,831\n Symphony acquisition price 3,517 3,394\n roadside assistance costs 1,709 1,330\n telephone charges 1,605\n derivatives 251 2,859\n restructuring 976\n rent 3,283\n 10,259\n $29,330 $31,235" +} +{ + "_id": "d1b33bf5c", + "title": "", + "text": "Software Development Costs\nWe capitalize purchased software upon acquisition if it is accounted for as internal-use software or if it meets the future alternative use criteria. We capitalize incurred labor costs for software development from the time technological feasibility of the software is established, or when the preliminary project phase is completed in the case of internal-use software, until the software is available for general release. Research and development costs and other computer software maintenance costs related to software development are expensed as incurred.\nWe estimate the useful life of our capitalized software and amortize its value over that estimated life. If the actual useful life is shorter than our estimated useful life, we will amortize the remaining book value over the remaining useful life or the asset may be deemed to be impaired and, accordingly, a write-down of the value of the asset may be recorded as a charge to earnings.\nUpon the availability for general release, we commence amortization of the capitalized software costs on a product by product basis. Amortization of capitalized software is recorded using the greater of (i) the ratio of current revenues to total and anticipated future revenues for the applicable product or (ii) the straightline method over the remaining estimated economic life, which is estimated to be three to five years.\nAt each balance sheet date, the unamortized capitalized costs of a software product are compared with the net realizable value of that product. The net realizable value is the estimated future gross revenues from that product reduced by the estimated future costs of completing and disposing of that product, including the costs of performing maintenance and client support required to satisfy our responsibility set forth at the time of sale.\nThe amount by which the unamortized capitalized costs of a software product exceed the net realizable value of that asset is written off. If we determine that the value of the capitalized software could not be recovered, a write-down of the value of the capitalized software to its recoverable value is recorded as a charge to earnings. The unamortized balances of capitalized software were as follows:\n\n | December 31, | \n------------------------------- | ------------ | ---------\n(In thousands) | 2019 | 2018 \nSoftware development costs | $428,641 | $317,637 \nLess: accumulated amortization | (184,712) | (107,977)\nSoftware development costs, net | $243,929 | $209,660 \n\nSoftware Development Costs\n capitalize purchased software acquisition internal-use or future alternative use criteria. capitalize labor costs development technological feasibility established preliminary project phase until available for general release. Research development software maintenance costs expensed as incurred.\n estimate useful life capitalized software amortize value over estimated. If life shorter amortize remaining value or impaired write-down value charge to earnings.\n availability release amortization capitalized software costs product product. Amortization recorded using ratio current revenues to future revenues or straightline method over remaining estimated economic life three to five years.\n balance sheet date unamortized capitalized costs compared with net realizable value. value future revenues reduced by future costs maintenance client support.\n unamortized capitalized costs exceed net realizable value written off. If write-down to recoverable value recorded as charge to earnings. unamortized balances of capitalized software\n 2019 2018\n,641 $317,637\n amortization (184,712),977\n $243,929 $209,660" +} +{ + "_id": "d1b375b44", + "title": "", + "text": "Stock Options\nThe following table summarizes activity involving stock option awards for the year ended December 31, 2019:\nThe aggregate intrinsic value of our options outstanding and exercisable at December 31, 2019 was less than $1 million. The weighted-average remaining contractual term for such options was 0.18 years.\nDuring 2019, we received net cash proceeds of less than $1 million in connection with our option exercises. The tax benefit realized from these exercises was less than $1 million. The total intrinsic value of options exercised for the years ended December 31, 2019, 2018 and 2017, was less than $1 million each year.\n\n | Number of options | Weighted-Average Exercise Price\n------------------------------------------------ | ----------------- | -------------------------------\n | (in thousands) | \nOutstanding and Exercisable at December 31, 2018 | 543 | $27.46 \nExercised | (6) | 11.38 \nForfeited/Expired | (68) | 24.78 \nOutstanding and Exercisable at December 31, 2019 | 469 | 28.04 \n\n\n table summarizes awards December 31, 2019\n aggregate intrinsic value options less $1 million.-average contractual term 0. 18 years.\n cash proceeds less $1 million option exercises. tax benefit less $1 million. total value options 2019 2018 2017 less $1 million.\n Weighted-Average Exercise Price\n Exercisable December 31, 2018 $27.\n Exercised.\n Forfeited/Expired.\n Exercisable December 31, 2019." +} +{ + "_id": "d1b3018d4", + "title": "", + "text": "13. Stock-Based Compensation:\nUnder the 2014 RSU Plan, we may grant restricted stock units of up to an aggregate of 3,000 units. Each unit converts to one share of the Company’s stock at the\ntime of vesting. The fair value of RSU awards is determined at the closing market price of the Company’s common stock at the date of grant. For the years ended March\n31, 2018 and 2019, there were 292 and 315 awards, respectively, granted from this plan. Restricted stock activity during the year ended 2019 is as follows:\nPerformance-based awards vest one year after the grant date. Service-based awards vest as to one-third annually with the requisite service periods beginning on\nthe grant date. Awards are amortized over their respective grade-vesting periods. The total unrecognized compensation costs related to unvested stock awards expected\nto be recognized over the vesting period, approximately three years, was $1,476 at March 31, 2019.\nWe have four fixed stock option plans. Under the 2004 Stock Option Plan, as amended, we may grant options to employees for the purchase of up to an aggregate\nof 10,000 shares of common stock. Under the 2004 Non-Employee Directors’ Stock Option Plan, as amended, we may grant options for the purchase of up to an\naggregate of 1,000 shares of common stock. No awards were made under these two plans after August 1, 2013. Under the 2014 Stock Option Plan, we can grant options\nto employees for the purchase of up to an aggregate of 10,000 shares of common stock. Under the 2014 Non-Employee Directors’ Stock Option Plan, as amended, we can\ngrant options to our directors for the purchase of up to an aggregate of 1,000 shares of common stock. Under all plans, the exercise price of each option shall not be less\nthan the market price of our stock on the date of grant and an option’s maximum term is 10 years. Options granted under the 2004 Stock Option Plan and the 2014 Stock\nOption Plan vest as to 25% annually and options granted under the 2004 Non-Employee Directors’ Stock Option Plan and the 2014 Non-Employee Director’s Stock\nOption Plan vest as to one-third annually. Requisite service periods related to all plans begin on the grant date. As of March 31, 2019, there were 12,447 shares of\ncommon stock available for future issuance under all of the plans, consisting of options available to be granted and options currently outstanding.\n\n | March 31, 2019 | \n---------------------------- | ---------------- | ------------------------------------------------\n | Number of shares | Weighted-Average Grant Date Fair Value per Share\nNon-vested at March 31, 2018 | 358 | $16.27 \nGranted | 315 | 15.28 \nVested | (172) | 16.27 \nCancelled and forfeited | (68) | 16.27 \nNon-vested at March 31, 2019 | 433 | $15.55 \n\n. Stock-Based Compensation\n 2014 RSU Plan restricted stock units 3,000 units. Each unit converts to one share stock\n vesting. fair value awards determined closing market price common stock grant. years\n 2018 2019 292 315 awards granted. Restricted stock activity 2019\n Performance-based awards vest year after grant date. Service-based awards vest one-third annually service periods\n grant date. amortized over grade-vesting periods. total unrecognized compensation costs stock awards\n $1,476 at March 31, 2019.\n four fixed stock option plans. 2004 Stock Option Plan options\n 10,000 shares common stock. 2004 Non-Employee Directors’ Stock Option Plan\n 1,000 shares. No awards after August 1, 2013. 2014 Stock Option Plan options\n 10,000 shares common.\n 1,000. exercise price option not less\n market price stock grant maximum term 10 years. Options 2004 2014\n vest 25% annually\nOption Plan one-third annually. service periods grant date. March 31, 2019 12,447 shares\n common stock future issuance options outstanding.\n shares Weighted-Average Grant Value Share\n Non-vested March 31, 2018 $16.\n Granted.\n.\n Cancelled forfeited.\n Non-vested March 31, 2019 $15." +} +{ + "_id": "d1b3603a2", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nWe employ a liability-driven investment strategy whereby a mix of equity and fixed-income investments are used to pursue a derisking strategy which over time seeks to reduce interest rate mismatch risk and other risks while achieving a return that matches or exceeds the growth in projected pension plan liabilities. Risk tolerance is established through careful consideration of plan liabilities and funded status. The investment portfolio primarily contains a diversified mix of equity and fixed-income investments. Other assets such as private equity are used modestly to enhance long-term returns while improving portfolio diversification. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements, and asset/liability studies at regular intervals.\nThe following table summarizes the fair values of our pension plan assets:\n(1) Comprised of common stocks of companies in various industries. The Pension Plan fund manager may shift investments from value to growth strategies or vice-versa, from small cap to large cap stocks or vice-versa, in order to meet the Pension Plan's investment objectives, which are to provide for a reasonable amount of long-term growth of capital without undue exposure to volatility, and protect the assets from erosion of purchasing power.\n(2) Comprised of investment grade short-term investment and money-market funds.\n(3) Comprised of partnerships that invest in various U.S. and international industries.\n(4) Comprised of long-term government bonds with a minimum maturity of 10 years and zero-coupon Treasury securities (\"Treasury Strips\") with maturities greater than 20 years.\n(5) Comprised predominately of investment grade U.S. corporate bonds with maturities greater than 10 years and U.S. high-yield corporate bonds; emerging market debt (local currency sovereign bonds, U.S. dollar-denominated sovereign bonds and U.S. dollar-denominated corporate bonds); and U.S. bank loans.\n(6) Comprised of investments in securities of U.S. and non-U.S. real estate investment trusts (REITs), real estate operating companies and other companies that are principally engaged in the real estate industry and of investments in global private direct commercial real estate. Investments can be redeemed immediately following the valuation date with a notice of at least fifteen business days before valuation.\n(7) Comprised of investments that are measured at fair value using the NAV per share practical expedient. In accordance with the provisions of ASC 820-10, these investments have not been classified in the fair value hierarchy. The fair value amount not leveled is presented to allow reconciliation of the fair value hierarchy to total fund pension plan assets.\n\n | As of December 31, | \n------------------------------------ | ------------------ | --------\n | 2019 | 2018 \nEquity securities - U.S. holdings(1) | $24,586 | $20,469 \nEquity funds - U.S. holdings(1) (7) | — | 54 \nBond funds - government(4) (7) | 33,991 | 19,146 \nBond funds - other(5) (7) | 207,901 | 202,393 \nReal estate(6) (7) | 2,979 | 2,652 \nCash and cash equivalents(2) | 5,700 | 5,866 \nPartnerships(3) | 7,539 | 9,172 \nTotal fair value of plan assets | $282,696 | $259,752\n\nCONSOLIDATED FINANCIAL STATEMENTS thousands share data\n liability-driven investment strategy mix equity fixed-income investments interest rate mismatch risk risks return growth pension plan liabilities. Risk plan liabilities funded status. investment portfolio diversified equity fixed. private equity returns portfolio diversification. risk measured monitored quarterly reviews annual liability measurements/liability studies.\n table summarizes pension plan assets\n common stocks industries. shift investments value growth small cap large cap stocks objectives long-term growth capital volatility protect erosion purchasing power.\n investment grade short-term investment money-market funds.\n partnerships U. S. international industries.\n long-term government bonds minimum maturity 10 years zero-coupon Treasury securities maturities 20 years.\n investment grade U. S. corporate bonds 10 years. high-yield emerging market debt.-denominated bank loans.\n investments securities U. S. non-U. S.estate investment trusts companies global real estate. Investments redeemed valuation notice fifteen business days before.\n investments measured fair value NAV per share. investments not classified fair value hierarchy. reconciliation pension plan assets.\n December 31,\n Equity securities U. holdings(1) $24,586 $20,469\n Equity funds.\n Bond funds 33,991 19,146\n 207,901 202,393\n Real estate(6) 2,979 2,652\n Cash equivalents(2) 5,700,866\n Partnerships(3) 7,539 9,172\n Total fair value assets $282,696 $259,752" +} +{ + "_id": "d1b3542a0", + "title": "", + "text": "(5) Earnings Per Share\nBasic earnings per share is computed by dividing Net earnings attributable to Black Knight by the weighted-average number of shares of common stock outstanding during the period.\nFor the periods presented, potentially dilutive securities include unvested restricted stock awards and the shares of BKFS Class B common stock prior to the Distribution. For the year ended December 31, 2017, the numerator in the diluted net earnings per share calculation is adjusted to reflect our income tax expense at an expected effective tax rate assuming the conversion of the shares of BKFS Class B common stock into shares of BKFS Class A common stock on a one-for-one basis prior to the Distribution. The effective tax rate for the year ended December 31, 2017 was (16.7)%, including the effect of the benefit related to the revaluation of our net deferred income tax liability and certain other discrete items recorded during 2017. For the year ended December 31, 2017, the denominator includes approximately 63.1 million shares of BKFS Class B common stock outstanding prior to the Distribution. The denominator also includes the dilutive effect of approximately 0.9 million, 0.6 million and 0.6 million shares of unvested restricted shares of common stock for the years ended December 31, 2019, 2018 and 2017, respectively.\nThe shares of BKFS Class B common stock did not share in the earnings or losses of Black Knight and were, therefore, not participating securities. Accordingly, basic and diluted net earnings per share of BKFS Class B common stock have not been presented.\nThe computation of basic and diluted earnings per share is as follows (in millions, except per share amounts):\n\n | | Year ended December 31, | \n------------------------------------------------------------------------------ | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nBasic: | | | \nNet earnings attributable to Black Knight | $108.8 | $168.5 | $182.3\nShares used for basic net earnings per share: | | | \nWeighted average shares of common stock outstanding | 147.7 | 147.6 | 88.7 \nBasic net earnings per share | $0.74 | $1.14 | $2.06 \nDiluted: | | | \nEarnings before income taxes and equity in losses of unconsolidated affiliates | | | $192.4\nIncome tax benefit excluding the effect of noncontrolling interests | | | (32.2)\nNet earnings | | | $224.6\nNet earnings attributable to Black Knight | $108.8 | $168.5 | \nShares used for diluted net earnings per share: | | | \nWeighted average shares of common stock outstanding | 147.7 | 147.6 | 88.7 \nDilutive effect of unvested restricted shares of common | | | \nstock | 0.9 | 0.6 | 0.6 \nWeighted average shares of BKFS Class B common stock outstanding | — | — | 63.1 \nWeighted average shares of common stock, diluted | 148.6 | 148.2 | 152.4 \nDiluted net earnings per share | $0.73 | $1.14 | $1.47 \n\nEarnings Per Share\n computed Net earnings Black Knight by weighted-average shares common stock.\n dilutive securities include unvested restricted stock awards BKFS Class B common stock prior Distribution. December 31, 2017 diluted net earnings adjusted income tax expense conversion BKFS Class B into A. effective tax rate December 31, 2017 (16. 7)%, including deferred income tax liability. denominator includes 63. 1 million shares BKFS Class B common stock. dilutive effect 0. 9 million. 6 million. million shares unvested restricted shares common December 31, 2019 2018 2017.\n BKFS Class B common stock earnings losses Black Knight not participating. basic diluted net earnings per share presented.\n computation earnings per share millions\n Year ended December\n Net earnings Black Knight $108. $168. $182.\n earnings\n Weighted average shares common stock outstanding 147.\nnet earnings share $0. 74 $1. 14 $2.\n taxes equity losses unconsolidated affiliates $192.\n Income tax benefit noncontrolling interests.\n earnings $224.\n Black Knight $108. $168.\n diluted earnings\n average shares common stock 147. 88.\n unvested shares\n.\n shares BKFS Class B common stock 63.\n shares 148. 148. 152.\n net earnings share $0. 73 $1. 14 $1." +} +{ + "_id": "d1b2eed56", + "title": "", + "text": "Revenue stream\nThe Company generates revenue primarily from the sales of equipment and sales of spares & service. The products and services described by nature in Note 1, can be part of all revenue streams.\nThe proceeds resulting from the patent litigation & arbitration settlements (€159 million) are included in the equipment revenue stream.\n\n | Year ended December 31, | \n------------------------ | ----------------------- | ---------\n(EUR thousand) | 2018 | 2019 \nEquipment revenue | 631,504 | 1,068,645\nSpares & service revenue | 186,577 | 215,215 \nTotal | 818,081 | 1,283,860\n\n\n Company generates equipment spares. products Note 1.\n proceeds patent litigation arbitration settlements (€159 million equipment revenue.\n December 31,\n Equipment revenue 631,504 1,068,645\n Spares service 186,577 215,215\n 818,081 1,283,860" +} +{ + "_id": "d1b3a42f0", + "title": "", + "text": "The Company continually reviews the adequacy of our valuation allowance and recognizes the benefits of deferred tax assets only as the reassessment indicates that it is more likely than not that the deferred tax assets will be realized in accordance with ASC 740, Income Taxes. Due to our recent decrease in revenue and profitability for 2019, and all other positive and negative objective evidence considered as part of our analysis, our ability to consider other subjective evidence such as projections for future growth is limited when evaluating whether our deferred tax assets will be realized. As such, the Company was no longer able to conclude that it was more likely than not that our domestic deferred tax assets would be realized and a valuation allowance against our domestic deferred tax assets was established in the third quarter of 2019. The amount of the deferred tax assets considered realizable may be adjusted in future periods in the event that sufficient evidence is present to support a conclusion that it is more likely than not that all or a portion of our domestic deferred tax assets will be realized.\nAs of December 31, 2019, the Company had gross deferred tax assets totaling $56.2 million offset by a valuation allowance totaling $48.6 million. Of the valuation allowance, $42.8 million was established in the current year primarily related to our domestic deferred tax assets. The remaining $5.8 million established in prior periods related to state research and development credit carryforwards and foreign net operating loss and research and development credit carryforwards where we lack sufficient activity to realize those deferred tax assets. The remaining $7.6 million in deferred tax assets that were not offset by a valuation allowance are located in various foreign jurisdictions where the Company believes it is more likely than not we will realize these deferred tax assets.\nSupplemental balance sheet information related to deferred tax assets is as follows:\nAs of December 31, 2019 and 2018, the deferred tax assets for foreign and domestic loss carry-forwards, research and development tax credits, unamortized research and development costs and state credit carryforwards totaled $41.3 million and $28.8 million, respectively. As of December 31, 2019, $19.1 million of these deferred tax assets will expire at various times between 2020 and 2039. The remaining deferred tax assets will either amortize through 2029 or carryforward indefinitely.\nAs of December 31, 2019 and 2018, respectively, our cash and cash equivalents were $73.8 million and $105.5 million and short-term investments were $33.2 million and $3.2 million, which provided available short-term liquidity of $107.0 million and $108.7 million. Of these amounts, our foreign subsidiaries held cash of $52.3 million and $87.1 million, respectively, representing approximately 48.9% and 80.1% of available short-term liquidity, which is used to fund on-going liquidity needs of these subsidiaries. We intend to permanently reinvest these funds outside the U.S. except to the extent any of these funds can be repatriated without withholding tax and our current business plans do not indicate a need to repatriate to fund domestic operations. However, if all of these funds were repatriated to the U.S. or used for U.S. operations, certain amounts could be subject to tax. Due to the timing and circumstances of repatriation of such earnings, if any, it is not practical to determine the amount of funds subject to unrecognized deferred tax liability.\nDuring 2019, 2018 and 2017, no income tax benefit or expense was recorded for stock options exercised as an adjustment to equity.\n\n | | | December 31, 2019 \n-------------- | ------------------- | ------------------- | ------------------------\n(In thousands) | Deferred Tax Assets | Valuation Allowance | Deferred Tax Assets, net\nDomestic | $46,266 | $(46,266) | $ — \nInternational | 9,911 | (2,350) | 7,561 \nTotal | $56,177 | $(48,616) | $7,561 \n\nCompany reviews valuation allowance recognizes benefits deferred tax assets ASC 740 Income Taxes. decrease revenue profitability 2019 growth limited deferred tax assets. domestic deferred tax assets valuation allowance against domestic established third quarter 2019. deferred tax assets realizable may be adjusted evidence.\n December 31, 2019 Company deferred tax assets $56. 2 million offset by valuation allowance $48. 6 million. $42. 8 million established domestic deferred tax assets. remaining $5. 8 million state research development credit carryforwards foreign net operating loss research development credit carryforwards. remaining $7. 6 million not offset in foreign jurisdictions likely.\n Supplemental balance sheet information tax assets\n As December 31, 2019 2018 deferred tax assets for foreign domestic loss carry-forwards research development tax credits unamortized research development costs state credit carryforwards totaled $41. 3 million $28. 8 million. December 31, 2019 $19.1 million deferred tax assets expire 2020 2039. remaining amortize 2029 or carryforward indefinitely.\n December 31, 2019 2018 cash equivalents $73. 8 million $105. 5 million short-term investments $33. 2 million $3. 2 million short-term liquidity $107. 0 million $108. 7 million. foreign subsidiaries held cash $52. 3 million $87. 1 million 48. 9% 80. 1% short-term liquidity on liquidity. intend reinvest funds outside U. domestic. if. amounts subject tax. determine deferred tax liability.\n 2019 2018 2017 no income tax benefit expense for stock options equity.\n December 31, 2019\n Deferred Tax Assets\n Domestic $46,266 $(46,266)\n International 9,911 7,561\n Total $56,177" +} +{ + "_id": "d1a739e3e", + "title": "", + "text": "Liquidity risk\nOur policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.\nOur liquidity needs are affected by many factors, some of which are based on the normal on-going operations of the business, and others that relate to the uncertainties of the global economy and the semiconductor industry. Although our cash requirements fluctuate based on the timing and extent of these factors, we believe that cash generated from operations, together with our principal sources of liquidity are sufficient to satisfy our current requirements, including our expected capital expenditures in 2020.\nWe intend to return cash to our shareholders on a regular basis in the form of dividend payments and, subject to our actual and anticipated liquidity requirements and other relevant factors, share buybacks.\nThe following table summarizes the Company’s contractual and other obligations as at December 31, 2019.\nTotal short-term lines of credit amounted to €150 million at December 31, 2019. The amount outstanding at December 31, 2019 was nil and the undrawn portion totaled €150 million. The standby revolving credit facility of €150 million with a consortium of banks will be available through December 16, 2023.\nFor the majority of purchase commitments, the Company has flexible delivery schedules depending on the market conditions, which allows the Company, to a certain extent, to delay delivery beyond originally planned delivery schedules.\n\n | Total | Less than 1 year | 1-5 years | More than 5 years\n----------------------------------------- | ------- | ---------------- | --------- | -----------------\nAccounts payable | 119,712 | 119,712 | — | — \nIncome tax payable | 34,599 | 34,599 | — | — \nAccrued expenses and other payables | 149,843 | 149,843 | — | — \nLease liabilities | 24,261 | 6,977 | 14,726 | 2,558 \nPension liabilities | 7,734 | 333 | 2,544 | 4,857 \nPurchase obligations: | | | | \nPurchase commitments to suppliers | 100,694 | 99,546 | 1,148 | — \nCapital expenditure and other commitments | 43,692 | 40,745 | 2,947 | — \nTotal contractual obligations | 480,535 | 451,755 | 21,365 | 7,415 \n\nLiquidity risk\n policy maintain strong capital base investor creditor market confidence sustain future development business.\n liquidity needs affected by factors operations uncertainties global economy semiconductor industry. cash requirements fluctuate cash operations principal sources liquidity satisfy current requirements expected capital expenditures 2020.\n intend return cash shareholders dividend payments share buybacks.\n table summarizes contractual obligations December 31, 2019.\n short-term lines credit €150 million. outstanding nil undrawn portion €150 million. standby revolving credit facility €150 million available through December 16, 2023.\n flexible delivery schedules delay delivery.\n Less than 1 year 1-5 years\n Accounts payable 119,712\n Income tax payable 34,599\n Accrued expenses payables 149,843\n Lease liabilities 24,261 6,977\n Pension liabilities 7,734 333 2,544 4,857\n Purchase obligations\n100,694 99,546 1,148\n Capital 43,692 40,745,947\n obligations 480,535 451,755 21,365" +} +{ + "_id": "d1b38c812", + "title": "", + "text": "The tax effects of temporary differences in the recognition of income and expense for tax and financial reporting purposes that give rise to significant portions of the net deferred tax asset (liability) are as follows (in millions):\nAs of December 31, 2019 and 2018, the Company had approximately $521.9 million and $768.9 million, respectively, of federal NOL carryforwards, before reduction for unrecognized tax benefits, which are subject to annual limitations prescribed in Section 382 of the Internal Revenue Code. The decrease is due to current year utilization. If not utilized, a portion of the NOLs will expire in varying amounts from 2024 to 2036; however, a small portion of the NOL that was generated after December 31, 2017 is carried forward indefinitely.\nAs of December 31, 2019 and 2018, the Company had approximately $134.5 million and $83.7 million, respectively, of federal credit carryforwards, before consideration of valuation allowance or reduction for unrecognized tax benefits, which are subject to annual limitations prescribed in Section 383 of the Internal Revenue Code. If not utilized, the credits will expire in varying amounts from 2028 to 2039.\nAs of December 31, 2019 and 2018, the Company had approximately $825.8 million and $801.0 million, respectively, of state NOL carryforwards, before consideration of valuation allowance or reduction for unrecognized tax benefits. If not utilized, a portion of the NOLs will expire in varying amounts starting in 2020.\nCertain states have adopted the federal rule allowing unlimited NOL carryover for NOLs generated in tax years beginning after December 31, 2017. Therefore, a portion of the state NOLs generated after 2017 carry forward indefinitely. As of December 31, 2019 and 2018, the Company had $138.6 million and $115.8 million, respectively, of state credit carryforwards before consideration of valuation allowance or reduction for unrecognized tax benefits. If not utilized, a portion of the credits will begin to expire in varying amounts starting in 2020.\nAs of December 31, 2019 and 2018, the Company had approximately $757.1 million and $734.4 million, respectively, of foreign NOL carryforwards, before consideration of valuation allowance. If not utilized, a portion of the NOLs will begin to expire in varying amounts starting in 2020. A significant portion of these NOLs will expire by 2025.\nAs of December 31, 2019 and 2018, the Company had $76.8 million and $68.8 million, respectively, of foreign credit carryforwards before consideration of valuation allowance. If not utilized, the majority of these credits will expire by 2026.\nThe Company continues to maintain a valuation allowance of $186.3 million on a portion of its Japan NOLs, which expire in varying amounts from 2020 to 2024. In addition to the valuation allowance mentioned above on Japan NOLs, the Company continues to maintain a full valuation allowance on its U.S. state deferred tax assets, and a valuation allowance on foreign NOLs and tax credits in certain other foreign jurisdictions.\n\n | As of December 31, | \n-------------------------------------------------------------- | ------------------ | -------\n | 2019 | 2018 \nNet operating loss and tax credit carryforwards | $612.9 | $584.9 \n163 (j) interest expense carryforward | 49.3 | — \nTax-deductible goodwill and amortizable intangibles | (48.6) | (29.4) \nCapitalization of research and development expenses | 42.7 | — \nReserves and accruals | 27.5 | 57.4 \nProperty, plant and equipment | (81.2) | (63.5) \nInventories | 22.0 | 20.2 \nUndistributed earnings of foreign subsidiaries | (63.7) | (48.7) \nShare-based compensation | 10.3 | 7.7 \nPension | 26.3 | 24.3 \nOther | 8.0 | 6.0 \nDeferred tax assets and liabilities before valuation allowance | 605.5 | 558.9 \n Valuation allowance | (357.9) | (347.5)\nNet deferred tax asset | $247.6 | $211.4 \n\ntax effects differences income expense net deferred tax asset\n December 31, 2019 2018 Company had $521. 9 million $768. 9 million federal NOL carryforwards before tax benefits Section 382 Revenue. decrease due current utilization. NOLs expire 2024 to 2036 small portion after December 31, 2017 forward indefinitely.\n December 31, 2019 2018 Company had $134. 5 million $83. 7 million federal credit carryforwards before subject Section 383. credits expire 2028 to 2039.\n December 31, 2019 2018 had $825. 8 million $801. 0 million state NOL carryforwards before. expire 2020.\n states unlimited NOL carryover 2017. state NOLs 2017 carry forward indefinitely. December 31, 2019 2018 Company had $138. 6 million $115. 8 million state credit carryforwards before. credits expire 2020.\n December 31, 2019 2018 $757.1 million $734. 4 million foreign NOL carryforwards before valuation allowance. not NOLs 2020. 2025.\n December 31, 2019 2018 Company $76. 8 million $68. 8 million foreign credit carryforwards before valuation allowance. majority expire 2026.\n valuation allowance $186. 3 million Japan NOLs 2020 to 2024. full valuation allowance. state deferred tax assets foreign NOLs tax credits foreign jurisdictions.\n December\n Net operating loss tax credit carryforwards $612. 9 $584.\n interest expense carryforward 49.\n Tax-deductible goodwill amortizable intangibles.\n research development expenses 42.\n Reserves accruals.\n Property plant equipment.\n.\n Undistributed earnings foreign subsidiaries.\n Share-based compensation.\n. 24.\n.\n Deferred tax assets liabilities before valuation allowance 605. 558.\n (357. (347.\ndeferred tax. $211." +} +{ + "_id": "d1b34cdfc", + "title": "", + "text": "OPERATING AND FINANCIAL RESULTS\n(1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy. For further details, please consult the \"Accounting policies\" section.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN.\nREVENUE Fiscal 2019 revenue increased by 22.4% (17.9% in constant currency). In local currency, revenue amounted to US$782.3 million compared to US$662.3 million for fiscal 2018. The increase resulted mainly from: • the impact of the MetroCast acquisition completed on January 4, 2018 which was included in revenue for only an eight-month period in the prior year; • rate increases; • continued growth in Internet service customers; and • the FiberLight acquisition completed in the first quarter of fiscal 2019; partly offset by • a decrease in video service customers. Excluding the MetroCast and FiberLight acquisitions, revenue in constant currency increased by 5.2% for fiscal 2019.\nOPERATING EXPENSES Fiscal 2019 operating expenses increased by 19.5% (15.2% in constant currency) mainly as a result of: • the impact of the MetroCast acquisition which was included in operating expenses for only an eight-month period in the prior year; • programming rate increases; • the FiberLight acquisition completed in the first quarter of fiscal 2019; • higher compensation expenses due to higher headcount to support growth; and • higher marketing initiatives to drive primary service units growth; partly offset by • the prior year's non-recurring costs of $3.1 million (US$2.5 million) related to hurricane Irma.\nADJUSTED EBITDA Fiscal 2019 adjusted EBITDA increased by 26.1% (21.5% in constant currency). In local currency, adjusted EBITDA amounted to US$351.3 million compared to US$288.4 million for fiscal 2018. The increase was mainly due to the impact of the MetroCast and FiberLight acquisitions combined with strong organic growth. Excluding the MetroCast and FiberLight acquisitions and the prior year's non-recurring costs of $3.1 million ($US2.5 million) related to hurricane Irma, adjusted EBITDA in constant currency increased by 5.7% for fiscal 2019.\nCAPITAL INTENSITY AND ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT Fiscal 2019 acquisitions of property, plant and equipment decreased by 9.4% (12.4% in constant currency) mainly due to: • the acquisition of several dark fibres throughout south Florida from FiberLight, LLC for a consideration of $21.2 million (US$16.8 million) during the second quarter of fiscal 2018; partly offset by • additional capital expenditures related to the impact of the MetroCast acquisition; and • additional capital expenditures related to the expansion in Florida. Fiscal 2019 capital intensity reached 18.6% compared to 25.1% for fiscal 2018 mainly as a result of lower capital expenditures combined with revenue growth.\n\nYears ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)\n--------------------------------------------- | --------- | -------- | ------ | ------------------------------- | ---------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ \nRevenue | 1,036,853 | 847,372 | 22.4 | 17.9 | 37,433 \nOperating expenses | 571,208 | 478,172 | 19.5 | 15.2 | 20,522 \nAdjusted EBITDA | 465,645 | 369,200 | 26.1 | 21.5 | 16,911 \nAdjusted EBITDA Margin | 44.9% | 43.6% | | | \nAcquisitions of property, plant and equipment | 192,605 | 212,580 | (9.4) | (12.4) | 6,332 \nCapital intensity | 18.6% | 25.1% | | | \n\nOPERATING FINANCIAL RESULTS\n Fiscal 2019 average foreign exchange rate 1. 3255 USD/CDN.\n Fiscal 2018 restated IFRS 15 change accounting policy. \"Accounting policies.\n Fiscal 2019 translated average foreign exchange rate 1. 2773 USD/CDN.\n REVENUE 2019 increased 22. 4% (17. 9%. US$782. 3 million US$662. 3 million 2018. increase MetroCast rate increases Internet service FiberLight acquisition offset decrease video service customers. revenue increased 5. 2%.\n OPERATING EXPENSES increased 19. 5% (15. 2% MetroCast acquisition rate increases FiberLight acquisition higher compensation expenses marketing initiatives offset prior year non-recurring costs $3. 1 million (US$2. 5 million hurricane Irma.\n ADJUSTED EBITDA increased 26. 1% (21. 5%. US$351. 3 million US$288. 4 million 2018. MetroCast FiberLight acquisitions organic growth.MetroCast FiberLight acquisitions prior costs $3. 1 million$US2. 5 million hurricane Irma adjusted EBITDA increased 5. 7% 2019.\n CAPITAL INTENSITY ACQUISITIONS acquisitions decreased. 4% (12. 4% due dark fibres Florida FiberLight $21. 2 million (US$16. 8 million quarter 2018 offset additional capital expenditures MetroCast acquisition expansion Florida. 2019 capital intensity 18. 6% 25. 1% 2018 lower capital expenditures revenue growth.\n August currency Foreign exchange impact\n Revenue 1,036,853 847,372 22. 37\n Operating expenses 571,208 478,172.\n Adjusted EBITDA 465,645 369,200.\n EBITDA Margin 44. 9% 43. 6%\n Acquisitions property plant equipment 192,605 212,580.\n Capital intensity 18. 6% 25. 1%" +} +{ + "_id": "d1a7376e8", + "title": "", + "text": "Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities\nOur common stock is traded on the New York Stock Exchange under the symbol \"MEI.\" The following is a tabulation of high and low sales prices for the periods presented and cash dividends declared per share.\nOn June 13, 2019, the Board of Directors declared a dividend of $0.11 per share of common stock, payable on July 26, 2019, to holders of record on July 12, 2019. As of June 18, 2019, the number of record holders of our common stock was 397.\n\n | High | Low | Dividends\nDeclared Per\nShare\n-------------------------------- | ------ | ------ | ----------------------------\nFiscal Year Ended April 27, 2019 | | | \nFirst Quarter | $45.45 | $37.70 | $0.11 \nSecond Quarter | 41.30 | 27.65 | 0.11 \nThird Quarter | 33.98 | 20.99 | 0.11 \nFourth Quarter | 32.22 | 25.11 | 0.11 \nFiscal Year Ended April 28, 2018 | | | \nFirst Quarter | $44.95 | $36.05 | $0.09 \nSecond Quarter | 46.75 | 36.75 | 0.09 \nThird Quarter | 48.44 | 39.00 | 0.11 \nFourth Quarter | 42.10 | 36.95 | 0.11 \n\n. Registrant’s Common Equity Stockholder Issuer Purchases Securities\n common stock traded New York Stock Exchange. tabulation high low sales prices cash dividends share.\n June 13, 2019 Board Directors declared dividend $0. 11 share common stock payable July 26, 2019 July 12. June 18 2019 holders 397.\n Dividends\n Declared\n Share\n Fiscal Year Ended April 27, 2019\n First Quarter $45. $37.\n Second Quarter.\n Third Quarter.\n Fourth Quarter.\n Fiscal Year Ended April 28, 2018\n First Quarter $44.\n Second Quarter.\n Third Quarter.\n Fourth Quarter." +} +{ + "_id": "d1b2f6042", + "title": "", + "text": "Uncertain Tax Positions\nIn accordance with authoritative guidance, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained.\nThe following table reconciles the beginning and ending amount of unrecognized tax benefits for the fiscal years ended September 30, 2019, 2018,and 2017 (amounts shown in thousands):\nOf the total unrecognized tax benefits at September 30, 2019, $1.6 million will impact the Company’s effective tax rate. The Company does not anticipate that there will be a substantial change in unrecognized tax benefits within the next twelve months.\nThe Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As of September 30, 2019, no accrued interest or penalties related to uncertain tax positions are recorded in the consolidated financial statements.\nThe Company is subject to income taxation in the U.S. at the federal and state levels. All tax years are subject to examination by U.S., California, and other state tax authorities due to the carryforward of unutilized net operating losses and tax credits. The Company is also subject to foreign income taxes in the countries in which it operates. The Company’s U.S. federal tax return for the year ended September 30, 2017 is currently under examination. To our knowledge, the Company is not currently under examination by any other taxing authorities.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------ | ------ | ------ | ------\nGross unrecognized tax benefits at the beginning of the year | $1,321 | $1,181 | $— \nAdditions from tax positions taken in the current year | 213 | 140 | 140 \nAdditions from tax positions taken in prior years | 73 | — | 1,041 \nReductions from tax positions taken in prior years | — | — | — \nTax settlements | — | — | — \nGross unrecognized tax benefits at end of the year | $1,607 | $1,321 | $1,181\n\nUncertain Tax Positions\n impact uncertain income tax position recognized largest amount more-likely sustained audit. not recognized less 50% likelihood sustained.\n table reconciles unrecognized tax benefits fiscal years 2019 2018 2017\n total unrecognized tax benefits September 30, 2019 $1. 6 million effective tax rate. substantial change tax benefits next twelve months.\n interest penalties income tax. September 30, 2019 no accrued interest penalties uncertain tax positions recorded in consolidated financial statements.\n Company subject to income taxation. federal state levels. tax years. unutilized operating losses tax credits. subject to foreign income taxes. federal tax return September 30 2017 under examination. not under examination other taxing authorities.\n Gross unrecognized tax benefits year $1,321\n Additions from tax positions current year\n Additions prior years 73\n Reductions years\n Tax settlements\nunrecognized tax benefits $1,607,321,181" +} +{ + "_id": "d1b347d5c", + "title": "", + "text": "2. Property and equipment:\nProperty and equipment consisted of the following (in thousands):\nDepreciation and amortization expense related to property and equipment and finance leases was $80.2 million, $81.2 million and $75.9 million, for 2019, 2018 and 2017, respectively.\nThe Company capitalizes the compensation cost of employees directly involved with its construction activities. In 2019, 2018 and 2017, the Company capitalized compensation costs of $10.7 million, $10.5 million and $9.7 million respectively. These amounts are included in system infrastructure costs.\nExchange agreement\nIn 2019, 2018 and 2017 the Company exchanged certain used network equipment and cash consideration for new network equipment. The fair value of the new network equipment received was estimated to be $3.3 million, $3.2 million and $9.1 million resulting in gains of $1.0 million, $1.0 million and $3.9 million respectively. The estimated fair value of the equipment received was based upon the cash consideration price the Company pays for the new network equipment on a standalone basis (Level 3).\nInstallment payment agreement\nThe Company has entered into an installment payment agreement (“IPA”) with a vendor. Under the IPA the Company may purchase network equipment in exchange for interest free note obligations each with a twenty-four month term. There are no payments under each note obligation for the first six months followed by eighteen equal installment payments for the remaining eighteen month term. As of December 31, 2019 and December 31, 2018, there was $12.5 million and $11.2 million, respectively, of note obligations outstanding under the IPA, secured by the related equipment. The Company recorded the assets purchased and the present value of the note obligation utilizing an imputed interest rate. The resulting discounts totaling $0.4 million and $0.4 million as of December 31, 2019 and December 31, 2018, respectively, under the note obligations are being amortized over the note term using the effective interest rate method.\n\n | December 31, | \n---------------------------------------------- | ------------ | ---------\n | 2019 | 2018 \nOwned assets: | | \nNetwork equipment | $566,936 | $538,761 \nLeasehold improvements | 227,388 | 214,495 \nSystem infrastructure | 134,726 | 124,018 \nSoftware | 10,035 | 9,963 \nOffice and other equipment | 18,169 | 16,711 \nBuilding | 1,252 | 1,277 \nLand | 106 | 108 \n | 958,612 | 905,333 \nLess—Accumulated depreciation and amortization | (790,033) | (736,356)\n | 168,579 | 168,977 \nAssets under finance leases: | | \nIRUs | 408,170 | 395,170 \nLess—Accumulated depreciation and amortization | (207,820) | (188,822)\n | 200,350 | 206,348 \nProperty and equipment, net | $368,929 | $375,325 \n\n. Property equipment\n Depreciation amortization expense leases $80. 2 million $81. 2 million $75. 9 million 2019 2018 2017.\n Company capitalizes compensation cost employees construction. capitalized costs $10. 7 million $10. 5 million $9. 7 million. system infrastructure costs.\n exchanged used network equipment cash new equipment. $3. 3 million $3. 2 million $9. 1 million gains $1. million $1. million $3. 9 million. cash price.\n vendor. equipment interest free note obligations twenty-four month term. no payments first six months eighteen payments. December 31, 2019 2018 $12. 5 million $11. 2 million note obligations outstanding secured equipment. recorded assets purchased present value imputed interest rate. discounts $0. 4 million $0. 4 million December 31, 2019 obligations amortized term effective interest rate method.\n Owned assets\n Network equipment $566,936 $538,761\nLeasehold improvements 227,388 214,495\n 134,726 124,018\n Office equipment 18,169 16,711\n Land\n 958,612 905,333\n depreciation amortization,356\n leases\n,170,170\n depreciation (207,820),822)\n 200,350 206,348\n Property $368,929 $375,325" +} +{ + "_id": "d1b30b4b0", + "title": "", + "text": "Free Cash Flow\nThe following provides a reconciliation of free cash flow, as used in this annual report, to its most directly comparable U.S. GAAP financial measures:\nManagement believes that the free cash flow measure provides useful information to investors regarding our financial condition because it is a measure of cash generated which management evaluates for alternative uses. It is management’s current intention to use excess cash to fund investments in capital equipment, acquisition opportunities and consistent dividend payments. Free cash flow is not a U.S. GAAP financial measure and should not be considered in isolation of, or as a substitute for, cash flows calculated in accordance with U.S. GAAP.\n\n | | Fiscal Year | \n--------------------------------------------------------------------------------- | ------- | ----------- | -------\n($ in millions) | 2019 | 2018 | 2017 \nNet cash provided from operating activities | $232.4 | $209.2 | $130.3 \nPurchases of property, plant, equipment and software | (180.3) | (135.0) | (98.5) \nAcquisition of businesses, net of cash acquired | (79.0) | (13.3) | (35.3) \nProceeds from divestiture of business | — | — | 12.0 \nProceeds from disposals of property, plant and equipment and assets held for sale | 0.4 | 1.9 | 2.5 \nProceeds from note receivable from sale of equity method investment | — | 6.3 | 6.3 \nProceeds from insurance recovery | 11.4 | — | — \nDividends paid | (38.6) | (34.4) | (34.1) \nFree cash flow | $(53.7) | $34.7 | $(16.8)\n\nCash Flow\n reconciliation annual report. GAAP measures\n cash flow provides information financial condition alternative uses. use excess cash investments capital equipment acquisition opportunities dividend payments. cash not. GAAP measure not cash flows. GAAP.\n Fiscal Year\n$ millions 2019 2018 2017\n Net cash operating activities $232. 4 $209. $130.\n Purchases property plant equipment software (180. (135. (98.\n Acquisition businesses cash (79. (13. (35.\n Proceeds divestiture business 12.\n disposals property plant equipment assets sale.\n Proceeds receivable sale equity investment 6.\n insurance recovery 11.\n Dividends paid (38. (34.\n Free cash flow $(53. 7) $34. 7 $(16." +} +{ + "_id": "d1b3b3a70", + "title": "", + "text": "Cash Flow Hedges\nThe Company has interest rate swap agreements to hedge the cash flows of a portion of its variable rate senior secured term loans (the \"Variable Rate Loans\"). The objective of these instruments is to reduce variability in the forecasted interest payments of the Company's Variable Rate Loans, which is based on the LIBOR rate. Under the terms of the interest rate swap agreements, the Company will receive monthly variable interest payments based on the one-month LIBOR rate and will pay interest at a fixed rate.\nIn February 2018, the Company entered into interest rate swap agreements to hedge the cash flows of an additional $250 million of its Variable Rate Loans. The interest rate swap agreements on $1.1 billion of the Company's Variable Rate Loans had a maturity date of December 2021 and a fixed interest rate of 1.08%.\nThe interest rate swap agreements on $300 million and $250 million of the Company's Variable Rate Loans both had a maturity date of August 2022 and fixed interest rates of 1.66% and 2.59%, respectively. The counterparties to these agreements are financial institutions.\nIn September 2018, the Company terminated its existing interest rate swaps. The net derivative gain of $60 million related to the discontinued cash flow hedge remained within accumulated other comprehensive loss and is being reclassified into earnings over the remaining life of the original hedge as the hedged variable rate debt impacts earnings.\nAdditionally, in September 2018, the Company entered into new interest rate swap agreements to hedge the cash flows of $1.5 billion of the Company's Variable Rate Loans. These interest rate swap agreements have a maturity date of August 2025 and a fixed interest rate of 3.00%.\nThe interest rate swap transactions were accounted for as cash flow hedges. The gain (loss) on the swap is reported as a component of other comprehensive income (loss) and is reclassified into earnings when the interest payments on the underlying hedged items impact earnings. A qualitative assessment of hedge effectiveness is performed on a quarterly basis, unless facts and circumstances indicate the hedge may no longer be highly effective.\nThe effect of the Company's cash flow hedges on other comprehensive (loss) income and earnings for the periods presented was as follows:\nThe Company expects to reclassify gains of $1 million from accumulated other comprehensive loss into earnings during the next 12 months.\n\n | | Year Ended | \n------------------------------------------------------------------------------------------------------------------------------------ | --------------- | ----------------- | -----------------\n | January 3, 2020 | December 28, 2018 | December 29, 2017\n | | (in millions) | \nTotal interest expense, net presented in the consolidated statements of income in which the effects of cash flow hedges are recorded | $133 | $138 | $140 \nAmount recognized in other comprehensive (loss) income | $(55) | $(7) | $10 \nAmount reclassified from accumulated other comprehensive loss into earnings during the next 12 months. | (7) | (6) | — \n\nCash Flow Hedges\n Company has interest rate swap agreements hedge cash flows variable rate senior secured term loans. reduce variability interest payments based LIBOR rate. monthly variable interest payments LIBOR interest fixed rate.\n February 2018 interest rate swap agreements cash additional $250 million Loans. agreements $1. 1 billion maturity December 2021 fixed interest rate 1. 08%.\n agreements $300 million $250 million maturity August 2022 fixed interest rates 1. 66% 2. 59%. counterparties are financial institutions.\n September 2018 terminated interest rate swaps. net derivative gain $60 million hedge reclassified into earnings.\n September 2018 new interest rate swap agreements hedge cash flows $1. 5 billion Variable Rate Loans. maturity August 2025 fixed interest rate 3. 00%.\n cash flow hedges. gain (loss) reclassified into earnings interest payments impact earnings. hedge effectiveness quarterly unless.\neffect Company cash flow hedges income earnings\n expects reclassify gains $1 million earnings next 12 months.\n Year\n January 3, 2020 December 28, 2018 December 29, 2017\n millions\n Total interest expense consolidated statements cash hedges $133 $138 $140\n recognized income $(55) $(7) $10\n reclassified loss earnings next 12 months." +} +{ + "_id": "d1b353684", + "title": "", + "text": "The following table shows select line items that were materially impacted by the adoption of ASC Topics 606 and 340-40 on Autodesk’s Consolidated Balance Sheet as of January 31, 2019:\n(1) Short term and long term \"contract assets\" under ASC Topic 606 are included within \"Prepaid expenses and other current assets\" and \"Other assets\", respectively, on the Consolidated Balance Sheet\n(2) Included in the \"Accumulated deficit\" adjustment is $179.4 million for the cumulative effect adjustment of adopting ASC Topic 606 and 340-40 on the opening balance as of February 1, 2018.\nAdoption of the standard had no impact to net cash provided by or (used in) operating, financing, or investing activities on the Company’s Consolidated Statements of Cash Flows\n\n | As reported | Impact from the adoption of ASC 606 and 340-40 | As adjusted\n--------------------------------------------- | ----------- | ---------------------------------------------- | -----------\nASSETS | | | \nCurrent assets: | | | \nAccounts receivable, net | $474.3 | $73.4 | $547.7 \nPrepaid expenses and other current assets (1) | 192.1 | (79.4) | 112.7 \nDeferred income taxes, net | 65.3 | 7.0 | 72.3 \nOther assets (1) | 337.8 | (17.9) | 319.9 \nLIABILITIES AND STOCKHOLDERS’ DEFICIT | | | \nCurrent liabilities: | | | \nDeferred revenue | 1,763.3 | 140.6 | 1,903.9 \nOther accrued liabilities | 142.3 | 1.7 | 144.0 \nLong-term deferred revenue | 328.1 | 37.2 | 365.3 \nLong-term income taxes payable | 21.5 | (0.2) | 21.3 \nLong-term deferred income taxes | 79.8 | (6.7) | 73.1 \nStockholders’ deficit: | | | \nAccumulated deficit (2) | $(2,147.4) | $(189.5) | $(2,336.9) \n\ntable shows items impacted ASC Topics 606 340-40 Consolidated Balance Sheet January 31, 2019\n Short long term assets under ASC Topic included expenses\n deficit adjustment $179. 4 million ASC Topic 606 340-40 balance February 1, 2018.\n Adoption net cash operating financing investing activities Cash\n Impact ASC 606 340-40\n Current assets\n receivable $474. $73. $547.\n Prepaid expenses assets 192. (79. 112.\n Deferred income taxes 65. 72.\n Other assets 337. (17. 319.\n LIABILITIES DEFICIT\n Current liabilities\n Deferred revenue 1,763. 140. 1,903.\n Other accrued liabilities 142. 144.\n Long-term deferred revenue 328. 37. 365.\n Long-term income taxes 21.\n-term deferred 79. 73.\n Stockholders’ deficit\ndeficit,147. 4). 5). 9)" +} +{ + "_id": "d1b356f0a", + "title": "", + "text": "b. Employee Performance Rights Plan\nThe Employee Performance Rights Plan (the Rights Plan) was approved by shareholders at the Company’s AGM on 23 November 2017. Under the Rights Plan, awards are made to eligible executives and other management personnel who have an impact on the Group’s performance. Rights Plan awards are granted in the form of performance rights over shares, which vest over a period of three years subject to meeting performance measures and continuous employment with the Company. Each performance right is to subscribe for one ordinary share upon vesting and, when issued, the shares will rank equally with other shares.\nPerformance rights issued under the Employee Performance Rights Plan are valued on the same basis as those issued to KMP, which is described in Note 16(d).\n1. The vesting date for rights granted on 2 July 2017 and 2 July 2018 is the date on which the Board notifies the executive that the rights have vested, after the outcomes for the measurement period have been determined and satisfaction of performance conditions have been assessed. This is likely to be 31 August 2020 and 31 August 2021 respectively.\nNo performance rights vested or lapsed during the financial year. The number of performance rights issued and outstanding at 30 June 2018 was 355,316, consisting solely of the performance rights granted on 2 July 2017.\nThe weighted average contractual life of outstanding performance rights at the end of the financial year is 1.77 years (2018: 2.17 years).\n\nPerformance rights issued and outstanding at 30 June 2019 | | | | \n--------------------------------------------------------- | ------------- | ---------------------- | -------------- | --------------------------\nGrant Date | Vesting Date1 | Fair Value per Right $ | Rights Granted | No. of Rights at 30/6/2019\n2 Jul 2017 | 31 Aug 2020 | 3.815 | 355,316 | 355,316 \n2 Jul 2018 | 31 Aug 2021 | 3.01 | 530,652 | 530,652 \nTotal | | | 885,968 | 885,968 \n\n. Employee Performance Rights Plan\n approved AGM 23 November 2017. awards executives management performance. awards performance rights over shares vest three years performance measures continuous employment. Each one ordinary share rank equally.\n rights valued KMP Note 16(d).\n. vesting date rights 2 July 2017 2 July 2018 Board notifies after outcomes determined performance conditions assessed. likely 31 August 2020 31 August 2021.\n No performance rights vested lapsed year. rights issued outstanding 30 June 2018 355,316 2 July 2017.\n average contractual life rights 1. 77 years (2018 2. 17 years.\n Performance rights issued 30 June 2019\n Grant Date Vesting Fair Value per Right $ Rights Granted. 30/6/2019\n 2 Jul 2017 31 Aug 2020. 355,316\n 2018 31 Aug 2021. 530\n 885,968" +} +{ + "_id": "d1b355ee8", + "title": "", + "text": "Operating Segment Results\nCurrently, we have three reportable segments—Activision, Blizzard, and King. Our operating segments are consistent with the manner in which our operations are reviewed and managed by our Chief Executive Officer, who is our chief operating decision maker (“CODM”). The CODM reviews segment performance exclusive of: the impact of the change in deferred revenues and related cost of revenues with respect to certain of our online-enabled games; share-based compensation expense; amortization of intangible assets as a result of purchase price accounting; fees and other expenses (including legal fees, expenses, and accruals) related to acquisitions, associated integration activities, and financings; certain restructuring and related costs; and certain other non-cash charges. The CODM does not review any information regarding total assets on an operating segment basis, and accordingly, no disclosure is made with respect thereto.\nOur operating segments are also consistent with our internal organizational structure, the way we assess operating performance and allocate resources, and the availability of separate financial information. We do not aggregate operating segments.\nInformation on the reportable segment net revenues and segment operating income are presented below (amounts in millions):\n(1) Intersegment revenues reflect licensing and service fees charged between segments.\n\n | | | | For the Year Ended December 31, 2018\n------------------------------------ | ---------- | -------- | ------ | ------------------------------------\n | Activision | Blizzard | King | Total \nSegment Revenues | | | | \nNet revenues from external customers | $2,458 | $2,238 | $2,086 | $6,782 \nIntersegment net revenues (1) | — | 53 | — | 53 \nSegment net revenues | $2,458 | $2,291 | $2,086 | $6,835 \nSegment operating income | $1,011 | $685 | $750 | $2,446 \n\nOperating Segment Results\n three reportable segments—Activision Blizzard King. consistent by Chief Executive Officer. reviews performance impact deferred revenues online-enabled games share-based compensation amortization assets purchase accounting fees integration financings restructuring costs non-cash charges. review total assets no disclosure.\n segments consistent with internal organizational structure performance resources financial information. aggregate segments.\n reportable segment net revenues operating income\n Intersegment revenues reflect licensing service fees between segments.\n Year Ended December 31, 2018\n Blizzard King\n Revenues\n Net revenues from external customers $2,458 $2,238 $2,086 $6,782\n Intersegment net revenues\n Segment net revenues $2,458 $2,291 $2,086 $6,835\n operating income $1,011 $685 $2,446" +} +{ + "_id": "d1b3af434", + "title": "", + "text": "Intangible assets\nIntangible assets include the value assigned to completed technologies, customer relationships, and trade names. The estimated useful lives for all of these intangible assets, range from two to seven years. Intangible assets as of September 30, 2019 and 2018 are summarized as follows(amounts shown in thousands, except for years):\nAmortization expense related to acquired intangible assets was $7.0 million, $4.0 million, and $0.6 million for fiscal years ended September 30, 2019, 2018, and 2017, respectively and is recorded in acquisition-related costs and expenses in the consolidated statements of operations.\n\nSeptember 30, 2019: | Weighted Average Amortization Period | Cost | Accumulated Amortization | Net \n----------------------- | ------------------------------------ | ------- | ------------------------ | -------\nCompleted technologies | 6.4 years | $20,341 | $7,104 | $13,237\nCustomer relationships | 4.8 years | 17,628 | 6,701 | 10,927 \nTrade names | 4.5 years | 618 | 377 | 241 \nTotal intangible assets | | $38,587 | $14,182 | $24,405\n\nIntangible assets\n technologies relationships trade names. estimated lives two to seven years. September 2019 2018 summarized\n Amortization expense $7. million $4. million $0. 6 million 2018 2017 recorded costs consolidated statements.\n Average Amortization\n Completed technologies 6. 4 years $20,341 $7,104 $13,237\n Customer relationships 4. 8 years 17,628\n Trade names 4. 5 years\n Total intangible assets $38,587 $14,182 $24,405" +} +{ + "_id": "d1b32441a", + "title": "", + "text": "Liquidity and Capital Resources\nIn assessing our short term and long term liquidity, management reviews and analyzes our current cash balances, short-term investments, accounts receivable, accounts payable, accrued liabilities, capital expenditure and operating expense commitments, and required finance lease, interest and debt payments and other obligations. In assessing our short term and long term liquidity, management reviews and analyzes our current cash balances, short-term investments, accounts receivable, accounts payable, accrued liabilities, capital expenditure and operating expense commitments, and required finance lease, interest and debt payments and other obligations.\nThe following table sets forth our consolidated cash flows.\nNet Cash Provided By Operating Activities. Our primary source of operating cash is receipts from our customers who are billed on a monthly basis for our services. Our primary uses of operating cash are payments made to our vendors, employees and interest payments made to our finance lease vendors and our note holders. Our changes in cash provided by operating activities are primarily due to changes in our operating profit and changes in our interest payments. Cash provided by operating activities for 2019, 2018 and 2017 includes interest payments on our note obligations of $38.0 million, $32.7 million and $30.8 million, respectively.\nNet Cash Used In Investing Activities. Our primary use of investing cash is for purchases of property and equipment. These amounts were $47.0 million, $49.9 million and $45.8 million for 2019, 2018 and 2017, respectively. The annual changes in purchases of property and equipment are primarily due to the timing and scope of our network expansion activities including geographic expansion and adding buildings to our network. In 2019, 2018 and 2017 we obtained $11.3 million, $9.9 million and $9.0 million, respectively, of network equipment and software in non-cash exchanges for notes payable under an installment payment agreement.\nNet Cash Provided By (Used In) Financing Activities. Our primary uses of cash for financing activities are for dividend payments, stock purchases and principal payments under our finance lease obligations. Amounts paid under our stock buyback program were $6.6 million for 2018 and $1.8 million for 2017. There were no stock purchases for 2019. During 2019, 2018 and 2017 we paid $112.6 million, $97.9 million and $81.7 million, respectively, for our quarterly dividend payments. Our quarterly dividend payments have increased due to regular quarterly increases in our quarterly dividend per share amounts. Principal payments under our finance lease obligations were $9.1 million, $10.3 million and $11.2 million for 2019, 2018 and 2017, respectively, and are impacted by the timing and extent of our network expansion activities. Our financing activities also include proceeds from and repayments of our debt offerings. In June 2019 we received net proceeds of $152.1 million from the issuance of our €135.0 million of 2024 Notes. In August 2018 we received net proceeds of $69.9 million from the issuance of our $70.0 million of senior secured notes. Total installment payment agreement principal payments were $10.0 million, $9.4 million and $3.8 million for 2019, 2018 and 2017, respectively.\n\n | | Year Ended December 31, | \n---------------------------------------------------- | --------- | ----------------------- | ----------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nNet cash provided by operating activities | $ 148,809 | $ 133,921 | $ 111,702 \nNet cash used in investing activities | (46,958) | (49,937) | (45,801) \nNet cash provided by (used in) financing activities | 22,020 | (52,545) | (97,267) \nEffect of exchange rates on cash | (542) | (2,357) | 4,058 \nNet increase (decrease) in cash and cash equivalents | | | \nduring the year | $ 123,329 | $ 29,082 | $ (27,308)\n\nLiquidity Capital Resources\n management cash balances investments receivable liabilities capital expenditure operating expense commitments finance lease interest debt payments. cash investments liabilities capital expenditure expense finance lease interest debt payments.\n consolidated cash flows.\n Net Cash Operating Activities. primary receipts customers. uses payments vendors employees interest payments finance lease vendors note holders. changes cash due profit interest payments. 2019 2017 interest payments note obligations $38. 0 million $32. 7 million $30. 8 million.\n Cash Investing Activities. purchases property equipment. $47. 0 million $49. 9 million $45. 8 million 2019 2018 2017. changes network expansion. 2019 2017 obtained $11. 3 million $9. 9 million $9. million network equipment software non-cash installment payment.\n Net Cash Financing Activities. primary uses dividend payments stock purchases principal payments finance lease obligations.stock buyback program $6. 6 million 2018 $1. 8 million 2017. no stock purchases 2019. 2017 paid $112. 6 million $97. 9 million $81. 7 million quarterly dividend payments. increased. finance lease obligations $9. 1 million $10. 3 million $11. 2 million 2019 2018 2017 impacted network expansion. financing activities proceeds debt offerings. June 2019 proceeds $152. 1 million €135. million 2024 Notes. August 2018 $69. 9 million $70. million senior secured notes. installment payments $10. million $9. 4 million $3. 8 million 2019 2018 2017.\n December\n cash operating activities $ 148,809 133,921 111,702\n investing\n financing\n Effect exchange rates cash\n cash equivalents\n $ 123,329" +} +{ + "_id": "d1b2e819a", + "title": "", + "text": "SG&A costs during fiscal 2018 were $222.0 million, an increase of $5.7 million compared to the $216.3 million of SG&A during fiscal 2017. The following table shows the components of SG&A costs for the twelve months ended October 31, 2018 and 2017.\nRegarding the table above, the change in start-up expense in any particular period relates to the stage of the start-up process in which a facility under construction is in during the period. Non-construction related expenses, such as labor, training and office-related expenses for a facility under construction are recorded as start-up expense until the facility begins operations. As a facility moves closer to actual start-up, the expenses incurred for labor, training, etc. increase. As a result, amounts classified as start-up expenses will increase period over period until the facility begins production. Once production begins, the expenses from that point forward are recorded as costs of goods sold. The increase in legal expenses was primarily attributable to our ongoing defense of the litigation described in “Part II, Item 3. Legal Proceedings” of this Form 10-K. The increases in trainee expense and administrative salaries were primarily attributable to increases in personnel that coincide with the Company's growth plans. The decrease in bonus expense, payouts of which are based on profitability, was the result of profitability not reaching the required levels for payout of that incentive. The decrease in ESOP expense, payouts of which are based on profitability, was attributable to the difference in the level of profitability between fiscal 2018 and 2017. The increase in all other SG&A expenses was the result of a net increase in various other categories of SG&A costs.\n\nSelling, General and Administrative Costs (in thousands) | | | \n-------------------------------------------------------- | ------------------------------------ | ------------------------------------ | --------------------\nDescription | Twelve months ended October 31, 2018 | Twelve months ended October 31, 2017 | Increase/(Decrease) \nStart-up expense (Tyler, Texas complex) | $13,394 | $403 | $ 12,991 \nLegal services expense | 17,573 | 7,879 | 9,694 \nAll other SG&A | 68,863 | 61,847 | 7,016 \nAdministrative salary expense | 42,288 | 36,193 | 6,095 \nTrainee expense | 21,553 | 16,182 | 5,371 \nCharter aircraft expense | 2,167 | 900 | 1,267 \nDepreciation expense - machinery and equipment | 5,801 | 4,555 | 1,246 \nStock compensation expense | 15,702 | 16,952 | (1,250) \nMarketing expense | 32,624 | 34,272 | (1,648) \nStart-up expense (St. Pauls, North Carolina complex) | — | 4,022 | (4,022) \nBonus award program expense | — | 15,098 | (15,098) \nEmployee Stock Ownership Plan (\"ESOP\") expense | 2,000 | 18,000 | (16,000) \nTotal SG&A | $221,965 | $216,303 | $ 5,662 \n\nSG&A costs fiscal 2018 $222. 0 million increase $5. 7 million compared $216. 3 million 2017. table shows costs twelve months October 31, 2018 2017.\n change start-up expense relates stage construction. Non-construction expenses labor training office-related recorded as start expense until operations. closer start-up expenses. increase. start-up expenses increase until production. production begins expenses recorded as costs goods sold. increase legal expenses attributable defense II Item 3. Legal Form 10-K. increases trainee expense administrative salaries increases personnel growth plans. decrease bonus expense profitability not reaching levels. decrease ESOP expense difference profitability 2018 2017. increase SG&A expenses net increase.\n Selling General Administrative Costs\n Twelve months October 31, 2018 2017 Increase\n Start-up expense (Tyler, Texas complex) $13,394 $403 12,991\nLegal 17,573 7,879\n 68,863 61,847\n Administrative salary 42,288 36,193\n Trainee 21,553 16,182 5\n Charter aircraft 2,167\n machinery 5,801 4,555\n Stock compensation 15,702 16,952\n Marketing 32,624 34,272\n Start-up. 4,022\n Bonus 15,098\n Employee Stock Ownership Plan 2,000 18,000\n SG $221,965 $216,303" +} +{ + "_id": "d1a7250b0", + "title": "", + "text": "The following table summarizes the potentially dilutive common shares that were excluded from diluted weighted-average common shares outstanding because including them would have had an anti-dilutive effect (in thousands):\nSince the Company expects to settle the principal amount of its outstanding convertible senior notes in cash and any excess in cash or shares of the Company’s Class A Common Stock, the Company uses the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted net income per share, if applicable. The conversion spread will have a dilutive impact on diluted net income per share of common stock when the average market price of the Company’s Class A Common Stock for a given period exceeds the conversion price of $81.45 per share for the Notes.\n\n | | Year Ended December 31, | \n------------------------------------------------------------------------ | ----- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nShares of common stock issuable under equity incentive plans outstanding | 6,832 | 8,943 | 10,806\nConvertible senior notes | 1,905 | 79 | - \nPotential common shares excluded from diluted net loss per share | 8,737 | 9,022 | 10,806\n\ntable summarizes dilutive shares excluded from-average\n Company expects settle convertible senior notes cash excess Common Stock uses treasury stock method dilutive effect conversion spread diluted net income. spread income average market price Common Stock exceeds conversion price $81. 45 per share.\n Ended December 31,\n 2018 2017\n Shares common stock equity incentive plans 6,832 10,806\n Convertible senior notes 1,905\n shares excluded diluted net loss per share 8,737 9,022 10,806" +} +{ + "_id": "d1b395dea", + "title": "", + "text": "29 Employee Share Ownership Plan (ESOP)\nThe cost of shares in intu properties plc held by the Trustee of the ESOP operated by the Company is accounted for as a deduction from equity.\nThe purpose of the ESOP is to acquire and hold shares which will be transferred to employees in the future under the Group’s employee incentive arrangements as described in note 7 including joint ownership of shares in its role as Trustee of the Joint Share Ownership Plan. During 2019, no dividends in respect of these shares have been waived by agreement (2018: £1.6 million).\n\n | | 2019 | | 2018 \n-------------- | -------------- | ----- | -------------- | -----\n | Shares million | £m | Shares million | £m \nAt 1 January | 11.2 | 37.0 | 11.6 | 39.1 \nAcquisitions | 0.2 | 0.1 | 0.6 | 0.9 \nDisposals | (1.1) | (3.5) | (1.0) | (3.0)\nAt 31 December | 10.3 | 33.6 | 11.2 | 37.0 \n\nEmployee Share Ownership Plan)\n cost shares intu properties plc Trustee ESOP deduction equity.\n purpose ESOP acquire hold shares transferred employees future employee incentive arrangements note 7 joint ownership. 2019 no dividends waived (2018 £1. 6 million.\n 2019 2018\n Shares million\n 1 January 11. 2 37. 11. 6 39.\n Acquisitions 0.\n Disposals (1. (3. 5).\n 31 December 10. 3 33. 6 11. 37." +} +{ + "_id": "d1b2fab74", + "title": "", + "text": "The components of our income tax provision for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands):\nAs a result of a loss in a foreign location, we have a net operating loss carry-forward (“NOL”) of approximately $0.3 million\navailable to offset future income. All $0.3 million of the NOL expires in 2025. We have established a valuation allowance for this\nNOL because the ability to utilize it is not more likely than not.\nWe have tax credit carry-forwards of approximately $5.1 million available to offset future state tax. These tax credit carry-forwards\nexpire in 2020 to 2029. These credits represent a deferred tax asset of $4.0 million after consideration of the federal benefit of state tax\ndeductions. A valuation allowance of $1.8 million has been established for these credits because the ability to use them is not more\nlikely than not.\nAt December 31, 2019 we had approximately $58.2 million of undistributed earnings and profits. The undistributed earnings and\nprofits are considered previously taxed income and would not be subject to U.S. income taxes upon repatriation of those earnings, in\nthe form of dividends. The undistributed earnings and profits are considered to be permanently reinvested, accordingly no provision\nfor local withholdings taxes have been provided, however, upon repatriation of those earnings, in the form of dividends, we could be\nsubject to additional local withholding taxes.\n\n | | Year Ended December 31, | \n---------------------------------- | ------------ | -------------------------- | --------\n | 2019 | 2018 | 2017 \nCurrent: | | | \nFederal | $ 18,682 | $ 22,606 | $ 53,998\nState | 5,711 | 6,182 | 6,595 \nForeign | 7,323 | 7,018 | 6,185 \n | 31,716 | 35,806 | 66,778 \nDeferred: | | | \nFederal | (863 ) | (3,127 ) | 1,590 \nState | (326 ) | (674 ) | 35 \nForeign | (212 ) | (464 ) | (51 ) \n | (1,401 ) | (4,265 ) | 1,574 \nTotal | $ 30,315 | $ 31,541 | $ 68,352\n\nincome tax provision years December 2019 2018 2017\n loss foreign location net operating loss carry-forward $0. 3 million\n offset future income. 3 million expires 2025. established valuation allowance\n.\n tax credit carry-forwards $5. 1 million offset future state tax.\n expire 2020 to 2029. deferred tax $4. 0 million\n. valuation allowance $1. 8 million\n.\n December 31, 2019 $58. 2 million undistributed earnings profits.\n taxed income not. income taxes repatriation\n. permanently reinvested no\n local withholdings taxes\n additional taxes.\n Year Ended December 31,\n 2019 2018 2017\n Current\n Federal $ 18,682 $ 22,606 53,998\n State 5,711 6,182 6,595\n Foreign 7,323,018\n 31,716 35,806 66,778\n Deferred\n Federal (863 (3,127 1,590\n State (326 (674 35\nForeign (212\n (4,265 1,574\n $ 30,315 31,541 68,352" +} +{ + "_id": "d1a7138d8", + "title": "", + "text": "Contractual Obligations\nThe following table summarizes our significant contractual obligations at March 31, 2019, and the effect such obligations are expected to have on our liquidity and cash flows in future periods (in millions):\n(1) Operating lease obligations include $18.1 million of future lease payments which is recorded as a liability on the balance sheet as of March 31, 2019. This obligation is due under an operating lease from our acquisition of Atmel for a building in San Jose, California.\n(2) Capital purchase obligations represent commitments for construction or purchases of property, plant and equipment. These obligations were not recorded as liabilities on our balance sheet as of March 31, 2019, as we have not yet received the related goods or taken title to the property.\n(3) Other purchase obligations and commitments include payments due under various types of licenses and outstanding purchase commitments with our wafer foundries.\n(4) The Term Loan Facility matures on May 29, 2025.\n(5) For purposes of this table, we have assumed that the principal of our 2023 revolving loans outstanding at March 31, 2019 will be paid on May 18, 2023, which is the maturity date of such borrowings.\n(6) For purposes of this table, we have assumed that the principal of our 2017 senior convertible debt will be paid on February 15, 2027, which is the maturity date of such debt.\n(7) For purposes of this table, we have assumed that the principal of our 2015 Senior Convertible Debt will be paid on February 15, 2025, which is the maturity date of such debt.\n(8) For purposes of this table, we have assumed that the principal of our 2017 Junior Convertible Debt will be paid on February 15, 2037, which is the maturity date of such debt.\n(9) For purposes of this table, pension obligations due in more than 5 years represent the expected pension payments from 2025 through 2029. It excludes pension obligations subsequent to 2029.\n(10) During fiscal 2018, we recognized a provisionary one-time transition tax on accumulated unrepatriated foreign earnings, estimated at $644.7 million, as a result of the recent U.S. tax reform. As of December 31, 2018, with the conclusion of the measurement period in accordance with SAB 118, we increased this amount by $13.1 million to $657.8 million, of which we expect cash payments of approximately $280.7 million after offsets by the utilization of various tax attribute carryforwards in the United States. Our first payment on this obligation of $35.0 million was made in the quarter ended September 30, 2018 and we expect future cash payments of approximately $245.7 million. This tax is to be paid over a period of eight years, with 8% of the transition tax paid each year for fiscal 2019 through fiscal 2023, and 15%, 20%, and 25%, respectively, to be paid during fiscal 2024, 2025, and 2026.\n(11) The contractual obligations do not include amounts related to uncertain tax positions because reasonable estimates cannot be made.\nPurchase orders or contracts for the purchase of raw materials and other goods and services, with the exception of commitments to our wafer foundries, are not included in the table above. We are not able to determine the aggregate amount of such purchase orders that represent contractual obligations, as purchase orders may represent authorizations to purchase rather than binding agreements. For the purpose of this table, contractual obligations for the purchase of goods or services are defined as agreements that are enforceable and legally binding on us and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. Our purchase orders are based on our current manufacturing needs and are fulfilled by our vendors with short time horizons. We do not have significant agreements for the purchase of raw materials or other goods specifying minimum quantities or set prices that exceed our expected requirements for three months. We also enter into contracts for outsourced services; however, the obligations under these contracts were not significant and the contracts generally contain clauses allowing for cancellation without significant penalty.\nThe expected timing of payment of the obligations discussed above is estimated based on current information. Timing of payments and actual amounts paid may be different depending on the time of receipt of goods or services or changes to agreed-upon amounts for some obligations.\n\n | | | Payments Due by Period | | \n---------------------------------------------- | --------- | ---------------- | ---------------------- | ----------- | -----------------\n | Total | Less than 1 year | 1 – 3 years | 3 – 5 years | More than 5 years\nOperating lease obligations (1) | $167.1 | $49.0 | $68.4 | $27.1 | $22.6 \nCapital purchase obligations (2) | 18.8 | 18.8 | — | — | — \nOther purchase obligations and commitments (3) | 205.6 | 194.9 | 10.5 | 0.2 | — \nTerm Loan Facility (4) | 2,435.4 | 72.5 | 174.7 | 174.4 | 2,013.8 \nRevolving Credit Facility (5) | 3,879.0 | 147.0 | 294.0 | 3,438.0 | — \n2023 and 2021 Senior Notes | 2,293.0 | 82.5 | 1,145.5 | 1,065.0 | — \n2017 Senior Convertible Debt (6) | 2,339.1 | 33.6 | 67.3 | 67.3 | 2,170.9 \n2015 Senior Convertible Debt (7) | 1,893.2 | 28.0 | 56.1 | 56.1 | 1,753.0 \n2017 Junior Convertible Debt (8) | 964.0 | 15.4 | 30.9 | 30.9 | 886.8 \nPension obligations (9) | 20.7 | 1.3 | 3.4 | 4.1 | 11.9 \nTransition tax obligation (10) | 245.7 | 9.9 | 44.9 | 64.6 | 126.3 \nTotal contractual obligations (11) | $14,461.6 | $652.9 | $1,895.7 | $4,927.7 | $6,985.3 \n\nContractual Obligations\n table summarizes obligations March 31, 2019 effect liquidity cash flows future\n Operating lease obligations include $18. 1 million future payments recorded liability March 31, 2019. due lease from Atmel San Jose California.\n Capital purchase obligations construction property equipment. not recorded liabilities received goods title property.\n obligations include payments licenses purchase commitments wafer foundries.\n Term Loan Facility matures May 29, 2025.\n principal 2023 revolving loans March 2019 paid May 18, 2023 maturity.\n principal 2017 senior convertible debt paid February 15, 2027 maturity.\n 2015 Senior Convertible Debt paid February 15, 2025.\n principal 2017 Junior Convertible Debt paid February 15, 2037.\n pension obligations due more 5 years payments 2025 through 2029. excludes subsequent 2029.\n 2018 recognized-time transition tax on unrepatriated foreign earnings estimated $644. 7 million U. S. tax reform.December 31, 2018 measurement SAB 118 increased amount $13. 1 million to $657. 8 million expect cash payments $280. 7 million after offsets tax carryforwards. first payment obligation $35. 0 million quarter September 30, 2018 expect future cash payments $245. 7 million. tax paid over eight years 8% transition tax 2019 through 2023 15% 20% 25% 2024 2025 2026.\n contractual obligations include uncertain tax positions estimates.\n Purchase orders raw materials services exception commitments wafer foundries not included table. determine aggregate amount obligations authorizations. contractual obligations enforceable legally binding significant terms fixed quantities price provisions timing. purchase orders based manufacturing needs fulfilled vendors short time horizons. significant agreements raw materials minimum quantities prices three months. contracts outsourced services obligations not significant cancellation without penalty.\n expected timing payment estimated current information.payments amounts receipt goods services amounts obligations.\n Payments Period\n Less 1 year 1 – 3 years – 5 years 5\n Operating lease obligations $167. $49. $68. $27. $22.\n Capital purchase obligations 18.\n purchase obligations commitments 205. 194. 10.\n Loan Facility 2,435. 72. 174. 2,013.\n Revolving Credit Facility 3,879. 147. 294. 3,438.\n 2021 Senior Notes 2,293. 82. 1,145. 1,065.\n Senior Convertible Debt 2,339. 33. 67. 2,170.\n Convertible Debt 1,893. 28. 56. 1,753.\n Convertible Debt 964. 15. 30. 886.\n Pension obligations 20. 11.\n Transition tax obligation 245. 9. 44. 64. 126.\n contractual obligations $14,461. $652. $1,895.$4,927." +} +{ + "_id": "d1b396b78", + "title": "", + "text": "The failed-sale-leaseback accounting treatment had the following effects on our consolidated results of operations for the years ended December 31, 2018 and 2017:\nAfter factoring in the costs to sell the data centers and colocation business, excluding the impact from the failed-sale-leaseback accounting treatment, the sale resulted in a $20 million gain as a result of the aggregate value of the proceeds we received exceeding the carrying value of the assets sold and liabilities assumed. Based on the fair market values of the failed-sale-leaseback assets, the failed-sale-leaseback accounting treatment resulted in a loss of $102 million as a result of the requirement to treat a certain amount of the pre-tax cash proceeds from the sale of the assets as though it were the result of a financing obligation. The combined net loss of $82 million was included in selling, general and administrative expenses in our consolidated statement of operations for the year ended December 31, 2017.\nEffective November 3, 2016, which is the date we entered into the agreement to sell a portion of our data centers and colocation business, we ceased recording depreciation of the property, plant and equipment to be sold and amortization of the business’s intangible assets in accordance with applicable accounting rules. Otherwise, we estimate that we would have recorded additional depreciation and amortization expense of $67 million from January 1, 2017 through May 1, 2017.\nUpon adopting ASU 2016-02, accounting for the failed sale leaseback is no longer applicable based on our facts and circumstances, and the real estate assets and corresponding financing obligation were derecognized from our consolidated financial statements. Please see “Leases” (ASU 2016-02) in Note 1— Background and Summary of Significant Accounting Policies for additional information on the impact the new lease standard will have on the accounting for the failed-sale-leaseback.\n\n | Positive (Negative) Impact to Net Income | \n-------------------------------------------------------------------------------------------- | ---------------------------------------- | -----\n | December 31, | \n | 2018 | 2017 \n | (Dollars in millions) | \nIncrease in revenue | $74 | 49 \nDecrease in cost of sales | 22 | 15 \nIncrease in loss on sale of business included in selling, general and administrative expense | — | (102)\nIncrease in depreciation expense (one-time) | — | (44) \nIncrease in depreciation expense (ongoing) | (69) | (47) \nIncrease in interest expense | (55) | (39) \nDecrease in income tax expense | 7 | 65 \nDecrease in net income | $(21) | (103)\n\nfailed-sale-leaseback accounting consolidated results December 31, 2018 2017:\n costs data centers colocation business failed-sale-leaseback accounting sale $20 million gain proceeds assets sold liabilities assumed. loss $102 million pre-tax cash proceeds financing obligation. combined net loss $82 million included selling general administrative expenses consolidated statement December 31, 2017.\n November 3, 2016, ceased recording depreciation property plant equipment amortization assets. additional depreciation amortization $67 million January 1, 2017 through May 1, 2017.\n adopting ASU 2016-02 accounting for failed sale leaseback applicable real estate assets financing obligation derecognized from consolidated financial statements. see (ASU 2016-02) Note 1— Background Summary Accounting Policies impact new lease standard accounting failed-sale-leaseback.\n Positive Impact Net Income\n December 31,\n 2018 2017\n millions\nrevenue $74\n cost sales 22 15\n loss sale business expense (102)\n depreciation expense-time (44)\n (69)\n interest (55) (39)\n income tax 65\n net income $(21) (103)" +} +{ + "_id": "d1b39a6ce", + "title": "", + "text": "Contractual Obligations and Contingent Liabilities and Commitments\nOur principal commitments consist primarily of obligations under operating and financing leases, which include among others, certain leases of our offices, colocations and servers as well as contractual commitment related network infrastructure and data center operations. The following table summarizes our commitments to settle contractual obligations in cash as of December 31, 2019:\n(1) Finance leases are related to servers and network infrastructure and our data center operations.\nAs of December 31, 2019, we had severance agreements with certain employees which would require us to pay up to approximately $6.4 million if all such employees were terminated from employment with our Company following a triggering event (e.g., change of control) as defined in the severance agreements.\n\n | Payments Due by Year Ending December 31, 2020 | | | | \n---------------------------------------------- | --------------------------------------------- | ---------- | ----------- | ----------- | --------------\n(In thousands) | Total | Year 1 (1) | Years 2 & 3 | Years 4 & 5 | Beyond 5 Years\nOperating leases, including imputed interest | 12,807 | 3,519 | 5,102 | 4,186 | — \nFinance leases, including imputed interest (1) | 2,165 | 1,423 | 736 | 6 | — \nTotal contractual obligations | $ 14,972 | $ 4,942 | $ 5,838 | $ 4,192 | $ — \n\nContractual Obligations Liabilities Commitments\n commitments operating financing leases offices colocations servers network infrastructure data center operations. table summarizes commitments obligations cash December 31, 2019\n Finance leases related servers network infrastructure data center operations.\n severance agreements employees $6. 4 million if terminated.\n Payments Due Ending December 31, 2020\n Year 1 2 3 4 5\n Operating leases 12,807 3,519 5,102 4,186\n Finance leases 2,165 1,423 736\n Total contractual obligations $ 14,972 $ 4,942 $ 5,838 $ 4,192" +} +{ + "_id": "d1b31ed3a", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nAdditional information relating to the total assets of the Company’s operating segments is as follows for the years ended December 31,:\n(1) Total assets in each of the Company’s property segments includes the Right-of-use asset recognized in connection with the Company’s adoption of the new lease accounting standard.\n(2) Balances are translated at the applicable period end exchange rate, which may impact comparability between periods.\n(3) Balances include corporate assets such as cash and cash equivalents, certain tangible and intangible assets and income tax accounts that have not been allocated to specific segments.\n\n | 2019 (1) | 2018 | 2017 \n-------------------------- | --------- | --------- | ---------\nU.S. property | $22,624.6 | $18,782.0 | $19,032.6\nAsia property (2) | 5,307.8 | 4,938.8 | 4,770.8 \nAfrica property (2) | 4,711.1 | 1,929.7 | 1,673.4 \nEurope property (2) | 1,535.3 | 1,438.1 | 1,540.2 \nLatin America property (2) | 8,125.5 | 5,594.7 | 5,868.4 \nServices | 26.8 | 46.3 | 42.3 \nOther (3) | 470.5 | 280.8 | 286.6 \nTotal assets | $42,801.6 | $33,010.4 | $33,214.3\n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n Additional information assets segments years December 31,\n assets Right-of-use new lease accounting standard.\n Balances translated period end exchange rate comparability.\n Balances include corporate assets cash equivalents tangible intangible income tax accounts allocated segments.\n 2018\n. $22,624. $18,782. $19,032.\n Asia 5,307. 4,938. 4,770.\n Africa. 1,929. 1,673.\n Europe 1,535. 1,438. 1,540.\n Latin America 8,125. 5,594. 5,868.\n.\n 470. 280. 286.\n Total assets $42,801. $33,010. $33,214." +} +{ + "_id": "d1b390a2a", + "title": "", + "text": "Prepaid expenses and other current assets\nPrepaid expenses and other current assets consisted of the following at December 31, 2019 and 2018 (in thousands):\n(1) In November 2014 and February 2016, we entered into a term loan agreement and a convertible loan agreement, respectively, with Clean Energy Collective, LLC (“CEC”). Our term loan bears interest at 16% per annum, and our convertible loan bears interest at 10% per annum. In November 2018, we amended the terms of the loan agreements to (i) extend their maturity to June 2020, (ii) waive the conversion features on our convertible loan, and (iii) increase the frequency of interest payments, subject to certain conditions. In January 2019, CEC finalized certain restructuring arrangements, which resulted in a dilution of our ownership interest in CEC and the loss of our representation on the company’s board of managers. As a result of such restructuring, CEC no longer qualified to be accounted for under the equity method. As of December 31, 2019, the aggregate balance outstanding on the loans was $23.9 million and was presented within “Prepaid expenses and other current assets.” As of December 31, 2018, the aggregate balance outstanding on the loans was $22.8 million and was presented within “Notes receivable, affiliate.”\n(2) See Note 9. “Derivative Financial Instruments” to our consolidated financial statements for discussion of our derivative instruments.\n\n | 2019 | 2018 \n----------------------------------------- | -------- | --------\nPrepaid expenses | $137,927 | $90,981 \nPrepaid income taxes . | 47,811 | 59,319 \nIndirect tax receivables . | 29,908 | 26,327 \nRestricted cash | 13,697 | 19,671 \nNotes receivable (1) | 23,873 | 5,196 \nDerivative instruments (2) . | 1,199 | 2,364 \nOther current assets | 22,040 | 39,203 \nPrepaid expenses and other current assets | $276,455 | $243,061\n\nPrepaid expenses current assets\n December 31, 2019 2018\n November 2014 February 2016, term convertible loan Clean Energy Collective. term loan 16% convertible 10% annum. November 2018 amended extend maturity June 2020 waive conversion features increase interest payments. January 2019 restructuring dilution ownership loss representation board. CEC equity method. December 31, 2019 balance $23. 9 million expenses current assets. December 31, 2018 balance $22. 8 million receivable.\n Note 9. Financial financial statements.\n Prepaid expenses $137,927 $90,981\n Prepaid income taxes. 47,811 59,319\n Indirect tax receivables. 29,908 26,327\n Restricted cash 13,697 19,671\n Notes receivable 23,873 5,196\n Derivative instruments. 1,199 2,364\n Other current assets 22,040 39,203\n $276,455 $243,061" +} +{ + "_id": "d1b334a2c", + "title": "", + "text": "Summary cash flow information is set forth below for the years ended December 31, (in millions):\nWe use our cash flows to fund our operations and investments in our business, including tower maintenance and improvements, communications site construction and managed network installations and tower and land acquisitions. Additionally, we use our cash flows to make distributions, including distributions of our REIT taxable income to maintain our qualification for taxation as a REIT under the Code. We may also repay or repurchase our existing indebtedness or equity from time to time. We typically fund our international expansion efforts primarily through a combination of cash on hand, intercompany debt and equity contributions.\nIn April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise\nof their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our\nconsolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR\n24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of\n2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition, \nIn April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition,  In April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition, we entered into an agreement with MTN to acquire MTN’s noncontrolling interests in each of our joint ventures in Ghana and Uganda for total consideration of approximately $523.0 million. The transaction is expected to close in the first quarter of 2020, subject to regulatory approval and other closing conditions. In April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition\nAs of December 31, 2019, we had total outstanding indebtedness of $24.2 billion, with a current portion of $2.9 billion. During the year ended December 31, 2019, we generated sufficient cash flow from operations to fund our capital expenditures and debt service obligations, as well as our required distributions. We believe the cash generated by operating activities during the year ending December 31, 2020, together with our borrowing capacity under our credit facilities and cash on hand, will be sufficient to fund our required distributions, capital expenditures, debt service obligations (interest and principal repayments) and signed acquisitions. As of December 31, 2019, we had $1.3 billion of cash and cash equivalents held by our foreign subsidiaries, of which $583.0 million was held by our joint ventures. While certain subsidiaries may pay us interest or principal on intercompany debt, it has not been our practice to repatriate earnings from our foreign subsidiaries primarily due to our ongoing expansion efforts and related capital needs. However, in the event that we do repatriate any funds, we may be required to accrue and pay certain taxes.\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------------------------------------------------------------- | --------- | --------- | ---------\nNet cash provided by (used for): | | | \nOperating activities | $3,752.6 | $3,748.3 | $2,925.6 \nInvesting activities | (3,987.5) | (2,749.5) | (2,800.9)\nFinancing activities | 521.7 | (607.7) | (113.0) \nNet effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash | (13.7) | (41.1) | 6.7 \nNet increase in cash and cash equivalents, and restricted cash | $273.1 | $350.0 | $18.4 \n\ncash flow information years ended December 31,\n cash flows fund operations investments tower maintenance communications construction network installations land. distributions REIT taxable income qualification. repay repurchase indebtedness equity. fund international expansion cash intercompany debt equity contributions.\n April 2019 Tata Teleservices Tata Sons Limited minority holders India\n put options holdings Indian subsidiary ATC TIPL\n. expect pay INR\n 24. 8 billion (approximately $347. 6 million December 31, 2019 exchange rate redeem put shares first half\n 2020 regulatory approval. closing Eaton Towers Acquisition\n April 2019 Tata Teleservices Tata Sons Limited put options TIPL. expect pay INR 24. 8 billion $347. 6 million 2019 rate redeem put shares first half 2020 approval.closing Eaton Towers Acquisition April 2019 Tata Teleservices Tata Sons Limited minority holders India put options holdings Indian subsidiary ATC TIPL note 15 financial. expect pay INR 24. 8 billion $347. 6 million December 31, 2019 rate redeem put shares first half 2020. Towers agreement MTN acquire noncontrolling interests joint ventures Ghana Uganda $523. 0 million. transaction first quarter 2020 regulatory approval. April 2019 Tata Teleservices Sons Limited put options ATC TIPL. pay INR 24. 8 billion $347. 6 million 2019 redeem put shares first half 2020. closing Eaton Towers Acquisition\n December 31, 2019 outstanding indebtedness $24. 2 billion current portion $2. 9 billion. generated sufficient cash flow capital expenditures debt service obligations distributions. cash December 2020 borrowing capacity cash fund distributions capital expenditures debt service obligations acquisitions.December 31, 2019 $1. 3 billion cash equivalents foreign subsidiaries $583. million joint ventures. subsidiaries pay interest debt repatriate earnings expansion capital needs. funds accrue pay taxes.\n cash\n Operating activities $3,752. 6 $3,748. $2,925.\n Investing (3,987. (2,749. (2,800.\n Financing activities 521. (607. (113.\n effect foreign currency exchange rates cash equivalents restricted cash (13. (41. 6.\n increase cash equivalents $273. $350. $18." +} +{ + "_id": "d1b3443e6", + "title": "", + "text": "Orders for Digital Industries declined due to lower demand in the short-cycle factory automation and motion control businesses, which faced increasingly adverse market conditions during the course of the fiscal year, particularly in the automotive and machine building industries. These declines were only partly offset by clear growth in the process automation business and a moderate increase in the software business, which was due to positive currency translation effects and new volume from recent acquisitions, particularly including Mendix.\nThe latter two businesses were also the drivers for revenue growth, as year-overyear revenue growth for the short-cycle businesses in the first half of fiscal 2019 gave way to declines in the second half. On a geographic basis, orders declined in the regions Europe, C. I. S., Africa, Middle East and in the Americas, only partly offset by an increase in the Asia, Australia region. Revenue rose in all three reporting regions. The software business strengthened its contribution to Adjusted EBITA with a double-digit increase.\nHigher expenses related to new cloud-based offerings were partly offset by a € 50 million gain from the sale of an equity investment. The process automation business showed a moderate increase in Adjusted EBITA, due mainly to higher revenue. Nevertheless, Adjusted EBITA for Digital Industries overall came in slightly lower year-over-year due to clear declines in the short-cycle businesses. Severance charges were € 92 million in fiscal 2019, up from € 75 million a year earlier. Digital Industries’ order backlog was € 5 billion at the end of the fiscal year, of which € 4 billion are expected to be converted into revenue in fiscal 2020.\nDigital Industries achieved its results in a market environment that lost momentum in the course of fiscal 2019. In particular, demand for investment goods eroded notably in the second half of the fiscal year. All regions were impacted by the slowdown, and countries with strong focus on investment goods and strong export ties to China suffered notably. While process industries still benefited from positive development of raw material prices, discrete industries faced headwinds from low demand including destocking effects. The automotive industry was hit by production cuts in Europe and weak demand in China. This, among other factors, also impacted the machine building industry, particularly affecting customers in Germany and Japan.\nProduction\ngrowth in the pharmaceutical and chemicals industries flattened\nduring the course of fiscal 2019, due in part to spillover effects from the automotive industry on related chemicals segments. The food and beverage industry grew modestly and global electronics and semiconductor production expanded but prices were under pressure. For fiscal 2020, the market environment for Digital Industries is expected to weaken further. Manufacturing investments are expected to decrease at least moderately but then begin to stabilize in the second half of fiscal 2020. An overall decline in investment sentiment caused by global trade tensions, among other factors, dampens short-term expectations and fuels increasing cautiousness for investments globally. A weakening of growth in China could lead to spillover effects in other Asian\ncountries and also in Europe.\n\n | | Fiscal year | | % Change\n-------------------------- | ------ | ----------- | ------ | --------\n(in millions of €) | 2019 | 2018 | Actual | Comp. \nOrders | 15,944 | 16,287 | (2) % | (4) % \nRevenue | 16,087 | 15,587 | 3 % | 2 % \ntherein: software business | 4,039 | 3,560 | 13% | 8% \nAdjusted EBITA | 2,880 | 2,898 | (1) % | \nAdjusted EBITA margin | 17.9 % | 18.6 % | | \n\nOrders Digital Industries declined lower demand short-cycle factory automation motion control adverse market conditions automotive machine building industries. declines offset growth process automation moderate increase software positive currency translation new volume acquisitions Mendix.\n drivers revenue growth growth declines. orders declined Europe C. S. Africa Middle East Americas offset increase Asia Australia. Revenue rose regions. software business Adjusted EBITA double-digit increase.\n Higher expenses cloud offset € 50 million gain equity investment. process automation moderate increase Adjusted higher revenue. Digital Industries lower year-over-year declines short-cycle. Severance charges € 92 million 2019 € 75 million earlier. order backlog € 5 billion € 4 billion converted revenue 2020.\n Digital Industries market momentum 2019. demand investment goods eroded second. regions impacted slowdown suffered. process industries benefited material discrete industries low demand. automotive industry hit production cuts Europe weak demand China.impacted machine building industry Germany Japan.\n Production\n growth pharmaceutical chemicals industries flattened\n 2019 spillover automotive. food beverage industry grew modestly electronics semiconductor production expanded prices pressure. 2020 market Digital Industries weaken. Manufacturing investments decrease moderately stabilize second. decline investment sentiment trade tensions dampens expectations cautiousness. weakening growth China spillover Asian\n Europe.\n Fiscal year\n millions 2019 2018.\n Orders 15,944 16,287\n Revenue 16,087 3 %\n software business 4,039 3,560 13%\n Adjusted EBITA 2,880 2,898\n margin. 9 %. 6 %" +} +{ + "_id": "d1b36783c", + "title": "", + "text": "Finite-lived Intangible Assets\nOther intangible assets, net consisted of the following:\nThe remaining $152 of intangible asset at December 31, 2019 is expected to be amortized in 2020.\n\n | | December 31,\n----------------------------------------------------- | -------- | ------------\n | 2019 | 2018 \nRecipes | $ 44 | $ 44 \nCustomer lists and other customer related intangibles | 4,529 | 4,529 \nCustomer relationships | 985 | 985 \nTrade names | 2,248 | 2,248 \nFormula | 438 | 438 \n | 8,244 | 8,244 \nAccumulated amortization | (8,092 ) | (7,900 ) \nIntangible assets, net | $ 152 | $ 344 \n\nIntangible Assets\n remaining $152 December 31, 2019 amortized 2020.\n-------------------------------------------------\n $ 44\n Customer lists intangibles 4,529\n relationships 985\n Trade names 2,248\n 438\n 8,244\n Accumulated amortization (8,092 (7,900\n Intangible assets $ 152 $ 344" +} +{ + "_id": "d1a72135c", + "title": "", + "text": "The following table presents the components of impairment and other charges, net, in each fiscal year (in thousands):\nRestructuring costs decreased by $2.2 million as a result of lower severance expenses, as our general and administrative cost reduction initiative came to its conclusion as planned. Costs of closed restaurants and other increased by $3.8 million, primarily due to a $3.5 million charge recorded in 2019 related to the write- off of software development costs associated with a discontinued technology project. Gains on disposition of property and equipment, net, increased by $7.9 million, primarily due to a $5.7 million gain related to a sale of property and a$0.8 million gain related to an eminent domain transaction in 2019.\nRefer to Note 9, Impairment and Other Charges, Net, of the notes to the consolidated financial statements for additional information regarding these charges.\n\n | 2019 | 2018 \n------------------------------------------------------------ | ------- | -------\nRestructuring costs | $8,455 | $10,647\nCosts of closed restaurants and other | 8,628 | 4,803 \n(Gains) losses on disposition of property and equipment, net | (6,244) | 1,627 \nAccelerated depreciation | 1,616 | 1,130 \nOperating restaurant impairment charges | — | 211 \n | $12,455 | $18,418\n\ntable impairment charges fiscal year\n Restructuring costs decreased $2. 2 million lower severance expenses reduction. Costs restaurants increased $3. 8 million $3. 5 million charge. Gains disposition property increased $7. 9 million $5. 7 million gain sale property. 8 million eminent domain transaction.\n Note 9 Impairment Charges.\n Restructuring costs $8,455 $10,647\n Costs closed restaurants 8,628\n losses disposition property (6,244) 1,627\n Accelerated depreciation 1,616\n Operating restaurant impairment charges\n $12,455 $18,418" +} +{ + "_id": "d1b334f90", + "title": "", + "text": "Item 6. Selected Financial Data\nThe following selected consolidated financial data set forth below was derived from our historical audited consolidated financial statements and should be read in conjunction with Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8 – Financial Statements and Supplementary Data, and other financial data included elsewhere in this Annual Report on Form 10-K. Our historical results of operations are not indicative of our future results of operations.\n(2) Fiscal 2018 and 2017 have been adjusted for our retrospective adoption of the new accounting standard Revenue from Contracts with Customers (ASC 606). Refer to Note 7 – Revenue of the Notes to Consolidated Financial Statements for details.\n\n | April 26, 2019 | April 27, 2018 (2) | April 28, 2017 (2) | April 29, 2016 | April 24, 2015\n------------------------------------------------------------- | -------------- | ------------------ | ------------------ | -------------- | --------------\n | | | | (In millions) | \nCash, cash equivalents and short-term investments | $ 3,899 | $ 5,391 | $ 4,921 | $ 5,303 | $ 5,326 \nWorking capital | $ 1,743 | $ 3,421 | $ 2,178 | $ 2,786 | $ 4,064 \nTotal assets | $ 8,741 | $ 9,991 | $ 9,562 | $ 10,037 | $ 9,401 \nTotal debt | $ 1,793 | $ 1,926 | $ 1,993 | $ 2,339 | $ 1,487 \nTotal deferred revenue and financed unearned services revenue | $ 3,668 | $ 3,363 | $ 3,213 | $ 3,385 | $ 3,197 \nTotal stockholders' equity | $ 1,090 | $ 2,276 | $ 2,949 | $ 2,881 | $ 3,414 \n\n6. Selected Financial Data\n historical statements 7 Financial Condition 8 Financial Statements Supplementary Data Annual Report Form 10-K. historical not indicative future.\n 2018 2017 adjusted new accounting standard Revenue Contracts Customers 606). Note 7 Revenue Financial Statements.\n 26, 2019 27, 2018 28, 2017 29, 2016 24, 2015\n Cash equivalents short-term investments $ 3,899 $ 5,391 4,921\n Working capital $ 1,743 3,421 4\n assets $ 8,741 $ 9,991 9,562 10,037\n debt $ 1,793 1,926 2,339\n deferred revenue unearned services $ 3,668 $ 3,363 3,213 3,385 3,197\n stockholders' equity $ 1,090 $ 2,276 2,949 2,881 3,414" +} +{ + "_id": "d1a736054", + "title": "", + "text": "Results of Operations\nConsolidated Results\nTotal Revenue\nTotal revenue for 2019 decreased 23% as compared to 2018 primarily due to pricing declines resulting from the challenging memory market environment in 2019. Sales of DRAM products for 2019 decreased 28% as compared to 2018 primarily due to declines in average selling prices of approximately 30% resulting from supply and demand imbalances, customer inventory corrections, and CPU shortages. Sales of NAND products for 2019 decreased 12% as compared to 2018 primarily due to declines in average selling prices in the mid-40% range resulting from supply and demand imbalances, which were partially offset by significant increases in sales volumes. In addition, demand for our NAND products was adversely affected by the transition from SATA SSDs to NVMe SSDs. The higher NAND sales volumes in 2019 were driven by increases in sales of high-value mobile managed NAND products as well as discrete NAND products enabled by our execution in ramping 64- and 96-layer TLC 3D NAND.\nTotal revenue for 2018 increased 50% as compared to 2017. Higher revenue in 2018 for both DRAM and NAND as compared to 2017 were driven by strong execution in delivering high-value products featuring our 1Xnm DRAM and 64-layer 3D NAND technologies combined with strong demand for products across our primary markets. Sales of DRAM products for 2018 increased 64% from 2017 primarily due to an increase in average selling prices of approximately 35% and an increase in sales volumes of approximately 20% as a result of strong market conditions, particularly for cloud, enterprise, mobile, and graphics markets, combined with increased sales into high-value markets. Sales of NAND products for 2018 increased 20% from 2017 despite declines in average selling prices primarily due to an increase in sales volumes of approximately 30% driven by increases in sales of high-value SSD and mobile managed NAND products enabled by strong demand and our execution in delivering 3D NAND products.\nOverall Gross Margin\nOur overall gross margin percentage decreased to 46% for 2019 from 59% for 2018 primarily due to declines in average selling prices partially offset by cost reductions resulting from strong execution in delivering products featuring advanced technologies and from continuous improvement initiatives to reduce production costs. Underutilization of IMFT assets adversely impacted our gross margin by a per-quarter average of approximately $100 million in 2019 and $65 million in 2018, and we anticipate the adverse impact of underutilization at IMFT to increase to approximately $150 million per quarter beginning in the first quarter of 2020.\nWe continue to evaluate planned technology node transitions, capital spending and re-use rates for NAND equipment. Based on our preliminary assessment, we anticipate changing the depreciable life of our NAND equipment from five to seven years beginning in the first quarter of 2020. We anticipate this change will reduce our depreciation expense included in cost of goods sold for the first quarter of 2020 by approximately $80 million, increasing to approximately $100 to $150 million per quarter for the remainder of 2020.\nOur overall gross margin percentage increased to 59% for 2018 from 42% for 2017 primarily due to favorable market conditions across key markets combined with strong execution in delivering products featuring advanced technologies, including 1Xnm DRAM and 64-layer 3D NAND, enabling manufacturing cost reductions. For 2018 as compared to 2017, pricing for DRAM products increased while manufacturing costs declined and, for NAND products, manufacturing cost reductions outpaced declines in average selling prices.\n\nFor the year ended | 2019 | 2019 | 2018 | 2018 | 2017 | 2017\n------------------------------------------------------ | ------- | ---- | ------- | ---- | ------- | ----\nRevenue | $23,406 | 100% | $30,391 | 100% | $20,322 | 100%\nCost of goods sold | 12,704 | 54% | 12,500 | 41% | 11,886 | 58% \nGross margin | 10,702 | 46% | 17,891 | 59% | 8,436 | 42% \nSelling, general, and administrative | 836 | 4% | 813 | 3% | 743 | 4% \nResearch and development | 2,441 | 10% | 2,141 | 7% | 1,824 | 9% \nOther operating (income) expense, net | 49 | —% | (57) | —% | 1 | —% \nOperating income | 7,376 | 32% | 14,994 | 49% | 5,868 | 29% \nInterest income (expense), net | 77 | —% | (222) | (1)% | (560) | (3)%\nOther non-operating income (expense), net | (405) | (2)% | (465) | (2)% | (112) | (1)%\nIncome tax (provision) benefit | (693) | (3)% | (168) | (1)% | (114) | (1)%\nEquity in net income (loss) of equity method investees | 3 | —% | (1) | —% | 8 | —% \nNet income attributable to noncontrolling interests | (45) | —% | (3) | —% | (1) | —% \nNet income attributable to Micron | $6,313 | 27% | $14,135 | 47% | $5,089 | 25% \n\nOperations\n Revenue\n 2019 decreased 23% 2018 due pricing declines challenging memory market. Sales DRAM decreased 28% declines prices 30% supply demand imbalances inventory corrections CPU shortages. NAND decreased 12% declines imbalances offset increases sales volumes. demand affected transition SATA NVMe SSDs. higher NAND sales volumes driven high mobile NAND discrete NAND products 64- 96-layer TLC 3D NAND.\n revenue 2018 increased 50% 2017. Higher revenue DRAM NAND driven high products 1Xnm DRAM 64-layer 3D NAND strong demand. Sales DRAM 2018 increased 64% 2017 prices 35% sales volumes 20% strong market conditions cloud mobile increased sales high-value markets. NAND 2018 increased 20% 2017 increase sales volumes 30% high-value SSD mobile NAND products 3D NAND.\n Gross Margin\ngross margin decreased to 46% 2019 from 59% 2018 due to declines selling prices cost reductions advanced technologies production costs. Underutilization IMFT assets impacted gross margin $100 million 2019 $65 million 2018 $150 million per quarter 2020.\n technology transitions capital spending re-use rates NAND equipment. changing depreciable life NAND equipment five to seven years first quarter 2020. depreciation expense first quarter 2020 $80 million $100 to $150 million per quarter remainder 2020.\n gross margin percentage increased 59% 2018 from 42% 2017 due favorable market conditions strong advanced technologies DRAM NAND manufacturing cost reductions. pricing DRAM increased manufacturing costs declined NAND cost reductions outpaced declines selling prices.\n 2019\n Revenue $23,406 $30,391\n Cost goods sold 12,704 54%\n Gross margin 10,702\nSelling administrative 836 4% 813 3% 743 4%\n Research development 2,441 10% 7% 1,824 9%\n expense 49 (57)\n Operating income 7,376 32% 14,994 49% 5,868 29%\n Interest income 77 —% (222) (560)\n non-operating income (405)\n Income tax benefit (693) (3)% (168)\n Equity net income investees 3 —%\n income noncontrolling interests (45)%\n Micron $6,313 27% $14,135 47% $5,089 25%" +} +{ + "_id": "d1b339ea0", + "title": "", + "text": "A summary of option activity under all of the Company’s equity incentive plans at December 31, 2019 and changes during the period then ended is presented in the following table:\nThere were no options granted for the year ended December 31, 2019 and 2018. The total intrinsic value of options exercised during year ended December 31, 2019, 2018 and 2017 were $215.5 million, $74.6 million, and $41.2 million, respectively.\n\n | Number of Options Outstanding (in thousands) | Weighted- Average Exercise Price Per Share | Weighted- Average Contractual Term (in Years) | Aggregate Intrinsic Value (in thousands)\n--------------------------------------------------- | -------------------------------------------- | ------------------------------------------ | --------------------------------------------- | ----------------------------------------\nOutstanding at December 31, 2016 | 7,384 | $10.59 | 5.3 | $74,065 \nGranted | 25 | 23.99 | | \nExercised | (1,722) | 10.39 | | \nCanceled/Forfeited | (401) | 16.04 | | \nOutstanding at December 31, 2017 | 5,286 | $10.30 | 4.2 | $201,480 \nGranted | - | - | | \nExercised | (1,138) | 8.17 | | \nCanceled/Forfeited | (17) | 18.79 | | \nOutstanding at December 31, 2018 | 4,131 | $10.86 | 3.3 | $295,921 \nGranted | - | - | | \nExercised | (1,742) | 8.53 | | \nCanceled/Forfeited | (132) | 2.73 | | \nOutstanding at December 31, 2019 | 2,257 | $13.13 | 2.5 | $351,428 \nVested and expected to vest as of December 31, 2019 | 2,259 | $13.13 | 2.5 | $351,362 \nExcercisable as of December 31, 2019 | 2,243 | $13.10 | 2.5 | $349,002 \n\nsummary option activity equity incentive plans December 31, 2019\n no options granted December 31, 2019 2018. value options 2017 $215. 5 million $74. 6 million $41. 2 million.\n Options Weighted Average Exercise Price Per Share Contractual Term Intrinsic Value\n Outstanding December 31, 2016 7,384 $10. 59 5. $74,065\n Granted 23.\n 10. 39\n Canceled/Forfeited.\n December 31, 2017 5,286 $10. 30 4. $201,480\n,138 8. 17\n Canceled/Forfeited 18.\n December 31, 2018 4,131 $10. 86. $295,921\n,742 8.\n Canceled/Forfeited.\n December 31, 2019 2,257 $13. 2. $351,428\n December 31, 2019 2,259 $13. 2. $351,362\n $13. 2. $349,002" +} +{ + "_id": "d1b333032", + "title": "", + "text": "Reporting Channels and Whistleblower Protection\nTo ensure that our conduct meets relevant legal requirements and the highest ethical standards under the Ethics Code, TSMC provides multiple channels for reporting business conduct concerns.\nFirst of all, our Audit Committee approved and we have implemented the “Complaint Policy and Procedures for Certain Accounting and Legal Matters” and “Procedures for Ombudsman System” that allow employees or any whistleblowers with relevant evidence to report any financial, legal, or ethical irregularities anonymously through either the Ombudsman or directly to the Audit Committee.\nTSMC maintains additional internal reporting channels for our employees. To foster an open culture of ethics compliance, we encourage our employees and the third parties we do business with to report any suspected noncompliance with law or relevant TSMC policy.\nTSMC treats any complaint and the investigation thereof in a confidential and sensitive manner, and strictly prohibits any form of retaliation against any individual who in good faith reports or helps with the investigation of any complaint. Due to the open reporting channels, TSMC receives reports on various issues from employees and external parties such as our customers and suppliers from time to time. Below is a summary of the Number of Reported Incidents.\nNote 1: Among the 205 cases, 132 were related to employee relationship, 47 cases related to other matters (e.g. employee’s individual interest or private matters), and 26 cases related to ethical matters.\nNote 2: One case involved an employee who requested a supplier to reserve a hotel and pay advance accommodation fees during his business trip, actions which violate TSMC policy, and the employee was disciplined. Another case involved an employee who abused his work relationship by requesting a supplier to make a personal loan to the employee, a severe violation of our Ethics Code, and the employee was terminated.\nNote 3: After the investigation by TSMC’s Sexual Harassment Investigation Committee, four employees involved in confirmed cases of sexual harassment received severe discipline from the Company.\n\nYear | FY 2016 | FY 2017 | FY 2018 | FY 2019 \n---------------------------------------------------- | ------- | ------- | ------- | ------------\nTotal reported cases | 116 | 113 | 150 | 205 (Note 1)\nEthics-related cases | 16 | 20 | 14 | 26 \nCases investigated and verified as ethics violations | 2 | 4 | 1 | 2 (Note 2) \nSexual Harassment Investigation Committees Formed | 5 | 7 | 3 | 4 \nCases investigated and verified as violations | 5 | 3 | 3 | 4 (Note 3) \n\nReporting Channels Whistleblower Protection\n conduct legal requirements ethical standards TSMC provides channels reporting business conduct concerns.\n Audit Committee approved implemented “Complaint Policy Procedures for Accounting Legal Matters” “Procedures for Ombudsman System” employees whistleblowers report financial legal ethical irregularities anonymously through Ombudsman or Audit Committee.\n TSMC maintains internal reporting channels for employees. encourage employees report suspected noncompliance law policy.\n TSMC treats complaint confidential prohibits retaliation. open reporting channels receives reports from employees external parties customers suppliers. summary Number of Reported Incidents.\n 205 cases 132 related to employee relationship 47 other matters. 26 ethical matters.\n One case involved employee requested reserve hotel pay advance accommodation fees disciplined. Another case employee relationship personal loan terminated.\n investigation Sexual Harassment Investigation Committee four employees involved cases received severe discipline Company.\ncases 116 113 150 205\n Ethics-related 16 20 14 26\n verified ethics violations 2 4\n Sexual Harassment Investigation Committees 5 7 3 4\n verified violations" +} +{ + "_id": "d1b2fb4a2", + "title": "", + "text": "Discontinued Operations\nIn December 2015, we completed the wind down of engineering, manufacturing and sales of our solar inverter product line (the \"inverter business\"). Accordingly, the results of our inverter business have been reflected as “Income (loss) from discontinued operations, net of income taxes” on our Consolidated Statements of Operations for all periods presented herein.\nThe effect of our sales of the remaining extended inverter warranties to our customers continues to be reflected in deferred revenue in our Consolidated Balance Sheets. Deferred revenue for extended inverter warranties and the associated costs of warranty service will be reflected in Sales and Cost of goods sold, respectively, from continuing operations in future periods in our Consolidated Statement of Operations, as the deferred revenue is earned and the associated services are rendered. Extended warranties related to the inverter product line are no longer offered.\nIn May 2019, we divested our grid-tied central solar inverter repair and service operation. In conjunction with the divesture, the initial product warranty for the previously sold grid-tied central solar inverters was transferred to the buyer. Accordingly, a gain of $8.6 million net of tax expense of $2.4 million was recognized in Other income (expense) and Provision (benefit) for income taxes, respectively, in our discontinued operations for the year December 31, 2019. Operating income from discontinued operations for the year ended December 31, 2019 and 2018, also includes the impacts of changes in our estimated product warranty liability, the recovery of accounts receivable and foreign exchange gain or (losses).\nIncome (loss) from discontinued operations, net of income taxes (in thousands):\n\n | Years Ended December 31, | \n--------------------------------------------------------------- | ------------------------ | -------\n | 2019 | 2018 \nSales | $ — | $ — \nCost of sales | (901) | (88) \nTotal operating expense | 1,022 | 96 \nOperating income (loss) from discontinued operations | (121) | (8) \nOther income (expense) | 10,895 | (24) \nIncome (loss) from discontinued operations before income taxes | 10,774 | (32) \nProvision (benefit) for income taxes | 2,294 | 6 \nIncome (loss) from discontinued operations, net of income taxes | $ 8,480 | $ (38)\n\nDiscontinued Operations\n December 2015, completed engineering manufacturing sales solar inverter product line. results reflected “Income (loss) discontinued operations net Consolidated Statements Operations.\n sales remaining extended inverter warranties reflected deferred revenue Balance Sheets. revenue costs service reflected Sales Cost goods sold. Extended warranties no longer offered.\n May 2019 divested-tied central solar inverter repair service operation. initial product warranty transferred buyer. gain $8. 6 million net tax expense $2. 4 million recognized income Provision (benefit) taxes discontinued operations December 31, 2019. income includes impacts product warranty liability recovery accounts receivable foreign exchange gain.\n Income (loss) net income taxes\n Years Ended December\n Sales\n Cost sales (901)\n Total operating expense 1,022\n Operating income (loss) discontinued operations (121)\nincome 10,895 (24)\n discontinued operations 10,774 (32)\n Provision taxes 2,294\n taxes 8,480 (38)" +} +{ + "_id": "d1b3ab398", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n17. OTHER OPERATING EXPENSE\nOther operating expense consists primarily of impairment charges, net losses on sales or disposals of assets and other operating expense items. The Company records impairment charges to write down certain assets to their net realizable value after an indicator of impairment is identified and subsequent analysis determines that the asset is either partially recoverable or not recoverable. These assets consisted primarily of towers and related assets, which are typically assessed on an individual basis, network location intangibles, which relate directly to towers, and tenant-related intangibles, which are assessed on a tenant basis. Net losses on sales or disposals of assets primarily relate to certain non-core towers, other assets and miscellaneous items. Other operating expenses includes acquisition-related costs and integration costs.\nImpairment charges included the following for the years ended December 31,:\n(1) For the year ended December 31, 2018, impairment charges on tower and network location intangible assets included $258.3 million in India primarily related to carrier consolidation-driven churn events. In addition, the Company fully impaired the tenant relationship for Aircel Ltd., which resulted in an impairment charge of $107.3 million.\n(2) During the year ended December 31, 2017, $81.0 million of impairment charges on tower and network location intangible assets and all impairment charges on tenant relationships were related to carrier consolidation-driven churn in India.\n(3) For the year ended December 31, 2019, amount includes impairment charges related to right-of-use assets and land easements.\n\n | 2019 | 2018 (1) | 2017 (2)\n-------------------------------------------- | ----- | -------- | --------\nTower and network location intangible assets | $77.4 | $284.9 | $108.7 \nTenant relationships | — | 107.3 | 100.1 \nOther (3) | 16.8 | 1.8 | 2.6 \nTotal impairment charges | $94.2 | $394.0 | $211.4 \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n. OTHER OPERATING EXPENSE\n impairment charges net losses sales disposals items. records impairment charges assets net realizable value after impairment partially recoverable or. assets towers related assets network location intangibles-related intangibles. Net losses sales disposals relate non towers other assets miscellaneous items. expenses acquisition-related costs integration costs.\n Impairment charges December\n 2018 charges tower network assets included $258. 3 million carrier consolidation-driven churn events. impaired tenant relationship Aircel Ltd. impairment charge $107. 3 million.\n December 31, 2017 $81. 0 million impairment charges related carrier consolidation-driven churn India.\n December 2019 impairment charges right-of-use assets land easements.\n Tower network location intangible assets $77. $284.\n Tenant relationships.\n.\n$94. $394. $211." +} +{ + "_id": "d1a7289ae", + "title": "", + "text": "1 Effective January 1, 2019, we adopted IFRS 16, with the ongoing impacts of this standard included in our results prospectively from that date. Our 2018 and 2017 results have not been restated for the effects of IFRS 16. See “Accounting Policies”. 2 As defined. See “Key Performance Indicators”.\n3 Adjusted EBITDA, adjusted EBITDA margin, and adjusted net income are non-GAAP measures and should not be considered substitutes or alternatives for GAAP measures. These are not defined terms under IFRS and do not have standard meanings, so may not be a reliable way to compare us to other companies. See “Non-GAAP Measures and Related Performance Measures” for information about these measures, including how we calculate them.\nRevenue Consolidated revenue increased by 5% in 2018, reflecting revenue growth of 7% in Wireless and 1% in both Cable and Media. Wireless revenue increased as a result of the increased mix of subscribers on higher-rate plans from our various brands and an increase in sales of higher-value devices.\nCable revenue increased by 1% as the increase in Internet revenue from the general movement of customers to higher speed and usage tiers of our Internet offerings was partially offset by the decrease in legacy Television subscribers and the impact of Phone pricing packages. Media revenue increased by 1% as a result of higher revenue at the Toronto Blue Jays, including a distribution from Major League Baseball, and higher Sportsnet and other network subscription revenue, partially offset by lower advertising revenue.\nAdjusted EBITDA Consolidated adjusted EBITDA increased in 2018 to $5,983 million, reflecting increases in Wireless, Cable, and Media. Wireless adjusted EBITDA increased 10% as a result of the strong flow-through of service revenue growth, partially offset by higher expenditures associated with increased subscriber volumes and costs of devices.\nCable adjusted EBITDA increased by 3% in 2018 as a result of strong Internet revenue growth, the ongoing product mix shift to higher-margin Internet services, and various cost efficiency and productivity initiatives. Media adjusted EBITDA increased 54% primarily as a result of the increase in revenue as discussed above and lower operating expenses from improvements made to our cost structure across the divisions.\nNet income and adjusted net income Net income and adjusted net income both increased in 2018 primarily as a result of higher adjusted EBITDA, partially offset by higher depreciation and amortization. Net income increased to $2,059 million in 2018 from $1,845 million in 2017 and adjusted net income increased to $2,241 million in 2018 from $1,902 million in 2017.\n2018 FULL-YEAR RESULTS COMPARED TO 2017\n\n2018 FULL-YEAR RESULTS COMPARED TO 2017 | | | \n----------------------------------------------- | ----------------------- | ----------------------- | -----------------------\n | Years ended December 31 | Years ended December 31 | Years ended December 31\n(In millions of dollars, except margins) | 2018 1 | 2017 1 | %Chg \nRevenue | | | \nWireless | 9,200 | 8,569 | 7 \nCable | 3,932 | 3,894 | 1 \nMedia | 2,168 | 2,153 | 1 \nCorporate items and intercompany eliminations 2 | (204) | (247) | (17 \nRevenue | 15,096 | 14,369 | 5 \nTotal service revenue 2 | 12,974 | 12,550 | 3 \nAdjusted EBITDA 3 | | | \nWireless | 4,090 | 3,726 | 10 \nCable | 1,874 | 1,819 | 3 \nMedia | 196 | 127 | 54 \nCorporate items and intercompany eliminations | (177) | (170) | 4 \nAdjusted EBITDA 3 | 5,983 | 5,502 | 9 \nAdjusted EBITDA margin 3 | 39.6% | 38.3% | \nNet income | 2,059 | 1,845 | 12 \nAdjusted net income 3 | 2,241 | 1,902 | 18 \n\nJanuary 1, 2019 adopted IFRS 16 impacts results. 2018 2017 results not restated IFRS 16. “Accounting Policies”. Performance Indicators”.\n Adjusted EBITDA margin net income non-GAAP measures not substitutes GAAP.-GAAP Measures Performance.\n Revenue increased 5% 2018 7% Wireless 1% Cable Media. Wireless increased subscribers higher-rate plans sales higher-value devices.\n Cable revenue increased 1% offset decrease Television subscribers Phone pricing packages. Media revenue increased 1% higher revenue Toronto Blue Jays Major League Baseball higher Sportsnet subscription revenue lower advertising revenue.\n EBITDA increased 2018 $5,983 million Wireless Cable Media. Wireless increased 10% service revenue growth offset higher expenditures increased subscriber volumes costs.\n Cable EBITDA increased 3% Internet revenue growth product shift higher-margin services cost efficiency productivity initiatives.adjusted EBITDA increased 54% revenue lower operating expenses cost structure.\n increased 2018 higher EBITDA higher depreciation amortization. Net income $2,059 million $1,845 million 2017 adjusted $2,241 million $1,902 million 2017.\n 2018 FULL-YEAR RESULTS COMPARED 2017\n Years ended December 31\n millions 2018\n Revenue\n Wireless 9,200 8,569 \n Cable 3,932 3,894 \n 2,168 2,153\n Corporate eliminations\n Revenue 15,096 14,369 \n Total service revenue 12,974 12,550 \n Adjusted EBITDA\n 4,090 3,726 \n Cable 1,874 1,819\n (177)\n Adjusted EBITDA 5,983 5,502\n. 6%. 3%\n income 2,059 1,845\n 2,241 1,902" +} +{ + "_id": "d1b2e387a", + "title": "", + "text": "Lines of Credit\nThe following table summarizes our available lines of credit and committed and uncommitted lines of credit, including the revolving credit facility discussed above, and the amounts available under our accounts receivable securitization programs.\n(1) Includes total borrowings under the accounts receivable securitization programs, the revolving credit facility and borrowings under lines of credit available to several subsidiaries.\n(2) Of the total available lines of credit, $1,137.4 million were committed as of December 31, 2019.\n\n | December 31, | \n---------------------------------- | ------------ | ---------\n(In millions) | 2019 | 2018 \nUsed lines of credit (1) | $ 98.9 | $ 232.8 \nUnused lines of credit | 1,245.2 | 1,135.3 \nTotal available lines of credit(2) | $ 1,344.1 | $ 1,368.1\n\n\n table summarizes committed uncommitted revolving credit facility amounts accounts receivable securitization programs.\n Includes borrowings programs revolving credit facility subsidiaries.\n lines $1,137. 4 million committed December 31, 2019.\n Used lines $ 98. 9 $ 232. 8\n Unused lines 1,245. 1,135. 3\n Total lines $ 1,344. $ 1,368." +} +{ + "_id": "d1b33ce20", + "title": "", + "text": "The Group’s revenue mainly comprises the sale of goods in-store and online, and hospitality and leisure services. Revenue is recognised when control of the goods has transferred to the customer or when the service is provided at an amount that reflects the consideration to which the Group expects to be entitled.\nFor sale of goods in-store, control of the goods transfers to the customer at the point the customer purchases the goods in-store. For sale of goods online, control of the goods transfers to the customer at the point the goods are delivered to, or collected by, the customer. Where payment for the goods is received prior to control transferring to the customer, revenue recognition is deferred in contract liabilities within trade and other payables in the Consolidated Statement of Financial Position until the goods have been delivered to, or collected by, the customer.\nWoolworths Rewards points granted by the Group provide customers with a material right to a discount on future purchases. The amounts allocated to Woolworths Rewards points are deferred in contract liabilities within trade and other payables in the Consolidated Statement of Financial Position until redeemed by the customer.\n\n | 2019 | 2018 \n-------------------------------- | -------- | --------\n | 53 WEEKS | 52 WEEKS\n | $M | $M \nSale of goods in-store | 54,720 | 52,533 \nSale of goods online | 2,534 | 1,883 \nLeisure and hospitality services | 1,671 | 1,612 \nOther | 1,059 | 916 \nTotal | 59,984 | 56,944 \n\nGroup’s revenue sale goods in-store online hospitality leisure services. Revenue recognised control transferred to customer or service provided amount consideration.\n in-store control transfers to customer. online control transfers delivered. payment received prior control revenue recognition deferred in liabilities until goods delivered.\n Woolworths Rewards points provide right discount future purchases. deferred in liabilities until redeemed by customer.\n 2019 2018\n 53 WEEKS 52 WEEKS\n $M\n in-store 54,720 52,533\n online 2,534 1,883\n Leisure hospitality services 1,671 1,612\n Other 1,059 916\n Total 59,984 | 56,944" +} +{ + "_id": "d1b37442e", + "title": "", + "text": "KEY PERFORMANCE INDICATORS\nBelow is a summary of some of the quantitative performance indicators (as defined below) that are evaluated by management to assess our financial performance. Some of the indicators are non-GAAP measures and should not be considered as an alternative to any other measure for determining operating performance or liquidity that is calculated in accordance with generally accepted accounting principles.\nDefinitions and analysis of these performance indicators are as follows:\nNet Sales Net sales include sales of lasers, laser systems, related accessories and service. Net sales for fiscal 2019 decreased 29.6% in our OLS segment and decreased 15.4% in our ILS segment from fiscal 2018. For a description of the reasons for changes in net sales refer to the ‘‘Results of Operations’’ section below.\nGross Profit as a Percentage of Net Sales Gross profit as a percentage of net sales (‘‘gross profit percentage’’) is calculated as gross profit for the period divided by net sales for the period. Gross profit percentage for OLS decreased to 47.3% in fiscal 2019 from 52.7% in fiscal 2018. Gross profit percentage for ILS decreased to 13.3% in fiscal 2019 from 26.7% in fiscal 2018. For a description of the reasons for changes in gross profit refer to the ‘‘Results of Operations’’ section below.\nResearch and Development as a Percentage of Net Sales Research and development as a percentage of net sales (‘‘R&D percentage’’) is calculated as research and development expense for the period divided by net sales for the period. Management considers R&D percentage to be an important indicator in managing our business as investing in new technologies is a key to future growth. R&D percentage increased to 8.2% in fiscal 2019 from 7.0% in fiscal 2018. For a description of the reasons for changes in R&D spending refer to the ‘‘Results of Operations’’ section below.\nNet Cash Provided by Operating Activities Net cash provided by operating activities shown on our Consolidated Statements of Cash Flows primarily represents the excess of cash collected from billings to our customers and other receipts over cash paid to our vendors for expenses and inventory purchases to run our business. We believe that cash flows from operations is an important performance indicator because cash generation over the long term is essential to maintaining a healthy business and providing funds to help fuel growth. For a description of the reasons for changes in Net Cash Provided by Operating Activities refer to the ‘‘Liquidity and Capital Resources’’ section below.\nDays Sales Outstanding in Receivables We calculate days sales outstanding (‘‘DSO’’) in receivables as net receivables at the end of the period divided by net sales during the period and then multiplied by the number of days in the period, using 360 days for years. DSO in receivables indicates how well we are managing our collection of receivables, with lower DSO in receivables resulting in higher working capital availability. The more money we have tied up in receivables, the less money we have available for research and development, acquisitions, expansion, marketing and other activities to grow our business. Our DSO in receivables for fiscal 2019 remained unchanged at 67 days as compared to fiscal 2018.\nAnnualized Fourth Quarter Inventory Turns We calculate annualized fourth quarter inventory turns as cost of sales during the fourth quarter annualized and divided by net inventories at the end of the fourth quarter. This indicates how well we are managing our inventory levels, with higher inventory turns resulting in more working capital availability and a higher return on our investments in inventory. Our annualized fourth quarter inventory turns for fiscal 2019 decreased to 2.1 turns from 2.2 turns in fiscal 2018 primarily as a result of a decrease in demand for sales of our large ELA tools, partially offset by the impact of lower inventories due to restructuring charges.\nAdjusted EBITDA as a Percentage of Net Sales We define adjusted EBITDA as operating income adjusted for depreciation, amortization, stock compensation expense, major restructuring costs and certain other non-operating income and expense items, such as costs related to our acquisitions. Key initiatives to reach our goals for EBITDA improvements include utilization of our Asian manufacturing locations, optimizing our supply chain and continued leveraging of our infrastructure.\nWe utilize a number of different financial measures, both GAAP and non-GAAP, such as adjusted EBITDA as a percentage of net sales, in analyzing and assessing our overall business performance, for making operating decisions and for forecasting and planning future periods. We consider the use of non-GAAP financial measures helpful in assessing our current financial performance and ongoing operations. While we use non-GAAP financial measures as a tool to enhance our understanding of certain aspects of our financial performance, we do not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. We provide adjusted EBITDA in order to enhance investors’ understanding of our ongoing operations. This measure is used by some investors when assessing our performance.\n\n | Fiscal | \n--------------------------------------------------------------------- | -------- | ----------\n | 2019 | 2018 \nNet Sales - OEM Laser Sources | $886,676 | $1,259,477\nNet Sales - Industrial Lasers & Systems | $543,964 | $643,096 \nGross Profit as a Percentage of Net Sales—OEM Laser Sources | 47.3% | 52.7% \nGross Profit as a Percentage of Net Sales—Industrial Lasers & Systems | 13.3% | 26.7% \nResearch and Development Expenses as a Percentage of Net Sales | 8.2% | 7.0% \nIncome From Continuing Operations Before Income Taxes | $60,048 | $361,555 \nNet Cash Provided by Operating Activities | $181,401 | $236,111 \nDays Sales Outstanding in Receivables | 67 | 67 \nAnnualized Fourth Quarter Inventory Turns | 2.1 | 2.2 \nNet Income From Continuing Operations as a Percentage of Net Sales | 3.8% | 13.0% \nAdjusted EBITDA as a Percentage of Net Sales | 18.1% | 28.9% \n\nPERFORMANCE INDICATORS\n summary quantitative performance indicators evaluated management financial performance. indicators non-GAAP not alternative operating performance liquidity accounting principles.\n Definitions indicators\n Net Sales include lasers systems accessories service. 2019 decreased 29. 6% OLS 15. 4% ILS from 2018. reasons changes ‘‘Results of Operations’’ section.\n Gross Profit Percentage Net Sales calculated divided by net sales. OLS decreased to 47. 3% 2019 from 52. 7% 2018. ILS decreased to 13. 3% 2019 from 26. 7% 2018. changes ‘‘Results of.\n Research and Development Percentage Net Sales calculated expense divided by net sales. important investing new technologies key future growth. R&D percentage increased to 8. 2% 2019 from 7. 0% 2018. reasons changes R&D spending ‘‘Results of.\n Net Cash Operating Activities excess cash from billings receipts over cash paid vendors expenses inventory purchases.cash flows operations important performance indicator essential healthy business growth. changes Net Cash Activities ‘‘Liquidity Capital section.\n Days Sales Outstanding Receivables calculate outstanding net receivables divided by sales multiplied days. lower higher working capital availability. more money tied receivables less money for research development acquisitions expansion marketing. DSO fiscal 2019 unchanged 67 days 2018.\n Annualized Fourth Quarter Inventory Turns calculate turns cost sales divided by net inventories. inventory higher inventory turns more working capital availability higher return investments. quarter inventory turns 2019 decreased to 2. 1 turns from. 2018 decrease demand large tools offset lower inventories restructuring charges.\n Adjusted EBITDA Percentage Net Sales operating income adjusted for depreciation amortization stock compensation expense restructuring costs non-operating income items. initiatives EBITDA improvements include Asian manufacturing locations optimizing supply chain leveraging infrastructure.\nutilize financial measures GAAP non-GAAP adjusted EBITDA sales business performance decisions forecasting future.-GAAP current performance. GAAP. adjusted EBITDA understanding. used investors performance.\n Net Sales OEM Laser Sources $886,676 $1,259,477\n Net Sales Industrial Lasers Systems $543,964 $643,096\n Gross Profit 47. 3% 52. 7%\n Gross Profit 13. 3% 26. 7%\n Research Development Expenses Net Sales 8. 2% 7. 0%\n Income Continuing Operations Before Income Taxes $60,048 $361,555\n Net Cash Operating Activities $181,401 $236,111\n Sales Outstanding Receivables\n Fourth Quarter Inventory Turns.\n Net Income Continuing Operations Net Sales 3. 8% 13. 0%\n Adjusted EBITDA Net Sales 18. 1% 28. 9%" +} +{ + "_id": "d1b397320", + "title": "", + "text": "5. Accrued expenses\nAccrued expenses consisted of the following:\n\nOctober 31, | | \n---------------------------- | ------- | -------\n | 2019 | 2018 \n(In thousands) | | \nWorkers’ compensation claims | $9,687 | $9,020 \nAccrued wages | 19,525 | 14,142 \nAccrued rebates | 13,529 | 7,828 \nAccrued vacation | 10,592 | 8,554 \nAccrued property taxes | 11,331 | 9,453 \nAccrued payroll taxes | 8,290 | 9,034 \nOther accrued expenses | 9,986 | 11,922 \nTotal accrued expenses | $82,940 | $69,953\n\n. Accrued expenses\n Workers’ compensation $9,687 $9,020\n wages 19,525 14,142\n rebates 13,529 7,828\n vacation 10,592\n property taxes 11,331 9,453\n payroll taxes,034\n 9,986 11,922\n $82,940 $69,953" +} +{ + "_id": "d1b32d380", + "title": "", + "text": "ALTERNATIVE PERFORMANCE MEASURES – continued\nLiquidity: TORM defines liquidity as available cash, comprising cash and cash equivalents, including restricted cash, as well as undrawn credit facilities.\nTORM finds the APM important as the liquidity expresses TORM’s financial position, ability to meet current liabilities and cash buffer. Furthermore, it expresses TORM’s ability to act and invest when possibilities occur.\n\nUSDm | 2019 | 2018 | 2017 \n---------------------------------------------------- | ----- | ----- | -----\nCash and cash equivalents, including restricted cash | 72.5 | 127.4 | 134.2\nUndrawn credit facilities | 173.1 | 278.7 | 270.7\nLiquidity | 245.6 | 406.1 | 404.9\n\nPERFORMANCE MEASURES\n Liquidity TORM defines available cash equivalents restricted cash undrawn credit facilities.\n expresses financial position liabilities cash buffer. act invest possibilities.\n 2019\n Cash equivalents restricted cash 72. 127. 134.\n Undrawn credit facilities 173. 278. 270.\n Liquidity 245. 404." +} +{ + "_id": "d1b345f84", + "title": "", + "text": "It rewards executives subject to performance against three equally weighted measures over a three year performance period:\nRelative TSR is used as a measure in our LTI plan to align executive outcomes and long‐term shareholder value creation. The peer group is the ASX30 excluding metals and mining companies. Peer group ranking at the 75th percentile or higher 100% vesting is achieved and ranking at the median 50% vesting is achieved. Between the 75th  and median, pro-rata vesting is achieved from 50% to 100%. Peer group ranking below the median results in zero vesting.\nSales per square metre measures sales productivity improvements across the Food and Drinks businesses. Efficient use of our physical network for in‐store and online sales is core to our success.\nROFE is an important measures to drive behaviours consistent with the delivery of long‐term shareholder value. ROFE improvements can be delivered through earnings growth as well as the disciplined allocation of capital and management of assets, which is important for a business that is building capabilities for the future. Lease‐adjusted ROFE measures the balance between our earnings growth and the disciplined allocation and application of assets used to generate those earnings. We adjust for leases to recognise that a very significant portion of our sites are leased. This approach is also similar to the accounting standard definition of ROFE that will change to incorporate a lease-adjusted definition from F20.\nThe Sales/SQM and ROFE targets are published following the end of the performance period given the commercial sensitivity of this information.\n\n | rTSR | SALES/SQM | ROFE \n------- | ------ | --------- | ------\nEntry | 16.66% | 6.66% | 6.66% \nTarget | n/a | 20% | 20% \nStretch | 33.33% | 33.33% | 33.33%\n\nrewards executives three measures three year\n Relative TSR LTI plan executive outcomes shareholder value. peer group ASX30 metals mining companies. ranking 75th percentile higher 100% vesting median 50%. Between 75th median pro-rata vesting 50% to 100%. below median zero vesting.\n Sales per square metre measures sales productivity Food Drinks businesses. physical network in‐store online sales success.\n ROFE long‐term shareholder value. improvements earnings growth disciplined allocation capital management assets. Lease‐adjusted ROFE balance earnings growth disciplined allocation application assets. leases significant sites leased. similar accounting standard definition ROFE lease-adjusted definition F20.\n Sales/SQM ROFE targets published performance period.\n rTSR SALES/SQM ROFE\n. 66%.\n 33. 33%." +} +{ + "_id": "d1a73c530", + "title": "", + "text": "The following table compares our other consolidated operating results for 2019 and 2018:\nInterest expense. Interest expense increased to $279.1 million in 2019, compared to $254.1 million in 2018, primarily due to: • an increase of $29.9 million primarily to the commencement of Teekay LNG's finance lease obligations upon the deliveries of the Myrina, Megara and Yamal Spirit LNG carriers and an increase in debt balance to pay for the final newbuilding installments on the Bahrain Spirit and Sean Spirit LNG carrier newbuilding deliveries;\n• an increase of $6.7 million primarily due to the additional interest expense incurred by Teekay Tankers with respect to three sale-leaseback financing transactions completed in September 2018, November 2018 and May 2019; and • an increase of $6.3 million due to decreases in capitalized interest in Teekay LNG in 2019 as a result of vessels delivered during 2018 and 2019;\n• an increase of $6.7 million primarily due to the additional interest expense incurred by Teekay Tankers with respect to three sale-leaseback financing transactions completed in September 2018, November 2018 and May 2019; and • an increase of $6.3 million due to decreases in capitalized interest in Teekay LNG in 2019 as a result of vessels delivered during 2018 and 2019;\n• a decrease of $4.1 million relating to interest incurred by Teekay Parent in 2018 as a result of the prepayment of the outstanding amounts under one revolving credit facility and lower debt issuance cost amortization in 2019 on an amendment of another revolving credit facility.\nRealized and unrealized (losses) gains on non-designated derivative instruments. Realized and unrealized (losses) gains related to derivative instruments that are not designated as hedges for accounting purposes are included as a separate line item in the consolidated statements of loss. Net realized and unrealized losses on non-designated derivatives were $13.7 million for 2019, compared to $14.9 million for 2018, as detailed in the table below:\nThe realized losses relate to amounts we actually realized for settlements related to these derivative instruments in normal course and amounts\npaid to terminate interest rate swap agreement terminations.\nDuring 2019 and 2018, we had interest rate swap agreements with aggregate average net outstanding notional amounts of approximately $1.1 billion and $1.3 billion, respectively, with average fixed rates of approximately 3.0% and 2.9%, respectively. Short-term variable benchmark interest rates during these periods were generally less than 3.0% and, as such, we incurred realized losses of $8.3 million and $13.9 million during 2019 and 2018, respectively, under the interest rate swap agreements.\nWe did not incur any realized losses related to the termination of interest rate swaps in 2019, compared to realized losses of $13.7 million during 2018. Primarily as a result of significant changes in long-term benchmark interest rates during 2019 and 2018, we recognized unrealized losses of $7.9 million in 2019 compared to unrealized gains of $33.7 million in 2018 under the interest rate swap agreements.\nDuring the year ended December 31, 2019, we recognized a reversal of previously unrealized losses of $26.9 million on all the warrants held by Teekay to purchase common units of Altera (or the Warrants) as a result of the sale of the Warrants to Brookfield, and we concurrently recognized a realized loss of $25.6 million during the same period. During the year ended December 31, 2018, we recognized unrealized losses of $21.1 million on the Warrants. Please read “Item 18 – Financial Statements: Note 12 – Fair Value Measurements and Financial Instruments.”\nForeign Exchange Loss. Foreign currency exchange losses were $13.6 million in 2019 compared to gains of $6.1 million in 2018. Our foreign currency exchange gains and losses, substantially all of which are unrealized, are primarily due to the relevant period-end revaluation of our Norwegian-Krone (or NOK)-denominated debt and our Euro-denominated term loans, finance leases and restricted cash for financial reporting purposes and the realized and unrealized (losses) gains on our cross currency swaps.\nGains on NOK-denominated and Euro-denominated monetary liabilities reflect a stronger U.S. Dollar against the NOK and Euro on the date of revaluation or settlement compared to the rate in effect at the beginning of the period. Losses on NOK-denominated and Euro-denominated monetary liabilities reflect a weaker U.S. Dollar against the NOK and Euro on the date of revaluation or settlement compared to the rate in effect at the beginning of the period.\nFor 2019, foreign currency exchange loss included realized losses of $5.1 million (2018 – $6.5 million) and unrealized losses of $13.2 million (2018 – gains of $21.2 million) on our cross currency swaps, realized losses on maturity and termination of cross currency swaps of $nil (2018 – $42.3 million) and unrealized gains of $5.8 million (2018 – gains of $19.2 million) on the revaluation of our NOK-denominated debt.\nLoss on deconsolidation of Altera. Loss on deconsolidation of Altera was $7.1 million in 2018. Please read \"Item 18 – Financial Statements: Note 4 – Deconsolidation and Sale of Altera.\"\nOther loss. Other loss was $14.5 million in 2019 compared to $2.0 million in 2018. Other loss in 2019 was primarily due to losses of $10.6 million on the repurchase of 2020 Notes, $2.0 million tax expense on Teekay LNG's income from U.S. sources and $1.4 million losses relating to Teekay LNG's sale lease-back refinancing of the Torben Spirit completed in 2019. Other loss in 2018 included $1.8 million related to repurchases of the 2020 Notes and $0.6 million related to the tax indemnification guarantee liability related to the Teekay Nakilat finance lease.\nIncome Tax Expense. Income tax expense was $25.5 million in 2019 compared to $19.7 million in 2018. This increase in income tax expense was primarily due to changes to freight tax accruals in 2019.\n\n | Year Ended December 31, | \n----------------------------------------------------------------------- | ----------------------- | ---------\n(in thousands of U.S. dollars, except percentages) | 2019 | 2018 \nInterest expense | (279,059) | (254,126)\nInterest income | 7,804 | 8,525 \nRealized and unrealized losses on non-designated derivative instruments | (13,719) | (14,852) \nForeign exchange (loss) gain | (13,574) | 6,140 \nLoss on deconsolidation of Altera | — | (7,070) \nOther loss | (14,475) | (2,013) \nIncome tax expense | (25,482) | (19,724) \n\ntable compares consolidated operating results 2019 2018:\n Interest expense. increased $279. 1 million 2019 $254. 1 million 2018 due increase $29. 9 million Teekay LNG finance lease obligations Myrina Megara Yamal Spirit LNG increase debt balance Bahrain Spirit Sean Spirit LNG\n increase $6. 7 million additional interest expense Teekay Tankers sale-leaseback financing transactions September May 2019 increase $6. 3 million decreases capitalized interest vessels delivered\n increase $6. 7 million additional interest expense transactions increase $6. 3 million decreases capitalized interest vessels delivered\n decrease $4. 1 million interest Teekay Parent 2018 prepayment amounts revolving credit facility lower debt issuance cost amortization 2019 amendment credit facility.\n Realized unrealized gains non-designated derivative instruments. statements loss. Net losses $13. 7 million 2019 $14. 9 million 2018\n losses relate settlements instruments\ninterest rate swap terminations.\n 2019 2018 net amounts $1. 1 billion $1. 3 billion fixed rates 3. 0% 2. 9%. Short-term interest rates less than 3. 0% incurred losses $8. 3 million $13. 9 million 2018.\n losses termination 2019 $13. 7 million 2018. changes long interest rates unrealized losses $7. 9 million 2019 gains $33. 7 million 2018.\n December 31, 2019 unrealized losses $26. 9 million warrants Teekay Altera loss $25. 6 million. 2018 unrealized losses $21. 1 million Warrants. 18 Financial Statements Note 12 Fair Value Measurements Financial Instruments.\n Foreign Exchange. losses $13. 6 million 2019 gains $6. 1 million 2018. gains losses due revaluation Norwegian debt Euro-denominated loans finance leases restricted cash gains cross currency swaps.\nGains NOK Euro liabilities stronger. Dollar. Losses weaker. Dollar.\n 2019 exchange loss losses $5. 1 million (2018 $6. 5 million unrealized losses $13. 2 million $21. 2 million swaps losses $42. 3 million unrealized gains $5. 8 million $19. 2 million revaluation NOK debt.\n Loss deconsolidation Altera. $7. 1 million 2018.\n. $14. 5 million 2019 $2. 0 million 2018. due $10. 6 million repurchase 2020 Notes $2. 0 million tax expense Teekay LNG income. $1. 4 million losses Teekay LNG sale refinancing. loss 2018 $1. 8 million repurchases 2020 Notes $0. 6 million tax indemnification liability Teekay Nakilat finance lease.\n Tax. $25. 5 million 2019 $19. 7 million 2018. due freight tax accruals.\n\n.\n Interest expense (279,059) (254,126\n income\n losses instruments (13,719)\n exchange (13,574 6,140\n Loss deconsolidation Altera (7,070\n loss (14,475)\n Income tax expense (25,482) (19,724)" +} +{ + "_id": "d1b31b91e", + "title": "", + "text": "Operating Results – Teekay Tankers\nThe following table compares Teekay Tankers’ operating results, equity income and number of calendar-ship-days for its vessels for 2019 and 2018.\n(1) Calendar-ship-days presented relate to owned and in-chartered consolidated vessels.\nTeekay Tankers' income from vessel operations increased to $123.9 million in 2019 compared to $7.2 million in 2018, primarily as a result of: • an increase of $129.3 million due to higher overall average realized spot tanker rates earned by Teekay Tankers' Suezmax, Aframax and LR2 product tankers; • an increase of $3.5 million due to improved net results from Teekay Tankers' full service lightering (or FSL) activities from more voyage days and higher realized spot rates earned;\n• an increase of $3.4 million resulting from lower general and administrative expenses primarily due to non-recurring project expenses incurred in 2018; • a net increase of $2.3 million primarily due to the delivery of three Aframax and two LR2 chartered-in tankers in late 2018 and throughout 2019, partially offset by the redeliveries of various in-chartered tankers to their owners in the second and third quarters of 2018; and • an increase of $1.2 million as a result of restructuring charge incurred in the prior year;\npartially offset by\n• a decrease of $10.2 million due to a higher number of off-hire days in 2019 resulting from dry dockings and higher off-hire bunker expenses compared to the prior year; • a decrease of $6.9 million due to lower revenues and loss on the sale of one Suezmax tanker in 2019 and the write-down of two Suezmax tankers that were classified as held for sale at December 31, 2019; and • a decrease of $6.4 million due to the amortization of first dry dockings for various former Tanker Investments Ltd. (or TIL) vessels subsequent to Teekay Tankers' acquisition of TIL in late 2017.\nEquity income increased to $2.3 million in 2019 from $1.2 million in 2018 primarily due to higher earnings recognized in 2019 from the High-Q Investment Ltd. joint venture as a result of higher spot rates earned in 2019.\n\n | Year Ended December 31, | \n--------------------------------------------------------- | ----------------------- | ---------\n(in thousands of U.S. dollars, except calendar-ship-days) | 2019 | 2018 \nRevenues | 943,917 | 776,493 \nVoyage expenses | (402,294) | (381,306)\nVessel operating expenses | (208,601) | (209,131)\nTime-charter hire expense | (43,189) | (19,538) \nDepreciation and amortization | (124,002) | (118,514)\nGeneral and administrative expenses | (36,404) | (39,775) \nWrite-down and loss on sale of vessels | (5,544) | 170 \nRestructuring charges | — | (1,195) \nIncome from vessel operations | 123,883 | 7,204 \nEquity income | 2,345 | 1,220 \nCalendar-Ship-Days (1) | | \nConventional Tankers | 22,350 | 21,226 \n\nResults Teekay Tankers\n table compares operating results equity income calendar-ship-days 2019 2018.\n-ship-days in-chartered vessels.\n income increased $123. 9 million 2019 $7. 2 million 2018 increase $129. 3 million higher tanker rates Suezmax Aframax LR2 increase $3. 5 million improved net results full lightering more voyage days higher rates\n increase $3. 4 million lower administrative expenses non project expenses net increase $2. 3 million delivery three Aframax two LR2 tankers offset redeliveries tankers increase $1. 2 million restructuring charge\n decrease $10. 2 million higher off-hire days 2019 higher expenses decrease $6. 9 million lower revenues loss sale Suezmax tanker write-down two tankers decrease $6. 4 million amortization dry dockings. acquisition 2017.\n Equity income increased $2. 3 million 2019 $1. 2 million 2018 higher earnings High-Q Investment Ltd.venture spot rates 2019.\n Ended December\n.-ship-days\n Revenues 943,917 776,493\n Voyage (402,294)\n Vessel operating,601,131\n Time-charter hire (43,189\n Depreciation amortization (124,002)\n administrative expenses (36,404),775\n loss sale vessels\n Restructuring charges\n Income vessel operations 123,883\n Equity income\n Calendar-Ship-Days\n Conventional Tankers 22,350" +} +{ + "_id": "d1a7161fa", + "title": "", + "text": "Item 6. Selected Financial Data\nVarious factors affecting the comparability of the information included in the table above are discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations.\n\n | | | Year Ended October 31, | | \n---------------------------------------- | ---------- | ---------- | -------------------------------------- | ---------- | ----------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (In thousands, except per share data) | | \nNet sales | $3,440,258 | $3,236,004 | $3,342,226 | $2,816,057 | $2,803,480\nOperating income | 67,994 | 29,700 | 425,239 | 294,111 | 335,998 \nNet income | 53,294 | 61,431 | 279,745 | 188,961 | 216,001 \nBasic earnings per share | 2.41 | 2.70 | 12.30 | 8.37 | 9.52 \nDiluted earnings per share | 2.41 | 2.70 | 12.30 | 8.37 | 9.52 \nWorking capital | 365,430 | 367,600 | 650,817 | 465,135 | 396,834 \nTotal assets | 1,774,134 | 1,659,440 | 1,733,243 | 1,422,700 | 1,246,752 \nLong-term debt, less current maturities | 55,000 | — | — | — | — \nStockholders’ equity | 1,417,675 | 1,387,893 | 1,432,862 | 1,190,262 | 1,029,861 \nCash dividends declared per share | $1.28 | $1.28 | $2.04 | $1.90 | $1.38 \n\n. Financial Data\n factors discussed Financial Condition Results Operations.\n Ended October 31,\n 2019 2015\n Net sales $3,440,258,236,004,342,226 $2,816,057 $2,803,480\n Operating income 67,994 425,239 294,111 335,998\n Net income 53,294 61,431 279,745 188,961 216,001\n earnings share 2.\n earnings share 2.\n Working capital 365,430,600 650,817 465,135 396,834\n Total assets 1,774,134 1,659,440 1,733,243 1,422,700 1,246,752\n Long-term debt maturities\n Stockholders’ equity 1,417,675 1,387,893 1,432,862 1,190,262 1,029,861\n Cash dividends $1." +} +{ + "_id": "d1b2e1e08", + "title": "", + "text": "Our product categories are:\nDrinkable Kefir, sold in a variety of organic and non-organic sizes, flavors, and types, including low fat, non-fat, whole milk, protein, and BioKefir (a 3.5 oz. kefir with additional probiotic cultures).\nEuropean-style soft cheeses, including farmer cheese in resealable cups.\nCream and other, which consists primarily of cream, a byproduct of making our kefir.\nProBugs, a line of kefir products designed for children.\nOther Dairy, which includes Cupped Kefir and Icelandic Skyr, a line of strained kefir and yogurt products in resealable cups.\nFrozen Kefir, available in soft serve and pint-size containers.\nLifeway has determined that it has one reportable segment based on how our chief operating decision maker manages the business and in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing our performance, has been identified collectively as the Chief Financial Officer, the Chief Operating Officer, the Chief Executive Officer, and Chairperson of the board of directors. Substantially all of our consolidated revenues relate to the sale of cultured dairy products that we produce using the same processes and materials and are sold to consumers through a common network of distributors and retailers in the United States.\nNet sales of products by category were as follows for the years ended December 31:\n(a) Includes Lifeway Kefir Shop sales\nSignificant Customers – Sales are predominately to companies in the retail food industry located within the United States. Two major customers accounted for approximately 22% and 21% of net sales for the years ended December 31, 2019 and 2018, respectively. Two major customers accounted for approximately 17% of accounts receivable as of December 31, 2019 and 2018. Our ten largest customers as a group accounted for approximately 57% and 59% of net sales for the years ended December 31, 2019 and 2018, respectively.\n\n | | 2019 | | 2018\n---------------------------------- | -------- | ---- | --------- | ----\nIn thousands | $ | % | $ | % \nDrinkable Kefir other than ProBugs | $ 71,822 | 77% | $ 78,523 | 76% \nCheese | 11,459 | 12% | 11,486 | 11% \nCream and other | 4,228 | 4% | 5,276 | 5% \nProBugs Kefir | 2,780 | 3% | 2,795 | 3% \nOther dairy | 1,756 | 2% | 3,836 | 4% \nFrozen Kefir (a) | 1,617 | 2% | 1,434 | 1% \nNet Sales | $ 93,662 | 100% | $ 103,350 | 100%\n\nproduct categories\n Drinkable Kefir organic non-organic sizes flavors types low fat non-fat whole milk protein BioKefir 3. 5 oz. kefir probiotic cultures.\n European-style soft cheeses farmer cheese resealable cups.\n Cream cream kefir.\n ProBugs kefir children.\n Other Dairy Cupped Kefir Icelandic Skyr strained kefir yogurt resealable cups.\n Frozen Kefir soft serve pint-size containers.\n Lifeway reportable segment chief operating decision. Chief Financial Officer Chief Operating Officer Chief Executive Officer Chairperson board of directors. consolidated revenues cultured dairy products sold distributors retailers United States.\n Net sales by category December 31\n Includes Lifeway Kefir Shop sales\n retail food industry United States. Two major customers 22% 21% of net sales 2019 2018. major customers 17% accounts receivable. ten largest customers 57% and 59% of net sales.\nKefir 71,822 77% 78,523 76%\n Cheese 11,459\n Cream 4,228 4% 5,276 5%\n ProBugs Kefir 2,780\n Other dairy 1,756\n Frozen Kefir 1,617\n Net Sales $ 93,662,350" +} +{ + "_id": "d1b393f5e", + "title": "", + "text": "Deferred tax assets and liabilities reflect the net tax effects of net operating loss carryovers and the temporary differences between the assets and liabilities carrying value for financial reporting and the amounts used for income tax purposes. The Company’s significant deferred tax assets (liabilities) components are as follows:\nIn assessing the ability to realize the Company’s net deferred tax assets, management considers various factors including taxable income in carryback years, future reversals of existing taxable temporary differences, tax planning strategies, and future taxable income projections to determine whether it is more likely than not that some portion or all of the net deferred tax assets will not be realized.\nBased on the negative evidence, including the worldwide cumulative losses that the Company has incurred, the Company has determined that the uncertainty regarding realizing its deferred tax assets is sufficient to warrant the need for a full valuation allowance against its worldwide net deferred tax assets.\nThe $4.3 million net increase in the valuation allowance from 2018 to 2019 is primarily due to operating losses incurred and windfall tax benefits on equity awards in the current year, partially offset by the reduction in valuation allowance as a result of recording a net deferred tax liability associated with the adoption of ASC 606. In addition, the Company recognized a tax benefit of $1.0 million for the release of a portion of the Company’s pre-existing U.S. and U.K. valuation allowances as a result of the Ataata and Simply Migrate business combinations.\nDuring the third quarter of fiscal 2018, the Tax Cuts and Jobs Act (the Act) was enacted in the United States. In addition, the Securities and Exchange Commission issued guidance under Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118) that directed taxpayers to consider the impact of the U.S. legislation as “provisional” when it did not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the change in tax law.\nDuring 2019, the Company has completed its accounting for the tax effects of the enactment of the Act. During the year ended March 31, 2019, the Company recognized an immaterial adjustment to the provisional estimate recorded related to the Act in the Company’s fiscal 2018 financial statements.\nAs of March 31, 2019, the Company had U.K. net operating loss carryforwards of approximately $57.4 million that do not expire. As of March 31, 2019, the Company had U.S. federal net operating loss carryforwards of approximately $78.6 million. U.S. federal net operating loss carryforwards generated through March 31, 2017 of approximately $32.5 million expire at various dates through 2037, and U.S. federal net operating loss carryforwards generated in the tax years beginning after March 31, 2017 of approximately $46.1 million do not expire.\nAs of March 31, 2019, the Company had U.S. state net operating loss carryforwards of approximately $54.6 million that expire at various dates through 2039. As of March 31, 2019, the Company had Australian net operating loss carryforwards of approximately $23.9 million that do not expire. As of March 31, 2019, the Company had German net operating loss carryforwards of approximately $9.9 million that do not expire.\nAs of March 31, 2019, the Company had Israeli net operating loss carryforwards of approximately $3.3 million that do not expire. As of March 31, 2019, the Company had a U.K. income tax credit carryforward of $1.1 million that does not expire. As of March 31, 2019, the Company had Israeli income tax credit carryforwards of $0.6 million that expires in 2023 and 2024.\nUnder Section 382 of the U.S. Internal Revenue Code, if a corporation undergoes an ownership change, the corporation’s ability to use its pre-change net operating loss carryforwards to offset its post-change income and taxes may be limited. In general, an ownership change occurs if there is a 50 percent cumulative change in ownership of the Company over a rolling three-year period. Similar rules may apply under U.S. state tax laws.\nThe Company believes that it has experienced an ownership change in the past and may experience ownership changes in the future resulting from future transactions in our share capital, some of which may be outside the Company’s control. The Company’s ability to utilize its net operating loss carryforwards or other tax attributes to offset U.S. federal and state taxable income in the future may be subject to future limitations.\nAs of March 31, 2019 and 2018, the Company had liabilities for uncertain tax positions of $6.0 million and $6.2 million, respectively, none of which, if recognized, would impact the Company’s effective tax rate.\n\n | As of March 31, | \n--------------------------------------- | --------------- | --------\n | 2019 | 2018 \nDeferred tax assets: | | \nNet operating loss carryforwards | $35,120 | $24,159 \nShare-based compensation | 5,687 | 2,760 \nDeferred revenue | 1,761 | 2,237 \nFixed assets | 4,187 | 3,593 \nLease liability | 11,748 | 17,024 \nAccrued compensation | 1,211 | 742 \nAccrued costs | 401 | 1,362 \nDeferred rent | 320 | 473 \nIncome tax credits | 1,833 | 1,151 \nOther | 1,247 | 109 \nGross deferred tax assets | 63,515 | 53,610 \nDeferred tax liabilities: | | \nPrepaid expenses | (219) | (315) \nFixed assets | (13,855) | (19,280)\nUnremitted earnings | (320) | (115) \nIntangible assets | (4,818) | — \nCapitalized commissions | (7,606) | — \nOther | (387) | — \nGross deferred tax liabilities | (27,205) | (19,710)\nValuation allowance | (38,318) | (34,008)\nDeferred tax (liabilities) assets, net | $(2,008) | $(108) \n\nDeferred tax assets liabilities reflect tax effects operating loss carryovers temporary differences between financial reporting income tax. deferred tax assets\n deferred tax assets management considers factors taxable income future reversals differences tax planning strategies future taxable income projections deferred tax assets.\n negative evidence losses uncertainty realizing deferred tax assets full valuation allowance against deferred tax assets.\n $4. 3 million increase valuation allowance 2018 to 2019 due to operating losses windfall tax benefits equity awards offset reduction valuation allowance net deferred tax liability ASC 606. Company recognized tax benefit $1. 0 million for release pre-existing U. K. valuation allowances Ataata Simply Migrate business combinations.\n 2018 Tax Cuts and Jobs Act) enacted. Securities and Exchange Commission guidance. taxpayers consider impact. legislation “provisional” necessary information change tax law.\n2019 Company completed accounting tax effects enactment Act. recognized adjustment provisional estimate Act fiscal 2018 financial statements.\n 2019. net operating loss carryforwards $57. 4 million. federal net operating loss carryforwards $78. 6 million. 2017 $32. 5 million expire 2037. 2017 $46. 1 million expire.\n. state net operating loss carryforwards $54. 6 million expire through 2039. Australian net operating loss carryforwards $23. 9 million. German net operating loss carryforwards $9. 9 million.\n Israeli net operating loss carryforwards $3. 3 million. income tax credit carryforward $1. 1 million. Israeli income tax credit carryforwards $0. 6 million expires 2023 2024.\n Section 382. Internal Revenue Code ownership change pre-change net operating loss carryforwards offset post-change income taxes. ownership change occurs 50 percent change ownership three-year period. rules. state tax laws.\nCompany believes experienced ownership may transactions outside control. net operating loss carryforwards tax attributes. income limitations.\n March 31, 2019 2018 liabilities uncertain tax positions $6. million $6. 2 million tax rate.\n Deferred tax assets\n Net operating loss carryforwards $35,120 $24,159\n Share-based compensation 5,687\n Deferred revenue 1,761\n Fixed assets 4,187\n Lease liability 11,748\n Accrued compensation 1,211\n costs\n Deferred rent\n Income tax credits 1,833\n Gross deferred tax assets 63,515 53,610\n liabilities\n Prepaid expenses\n Fixed assets (13,855\n Unremitted earnings\n Intangible assets\n Capitalized commissions\n Gross deferred tax liabilities (27,205 (19\n Valuation allowance (38,318)\n $(2,008)" +} +{ + "_id": "d1b3a52c2", + "title": "", + "text": "Cash and Cash Equivalents\nHighly liquid instruments purchased with original maturities of three months or less are considered cash equivalents. Cash equivalents are invested with high credit quality financial institutions and consist of short-term investments, such as demand deposit accounts, money market accounts, money market funds and time deposits. The carrying amounts of these instruments reported in the Consolidated Balance Sheets approximate their fair value because of their immediate or short-term maturities.\nCash and cash equivalents are unrestricted and include the following (in millions):\n\n | December 31, | \n------------------------- | ------------ | -----\n | 2019 | 2018 \nCash | $8.2 | $9.5 \nCash equivalents | 7.2 | 10.8 \nCash and cash equivalents | $15.4 | $20.3\n\nCash Equivalents\n liquid instruments maturities three months less cash equivalents. invested high credit institutions short investments. carrying amounts Consolidated Balance Sheets approximate fair value maturities.\n Cash equivalents unrestricted include\n December 31,\n 2019 2018\n Cash $8. $9.\n Cash equivalents. 10.\n $15. $20." +} +{ + "_id": "d1b335c1a", + "title": "", + "text": "Life Sciences Segment\nSelling, general and administrative: Selling, general and administrative expenses from our Life Sciences segment for the year ended December 31, 2019 decreased $5.0 million to $8.6 million from $13.6 million for the year ended December 31, 2018. The decrease was driven by comparably fewer expenses at the Pansend holding company, which incurred additional compensation expense in the prior period related to the performance of the segment. The decrease was also due to a reduction in costs associated with the sale of BeneVir in the second quarter of 2018.\n\nLife Sciences Segment | | | \n----------------------------------- | ----- | ------------------------ | ---------------------\n | | Years Ended December 31, | \n | 2019 | 2018 | Increase / (Decrease)\nSelling, general and administrative | $8.6 | $13.6 | $(5.0) \nDepreciation and amortization | 0.3 | 0.2 | 0.1 \nLoss from operations | (8.9) | $(13.8) | $4.9 \n\nLife Sciences Segment\n Selling administrative expenses December 31, 2019 decreased $5. million to $8. 6 million $13. million 2018. decrease fewer expenses Pansend holding company additional compensation expense. due reduction costs sale BeneVir second quarter 2018.\n Life Sciences Segment\n Ended December 31,\n 2019 Increase\n Selling general administrative $8. 6 $13.\n Depreciation amortization.\n Loss operations. $4." +} +{ + "_id": "d1b35bc4e", + "title": "", + "text": "Accounting for Uncertainty in Income Taxes\nDuring fiscal 2019 and 2018, the aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows:\nAt September 30, 2019 and 2018, the amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $0.7 million and $1.8 million, respectively. During fiscal year 2020, it is reasonably possible that resolution of reviews by taxing authorities, both domestic and foreign, could be reached with respect to an immaterial amount of net unrecognized tax benefits depending on the timing of examinations or expiration of statutes of limitations, either because our tax positions are sustained or because we agree to the disallowance and pay the related income tax. We recognize interest and/or penalties related to income tax matters in income tax expense. The amount of net interest and penalties recognized as a component of income tax expense during fiscal 2019 and 2018 were not material.\nWe are subject to ongoing audits from various taxing authorities in the jurisdictions in which we do business. As of September 30, 2019, the fiscal years open under the statute of limitations in significant jurisdictions include 2016 through 2019 in the U.S. We believe we have adequately provided for uncertain tax issues we have not yet resolved with federal, state and foreign tax authorities. Although not more likely than not, the most adverse resolution of these issues could result in additional charges to earnings in future periods. Based upon a consideration of all relevant facts and circumstances, we do not believe the ultimate resolution of uncertain tax issues for all open tax periods will have a material adverse effect upon our financial condition or results of operations.\nCash amounts paid for income taxes, net of refunds received, were $28.7 million, $15.7 million and $1.6 million in 2019, 2018 and 2017, respectively.\n\n | | September 30, \n------------------------------------------------------------- | ------- | --------------\n | 2019 | 2018 \n | | (in thousands)\nBalance at beginning of year | $ 9,942 | $ 13,248 \nAdditions (reductions) for tax positions taken in prior years | 8,458 | (80) \nRecognition of benefits from expiration of statutes | (776) | (1,770) \nAdditions for tax positions related to the current year | 951 | 713 \nReductions for tax positions related to acquisitions | — | (2,169) \nBalance at end of year | $18,575 | $9,942 \n\nAccounting Uncertainty Income Taxes\n fiscal 2019 2018 changes unrecognized tax benefits\n September 30, 2019 2018 unrecognized tax benefits effective tax rate $0. 7 million $1. 8 million. fiscal year 2020 possible resolution reviews immaterial unrecognized tax benefits timing expiration statutes of limitations disallowance. recognize interest penalties income tax expense. net interest penalties 2019 2018 not material.\n subject to audits taxing jurisdictions. September 30, 2019 fiscal years limitations include 2016 through 2019. provided for uncertain tax issues. adverse resolution could additional charges earnings. ultimate resolution uncertain tax issues effect financial condition results operations.\n Cash amounts paid income taxes net refunds $28. 7 million, $15. 7 million $1. 6 million in 2019 2018 2017.\n September 30,\n 2018\n Balance beginning year $ $ 13,248\n Additions (reductions) tax positions prior years 8,458 (80)\nbenefits expiration statutes (776) (1,770\n Additions 951 713\n Reductions (2,169)\n year $18,575 $9,942" +} +{ + "_id": "d1b398f54", + "title": "", + "text": "Note 15. Stock-Based Compensation\nThe following table summarizes the components of non-cash stock-based compensation expense (in thousands):\n2015 Equity Incentive Plan\nWe issue stock options pursuant to our 2015 Plan. The 2015 Plan allows for the grant of stock options to employees and for the grant of nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, or RSUs, performance-based stock awards, and other forms of equity compensation to our employees, directors and non-employee directors and consultants.\nIn June 2015, our board of directors adopted and our stockholders approved our 2015 Plan pursuant to which we initially reserved a total of 4,700,000 shares of common stock for issuance under the 2015 Plan, which included shares of our common stock previously reserved for issuance under our Amended and Restated 2009 Stock Incentive Plan, or the 2009 Plan. The number of shares of common stock reserved for issuance under the 2015 Plan will automatically increase on January 1 each year, for a period of not more than ten years, commencing on January 1, 2016 through January 1, 2024, by 5% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the board of directors. As a result of the adoption of the 2015 Plan, no further grants may be made under the 2009 Plan. As of December 31, 2019, 6,527,550 shares remained available for future grant under the 2015 Plan.\nStock Options\nStock options under the 2015 Plan have been granted at exercise prices based on the closing price of our common stock on the date of grant. Stock options under the 2009 Plan were granted at exercise prices as determined by the board of directors to be the fair market value of our common stock. Our stock options generally vest over a five-year period and each option, if not exercised or forfeited, expires on the tenth anniversary of the grant date.\nCertain stock options granted under the 2015 Plan and previously granted under the 2009 Plan may be exercised before the options have vested. Unvested shares issued as a result of early exercise are subject to repurchase by us upon termination of employment or services at the original exercise price. The proceeds from the early exercise of stock options are initially recorded as a current liability and are reclassified to common stock and additional paid-in capital as the awards vest and our repurchase right lapses. There were 250 and 957 unvested shares of common stock outstanding subject to our right of repurchase as of December 31, 2019 and 2018, respectively. We repurchased 27 and 107 of these unvested shares of common stock related to early exercised stock options in connection with employee terminations during the years ended December 31, 2019 and 2018, respectively. We recorded less than $0.1 million in accounts payable, accrued expenses and other current liabilities on our consolidated balance sheets for the proceeds from the early exercise of the unvested stock options as of December 31, 2019 and 2018.\nWe account for stock-based compensation options based on the fair value of the award as of the grant date. We recognize stock-based compensation expense using the accelerated attribution method, net of actual forfeitures, in which compensation cost for each vesting tranche in an award is recognized ratably from the service inception date to the vesting date for that tranche.\nWe value our stock options using the Black-Scholes option pricing model, which requires the input of subjective assumptions, including the risk-free interest rate, expected term, expected stock price volatility and dividend yield. The risk-free interest rate assumption is based upon observed interest rates for constant maturity U.S. Treasury securities consistent with the expected term of our stock options. The expected term represents the period of time the stock options are expected to be outstanding and is based on the \"simplified method.\" Under the \"simplified method,\" the expected term of an option is presumed to be the mid-point between the vesting date and the end of the contractual term. We use the \"simplified method\" due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected term of the stock options. Beginning in November 2019, the expected volatility for options granted is based on historical volatilities of our stock over the estimated expected term of the stock options. The expected volatility for options granted prior to November 2019 was based on historical volatilities of our stock and publicly traded stock of comparable companies over the estimated expected term of the stock options.\nThere were 186,500, 219,450 and 252,100 stock options granted during the years ended December 31, 2019, 2018 and 2017, respectively. We declared and paid dividends in June 2015 in anticipation of our IPO, which we closed on July 1, 2015. Subsequent to the IPO, we do not expect to declare or pay dividends on a recurring basis. As such, we assume that the dividend rate is 0%.\n\n | | Year Ended December 31, | \n-------------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nStock options and assumed options | $3,783 | $3,511 | $3,913 \nRestricted stock units | 16,627 | 9,770 | 3,366 \nRestricted stock awards | — | 1 | 19 \nEmployee stock purchase plan | 193 | 147 | 115 \nTotal stock-based compensation expense | $20,603 | $13,429 | $7,413 \nTax benefit from stock-based awards | $5,154 | $7,581 | $12,719\n\n. Stock-Based Compensation\n table summarizes non-cash stock-based compensation expense\n 2015 Equity Incentive Plan\n issue stock options 2015 Plan. allows stock options employees nonqualified stock options stock appreciation rights restricted stock awards performance-based stock awards equity compensation employees directors non directors consultants.\n June 2015, board directors adopted stockholders approved 2015 Plan reserved 4,700,000 shares common stock Amended 2009 Stock Incentive Plan. January 1 each year ten years through 2024 by 5% shares common stock outstanding December 31 year or. no further grants under 2009 Plan. December 31, 2019 6,527,550 shares available for future grant Plan.\n Stock Options\n granted at exercise prices based closing price common stock. 2009 Plan granted prices fair market value. vest over five-year period expires tenth anniversary grant date.\n stock options granted 2015 Plan 2009 Plan exercised before vested.Unvested shares issued early exercise repurchase termination employment original price. proceeds recorded current liability reclassified to common stock capital awards vest repurchase right lapses. 250 957 unvested shares outstanding repurchase December 31, 2019 2018. repurchased 27 107 employee terminations December 31, 2019 2018. recorded less than $0. 1 million accounts payable accrued expenses current liabilities balance sheets for proceeds exercise 2019.\n account for stock-based compensation options based fair value grant date. recognize compensation expense accelerated attribution method cost inception.\n value stock options Black-Scholes option pricing model subjective assumptions risk-free interest rate expected term stock price volatility dividend yield. risk-free interest rate based observed interest rates constant maturity U. S. Treasury securities expected term. expected term based \"simplified method. mid-point between vesting date end contractual term. historical exercise data expected term.November 2019 volatility options historical stock. comparable companies.\n 186,500 219,450 252,100 stock options granted December 31, 2019 2018 2017. declared paid dividends June 2015 IPO closed July 1, 2015. dividends. dividend rate 0%.\n Ended December 31,\n 2019 2018 2017\n Stock options $3,783 $3,511 $3,913\n Restricted stock units 16,627 9,770 3,366\n stock awards\n Employee stock purchase plan 193\n stock-based compensation expense $20,603 $13,429 $7,413\n Tax benefit $5,154 $7,581 $12,719" +} +{ + "_id": "d1b368b9c", + "title": "", + "text": "American Tower Corporation • 2019 Annual Report\nAppendix 1 • Letter to Stakeholders\nRETURN ON INVESTED CAPITAL (ROIC) RECONCILIATION1 ($ in millions. Totals may not add due to rounding.)\n1 Historical denominator balances reflect purchase accounting adjustments\n2 Represents Q4 2015 annualized numbers to account for full year impact of Verizon Transaction.\n3 Represents Q4 2016 annualized numbers to account for full year impact of Viom Transaction\n4 Adjusted to annualize impacts of acquisitions closed throughout the year.\n5 Positively impacted by the Company's settlement with Tata in Q4 2018.\n6 Excludes the impact of deferred tax adjustments related to valuation.\n\n | 2015 2 | 2016 3 | 2017 4 | 2018 4,5 | 2019 4 \n----------------- | ------- | ------- | ------- | -------- | -------\nAdjusted EBITDA | $3,206 | $3,743 | $4,149 | $4,725 | $4,917 \nCash Taxes | (107) | (98) | (137) | (172) | (168) \nMaintenance Capex | (124) | (159) | (115) | (150) | (160) \nCorporate Capex | (26) | (27) | (17) | (9) | (11) \nNumerator | $2,948 | $3,459 | $3,880 | $4,394 | $4,579 \nGross PPE | $14,397 | $15,652 | $16,950 | $17,717 | $19,326\nGross Intangibles | 12,671 | 14,795 | 16,183 | 16,323 | 18,474 \nGross Goodwill6 | 4,240 | 4,510 | 4,879 | 4,797 | 5,492 \nDenominator | $31,308 | $34,957 | $38,012 | $38,837 | $43,292\nROIC | 9.4% | 9.9% | 10.2% | 11.3% | 10.6% \n\nTower Corporation 2019 Annual Report\n Appendix 1 Letter Stakeholders\n RETURN INVESTED CAPITAL millions. add rounding.\n balances adjustments\n Q4 2015 Verizon Transaction.\n Q4 2016 Viom Transaction\n acquisitions.\n impacted settlement Tata Q4 2018.\n deferred tax adjustments.\n 2016 2017 2019\n Adjusted EBITDA $3,206 $3,743 $4,149 $4,725 $4,917\n Cash Taxes\n Corporate Capex\n $2,948 $3,459 $3,880 $4,394 $4,579\n PPE $14,397 $15,652 $16,950 $17,717 $19,326\n Intangibles 12,671 14,795 16,183 18,474\n 4,240 4,510\n $31,308 $34,957 $38,012 $38,837 $43,292\n ROIC 9. 4%. 2%. 3%. 6%" +} +{ + "_id": "d1b35949e", + "title": "", + "text": "Foreign currency translation risk\nOur reporting currency is the U.S. dollar. Fluctuations in foreign currencies impact the amount of total assets and liabilities that we report for our foreign subsidiaries upon the translation of these amounts into U.S. dollars. In particular, the amount of cash and cash equivalents that we report in U.S. dollars for a significant portion of the cash held by these subsidiaries is subject to translation variance caused by changes in foreign currency exchange rates as of the end of each respective reporting period (the offset to which is recorded to accumulated other comprehensive income on our Consolidated Balance Sheets).\nThe following table shows our cash and cash equivalents denominated in certain major foreign currencies as of June 30, 2019 (equivalent in U.S. dollar):\nIf overall foreign currency exchange rates in comparison to the U.S. dollar uniformly weakened by 10%, the amount of cash and cash equivalents we would report in equivalent U.S. dollars would decrease by approximately $32.9 million (June 30, 2018—$34.6 million), assuming we have not entered into any derivatives discussed above under \"Foreign Currency Transaction Risk\".\n\n(In thousands) | U.S. Dollar Equivalent at June 30, 2019 | U.S. Dollar Equivalent at June 30, 2018\n----------------------------------------------------------------- | --------------------------------------- | ---------------------------------------\nEuro | $120,417 | $120,346 \nBritish Pound | 33,703 | 31,211 \nCanadian Dollar | 12,635 | 24,590 \nSwiss Franc | 56,776 | 52,652 \nOther foreign currencies | 105,273 | 117,459 \nTotal cash and cash equivalents denominated in foreign currencies | 328,804 | 346,258 \nU.S. dollar | 612,205 | 336,684 \nTotal cash and cash equivalents | $941,009 | $682,942 \n\nForeign currency translation risk\n reporting currency U. dollar. Fluctuations currencies impact assets liabilities subsidiaries. dollars. cash equivalents. dollars subject translation variance currency exchange rates reporting period.\n table shows cash equivalents foreign currencies June 30, 2019.\n foreign currency exchange rates. 10% cash equivalents. dollars decrease $32. 9 million (June 30, 2018—$34. 6 derivatives Currency Transaction Risk.\n. Dollar Equivalent June 30, 2019. 30 2018\n Euro $120,417,346\n British Pound 33,703\n Canadian Dollar 12,635 24\n Swiss Franc 56,776 52,652\n Other foreign currencies 105,273 117,459\n cash equivalents foreign currencies 328,804 346,258\n. dollar 612,205 336,684\n cash equivalents $941,009 $682,942" +} +{ + "_id": "d1b344274", + "title": "", + "text": "Amounts recognised in the balance sheet are as follows:\nThe surplus of £2.2m (2018: £1.3m) has not been recognised as an asset as it is not deemed to be recoverable by the Group.\n\n | 2019 | 2018 \n------------------------------------------------------ | ------ | ------\n | £m | £m \nPresent value of funded obligations | 20.0 | 19.7 \nFair value of plan assets | (22.2) | (21.0)\nEffect of surplus cap | 2.2 | 1.3 \nNet asset recognised in the Consolidated balance sheet | – | – \n\nAmounts balance sheet\n surplus £2. 2m (2018 £1. 3m not recoverable.\n value funded obligations 20. 19. 7\n plan assets (22. (21.\n surplus cap 2. 1. 3\n Net asset Consolidated balance sheet" +} +{ + "_id": "d1b300a4c", + "title": "", + "text": "Inventory\nInventory is stated at the lower of cost and net realizable value, using the first-in, first-out (“FIFO”) valuation method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period.\nDue to the low sell-through of our AirBar products, management has decided to fully reserve work-in-process for AirBar components, as well as AirBar related raw materials. Management has further decided to reserve for a portion of AirBar finished goods, depending on type of AirBar and in which location it is stored. The AirBar inventory reserve was $0.8 million and $1.0 million for the years ended December 31, 2019 and 2018, respectively.\nIn order to protect our manufacturing partners from losses in relation to AirBar production, we agreed to secure the value of the inventory with a bank guarantee. Since the sale of AirBars has been lower than expected, a major part of the inventory at the partner remained unused when the due date of the bank guarantee neared and Neonode therefore agreed that the partner should keep inventory for the production of 20,000 AirBars and the rest be purchased by us. The inventory value of these purchases has been fully reserved.\nAs of December 31, 2019, the Company’s inventory consists primarily of components that will be used in the manufacturing of our sensor modules. We segregate inventory for reporting purposes by raw materials, work-in-process, and finished goods.\nRaw materials, work-in-process, and finished goods are as follows (in thousands):\n\n | December 31, | December 31,\n---------------- | ------------ | ------------\n | 2019 | 2018 \nRaw materials | $396 | $246 \nWork-in-process | 186 | 220 \nFinished goods | 448 | 753 \nEnding inventory | $1,030 | $1,219 \n\nInventory\n stated lower cost net realizable value first-in, first-out (“FIFO”) valuation method. Net realizable value estimated selling prices less costs completion disposal transportation. adjustments cost recognized in earnings.\n low sell-through AirBar products work-in AirBar components raw materials. portion finished goods. AirBar inventory reserve $0. 8 million $1. 0 million years December 31, 2019 2018.\n protect partners losses value inventory bank guarantee. sale AirBars lower part inventory remained unused due date neared keep inventory AirBars rest purchased by us. inventory value fully reserved.\n December 31, 2019 inventory components manufacturing sensor modules. inventory by raw materials work-in-process finished goods.\n 2019 2018\n Raw materials $396 $246\n Work-in-process 186 220\n Finished goods 448 753\n Ending inventory $1,030 $1,219" +} +{ + "_id": "d1b3764f4", + "title": "", + "text": "Short-Term Debt\nThe weighted-average interest rate for commercial paper at December 31, 2019 and 2018 was 1.6 percent and 2.5 percent, respectively. The weighted-average interest rates for short-term loans were 6.1 percent and 4.3 percent at December 31, 2019 and 2018, respectively.\n\n($ in millions) | | \n--------------------------------- | ------ | -------\nAt December 31: | 2019 | 2018 \nCommercial paper | $ 304 | $ 2,995\nShort-term loans | 971 | 161 \nLong-term debt—current maturities | 7,522 | 7,051 \nTotal | $8,797 | $10,207\n\nShort\n interest commercial paper December 31, 2019 2018. 6 2. 5. loans 6. 1 4. 3 percent.\n millions\n Commercial paper $ 304 2,995\n Short-term loans 971\n Long-term maturities 7,522\n $8,797 $10,207" +} +{ + "_id": "d1b3000ba", + "title": "", + "text": "(1) Included in other long-term assets.\nFor certain other financial instruments, including accounts receivable, unbilled receivables, and accounts payable, the carrying value approximates fair value due to the relatively short maturity of these items.\n\n | | December 31, 2018 | | \n------------------------------------------- | ------- | ----------------- | ------- | -------\n(in thousands) | Level 1 | Level 2 | Level 3 | Total \nCash equivalents | $10,155 | $10,000 | - | $20,155\nMarketable securities: | | | | \nMunicipal bonds | $— | $44,705 | — | $44,705\nCorporate bonds | — | $48,296 | — | $48,296\nTotal marketable securities | $— | $93,001 | — | $93,001\nInvestments in privately-held companies (1) | $— | — | $3,390 | $3,390 \n\nIncluded long-term assets.\n financial instruments receivable unbilled payable carrying value approximates fair value short maturity.\n December 31, 2018\n thousands Level 1 2 3\n Cash equivalents $10,155 $10,000\n securities\n Municipal bonds $44,705\n Corporate bonds $48,296\n marketable securities $93,001\n Investments privately-held companies $3,390" +} +{ + "_id": "d1b364542", + "title": "", + "text": "The following table summarizes information regarding restricted shares/RSUs granted and vested (in thousands, except per restricted share/RSU amounts):\nAs of December 31, 2019, based on the probability of achieving the performance goals, there was $6.1 million of total unrecognized compensation cost, net of actual forfeitures, related to nonvested restricted shares/RSUs. Of the unrecognized compensation cost, 33% related to performance-based nonvested restricted shares/RSUs and 67% related to employment-based nonvested restricted shares/RSUs. This cost is expected to be recognized over a weighted average period of 2.0 years.\n\n | | Years Ended December 31, | \n--------------------------------------------------------------- | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nNumber of restricted shares/ RSUs granted | 508 | 492 | 480 \nWeighted average grant-date fair value per restricted share/RSU | $28.43 | $28.16 | $29.42\nFair value of restricted shares/RSUs vested | $3,647 | $8,342 | $6,868\n\ntable summarizes restricted shares/RSUs granted vested\n December 31, 2019 performance goals $6. 1 million unrecognized compensation cost nonvested shares. 33% performance-based 67% employment-based. recognized over 2. years.\n Years Ended December 31,\n 2019 2018 2017\n shares granted 508 492 480\n average grant-date fair value per share/RSU $28. 43. $29.\n vested $3,647 $8,342 $6,868" +} +{ + "_id": "d1b2f9418", + "title": "", + "text": "Minimising our environmental impact\nDuring FY19 we have undertaken energy audits across all our UK manufacturing sites as part of our Energy Savings Opportunity Scheme (‘ESOS’) compliance programme, which is a mandatory energy assessment scheme for UK organisations. Our progress on energy efficiency improvements remains good, and we have delivered a further 4.9% improvement in our primary energy per tonne of product against last year, and 26.5% over the last six years.\n\nCategory | Destination | FY19 | | FY18 | \n------------- | ------------------------------------ | ------ | --------------- | ------ | ---------------\n | | Tonnes | % of production | Tonnes | % of production\n | Redistribution for human consumption | 950 | 0.3% | 791 | 0.2% \nWaste avoided | Animal feed | 4,454 | 1.2% | 4,895 | 1.3% \n | Total | 5,404 | 1.5% | 5,686 | 1.5% \n | Co/Anaerobic digestion | 24,978 | 6.6% | 32,202 | 8.3% \nFood waste | Controlled combustion | 1,650 | 0.4% | 1,964 | 0.5% \n | Sewer | 8,280 | 2.2% | 6,746 | 1.7% \n | Total | 34,908 | 9.2% | 40,912 | 10.5% \n\nenvironmental impact\n FY19 energy audits UK manufacturing sites Savings Opportunity Scheme mandatory. progress efficiency good 4. 9% improvement primary energy per tonne product last year 26. 5% six years.\n FY19\n Redistribution human consumption 950. 3% 791. 2%\n Waste avoided Animal feed 4,454. 2% 4,895.\n 5,404. 5% 5,686.\n Co/Anaerobic digestion 24,978. 6% 32,202. 3%\n Food waste Controlled combustion 1,650. 4% 1,964. 5%\n 8,280. 2%.\n 34,908. 40,912." +} +{ + "_id": "d1b2fbfce", + "title": "", + "text": "26. Acquisitions and disposals\nWe completed a number of acquisitions and disposals during the year. The note below provides details of these transactions as well as those in the prior year. For further details see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 “Basis of preparation” to the consolidated financial statements.\nAccounting policies\nBusiness combinations\nAcquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised in the income statement as incurred. The acquiree’s identifiable assets and liabilities are recognised at their fair values at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may initially be measured either at fair value or at the non-controlling shareholders’ proportion of the net fair value of the identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis. Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised in the income statement as incurred. The acquiree’s identifiable assets and liabilities are recognised at their fair values at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may initially be measured either at fair value or at the non-controlling shareholders’ proportion of the net fair value of the identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis.\nAcquisition of interests from non-controlling shareholders\nIn transactions with non-controlling parties that do not result in a change in control, the difference between the fair value of the consideration paid or received and the amount by which the non-controlling interest is adjusted is recognised in equity\nThe aggregate cash consideration in respect of purchases in subsidiaries, net of cash acquired, is as follows:\nDuring the year ended 31 March 2019 the Group completed certain acquisitions for an aggregate net cash consideration of €87 million. The aggregate fair values of goodwill, identifiable assets, and liabilities of the acquired operations were €77 million, €123 million and €139 million respectively.\n\n | 2019 | 2018\n----------------------------------------------- | ---- | ----\n | €m | €m \nCash consideration paid | | \nAcquisitions during the year | 61 | 9 \nNet cash acquired and acquisition related costs | 26 | – \n | 87 | 9 \n\n. Acquisitions disposals\n completed acquisitions disposals year. note details transactions prior year. details see accounting judgements estimation uncertainty” note 1 consolidated financial statements.\n Accounting policies\n Business combinations\n Acquisitions subsidiaries accounted acquisition method. cost measured fair values assets liabilities equity instruments issued. costs recognised income statement. assets liabilities recognised fair values acquisition date. Goodwill measured excess consideration transferred non-controlling interests fair value previously equity interest net assets liabilities assumed. interest non-controlling shareholders measured fair value proportion net fair value assets. measurement acquisition-by-acquisition basis. Acquisitions subsidiaries accounted acquisition method. cost measured fair values exchange assets liabilities equity instruments issued. costs recognised income statement. assets liabilities recognised fair values acquisition date.Goodwill measured excess consideration transferred non-controlling interests acquiree fair value equity interest over assets acquired liabilities assumed acquisition date. interest non-controlling shareholders measured fair value or proportion net fair value assets acquired. measurement acquisition-by-acquisition.\n Acquisition interests from non-controlling shareholders\n transactions difference fair value non-controlling interest adjusted recognised in equity\n aggregate cash consideration purchases subsidiaries net acquired\n year 31 March 2019 Group completed acquisitions net cash €87 million. fair values goodwill assets liabilities €77 million €123 million €139 million.\n 2018\n Cash consideration paid\n Acquisitions\n Net cash acquired acquisition related costs\n" +} +{ + "_id": "d1b3225a2", + "title": "", + "text": "4.2 Equity (continued)\nShare buy-back\nA buy-back is the purchase by a company of its existing shares. Refer to note 4.3 for further details.\nShare-based payment reserve\nThis reserve records the value of shares under the Long Term Incentive Plan, and historical Employee and CEO Share Option plans offered to the CEO, Executives and employees as part of their remuneration. Refer to note 5.2 for further details of these plans.\nBusiness combination reserve\nThe internal group restructure performed in the 2007 financial year, which interposed the holding company, iSelect Limited, into the consolidated group was exempted by AASB 3 Business Combinations as it precludes entities or businesses under common control. The carry-over basis method of accounting was used for the restructuring of the iSelect Group. As such, the assets and liabilities were reflected at their carrying amounts. No adjustments were made to reflect fair values, or recognise any new assets or liabilities. No goodwill was recognised as a result of the combination and any difference between the consideration paid and the ‘equity’ acquired was reflected within equity as an equity reserve titled “Business Combination Reserve”.\nForeign currency translation reserve\nRefer to Note 1.5 for further details.\n\n | CONSOLIDATED | \n------------------------------------ | ------------ | ----------\n | 2019 $’000 | 2018 $’000\nReserves | | \nShare-based payment reserve | 3,960 | 3,198 \nBusiness combination reserve | 5,571 | 5,571 \nForeign currency translation reserve | (12) | (24) \n | 9,519 | 8,745 \n\n. Equity\n Share buy-back\n purchase shares. note 4. 3.\n Share-based payment reserve\n records value shares Long Term Incentive Plan Employee CEO Share Option plans. note 5. 2.\n Business combination reserve\n group restructure 2007 iSelect Limited consolidated group exempted AASB 3 Business Combinations common control. carry-over accounting restructuring iSelect Group. assets liabilities reflected carrying amounts. No adjustments values new assets liabilities. goodwill difference consideration paid acquired reflected Combination.\n Foreign currency translation reserve\n Note 1. 5.\n CONSOLIDATED\n 2018 Reserves\n Share-based payment reserve 3\n Business combination reserve 5,571\n Foreign currency translation reserve\n" +} +{ + "_id": "d1b3b8962", + "title": "", + "text": "We measure and report our annual scope 1 & 2 GHG emissions. As part of our commitment to reduce our Greenhouse Gas (‘GHG’) emissions, we moved to a certified green tariff renewable electricity supply contract for\nour UK operations from the beginning of the financial year.\nThe GHG emissions summary below shows our gross emissions including location-based scope 2 emissions, as well as our net emissions accounting for the market-based scope 2 reporting for our certified green electricity tariff.\nThe reduction in emissions is driven by continued progress in energy efficiency, a reduction in emissions associated with refrigerants as we continue to move away from fluorinated gas refrigerants, and the general reduction in UK grid carbon factor as more renewables make up a greater proportion of the fuel mix.\nOver the last six years, we have made good progress in our water consumption per tonne of product, reducing it by 15% over the period. There was also a significant improvement in FY19, and one of the contributing factors to the improvement was the closure of the Evercreech desserts facility which had a higher water intensity than most sites within the business.\n* Our GHG emissions have been calculated using the GHG Protocol Corporate Accounting and Reporting Standard, and emissions factors from DEFRA’s UK government GHG conversion factors for company reporting (where factors have not been provided directly by a supplier). ** UK & Ireland only – comparable with FY19 Group structure. *** Full Group including US business.\n\nEmissions are summarised below, all reported as CO2 equivalent (‘CO2e’) | | | \n----------------------------------------------------------------------- | ------- | ---------------------------------- | -------\n | | Emissions reported in tonnes CO2e* | \nEmissions from: | FY19** | FY18** | FY18***\nCombustion of fuel and operation of facilities (Scope 1) | 59,495 | 66,336 | 75,600 \nElectricity, heat, steam and cooling purchased for own use (Scope 2) | 27,633 | 32,389 | 67,754 \nTotal gross emissions (Scope 1 and 2) | 87,128 | 98,725 | 143,354\nGreen tariff | -27,603 | 0 | 0 \nTotal net emissions (Scope 1 and 2) | 59,525 | 98,725 | 143,354\nRatio (KgCO2e per £1 sales revenue) | 0.060 | 0.066 | 0.056 \n\nmeasure report annual scope 1 2 GHG emissions. moved certified green tariff renewable electricity contract\n UK operations financial year.\n GHG emissions summary gross emissions scope 2 net emissions market 2 certified green electricity tariff.\n reduction driven energy efficiency reduction UK carbon factor renewables fuel mix.\n six years water consumption per tonne 15%. improvement FY19 closure Evercreech desserts facility higher water intensity.\n GHG emissions calculated GHG Protocol Corporate Accounting Reporting Standard UK government GHG conversion factors. UK Ireland comparable FY19 Group structure. Group US business.\n Emissions summarised reported CO2 equivalent\n Emissions tonnes CO2e\n FY19**\n Combustion fuel operation facilities (Scope 1) 59,495 66,336 75,600\n Electricity heat steam cooling use (Scope 2) 27,633 32,389 67,754\nemissions 1 2) 87,128 98,725 143,354\n tariff -27,603\n net emissions 59,525 98,725 143,354\n £1 revenue." +} +{ + "_id": "d1b39cf00", + "title": "", + "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 3. Fair Value of Assets and Liabilities\nThe following table summarizes, by level within the fair value hierarchy, the carrying amounts and estimated fair values of our assets and liabilities measured at fair value on a recurring or nonrecurring basis or disclosed, but not carried, at fair value in the Consolidated Balance Sheets as of the dates presented. There were no transfers into, out of, or between levels within the fair value hierarchy during any of the periods presented. Refer to Note 4, Note 7, Note 8, and Note 9 for additional information on these assets and liabilities.\n(1) Disclosed, but not carried, at fair value.\n(2) Measured at fair value on a nonrecurring basis.\n(3) Measured and carried at fair value on a recurring basis.\n\n | | December 31, 2019 | | December 31, 2018 | \n-------------------------------------- | ----- | ----------------- | ---------- | ----------------- | ----------\n | Level | Carrying Value | Fair Value | Carrying Value | Fair Value\nAssets: | | | | | \nCash and cash equivalents(1) | 1 | $195,760 | $195,760 | $303,390 | $303,390 \nLoan receivables held for sale, net(2) | 2 | 51,926 | 55,958 | 2,876 | 3,552 \nServicing assets(3) | 3 | 30,459 | 30,459 | — | — \nLiabilities: | | | | | \nFinance charge reversal liability(3) | 3 | $206,035 | $206,035 | $138,589 | $138,589 \nTerm loan(1) | 2 | 384,497 | 392,201 | 386,822 | 386,234 \nInterest rate swap(3) | 2 | 2,763 | 2,763 | — | — \nServicing liabilities(3) | 3 | 3,796 | 3,796 | 3,016 | 3,016 \n\nGreenSky Inc. NOTES CONSOLIDATED FINANCIAL STATEMENTS States Dollars thousands share data unless\n Note 3. Fair Value Assets Liabilities\n table summarizes level fair value carrying amounts estimated fair values assets liabilities measured recurring nonrecurring disclosed not carried Consolidated Balance Sheets. no transfers between levels fair value hierarchy. Note 4 7 8 9 additional information assets liabilities.\n Disclosed not carried.\n Measured nonrecurring.\n Measured carried recurring.\n December 31, 2019 December 31, 2018\n Carrying Value\n Assets\n Cash equivalents(1) $195,760 $303,390\n Loan receivables sale 51,926 2,876\n Servicing 30,459\n Liabilities\n Finance charge reversal $206,035 $138,589\n Term,497,201 386,822 386,234\nInterest rate swap(3) 2 2,763\n Servicing liabilities(3) 3,796" +} +{ + "_id": "d1b341b5a", + "title": "", + "text": "The Company’s pension plan asset allocation at December 31, 2019 and at December 31, 2018 is as follows:\nAs of December 31, 2019, investments in funds were composed of commingled and multi-strategy funds invested in diversified portfolios of corporate bonds (37%), government bonds (32%), equity (15%) and other instruments (16%).\nAs of December 31, 2018, investments in funds were composed approximately for two thirds of commingled funds mainly invested in corporate bonds (55%) and treasury bonds and notes (45%) and for one third of multi-strategy funds invested in broadly diversified portfolios of\ncorporate and government bonds, equity and derivative instruments.\n\n | Percentage of Plan Assets at December | \n-------------------------------------------------------- | ------------------------------------- | ----\nAsset Category | 2019 | 2018\nCash and cash equivalents | 1% | 2% \nEquity securities | 24% | 27% \nGovernment debt securities | 12% | 3% \nCorporate debt securities | 16% | 26% \nInvestments in funds(a) | 21% | 17% \nReal estate | 2% | 3% \nOther (mainly insurance assets – contracts and reserves) | 24% | 22% \nTotal | 100% | 100%\n\npension plan asset allocation 2019 2018\n 2019 corporate government bonds (32%) equity (15%) other instruments (16%).\n 2018 two thirds corporate bonds (55% treasury bonds (45%) third multi funds\n bonds equity derivative instruments.\n Percentage Plan Assets\n Asset Category\n Cash equivalents 1%\n Equity securities 24%\n Government debt 12% 3%\n Corporate debt 16% 26%\n Investments funds 21% 17%\n Real estate 2%\n Other 24% 22%\n Total 100%" +} +{ + "_id": "d1a72e818", + "title": "", + "text": "Amortization of Intangibles and Acquisition-Related Costs\nAmortization of intangibles included in operating expense and acquisition-related costs during fiscal years 2019 , 2018 and 2017 were as follows (in thousands):\nAmortization of intangible assets consists of amortization of acquired intangible assets, including customer relationships and trademarks and trade names. Acquisition-related costs include legal expense, due diligence costs, and other professional costs incurred for business acquisitions.\nThe increase in amortization of intangible assets from fiscal year 2018 to 2019 was primarily due to the Blue Microphones Acquisition and the ASTRO Acquisition. The increase in amortization of intangible assets from fiscal year 2018 to 2017 was primarily driven by the ASTRO Acquisition.\n\n | | Years Ended March 31, | \n--------------------------------- | ------- | --------------------- | ------\n | 2019 | 2018 | 2017 \nAmortization of intangible assets | $12,594 | $7,518 | $4,352\nAcquisition-related costs | 1,696 | 1,412 | 1,462 \nTotal | $14,290 | $8,930 | $5,814\n\nAmortization Intangibles Acquisition Costs\n acquisition costs 2019 2018 2017\n Amortization acquired relationships trademarks. costs legal due diligence professional costs acquisitions.\n increase 2018 2019 due Blue Microphones ASTRO Acquisition. 2018 2017 ASTRO Acquisition.\n Years Ended March 31,\n 2018 2017\n Amortization assets $12,594 $7,518 $4,352\n Acquisition-related costs 1,696 1,412\n Total $14,290 $8,930 $5,814" +} +{ + "_id": "d1b3134f8", + "title": "", + "text": "Underlying effective tax rate\nThe underlying effective tax rate is calculated by dividing taxation excluding the tax impact of non-underlying items by profit before tax excluding the impact of non-underlying items and share of net profit/(loss) of joint ventures and associates. This measure reflects the underlying tax rate in relation to profit before tax excluding non-underlying items before tax and share of net profit/(loss) of joint ventures and associates.\nTax impact on non-underlying items within operating profit is the sum of the tax on each non-underlying item, based on the applicable country tax rates and tax treatment. This is shown in the table:\n(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details.\n(b) Refer to note 3 for further details on these items.\n(c) Excludes €3 million (2018: €32 million) gain on disposal of spreads business by the joint venture in Portugal which is included in the share of net profit/(loss) of joint ventures and associates line. Including the gain, total non-underlying items not in operating profit but within net profit before tax is €35 million (2018: €154 million). See note 3.\n\n | € million | € million \n---------------------------------------------------------------------------------------------------------------------------- | --------- | -------------\n | 2019 | 2018 \n | | (Restated)(a)\nTaxation | 2,263 | 2,572 \nTax impact of: | | \nNon-underlying items within operating profit(b) | 309 | (259) \nNon-underlying items not in operating profit Taxation before tax impact of non-underlying | (196) | (29) \nTaxation before tax impact of non-underlying | 2,376 | 2,284 \nProfit before taxation | 8,289 | 12,360 \nNon-underlying items within operating profit before tax(b) | 1,239 | (3,176) \nNon-underlying items not in operating profit but within net profit before tax(c) | (32) | (122) \nShare of net (profit)/loss of joint ventures and associates | (176) | (185) \nProfit before tax excluding non-underlying items before tax and share of net profit/ (loss) of joint ventures and associates | 9,320 | 8,877 \nUnderlying effective tax rate | 25.5% | 25.7% \n\nUnderlying effective tax rate\n calculated by dividing taxation excluding non-underlying profit before net profit/ joint ventures. reflects underlying tax rate profit before tax net profit.\n Tax impact non-underlying items operating profit sum tax country tax rates treatment. shown table\n Restated following IFRS 16. See note 1 24 details.\n Refer note 3 details.\n Excludes €3 million (2018 €32 million gain on disposal spreads business joint venture Portugal included net profit/(loss. total non-underlying items not operating profit net profit before tax €35 million (2018 €154 million. note 3.\n Taxation 2,263 2,572\n Non-underlying items operating profit 309\n 2,376\n 8,289\n operating profit before tax 1,239 (3,176\n not net profit before tax\n/loss joint ventures associates (176) (185)\n Profit before tax 9,320 8,877\n tax rate 25. 5%. 7%" +} +{ + "_id": "d1b37543c", + "title": "", + "text": "Dividends\nThe following is a summary of our fiscal 2019, 2018 and 2017 activities related to dividends on our common stock (in millions, except per share amounts).\nOn May 22, 2019, we declared a cash dividend of $0.48 per share of common stock, payable on July 24, 2019 to shareholders of record as of the close of business on July 5, 2019. The timing and amount of future dividends will depend on market conditions, corporate business and financial considerations and regulatory requirements. All dividends declared have been determined by the Company to be legally authorized under the laws of the state in which we are incorporated.\n\n | | Year Ended | \n---------------------------------------------------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nDividends per share declared | $ 1.60 | $ 0.80 | $ 0.76 \nDividend payments allocated to additional paid-in capital | $ 403 | $ 106 | $ 88 \nDividend payments allocated to retained earnings (accumulated deficit) | $ — | $ 108 | $ 120 \n\n\n summary fiscal 2019 2018 2017 activities dividends common stock.\n May 22, 2019 declared cash dividend $0. 48 share payable July 24 2019 shareholders business July 5. future dividends market conditions corporate business financial regulatory requirements. dividends authorized laws state.\n April 26, 2019 27, 2018 28, 2017\n Dividends share declared $ 1. 60 $.\n Dividend additional paid capital $ 403 $ 106\n retained earnings deficit" +} +{ + "_id": "d1b32c98a", + "title": "", + "text": "8. Deferred Revenue\nDeferred revenue consisted of the following:\n\n | December 31, | \n--------------------- | ------------ | --------\n | 2019 | 2018 \nCurrent: | | \nDomains | $752.7 | $686.3 \nHosting and presence | 526.7 | 483.3 \nBusiness applications | 265.0 | 224.1 \n | $1,544.4 | $1,393.7\nNoncurrent: | | \nDomains | $382.2 | $365.8 \nHosting and presence | 187.2 | 180.6 \nBusiness applications | 85.0 | 77.4 \n | $ 654.4 | $623.8 \n\n. Deferred Revenue\n December 31,\n 2019\n Domains $752. $686.\n Hosting 526. 483.\n 265. 224.\n $1,544. $1,393.\n Noncurrent\n Domains $382. $365.\n Hosting 187. 180.\n applications 85. 77.\n 654. $623." +} +{ + "_id": "d1b3a8f4e", + "title": "", + "text": "A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows:\nIncluded in the total unrecognized tax benefits at December 31, 2019, 2018 and 2017 is $2.4 billion, $2.3 billion and $1.9 billion, respectively, that if recognized, would favorably affect the effective income tax rate.\n\n | | | (dollars in millions)\n------------------------------------------------------------ | ------- | ------- | ---------------------\n | 2019 | 2018 | 2017 \nBalance at January 1, | $ 2,871 | $2,355 | $ 1,902 \nAdditions based on tax positions related to the current year | 149 | 160 | 219 \nAdditions for tax positions of prior years | 297 | 699 | 756 \nReductions for tax positions of prior years | (300) | (248) | (419) \nSettlements | (58) | (40) | (42) \nLapses of statutes of limitations | (89) | (55) | (61) \nBalance at December 31, | $ 2,870 | $ 2,871 | $ 2,355 \n\nreconciliation unrecognized tax benefits\n benefits December 31, 2019 2018 2017 $2. 4 billion $2. 3 billion $1. 9 billion income tax rate.\n 2018 2017\n Balance January 1 $ 2,871 $2,355 $ 1,902\n Additions tax positions\n Additions 699 756\n Reductions (300) (248) (419)\n Settlements (58)\n Lapses statutes limitations\n Balance December 31, $ 2,870 $ 2,355" +} +{ + "_id": "d1b2f0886", + "title": "", + "text": "(23) Dividends\nOur Board of Directors declared the following dividends payable in 2019 and 2018:\nThe declaration of dividends is solely at the discretion of our Board of Directors, which may change or terminate our dividend practice at any time for any reason without prior notice. On February 27, 2020, our Board of Directors declared a quarterly cash dividend of $0.25 per share.\n\nDate Declared | Record Date | Dividend per Share | Total Amount | Payment Date\n----------------- | ----------- | ------------------ | ------------- | ------------\n | | | (in millions) | \nNovember 21, 2019 | 12/2/2019 | $0.250 | $273 | 12/13/2019 \nAugust 22, 2019 | 9/2/2019 | 0.250 | 273 | 9/13/2019 \nMay 23, 2019 | 6/3/2019 | 0.250 | 274 | 6/14/2019 \nMarch 1, 2019 | 3/12/2019 | 0.250 | 273 | 3/22/2019 \nNovember 14, 2018 | 11/26/2018 | 0.540 | 586 | 12/7/2018 \nAugust 21, 2018 | 8/31/2018 | 0.540 | 584 | 9/14/2018 \nMay 23, 2018 | 6/4/2018 | 0.540 | 588 | 6/15/2018 \nFebruary 21, 2018 | 3/5/2018 | 0.540 | 586 | 3/16/2018 \n\nDividends\n Board Directors declared dividends 2019 2018:\n discretion change terminate dividend practice. February 27, 2020 declared quarterly cash dividend $0. 25 per share.\n Date Declared Record Date Dividend Share Total Amount Payment Date\n millions\n November 21, 2019 12/2. 250 $273\n August 22,. 273\n May 23, 6/3/2019. 274\n March 1, 3/12/2019. 273 3/22\n November 14 11/26/2018.\n August 21, 8. 584\n May 23, 6/4/2018. 588\n February 21, 3/5/2018. 586" +} +{ + "_id": "d1b3199ca", + "title": "", + "text": "Netsmart Discontinued Operation\nOn December 31, 2018, we sold all of the Class A Common Units of Netsmart held by the Company in exchange for $566.6 million in cash plus a final settlement as determined following the closing.\nPrior to the sale, Netsmart comprised a separate reportable segment, which due to its significance to our historical consolidated financial statements and results of operations, is reported as a discontinued operation as a result of the sale. Refer to Note 4, “Business Combinations and Other Investments” for additional information about this transaction.\nThe following table summarizes Netsmart’s major income and expense line items as reported in the consolidated statements of operations for the years ended December 31, 2018 and 2017:\n(1) Activity includes both Netsmart and intercompany transactions that would not have been eliminated if Netsmart’s results were not consolidated.\n\n | Year ended December 31, | \n------------------------------------------------------------------- | ----------------------- | --------\n(In thousands) | 2018 | 2017 \nMajor income and expense line items related to Netsmart: | | \nRevenue: | | \nSoftware delivery, support and maintenance | $214,065 | $198,204\nClient services | 131,166 | 110,430 \nTotal revenue | 345,231 | 308,634 \nCost of revenue: | | \nSoftware delivery, support and maintenance | 60,100 | 51,079 \nClient services | 94,061 | 78,317 \nAmortization of software development and acquisition related assets | 34,357 | 29,876 \nTotal cost of revenue | 188,518 | 159,272 \nGross profit | 156,713 | 149,362 \nSelling, general and administrative expenses | 125,807 | 85,583 \nResearch and development | 25,315 | 17,937 \nAmortization of intangible and acquisition-related assets | 24,029 | 16,409 \nIncome from discontinued operations of Netsmart | (18,438) | 29,433 \nInterest expense | (59,541) | (49,939)\nOther income | 101 | 925 \nLoss from discontinued operations of Netsmart before income taxes | (77,878) | (19,581)\nIncome tax benefit | 22,933 | 45,253 \n(Loss) income from discontinued operations, net of tax for Netsmart | $(54,945) | $25,672 \n\nNetsmart Discontinued\n December 31, 2018 sold Class A Units $566. 6 million cash final settlement.\n separate reportable segment discontinued. Note 4 Combinations.\n table summarizes income expense consolidated statements December 31, 2018 2017:\n Netsmart intercompany transactions.\n income expense Netsmart\n Revenue\n Software delivery support maintenance $214,065 $198,204\n Client services 131,166 110,430\n,231 308,634\n Cost revenue\n 60,100 51,079\n 94,061 78,317\n Amortization assets 34,357 29,876\n 188,518 159,272\n Gross profit 156,713 149,362\n Selling administrative expenses 125,807 85,583\n Research development 25,315 17,937\n Amortization intangible acquisition assets 24,029 16,409\n Income discontinued operations Netsmart (18,438 29,433\n Interest expense (59,541) (49,939)\n Other income\nLoss Netsmart (77,878) (19,581)\n benefit 22,933 45,253\n $(54,945) $25,672" +} +{ + "_id": "d1b3bd836", + "title": "", + "text": "14. DEFINED BENEFIT PLANS\nAs a result of the Rofin acquisition, we have assumed all assets and liabilities of Rofin’s defined benefit plans for the Rofin-Sinar Laser, GmbH (‘‘RSL’’) and Rofin-Sinar Inc. (‘‘RS Inc.’’) employees. The U.S. plan began in fiscal 1995 and is partially funded. Any new employees hired after January 1, 2007, are not eligible for the RS Inc. pension plan. As is the customary practice with German companies, the German pension plan is unfunded. Any new employees hired after 2000 are not eligible for the RSL pension plan. The measurement date of these pension plans is September 30. For these pension plans, actuarial gains and losses are deferred into OCI and amortized over future periods.\nEffective January 1, 2012, the RS Inc. defined benefit plan was amended to exclude highly compensated employees, as defined by the Internal Revenue Service, from receiving future years of service under the RS Inc. defined benefit plan. A non-qualified defined benefit plan was created to replace the benefits lost by the employees that were otherwise excluded from the qualified defined benefit plan. Effective August 31, 2018 both the RS Inc. plans were amended to freeze all future compensation benefit accruals.\nIn addition, we have defined benefit plans in South Korea, Japan, Spain and Italy, covering all full-time employees with at least one year of service, and a defined benefit plan in Germany covering two individuals. As is the customary practice with European and Asian companies, the plans are unfunded, with the exception of the Spanish plan which is partially funded. We have elected to recognize all actuarial gains and losses on these plans immediately, as incurred. The measurement date of these defined benefit plans is September 30.\nFor financial reporting purposes, the calculation of net periodic pension costs is based upon a number of actuarial assumptions including a discount rate for plan obligations, an assumed rate of return on pension assets and an assumed rate of compensation increase for employees covered by the plan. All of these assumptions were based upon management’s judgment, considering all known trends and uncertainties. Actual results that differ from these assumptions would impact future expense recognition and the cash funding requirements of our defined benefit plans.\nComponents of net periodic cost are as follows for fiscal 2019, 2018 and 2017 (in thousands):\n\n | | Fiscal | \n-------------------------------------------------- | ------ | ------- | ------\n | 2019 | 2018 | 2017 \nService cost | $1,955 | $2,262 | $2,077\nInterest cost | 1,308 | 1,230 | 1,086 \nExpected return on plan assets | (817) | (787) | (736) \nRecognized net actuarial (gain) loss | 470 | 240 | (236) \nForeign exchange impacts | (79) | (56) | (6) \nRecognition of curtailment gain due to plan freeze | — | (1,236) | — \nNet periodic pension cost | $2,837 | $1,653 | $2,185\n\n. DEFINED BENEFIT PLANS\n Rofin assumed assets liabilities defined benefit plans Rofin-Sinar Laser. employees. U. S. plan began 1995 partially funded. new employees hired after January 1 2007, not eligible RS. pension plan. German pension plan unfunded. employees after 2000 not eligible RSL pension plan. measurement date September 30. gains losses deferred OCI amortized future periods.\n January 1 2012, RS Inc. defined benefit plan amended highly compensated employees future. non-qualified defined benefit plan benefits. August 31, 2018. plans freeze future compensation benefit accruals.\n defined benefit plans South Korea Japan Spain Italy full-time Germany. plans unfunded exception Spanish plan partially funded. actuarial gains losses immediately. measurement date September 30.\n calculation pension costs based actuarial assumptions discount rate obligations return pension assets compensation increase. management’s judgment.future expense cash funding defined benefit plans.\n Components net cost 2019 2018 2017\n Service cost $1,955 $2,262 $2,077\n Interest cost 1,308 1,230 1,086\n Expected return assets (817) (787\n actuarial loss 470\n Foreign exchange impacts (79)\n curtailment gain plan freeze\n pension cost $2,837 $1,653 $2,185" +} +{ + "_id": "d1b340b1a", + "title": "", + "text": "Results of Operations\nThe following tables set forth selected consolidated statements of operations data and such data as a percentage of total revenues. The historical results presented below are not necessarily indicative of the results that may be expected for any future period (in thousands):\n\n | | Year ended December 31, | \n----------------------------------------- | --------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nRevenues | | | \nSubscriptions | $817,811 | $612,888 | $465,254\nOther | 85,047 | 60,736 | 38,363 \nTotal revenues | 902,858 | 673,624 | 503,617 \nCost of revenues | | | \nSubscriptions | 160,320 | 109,454 | 89,193 \nOther | 70,723 | 47,675 | 32,078 \nTotal cost of revenues | 231,043 | 157,129 | 121,271 \nGross profit | 671,815 | 516,495 | 382,346 \nOperating expenses | | | \nResearch and development | 136,363 | 101,042 | 75,148 \nSales and marketing | 439,100 | 329,116 | 240,223 \nGeneral and administrative | 142,027 | 102,773 | 72,313 \nTotal operating expenses | 717,490 | 532,931 | 387,684 \nLoss from operations | (45,675) | (16,436) | (5,338) \nOther income (expense), net | | | \nInterest expense | (20,512) | (16,102) | (99) \nOther income, net | 9,247 | 6,475 | 1,491 \nOther income (expense), net | (11,265) | (9,627) | 1,392 \nLoss before income taxes | (56,940) | (26,063) | (3,946) \nProvision for (benefit from) income taxes | (3,333) | 140 | 258 \nNet loss | $(53,607) | $(26,203) | $(4,204)\n\nOperations\n tables revenues. historical results not indicative\n December\n Revenues\n Subscriptions $817,811 $612,888 $465,254\n 85,047 60,736 38,363\n revenues 902,858,624 503,617\n Cost\n Subscriptions 160,320 109,454 89,193\n 70,723 47,675 32,078\n 231,043 157,129 121,271\n Gross profit 671,815 516,495 382,346\n Operating expenses\n Research development 136,363 101,042 75,148\n Sales marketing 439,100 329,116 240,223\n General 142,027 102,773 72,313\n operating expenses 717,490 532,931 387,684\n Loss operations (45,675) (16,436 (5,338\n income\n (20,512),102\n Loss taxes (56,940) (26,063) (3,946)\n taxes (3,333\nNet loss(53,607,203,204" +} +{ + "_id": "d1b346d12", + "title": "", + "text": "Information About Executive Officers\nInformation regarding our executive officers as of February 28, 2020 is as follows:\nMichael Hsing has served on our Board of Directors and has served as our President and Chief Executive Officer since founding MPS in August 1997. Prior to founding MPS, Mr. Hsing was a Senior Silicon Technology Developer at several analog IC companies, where he developed and patented key technologies, which set new standards in the power electronics industry. Mr. Hsing is an inventor on numerous patents related to the process development of bipolar mixed-signal semiconductor manufacturing. Mr. Hsing holds a B.S.E.E. from the University of Florida.\nBernie Blegen has served as our Chief Financial Officer since July 2016 and is responsible for finance, accounting, tax, treasury and investor relations. From August 2011 to June 2016, Mr. Blegen served as our Corporate Controller. Prior to joining MPS, Mr. Blegen held a number of executive finance and accounting positions for other publicly traded technology companies, including Xilinx, Inc. and Credence Systems. Mr. Blegen holds a B.A. from the University of California, Santa Barbara.\nDeming Xiao has served as our President of Asia Operations since January 2008. Since joining us in May 2001, Mr. Xiao has held several executive positions, including Foundry Manager and Senior Vice President of Operations. Before joining MPS, from June 2000 to May 2001, Mr. Xiao was Engineering Account Manager at Chartered Semiconductor Manufacturing, Inc. Prior to that, Mr. Xiao spent six years as the Manager of Process Integration Engineering at Fairchild Imaging Sensors. Mr. Xiao holds a B.S. in Semiconductor Physics from Sichuan University, Chengdu, China and an M.S.E.E. from Wayne State University.\nMaurice Sciammas has served as our Senior Vice President of Worldwide Sales and Marketing since 2007. Mr. Sciammas joined MPS in July 1999 and served as Vice President of Products and Vice President of Sales (excluding greater China) until he was appointed to his current position. Before joining MPS, he was Director of IC Products at Supertex from 1990 to 1999. He has also held positions at Micrel, Inc. He holds a B.S.E.E. degree from San Jose State University.\nSaria Tseng has served as our Vice President, General Counsel and Corporate Secretary since 2004 and additionally as our Vice President, Strategic Corporate Development since 2009. Ms. Tseng joined the Company from MaXXan Systems, Inc., where she was Vice President and General Counsel from 2001 to 2004. Previously, Ms. Tseng was an attorney at Gray Cary Ware & Freidenrich, LLP and Jones, Day, Reavis & Pogue. Ms. Tseng is a member of the state bar in both California and New York and is a member of the bar association of the Republic of China (Taiwan). Ms. Tseng currently serves on the Board of Directors of Super Micro Computer, Inc., a global leader in high performance server technology. Ms. Tseng holds Masters of Law degrees from the University of California at Berkeley and the Chinese Culture University in Taipei.\n\nName | Age | Position \n---------------- | --- | ----------------------------------------------------------------------------------------\nMichael Hsing | 60 | President, Chief Executive Officer and Director \nBernie Blegen | 62 | Vice President and Chief Financial Officer \nDeming Xiao | 57 | President of Asia Operations \nMaurice Sciammas | 60 | Senior Vice President of Worldwide Sales and Marketing \nSaria Tseng | 49 | Vice President, Strategic Corporate Development, General Counsel and Corporate Secretary\n\nOfficers\n February 28, 2020\n Michael Hsing Board Directors President Chief Executive Officer since 1997. Senior Silicon Technology Developer IC companies developed patented technologies power electronics. inventor patents bipolar mixed-signal semiconductor manufacturing. B. University of Florida.\n Bernie Blegen Chief Financial Officer since July 2016 finance accounting tax treasury investor relations. 2011 June 2016,. Corporate Controller. executive finance accounting positions Xilinx. Credence Systems. B. University of California Santa Barbara.\n Deming Xiao President Asia Operations since January 2008. executive positions Manager Senior Vice President Operations. Engineering Account Manager Semiconductor Manufacturing. Manager Process Integration Engineering Fairchild Imaging Sensors. B. S. Semiconductor Physics Sichuan University M. Wayne State University.\n Maurice Sciammas Senior Vice President Worldwide Sales Marketing since 2007. joined MPS July 1999 Vice President Products Sales. Director IC Products Supertex 1990 1999. Micrel,.. San Jose State University.\n Saria Tseng Vice President General Counsel Corporate Secretary 2004 Strategic Corporate Development 2009. MaXXan Systems. Vice President General Counsel 2001 2004. attorney Gray Cary Ware Freidenrich Jones Day Reavis Pogue. member state bar California New York bar association Republic China. Board Directors Super Micro Computer. leader high performance server technology. Masters Law California Berkeley Chinese Culture University Taipei.\n Michael Hsing\n Bernie Blegen Vice\n Senior Vice President Sales Marketing\n Saria Tseng Vice President Strategic Development General Counsel Secretary" +} +{ + "_id": "d1b3a5bd2", + "title": "", + "text": "Compensation of Key Management Personnel (Including Directors)\nShort-term employee benefits comprise fees, salaries, benefits and bonuses earned during the year as well as nonmonetary benefits.\nPost-employment benefits comprise the cost of providing defined contribution pensions to senior management in respect of the current period.\nShare-based payments comprise the cost of senior management’s participation in share-based payment plans for the period as measured by the fair value of awards in accordance with IFRS2.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018\n------------------------------------- | ------------------------ | ------------------------\n | $M | $M \nShort-term employee benefits | 6.6 | 9.1 \nPost-employment benefits | 0.1 | 0.1 \nShare-based payments - equity-settled | 10.4 | 17.7 \nTotal | 17.1 | 26.9 \n\nKey Management Personnel\n Short-term employee benefits fees salaries benefits bonuses nonmonetary benefits.\n Post-employment benefits pensions senior management.\n Share-based payments senior participation plans fair value IFRS2.\n Year-ended 31 March 2019 31 March 2018\n Short-term benefits 6. 9\n Post-employment benefits.\n Share-based payments equity-settled 10. 17.\n." +} +{ + "_id": "d1b3a407a", + "title": "", + "text": "Foreign exchange earnings and outgo\nExport revenue constituted 93.3 percent of the total unconsolidated revenue in FY 2019 (92.2 percent in FY 2018).\n\n | | (` crore)\n----------------------------------- | ------- | ---------\nForeign exchange earnings and outgo | FY 2019 | FY 2018 \na. Foreign exchange earnings | 119,499 | 92,258 \nb. CIF Value of imports | 447 | 768 \nc.Expenditure in foreign currency | 49,336 | 33,014 \n\nexchange earnings\n Export revenue. percent unconsolidated revenue 2019. 2 percent 2018).\n earnings 2019 2018\n. 119,499 92,258\n. imports 447\n. Expenditure foreign currency 49,336 33,014" +} +{ + "_id": "d1b335b34", + "title": "", + "text": "Teradyne’s gross unrecognized tax benefits for the years ended December 31, 2019, 2018 and 2017 were as follows:\nCurrent year additions relate to federal and state research credits. Prior year additions primarily relate to stock-based compensation. Prior year reductions are primarily composed of federal and state reserves related to transfer pricing and research credits and resulted from the completion of the 2015 U.S. federal audit in the first quarter of 2019.\nOf the $21.2 million of unrecognized tax benefits as of December 31, 2019, $12.7 million would impact the consolidated income tax rate if ultimately recognized. The remaining $8.5 million would impact deferred taxes if recognized.\nTeradyne does not anticipate a material change in the balance of unrecognized tax benefits as of December 31, 2019 in the next twelve months.\nTeradyne records all interest and penalties related to income taxes as a component of income tax expense. Accrued interest and penalties related to income tax items at December 31, 2019 and 2018 amounted to $1.4 million and $0.3 million, respectively. For the years ended December 31, 2019, 2018 and 2017, expense of $1.1 million, expense of $0.1 million and benefit of $0.1 million, respectively, was recorded for interest and penalties related to income tax items.\nTeradyne is subject to U.S. federal income tax, as well as income tax in multiple state, local and foreign jurisdictions. As of December 31, 2019, all material state and local income tax matters have been concluded through 2013, all material federal income tax matters have been concluded through 2015 and all material foreign income tax matters have been concluded through 2011. However, in some jurisdictions, including the United States, operating losses and tax credits may be subject to adjustment until such time as they are utilized and the year of utilization is closed to adjustment.\nAs of December 31, 2019, Teradyne is not permanently reinvested with respect to the unremitted earnings of non-U.S. subsidiaries to the extent that those earnings exceed local statutory and operational requirements. Remittance of those earnings is not expected to result in material income tax.\n\n | 2019 | 2018 | 2017 \n---------------------------------- | -------- | -------------- | --------\n | | (in thousands) | \nBeginning balance, as of January 1 | $43,395 | $36,263 | $38,958 \nAdditions: | | | \nTax positions for current year | 1,322 | 4,716 | 8,208 \nTax positions for prior years | 8,043 | 2,626 | 199 \nReductions: | | | \nTax positions for prior years | (31,397) | (153) | (10,573)\nExpiration of statutes | (183) | (57) | (325) \nSettlements with tax authorities | — | — | (204) \nEnding balance, as of December 31 | $21,180 | $43,395 | $36,263 \n\nTeradyne’s unrecognized tax benefits 2019 2018 2017\n Current additions federal state research credits. Prior year additions stock-based compensation. reductions federal state reserves pricing research credits 2015 U. federal audit 2019.\n $21. 2 million unrecognized tax benefits 2019 $12. 7 million consolidated income tax rate recognized. $8. 5 million deferred taxes.\n Teradyne change unrecognized tax benefits twelve months.\n Teradyne records interest penalties. penalties December 31, 2019 2018 $1. 4 million $0. 3 million. 2019 2018 2017 expense $1. 1 million $0. 1 million $0. 1 million recorded.\n Teradyne subject to. federal income tax state local foreign jurisdictions. state local tax concluded 2013, federal 2015 foreign 2011. jurisdictions operating losses tax credits adjustment.\n Teradyne not permanently reinvested unremitted earnings non-U. subsidiaries. Remittance not income tax.\n2019 2018 2017\n balance January 1 $43,395 $36,263 $38,958\n Additions\n positions 1,322 4,716 8,208\n years 2,626\n Reductions\n prior years (31,397 (10,573\n Expiration statutes\n Settlements tax authorities\n balance December 31 $21,180 $43,395 $36,263" +} +{ + "_id": "d1b3884d8", + "title": "", + "text": "5. INVESTMENTS\nThe Company determines the appropriate designation of investments at the time of purchase and reevaluates such designation as of each balance sheet date. All of the Company’s investments are designated as available-for-sale debt securities. As of September 30, 2019 and 2018, the Company’s short-term investments have maturity dates of less than one year from the balance sheet date. The Company’s long-term investments have maturity dates of greater than one year from the balance sheet date.\nAvailable-for-sale marketable securities are carried at fair value as determined by quoted market prices for identical or similar assets, with unrealized gains and losses, net of taxes, and reported as a separate component of stockholders’ equity. Management reviews the fair value of the portfolio at least monthly and evaluates individual securities with fair value below amortized cost at the balance sheet date. For debt securities, in order to determine whether impairment is other than-temporary, management must conclude whether the Company intends to sell the impaired security and whether it is more likely than not that the Company will be required to sell the security before recovering its amortized cost basis. If management intends to sell an impaired debt security or it is more likely than not the Company will be required to sell the security prior to recovering its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. The amount of an other-than-temporary impairment related to a credit loss, or securities that management intends to sell before recovery, is recognized in earnings. The amount of an other-than-temporary impairment on debt securities related to other factors is recorded consistent with changes in the fair value of all other available for-sale securities as a component of stockholders’ equity in other comprehensive income. No other-than-temporary impairment charges were recognized in the fiscal years ended September 30, 2019, 2018, and 2017. There were no realized gains or losses from the sale of available-for-sale securities during the years ended September 30, 2019 and 2017. The Company recorded a net realized loss from the sale of available-for-sale securities of $49,000 during the year ended September 30, 2018.\nThe cost of securities sold is based on the specific identification method. Amortization of premiums, accretion of discounts, interest, dividend income, and realized gains and losses are included in investment income.\nThe following tables summarize investments by type of security as of September 30, 2019 and 2018, respectively(amounts shown in thousands):\n\nSeptember 30, 2019: | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Market Value\n------------------------------------- | ------- | ---------------------- | ----------------------- | -----------------\nAvailable-for-sale securities: | | | | \nU.S. Treasury, short-term | $4,240 | $2 | $— | $4,242 \nCorporate debt securities, short-term | 12,258 | 2 | — | 12,260 \nU.S. Treasury, long-term | 1,102 | — | (1) | 1,101 \nCorporate debt securities, long-term | 451 | — | — | 451 \nTotal | $18,051 | $4 | $(1) | $18,054 \n\n. INVESTMENTS\n Company determines designation investments purchase reevaluates each balance sheet date. investments designated as available-for-sale debt securities. September 30, 2019 2018 short-term investments have maturity less than one year from. long-term investments have maturity greater than one year.\n Available-for-sale securities carried at fair value by market prices unrealized gains losses net of taxes separate stockholders’ equity. Management reviews fair value monthly evaluates securities with below amortized cost. For debt securities impairment conclude sell impaired before cost. If other-than-temporary impairment occurred. recognized in earnings. impairment on securities recorded consistent with changes fair value. No other-than-temporary impairment charges recognized in years ended 2019 2018 2017. no realized gains or losses from sale securities 2019 2017. recorded net loss from sale of $49,000 year ended September 30, 2018.\n cost securities identification method. Amortization premiums accretion discounts interest dividend income gains losses investment income.\n tables summarize investments security September 30, 2019 2018\n September 30 2019 Cost Unrealized Gains Losses Fair Market Value\n Available-for-sale securities\n. Treasury short-term $4,240\n Corporate debt securities-term 12,258\n. Treasury long-term 1\n Corporate debt securities long-term\n $18,051" +} +{ + "_id": "d1b3b7f94", + "title": "", + "text": "3. Inventories\nInventories consisted of the following:\nThe increase in live inventories is attributable to an increase in the quantity of live birds in inventory at the Company's Tyler, Texas facility as it increased production during fiscal 2019, as well as the value at which the Company's live poultry inventories of broilers are recorded. In periods where the Company estimates that the cost to grow live birds in inventory to a marketable age and then process and distribute those birds will be lower in the aggregate than the anticipated sales proceeds, the Company values the broiler inventories on hand at cost and accumulates costs as the birds are grown to a marketable age subsequent to the balance sheet date. In periods where the Company estimates that the cost to grow live birds in inventory to a marketable age and then process and distribute those birds will be higher in the aggregate than the anticipated sales proceeds, the Company will make an adjustment to lower the value of live birds in inventory to the net realizable value. The significant judgments that management makes in order to assess the net realizable value of its broiler inventory include estimating future selling prices of finished products and the related cost of sales to complete. The Company recorded a charge of $2.8 million at October 31, 2019 and of $9.6 million at October 31, 2018 to reduce the values of live broiler inventories on hand at those dates from cost to net realizable value.\nThe increases in feed, eggs and other, processed poultry and packaging materials inventories are also attributable to an increase in the inventory volume at the Tyler, Texas facility.\nThe increase in prepared chicken inventory is attributable to the mix of the different finished products in inventory at October 31, 2019, as compared to October 31, 2018, as well as an increase in production volume at the Company's prepared chicken facility in Flowood, Mississippi. During fiscal 2019, the facility processed approximately 129.1 million pounds of prepared chicken products, as compared to approximately 107.6 million pounds during fiscal 2018. Approximately 1.2 million pounds of that increase was in inventory at October 31, 2019, representing an approximately 12% increase in inventory volume.\n\nOctober 31, | | \n---------------------------------------------------- | --------- | --------\n | 2019 | 2018 \n(In thousands) | | \nLive poultry-broilers (net of reserve) and breeders | $ 179,870 | $150,980\nFeed, eggs and other | 47,417 | 37,965 \nProcessed poultry | 35,121 | 30,973 \nPrepared chicken | 20,032 | 13,591 \nPackaging materials | 7,488 | 6,547 \nTotal inventories | $289,928 | $240,056\n\n. Inventories\n increase in live inventories attributable to birds Tyler, Texas facility production fiscal 2019 value live poultry inventories. cost to grow live birds lower values broiler inventories at cost accumulates costs grown. cost higher value net realizable value. judgments net realizable value future selling prices finished products cost sales. recorded charge $2. 8 million at October 31, 2019 $9. 6 million at October 31, 2018 to reduce values live broiler inventories cost to net realizable value.\n increases in feed eggs processed poultry packaging materials inventories attributable to increase inventory volume Tyler, Texas facility.\n increase in prepared chicken inventory attributable to finished products October 31, 2019 production volume facility Flowood, Mississippi. 2019 processed 129. 1 million pounds prepared chicken products 107. 6 million pounds 2018. 1. 2 million pounds increase inventory at October 31, 2019 12% increase in inventory volume.\n\n poultry breeders 179,870 $150,980\n Feed 47,417 37,965\n Processed poultry 35,121 30,973\n Prepared chicken\n Packaging\n inventories $289,928 $240,056" +} +{ + "_id": "d1b2e455e", + "title": "", + "text": "Deferred taxes arise because of differences in the book and tax bases of certain assets and liabilities. Significant components of deferred tax assets and liabilities are as follows:\nAt December 31, 2019, undistributed earnings of our foreign subsidiaries indefinitely invested outside the U.S. amounted to approximately $3.8 billion. The majority of Verizon’s cash flow is generated from domestic operations and we are not dependent on foreign cash or earnings to meet our funding requirements, nor do we intend to repatriate these undistributed foreign earnings to fund U.S. operations.\nFurthermore, a portion of these undistributed earnings represents amounts that legally must be kept in reserve in accordance with certain foreign jurisdictional requirements and are unavailable for distribution or repatriation. As a result, we have not provided U.S. deferred taxes on these undistributed earnings because we intend that they will remain indefinitely reinvested outside of the U.S. and therefore unavailable for use in funding U.S. operations. Determination of the amount of unrecognized deferred taxes related to these undistributed earnings is not practicable.\nAt December 31, 2019, we had net after-tax loss and credit carry forwards for income tax purposes of approximately $3.0 billion that primarily relate to state and foreign taxes. Of these net after-tax loss and credit carry forwards, approximately $2.0 billion will expire between 2020 and 2039 and approximately $1.0 billion may be carried forward indefinitely.\nDuring 2019, the valuation allowance decreased approximately $481 million. The balance of the valuation allowance at December 31, 2019 and the 2019 activity is primarily related to state and foreign taxes.\n\n | | (dollars in millions)\n------------------------------------------ | -------- | ---------------------\nAt December 31, | 2019 | 2018 \nDeferred Tax Assets | | \nEmployee benefits | $ 5,048 | $ 5,403 \nTax loss and credit carry forwards | 3,012 | 3,576 \nOther – assets | 5,595 | 1,650 \n | 13,655 | 10,629 \nValuation allowances | (2,260) | (2,741) \nDeferred tax assets | 11,395 | 7,888 \nDeferred Tax Liabilities | | \nSpectrum and other intangible amortization | 22,388 | 21,976 \nDepreciation | 16,884 | 15,662 \nOther—liabilities | 6,742 | 3,976 \nDeferred tax liabilities | 46,014 | 41,614 \nNet deferred tax liability | $ 34,619 | $ 33,726 \n\nDeferred taxes differences tax assets liabilities.\n December 31, 2019 undistributed earnings foreign subsidiaries outside U. $3. 8 billion. majority Verizon’s cash flow domestic operations not dependent on foreign cash earnings earnings U. operations.\n portion reserve unavailable for distribution repatriation. not provided U. S. deferred taxes reinvested. unavailable. operations. Determination deferred taxes practicable.\n December 31, 2019 net after-tax loss credit carry forwards $3. 0 billion state foreign taxes. $2. 0 billion expire 2020 2039 $1. 0 billion carried forward indefinitely.\n valuation allowance decreased $481 million. balance December related to state foreign taxes.\n December\n Deferred Tax Assets\n Employee benefits $ 5,048 $ 5,403\n Tax loss credit carry forwards 3,576\n Other assets 5,595 1,650\n 13,655 10,629\nValuation allowances (2,260\n Deferred assets 11,395 7,888\n 22,388 21,976\n Depreciation 16,884 15,662\n 6,742\n 46,014\n 34,619 33,726" +} +{ + "_id": "d1b31a91a", + "title": "", + "text": "Net Revenues by Platform\nThe following tables detail our net revenues by platform (amounts in millions):\n(1) Net revenues from “Mobile and ancillary” include revenues from mobile devices, as well as non-platform-specific game-related revenues, such as standalone sales of toys and accessories.\n(2) Net revenues from “Other” primarily includes revenues from our Distribution business and the Overwatch League.\nConsole\nThe decrease in net revenues from console for 2019, as compared to 2018, was primarily due to:\nlower revenues recognized from the Destiny franchise (reflecting our sale of the publishing rights for Destiny to Bungie in December 2018); and lower revenues recognized from Call of Duty franchise catalog titles.\nThe decrease was partially offset by revenues recognized from Crash Team Racing Nitro-Fueled, which was released in June 2019.\nPC\nThe decrease in net revenues from PC for 2019, as compared to 2018, was primarily due to:\nlower revenues recognized from the Destiny franchise; and lower revenues recognized from Hearthstone.\nMobile and Ancillary\nThe increase in net revenues from mobile and ancillary for 2019, as compared to 2018, was primarily due to revenues recognized from Call of Duty: Mobile, which was released in October 2019.\n\n | | For the Years | Ended December 31, | \n------------------------------- | ------ | ------------- | -------------------- | --------\n | 2019 | 2018 | Increase/ (decrease) | % Change\nNet revenues by platform: | | | | \nConsole | $1,920 | $2,538 | $(618) | (24)% \nPC | 1,718 | 2,180 | (462) | (21) \nMobile and ancillary (1) | 2,203 | 2,175 | 28 | 1 \nOther (2) | 648 | 607 | 41 | 7 \nTotal consolidated net revenues | $6,489 | $7,500 | $(1,011) | (13) \n\nRevenues by Platform\n tables detail revenues by platform\n revenues ancillary” include devices non-platform-specific game-related revenues standalone sales toys accessories.\n Distribution business Overwatch League.\n Console\n decrease revenues console 2019 due to\n lower revenues Destiny franchise Call of Duty titles.\n decrease offset by revenues Crash Team Racing Nitro-Fueled June 2019.\n decrease revenues due to\n lower Destiny franchise Hearthstone.\n Ancillary\n increase due to revenues Call of Duty: Mobile released October 2019.\n Increase\n Net revenues by platform\n Console $1,920 $2,538 $(618) (24)\n PC 1,718 2,180\n Mobile and ancillary 2,203 2,175\n Other 648 607\n Total consolidated net revenues $6,489 $7,500 $(1,011)" +} +{ + "_id": "d1b3bd19c", + "title": "", + "text": "NOTE 3. ACQUISITIONS\nMGI\nOn April 4, 2019, we acquired substantially all of the assets comprising the business of MGI Grain Processing, LLC, a Minnesota limited liability company, now conducting business as MGI Grain Incorporated (MGI) for an aggregate purchase price of $3.8 million. The purchase price included $0.3 million deposited in an escrow account at closing which was subsequently released to the sellers in June 2019. MGI owns and operates a grain mill and processing facility in East Grand Forks, Minnesota. We acquired MGI as part of our strategy to expand our product portfolio. The acquisition has been accounted for as a business combination. The results of MGI’s operations are included in our consolidated financial statements beginning April 4, 2019. In 2019, we incurred $0.1 million of MGI acquisition-related costs which are included in selling, general and administrative expenses.\nThe purchase price for MGI was subject to adjustment if the estimated closing working capital with respect to the assets purchased and the liabilities assumed was different than the actual closing working capital, as defined in the purchase agreement. The seller of MGI paid a working capital adjustment of $18 thousand in 2019. The following table summarizes the purchase price allocation, the consideration transferred to acquire MGI and the amounts of identified assets acquired and liabilities assumed (in thousands).\nIn the fourth quarter of 2019, our appraiser finalized certain fair value calculations and we completed our review of the calculations. The fair value of MGI’s trade receivables at acquisition, equaled the gross amount of trade receivables. The fair value of the customer relationship intangible at acquisition was estimated using an income approach based on expected future cash flows. As discussed in Note 9, we are amortizing the customer relationship intangible to expense over the 15-year period of expected future economic benefit, in proportion to the discounted expected future cash flows used to estimate the value of the intangible at acquisition. Goodwill primarily was attributed to intangible assets that do not qualify for separate recognition and synergies generated by MGI when combined with our existing operations. The $0.7 million allocated to goodwill is deductible for tax purposes over the next fifteen years.\n\n | Estimated at June 30, 2019 | Adjustments | Final as of December 31, 2019 \n------------------------------------------------------------------------------ | ------------------------------ | ------------------------------- | ------------------------------\nCash | $3,795 | $ - | $3,795 \nWorking capital adjustment to purchase price | (38) | 20 | (18) \nTotal fair value of consideration transferred | 3,757 | 20 | 3,777 \nAccounts receivable | 591 | - | 591 \nInventories | 149 | - | 149 \nDeposits and other current assets | 4 | 8 | 12 \nProperty and equipment | 1,560 | - | 1,560 \nCustomer relationship | 930 | - | 930 \nOther finite-lived intangible assets | 35 | - | 35 \nAccounts payable | (219) | - | (219) \nFinance lease liabilities | (18) | - | (18) \nNet recognized amounts of identifiable assets acquired and liabilities assumed | 3,032 | 8 | 3,040 \nGoodwill | $ 725 | $ 12 | $ 737\n\n. ACQUISITIONS\n MGI\n April 4, 2019 acquired assets MGI Grain Processing Minnesota MGI Grain Incorporated purchase price $3. 8 million. included $0. 3 million deposited escrow released sellers June 2019. MGI owns operates grain mill processing facility East Grand Forks Minnesota. acquired product portfolio. acquisition accounted business combination. operations consolidated financial statements April 4 2019. incurred $0. 1 million MGI acquisition-related costs selling administrative expenses.\n purchase price subject adjustment estimated closing working capital. seller paid working capital adjustment $18 thousand 2019. table summarizes purchase price allocation consideration transferred MGI assets acquired liabilities assumed.\n fourth quarter 2019 appraiser finalized fair value calculations. fair value trade receivables acquisition equaled gross receivables. customer intangible estimated future cash flows. amortizing customer intangible expense 15-year future cash flows. Goodwill intangible assets.7 million goodwill deductible tax fifteen years.\n Estimated June 30 2019 Final December 31, 2019\n Cash $3,795\n Working capital adjustment purchase price\n value transferred 3,757\n Accounts receivable 591\n Inventories 149\n Deposits current assets\n Property equipment 1,560\n Customer relationship 930\n finite-lived intangible assets 35\n Accounts payable (219)\n Finance lease liabilities\n assets acquired liabilities assumed 3,032\n Goodwill $ 725" +} +{ + "_id": "d1b38a4a4", + "title": "", + "text": "Deferred Revenue\nThe following table summarizes contract liabilities which are shown as deferred revenue (in thousands):\nTotal deferred revenue increased primarily due to the extended duration period of new maintenance contracts during fiscal year 2019.\n\n | June 30,\n2019 | June 30,\n2018\n--------------------------------- | ------------- | -------------\nDeferred maintenance | $192,955 | $164,986 \nOther deferred revenue | 10,287 | 9,539 \nTotal deferred revenue, net | 203,242 | 174,525 \nLess: current portion | 144,230 | 130,865 \nNon-current deferred revenue, net | $59,012 | $43,660 \n\n\n table summarizes contract liabilities deferred\n increased extended maintenance contracts 2019.\n Deferred maintenance $192,955 $164,986\n revenue 10,287 9,539\n 203,242 174,525\n current 144,230 130,865\n Non-current deferred revenue $59,012 $43,660" +} +{ + "_id": "d1b3bbc52", + "title": "", + "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 5. Accounts Receivable\nAccounts receivable consisted of the following as of the dates indicated\n\n | Accounts Receivable, Gross | Allowance for Losses | Accounts Receivable, Net\n------------------- | -------------------------- | -------------------- | ------------------------\nDecember 31, 2019 | | | \nTransaction related | $12,863 | $(238) | $12,625 \nServicing related | 6,868 | — | 6,868 \nTotal | $19,731 | $(238) | $19,493 \nDecember 31, 2018 | | | \nTransaction related | $14,704 | $(168) | $14,536 \nServicing related | 864 | — | 864 \nTotal | $15,568 | $(168) | $15,400 \n\nGreenSky Inc. FINANCIAL STATEMENTS States Dollars thousands share data\n 5. Accounts Receivable\n Gross Allowance Losses Net\n December 31, 2019\n Transaction $12,863 $(238) $12,625\n Servicing 6,868\n $19,731 $19,493\n December 31, 2018\n $14,704 $(168) $14,536\n Servicing\n $15,568 $15,400" +} +{ + "_id": "d1b39adae", + "title": "", + "text": "(a) EBITDA is calculated as operating profit less interest income and other gains/losses, net and adding back depreciation of property, plant and equipment, investment properties as well as right-of-use assets, and amortisation of intangible assets. Adjusted EBITDA is calculated as EBITDA plus equity-settled share-based compensation expenses.\n(b) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues.\n(c) Net debt represents period end balance and is calculated as cash and cash equivalents, plus term deposits and others, minus borrowings and notes payable.\n(d) Capital expenditures consist of additions (excluding business combinations) to property, plant and equipment, construction in progress, investment properties, land use rights and intangible assets (excluding video and music contents, game licences and other contents).\n\n | Unaudited | | | | \n----------------------------- | ----------------------------------- | ------------ | ----------- | ----------- | -----------\n | Three months ended | | | Year ended | \n | 31 December | 30 September | 31 December | 31 December | 31 December\n | 2019 | 2019 | 2018 | 2019 | 2018 \n | (RMB in millions, unless specified) | | | | \nEBITDA (a) | 35,675 | 35,378 | 27,180 | 137,268 | 110,404 \nAdjusted EBITDA (a) | 38,572 | 38,123 | 29,701 | 147,395 | 118,273 \nAdjusted EBITDA margin (b) | 36% | 39% | 35% | 39% | 38% \nInterest and related expenses | 2,348 | 2,086 | 1,345 | 7,690 | 4,898 \nNet debt (c) | (15,552) | (7,173) | (12,170) | (15,552) | (12,170) \nCapital expenditures (d) | 16,869 | 6,632 | 4,564 | 32,369 | 23,941 \n\nEBITDA calculated operating profit less interest income gains/losses depreciation property plant equipment investment properties right-of-use assets amortisation intangible assets. Adjusted EBITDA plus equity compensation expenses.\n Adjusted EBITDA margin by revenues.\n Net debt balance cash equivalents deposits minus borrowings notes payable.\n Capital expenditures additions property plant equipment construction investment properties land use rights intangible assets video music game licences.\n months\n millions\n EBITDA 35,675,378 27,180 137,268 110,404\n Adjusted EBITDA 38,572 29,701 147,395 118,273\n Adjusted EBITDA margin 36%\n Interest related expenses 2,348 2,086 1,345 7,690 4,898\n Net debt (15,552 (12,170\nexpenditures,869 6,632 4,564,369" +} +{ + "_id": "d1b32b094", + "title": "", + "text": "Note 7 Other expense\nImpairment of Assets\n2019\nImpairment charges in 2019 included $85 million allocated to indefinite-life intangible assets, and $8 million allocated primarily to property, plant and equipment. These impairment charges relate to broadcast licences and certain assets for various radio markets within our Bell Media segment. The impairment charges were a result of continued advertising demand and ratings pressures in the industry resulting from audience declines, as well as competitive pressure from streaming services. The charges were determined by comparing the carrying value of the CGUs to their fair value less cost of disposal. We estimated the fair value of the CGUs using both discounted cash flows and market-based valuation models, which include five-year cash flow projections derived from business plans reviewed by senior management for the period of January 1, 2020 to December 31, 2024, using a discount rate of 7.5% and a perpetuity growth rate of nil as well as market multiple data from public companies and market transactions. The carrying value of these CGUs was $464 million at December 31, 2019.\n2018\nImpairment charges in  2018 included $145  million allocated to indefinite-life intangible assets, and $14 million allocated to finite-life intangible assets. These impairment charges primarily relate to our French TV channels within our Bell Media segment. These impairments were the result of revenue and profitability declines from lower audience levels and subscriber erosion. The charges were determined by comparing the carrying value of the CGUs to their fair value less costs of disposal. We estimated the fair value of the CGUs using both discounted cash flows and market-based valuation models, which include five-year cash flow projections derived from business plans reviewed by senior management for the period of January 1, 2019 to December 31, 2023, using a discount rate of 8.0% to 8.5% and a perpetuity growth rate of nil, as well as market multiple data from public companies and market transactions. The carrying value of these CGUs was $515 million at December 31, 2018. In the previous year’s impairment analysis, the company’s French Pay and French Specialty TV channels were tested for recoverability separately. In 2018, the CGUs were grouped to form one French CGU which reflects the evolution of the cash flows from our content strategies as well as the CRTC beginning to regulate Canadian broadcasters under a group licence approach based on language.\nAdditionally, in 2018, we recorded an indefinite-life intangible asset impairment charge of $31 million within our Bell Media segment as a result of a strategic decision to retire a brand.\nEQUITY LOSSES FROM INVESTMENTS IN ASSOCIATES AND JOINT VENTURES\nWe recorded a loss on investment of $53 million and $20 million in 2019 and 2018, respectively, related to equity losses on our share of an obligation to repurchase at fair value the minority interest in one of BCE’s joint ventures. The obligation is marked to market each reporting period and the gain or loss on investment is recorded as equity gains or losses from investments in associates and joint ventures.\nGAINS (LOSSES) ON INVESTMENTS\nIn 2019 we recorded gains of $13 million which included a gain on an obligation to repurchase at fair value the minority interest in one of our subsidiaries.\nIn 2018, we recorded losses of $34 million which included a loss on an obligation to repurchase at fair value the minority interest in one of our subsidiaries.\n\nFOR THE YEAR ENDED DECEMBER 31 | NOTE | 2019 | 2018 \n------------------------------------------------------------------------------------------------------------------------- | ------ | ----- | -----\nImpairment of assets | 14, 16 | (102) | (200)\nEquity losses from investments in associates and joint ventures | 17 | | \nLosses on investments | | (53) | (20) \nOperations | | (19) | (15) \nEarly debt redemption costs | 22 | (18) | (20) \n(Losses) gains on retirements and disposals of property, plant and equipment and intangible assets | | (9) | 11 \nNet mark-to-market gains (losses) on derivatives used to economically hedge equity settled share-based compensation plans | | 138 | (80) \nGains (losses) on investments | | 13 | (34) \nOther | | 37 | 10 \nTotal other expense | | (13) | (348)\n\n\n Impairment Assets\n 2019\n charges $85 million indefinite-life assets $8 million property plant equipment. broadcast licences assets radio markets Bell Media segment. advertising demand ratings pressures audience declines competitive pressure streaming services. determined carrying value fair value less cost disposal. estimated discounted cash flows market-based valuation models five-year cash flow projections January 2020 December 2024 discount rate 7. 5% perpetuity growth rate market data. carrying value $464 million December 31, 2019.\n 2018\n charges $145 million indefinite-life $14 million finite-life. French TV channels Bell Media. revenue profitability declines audience levels subscriber erosion. determined value costs disposal. estimated discounted cash flows models 2019 December 2023 discount rate 8. 0% to 8. 5% perpetuity growth rate nil market data. carrying value $515 million December 31, 2018.previous analysis French Pay Specialty TV channels tested recoverability. 2018 CGUs grouped French CGU evolution cash flows content strategies CRTC Canadian broadcasters group licence approach language.\n 2018 recorded indefinite-life intangible asset impairment charge $31 million Bell Media segment decision retire brand.\n EQUITY LOSSES INVESTMENTS ASSOCIATES JOINT\n recorded loss investment $53 million $20 million 2019 2018 equity losses obligation repurchase minority interest joint. obligation marked market gain loss recorded equity gains losses.\n 2019 gains $13 million gain obligation repurchase minority interest.\n 2018 losses $34 million loss obligation.\n YEAR ENDED DECEMBER 31 2019\n Impairment assets\n Equity losses investments associates joint ventures\n Losses investments\n Early debt redemption costs\ngains retirements disposals property equipment intangible assets 11\n gains derivatives equity compensation plans 138 (80)\n Gains investments 13 (34)\n 10\n expense (348)" +} +{ + "_id": "d1b37fc52", + "title": "", + "text": "Item 6. SELECTED FINANCIAL DATA\nThe following table summarizes certain selected consolidated financial data, which should be read in conjunction with our consolidated financial statements and notes thereto in Item 8 and with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included under Item 7 in this Annual Report on Form 10-K. The selected consolidated financial data presented below at and for each of the years in the five-year period ended December 31, 2019, is derived from our consolidated financial statements and include the operations of King commencing on February 23, 2016. All amounts set forth in the following tables are in millions, except per share data.\n(1) On January 1, 2018, we adopted a new revenue accounting standard utilizing the modified retrospective method of transition. As a result, periods prior to January 1, 2018 have not been restated to reflect the new accounting standard and continue to be reported under the accounting standards that were in effect for those periods.\n(2) Net income for 2019, 2018, and 2017 includes the impact of significant discrete tax-related impacts, including incremental income tax expense and benefits in 2017 and 2018 due to the application of the U.S. Tax Reform Act. See further discussion in Note 19 of the notes to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.\n(3) Cash and investments consists of cash and cash equivalents along with short-term and long-term investments. We had total investments of $69 million, $155 million, $62 million, $26 million, and $17 million, as of December 31, 2019, December 31, 2018, December 31, 2017, December 31, 2016, and December 31, 2015, respectively. Cash and investments as of December 31, 2015, excludes $3,561 million of cash placed in escrow for the acquisition of King.\n(4) For discussion on our debt obligations, see Note 13 of the notes to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.\n(5) Net debt is defined as long-term debt, gross less cash and investments\n(6) During the three months ended March 31, 2019, we identified an amount which should have been recorded in the three months and year ended December 31, 2018 to reduce income tax expense by $35 million. Our selected financial data for the year ended December 31, 2018, as presented above, has been revised to reflect the correction. See further discussion in Note 2 of the notes to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.\n\n | | | For the Years Ended December 31, | | \n--------------------------------- | ------ | ------- | -------------------------------- | ------ | ------\n | 2019 | 2018(6) | 2017 | 2016 | 2015 \nStatement of Operations Data (1): | | | | | \nNet revenues | $6,489 | $7,500 | $7,017 | $6,608 | $4,664\nNet income (2) | 1,503 | 1,848 | 273 | 966 | 892 \nBasic net income per share | 1.96 | 2.43 | 0.36 | 1.30 | 1.21 \nDiluted net income per share | 1.95 | 2.40 | 0.36 | 1.28 | 1.19 \nCash dividends declared per share | 0.37 | 0.34 | 0.30 | 0.26 | 0.23 \nOperating cash flows | $1,831 | $1,790 | $2,213 | $2,155 | $1,259\nBalance Sheet Data: | | | | | \nCash and investments (3) | $5,863 | $4,380 | $4,775 | $3,271 | $1,840\nTotal assets | 19,845 | 17,890 | 18,668 | 17,452 | 15,246\nLong-term debt, net (4) | 2,675 | 2,671 | 4,390 | 4,887 | 4,074 \nLong-term debt, gross | 2,700 | 2,700 | 4,440 | 4,940 | 4,119 \nNet debt (5) | — | — | — | 1,669 | 2,279 \n\nItem 6. SELECTED FINANCIAL DATA\n table summarizes consolidated financial data financial statements notes 8 “Management’s Discussion Analysis Financial Condition Results Item 7 Annual Report Form 10-K. consolidated financial data five-year December 31, 2019 derived from financial statements operations King commencing February 23, 2016. amounts millions except share data.\n January 1, 2018 adopted new revenue accounting standard. periods prior not restated reported.\n Net income 2019 2018 2017 includes tax impacts incremental income tax expense benefits 2017 U. S. Tax Reform Act. Note 19 8.\n Cash investments equivalents short-term long-term investments. total investments $69 million $155 million $62 million $26 million $17 million December 31, 2019 2018 2017 2016, 2015,. excludes $3,561 million escrow King.\n debt obligations Note 13.\n Net debt long-term debt less cash investments\n three months March 31, 2019 December 31, 2018 income tax expense $35 million.financial data December 31, 2018 revised correction. Note 2 consolidated financial statements Item 8 Annual Report Form 10-K.\n Years Ended December\n 2019 2017 2016 2015\n Operations Data\n Net revenues $6,489 $7,500 $7,017 $6,608 $4,664\n Net income 1,503 1,848 966 892\n net income share.\n income share.\n Cash dividends share.\n Operating cash flows $1,831 $1,790 $2,213 $2,155 $1,259\n Balance Sheet Data\n Cash investments $5,863 $4,380 $4,775 $3,271 $1,840\n Total assets 19,845 17,890 18,668 17,452 15,246\n Long-term debt 2,675 2,671 4,390\n 2,700\n Net debt 1,669 2,279" +} +{ + "_id": "d1a736f40", + "title": "", + "text": "Other Income (Expense), Net\nAdditional information relating to Other income (expense), net is as follows:\nnm -not meaningful\nThe change in Other income (expense), net during the year ended December 31, 2019, compared to the similar period in 2018, was primarily driven by early debt redemption costs of $3.6 billion recorded during 2019, compared to $725 million recorded during 2018 (see “Special Items”) as well as pension and benefit charges of $126 million recorded in 2019, compared with pension and benefit credits of $2.1 billion recorded in 2018 (see “Special Items”).\n\n | | | (dollars in millions)  Increase/ (Decrease) | Increase/ (Decrease)\n---------------------------------------------- | --------- | ------ | ------------------------------------------- | --------------------\nYears Ended December 31, | 2019 | 2018 | (dollars in millions) | 2019 vs. 2018 \nInterest income | $ 121 | $ 94 | $ 27 | 28.7% \nOther components of net periodic benefit cost | 627 | 3,068 | (2,441) | (79.6) \nEarly debt extinguishment costs | (3,604) | (725) | (2,879) | nm \nOther, net | (44) | (73) | 29 | 39.7 \nTotal | $ (2,900) | $2,364 | $ (5,264) | nm \n\nIncome Net\n change December 31, 2019 2018 driven early debt redemption costs $3. 6 billion $725 million 2018 pension benefit charges $126 million credits $2. 1 billion 2018.\n (dollars millions Increase\n Years Ended December 31, 2019 2018 millions.\n Interest income $ 121 $ 94 $ 27.\n benefit cost 627 3,068 (2,441.\n Early debt extinguishment costs (3,604) (725) (2,879)\n Other net (44) 29.\n Total $ (2,900) $2,364 (5,264)" +} +{ + "_id": "d1b2eead6", + "title": "", + "text": "The assumptions used to calculate these amounts for fiscal 2019 are set forth under Note 16 of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for fiscal year 2019 filed with the SEC on August 27, 2019.\n(2) Amounts shown do not reflect compensation actually received by the NEO. Instead, the amounts shown in this column represent the grant date fair values of stock options issued pursuant to the Company’s 2003 Equity Incentive Plan and certain inducement grants, computed in accordance with FASB ASC Topic 718. The assumptions used to calculate these amounts for fiscal 2019 are set forth under Note 16 of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for fiscal year 2019 filed with the SEC on August 27, 2019.\n(3) All non-equity incentive plan compensation was paid pursuant to the Variable Pay Plan.\n(4) The amounts in the “All Other Compensation” column for fiscal 2019 include: $4,000 401(k) matching contribution by the Company for each NEOs other than Mr. McNab.\n(5) The Compensation Committee awarded Mr. Maletira a one-time discretionary bonus in the amount of $180,000 in connection with his work on the AvComm and Wireless acquisition. Please see “Discretionary Bonuses” under the Compensation Discussion and Analysis on page 36 of this proxy statement.\n(6) Mr. Staley was awarded a $60,000 sign-on bonus when he joined the Company in February 2017.\nThe amounts in the salary, bonus, and non-equity incentive plan compensation columns of the Summary Compensation Table reflect actual amounts paid for the relevant years, while the amounts in the stock awards column reflect accounting values. The tables entitled “Outstanding Equity Awards at Fiscal Year-End Table” and “Option Exercises and Stock Vested Table” provide further information on the named executive officers’ potential realizable value and actual value realized with respect to their equity awards. The Summary Compensation Table should be read in conjunction with the Compensation Discussion and Analysis and the subsequent tables and narrative descriptions.\n\nName | Fiscal Year | Maximum Possible Value of MSUs Using Grant Date Fair Value | Maximum Possible Value of PSUs Using Grant Date Fair Value\n--------------- | ----------- | ---------------------------------------------------------- | ----------------------------------------------------------\nOleg Khaykin | 2019 | 4,067,526 | — \n | 2018 | 2,457,750 | 909,900 \n | 2017 | 659,618 | — \nAmar Maletira | 2019 | 1,379,350 | — \n | 2018 | 1,015,870 | 454,950 \n | 2017 | 574,500 | — \nPaul McNab | 2019 | 591,150 | — \n | 2018 | 442,395 | — \n | 2017 | 373,425 | — \nLuke Scrivanich | 2019 | 591,150 | — \n | 2018 | 442,395 | — \n | 2017 | 393,600 | — \nGary Staley | 2019 | 591,150 | — \n | 2018 | 943,527 | — \n | 2017 | 303,948 | — \n\nassumptions 2019 Note 16 Annual Report Form 10-K.\n Amounts reflect compensation received NEO. represent grant date values stock options 2003 Equity Incentive Plan inducement grants FASB ASC Topic 718. assumptions 2019 Note 16.\n non-equity incentive plan compensation paid Variable Pay Plan.\n amounts Other Compensation” column 2019 include $4,000 401(k) matching contribution NEOs. McNab.\n Compensation Committee awarded. Maletira-time discretionary bonus $180,000 AvComm Wireless acquisition. Compensation Discussion Analysis page 36.\n. Staley awarded $60,000 sign-on bonus February 2017.\n salary bonus non-equity incentive plan compensation columns reflect amounts paid stock awards column reflect accounting values. tables “Outstanding Equity Awards Fiscal Year-End Table” “Option Exercises Stock Vested Table” information executive officers’ potential. Summary Compensation Table read with Compensation Discussion and Analysis tables.\n\n Name Fiscal Year Maximum Value MSUs Grant Date\n Oleg Khaykin 4,067,526\n 2,457,750 909,900\n 2017 659,618\n Amar Maletira 1,379,350\n 2018 1,015,870 454,950\n 2017 574,500\n Paul McNab 591,150\n,395\n 373,425\n Luke Scrivanich 591,150\n 2017 393,600\n Gary Staley 591,150\n 943,527 \n 2017 303,948" +} +{ + "_id": "d1b3beb3c", + "title": "", + "text": "Cost of Revenues\nOur Products and Licensing segment costs increased $8.6 million to $16.7 million for the year ended December 31, 2019 compared to $8.1 million for the year ended December 31, 2018. This increase primarily resulted from $3.9 million of cost of revenues from the legacy business of MOI and $4.4 million of cost of revenues from the legacy business of GP during the year ended December 31, 2019, as well as an increase in sales volume.\nOur Technology Development segment costs increased $3.2 million, to $18.6 million for the year ended December 31, 2019 compared to $15.4 million for the year ended December 31, 2018. The overall increase in Technology Development segment costs was driven by increases in direct labor and subcontractor costs consistent with the rate of growth in Technology Development segment revenues.\n\n | Years ended December 31, | | | \n---------------------------- | ------------------------ | ----------- | ------------- | ------------\n | 2019 | 2018 | $ Difference | % Difference\nProducts and licensing costs | $16,684,172 | $8,078,870 | $8,605,302 | 106.5% \nTechnology development costs | 18,649,161 | 15,400,475 | 3,248,686 | 21.1% \nTotal costs of revenues | $35,333,333 | $23,479,345 | $11,853,988 | 50.5% \n\n\n Products Licensing increased $8. 6 million to $16. 7 million 2019 $8. 1 million 2018. $3. 9 million MOI $4. 4 million GP sales volume.\n Technology Development costs increased $3. 2 million $18. 6 million 2019 $15. 4 million 2018. driven direct labor subcontractor costs.\n Products licensing costs $16,684,172 $8,078,870 $8,605,302 106. 5%\n Technology development costs 18,649,161 15,400,475 3,248,686 21. 1%\n $35,333,333 $23,479,345 $11,853,988 50. 5%" +} +{ + "_id": "d1b39abf6", + "title": "", + "text": "NantHealth, Inc\nConsolidated Statements of Cash Flows (Continued)\n(Dollars in thousands)\n(1) Cash and cash equivalents included restricted cash of $1,136, $1,136, and $350 at December 31, 2019, 2018, and 2017 included in other assets, respectively. Restricted cash consists of funds that are contractually restricted as to usage or withdrawal related to the Company's security deposits in the form of standby letters of credit for leased facilities. No amounts have been drawn upon the letters of credit as of December 31, 2019.\nThe accompanying notes are an integral part of these Consolidated Financial Statements.\n\nYear Ended December 31, | | \n--------------------------------------------------------------------- | ------ | ------\n | 2019 | 2018 \nSupplemental disclosure of cash flow information | | \nIncome taxes paid | $318 | $15 \nInterest paid | $5,909 | $5,885\nInterest received | — | 13 \nNoncash investing and financing activities | | \nPurchases of property and equipment (including internal use software) | 1,068 | 529 \nAssignment of NantHealth Labs (see Note 20) | — | 8,956 \n\nNantHealth\n Consolidated Statements Cash Flows\n equivalents restricted cash $1,136 $350 December 31, 2019 2018 2017 assets. Restricted cash restricted security deposits letters credit leased facilities. No amounts drawn December 31, 2019.\n notes Consolidated Financial Statements.\n Ended December\n Supplemental disclosure cash flow\n Income taxes $318 $15\n Interest $5,909 $5,885\n Noncash investing financing\n Purchases property equipment software\n Assignment NantHealth Labs" +} +{ + "_id": "d1b357bda", + "title": "", + "text": "The following table presents the percentage relationship of our Consolidated Statement of Operations line items to our consolidated net revenues for the periods presented:\nNet revenue. Total revenue decreased $0.3 million, or 0.2% in fiscal 2018 compared to fiscal 2017. Products revenue decreased $4.6 million or 12.1% while support, maintenance and subscription services revenue increased 5.8 million, or 9.1%, as a result of continued focus on selling hosted perpetual and subscription services which increased 35% year over year. Hosted perpetual and subscription services revenue comprised 16% of total consolidated revenues in 2018 compared to 12% in 2017. Professional services revenue decreased $1.4 million, or 5.5%, primarily as a result of a decrease in proprietary services of $1.5 million offset by an increase in remarketed services of $0.1 million.\nGross profit and gross profit margin. Our total gross profit increased $0.6 million, or 1.0%, in fiscal 2018 and total gross profit margin increased 0.6% to 50.6%. Products gross profit decreased $2.8 million and gross profit margin decreased 4.6% to 21.7% primarily as a result of lower product revenue coupled with higher amortization of developed technology by $2.0 million related to the previously announced general availability of the latest version of our rGuest Buy and rGuest Stay software that were placed into service in the first and second quarters of fiscal 2017, and the second quarter of fiscal 2018.\nSupport, maintenance and subscription services gross profit increased $6.0 million and gross profit margin increased 260 basis points to 75.8% due to the scalable nature of our infrastructure supporting and hosting customers. Professional services gross profit decreased $2.6 million and gross profit margin decreased 9.0% to 19.2% due to lower professional services revenues on higher cost structure following a recent alignment toward enabling the Company to provide more customer-centric services going forward.\nOperating expenses Operating expenses, excluding legal settlements and restructuring, severance and other charges, increased $1.0 million, or 1.4%, in fiscal 2018 compared with fiscal 2017. As a percent of total revenue, operating expenses have increased 0.9% in fiscal 2018 compared with fiscal 2017\nProduct development. Product development includes all expenses associated with research and development. Product development decreased $1.1 million, or 3.8%, during fiscal 2018 as compared to fiscal 2017. This decrease is primarily driven by our shift from contract labor to internal resources resulting in a decrease in contract labor of $5.9 million and an increase in payroll related expenses of $4.7 million.\nSales and marketing. Sales and marketing decreased $2.7 million, or 13.2%, in fiscal 2018 compared with fiscal 2017. The change is due primarily to a decrease of $2.2 million in incentive commissions related to revision of our commission plan from total contract value to annual contract value coupled with lower sales in fiscal 2018.\nDepreciation of fixed assets. Depreciation of fixed assets increased $0.2 million or 9.2% in fiscal 2018 as compared to fiscal 2017.\nAmortization of intangibles. Amortization of intangibles increased $0.5 million, or 35.0%, in fiscal 2018 as compared to fiscal 2017 due to our latest version of rGuest Pay being placed into service on March 31, 2017.\nRestructuring, severance and other charges. Restructuring, severance, and other charges increased $0.2 million during fiscal 2018 compared to fiscal 2017 related to our ongoing efforts to create more efficient teams across the business, which included certain executive changes during the year.\nOur restructuring actions are discussed further in Note 4, Restructuring Charges.\nLegal settlements. During fiscal 2018 and 2017, we recorded $0.2 million and $0.1 million, respectively, in legal settlements for employment and other business-related matters.\n\n | Year ended March 31, | \n--------------------------------------------------------- | -------------------- | ------\n | 2018 | 2017 \nNet revenue: | | \nProducts | 26.5% | 30.0% \nSupport, maintenance and subscription services | 54.2 | 49.6 \nProfessional services | 19.3 | 20.4 \nTotal net revenue | 100.0 | 100.0 \nCost of goods sold: | | \nProducts (inclusive of developed technology amortization) | 20.7 | 22.1 \nSupport, maintenance and subscription services | 13.1 | 13.3 \nProfessional services | 15.6 | 14.6 \nTotal cost of goods sold | 49.4 | 50.0 \nGross profit | 50.6 | 50.0 \nOperating expenses: | | \nProduct development | 21.9 | 22.8 \nSales and marketing | 14.2 | 16.3 \nGeneral and administrative | 18.9 | 15.6 \nDepreciation of fixed assets | 2.1 | 1.9 \nAmortization of intangibles | 1.5 | 1.1 \nRestructuring, severance and other charges | 1.4 | 1.2 \nLegal settlements | 0.1 | 0.1 \nOperating loss | (9.5)% | (8.9)%\n\ntable Consolidated Statement Operations items net revenues\n. decreased $0. 3 million. 2% 2018 2017. Products revenue decreased $4. 6 million 12. 1% support maintenance subscription services increased 5. 8 million 9. 1% hosted services 35%. 16% revenues 2018 12% 2017. Professional services revenue decreased $1. 4 million 5. 5% proprietary services $1. 5 million increase remarketed services $0. 1 million.\n Gross profit. increased $0. 6 million. 2018 margin increased. 50. 6%. profit decreased $2. 8 million margin decreased. 6% to 21. 7% lower product revenue higher amortization technology $2. million.\n Support maintenance subscription services profit increased $6. 0 million margin increased 260 75. 8%. Professional services profit decreased $2. 6 million margin decreased. 19. 2% lower services revenues.\n Operating expenses increased $1. 0 million 1. 4% 2018. increased 0. 9% 2018\n Product development. expenses research development.Product development decreased $1. 1 million. 8% 2018. driven shift contract labor to internal resources labor $5. 9 million increase payroll expenses $4. 7 million.\n Sales marketing. decreased $2. 7 million 13. 2% 2018. due decrease $2. 2 million incentive commissions lower sales.\n Depreciation fixed assets. increased $0. 2 million 9. 2% 2018.\n Amortization intangibles. increased $0. 5 million 35. 0% rGuest Pay March 31, 2017.\n Restructuring severance other charges. increased $0. 2 million 2018 efficient teams executive changes.\n.\n Legal settlements. recorded $0. 2 million $0. 1 million legal settlements employment business-related matters.\n Year ended March 31,\n Net revenue\n Products 26. 5% 30.\n Support maintenance subscription services 54. 49.\n Professional services 19.\n net revenue.\n Cost of goods sold\n Products. 22.\n Support.\n.\ncost goods 49. 50.\n profit 50. 6.\n Operating expenses\n Product development 21. 22.\n Sales marketing 14. 16.\n 18. 15.\n Depreciation assets 2.\n Amortization intangibles.\n Restructuring severance charges.\n Legal settlements.\n Operating loss." +} +{ + "_id": "d1b3affd8", + "title": "", + "text": "Operating expenses\nnm—not meaningful\nResearch and development expenses\nResearch and development expenses increased $15.8 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to increases in personnel-related costs of $10.1 million, information technology and facility costs of $2.3 million, professional services costs of $0.9 million, share-based compensation expense of $0.7 million, travel and other costs of $0.5 million and data center costs of $0.5 million.\nResearch and development expenses for the year ended March 31, 2018 as compared to the year ended March 31, 2017 were negatively impacted by approximately $0.5 million primarily as a result of the weakening of the U.S. dollar relative to the British pound.\nPersonnel-related cost increased primarily as a result of salaries and benefits associated with increased headcount throughout the year, information technology and facility costs increased primarily as a result of increased headcount, professional services costs increased primarily as a result of the use of research and development contractors and share-based compensation expense increased primarily as a result of share option grants since the prior year.\nSales and marketing expenses\nSales and marketing expenses increased $25.1 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to increases in personnel-related costs of $13.5 million, marketing costs of $4.7 million, information technology and facilities costs of $3.6 million, travel and other costs of $2.3 million and professional services of $0.8 million.\nSales and marketing expenses for the year ended March 31, 2018 as compared to the year ended March 31, 2017 were negatively impacted by approximately $1.4 million primarily as a result of the weakening of the U.S. dollar relative to the South African rand and British pound. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount. Information technology and facility costs and travel and other costs increased primarily as a result of increased headcount.\nGeneral and administrative expenses\nGeneral and administrative expenses increased $9.1 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to increases in personnel-related costs of $5.0 million, share-based compensation expense of $1.2 million, information technology and facilities costs of $1.0 million and professional services costs and material supplies of $0.6 million each.\nGeneral and administrative expenses for the year ended March 31, 2018 as compared to the year ended March 31, 2017 were negatively impacted by approximately $0.3 million primarily as a result of the weakening of the U.S. dollar against the British pound and South African rand. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount.\nShare-based compensation expense increased primarily as a result of share option grants since the prior year. Information technology and facility and material supplies costs increased primarily as a result of increased headcount.\nRestructuring and Impairment of long-lived assets\nIn the fourth quarter of fiscal 2018, upon the exit of our Watertown, Massachusetts corporate office space, we recorded a restructuring charge of $0.8 million for remaining non-cancelable rent and estimated operating expenses for the vacated premises, net of sublease rentals, and a non-cash impairment charge of $1.7 million primarily related to leasehold improvements.\n\n | Year ended March 31, | | Period-to-period change | \n----------------------------------- | -------------------- | ---------------------- | ----------------------- | --------\n% Change | 2018 | 2017 | Amount | % Change\n | | (dollars in thousands) | | \nOperating expenses: | | | | \nResearch and development | $38,373 | $22,593 | $15,780 | 70% \nSales and marketing | 121,246 | 96,154 | 25,092 | 26% \nGeneral and administrative | 36,989 | 27,875 | 9,114 | 33% \nImpairment of long-lived assets | 1,712 | — | 1,712 | nm \nRestructuring | 832 | — | 832 | nm \nTotal operating expenses | $199,152 | $146,622 | $52,530 | 36% \n\nOperating expenses\n Research development expenses\n increased $15. 8 million March 31, 2018 2017 attributable personnel-related costs $10. 1 million information technology facility costs $2. 3 million professional services $0. 9 million share-based compensation expense $0. 7 million travel costs $0. 5 million data center costs $0. 5 million.\n negatively impacted. 5 million weakening. dollar British pound.\n Personnel cost increased salaries headcount information technology facility costs professional services share-based compensation expense share option grants.\n Sales marketing expenses\n increased $25. 1 million personnel-related costs $13. 5 million marketing costs $4. 7 million information technology facilities costs $3. 6 million travel costs $2. 3 million professional services $0. 8 million.\n negatively impacted $1. 4 million weakening. dollar relative pound. salaries headcount. Information technology travel increased headcount.\n General administrative expenses\n increased $9.million March 2018 2017 personnel costs $5. million share-based compensation $1. 2 million information technology facilities $1. million professional services material supplies $0. 6 million.\n expenses impacted $0. 3 million weakening. dollar pound South rand. Personnel costs salaries benefits increased headcount.\n Share-based compensation share option grants. Information technology facility material supplies increased headcount.\n Restructuring Impairment-lived assets\n fourth quarter 2018 Watertown Massachusetts office restructuring charge $0. 8 million non-cancelable rent expenses vacated premises sublease rentals non-cash impairment charge $1. 7 million leasehold improvements.\n March Period-to-period change\n Operating expenses\n Research development $38,373 $22,593 $15,780 70%\n Sales marketing 121,246 26%\n General administrative 36,989 27,875 33%\n Impairment long-lived assets\n\n expenses $199,152 $146,622 $52,530 36%" +} +{ + "_id": "d1b343608", + "title": "", + "text": "The following table provides reconciliation from U.S. GAAP Net income to non-GAAP Adjusted EBITDA (amounts in thousands):\n(1) Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n(2) $0.9 million in costs incurred during fiscal year 2018 related to the relocation of the Company's tantalum powder facility equipment from Carson City, Nevada to its existing Matamoros, Mexico plant were reclassified from “Plant start-up costs” to “Restructuring charges” during fiscal year 2019.\n\n | | Fiscal Years Ended March 31, | \n----------------------------------------------------------- | -------- | ---------------------------- | --------\n | 2019 | 2018 | 2017 \nNet income (U.S. GAAP) (1) | $206,587 | $254,127 | $47,157 \nNon-GAAP adjustments: | | | \nIncome tax expense (benefit) | (39,460) | 9,132 | 4,294 \nInterest expense, net | 19,204 | 32,073 | 39,731 \nDepreciation and amortization | 52,628 | 50,661 | 38,151 \nEBITDA (non-GAAP) (1) | 238,959 | 345,993 | 129,333 \nExcluding the following items: | | | \nEquity (income) loss from equity method investments | 3,304 | (76,192) | (41,643)\nAcquisition (gain) loss | — | (130,880) | — \nChange in value of TOKIN options | — | — | (10,700)\n(Gain) loss on write down and disposal of long-lived assets | 1,660 | (992) | 10,671 \nERP integration costs/IT transition costs | 8,813 | 80 | 7,045 \nStock-based compensation | 12,866 | 7,657 | 4,720 \nRestructuring charges (2) | 8,779 | 14,843 | 5,404 \nR&D grant reimbursements and grant income | (4,559) | — | — \nLegal expenses/fines related to antitrust class actions | 11,896 | 16,636 | 2,640 \nNet foreign exchange (gain) loss | (7,230) | 13,145 | (3,758) \nTOKIN investment-related expenses | — | — | 1,101 \nPlant start-up costs (2) | (927) | 929 | 427 \nLoss on early extinguishment of debt | 15,946 | 486 | — \nAdjusted EBITDA (non-GAAP) (1) | $289,507 | $191,705 | $105,240\n\ntable. GAAP Net income non-GAAP Adjusted EBITDA\n years 2018 2017 adjusted ASC 606.\n. 9 million costs relocation tantalum powder Carson City Nevada Matamoros Mexico.\n Years Ended March\n Net income. $206,587 $254,127 $47,157\n Non-GAAP adjustments\n Income tax expense (39,460 9,132 4,294\n Interest expense 19,204 32,073 39\n Depreciation amortization 52,628 50,661 38,151\n EBITDA-GAAP 238,959 345,993 129,333\n Equity loss investments 3,304,192) (41,643)\n Acquisition loss\n Change TOKIN options\n loss write down disposal long-lived assets 1,660\n ERP transition costs 8,813\n Stock-based compensation\n Restructuring charges 8,779 14,843 5,404\nR&D (4,559)\n Legal expenses antitrust actions 11,896,636\n foreign exchange loss (7,230 13,145\n TOKIN expenses\n Plant start-up costs\n Loss extinguishment debt 15,946\n Adjusted EBITDA $289,507 $191,705" +} +{ + "_id": "d1a728e36", + "title": "", + "text": "We use a wide variety of raw materials in the manufacture of our products. Cost of sales and gross margin are subject to variability in raw material prices which continue to fluctuate for many of the raw materials we use, including copper, gold, and silver. In fiscal 2019, we purchased approximately 172 million pounds of copper, 122,000 troy ounces of gold, and 2.6 million troy ounces of silver. The following table presents the average prices incurred related to copper, gold, and silver:\nIn fiscal 2020, we expect to purchase approximately 170 million pounds of copper, 120,000 troy ounces of gold, and 2.4 million troy ounces of silver.\n\n | | | Fiscal \n------ | -------- | ------ | -------\n | Measure | 2019 | 2018 \nCopper | Lb. | $ 2.93 | $ 2.86\nGold | Troy oz. | 1,309 | 1,281 \nSilver | Troy oz. | 16.42 | 17.15 \n\nuse raw materials products. Cost sales gross margin prices copper gold silver. 2019 purchased 172 million pounds copper 122,000 ounces gold 2. 6 million ounces silver. average prices copper gold silver\n 2020 expect purchase 170 million pounds copper 120,000 gold 2. 4 million ounces silver.\n Copper. $ 2. 93 $ 2. 86\n Gold. 1,309 1,281\n Silver. 16. 42." +} +{ + "_id": "d1b3a09c0", + "title": "", + "text": "Deferred taxes are recorded for temporary differences between the carrying amounts of assets and liabilities and their tax bases. The significant components of deferred tax assets and liabilities that are recorded in the consolidated balance sheets are summarized in the table below. A valuation allowance is required when it is more likely than not that all or a portion of a deferred tax asset will not be realized. As of June 30, 2019, the Company had state net operating loss carryforwards of $337.6 million expiring between 2020 and 2039. A significant portion of the state net operating loss carryforwards are subject to an annual limitation that, under current law, is likely to limit future tax benefits to approximately $3.3 million. Valuation allowances increased by $0.7 million during fiscal year 2019 primarily due to increases in net operating losses incurred in certain tax jurisdictions for which no tax benefit was recognized.\nThe Company does not have unrecognized tax benefits as of June 30, 2019, 2018 and 2017. The Company\nrecognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.\nAll years prior to fiscal year 2013 have been settled with the Internal Revenue Service and with most significant state, local and foreign tax jurisdictions.\nIn December 2017, an Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (the “Act”) was enacted. The Act included provisions that reduced the federal statutory income tax rate from 35 percent to 21 percent, created a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings (i.e. transition tax), and changed certain business deductions including allowing for immediate expensing of certain qualified capital expenditures and limitations on deductions of interest expense. The SEC staff issued guidance on income tax accounting for the Act which allowed companies to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. In accordance with this guidance, during fiscal year 2018, we recorded a provisional tax charge of $5.0 million for the transition tax and a provisional tax benefit of $74.6 million for the remeasurement of deferred tax assets and liabilities. During fiscal year 2019, we recorded a discrete tax benefit of $0.2 million in measurement period adjustments for the transition tax offset by a discrete tax charge of $0.2 million for the remeasurement of deferred tax assets and liabilities. Our accounting for the impact of the Act was completed as of the period ending December 31, 2018. Under the Act, the transition tax is being paid over an eight year period beginning in fiscal year 2019.\nThe Act also established new tax provisions that became effective in fiscal year 2019, including but not limited to eliminating the corporate alternative minimum tax, creating the base erosion anti-abuse tax (“BEAT”), establishing new limitations on deductible interest expense and certain executive compensation, creating a new provision designed to tax global intangible low-tax income (“GILTI”) and generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries. The Company has made an accounting policy election to treat the tax effect of GILTI as a current period expense when incurred.\nUndistributed earnings of our foreign subsidiaries, totaling $77.8 million were considered permanently reinvested. Following enactment of the Act, the repatriation of cash to the U.S. is generally no longer taxable for federal income tax purposes. If these earnings were to be repatriated, approximately $0.3 million of tax expense would be incurred.\n\n | June 30, | \n---------------------------------- | -------- | --------\n($ in millions) | 2019 | 2018 \nDeferred tax assets: | | \nPensions | $86.9 | $66.8 \nPostretirement provisions | 35.7 | 33.7 \nNet operating loss carryforwards | 28.8 | 26.5 \nDerivatives and hedging activities | 4.1 | — \nOther | 32.1 | 29.4 \nGross deferred tax assets | 187.6 | 156.4 \nValuation allowances | (24.6) | (23.9) \nTotal deferred tax assets | 163.0 | 132.5 \nDeferred tax liabilities: | | \nDepreciation | (249.5) | (235.2) \nIntangible assets | (11.3) | (11.9) \nInventories | (36.1) | (30.5) \nDerivatives and hedging activities | (0.3) | (8.7) \nOther | (4.3) | (3.5) \nTotal deferred tax liabilities | (301.5) | (289.8) \nDeferred tax liabilities, net | $(138.5) | $(157.3)\n\nDeferred taxes differences between assets liabilities tax bases. assets balance sheets summarized table. valuation allowance required deferred tax realized. June 30, 2019 Company state net operating loss carryforwards $337. 6 million expiring 2020 2039. annual limitation future tax benefits to $3. 3 million. Valuation allowances increased $0. 7 million 2019 due net operating losses tax jurisdictions benefit.\n Company unrecognized tax benefits June 30, 2019 2018 2017.\n recognizes interest penalties tax benefits.\n years prior to 2013 settled with Internal Revenue Service state tax jurisdictions.\n December 2017 Act Reconciliation enacted. income tax rate from 35 percent to 21 percent territorial tax system one-time mandatory tax deferred foreign earnings. changed business deductions capital deductions interest expense. SEC staff guidance provisional amounts one year. 2018 recorded provisional tax charge $5. 0 million transition tax tax benefit $74.million remeasurement deferred tax assets liabilities. year 2019 recorded tax benefit $0. 2 million transition tax. million. accounting Act completed December 31, 2018. transition tax paid eight year period 2019.\n established tax provisions 2019 eliminating corporate alternative minimum tax base erosion anti tax deductible interest expense executive compensation income eliminating. federal income taxes dividends foreign subsidiaries. tax effect GILTI current period expense.\n Undistributed earnings foreign subsidiaries $77. million reinvested. Act repatriation cash. taxable federal income. $0. 3 million tax expense incurred.\n Deferred tax assets\n Pensions $86. $66.\n Postretirement provisions 35. 33.\n Net operating loss carryforwards 28.\n Derivatives hedging activities.\n.\n Gross deferred tax assets 187. 156.\n Valuation allowances (24.\n Total deferred tax assets 163. 132.\n Deferred tax liabilities\n Depreciation (249. 5)\n Intangible assets (11.\n Inventories. (30.\n Derivatives hedging. (8.\n (4. (3.\n deferred tax liabilities. 8)\n(138.(157." +} +{ + "_id": "d1b3a1e2e", + "title": "", + "text": "Revenues. Revenues increased by 25% to RMB105.8 billion for the fourth quarter of 2019 on a year-on-year basis. The following table sets forth our revenues by line of business for the fourth quarter of 2019 and the fourth quarter of 2018:\nRevenues from VAS increased by 20% to RMB52,308 million for the fourth quarter of 2019 on a year-on-year basis. Online games revenues grew by 25% to RMB30,286 million. The increase was primarily driven by revenue growth from smart phone games in both domestic and overseas markets, including titles such as Peacekeeper Elite and PUBG Mobile, as well as revenue contributions from Supercell titles, partly offset by lower revenues from PC client games such as DnF. Social networks revenues increased by 13% to RMB22,022 million. The increase mainly reflected greater contributions from digital content services such as live broadcast and music streaming services. Total smart phone games revenues (including smart phone games revenues attributable to our social networks business) were RMB26,035 million and PC client games revenues were RMB10,359 million for the fourth quarter of 2019.\nRevenues from FinTech and Business Services increased by 39% to RMB29,920 million for the fourth quarter of 2019 on a year-on-year basis. The increase was primarily due to greater revenue contributions from commercial payment, as well as revenue growth from cloud services as a result of deeper penetration in key verticals.\nRevenues from Online Advertising increased by 19% to RMB20,225 million for the fourth quarter of 2019 on a year-onyear basis. Social and others advertising revenues increased by 37% to RMB16,274 million. The increase was mainly driven by advertising revenue growth from Weixin Moments and our mobile advertising network. Media advertising revenues decreased by 24% to RMB3,951 million. The decrease primarily reflected lower advertising revenues from our media platforms including Tencent Video and Tencent News due to uncertain broadcasting schedules and fewer telecasts of sports events.\n\n | Unaudited | | | \n----------------------------- | ----------------------------------- | ---------- | ---------------- | ----------\n | Three months ended | | | \n | 31 December 2019 | | 31 December 2018 | \n | | % of total | | % of total\n | Amount | revenues | Amount | revenues \n | | | (Restated) | (Restated)\n | (RMB in millions, unless specified) | | | \nVAS | 52,308 | 50% | 43,651 | 51% \nFinTech and Business Services | 29,920 | 28% | 21,597 | 26% \nOnline Advertising | 20,225 | 19% | 17,033 | 20% \nOthers | 3,314 | 3% | 2,615 | 3% \nTotal revenues | 105,767 | 100% | 84,896 | 100% \n\n. increased 25% RMB105. 8 billion fourth quarter 2019. table revenues line business\n Revenues increased 20% RMB52,308 million 2019. Online games revenues 25% RMB30,286 million. increase driven smart phone games Peacekeeper Elite PUBG Mobile Supercell titles lower revenues PC games. Social networks revenues increased 13% RMB22,022 million. digital content services. smart phone games revenues RMB26,035 million PC client games RMB10,359 million.\n Revenues FinTech Business Services increased 39% RMB29,920 million. increase due commercial payment growth cloud services deeper penetration.\n Online Advertising increased 19% RMB20,225 million. Social advertising revenues increased 37% RMB16,274 million. driven growth Weixin Moments mobile advertising network. Media advertising revenues decreased 24% RMB3,951 million. lower revenues Video uncertain broadcasting schedules fewer telecasts sports events.\nThree months\n 31 December 2019 31 December 2018\n % total\n millions\n VAS 52,308 50% 43,651 51%\n FinTech Business Services 29,920 28%\n Online Advertising 20,225 19% 17,033 20%\n Others 3,314 3%\n Total revenues 105,767 100%" +} +{ + "_id": "d1b39b8f8", + "title": "", + "text": "ADJUSTED NET EARNINGS AND ADJUSTED EPS\nThe terms adjusted net earnings and adjusted EPS do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers.\nWe define adjusted net earnings as net earnings attributable to common shareholders before severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net losses (gains) on investments, early debt redemption costs and impairment charges, net of tax and NCI. We define adjusted EPS as adjusted net earnings per BCE common share.\nWe use adjusted net earnings and adjusted EPS, and we believe that certain investors and analysts use these measures, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net losses (gains) on investments, early debt redemption costs and impairment charges, net of tax and NCI. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring\nThe most comparable IFRS financial measures are net earnings attributable to common shareholders and EPS.\nThe following table is a reconciliation of net earnings attributable to common shareholders and EPS to adjusted net earnings on a consolidated basis and per BCE common share (adjusted EPS), respectively.\n\n | 2019 | | 2018 | \n------------------------------------------------------------------------------------------------------------------------- | ----- | --------- | ----- | ---------\n | TOTAL | PER SHARE | TOTAL | PER SHARE\nNet earnings attributable to common shareholders | 3,040 | 3.37 | 2,785 | 3.10 \nSeverance, acquisition and other costs | 83 | 0.10 | 100 | 0.11 \nNet mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans | (101) | (0.11) | 58 | 0.07 \nNet (gains) losses on investments | 44 | 0.05 | 47 | 0.05 \nEarly debt redemption costs | 13 | 0.01 | 15 | 0.02 \nImpairment charges | 74 | 0.08 | 146 | 0.16 \nAdjusted net earnings | 3,153 | 3.50 | 3,151 | 3.51 \n\nADJUSTED EARNINGS EPS\n standardized meaning under IFRS. unlikely comparable measures other issuers.\n define adjusted net earnings common shareholders before severance acquisition costs mark-to-market losses losses investments early debt redemption costs impairment charges net tax NCI. adjusted EPS as earnings per BCE common share.\n investors analysts use assess performance without severance acquisition costs losses early debt redemption costs impairment charges net tax NCI. exclude items affect comparability financial results distort performance. Excluding non-recurring\n comparable IFRS measures are net earnings common shareholders EPS.\n reconciliation of net earnings EPS adjusted net earnings consolidated basis per BCE common share.\n Net earnings common shareholders 3,040 3. 37 2,785.\n Severance, acquisition costs 83.10 100. 11\n losses derivatives equity compensation plans (101). 11 58.\n losses investments 44. 47.\n Early debt redemption costs 13. 15.\n charges 74. 146.\n Adjusted net earnings 3,153. 3,151." +} +{ + "_id": "d1b39b2d6", + "title": "", + "text": "Disaggregation of Revenue\nWe generate revenue from the sale of services and sale of software for end-user software products provided through direct customer downloads and through the sale of these end-user software products via partners. The following table depicts the disaggregation of revenue (in thousands) according to revenue type and is consistent with how we evaluate our financial performance:\nRevenue from Contracts with Customers:\n\n | Twelve months ended December 31, | \n--------------------------- | -------------------------------- | -------\n | 2019 | 2018 \nServices | $59,545 | $64,476\nSoftware and other | 3,788 | 5,073 \n Total revenue | $63,333 | $69,549\n\nDisaggregation Revenue\n generate services software end-user downloads partners. table depicts disaggregation revenue type financial performance\n Revenue Contracts Customers\n Twelve months December 31,\n Services $59,545 $64,476\n Software 3,788 5,073\n Total revenue $63,333 $69,549" +} +{ + "_id": "d1b2f8856", + "title": "", + "text": "Net periodic benefit expense for our post-retirement benefit plans includes the following components:\nWe report service costs for our Combined Pension Plan and post-retirement benefit plans in cost of services and products and selling, general and administrative expenses in our consolidated statements of operations for the years ended December 31, 2019, 2018 and 2017. Additionally, a portion of the service cost is also allocated to certain assets under construction, which are capitalized and reflected as part of property, plant and equipment in our consolidated balance sheets. The remaining components of net periodic benefit expense (income) are reported in other income, net in our consolidated statements of operations. As a result of ongoing efforts to reduce our workforce, we recognized a one-time charge in 2019 of $6 million and in 2018 of $15 million for special termination benefit enhancements paid to certain eligible employees upon voluntary retirement.\n\n | Post-Retirement Plans | | \n-------------------------------------------- | ------------------------ | ---- | ----\n | Years Ended December 31, | | \n | 2019 | 2018 | 2017\n | (Dollars in milions) | | \nService cost | $15 | 18 | 18 \nInterest cost | 110 | 97 | 100 \nExpected return on plan assets | (1) | (1) | (2) \nRecognition of prior service cost | 16 | 20 | 20 \nNet periodic post-retirement benefit expense | $140 | 134 | 136 \n\nbenefit expense post plans includes\n report service costs Combined Pension Plan expenses consolidated statements years ended December 31, 2019 2018 2017. portion service cost allocated assets under construction balance sheets. remaining reported income. workforce recognized one-time charge 2019 $6 million 2018 $15 million special termination benefit enhancements employees voluntary retirement.\n Post-Retirement Plans\n Years Ended December 31,\n 2019 2018 2017\n Service cost $15 18\n Interest cost 110 97\n Expected return on plan assets\n Recognition prior service cost 16\n Net post-retirement benefit expense $140 134" +} +{ + "_id": "d1b351262", + "title": "", + "text": "NOTE 8—OTHER ASSETS\nDeposits and restricted cash primarily relate to security deposits provided to landlords in accordance with facility lease agreements and cash restricted per the terms of certain contractual-based agreements.\nDeferred implementation costs relate to direct and relevant costs on implementation of long-term contracts, to the extent such costs can be recovered through guaranteed contract revenues. As a result of the adoption of Topic 606, deferred implementation costs are no longer capitalized, but rather expensed as incurred as these costs do not relate to future performance obligations. Accordingly, these costs were adjusted through opening retained earnings as of July 1, 2018 (see note 3 \"Revenues\").\nCapitalized costs to obtain a contract relate to incremental costs of obtaining a contract, such as sales commissions, which are eligible for capitalization on contracts to the extent that such costs are expected to be recovered (see note 3 \"Revenues\").\nInvestments relate to certain non-marketable equity securities in which we are a limited partner. Our interests in each of these investees range from 4% to below 20%. These investments are accounted for using the equity method. Our share of net income or losses based on our interest in these investments is recorded as a component of other income (expense), net in our Consolidated Statements of Income. During the year ended June 30, 2019, our share of income (loss) from these investments was $13.7 million (year ended June 30, 2018 and 2017 — $6.0 million and $6.0 million, respectively).\nLong-term prepaid expenses and other long-term assets includes advance payments on long-term licenses that are being amortized over the applicable terms of the licenses and other miscellaneous assets.\n\n | As of June 30, 2019 | As of June 30, 2018\n----------------------------------------------------- | ------------------- | -------------------\nDeposits and restricted cash | $13,671 | $9,479 \nDeferred implementation costs | — | 13,740 \nCapitalized costs to obtain a contract | 35,593 | 13,027 \nInvestments | 67,002 | 49,635 \nLong-term prepaid expenses and other long-term assets | 32,711 | 25,386 \nTotal | $148,977 | $111,267 \n\nNOTE\n Deposits restricted cash security deposits landlords facility lease agreements cash agreements.\n Deferred implementation costs long-term contracts recovered guaranteed contract revenues. Topic 606 deferred costs capitalized expensed incurred future obligations. adjusted earnings July 1, 2018.\n Capitalized costs contract incremental costs sales commissions eligible capitalization.\n Investments non-marketable equity securities limited partner. interests range 4% to 20%. accounted equity method. net income losses recorded Consolidated Statements Income. June 30, 2019 income (loss) $13. 7 million 2018 2017 $6. 0 million $6. 0 million.\n Long-term prepaid expenses advance payments licenses amortized miscellaneous assets.\n June 30, 2019 30 2018\n Deposits restricted cash $13,671 $9,479\n Deferred implementation costs 13,740\n Capitalized costs contract 35,593 13,027\n Investments 67,002 49,635\n32,711 25,386\n $148,977 $111,267" +} +{ + "_id": "d1b39e936", + "title": "", + "text": "3. Operating (loss)/profit\nDetailed below are the key amounts recognised in arriving at our operating (loss)/profit\nNotes: 1 The year ended 31 March 2019 included €nil (2018: €80 million credit, 2017: €127 million charge) reported in other income and expense in the consolidated income statement\n2 Reported in other income and expense in the consolidated income statement.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------------------------------------------------ | ----- | ----- | -------\n | €m | €m | €m \nNet foreign exchange losses/(gains)1 | 1 | (65) | 133 \nDepreciation of property, plant and equipment (note 11): | | | \nOwned assets | 5,795 | 5,963 | 6,253 \nLeased assets | 59 | 47 | 12 \nAmortisation of intangible assets (note 10) | 3,941 | 4,399 | 4,821 \nImpairment of goodwill in subsidiaries, associates and joint arrangements (note 4) | 3,525 | – | – \nStaff costs (note 23) | 5,267 | 5,295 | 5,519 \nAmounts related to inventory included in cost of sales | 5,886 | 6,045 | 6,464 \nOperating lease rentals payable | 3,826 | 3,788 | 3,976 \nLoss on disposal of property, plant and equipment and intangible assets | 33 | 36 | 22 \nOwn costs capitalised attributable to the construction or acquisition of property, plant and equipment | (844) | (829) | (800) \nNet gain on formation of VodafoneZiggo (note 26)2 | – | – | (1,275)\n\n. Operating/profit\n key amounts\n year 31 March 2019 included €nil €80 million credit 2017: €127 million charge\n.\n 2018 2017\n Net foreign exchange losses(gains\n Depreciation property plant equipment\n Owned assets 5,795 5,963 6,253\n Leased assets\n Amortisation intangible assets 3,941 4,399 4,821\n Impairment goodwill subsidiaries associates joint arrangements\n Staff costs 5,267 5,295 5,519\n inventory cost sales 5,886 6,045 6,464\n Operating lease rentals 3,826 3,788 3,976\n Loss disposal property plant equipment intangible assets 33 36\n costs construction acquisition\n Net gain VodafoneZiggo (1,275)" +} +{ + "_id": "d1b377714", + "title": "", + "text": "Note 6 – Accrued Expenses\nAccrued expenses consisted of the following:\n\n | | December 31,\n---------------------------------------------------- | ------- | ------------\n | 2019 | 2018 \nPayroll and incentive compensation | $ 3,009 | $ 1,937 \nCurrent portion of operating lease liabilities – | 285 | - \nReal estate taxes | 398 | 398 \nOther | 395 | 442 \nTotal accrued expenses | $ 4,087 | $ 2,777 \n\nAccrued Expenses\n December 31,\n Payroll incentive compensation $ 3,009 $ 1,937\n operating lease liabilities\n Real estate taxes\n expenses $ 4,087 $ 2,777" +} +{ + "_id": "d1b3bd4a8", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nWe account for uncertain tax positions by applying a minimum recognition threshold to tax positions before recognizing these positions in the financial statements. The reconciliation of our total gross unrecognized tax benefits is as follows:\nThe unrecognized tax benefits of $13.0 million, if recognized, will impact the Company’s effective tax rate. In accordance with our accounting policy, we recognize accrued interest and penalties related to unrecognized tax benefits as a component of tax expense. We had $3.0 million and $1.2 million of accrued interest and penalties at December 31, 2019 and 2018, respectively. We expect the total amount of tax contingencies will decrease by approximately $3.5 million in 2020 based on statute of limitation expiration.\nWith few exceptions, the Company is no longer subject to federal, state or foreign income tax examinations by tax authorities for years before 2016.\n\n | | Years Ended December 31, | \n--------------------------------------------------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nBalance at beginning of period | $13,162 | $15,990 | $11,401\nAdditions based on tax positions taken during a prior period | 484 | 94 | 1,258 \nAdditions based on tax positions taken during a prior period - acquisitions | 4,479 | 757 | — \nAdditions based on tax positions taken during the current period | — | — | 4,433 \nReductions based on tax positions taken during a prior period | (4,295) | (153) | — \nReductions related to a lapse of applicable statute of limitations | (821) | (3,144) | (1,102)\nReductions related to a settlement with taxing authorities | — | (382) | — \nBalance at end of period | $13,009 | $13,162 | $15,990\n\nADVANCED INDUSTRIES. FINANCIAL STATEMENTS share\n account uncertain tax positions minimum recognition threshold before. unrecognized tax benefits\n unrecognized tax benefits $13. 0 million impact effective tax rate. accrued interest penalties tax expense. $3. 0 million $1. 2 million accrued interest penalties at December 31, 2019 2018. tax contingencies decrease $3. 5 million 2020 statute limitation expiration.\n Company no longer subject federal foreign income tax examinations before 2016.\n Ended December 31,\n 2019 2018 2017\n Balance $13,162 $15,990 $11,401\n Additions tax positions\n acquisitions 4,479\n Reductions positions prior period (4,295) (153)\n Reductions lapse statute of limitations (821),144\n Reductions settlement taxing\n Balance end period $13,009 $13,162 $15,990" +} +{ + "_id": "d1b346f9c", + "title": "", + "text": "On February 6, 2018, the Company announced that its Board of Directors had unanimously approved the pursuit of a separation of its smart camera business “Arlo” from NETGEAR (the “Separation”) to be effected by way of initial public offering (“IPO”) and spin-off. On August 2, 2018, Arlo Technologies, Inc. (“Arlo”) and NETGEAR announced the pricing of Arlo's initial public offering (“IPO”) at a price to the public of $16.00 per share, subsequently listing on the New York Stock Exchange on August 3, 2018 under the symbol \"ARLO\". On August 7, Arlo completed the IPO and generated proceeds of approximately $170.2 million, net of offering costs, which Arlo used for its general corporate purposes. Upon completion of the IPO, Arlo common stock outstanding amounted to 74,247,000 shares, of which NETGEAR held 62,500,000 shares, representing approximately 84.2% of the outstanding shares of Arlo common stock. On December 31, 2018, NETGEAR completed the distribution of these 62,500,000 shares of common stock of Arlo (the “Distribution”). After the completion of the Distribution, NETGEAR no longer owns any shares of Arlo common stock. The Distribution took place by way of a pro rata common stock dividend to each NETGEAR stockholder of record on the record date of the Distribution, December 17, 2018, and NETGEAR stockholders received 1.980295 shares of Arlo common stock for every share of NETGEAR common stock held as of the record date.\nUpon completion of the Distribution, the Company ceased to own a controlling financial interest in Arlo and Arlo's assets, liabilities, operating results and cash flows for all periods presented have been classified as discontinued operations within the Consolidated Financial Statements.\nIn connection with Arlo's Separation, the Company incurred Separation expense of $34.2 million since commencing in December 2017. Separation expense primarily consists of third-party advisory, consulting, legal and professional services, IT costs and employee bonuses directly related to the separation, as well as other items that are incremental and one-time in nature that are related to the separation. The majority of these costs are reflected in the Company's consolidated statement of operations as discontinued operations for all periods presented. In addition, in the third fiscal quarter of 2018, the Company contributed $70.0 million in cash to Arlo and provided for, among other things, the transfer from NETGEAR to Arlo of assets and the assumption by Arlo of liabilities comprising its business effected through a master separation agreement between NETGEAR and Arlo. The master separation agreement governs the separation of Arlo's business from NETGEAR as well as various interim arrangements. In connection with these arrangements, during the third and fourth quarter of 2018, NETGEAR recorded a reduction to operating expenses of $6.3 million relating to the transition services, which are reflected in the Company's consolidated statement of operations as discontinued operations for the periods presented. In the third quarter of 2018, NETGEAR provided billing and collection services to Arlo in respect of its trade receivables and trade payments. As of December 31, 2018, NETGEAR had a net liability to Arlo of $12.2 million relating to these transition service, billing and collection services, and the net liability was classified within accounts payable on the consolidated balance sheets. The Company does not expect the amounts relating to such services to be material after the Distribution. Additionally, the Company entered into certain other agreements that provide a framework for the relationship between NETGEAR and Arlo after the separation, including a transition services agreement, a tax matters agreement, an employee matters agreement, an intellectual property rights cross-license agreement, and a registration rights agreement. In connection with Arlo's Separation, the Company incurred Separation expense of $34.2 million since commencing in December 2017. Separation expense primarily consists of third-party advisory, consulting, legal and professional services, IT costs and employee bonuses directly related to the separation, as well as other items that are incremental and one-time in nature that are related to the separation. The majority of these costs are reflected in the Company's consolidated statement of operations as discontinued operations for all periods presented. In addition, in the third fiscal quarter of 2018, the Company contributed $70.0 million in cash to Arlo and provided for, among other things, the transfer from NETGEAR to Arlo of assets and the assumption by Arlo of liabilities comprising its business effected through a master separation agreement between NETGEAR and Arlo. The master separation agreement governs the separation of Arlo's business from NETGEAR as well as various interim arrangements. In connection with these arrangements, during the third and fourth quarter of 2018, NETGEAR recorded a reduction to operating expenses of $6.3 million relating to the transition services, which are reflected in the Company's consolidated statement of operations as discontinued operations for the periods presented. In the third quarter of 2018, NETGEAR provided billing and collection services to Arlo in respect of its trade receivables and trade payments. As of December 31, 2018, NETGEAR had a net liability to Arlo of $12.2 million relating to these transition service, billing and collection services, and the net liability was classified within accounts payable on the consolidated balance sheets. The Company does not expect the amounts relating to such services to be material after the Distribution. Additionally, the Company entered into certain other agreements that provide a framework for the relationship between NETGEAR and Arlo after the separation, including a transition services agreement, a tax matters agreement, an employee matters agreement, an intellectual property rights cross-license agreement, and a registration rights agreement.\nThe financial results of Arlo through the Distribution date are presented as income (loss) from discontinued operations, net of tax, in the consolidated\nstatements of operations. The following table presents financial results of Arlo:\n\n | | Year Ended December 31,\n-------------------------------------------------------------- | --------- | -----------------------\n | 2018 | 2017 \n | | (In thousands) \nNet revenue | $464,649 | $367,751 \nCost of net revenue | 372,843 | 279,425 \nGross profit | 91,806 | 88,326 \nOperating expenses: | | \nResearch and development | 48,696 | 22,710 \nSales and marketing | 39,713 | 19,490 \nGeneral and administrative | 17,762 | 691 \nSeparation expense | 31,583 | 1,384 \nLitigation reserves, net | — | 28 \nTotal operating expenses | 137,754 | 44,303 \nIncome (loss) from operations of discontinued operations | (45,948) | 44,023 \nInterest income, net | 1,239 | — \nOther income (expense), net | (41) | 467 \nIncome (loss) from discontinued operations before income taxes | (44,750) | 44,490 \nProvision (benefit) for income taxes | (9,095) | 13,921 \nIncome (loss) from discontinued operations, net of tax | $(35,655) | $30,569 \n\nFebruary 6, 2018 Company Board Directors approved separation smart camera business NETGEAR initial public offering spin-off. August 2, 2018 Arlo Technologies. NETGEAR initial public offering $16. 00 per share New York Stock Exchange August 3, 2018 \"ARLO. August 7 Arlo completed generated proceeds $170. 2 million costs general corporate purposes. Arlo common stock 74,247,000 shares NETGEAR held 62,500,000 shares 84. 2%. December 31, 2018 NETGEAR distribution 62,500,000 shares stock. NETGEAR owns Arlo common stock. pro rata stock dividend NETGEAR stockholder 2018 received. 980295 shares Arlo.\n Company ceased interest Arlo assets liabilities operating results cash flows discontinued operations Financial Statements.\n incurred Separation expense $34. 2 million December 2017.Separation expense third-party advisory consulting legal services IT costs employee bonuses related incremental one-time. majority costs reflected in Company consolidated statement operations discontinued. third fiscal quarter 2018 Company contributed $70. 0 million cash to Arlo transfer assets assumption Arlo of liabilities master separation agreement. agreement governs separation Arlo business interim arrangements. third fourth quarter 2018 NETGEAR reduction operating expenses $6. 3 million transition services reflected in consolidated. third quarter NETGEAR provided billing collection services to Arlo trade receivables. December 31, 2018 net liability to Arlo $12. 2 million classified within accounts payable consolidated balance sheets. after Distribution. entered agreements transition services tax matters employee matters intellectual property rights cross-license registration rights. Company incurred expense $34. 2 million December 2017.Separation expense third-party consulting legal services IT costs employee bonuses related incremental one-time. majority costs reflected in Company consolidated statement operations discontinued. third fiscal quarter 2018 Company contributed $70. 0 million cash to Arlo transfer assets assumption Arlo liabilities master separation agreement. agreement governs separation Arlo business interim arrangements. third fourth quarter 2018 NETGEAR reduction operating expenses $6. 3 million transition services reflected discontinued. third quarter NETGEAR provided billing collection services to Arlo trade. December 31, 2018 net liability to Arlo $12. 2 million classified within accounts payable balance sheets. after Distribution. entered agreements transition services tax matters employee matters intellectual property rights cross-license registration rights agreement.\n financial results Arlo as income) from discontinued operations net of tax in consolidated\n statements. table financial results\n Year Ended December 31,\n\n Net revenue $464,649 $367,751\n Cost 372,843 279,425\n Gross profit 91,806 88,326\n Operating expenses\n Research development 48,696\n Sales marketing 39,713 19,490\n 17,762\n Separation 31,583 1,384\n Litigation reserves\n operating expenses 137,754 44,303\n discontinued (45,948) 44,023\n Interest income 1,239\n,750,490\n taxes (9,095) 13,921\n $(35,655) $30,569" +} +{ + "_id": "d1b3143b2", + "title": "", + "text": "Lockheed Martin Transaction\nOn August 16, 2016, a wholly-owned subsidiary of Leidos Holdings, Inc. merged with the IS&GS Business in a Reverse Morris Trust transaction (the \"IS&GS Transactions\").\nDuring fiscal 2017, the Company recorded adjustments to finalize the fair value of acquired assets and liabilities assumed which resulted in a $337 million increase in goodwill. Significant changes included intangible assets, property, plant and equipment, deferred tax assets, other assets, accounts payable and accrued liabilities and deferred tax liabilities.\nOn January 10, 2018, the final amount of the net working capital of the IS&GS Business was determined through a binding arbitration proceeding in accordance with the Separation Agreement with Lockheed Martin. As a result, $24 million was recorded as acquisition costs in the consolidated statements of income for fiscal 2017. On January 18, 2018, the final working capital amount of $105 million was paid to Lockheed Martin, of which $24 million and $81 million was presented as cash flows from operating and investing activities, respectively, on the consolidated statements of cash flows.\nDuring fiscal 2018, a tax indemnification liability of $23 million was paid to Lockheed Martin in accordance with the Tax Matters Agreement, which was presented as cash flows from financing activities on the consolidated statements of cash flows.\nThe Company incurred the following expenses related to the acquisition and integration of the IS&GS Business:\nThese acquisition and integration costs have been recorded within Corporate and presented in \"Acquisition, integration and restructuring costs\" on the consolidated statements of income.\n\n | | Year Ended | \n--------------------------------------- | --------------- | ----------------- | -----------------\n | January 3, 2020 | December 28, 2018 | December 29, 2017\n | | (in millions) | \nAcquisition costs | $— | $— | $25 \nIntegration costs | 3 | 29 | 77 \nTotal acquisition and integration costs | $3 | $29 | $102 \n\nLockheed Martin Transaction\n August 16, 2016, Leidos Holdings. merged IS&GS Business Reverse Morris Trust transaction.\n fiscal 2017 adjustments acquired assets liabilities $337 million increase goodwill. changes intangible assets property plant equipment deferred tax assets accounts payable accrued liabilities.\n January 10, 2018 net working capital IS&GS Business determined arbitration Separation Agreement Martin. $24 million acquisition costs 2017. January 18, 2018 final working capital $105 million paid Lockheed Martin $24 million $81 million cash flows operating investing activities.\n 2018 tax indemnification liability $23 million paid Lockheed Martin cash flows financing.\n incurred expenses acquisition integration IS&GS Business\n acquisition integration costs recorded consolidated statements income.\n January 3 2020 December 28, 2018 29,\n Acquisition costs\n Integration costs\n" +} +{ + "_id": "d1b34be20", + "title": "", + "text": "8 Directors’ emoluments\nDirectors represent the key management personnel of the Group under the terms of IAS 24 (Related Party Disclosures). Total remuneration is shown below.\nFurther details of salaries and short-term benefits, post-retirement benefits, share plans and long-term share incentive plans are shown in the Annual Report on Remuneration 2019 on pages 102 to 132. The share-based payments charge comprises a charge in relation to the Performance Share Plan and the Employee Share Ownership Plan (as described in Note 23).\n\n | 2019 | 2018\n-------------------------------- | ---- | ----\n | £m | £m \nSalaries and short-term benefits | 4.1 | 3.7 \nPost-retirement benefits | 0.5 | 0.4 \nShare-based payments | 1.7 | 1.3 \nTotal Directors' remuneration | 6.3 | 5.4 \n\nDirectors’ emoluments\n key management IAS 24. Total remuneration.\n salaries short-term post-retirement share plans long-term Annual Report Remuneration 2019 pages 102 to 132. share-based payments charge Performance Share Plan Employee Share Ownership Plan Note 23.\n Salaries short-term benefits.\n Post-retirement benefits.\n Share-based payments.\n Total Directors' remuneration 6." +} +{ + "_id": "d1b33f59e", + "title": "", + "text": "The following is a summary of amounts reclassified from AOCI for the years ended June 30, 2019 and 2018:\n(a) Amounts in parentheses indicate debits to income/loss.\n(b) These AOCI components are included in the computation of net periodic benefit cost (see Note 11 for additional details).\n\n | | Amount Reclassified from AOCI | \n------------------------------------------------------------------- | ----------------------- | ----------------------------- | -------\n | | Years Ended June 30, | \n($ in millions) (a) | Location of gain (loss) | 2019 | 2018 \nDetails about AOCI Components | | | \nCash flow hedging items | | | \nCommodity contracts | Cost of sales | $5.1 | $1.8 \nForeign exchange contracts | Net sales | 1.0 | (1.0) \nForward interest rate swaps | Interest expense | 0.4 | 0.4 \n | Total before tax | 6.5 | 1.2 \n | Tax expense | (1.6) | (0.4) \n | Net of tax | $4.9 | $0.8 \nAmortization of pension and other postretirement benefit plan items | | | \nNet actuarial loss | (b) | $(12.0) | $(16.4)\nPrior service cost | (b) | 3.1 | 3.1 \n | Total before tax | (8.9) | (13.3) \n | Tax benefit | 2.1 | 4.4 \n | Net of tax | $(6.8) | $(8.9) \n\nsummary amounts reclassified AOCI years June 30 2019 2018:\n Amounts indicate debits income/loss.\n AOCI components net periodic benefit cost Note 11.\n Reclassified AOCI\n Years Ended June 30\n millions Location gain\n AOCI Components\n Cash flow hedging items\n Commodity contracts Cost sales. $1.\n Foreign exchange contracts Net sales.\n Forward interest rate swaps Interest expense.\n Total before tax 6.\n expense.\n Net tax $4.\n Amortization pension postretirement benefit plan items\n Net actuarial loss.\n Prior service cost 3.\n Total before tax.\n Tax benefit.\n Net tax." +} +{ + "_id": "d1b33ca56", + "title": "", + "text": "RESULTS OF OPERATIONS\nRevenue\n(1) Reflects client arrangements (term license, cloud, and maintenance) that are subject to renewal.\nWe expect our revenue mix to continue to shift in favor of our subscription offerings, particularly cloud arrangements, which could result in slower total revenue growth in the near term. Revenue from cloud arrangements is generally recognized over the service period, while revenue from term and perpetual license arrangements is generally recognized upfront when the license rights become effective.\nSubscription revenue\nThe increase in cloud revenue in 2019 reflects the shift in client preferences to cloud arrangements from other types of arrangements. The increase in term license revenue in 2019 was due to several large, multi-year term license contracts executed in 2019. This increase was partially offset by term license contracts with multi-year committed maintenance periods, where a greater portion of the contract value is allocated to maintenance.\nThe increase in maintenance revenue in 2019 was primarily due to the continued growth in the aggregate value of the installed base of our software and strong renewal rates in excess of 90%\nPerpetual license\nThe decrease in perpetual license revenue in 2019 reflects the shift in client preferences in favor of our subscription offerings, particularly cloud arrangements\nConsulting\nOur consulting revenue fluctuates depending upon the mix of new implementation projects we perform as compared to those performed by our enabled clients or led by our partners. See \"Our consulting revenue is significantly dependent upon our consulting personnel implementing new license and cloud arrangements\" in Item 1A of this Annual Report for additional information.\nThe decrease in consulting revenue in 2019 was primarily due to a decrease in billable hours.\n\n(Dollars in thousands) | 2019 | | 2018 | | Change | \n---------------------- | -------- | ---- | -------- | ---- | -------- | -----\nCloud | $133,746 | 15% | 82,627 | 9% | $51,119 | 62% \nTerm license | 199,433 | 22% | 178,256 | 20% | 21,177 | 12% \nMaintenance | 280,580 | 30% | 263,875 | 30% | 16,705 | 6% \nSubscription (1) | 613,759 | 67% | 524,758 | 59% | 89,001 | 17% \nPerpetual license | 80,015 | 9% | 109,863 | 12% | (29,848) | (27)%\nConsulting | 217,609 | 24% | 256,960 | 29% | (39,351) | (15)%\n | $911,383 | 100% | $891,581 | 100% | $19,802 | 2% \n\nRESULTS OPERATIONS\n Revenue\n Reflects client arrangements license cloud maintenance renewal.\n expect revenue mix subscription offerings cloud slower revenue growth. Revenue cloud recognized over service period term perpetual license recognized upfront when license rights effective.\n Subscription\n increase cloud revenue 2019 reflects client preferences cloud. term license due large multi-year term license contracts. offset by contracts multi-year maintenance value.\n increase maintenance revenue due to growth value installed base software strong renewal rates 90%\n Perpetual\n decrease shift subscription offerings\n Consulting\n revenue fluctuates new projects. revenue dependent personnel implementing new license cloud arrangements Item 1A Annual Report.\n decrease consulting revenue 2019 due decrease billable hours.\n Cloud $133,746 15% 82,627 9% $51,119 62%\n Term license 199,433 22% 178,256 20% 21,177 12%\n Maintenance 280,580 30% 263,875 16,705 6%\nSubscription 613,759 67% 524,758 89,001\n Perpetual license 80,015 109,863 (29,848\n 217,609 24% 256,960,351\n $911,383 $891,581 $19,802" +} +{ + "_id": "d1b38c38a", + "title": "", + "text": "VALUATION AND QUALIFYING ACCOUNTS\n(in millions)\nForeign exchange and other includes the impact of foreign exchange and certain immaterial reclassifications.\n\n | Allowances For | \n------------------------------------- | --------------------- | -------------------\n | Financing Receivables | Accounts Receivable\nYear ended July 29, 2017 | | \nBalance at beginning of fiscal year . | $375 | $249 \nProvisions (benefits) | (35) | 27 \nRecoveries (write-offs), net . | (49) | (61) \nForeign exchange and other . | 4 | (4) \nBalance at end of fiscal year | $295 | $211 \nYear ended July 28, 2018 | | \nBalance at beginning of fiscal year . | $295 | $211 \nProvisions (benefits) | (89) | (45) \nRecoveries (write-offs), net . | (6) | (37) \nForeign exchange and other . | 5 | — \nBalance at end of fiscal year | $205 | $129 \nYear ended July 27, 2019 | | \nBalance at beginning of fiscal year | $205 | $129 \nProvisions (benefits) | (16) | 56 \nRecoveries (write-offs), net | (42) | (50) \nForeign exchange and other . | (21) | 1 \nBalance at end of fiscal year | $126 | $136 \n\nVALUATION QUALIFYING ACCOUNTS\n millions\n Foreign exchange immaterial reclassifications.\n Allowances\n Financing Receivables\n Year ended July 29, 2017\n Balance fiscal. $375 $249\n Provisions 27\n Recoveries.\n exchange.\n end fiscal year $295 $211\n Year ended July 28, 2018\n. $295 $211\n Provisions (89) (45)\n Recoveries.\n exchange.\n end fiscal year $205 $129\n ended July 27, 2019\n $205 $129\n Provisions\n Recoveries\n Foreign exchange.\n end fiscal year $126 $136" +} +{ + "_id": "d1b38db72", + "title": "", + "text": "The following table summarizes net revenues by significant product and services categories:\nEndpoint and information protection products include endpoint security, advanced threat protection, and information protection solutions and their related support services. Network and web security products include network security, web security, and cloud security solutions and their related support services. WSS and PKI products consist of the solutions we divested on October 31, 2017. Other products and services primarily consist of email security products, managed security services, consulting, and other professional services.\nConsumer security products include Norton security, Norton Secure VPN, and other consumer security solutions. Identity and information protection products include LifeLock identity theft protection and other information protection solutions.\nProducts and service revenue information\n\n | | Year Ended | \n----------------------------------- | -------------- | -------------- | --------------\n(in millions) | March 29, 2019 | March 30, 2018 | March 31, 2017\nEnterprise Security: | | | \nEndpoint and information protection | $1,027 | $983 | $947 \nNetwork and web security | 748 | 782 | 451 \nWSS and PKI | - | 238 | 422 \nOther products and services | 548 | 551 | 535 \nTotal Enterprise Security | $2,323 | $2,554 | $2,355 \nConsumer Cyber Safety: | | | \nConsumer security | $1,471 | $1,504 | $1,527 \nIdentity and information protection | 937 | 776 | 137 \nTotal Consumer Cyber Safety | 2,408 | 2,280 | 1,664 \nTotal net revenues | $4,731 | $4,834 | $4,019 \n\ntable summarizes revenues product categories\n Endpoint protection threat. Network web security. WSS PKI divested October 31, 2017. Other email security managed security consulting services.\n Consumer security Norton VPN. Identity protection LifeLock identity theft.\n revenue\n millions March 29, 2019 30 2018 31, 2017\n Enterprise Security\n Endpoint protection $1,027 $983 $947\n Network web security 748\n WSS PKI 238 422\n services\n Enterprise Security $2,323 $2,554 $2,355\n Consumer Cyber Safety\n $1,471 $1,504\n Identity information protection 937 776\n 2,408 2,280 1,664\n net revenues $4,731 $4,834 $4,019" +} +{ + "_id": "d1b3274f8", + "title": "", + "text": "Note 15. NET INCOME (LOSS) PER SHARE\nWe calculate basic net income (loss) per share by dividing earnings allocated to common stockholders by the basic weighted-average number of common shares outstanding for the period.\nDiluted weighted-average shares is computed using basic weighted-average number of common shares outstanding plus any potentially dilutive securities outstanding during the period using the treasury-stock-type method and the if-converted method, except when their effect is anti-dilutive. Potentially dilutive securities include stock options, restricted stock units, and the outstanding senior convertible debentures.\nThe following table presents the calculation of basic and diluted net income (loss) per share attributable to stockholders:\n1 As a result of our net loss attributable to stockholders for fiscal 2019, 2018, and 2017, the inclusion of all potentially dilutive stock options, restricted stock units, and common shares under noted warrants and convertible debt would be anti-dilutive. Therefore, those stock options, restricted stock units and shares were excluded from the computation of the weighted-average shares for diluted net loss per share for such periods.\n\n | | Fiscal Year Ended | \n-------------------------------------------------- | ----------------- | ----------------- | -----------------\n(In thousands, except per share amounts) | December 29, 2019 | December 30, 2018 | December 31, 2017\nBasic net income (loss) per share: | | | \nNumerator: | | | \nNet income (loss) attributable to stockholders | $22,159 | $(811,091) | $(929,121) \nDenominator: | | | \nBasic weighted-average common shares | 144,796 | 140,825 | 139,370 \nBasic net income (loss) per share | $0.15 | $(5.76) | $(6.67) \nDiluted net income (loss) per share 1 | | | \nNumerator: | | | \nNet income (loss) attributable to stockholders | $22,159 | $(811,091) | $(929,121) \nNet income (loss) available to common stockholders | $22,159 | $(811,091) | $(929,121) \nDenominator: | | | \nBasic weighted-average common shares | 144,796 | 140,825 | 139,370 \nEffect of dilutive securities: | | | \nRestricted stock units | 2,729 | - | - \nDilutive weighted-average common shares: | 147,525 | 140,825 | 139,370 \nDilutive net income (loss) per share | $ 0.15 | $ (5.76) | $ (6.67) \n\n. NET INCOME (LOSS) PER SHARE\n income earnings by-average shares.\n Diluted-average shares computed dilutive securities anti-dilutive. dilutive securities include stock options restricted stock units senior convertible debentures.\n table calculation diluted net income (loss per share\n 2019 2018 2017 dilutive stock options restricted stock units noted warrants convertible debt anti-dilutive. excluded from diluted net loss.\n Fiscal Year\n December 29, 2019 30 2018 31, 2017\n Basic net income (loss) per share\n $22,159 $(811,091) $(929,121)\n weighted-average common shares 144,796 140,825 139,370\n net income (loss) per share $0. $(5. 76) $(6. 67)\n Diluted net income (loss) per share\nincome stockholders $22,159(811,091)(929,121\n $22,159(811,091),121\n weighted-average common shares 144,796 140,825 139,370\n dilutive securities\n Restricted stock units\n Dilutive shares 147,525 140,825 139,370\n Dilutive income share $." +} +{ + "_id": "d1b34f8f4", + "title": "", + "text": "As a result of the adoption of ASC 606, our deferred product revenues and deferred product costs for the fleet management and auto vehicle finance verticals increased as balances are now amortized over the estimated average in-service lives of these devices. Deferred income tax assets and accumulated deficit increased as a result of the changes made to our deferred product revenues and deferred product costs. The cumulative effect of the changes made to our consolidated balance sheet for the adoption of ASC 606 were as follows (in thousands):\n(1) Deferred product costs included in Prepaid expenses and other current assets and Other assets amounted to $5.4 million and $6.0 million, respectively, as of March 1, 2018.\n\n | Balance at | ASC 606 | Balance at \n--------------------------------------------- | ------------------------------------ | ----------- | -------------\n | February 28, 2018 | Adjustments | March 1, 2018\n | Assets | | \nPrepaid expenses and other current assets (1) | $12,000 | 1,891 | $13,891 \nDeferred income tax assets | 31,581 | 532 | 32,113 \nOther assets (1) | 18,829 | 3,145 | 21,974 \n | | | \n | Liabilities and Stockholders' Equity | | \nDeferred revenue | $17,757 | 2,156 | 19,913 \nOther non-current liabilities | 24,249 | 5,007 | 29,256 \n | | | \n | Stockholders' equity | | \n\nASC 606 deferred revenues costs fleet management auto vehicle finance increased amortized-service lives. Deferred income tax assets deficit increased. cumulative\n Deferred product costs Prepaid expenses $5. 4 million $6. 0 million March 1, 2018.\n ASC 606\n February 28, 2018 Adjustments March 1 2018\n Assets\n Prepaid expenses current assets $12,000 1,891 $13,891\n Deferred income tax assets 31,581 32,113\n Other assets 18,829 3,145 21,974\n Liabilities Stockholders' Equity\n Deferred revenue $17,757 2,156 19,913\n non-current liabilities 24,249,007\n" +} +{ + "_id": "d1b39ff66", + "title": "", + "text": "Intangible Assets\nInternal software development costs of $2,526 and $12,666 were capitalized during the years ended December 31, 2019 and 2018, respectively, and are classified within software development costs as an intangible asset. Amortization expense related to the capitalized internally developed software was $7,464 and $3,832 for the years ended December 31, 2019 and 2018, respectively, and is included in cost of revenues, sales and marketing and general and administrative expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss.\nExpressed in US $000's except share and per share amounts\n\n | December 31, 2018 | | \n------------------------------- | ----------------- | ------------------------ | --------------\n | Cost | Accumulated amortization | Net book value\n | $ | $ | $ \nAcquired technology | 15,556 | 7,875 | 7,681 \nSoftware development costs | 24,963 | 9,226 | 15,737 \nAcquired customer relationships | 495 | 346 | 149 \nPurchased software | 6,973 | 4,503 | 2,470 \nOther intangible assets | 591 | 556 | 35 \n | 48,578 | 22,506 | 26,072 \n\nIntangible Assets\n software costs $2,526 $12,666 December 2019 2018 intangible asset. Amortization $7,464 $3,832 2019 revenues sales marketing administrative expenses Consolidated Statements Operations Loss.\n US $000's\n Accumulated amortization Net book value\n Acquired technology 15,556 7,681\n Software costs 24,963 9,226 15,737\n Acquired customer relationships\n Purchased software 6,973 4,503 2,470\n Other intangible assets 591\n 48,578 22,506 26,072" +} +{ + "_id": "d1b38b32c", + "title": "", + "text": "Note 6 — Accounts Receivable, net\nThe Company’s net accounts receivable consists of:\nAt December 31, 2019 and 2018, the Company had recorded allowances for doubtful accounts of $1.8 million and $1.3 million, respectively, against Restaurant/Retail segment accounts receivable. Write-offs of accounts receivable during fiscal years 2019 and 2018 were $0.3 million and $0.4 million, respectively. The bad debt expense which is recorded in the consolidated statements of operations was $0.8 million and $0.8 million in 2019 and 2018, respectively.\nReceivables recorded as of December 31, 2019 and 2018 all represent unconditional rights to payments from customers.\n\n | December 31, | \n-------------------------- | -------------- | -------\n | (in thousands) | \n | 2019 | 2018 \nGovernment segment: | | \nBilled | $11,608 | $9,100 \nAdvanced billings | (608) | (563) \n | 11,000 | 8,537 \nRestaurant/Retail segment: | | \nAccounts receivable - net | 30,774 | 17,682 \n | $41,774 | $26,219\n\n6 Accounts Receivable\n December 31, 2019 2018 allowances doubtful accounts $1. 8 million $1. 3 million against Restaurant/Retail accounts. Write-offs 2019 $0. 3 million. 4 million. bad debt expense consolidated statements $0. 8 million. 8 million 2018.\n Receivables unconditional rights payments customers.\n Government segment\n $11,608 $9,100\n Advanced billings\n Restaurant/Retail segment\n Accounts receivable 30,774\n $41,774 $26,219" +} +{ + "_id": "d1b2e46e4", + "title": "", + "text": "ASSUMPTIONS USED IN STOCK OPTION PRICING MODEL\nThe fair value of options granted was determined using a variation of a binomial option pricing model that takes into account factors specific to the share incentive plans, such as the vesting period. The following table shows the principal assumptions used in the valuation.\nExpected dividend growth is commensurate with BCE’s dividend growth strategy. Expected volatility is based on the historical volatility of BCE’s share price. The risk-free rate used is equal to the yield available on Government of Canada bonds at the date of grant with a term equal to the expected life of the options\n\n | 2019 | 2018 \n---------------------------------------------- | ----- | -----\nWeighted average fair value per option granted | $2.34 | $2.13\nWeighted average share price | $58 | $57 \nWeighted average exercise price | $58 | $56 \nExpected dividend growth | 5% | 5% \nExpected volatility | 14% | 12% \nRisk-free interest rate | 2% | 2% \nExpected life (years) | 4 | 4 \n\nOPTION PRICING MODEL\n fair value options determined binomial option pricing model. table assumptions valuation.\n dividend growth BCE’s strategy. volatility based historical volatility share price. risk-free rate equal yield Government Canada bonds grant life options\n average fair value per option $2. 34.\n share price $58 $57\n exercise price $58 $56\n dividend growth 5%\n volatility 14%\n Risk-free interest rate 2%\n life (years 4" +} +{ + "_id": "d1b37762e", + "title": "", + "text": "The reconciliation between U.S. federal income taxes at the statutory rate and income tax expense (benefit) was as follows:\n(1) The U.S. federal statutory rate was 21% for fiscal 2019, 24.58% for fiscal 2018, and 35%\nfor fiscal 2017.\n(2) Excludes items which are separately presented.\nThe income tax benefit for fiscal 2019 included a $216 million income tax benefit related to the tax impacts of certain measures of the Switzerland Federal Act on Tax Reform and AHV Financing (“Swiss Tax Reform”), a $90 million income tax benefit related to the effective settlement of a tax audit in a non-U.S. jurisdiction, and $15 million of income tax expense associated with the tax impacts of certain legal entity restructurings and intercompany transactions. See “Swiss Tax Reform” below for additional information regarding Swiss Tax Reform.\nThe income tax benefit for fiscal 2018 included a $1,222 million net income tax benefit associated with the tax impacts of certain legal entity restructurings and intercompany transactions that occurred in the quarter ended September 28, 2018. The net income tax benefit of $1,222 million related primarily to the recognition of certain non-U.S. loss carryforwards and basis differences in subsidiaries expected to be utilized against future taxable income, partially offset by a $46 million increase in the valuation allowance for certain U.S. federal tax credit carryforwards. The income tax benefit for fiscal 2018 also included $567 million of income tax expense related to the tax impacts of the Tax Cuts and Jobs Act (the “Act”) and a $61 million net income tax benefit related to the tax impacts of certain legal entity restructurings that occurred in the quarter ended December 29, 2017. See “Tax Cuts and Jobs Act” below for additional information regarding the Act.\nThe income tax expense for fiscal 2017 included a $52 million income tax benefit associated with the tax impacts of certain intercompany transactions and the corresponding reduction in the valuation allowance for U.S. tax loss carryforwards, a $40 million income tax benefit related to share-based payments and the adoption of ASU No. 2016-09, and a $14 million income tax benefit associated with pre-separation tax matters.\n\n | | Fiscal | \n------------------------------------------------------------------ | ------ | ------------- | -----\n | 2019 | 2018 | 2017 \n | | (in millions) | \nNotional U.S. federal income tax expense at the statutory rate (1) | $ 406 | $ 551 | $ 602\nAdjustments to reconcile to the income tax expense (benefit): | | | \nU.S. state income tax benefit, net | (5) | (7) | (4) \nTax law changes | 15 | 638 | 7 \nTax credits | (22) | (8) | (8) \nNon-U.S. net earnings(2) | (166) | (213) | (355)\nChange in accrued income tax liabilities | (61) | 13 | 24 \nValuation allowance | (163) | 33 | (1) \nLegal entity restructuring and intercompany transactions | 3 | (1,329) | (40) \nExcess tax benefits from share-based payments | (8) | (24) | (40) \nOther | (14) | 2 | (5) \nIncome tax expense (benefit) | $ (15) | $ (344) | $ 180\n\nreconciliation U. S. federal income taxes expense\n. statutory rate 21% 2019. 58% 2018 35%\n 2017.\n.\n income tax benefit 2019 $216 million Switzerland Federal Act Tax Reform AHV Financing $90 million benefit settlement tax audit non-U. S. jurisdiction $15 million expense legal entity restructurings intercompany transactions. “Swiss Tax.\n income tax benefit 2018 $1,222 million legal entity restructurings transactions September 28, 2018. non-U. S. loss carryforwards basis differences subsidiaries income offset $46 million increase valuation allowance U. S. federal tax credit carryforwards. $567 million expense Tax Cuts and Jobs Act $61 million net benefit legal entity restructurings December 29, 2017. Cuts and Jobs.\n income tax expense 2017 $52 million benefit intercompany transactions reduction valuation allowance U. S. tax loss carryforwards $40 million benefit share-based payments ASU No.2016-09 $14 million income tax benefit pre-separation tax.\n 2019 2018 2017\n millions\n. federal income tax expense statutory rate $ 406 $ 551 $ 602\n Adjustments income tax expense\n. state income tax benefit\n Tax law changes\n Tax credits\n Non. net (166) (213) (355)\n accrued income tax liabilities (61\n Valuation allowance\n Legal entity restructuring transactions,329)\n Excess tax benefits share-based payments\n Income tax expense $ (344) 180" +} +{ + "_id": "d1b2f4fc6", + "title": "", + "text": "Information about VMware’s payments for such arrangements during the periods presented consisted of the following (table in millions):\n1) Amount includes indirect taxes that were remitted to Dell during the periods presented.\nVMware also purchases Dell products through Dell’s channel partners. Purchases of Dell products through Dell’s channel partners were not significant during the periods presented.\nFrom time to time, VMware and Dell also enter into joint marketing, sales, branding and product development arrangements, for which both parties may incur costs.\nDuring the fourth quarter of fiscal 2020, VMware entered into an arrangement with Dell to transfer approximately 250 professional services employees from Dell to VMware. These employees are experienced in providing professional services delivering VMware technology and this transfer centralizes these resources within the Company in order to serve its customers more efficiently and effectively. The transfer was substantially completed during the fourth quarter of fiscal 2020 and did not have a material impact to the consolidated financial statements. VMware also expects that Dell will resell VMware consulting solutions.\nDuring the third quarter of fiscal 2019, VMware acquired technology and employees related to the Dell EMC Service Assurance Suite, which provides root cause analysis management software for communications service providers, from Dell. The purchase of the Dell EMC Service Assurance Suite was accounted for as a transaction by entities under common control. The amount of the purchase price in excess of the historical cost of the acquired assets was recognized as a reduction to retained earnings on the consolidated balance sheets. Transition services were provided by Dell over a period of 18 months, starting from the date of the acquisition, which were not significant.\nDuring the second quarter of fiscal 2018, VMware acquired Wavefront, Inc. (“Wavefront”). Upon closing of the acquisition, Dell was paid $20 million in cash for its non-controlling ownership interest in Wavefront.\n\n | | For the Year Ended | \n------------------------------------------------------------- | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nPurchases and leases of products and purchases of services(1) | $242 | $200 | $142 \nDell subsidiary support and administrative costs | 119 | 145 | 212 \n\nVMware’s payments for arrangements\n includes indirect taxes to Dell.\n VMware purchases Dell products through channel partners. not significant.\n VMware Dell joint marketing sales branding product development arrangements incur costs.\n fourth quarter fiscal 2020 VMware 250 professional services employees. experienced transfer centralizes resources. transfer completed fourth quarter 2020 consolidated financial statements. expects Dell resell consulting solutions.\n third quarter fiscal 2019 VMware acquired technology employees Dell EMC Service Assurance Suite from Dell. transaction common control. purchase price recognized as reduction to retained earnings. Transition services provided 18 months not significant.\n second quarter fiscal 2018 VMware acquired Wavefront, Inc. Dell paid $20 million cash for non-controlling ownership interest in Wavefront.\n Year Ended\n January 31, 2020 February 1, 2019 February 2, 2018\n Purchases leases of products services(1) $242 $200 $142\nDell subsidiary costs 145" +} +{ + "_id": "d1b3ba3c0", + "title": "", + "text": "Earnings per share presents the amount of profit generated for the reporting period attributable to shareholders divided by the weighted average number of shares on issue. The potential for any share rights issued by the Group to dilute existing shareholders’ ownership when the share rights are exercised are also presented.\n(1) Weighted average number of shares has been adjusted to remove shares held in trust by Woolworths Custodian Pty Ltd (as trustee of various employee share trusts)\n(2) Includes 8.0 million (2018: 3.4 million) shares deemed to be issued for no consideration in respect of employee performance rights.\nIn 2019, the weighted average number of ordinary shares used in the calculation of EPS included the effect of the off-market share buy-back that was completed on 27 May 2019, resulting in 58.7 million ordinary shares being cancelled. Refer to Note 4.3 for further details on the share buy-back.\n\n | 2019 | 2018 \n----------------------------------------------------------------------------------- | -------- | --------\n | 53 WEEKS | 52 WEEKS\nProfit for the period attributable to equity holders of the parent entity used in | | \nearnings per share ($M) | | \nContinuing operations | 1,493 | 1,605 \nDiscontinued operations | 1,200 | 119 \n | 2,693 | 1,724 \nWeighted average number of shares used in earnings per share (shares, millions) (1) | | \nBasic earnings per share | 1,305.7 | 1,300.5 \nDiluted earnings per share (2) | 1,313.7 | 1,303.9 \nBasic earnings per share (cents per share) (1) | | \nContinuing operations | 114.3 | 123.4 \nDiscontinued operations | 91.9 | 9.2 \n | 206.2 | 132.6 \nDiluted earnings per share (cents per share) (1,2) | | \nContinuing operations | 113.6 | 123.1 \nDiscontinued operations | 91.3 | 9.2 \n | 204.9 | 132.3 \n\nEarnings per share profit period shareholders divided by weighted average shares. potential share rights dilute ownership.\n adjusted remove shares Woolworths Custodian Pty Ltd trustee employee trusts\n Includes 8. million (2018. million shares issued employee performance rights.\n 2019 off-market share buy-back 27 May 2019 58. 7 million shares cancelled. Note 4. details share buy-back.\n 53 WEEKS 52 WEEKS\n Profit equity holders parent entity\n earnings per share ($M\n 1,493 1,605\n Discontinued operations 1,200 119\n 2,693 1,724\n Weighted average shares earnings per\n earnings per 1,305. 1,300. 5\n Diluted earnings per 1,313. 1,303.\n earnings\n 114. 123.\n Discontinued 91.\n 206. 132.\n Diluted earnings per\n 113. 123.\n 91. 9.\n204. 132." +} +{ + "_id": "d1b361266", + "title": "", + "text": "Goodwill\nThe following table summarizes the changes in the carrying amount of goodwill during the periods presented (table in millions):\n\n | January 31, 2020 | February 1, 2019\n----------------------------------------------------- | ---------------- | ----------------\nBalance, beginning of the year | $7,418 | $6,660 \nIncrease in goodwill related to business combinations | 1,911 | 784 \nOther adjustment | — | (26) \nBalance, end of the year | $9,329 | $7,418 \n\n\n table summarizes changes goodwill\n January 31, 2020 February 1, 2019\n $7,418 $6,660\n Increase goodwill business combinations 1,911 784\n end year $9,329 $7,418" +} +{ + "_id": "d1b32ae78", + "title": "", + "text": "30. Financial instruments and financial risk management continued\nb) Credit risk continued\nThe composition of trade receivables at 31 December is as follows:\nThe Group closely monitors amounts due from customers and performs activities such as credit checks and reviews of payment history and has put in place appropriate credit approval limits. Based on these procedures, management assessed the quality of those receivables that are past due but not impaired as low risk.\nThe receivables’ provision is based on expected credit losses. The movement on the provision during the year is given in note 20. The value of impaired trade receivables is $1.4 million (2018 $0.9 million). For all other financial assets, the maximum exposure to credit risk is represented by the carrying amount.\n\n | 2019 | 2018 \n----------------------------- | --------- | ---------\n | $ million | $ million\nNeither impaired nor past due | 115.3 | 99.8 \nPast due but not impaired: | | \n– Less than 30 days overdue | 8.6 | 16.8 \n– 30 to 60 days | 3.6 | 3.2 \n– Over 60 days | 1.2 | 3.6 \nTrade receivables | 128.7 | 123.4 \n\n. Financial instruments risk management\n Credit risk\n composition trade receivables 31 December\n Group monitors due credit checks credit approval limits. assessed quality receivables past due not impaired low risk.\n provision based credit losses. movement note 20. value impaired receivables $1. 4 million (2018 $0. 9 million. maximum exposure credit risk carrying amount.\n Neither impaired past due.\n due not impaired\n Less than 30 days overdue.\n 30 to 60 days.\n Over 60 days.\n Trade receivables." +} +{ + "_id": "d1b30fc4a", + "title": "", + "text": "Research and Development Expenses: research and development expenses consist primarily of personnel related expenditures. We intend to continue to invest significantly in our research and development efforts because, in our judgment, they are essential to maintaining our competitive position.\n(1) Excluding stock-based compensation\nOn a constant currency basis, total research and development expenses were flat in fiscal 2019, as lower employee related expenses including lower variable compensation were offset by an increase in stock-based compensation expenses .\n\nYear Ended May 31, | | | | \n---------------------------- | ------ | ------ | -------------- | ------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nResearch and development (1) | $5,063 | -2% | 0% | $5,163\nStock-based compensation | 963 | 5% | 5% | 921 \nTotal expenses | $6,026 | -1% | 0% | $6,084\n% of Total Revenues | 15% | | | 15% \n\nResearch Development Expenses personnel expenditures. continue invest essential competitive position.\n Excluding stock-based compensation\n research development expenses flat 2019 lower expenses offset stock-based compensation.\n Year Ended May 31,\n Percent Change\n millions 2019 2018\n Research development $5,063 -2% 0% $5,163\n Stock-based compensation 963 5%\n Total expenses $6,026 -1% 0% $6,084\n % Total Revenues 15%" +} +{ + "_id": "d1a71cfa0", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\n20. SUPPLEMENTAL CASH FLOW INFORMATION\nSupplemental cash flow information and non-cash investing and financing activities are as follows for the years ended December 31,:\n(1) Related to the note extinguishment with TV Azteca, S.A. de C.V. in 2018.\n\n | 2019 | 2018 | 2017 \n-------------------------------------------------------------------------------------------------------------------------------- | ------ | ------ | ------\nSupplemental cash flow information: | | | \nCash paid for interest | $750.2 | $789.7 | $712.1\nCash paid for income taxes (net of refunds of $11.2, $25.0 and $20.7, respectively) | 147.5 | 163.9 | 136.5 \nNon-cash investing and financing activities: | | | \n(Decrease) increase in accounts payable and accrued expenses for purchases of property and equipment and construction activities | (21.0) | 8.3 | 34.0 \nPurchases of property and equipment under finance leases, perpetual easements and capital leases | 81.3 | 57.8 | 54.8 \nFair value of debt assumed through acquisitions | 329.8 | — | — \nAcquisition of Commercialization Rights (1) | — | 24.8 | — \nConversion of third-party debt to equity | — | — | 48.2 \nDebt financed acquisition of communication sites | — | 54.2 | — \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS\n. SUPPLEMENTAL CASH FLOW\n non investing financing activities years December 31,\n extinguishment TV Azteca. 2018.\n cash flow\n interest $750. $789. $712.\n income taxes refunds $11. $25. $20. 147. 163. 136.\n Non-cash investing financing activities\n accounts payable accrued expenses purchases property equipment construction activities. 34.\n Purchases property equipment leases easements capital leases 81. 57. 54.\n debt assumed acquisitions 329.\n Acquisition Commercialization Rights.\n Conversion third-party debt equity.\n acquisition communication sites." +} +{ + "_id": "d1b2e5d50", + "title": "", + "text": "5. Income taxes: (Continued)\nIn the normal course of business the Company takes positions on its tax returns that may be challenged by taxing\nauthorities. The Company evaluates all uncertain tax positions to assess whether the position will more likely than not\nbe sustained upon examination. If the Company determines that the tax position is not more likely than not to be\nsustained, the Company records a liability for the amount of the benefit that is not more likely than not to be realized\nwhen the tax position is settled. The Company does not have a liability for uncertain tax positions at December 31,\n2019 and does not expect that its liability for uncertain tax positions will materially increase during the twelve months\nended December 31, 2020, however, actual changes in the liability for uncertain tax positions could be different than\ncurrently expected. If recognized, changes in the Company's total unrecognized tax benefits would impact the\nCompany's effective income tax rate.\nIn the normal course of business the Company takes positions on its tax returns that may be challenged by taxing authorities. The Company evaluates all uncertain tax positions to assess whether the position will more likely than not be sustained upon examination. If the Company determines that the tax position is not more likely than not to be sustained, the Company records a liability for the amount of the benefit that is not more likely than not to be realized when the tax position is settled. The Company does not have a liability for uncertain tax positions at December 31, 2019 and does not expect that its liability for uncertain tax positions will materially increase during the twelve months ended December 31, 2020, however, actual changes in the liability for uncertain tax positions could be different than currently expected. If recognized, changes in the Company's total unrecognized tax benefits would impact the Company's effective income tax rate. In the normal course of business the Company takes positions on its tax returns that may be challenged by taxing authorities. The Company evaluates all uncertain tax positions to assess whether the position will more likely than not be sustained upon examination. If the Company determines that the tax position is not more likely than not to be sustained, the Company records a liability for the amount of the benefit that is not more likely than not to be realized when the tax position is settled. The Company does not have a liability for uncertain tax positions at December 31, 2019 and does not expect that its liability for uncertain tax positions will materially increase during the twelve months ended December 31, 2020, however, actual changes in the liability for uncertain tax positions could be different than currently expected. If recognized, changes in the Company's total unrecognized tax benefits would impact the Company's effective income tax rate. In the normal course of business the Company takes positions on its tax returns that may be challenged by taxing authorities. The Company evaluates all uncertain tax positions to assess whether the position will more likely than not be sustained upon examination. If the Company determines that the tax position is not more likely than not to be sustained, the Company records a liability for the amount of the benefit that is not more likely than not to be realized when the tax position is settled. The Company does not have a liability for uncertain tax positions at December 31, 2019 and does not expect that its liability for uncertain tax positions will materially increase during the twelve months ended December 31, 2020, however, actual changes in the liability for uncertain tax positions could be different than currently expected. If recognized, changes in the Company's total unrecognized tax benefits would impact the Company's effective income tax rate.\nThe Company or one of its subsidiaries files income tax returns in the US federal jurisdiction and various state and foreign jurisdictions. The Company is subject to US federal tax and state tax examinations for years 2004 to 2019. The Company is subject to tax examinations in its foreign jurisdictions generally for years 2005 to 2019.\nThe following is a reconciliation of the Federal statutory income taxes to the amounts reported in the financial statements (in thousands).\n\n | | Years Ended December 31, | \n--------------------------------------------- | --------- | ------------------------ | ---------\n | 2019 | 2018 | 2017 \nFederal income tax expense at statutory rates | $(11,061) | $(8,690) | $(10,892)\nEffect of: | | | \nState income taxes, net of federal benefit | (2,973) | (2,665) | (2,244) \nImpact of foreign operations | (11) | (146) | 74 \nNon-deductible expenses | (592) | (1,274) | (1,350) \nFederal tax rate change | — | — | (9,046) \nTax effect of TCJA from foreign earnings | (28) | (130) | (2,296) \nOther | (581) | (645) | 239 \nChanges in valuation allowance | 92 | 835 | 273 \nIncome tax expense | $(15,154) | $(12,715) | $(25,242)\n\n5. Income taxes (Continued\n normal business Company takes positions on tax returns challenged by taxing\n authorities. evaluates uncertain tax positions\n. If position not likely\n records liability for benefit not likely realized\n when settled. Company liability for uncertain tax positions at December 31,\n 2019 expect liability increase twelve months\n ended December 31, 2020 changes in liability could different\n. If changes tax benefits impact\n effective income tax rate.\n takes positions tax returns challenged by authorities. evaluates uncertain tax positions. If not likely records liability for benefit not likely not realized when settled. liability for uncertain tax positions at December 31, 2019 expect liability increase twelve months ended December 31, 2020 changes in liability could different. If recognized changes tax benefits impact effective income tax rate. takes positions tax returns challenged. evaluates uncertain tax positions.Company determines tax position not likely sustained records liability for benefit settled. liability for uncertain tax positions at December 31, 2019 expect increase twelve months ended December 31, 2020 changes liability could. changes tax benefits impact effective income tax rate. Company takes positions on tax returns challenged by taxing authorities. evaluates uncertain tax positions. not likely records liability for benefit not likely settled. liability for uncertain tax positions at December 31, 2019 expect increase twelve months December 2020 changes could. changes unrecognized tax benefits impact effective income tax rate.\n Company files income tax returns in US federal state foreign jurisdictions. subject to US federal state tax examinations years 2004 to 2019. tax examinations foreign jurisdictions 2005 to 2019.\n reconciliation of Federal statutory income taxes to financial statements.\n Years Ended December 31,\n 2019 2018 2017\nincome tax(11,061)(8,690,892)\n State taxes federal benefit (2,973 (2,665),244)\n foreign operations\n Non-deductible expenses (1,274) (1,350\n Federal tax rate change (9\n TCJA foreign earnings (2,296\n Changes valuation allowance\n Income tax expense(15,154),715)(25,242)" +} +{ + "_id": "d1b3a4dea", + "title": "", + "text": "8.1 CAPITAL STRUCTURE\nThe table below summarizes debt-related financial ratios over the last two fiscal years and the fiscal 2020 guidelines:\n(1) Based on mid-range guidelines. (2) Excludes amortization of deferred transaction costs and commitment fees but includes the impact of interest rate swaps. Potential variations in the US LIBOR rates in fiscal 2020 have not been considered. (3) Taking into consideration the interest rate swaps in effect at the end of each fiscal year. (4) Net indebtedness is defined as the aggregate of bank indebtedness, balance due on business combinations and principal on long-term debt, less cash and cash equivalents. (5) Adjusted EBITDA and financial expense for fiscal year 2018 include only eight months of MetroCast operations. (6) Specific guidance on interest coverage cannot be provided given that financial expense guidance is not provided.\nIn fiscal 2019, the financial leverage ratio relating to net indebtedness over adjusted EBITDA has declined as a result of the sale of Cogeco Peer 1 on April 30, 2019 for a net cash consideration of $720 million and to a lesser extent growing adjusted EBITDA and a reduction in net indebtedness from generated free cash flow. In fiscal 2020, prior to the adoption of IFRS 16 Leases, the financial leverage ratio relating to net indebtedness over adjusted EBITDA should continue to decline as a result of growing adjusted EBITDA and a projected reduction in net indebtedness from generated free cash flow.\n\nYears ended August 31, | 2020 Guidelines(1) | 2019 | 2018\n---------------------------------------- | ------------------ | ---- | ----\nAverage cost of indebtedness(2) | 4.4% | 4.4% | 4.4%\nFixed rate indebtedness(3) | 78% | 78% | 72% \nAverage term: long-term debt (in years) | 3.9 | 4.9 | 5.7 \nNet indebtedness(4) / adjusted EBITDA(5) | 2.3 | 2.6 | 3.8 \nAdjusted EBITDA / financial expense(5) | N/A (6) | 6.3 | 5.4 \n\n. CAPITAL STRUCTURE\n table summarizes debt-related financial ratios last two years 2020 guidelines\n mid-range guidelines. Excludes amortization deferred costs fees includes interest rate swaps. US LIBOR rates 2020 not considered. interest rate swaps. Net indebtedness bank indebtedness balance business combinations long-term debt less cash equivalents. Adjusted EBITDA financial expense 2018 include eight months MetroCast operations. interest coverage financial expense.\n 2019 financial leverage ratio net indebtedness EBITDA declined sale Cogeco Peer 1 $720 million growing adjusted EBITDA reduction indebtedness cash flow. 2020 IFRS 16 Leases leverage ratio growing adjusted EBITDA reduction.\n Years ended August 31, 2020\n Average cost.\n Fixed rate indebtedness(3) 78%\n long-term debt 3.\n Net indebtedness(4) adjusted EBITDA(5).\n EBITDA financial expense(5)." +} +{ + "_id": "d1b3616a8", + "title": "", + "text": "The following table sets forth activity during the years ended December 31, 2019 and 2018 related to finite-lived intangible assets:\nThe Company regularly reviews the carrying amounts of its long-lived assets subject to depreciation and amortization, as well as the related useful lives, to determine whether indicators of impairment may exist which warrant adjustments to carrying values or estimated useful lives. An impairment loss is recognized when the sum of the expected future undiscounted net cash flows is less than the carrying amount of the asset.\nShould impairment exist, the impairment loss is measured based on the excess of the carrying amount of the asset over the asset’s fair value. During the years ended December 31, 2019 and 2017, no impairment losses related to finite-lived intangible assets were recognized. Impairment loss related to finite-lived intangible assets for the year ended December 31, 2018 was $2.2 million and related to acquired developed technology.\n\n | Years Ended December 31, | \n-------------------------------------------- | ------------------------ | --------\n | 2019 | 2018 \n | (in thousands) | \nBeginning balance | $240,500 | $310,645\nOther additions | 86 | — \nTransfers to developed technology from IPR&D | 4,400 | — \nAmortization | (57,015) | (67,947)\nImpairment losses | — | (2,198) \nEnding balance | $187,971 | 240,500 \n\ntable activity December 2019 2018 finite intangible assets\n Company reviews long-lived assets impairment adjustments. impairment loss expected future net cash flows less than carrying amount.\n loss measured excess carrying amount over fair value. 2019 2017 no impairment losses. Impairment loss 2018 $2. 2 million acquired technology.\n Years Ended December 31,\n 2019 2018\n Beginning balance $240,500 $310,645\n additions 86\n Transfers technology IPR&D 4,400\n Amortization (57,015) (67,947)\n Impairment losses (2,198)\n Ending balance $187,971 240,500" +} +{ + "_id": "d1b3bca94", + "title": "", + "text": "Horizon Clinicals and Series2000 Revenue Cycle Discontinued Operation\nTwo of the product offerings acquired with the EIS Business in 2017, Horizon Clinicals and Series2000 Revenue Cycle, were sunset after March 31, 2018. The decision to discontinue maintaining and supporting these solutions was made prior to our acquisition of the EIS Business and, therefore, they are presented below as discontinued operations.\nUntil the end of the first quarter of 2018, we were involved in ongoing maintenance and support for these solutions until customers transitioned to other platforms. No disposal gains or losses were recognized during the year ended December 31, 2018 related to these discontinued solutions. We had $0.9 million of accrued expenses associated with the Horizon Clinicals and Series2000 Revenue Cycle businesses on the consolidated balance sheets as of December 31, 2018\nThe following table summarizes the major income and expense line items of these discontinued solutions, as reported in the consolidated statements of operations for the years ended December 31, 2018 and 2017:\n\n(In thousands) | 2018 | 2017 \n-------------------------------------------------------------------------------------------------------------------------------------------- | ------- | -------\nMajor classes of line items constituting pretax profit (loss) of discontinued operations for Horizon Clinicals and Series2000 Revenue Cycle: | | \nRevenue: | | \nSoftware delivery, support and maintenance | $9,441 | $10,949\nClient services | 404 | 1,044 \nTotal revenue | 9,845 | 11,993 \nCost of revenue: | | \nSoftware delivery, support and maintenance | 2,322 | 2,918 \nClient services | 830 | 261 \nTotal cost of revenue | 3,152 | 3,179 \nGross profit | 6,693 | 8,814 \nResearch and development | 1,651 | 1,148 \nIncome from discontinued operations for Horizon Clinicals and Series2000 Revenue Cycle before income taxes | 5,042 | 7,666 \nIncome tax provision | (1,311) | (2,990)\nIncome from discontinued operations, net of tax for Horizon Clinicals and Series2000 Revenue Cycle | $3,731 | $4,676 \n\nHorizon Clinicals Series2000 Revenue Cycle Discontinued\n acquired 2017 sunset after March 31, 2018. decision discontinue prior acquisition presented discontinued operations.\n Until first quarter 2018 maintenance support customers transitioned platforms. No disposal gains losses December 31, 2018 discontinued. $0. 9 million accrued expenses Horizon Clinicals consolidated balance sheets December 31, 2018\n table summarizes income expense discontinued solutions December 31, 2018 2017:\n pretax profit (loss discontinued operations Horizon Clinicals Revenue Cycle\n Software delivery support maintenance $9,441 $10,949\n Client services\n 9,845 11,993\n 2,322\n 3,152 3,179\n Gross profit 6,693 8,814\n Research development 1,651 1,148\n Income operations before income taxes 5,042 7,666\n tax provision (1\ndiscontinued Horizon Clinicals $3,731 $4,676" +} +{ + "_id": "d1b338a6e", + "title": "", + "text": "Opening Balance Sheet Adjustments\nThe following summarizes the effect of adopting the above new accounting standards:\n(1) The balance as of March 30, 2018, includes income tax receivable and prepaid income taxes of $107 million and short-term deferred commissions of $94 million. The opening balance as of March 31, 2018, includes income tax receivable and prepaid income taxes of $99 million and short-term deferred commissions of $86 million.\n(2) The balance as of March 30, 2018, includes long-term deferred commissions of $35 million, long-term income tax receivable and prepaid income taxes of $61 million and deferred income tax assets of $46 million. The opening balance as of March 31, 2018, includes long-term deferred commissions of $92 million, long-term income tax receivable and prepaid income taxes of $29 million, and deferred income tax assets of $828 million.\n\n(in millions) | Balance as of March 30, 2018 | Revenue Recognition Guidance | Accounting for Income Taxes Guidance | Opening Balance as of March 31, 2018\n------------------------------- | ---------------------------- | ---------------------------- | ------------------------------------ | ------------------------------------\nAccounts receivable, net | $809 | $24 | $— | $833 \nOther current assets (1) | $522 | $(8) | $(8) | $506 \nOther long-term assets (2) | $526 | $57 | $750 | $1,333 \nTotal assets | $15,759 | $73 | $742 | $16,574 \nShort-term contract liabilities | $2,368 | $(107) | $— | $2,261 \nOther current liabilities | $372 | $(2) | $— | $370 \nLong-term contract liabilities | $735 | $(62) | $— | $673 \nDeferred income tax liabilities | $592 | $47 | $— | $639 \nTotal liabilities | $10,736 | $(124) | $— | $10,612 \nRetained earnings | $328 | $197 | $742 | $1,267 \n\nBalance Sheet Adjustments\n new accounting standards\n balance March 30, 2018 includes $107 million short-term deferred commissions $94 million. March 31, $99 million short-term deferred commissions $86 million.\n March long-term deferred commissions $35 million taxes $61 million deferred assets $46 million. balance 31, $92 million $29 million deferred assets $828 million.\n Balance March 30 2018 Revenue Recognition Guidance Accounting Income Taxes Guidance Opening Balance March 31, 2018\n Accounts receivable $809 $24 $833\n current assets $522\n long-term assets $526 $57\n Total assets $15,759\n Short-term contract liabilities $2,368,261\n current liabilities $372\n Long-term liabilities $735\n Deferred income tax liabilities $592 $639\n Total liabilities $10,736\nearnings $328 $197,267" +} +{ + "_id": "d1b2ff39a", + "title": "", + "text": "Results of Operations\nConsolidated Results of Operations\nThe following tables present certain financial data for the periods indicated (dollars in millions):\n\n | | Year ended December 31, | \n------------------------------------------------------------------------------ | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nRevenues | $1,177.2 | $1,114.0 | $1,051.6\nExpenses: | | | \nOperating expenses | 646.0 | 625.4 | 569.5 \nDepreciation and amortization | 236.2 | 217.0 | 206.5 \nTransition and integration costs | 5.4 | 6.6 | 13.1 \nTotal expenses | 887.6 | 849.0 | 789.1 \nOperating income | 289.6 | 265.0 | 262.5 \nOperating margin | 24.6% | 23.8% | 25.0% \nInterest expense, net | (63.5) | (51.7) | (57.5) \nOther expense, net | (1.4) | (7.1) | (12.6) \nEarnings before income taxes and equity in losses of unconsolidated affiliates | 224.7 | 206.2 | 192.4 \nIncome tax expense (benefit) | 41.9 | 37.7 | (61.8) \nEarnings before equity in losses of unconsolidated affiliates | 182.8 | 168.5 | 254.2 \nEquity in losses of unconsolidated affiliates, net of tax | (74.0) | — | — \nNet earnings | $108.8 | $168.5 | $254.2 \nEarnings per share: | | | \nNet earnings per share attributable to Black Knight common shareholders: | | | \nDiluted | $0.73 | $1.14 | $1.47 \nWeighted average shares of common stock outstanding: | | | \nDiluted | 148.6 | 148.2 | 152.4 \n\nOperations\n tables financial data periods\n Year December 31,\n 2019 2018 2017\n Revenues $1,177. $1,114. $1,051.\n Expenses\n Operating 646. 625. 569.\n Depreciation amortization 236. 217. 206.\n Transition integration costs 5. 6.\n expenses. 849.\n Operating income. 265. 262.\n Operating margin 24. 23.\n Interest expense (63.\n expense.\n Earnings income taxes equity losses unconsolidated affiliates 224. 206. 192.\n Income tax expense 41. 37.\n Earnings equity losses unconsolidated affiliates 182. 168. 254.\n Equity losses affiliates (74.\n earnings $108. $168. $254.\n Earnings share\n Black Knight shareholders\n $0. $1. $1.\n average shares common stock\n148. 6. 152." +} +{ + "_id": "d1b37ff2c", + "title": "", + "text": "(b) Purchase Commitments with Contract Manufacturers and Suppliers\nWe purchase components from a variety of suppliers and use several contract manufacturers to provide manufacturing services for our products. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate component supply, we enter into agreements with contract manufacturers and suppliers that either allow them to procure inventory based upon criteria as defined by us or establish the parameters defining our requirements. A significant portion of our reported purchase commitments arising from these agreements consists of firm, noncancelable, and unconditional commitments. Certain of these purchase commitments with contract manufacturers and suppliers relate to arrangements to secure long-term pricing for certain product components for multi-year periods. In certain instances, these agreements allow us the option to cancel, reschedule, and adjust our requirements based on our business needs prior to firm orders being placed.\nThe following table summarizes our purchase commitments with contract manufacturers and suppliers (in millions):\nWe record a liability for firm, noncancelable, and unconditional purchase commitments for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory. As of July 27, 2019 and July 28, 2018, the liability for these purchase commitments was $129 million and $159 million, respectively, and was included in other current liabilities.\n\nCommitments by Period | July 27, 2019 | July 28, 2018\n--------------------- | ------------- | -------------\nLess than 1 year | $4,239 | $5,407 \n1 to 3 years | 728 | 710 \n3 to 5 years | — | 360 \nTotal | $4,967 | $6,477 \n\nPurchase Commitments with Manufacturers Suppliers\n purchase components from services. lead times supply enter agreements with inventory parameters. purchase commitments firm noncancelable unconditional. long pricing for. agreements allow cancel reschedule adjust requirements.\n table summarizes purchase commitments with (in millions):\n record liability for firm noncancelable unconditional purchase commitments for future demand forecasts. July 27, 2019 July 28, 2018 liability for was $129 million and $159 million included in other current liabilities.\n Commitments by Period July 27, 2019 July 28, 2018\n Less than 1 year $4,239 $5,407\n 1 to 3 years 728\n 3 to 5 years\n Total $4,967 $6,477" +} +{ + "_id": "d1b3bd6b0", + "title": "", + "text": "Purchases of Equity Securities by the Issuer and Affiliated Purchasers\nThe following table provides information with respect to the shares of common stock repurchased by us during the three months ended April 26, 2019:\nIn May 2003, our Board of Directors approved a stock repurchase program. As of April 26, 2019, our Board of Directors has authorized the repurchase of up to $13.6 billion of our common stock, including a $4.0 billion increase approved by our Board of Directors in April 2018. Since inception of the program through April 26, 2019, we repurchased a total of 313 million shares of our common stock for an aggregate purchase price of $11.7 billion. Under this program, we may purchase shares of our outstanding common stock through solicited or unsolicited transactions in the open market, in privately negotiated transactions, through accelerated share repurchase programs, pursuant to a Rule 10b5-1 plan or in such other manner as deemed appropriate by our management. The stock repurchase program may be suspended or discontinued at any time.\n\nPeriod | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Shares That May Yet Be Purchased Under The Repurchased Program\n------------------------------------ | -------------------------------- | ---------------------------- | ---------------------------------------------------------------------- | ------------------------------------------------------------------------------------------\n | (Shares in thousands) | | (Shares in thousands) | (Dollars in millions) \nJanuary 26, 2019 - February 22, 2019 | 262 | $ 64.77 | 306,255 | $ 2,372 \nFebruary 23, 2019 - March 22, 2019 | 3,380 | $ 65.53 | 309,635 | $ 2,150 \nMarch 23, 2019 - April 26, 2019 | 3,608 | $72.49 | 313,244 | $ 1,889 \nTotal | 7,250 | $68.97 | | \n\nEquity Securities Issuer Affiliated Purchasers\n table common stock repurchased April 26, 2019\n May 2003, Board approved stock repurchase program. April 26, 2019 repurchase $13. 6 billion $4. 0 billion increase April 2018. repurchased 313 million shares price $11. 7 billion. open market privately accelerated repurchase programs Rule 10b5-1 plan. repurchase program discontinued.\n Period Shares Purchased Average Price Paid Share Program Approximate Dollar Value Shares Program\n millions\n January 26, 2019 - February 22, 2019 $ 64. 77 306,255 $ 2,372\n February 23, March 22, 2019 3,380 $ 65. 53 309,635 $ 2,150\n March April 26, 2019 3,608 $72. 49 313,244 $ 1,889\n 7,250 $68. 97" +} +{ + "_id": "d1b36aab4", + "title": "", + "text": "The following table presents summary results for each of our three businesses for each of fiscal 2019 , 2018 and 2017 :\n(1) Cloud and license revenues presented for management reporting included revenues related to cloud and license obligations that would have otherwise been recorded by the acquired businesses as independent entities but were not recognized in our consolidated statements of operations for the periods presented due to business combination accounting requirements. See Note 9 for an explanation of these adjustments and the table below for a reconciliation of our total operating segment revenues to our total consolidated revenues as reported in our consolidated statements of operations\n(2) The margins reported reflect only the direct controllable costs of each line of business and do not include allocations of product development, general and administrative and certain other allocable expenses, net. Additionally, the margins reported above do not reflect amortization of intangible assets, acquisition related and other expenses, restructuring expenses, stock-based compensation, interest expense or non-operating income, net. refer to the table below for a reconciliation of our total margin for operating segments to our income before provision for income taxes as reported per our consolidated statements of operations.\n\nYear Ended May 31, | | | \n------------------------------------------- | ------- | ------- | -------\n(in millions) | 2019 | 2018 | 2017 \nCloud and license: | | | \nrevenues (1) | $32,582 | $32,041 | $30,452\nCloud services and license support expenses | 3,597 | 3,441 | 2,881 \nSales and marketing expenses | 7,398 | 7,213 | 6,770 \nMargin (2) | $21,587 | $21,387 | $20,801\nHardware: | | | \nrevenues | $3,704 | $3,994 | $4,152 \nHardware products and support expenses | 1,327 | 1,547 | 1,618 \nSales and marketing expenses | 520 | 643 | 825 \nMargin (2) | $1,857 | $1,804 | $1,709 \nServices: | | | \nrevenues | $3,240 | $3,395 | $3,359 \nServices expenses | 2,703 | 2,729 | 2,661 \nMargin (2) | $537 | $666 | $698 \nTotals: | | | \nrevenues (1) | $39,526 | $39,430 | $37,963\nExpenses | 15,545 | 15,573 | 14,755 \nMargin (2) | $23,981 | $23,857 | $23,208\n\ntable presents results three businesses fiscal 2019 2018 2017\n Cloud license revenues not recognized consolidated statements accounting requirements. See Note 9 reconciliation operating revenues consolidated revenues\n margins reflect direct costs include product development administrative expenses. reflect amortization acquisition restructuring stock-based compensation interest non-operating income. reconciliation margin income before taxes.\n Year Ended May 31,\n millions 2019 2018 2017\n Cloud license\n revenues $32,582 $32,041 $30,452\n services license support expenses 3,597 3,441 2,881\n Sales marketing expenses 7,398 7,213 6,770\n Margin $21,587 $21,387 $20,801\n Hardware\n revenues $3,704 $3,994 $4,152\n support expenses 1,327 1,547 1,618\n Sales marketing expenses 520 643 825\n Margin $1,857 $1,804 $1,709\n Services\n$3,240,395\n expenses 2,703 2,661\n $537 $698\n revenues $39,526 $39,430 $37,963\n Expenses 15,545,573,755\n $23,981 $23,857" +} +{ + "_id": "d1b39f390", + "title": "", + "text": "9. BALANCE SHEET DETAILS (Continued)\nOther long-term liabilities consist of the following (in thousands):\n\n | Fiscal year-end | \n--------------------------------------------------- | --------------- | --------\n | 2019 | 2018 \nLong-term taxes payable | $37,385 | $36,336 \nDeferred compensation (see Note 13) | 39,715 | 40,895 \nDeferred tax liabilities (see Note 16) | 27,785 | 26,339 \nDeferred revenue | 8,012 | 5,091 \nAsset retirement obligations liability (see Note 2) | 4,934 | 4,529 \nDefined benefit plan liabilities (see Note 14) | 45,862 | 37,528 \nOther long-term liabilities | 2,188 | 1,238 \nTotal other long-term liabilities | $165,881 | $151,956\n\n. BALANCE\n long-term liabilities\n-term taxes $37,385 $36,336\n Deferred compensation 39,715 40,895\n tax liabilities 27,785 26,339\n revenue 5,091\n Asset retirement obligations 4,529\n benefit plan liabilities 45,862 37,528\n liabilities 2,188 1,238\n $165,881 $151,956" +} +{ + "_id": "d1b347492", + "title": "", + "text": "15 Goodwill and other intangible assets continued\nImpairment\nIn accordance with the requirements of IAS 36 (Impairment of Assets), goodwill is allocated to the Group’s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the business combination that gave rise to the goodwill.\nDuring 2019, we performed a review on the basis of identification of our individual CGUs. As a result of this review, we have consolidated a number of our current individual CGUs into groups of CGUs that represent the lowest level to which goodwill is monitored for internal management purposes, being each operating segment as disclosed in Note 3. As a result, we performed an impairment review at an operating segment CGU level, the breakdown of the goodwill value at 31st December across these is shown below:\nIn order to complete the transition to performing goodwill impairment reviews at an operating segment level, we also performed a goodwill impairment review as at 31st December 2019 under the historical CGU basis. The result of this impairment review led to an impairment of £4.2m being recognised in respect of Watson-Marlow FlowSmart. No other impairment was recognised.\nThe goodwill balance has been tested for annual impairment on the following basis:\n• the carrying values of goodwill have been assessed by reference to value in use. These have been estimated using cash flows based on forecast information for the next financial year which have been approved by the Board and then extended up to a further 9 years based on the most recent forecasts prepared by management; • pre-tax discount rates range from 11-12% (2018: 10-15%); • short to medium-term growth rates vary between 3-8% depending on detailed forecasts (2018: 2-8%). The range in rates excludes the annualised impact of owning Thermocoax for a first full year in 2020. The short to medium-term is defined as not more than 10 years; and • long-term growth rates are set using IMF forecasts and vary between 1.8-2.5% (2018: 0.8-3.0%).\n\n | 2019 Goodwill | 2018 Goodwill\n-------------------------- | ------------- | -------------\n | £m | £m \nSteam Specialties | 113.0 | 119.3 \nElectric Thermal Solutions | 244.7 | 183.0 \nWatson-Marlow | 60.0 | 65.7 \nTotal goodwill | 417.7 | 368.0 \n\nGoodwill intangible assets\n Impairment\n IAS 36 (Impairment goodwill allocated cash-generating units synergies business combination goodwill.\n 2019 review CGUs. consolidated CGUs lowest level goodwill monitored management segment Note 3. performed impairment review operating segment CGU level breakdown goodwill value 31st December\n transition goodwill impairment reviews operating segment review 31st December 2019 historical CGU basis. impairment £4. 2m recognised Watson-Marlow FlowSmart. No other impairment recognised.\n goodwill balance tested annual impairment\n carrying values assessed value use. estimated cash flows forecast year approved Board extended 9 years pre-tax discount rates 11-12% (2018: 10-15%) short medium-term growth rates vary 3-8% (2018 2-8%). excludes impact owning Thermocoax 2020. not more 10 years long-term growth rates IMF forecasts vary 1. 8-2. 5% (2018. 8-3.\n\n Steam Specialties 113. 119.\n Thermal Solutions 244. 183.\n Watson-Marlow 60. 65.\n 417." +} +{ + "_id": "d1b2fc51e", + "title": "", + "text": "10.8. Non-financial assets fair value measurement\nThe Group has classified its non-financial assets held at fair value into the three levels prescribed in note 9.8 to provide an indication about the reliability of inputs used to determine fair value.\nRecognised fair value measurements\nThe Group’s policy is to recognise transfers into and out of fair value hierarchy levels at the end of the reporting period. There were no transfers between levels 1 and 2 for recurring fair value measurements during the year. During the year ended 30 June 2019 the Group transferred $2.1m from level 3 to level 2 following the reclassification of assets from freehold investment properties to assets held for sale, and $5.7m from level 2 to level 3 following the reclassification of assets from assets held for sale to freehold investment properties, as detailed in note 10.2.\nIn the prior year ended 30 June 2018 the Group transferred $4.4m from level 3 to level 2 following the reclassification of an asset from freehold investment properties to assets held for sale.\nFair value measurements using significant observable inputs (level 2)\nThe fair value of assets held for sale is determined using valuation techniques which maximise the use of observable market data. For the years ended 30 June 2019 and 30 June 2018, the Group has valued assets classified as held for sale at the contractually agreed sales price less estimated cost of sale or other observable evidence of market value.\nFair value measurements using significant unobservable inputs (level 3)\nValuation techniques used to determine level 3 fair values and valuation process Investment properties, principally storage buildings, are held for rental to customers requiring selfstorage facilities and are carried at fair value. Changes in fair values are presented in profit or loss as fair value adjustments.\nFair values are determined by a combination of independent valuations and Director valuations. The independent valuations are performed by an accredited independent valuer. Investment properties are independently valued on a rotational basis every three years unless the underlying financing requires a more frequent valuation cycle. For properties subject to an independent valuation report the Directors verify all major inputs to the valuation and review the results with the independent valuer. The Director valuations are completed by the NSH Group Board. The valuations are determined using the same techniques and similar estimates to those applied by the independent valuer.\nThe Group obtains the majority of its external independent valuations at each financial year end. The Group’s policy is to maintain the valuation of the investment property valued in the preceding year at external valuation, unless there is an indication of a significant change to the property’s valuation inputs.\n\n | | Level 1 | Level 2 | Level 3 | Total \n------------------------------- | ----- | ------- | ------- | --------- | ---------\n | Notes | $'000 | $'000 | $'000 | $'000 \nAt 30 June 2019 | | | | | \nAssets held for sale | 10.2 | - | 1,107 | - | 1,107 \nLeasehold investment properties | 10.4 | - | - | 215,279 | 215,279 \nFreehold investment properties | 10.4 | - | - | 1,874,698 | 1,874,698\n | | - | 1,107 | 2,089,977 | 2,091,084\nAt 30 June 2018 | | | | | \nAssets held for sale | 10.2 | - | 5,713 | - | 5,713 \nLeasehold investment properties | 10.4 | - | - | 207,664 | 207,664 \nFreehold investment properties | 10.4 | - | | 1,377,924 | 1,377,924\n\n. Non-financial assets fair value measurement\n Group classified assets three levels note 9. 8 reliability.\n Recognised fair value measurements\n transfers fair value levels reporting period. no transfers between levels 1 2. 30 June 2019 transferred $2. 1m from level 3 to $5. 7m 2 to.\n prior year June 2018 transferred $4. 4m from level 3 to 2 reclassification.\n Fair value measurements observable inputs (level 2)\n value assets sale determined valuation techniques market data. 30 June 2019 2018 valued assets at agreed sales price less estimated cost sale market value.\n Fair value measurements unobservable inputs (level 3)\n Investment properties storage buildings for rental carried at fair value. Changes fair values presented profit loss as fair value adjustments.\n determined independent valuations Director valuations. accredited independent valuer. properties valued every three years. Directors verify inputs review results independent valuer.Director valuations completed by NSH Group Board. determined same techniques similar estimates independent valuer.\n Group obtains majority external valuations financial year. policy maintain valuation investment property valued preceding year unless significant change valuation.\n Level 1 2 3\n $'000\n 30 June 2019\n Assets for sale 10. 2 1,107\n Leasehold investment properties. 4 215,279\n Freehold properties. 1,874,698\n 2,089,977 2,091,084\n 30 June 2018\n Assets for sale 10. 2 5,713\n Leasehold investment properties 10. 4 207,664\n Freehold investment properties. 1,377,924" +} +{ + "_id": "d1b36fdf2", + "title": "", + "text": "Long-term obligations consist of the following (in thousands):\n(1) Net of debt issuance costs of $6.4 million and $11.2 million at September 28, 2019 and September 29, 2018, respectively.\n\n | Fiscal year-end | \n-------------------------------------------- | --------------- | --------\n | 2019 | 2018 \nEuro Term Loan due 2024(1) | $385,208 | $411,661\n1.3% Term loan due 2024 | 5,466 | 7,242 \n1.0% State of Connecticut term loan due 2023 | 1,028 | 1,406 \nCapital lease obligations | 536 | 402 \nTotal long-term obligations | $392,238 | $420,711\n\nLong-term obligations\n debt $6. 4 million $11. 2 million September 28, 2019 29, 2018.\n year-end\n Term Loan $385,208 $411,661\n. loan 7\n. Connecticut loan 2023\n Capital lease obligations\n long-term obligations $392,238 $420,711" +} +{ + "_id": "d1b33a616", + "title": "", + "text": "Production start-up\nProduction start-up expense consists primarily of employee compensation and other costs associated with operating a production line before it is qualified for full production, including the cost of raw materials for solar modules run through the production line during the qualification phase and applicable facility related costs. Costs related to equipment upgrades and implementation of manufacturing process improvements are also included in production start-up expense as well as costs related to the selection of a new site, related legal and regulatory costs, and costs to maintain our plant replication program to the extent we cannot capitalize these expenditures. In general, we expect production start-up expense per production line to be higher when we build an entirely new manufacturing facility compared with the addition or replacement of production lines at an existing manufacturing facility, primarily due to the additional infrastructure investment required when building an entirely new facility.\nThe following table shows production start-up expense for the years ended December 31, 2019, 2018, and 2017:\nDuring 2019, we incurred production start-up expense at our new facility in Lake Township, Ohio. We also incurred production start-up expense at our second facility in Ho Chi Minh City, Vietnam in early 2019. During 2018, we incurred production start-up expense for the transition to Series 6 module manufacturing at our facilities in Kulim, Malaysia and Ho Chi Minh City, Vietnam. We also incurred production start-up expense for the transition to Series 6 module manufacturing at our facility in Perrysburg, Ohio in early 2018.\n\n | | Years Ended | | | Change | | \n---------------------- | ------- | ----------- | ------- | -------------- | ------ | -------------- | ----\n(Dollars in thousands) | 2019 | 2018 | 2017 | 2019 over 2018 | | 2018 over 2017 | \nProduction start-up | $45,915 | $90,735 | $42,643 | $(44,820) | (49)% | $48,092 | 113%\n% of net sales | 1.5% | 4.0% | 1.4% | | | | \n\nProduction start-up\n expense employee compensation costs operating production line before full production raw materials solar modules facility related costs. equipment upgrades manufacturing process improvements included new site legal regulatory costs plant replication program. expense per line higher new facility existing due additional infrastructure investment.\n table shows start-up expense years December 31, 2019 2018 2017:\n 2019 incurred expense new facility Lake Township, Ohio. second facility Ho Chi Minh City, Vietnam. 2018 transition to Series 6 module manufacturing Kulim, Malaysia Ho Chi Minh City Vietnam. Perrysburg, Ohio.\n Years Ended\n (Dollars in thousands) 2019 2018 2017\n Production start-up $45,915 $90,735 $42,643 $(44,820) (49)% $48,092 113%\n % of net sales 1. 5% 4. 0% 1. 4%" +} +{ + "_id": "d1b2e4da6", + "title": "", + "text": "30. EMPLOYEE BENEFIT PLANS (cont.)\nThe above sensitivities are hypothetical and should be used with caution. Changes in amounts based on a one percent variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in amounts may not be linear. The sensitivities have been calculated independently of changes in other key variables. Changes in one factor may result in changes in another, which could amplify or reduce certain sensitivities.\nThe Company expects to make contributions of $5.1 million to the defined benefit plans and $0.6 million to the defined contribution plan of Telesat Canada during the next fiscal year.\n\n | Pension | | Other | \n------------------------------ | ----------- | ----------- | ----------- | -----------\nAs at December 31, 2018 | 1% increase | 1% decrease | 1% increase | 1% decrease\nDiscount rate | $(39,145) | $49,361 | $(2,471) | $3,224 \nFuture salary growth | $7,572 | $(6,919) | N/A | N/A \nMedical and dental trend rates | N/A | N/A | $1,703 | $(1,280) \n\n. EMPLOYEE BENEFIT PLANS.\n sensitivities hypothetical. percent variation. sensitivities calculated independently. Changes sensitivities.\n Company expects contributions $5. 1 million defined benefit plans $0. 6 million contribution plan Telesat Canada next fiscal year.\n Pension\n December 31, 2018 1% increase decrease\n Discount rate $(39,145) $49,361 $(2,471) $3,224\n Future salary growth $7,572 $(6,919)\n Medical dental trend rates $1,703 $(1,280)" +} +{ + "_id": "d1b33a9ea", + "title": "", + "text": "12. Restructuring\nIn fiscal 2019, the Company initiated a restructuring plan to increase efficiency in its sales, marketing and distribution functions as well as reduce costs across all functional areas. During the year ended March 31, 2019, the Company incurred total restructuring charges of $14,765. These restructuring charges relate primarily to severance and related costs associated with headcount reductions and lease abandonment charges associated with two leases. These charges include $2,632 of stock- based compensation related to modifications of existing unvested awards granted to certain employees impacted by the restructuring plan.\nThe activity in the Company’s restructuring accruals for the year ended March 31, 2019 is summarized as follows:\nAs of March 31, 2019, the outstanding restructuring accruals primarily relate to future severance and lease payments.\n(In thousands, except per share data)\n\n | Lease abandonment charges | Severance & payroll related charges | Total \n------------------------- | ------------------------- | ----------------------------------- | --------\nBalance at March 31, 2018 | $— | $— | $— \nRestructuring charges | 1,034 | 14,606 | 15,640 \nPayments | (540) | (12,642) | (13,182)\nAccrual reversals | — | (875) | (875) \nBalance at March 31, 2019 | $494 | $1,089 | $1,583 \n\n. Restructuring\n 2019 Company initiated restructuring plan efficiency sales marketing reduce costs. March 31, incurred restructuring charges $14,765. severance headcount reductions lease abandonment. include $2,632 stock compensation unvested awards.\n restructuring accruals\n accruals future severance lease payments.\n Lease abandonment charges Severance payroll charges\n Balance March 31, 2018 $—\n Restructuring charges 1,034 14,606 15,640\n Payments (540),642 (13,182)\n Accrual reversals (875)\n Balance March 31, 2019 $494 $1,089 $1,583" +} +{ + "_id": "d1b3c5fe0", + "title": "", + "text": "Other income (expense)\nnm—not meaningful\nInterest income increased $1.2 million primarily as a result of higher weighted-average balances of cash, cash equivalents and investments and higher yields on investments.\nInterest expense increased $5.3 million primarily as a result of interest expense of $3.3 million associated with our long-term debt and our financing lease obligation of $2.0 million in connection with the construction of our Lexington, MA – U.S. headquarters.\nForeign exchange expense and other, net decreased by $3.1 million primarily as a result of a decrease in foreign exchange expense of $1.9 million, sublease income of $0.9 million and a gain on a previously held asset related to the Solebit acquisition of $0.3 million.\n\n | Year ended March 31, | | Period-to-period change | \n--------------------------------------- | -------------------- | ---------------------- | ----------------------- | --------\n | 2019 | 2018 | Amount | % Change\n | | (dollars in thousands) | | \nOther income (expense): | | | | \nInterest income | $ 2,515 | $ 1,310 | $ 1,205 | 92 % \nInterest expense | (5,940) | (598) | (5,342) | nm \nForeign exchange expense and other, net | (356) | (3,439) | 3,083 | nm \nTotal other income (expense), net | $ (3,781) | $ (2,727) | $ (1,054) | nm \n\nincome\n Interest income increased $1. 2 million higher balances cash higher yields.\n Interest expense increased $5. 3 million $3. million long-term debt financing lease obligation $2. million construction Lexington MA. headquarters.\n exchange decreased $3. 1 million exchange expense $1. million sublease income $0. million gain asset Solebit acquisition. 3 million.\n Year ended March 31, Period-period change\n Interest income $ 2,515 $ 1,310 1,205\n Interest expense (5,940),342\n Foreign exchange expense (3,439) 3,083\n $ (3,781) $ (2,727) (1,054)" +} +{ + "_id": "d1b34ca32", + "title": "", + "text": "12 Directors’ Remuneration\nDirectors’ emoluments represent all earnings and aggregate contributions to pension schemes made during the year as a Director of Sophos Group plc and its subsidiaries. Further details can be found in the Group’s Remuneration Report on pages 91 to 101.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018\n---------------------------------- | ------------------------ | ------------------------\n | $M | $M \nDirectors’ emoluments | 2.3 | 3.3 \nGains on exercise of share options | 3.6 | 3.5 \nGains on vesting of LTIP awards | 14.5 | 4.2 \nTotal Directors’ remuneration | 20.4 | 11.0 \n\nDirectors’ Remuneration\n emoluments earnings contributions pension schemes Sophos Group subsidiaries. details Remuneration Report pages 91 to 101.\n Year-ended 31 March 2019 31 March 2018\n emoluments.\n Gains share options.\n vesting LTIP awards.\n Directors’ remuneration 20." +} +{ + "_id": "d1b362f12", + "title": "", + "text": "Orders at Mobility grew to a record high on a sharp increase in volume from large orders, which the Strategic Company won across the businesses, most notably in the rolling stock and the customer services businesses. Among the major contract wins were a € 1.6 billion order for metro trains in the U. K., a € 1.2 billion contract for high-speed trains including maintenance in Russia, a € 0.8 billion order for trainsets including service in Canada, a € 0.7 billion contract for diesel-electric locomotives including a service agreement in the U. S. and two orders in Germany worth € 0.4 billion and € 0.3 billion, respectively, for regional multiple-unit trainsets. In fiscal 2018, Mobility also gained a number of significant contracts across the regions.\nRevenue grew slightly as double-digit growth in the customer services business was largely offset by a decline in the rail infrastructure business. Revenue in the rolling stock business remained close to the prior-year level due to unfavorable timing effects related to the execution of large rail projects, which the business began to ramp up late in the fiscal year. Mobility continued to operate with high profitability in fiscal 2019, including a strong contribution to Adjusted EBITA from the services business. Severance charges were € 20 million, up from € 14 million in fiscal 2018. Mobility’s order backlog was € 33 billion at the end of the fiscal year, of which € 8 billion are expected to be converted into revenue in fiscal 2020.\nOrder growth reflected overall strong markets for Mobility in fiscal 2019, with different dynamics among the regions. Market development in Europe was characterized by continuing awards of mid-size and large orders, particularly in the U. K., Germany and Austria. Within the C. I. S., large projects for high-speed trains and services were awarded in Russia. Demand in the Middle East and Africa was held back by ongoing uncertainties related to budget constraints and political climates. In the Americas region, stable investment activities were driven by demand for mainline\nand urban transport, especially in the U. S. and Canada.\nWithin the Asia, Australia region, Chinese markets saw ongoing investments in high-speed trains, urban transport, freight logistics and rail infrastructure, while India continues to invest in modernizing the country’s transportation infrastructure. For fiscal 2020, we expect markets served by Mobility to grow moderately with increasing demand for digital solutions. Overall, rail transport and intermodal mobility solutions are expected to remain a focus as urbanization continues to progress around the world. In emerging countries, rising incomes are expected to result in greater demand for public transport solutions.\n\n | | Fiscal year | | % Change\n--------------------- | ------ | ----------- | ------ | --------\n(in millions of €) | 2019 | 2018 | Actual | Comp. \nOrders | 12,894 | 11,025 | 17 % | 16 % \nRevenue | 8,916 | 8,821 | 1 % | 0 % \nAdjusted EBITA | 983 | 958 | 3 % | \nAdjusted EBITA margin | 11.0 % | 10.9 % | | \n\nOrders Mobility grew high large orders rolling stock customer services. major contract wins € 1. 6 billion metro trains U. K € 1. 2 billion high-speed trains Russia € 0. 8 billion Canada € 0. 7 billion diesel-electric locomotives U. S orders Germany €. 4 billion €. 3 billion. 2018 Mobility gained contracts regions.\n Revenue grew slightly customer services offset decline infrastructure. rolling stock prior-year level unfavorable timing large projects. high profitability 2019 contribution EBITA services. Severance charges € 20 million € 14 million 2018. order backlog € 33 billion € 8 billion converted revenue 2020.\n Order growth strong markets 2019 regions. Europe mid-size large orders U. K. Germany Austria. large projects high-speed trains awarded Russia. Demand Middle East Africa uncertainties budget. Americas investment mainline\n urban transport U. S. Canada.\nChinese markets high-speed trains urban transport freight logistics rail infrastructure India transportation infrastructure. 2020 markets Mobility grow demand digital solutions. transport intermodal mobility urbanization. emerging countries rising incomes demand public transport.\n Fiscal year %\n millions € 2019.\n Orders 12,894 11,025 17 %\n Revenue 8,821 1 %\n Adjusted EBITA 983 958 3 %\n margin 11. %. 9 %" +} +{ + "_id": "d1b3b8660", + "title": "", + "text": "9. Accrued Expenses and Other Current Liabilities\nAccrued expenses and other current liabilities consisted of the following:\n\n | December31, | \n-------------------------------------------------------------------------- | ----------- | ------\n | 2019 | 2018 \nAccrued payroll and employee benefits | $116.9 | $105.9\nDerivative liabilities | 93.8 | 120.5 \nCurrent portion of operating lease liabilities | 39.5 | — \nTax-related accruals | 30.8 | 38.4 \nAccrued legal and professional | 28.7 | 10.9 \nAccrued marketing and advertising expenses | 14.7 | 19.4 \nAccrued acquisition-related expenses and acquisition consideration payable | 8.3 | 74.4 \nAccrued other | 33.3 | 44.8 \n | $366.0 | $414.3\n\n. Accrued Expenses Liabilities\n December31\n payroll employee benefits $116. $105.\n liabilities 93. 120.\n operating lease liabilities 39.\n Tax-related accruals 30. 38.\n legal 28. 10.\n marketing advertising expenses 14. 19.\n acquisition-related expenses consideration 8. 74.\n 33. 44.\n $366. $414." +} +{ + "_id": "d1b37ac20", + "title": "", + "text": "12. Derivative Instruments\n(a) Summary of Derivative Instruments\nWe use derivative instruments primarily to manage exposures to foreign currency exchange rate, interest rate, and equity price risks. Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates, interest rates, and equity prices. Our derivatives expose us to credit risk to the extent that the counterparties may be unable to meet the terms of the agreement. We do, however, seek to mitigate such risks by limiting our counterparties to major financial institutions. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored. Management does not expect material losses as a result of defaults by counterparties.\nThe notional amounts of our outstanding derivatives are summarized as follows (in millions):\n\n | July 27, 2019 | July 28, 2018\n-------------------------------------------------- | ------------- | -------------\nDerivatives designated as hedging instruments: | | \nForeign currency derivatives—cash flow hedges | $663 | $147 \nInterest rate derivatives | 4,500 | 6,750 \nNet investment hedging instruments | 309 | 250 \nDerivatives not designated as hedging instruments: | | \nForeign currency derivatives | 2,708 | 2,298 \nTotal return swaps—deferred compensation | 574 | 566 \nTotal | $8,754 | $10,011 \n\n. Derivative Instruments\n foreign currency interest equity price risks. reduce volatility earnings cash. derivatives expose credit risk. counterparties major financial institutions. loss monitored. material losses defaults.\n amounts outstanding derivatives millions):\n July 27, 2019 July 28, 2018\n Derivatives hedging instruments\n Foreign currency derivatives—cash flow hedges $663 $147\n Interest rate derivatives 4,500 6,750\n Net investment hedging instruments 309 250\n Derivatives not\n Foreign currency derivatives 2,708 2,298\n Total return swaps—deferred compensation 574 566\n $8,754 $10,011" +} +{ + "_id": "d1b32b986", + "title": "", + "text": "Contractual Obligations and Commercial Commitments\nThe following table summarizes our non-cancelable contractual obligations and commercial commitments as of the end of 2019 and the effect such obligations and commitments are expected to have on our liquidity and cash flows in future fiscal periods (in thousands):\n(1) Certain of our wafer manufacturers require us to forecast wafer starts several months in advance. We are committed to take delivery of and pay for a portion of forecasted wafer volume.\n(2) Other commercial commitments are included as liabilities on our consolidated balance sheets as of the end of 2019.\n(3) Does not include unrecognized tax benefits of $2.1 million as of the end of 2019. See Note 10 of the Consolidated Financial Statements.\n\n | | | | Payments Due by Period | \n------------------------------------------------------------ | ------- | ---------------- | --------- | ---------------------- | -----------------\n | Total | Less than 1 year | 1-3 Years | 4-5 Years | More than 5 Years\nContractual cash obligations: | | | | | \nOperating leases | $2,040 | $611 | $902 | $527 | $— \nFinance software lease obligations | 514 | 214 | 300 | — | — \nWafer purchases (1) | 57 | 57 | — | — | — \nOther purchase commitments | 413 | 386 | 27 | — | — \nTotal contractual cash obligations | 3,024 | 1,268 | 1,229 | 527 | — \nOther commercial commitments (2): | | | | | \nRevolving line of credit | 15,000 | 15,000 | — | — | — \nTotal commercial commitments | 15,000 | 15,000 | — | — | — \nTotal contractual obligations and commercial commitments (3) | $18,024 | $16,268 | $1,229 | $527 | — \n\nContractual Obligations Commercial Commitments\n table summarizes non obligations commercial commitments end 2019 effect liquidity cash flows future\n wafer manufacturers forecast wafer starts. committed pay forecasted wafer volume.\n commercial commitments liabilities balance sheets 2019.\n unrecognized tax benefits $2. 1 million. Note 10 Consolidated Financial Statements.\n Payments Due Period\n Less than 1 year 1-3 Years 4-5 Years 5 Years\n Contractual cash obligations\n Operating leases $2,040 $611 $902 $527\n Finance software lease obligations 514\n Wafer purchases 57\n Other purchase commitments 413 386\n Total cash obligations 3,024 1,268 1,229\n commercial commitments\n Revolving line of credit 15,000\n commercial commitments\n $18,024 $16,268 $1,229 $527" +} +{ + "_id": "d1b36ed08", + "title": "", + "text": "2. Inventories\nInventories as of September 28, 2019 and September 29, 2018 consisted of the following (in thousands):\nIn certain circumstances, per contractual terms, customer deposits are received by the Company to offset obsolete and excess inventory risks. The total amount of customer deposits related to inventory and included within current liabilities on the accompanying Consolidated Balance Sheets as of September 28, 2019 and September 29, 2018 was $136.5 million and $87.7 million, respectively.\nIn fiscal 2019, the Company adopted and applied Topic 606 to all contracts using the modified retrospective method of adoption. The prior year comparative information has not been restated and continues to be reported under the accounting standards in effect for fiscal 2018. Refer to Note 15, \"Revenue from Contracts with Customers,\" for further information.\n\n | 2019 | 2018 \n---------------------- | -------- | --------\nRaw materials | $577,545 | $579,377\nWork-in-process | 49,315 | 102,337 \nFinished goods | 74,078 | 112,632 \nTotal inventories, net | $700,938 | $794,346\n\n. Inventories\n September 28, 2019 29, 2018\n customer deposits offset obsolete excess inventory risks. total deposits Balance Sheets $136. 5 million $87. 7 million.\n 2019 Topic 606 contracts retrospective method. prior year comparative information accounting standards 2018. Note 15 Contracts.\n 2019 2018\n Raw materials $577,545 $579,377\n Work-in-process 49,315 102,337\n Finished goods 74,078 112,632\n Total inventories $700,938 $794,346" +} +{ + "_id": "d1b371d0a", + "title": "", + "text": "Liquidity and Capital Resources\nOur cash, cash equivalents, and short-term investments consist primarily of money market funds and U.S. treasury bills. All of our short-term investments are classified as available-for-sale. The securities are stated at market value, with unrealized gains and losses reported as a component of accumulated other comprehensive income, within stockholders’ equity. As of December 31, 2019, our cash, cash equivalents, and short-term investments totaled $89.5 million, a decrease of $35.4 million from $124.9 million on December 31, 2018.\nA summary of select cash flow information for the years ended December 31, 2019, 2018 and 2017 (in thousands):\n2019 Compared to 2018\nCash provided by (used in) operating activities - Net cash used in operating activities was $34.1 million during 2019 compared to $69.9 million cash provided by operating activities during 2018, primarily due to a $74.4 million decrease in net income, a $25.6 million decrease in deferred revenue, a $4.2 million increase in other assets, a $2.1 million increase in accounts and other receivables and a $0.9 million decrease in accrued compensation partially offset by a $3.8 million increase in other long-term liabilities. The decrease in deferred revenue primarily reflects the effect of the adoption of ASC 606 on January 1, 2018. Cash used in operating activities was also affected by a $0.5 million decrease in non-cash charges primarily related to a $3.2 million decrease in stock-based compensation expense, partially offset by a $0.9 million impairment charge related to the SJ Facility right-of-use lease asset and a $1.3 million increase in depreciation and amortization expense. The increase in depreciation and amortization expense is due primarily to amortization of right-of-use lease assets and the shortened useful life of the SJ Facility leasehold improvements and a $0.3 million increase in deferred income taxes.\nCash provided by investing activities - Net cash provided by investing activities during 2019 was $10.9 million, a decrease of $2.7 million compared to $8.2 million cash provided by investing activities during 2018. Net cash provided by investing activities during 2019 consisted of maturities of short-term investments of $20.0 million. This was partially offset by purchases of short-term investments of $8.9 million and purchases of property, plant and equipment of $0.2 million. Net cash provided by investing activities during 2018 consisted of maturities of short-term investments of $26.0 million. This was partially offset by purchases of short-term investments of $17.7 million and purchases of property, plant, and equipment of $0.1 million.\nCash provided by financing activities — Net cash provided by financing activities during 2019 was $1.3 million, a decrease of $9.5 million compared to $8.2 million cash provided by financing activities during 2018. Net cash used in financing activities during 2019 consisted of $2.7 million used to purchase of treasury stock partially offset by $1.4 million in cash proceeds from stock option exercises and stock purchases under our employee stock purchase plan. Net cash provided by financing activities during 2018 consisted primarily of $8.2 million in proceeds from stock option exercises and stock purchases under our employee stock purchase plan.\n2018 Compared to 2017\nCash provided by (used in) operating activities - Net cash provided by operating activities was $69.9 million during 2018 compared to $43.8 million cash used in operating activities during 2017. The $113.8 million change was primarily driven by $99.6 million increase in net income (loss), from $45.3 million net loss for 2017 to $54.3 million net income for 2018 and $27.0 million increase in deferred revenue, partially offset by $7.0 million increase in other assets, $4.2 million increase in prepaid expenses and other current assets, and $3.7 million decrease in accounts payable. The increases in deferred revenue and other non-current assets primarily reflected the effect of the adoption of ASC 606 on January 1, 2018. Cash provided by operating activities was also affected by an increase in non-cash charges of $2.6 million primarily related to higher stock-based compensation expense incurred for 2018 compared to 2017.\nCash provided by (used in) investing activities - Net cash provided by investing activities during 2018 was $8.2 million, a decrease of $2.8 million compared to $11.1 million cash provided by investing activities during 2017. Net cash provided by investing activities during 2018 consisted of maturities of short-term investments of $26.0 million partially offset by purchases of short-term investments of $17.7 million and purchases of property, plant and equipment of $0.1 million. Net cash provided by investing activities during 2017 consisted of maturities of short-term investments of $35.0 million partially offset by purchases of short-term investments of $23.8 million and purchases of property, plant, and equipment of $0.1 million.\nCash provided by (used in) financing activities - Net cash provided by financing activities during 2018 was $8.2 million an increase of $7.7 million compared to $0.5 million net cash provided by financing activities during 2017. Net cash provided by financing activities during 2018 consisted primarily of $8.2 million in proceeds from stock option exercises and stock purchases under our employee stock purchase plan. Net cash provided by financing activities during 2017 consisted primarily of $0.8 million proceeds from stock option exercises and stock purchases under our employee stock purchase plan partially offset by repurchases of treasury stock of $0.3 million.\nWe believe that our cash, cash equivalents, and short-term investments will be sufficient to meet our working capital needs for at least the next twelve months. Of our total cash, cash equivalents, and short-term investments of $89.5 million as of December 31, 2019, 5% was held by our foreign subsidiaries and subject to repatriation tax effects. Our intent is to permanently reinvest all of our earnings from foreign operations, and current plans do not anticipate that we will need funds generated from foreign operations to fund our domestic operations. We will continue to invest in, protect, and defend our extensive IP portfolio, which is expected to result in the continued use of cash. At December 31, 2019 there was $30.6 million remaining under our previously-approved share repurchase program. We anticipate that capital expenditures for property and equipment for the year ending December 31, 2020 will be less than $1.0 million. Cash from operations could also be affected by various risks and uncertainties, including, but not limited to the risks detailed in Part I, Item 1A, Risk Factors of this Annual Report on Form 10-K.\n\n | | Years Ended December 31, | \n--------------------------------------------------- | --------- | ------------------------ | ---------\n | 2019 | 2018 | 2017 \nNet cash (used in) provided by operating activities | $(34,099) | $69,924 | $(43,829)\nNet cash provided by investing activities | $10,920 | $8,237 | $11,068 \nNet cash (used in) provided by financing activities | $(1,331) | $8,205 | $518 \n\nCapital\n cash equivalents short-term investments funds. treasury bills. available-for-sale. securities market value unrealized gains losses income equity. December 31, 2019 investments $89. 5 million decrease $35. 4 million $124. 9 million 2018.\n cash flow 2019 2018 2017\n $34. 1 million $69. 9 million 2018 $74. 4 million decrease income $25. 6 million deferred revenue $4. 2 million increase assets $2. 1 million increase accounts receivables $0. 9 million decrease accrued compensation offset $3. 8 million long-term liabilities. revenue ASC 606 2018. $0. 5 million decrease non-cash charges $3. 2 million stock-based compensation expense. 9 million impairment SJ Facility $1. 3 million depreciation amortization expense. shortened life SJ Facility leasehold. million increase deferred income taxes.\n $10. 9 million decrease $2. 7 million.million cash investing 2018. 2019 $20. 0 million. offset purchases $8. 9 million purchases property equipment $0. 2 million. 2018 $26. 0 million. offset purchases $17. 7 million purchases property equipment $0. 1 million.\n 2019 $1. 3 million decrease $9. 5 million $8. 2 million 2018. $2. 7 million treasury stock offset $1. 4 million stock option exercises purchases. 2018 $8. 2 million stock purchases.\n $69. 9 million 2018 $43. 8 million 2017. $113. 8 million change $99. 6 million increase net income $45. 3 million 2017 $54. 3 million 2018 $27. 0 million increase deferred revenue offset $7. 0 million other assets $4. 2 million increase prepaid expenses current assets $3. 7 million accounts payable. ASC 606 January 1 2018. increase non-cash charges $2. 6 million higher stock-based compensation expense.\ninvesting activities 2018 $8. 2 million decrease $2. 8 million compared $11. 1 million 2017. short-term $26. 0 million offset purchases $17. 7 million purchases property equipment $0. 1 million. 2017 $35. 0 million offset purchases $23. 8 million purchases property equipment $0. 1 million.\n financing 2018 $8. 2 million increase $7. 7 million compared $0. 5 million 2017. $8. 2 million stock option exercises purchases. 2017 $0. 8 million offset repurchases treasury stock $0. 3 million.\n cash short investments working capital needs next twelve months. total investments $89. 5 million December 31, 2019 5% held by foreign subsidiaries subject repatriation tax. intent reinvest earnings from foreign operations funds foreign domestic operations. continue invest protect IP portfolio continued use cash. December 31, 2019 $30. 6 million remaining share repurchase program.capital expenditures property equipment 2020 less $1. 0 million. Cash risks Part I Item 1A Risk Factors Annual Report Form 10-K.\n Years Ended December 31,\n 2019 2018 2017\n operating $(34,099) $69,924(43,829)\n investing $10,920 $8,237 $11,068\n financing $(1,331) $8,205" +} +{ + "_id": "d1b349954", + "title": "", + "text": "Operating Revenues and Selected Operating Statistics\n(1) As of end of period (2) Excluding acquisitions and adjustments.\nConsumer’s total operating revenues increased $1.3 billion, or 1.4%, during 2019 compared to 2018, primarily as a result of increases in Service and Other revenues, partially offset by a decrease in Wireless equipment revenue.\nService Revenue Service revenue increased $1.2 billion, or 1.8%, during 2019 compared to 2018, primarily due to increases in wireless service and Fios revenues, partially offset by decreases in wireline voice and DSL services.\nWireless service revenue increased $1.3 billion, or 2.5%, during 2019 compared to 2018, due to increases in wireless access revenue, driven by customers shifting to higher access plans including unlimited plans and increases in the number of devices per account, the declining fixed-term subsidized plan base and growth from reseller accounts. Wireless retail postpaid ARPA increased 2.3%.\nFor the year ended December 31, 2019, Fios revenues totaled $10.4 billion and increased $92 million, or 0.9%, compared to 2018. This increase was due to a 2.5% increase in Fios Internet connections, reflecting increased demand in higher broadband speeds, partially offset by a 5.1% decrease in Fios video connections, reflecting the ongoing shift from traditional linear video to over-the-top (OTT) offerings.\nService revenue attributable to wireline voice and DSL broadband services declined during 2019, compared to 2018. The declines are primarily due to a decrease of 9.1% in voice connections resulting primarily from competition and technology substitution with wireless and competing Voice over Internet Protocol (VoIP) and cable telephony services.\nWireless Equipment Revenue Wireless equipment revenue decreased $827 million, or 4.4%, during 2019 compared to 2018, as a result of declines in wireless device sales primarily due to an elongation of the handset upgrade cycle and increased promotions. These decreases were partially offset by a shift to higher priced units in the mix of wireless devices sold.\nOther Revenue Other revenue includes non-service revenues such as regulatory fees, cost recovery surcharges, revenues associated with our device protection package, leasing and interest on equipment financed under a device payment plan agreement when sold to the customer by an authorized agent. Other revenue increased $1.0 billion, or 14.4%, during 2019 compared to 2018, primarily due to pricing increases related to our wireless device protection plans, as well as regulatory fees.\n\n | | | (dollars in millions, except ARPA) | \n----------------------------------------------------- | -------- | -------- | ---------------------------------- | ------\n | | | Increase/ (Decrease) | \nYears Ended December 31, | 2019 | 2018 | 2019 vs. 2018 | \nService | $65,383 | $ 64,223 | $ 1,160 | 1.8% \nWireless equipment | 18,048 | 18,875 | (827) | (4.4) \nOther | 7,625 | 6,664 | 961 | 14.4 \nTotal Operating Revenues | $ 91,056 | $ 89,762 | $ 1,294 | 1.4 \nConnections (‘000):(1) | | | | \nWireless retail connections | 94,544 | 94,507 | 37 | — \nWireless retail postpaid connections | 90,481 | 89,861 | 620 | 0.7 \nFios Internet connections | 5,902 | 5,760 | 142 | 2.5 \nFios video connections | 4,152 | 4,377 | (225) | (5.1) \nBroadband connections | 6,467 | 6,460 | 7 | 0.1 \nVoice connections | 5,754 | 6,332 | (578) | (9.1) \nNet Additions in Period (‘000):(2) | | | | \nWireless retail | 379 | 372 | 7 | 1.9 \nWireless retail postpaid | 970 | 1,129 | (159) | (14.1)\nWireless retail postpaid phones | 737 | 498 | 239 | 48.0 \nChurn Rate: | | | | \nWireless retail | 1.28% | 1.25% | | \nWireless retail postpaid | 1.05% | 1.00% | | \nWireless retail postpaid phones | 0.79% | 0.76% | | \nAccount Statistics: | | | | \nWireless retail postpaid ARPA | $ 118.13 | $115.48 | $ 2.65 | 2.3 \nWireless retail postpaid accounts (‘000)(1) | 33,875 | 34,086 | (211) | (0.6) \nWireless retail postpaid connections per account(1) | 2.67 | 2.64 | 0.03 | 1.1 \n\nOperating Revenues Statistics\n.\n Consumer’s revenues increased $1. 3 billion 1. 4% 2019 Service Other revenues decrease Wireless equipment revenue.\n increased $1. 2 billion 1. 8% wireless service Fios revenues offset decreases wireline voice services.\n Wireless revenue increased $1. 3 billion 2. 5% access revenue higher plans devices declining fixed-term subsidized plan base reseller accounts. Wireless postpaid ARPA increased 2. 3%.\n Fios revenues $10. 4 billion increased $92 million 0. 9% 2018. 2. 5% increase Fios Internet connections offset 5. 1% decrease video connections.\n wireline voice broadband declined 2019. decrease 9. 1% voice connections competition substitution wireless cable telephony.\n Wireless Equipment Revenue decreased $827 million 4. 4% 2019 declines sales handset upgrade cycle promotions. offset higher priced units.\nRevenue includes non-service regulatory fees cost recovery surcharges device protection package leasing interest equipment payment plan. increased $1. billion. 4% 2019 2018 due pricing increases wireless device protection plans regulatory fees.\n Ended December 31,.\n $65,383 $ 64,223 $ 1,160.\n Wireless equipment 18,048 18,875 (827).\n 7,625 6,664 .\n Total Operating Revenues $ 91,056 $ 89,762 $ 1,294.\n Connections\n retail connections 94,544 94,507\n postpaid 90,481 89,861.\n Internet connections 5,902 5,760.\n video connections 4,152 4,377.\n Broadband connections 6,467 6,460.\n Voice connections 5,754 6,332.\n Additions\n 379 372.\n postpaid 970 1,129.\nWireless retail postpaid phones 737 498 239 48.\n Churn Rate\n. 28%. 25%\n. 05%.%\n. 79%. 76%\n Account Statistics\n $ 118. 13 $115. 48 2. 65.\n retail postpaid accounts 33,875 34,086 (211). 6)\n postpaid connections. 67. 64. 03." +} +{ + "_id": "d1b2ea8fa", + "title": "", + "text": "Americas 2019 Exit Plan\nDuring the first quarter of 2019, the Company initiated a restructuring plan to simplify and refine its operating model in the U.S. (the “Americas 2019 Exit Plan”), in part to improve agent attrition and absenteeism. The Americas 2019 Exit Plan included closing customer engagement centers, consolidating leased space in various locations in the U.S. and management reorganization. The Company finalized the actions as of September 30, 2019.\nAmericas 2018 Exit Plan\nDuring the second quarter of 2018, the Company initiated a restructuring plan to manage and optimize capacity utilization, which included closing customer engagement centers and consolidating leased space in various locations in the U.S. and Canada (the “Americas 2018 Exit Plan”). The Company finalized the site closures under the Americas 2018 Exit Plan as of December 31, 2018, resulting in a reduction of 5,000 seats.\nThe Company’s actions under both the Americas 2018 and 2019 Exit Plans resulted in general and administrative cost savings and lower depreciation expense.\nThe cumulative costs incurred to date related to cash and non-cash expenditures resulting from the Americas 2018 and 2019 Exit Plans are outlined below as of December 31, 2019 (in thousands):\n(1) Included in “General and administrative” costs in the accompanying Consolidated Statements of Operations.\n(2) Included in “Direct salaries and related costs” in the accompanying Consolidated Statements of Operations.\nThe Company has paid a total of $12.3 million in cash through December 31, 2019, of which $10.4 million related to the Americas 2018 Exit Plan and $1.9 million related to the Americas 2019 Exit Plan.\n\n | Americas 2018 Exit Plan | Americas 2019 Exit Plan\n--------------------------------------------- | ----------------------- | -----------------------\nLease obligations and facility exit costs (1) | $7,073 | $— \nSeverance and related costs (2) | 3,426 | 191 \nSeverance and related costs (1) | 1,037 | 2,155 \nNon-cash impairment charges | 5,875 | 1,582 \nOther non-cash charges | — | 244 \n | $17,411 | $4,172 \n\nAmericas 2019 Exit Plan\n first quarter 2019 Company initiated restructuring plan operating model U. agent attrition absenteeism. included closing centers consolidating leased space. management reorganization. finalized actions September 30, 2019.\n Americas 2018 Exit Plan\n second quarter 2018 initiated restructuring plan capacity utilization closing centers consolidating leased space U. Canada. finalized site closures December 31, 2018 reduction seats.\n actions Plans resulted cost savings lower depreciation expense.\n cumulative costs incurred cash non expenditures Plans December 31, 2019\n Included costs.\n salaries related.\n paid $12. 3 million cash December 31, 2019 $10. 4 million Americas 2018 Exit Plan $1. 9 million Americas 2019 Exit Plan.\n Americas 2018\n Lease obligations facility exit costs $7,073\n Severance 3,426\n Non-cash impairment charges 5,875\nnon-cash 244\n $17,411" +} +{ + "_id": "d1b2f48d2", + "title": "", + "text": "iv. Details of the Remuneration for the year ended March 31, 2019:\na. Non-Executive Directors:\n@ As a policy, N Chandrasekaran, Chairman, has abstained from receiving commission from the\nCompany.\n@@ In line with the internal guidelines of the Company, no payment is made towards commission to\nthe Non-Executive Directors of the Company, who are in full time employment with any other Tata\ncompany.\n* Relinquished the position of Independent Director w.e.f. July 10, 2018.\n** Relinquished the position of Independent Director w.e.f. September 28, 2018.\n*** Appointed as an Additional and Independent Director w.e.f. December 18, 2018.\n**** Appointed as an Additional and Independent Director w.e.f. January 10, 2019.\n\n | | (` lakh) \n---------------------------- | ---------- | ------------\nName | Commission | Sitting Fees\nN Chandrasekaran, Chairman@ | - | 3.60 \nAman Mehta | 315.00 | 4.80 \nV Thyagarajan* | 100.00 | 3.00 \nProf Clayton M Christensen** | 75.00 | 0.30 \nDr Ron Sommer | 220.00 | 5.10 \nO P Bhatt | 215.00 | 7.50 \nAarthi Subramanian@@ | - | 5.70 \nDr Pradeep Kumar Khosla | 150.00 | 2.10 \nHanne Sorensen*** | 50.00 | 0.60 \nKeki Mistry*** | 50.00 | 0.60 \nDon Callahan**** | 35.00 | 0.30 \nTotal | 1,210.00 | 33.60 \n\n. Remuneration year ended March 31, 2019\n. Non-Executive Directors\n Chandrasekaran Chairman abstained receiving commission\n Company.\n no payment commission\n Non-Executive Directors full time employment\n.\n Relinquished Independent Director. July 10, 2018.\n Relinquished Independent Director. September 28, 2018.\n Appointed Additional Independent Director. December 18, 2018.\n Additional Independent Director. January 10, 2019.\n Chandrasekaran Chairman.\n Aman Mehta 315.\n Thyagarajan 100.\n Clayton M 75.\n Ron Sommer 220.\n Bhatt 215.\n Aarthi Subramanian@@.\n Pradeep Kumar 150.\n Sorensen***.\n Keki Mistry***.\n Don Callahan**** 35.\n 1,210." +} +{ + "_id": "d1b30a4fc", + "title": "", + "text": "Adjusted cash flow\nA reconciliation showing the items that bridge between net cash from operating activities as reported under IFRS to an adjusted basis is given below. Adjusted cash from operations is used by the Board to monitor the performance of the Group, with a focus on elements of cashflow, such as Net capital expenditure, which are subject to day to day control by the business.\nAdjusted cash conversion in 2019 is 84% (2018: 91%). Cash conversion is calculated as adjusted cash from operations divided by adjusted operating profit.\nThe adjusted cash flow is included in the Financial Review on page 58.\n\n | 2019 | 2018 \n------------------------------------------------------------------------ | ------ | ------\n | £m | £m \nNet cash from operating activities as reported under IFRS | 227.4 | 212.6 \nAcquisition and disposal costs | 2.5 | 0.2 \nNet capital expenditure excluding acquired intangibles from acquisitions | (59.0) | (31.5)\nTax paid | 78.4 | 61.6 \nRepayments of principal under lease liabilities | (11.2) | – \nAdjusted cash from operations | 238.1 | 242.9 \n\nAdjusted cash flow\n reconciliation net cash operating activities IFRS adjusted basis. Board performance Group focus Net capital expenditure control business.\n cash conversion 2019 84% (2018 91%). divided profit.\n Financial Review page 58.\n Net cash operating activities IFRS 227. 212.\n Acquisition disposal costs 2.\n Net capital expenditure excluding acquired intangibles (59. (31.\n Tax paid 78. 61.\n Repayments principal lease liabilities.\n Adjusted cash operations 238. 242." +} +{ + "_id": "d1a740c66", + "title": "", + "text": "Cash Flows\nThe following table sets forth selected consolidated cash flow information (in thousands):\nOperating Activities Net cash provided by operating activities during the fiscal year ended August 31, 2019 was primarily due to increased accounts payable, accrued expenses and other liabilities, decreased inventories and non-cash expenses, partially offset by increased contract assets and accounts receivable. The increase in accounts payable, accrued expenses and other liabilities is primarily due to the timing of collections on accounts receivable sold under the securitization programs and the timing of purchases and cash payments. The decrease in inventories is primarily due to the adoption of ASU 2014-09 and the reclassification to contract assets for revenue recognized for over time customers, partially offset by an increase in inventories to support expected sales levels in the first quarter of fiscal year 2020. The increase in contract assets is due to the adoption of ASU 2014-09 and the timing of revenue recognition for over time customers. The increase in accounts receivable is primarily driven by the amended and new securitization programs and higher sales and timing of collections.\nInvesting Activities Net cash used in investing activities during the fiscal year ended August 31, 2019 consisted primarily of capital expenditures principally to support ongoing business in the DMS and EMS segments and expenditures for assets acquired in connection with the initial and second closings of the acquisition of certain assets of JJMD, partially offset by proceeds and advances from the sale of property, plant and equipment and cash receipts on sold receivables under the asset-backed securitization programs.\nFinancing Activities Net cash used in financing activities during the fiscal year ended August 31, 2019 was primarily due to: (i) payments for debt agreements, (ii) the repurchase of our common stock, (iii) dividend payments and (iv) treasury stock minimum tax withholding related to vesting of restricted stock. Net cash used in financing activities was partially offset by: (i) borrowings under debt agreements and (ii) net proceeds from the exercise of stock options and issuance of common stock under the employee stock purchase plan.\n\n | | Fiscal Year Ended August 31, | \n------------------------------------------------------------ | ---------- | ---------------------------- | ------------\n | 2019 | 2018 | 2017 \nNet cash provided by (used in) operating activities | $1,193,066 | $(1,105,448) | $(1,464,085)\nNet cash (used in) provided by investing activities | (872,454) | 1,240,914 | 2,141,263 \nNet cash used in financing activities | (415,772) | (47,044) | (404,546) \nEffect of exchange rate changes on cash and cash equivalents | 554 | (20,392) | 5,228 \nNet (decrease) increase in cash and cash equivalents | $(94,606) | $68,030 | $277,860 \n\nCash Flows\n table consolidated cash flow information\n Operating Activities cash August 2019 due increased accounts payable accrued expenses liabilities decreased inventories non-cash expenses offset increased contract assets accounts receivable. increase due timing collections securitization programs purchases cash payments. decrease inventories due ASU 2014-09 reclassification contract assets offset increase inventories sales quarter 2020. increase contract assets due ASU 2014-09 timing revenue time. increase accounts receivable driven securitization programs higher sales timing collections.\n Investing Activities cash capital expenditures expenditures assets acquired offset proceeds sale property plant equipment cash receipts receivables-backed securitization programs.\n Financing Activities cash due to payments debt agreements repurchase common stock dividend payments treasury stock minimum tax withholding restricted stock. offset by borrowings debt agreements proceeds from stock options issuance common stock employee stock purchase plan.\nFiscal Year Ended August 31,\n cash operating $1,193,066 $(1,105,448,464,085)\n investing (872,454 1,240,914 2,141,263\n financing (415,772 (47,044 (404,546)\n exchange rate cash equivalents,392 5,228\n $(94,606 $68,030 $277,860" +} +{ + "_id": "d1b32f6da", + "title": "", + "text": "Autodesk applies fair value accounting for certain financial assets and liabilities, which consist of cash equivalents, marketable securities, and other financial instruments, on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and (Level 3) unobservable inputs for which there is little or no market data, which require Autodesk to develop its own assumptions. When determining fair value, Autodesk uses observable market data and relies on unobservable inputs only when observable market data is not available. Autodesk reviews for any potential changes on a quarterly basis, in conjunction with our fiscal quarter-end close.\nAutodesk's cash equivalents, marketable securities, and financial instruments are primarily classified within Level 1 or Level 2 of the fair value hierarchy. Autodesk values its securities on pricing from pricing vendors, who may use quoted prices in active markets for identical assets (Level 1) or inputs other than quoted prices that are observable either directly or indirectly in determining fair value (Level 2). Autodesk's Level 2 securities are valued primarily using observable inputs other than quoted prices in active markets for identical assets and liabilities. Autodesk's Level 3 securities consist of investments held in convertible debt securities, and derivative contracts.\nA reconciliation of the change in Autodesk’s Level 3 items for the fiscal year ended January 31, 2019 was as follows:\n(1) Included in “Interest and other expense, net” in the accompanying Consolidated Statements of Operations.\n\n | | Fair Value Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | \n--------------------------------------- | -------------------- | ---------------------------------------------------------------------------------- | -----\n | Derivative Contracts | Convertible Debt Securities | Total\nBalances, January 31, 2018 | $1.0 | $7.8 | $8.8 \nSettlements | — | (3.5) | (3.5)\n(Losses) Gains included in earnings (1) | (0.2) | 0.5 | 0.3 \nLosses included in OCI | — | (0.4) | (0.4)\nBalances, January 31, 2019 | $0.8 | $4.4 | $5.2 \n\nAutodesk applies fair value accounting for financial assets liabilities cash equivalents marketable securities financial instruments recurring. defines fair value as price received from selling liability in transaction between market participants. Fair value estimated hierarchy prioritizes inputs into three levels lowest level input 1) observable inputs quoted prices in active markets 2) inputs other 3) unobservable inputs little no market data assumptions. uses observable market data relies on unobservable inputs when. reviews changes quarterly fiscal quarter-end.\n cash equivalents marketable securities financial instruments classified within Level 1 or 2 fair value hierarchy. values securities on pricing from vendors quoted prices. Level 2 securities valued using observable inputs active markets. Level 3 securities investments in convertible debt securities derivative contracts.\n reconciliation of change in Autodesk’s Level 3 items for fiscal year ended January 31, 2019\nexpense Consolidated Statements Operations.\n Fair Value Measurements Inputs 3)\n Contracts Convertible Debt Securities\n Balances January 31, 2018 $1. $7. 8 $8.\n Settlements (3.\n Gains earnings.\n Losses OCI.\n Balances January 31, 2019 $0. 8 $4. 4 $5." +} +{ + "_id": "d1b2fbc2c", + "title": "", + "text": "Provision for Income Taxes: Our effective income tax rates for each of the periods presented were the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. In fiscal 2018, the Tax Act was signed into law. The more significant provisions of the Tax Act as applicable to us are described above under “Impacts of the U.S. Tax Cuts and Jobs Act of 2017”. refer to Note 14 of Notes to Consolidated Financial Statements included elsewhere in this Annual report for a discussion regarding the differences between the effective income tax rates as presented for the periods below and the U.S. federal statutory income tax rates that were in effect during these periods. Future effective income tax rates could be adversely affected by an unfavorable shift of earnings weighted to jurisdictions with higher tax rates, by unfavorable changes in tax laws and regulations, by adverse rulings in tax related litigation, or by shortfalls in stock-based compensation realized by employees relative to stock-based compensation that was recorded for book purposes, among others.\nProvision for income taxes decreased in fiscal 2019 relative to fiscal 2018 primarily due to the absence of the initial accounting charges related to the Tax Act that were recorded in fiscal 2018. To a lesser extent, provision for income taxes also decreased in fiscal 2019 due to the net favorable impacts of our final accounting for the Tax Act in fiscal 2019; the net favorable impacts of the Tax Act on our tax profile during fiscal 2019; the favorable impact of a tax benefit arising from an increase in a deferred tax asset associated with a partial realignment of our legal structure in fiscal 2019; and lower income before provision for income taxes in fiscal 2019. These decreases to our provision for income taxes in fiscal 2019 relative to fiscal 2018 were partially offset both by lower excess tax benefits related to stock-based compensation expense in fiscal 2019, and by less favorable changes in net unrecognized tax benefits due to settlements with tax authorities and other events in fiscal 2019 relative to fiscal 2018.\n\n | | | Year Ended May 31, | \n-------------------------- | ------ | ------ | ------------------ | ------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nProvision for income taxes | $1,185 | -87% | -86% | $8,837\nEffective tax rate | 9.7% | | | 71.1% \n\nIncome Taxes effective income tax rates income tax jurisdictions. fiscal 2018 Tax Act signed into law. significant provisions under “Impacts of U. S. Tax Cuts and Jobs Act of 2017”. refer to Note 14 Consolidated Financial Statements differences between effective income tax rates U. federal statutory income tax rates. Future income tax rates could affected by shift earnings higher tax rates unfavorable changes tax laws regulations adverse rulings tax litigation shortfalls stock-based compensation.\n Provision income taxes decreased fiscal 2019 due initial accounting charges Tax Act. decreased due to net favorable impacts final accounting Tax Act Tax Act tax profile tax benefit increase deferred tax asset realignment legal structure lower income before provision income taxes. decreases offset by lower excess tax benefits stock-based compensation expense less favorable changes in net unrecognized tax benefits due to settlements tax authorities events.\n Year Ended May 31,\n Percent Change\nmillions 2019\n income taxes $1,185 -87% $8,837\n tax rate. 7%. 1%" +} +{ + "_id": "d1b3c460e", + "title": "", + "text": "Original Equipment Manufacturers (“OEM”) are the end-customers to which we provide direct marketing application engineering support, while Distribution customers refers to the distributors and representatives that we engage to distribute our products around the world.\nOur revenues weight in Distribution registered a decrease of 5 percentage point compared to 2018, reaching a 30% share of total revenues in 2019. In 2018 as compared to 2017, our revenues weight in Distribution registered an increase of 1 percentage point.\n\n | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, \n------------ | ------------------------------- | ------------------------------- | -------------------------------\n | 2019 | 2018 | 2017 \n | (As percentage of net revenues) | (As percentage of net revenues) | (As percentage of net revenues)\nOEM | 70% | 65% | 66% \nDistribution | 30 | 35 | 34 \nTotal | 100% | 100% | 100% \n\nOriginal Equipment Manufacturers end-customers direct marketing engineering support Distribution customers distributors representatives products.\n revenues Distribution 5 2018 30% share total revenues 2019. 2018 2017 revenues Distribution increase 1 percentage point.\n Year Ended December 31,\n 2019 2018 2017\n percentage net revenues\n OEM 70% 65% 66%\n Distribution 30 35 34\n Total 100%" +} +{ + "_id": "d1b393522", + "title": "", + "text": "Share-Based Payment Expense\nThe expense recognised for employee services received during the year is as follows:\nThe cash-settled expense comprises cash-based awards together with certain social security taxes. The carrying value of the liability as at 31 March 2019 was $1.6M (2018: $3.1M).\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018\n--------------------------------- | ------------------------ | ------------------------\n | $M | $M \nCash-settled transactions | 1.9 | 2.7 \nEquity-settled transactions | 35.0 | 39.6 \nTotal share-based payment expense | 36.9 | 42.3 \n\nShare-Based Payment Expense\n employee services\n awards social security taxes. value liability 31 March 2019 $1. 6M $3. 1M.\n Year-ended 31 2019 2018\n Cash-settled transactions.\n Equity-settled transactions.\n share-based payment expense 36. 42." +} +{ + "_id": "d1b389b4e", + "title": "", + "text": "12 Leases\n(a) Leases\n(i) Amounts recognised in the Consolidated Balance Sheet\nThe Consolidated Balance Sheet includes the following amounts relating to leases:\nAdditions to the right-of-use assets during the 2019 financial year were $0.3 million.\n(ii) Amounts recognised in the Consolidated Statement of Comprehensive Income\nThe Consolidated Statement of Comprehensive Income shows the following amounts relating to leases:\nThe total cash outflow for leases in 2019 was $8.6 million.\n(iii) The group’s leasing activities and how these are accounted for\nThe Group has a number of leases over property, motor vehicles, and connectivity links that have varying terms, escalation clauses and renewal rights.\nLeases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability for each year. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.\nAssets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:\n- fixed payments (including in-substance fixed payments), less any lease incentives receivable  fixed payments (including in-substance fixed payments), less any lease incentives receivable\n- variable lease payments that are based on an index or a rate\n- amounts expected to be payable by the lessee under residual value guarantees\n- the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and\n- payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.\nThe lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group’s incremental borrowing rate.\nRight-of-use assets are measured at cost comprising the following:\n- the amount of the initial measurement of lease liability\n- any lease payments made at or before the commencement date, less any lease incentives received\n- any initial direct costs, and\n- restoration costs.\nPayments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT-equipment and small items of office furniture.\n(iv) Extension and termination options\nExtension and termination options are included in a number of property and equipment leases across the Group. These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.\n\n | 30 June 2019 | 30 June 2018\n-------------------- | ------------ | ------------\n | $'000 | $'000 \nRight-of-use assets* | | \nProperties | 68,569 | 5,070 \nMotor Vehicles | 259 | - \nConnectivity Links | 9,696 | - \n | 78,524 | 5,070 \n\nLeases\n Amounts Consolidated Balance Sheet\n amounts leases\n Additions to right-of-use assets 2019 were $0. 3 million.\n Consolidated Statement of Comprehensive Income\n leases\n total cash outflow for leases 2019 was $8. 6 million.\n group’s leasing activities\n leases over property motor vehicles connectivity links varying terms escalation clauses renewal rights.\n Leases recognised as right-of-use liability at date. lease payment allocated between liability finance cost. finance cost charged profit loss lease term constant interest balance liability. right-of-use depreciated over life lease term.\n Assets liabilities lease measured present value basis. Lease liabilities include net value lease payments\n fixed payments\n variable lease payments\n amounts payable under residual value guarantees\n exercise price of purchase option if\n penalties for terminating lease.\nlease payments discounted interest rate lease Group’s incremental borrowing rate.\n Right-of-use assets measured at cost\n initial lease liability\n lease payments incentives\n initial direct costs\n restoration costs.\n Payments short-term leases low-value assets recognised expense in profit loss. Short-term leases 12 months or less. Low-value assets IT-equipment office furniture.\n Extension termination options\n in property equipment leases. operational flexibility. exercisable by Group not lessor.\n 30 June 2019 June 2018\n Right-of-use assets\n Properties 68,569 5\n Motor Vehicles\n Connectivity Links,696\n" +} +{ + "_id": "d1a735078", + "title": "", + "text": "Stock-Settled Stock Appreciation Rights\nStock-Settled Appreciation Rights (“SSARs”) are rights granted to an employee to receive value equal to the difference in the price of our common shares on the date of the grant and on the date of exercise. This value is settled only in common shares of Agilysys.\nWe use a Black-Scholes-Merton option pricing model to estimate the fair value of SSARs. The following table summarizes the principal assumptions utilized in valuing SSARs granted in fiscal 2019, 2018 and 2017:\nThe risk-free interest rate is based on the yield of a zero coupon U.S. Treasury bond whose maturity period approximates the expected life of the SSARs. The expected life is estimated using historical data representing the period of time the awards are expected to be outstanding. The estimated fair value of the SSARs granted is recognized over the vesting period of the awards utilizing the graded vesting method. Under this method, the compensation cost related to unvested amounts begins to be recognized as of the grant date.\n\n | 2019 | 2018 | 2017 \n-------------------------------------- | ------ | --------------- | -------------\nRisk-free interest rate | 2.68% | 1.74%-1.94% | 0.94%-2.14% \nExpected life (in years) | 5 | 5 | 5 \nExpected volatility | 32.42% | 32.42% - 32.84% | 35.25%-40.22%\nWeighted average grant date fair value | $4.72 | $3.36 | $3.69 \n\nStock-Settled Appreciation Rights\n employee value equal difference price common shares grant exercise. value settled in shares Agilysys.\n Black-Scholes-Merton option pricing model fair value. table assumptions valuing SSARs 2019 2018\n risk-free interest rate based on yield zero coupon U. S. Treasury bond expected life. estimated historical data. estimated fair value recognized over vesting period graded vesting method. compensation cost unvested amounts recognized grant date.\n Risk-free interest rate 2. 68%. 74%-1 94%.\n Expected life years 5\n Expected volatility 32. 42%.\n average grant date fair value $4. 72 $3. 36" +} +{ + "_id": "d1b30e408", + "title": "", + "text": "Annual Contract Value (“ACV”) (1) (2)\nThe change in ACV measures the growth and predictability of future cash flows from committed Pega Cloud and Client Cloud arrangements as of the end of the particular reporting period.\nTotal ACV, as of a given date, is the sum of the following two components:\n• Client Cloud: the sum of (1) the annual value of each term license contract in effect on such date, which is equal to its total license value divided by the total number of years and (2) maintenance revenue reported for the quarter ended on such date, multiplied by four. We do not provide hosting services for Client Cloud arrangements.\n• Pega Cloud: the sum of the annual value of each cloud contract in effect on such date, which is equal to its total value divided by the total number of years.\n(1) Data Table\n(2) As foreign currency exchange rates are an important factor in understanding period to period comparisons, we believe the presentation of ACV growth rates on a constant currency basis enhances the understanding of our results and evaluation of our performance in comparison to prior periods.\n\n | December 31, | | Change | | \n---------------------- | ------------ | -------- | -------- | --- | -----------------\n(Dollars in thousands) | 2019 | 2018 | Reported | | Constant currency\nMaintenance | $292,696 | $269,708 | $22,988 | 9% | 8% \nTerm | 231,267 | 190,349 | 40,918 | 21% | 21% \nClient Cloud | 523,963 | 460,057 | 63,906 | 14% | 14% \nPega Cloud | 169,329 | 109,973 | 59,356 | 54% | 54% \nTotal ACV | $693,292 | $570,030 | $123,262 | 22% | 22% \n\nAnnual Contract Value (“ACV”)\n change measures growth future cash flows Pega Cloud Client Cloud arrangements reporting period.\n Total ACV sum two components\n Client Cloud annual value license contract maintenance revenue quarter multiplied four. hosting services Client Cloud.\n Pega Cloud annual value contract equal divided years.\n foreign currency exchange rates ACV growth rates constant currency enhances understanding performance.\n December 31,\n 2019 Constant currency\n Maintenance $292,696 $269,708 $22,988 9%\n Term 231,267 190,349 40,918 21%\n Client Cloud 523,963 460,057 63,906 14%\n Pega Cloud 169,329 109,973 59,356 54%\n Total ACV $693,292 | $570,030 $123,262 22%" +} +{ + "_id": "d1b35c0d6", + "title": "", + "text": "Net Income (Loss) per Common Share\nBasic net income per share is based on the weighted average common and Class A shares outstanding. Diluted net income per share includes any dilutive effects of stock options outstanding and unvested restricted shares.\nBasic net income per share was calculated by dividing net income by the weighted-average number of common and Class A shares outstanding during the period. Diluted net income per share was calculated by dividing net income by the weighted-average number of common shares outstanding during the period plus the dilutive effects of stock options and unvested restricted shares. Due to the net loss in the year ended June 3, 2017 restricted shares in the amount of 131,292 were excluded from the calculation of diluted earnings per share because their inclusion would have been\nantidilutive. The computations of basic net income per share and diluted net income per share are as follows (in thousands):\n\n | June 1, 2019 | June 2, 2018 | June 3, 2017\n-------------------------------------------------------- | ------------ | ------------ | ------------\nNet income (loss) attributable to Cal-Maine Foods, Inc. | $54,229 | $125,932 | $(74,278) \nBasic weighted-average common shares (including Class A) | 48,467 | 48,353 | 48,362 \nEffect of dilutive securities: | | | \nCommon stock options and restricted stock | 122 | 115 | — \nDilutive potential common shares | 48,589 | 48,468 | 48,362 \nNet income (loss) per common share: | | | \nBasic | $1.12 | $2.60 | $(1.54) \nDiluted | $1.12 | $2.60 | $(1.54) \n\nNet Income (Loss) per Common Share\n based weighted average common Class A shares. includes dilutive effects stock options unvested restricted shares.\n calculated. Diluted dilutive effects options restricted shares. loss June 3, 2017 restricted shares 131,292 excluded\n antidilutive. computations diluted\n June 1 2019 2 2018 3 2017\n Net income (loss) Cal-Maine Foods, Inc. $54,229 $125,932 $(74,278)\n weighted-average common shares Class A 48,467 48,353 48,362\n Effect dilutive securities\n Common stock options restricted stock\n Dilutive potential common shares 48,589 48,468,362\n Net income (loss) per common share\n $1. $2. 60.\n Diluted." +} +{ + "_id": "d1b39a084", + "title": "", + "text": "7 Employees’ information (continued)\nShare based payments\nDetails of share options outstanding under each of the Group’s schemes is set out below:\n1 Shares ordinarily exercised immediately on vested date.\n2 Relates to non-vested SIP free shares, partnership shares and matching shares granted.\nThe weighted average exercise prices of the outstanding options and outstanding options exercisable at 31 December 2019 for the Share Option Schemes were 304 pence and 309 pence respectively (2018: 302 pence and 309 pence respectively) and for the Save As You Earn Scheme were 77 pence and 278 respectively (2018: 224 pence and nil respectively).\nA Share Option Schemes\nOptions to subscribe for ordinary shares may be awarded under the intu properties plc Company Share Option Plan and the intu properties plc Non-approved Executive Share Option Scheme.\nSuch options may not be exercised within three years of grant or before the satisfaction or waiver of any applicable performance conditions and will be forfeited if the employee leaves the Group before their options become capable of exercise, except in certain circumstances. The options will lapse if not exercised within 10 years of the date of grant.\nB Performance Share Plan (PSP)\nThe Company operates a PSP for eligible employees at the discretion of the Remuneration Committee\nAwards may be made in the form of nil cost options, a conditional share award or prior to April 2019, a joint share ownership award and fixed-value zero-cost option, and eligible employees may be granted any combination of such awards subject to any individual limits.\nThe 2020 PSP awards will vest based on (i) 50 per cent of each award – relative Total Shareholder Return vs a bespoke real estate sector peer group (this group being expanded from the very small groups used previously) and (ii) 50 per cent of each award – intu’s Total Property Return vs the MSCI UK Shopping Centre benchmark. This mix of metrics represents a change from the 2019 awards which were based 50 per cent each on relative and absolute TSR targets subject to a Remuneration Committee-operated discretionary assessment of underlying financial performance. It is intended that awards will vest three years following grant (with an additional two year post vesting holding period applying to the net number of shares that vest if the Remuneration Committee considers it appropriate to apply such additional condition).\nC Bonus Share Scheme (Bonus Scheme)\nUnder the Company’s Bonus Scheme, shares may be awarded on a deferred basis as part of a bonus award (Deferred Share Awards).\nDeferred Share Awards comprise Restricted Shares and Additional Shares (prior to July 2019). Restricted Shares will vest two or three years after the date of their award and Additional Shares will vest four or five years after the date of award. Vesting is subject, under normal circumstances, to continued employment during the vesting or ‘restricted’ period. There are no further performance conditions applicable to either Restricted Shares or Additional Shares.\nWhere awarded, the number of Additional Shares would be equal to 50 per cent of the combined total of shares awarded as Restricted Shares and under the Share Incentive Plan (see section D). No Additional Shares were outstanding at 1 January 2014 and no awards of Additional Shares have been made since this time. intu properties\nD Share Incentive Plan (SIP)\nThe Company operates a SIP for all eligible employees, who may receive up to £3,600 worth of shares (Free Shares) as part of their annual bonus. The SIP is an HMRC tax-advantaged scheme.\nAny Free Shares awarded under the SIP will be held in trust on behalf of each employee for at least three years following grant, after which time they may be withdrawn, provided the individual employee has remained in employment with the Company. If the Free Shares are held in trust for a further two years, they will qualify for HMRC-approved tax advantages.\nAs part of the SIP arrangements, the Company also offers eligible employees the opportunity to participate in a Partnership share scheme, under which employees can invest up to £1,800 of pre-tax salary (or, if less, 10 per cent of salary) in any tax year, which will be used to purchase ordinary shares in the Company (Partnership Shares) at the end of a 12-month period. The Group will give each employee one ordinary share (a Matching Share) for every two Partnership Shares purchased by the employee. Matching Shares will be forfeited if the employee leaves the Group within three years of the date of award and will qualify for HMRC-approved tax advantages if they are held in the SIP for five years.\nE Save As You Earn Scheme (SAYE)\nThe Group operates a SAYE under which all eligible UK employees may save up to a maximum of £500 per month for a period of three or five years and use the proceeds at the end of their saving period to purchase shares in the Company. At the start of the saving period, each SAYE participant will be granted an option to purchase such shares at a price usually determined as the average mid-market closing share price of an ordinary share in the Company over the three consecutive dealing days preceding the SAYE invitation date, discounted by up to 20 per cent. Options may normally be exercised within six months following the end of the savings period.\nF Joint Share Ownership Plan (JSOP)\nEligible employees were invited to participate in the JSOP which formed part of the intu properties plc Unapproved Share Option Scheme (which was replaced by the Non-approved Executive Share Option Scheme upon its expiry in April 2018) and the PSP. Under the JSOP, shares are held jointly by the employee and the employee share ownership plan trustee with any increases in the share price and dividends paid on those shares being allocated between the joint owners in accordance with the terms of the scheme.\nConditions under which JSOP interests may be exercised (including applicable performance conditions) are the same as those for the Non-approved Executive Share Option Scheme as outlined in section A.\n\n | Note | Outstanding 1 January 2019 | Granted during the year | Exercised during the year | Expired/forfeited during the year | Outstanding 31 December 2019 | Exercisable 31 December 2019\n-------------------------- | ---- | -------------------------- | ----------------------- | ------------------------- | --------------------------------- | ---------------------------- | ----------------------------\nShare Option Schemes | A | 7,938,601 | – | – | (801,528) | 7,137,073 | 5,687,073 \nPerformance Share Plan1 | B | 7,008,260 | 3,734,410 | – | (2,228,278) | 8,514,392 | n/a \nBonus Share Scheme | C | 1,827,366 | 556,840 | (996,503)1 | (16,632) | 1,371,071 | n/a \nShare Incentive Plan2 | D | 243,127 | 88,027 | (41,116)1 | (80,736) | 209,302 | n/a \nSave As You Earn Scheme | E | 219,136 | 448,368 | – | (121,172) | 546,332 | 60,443 \nJoint Share Ownership Plan | F | 4,345,305 | – | – | (1,382,972) | 2,962,333 | 2,962,333 \n\nEmployees’ information\n Share payments\n share options schemes\n Shares exercised vested date.\n non-vested SIP free shares partnership shares matching shares.\n average exercise prices 31 December 2019 Share Option Schemes 304 309 Save As You Earn Scheme 77 278.\n Share Option Schemes\n Options shares awarded intu properties plc Company Share Option Plan Non-approved Executive Share Option Scheme.\n options not exercised three years grant performance conditions forfeited leaves Group before. options lapse not exercised 10 years grant.\n Performance Share Plan\n Company operates PSP employees Remuneration Committee\n Awards cost options conditional share award joint share ownership fixed-value zero option limits.\n 2020 PSP awards vest 50 per cent Total Shareholder Return real estate sector peer group intu’s Total Property Return vs MSCI UK Shopping Centre benchmark. change from 2019 awards TSR targets Remuneration Committee financial performance.awards vest three years following grant additional two year post vesting period net shares if Remuneration Committee.\n Bonus Share Scheme\n shares awarded deferred bonus award.\n Restricted Shares Additional Shares to July 2019. Restricted Shares vest two or three years after award Additional Shares four or five years after. Vesting subject to continued employment. no further performance conditions.\n Additional Shares equal to 50 per cent. No Additional Shares outstanding at 1 January 2014 no awards made.\n Share Incentive Plan\n Company operates for eligible employees receive £3,600 shares annual bonus. tax-advantaged scheme.\n Free Shares awarded held in trust three years following grant withdrawn employment. Shares held two years qualify for HMRC-approved tax advantages.\nCompany offers employees Partnership share scheme invest £1,800 pre-tax salary 10 per cent salary tax year purchase ordinary shares 12-month period. employee one ordinary share Matching Share for every two Partnership Shares purchased. Matching Shares forfeited if leaves Group within three years qualify for tax advantages SIP for five years.\n Save As You Earn Scheme)\n Group operates employees save £500 per month three or five years use proceeds purchase shares. option purchase shares average mid-market closing share price three days discounted 20 per cent. Options exercised six months following savings period.\n F Joint Share Ownership Plan (JSOP)\n employees participate intu properties plc Unapproved Share Option Scheme replaced Non-approved Executive Share Option Scheme 2018). shares held jointly by employee trustee increases share price dividends allocated between joint owners.\n Conditions JSOP same as Non-approved Executive Share Option Scheme.\n1 January 2019 Granted Exercised Expired 31 December 2019 Exercisable\n Share Option Schemes 7,938,601 (801,528) 7,137,073\n Performance Share 7,008,260 3,734,410,228,278 8,514,392\n Bonus Share Scheme 1,827,366 556,840 1,371,071\n Share Incentive 243,127 88,027,116,736 209,302\n Save You Earn Scheme 219,136 448,368,172 546,332 60,443\n Joint Share Ownership Plan 4,345,305 (1,382,972) 2,962,333" +} +{ + "_id": "d1b2f421a", + "title": "", + "text": "Our number of employees is as follows:\nOn August 3, 2018, we implemented a plan to restructure our organization, which included a reduction in workforce of approximately 40 employees, representing approximately 30% of the Company’s total pre-restructuring workforce. We recorded a charge of $381,000 in the third quarter of 2018 relating to this reduction in force, consisting primarily of one-time severance payments and termination benefits. The Company’s goal in the restructuring is to better focus our workforce on retaining current clients, gaining incremental business from current clients, and winning new business in the market segments where we can leverage our expertise and long history as an EFT pioneer.\nEmployees\n\n | March 1, | \n----------------------------- | -------- | ----\nDepartment | 2020 | 2019\nSales and Marketing | 41 | 38 \nEngineering | 13 | 9 \nProfessional Services | 6 | 6 \nCustomer Support | 22 | 22 \nManagement and Administration | 18 | 17 \nTotal | 100 | 92 \n\nemployees\n August 3, 2018 implemented plan restructure organization reduction 40 employees 30% pre-restructuring workforce. recorded charge $381,000 third quarter 2018 one-time severance payments termination benefits. goal retaining current clients gaining business new business EFT.\n Employees\n March 1\n Department 2020 2019\n Sales Marketing 41\n Engineering 13 9\n Professional Services 6\n Customer Support 22\n Management Administration 18\n Total 100 92" +} +{ + "_id": "d1b3ae62e", + "title": "", + "text": "NOTE 14—INCOME TAXES\nOur effective tax rate represents the net effect of the mix of income earned in various tax jurisdictions that are subject to a wide range of income tax rates.\nThe following is a geographical breakdown of income before the provision for income taxes:\n\n | | Year Ended June 30, | \n-------------------------- | -------- | ------------------- | --------\n | 2019 | 2018 | 2017 \nDomestic income (loss) | $269,331 | $238,405 | $110,562\nForeign income | 171,243 | 147,721 | 138,989 \nIncome before income taxes | $440,574 | $386,126 | $249,551\n\nTAXES\n effective tax rate income jurisdictions.\n geographical breakdown income before taxes\n Ended June 30,\n Domestic income $269,331 $238,405 $110,562\n Foreign income 171,243 147,721 138,989\n Income before taxes $440,574 $386,126 $249,551" +} +{ + "_id": "d1b370e0a", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe following selected financial data has been derived from our consolidated financial statements (in thousands, except per share data). This data should be read together with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, and the consolidated financial statements and related notes included elsewhere in this annual report. The financial information below is not necessarily indicative of the results of future operations. Future results could differ materially from historical results due to many factors, including those discussed in Item 1A, Risk Factors.\n(1) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, includes the acquisition of Speedpay as discussed in Note 3, Acquisition, to our Notes to Consolidated Financial Statements in Part IV, Item 15 of this Form 10-K.\n(2) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, reflects the application of Accounting Standards Update (“ASU”) 2016-02, Leases (codified as “ASC 842”) as discussed in Note 14, Leases, to our Notes to Consolidated Financial Statements.\n(3) The consolidated balance sheet and statement of operations for the year ended December 31, 2018, reflects the adoption of ASU 2014-09, Revenue from Contracts with Customers (codified as “ASC 606”), as discussed in Note 2, Revenue, to our Notes to Consolidated Financial Statements, including a cumulative adjustment of $244.0 million to retained earnings.\n(4) The consolidated statement of operations for the year ended December 31, 2017, reflects the Baldwin Hackett & Meeks, Inc. (“BHMI”) judgment. We recorded $46.7 million in general and administrative expense and $1.4 million in interest expense, as discussed in Note 15, Commitments and Contingencies, to our Notes to Consolidated Financial Statements.\n(5) The consolidated balance sheet and statement of operations for the year ended December 31, 2016, reflects the sale of Community Financial Services assets and liabilities.\n\n | | | Years Ended December 31, | | \n------------------------------------------- | ----------- | ----------- | ------------------------ | ----------- | -----------\n | 2019 (1)(2) | 2018 (3) | 2017 (4) | 2016 (5) | 2015 \nIncome Statement Data: | | | | | \nTotal revenues | $ 1,258,294 | $ 1,009,780 | $ 1,024,191 | $ 1,005,701 | $ 1,045,977\nNet income | 67,062 | 68,921 | 5,135 | 129,535 | 85,436 \nEarnings per share: | | | | | \nBasic | $ 0.58 | $ 0.59 | $ 0.04 | $ 1.10 | $ 0.73 \nDiluted | $ 0.57 | $ 0.59 | $ 0.04 | $ 1.09 | $ 0.72 \nWeighted average common shares outstanding: | | | | | \nBasic | 116,175 | 116,057 | 118,059 | 117,533 | 117,465 \nDiluted | 118,571 | 117,632 | 119,444 | 118,847 | 118,919 \n\nITEM 6. SELECTED FINANCIAL DATA\n financial data derived from consolidated financial statements. read with Item 7 Discussion Analysis Financial Condition Results consolidated financial statements notes annual report. financial information not indicative future operations. results differ from historical 1A Risk Factors.\n consolidated balance sheet December 31, 2019 includes acquisition Speedpay Note 3 Acquisition Part IV Item 15 Form 10-K.\n December 2019 Accounting Standards Update 2016-02, Leases.\n balance December 31, 2018 ASU 2014-09 Revenue Contracts Customers adjustment $244. 0 million retained earnings.\n statement December 31, 2017 reflects Baldwin Hackett & Meeks, Inc. judgment. $46. 7 million general administrative expense $1. 4 million interest expense Note 15 Commitments Contingencies.\n balance sheet year December 31, 2016, reflects sale Community Financial Services assets liabilities.\n December\n\n 2019 2018 2017 (4) 2016 (5) 2015\n Income Statement Data\n Total revenues $ 1,258,294 1,009,780 1,024,191 1,005,701 1,045,977\n Net income 67,062 68,921 5,135 129,535 85,436\n Earnings per share\n. 58.\n.\n average shares\n Basic 116,175 116,057 118,059 117,533 117,465\n Diluted 118,571 117,632 119,444 118,847 118,919" +} +{ + "_id": "d1b3c43d4", + "title": "", + "text": "Note 7—Income Taxes\nThe\nCompany\nis\nincorporated\nin\nSwitzerland\nbut\noperates\nin\nvarious\ncountries\nwith\ndiffering\ntax\nlaws\nand\nrates.\nFurther,\na\nportion\nof\nthe\nCompany's\nincome\n(loss)\nbefore\ntaxes\nand\nthe\nprovision\nfor\n(benefit\nfrom)\nincome\ntaxes\nis\ngenerated\noutside\nof\nSwitzerland.\nIncome\nfrom\ncontinuing\noperations\nbefore\nincome\ntaxes\nfor\nfiscal\nyears\n2019\n,\n2018\nand\n2017\nis\nsummarized\nas\nfollows\n(in\nthousands):\n\n | | Years Ended March 31, | \n------------------- | -------- | --------------------- | --------\n | 2019 | 2018 | 2017 \nSwiss | $212,986 | $177,935 | $161,544\nNon-Swiss | 58,147 | 54,330 | 53,445 \nIncome before taxes | $271,133 | $232,265 | $214,989\n\n7—Income Taxes\n Company\n incorporated Switzerland countries tax laws.\n Company's income taxes taxes Switzerland.\n Income operations taxes 2019 2018 2017 summarized Years Ended March 31, 2019 2018 2017 Swiss $212,986 $177,935 $161,544\n Non-Swiss 58,147 54,330 53,445 Income before taxes $271,133 $232,265 $214,989" +} +{ + "_id": "d1b32eb86", + "title": "", + "text": "Liquidity and Capital Resources\nWorking Capital\nThe following table summarizes our cash and cash equivalents, accounts receivable, net and working capital, for the periods indicated (in thousands):\nWe define working capital as current assets minus current liabilities. Our cash and cash equivalents as of December 31, 2019 are available for working capital purposes. We do not enter into investments for trading purposes, and our investment policy is to invest any excess cash in short term, highly liquid investments that limit the risk of principal loss; therefore, our cash and cash equivalents are held in demand deposit accounts that generate very low returns.\n\n | | As of December 31, | \n------------------------- | -------- | ------------------ | -------\n | 2019 | 2018 | 2017 \nCash and cash equivalents | $119,629 | $146,061 | $96,329\nAccounts receivable, net | 76,373 | 49,510 | 40,634 \nWorking capital | 167,879 | 152,793 | 119,433\n\nLiquidity Capital Resources\n Working Capital\n table summarizes cash equivalents accounts receivable net working capital\n working capital assets minus liabilities. equivalents December 31, 2019 working. trading excess short liquid investments demand deposit accounts low returns.\n December\n Cash equivalents $119,629 $146,061 $96,329\n Accounts receivable net 76,373 49,510 40,634\n Working capital 167,879 152,793 119,433" +} +{ + "_id": "d1b2ff07a", + "title": "", + "text": "18. Other Income (Expense), Net\nOther income (expense), net consists of the following:\n\n | | Years Ended June 30, | \n----------------------------------------------------------------------------------------------- | ----- | -------------------- | -------\n($ in millions) | 2019 | 2018 | 2017 \nUnrealized gains on company owned life insurance contracts and investments held in rabbi trusts | $0.8 | $1.5 | $1.7 \nInterest income | 0.1 | 0.3 | 0.3 \nForeign exchange | (0.4) | (0.7) | (0.4) \nPension earnings, interest and deferrals | (0.1) | (2.1) | (23.8) \nPension curtailment | — | — | (0.5) \nOther | 0.2 | 0.2 | 1.2 \nTotal other income (expense), net | $0.6 | $(0.8) | $(21.5)\n\n18. Income\n Years Ended June 30\n millions 2019 2018 2017\n Unrealized gains life insurance contracts investments trusts. 8 $1. 5 $1. 7\n Interest income. 3.\n Foreign exchange. 4). 7).\n Pension earnings interest deferrals. (23. 8)\n Pension curtailment. 5)\n. 2.\n Total income $0. 6. 8)." +} +{ + "_id": "d1b379d34", + "title": "", + "text": "Below is the summary of the FY17 PRUs vested and earned by each NEO.\n(1) The Compensation Committee did not exercise its discretion to reduce any payouts.\n\nNEO | Total FY17 PRUs Vested at end of FY18 | Total FY17 PRUs Vested at end of FY19 | Total FY17 PRUs Earned and Vested (1)\n----------------------- | ------------------------------------- | ------------------------------------- | -------------------------------------\nGregory S. Clark | 2,404,175 | 175,023 | 2,579,198 \nNicholas R. Noviello | 606,935 | 44,184 | 651,119 \nAmy L. Cappellanti-Wolf | 207,142 | 15,080 | 222,222 \nSamir Kapuria | 148,322 | 10,798 | 159,120 \nScott C. Taylor | 414,287 | 30,160 | 444,447 \n\nFY17 PRUs vested earned NEO.\n Compensation Committee reduce payouts.\n Gregory. Clark 2,404,175,023 2,579,198\n Nicholas. Noviello 606,935 44,184,119\n Amy. Cappellanti-Wolf 207,142 15,080\n Samir Kapuria 148,322 10,798 159,120\n Scott. Taylor 414,287 30,160 444,447" +} +{ + "_id": "d1a739632", + "title": "", + "text": "12. ACCRUED LIABILITIES\nThe settlement of the deferred compensation liabilities includes the settlement with our former CFO and Executive Vice President that is payable within March 31, 2020 and payroll taxes related to this settlement and the settlement of the Executive Pension Plan with our Chairman, President & CEO. We refer to note 7 for further information.\n\nAll figures in USD ‘000 | 2019 | 2018 \n---------------------------------------------- | ------ | -----\nAccrued Interest | 163 | 1,598\nAccrued Expenses | 11,569 | 7,362\nSettlement Deferred Compensation Liabilities | 3,830 | - \nTotal as of December 31, | 15,562 | 8,960\n\n. ACCRUED LIABILITIES\n former CFO Vice President payable March 2020 payroll taxes Pension Plan Chairman President CEO. note 7.\n figures USD\n Interest 163 1,598\n Expenses 11,569 7,362\n Deferred Compensation Liabilities 3,830\n December 31, 15,562 8,960" +} +{ + "_id": "d1b36cad0", + "title": "", + "text": "4. Debt, Capital Lease Obligations and Other Financing\nDebt and capital lease obligations as of September 28, 2019 and September 29, 2018, consisted of the following (in thousands):\nOn June 15, 2018, the Company entered into a Note Purchase Agreement (the “2018 NPA”) pursuant to which it issued an aggregate of$ 150.0 million in principal amount of unsecured senior notes, consisting of $100.0 million in principal amount of 4.05% Series A Senior Notes, due on June 15, 2025, and $50.0 million in principal amount of 4.22% Series B Senior Notes, due on June 15, 2028 (collectively, the “2018 Notes”), in a private placement. The 2018 NPA includes customary operational and financial covenants with which the Company is required to comply, including, among others, maintenance of certain financial ratios such as a total leverage ratio and a minimum interest coverage ratio. The 2018 Notes may be prepaid in whole or in part at any time, subject to payment of a makewhole amount; interest on the 2018 Notes is payable semiannually. At September 28, 2019, the Company was in compliance with the covenants under the 2018 NPA.\nIn connection with the issuance of the 2018 Notes, on June 15, 2018, the Company repaid, on maturity $175.0 million in principal amount of its previous 5.20% Senior Notes.\nOn May 15, 2019, the Company refinanced its then-existing senior unsecured revolving credit facility (the \"Prior Credit Facility\") by entering into a new5 -year senior unsecured revolving credit facility (collectively with the Prior Credit Facility, referred to as the \"Credit Facility\"), which expanded the maximum commitment from $300.0 million to $350.0 million and extended the maturity from July 5, 2021 to May 15, 2024. The maximum commitment under the Credit Facility may be further increased to $600.0 million, generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During fiscal 2019, the highest daily borrowing was $250.0 million; the average daily borrowings were $140.7 million. The Company borrowed $1,084.5 million and repaid $989.5 million of revolving borrowings under the Credit Facility during fiscal 2019. The Company was in compliance with all financial covenants relating to the Credit Agreement, which are generally consistent with those in the 2018 NPA discussed above. The Company is required to pay a commitment fee on the daily unused revolver credit commitment based on the Company's leverage ratio; the fee was 0.125% as of September 28, 2019.\n\n | 2019 | 2018 \n-------------------------------------------------------------------- | --------- | --------\n4.05% Senior Notes, due June 15, 2025 | $100,000 | $100,000\n4.22% Senior Notes, due June 15, 2028 | 50,000 | 50,000 \nBorrowings under the credit facility | 95,000 | — \nCapital lease and other financing obligations | 44,492 | 39,857 \nUnamortized deferred financing fees | (1,512) | (1,240) \nTotal obligations | 287,980 | 188,617 \nLess: current portion | (100,702) | (5,532) \nLong-term debt and capital lease obligations, net of current portion | 187,278 | 183,085 \n\n. Debt Capital Lease Obligations Financing\n Debt lease obligations September 28, 2019 29, 2018\n June 15, 2018 Company Note Purchase Agreement issued$ 150. million unsecured senior notes $100. million 4. 05% Series A Senior Notes June 15, 2025 $50. million. 22% Series B Senior Notes June 15, 2028. 2018 NPA includes operational financial covenants financial ratios leverage minimum interest coverage ratio. 2018 Notes prepaid interest payable semiannually. September 28, 2019 compliance covenants 2018 NPA.\n June 15, 2018 repaid $175. million previous 5. 20% Senior Notes.\n May 15, 2019 refinanced credit facility -year facility expanded maximum commitment $300. million to $350. million extended maturity July 5, 2021 to May 15, 2024. $600. million agreement. 2019 highest daily borrowing $250. million average $140. 7 million.Company borrowed $1,084. million repaid $989. 5 million 2019. covenants 2018 NPA. commitment fee daily revolver credit leverage ratio. 125% September 28, 2019.\n. Senior Notes due June 15 2025 $100\n. 22% Notes June 15 2028\n Borrowings 95,000\n Capital lease financing obligations 44,492 39,857\n Unamortized deferred financing fees\n obligations 287,980 188,617\n (100,702\n Long-term debt capital lease obligations 187,278" +} +{ + "_id": "d1b3396e4", + "title": "", + "text": "During the period 5.0 million (2017/18: 5.0 million) options were granted under the Sharesave Plan, with a weighted average exercise price at the date of exercise of 30 pence per ordinary share (2017/18: 33 pence).\nThe options outstanding at 30 March 2019 had a weighted average exercise price of 32 pence (2017/18: 33 pence), and a weighted average remaining contractual life of 1.6 years (2017/18: 1.6 years).\nIn 2018/19, the Group recognised an expense of £2.1m (2017/18: £2.8m), related to all equity-settled share-based payment transactions.\nPremier Foods plc Sharesave Plan\n\n | 2018/19 | | 2017/18 | \n------------------------------------------ | ----------- | ------------------------------- | ----------- | -------------------------------\n | | Weighted average exercise price | | Weighted average exercise price\n | Options | (p) | Options | (p) \nOutstanding at the beginning of the period | 17,835,628 | 33 | 20,231,334 | 35 \nExercised during the period | (4,306,470) | 32 | (3,536,539) | 34 \nGranted during the period | 5,022,240 | 30 | 4,988,669 | 33 \nForfeited/lapsed during the period | (2,447,511) | 33 | (3,847,836) | 44 \nOutstanding at the end of the period | 16,103,887 | 32 | 17,835,628 | 33 \nExercisable at the end of the period | 2,673,154 | 32 | 792,451 | 35 \n\n5. million. options granted Sharesave Plan exercise price 30 pence per share 33.\n options outstanding 30 March 2019 32 pence contractual life 1. 6 years.\n 2018/19 Group recognised expense £2. 1m (2017/18. equity-settled share-based payment transactions.\n Premier Foods plc Sharesave Plan\n 2018/19\n Weighted average exercise price\n Outstanding 17,835,628 33 20,231,334\n Exercised (4,306,470) 32 (3,536,539)\n 5,022,240 4,988,669\n Forfeited/lapsed (2,447,511) (3,847,836)\n end period 16,103,887 17,835,628\n 2,673,154 792,451" +} +{ + "_id": "d1b3ba6ae", + "title": "", + "text": "Market Information. Our common stock is traded on the NASDAQ Global Select Market under the symbol “JACK.” The following table sets forth the high and low sales prices for our common stock during the fiscal quarters indicated, as reported on the NASDAQ Composite:\nDividends. In fiscal 2019 and 2018, the Board of Directors declared four cash dividends of$0.40 per share each. Our dividend is subject to the discretion and approval of our Board of Directors and our compliance with applicable law, and depends upon, among other things, our results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, and other factors that our Board of Directors may deem relevant.\n\n | | | | 16 Weeks \n---- | ------------- | -------------- | --------- | -----------\n | | 12 Weeks Ended | | Ended \n | September 29, | July 7, | April 14, | January 20,\n | 2019 | 2019 | 2019 | 2019 \nHigh | $91.30 | $87.84 | $85.32 | $90.49 \nLow | $70.77 | $75.80 | $75.80 | $74.19 \n | | | | 16 Weeks \n | | 12 Weeks Ended | | Ended \n | September 30, | July 8, | April 15, | January 21,\n | 2018 | 2018 | 2018 | 2018 \nHigh | $93.98 | $92.46 | $95.99 | $108.55 \nLow | $81.87 | $79.23 | $79.30 | $90.59 \n\n. common stock traded NASDAQ Global Select Market “JACK. table high low sales prices fiscal quarters Composite\n Dividends. 2019 2018 Board Directors declared four cash dividends$0. 40 per share each. dividend subject Board Directors law depends results financial condition indebtedness capital requirements contractual restrictions factors.\n 16 Weeks\n 12 Weeks Ended\n September 29, July 7 April 14 January 20\n $91. 30 $87. $85. $90.\n $70. $75. $74.\n 16 Weeks\n 12 Weeks\n September 30 July 8 April 15 January\n $93. $92. $95. $108.\n $81. $79. $79. $90." +} +{ + "_id": "d1b32fd60", + "title": "", + "text": "Short-term borrowings and current portion of long-term obligations consist of the following (in thousands):\n(1) Net of debt issuance costs of $4.6 million and $4.7 million at September 28, 2019 and September 29, 2018, respectively.\n\n | Fiscal year-end | \n---------------------------------------------- | --------------- | ------\n | 2019 | 2018 \nCurrent portion of Euro Term Loan(1) | $2,748 | $3,092\n1.3% Term loan due 2024 | 1,367 | 1,448 \n1.0% State of Connecticut term loan due 2023 | 378 | 374 \nCapital lease obligations | 370 | 158 \nLine of credit borrowings | 10,000 | — \nTotal current portion of long-term obligations | $14,863 | $5,072\n\nShort long-term obligations\n debt costs $4. 6 million $4. 7 million September 28, 2019 29, 2018.\n year-end\n Euro Term $2,748 $3,092\n. loan 2024\n. Connecticut loan 2023\n Capital lease obligations\n credit borrowings 10,000\n long-term obligations $14,863 $5,072" +} +{ + "_id": "d1b3789d4", + "title": "", + "text": "Figure 29. 2016/2018 LTIP Award Grants\n(1) All of the Market-based PRSUs and one-third of the stock options and service-based RSUs granted to Mr. Anstice under the 2016/2018 LTIP that were scheduled to vest in February 2019 were canceled upon his termination of employment with the Company as of December 5, 2018.\n(2) The number of Market-based PRSUs awarded is reflected at target. The final number of shares that may have been earned is 0% to 150% of target.\nIn February 2019, the committee determined the payouts for the calendar year 2016/2018 LTIP Awards of Market-based PRSUs. The number of shares represented by the Marketbased PRSUs earned over the performance period was based on our stock price performance compared to the market price performance of the SOX index.\nBased on the above formula and Market-based PRSU Vesting Summary set forth in Figures 26 and 27, the Company’s stock price performance over the three-year performance period was equal to 89.93% and performance of the SOX index (based on market price) over the same three-year performance period was equal to 84.47%. Lam’s stock price outperformed the SOX index by 5.46%, which resulted in a performance payout of 110.93% to target number of Marketbased PRSUs granted to each NEO. Based on such results, the committee made the following payouts to each NEO for the 2016/2018 LTIP Award of Market-based PRSUs.\n\nNamed Executive Officer (1)(2) (1)(2) (1)(2) | Target Award Opportunity ($) | Market-based PRSUs award (#) | Stock Options Award (#) | Service-based RSUs Award (#)\n-------------------------------------------- | ---------------------------- | ---------------------------- | ----------------------- | ----------------------------\nTimothy M.Archer | 4,000,000 | 28,935 | 34,722 | 17,361 \nDouglas R.Bettinger | 2,750,000 | 19,892 | 23,871 | 11,935 \nRichard A.Gottscho | 3,250,000 | 23,509 | 28,209 | 14,105 \nPatrick J. Lord | 1,100,000 | 7,957 | — | 7,957 \nVahid Vahedi | 1,100,000 | 7,957 | — | 7,957 \nSeshasayee(Sesha) Varadarajan | 1,100,000 | 7,957 | — | 7,957 \n\nFigure 29. 2016/2018 LTIP Award Grants\n Market-based PRSUs one-third stock options service RSUs. Anstice February 2019 canceled termination employment December 5, 2018.\n Market-based PRSUs awarded target. final shares earned 0% to 150% target.\n February 2019 committee determined payouts 2016/2018 LTIP Awards PRSUs. shares earned stock price performance SOX index.\n stock price performance 89. 93% SOX index 84. 47%. stock price outperformed SOX 5. 46% payout 110. 93% Marketbased PRSUs. committee payouts 2016/2018 LTIP Award Market-based PRSUs.\n Executive Officer Target Award Market-based PRSUs Stock Options Service-based RSUs\n Timothy M. Archer 4,000,000 28,935 34,722\n Douglas R. Bettinger 2,750,000\n Richard A. Gottscho 3,250,000 23,509 28,209\n Patrick J.Lord 1,100,000 7,957\n Vahid Vahedi 7,957\n Varadarajan 1 7,957" +} +{ + "_id": "d1a727e1e", + "title": "", + "text": "17. Financial Information About Segments\nOur operations are divided into two reportable segments: Products and Licensing and Technology Development. The Products and Licensing segment develops and sells products or licenses technologies based on commercially viable concepts developed by the Technology Development segment. The Products and Licensing segment derives its revenue from product sales, funded product development and technology licenses.\nOur engineers and scientists collaborate with our network of government, academic and industry experts to identify technologies and ideas with promising market potential. We then compete to win fee-for-service contracts from government agencies and industrial customers who seek innovative solutions to practical problems that require new technology. The Technology Development segment derives its revenue primarily from services. The Technology Development segment provides applied research to customers in our areas of focus.\nOur President and Chief Executive Officer and his direct reports collectively represent our chief operating decision makers, and they evaluate segment performance based primarily on revenue and operating income or loss.\nInformation about the results of operations for each segment is set forth in the table below. There were no significant inter-segment sales during the years ended December 31, 2019 and 2018.\nDuring the years ended December 31, 2019 and 2018, 32% and 24%, respectively, of our total sales took place outside the United States. Customers in China represented 11% of total revenues in the year ended December 31, 2019, while no other single country, outside of the United States, represented more than 10% of total revenues in the year ended December 31, 2018.\n\n | Years ended December 31, | \n---------------------------------------- | ------------------------ | -----------\n | 2019 | 2018 \nProducts and Licensing revenue | $44,491,041 | $21,949,689\nTechnology Development revenue | 26,024,674 | 20,967,556 \nTotal revenue | $70,515,715 | $42,917,245\nProducts and Licensing operating income | $1,807,616 | $499,323 \nTechnology Development operating income | 1,507,405 | 378,212 \nTotal operating income | $3,315,021 | $877,535 \nDepreciation, Technology Development | $397,296 | $379,952 \nDepreciation, Products and Licensing | $552,285 | $273,185 \nAmortization, Technology Development | $91,185 | $130,765 \nAmortization, Products and Licensing | $1,462,525 | $418,349 \n\n. Financial Information Segments\n operations divided into segments Products Licensing Technology Development. Products Licensing develops sells licenses technologies concepts. revenue from sales development licenses.\n engineers scientists collaborate government experts identify technologies market potential. fee-for-service contracts industrial customers. revenue services. provides research.\n President Chief Executive Officer direct reports evaluate performance revenue operating income loss.\n results table. no significant inter-segment sales December 31, 2019 2018.\n 32% 24%, sales outside United States. China 11% revenues no other country 10% revenues 2018.\n Products Licensing revenue $44,491,041 $21,949,689\n Technology Development revenue 26,024,674 20,967,556\n Total revenue $70,515,715 $42,917,245\n Products Licensing income $1,807,616 $499,323\n Technology Development 1,507,405 378,212\n Total $3,315,021 $877,535\n Technology Development $397,296 $379,952\nLicensing,285 $273,185\n $91,185 $130,765\n Licensing,462,525 $418,349" +} +{ + "_id": "d1b37c32c", + "title": "", + "text": "Executive Annual Incentive Plan Target Opportunities: The following table presents each NEO’s target incentive opportunity for FY19 under the FY19 Executive Annual Incentive Plan (the ‘‘FY19 EAIP’’):\n(1) In connection with Mr. Kapuria’s promotion, his FY19 Individual Annual Incentive Target under the FY19 EAIP increased from 60% to 100% effective May 8, 2018. Mr. Kapuria’s prorated target annual incentive value for FY19 is $427,451.\n\n | FY19 Individual Annual | FY19 \n----------------------- | ---------------------- | ----------\nNEO | Incentive Target (%) | Target ($)\nGregory S. Clark | 150 | 1,500,000 \nNicholas R. Noviello | 100 | 650,000 \nAmy L. Cappellanti-Wolf | 70 | 308,000 \nSamir Kapuria(1) | 100 | 450,000 \nScott C. Taylor | 100 | 600,000 \n\nAnnual Incentive Plan Opportunities incentive FY19\n. promotion FY19 Annual Incentive Target increased 60% to 100% May 8 2018. incentive value $427,451.\n Incentive Target$\n Gregory S. Clark 1,500,000\n Nicholas. Noviello 650,000\n Amy L. Cappellanti-Wolf 308,000\n Samir 450,000\n Scott C. Taylor 600,000" +} +{ + "_id": "d1b337e84", + "title": "", + "text": "Note 11: Income Taxes\nThe components of income before income taxes and equity income (loss) from equity method investments are as follows (amounts in thousands):\n(1) Fiscal years ended March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n\n | | Fiscal Years Ended March 31, | \n-------------------------- | -------- | ---------------------------- | ------\n | 2019 | 2018 | 2017 \nDomestic (U.S.) (1) | $95,639 | $141,582 | $(67) \nForeign (Outside U.S.) (1) | 74,792 | 45,485 | 9,875 \nTotal (1) | $170,431 | $187,067 | $9,808\n\nNote 11 Income Taxes\n equity income investments\n Fiscal years ended March 31, 2018 2017 adjusted ASC 606.\n 2019 2018 2017\n Domestic. $95,639 $141,582\n Foreign (Outside. 74,792 45,485 9,875\n Total $170,431 $187,067 $9,808" +} +{ + "_id": "d1b3003a8", + "title": "", + "text": "Income (Loss) Before Income Taxes\n(1) Included in Corporate and Other are the following: contingent consideration adjustments, investment impairment, pension and postretirement plans actuarial (gains) and losses, interest (income) and expense, net foreign exchange (gains) and losses, intercompany eliminations and acquisition related charges.\nThe increase in income before income taxes in Semiconductor Test from 2018 to 2019 was driven primarily by an increase in semiconductor tester sales for 5G infrastructure and image sensors, partially offset by a decrease in sales in the automotive and analog test segments. The increase in income before income taxes in System Test from 2018 to 2019 was primarily due to higher sales in Storage Test of 3.5” hard disk drive testers, higher sales in Defense/Aerospace test instrumentation and systems, and higher sales in Production Board Test from higher 5G demand. The increase in income before income taxes in Wireless Test from 2018 to 2019 was primarily due to higher demand for millimeter wave and cellular test products driven by new wireless standards and 5G partially offset by lower sales in connectivity test products and services. The decrease in income before income taxes in Industrial Automation from 2018 to 2019 was due primarily to higher sales and marketing, and engineering spending.\n\n | 2019 | 2018 | 2018-2019 Change\n----------------------- | ------ | ------------- | ----------------\n | | (in millions) | \nSemiconductor Test | $417.0 | $397.6 | $19.4 \nSystem Test | 93.5 | 48.9 | 44.6 \nWireless Test | 35.6 | 29.1 | 6.5 \nIndustrial Automation | (5.9) | 7.7 | (13.6) \nCorporate and Other (1) | (14.4) | (15.4) | 1.0 \n | $525.8 | $467.8 | $58.0 \n\nIncome Before Taxes\n Included contingent adjustments investment impairment pension postretirement plans actuarial losses interest expense foreign exchange intercompany eliminations acquisition charges.\n increase income Semiconductor Test 2018 2019 driven sales 5G infrastructure offset decrease automotive analog test. System Test due higher sales Storage Test. Defense/Aerospace test instrumentation Production Board Test 5G demand. increase Wireless Test due higher demand millimeter wave cellular test products wireless standards 5G offset lower sales connectivity test. decrease Industrial Automation higher sales marketing engineering spending.\n millions\n Semiconductor Test $417. $397. $19.\n System Test 93. 48. 44.\n Wireless Test 35. 29.\n Industrial Automation (5. 7. (13.\n Corporate Other (14. (15.\n $525. $467. $58." +} +{ + "_id": "d1b3a543e", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nNOTE 6. EARNINGS PER SHARE\nBasic earnings per share (“EPS”) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding (using the if-converted and treasury stock methods), if our outstanding stock options and restricted stock units had been converted to common shares, and if such assumed conversion is dilutive.\nThe following is a reconciliation of the weighted-average shares outstanding used in the calculation of basic and diluted earnings per share for the years ended December 31, 2019, 2018 and 2017:\n\n | | Years Ended December 31, | \n---------------------------------------------------------------------------------- | ------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nIncome from continuing operations | $56,495 | $147,149 | $136,101\nIncome from continuing operations attributable to noncontrolling interest | 34 | 86 | — \nIncome from continuing operations attributable to Advanced Energy Industries, Inc. | $56,461 | $147,063 | $136,101\nBasic weighted-average common shares outstanding | 38,281 | 39,081 | 39,754 \nAssumed exercise of dilutive stock options and restricted stock units | 214 | 271 | 422 \nDiluted weighted-average common shares outstanding | 38,495 | 39,352 | 40,176 \nContinuing operations: | | | \nBasic earnings per share | $ 1.47 | $ 3.76 | $ 3.42 \nDiluted earnings per share | $ 1.47 | $ 3.74 | $ 3.39 \n\nADVANCED INDUSTRIES. FINANCIAL STATEMENTS share amounts\n 6. EARNINGS PER SHARE\n Basic earnings share computed income weighted-average shares. diluted EPS similar denominator increased additional common shares stock options restricted stock units converted common shares conversion.\n reconciliation weighted-average shares basic diluted earnings per share years ended December 31, 2019 2018 2017:\n Income continuing operations $56,495 $147,149 $136,101\n noncontrolling interest\n Advanced Energy Industries. $56,461 $147,063 $136,101\n Basic-average common shares 38,281 39,081 39,754\n dilutive stock options restricted stock units\n Diluted shares 38,495 39,352 40,176\n Basic earnings per share $ 1. 47 $. 76.\n Diluted earnings share. 47 $. 74." +} +{ + "_id": "d1b3578f6", + "title": "", + "text": "Note 21 Debt due within one year\n(1) Includes commercial paper of $1,502 million in U.S. dollars ($1,951 million in Canadian dollars) and $2,314 million in U.S. dollars ($3,156 million in Canadian dollars) as at December 31, 2019 and December 31, 2018, respectively, which were issued under our U.S. commercial paper program and have been hedged for foreign currency fluctuations through forward currency contracts. See Note 26, Financial and capital management, for additional details.\n(2) Included in long-term debt due within one year is the current portion of lease liabilities of $775 million as at December 31, 2019 and the current portion of finance leases of $466 million as at December 31, 2018.\n\nFOR THE YEAR ENDED DECEMBER 31 | NOTE | WEIGHTED AVERAGE INTEREST RATE AT DECEMBER 31, 2019 | 2019 | 2018 \n-------------------------------------- | ---- | --------------------------------------------------- | ----- | -----\nNotes payable (1) | 26 | 2.03% | 1,994 | 3,201\nLoans secured by trade receivables | 26 | 2.71% | 1,050 | 919 \nLong-term debt due within one year (2) | 22 | 4.77% | 837 | 525 \nTotal debt due within one year | | | 3,881 | 4,645\n\nDebt\n Includes paper $1,502 million.$1,951 million Canadian $2,314 million.$3,156 million December 31, 2019 2018 issued. commercial paper program hedged currency. Note 26, Financial capital management.\n long-term debt lease liabilities $775 million 2019 finance leases $466 million 31, 2018.\n DECEMBER 31 AVERAGE INTEREST RATE DECEMBER 31, 2019\n Notes payable 26. 03% 1,994 3,201\n Loans trade receivables. 71% 1,050\n Long-term debt 22 4. 77% 837 525\n Total debt 3,881 4,645" +} +{ + "_id": "d1b36ae1a", + "title": "", + "text": "CREDIT FACILITIES\nBell Canada may issue notes under its Canadian and U.S. commercial paper programs up to the maximum aggregate principal amount of $3 billion in either Canadian or U.S. currency provided that at no time shall such maximum amount of notes exceed $4 billion in Canadian currency which equals the aggregate amount available under Bell Canada’s committed supporting revolving and expansion credit facilities as at December 31, 2019. The total amount of the net available committed revolving and expansion credit facilities may be drawn at any time.\nThe table below is a summary of our total bank credit facilities at December 31, 2019.\n(1) Bell Canada’s $2.5 billion and additional $500 million committed revolving credit facilities expire in November 2024 and November 2020, respectively, and its $1 billion committed expansion credit facility expires in November 2022. Bell Canada has the option, subject to certain conditions, to convert advances outstanding under the additional $500 million revolving credit facility into a term loan with a maximum one-year term.\n(2) As of December 31, 2019, Bell Canada’s outstanding commercial paper included $1,502 million in U.S. dollars ($1,951 million in Canadian dollars). All of Bell Canada’s commercial paper outstanding is included in debt due within one year.\n\n | TOTAL AVAILABLE | DRAWN | LETTERS OF CREDIT | COMMERCIAL PAPER OUTSTANDING | NET AVAILABLE\n----------------------------------------------------------- | --------------- | ----- | ----------------- | ---------------------------- | -------------\nCommitted credit facilities | | | | | \nUnsecured revolving and expansion credit facilities (1) (2) | 4,000 | – | – | 1,951 | 2,049 \nOther | 106 | – | 106 | – | – \nTotal committed credit facilities | 4,106 | – | 106 | 1,951 | 2,049 \nTotal non-committed credit facilities | 1,939 | – | 1,059 | – | 880 \nTotal committed and non-committed credit facilities | 6,045 | – | 1,165 | 1,951 | 2,929 \n\n\n Bell Canada issue notes Canadian U. S. commercial paper programs maximum $3 billion Canadian U. currency exceed $4 billion Canadian equals Bell revolving expansion credit facilities December 31, 2019. total net revolving credit facilities drawn.\n table bank credit facilities December 31, 2019.\n Bell Canada’s $2. 5 billion $500 million revolving credit facilities expire November 2024 2020 $1 billion expansion credit facility expires November 2022. convert advances additional $500 million term loan one-year term.\n December 31, 2019 Bell outstanding commercial paper $1,502 million U. S. dollars ($1,951 million Canadian dollars. commercial paper debt due within one year.\n TOTAL AVAILABLE CREDIT COMMERCIAL PAPER\n Committed credit facilities\n Unsecured revolving expansion 1,951 2,049\n 4,106\n non-committed\n non 6,045" +} +{ + "_id": "d1b3bab22", + "title": "", + "text": "(1) Vessel Calendar Days is the total number of days the vessels were in our fleet.\n(2) Time Charter Equivalent (“TCE”) Rate, results from Net Voyage Revenue divided by total TCE days.\nThe change in Voyage revenue is due to two main factors:\ni)  The number of TCE days\nii)  The change in the TCE rate achieved.\nWith regards to i), the decrease in vessel calendar days is mainly due to the disposal of ten vessels in 2018, offset by three 2018 Newbuildings delivered in the latter part of 2018.\nWith regards to ii), the TCE rate increased by $8,560, or 65.4%. The indicative rates presented by Clarksons Shipping increased by 91.7% for the twelve months of 2019 compared to the same twelve months in 2018 to $31,560 from $16,466, respectively. The rates presented by Clarksons Shipping were significantly influenced by the spike in the Suezmax tanker rates in the fourth quarter of both 2019 and 2018. Our average TCE was also positively impacted by the increased tanker rates towards the end of 2019, but not to the same extent as the rates reported by Clarksons Shipping. We expect this spike to materialize to a larger extent in the first quarter of 2020 compared to the rates reported by Clarksons Shipping.\nAs a result of i) and ii) net voyage revenues increased by 41.5% from $124.0 million for the year ended December 31, 2018, to $175.5 million for the year ended December 31, 2019.\n\n | | Years Ended December 31, | \n------------------------------------------------- | --------- | ---------------------------- | ---------\nAll figures in USD ‘000, except TCE rate per day | 2019 | 2018 | Variance \nVoyage Revenue | 317,220 | 289,016 | 9.8% \nLess Voyage expenses | (141,770) | (165,012) | (14.1%) \nNet Voyage Revenue | 175,450 | 124,004 | 41.5% \nVessel Calendar Days (1) | 8,395 | 9,747 | (13.9%) \nLess off-hire days | 293 | 277 | 5.8% \nTotal TCE days | 8,102 | 9,470 | (14.4%) \nTCE Rate per day (2) | $21,655 | $13,095 | 65.4%) \nTotal Days for vessel operating expenses | 8,395 | 9,747 | (13.9%) \n\nVessel Calendar Days fleet.\n Time Charter Equivalent Rate Net Voyage Revenue divided by TCE days.\n change revenue due to\n number TCE days\n change TCE rate.\n decrease days due disposal ten vessels 2018 offset three Newbuildings.\n TCE rate increased $8,560. 4%. rates Clarksons Shipping increased. 7% twelve 2019 $31,560 $16,466. influenced Suezmax tanker rates. average TCE impacted increased tanker rates not. spike first quarter 2020.\n net voyage revenues increased 41. 5% from $124. million to $175. million 2019.\n figures USD except TCE rate per day\n Voyage Revenue 317,220 289,016 9. 8%\n Less Voyage expenses (141,770). 1%)\n Net Voyage Revenue 175,450 124,004 41. 5%\n Vessel Calendar Days 8,395 9,747 (13. 9%)\n Less off-hire days 293.\n TCE days 8,102 9,470 (14.\n $21,655 $13,095.\n expenses 8,395 9,747." +} +{ + "_id": "d1b30c09a", + "title": "", + "text": "Note 12—Property, Plant and Equipment\nProperty, plant and equipment, net consisted of the following:\nDepreciation expense was $61 million, $56 million and $55 million for fiscal 2019, 2018 and 2017, respectively.\n\n | January 3, 2020 | December 28, 2018\n----------------------------------------------- | --------------- | -----------------\n | (in millions) | \nComputers and other equipment | $259 | $233 \nLeasehold improvements | 203 | 206 \nOffice furniture and fixtures | 37 | 36 \nBuildings and improvements | 23 | 56 \nLand | 4 | 40 \nConstruction in progress | 104 | 15 \n | 630 | 586 \nLess: accumulated depreciation and amortization | (343) | (349) \n | $ 287 | $ 237 \n\nPlant Equipment\n Depreciation $61 million $56 million $55 million 2019 2018 2017.\n January 3, 2020 December 28, 2018\n Computers equipment $259 $233\n Leasehold improvements\n Office furniture fixtures\n Buildings improvements\n Land\n Construction\n accumulated depreciation amortization (343)\n 287" +} +{ + "_id": "d1b37c8ea", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n16. Voyage Expenses and Commissions\nAn analysis of voyage expenses and commissions is as follows:\nBunkers’ consumption and other voyage expenses represents mainly bunkers consumed during vessels’ unemployment and off-hire.\n\n | | For the year ended December 31, | \n---------------------------------------------- | ------ | ------------------------------- | ------\n | 2017 | 2018 | 2019 \nBrokers’ commissions on revenue | 6,456 | 7,555 | 7,527 \nBunkers’ consumption and other voyage expenses | 8,948 | 12,819 | 16,245\nTotal | 15,404 | 20,374 | 23,772\n\nGasLog Ltd. Subsidiaries\n consolidated financial statements\n years December 31, 2017 2018 2019\n amounts. Dollars except\n. Voyage Expenses Commissions\n analysis expenses\n unemployment off-hire.\n year December 31,\n 2017 2018 2019\n commissions revenue 6,456 7,555\n consumption expenses 12,819 16,245\n Total 15,404 20,374 23,772" +} +{ + "_id": "d1b36279c", + "title": "", + "text": "2. Revenue\nThe Company is a global manufacturer of component and subsystem devices whose components are found in the primary end-markets of the aerospace, appliance, automotive, commercial vehicle, construction, consumer and industrial equipment, communications (including information processing and storage, networking equipment and wireless and terrestrial voice/data systems), medical, rail and other transportation industries. On April 29, 2018, the Company adopted ASC 606 along with the related amendments using a modified retrospective approach to all contracts open as of that date.\nUpon adoption, the Company recognized a $0.1 million increase to opening retained earnings. This adjustment was a result of modifying the METHODE ELECTRONICS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS F-14 Company's revenue recognition pattern for highly customized goods with no alternative use to over time recognition instead of point in time and for deferring revenue related to material rights that we provide to our customers. The overall impact to the Company's financial statements was immaterial. The Company has modified its controls to address the risks present under ASC 606.\nAs the Company has adopted ASC 606 using the modified retrospective approach, prior periods have not been restated, and as such they are presented under ASC 605. The impact of the changes in accounting policy on fiscal 2019 is provided below.\n\n | | Fiscal Year Ended April 27, 2019 | \n--------------------- | ----------- | -------------------------------- | ---------------------\n(Dollars in Millions) | As Reported | Adjustments | Balance Under ASC 605\nNet Sales | $1,000.3 | $(24.2) | $1,024.5 \nCost of Products Sold | $734.5 | $(24.2) | $758.7 \nTotal Inventories | $116.7 | $(0.5) | $117.2 \nContract Assets | $0.8 | $0.8 | $— \nContract Liabilities | $0.3 | $0.3 | $— \nRetained Earnings | $545.2 | $0.1 | $545.1 \n\n.\n Company global manufacturer subsystem devices aerospace appliance automotive commercial vehicle construction consumer industrial equipment communications medical transportation industries. April 29, 2018 adopted ASC 606 amendments modified retrospective approach contracts.\n recognized $0. 1 million increase retained earnings. modifying ELECTRONICS. revenue recognition pattern customized goods deferring revenue material rights. impact financial statements immaterial. modified controls address risks ASC 606.\n adopted ASC 606 prior periods not restated presented ASC 605. impact changes accounting policy fiscal 2019.\n Fiscal Year Ended April 27, 2019\n Adjustments Balance ASC 605\n Net Sales $1,000. 3. $1,024.\n Cost Products Sold $734. 5. $758.\n Total Inventories $116. $117.\n Contract Assets $0.\n Contract Liabilities.\n Retained Earnings $545. 2 $0.1|." +} +{ + "_id": "d1b325662", + "title": "", + "text": "NOTE 6 - continued\nFor information on assets provided as collateral security, please refer to note 16. Please refer to note 8 for information on impairment testing.\nThe depreciation expense related to \"Other plant and operating equipment\" of USD 1.0m relates to \"Administrative expense\" (2018: USD 1.1m, 2017: USD 0.9m). Depreciation and impairment losses on tangible fixed assets on \"Vessels and capitalized dry-docking\" relate to operating expenses.\n\nUSDm | 2019 | 2018 | 2017\n----------------------------------- | ---- | ---- | ----\nOther plant and operating equipment | | | \nCost: | | | \nBalance as of 1 January | 5.8 | 3.6 | 2.7 \nAdjustment on transition to IFRS 16 | 0.3 | - | - \nAdditions | 2.2 | 2.2 | 1.0 \nDisposals | -0.2 | - | -0.1\nBalance as of 31 December | 8.1 | 5.8 | 3.6 \nDepreciation: | | | \nBalance as of 1 January | 2.8 | 1.7 | 0.9 \nDisposals | - | - | -0.1\nDepreciation for the year | 1.0 | 1.1 | 0.9 \nBalance as of 31 December | 3.8 | 2.8 | 1.7 \nCarrying amount as of 31 December | 4.3 | 3.0 | 1.9 \n\nNOTE 6\n collateral security refer note 16. note 8 impairment testing.\n depreciation expense plant operating equipment USD 1. expense USD 1. 2017: USD. 9m. Depreciation impairment losses assets capitalized dry-docking operating expenses.\n 2019 2018 2017\n plant operating equipment\n Balance 1 January 5. 8 3. 6.\n Adjustment transition IFRS 16.\n Additions.\n.\n Balance 31 December 8. 5. 3.\n Depreciation\n Balance 1 January 2. 8. 7.\n Disposals.\n Depreciation year.\n Balance 31 December 3. 8.\n Carrying amount 31 December 4. 3." +} +{ + "_id": "d1b35b7bc", + "title": "", + "text": "Cash Flows\nYear ended December 31, 2018 compared to the year ended December 31, 2019\nThe following table summarizes our net cash flows from operating, investing and financing activities for the years indicated:\nNet Cash Provided By Operating Activities\nNet cash provided by operating activities increased by $33.7 million, from $283.7 million during the year ended December 31, 2018 to $317.4 million during the year ended December 31, 2019. The increase was attributable to an increase of $57.7 million caused by movements in working capital accounts due primarily to (a) increased cash from related parties of $56.3 million (mainly collection of Cool Pool receivables), (b) an increase of $20.3 million from movements in other payables and accruals, and (c) an increase of $4.6 million from movements in trade and other receivables, partially offset by an increase in cash collateral on swaps of $22.2 million, an increase of $28.2 million in total revenues (revenues and net pool allocation), partially offset by a decrease of $29.9 million in cash paid for interest including the interest paid for finance leases and a net decrease of $22.3 million from the remaining movements.\nNet Cash Used In Investing Activities\nNet cash used in investing activities decreased by $250.0 million, from $693.0 million during the year ended December 31, 2018 to $443.0 million during the year ended December 31, 2019. The decrease is attributable to a decrease of $203.7 million in net cash used in payments for the construction costs of newbuildings and other fixed assets, a net increase of $45.5 million in cash from short-term investments in the year ended December 31, 2019, compared to the same period of 2018 and an increase of $0.8 million in cash from interest income.\nNet Cash Provided By Financing Activities\nNet cash provided by financing activities decreased by $318.0 million, from $368.1 million during the year ended December 31, 2018 to $50.1 million during the year ended December 31, 2019. The decrease is mainly attributable to an increase of $316.0 million in bank loan repayments, a decrease of $208.4 million in proceeds from the GasLog Partners’ issuance of preference units, a decrease of $60.4 million in proceeds from the GasLog Partners’ common unit offerings, an increase of $46.7 million in payments for NOK bond repurchase at a premium, an increase of $26.6 million in cash used for purchases of treasury shares or common units of GasLog Partners, an increase of $18.5 million in payments of loan issuance costs, an increase of $15.4 million in dividend payments on common and preference shares, an increase of $3.7 million in payments for cross currency swaps’ termination, an increase of $2.6 million in payments for lease liabilities, an increase of $0.8 million in payments for equity-related costs and a decrease of $0.5 million in proceeds from stock option exercise, partially offset by an increase of $381.6 million in proceeds from borrowings.\n\n | | Year ended December 31, | \n----------------------------------------- | --------- | ----------------------- | ---------\n | 2018 | 2019 | Change \nAmounts in thousands of U.S. dollars | | | \nNet cash provided by operating activities | $283,710 | $317,423 | $33,713 \nNet cash used in investing activities | (692,999) | (442,978) | 250,021 \nNet cash provided by financing activities | 368,120 | 50,066 | (318,054)\n\nCash Flows\n 2018 2019\n table summarizes net cash flows from operating investing financing activities\n Net Cash Activities\n increased $33. 7 million from $283. million to $317. 4 million 2019. increase $57. 7 million working capital increased cash from related parties $56. 3 million Pool $20. 3 million payables accruals $4. 6 million trade receivables offset increase cash collateral on swaps $22. 2 million increase $28. 2 million total revenues decrease $29. 9 million cash interest decrease $22. 3 million movements.\n Net Cash Investing Activities\n decreased $250. million from $693. million 2018 to $443. million 2019. $203. 7 million construction increase $45. 5 million from short-term investments increase $0. 8 million interest income.\n Cash Financing Activities\n decreased $318. million from $368. to $50. increase $316. million bank loan repayments decrease $208.GasLog decrease $60. 4 million common unit offerings increase $46. 7 million NOK bond repurchase $26. 6 million cash $18. 5 million loan costs $15. 4 million dividend $3. 7 million cross currency termination $2. 6 million lease liabilities $0. 8 million equity costs decrease $0. 5 million stock option increase $381. 6 million borrowings.\n Year December 31,\n 2018 2019\n. dollars\n operating activities $283,710 $317,423 $33,713\n investing (692,999 (442,978) 250,021\n financing 368,120 50,066 (318,054)" +} +{ + "_id": "d1b3b041a", + "title": "", + "text": "To keep pace with client and market demand, we maintain an ongoing program of new product development.\nOur software engineers are responsible for creating and building our software products. They do so by combining their expertise with input from our sales, marketing and product management groups as to market trends and needs. Our software engineers design and write software and manage its testing and quality assurance. We utilize third-party software developers both domestically and overseas working under our supervision to supplement our software engineers. Using these external software developers in a strategic manner allows us to access highly skilled labor pools, maintain a 24-hour development schedule, decrease time to market, and minimize programming costs.\nAll phases of research and development, or R&D, including scope approval, functional and implementation design, object modeling and programming, are subject to extensive internal quality assurance testing. We maintain an ongoing focus on improving our quality assurance testing infrastructure and practices. Technical reporting and client support feedback confirm the continuing positive effect of our ongoing enhancement of research and development and quality assurance processes.\nOur EFT Arcus product is hosted by third-party cloud services providers. We rely upon those third parties, such as Microsoft Azure, for the continued development and enhancement of their cloud services infrastructures on which our products are hosted. We do not perform significant research and development of cloud services infrastructures using our own personnel.\nOur R&D expenditures profile has been as follows ($ in thousands):\nOur total R&D expenditures decreased 23% in 2019 as compared to 2018 primarily due to fewer employed software engineers and technical personnel.\nTotal resources expended for R&D serves to illustrate our total corporate efforts to improve our existing products and to develop new products regardless of whether or not our expenditures for those efforts were expensed or capitalized. Total resources expended for R&D is not a measure of financial performance under GAAP and should not be considered a substitute for R&D expense and capitalized software development costs individually. While we believe the non-GAAP total resources expended for R&D amount provides useful supplemental information regarding our overall corporate product improvement and new product creation activities, there are limitations associated with the use of this non-GAAP measurement. Total resources expended for R&D is a non-GAAP measure not prepared in accordance with GAAP and may not be comparable to similarly titled measures of other companies since there is no standard for preparing this non-GAAP measure. As a result, this non-GAAP measure of total resources expended for R&D has limitations and should not be considered in isolation from, or as a substitute for, R&D expense and capitalized software development costs individually.\nResearch and Development\n\n | Year ending December 31, | \n-------------------------------------- | ------------------------ | ------\n | 2019 | 2018 \nR&D expensed | $1,355 | $1,883\nCapitalized software development costs | $1,074 | $1,276\nTotal resources expensed for R&D | $2,430 | $3,159\n\ndemand maintain program new product development.\n software engineers creating products. expertise with input sales marketing product management market trends needs. design write manage testing quality assurance. utilize third software developers supplement engineers. skilled labor 24-hour development schedule time to market programming costs.\n phases research development scope approval design modeling programming subject to internal quality assurance testing. focus improving quality assurance testing infrastructure practices. confirm enhancement research development quality assurance processes.\n EFT Arcus product hosted by third-party cloud services providers. rely for development. perform research development using own personnel.\n R&D expenditures profile\n expenditures decreased 23% in 2019 2018 due to fewer employed software engineers technical personnel.\n Total resources expended for R&D efforts improve develop new products. not measure financial performance GAAP substitute for R&D expense capitalized software development costs. non-GAAP resources expended for R&D information improvement creation limitations.resources expended R&D non-GAAP measure comparable no standard. limitations not considered R&D expense software development costs.\n Research Development\n Year ending December 31,\n 2018\n R&D expensed $1,355 $1,883\n Capitalized software development costs $1,074 $1,276\n Total resources expensed R&D $2,430 $3,159" +} +{ + "_id": "d1b368458", + "title": "", + "text": "The following table provides a reconciliation of Adjusted Gross Profit to Gross Profit, the most directly comparable financial measure presented in accordance with U.S. GAAP:\n(a) Represents depreciation and amortization expense included in cost of goods sold\n(b) Represents additional operating costs incurred in connection with the start-up of our new manufacturing lines as part of the Freshpet Kitchens expansion project in 2016 that included adding two additional product lines.\n(c) Represents non-cash share-based compensation expense included in cost of goods sold.\n\n | Twelve Months Ended December 31, | | | | \n----------------------------------------- | -------------------------------- | ------- | ------- | ------- | -------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | (Dollars in thousands) | | | | \nGross Profit | $114,197 | $89,990 | $72,416 | $60,371 | $54,649\nDepreciation expense (a) | 6,370 | 6,089 | 5,791 | 4,028 | 2,566 \nPlant start-up expense (b) | — | — | — | 1,628 | — \nNon-cash share-based compensation (c) | 922 | 859 | 243 | 221 | 201 \nAdjusted Gross Profit | $121,489 | $96,938 | $78,450 | $66,248 | $57,416\nAdjusted Gross Profit as a % of Net Sales | 49.4% | 50.2% | 51.5% | 51.1% | 50.6% \n\ntable Adjusted Gross Profit. GAAP\n depreciation amortization expense goods sold\n additional operating costs new manufacturing lines Freshpet Kitchens expansion project 2016 product lines.\n non-cash share-based compensation expense goods.\n Twelve Months Ended December 31,\n 2019 2018 2017 2016 2015\n Gross Profit $114,197 $89,990 $72,416 $60,371 $54,649\n Depreciation expense 6,370\n Plant start-up expense\n Non-cash share-based compensation\n Adjusted Gross Profit $121,489 $96,938 $78,450 $66,248 $57,416\n Net Sales 49. 4%. 2%. 5%. 1%. 6%" +} +{ + "_id": "d1b330e7c", + "title": "", + "text": "Disaggregation of Revenue\nThe following table disaggregates revenue generated within the United States (U.S.) from revenue generated from customers outside of the U.S. Revenue\nfor transaction tax compliance in the U.S. is further disaggregated based on the solutions or services purchased by customers. Total revenues consisted of the\nfollowing (in thousands):\n\n | | For the Year Ended December 31, | \n------------------------------------------- | -------- | ------------------------------- | --------\n | 2019 | 2018 | 2017 \nRevenue (U.S.): | | | \nSubscription and returns | | | \nTax determination | $203,584 | $147,847 | $114,575\nTax returns and compliance management | 127,815 | 91,239 | 74,454 \nInterest income on funds held for customers | 3,213 | 1,055 | - \nTotal subscription and returns | 334,612 | 240,141 | 189,029 \nProfessional services | 24,399 | 15,126 | 12,476 \nTotal revenue (U.S.) | 359,011 | 255,267 | 201,505 \nTotal revenue (non U.S.) | 23,410 | 16,831 | 11,654 \nTotal revenue | $382,421 | $272,098 | $213,159\n\nDisaggregation Revenue\n table disaggregates United States. outside.\n transaction tax compliance. disaggregated solutions. revenues\n Ended December 31,\n Revenue.\n Tax determination $203,584 $147,847 $114,575\n returns compliance 127,815 91,239 74,454\n Interest income funds 3,213 1,055\n subscription returns 334,612 240,141 189,029\n Professional services 24,399 15,126 12,476\n revenue. 359,011 255,267 201,505\n. 23,410 16,831 11,654\n $382,421 $272,098 $213,159" +} +{ + "_id": "d1b37bc24", + "title": "", + "text": "2) Cloud Services and Subscriptions:\nCloud services and subscriptions revenues are from hosting arrangements where in connection with the licensing of software, the end user doesn’t take possession of the software, as well as from end-to-end fully outsourced business-to-business (B2B) integration solutions to our customers (collectively referred to as cloud arrangements). The software application resides on our hardware or that of a third party, and the customer accesses and uses the software on an as-needed basis via an identified line. Our cloud arrangements can be broadly categorized as \"platform as a service\" (PaaS), \"software as a service\" (SaaS), cloud subscriptions and managed services.\nCost of Cloud services and subscriptions revenues is comprised primarily of third party network usage fees, maintenance of in-house data hardware centers, technical support personnel-related costs, and some third party royalty costs.\nCloud services and subscriptions revenues increased by $78.8 million or 9.5% during the year ended June 30, 2019 as compared to the prior fiscal year; up 10.8% after factoring the impact of $10.8 million of foreign exchange rate changes. Geographically, the overall change was attributable to an increase in Americas of $61.6 million, an increase in EMEA of $14.7 million, and an increase in Asia Pacific of $2.6 million.\nThe number of Cloud services deals greater than $1.0 million that closed during Fiscal 2019 was 46 deals, consistent with that in Fiscal 2018.\nCost of Cloud services and subscriptions revenues increased by $19.8 million during the year ended June 30, 2019 as compared to the prior fiscal year, due to an increase in labour-related costs of approximately $19.1 million and an increase in third party network usage fees of $1.3 million. These were partially offset by a decrease in other miscellaneous costs of $0.6 million. The increase in labour-related costs was primarily due to increased headcount from recent acquisitions.\nOverall, the gross margin percentage on Cloud services and subscriptions revenues increased to approximately 58% from approximately 56%.\nFor illustrative purposes only, had we accounted for revenues under proforma Topic 605, Cloud services and subscriptions revenues would have been $901.5 million for the year ended June 30, 2019, which would have been higher by approximately $72.5 million or 8.7% as compared to the prior fiscal year; and would have been up 10.1% after factoring the impact of $11.0 million of foreign exchange rate changes. Geographically, the overall change would have been attributable to an increase in Americas of $56.4 million, and an increase in EMEA of $12.4 million and an increase in Asia Pacific of $3.7 million.\nThe $6.4 million difference between cloud service and subscription revenues recognized under Topic 606 and those proforma Topic 605 cloud services and subscriptions revenues described above is primarily the result of timing differences on professional services related to cloud contracts, where under Topic 605, revenues would have been deferred over the estimated life of the contract, but under Topic 606 these revenues are recognized as services are performed. For more details, see note 3 \"Revenues\" to our Consolidated Financial Statements.\n\n | | | Year Ended June 30, | | \n---------------------------------------------------------- | -------- | -------------------------- | ------------------- | -------------------------- | --------\n(In thousands) | 2019 | Change increase (decrease) | 2018 | Change increase (decrease) | 2017 \nCloud Services and Subscriptions: | | | | | \nAmericas | $616,776 | $61,553 | $555,223 | $70,216 | $485,007\nEMEA | 206,227 | 14,707 | 191,520 | 40,673 | 150,847 \nAsia Pacific | 84,809 | 2,584 | 82,225 | 12,584 | 69,641 \nTotal Cloud Services and Subscriptions Revenues | 907,812 | 78,844 | 828,968 | 123,473 | 705,495 \nCost of Cloud Services and Subscriptions Revenues | 383,993 | 19,833 | 364,160 | 64,310 | 299,850 \nGAAP-based Cloud Services and Subscriptions Gross Profit | $523,819 | $59,011 | $464,808 | $59,163 | $405,645\nGAAP-based Cloud Services and Subscriptions Gross Margin % | 57.7% | | 56.1% | | 57.5% \n% Cloud Services and Subscriptions Revenues by | | | | | \nGeography: | | | | | \nAmericas | 67.9% | | 67.0% | | 68.7% \nEMEA | 22.7% | | 23.1% | | 21.4% \nAsia Pacific | 9.4% | | 9.9% | | 9.9% \n\nCloud Services Subscriptions\n revenues from hosting arrangements user outsourced integration solutions. software application hardware or third party customer accesses uses as-needed line. arrangements \"platform subscriptions managed services.\n Cost network fees maintenance technical support costs third party royalty costs.\n revenues increased $78. 8 million 9. 5% June 2019 up 10. 8% $10. 8 million foreign exchange rate changes. Americas $61. 6 million EMEA $14. 7 million Asia Pacific $2. 6 million.\n Cloud services deals greater than $1. 0 million 2019 46 deals consistent 2018.\n increased $19. 8 million 2019 due labour-related costs $19. 1 million third party network usage fees $1. 3 million. offset by decrease other miscellaneous costs $0. 6 million. due to increased headcount acquisitions.\n gross margin percentage increased to 58% from.\naccounted Topic 605 Cloud services $901. 5 million year June 30 2019 higher $72. 5 million 8. 7% prior up 10. 1% $11. 0 million foreign exchange rate changes. Americas $56. 4 million EMEA $12. 4 million Asia Pacific $3. 7 million.\n $6. 4 million difference revenues Topic timing differences revenues deferred contract Topic 606 recognized performed. note 3 Consolidated Financial Statements.\n Ended June 30\n 2019 2018 2017\n Services Subscriptions\n Americas $616,776 $61,553 $555,223 $70,216 $485,007\n EMEA 206,227 14,707 191,520 40,673 150,847\n Asia Pacific 84,809 2,584 82,225 12,584 69,641\n Revenues 907,812 78,844 828,968 123,473 705,495\nCloud Services Subscriptions Revenues 383,993 19,833 364,160 64,310 299,850\n Profit $523,819 $59,011 $464,808 $59 $405,645\n Margin 57. 7%. 1%. 5%\n Americas 67. 0%. 7%\n 22. 7% 23. 1% 21.\n Asia Pacific 9. 4%." +} +{ + "_id": "d1b3926d6", + "title": "", + "text": "Free cashflow\nThe Group achieved another year of strong cashflow performance with operating cashflow for FY19 of $836.3m again exceeding EBITDA. Tax payments in FY19 were significantly lower than the prior year because FY18 included tax paid on the capital gain realised on the sale of investments in FY17.\nCapital expenditure\nBusiness as usual (‘BAU’) capital expenditure of $198.7m was $59.3m lower than last year principally due to the substantial completion in the prior year of the build for the VHA fibre contract.\nMobile spectrum capex of $352.4m in FY19 reflects the payment during the year of the second instalment for the Australian 700MHz spectrum acquired at auction in April 2017. The first instalment of $597.3m was paid in FY18 and the third and final instalment of $352.4m is payable in January 2020. A further $86.1m of capex was also incurred in FY19 in relation to the Australian mobile network rollout up until the project ceased. This expenditure on spectrum and mobile assets in Australia was partly impaired as part of the impairment review that was undertaken following the cessation of the project as described above.\nCapex for the mobile network build in Singapore in FY19 was $80.1m taking the aggregate capex incurred on the project up to $147m (excluding spectrum).\n\n | FY19 | FY18 \n----------------------------- | ------- | -------\n | $m | $m \nOperating cashflow | 836.3 | 868.3 \nTax | (128.6) | (194.5)\nIRU / finance lease payments | (5.5) | (34.1) \nCapex - BAU | (198.7) | (258.0)\nCapex - mobile spectrum | (352.4) | (597.3)\nCapex - mobile networks (Aus) | (86.1) | (38.7) \nCapex - mobile networks (Sg) | (80.1) | (62.3) \nFree cashflow | (15.1) | (316.6)\n\n\n Group achieved strong cashflow FY19 $836. 3m exceeding EBITDA. Tax payments FY19 lower tax capital gain sale investments FY17.\n $198. 7m $59. 3m lower due completion VHA fibre contract.\n Mobile spectrum capex $352. 4m FY19 second instalment Australian 700MHz spectrum 2017. first instalment $597. 3m paid FY18 third instalment $352. 4m payable January 2020. $86. 1m capex incurred FY19 Australian mobile network rollout. expenditure spectrum mobile assets impaired review cessation project.\n Capex mobile network build Singapore FY19 $80. 1m capex $147m.\n Operating cashflow 836. 3 868.\n Tax (128. (194.\n IRU finance lease payments.\n Capex BAU (198.\n mobile spectrum (352. (597.\n (86.\n (80.\n Free cashflow (15. (316." +} +{ + "_id": "d1b33d82a", + "title": "", + "text": "We manufacture products in 107 facilities, with 15 of those facilities serving both of our business segments. The following table shows our manufacturing facilities by geographic region and our business segment reporting structure:\nOther Property Information\nWe own the large majority of our manufacturing facilities. Some of these facilities are subject to secured or other financing arrangements. We lease the balance of our manufacturing facilities, which are generally smaller sites. Our manufacturing facilities are usually located in general purpose buildings that house our specialized machinery for the manufacture of one or more products. Because of the relatively low density of our air cellular, polyethylene foam and protective mailer products, we realize significant freight savings by locating our manufacturing facilities for these products near our customers and distributors.\nWe also occupy facilities containing sales, distribution, technical, warehouse or administrative functions at a number of\nlocations in the U.S. and in many foreign countries/regions. Some of these facilities are located on the manufacturing sites that we own and some of these are leased. Stand-alone facilities of these types are generally leased. Our global headquarters is located in an owned property in Charlotte, North Carolina. For a list of those countries and regions outside of the U.S. where we have operations, see \"Global Operations\" above.\nWe believe that our manufacturing, warehouse, office and other facilities are well maintained, suitable for their purposes and adequate for our needs.\n\nGeographic Region | Number of Manufacturing Facilities | Food Care Manufacturing Facilities | Product Care Manufacturing Facilities\n---------------------------------------- | ---------------------------------- | ---------------------------------- | -------------------------------------\nNorth America | 44 | 10 | 37 \nEurope, Middle East and Africa (\"EMEA\") | 29 | 11 | 24 \nSouth America | 6 | 6 | 1 \nAsia, Australia and New Zealand (\"APAC\") | 28 | 9 | 24 \nTotal | 107 | 36 | 86 \n\nmanufacture products 107 facilities 15 serving business segments. table shows facilities geographic region business segment structure\n own majority manufacturing facilities. Some subject secured financing. lease balance smaller sites. general purpose buildings specialized machinery. low density air cellular foam protective mailer products freight savings near customers distributors.\n occupy facilities sales distribution technical warehouse administrative\n locations U. S. foreign countries. Some leased. Stand-alone facilities generally leased. global headquarters property Charlotte, North Carolina. Operations.\n manufacturing warehouse office facilities well maintained suitable adequate needs.\n Geographic Region Food Care Product Care\n North America 44 10 37\n Europe Middle East Africa 29 11 24\n South America 6 1\n Asia Australia New Zealand 28 9 24\n Total 107 36 86" +} +{ + "_id": "d1b39bccc", + "title": "", + "text": "Commitments\nAt March 31, 2019, we had contractual obligations in the form of non-cancellable operating leases and debt, including interest payments (see Note 3, “Debt” and Note 15, “Commitments and Contingencies” to our consolidated financial statements), European social security, pension benefits, other post-retirement benefits, inventory purchase obligations, fixed asset purchase obligations, acquisition related obligations, and construction obligations as follows (amounts in thousands):\n(1) Refer to Note 3, “Debt” for additional information. Repayment of the Customer Capacity Agreements assumes the customers purchase products in a quantity sufficient to require the maximum permitted debt repayment amount per quarter.\n(2) Reflects expected benefit payments through fiscal year 2029.\n(3) In addition to amounts reflected in the table, an additional $2.9 million has been recorded in the line item \"Accrued expenses,\" for which the timing of payment has not been determined.\n\n | | | Payment Due by Period | | \n---------------------------------------------- | -------- | -------- | --------------------- | ----------- | -----------------\nContractual obligations | Total | Year 1 | Years 2 - 3 | Years 4 - 5 | More than 5 years\nDebt obligations (1) | $305,927 | $28,430 | $59,509 | $55,708 | $162,280 \nInterest obligations (1) | 28,200 | 6,326 | 11,039 | 8,928 | 1,907 \nOperating lease obligations | 48,311 | 10,898 | 14,302 | 9,402 | 13,709 \nPension and other post-retirement benefits (2) | 94,178 | 6,758 | 15,184 | 18,024 | 54,212 \nEmployee separation liability | 7,640 | 594 | 674 | 674 | 5,698 \nRestructuring liability | 2,181 | 1,869 | 312 | — | — \nPurchase commitments | 31,468 | 31,468 | — | — | — \nCapital lease obligations | 2,049 | 993 | 888 | 168 | — \nAnti-trust fines and settlements (3) | 34,880 | 21,712 | 10,203 | 2,965 | — \nTotal | $554,834 | $109,048 | $112,111 | $95,869 | $237,806 \n\nCommitments\n March 31, 2019 contractual obligations non-cancellable leases debt interest payments Note 3 Note 15 European social security pension post-retirement benefits inventory fixed asset acquisition construction obligations\n Note 3. Customer Capacity Agreements maximum debt repayment.\n benefit payments 2029.\n additional $2. 9 million \"Accrued expenses timing payment.\n Payment Due Period\n Contractual obligations Total Year 1 Years 2 - 3 4 - 5\n Debt obligations $305,927 $28,430 $59,509\n Interest obligations 28,200 6,326 11,039\n Operating lease obligations 48,311 10,898 14,302\n Pension post-retirement benefits 94,178 6,758 15,184 18,024\n Employee separation liability 7,640 594\n Restructuring liability 2,181 1,869\nPurchase commitments 31,468\n Capital lease obligations 2,049\n Anti-trust fines settlements 34,880\n $554,834 $109,048 $112,111 $95" +} +{ + "_id": "d1b3c5540", + "title": "", + "text": "Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities\nMarket Information\nSince August 18, 2004, our common stock has been trading on the NASDAQ Global Select Market under the symbol “TZOO.” The following table sets forth, for the periods indicated, the high and low sales prices per share of our common stock as reported by NASDAQ.\nOn March 3, 2020, the last reported sales price of our common stock on the NASDAQ Global Select Market was $8.64 per share.\nAs of March 3, 2020, there were approximately 197 stockholders of record of our shares.\n\n | High | Low \n-------------- | ------ | ------\n2019: | | \nFourth Quarter | $11.44 | $9.47 \nThird Quarter | $14.96 | $10.26\nSecond Quarter | $20.91 | $12.61\nFirst Quarter | $18.19 | $8.87 \n2018: | | \nFourth Quarter | $12.16 | $7.43 \nThird Quarter | $20.60 | $10.95\nSecond Quarter | $18.30 | $6.70 \nFirst Quarter | $7.35 | $6.00 \n\n. Registrant's Common Equity Issuer Purchases Securities\n August 18 2004, common stock Global Market. table high low sales prices share.\n March 3 2020 last sales price $8. 64 share.\n 197 stockholders.\n Fourth Quarter $11. 44 $9.\n Third Quarter $14. $10.\n Second Quarter $20. $12.\n First Quarter $18. $8.\n Fourth Quarter $12. $7.\n Third Quarter $20. $10.\n Second $18. $6.\n First Quarter $7. $6." +} +{ + "_id": "d1b351a3c", + "title": "", + "text": "Note 4. Accounts Receivable, Net\nThe components of accounts receivable, net are as follows (in thousands):\nFor the years ended December 31, 2019, 2018 and 2017, we recorded a provision for doubtful accounts of $1.2 million, $0.1 million and $0.5 million, respectively.\nFor the year ended December 31, 2019, we recorded a reduction to the reserve for product returns of $0.1 million. For the years ended December 31, 2018 and 2017, we recorded a $0.3 million and $2.1 million reserve for product returns in our hardware and other revenue, respectively. Historically, we have not experienced write-offs for uncollectible accounts or sales returns that have differed significantly from our estimates.\n\nDecember 31, | | \n------------------------------- | ------- | -------\n | 2019 | 2018 \nAccounts receivable | $80,032 | $52,850\nAllowance for doubtful accounts | (2,584) | (1,425)\nAllowance for product returns | (1,075) | (1,915)\nAccounts receivable, net | $76,373 | $49,510\n\n. Accounts Receivable\n components\n 2019 2018 2017 provision doubtful accounts $1. 2 million. 1 million. 5 million.\n 2019 reduction reserve product returns $0. 1 million. 2018 2017. 3 million $2. 1 million reserve product returns. write-offs uncollectible accounts returns.\n Accounts receivable $80,032 $52,850\n doubtful accounts (2,584) (1,425)\n product returns (1,075) (1,915)\n net $76,373 $49,510" +} +{ + "_id": "d1b33f166", + "title": "", + "text": "Semiconductor and IP Licensing Segment\n(1) Excludes operating expenses which are not allocated on a segment basis.\nSemiconductor and IP Licensing segment revenue for the year ended December 31, 2019 was $81.9 million as compared to $186.4 million for the year ended December 31, 2018, a decrease of $104.5 million. The decrease in revenue was due principally to revenue recorded in 2018 related to the Samsung settlement and license agreement executed in December 2018, partially offset by a one-time payment from a new license agreement signed in December 2019.\n\n | | Years Ended December 31, | \n--------------------------------------------- | ------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nRevenue: | | | \nRoyalty and license fees | $81,943 | $186,425 | $205,809\nTotal revenue | 81,943 | 186,425 | 205,809 \nOperating expenses: | | | \nResearch, development and other related costs | 28,732 | 27,514 | 30,039 \nLitigation | 3,471 | 26,099 | 36,209 \nAmortization | 11,871 | 19,906 | 21,590 \nTotal operating expenses (1) | 44,074 | 73,519 | 87,838 \nTotal operating income | $37,869 | $112,906 | $117,971\n\nSemiconductor IP Licensing Segment\n Excludes operating expenses allocated.\n revenue December 2019 $81. 9 million $186. 4 million 2018 decrease $104. 5 million. due Samsung settlement license agreement offset new license agreement 2019.\n Years Ended December\n 2018\n Revenue\n Royalty license fees $81,943 $186,425 $205,809\n Operating expenses\n Research development costs 28,732 27,514\n Litigation 3,471 26,099\n Amortization 11,871\n operating expenses 44,074 73,519 87,838\n operating income $37,869 $112,906 $117,971" +} +{ + "_id": "d1b3ac770", + "title": "", + "text": "Item 6. Selected Financial Data\nThe following tables set forth our selected financial data for the periods and at the dates indicated. The selected financial data from the consolidated statements of operations and consolidated statements of cash flows for the years ended December 31, 2019, 2018, and 2017 and the selected financial data from the consolidated balance sheets as of December 31, 2019 and 2018 have been derived from the audited consolidated financial statements included in this Annual Report on Form 10-K. The selected financial data from the consolidated statements of operations and consolidated statements of cash flows for the years ended December 31, 2016 and 2015 and the selected financial data from the consolidated balance sheets as of December 31, 2017, 2016, and 2015 have been derived from audited consolidated financial statements not included in this Annual Report on Form 10-K. The information presented below should also be read in conjunction with our consolidated financial statements and the related notes thereto and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”\n\n | | | Years Ended December 31, | | \n----------------------------------------- | ---------- | ---------- | ---------------------------------------- | ---------- | ----------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (In thousands, except per share amounts) | | \nNet sales . | $3,063,117 | $2,244,044 | $2,941,324 | $2,904,563 | $4,112,650\nGross profit | 549,212 | 392,177 | 548,947 | 638,418 | 1,132,762 \nOperating (loss) income . | (161,785) | 40,113 | 177,851 | (568,151) | 730,159 \nNet (loss) income | (114,933) | 144,326 | (165,615) | (416,112) | 593,406 \nNet (loss) income per share: | | | | | \nBasic . | $(1.09) | $1.38 | $(1.59) | $(4.05) | $5.88 \nDiluted . | $(1.09) | $1.36 | $(1.59) | $(4.05) | $5.83 \nCash dividends declared per common share. | $— | $— | $— | $— | $— \nNet cash provided by (used in) operating | | | | | \nactivities | $174,201 | $(326,809) | $1,340,677 | $206,753 | $(325,209)\nNet cash (used in) provided by investing | | | | | \nactivities | (362,298) | (682,714) | (626,802) | 144,520 | (156,177) \nNet cash provided by (used in) financing | | | | | \nactivities | 74,943 | 255,228 | 192,045 | (136,393) | 101,207 \n | | | December 31, | | \n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (In thousands) | | \nCash and cash equivalents . | $1,352,741 | $1,403,562 | $2,268,534 | $1,347,155 | $1,126,826\nMarketable securities . | 811,506 | 1,143,704 | 720,379 | 607,991 | 703,454 \nTotal assets . | 7,515,689 | 7,121,362 | 6,864,501 | 6,824,368 | 7,360,392 \nTotal long-term debt | 471,697 | 466,791 | 393,540 | 188,388 | 289,415 \nTotal liabilities | 2,418,922 | 1,908,959 | 1,765,804 | 1,606,019 | 1,741,996 \nTotal stockholders’ equity . | 5,096,767 | 5,212,403 | 5,098,697 | 5,218,349 | 5,618,396 \n\n6. Selected Financial Data\n tables selected financial data periods dates. cash flows December 31, 2019 2018 2017 balance audited statements Annual Report Form 10-K. cash December 2016 2015 derived statements not. read consolidated financial statements notes Item 7. “Management’s Discussion Analysis Financial Condition Results Operations.\n Years Ended December 31,\n 2019 2018 2017 2016 2015\n share\n Net sales. $3,063,117 $2,244,044 $2,941,324 $2,904,563 $4,112,650\n Gross profit 549,212 392,177 548,947 638,418 1,132,762\n Operating (loss) income. (161,785) 40,113 177,851 (568,151) 730,159\n Net income (114,933) 144,326 (165,615) (416,112 593,406\n Net income per share\n. $(1. $1. 38 $(1. $(4.$5. 88\n. $5.\n dividends share.\n cash\n $174,201(326,809) $1,340,677 $206,753,209)\n investing\n (362,298 (682,714) (626,802) 144,520 (156,177\n financing\n 74,943 255,228 192,045 (136,393 101,207\n equivalents. $1,352,741 $1,403,562 $2,268,534,347,155,126,826\n securities. 811,506 1,143,704 720,379\n assets. 7,515,689 7,121,362 6,864,501 6,824,368 7,360,392\n long-term debt 471,697 466,791 393,540 289,415\n liabilities 2,418,922 1,908,959 1,765,804,606,019 1,741,996\n stockholders’ equity.,096,767,212,403,098,697,218,349,396" +} +{ + "_id": "d1b343856", + "title": "", + "text": "Goodwill\nGoodwill arises from the acquisition method of accounting for business combinations and represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. The fair values of net tangible assets and intangible assets acquired are based upon preliminary valuations and the Company's estimates and assumptions are subject to change within the measurement period (potentially up to one year from the acquisition date).\nThe following table presents the changes in the carrying amount of goodwill for the periods indicated:\nThe Company performs an annual goodwill impairment assessment on October 31st each year, using a two-step quantitative assessment. Step one is the identification of potential impairment. This involves comparing the fair value of each reporting unit, which the Company has determined to be the entity itself, with its carrying amount, including goodwill.\nIf the fair value of a reporting unit exceeds the carrying amount, the goodwill of the reporting unit is considered not impaired and the second step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the impairment test is performed to measure the amount of impairment loss, if any.\nThe Company determined there were no indications of impairment associated with goodwill. As a result,n o goodwill impairment was recognized as of October 31, 2019. In addition to its annual review, the Company performs a test of impairment when indicators of impairment are present. As of December 31, 2019, there were no indications of impairment of the Company’s goodwill balances.\n\n | Years Ended December 31, | \n----------------- | ------------------------ | --------\n | 2019 | 2018 \n | (in thousands) | \nBeginning balance | $238,330 | $237,992\nAdjustments | — | 338 \nEnding balance | $238,330 | $238,330\n\nGoodwill\n arises from acquisition represents excess purchase price over fair value net. fair values based preliminary valuations estimates assumptions change measurement period year from acquisition date.\n table presents changes carrying amount goodwill periods\n Company performs annual goodwill impairment assessment October 31st two-step. one identification potential impairment. fair value reporting unit with carrying amount.\n If fair value exceeds carrying amount not impaired second step test unnecessary. If exceeds second step test impairment loss.\n no indications impairment goodwill. impairment recognized as October 31, 2019. test impairment when present. December 31, 2019 no indications impairment goodwill balances.\n Years Ended December 31,\n 2018\n Beginning balance $238,330 $237,992\n Adjustments\n Ending balance $238,330" +} +{ + "_id": "d1b32e5be", + "title": "", + "text": "Liquidity, Going Concern and Capital Resources\nSee Note 1 of our Notes to Consolidated Financial Statements for a discussion of liquidity.\nCash used in operating activities of continuing operations is presented below (in thousands).\nWe used $13.5 million in operating cash during 2019, compared to $5.2 million of operating cash in 2018. We also funded $4.4 million of capital expenditures in 2019, compared to $3.3 million in the prior year. These capital expenditures relate primarily to our capacity expansion and debottlenecking at Golden Ridge, leasehold improvements at our Riverside facility, and our specialty ingredients’ equipment in our Dillon plant. Offsetting these uses of cash was $19.4 million of proceeds from issuances of common stock and a prefunded warrant, as well as $2.2 million of proceeds from option and warrant exercises.\nAs of December 31, 2019, our cash and cash equivalents balance was $8.4 million (see Note 1), compared to $7.0 million and $0.2 million of restricted cash as of December 31, 2018. As of December 31, 2019, management believes the Company has sufficient capital reserves and borrowing capacity to fund the operations of the business; however, we may seek external sources of funding for investment initiatives and/or general operations if we determine that is the best course of action.\n\n | Year Ended December 31 | \n--------------------------------------------------------------------------- | ---------------------- | ---------\n | 2019 | 2018 \nCash flow from operating activities of continuing operations: | | \nLoss from continuing operations | $ (13,735) | $ (8,101)\nAdjustments to reconcile net loss to net cash used in operating activities: | | \nDepreciation and amortization | 1,930 | 773 \nStock and share-based compensation | 1,360 | 886 \nSettlement with Sellers of Golden Ridge | ( 849) | - \nProvision for bad debts | 472 | - \nOther | 13 | (14) \nChanges in operating assets and liabilities: | | \nAccounts receivable | (1,102) | 331 \nInventories | 332 | (138) \nAccounts payable and accrued expenses | (296) | 935 \nCommodities payable | (1,340) | 176 \nOther | (235) | (89) \nNet cash used in operating activities of continuing operations | $(13,450) | $(5,241) \n\nLiquidity Concern Capital Resources\n See Note 1 Consolidated Financial Statements liquidity.\n Cash thousands.\n used $13. 5 million operating cash 2019 $5. 2 million 2018. funded $4. 4 million capital expenditures 2019 $3. 3 million prior. capacity expansion debottlenecking Golden Ridge leasehold improvements Riverside specialty equipment Dillon plant. $19. 4 million common stock prefunded warrant $2. 2 million option warrant exercises.\n December 31, 2019 cash balance $8. 4 million compared $7. 0 million $0. 2 million restricted cash 2018. capital reserves borrowing capacity operations seek external funding investment.\n December 31\n Cash flow\n Loss (13,735 (8,101)\n Adjustments loss\n Depreciation amortization\n Stock share-based compensation\n Settlement Sellers Golden Ridge\n Provision bad debts\n Changes operating assets liabilities\n Accounts receivable\nInventories 332 (138)\n Accounts expenses (296)\n Commodities (1,340\n (235)\n Net cash(13,450,241)" +} +{ + "_id": "d1b3b1ebe", + "title": "", + "text": "Item 6.Selecte d Financial Data\nThe following table sets forth selected financial data as of and for our last five fiscal years. This selected financial data should be read in conjunction with the consolidated financial statements and related notes included in Item 15 of this Annual report. Over our last five fiscal years, we have acquired a number of companies, including NetSuite Inc. (NetSuite) in fiscal 2017. The results of our acquired companies have been included in our consolidated financial statements since their respective dates of acquisition and have contributed to our revenues, income, earnings per share and total assets.\n(1) Our net income and diluted earnings per share were impacted in fiscal 2019 and 2018 by the effects of the U.S. Tax Cuts and Jobs Act of 2017 (the Tax Act). The more significant provisions of the Tax Act as applicable to us are described below under “Impacts of the U.S. Tax Cuts and Jobs Act of 2017”.\n(2) Working capital and total assets decreased in fiscal 2019 primarily due to $36.1 billion of cash used for repurchases of our common stock during fiscal 2019 and also due to dividend payments, partially offset by the favorable impacts to our net current assets resulting from our fiscal 2019 net income. Working capital and total assets sequentially increased in nearly all of the fiscal 2015 to 2018 periods presented primarily due to the favorable impacts to our net current assets resulting from our net income generated during the periods presented and the issuances of long-term senior notes of $10.0 billion in fiscal 2018, and $14.0 billion in fiscal 2017. These working capital and total assets increases were partially offset by cash used for acquisitions, repurchases of our common stock and dividend payments in the fiscal 2015 to 2018 periods presented. In addition, our total assets were also affected in all periods presented by the repayments of notes payable and other borrowings as discussed further below.\n(3) Our notes payable and other borrowings, which represented the summation of our notes payable and other borrowings, current, and notes payable and other borrowings, non-current, as reported per our consolidated balance sheets as of the dates listed in the table above, decreased during fiscal 2019 primarily due to repayments of certain short-term borrowings and senior notes. Notes payable and other borrowings increased between fiscal 2015 and 2018 primarily due to the fiscal 2018 issuance of long-term senior notes of $10.0 billion and short-term borrowings of $2.5 billion, the fiscal 2017 issuance of long-term senior notes of $14.0 billion and short-term borrowings of $3.8 billion, and the fiscal 2016 short-term borrowings of $3.8 billion. See Note 7 of Notes to Consolidated Financial Statements included elsewhere in this Annual report for additional information regarding our notes payable and other borrowings.\n(4) The summary consolidated financial data for the fiscal years ended and as of May 31, 2018 and 2017 have been retrospectively restated to reflect the adoption of Accounting Standards Update (\"ASU\") No. 2014-09, Revenue from Contracts with Customers: Topic 606 and subsequent  amendments to the initial guidance: ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, ASU 2016-20, ASU 2017-10, ASU 2017-13 and ASU 2017-14 (collectively, Topic 606), and ASU 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the presentation of Net Periodic Pension Costs and Net Periodic Postretirement Benefit Costs (ASU 2017-07). See Note 1 of Notes to Consolidated Financial Statements included elsewhere in this Annual report for a summary of adjustments related to Topic 606 and ASU 2017-07. The summary consolidated financial data for the fiscal years ended and as of May 31, 2016 and 2015 have not been updated to reflect the adoption of Topic 606 or ASU 2017-07.\n\n | | | | As of and for the Year Ended May 31, | \n-------------------------------------------------- | ------------------------------------------- | -------- | -------- | ------------------------------------ | --------\n(in millions, except per share amounts) | 2019 | 2018 (4) | 2017 (4) | 2016 (4) | 2015 (4)\n | Consolidated Statements of Operations Data: | | | | \nTotal revenues | $39,506 | $39,383 | $37,792 | $37,047 | $38,226 \nOperating income | $13,535 | $13,264 | $12,913 | $12,604 | $13,871 \nNet income (1) | $11,083 | $3,587 | $9,452 | $8,901 | $9,938 \nEarnings per share—diluted (1) | $2.97 | $0.85 | $2.24 | $2.07 | $2.21 \nDiluted weighted average common shares outstanding | 3,732 | 4,238 | 4,217 | 4,305 | 4,503 \nCash dividends declared per common share | $0.81 | $0.76 | $0.64 | $0.60 | $0.51 \n | Consolidated Balance Sheets Data: | | | | \nWorking capital (2) | $27,756 | $57,035 | $50,995 | $47,105 | $47,314 \nTotal assets (2) | $108,709 | $137,851 | $136,003 | $112,180 | $110,903\nNotes payable and other borrowings (3) | $56,167 | $60,619 | $57,909 | $43,855 | $41,958 \n\nItem 6. Financial Data\n table financial data last five fiscal years. with consolidated financial statements notes Item 15 Annual report. five years acquired companies including NetSuite Inc. 2017. acquired companies included consolidated financial statements contributed to revenues income earnings per share total assets.\n net income diluted earnings per impacted 2019 2018 U. S. Tax Cuts Jobs Act of 2017. provisions.\n Working capital total assets decreased 2019 due to $36. 1 billion repurchases common stock dividend payments offset impacts assets 2019 net income. Working capital total assets increased 2015 to 2018 periods due impacts income issuances long-term senior notes $10. 0 billion 2018 $14. 0 billion 2017. offset by repurchases dividend payments 2015 to 2018. total assets affected by repayments notes payable borrowings.\nnotes payable borrowings decreased 2019 due to repayments short-term borrowings senior notes. increased 2015 2018 due to 2018 long-term senior notes $10. 0 billion short-term borrowings $2. 5 billion 2017 $14. 0 billion short-term borrowings $3. 8 billion 2016 short borrowings $3. 8 billion. See Note 7 Financial Statements information.\n consolidated financial data fiscal years May 31, 2018 2017 restated Accounting Standards Update (\"ASU\") No. 2014-09, Revenue from Contracts Customers Topic amendments ASU 2015-14 2016-08 ASU 2017-07 Compensation—Retirement Benefits Net Periodic Pension Costs Postretirement Benefit Costs. See Note 1 Consolidated Financial Statements adjustments related Topic 606 ASU 2017-07. data years May 31, 2016 2015 not updated adoption Topic 606 or ASU 2017-07.\n May\n\n 2019 2018 2017 2016 2015\n Statements Operations\n revenues $39,506 $39,383 $37,792 $37,047\n Operating income $13,535 $13,264 $12,871\n Net income $11,083 $3,587 $9,452 $8,901 $9,938\n Earnings per $2.\n shares 3,732 4,238 4,217 4,305\n dividends share $0.\n Balance Sheets\n Working capital $27,756 $57,035 $50,995 $47,105,314\n assets $108,709 $137,851 $136,003 $112,180 $110,903\n Notes payable borrowings $56,167 $60,619 $57,909 $43,855 $41,958" +} +{ + "_id": "d1b38ad82", + "title": "", + "text": "Note 4 – Fair Value Measurements\nAssets and Liabilities Measured at Fair Value\nThe Company’s contingent earn-out liabilities are measured at fair value. These liabilities were estimated using Level 3 inputs. The fair value of contingent consideration was determined based on a probability-based approach which includes projected results, percentage probability of occurrence and the application of a discount rate to present value the payments. A significant change in projected results, discount rate, or probabilities of occurrence could result in a significantly higher or lower fair value measurement. Changes in the fair value of contingent earn-out liabilities are reflected in operating expenses on the Company’s consolidated statements of operations.\nThe following table presents the changes in Level 3 contingent earn-out liabilities:\nIn May 2019, the Company fully settled its Del Monte earn-out liability for $200. The long-term portion of contingent earn-out liabilities was $7,957 and $2,792 as of December 27, 2019 and December 28, 2018, respectively, and are reflected as other liabilities and deferred credits on the Company’s consolidated balance sheets. The remaining short-term portion of earn-out liabilities are reflected as accrued liabilities on the Company’s consolidated balance sheets. Contingent earn-out liability payments in excess of the acquisition date fair value of the underlying contingent earn-out liability are classified as operating activities on the Company’s consolidated statements of cash flows and all other such payments are classified as financing activities.\n\n | Del Monte | Fells Point | Bassian | Other Acquisitions | Total \n------------------------- | ---------- | ------------ | -------- | ------------------ | -------\nBalance December 29, 2017 | $649 | $4,579 | $— | $— | $5,228 \nAcquisition value | — | — | — | 1,414 | 1,414 \nCash payments | — | (3,000) | — | — | (3,000)\nChanges in fair value | (649) | 2,070 | — | 27 | 1,448 \nBalance December 28, 2018 | — | 3,649 | — | 1,441 | 5,090 \nAcquisition value | — | — | 7,450 | 479 | 7,929 \nCash payments | (200) | (3,000) | — | (1,000) | (4,200)\nChanges in fair value | 200 | 3,895 | 507 | 1,277 | 5,879 \nBalance December 27, 2019 | $— | $4,544 | $7,957 | $2,197 | $14,698\n\nNote 4 Fair Value Measurements\n Assets Liabilities\n Company’s contingent earn-out liabilities measured fair value. estimated Level 3 inputs. value determined probability-based approach results probability discount rate. change results discount rate higher lower fair value. Changes reflected operating expenses consolidated statements operations.\n changes Level 3 contingent earn-out liabilities\n May 2019 settled Del Monte earn-out liability $200. long-term liabilities $7,957 $2,792 December 27, 2019 December 28, 2018 reflected as liabilities deferred credits balance sheets. short-term accrued liabilities. payments acquisition date classified operating activities financing activities.\n Del Monte Fells Point Bassian Other Acquisitions Total\n Balance December 29, 2017 $649 $4,579 $5,228\n Acquisition value 1,414\n Cash payments (3,000\nvalue 2,070 1,448\n Balance December 28, 2018 3,649 1,441 5,090\n Acquisition 7,450 7,929\n Cash payments,200\n 3,895 1,277 5,879\n Balance December 27, 2019 $7,957 $2,197 $14,698" +} +{ + "_id": "d1b3ad526", + "title": "", + "text": "(19) Income Taxes\nIncome tax expense (benefit) consists of the following (in millions):\nOn December 22, 2017, the Tax Reform Act was signed into law. Among other provisions, the Tax Reform Act reduced the federal statutory corporate income tax rate from 35% to 21%. During the fourth quarter of 2017, we recorded a one-time, noncash net tax benefit of $110.9 million related to the revaluation of our deferred income tax assets and liabilities as a result of the Tax Reform Act.\n\n | | Year ended December 31, | \n---------------------------------- | ----- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nCurrent: | | | \nFederal | $39.5 | $35.0 | $10.4 \nState | 9.7 | 9.4 | 5.3 \nForeign | 0.9 | 0.8 | 0.9 \nTotal current | 50.1 | 45.2 | 16.6 \nDeferred: | | | \nFederal | (0.2) | (2.3) | (87.5) \nState | (8.0) | (5.2) | 9.1 \nTotal deferred | (8.2) | (7.5) | (78.4) \nTotal income tax expense (benefit) | $41.9 | $37.7 | $(61.8)\n\nIncome Taxes\n expense\n December 22, 2017 Tax Reform Act law. reduced federal corporate income tax rate 35% to 21%. fourth quarter 2017 recorded one-time noncash tax benefit $110. 9 million revaluation deferred income tax assets liabilities Tax Reform Act.\n Year December 31,\n 2017\n $39. $35. $10.\n 9. 5.\n.\n 50. 45. 16. 6\n Deferred\n. (2. (87.\n (8. 9.\n (8. (7. (78.\n income tax expense (benefit $41. $37. $(61." +} +{ + "_id": "d1b33e1ee", + "title": "", + "text": "Quantitative effect of ASC Topics 606 and 340-40 adoption\n(1) While not shown here, gross margin, loss from operations, and loss before income taxes have consequently been affected as a result of the net effect of the adjustments noted above.\n(2) The impact on the Consolidated Statements of Comprehensive Loss is limited to the net effects of the impacts noted above on the Consolidated Statements of Operations, specifically on the line item \"Net loss.\"\n\n | | For the Fiscal Year ended January 31, 2019 | \n-------------------------------------------- | ----------- | ---------------------------------------------- | -----------\n | As reported | Impact from the adoption of ASC 606 and 340-40 | As adjusted\nNet revenue (1) | | | \nSubscription | $1,802.3 | $(16.6) | $1,785.7 \nMaintenance | 635.1 | 5.7 | 640.8 \nOther | 132.4 | (11.3) | 121.1 \nCost of revenue (1) | | | \nCost of subscription and maintenance revenue | 216.0 | (0.1) | 215.9 \nCost of other revenue | 54.4 | 1.1 | 55.5 \nOperating expenses (1): | | | \nMarketing and sales | 1,183.9 | (17.9) | 1,166.0 \nProvision for income taxes | (38.1) | (4.8) | (42.9) \nNet loss (2) | $(80.8) | $(10.1) | $(90.9) \nBasic net loss per share | $(0.37) | $(0.05) | $(0.42) \nDiluted net loss per share | $(0.37) | $(0.05) | $(0.42) \n\neffect ASC Topics 606 340-40 adoption\n gross margin loss operations before income taxes affected adjustments.\n impact Consolidated Statements Loss limited effects line item \"Net loss.\n Fiscal Year ended January 31, 2019\n Impact adoption ASC 606 340-40 adjusted\n Net revenue\n Subscription $1,802. 3. $1,785. 7\n Maintenance 635. 5. 640. 8\n 132. (11. 121.\n Cost revenue\n Cost subscription maintenance revenue 216. 215.\n revenue 54. 1. 55.\n Operating expenses\n Marketing sales 1,183. 9 (17. 1,166.\n Provision income taxes (38. (4. (42.\n Net loss(80.(90.\n Basic net loss per share(0. 37.\n net loss share." +} +{ + "_id": "d1b314bc8", + "title": "", + "text": "Reconciliations between the amounts computed by applying the U.S. federal statutory tax rate to loss before income taxes, and income tax expense (benefit) follows (in thousands):\nWe determined no material liabilities related to uncertain income tax positions existed as of December 31, 2019 or 2018, based on our analysis of tax positions taken on income tax returns filed. Although we believe the amounts reflected in our tax returns substantially comply with applicable U.S. federal, state, and foreign tax regulations, the respective taxing authorities may take contrary positions based on their interpretation of the law. A tax position successfully challenged by a taxing authority could result in an adjustment to our provision or benefit for income taxes in the period in which a final determination is made.\n\nYear Ended December 31 | | \n------------------------------------------------------------------------- | ------------ | --------------\n | 2019 | 2018 \nIncome tax benefit at federal statutory rate | $(2,928) | $(1,692) \nIncrease (decrease) resulting from: | | \nState tax benefit, net of federal tax effect | (437) | (184) \nEffect of change in state tax rate | (26) | 146 \nChange in valuation allowance | 3,341 | (8,474) \nExpirations of net operating losses and application of IRC 382 limitation | 7 | 9,939 \nAdjustments to deferreds | (29) | 321 \nOther | 72 | (11) \nIncome tax expense | $ - | $ 45\n\nReconciliations between amounts. federal tax rate loss before expense (benefit\n no liabilities uncertain income tax positions December 31, 2019 2018 analysis. tax returns comply. federal tax regulations taxing authorities may contrary positions. tax position challenged adjustment provision benefit.\n Year Ended December 31\n 2019 2018\n Income tax benefit federal statutory rate $(2,928) $(1,692)\n Increase\n State tax benefit federal tax effect\n change state tax rate\n Change valuation allowance 3,341\n Expirations net operating losses IRC 382 limitation\n Adjustments to deferreds\n Income tax expense $ 45" +} +{ + "_id": "d1b36639c", + "title": "", + "text": "The following table summarizes our purchase commitments with contract manufacturers and suppliers as of the respective period ends (in millions):\nPurchase commitments with contract manufacturers and suppliers decreased by approximately 23% compared to the end of fiscal 2018. On a combined basis, inventories and purchase commitments with contract manufacturers and suppliers decreased by 24% compared with the end of fiscal 2018.\nInventory and supply chain management remain areas of focus as we balance the need to maintain supply chain flexibility to help ensure competitive lead times with the risk of inventory obsolescence because of rapidly changing technology and customer requirements. We believe the amount of our inventory and purchase commitments is appropriate for our revenue levels.\n\nCommitments by Period | July 27, 2019 | July 28, 2018\n--------------------- | ------------- | -------------\nLess than 1 year | $4,239 | $5,407 \n1 to 3 years | 728 | 710 \n3 to 5 years | — | 360 \nTotal | $4,967 | $6,477 \n\ntable summarizes purchase commitments manufacturers suppliers\n Purchase commitments decreased 23% 2018. inventories commitments decreased 24%.\n Inventory supply chain management flexibility risk inventory obsolescence. inventory purchase commitments appropriate for revenue levels.\n Commitments Period July 27, 2019 July 28, 2018\n Less than 1 year $4,239 $5,407\n 1 to 3 years\n 3 to 5 years\n Total $4,967 $6,477" +} +{ + "_id": "d1b32a162", + "title": "", + "text": "Unearned Revenue\nUnearned revenue as of the periods presented consisted of the following (table in millions):\nUnearned subscription and SaaS revenue is generally recognized over time as customers consume the services or ratably over the term of the subscription, commencing upon provisioning of the service. Previously, unearned subscription and SaaS revenue was allocated between unearned license revenue and unearned software maintenance revenue in prior periods and has been reclassified to conform with current period presentation.\nUnearned software maintenance revenue is attributable to our maintenance contracts and is generally recognized over time on a ratable basis over the contract duration. The weighted-average remaining contractual term as of January 31, 2020 was approximately two years. Unearned professional services revenue results primarily from prepaid professional services and is generally recognized as the services are performed.\n\n | January 31, 2020 | February 1,2019\n-------------------------------------- | ---------------- | ---------------\nUnearned license revenue | $19 | $15 \nUnearned subscription and SaaS revenue | 1,534 | 916 \nUnearned software maintenance revenue | 6,700 | 5,741 \nUnearned professional services revenue | 1,015 | 767 \nTotal unearned revenue | $9,268 | $7,439 \n\nUnearned Revenue\n subscription SaaS revenue recognized over time services term. allocated between license software maintenance reclassified.\n software maintenance attributable contracts recognized over time contract duration. contractual term January 31, 2020 two years. professional services revenue prepaid services recognized performed.\n January 31, 2020 February 1,2019\n license revenue $19 $15\n subscription SaaS revenue 1,534 916\n software maintenance revenue 6,700\n professional services revenue 1,015 767\n Total revenue $9,268 $7,439" +} +{ + "_id": "d1b321c9c", + "title": "", + "text": "Adjusted earnings per share\nBasic adjusted earnings per share is defined as adjusted profit for the period attributable to equity holders divided by the weighted average number of shares. Diluted adjusted earnings per share is defined as adjusted profit for the period attributable to equity holders divided by the diluted weighted average number of shares.\nBasic and diluted EPS calculated on an IFRS profit basis are included in Note 10.\n\n | 2019 | 2018 \n-------------------------------------------------------------------------------- | ------ | ------\nProfit for the period attributable to equity holders as reported under IFRS (£m) | 166.6 | 223.1 \nItems excluded from adjusted operating profit disclosed above (£m) | 37.7 | (34.2)\nTax effects on adjusted items (£m) | (8.5) | (5.0) \nAdjusted profit for the period attributable to equity holders (£m) | 195.8 | 183.9 \nWeighted average shares (million) | 73.7 | 73.6 \nBasic adjusted earnings per share | 265.7p | 250.0p\nDiluted weighted average shares (million) | 73.9 | 73.8 \nDiluted adjusted earnings per share | 264.9p | 249.1p\n\nAdjusted earnings per share\n divided weighted average shares.\n IFRS profit Note 10.\n Profit equity holders IFRS (£m) 166. 6 223. 1\n Items excluded adjusted profit (£m 37. 7 (34. 2)\n Tax adjusted items (£m) (8. 5) (5. 0\n Adjusted profit equity holders (£m 195. 8 183. 9\n Weighted average shares (million 73. 7 73. 6\n earnings 265. 7p 250.\n 73. 9 73. 8\n 264. 249." +} +{ + "_id": "d1b38c498", + "title": "", + "text": "* Recast to reflect segment changes.\nThe year-to-year improvements in margins and pre-tax income in GBS were the result of the shift to higher-value offerings, realignment of resources to key skill areas, increased productivity and utilization as well as a benefit from currency, due to the company’s global delivery model.\n\n($ in millions) | | | \n------------------------------- | ------ | ------ | ---------------------------------\nFor the year ended December 31: | 2018* | 2017* | Yr.-to-Yr. Percent/ Margin Change\nGlobal Business Services | | | \nExternal gross profit | $4,448 | $4,033 | 10.3% \nExternal gross profit margin | 26.8% | 25.1% | 1.7pts \nPre-tax income | $1,629 | $1,303 | 25.0% \nPre-tax margin | 9.6% | 7.9% | 1.7pts \n\nRecast segment changes.\n year-to-year improvements margins pre-tax income shift higher-value offerings realignment resources skill areas increased utilization benefit currency global delivery model.\n year December 31 2018 2017. Margin Change\n Services\n gross profit $4,448 $4,033.\n margin 26. 8%.\n Pre-tax income $1,629 $1,303.\n margin 9. 6%." +} +{ + "_id": "d1b324d98", + "title": "", + "text": "The following table summarizes restricted stock-based award activity, including service-based awards and performance-based awards, granted pursuant to Oracle-based stock plans and stock plans assumed from our acquisitions for our last three fiscal years ended May 31, 2019 :\nThe total grant date fair value of restricted stock-based awards that were vested and issued in fiscal 2019, 2018 and 2017 was $1.3 billion, $1.0 billion and $715 million, respectively. As of May 31, 2019, total unrecognized stock-based compensation expense related to non-vested restricted stock-based awards was $2.8 billion and is expected to be recognized over the remaining weighted-average vesting period of 2.68 years.\nNo PSUs were granted in each of fiscal 2019 and 2018. In fiscal 2017, 1.7 million PSUs were granted which vest upon the attainment of certain performance metrics and service-based vesting. Based upon actual attainment relative to the “target” performance metric, certain participants have the ability to be issued up to 150% of the target number of PSUs originally granted, or to be issued no PSUs at all. In fiscal 2019, 2.4 million PSUs vested and 1.3 million PSUs remained outstanding as of May 31, 2019.\n\n | | Restricted Stock-Based Awards Outstanding\n-------------------------------- | ---------------- | -----------------------------------------\n(in millions, except fair value) | Number of Shares | Weighted-Average Grant Date Fair Value \nBalance, May 31, 2016 | 52 | $39.29 \nGranted | 42 | $39.40 \nAssumed | 14 | $37.83 \nVested and Issued | (18) | $40.39 \nCanceled | (7) | $39.73 \nBalance, May 31, 2017 | 83 | $39.18 \nGranted | 44 | $47.42 \nVested and Issued | (27) | $39.10 \nCanceled | (11) | $41.97 \nBalance, May 31, 2018 | 89 | $42.93 \nGranted | 53 | $42.47 \nVested and Issued | (31) | $41.85 \nCanceled | (12) | $42.97 \nBalance, May 31, 2019 | 99 | $43.01 \n\ntable summarizes restricted stock-based award activity service performance granted Oracle acquisitions last three fiscal years May 31, 2019\n total grant value awards vested issued 2019 2018 2017 $1. 3 billion $1. billion $715 million. May 31, 2019 unrecognized stock-based compensation expense non $2. 8 billion expected recognized vesting period. 68 years.\n No PSUs granted 2019 2018. 2017. 7 million PSUs granted performance metrics. participants 150% target PSUs or no PSUs. 2019 2. 4 million PSUs vested 1. 3 million remained outstanding May 31, 2019.\n Restricted Stock-Based Awards\n Weighted-Average Grant Date\n May 31, 2016 $39.\n Granted.\n $37.\n Vested Issued.\n Canceled.\n May 31, 2017.\n.\n.\n.\n May 2018 $42.\n Granted.\nVested Issued $41.\n Canceled $42.\n May $43." +} +{ + "_id": "d1b3c7a70", + "title": "", + "text": "Geographic Information\nRevenue based on the geographic location of our customer's headquarters was as follows:\nWe ship our products to locations specified by our customers and, as a result, customers may have headquarters in one location with global supply chain and operations in other locations. Our customers may request we deliver products to countries where they own or operate production facilities or to countries where they utilize third-party subcontractors or warehouses. Based on the ship-to locations specified by our customers, revenue from sales into China (including Hong Kong) accounted for 53%, 57%, and 51% of total revenue in 2019, 2018, and 2017, respectively; revenue from sales into Taiwan accounted for 13%, 9%, and 13% of total revenue in 2019, 2018, and 2017, respectively; and revenue from sales into the United States accounted for 11%, 12%, and 14% of total revenue in 2019, 2018, and 2017, respectively.\n\nFor the year ended | 2019 | 2018 | 2017 \n------------------------------------ | ------- | ------- | -------\nUnited States | $12,451 | $17,116 | $11,359\nMainland China (excluding Hong Kong) | 3,595 | 3,607 | 1,539 \nTaiwan | 2,703 | 3,918 | 2,892 \nHong Kong | 1,614 | 1,761 | 1,429 \nOther Asia Pacific | 1,032 | 1,458 | 1,078 \nJapan | 958 | 1,265 | 1,042 \nOther | 1,053 | 1,266 | 983 \n | $23,406 | $30,391 | $20,322\n\nGeographic\n Revenue location customer headquarters\n ship products locations headquarters one global supply chain operations other. customers production facilities subcontractors warehouses. China Hong 53% 57% 51% revenue 2019 Taiwan 13% 13% United States 11% 12% 14%.\n year 2019 2018 2017\n United States $12,451 $17,116 $11,359\n Mainland China 3,595 3,607 1,539\n Taiwan 2,703 3,918 2,892\n Hong Kong 1,614 1,761 1,429\n Asia Pacific 1,032 1,458 1,078\n Japan 958 1,265 1,042\n Other 1,053 1,266\n $23,406 $30,391 $20,322" +} +{ + "_id": "d1b2f3144", + "title": "", + "text": "5. INVESTMENTS\nInvestments in Marketable Securities\nThe Company’s investments in available-for-sale marketable securities are made pursuant to its investment policy, which has established guidelines relative to the diversification of the Company’s investments and their maturities, with the principal objective of capital preservation and maintaining liquidity sufficient to meet cash flow requirements.\nThe following is a summary of investments, including those that meet the definition of a cash equivalent, as of December 31, 2019 (in thousands):\n\n | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value\n------------------------------- | -------------- | ---------------- | ----------------- | ----------\nCurrent assets: | | | | \nCash | $67,818 | $— | $— | $67,818 \nCash equivalents: | | | | \nMoney market funds | 126,075 | — | — | 126,075 \nCorporate bonds | 1,000 | — | — | 1,000 \nAgency bonds | 6,485 | 1 | — | 6,486 \nCommercial paper | 9,609 | — | (1) | 9,608 \nCertificates of deposit | 171 | — | — | 171 \nUS treasury securities | 4,749 | — | — | 4,749 \nTotal cash equivalents | 148,089 | 1 | (1) | 148,089 \nTotal cash and cash equivalents | 215,907 | 1 | (1) | 215,907 \nShort-term investments: | | | | \nCorporate bonds | 103,130 | 110 | (7) | 103,233 \nAgency bonds | 3,966 | 2 | — | 3,968 \nUS treasury securities | 50,703 | 62 | (1) | 50,764 \nCommercial paper | 23,827 | 1 | — | 23,828 \nCertificates of deposit | 3,936 | 2 | (1) | 3,937 \nAsset-backed securities | 15,837 | 12 | — | 15,849 \nTotal short-term investments | 201,399 | 189 | (9) | 201,579 \nLong-term investments: | | | | \nCorporate bonds | 19,407 | 12 | (4) | 19,415 \nUS treasury securities | 19,300 | 25 | — | 19,325 \nAsset-backed securities | 11,693 | 10 | (1) | 11,702 \nStrategic investments | 9,750 | — | — | 9,750 \nTotal long-term investments | $60,150 | $47 | $(5) | $60,192 \n\n. INVESTMENTS\n in Marketable Securities\n Company’s investments in marketable securities investment policy diversification capital preservation maintaining liquidity cash flow requirements.\n summary of investments cash equivalent as of December 31, 2019 thousands):\n Amortized Cost Unrealized Gains Losses Fair Value\n Current assets\n Cash $67,818\n Cash equivalents\n Money market funds 126,075\n Corporate bonds 1,000\n Agency bonds 6,485\n Commercial paper 9,609\n Certificates of deposit 171\n US treasury securities 4,749\n Total cash equivalents 148,089\n cash equivalents 215,907\n Short-term investments\n Corporate bonds 103,130\n Agency bonds 3,966\n US treasury securities 50,703\n Commercial paper 23,827\n Certificates of deposit 3,936\nAsset-backed securities 15,837\n short-term investments 201,399\n Long-term investments\n Corporate bonds 19,407\n US treasury securities 19,300 25 19,325\n Asset-backed securities 11,693\n Strategic investments 9,750\n long-term investments $60,150" +} +{ + "_id": "d1b342488", + "title": "", + "text": "Fiscal 2017 Plan\nWe initiated a restructuring plan in the first quarter of fiscal 2017 to reduce complexity by means of long-term structural improvements (the Fiscal 2017 Plan), under which we reduced headcount and closed certain facilities. These actions were completed in fiscal 2019 at a cumulative cost of $289 million.\nOur restructuring, transition and other costs are presented in the table below:\nIncluded in our fiscal 2018 other exit and disposal costs is a $29 million impairment charge related to certain land and buildings previously reported as property and equipment that were reclassified to assets held for sale.\nAs of March 29, 2019, the restructuring liabilities were not significant.\n\n | | Year Ended | \n----------------------------------------------- | -------------- | -------------- | --------------\n(In millions) | March 29, 2019 | March 30, 2018 | March 31, 2017\nSeverance and termination benefit costs | $28 | $61 | $76 \nOther exit and disposal costs | 15 | 52 | 80 \nAsset write-offs | 2 | 25 | 23 \nTransition costs | 196 | 272 | 94 \nTotal restructuring, transition and other costs | $241 | $410 | $273 \n\n2017\n initiated restructuring quarter complexity reduced headcount closed facilities. completed 2019 cumulative cost $289 million.\n restructuring transition costs table\n 2018 $29 million impairment charge land buildings.\n March 29, 2019 restructuring liabilities not significant.\n March 29, 2019 30, 2018 31, 2017\n Severance termination benefit costs $28 $61 $76\n exit disposal costs 15 52\n Asset write-offs 25\n Transition costs 196 272\n Total restructuring costs $241 $410 $273" +} +{ + "_id": "d1b3422b2", + "title": "", + "text": "The actual return on plan assets amounted to €125 million in the reporting period (2017/ 18: €45 million).\nFor financial year 2019/20, the company expects employer payments to external pension providers totalling approximately €18 million and employee contributions of €9 million in plan assets, with contributions in the Netherlands, Belgium and Germany accounting for the major share of this total. Expected contributions from payment contribution commitments in Germany are not included in expected payments.\nThe fair value of plan assets developed as follows:\nAt one Dutch company, plan assets exceeded the value of commitments as of the closing date. Since the company cannot draw any economic benefits from this overfunding, the balance sheet amount was reduced to €0 in line with IAS 19.64 (b).\n\n€ million | 2017/2018 | 2018/2019\n------------------------------------------------------------------------------------------------------------------------- | --------- | ---------\nChange in plan assets | | \nFair value of plan assets as of beginning of period | 905 | 940 \nRecognised under | 21 | 23 \nInterest income | 21 | 23 \nRecognised outside of profit or loss under ‘remeasurement of defined benefit pension plans’ in other comprehensive income | 24 | 102 \nGains/losses from plan assets excl. interest income (+/−) | 24 | 102 \nOther effects | −10 | 0 \nBenefit payments (incl. tax payments) | −34 | −27 \nSettlement payments | −6 | 0 \nEmployer contributions | 35 | 18 \nContributions from plan participants | 11 | 9 \nChange in consolidation group / transfers | 0 | 0 \nReclassification in accordance with IFRS5 | −16 | 0 \nCurrency effects | 0 | 1 \nFair value of plan assets as of end of period | 940 | 1,066 \n\nreturn on plan assets €125 million period (2017/ 18 €45 million.\n 2019/20 expects employer payments pension providers €18 million employee contributions €9 million contributions Netherlands Belgium Germany major share. contributions Germany not included.\n fair value plan assets\n Dutch company assets exceeded value commitments closing date. benefits overfunding balance sheet reduced to €0 IAS 19. 64 (b.\n 2017/2018 2018/2019\n Change in plan assets\n Fair value beginning period\n defined benefit pension\n Gains/losses plan assets. interest income\n effects\n Benefit payments. tax payments\n Settlement payments\n Employer contributions\n participants\n Change consolidation group transfers\n Reclassification IFRS5\n Currency effects\n Fair value assets end period" +} +{ + "_id": "d1b3925aa", + "title": "", + "text": "2019 vs 2018\nCost of revenue decreased for the year ended December 31, 2019, compared to the prior year, primarily due to net revenue declining.\nGross margin decreased for the year ended December 31, 2019 compared to the prior year. Gross margin was negatively impacted by the imposition of Section 301 tariffs originally announced in late 2018 and cost inefficiencies experienced in our new manufacturing locations outside of China, an increase in channel promotional activities relative to revenue as well as foreign exchange headwinds due to the strengthening of the U.S. dollar.\n2018 vs 2017\nCost of revenue decreased for the year ended December 31, 2018 primarily due to improved product margin performance, lower proportionate provisions for warranty expense, and lower air freight costs compared to the prior year.\nGross margin increased for the year ended December 31, 2018 compared to the prior year primarily due to improved product margin performance, lower proportionate provisions for sales returns and warranty expense, favorable foreign exchange rate movements and lower air freight costs compared to the prior year.\nFor fiscal 2020, we expect gross margins to improve from fiscal 2019 primarily as our U.S. bound inventory will primarily not be subject to Section 301 tariffs in fiscal 2020. Forecasting gross margin percentages is difficult, and there are a number of risks related to our ability to maintain or improve our current gross margin levels. Our cost of revenue as a percentage of net revenue can vary significantly based upon factors such as: uncertainties surrounding revenue levels, including future pricing and/or potential discounts as a result of the economy or in response to the strengthening of the U.S. dollar in our international markets, and related production level variances; import customs duties and imposed tariffs; competition; changes in technology; changes in product mix; variability of stockbased compensation costs; royalties to third parties; fluctuations in freight and repair costs; manufacturing and purchase price variances; changes in prices on commodity components; warranty costs; and the timing of sales, particularly to service provider customers. We expect that revenue derived from paid subscription service plans will increase in the future, which may have a positive impact on our gross margin. From time to time, however, we may experience fluctuations in our gross margin as a result of the factors discussed above.\n\n | | | Year Ended December 31 | | \n----------------------- | -------- | -------- | -------------------------------------- | -------- | --------\n | 2019 | % Change | 2018 | % Change | 2017 \n | | | (In thousands, except percentage data) | | \nCost of revenue | $704,535 | (1.8)% | $717,118 | (2.0)% | $731,453\nGross margin percentage | 29.5% | | 32.3% | | 29.6% \n\n2019 vs 2018\n Cost revenue decreased December 31, 2019 due net revenue declining.\n Gross margin decreased. impacted by Section 301 tariffs cost inefficiencies new manufacturing locations outside China channel promotional activities foreign exchange headwinds strengthening U. S. dollar.\n 2018 vs 2017\n Cost revenue decreased December 31, 2018 due improved product margin performance lower provisions warranty expense lower air freight costs.\n Gross margin increased December 2018 improved product margin performance lower sales returns warranty expense foreign exchange rate lower air freight costs.\n gross margins improve U. S. inventory not subject Section 301 tariffs. Forecasting gross margin difficult risks. cost revenue vary uncertainties pricing. production variances import customs duties tariffs competition technology product mix stockbased compensation costs royalties freight repair costs manufacturing purchase price variances warranty costs timing sales. revenue paid subscription service plans increase gross margin.fluctuations gross margin factors.\n Ended December 31\n 2019 % Change 2018 2017\n thousands\n Cost revenue $704,535 (1. 8)% $717,118 (2. $731,453\n Gross margin percentage 29. 5% 32. 3%. 6%" +} +{ + "_id": "d1b366568", + "title": "", + "text": "Other (Income) and Expense\nNM—Not meaningful\nTotal consolidated other (income) and expense was income of $968 million in 2019 compared to expense of $1,152 million in 2018. The year-to-year change was primarily driven by: • Lower non-operating retirement-related costs ($957 million). Refer to “Retirement-Related Plans” for additional information. • Higher gains from divestitures ($833 million) reflected in Other; and • Higher net exchange gains (including derivative instruments) ($272 million). The company’s hedging programs help mitigate currency impacts in the Consolidated Income Statement.\nOperating (non-GAAP) other (income) and expense was $1,431 million of income in 2019 and increased $1,010 million compared to the prior-year period. The year-to-year change was primarily driven by the same factors excluding lower non-operating retirement-related costs.\n\n($ in millions) | | | \n-------------------------------------------------------- | -------- | ------- | -------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change\nOther (income) and expense | | | \nForeign currency transaction losses/(gains) | $(279) | $(427) | (34.6)% \n(Gains)/losses on derivative instruments | 15 | 434 | (96.6) \nInterest income | (349) | (264) | 32.2 \nNet (gains)/losses from securities and investment assets | (32) | (101) | (67.9) \nRetirement-related costs/(income) | 615 | 1,572 | (60.9) \nOther | (937) | (63) | NM \nTotal consolidated other (income) and expense | $(968) | $1,152 | NM \nNon-operating adjustments | | | \nAmortization of acquired intangible assets | (2) | (2) | 50.0% \nAcquisition-related charges | 154 | 0 | NM \nNon-operating retirement related costs/(income) | (615) | (1,572) | (60.9)% \nOperating (non-GAAP) other (income) and expense | $(1,431) | $(422) | 239.4% \n\nExpense\n consolidated expense $968 million 2019 $1,152 million 2018. change driven Lower non-operating retirement-related costs ($957 million. Higher gains from divestitures ($833 million Higher net exchange gains ($272 million). hedging programs mitigate currency impacts.\n-GAAP expense $1,431 million 2019 increased $1,010 million prior-year. change driven factors lower non-operating retirement-related costs.\n year December 31 2019 2018. Percent Change\n Foreign currency transaction losses(gains $(279) $(427).\n/losses derivative instruments.\n Interest income.\n Net (gains/losses from securities investment assets.\n Retirement-related costs 1,572.\n consolidated expense $(968) $1,152\n Non-operating adjustments\n Amortization acquired intangible assets.\nAcquisition charges 154\n Non-operating retirement costs (615) (1,572.\n-GAAP expense $(1,431)." +} +{ + "_id": "d1b382330", + "title": "", + "text": "Fiscal 2017 acquisitions\nOn August 1, 2016, we acquired all of the outstanding common stock of Blue Coat, Inc. (Blue Coat), a provider of advanced web security solutions for global enterprises and governments. The addition of Blue Coat’s suite of network and cloud security products to our innovative Enterprise Security product portfolio has enhanced our threat protection and information protection products while providing us with complementary products, such as advanced web and cloud security solutions, that address the network and cloud security needs of enterprises.\nOn February 9, 2017, we completed the acquisition of LifeLock, Inc. (LifeLock) a provider of proactive identity theft protection services for consumers and consumer risk management services for enterprises. LifeLock’s services are provided on a monthly or annual subscription basis and provide identification and notification of identity-related and other events and assist users in remediating their impact.\nThe total consideration for the acquisitions, net of cash acquired, consisted of the following:\n\n(In millions) | Blue Coat | LifeLock | Total \n----------------------- | --------- | -------- | -------\nGoodwill | $4,084 | $1,397 | $5,481 \nIntangible assets | 1,608 | 1,247 | 2,855 \nNet liabilities assumed | (1,019) | (361) | (1,380)\nTotal purchase price | $4,673 | $2,283 | $6,956 \n\n2017 acquisitions\n August 1, 2016, acquired common stock Blue Coat, Inc. provider web security solutions enterprises governments. addition network cloud security products enhanced threat information protection.\n February 9, 2017 acquisition LifeLock. proactive identity theft protection risk management. services monthly annual notification identity-related events impact.\n acquisitions\n millions Blue Coat LifeLock\n Goodwill $4,084 $1,397 $5,481\n Intangible assets 1,608 1,247 2,855\n Net liabilities (1,019) (361) (1,380)\n Total purchase price $4,673 $2,283 $6,956" +} +{ + "_id": "d1a717032", + "title": "", + "text": "We have included Adjusted EBITDA in this report because it is a key measure that our management uses to understand and evaluate our core operating performance and trends, to generate future operating plans, to make strategic decisions regarding the allocation of capital and to make investments in initiatives that are focused on cultivating new markets for our solutions. We also use certain non-GAAP financial measures, including Adjusted EBITDA, as performance measures under our executive bonus plan. Further, we believe the exclusion of certain expenses in calculating Adjusted EBITDA facilitates comparisons of our operating performance on a period-to-period basis and, in the case of exclusion of acquisition-related expense and certain historical legal expenses, excludes items that we do not consider to be indicative of our core operating performance. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.\nOur use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are: (a) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (b) Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; (c) Adjusted EBITDA does  may represent a reduction in cash available to us; and (e) other companies, including companies in our industry, may calculate Adjusted EBITDA or similarly titled measures differently, which reduces its usefulness as a comparative measure.\nBecause of these and other limitations, you should consider Adjusted EBITDA alongside our other GAAP-based financial performance measures, our net income and our other GAAP financial results. The following table presents a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure, for each of the periods indicated (in thousands).\n\n | | | Year Ended December 31, | | \n------------------------------------------------------- | -------- | ------- | ----------------------- | ------- | -------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nAdjusted EBITDA: | | | | | \nNet income | $53,330 | $21,524 | $29,251 | $10,154 | $11,768\nAdjustments: | | | | | \nInterest expense, interest income and other income, net | (8,483) | 503 | 1,133 | (323) | 526 \nProvision for / (benefit from) income taxes | 5,566 | (9,825) | 2,990 | 4,227 | 5,697 \nAmortization and depreciation expense | 22,134 | 21,721 | 17,734 | 6,490 | 5,808 \nStock-based compensation expense | 20,603 | 13,429 | 7,413 | 4,001 | 4,124 \nAcquisition-related expense | 2,403 | — | 5,895 | 11,098 | 100 \nLitigation expense | 12,754 | 45,729 | 7,212 | 13,387 | 6,347 \nTotal adjustments | 54,977 | 71,557 | 42,377 | 38,880 | 22,602 \nAdjusted EBITDA | $108,307 | $93,081 | $71,628 | $49,034 | $34,370\n\nincluded Adjusted EBITDA in report key measure management core operating performance generate future plans strategic decisions allocation capital investments initiatives new markets. use non-GAAP financial measures including performance measures under executive bonus plan. exclusion of expenses Adjusted EBITDA facilitates comparisons operating performance legal excludes items indicative core operating performance. Adjusted EBITDA provides useful information to investors operating results.\n Adjusted EBITDA has limitations not substitute for analysis financial results GAAP. limitations depreciation amortization non-cash charges assets may replaced reflect cash capital expenditure requirements reflect changes cash requirements working capital needs represent reduction in cash other companies calculate Adjusted EBITDA differently reduces usefulness comparative measure.\n consider Adjusted EBITDA alongside other GAAP-based financial performance measures net income GAAP financial results. table presents reconciliation of Adjusted EBITDA to net income GAAP for periods.\n Ended December 31,\n 2019\n EBITDA\n income $53,330 $21,524 $29,251 $10,154 $11,768\n Interest (8,483 1,133\n taxes 5,566 2,990 4 5\n Amortization depreciation 22,134 21,721 17,734 6,490\n Stock-based compensation 20,603 13,429\n Acquisition expense 2,403 5,895\n Litigation expense 12,754 45,729 7 13,387\n adjustments 54,977 71,557 42,377 38,880\n EBITDA $108,307 $93,081 $71,628 $49,034 $34,370" +} +{ + "_id": "d1b3502c2", + "title": "", + "text": "The components of the provision for income tax expense are as follows:\nIncluded in the Company's current income tax expense are provisions for uncertain tax positions relating to freight taxes. The Company does not presently anticipate that its provisions for these uncertain tax positions will significantly increase in the next 12 months; however, this is dependent on the jurisdictions of the trading activity of its vessels.\nThe Company reviews its freight tax obligations on a regular basis and may update its assessment of its tax positions based on available information at the time. Such information may include legal advice as to the applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Company may change accordingly. The tax years 2008 through 2019 remain open to examination by some of the major jurisdictions in which the Company is subject to tax.\n\n | Year Ended | Year Ended | Year Ended \n------------------ | ------------ | ------------ | ------------\n | December 31, | December 31, | December 31,\n | 2019 | 2018 | 2017 \n | $ | $ | $ \nCurrent | (25,563) | (17,458) | (11,997) \nDeferred | 81 | (2,266) | (235) \nIncome tax expense | (25,482) | (19,724) | (12,232) \n\ncomponents provision income tax expense\n current income tax expense provisions uncertain tax positions freight taxes. provisions next 12 months on jurisdictions trading activity.\n reviews freight tax obligations update tax information. legal advice applicability. Freight tax regulations change amounts recorded may change. tax years 2008 through 2019 open examination major jurisdictions.\n Year Ended\n December 31,\n 2019 2018 2017\n Current (25,563) (17,458) (11,997)\n Deferred 81 (2,266) (235)\n Income tax expense (25,482) (19,724) (12,232)" +} +{ + "_id": "d1b36cbc0", + "title": "", + "text": "Fees Billed by Ernst & Young LLP\nThe table below shows the fees billed by EY for audit and other services provided to the Company in fiscal years 2019 and 2018.\nFigure 48. FY2019/2018 Fees Billed by Ernst & Young LLP\n(1) Audit Fees represent fees for professional services provided in connection with the audits of annual financial statements. Audit Fees also include reviews of quarterly financial statements, audit services related to other statutory or regulatory filings or engagements, and fees related to EY’s audit of the effectiveness of the Company’s internal control over financial reporting pursuant to section 404 of the Sarbanes-Oxley Act.\n(2) Audit-Related Fees represent fees for assurance and related services that are reasonably related to the audit or review of the Company’s financial statements and are not reported above under “Audit Fees”. These fees principally include due diligence and accounting consultation fees in connection with our acquisition of Coventor, Inc. in 2018 and an information systems audit in 2019.\n(3) Tax Fees represent fees for professional services for tax planning, tax compliance and review services related to foreign tax compliance and assistance with tax audits and appeals.\nThe audit committee reviewed summaries of the services provided by EY and the related fees during fiscal year 2019 and has determined that the provision of non-audit services was compatible with maintaining the independence of EY as the Company’s independent registered public accounting firm. The audit committee or its delegate approved 100% of the services and related fee amounts for services provided by EY during fiscal year 2019.\n\n | Fiscal Year 2019 ($) | Fiscal Year 2018 ($)\n-------------------- | -------------------- | --------------------\nAuditFees(1) | 4,703,830 | 4,605,495 \nAudit-RelatedFees(2) | 27,000 | 90,500 \nTaxFees(3) | 194,170 | 34,888 \nAllOtherFees | — | — \nTOTAL | 4,925,000 | 4,730,883 \n\nFees Billed Ernst & Young LLP\n table fees EY audit services fiscal years 2019 2018.\n Figure 48. FY2019/2018 Fees Ernst Young\n Audit Fees financial statements. reviews filings audit internal control financial reporting 404 Sarbanes-Oxley Act.\n Audit-Related Fees services financial statements not. include due diligence accounting consultation acquisition Coventor, Inc. 2018 information systems audit 2019.\n Tax Fees tax planning compliance foreign tax compliance audits appeals.\n audit committee reviewed services fees 2019 non-audit services compatible independence EY accounting firm. approved 100% services fee amounts EY fiscal year 2019.\n 2018\n AuditFees(1) 4,703,830 4,605,495\n Audit-RelatedFees(2) 27,000 90,500\n TaxFees(3) 194,170 34,888\n AllOtherFees\n TOTAL 4,925,000,883" +} +{ + "_id": "d1b3c4a14", + "title": "", + "text": "The table below details the percentage of the number of investment properties subject to internal and external valuations during the current and comparable reporting periods\nThe Group also obtained external valuations on 31 freehold investment properties acquired during the year ended 30 June 2019 (year ended 30 June 2018: 19 freehold investment properties). These external valuations provide the basis of the Directors’ valuations applied to these properties at 30 June 2019 and 30 June 2018. Including these valuations, 51% of freehold investment properties were subject to external valuations during the year (year ended 30 June 2018: 43% of freehold investment properties).\n\n | External valuation % | Internal valuation %\n----------------------- | -------------------- | --------------------\nYear ended 30 June 2019 | | \nLeasehold | 23% | 77% \nFreehold | 38% | 62% \nYear ended 30 June 2018 | | \nLeasehold | 60% | 40% \nFreehold | 27% | 73% \n\ntable details percentage investment properties internal external valuations current\n Group obtained external valuations 31 freehold properties 30 June 2019 19. valuations Directors’ valuations 2019 2018. 51% freehold properties 2018: 43%.\n External Internal valuation %\n 30 June 2019\n Leasehold 23% 77%\n Freehold 38% 62%\n 30 June 2018\n 60% 40%\n Freehold 27% 73%" +} +{ + "_id": "d1b35ae3e", + "title": "", + "text": "Earnings per share for the periods indicated were computed as follows (in thousands except per share amounts):\nOur weighted average shares outstanding has decreased due to the repurchase of our outstanding common stock through a modified Dutch auction tender offer (the “Tender Offer”) and the stock repurchase program announced on October 29, 2018.\n11.     Earnings Per Share\n\n | Year ended December 31, | \n------------------------------------------------------ | ----------------------- | ------\n | 2019 | 2018 \nNumerators | | \nNumerator for basic and diluted earnings per share: | | \nNet income | $13,267 | $3,654\nDenominators | | \nDenominators for basic and diluted earnings per share: | | \nWeighted average shares outstanding - basic | 17,424 | 20,721\nDilutive potential common shares | | \nStock options and awards | 1,101 | 296 \nDenominator for diluted earnings per share | 18,525 | 21,017\nNet income per common share - basic | $0.76 | $0.18 \nNet income per common share – diluted | $0.72 | $0.17 \n\nEarnings per share computed thousands\n weighted average shares decreased repurchase common stock Dutch auction offer stock repurchase program October 29, 2018.\n. Earnings\n Year ended December 31,\n Numerators\n basic diluted earnings share\n Net income $13,267 $3,654\n average shares basic 17,424 20,721\n shares\n Stock options awards 1,101\n diluted earnings share 18,525 21,017\n Net income common share basic $0. 76.\n diluted." +} +{ + "_id": "d1b325ba8", + "title": "", + "text": "3.2 Capital risk management\nThe Group’s objectives on managing capital are to safeguard the Group’s ability to continue as a going concern and support the sustainable growth of the Group in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to enhance shareholders’ value in the long term.\nCapital refers to equity and external debts (including borrowings and notes payable). In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, repurchase the Company’s shares or raise/repay debts.\nThe Group monitors capital by regularly reviewing debts to adjusted earnings before interest, tax, depreciation and amortisation (“EBITDA”) (Note) ratio, being the measure of the Group’s ability to pay off all debts that reflects financial health and liquidity position. The total debts/adjusted EBITDA ratio calculated by dividing the total debts by adjusted EBITDA is as follows:\nNote: Adjusted EBITDA represents operating profit less interest income and other gains/(losses), net, and adding back depreciation of property, plant and equipment, investment properties as well as right-of-use assets, amortisation of intangible assets and equitysettled share-based compensation expenses.\n\n | As at 31 December | \n--------------------------------- | ----------------- | -----------\n | 2019 | 2018 \n | RMB’Million | RMB’Million\nBorrowings (Note 35) | 126,952 | 114,271 \nNotes payable (Note 36) | 93,861 | 65,018 \nTotal debts | 220,813 | 179,289 \nAdjusted EBITDA (Note) | 147,395 | 118,273 \nTotal debts/Adjusted EBITDA ratio | 1.50 | 1.52 \n\n. Capital risk management\n objectives safeguard support sustainable growth provide returns benefits maintain optimal capital structure value.\n Capital equity external debts borrowings notes payable. adjust dividends return issue new shares repurchase raise/repay debts.\n monitors capital debts adjusted earnings depreciation amortisation ratio debts financial health liquidity. total debts/adjusted EBITDA ratio EBITDA\n Adjusted EBITDA represents operating profit less interest income gains depreciation property equipment investment properties right-of-use assets amortisation intangible assets compensation expenses.\n 31 December\n Borrowings 126,952 114,271\n Notes payable 93,861 65,018\n debts 220,813 179,289\n Adjusted EBITDA 147,395 118,273\n debts/Adjusted EBITDA ratio 1." +} +{ + "_id": "d1b2fa908", + "title": "", + "text": "NOTE 21. REVENUE\nGeographical information is summarized as follows:\nFor geographical reporting, the revenue is attributed to the geographical location in which the customer’s facilities are located.\n\n | Year ended December 31, | \n-------------- | ----------------------- | ---------\n | 2018 | 2019 \n(EUR thousand) | Revenue | Revenue \nUnited States | 175,855 | 339,463 \nEurope | 165,602 | 126,203 \nAsia | 476,624 | 818,194 \nTotal | 818,081 | 1,283,860\n\n21. REVENUE\n information\n revenue attributed facilities.\n ended December 31,\n 2019\n United States 175,855,463\n Europe 165,602 126,203\n Asia 476,624 818,194\n 818,081 1,283,860" +} +{ + "_id": "d1b3b5320", + "title": "", + "text": "Cost of Revenue:\nThe $29.3 million increase in our cost of license and subscription revenue was primarily attributable to increases of $14.9 million in personnel expenses, $8.6 million in cloud infrastructure costs incurred in order to support the growth of our subscription offerings, $3.3 million in royalties, $1.8 million in professional services, and $0.9 million related to the amortization of internal-use software development and acquired intangible assets.\nCloud infrastructure costs include $9.5 million of hosting related costs that were recorded in cost of services revenue in fiscal year 2018. The treatment of these hosting related costs is consistent with the treatment of the related revenue in each fiscal year.\nWe anticipate higher cost of license and subscription revenue as we continue to invest in our cloud operations to increase operational efficiency and scale while growing our customer base. Cost of maintenance revenue increased by $1.7 million primarily due to the increase in personnel required to support our term and perpetual license customers.\nOur cost of services revenue would have increased if cloud infrastructure costs totaling $9.5 million were not reclassified to cost of license and subscription revenue, consistent with the treatment of the related revenue. Excluding the impact of this reclassification, third-party consultants billable to customers primarily for InsuranceNow implementation engagements increased by $3.2 million and personnel expenses related to new and existing employees increased by $2.8 million.\nWe had 781 professional service employees and 198 technical support and licensing operations employees at July 31, 2019 compared to 838 professional services employees and 121 technical support and licensing operations employees at July 31, 2018.\n\n | Fiscal years ended July 31, | | | | | \n---------------------------------------- | --------------------------- | ------------------ | ---------------------------------- | ------------------ | ------- | ---\n | 2019 | | 2018 | | Change | \n | Amount | % of total revenue | Amount | % of total revenue | ($) | (%)\n | | | (In thousands, except percentages) | | | \nCost of revenue: | | | | | | \nLicense and subscription | $ 64,798 | 9% | $ 35,452 | 5% | 29,346 | 83 \nMaintenance | 16,499 | 2 | 14,783 | 2 | 1,716 | 12 \nServices | 243,053 | 34 | 246,548 | 38 | (3,495) | (1)\nTotal cost of revenue | $ 324,350 | 45% | 296,783 | 45% | 27,567 | 9 \nIncludes stock-based compensation of: | | | | | | \nCost of license and subscription revenue | $ 3,011 | | $ 1,002 | | 2,009 | \nCost of maintenance revenue | 1,820 | | 1,886 | | (66) | \nCost of services revenue | 22,781 | | 21,856 | | 925 | \nTotal | $ 27,612 | | $ 24,744 | | 2,868 | \n\nCost Revenue\n $29. 3 million increase license subscription revenue attributable to $14. 9 million personnel expenses $8. 6 million cloud infrastructure costs $3. 3 million royalties $1. 8 million professional services $0. 9 million amortization software intangible assets.\n Cloud infrastructure costs include $9. 5 million hosting costs year 2018. consistent with.\n anticipate higher cost license subscription revenue cloud operations base. maintenance revenue increased $1. 7 million due to personnel term perpetual license customers.\n cost services revenue increased if cloud infrastructure costs $9. 5 million reclassified to cost license subscription revenue. third-party consultants increased $3. 2 million personnel expenses increased $2. 8 million.\n 781 professional service 198 technical support licensing operations employees at July 31, 2019 838 121 July 31, 2018.\n % total revenue\n Cost of revenue\nLicense subscription $ 64,798 35,452 5% 29,346\n Maintenance 16,499 14,783 1,716\n Services 243,053 246,548 38\n cost revenue $ 324,350 45% 296,783 27,567\n stock-based compensation\n license subscription $ 3,011 1,002\n maintenance 1,820\n services revenue 22,781 21,856 925\n $ 27,612 24,744 2,868" +} +{ + "_id": "d1b352932", + "title": "", + "text": "Note 12. Current liabilities - trade and other payables\nAccounting policy for trade and other payables \n\nThese amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.\nDeferred consideration \n\nThe payable represents the obligation to pay consideration following the acquisition of a business or assets and is deferred based on passage of time. It is measured at the present value of the estimated liability.\n\nConsolidated | | \n---------------------- | ------- | -------\n | 2019 | 2018 \n | US$’000 | US$’000\nTrade payables | 3,492 | 2,016 \nDeferred consideration | 888 | 643 \nOther payables | 11,898 | 9,488 \n | 16,278 | 12,147 \n\n. Current liabilities trade payables\n Accounting policy\n liabilities goods services financial year unpaid. short-term measured amortised cost not discounted. unsecured paid 30 days recognition.\n Deferred consideration\n obligation acquisition deferred. measured present value estimated liability.\n Consolidated\n US$’000\n Trade payables 3,492 2,016\n Deferred consideration\n Other payables 11,898 9,488\n 16,278 12,147" +} +{ + "_id": "d1b39417a", + "title": "", + "text": "OTHER INCOME (EXPENSE), NET\nThe components of other income (expense), net were as follows:\nWe use derivative instruments to: manage risks related to foreign currencies, equity prices, interest rates, and credit; enhance investment returns; and facilitate portfolio diversification. Gains and losses from changes in fair values of derivatives that are not designated as hedging instruments are primarily recognized in other income (expense), net.\nFiscal Year 2019 Compared with Fiscal Year 2018 Interest and dividends income increased primarily due to higher yields on fixed-income securities. Interest expense decreased primarily driven by a decrease in outstanding long-term debt due to debt maturities, offset in part by higher finance lease expense. Net recognized gains on investments decreased primarily due to lower gains on sales of equity investments. Net gains on derivatives includes gains on foreign exchange and interest rate derivatives in the current period as compared to losses in the prior period.\nFiscal Year 2018 Compared with Fiscal Year 2017 Dividends and interest income increased primarily due to higher average portfolio balances and yields on fixed-income securities. Interest expense increased primarily due to higher average outstanding long-term debt and higher finance lease expense. Net recognized gains on investments decreased primarily due to higher losses on sales of fixed-income securities, offset in part by higher gains on sales of equity securities. Net losses on derivatives decreased primarily due to lower losses on equity, foreign exchange, and commodity derivatives, offset in part by losses on interest rate derivatives in the current period as compared to gains in the prior period.\n\n(In millions) | | | \n--------------------------------------------- | ---------- | ---------- | ---------\nYear Ended June 30, | 2019 | 2018 | 2017 \nInterest and dividends income | $ 2,762 | $ 2,214 | $ 1,387\nInterest expense | (2,686) | (2,733) | (2,222) \nNet recognized gains on investments | 648 | 2,399 | 2,583 \nNet gains (losses) on derivatives | 144 | (187) | (510) \nNet losses on foreign currency remeasurements | (82) | (218) | (111) \nOther, net | (57) | (59) | (251) \nTotal | $ 729 | $ 1,416 | $ 876 \n\nINCOME\n components\n derivative instruments manage risks currencies rates enhance returns portfolio diversification. Gains losses derivatives recognized income.\n Fiscal Year 2019 Interest dividends increased higher yields fixed-income securities. Interest expense decreased long debt higher finance lease expense. gains decreased lower gains equity. gains derivatives foreign exchange interest rate derivatives.\n 2018 Dividends interest income increased higher portfolio balances yields fixed-income securities. Interest expense increased higher long-term debt higher finance lease expense. gains decreased higher losses higher gains equity. losses derivatives decreased lower losses equity foreign exchange commodity derivatives offset losses interest rate derivatives.\n Interest dividends income $ 2,762 $ 2,214 $ 1,387\n Interest expense (2,686) (2,733),222\n Net gains investments 648 2,399 2,583\ngains derivatives (187) (510)\n losses (82) (218) (111)\n (251)\n $ 729 1,416 876" +} +{ + "_id": "d1b303a08", + "title": "", + "text": "Note 21. Quarterly Results (Unaudited)\nThe following table presents the Company's selected unaudited quarterly operating results for the eight quarters ended March 31, 2019. The Company believes that all adjustments of a normal recurring nature have been made to present fairly the related quarterly results (in millions, except per share amounts). Amounts may not add to the total due to rounding:\nRefer to Note 11, Income Taxes, for an explanation of the one-time transition tax recognized in the third quarter of fiscal 2018. Refer to Note 4, Special Charges and Other, Net, for an explanation of the special charges included in operating income in fiscal 2019 and fiscal 2018. Refer to Note 12, Debt and Credit Facility, for an explanation of the loss on settlement of debt included in other (loss) income, net of $4.1 million during the second quarter, $0.2 million during the third quarter, and $8.3 million during the fourth quarter of fiscal 2019 and $13.8 million and $2.1 million for the first quarter and third quarter of fiscal 2018, respectively. Refer to Note 5, Investments, for an explanation of the impairment recognized on available-for-sale securities in the fourth quarter of fiscal 2018.\n\nFiscal 2019 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total \n------------------------------------- | ------------- | -------------- | ------------- | -------------- | --------\nNet sales | $1,212.5 | $1,432.5 | $1,374.7 | $1,329.8 | $5,349.5\nGross profit | $642.0 | $689.3 | $779.6 | $820.5 | $2,931.3\nOperating income | $132.3 | $102.7 | $194.7 | $284.6 | $714.3 \nNet income from continuing operations | $35.7 | $96.3 | $49.2 | $174.7 | $355.9 \nDiluted net income per common share | $0.14 | $0.38 | $0.20 | $0.70 | $1.42 \n\n. Quarterly Results\n table unaudited quarterly results eight quarters March 31, 2019. adjustments results amounts. add total\n Note 11 Income Taxes one-time transition tax third quarter 2018. Note 4 Special Charges income. Note 12 Debt Credit Facility loss settlement debt $4. 1 million second quarter $0. 2 million third $8. 3 million fourth quarter $13. 8 million $2. 1 million first third quarter 2018. Note 5 Investments impairment available-for-sale securities fourth quarter 2018.\n 2019 First Second Third Fourth\n Net sales $1,212. $1,432. $1,374. $1,329. $5,349.\n Gross profit $642. $689. $779. $2,931.\n Operating income $132. $102. $194. $284. $714.\n Net income operations $35. $96. $174. $355.\n income common share $0.. 70 $1." +} +{ + "_id": "d1a7253e4", + "title": "", + "text": "The following table details our restructuring activities as reflected in the Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017:\n(1) Other associated costs excludes non-cash cost of $1.9 million for the year ended December 31, 2018 related to sharebased compensation expense.\n\n | | Year Ended December 31, | \n------------------------------------------- | ------- | ----------------------- | ------\n(In millions) | 2019 | 2018 | 2017 \nContinuing operations: | | | \nOther associated costs(1) | $ 60.3 | $ 13.9 | $ 14.3\nRestructuring charges | 41.9 | 47.8 | 12.1 \nTotal charges from continuing operations | 102.2 | 61.7 | 26.4 \nCharges included in discontinued operations | 2014 | 2014 | 2.4 \nTotal charges | $ 102.2 | $ 61.7 | $ 28.8\nCapital expenditures | $ 3.4 | $ 1.0 | $ 21.3\n\ntable details restructuring activities Consolidated Statements Operations 2019 2018\n non-cash $1. 9 million December 31, 2018 sharebased compensation.\n 2019 2018\n operations\n $ 60. $ 13. $ 14.\n Restructuring charges 41. 47. 12.\n charges operations 102. 61. 26.\n discontinued operations 2014.\n $ 102. $ 61. $ 28.\n Capital expenditures $ 3. $ 1. $ 21." +} +{ + "_id": "d1b3b9a42", + "title": "", + "text": "NOTE 21 – QUARTERLY FINANCIAL INFORMATION (UNAUDITED)\nThe following summarizes certain quarterly statement of operations data for each of the quarters in fiscal years 2019 and 2018 (in thousands, except percentages and per share data). The operating results in any quarter are not necessarily indicative of the results that may be expected for any future period. We derived this data from the unaudited consolidated interim financial statements that, in our opinion, have been prepared on substantially the same basis as the audited financial statements contained elsewhere in this report and include all normal recurring adjustments necessary for a fair presentation of the financial information for the periods presented. These unaudited quarterly results should be read in conjunction with the financial statements and notes thereto included elsewhere in this report.\nThe net income (loss) in the fiscal 2019 first, third and fourth quarter included a gain from legal settlement of $13.3 million, $2.5 million and $2.5 million, respectively. Substantially all of the previously reserved legal provision of $19.1 million as of November 30, 2018 relating to an alleged patent infringement was reversed in the fourth quarter of the current fiscal year. The settlement was described in Note 19 – Legal Proceedings. The net loss in fiscal 2019 second quarter included a loss of $2.0 million from extinguishment of debt. The loss was described in Note 10 – Financing Arrangements. As of February 28, 2019, we determined that our investment in Smart Driver Club was subject to other than temporary impairment of $5.0 million, which is reported as part of impairment loss and equity in net loss of affiliate in our consolidated statement of comprehensive income. The impairment was described in Note 9 – Other Assets.\nThe net loss in the fiscal 2018 first quarter included a litigation provision of $6.1 million. The net income in the fiscal 2018 second quarter and third quarter included a gain from legal settlement of $15.0 million and $13.3 million, respectively. All of these events were described in Note 19 – Legal Proceedings.\n\n | | | | Fiscal 2019 | \n--------------------------------- | -------- | -------- | -------- | ----------- | --------\n | First | Second | Third | Fourth | \n | Quarter | Quarter | Quarter | Quarter | Total \nRevenues | $ 94,888 | $ 96,037 | $ 88,495 | $84,380 | $363,800\nGross profit | 38,091 | 39,821 | 36,381 | 33,471 | 147,764 \nGross margin | 40.1% | 41.5% | 41.1% | 39.7% | 40.6% \nNet income (loss) | 8,511 | (854) | (522) | 11,263 | 18,398 \nEarnings (loss) per diluted share | $0.23 | $(0.02) | $(0.02) | $0.33 | $0.52 \n | | | | Fiscal 2018 | \n | First | Second | Third | Fourth | \n | Quarter | Quarter | Quarter | Quarter | Total \nRevenues | $88,081 | $89,767 | $93,669 | $94,395 | $365,912\nGross profit | 37,443 | 36,838 | 38,187 | 38,422 | 150,890 \nGross margin | 42.5% | 41.0% | 40.8% | 40.7% | 41.2% \nNet income (loss) | (2,654) | 12,232 | 11,806 | (4,767) | 16,617 \nEarnings (loss) per diluted share | $(0.08) | $0.34 | $0.33 | $(0.13) | $0.46 \n\nNOTE 21 QUARTERLY FINANCIAL INFORMATION\n summarizes quarterly operations data 2019 2018 percentages per share. operating results not indicative future. derived data from unaudited consolidated interim financial statements audited recurring adjustments. results read with financial statements notes.\n net income fiscal 2019 first third fourth quarter gain from legal settlement $13. 3 million $2. 5 million $2. 5 million. legal provision $19. 1 million patent infringement reversed fourth quarter. settlement Note 19 Legal Proceedings. net loss 2019 second quarter $2. 0 million from extinguishment debt. Note 10 Financing Arrangements. investment Smart Driver Club impairment $5. 0 million loss. impairment Note 9 – Other Assets.\n net loss fiscal 2018 first quarter provision $6. 1 million. net income 2018 second third quarter gain from legal settlement $15. 0 million $13. 3 million. Note 19 Legal Proceedings.\nFirst Second Third Fourth\n Revenues 94,888 96,037 88,495 $84,380 $363,800\n Gross profit 38,091 39,821 36,381 33,471 147,764\n margin.\n Net income 8,511 11,263 18,398\n Earnings diluted share.\n Fiscal 2018\n Second Third Fourth\n Revenues $88,081 $89,767 $93,669 $94,395 $365,912\n profit 37,443 36,838 38,187 38,422 150,890\n margin. 5%. 8%. 7%. 2%\n Net income (2,654) 12,232 11,806 (4,767) 16,617\n Earnings diluted share." +} +{ + "_id": "d1b34e080", + "title": "", + "text": "Consolidated Statements of Operations Data\nThe following table sets forth consolidated statements of operations data for the periods indicated (amounts in millions) and as a percentage of total net revenues, except for cost of revenues, which are presented as a percentage of associated revenues:\n(1) During the three months ended March 31, 2019, we identified an amount which should have been recorded in the three months and year ended December 31, 2018 to reduce income tax expense by $35 million. Our statement of operations for the year ended December 31, 2018, as presented above, has been revised to reflect the correction. See further discussion in Note 2 of the notes to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.\n(2) Represents the loss on extinguishment of debt we recognized in connection with our debt financing activities during the year ended December 31, 2018. The loss on extinguishment is comprised of a $25 million premium payment and a $15 million write-off of unamortized discount and deferred financing costs.\n\n | For the Years | | Ended December 31, | \n-------------------------------------------------------------------- | ------------- | --- | ------------------ | ---\n | 2019 | | 2018(1) | \nNet revenues | | | | \nProduct sales | $1,975 | 30% | $2,255 | 30%\nSubscription, licensing, and other revenues | 4,514 | 70 | 5,245 | 70 \nTotal net revenues | 6,489 | 100 | 7,500 | 100\nCosts and expenses | | | | \nCost of revenues—product sales: | | | | \nProduct costs | 656 | 33 | 719 | 32 \nSoftware royalties, amortization, and intellectual property licenses | 240 | 12 | 371 | 16 \nCost of revenues—subscription, licensing, and other | | | | \nGame operations and distribution costs | 965 | 21 | 1,028 | 20 \nSoftware royalties, amortization, and intellectual property licenses | 233 | 5 | 399 | 8 \nProduct development | 998 | 15 | 1,101 | 15 \nSales and marketing | 926 | 14 | 1,062 | 14 \nGeneral and administrative | 732 | 11 | 822 | 11 \nRestructuring and related costs | 132 | 2 | 10 | — \nTotal costs and expenses | 4,882 | 75 | 5,512 | 73 \nOperating income | 1,607 | 25 | 1,988 | 27 \nInterest and other expense (income), net | (26) | — | 71 | 1 \nLoss on extinguishment of debt (2) | — | — | 40 | 1 \nIncome before income tax expense | 1,633 | 25 | 1,877 | 25 \nIncome tax expense | 130 | 2 | 29 | — \nNet income | $1,503 | 23% | $1,848 | 25%\n\nConsolidated Statements Operations Data\n table consolidated statements operations periods millions percentage net revenues except cost revenues\n March 31, 2019 2018 income tax expense $35 million. statement operations December 31, 2018 revised correction. Note 2 financial statements Item 8 Annual Report Form 10-K.\n loss on extinguishment debt debt financing activities December 31, 2018. $25 million premium payment $15 million write-off unamortized discount deferred financing costs.\n Ended December 31,\n 2019\n Net revenues\n Product sales $1,975 30% $2,255\n Subscription licensing other revenues 4,514\n Total net revenues 6,489\n Costs expenses\n Cost revenues—product sales\n costs 656 719\n Software royalties amortization intellectual property licenses 240\n revenues—subscription licensing\n operations distribution costs 965 1,028\nSoftware royalties intellectual property licenses 233 399\n Product development 998 1,101\n Sales marketing 926 1,062\n 732 822\n Restructuring costs 132 10\n costs expenses 4,882 5,512\n Operating income 1,607 1,988 \n Interest\n Loss extinguishment debt\n Income tax expense 1,633 1,877\n tax expense 130 2 29\n Net income $1,503 23% $1,848" +} +{ + "_id": "d1b321daa", + "title": "", + "text": "Accounts Receivable, Net\nAccounts receivable, net, consisted of the following as of January 31:\n(1) Autodesk adopted ASU No. 2014-09, “Revenue from Contracts with Customers\" regarding Accounting Standards Codification (ASC Topic 606) during the first quarter of fiscal 2019. As such, current year balances are shown under ASC Topic 606 and prior year balances are shown under ASC Topic 605. See Note 1, \"Business and Summary of Significant Accounting Policies-Accounting Standards Adopted\", of our consolidated financial statements for additional information.\nAllowances for uncollectible trade receivables are based upon historical loss patterns, the number of days that billings are past due, and an evaluation of the potential risk of loss associated with problem accounts.\nAs part of the indirect channel model, Autodesk has a partner incentive program that uses quarterly attainment of monetary rewards to motivate distributors and resellers to achieve mutually agreed upon business goals in a specified time period. A portion of these incentives reduce maintenance and other revenue in the current period. The remainder, which relates to incentives on our Subscription Program, is recorded as a reduction to deferred revenue in the period the subscription transaction is billed and subsequently recognized as a reduction to subscription revenue over the contract period. These incentive balances do not require significant assumptions or judgments. Depending on how the payments are made, the reserves associated with the partner incentive program are treated on the balance sheet as either contra accounts receivable or accounts payable\n\n(in million) | 2019 | 2018 \n-------------------------------------- | ------ | ------\nTrade accounts receivable | $526.6 | $469.2\nLess: Allowance for doubtful accounts | (2.2) | (2.3) \nProduct returns reserve | (0.3) | (0.2) \nPartner programs and other obligations | (49.8) | (28.5)\nAccounts receivable, net (1) | $474.3 | $438.2\n\nAccounts Receivable Net\n January 31\n Autodesk adopted ASU No. 2014-09 “Revenue Contracts Customers Accounting Standards Codification (ASC Topic 606) first quarter 2019. current year balances ASC Topic 606 prior year ASC Topic 605. See Note 1 Summary Accounting Policies Standards financial statements.\n Allowances uncollectible trade receivables based historical loss patterns due potential risk loss problem.\n Autodesk partner incentive program monetary rewards distributors resellers business goals. portion incentives reduce maintenance revenue. remainder reduction deferred revenue. incentive balances require assumptions judgments. reserves incentive program accounts receivable or accounts payable\n million 2019 2018\n Trade accounts receivable $526. $469.\n Allowance doubtful accounts.\n Product returns reserve.\n Partner programs obligations.\n Accounts receivable net $474. $438." +} +{ + "_id": "d1b33347e", + "title": "", + "text": "Net debt\nNet debt is a measure that provides valuable additional information on the summary presentation of the Group’s net financial liabilities and is a measure in common use elsewhere.\nPrior to this quarter, all financial asset derivatives were current financial assets and so reduced net debt. Following a recent review we now also have financial asset derivatives that are non-current in nature. As all of these derivatives relate to financial liabilities, we continue to exclude them for the purposes of our net debt calculation and have expanded our definition to reflect this.\nNet debt is now defined as the excess of total financial liabilities, excluding trade payables and other current liabilities, over cash, cash equivalents and other current financial assets, excluding trade and other current receivables, and non-current financial asset derivatives that relate to financial liabilities.\n(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details.\n\n | € million | € million \n----------------------------------------------------------------------------- | --------- | -------------\n | 2019 | 2018 \n | | (Restated)(a)\nTotal financial liabilities | (28,257) | (26,738) \nCurrent financial liabilities | (4,691) | (3,613) \nNon-current financial liabilities | (23,566) | (23,125) \nCash and cash equivalents as per balance sheet | 4,185 | 3,230 \nCash and cash equivalents as per cash flow statement | 4,116 | 3,090 \nAdd bank overdrafts deducted therein | 69 | 140 \nOther current financial assets | 907 | 874 \nNon-current financial assets derivatives that relate to financial liabilities | 114 | – \nNet debt | (23,051) | (22,634) \n\nNet debt\n provides information financial liabilities.\n financial asset derivatives current reduced net debt. review derivatives non-current. liabilities debt calculation expanded definition.\n excess total financial liabilities trade payables over cash cash equivalents current financial assets receivables non asset derivatives.\n Restated IFRS 16. note 1 24 details.\n million\n Total financial liabilities (28,257) (26,738\n Current (4,691) (3\n Non-current liabilities (23,566),125)\n Cash equivalents balance sheet 4,185 3,230\n cash flow statement 4,116 3,090\n bank overdrafts deducted\n Other current financial assets 907 874\n Non-current assets derivatives financial liabilities\n Net debt (23,051) (22,634)" +} +{ + "_id": "d1b31046a", + "title": "", + "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 18. Quarterly Consolidated Results of Operations Data (Unaudited)\nThe following table sets forth our quarterly consolidated results of operations data for each of the eight quarters in the period ended December 31, 2019. GS Holdings is our predecessor for accounting purposes and, accordingly, amounts prior to the Reorganization Transactions and IPO represent the historical consolidated operations of GS Holdings and its subsidiaries. The amounts during the period from May 24, 2018 through December 31, 2018 represent those of consolidated GreenSky, Inc. and its subsidiaries. Basic and diluted earnings per share of Class A common stock is applicable only for the period from May 24, 2018 through December 31, 2018, which is the period following the Reorganization Transactions and IPO. Prior to the Reorganization Transactions and IPO, GreenSky, Inc. did not engage in any business or other activities except in connection with its formation and initial capitalization. See Note 1 for further information on our organization and see Note 2 for further information on our earnings per share.\n(1) Year-to-date results may not agree to the sum of individual quarterly results due to rounding.\n\n | | | Year Ended December 31, 2019 | | \n------------------------------------------------------------ | ------------- | -------------- | ---------------------------- | -------------- | --------\n | First\nQuarter | Second Quarter | Third Quarter | Fourth Quarter | Total \nTotal revenue | $103,700 | $138,695 | $153,415 | $133,836 | $529,646\nCost of revenue (exclusive of depreciation and\namortization) | 58,037 | 56,228 | 64,957 | 69,358 | 248,580 \nTotal costs and expenses | 92,212 | 92,189 | 101,017 | 123,275 | 408,693 \nOperating profit | 11,488 | 46,506 | 52,398 | 10,561 | 120,953 \nTotal other income (expense), net | (4,682) | (11,779) | (6,790) | (8,854) | (32,105)\nIncome before income tax expense (benefit) | 6,806 | 34,727 | 45,608 | 1,707 | 88,848 \nNet income | 7,401 | 39,193 | 44,075 | 5,304 | 95,973 \nLess: Net income attributable to noncontrolling\ninterests | 4,502 | 26,877 | 29,349 | 3,265 | 63,993 \nNet income attributable to GreenSky, Inc. | 2,899 | 12,316 | 14,726 | 2,039 | 31,980 \nEarnings per share of Class A common stock: | | | | | \nBasic | $0.05 | $0.20 | $0.24 | $0.03 | $0.52 \nDiluted(1) | $0.05 | $0.19 | $0.23 | $0.03 | $0.49 \n\nGreenSky Inc. FINANCIAL STATEMENTS States Dollars share\n Note 18. Quarterly Consolidated Results Operations\n quarterly consolidated results eight quarters December 31, 2019. GS Holdings predecessor operations. May 24, 2018 December 31, 2018 consolidated GreenSky. subsidiaries. diluted earnings per share Class A common stock May 24, 2018 December 31, 2018 Reorganization Transactions IPO. GreenSky. formation initial capitalization. Note 1 organization Note 2 earnings per share.\n Year-to-date results quarterly results.\n Ended December 31, 2019\n Second Third Fourth\n revenue $103,700 $138,695 $153,415 $133,836 $529,646\n Cost revenue depreciation\n amortization 58,037 56,228 64,957 69,358 248,580\n costs expenses 92,212,189 101,017 123,275 408,693\nprofit 11,488 46,506 52,398 10,561 120,953\n income (4,682) (11,779 (6,790) (8,854,105)\n 34,727 45,608 1,707 88,848\n income 7,401 39,193 44,075 5,304 95,973\n noncontrolling\n interests 4,502 26,877 29,349 3,265 63,993\n GreenSky. 2,899 12,316 14,726 2,039 31,980\n Earnings share Class A common stock\n.\n." +} +{ + "_id": "d1b316a68", + "title": "", + "text": "Recently Adopted Accounting Standards\nIn October 2016, the Financial Accounting Standards Board (\"FASB\") issued Accounting Standards Update (\"ASU\") 2016-16 – Intra-Entity Transfers Other Than Inventory (\"ASU 2016-16\"), which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. We adopted this ASU in the first quarter of 2019 under the modified retrospective method and, in connection therewith, made certain adjustments as noted in the table below.\nIn January 2016, the FASB issued ASU 2016-01 – Recognition and Measurement of Financial Assets and Financial Liabilities, which provides guidance for the recognition, measurement, presentation, and disclosure of financial assets and liabilities. We adopted this ASU in the first quarter of 2019 under the modified retrospective method, with prospective adoption for amendments related to equity securities without readily determinable fair values. The adoption of this ASU did not have a material impact on our financial statements.\nIn May 2014, the FASB issued ASU 2014-09 – Revenue from Contracts with Customers (as amended, \"ASC 606\"), which supersedes nearly all existing revenue recognition guidance under generally accepted accounting principles in the United States. The core principal of ASC 606 is that an entity should recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASC 606 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. We adopted ASC 606 in the first quarter of 2019 under the modified retrospective method and, in connection therewith, made certain adjustments as noted in the table below. We applied ASC 606 to contracts with customers that had not yet been completed as of the adoption date.\nThe following table summarizes the effects of adopting ASU 2016-16 and ASC 606:\nAs a result of the adoption of ASC 606, the opening balances as of August 31, 2018 for receivables, other current assets, and other current liabilities increased due to the reclassification of allowances for rebates, pricing adjustments, and returns to conform to the new presentation requirements. In addition, the margin from previously deferred sales to distributors was reclassified from other current liabilities to retained earnings. The tax effects of the adoption of ASC 606 were recorded primarily as a reduction of net deferred tax assets, substantially as a result of recognizing income for accounting purposes earlier under ASC 606 than for tax purposes in various jurisdictions.\n\n | Ending Balance as of August 30, 2018 | ASU 2016-16 | ASC 606 | Opening Balance as of August 31, 2018\n---------------------------- | ------------------------------------ | ----------- | ------- | -------------------------------------\nReceivables | $5,478 | $— | $114 | $5,592 \nInventories | 3,595 | — | (5) | 3,590 \nOther current assets | 164 | (14) | 30 | 180 \nDeferred tax assets | 1,022 | 56 | (92) | 986 \nOther current liabilities | 521 | — | (4) | 517 \nOther noncurrent liabilities | 354 | — | 1 | 355 \nRetained earnings | 24,395 | 42 | 50 | 24,487 \n\nAdopted Accounting Standards\n October 2016, Financial Accounting Standards Board issued Accounting Standards Update 2016-16 Intra-Entity Transfers Other Inventory income tax consequences intra-entity transfer asset. adopted ASU first quarter 2019 modified retrospective method made adjustments.\n January 2016, FASB issued ASU 2016-01 Recognition Measurement Financial Assets Liabilities recognition measurement presentation disclosure financial assets liabilities. adopted first quarter 2019 modified retrospective method prospective amendments equity securities without fair values. financial statements.\n May 2014, FASB issued ASU 2014-09 Revenue Contracts Customers supersedes revenue recognition guidance. revenue control promised goods services customers. requires disclosure timing uncertainty revenue cash flows customer contracts judgments assets costs. adopted ASC 606 first quarter 2019 retrospective method made adjustments. applied contracts customers completed.\n summarizes effects adopting ASU 2016-16 ASC 606\nadoption ASC 606 opening balances August 31, 2018 receivables assets liabilities increased reclassification rebates pricing adjustments returns requirements. margin from deferred sales distributors reclassified retained earnings. tax effects net deferred tax assets recognizing income ASC 606.\n Ending Balance August 30, 2018 ASU 2016-16 ASC 606 Opening Balance August 31, 2018\n Receivables $5,478 $114 $5,592\n Inventories 3,595\n Other current assets 164 30\n Deferred tax assets 1,022 986\n Other current liabilities 521\n 354 355\n Retained earnings 24,395,487" +} +{ + "_id": "d1b36375a", + "title": "", + "text": "Unaudited Pro Forma Information - OpenEye\nThe following unaudited pro forma data is presented as if OpenEye were included in our historical consolidated statements of operations beginning January 1, 2018. These pro forma results do not necessarily represent what would have occurred if all the business combination had taken place on January 1, 2018, nor do they represent the results that may occur in the future.\nThis pro forma financial information includes our historical financial statements and those of our OpenEye business combination with the following adjustments: (i) we adjusted the pro forma amounts for income taxes, (ii) we adjusted for amortization expense assuming the fair value adjustments to intangible assets had been applied beginning January 1, 2018, and (iii) we adjusted for transaction fees incurred and reclassified them to January 1, 2018.\nThe pro forma adjustments were based on available information and upon assumptions that we believe are reasonable to reflect the impact of these acquisitions on our historical financial information on a supplemental pro forma basis, as follows (in thousands, except per share data):\n\n | Pro Forma | \n------------------------------------------------------------------ | ----------------------- | --------\n | Year Ended December 31, | \n | 2019 | 2018 \nRevenue | $527,550 | $451,013\nNet income attributable to common stockholders | 51,075 | 13,264 \nNet income attributable to common stockholders per share - basic | $1.05 | $0.27 \nNet income attributable to common stockholders per share - diluted | $1.02 | $0.26 \n\nUnaudited Pro Forma Information OpenEye\n unaudited pro forma data OpenEye statements operations January 1, 2018. results represent business combination January 1, 2018 results future.\n financial information includes historical statements OpenEye business combination adjustments income taxes amortization expense adjustments January 1, 2018 transaction fees reclassified January 1, 2018.\n adjustments based information assumptions impact acquisitions financial information thousands\n Pro Forma\n Year Ended December 31,\n 2019 2018\n Revenue $527,550 $451,013\n Net income common stockholders 51,075 13,264\n per share basic $1. 05 $0. 27\n diluted $1. 02 $0." +} +{ + "_id": "d1b372106", + "title": "", + "text": "Major components of the Company’s deferred tax assets (liabilities) are as follows (in thousands):\nAt December 31, 2019, the Company had federal, state, and foreign net operating losses of approximately $256.8 million, $275.5 million, and $89.7 million, respectively. The federal net operating loss carryforward will begin expiring in 2022, the state net operating loss carryforward will begin expiring in 2020, and the foreign net operating loss has an unlimited carryforward period. The Internal Revenue Code of 1986, as amended, imposes substantial restrictions on the utilization of net operating losses in the event of an “ownership change” of a corporation. Accordingly, a company’s ability to use net operating losses may be limited as prescribed under Internal Revenue Code Section 382 (“IRC Section 382”). Events which may cause limitations in the amount of the net operating losses that the Company may use in any one year include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period. Due to the effects of historical equity issuances, the Company has determined that the future utilization of a portion of its net operating losses is limited annually pursuant to IRC Section 382. The Company has determined that none of its net operating losses will expire because of the annual limitation.\nThe Company has recorded a full valuation allowance against its otherwise recognizable US, UK, New Zealand, Hong Kong, and Brazil deferred income tax assets as of December 31, 2019. Management has determined, after evaluating all positive and negative historical and prospective evidence, that it is more likely than not that these assets will not be realized. The net (decrease) increase to the valuation allowance of $(0.1) million, $(1.5) million, and $6.8 million for the years ended December 31, 2019, 2018, and 2017, respectively, was primarily due to additional net operating losses generated by the Company.\nDeferred income taxes have not been provided on the undistributed earnings of the Company’s foreign subsidiaries because the Company’s practice and intent is to permanently reinvest these earnings. The cumulative amount of such undistributed earnings was $5.3 million and $3.1 million at December 31, 2019 and December 31, 2018, respectively. Any future distribution of these non-US earnings may subject the Company to state income taxes, as adjusted for tax credits, and foreign withholding taxes that the Company estimates would be $0.1 million and $0.1 million at December 31, 2019 and 2018, respectively.\n\n | December 31, | \n---------------------------------------------------------------- | ------------ | ---------\n | 2019 | 2018 \nDeferred tax assets: | | \nAccrued expenses | $2,427 | $2,353 \nLong-lived intangible assets and fixed assets - basis difference | 25,178 | 22,947 \nNet operating loss carryforwards | 81,575 | 82,017 \nStock-based compensation | 15,398 | 15,172 \nOperating lease liabilities | 17,281 | — \nDeferred revenue | 3,258 | 2,861 \nOther | 5,100 | 4,557 \nTotal deferred tax assets | 150,217 | 129,907 \nValuation allowance | (116,915) | (117,058)\nDeferred tax assets, net of valuation allowance | 33,302 | 12,849 \nDeferred tax liabilities: | | \nPrepaid expenses and deferred commissions | (14,502) | (10,831) \nOperating right-of-use assets | (16,960) | — \nOther | (795) | (976) \nTotal deferred tax liabilities | (32,257) | (11,807) \nNet deferred tax assets | $1,045 | $1,042 \n\nCompany’s deferred tax assets\n At December 31, 2019 had federal state foreign net losses of $256. 8 million, $275. 5 million $89. 7 million. federal 2022 state 2020 foreign unlimited. Internal Revenue Code of 1986 restrictions utilization net losses “ownership. losses Section 382. limitations losses include cumulative ownership change 50% over three-year period. future utilization net losses limited annually 382. none net losses expire annual limitation.\n recorded full valuation allowance against US UK New Zealand Hong Kong Brazil deferred income tax assets as of December 31, 2019. assets be realized. net increase to valuation allowance of $(0. 1) million, $(1. 5) million $6. 8 million for years December 31, 2019 2018 2017 due to additional net operating losses.\n Deferred income taxes not provided on undistributed earnings foreign subsidiaries.undistributed earnings $5. million $3. 1 million December 2019 2018. future distribution state taxes foreign withholding taxes $0. million. 1 million.\n Deferred tax assets\n Accrued expenses $2,427 $2\n-lived intangible 25,178\n Net operating loss 81,575\n Stock-based compensation 15,398\n Operating lease liabilities 17,281\n Deferred revenue 3,258\n deferred tax assets 150,217\n Valuation allowance\n 33,302\n liabilities\n Prepaid expenses deferred commissions (14,502)\n right-of-use assets (16,960\n Total deferred tax liabilities (32,257)\n Net deferred tax assets $1,045 $1,042" +} +{ + "_id": "d1a71f7d2", + "title": "", + "text": "Financing and cash flow\nThe Group delivered very strong cash generation in 2019, driven by higher operating profit and effective working capital management. Changes in working capital, reflected within cash flow from operations, benefited from:\n• our continued focus on improving trade receivables collection; • a reduction in inventory levels due to a high level of shipments at the end of 2019; and • growth in payables, resulting from the increase in activity levels and emphasis on extending supplier payment terms.\nFree cash flow for 2019 almost doubled year-on-year coming in at $100.1 million, compared to $50.9 million in 2018, resulting in a free cash flow conversion which represented 123 per cent of adjusted earnings (2018 77 per cent).\nFree cash flow is set out below:\nNote\n1. Spirent adopted IFRS 16 on 1 January 2019; in prior periods operating lease payments were included within cash flow from operations.\nFree cash flow includes a net cash outflow in respect of exceptional items in 2018 and 2019 of $5.5 million (2018 $3.6 million in respect of exceptional items charged in 2017 and 2018).\nTax payments of $5.6 million made in 2019 were consistent with the prior year (2018 $5.7 million). Net capital expenditure of $11.9 million was also broadly consistent with the prior year (2018 $10.6 million), with the incremental spend of $1.3 million primarily related to investment in 5G. We continue to exercise careful management of capital investment to ensure efficient use of capital and maximise return on investment.\nFollowing the adoption of IFRS 16 on 1 January 2019, the payment of lease liabilities, both the principal and interest elements, are shown separately from net cash flow from operating activities. In previous periods they would have been reflected in that number. There is no overall impact in comparing free cash flow year-on-year.\nIn 2019, the final dividend for 2018 and an interim dividend for 2019 totalling $28.6 million were paid. This compared to total dividends of $54.8 million paid in 2018, including a special dividend of $29.9 million. In addition, 4.0 million shares were purchased and placed into the Employee Share Ownership Trust at a cost of $8.6 million (2018 1.5 million shares at a net cost of $2.5 million) and $1.9 million of cash consideration was paid to acquire the business of a navigation systems company based in the United Kingdom.\nFollowing these payments, cash and cash equivalents closed at $183.2 million at 31 December 2019, compared with $121.6 million at 31 December 2018. There continues to be no bank debt.\n\n$ million | 2019 | 2018 \n----------------------------------------------------- | ------ | ------\nCash flow from operations | 124.9 | 65.9 \nTax paid | (5.6) | (5.7) \nNet cash inflow from operating activities | 119.3 | 60.2 \nInterest received | 2.6 | 1.3 \nNet capital expenditure | (11.9) | (10.6)\nPayment of lease liabilities, principal and interest1 | (10.3) | — \nLease payments received from finance leases | 0.4 | — \nFree cash flow | 100.1 | 50.9 \n\nFinancing cash flow\n Group strong cash generation 2019 higher profit effective working capital management. Changes working capital\n improving trade receivables reduction inventory growth payables activity supplier payment terms.\n Free cash flow 2019 doubled $100. 1 million $50. 9 million 2018 123 per cent adjusted earnings 77 per cent.\n. adopted IFRS 16 January 2019 lease payments cash.\n net outflow exceptional 2019 $5. 5 million (2018 $3. 6 million.\n Tax payments $5. 6 million 2019 consistent $5. 7 million. Net capital expenditure $11. 9 million consistent $10. 6 incremental spend $1. 3 million investment 5G. management capital return.\n IFRS 16 lease liabilities separately net cash flow. no impact free cash flow.\n 2019 final dividend interim dividend $28. 6 million paid. $54. 8 million 2018 special dividend $29. 9 million. 4. million shares purchased Employee Share Ownership Trust $8. 6 million.5 million shares cost $2. 5 million $1. 9 million cash navigation systems company United.\n equivalents closed $183. 2 million 31 December 2019 $121. 6 million 2018. no bank debt.\n Cash flow 124. 65.\n Tax (5.\n Net cash inflow 119. 60.\n Interest.\n Net capital expenditure (11.\n lease liabilities.\n Lease payments.\n Free cash flow 100. 50." +} +{ + "_id": "d1b324532", + "title": "", + "text": "During fiscal year 2019, the following activity occurred under our stock plans:\n(a) Includes 2 million, 3 million, and 2 million of PSUs granted at target and performance adjustments above target levels for fiscal years 2019, 2018, and 2017, respectively.\nAs of June 30, 2019, there was approximately $8.6 billion of total unrecognized compensation costs related to stock awards. These costs are expected to be recognized over a weighted average period of 3 years. The weighted average grant-date fair value of stock awards granted was $107.02, $75.88, and $55.64 for fiscal years 2019, 2018, and 2017, respectively. The fair value of stock awards vested was $8.7 billion, $6.6 billion, and $4.8 billion, for fiscal years 2019, 2018, and 2017, respectively.\n\n | Shares | Weighted Average Grant-Date Fair Value\n------------------------------------ | ------ | --------------------------------------\n(In millions) | | \nStock Awards | | \nNonvested balance, beginning of year | 174 | $ 57.85 \nGranted (a) | 63 | 107.02 \nVested | (77) | 57.08 \nForfeited | (13) | 69.35 \nNonvested balance, end of year | 147 | $ 78.49 \n\nfiscal year 2019 activity stock plans\n 2 million 3 million PSUs granted adjustments 2019 2018 2017.\n June 30, 2019 $8. 6 billion unrecognized compensation costs stock awards. recognized 3 years. grant-date fair value awards $107. $75. $55. 2019 2018 2017. vested $8. 7 billion $6. 6 billion $4. 8 billion.\n Average Grant-Date Fair Value\n Nonvested balance beginning year 174 $ 57.\n.\n.\n.\n Nonvested balance end year 147 $." +} +{ + "_id": "d1b3872f4", + "title": "", + "text": "Issuer Purchases of Equity Securities\nIn March 2011, our Board of Directors approved a stock repurchase program, pursuant to which we are authorized to repurchase up to $1.5 billion of our common stock (the “2011 Buyback”). In addition to the 2011 Buyback, in December 2017, our Board of Directors approved an additional stock repurchase program, pursuant to which we are authorized to repurchase up to $2.0 billion of our common stock (the “2017 Buyback”, and together with the 2011 Buyback the “Buyback Programs”).\nDuring the three months ended December 31, 2019, we repurchased a total of 93,654 shares of our common stock for an aggregate of $19.6 million, including commissions and fees, pursuant to the 2011 Buyback. There were no repurchases under the 2017 Buyback. The table below sets forth details of our repurchases under the 2011 Buyback during the three months ended December 31, 2019.\n(1) Repurchases made pursuant to the 2011 Buyback\n(2) Average price paid per share is a weighted average calculation using the aggregate price, excluding commissions and fees.\n(3) Remaining under the 2011 Buyback.\nWe have repurchased a total of 14.1 million shares of our common stock under the 2011 Buyback for an aggregate of $1.4 billion, including commissions and fees. We expect to continue to manage the pacing of the remaining $2.1 billion under the Buyback Programs in response to general market conditions and other relevant factors. We expect to fund any further repurchases of our common stock through a combination of cash on hand, cash generated by operations and borrowings under our credit facilities. Purchases under the Buyback Programs are subject to our having available cash to fund repurchases.\nUnder the Buyback Programs, our management is authorized to purchase shares from time to time through open market purchases or in privately negotiated transactions not to exceed market prices and subject to market conditions and other factors. With respect to open market purchases, we may use plans adopted in accordance with Rule 10b5-1 under the Exchange Act in accordance with securities laws and other legal requirements, which allows us to repurchase shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. These programs may be discontinued at any time.\n\nPeriod | Total Number of Shares Purchased (1) | Average Price Paid per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (3)\n------------------------------------ | ------------------------------------ | -------------------------------- | -------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------\n | | | | (in millions) \nOctober 1, 2019 - October 31, 2019 | — | $ | — | $ \nNovember 1, 2019 - November 30, 2019 | 42,800 | $209.74 | 42,800 | $103.1 \nDecember 1, 2019 - December 31, 2019 | 50,854 | $209.59 | 50,854 | $92.4 \nTotal Fourth Quarter | 93,654 | $209.66 | 93,654 | $92.4 \n\nIssuer Purchases Equity Securities\n March 2011, Board Directors approved stock repurchase program authorized $1. 5 billion common stock Buyback”). December 2017 approved additional repurchase program authorized repurchase $2. 0 billion stock Programs”).\n three months December 31, 2019 repurchased 93,654 shares $19. 6 million commissions fees 2011 Buyback. no repurchases 2017 Buyback. details repurchases 2011 Buyback 2019.\n Repurchases\n Average price paid per share weighted average excluding commissions.\n 2011 Buyback.\n repurchased 14. 1 million shares $1. 4 billion commissions fees. manage remaining $2. 1 billion market conditions. fund repurchases cash hand borrowings credit facilities. Purchases Buyback Programs subject available cash.\n management authorized purchase shares open market purchases privately negotiated transactions not exceed market prices subject market conditions.open market purchases use plans Rule 10b5-1 Exchange Act securities laws repurchase shares insider trading laws trading blackout periods. programs discontinued.\n Period Total Shares Purchased Average Price Paid per Share Shares Announced Plans Programs Approximate Dollar Value Shares\n millions\n October 1, 2019 - 31, 2019\n November 1, 2019 - 30, 2019 42,800 $209. $103.\n December 1, 2019 31, 2019 50,854 $209. $92.\n Total Fourth Quarter 93,654 $209." +} +{ + "_id": "d1a7419cc", + "title": "", + "text": "Retail TV\n(1) As of January 1, 2019, we are no longer reporting wholesale subscribers in our TV subscriber base reflecting our focus on the retail market. Consequently, we restated previously reported 2018 subscribers for comparability.\nRetail IPTV net subscriber activations decreased by 17.4% in 2019, compared to last year, resulting from the impact of a maturing Fibe TV market, slower new service footprint growth and greater substitution of traditional TV services with OTT services, partly offset by higher Alt TV activations.\nRetail satellite TV net customer losses improved by 4.3% compared to 2018, attributable to lower deactivations, reflecting a more mature subscriber base geographically better-suited for satellite TV service.\nTotal retail TV net subscriber activations (IPTV and satellite TV combined) decreased by 71.9% in 2019, compared to last year, due to lower IPTV net activations, moderated by fewer satellite TV net losses.\nRetail IPTV subscribers at December 31, 2019 totaled 1,767,182, up 5.5% from 1,675,706 subscribers reported at the end of 2018.\nRetail satellite TV subscribers at December 31, 2019 totaled 1,005,282, down 7.8% from 1,090,705 subscribers at the end of last year.\nTotal retail TV subscribers (IPTV and satellite TV combined) at December 31, 2019 were 2,772,464, representing a 0.2% increase since the end of 2018.\n\n | 2019 | 2018 | CHANGE | % CHANGE\n---------------------------------------------- | --------- | --------- | -------- | --------\nRetail net subscriber activations (losses) (1) | 6,053 | 21,559 | (15,506) | (71.9%) \nIPTV | 91,476 | 110,790 | (19,314) | (17.4%) \nSatellite | (85,423) | (89,231) | 3,808 | 4.3% \nTotal retail subscribers (1) | 2,772,464 | 2,766,411 | 6,053 | 0.2% \nIPTV | 1,767,182 | 1,675,706 | 91,476 | 5.5% \nSatellite | 1,005,282 | 1,090,705 | (85,423) | (7.8%) \n\n\n January 1 2019 reporting wholesale subscribers retail market. 2018 subscribers.\n IPTV activations decreased. 4% 2019 maturing Fibe TV market slower growth substitution traditional higher Alt TV activations.\n satellite TV losses improved 4. 3% lower deactivations mature subscriber base.\n TV activations decreased 71. 9% 2019 lower IPTV activations fewer losses.\n IPTV subscribers December 31, 2019 1,767,182 up 5. 5% 1,675,706 2018.\n satellite TV 1,005,282 down 7. 8% from 1,090,705.\n subscribers 2,772,464. 2% increase since 2018.\n Retail net subscriber activations 21,559 (15,506) (71. 9%)\n IPTV 91,476 110,790. 4%\n Satellite (85,423) (89,231). 3%\n retail subscribers 2,772,464,766,411.\nIPTV 1,675,706 91,476.\n Satellite 1,005,282,705." +} +{ + "_id": "d1b2e30c8", + "title": "", + "text": "Factors affecting the tax expense for the year\nThe table below explains the differences between the expected tax expense, being the aggregate of the Group’s geographical split of profits multiplied by the relevant local tax rates and the Group’s total tax expense for each year.\nNotes: 1 See note below regarding deferred tax asset recognition in Luxembourg and Spain on pages 140 and 141\n2 2018 includes the impact of closing tax audits across the Group during the year, including in Germany and Romania\n3 Includes a €42 million credit (2018: €15 million charge, 2017 €95 million charge) relating to the combination of Vodafone India with Idea Cellular\n\n | 2019 €m | 2018 €m | 2017 €m\n-------------------------------------------------------------------------------------------- | ------- | ------- | -------\nContinuing (loss)/profit before tax as shown in the consolidated income statement | (2,613) | 3,878 | 2,792 \nAggregated expected income tax (credit)/expense | (457) | 985 | 795 \nImpairment losses with no tax effect | 807 | – | – \nDisposal of Group investments | – | 55 | (271) \nEffect of taxation of associates and joint ventures, reported within profit before tax | 262 | 90 | 23 \n(Recognition)/derecognition of deferred tax assets for losses in Luxembourg and Spain1 | 1,186 | (1,583) | 1,603 \nDeferred tax following revaluation of investments in Luxembourg1 | (488) | (330) | (329) \nPreviously unrecognised temporary differences we expect to use in the future | – | – | (15) \nPreviously unrecognised temporary differences utilised in the year | – | (29) | (11) \nCurrent year temporary differences (including losses) that we currently do not expect to use | 78 | 20 | 139 \nAdjustments in respect of prior year tax liabilities2 | (94) | (244) | (107) \nRevaluation of assets for tax purposes | – | – | (39) \nImpact of tax credits and irrecoverable taxes | 79 | 93 | 98 \nDeferred tax on overseas earnings3 | (39) | 24 | 26 \nEffect of current year changes in statutory tax rates on deferred tax balances | (2) | (44) | 2,755 \nFinancing costs not deductible for tax purposes | 67 | 23 | 25 \nExpenses not deductible (income not taxable) for tax purposes | 97 | 61 | 72 \nIncome tax expense/(credit) | 1,496 | (879) | 4,764 \n\nFactors affecting tax expense\n table explains differences expected tax expense geographical split profits local tax rates total tax expense.\n deferred tax asset recognition Luxembourg Spain pages 140 141\n 2018 includes closing tax audits including Germany Romania\n Includes €42 million credit €15 2017 €95 Vodafone India Idea Cellular\n 2019 2018 2017\n (loss)/profit before tax consolidated income statement (2,613) 3,878 2,792\n expected income tax/expense (457) 985 795\n Impairment losses no tax effect\n Disposal Group investments\n Effect taxation associates joint ventures profit before tax 262\n/derecognition deferred tax assets losses Luxembourg 1,186\n Deferred tax revaluation investments\n unrecognised temporary differences future\n Current year temporary differences\n Adjustments prior year tax\n Revaluation assets tax purposes\ntax credits irrecoverable taxes 93 98\n Deferred tax overseas 24 26\n deferred tax balances 2,755\n Financing costs deductible 67 23 25\n Expenses 97 61 72\n Income tax 1,496 4,764" +} +{ + "_id": "d1b398d9c", + "title": "", + "text": "31. Financial instruments\nFinancial assets\n\n | | 2019 | 2018\n------------------------- | ---- | ---- | ----\n | Note | £m | £m \nNet trade receivables | 18 | 24.9 | 25.4\nAccrued income | 18 | 28.0 | 26.7\nOther receivables | 18 | 0.3 | 0.1 \nCash and cash equivalents | 19 | 5.9 | 4.3 \nTotal | | 59.1 | 56.5\n\n. Financial instruments\n assets\n 2019 2018\n £m\n trade receivables 18 24. 25.\n Accrued income 18 28. 26.\n receivables.\n Cash equivalents 19 5.\n 59. 56." +} +{ + "_id": "d1b3c3d44", + "title": "", + "text": "4.4 Financial instruments and risk management (continued)\nExposure to credit risk\nThe carrying amount of financial assets subject to credit risk at reporting date are as follows:\nManaging our liquidity risks\nLiquidity risk is the risk that we will be unable to meet our financial obligations.\nThe Group aims to maintain the level of its cash and cash equivalents at an amount to meet its financial obligations. The Group also monitors the level of expected cash inflows on trade receivables and contract assets together with expected cash outflows on trade and other payables through rolling forecasts. This excludes the potential impact of extreme circumstances that cannot reasonably be predicted.\nConcentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Group’s performance to developments affecting a particular industry.\nIn order to avoid excessive concentrations of risk, the Group’s internal policies and procedures include specific guidelines to focus on maintaining a diversified portfolio. Identified concentrations of credit risks are controlled and managed accordingly.\nThe Group’s non-derivative financial liabilities consist of trade payables expected to be settled within three months. At 30 June 2019, the carrying amount and contractual cash flows is $25,153,000 (2018: $33,978,000).\n\n | CONSOLIDATED | \n------------------------------------- | ------------ | ----------\n | 2019 $’000 | 2018 $’000\nCash and cash equivalents | 21,956 | 33,045 \nTrade receivables and contract assets | 22,989 | 28,710 \nTrail commission asset | 114,078 | 102,920 \n\n. Financial instruments risk management\n Exposure credit risk\n financial assets credit risk reporting date\n Managing liquidity risks\n risk meet financial obligations.\n Group aims cash equivalents financial obligations. monitors cash inflows trade receivables contract assets cash outflows trade payables. excludes extreme circumstances.\n Concentrations arise counterparties similar business activities economic features. Concentrations indicate performance industry.\n avoid excessive policies diversified portfolio. credit risks controlled managed.\n non-derivative financial liabilities trade payables settled within three months. 30 June 2019 carrying contractual cash flows $25,153,000 (2018 $33,978,000).\n Cash equivalents 21,956 33,045\n Trade receivables contract assets 22,989 28,710\n commission asset 114,078 102,920" +} +{ + "_id": "d1b2e1b42", + "title": "", + "text": "11 Intangible assets (continued)\n(a) Intangible assets\nRIGHTS AND LICENCES\nCertain licences that NEXTDC possesses have an indefinite useful life and are carried at cost less impairment losses and are subject to impairment review at least annually and whenever there is an indication that it may be impaired.\nOther licences that NEXTDC acquires are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful life. The estimated useful life and amortisation method are reviewed at the end of each annual reporting period.\nINTERNALLY GENERATED SOFTWARE\nInternally developed software is capitalised at cost less accumulated amortisation. Amortisation is calculated using the straight-line basis over the asset’s useful economic life which is generally two to three years. Their useful lives and potential impairment are reviewed at the end of each financial year.\nSOFTWARE UNDER DEVELOPMENT\nCosts incurred in developing products or systems and costs incurred in acquiring software and licenses that will contribute to future period financial benefits through revenue generation and/or cost reduction are capitalised to software and systems. Costs capitalised include external direct costs of materials and services and employee costs.\nAssets in the course of construction include only those costs directly attributable to the development phase and are only recognised following completion of technical feasibility and where the Group has an intention and ability to use the asset.\n\n | Rights and licenses | Internally generated software | Software under development | Total \n-------------------------------------- | ------------------- | ----------------------------- | -------------------------- | -------\nMovements | $'000 | $'000 | $'000 | $'000 \nAt 30 June 2019 | | | | \nCost | 13 | 12,961 | 16,284 | 29,259 \nAccumulated amortisation | - | (5,580) | - | (5,580)\nNetbook amount | 13 | 7,381 | 16,284 | 23,678 \n30 June 2018 | | | | \nOpening net book amount at 1 July 2017 | 43 | 442 | 8,053 | 8,538 \nAdditions – externally acquired | 13 | - | 5,253 | 5,266 \nAdditions – internally developed | - | - | 1,256 | 1,256 \nAmortisation | (43) | (1,746) | - | (1,789)\nTransfers | - | 7,563 | (7,563) | - \nTransfer between classes | - | 744 | - | 744 \nDisposals | - | (618) | (490) | (1,108)\nClosing net book amount | 13 | 6,385 | 6,509 | 12,907 \nAt 30 June 2018 | | | | \nCost | 104 | 9,555 | 6,509 | 16,168 \nAccumulated amortisation | (91) | (3,170) | - | (3,261)\nNet book amount | 13 | 6,385 | 6,509 | 12,907 \n\nIntangible assets\n RIGHTS LICENCES\n licences NEXTDC indefinite useful life carried cost less impairment losses subject impairment review annually.\n licences NEXTDC carried cost less accumulated amortisation impairment losses. Amortisation recognised estimated useful life. reviewed annual reporting period.\n INTERNALLY GENERATED\n software capitalised cost less accumulated amortisation. calculated life two to three years. potential impairment reviewed financial year.\n SOFTWARE UNDER DEVELOPMENT\n Costs developing products acquiring software licenses benefits capitalised software. materials services employee costs.\n Assets construction costs development recognised following technical feasibility Group use.\n Rights licenses Internally generated software Software under development\n 30 June 2019\n Cost 12,961 16,284 29,259\n Accumulated amortisation (5,580)\n Netbook amount 7,381 16,284 23,678\n30 June 2018\n Opening net book 1 July 2017 8,053 8,538\n acquired 5,253,266\n developed 1,256\n Amortisation\n Transfers 7,563 (7,563)\n classes\n Disposals\n Closing net book 13 6,385 6,509 12,907\n 30 June 2018\n 104 9,555 6,509 16,168\n Accumulated amortisation (3,170\n Net book 6,385 6,509 12" +} +{ + "_id": "d1b34238e", + "title": "", + "text": "16. Earnings Per Share\nThe weighted-average number of shares outstanding used in the computations of basic and diluted earnings per share were as follows:\n\n | | Fiscal | \n-------------------------------------------------------- | ---- | ------------- | ----\n | 2019 | 2018 | 2017\n | | (in millions) | \nBasic | 338 | 350 | 355 \nDilutive impact of share-based compensation arrangements | 2 | 3 | 3 \nDiluted | 340 | 353 | 358 \n\n. Earnings Per Share\n weighted-average shares basic diluted earnings\n Fiscal\n 2019 2018 2017\n millions\n Basic 338 350 355\n impact share-based compensation arrangements\n Diluted 340 358" +} +{ + "_id": "d1b3bc26a", + "title": "", + "text": "Deferred Compensation Plan\nWe have a non-qualified deferred compensation plan that allows a group of employees within the U.S. to contribute base salary and commissions or incentive compensation on a tax deferred basis in excess of the IRS limits imposed on 401(k) plans. The marketable securities related to these investments are held in a Rabbi Trust. The related deferred compensation plan assets and liabilities under the non-qualified deferred compensation plan were as follows (in millions):\n\n | April 26, 2019 | April 27, 2018\n---------------------------------------------- | -------------- | --------------\nDeferred compensation plan assets | $ 35 | $ 31 \nDeferred compensation liabilities reported as: | | \nAccrued expenses | $ 6 | $ 6 \nOther long-term liabilities | $ 29 | $ 25 \n\nDeferred Compensation Plan\n non-qualified employees. contribute salary commissions compensation tax deferred IRS limits 401(k). marketable securities Rabbi Trust. assets liabilities\n April 26, 2019 April 27, 2018\n assets $ 35 $ 31\n liabilities\n Accrued expenses $ 6 $\n long-term liabilities $ 29 $ 25" +} +{ + "_id": "d1b356622", + "title": "", + "text": "17 Inventories\nThe write-down of inventories recognised as an expense during the year in respect of continuing operations was £0.7m (2018: £3.5m). This comprises a cost of £5.1m (2018: £4.8m) to write-down inventory to net realisable value reduced by £4.4m (2018: £1.3m) for reversal of previous write-down reassessed as a result of customer demand.\nThe value of inventories expected to be recovered after more than 12 months is £13.4m (2018: £11.2m).\nThere is no material difference between the Statement of Financial Position value of inventories and their replacement cost. None of the inventory has been pledged as security.\n\n | 2019 | 2018 \n----------------------------------------- | ----- | -----\n | £m | £m \nRaw materials, consumables and components | 72.2 | 53.0 \nWork in progress | 25.5 | 25.7 \nFinished goods and goods for resale | 88.2 | 81.9 \nTotal inventories | 185.9 | 160.6\n\nInventories\n write-down £0. 7m (2018 £3. 5m. cost £5. 1m (2018 £4. 8m reduced £4. 4m (2018 £1. 3m reversal write-down demand.\n recovered after 12 months £13. 4m (2018 £11. 2m.\n no difference Statement Financial Position value replacement cost. pledged security.\n Raw materials consumables components 72.\n Work progress.\n Finished goods resale.\n inventories 185. 160." +} +{ + "_id": "d1b3b4182", + "title": "", + "text": "The performance rights sub-plan has also been used to compensate new hires for foregone equity, and ensure that key employees are retained to protect and deliver on the Group’s strategic direction. It has been offered to:\nExecutives of newly acquired businesses in order to retain intellectual property during transition periods; or\nAttract new executives, generally from overseas; or\nMiddle management or executives deemed to be top talent who had either no or relatively small grants scheduled to vest over the ensuing two years.\nSign-on and retention rights generally do not have performance measures attached to them due to the objective of retaining key talent and vest subject to the executive remaining employed by the Group, generally for two or more years.\nThe performance rights sub-plan has also been used to compensate employees of the Group. Participants are required to meet a service condition and other performance measures to gain access to the performance rights.\nThe following table summarises movements in outstanding rights:\n\n | 2019 | 2018 \n------------------------------ | ------------- | -------------\n | NO. OF RIGHTS | NO. OF RIGHTS\nOutstanding at start of period | 10,692,594 | 6,737,076 \nGranted during the period | 4,465,617 | 5,691,731 \nVested during the period | (182,601) | (586,663) \nLapsed during the period | (1,497,852) | (1,149,550) \nOutstanding at end of period | 13,477,758 | 10,692,594 \n\nperformance rights sub-plan hires equity key employees strategic direction. offered\n Executives retain intellectual property\n executives overseas\n Middle management executives top talent no small grants two years.\n Sign-on retention rights performance measures retaining talent two years.\n performance rights-plan employees. Participants meet service condition performance measures rights.\n table summarises movements outstanding rights\n 2019 2018\n.\n Outstanding start 10,692,594 6,737,076\n Granted 4,465,617 5,691,731\n Vested (182,601) (586,663)\n Lapsed (1,497,852) (1,149,550)\n Outstanding end period 13,477,758 10,692,594" +} +{ + "_id": "d1b35403e", + "title": "", + "text": "Revenue\nBoth reported and adjusted revenue fell by 1% as growth in our Consumer business, was more than offset by regulated price reductions in Openreach and declines in our enterprise businesses in particular in fixed voice and also reflecting our strategy to reduce low margin activity such as equipment sales. Excluding the negative impact of £35m from foreign exchange movements, underlying revenue fell 0.9% (2017/18: fell 1%), which exceeds our expectation of down around 2%.\nYou can find details of revenue by customer-facing unit on pages 40 to 41. Note 6 to the consolidated financial statements shows a full breakdown of reported revenue by all our major product and service categories.\nOperating costs\nReported operating costs were down 2% and adjustedb operating costs before depreciation and amortisation were down 1%. This was mainly driven by restructuring related cost savings and lower payments to telecommunications operators driven by Global Services strategy to de-emphasise low margin business, partly offset by higher costs of recruiting and training engineers to support Openreach’s ‘Fibre First’ programme and help deliver improved customer service.\nOur cost transformation programme remains on track. c4,000 roles were removed in the year, with the largest elements being in Global Services and our Corporate Units. Overall savings from the programme are currently an annualised benefit of £875m with an associated cost of £386m. Note 7 to the consolidated financial statements shows a detailed breakdown of our operating costs.\nNote 7 to the consolidated financial statements shows a detailed breakdown of our operating costs.\na Excluding depreciation and amortisation.\n\n | 2019 | 2018 | 2017 \n----------------------------- | -------- | -------- | --------\nYear ended 31 March | £m | £m | £m \nRevenue | 23,428 | 23,723 | 24,062 \nOperating costs a | (16,461) | (16,828) | (17,323)\nDepreciation and amortisation | (3,546) | (3,514) | (3,572) \nOperating profit | 3,421 | 3,381 | 3,167 \nNet finance expense | (756) | (764) | (804) \nAssociates and joint ventures | 1 | (1) | (9) \nProfit before tax | 2,666 | 2,616 | 2,354 \nTax | (507) | (584) | (446) \nProfit for the period | 2,159 | 2,032 | 1,908 \n\nRevenue\n reported adjusted fell 1% Consumer business offset price reductions Openreach declines enterprise businesses fixed voice low margin. negative impact £35m foreign exchange revenue fell. 9% (2017/18 exceeds expectation 2%.\n details revenue customer-facing unit pages 40 to 41. Note 6 consolidated financial statements breakdown revenue product service categories.\n Operating costs\n down 2% depreciation amortisation down 1%. driven restructuring cost lower payments telecommunications operators Global Services strategy offset recruiting training ‘Fibre First’ programme.\n cost transformation programme. c4,000 roles removed Global Services Corporate Units. savings annualised benefit £875m cost £386m. Note 7 financial statements breakdown operating costs.\n.\n depreciation amortisation.\n Year 31 March\n Revenue 23,428\n Operating costs (16,461\n Depreciation amortisation (3,546)\n Operating profit 3,421\nfinance (756) (804)\n Associates ventures\n Profit before tax 2,666 2,616 2,354\n (507)\n 2,159 2,032" +} +{ + "_id": "d1b347618", + "title": "", + "text": "Presentation of Derivative Gains (Losses) for Economic Hedges of Forecasted Cash Flows in Segment Results\nDerivatives used to manage commodity price risk and foreign currency risk are not designated for hedge accounting treatment. We believe these derivatives provide economic hedges of certain forecasted transactions. As such, these derivatives are recognized at fair market value with realized and unrealized gains and losses recognized in general corporate expenses. The gains and losses are subsequently recognized in the operating results of the reporting segments in the period in which the underlying transaction being economically hedged is included in earnings. In the event that management determines a particular derivative entered into as an economic hedge of a forecasted commodity purchase has ceased to function as an economic hedge, we cease recognizing further gains and losses on such derivatives in corporate expense and begin recognizing such gains and losses within segment operating results, immediately.\nThe following table presents the net derivative gains (losses) from economic hedges of forecasted commodity consumption and the foreign currency risk of certain forecasted transactions, under this methodology:\nAs of May 26, 2019, the cumulative amount of net derivative gains from economic hedges that had been recognized in general corporate expenses and not yet allocated to reporting segments was $1.4 million. This amount reflected net gains of $1.0 million incurred during the fiscal year ended May 26, 2019, as well as net gains of $0.4 million incurred prior to fiscal 2019. Based on our forecasts of the timing of recognition of the underlying hedged items, we expect to reclassify to segment operating results gains of $0.9 million in fiscal 2020 and $0.5 million in fiscal 2021 and thereafter.\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------------------------- | ------ | ------ | ------\nNet derivative gains (losses) incurred | $(3.6) | $(0.9) | $0.6 \nLess: Net derivative gains (losses) allocated to reporting segments | (1.8) | (7.1) | 5.7 \nNet derivative gains (losses) recognized in general corporate expenses | $(1.8) | $6.2 | $(5.1)\nNet derivative gains (losses) allocated to Grocery & Snacks | $(2.1) | $0.2 | $3.4 \nNet derivative gains (losses) allocated to Refrigerated & Frozen | (1.1) | (0.3) | 0.8 \nNet derivative gains (losses) allocated to International | 2.8 | (6.9) | 1.6 \nNet derivative losses allocated to Foodservice | (0.6) | (0.1) | — \nNet derivative losses allocated to Pinnacle Foods | (0.8) | — | — \nNet derivative losses allocated to Commercial | — | — | (0.1) \nNet derivative gains (losses) included in segment operating profit | $(1.8) | $(7.1) | $5.7 \n\nDerivative Gains (Losses Economic Hedges Forecasted Cash Flows Segment Results\n Derivatives commodity price foreign currency risk not hedge accounting. provide economic hedges forecasted transactions. recognized at fair market value gains losses corporate expenses. gains losses recognized in operating results. derivative recognizing gains losses segment operating results.\n table presents net derivative gains (losses from economic hedges forecasted commodity consumption foreign currency risk\n May 26, 2019 cumulative net derivative gains from economic hedges not $1. 4 million. net gains $1. 0 million year 2019 gains $0. 4 million. expect reclassify segment operating results gains of $0. 9 million fiscal 2020 $0. 5 million 2021.\n Consolidated Financial Statements Fiscal Years Ended May 26, 2019 May 27, 2018 May 28, 2017 millions\n Net derivative gains (losses).$0. 6\n gains reporting segments (1. 8) (7. 1) 5.\n corporate expenses $(1. 8) $6. 2 $(5. 1)\n Grocery Snacks $(2. 1) $0. 2 $3. 4\n Refrigerated Frozen (1. 1) (0. 3).\n International 2. 8 (6. 9).\n Foodservice (0. 6).\n Pinnacle Foods.\n Commercial.\n operating profit $(1. 8) $(7. 1) $5." +} +{ + "_id": "d1b325d42", + "title": "", + "text": "NOTE L – INCOME TAXES\nOn December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, the following that impact the Company: (1) reducing the U.S. federal corporate income tax rate from 35 percent to 21 percent; (2) eliminating the corporate alternative minimum tax; (3) creating a new limitation on deductible interest expense; (4) limiting the deductibility of certain executive compensation; and (5) limiting certain other deductions.\nThe Company follows ASC 740-10 “Income Taxes” which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.\nDeferred income taxes include the net tax effects of net operating loss (NOL) carry forwards and the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets are as follows:\n\n | 2019 | 2018 \n--------------------------------- | ------------ | ------------\nDeferred Tax Assets: | | \nNet operating loss carry forwards | $20,772,428 | $20,342,559 \nIntangibles | 207,618 | 318,178 \nCredits | 28,022 | 112,086 \nOther | 506,349 | 613,202 \nTotal deferred tax assets | 21,514,417 | 21,386,025 \nDeferred Tax Liabilities: | | \nIntangibles | – | – \nTotal deferred tax liabilities | – | – \nValuation allowance | (21,486,396) | (21,386,025)\nNet deferred tax asset | $28,021 | $– \n\nINCOME TAXES\n December 22, 2017 U. S. government enacted tax Tax Cuts Jobs Act. tax code. federal corporate income tax rate 35 percent to 21 percent alternative minimum tax limitation deductible interest expense deductibility executive compensation deductions.\n Company follows ASC 740-10 deferred tax liabilities assets future tax consequences. deferred tax liabilities assets determined financial statements tax bases tax rates.\n Deferred taxes include operating loss carry forwards temporary differences assets liabilities. deferred tax assets\n 2019 2018\n Deferred Tax Assets\n Net operating loss forwards $20,772,428 $20,342,559\n Intangibles 207,618 318,178\n Credits 28,022 112,086\n Other 506,349 613,202\n Total deferred tax assets 21,514,417 21,386,025\n Liabilities\n Valuation allowance (21,486,396) (21,386,025)\ndeferred $28,021" +} +{ + "_id": "d1b36474a", + "title": "", + "text": "Recently Adopted Accounting Pronouncements\nOn April 1, 2018, the Company adopted ASU 2014-09-Revenue from Contracts with Customers (ASC 606) and all related amendments (“New Revenue Standard”) using the modified retrospective method. The Company has applied the new revenue standard to all contracts that were entered into after adoption and to all contracts that were open as of the initial date of adoption. The Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The adoption of the new standard impacts the Company's net sales on an ongoing basis depending on the relative amount of revenue sold through its distributors, the change in inventory held by its distributors, and the changes in price concessions granted to its distributors. Previously, the Company deferred revenue and cost of sales on shipments to distributors until the distributor sold the product to their end customer. As required by the new revenue standard, the Company no longer defers revenue and cost of sales, but rather, estimates the effects of returns and allowances provided to distributors and records revenue at the time of sale to the distributor. Sales to non-distributor customers, under both the previous and new revenue standards, are generally recognized upon the Company’s shipment of the product. The cumulative effect of the changes made to the consolidated April 1, 2018 balance sheet for the adoption of the new revenue standard is summarized in the table of opening balance sheet adjustments below. In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on the consolidated income statement and balance sheet for the period ended March 31, 2019 was as follows (in millions):\nThe significant changes in the financial statements noted in the table above are primarily due to the transition from sellthrough revenue recognition to sell-in revenue recognition as required by the New Revenue Standard, which eliminated the balance of deferred income on shipments to distributors, significantly reduced accounts receivable, and significantly increased retained earnings. Prior to the acquisition of Microsemi, Microsemi already recognized revenue on a sell-in basis, so the impact of the adoption of the New Revenue Standard was primarily driven by Microchip's historical business excluding Microsemi.\n\n | | As of March 31, 2019 | \n-------------------------------------------- | ----------- | ------------------------------------------------- | ---------------------------------\nBalance Sheet | As reported | Balances without adoption of New Revenue Standard | Effect of Change Higher / (Lower)\nASSETS | | | \nAccounts receivable, net | $880.6 | $556.1 | $324.5 \nInventories | $711.7 | $724.2 | $(12.5) \nOther current assets | $191.6 | $154.7 | $36.9 \nOther assets | $111.8 | $106.3 | $5.5 \nLong-term deferred tax assets | $1,677.2 | $1,700.7 | $(23.5) \nLIABILITIES | | | \nAccrued liabilities | $787.3 | $420.3 | $367.0 \nDeferred income on shipments to distributors | $— | $288.2 | $(288.2) \nLong-term deferred tax liability | $706.1 | $689.3 | $16.8 \nSTOCKHOLDERS' EQUITY | | | \nRetained Earnings | $3,210.6 | $2,975.3 | $235.3 \n\nAdopted Accounting Pronouncements\n April 1, 2018 Company adopted ASU 2014-09-Revenue from Contracts Customers (ASC 606) amendments (“New Revenue Standard”) modified retrospective method. applied standard contracts after adoption open. recognized cumulative effect adjustment opening balance retained earnings. comparative information not restated reported under accounting standards. adoption standard impacts net sales revenue sold inventory price concessions. deferred revenue cost shipments distributors until. defers estimates returns allowances records revenue sale. Sales to non-distributor customers recognized upon shipment product. cumulative effect changes consolidated April 1, 2018 balance sheet new revenue standard summarized in table opening balance sheet adjustments. impact adoption consolidated income statement balance sheet period ended March 31, 2019 (in\n changes financial statements due transition from sellthrough to sell-in revenue eliminated deferred income shipments distributors reduced accounts receivable increased retained earnings.Microsemi recognized revenue sell-in New Revenue Standard driven Microchip business.\n March 31, 2019\n Balance New Revenue Standard\n Accounts receivable $880. $556. $324.\n $711. $724.\n assets $191. $154. $36.\n $111. $106. $5.\n-term deferred tax $1,677. $1,700.\n LIABILITIES\n Accrued liabilities $787. $420. $367.\n Deferred income shipments distributors $288.\n-term deferred tax $706. $689. $16.\n STOCKHOLDERS' EQUITY\n Retained Earnings $3,210. $2,975. $235." +} +{ + "_id": "d1b3c1d96", + "title": "", + "text": "Trade Accounts Receivable Sale Programs\nIn connection with the trade accounts receivable sale programs, the Company recognized the following (in millions):\n(1) Recorded to other expense within the Consolidated Statements of Operations.\n\n | | Fiscal Year Ended August 31, | \n----------------------------------------- | ------ | ---------------------------- | ------\n | 2019 | 2018 | 2017 \nTrade accounts receivable sold | $6,751 | $5,480 | $2,968\nCash proceeds received | $6,723 | $5,463 | $2,962\nPre-tax losses on sale of receivables (1) | $28 | $17 | $6 \n\nTrade Accounts Receivable Programs\n recognized\n Consolidated Statements Operations.\n Fiscal Year Ended August 31,\n accounts sold $6,751 $5,480 $2,968\n Cash proceeds $6,723 $5,463 $2,962\n Pre-tax losses $28 $17 $6" +} +{ + "_id": "d1b394f12", + "title": "", + "text": "The following table summarizes activity for the interest rate swap:\nThere were no transfers between Level 1, Level 2 or Level 3 fair value hierarchy categories of financial instruments in the years ended December 31, 2019 and 2018.\nFinancial Instruments Not Recorded at Fair Value on a Recurring Basis\nSome of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. Such financial assets and financial liabilities include: cash and cash equivalents, restricted cash, net receivables, certain other assets, accounts payable, accrued price protection liability, accrued expenses, accrued compensation costs, and other current liabilities. The Company’s long-term debt is not recorded at fair value on a recurring basis, but is measured at fair value for disclosure purposes (Note8 ).\n\n | Fair Value at December 31, | \n---------------------------------------------------------------------- | -------------------------- | -----\n | 2019 | 2018 \n | (in thousands) | \nInterest rate swap | | \nBeginning balance | $1,623 | $734 \nUnrealized gain (loss) recognized in other comprehensive income (loss) | (1,660) | 889 \nEnding balance | $(37) | 1,623\n\ntable summarizes interest rate swap\n no transfers Level 1 2 3 value financial instruments December 2019 2018.\n Instruments Not Recorded\n instruments not measured fair value-term. include cash equivalents restricted cash net receivables assets accounts payable accrued price protection liability expenses compensation costs current liabilities. long-term debt not recorded measured fair value disclosure.\n Fair Value December 31,\n Interest rate swap\n Beginning balance $1,623 $734\n Unrealized gain (loss\n Ending balance $ 1,623" +} +{ + "_id": "d1b35ede0", + "title": "", + "text": "We recorded non-cash compensation expense related to stock-based awards as follows (in thousands):\nAs of September 30, 2019, there was $39.7 million of unrecognized compensation expense related to unvested RSUs. Based upon the expected forfeitures and the expected vesting of performance-based RSUs, the aggregate fair value of RSUs expected to ultimately vest is $40.0 million, which is expected to be recognized over a weighted-average period of 1.7 years and includes the RSUs that vested on October 1, 2019.\nWe estimate forfeitures at the time of grant and revise those estimates in subsequent periods on a cumulative basis in the period the estimated forfeiture rate changes for all stock-based awards when significant events occur. We consider our historical experience with employee turnover as the basis to arrive at our estimated forfeiture rate. The forfeiture rate was estimated to be 12.5% per year as of September 30, 2019. To the extent the actual forfeiture rate is different from what we have estimated, compensation expense related to these awards will be different from our expectations.\n\n | | Years Ended September 30, | \n----------------------------------- | -------- | ------------------------- | ------\n | 2019 | 2018 | 2017 \nCost of sales | $ 1,766 | $ 1,096 | $ 338\nSelling, general and administrative | 13,722 | 6,419 | 4,674 \n | $15,488 | $7,515 | $5,012\n\nrecorded non-cash compensation expense stock-based awards\n September 30, 2019 $39. 7 million unrecognized compensation expense unvested RSUs. aggregate fair value RSUs $40. 0 million recognized 1. 7 years RSUs vested October 1, 2019.\n estimate forfeitures revise forfeiture rate changes. historical experience employee turnover forfeiture rate. forfeiture rate estimated 12. 5% per year September 30, 2019. forfeiture rate compensation expense.\n September 30\n 2017\n Cost sales $ 1,766 $ 1,096 $ 338\n Selling general administrative 13,722\n $15,488 $7,515 $5,012" +} +{ + "_id": "d1a73e9d4", + "title": "", + "text": "American Tower Corporation • 2019 Annual Report\nAppendix 1 • Letter to Stakeholders\nRECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ($ in millions. Totals may not add due to rounding.)\n\n | 2015 | 2016 | 2017 | 20181 | 2019 \n-------------------------------------------------- | ------ | ------ | ------ | ------ | ------\nNet Income | $672 | $970 | $1,225 | $1,265 | $1,917\nIncome tax provision (benefit) | 158 | 156 | 31 | (110) | (0) \nOther expense (income) | 135 | 48 | (31) | (24) | (18) \nLoss (gain) on retirement of long-term obligations | 80 | (1) | 70 | 3 | 22 \nInterest expense | 596 | 717 | 750 | 826 | 814 \nInterest income | (17) | (26) | (35) | (55) | (47) \nOther operating expenses | 67 | 73 | 256 | 513 | 166 \nDepreciation, amortization and accretion | 1,285 | 1,526 | 1,716 | 2,111 | 1,778 \nStock-based compensation expense | 91 | 90 | 109 | 138 | 111 \nADJUSTED EBITDA | $3,067 | $3,553 | $4,090 | $4,667 | $4,745\nDivided by total revenue | $4,772 | $5,786 | $6,664 | $7,440 | $7,580\nADJUSTED EBITDA MARGIN | 64% | 61% | 61% | 63% | 63% \n\nTower Corporation 2019 Annual Report\n Appendix 1 Letter Stakeholders\n RECONCILIATION EBITDA NET INCOME millions. rounding.\n 2015 2016 2019\n Net Income $672 $970 $1,225 $1,265 $1,917\n Income tax provision 158\n Other expense\n Loss retirement long-term obligations\n Interest expense\n Other operating expenses 67\n Depreciation amortization accretion 1,285 1,526 1,716 2,111\n Stock-based compensation expense\n ADJUSTED EBITDA $3,067 $3,553 $4,090 $4,667\n Divided revenue $4,772 $5,786 $6,664 $7,440 $7,580\n EBITDA MARGIN 64%" +} +{ + "_id": "d1b3a948a", + "title": "", + "text": "Note 6. Property and Equipment, Net\nFurniture and fixtures, computer software and equipment, leasehold improvements and real property are recorded at cost and presented net of depreciation. We record land at historical cost. During the application development phase, we record capitalized development costs in our construction in progress account and then reclass the asset to internal-use software when the project is ready for its intended use, which is usually when the code goes into production. Furniture, fixtures and office equipment and computer software and hardware are depreciated on a straight-line basis over lives ranging from three to five years. Internal-use software is amortized on a straight-line basis over a three-year period. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease terms or the asset lives. Real property is amortized on a straightline basis over lives ranging from 15 to 39 years.\nThe components of property and equipment, net are as follows (in thousands):\nDepreciation expense related to property and equipment for the years ended December 31, 2019, 2018 and 2017 was $5.9 million, $5.7 million and $5.4 million, respectively. Amortization expense related to internal-use software of $1.9 million, $0.8 million and $0.4 million was included in those expenses for the years ended December 31, 2019, 2018 and 2017, respectively. We had no disposals and write-offs of property and equipment that impacted the consolidated statements of operations during the year ended December 31, 2019. Within the Alarm.com segment, we disposed of and wrote off $1.4 million and $0.8 million of capitalized costs to research and development expenses within the consolidated statements of operations primarily related to the design of internal-use software that no longer met the requirements for capitalization during the years ended December 31, 2018 and 2017, respectively. In December 2019, we purchased land and a commercial building located in Liberty Lake, Washington for $5.1 million. Once renovations are complete, this building will be used by OpenEye for sales and training, research and development, warehousing and administrative purposes.\n\n | December 31, | \n---------------------------------------- | ------------ | --------\n | 2019 | 2018 \nFurniture, fixtures and office equipment | $5,604 | $4,102 \nComputer software and hardware | 17,767 | 16,228 \nInternal-use software | 8,949 | 5,072 \nConstruction in progress | 4,232 | 3,790 \nLeasehold improvements | 23,223 | 18,338 \nReal property | 4,917 | 707 \nLand | 1,398 | 508 \nTotal property and equipment | 66,090 | 48,745 \nAccumulated depreciation | (27,542) | (20,988)\n\n. Property Equipment\n Furniture fixtures computer software leasehold improvements real property recorded cost net depreciation. record land historical cost. costs construction progress reclass internal-use software project ready. Furniture fixtures office equipment computer software depreciated three to five years. Internal-use software amortized three-year. Leasehold improvements amortized. Real property amortized 15 to 39 years.\n components property equipment\n Depreciation expense property equipment December 31, 2019 2018 2017 $5. 9 million $5. 7 million $5. 4 million. Amortization expense internal-use software $1. 9 million $0. 8 million $0. 4 million. no disposals write-offs property equipment statements 2019. disposed wrote off $1. 4 million $0. 8 million capitalized costs research development expenses design internal-use software. 2019 purchased land commercial building Liberty Lake Washington for $5. 1 million. OpenEye for sales training research development warehousing administrative purposes.\nFurniture,604,102\n 17,767 16,228\n 8,949 5\n Construction 4,232 3,790\n improvements 23,223 18,338\n property\n Land 1,398\n 66,090 48,745\n depreciation (27,542" +} +{ + "_id": "d1b394a76", + "title": "", + "text": "ii) Amounts in the financial statements\nThe assets and liabilities on the balance sheet are as follows:\n3. Pensions continued\n\n | 2019 | 2018 \n--------------------------------------------- | --------- | ---------\n | £ million | £ million\nSchemes in net asset position | | \nUK defined benefit pension plan – Staff Plan | 7.8 | 1.1 \nUK defined benefit pension plan – Cash Plan | 1.0 | 0.9 \n | 8.8 | 2.0 \nSchemes in net liability position | | \nUK unfunded plan | (0.5) | (0.5) \nNet pension plan surplus on the balance sheet | 8.3 | 1.5 \n\nAmounts financial statements\n assets liabilities balance sheet\n 3. Pensions\n 2019 2018\n £ million\n Schemes net asset position\n pension plan Staff Plan 7. 8.\n Cash Plan.\n 8. 2.\n net liability\n unfunded plan.\n pension plan surplus balance 8. 1." +} +{ + "_id": "d1b312a9e", + "title": "", + "text": "Estimated Future Benefit Payments\nThe following benefit payments, which reflect expected future service, as appropriate, are expected to be paid. Pension benefits are currently paid from plan assets and other benefits are currently paid from corporate assets.\n\n($ in millions) | Pension Benefits | Other Benefits\n--------------- | ---------------- | --------------\n2020 | $83.0 | $14.7 \n2021 | $82.4 | $15.1 \n2022 | $82.6 | $15.1 \n2023 | $82.4 | $15.1 \n2024 | $81.8 | $15.1 \n2025-2029 | $395.5 | $73.1 \n\nFuture Benefit Payments\n benefit payments future service. Pension plan corporate.\n 2020 $83. $14.\n 2021 $82. $15.\n 2022 $82. $15.\n 2023 $82. $15.\n 2024 $81. $15.\n 2025-2029 $395. $73." +} +{ + "_id": "d1b372b6a", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA (Dollars in thousands, except per share data and unless otherwise indicated)\nThe Selected Consolidated Statements of Operations Data for the years ended December 31, 2019, 2018 and 2017 and the Selected Consolidated Balance Sheet Data as of December 31, 2019 and 2018 were derived from our Consolidated Financial Statements included in Item 8 of this Form 10-K. The Selected Consolidated Statements of Operations Data for the years ended December 31, 2016 and 2015 and the Selected Consolidated Balance Sheet Data as of December 31, 2017 and 2016 were derived from our audited Consolidated Financial Statements not included in this Form 10-K. Our historical results are not necessarily indicative of the results to be expected in the future. You should read the following financial information together with the information under Item 7 \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" and the Consolidated Financial Statements and related notes included in Item 8.\nGS Holdings and GSLLC are our predecessors for accounting purposes and, accordingly, amounts prior to the Reorganization Transactions and IPO represent the historical consolidated operations of either GS Holdings or GSLLC and its subsidiaries. The amounts as of December 31, 2019 and 2018 and during the period from May 24, 2018 through December 31, 2019 represent those of consolidated GreenSky, Inc. and its subsidiaries. Prior to the Reorganization Transactions and IPO, GreenSky, Inc. did not engage in any business or other activities except in connection with its formation and initial capitalization. See Note 1 to the Notes to Consolidated Financial Statements in Item 8 for further information on our organization.\n\n | | December 31, | | \n------------------------------------------------------------------ | --------- | ------------ | --------- | ---------\nSelected Consolidated Balance Sheet Data: | 2019 | 2018 | 2017 | 2016 \nCash and cash equivalents | $195,760 | $303,390 | $224,614 | $185,243 \nRestricted cash | 250,081 | 155,109 | 129,224 | 42,871 \nLoan receivables held for sale, net | 51,926 | 2,876 | 73,606 | 41,268 \nDeferred tax assets, net | 364,841 | 306,979 | — | — \nTotal assets | 951,048 | 802,905 | 462,889 | 302,205 \nFinance charge reversal liability | 206,035 | 138,589 | 94,148 | 68,064 \nTerm loan | 384,497 | 386,822 | 338,263 | — \nTax receivable agreement liability | 311,670 | 260,901 | — | — \nTotal liabilities | 1,005,991 | 837,670 | 488,928 | 89,995 \nTotal temporary equity | — | — | 430,348 | 335,720 \nNoncontrolling interest | (80,758) | (60,349) | — | — \nTotal permanent equity (deficit) | (54,943) | (34,765) | (456,387) | (123,510)\nTotal liabilities, temporary equity and permanent equity (deficit) | 951,048 | 802,905 | 462,889 | 302,205 \n\nITEM 6. SELECTED FINANCIAL DATA thousands except share\n Statements Operations Data December 2019 2018 2017 Balance Sheet Data derived Financial Statements Item 8 Form 10-K. 2016 2015 Balance Sheet derived audited Financial Statements not Form 10-K. historical results not indicative future. read financial information Item 7's Discussion Analysis Financial Condition Results Operations Consolidated Financial Statements notes Item 8.\n GS Holdings GSLLC predecessors amounts operations. amounts December 31, 2019 2018 May 24, 2018 December 31, 2019 represent GreenSky, Inc. subsidiaries. GreenSky. business formation initial capitalization. Note 1 Consolidated Financial Statements Item 8 information organization.\n Selected Consolidated Balance Sheet Data 2019 2018 2017 2016\n Cash equivalents $195,760 $303,390 $224,614 $185,243\n Restricted cash 250,081 155,109 129,224 42,871\nreceivables 51,926 73\n Deferred tax assets 364,841 306,979\n 951,048 802,905 462,889\n Finance reversal 206,035 138,589 94,148\n loan 384,497,263\n Tax receivable 311,670 260,901\n liabilities 837,670 488,928 89,995\n temporary equity 430,348 335,720\n interest (80,758) (60,349\n permanent equity (54,943) (34,765),387\n 951,048 802,905 462,889" +} +{ + "_id": "d1a7237ce", + "title": "", + "text": "In addition to the results reported in accordance with accounting principles generally accepted in the United States (“US GAAP” or “GAAP”), we also use certain non-GAAP measures such as EBITDA and adjusted EBITDA to evaluate operating performance and to facilitate the comparison of our historical results and trends.\nThese financial measures are not a measure of financial performance under US GAAP and should not be considered in isolation or as a substitute for net income (loss) as a measure of performance and net cash provided by operating activities as a measure of liquidity.\nEBITDA is defined as net earnings before interest expense, income taxes, and depreciation and amortization. Adjusted EBITDA is comprised of EBITDA, adjusted for certain items as permitted or required under our credit facility as described in the reconciliations below.\nThese measures are a common measure of operating performance in the telecommunications industry and are useful, with other data, as a means to evaluate our ability to fund our estimated uses of cash. The following tables are a reconciliation of net income (loss) to Adjusted EBITDA:\nThe following tables are a reconciliation of net income (loss) to Adjusted EBITDA:\n(a) Other, net includes the equity earnings from our investments, dividend income, income attributable to noncontrolling interests in subsidiaries, acquisition and transaction related costs including severance, non-cash pension and postretirement benefits and certain other miscellaneous items.\n(b) Includes all cash dividends and other cash distributions received from our investments.\n(c) Represents the redemption premium (discount) and write-off of unamortized debt issuance costs in connection with the redemption or retirement of our debt obligations.\n(d) Represents intangible asset impairment charges recognized during the period.\n(e) Represents compensation expenses in connection with the issuance of stock awards, which because of their non-cash nature, these expenses are excluded from adjusted EBITDA.\n\n | | | | Year Ended December 31, | \n----------------------------------------- | -------- | -------- | ------- | ----------------------- | -------\n(In millions, unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 \nNet income (loss) | $ (20.0) | $ (50.5) | $ 65.3 | $ 15.2 | $ (0.7)\nAdd (subtract): | | | | | \nInterest expense, net of interest income | 136.7 | 134.5 | 129.8 | 76.8 | 79.6 \nIncome tax expense (benefit) | (3.7) | (24.1) | (124.9) | 23.0 | 2.8 \nDepreciation and amortization | 381.2 | 432.6 | 291.8 | 174.0 | 179.9 \nEBITDA | 494.2 | 492.5 | 362.0 | 289.0 | 261.6 \nAdjustments to EBITDA: | | | | | \nOther, net (a) | (8.8) | 0.6 | 19.3 | (25.5) | (22.3) \nInvestment distributions (b) | 35.8 | 39.1 | 30.0 | 32.1 | 45.3 \n(Gain) loss on extinguishment of debt (c) | (4.5) | — | — | 6.6 | 41.2 \nLoss on impairment (d) | — | — | — | 0.6 | — \nNon-cash, stock-based compensation (e) | 6.8 | 5.1 | 2.8 | 3.0 | 3.1 \nAdjusted EBITDA | $ 523.5 | $ 537.3 | $ 414.1 | $ 305.8 | $ 328.9\n\nresults accounting principles use non-GAAP measures EBITDA adjusted EBITDA evaluate operating performance comparison historical results trends.\n financial measures not performance US GAAP not for net income net cash liquidity.\n EBITDA defined net earnings before interest expense income taxes depreciation amortization. Adjusted EBITDA EBITDA adjusted for items credit facility.\n measures common operating performance telecommunications industry evaluate ability fund estimated uses cash. tables net income (loss Adjusted EBITDA\n includes equity earnings dividend income income noncontrolling interests acquisition transaction costs non-cash pension postretirement benefits miscellaneous items.\n cash dividends distributions from investments.\n redemption premium write-off unamortized debt issuance costs.\n intangible asset impairment charges.\n compensation expenses issuance stock awards excluded from adjusted EBITDA.\n Ended December 31,\n\n millions 2019 2018 2017 2015\n Net income (loss $ (20. (50. 65. $ 15.\n Interest expense income 136. 134. 129. 76. 79.\n Income tax expense (3. (24. (124. 23. 2.\n Depreciation amortization 381. 432. 291. 174. 179.\n EBITDA 494. 492. 362. 289. 261.\n Adjustments EBITDA\n (8. 19. (25. (22.\n Investment distributions 35. 39. 30. 32. 45.\n loss extinguishment debt (4. 6. 41.\n Loss impairment.\n Non-cash stock-based compensation 6. 5. 2. 3.\n Adjusted EBITDA $ 523. $ 537. $ 414. 305. $ 328." +} +{ + "_id": "d1b359372", + "title": "", + "text": "Revision of Prior Period Financial Statements\nDuring the preparation of the financial statements for the three months ended September 30, 2019, the Company identified a misstatement in previously issued financial statements. The misstatement related to an error in the measurement of the cumulative effect of the accounting change related to the Company’s January 1, 2018 adoption of Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09” or “Topic 606”) and impacted the January 1, 2018 opening accumulated deficit balance and the related opening balances of deferred commissions assets and accrued expenses. The Company determined that the error was not material to any previously issued financial statements. The Company has revised the December 31, 2018 consolidated balance sheet and the statements of changes in stockholders’ equity for all periods after January 1, 2018 to correct the misstatement as follows (in thousands):\n\n | | December 31, 2018 | \n-------------------------------------------- | ---------------------- | ----------------- | ----------\n | As Previously Reported | Adjustment | As Revised\nDeferred commissions, current portion | $24,467 | $1,064 | $25,531 \nTotal current assets | 573,035 | 1,064 | 574,099 \nDeferred commissions, net of current portion | 45,444 | 10,006 | 55,450 \nTotal assets | 807,156 | 11,070 | 818,226 \nAccrued expenses | 68,331 | 1,734 | 70,065 \nTotal current liabilities | 400,423 | 1,734 | 402,157 \nAccumulated deficit | (529,962) | 9,336 | (520,626) \nTotal stockholders’ equity | 55,907 | 9,336 | 65,243 \nTotal liabilities and stockholders’ equity | 807,156 | 11,070 | 818,226 \n\nRevision Financial Statements\n September 30, 2019 identified misstatement statements. accounting change January 2018 Accounting Standards Update. 2014-09 impacted January 2018 deficit deferred commissions assets accrued expenses. error material statements. revised December 31, 2018 balance sheet statements changes stockholders’ equity misstatement\n 2018\n Deferred commissions $24,467 $1,064 $25,531\n assets 573,035 1,064 574,099\n Deferred commissions net 45,444 10,006 55,450\n assets 807,156 11,070 818,226\n Accrued expenses 68,331 1,734 70,065\n liabilities 400,423 1,734 402,157\n Accumulated deficit (529,962) 9,336,626)\n stockholders’ equity 55,907 9,336,243\n liabilities 807,156 11,070 818,226" +} +{ + "_id": "d1b375874", + "title": "", + "text": "P. Income Taxes\nThe domestic and foreign components of income before income tax for the periods presented were as follows (table in millions):\n\n | | For the Year Ended | \n------------------------------ | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nDomestic | $895 | $680 | $462 \nForeign | 543 | 1,149 | 1,115 \nTotal income before income tax | $1,438 | $1,829 | $1,577 \n\n. Income Taxes\n domestic foreign components tax\n January 31, 2020 February 1, 2019 2 2018\n Domestic $895 $680 $462\n Foreign 1,149\n tax $1,438 $1,829 $1,577" +} +{ + "_id": "d1b2f208c", + "title": "", + "text": "7. Earnings Per Share\nThe following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for fiscal2 019, 2018 and 2017 (in thousands, except per share amounts):\nIn each of the fiscal years 2019, 2018 and 2017, share-based awards for approximately 0.1 million shares were not included in the computation of diluted earnings per share as they were antidilutive.\n\n | 2019 | 2018 | 2017 \n-------------------------------------------------------------- | ------- | ------ | -------\nNet income | 108,616 | 13,040 | 112,062\nBasic weighted average common shares outstanding | 30,271 | 33,003 | 33,612 \nDilutive effect of share-based awards and options outstanding | 803 | 916 | 941 \nDiluted weighted average shares outstanding | 31,074 | 33,919 | 34,553 \nEarnings per share: | | | \nBasic | 3.59 | 0.40 | 3.33 \nDiluted | 3.50 | 0.38 | 3.24 \n\n. Earnings Per Share\n reconciliation basic diluted earnings per share 2018 2017\n 2019 2018 2017 share awards. 1 million shares not included diluted earnings antidilutive.\n Net income 108,616 13,040 112,062\n Basic shares 30,271 33,003\n Dilutive effect share-based awards options 803\n Diluted shares 31,074 33,919 34,553\n Earnings per share\n Basic. 59.\n Diluted. 50." +} +{ + "_id": "d1b3739ca", + "title": "", + "text": "Orders and revenue for Smart Infrastructure rose in all three businesses – solutions and services, systems and software, and the products business – and in all three reporting regions. Order growth was strongest in the solutions and services business on a sharply higher volume from large orders in the Americas and Europe, C. I. S., Africa, Middle East. Revenue rose most strongly in the systems and software and the solutions and services businesses, particularly in the Americas. Revenue growth in the product business was due to low voltage products, while revenue in the other products businesses came in close to prior-year levels due partly to less favorable conditions in short-cycle markets.\nAdjusted EBITA declined due mainly to the systems and software business including negative effects related to grid control projects early in the year. Adjusted EBITA also included higher expenses year-over-year related to expansion of smart building offerings and for grid edge activities. Severance charges were € 48 million in fiscal 2019 compared to € 34 million a year earlier. Smart Infrastructure’s order backlog was € 10 billion at the end of the fiscal year, of which € 7 billion are expected to be converted into revenue in fiscal 2020.\nSmart Infrastructure achieved its results in overall moderately growing markets in fiscal 2019. The grid markets benefited from the need for intelligent and flexible energy networks and for automation, particularly in Asia, Australia and the Americas. Heavy industries and the infrastructure industry also developed favorably during fiscal 2019, driven by investments in oil and gas markets, in data centers and in transportation infrastructure, such as for e-mobility. Discrete industries, which started strong\nin fiscal 2019, experienced a downturn in the second half of the fiscal year.\nConstruction markets continued their stable growth during the fiscal year, particularly in the U. S. and China and in the non-residential construction market overall. Growth in the important building electrification and automation market was driven by demand for building performance and sustainability offerings, including strong demand for energy efficiency and digital services. In fiscal 2020, market growth overall is expected to\nbe lower than in fiscal 2019, due to an expected continuation of the downturn in the short-cycle markets, economic uncertainty in a number of countries due to trade conflicts, and other factors.\nBeginning with fiscal 2020, the distribution transformer business will be transferred to the Operating Company Gas and Power. If this organizational structure had already existed in fiscal 2019, Smart Infrastructure would have posted orders of € 15.590 billion, revenue of € 14.597 billion, Adjusted EBITA of € 1.465 billion and an Adjusted EBITA margin of 10.0 %.\n\n | | Fiscal year | | % Change\n------------------------- | ------ | ----------- | ------ | --------\n(in millions of €) | 2019 | 2018 | Actual | Comp. \nOrders | 16,244 | 15,198 | 7% | 4% \nRevenue | 15,225 | 14,445 | 5% | 3% \ntherein: product business | 5,530 | 5,302 | 4% | 2% \nAdjusted EBITA | 1,500 | 1,574 | (5)% | \nAdjusted EBITA margin | 9.9 % | 10.9 % | | \n\nOrders revenue Smart Infrastructure rose businesses regions. growth strongest solutions services higher volume Americas Europe C. S. Africa Middle East. rose systems software Americas. growth product due low voltage products close prior-year levels less short-cycle markets.\n Adjusted EBITA declined systems software control projects. higher expenses smart building grid edge activities. Severance charges € 48 million 2019 € 34 million earlier. order backlog € 10 billion € 7 billion converted revenue 2020.\n Smart Infrastructure achieved results moderately growing markets 2019. grid markets benefited intelligent energy networks automation Asia Australia Americas. Heavy industries infrastructure developed investments oil gas data centers transportation infrastructure. Discrete industries\n downturn.\n Construction markets growth U. S. China non-residential construction market. Growth building electrification automation driven building performance sustainability energy efficiency digital services. 2020 market growth expected\nlower 2019 downturn short economic uncertainty trade conflicts.\n 2020 distribution transformer business transferred Operating Company Gas Power. Smart Infrastructure orders € 15. 590 billion revenue € 14. 597 billion Adjusted EBITA € 1. 465 billion margin. %.\n Fiscal year\n 2018.\n Orders 16,244 15,198 7% 4%\n Revenue 15,225 14,445 5%\n product business 5,530 5,302 4% 2%\n Adjusted EBITA 1,500 1,574\n margin." +} +{ + "_id": "d1b386b1a", + "title": "", + "text": "Research and Development\nThe increase in research and development expenses in fiscal 2019 compared to fiscal 2018 was primarily driven by an increase in employee compensation costs caused by increases in headcount, annual compensation and benefit adjustments and employee performance-based compensation, partially offset by a decrease in project material costs.\n\nFiscal Year Ended | | | | \n------------------------ | ----------------- | ----------------- | -------- | --------\n | December 28, 2019 | December 29, 2018 | $ Change | % Change\n(Dollars in thousands) | | | | \nResearch and development | $81,499 | $74,976 | $6,523 | 8.7 % \n% of revenues | 13.8 % | 14.2 % | | \nFiscal Year Ended | | | | \n | December 29, 2018 | December 30, 2017 | $ Change | % Change\n(Dollars in thousands) | | | | \nResearch and development | $74,976 | $73,807 | $1,169 | 1.6 % \n% of revenues | 14.2 % | 13.5 % | | \n\nResearch Development\n research development expenses 2019 driven employee compensation costs headcount performance offset project material costs.\n Fiscal Year Ended\n December 28, 2019 December 29, 2018\n Research development $81,499 $74,976 $6,523 8. 7 %\n revenues 13. 8 % 14. 2 %\n Year Ended\n December 29, 2018 30, 2017\n $74,976 $73,807 $1,169. 6 %\n revenues 14. 2 % 13. 5 %" +} +{ + "_id": "d1b3ac22a", + "title": "", + "text": "16. PRODUCT WARRANTIES\nWe establish a product warranty liability at the time of revenue recognition. Product warranties generally have terms of 12 months and cover nonconformance with specifications and defects in material or workmanship. For sales to distributors, our warranty generally begins when the product is resold by the distributor. The liability is based on estimated costs to fulfill customer product warranty obligations and utilizes historical product failure rates. Should actual warranty obligations differ from estimates, revisions to the warranty liability may be required.\nProduct warranty liability activity is as follows (in thousands):\n\n | | Fiscal Years | \n--------------------------- | ------- | -------------- | ------\n | 2019 | 2018 | 2017 \nBalance — beginning of year | $5,756 | $3,672 | $1,039\n(Divested)/acquired | — | (49) | 952 \nProvisions/(expense) | (3,053) | 1,865 | 1,737 \nDirect charges/(payments) | 570 | 268 | (56) \nBalance — end of year | $3,273 | $5,756 | $3,672\n\n. PRODUCT WARRANTIES\n establish warranty liability revenue recognition. 12 months cover nonconformance defects material workmanship. sales warranty begins resold. liability estimated costs historical failure rates. revisions.\n warranty liability activity\n Fiscal Years\n 2019 2018 2017\n Balance $5,756 $3,672 $1,039\n (Divested/acquired\n Provisions (3,053) 1,865 1,737\n Direct charges(payments 570 268\n end year $3,273 $5,756 $3,672" +} +{ + "_id": "d1b3b7026", + "title": "", + "text": "The tax credit/(charge) for the period differs from the standard rate of corporation tax in the United Kingdom of 19.0% (2017/18: 19.0%). The reasons for this are explained below:\nThe movements in losses recognised for the period ended 30 March 2019 is £nil (2017/18: £1.1m). Corporation tax losses are not recognised where future recoverability is uncertain.\nThe adjustments to prior periods of £1.7m (2017/18: £(8.1m)) relate mainly to the adjustment of prior period losses and capital allowances which have been revised following submission of tax returns.\n\n | 52 weeks ended 30 Mar 2019 £m | 52 weeks ended 31 Mar 2018 £m\n-------------------------------------------------------------------------------------- | ----------------------------- | -----------------------------\n(Loss)/profit before taxation | (42.7) | 20.9 \nTax credit/(charge) at the domestic income tax rate of 19.0% (2017/18: 19.0%) | 8.2 | (4.0) \nTax effect of: | | \nNon-deductible items | (0.9) | (0.1) \nOther disallowable items | - | (0.4) \nImpairment of goodwill | - | (0.8) \nAdjustment for share-based payments | (0.4) | (0.6) \nAdjustment due to current period deferred tax being provided at 17.0% (2017/18: 17.0%) | (0.8) | 0.7 \nMovements in losses recognised | - | 1.1 \nAdjustment to restate opening deferred tax at 17.0% (2017/18: 17.0%) | - | (2.3) \nAdjustments to prior periods | 1.7 | (8.1) \nCurrent tax relating to overseas business | 1.1 | 0.8 \nIncome tax credit/(charge) | 8.9 | (13.7) \n\ntax credit differs standard rate corporation tax United Kingdom 19. 0% (2017/18. reasons\n movements losses period 30 March 2019 £nil (2017/18 £1. 1m. tax losses not recognised future recoverability uncertain.\n adjustments prior periods £1. relate losses capital allowances revised tax returns.\n 52 weeks ended 30 Mar 2019 31 Mar 2018\n/profit before taxation.\n Tax credit(charge domestic income tax rate 19. 0%.\n Tax effect\n Non-deductible items.\n disallowable items.\n Impairment goodwill.\n Adjustment share-based payments.\n period deferred tax 17. 0%.\n Movements losses recognised.\n Adjustment deferred tax 17.\n Adjustments prior periods.\n Current tax overseas business.\n Income tax credit/(charge." +} +{ + "_id": "d1b31bba8", + "title": "", + "text": "Relative importance of the spend on pay\nThe following table shows the total expenditure on pay for all of the Company’s employees compared to distributions to shareholders by way of dividend. In order to provide context for these figures, adjusted operating profit is also shown.\nNotes\n1. Remuneration, social security costs, pension and other related costs and expense of share-based payment (see Note 8 to the Consolidated Financial Statements).\n2. Dividends declared and paid in the year include a special dividend paid in 2018 (see Note 12 of the Consolidated Financial Statements). Removing the Special Dividend would give a figure for 2018 of $24.9 million with an increase of 14.86 per cent to the 2019 figure of $28.6 million.\n3. Before exceptional items, acquisition related costs, acquired tangible asset amortisation and share-based payment amounting to $4.3 million in total (2018 $19.6 million) (see Note 3 of the Consolidated Financial Statements).\n\n | 2019 | 2018 | Per cent\n------------------------------ | --------- | --------- | --------\n | $ million | $ million | change \nEmployee remuneration costs1 | 220.5 | 208.9 | 5.6 \nDistributions to shareholders2 | 28.6 | 54.8 | (47.8) \nAdjusted operating profit3 | 92.9 | 77.1 | 20.5 \n\nimportance spend on pay\n table shows expenditure on pay employees compared to distributions. adjusted operating profit shown.\n. Remuneration social security pension share-based payment Note 8 Statements.\n. Dividends include special dividend 2018 Note 12. Removing Special Dividend 2018 $24. 9 million increase. 86 per cent to 2019 $28. 6 million.\n. exceptional items acquisition costs amortisation share payment $4. 3 million total (2018 $19. 6 million Note 3 Statements.\n Employee remuneration 220. 208.\n Distributions to.\n Adjusted operating 92. 77." +} +{ + "_id": "d1b38e176", + "title": "", + "text": "As of December 31, 2019, we had 19,577 employees, which included 11,328 engineers, 7,416 technicians and 833 administrative staff performing administrative functions on a consolidated basis. We have in the past implemented, and may in the future evaluate the need to implement, labor redundancy plans based on the work performance of our employees.\nEmployee salaries are reviewed annually. Salaries are adjusted based on industry standards, inflation and individual performance. As an incentive, additional bonuses in cash may be paid at the discretion of management based on the performance of individuals. In addition, except under certain circumstances, R.O.C. law requires us to reserve from 10% to 15% of any offerings of our new common shares for employees’ subscription.\nOur employees participate in our profit distribution pursuant to our articles of incorporation. Employees are entitled to receive additional bonuses based on a certain percentage of our allocable surplus income. On February 26, 2020, our board of directors proposed an employee bonus in cash in the aggregate amount of NT$1,133 million (US$38 million) in relation to retained earnings in 2019.\nOur employees are not covered by any collective bargaining agreements. We believe we have a good relationship with our employees.\n\n | | As of December 31, | \n-------------------- | ------ | ------------------ | ------\n | 2017 | 2018 | 2019 \nEmployees | | | \nEngineers | 11,846 | 11,651 | 11,328\nTechnicians | 7,432 | 7,494 | 7,416 \nAdministrative Staff | 798 | 784 | 833 \nTotal | 20,076 | 19,929 | 19,577\n\nDecember 31, 2019 19,577 employees 11,328 engineers 833 administrative staff. implemented labor redundancy plans performance.\n salaries reviewed annually. adjusted industry standards inflation performance. additional bonuses cash paid management. law reserve 10% to 15% new common shares for subscription.\n employees participate profit distribution. additional bonuses surplus income. February 26, 2020 proposed employee bonus cash NT$1,133 million (US$38 million) retained earnings 2019.\n not covered by collective bargaining agreements. good relationship employees.\n December 31,\n 2017 2018 2019\n Employees\n Engineers 11,846 11,651 11,328\n Technicians 7,432\n Administrative Staff 798 833\n Total 20,076 19,929" +} +{ + "_id": "d1b33d05a", + "title": "", + "text": "Earnings Per Share\nBasic earnings per share is computed based on the weighted average number of shares outstanding during the period, excluding unvested restricted stock. Diluted earnings per share is computed based on the weighted average number of shares outstanding during the period increased by the effect of dilutive employee stock awards, including stock options, restricted stock awards and stock purchase plan contracts, using the treasury stock method.\nThe following table presents information necessary to calculate basic and diluted earnings per share (in thousands, except per share data):\nThere were 98,103, 103,547 and 505 potentially dilutive securities excluded from the dilutive share calculation for fiscal 2019, 2018 and 2017, respectively, as their effect was anti-dilutive.\n\n | | Fiscal | \n------------------------------------------------------ | ------- | -------- | --------\n | 2019 | 2018 | 2017 \nWeighted average shares outstanding—basic | 24,118 | 24,572 | 24,487 \nDilutive effect of employee stock awards | 161 | 279 | 290 \nWeighted average shares outstanding—diluted | 24,279 | 24,851 | 24,777 \nNet income from continuing operations | $53,825 | $247,360 | $208,644\nLoss from discontinued operations, net of income taxes | — | (2) | (1,522) \nNet income | $53,825 | $247,358 | $207,122\n\nEarnings Per Share\n average excluding unvested restricted stock. Diluted earnings increased dilutive employee stock awards options restricted stock awards contracts treasury stock method.\n table basic diluted earnings\n 98,103 103,547 505 potentially dilutive securities excluded 2019 2018 2017 anti-dilutive.\n average shares 24,118 24,572 24,487\n Dilutive effect employee stock awards\n 24,279 24,851 24,777\n Net income continuing operations $53,825 $247,360 $208,644\n Loss from discontinued operations net taxes\n $53,825 $247,358 $207" +} +{ + "_id": "d1b39d4aa", + "title": "", + "text": "Notes to Consolidated Financial Statements (Continued)\nThe following geographic information includes Property, plant and equipment, net, based on physical location (amounts in thousands):\n(1) No country included in this caption exceeded 1% of consolidated Property, plant and equipment net for fiscal years 2019 and 2018.\n\n | March 31, | \n----------------------- | --------- | --------\n | 2019 | 2018 \nUnited States | $57,095 | $49,530 \nJapan | 89,602 | 79,855 \nThailand | 82,389 | 74,100 \nMexico | 121,147 | 62,503 \nItaly | 35,197 | 39,398 \nChina | 45,815 | 36,396 \nPortugal | 31,872 | 29,073 \nMacedonia | 12,906 | 13,723 \nBulgaria | 5,480 | 5,597 \nSweden | 4,800 | 6,005 \nOther (1) | 8,977 | 9,136 \nTotal Non-United States | 438,185 | 355,786 \n | $495,280 | $405,316\n\nConsolidated Financial Statements\n geographic Property plant equipment\n No country 1% Property 2019 2018.\n United States $57,095 $49,530\n Japan 89,602 79,855\n Thailand 82,389 74,100\n Mexico 121,147 62,503\n Italy 35 39\n China 36,396\n Portugal\n Macedonia\n Bulgaria\n Sweden 6,005\n,977 9,136\n Non-United States,185,786\n $495,280 $405,316" +} +{ + "_id": "d1b35ff38", + "title": "", + "text": "Discontinued Operations\nIn December 2015, we completed the wind down of engineering, manufacturing and sales of our solar inverter product line (the \"inverter business\"). Accordingly, the results of our inverter business have been reflected as “Income (loss) from discontinued operations, net of income taxes” on our Consolidated Statements of Operations for all periods presented herein.\nThe effect of our sales of extended inverter warranties to our customers continues to be reflected in deferred revenue in our Consolidated Balance Sheets. Deferred revenue for extended inverter warranties and the associated costs of warranty service will be reflected in Sales and Cost of goods sold, respectively, from continuing operations in future periods in our Consolidated Statement of Operations, as the deferred revenue, is earned and the associated services are rendered. Extended warranties related to the inverter product line are no longer offered.\nADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nAssets and Liabilities of discontinued operations within the Consolidated Balance Sheets are comprised of the following:\n\n | December 31, | \n-------------------------------------------------- | ------------ | -------\n | 2019 | 2018 \nCash and cash equivalents | $ — | $ 5,251\nAccounts and other receivables, net | — | 406 \nInventories | 30 | 198 \nCurrent assets of discontinued operations | 30 | 5,855 \nOther assets | — | 67 \nDeferred income tax assets | 269 | 5,917 \nNon-current assets of discontinued operations | 269 | 5,984 \nAccounts payable and other accrued expenses | — | 350 \nAccrued warranty | 914 | 4,936 \nCurrent liabilities of discontinued operations | 914 | 5,286 \nAccrued warranty | 698 | 10,429 \nOther liabilities | 189 | 286 \nNon-current liabilities of discontinued operations | $887 | $10,715\n\nDiscontinued Operations\n December 2015, completed engineering manufacturing sales solar inverter product line. results reflected “Income (loss) discontinued operations net Consolidated Statements Operations.\n sales extended inverter warranties reflected deferred revenue Consolidated Balance Sheets. Deferred revenue costs service reflected Sales Cost goods sold continuing operations future. Extended warranties inverter no longer offered.\n ADVANCED ENERGY INDUSTRIES. CONSOLIDATED FINANCIAL STATEMENTS\n Assets Liabilities discontinued operations\n December 31,\n 2019 2018\n Cash equivalents 5,251\n Accounts receivables 406\n Inventories\n Current assets 5,855\n Other assets\n Deferred income tax assets 5,917\n Non-current assets\n Accounts payable accrued expenses 350\n 4,936\n Current liabilities 5,286\n 10,429\n Other liabilities 189 286\ndiscontinued $10,715" +} +{ + "_id": "d1b3575f4", + "title": "", + "text": "Foreign Currency Translation Impact on Consolidated Financial Results\nSince we are a U.S. domiciled company, we translate our foreign currency-denominated financial results into US Dollars. Due to the changes in the value of foreign currencies relative to the US Dollar, translating our financial results from foreign currencies to US Dollars may result in a favorable or unfavorable impact. Historically, the most significant currencies that have impacted the translation of our consolidated financial results are the euro, the Australian dollar, the Mexican peso, the British pound, the Canadian dollar, the Brazilian real and the Chinese Renminbi.\nThe following table presents the approximate favorable or (unfavorable) impact foreign currency translation had on certain of our consolidated financial results\n\n(In millions) | 2019 vs. 2018 | 2018 vs. 2017\n-------------------------------------------- | ------------- | -------------\nNet sales | $ (137.2) | $ (43.4) \nCost of sales | 98.4 | 31.7 \nSelling, general and administrative expenses | 16.3 | 1.0 \nNet earnings | (15.7) | (8.2) \nNon-U.S. GAAP Adjusted EBITDA | (25.3) | (11.1) \n\nCurrency Translation Impact Financial Results\n. translate foreign financial results US Dollars. changes translating results impact. significant currencies euro Australian dollar Mexican peso British pound Canadian dollar Brazilian real Chinese Renminbi.\n table impact foreign currency translation financial results\n 2019. 2018 2018. 2017\n Net sales $ (137. $ (43. 4)\n Cost sales 98. 31.\n Selling administrative expenses 16.\n Net earnings (15. (8.\n. GAAP Adjusted EBITDA (25. 3) (11." +} +{ + "_id": "d1b3b00fa", + "title": "", + "text": "Property and Equipment, Net\nProperty and equipment, net, consisted of the following (in thousands):\nDepreciation expense on property and equipment was $5.0 million, $6.4 million and $7.1 million for the years\nended December 31, 2019, 2018 and 2017, respectively\n\n | Useful life (in years) | December 31, 2019 | December 31, 2018\n------------------------------ | ---------------------- | ----------------- | -----------------\nEquipment | 1-3 | $22,702 | $49,804 \nSoftware | 1-3 | 726 | 4,088 \nFurniture and fixtures | 1-3 | 459 | 967 \nLeasehold improvements | 2-8 | 5,440 | 3,832 \nConstruction in progress | | -- | 160 \nProperty and equipment, gross | | 29,327 | 58,581 \nLess: accumulated depreciation | | (21,671) | (51,589) \nProperty and equipment, net | | $7,656 | $7,262 \n\nProperty Equipment Net\n Depreciation $5. million $6. 4 million $7. 1 million\n December 2019 2018 2017\n 31, 2019\n Equipment $22,702 $49,804\n Software 4,088\n Furniture fixtures\n Leasehold improvements 5,440 3,832\n Construction progress\n Property equipment 29,327 58,581\n accumulated depreciation (21,671) (51,589)\n $7,656 $7,262" +} +{ + "_id": "d1b3c5702", + "title": "", + "text": "Interest Expense\nNM-not meaningful\nInterest expense increased $621 million compared to 2018. Interest expense is presented in cost of financing in the Consolidated Income Statement only if the related external borrowings are to support the Global Financing external business. Overall interest expense (excluding capitalized interest) in 2019 was $1,952 million, an increase of $473 million year to year, driven by a higher average debt balance and higher interest rates as we issued debt to finance the Red Hat acquisition.\nOperating (non-GAAP) interest expense increased $393 million compared to the prior-year period. It excludes the Red Hat pre-closing debt financing costs.\n\n($ in millions) | | | \n------------------------------------- | ------ | ---- | -------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change\nInterest expense | $1,344 | $723 | 85.9% \nNon-operating adjustment | | | \nAcquisition-related charges | (228) | — | NM \nOperating (non-GAAP) interest expense | $1,116 | $723 | 54.4 \n\nInterest Expense\n increased $621 million 2018. financing Consolidated Income Statement borrowings Global Financing business. expense 2019 $1,952 million increase $473 million higher debt balance interest rates Red Hat acquisition.\n-GAAP expense increased $393 million. excludes Red Hat pre-closing debt financing costs.\n year December 31 2019 2018.\n Interest expense $1,344 $723.\n Non-operating adjustment\n Acquisition-related charges\n-GAAP expense $1,116 $723." +} +{ + "_id": "d1b3c6cec", + "title": "", + "text": "NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\nRevenue disaggregated by source is as follows:\n(1) Includes conversion of an existing royalty bearing license to a fully-paid license.\n(2) Revenue from the sale of the Company’s unsecured claim against Avaya, Inc. to an unaffiliated third party (see Note K[1] hereof).\nThe Company relies on royalty reports received from third party licensees to record its revenue. From time to time, the Company may audit or otherwise dispute royalties reported from licensees. Any adjusted royalty revenue as a result of such audits or dispute is recorded by the Company in the period in which such adjustment is agreed to by the Company and the licensee or otherwise determined.\nRevenue from the Company’s patent licensing business is generated from negotiated license agreements. The timing and amount of revenue recognized from each licensee depends upon a variety of factors, including the terms of each agreement and the nature of the obligations of the parties. These agreements may include, but not be limited to, elements related to past infringement liabilities, non-refundable upfront license fees, and ongoing royalties on licensed products sold by the licensee. Generally, in the event of settlement of litigation related to the Company’s assertion of patent infringement involving its intellectual property, defendants will either pay (i) a non-refundable lump sum payment for a non-exclusive fully-paid license (a “Fully-Paid License”), or (ii) a non-refundable lump sum payment (license initiation fee) together with an ongoing obligation to pay quarterly or monthly royalties to the Company for the life of the licensed patent (a “Royalty Bearing License”).\nThe Company’s license agreements, both Fully-Paid Licenses and Royalty Bearing Licenses, typically include some combination of the following: (i) the grant of a non-exclusive license to manufacture and/or sell products covered by its patented technologies; (ii) the release of the licensee from certain claims, and (iii) the dismissal of any pending litigation. The intellectual property rights granted pursuant to these licenses typically extend until the expiration of the related patents. Pursuant to the terms of these agreements, the Company typically has no further performance obligations with respect to the grant of the non-exclusive licenses. Generally, the license agreements provide for the grant of the licenses, releases, and other obligations following execution of the agreement and the receipt of the up-front lump sum payment for a Fully-Paid License or a license initiation fee for a Royalty Bearing License.\nOngoing Royalty Payments: Certain of the Company’s revenue from Royalty Bearing Licenses results from the calculation of royalties based on a licensee’s actual quarterly sales (one licensee pays monthly royalties) of licensed products, applied to a contractual royalty rate. Licensees that pay royalties on a quarterly basis generally report to the Company actual quarterly sales and related quarterly royalties due within 45 days after the end of the quarter in which such sales activity takes place. Licensees with Royalty Bearing Licenses are obligated to provide the Company with quarterly (or monthly) royalty reports that summarize their sales of licensed products and their related royalty obligations to the Company. The Company receives these royalty reports subsequent to the period in which its licensees underlying sales occurred. The amount of royalties due under Royalty Bearing Licenses, each quarter, cannot be reasonably estimated by management.\nConsequently, the Company recognizes revenue for the period in which the royalty report is received in arrears and other revenue recognition criteria are met.\n\n | Years Ended December 31, | \n------------------------ | ------------------------ | -------------\n | 2019 | 2018 \nFully-Paid Licenses | $130,000 (1) | $12,700,000 \nRoyalty Bearing Licenses | 2,907,000 | 3,086,000 \nOther Revenue | ― | 6,320,000 (2)\nTotal Revenue | $3,037,000 | $22,106,000 \n\nNOTE B ACCOUNTING POLICIES\n Revenue disaggregated by source\n Includes conversion royalty bearing license to fully-paid license.\n Revenue from sale Company’s unsecured claim against Avaya. to third party Note.\n Company relies on royalty reports third party licensees revenue. may audit dispute royalties. adjusted royalty revenue recorded.\n Revenue patent licensing business generated from negotiated license agreements. timing revenue depends factors terms agreement obligations. agreements include past infringement liabilities non-refundable upfront license fees ongoing royalties on licensed products. settlement litigation patent infringement defendants pay non sum non-exclusive fully-paid license or non-refundable sum payment initiation fee obligation pay royalties patent Bearing.\n license agreements include grant non-exclusive license to manufacture sell products patented technologies release licensee from claims dismissal of pending litigation.intellectual property rights licenses extend until expiration patents. Company no performance obligations non-exclusive licenses. license agreements provide grant licenses releases obligations following execution receipt up-front sum payment Fully-Paid initiation fee Royalty Bearing License.\n Ongoing Royalty Payments revenue from Royalty Bearing Licenses results royalties quarterly sales contractual royalty rate. Licensees report sales royalties within 45 days after end quarter. Licensees provide quarterly royalty reports royalty obligations. receives royalty reports. royalties due estimated.\n Company recognizes revenue for royalty report arrears criteria met.\n Years Ended December 31,\n 2019 2018\n Fully-Paid Licenses $130,000 $12,700,000\n Royalty Bearing Licenses 2,907,000 3,086,000\n Other Revenue 6,320,000\n Total Revenue $3,037,000 $22,106,000" +} +{ + "_id": "d1b2fe79c", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts) ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nThe following table presents our net sales by extended warranty and service contracts recognized over time and our product and service revenue recognized at a point in time:\n\n | | Years Ended December 31, | \n------------------------------------------------------------ | -------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nProduct and service revenue recognized at point in time | $786,918 | $715,055 | $667,440\nExtended warranty and service contracts recognized over time | 2,030 | 3,837 | 3,572 \nTotal | $788,948 | $718,892 | $671,012\n\nADVANCED ENERGY INDUSTRIES. STATEMENTS thousands share.\n table net sales extended warranty service contracts product service revenue\n Years Ended December 31,\n 2019 2018 2017\n Product service revenue $786,918 $715,055 $667,440\n Extended warranty service contracts 2,030 3,837 3,572\n Total $788,948 $718,892 $671,012" +} +{ + "_id": "d1b38cee8", + "title": "", + "text": "Sales and Marketing Expenses\nSales and marketing expenses increased $105 million, or 36%, in 2019 compared to 2018. The overall increase was primarily due to increased employee compensation-related costs, including\namortization of capitalized commissions, of $72 million, driven by headcount growth, and an increase in marketing program costs of $8 million. The increase in marketing program costs was driven by increased volume of advertising activities. Further contributing to the overall increase was an increase in allocated shared costs of $14 million.\nSales and marketing expenses increased $80 million, or 38%, in 2018 compared to 2017. The overall increase was primarily due to increased employee compensation-related costs, including amortization of capitalized commissions, of $55 million, driven by headcount growth, and an increase in marketing program costs of $10 million. The increase in marketing program costs was driven by increased volume of advertising activities. Further contributing to the overall increase was an increase in allocated shared costs of $11 million.\n\n | | Year Ended December 31, | | | \n------------------- | --------- | ----------------------- | ---------------------------------- | --------------------- | ---------------------\n | 2019 | 2018 | 2017 | 2018 to 2019 % change | 2017 to 2018 % change\n | | | (In thousands, except percentages) | | \nSales and Marketing | $ 396,514 | $ 291,668 | $ 211,918 | 36% | 38% \n\nSales Marketing Expenses\n increased $105 million 36% 2019 2018. due increased employee compensation costs\n amortization capitalized commissions $72 million headcount marketing program costs $8 million. advertising. allocated shared costs $14 million.\n marketing expenses increased $80 million 38% 2018 2017. due increased employee compensation costs amortization capitalized commissions $55 million headcount marketing program costs $10 million. advertising. allocated shared costs $11 million.\n Year Ended December 31,\n 2019 2019 % change\n Sales and Marketing $ 396,514 $ 291,668 $ 211,918 36%" +} +{ + "_id": "d1b3b5938", + "title": "", + "text": "Note 18—Composition of Certain Financial Statement Captions\n(1) During the year ended January 3, 2020 and December 28, 2018, the Company recognized $417 million and $146 million, respectively, of amortization related to its transition costs and project assets. (2) Balance represents items that are not individually significant to disclose separately.\n(3) Balances are net of $25 million and $29 million of dividends received during fiscal 2019 and fiscal 2018, respectively, that were recorded in cash flows provided by operating activities of continuing operations on the consolidated statements of cash flows.\n(4) During the year ended January 3, 2020, the Company combined \"Dividends payable and \"Income taxes payable\" with \"Accounts payable and accrued liabilities\" on the consolidated balance sheets. As a result, the prior year activity has been reclassified to conform with the current year presentation.\n\n Balance Sheet | January 3, 2020 | December 28, 2018\n------------------------------------------------------------------- | --------------- | -----------------\n | (in millions) | \nOther current assets: | | \nTransition costs and project assets(1) | $98 | $145 \nPre-contract costs | 6 | 41 \nOther(2) | 306 | 357 \n | $410 | $543 \nOther assets: | | \nTransition costs and project assets(1) | $207 | $22 \nEquity method investments(3) | 19 | 26 \nOther(2) | 200 | 134 \n | $426 | $182 \nAccounts payable and accrued liabilities: | | \nAccrued liabilities | $822 | $650 \nAccounts payable | 592 | 547 \nDeferred revenue | 400 | 276 \nOther(2)(4) | 23 | 18 \n | $1,837 | $1,491 \nAccrued payroll and employee benefits: | | \nAccrued vacation | $232 | $225 \nSalaries, bonuses and amounts withheld from employees’ compensation | 203 | 248 \n | $435 | $473 \n\nNote Financial Statement Captions\n January 3 2020 December 28, 2018 Company recognized $417 million $146 million amortization transition costs project assets. Balance not significant.\n Balances net $25 million $29 million dividends 2019 2018 recorded cash.\n January 3 2020 combined taxes payable accrued liabilities balance sheets. prior year activity reclassified current year presentation.\n Balance Sheet January 3, 2020 December 28, 2018\n assets\n Transition costs project $98 $145\n Pre-contract costs\n $410 $543\n Transition costs $207 $22\n Equity\n $426 $182\n Accounts payable accrued liabilities\n $822 $650\n Deferred revenue 276\n $1,837 $1,491\n Accrued payroll employee benefits\n $232 $225\n Salaries bonuses withheld compensation\n $435 $473" +} +{ + "_id": "d1b3af5a6", + "title": "", + "text": "We operate in the following two reportable segments, which are the same as our operating segments:\n• Enterprise Security. Our Enterprise Security segment focuses on providing our Integrated Cyber Defense solutions to help business and government customers unify cloud and on-premises security to deliver a more effective cyber defense solution, while driving down cost and complexity. • Consumer Cyber Safety. Our Consumer Cyber Safety segment focuses on providing cyber safety solutions under our Norton LifeLock brand to help consumers protect their devices, online privacy, identities, and home networks.\nOperating segments are based upon the nature of our business and how our business is managed. Our Chief Operating Decision Makers, comprised of our Chief Executive Officer and Chief Financial Officer, use our operating segment financial information to evaluate segment performance and to allocate resources.\nThere were no inter-segment sales for the periods presented. The following table summarizes the operating results of our reportable segments:\nNote 15. Segment and Geographic Information\n\n | | Year Ended | \n---------------------- | -------------- | -------------- | --------------\n(In millions) | March 29, 2019 | March 30, 2018 | March 31, 2017\nTotal segments: | | | \nNet revenues | $4,731 | $4,834 | $4,019 \nOperating income | $1,414 | $1,584 | $1,026 \nEnterprise Security: | | | \nNet revenues | $2,323 | $2,554 | $2,355 \nOperating income | $269 | $473 | $187 \nConsumer Cyber Safety: | | | \nNet revenues | $2,408 | $2,280 | $1,664 \nOperating income | $1,145 | $1,111 | $839 \n\noperate two segments same\n Enterprise Security. Integrated Cyber Defense solutions cloud on-premises security cost complexity. Consumer Cyber Safety. solutions Norton LifeLock brand devices online privacy identities home networks.\n Operating segments based business. Chief Operating Decision Makers use information performance allocate resources.\n no inter-segment sales. table summarizes operating results\n. Segment Geographic Information\n March 29, 2019 30 2018 31, 2017\n Total segments\n revenues $4,731 $4,834 $4,019\n Operating income $1,414 $1,584 $1,026\n Enterprise Security\n revenues $2,323 $2,554 $2,355\n Operating income\n Consumer Cyber Safety\n revenues $2,408 $2,280 $1\n Operating income $1" +} +{ + "_id": "d1b32ad4c", + "title": "", + "text": "5.1.3 Consolidated Shipments and Net Revenue in 2019 and 2018\nUnit: Shipments (thousand 12-inch equivalent wafers) / Net Revenue (NT$ thousands)\nNote 1: Domestic means sales to Taiwan. Note 2: Others mainly include revenue associated with packaging and testing services, mask making, design services, and royalties.\nNote 3: Commencing in 2018, the Company began to break down the net revenue by product based on a new method which associates most estimated sales returns and allowances with individual sales transactions, as opposed to the previous method which allocated sales returns and allowances based on the aforementioned gross revenue. The Company believes the new method provides a more relevant breakdown than the previous one.\n\n | | 2019 | | 2018 | \n--------------- | ----------------- | --------- | -------------------- | --------- | --------------------\n | | Shipments | Net Revenue (Note 3) | Shipments | Net Revenue (Note 3)\nWafer | Domestic (Note 1) | 1,678 | 91,259,259 | 1,575 | 81,718,513 \n | Export | 8,390 | 836,058,092 | 9,177 | 829,577,851 \nOthers (Note 2) | Domestic (Note 1) | N/A | 8,835,783 | N/A | 8,398,094 \n | Export | N/A | 133,832,314 | N/A | 111,779,099 \nTotal | Domestic (Note 1) | 1,678 | 100,095,042 | 1,575 | 90,116,607 \n | Export | 8,390 | 969,890,406 | 9,177 | 941,356,950 \n\n. Consolidated Shipments Net Revenue 2019 2018\n Shipments 12-inch wafers Net Revenue$ thousands\n Domestic sales Taiwan. packaging testing mask making design royalties.\n 2018 Company net revenue product new method estimated sales returns allowances transactions previous. new method relevant breakdown.\n 2018\n Shipments Net Revenue\n Domestic 1,678 91,259,259 1,575 81,718,513\n Export 8,390 836,058,092 9,177 829,577,851\n Others Domestic N/A 8,835,783 8,398,094\n Export 133,832,314 111,779,099\n Domestic 1,678 100,095,042 1,575 90,116,607\n Export 8,390 969,890,406 9,177 941,356,950" +} +{ + "_id": "d1b2efa6c", + "title": "", + "text": "Systems revenue of $7,604 million decreased 5.3 percent year to year as reported (4 percent adjusted for currency). Systems Hardware revenue of $5,918 million declined 7.0 percent as reported (6 percent adjusted for currency), driven primarily by declines in Power Systems and Storage Systems. Operating Systems Software revenue of $1,686 million grew 0.9 percent as reported (3 percent adjusted for currency) compared to the prior year.\nWithin Systems Hardware, IBM Z revenue decreased 1.1 percent as reported but was essentially flat adjusted for currency, reflecting the mainframe product cycles. Revenue declined through the first three quarters due to the end of the z14 product cycle, but there was strong growth in the fourth quarter driven by z15 shipments. The z15’s strong performance demonstrates client demand for technology that offers improved data privacy and resiliency in the hybrid cloud environment.\nThe z15 mainframe’s capabilities extend the platform’s differentiation with encryption everywhere, cloud-native development and instant recovery. In October, we announced OpenShift for IBM Z, bringing together the industry’s most comprehensive enterprise container and Kubernetes platform with the enterprise server\nplatforms of IBM Z and LinuxONE. IBM Z continues to deliver a high-value, secure and scalable platform for our clients.\nPower Systems revenue decreased 13.5 percent as reported (12 percent adjusted for currency) year to year, due to the strong performance during the second half of 2018 driven by Linux and the introduction of the POWER9-based architecture in our mid-range and high-end products.\nStorage Systems revenue decreased 8.9 percent as reported (8 percent adjusted for currency) year to year, with improvements in year-to-year performance in the fourth quarter of 2019, driven primarily by the launch of the next generation high-end storage\nsystem DS8900 in November.\nWithin Systems, cloud revenue of $2.9 billion declined 4 percent as reported and 3 percent adjusted for currency.\n\n($ in millions) | | | | \n------------------------------- | ------ | ------ | ------------------------- | -----------------------------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change | Yr.-to-Yr. Percent Change Adjusted for Currency\nSystems external revenue | $7,604 | $8,034 | (5.3)% | (4.1)% \nSystems Hardware | $5,918 | $6,363 | (7.0)% | (5.9)% \nIBM Z | | | (1.1) | (0.3) \nPower Systems | | | (13.5) | (12.1) \nStorage Systems | | | (8.9) | (7.6) \nOperating Systems Software | 1,686 | 1,671 | 0.9 | 2.6 \n\nSystems revenue $7,604 million decreased 5. 3 percent (4 percent adjusted. Hardware $5,918 million declined 7. percent (6 percent adjusted Power Systems Storage Systems. Operating Systems Software $1,686 million grew. 9 percent (3 percent adjusted prior year.\n IBM Z revenue decreased 1. percent flat adjusted. declined quarters z14 cycle strong growth fourth quarter z15 shipments. performance improved data privacy resiliency hybrid cloud.\n encryption cloud-native development instant recovery. OpenShift IBM Z container Kubernetes\n IBM Z LinuxONE. high-value secure scalable platform.\n Power Systems revenue decreased 13. 5 percent (12 percent adjusted performance Linux POWER9-based-end.\n Storage Systems revenue decreased 8. 9 percent improvements fourth quarter 2019 launch next generation high-end storage\n DS8900.\n cloud revenue $2. 9 billion declined 4 percent 3 percent adjusted currency.\n December 31.Percent. Currency\n revenue $7,604 $8,034 (5. (4.\n Hardware $5,918 $6,363 (7. (5.\n IBM Z.\n Power Systems (13.\n Storage Systems. (7.\n Operating Systems Software 1,686 1,671." +} +{ + "_id": "d1b323290", + "title": "", + "text": "Liquidity and Capital Resources\nAs of December 31, 2019, we had cash and cash equivalents of $92.7 million, restricted cash of $0.4 million, and net accounts receivable of $50.4 million. Additionally, as of December 31, 2019, our working capital was $115.2 million.\nOur primary uses of cash are to fund operating expenses, purchases of inventory, property and equipment, intangible assets, and from time to time, the acquisition of businesses. We also use cash to pay down outstanding debt. Our cash and cash equivalents are impacted by the timing of when we pay expenses as reflected in the change in our outstanding accounts payable and accrued expenses.\nCash used to fund operating expenses in our consolidated statements of cash flows excludes the impact of non-cash items such as stock-based compensation, amortization and depreciation of acquired intangible assets, leased right-of-use assets and property and equipment, and impairment of intangible assets and long-lived assets. Cash used to fund acquisitions of businesses and other capital purchases is included in investing activities in our consolidated statements of cash flows.\nOur primary sources of cash are cash receipts on accounts receivable from our shipment of products to distributors and direct customers. Aside from the amounts billed to our customers, net cash collections of accounts receivable are impacted by the efficiency of our cash collections process, which can vary from period to period depending on the payment cycles of our major distributor customers, and relative linearity of shipments period-to-period.\nOur credit agreement, under which we entered into a term loan to partially fund our acquisition of Exar, permits us to request incremental loans in an aggregate principal amount not to exceed the sum of $160.0 million (subject to adjustments for any voluntary prepayments), plus an unlimited amount that is subject to pro forma compliance with certain secured leverage ratio and total leverage ratio tests. We have not requested any incremental loans to date.\nFollowing is a summary of our working capital, cash and cash equivalents, and restricted cash for the periods indicated:\n\n | December 31, | \n---------------------------------------------------------------- | -------------- | -------\n | 2019 | 2018 \n | (in thousands) | \nWorking capital | $115,208 | 110,044\nCash and cash equivalents | $92,708 | $73,142\nShort-term restricted cash | 349 | 645 \nLong-term restricted cash | 60 | 404 \nTotal cash and cash equivalents, restricted cash and investments | $93,117 | 74,191 \n\nLiquidity Capital Resources\n December 31, 2019 cash equivalents $92. 7 million restricted cash $0. 4 million net accounts receivable $50. 4 million. working capital $115. 2 million.\n primary uses cash operating expenses purchases inventory property equipment intangible assets acquisition businesses. debt. cash equivalents impacted timing expenses accounts payable accrued expenses.\n Cash expenses excludes non-cash items stock-based compensation amortization depreciation acquired assets leased right-of-use assets property equipment impairment long-lived assets. Cash acquisitions capital purchases included investing activities.\n primary sources cash receipts shipment products distributors customers. net cash collections impacted efficiency cash collections process cycles linearity.\n credit agreement acquisition Exar request incremental loans not exceed $160. 0 million unlimited amount leverage tests. not requested incremental loans.\n summary working capital cash equivalents restricted cash periods\nDecember 31,\n 2018\n Working capital $115,208 110,044\n Cash equivalents $92,708 $73,142\n Short-term\n Long-term 60 404\n investments $93,117 74,191" +} +{ + "_id": "d1b38835c", + "title": "", + "text": "Other payables and accrued liabilities consisted of the following:\nDerivative instruments are further described in Note 27.\nAs of December 31, 2019, payables to equity-method investments was nil compared to $49 million as of December 31, 2018, as a result of the wind-down of the joint venture with Ericsson.\nOn January 1, 2019, the Company adopted the new guidance on lease accounting and the current portion of the lease obligation is now included in other payables and accrued liabilities. The impact of the adoption of this new guidance is further described in Note 11.\nOther payables and accrued liabilities also include individually insignificant amounts as of December 31, 2019 and December 31, 2018, presented cumulatively in line “Others”.\n\n | December 31, 2019 | December 31, 2018\n------------------------------------------------ | ----------------- | -----------------\nEmployee related liabilities | 375 | 384 \nEmployee compensated absences | 138 | 125 \nTaxes other than income taxes | 53 | 60 \nAdvances | 63 | 77 \nPayables to equity-method investments | — | 49 \nDerivative instruments | 7 | 34 \nProvision for restructuring | 10 | 22 \nDefined benefit plans – current portion | 10 | 12 \nDefined contribution plans – accrued benefits | 20 | 18 \nOther long-term benefits – current portion | 7 | 6 \nRoyalties | 21 | 26 \nCurrent lease obligation | 55 | — \nDeferred consideration for business combinations | 10 | — \nOthers | 62 | 61 \nTotal | 831 | 874 \n\npayables accrued liabilities\n Derivative instruments Note 27.\n December 31, 2019 payables equity-method investments nil $49 million December 31, 2018 wind-down joint venture Ericsson.\n January 1, 2019 adopted guidance lease accounting lease obligation included payables liabilities. impact Note 11.\n include insignificant amounts December 31, 2019 2018 line “Others”.\n Employee related liabilities 375 384\n compensated absences 138\n Taxes 53\n Advances\n Payables equity investments\n Derivative instruments\n Provision restructuring\n benefit plans\n contribution plans accrued\n long-term benefits\n Royalties\n Current lease obligation\n Deferred consideration business combinations\n Others\n 831" +} +{ + "_id": "d1b3bccba", + "title": "", + "text": "Years Ended December 31, 2019 and 2018:\nRevenue\nServices. Services revenue consists primarily of fees for customer support services generated from our partners. We provide these services remotely, generally using personnel who utilize our proprietary technology to deliver the services. Services revenue is also comprised of licensing of our Support.com Cloud applications. Services revenue for the year ended December 31, 2019 decreased by $4.9 million from 2018. The decrease in service revenue was primarily due to the decrease in the billable hours of our major customers. For the year ended December 31, 2019, services revenue generated from our partnerships was $56.6 million compared to $61.0 million for 2018. For the year ended December 31, 2019, direct services revenue was $2.9 million compared to $3.5 million for 2018. As with any market that is undergoing shifts, timing of downward pressures and growth opportunities in our services programs are difficult to predict. We are experiencing downward pressure with some of our services programs as personal computer and certain retail markets are subject to internal re-alignment and other sector specific softness. However, we still see opportunity in the market for growth with our service partners as a result of the evolving support market trends.\nSoftware and other. Software and other revenue is comprised primarily of fees for end-user software products provided through direct customer downloads, and, to a lesser extent, through the sale of these software products via partners. Software and other revenue for the year ended December 31, 2019 decreased compared with the year ended 2018 primarily due to the cancellation of a significant partner contract as well as some softness in new subscriptions and renewals. For the year ended December 31, 2019, direct software and other revenue was $1.9 million compared to $2.8 million for 2018. For the year ended December 31, 2019, software and other revenue generated from our partnerships was $1.9 million compared to $2.7 million for 2018.\n\n($ in thousands) | 2019 | % Change 2018 to 2019 | 2018 \n------------------ | ------- | --------------------- | -------\nServices | $59,545 | (8)% | $64,476\nSoftware and other | 3,788 | (25)% | 5,073 \nTotal revenue | $63,333 | (9)% | $69,549\n\nYears Ended December 31, 2019 2018:\n Revenue\n Services. fees customer support partners. provide remotely using proprietary technology. licensing Support. com Cloud applications. revenue December 2019 decreased $4. 9 million from 2018. due to billable hours major customers. 2019 revenue partnerships $56. 6 million compared $61. 0 million 2018. direct services revenue $2. 9 million $3. 5 million 2018. growth opportunities difficult predict. experiencing pressure computer retail markets re-alignment. opportunity growth evolving support market trends.\n Software other. revenue fees end-user software direct customer downloads sale via partners. revenue 2019 decreased due to cancellation partner contract softness new subscriptions renewals. 2019 direct software revenue $1. 9 million compared $2. 8 million 2018. revenue partnerships $1. 9 million compared $2. 7 million 2018.\n 2019 Change 2018\n Services $59,545 $64,476\n Software 3,788 5,073\n$63,333 $69,549" +} +{ + "_id": "d1b3b317e", + "title": "", + "text": "2 Alternative performance measures continued\nNet debt to earnings before interest, tax, depreciation and amortisation (EBITDA)\nTo assess the size of the net debt balance relative to the size of the earnings for the Group, we analyse net debt as a proportion of EBITDA. EBITDA is calculated by adding back depreciation and amortisation of owned property, plant and equipment, software and development to adjusted operating profit. Net debt excludes IFRS 16 lease liabilities. The net debt to EBITDA ratio is calculated as follows:\nThe components of net debt are disclosed in Note 24.\n\n | 2019 | 2018 \n---------------------------------------------------------------------------------------- | ----- | -----\n | £m | £m \nAdjusted operating profit | 282.7 | 264.9\nDepreciation and amortisation of property, plant and equipment, software and development | 34.3 | 32.9 \nEarnings before interest, tax, depreciation and amortisation | 317.0 | 297.8\nNet debt | 295.2 | 235.8\nNet debt to EBITDA | 0.9 | 0.8 \n\nperformance measures\n Net debt earnings before tax depreciation amortisation\n debt EBITDA. calculated depreciation amortisation property plant equipment software development operating profit. excludes IFRS 16 lease liabilities. EBITDA ratio\n components disclosed Note 24.\n Adjusted operating profit 282. 264.\n Depreciation amortisation property plant software development 34. 32.\n Earnings before interest tax depreciation amortisation 317. 297.\n debt 295. 235.\n EBITDA." +} +{ + "_id": "d1a7367c0", + "title": "", + "text": "34 Subsidiaries, joint ventures and associates (continued)\nOther entities\nIntu (SGS) Finance plc and Intu Metrocentre Finance plc are consolidated as subsidiaries in these financial statements but are not listed in the table above as the Group does not own the shares in these companies. These companies are vehicles set up on behalf of the Group for the sole purpose of issuing some of the Group’s listed debt. The Group’s obligations in respect of this debt via a back-to-back intercompany loan agreement between these companies and other Group companies, and security over investment property via a deed of charge between the security trustees and other Group companies, mean that the Group is deemed to have control of these companies.\nNon-controlling interests\nBy virtue of their 40 per cent interest in The Metrocentre Partnership, GIC Real Estate is entitled to appoint 40 per cent of the directors of Metrocentre (GP) Limited. GIC Real Estate through an intermediate entity also owns a 40 per cent interest in the capital of Metrocentre Lancaster LLP. £58.2 million of the non-controlling interest losses shown in the balance sheet at 31 December 2019 (2018: £12.7 million earnings) and £70.9 million of the non-controlling interest share of loss shown in the income statement for the year ended 31 December 2019 (2018: share of loss £41.5 million) relates to GIC Real Estate’s interest in these entities. Set out below is the summarised financial information of The Metrocentre Partnership and Metrocentre LLP at 100 per cent, as consolidated:\nThe balance sheet includes a non-controlling interest recoverable amount of £58.2 million (2018: £12.7 million attributable to noncontrolling interest). This amount is considered to be recoverable in view of the £195.4 million owed to the non-controlling interest (which is included in the Group’s borrowings in note 23).\n\n£m | 2019 | 2018 \n------------------------------------------ | ------- | -------\nSummarised income statement | | \nRevenue | 64.0 | 68.3 \nLoss for the year | (177.2) | (103.7)\nSummarised balance sheet | | \nInvestment and development property | 676.8 | 841.8 \nBorrowings – 4.125% bonds 2023 | (480.5) | (479.5)\nBorrowings – compound financial instrument | (488.5) | (473.8)\nOther net liabilities | (27.7) | (31.2) \nNet liabilities | (319.9) | (142.7)\n\nSubsidiaries joint ventures associates\n Intu (SGS) Finance Intu Metrocentre Finance plc consolidated subsidiaries not listed table Group own shares. issuing debt. obligations loan agreement security investment property deed charge companies.\n Non-controlling interests\n 40 per cent interest Metrocentre Partnership GIC Real Estate 40 directors Metrocentre Limited. GIC Real Estate owns 40 per cent interest Metrocentre Lancaster LLP. £58. 2 million non-controlling interest losses balance 31 December 2019 £12. £70. 9 million loss December 2019 £41. 5 million GIC Real Estate’s interest. financial information Metrocentre Partnership Metrocentre LLP consolidated\n balance sheet includes non-controlling interest recoverable £58. 2 million £12. 7 million. £195. 4 million owed non-controlling interest Group’s borrowings note 23.\n income statement\n Revenue 64. 68.\n Loss (177. (103. 7)\nbalance sheet\n Investment development property. 841.\n 4. 125% bonds 2023.\n financial instrument. (473.\n liabilities (27. 7) (31.\n (319. 9)" +} +{ + "_id": "d1b3aac4a", + "title": "", + "text": "Veradigm\nOur Veradigm segment derives its revenue from the provision of data-driven clinical insights with actionable tools for clinical workflow, research, analytics and media. Its solutions, targeted at key healthcare stakeholders, help improve the quality, efficiency and value of healthcare delivery – from biopharma to health plans, healthcare providers and patients, and health technology partners, among others.\nYear Ended December 31, 2019 Compared with the Year Ended December 31, 2018\nVeradigm revenue increased during the year ended December 31, 2019 compared with the prior year comparable period due to an increase in organic sales. Gross profit and income from operations increased for during the year ended December 31, 2019 due to an increase in organic sales and cost reductions partially offset with headcount growth and hosting migration costs. The acquisition of Practice Fusion during the first quarter of 2018 also contributed to the increases.\nGross margin and operating margin decreased during the year ended December 31, 2019, compared with the prior year comparable period, primarily due to (i) an increase in hosting migration costs, (ii) costs associated with recent acquisitions, (iii) headcount growth and (iv) partially offset with other cost reductions.\nYear Ended December 31, 2018 Compared with the Year Ended December 31, 2017\nVeradigm revenue, gross profit, gross margin and income from operations increased during the year ended December 31, 2018 compared with the prior year comparable period primarily due to the acquisition of Practice Fusion during the first quarter of 2018. Operating margin decreased during 2018 primarily due to higher personnel costs related to incremental resources from the Practice Fusion acquisition and to support anticipated new hosting client golives.\n\n | | | Year Ended December 31, | | \n---------------------- | -------- | -------- | ----------------------- | ----------------------- | -----------------------\n(In thousands) | 2019 | 2018 | 2017 | 2019 % Change from 2018 | 2018 % Change from 2017\nRevenue | $161,216 | $140,326 | $69,879 | 14.9% | 100.8% \nGross profit | $104,896 | $100,708 | $43,817 | 4.2% | 129.8% \nGross margin % | 65.1% | 71.8% | 62.7% | | \nIncome from operations | $43,996 | $43,641 | $23,816 | 0.8% | 83.2% \nOperating margin % | 27.3% | 31.1% | 34.1% | | \n\nVeradigm\n revenue from data-driven clinical insights tools for workflow research media. solutions healthcare stakeholders improve quality efficiency value healthcare delivery biopharma health plans providers patients health technology partners.\n Year Ended December 31, 2019\n Veradigm revenue increased organic sales. Gross profit income operations increased cost reductions offset headcount growth hosting migration costs. acquisition Practice Fusion contributed increases.\n Gross margin operating margin decreased due to hosting migration costs recent acquisitions headcount growth reductions.\n 2018\n Veradigm revenue gross profit margin income operations increased due acquisition Practice Fusion. Operating margin decreased higher personnel costs Practice Fusion acquisition hosting client.\n Year Ended December 31,\n 2019 2018 % Change\n Revenue $161,216 $140,326 $69,879 14. 9%. 8%\n Gross profit $104,896 $100,708 $43,817 4. 2% 129. 8%\nmargin 65. 71. 62. 7%\n Income operations $43,996 $23,816.\n Operating margin 27. 31. 34." +} +{ + "_id": "d1b32c2c8", + "title": "", + "text": "PSU plan\nThe Corporation also offers a Performance Share Unit (\"PSU\") Plan for the benefit of its executive officers and designated employees. The objectives of the PSU Plan are to retain executive officers and designated employees, to align their interests with those of the shareholders and to sustain positive corporate performance, as measured by an economic value creation formula, a performance measure used by management.\nThe number of PSUs is based on the dollar value of the award and the average closing stock price of the Corporation for the previous twelve month period ending August 31. The PSUs vest over a three-year less one day period, based on the level of increase in the economic value of the Corporation or the relevant subsidiary for the preceding three-year period ending August 31, meaning that no vesting will occur if there is no increase in the economic value.\nThe participants are entitled to receive dividend equivalents in the form of additional PSUs but only with respect to vested PSUs. PSUs are redeemable in case of death, permanent disability, normal retirement or termination of employment not for cause, in which cases, the holder of PSUs is entitled to payment of the PSUs in proportion to the time of employment from the date of the grant to the date of termination versus the three-year less one day vesting period.\nA trust was created for the purpose of purchasing these shares on the stock market in order to protect against stock price fluctuation and the Corporation instructed the trustee to purchase subordinate voting shares of the Corporation on the stock market. These shares are purchased and are held in trust for the participants until they are fully vested. The trust, considered as a special purpose entity, is consolidated in the Corporation’s financial statements with the value of the acquired subordinate voting shares held in trust under the PSU Plan presented in reduction of share capital.\nUnder the PSU Plan, the following PSUs were granted by the Corporation and are outstanding at August 31: Years ended August 31, 2019\n(1) For the year ended August 31, 2019, the Corporation granted 14,625 (19,025 in 2018) PSUs to Cogeco's executive officers as executive officers of the Corporation.\nA compensation expense of $1,400,000 ($2,198,000 in 2018) was recorded for the year ended August 31, 2019 related to this plan.\n\nYears ended August 31, | 2019 | 2018 \n------------------------------------------ | -------- | --------\nOutstanding, beginning of the year | 133,181 | 115,207 \nGranted (1) | 45,800 | 65,525 \nPerformance-based additional units granted | 200 | 2,639 \nDistributed | (43,319) | (41,441)\nCancelled | (31,889) | (12,184)\nDividend equivalents | 3,578 | 3,435 \nOutstanding, end of the year | 107,551 | 133,181 \n\nPSU plan\n Corporation offers Performance Share Unit Plan executive officers employees. objectives retain officers employees interests with shareholders sustain positive corporate performance measured by economic value creation formula.\n PSUs based on dollar value average closing stock price previous twelve month period August 31. PSUs vest over three-year period based on economic value Corporation no vesting no increase economic value.\n participants receive dividend equivalents additional PSUs vested PSUs. PSUs redeemable death disability retirement termination employment holder entitled payment proportion time employment grant to termination three-year vesting.\n trust created purchasing shares stock market against stock price fluctuation purchase voting shares. shares purchased held trust until fully vested. trust consolidated in financial statements with value acquired voting shares share capital.\n PSUs granted outstanding at August 31 2019\n 2019 granted 14,625 (19,025 in 2018) PSUs to Cogeco's executive officers.\ncompensation expense $1,400,000$2,198,000 2018) August 31, 2019.\n 133,181 115,207\n 45,800 65,525\n units 2,639\n (43,319)\n Cancelled (31,889 (12,184)\n Dividend equivalents 3,578 3,435\n 107,551 133,181" +} +{ + "_id": "d1b31330e", + "title": "", + "text": "NOTE 15 – INCOME TAXES\nAs of December 31, 2019, the Company had net operating loss carry-forwards for federal income tax purposes of approximately $18.3 million, consisting of pre-2018 losses in the amount of approximately $14.3 million that expire from 2020 through 2037, and post-2017 losses in the amount of approximately $4 million that never expire. These net operating losses are available to offset future taxable income. The Company was formed in 2006 as a limited liability company and changed to a corporation in 2007. Activity prior to incorporation is not reflected in the Company’s corporate tax returns. In the future, the cumulative net operating loss carry-forward for income tax purposes may differ from the cumulative financial statement loss due to timing differences between book and tax reporting.\nThe provision for Federal income tax consists of the following for the years ended December 31, 2019 and 2018:\nThe provision for Federal income tax consists of the following for the years ended December 31, 2019 and 2018:\n\n | 2019 | 2018 \n------------------------------------------------------------- | --------- | ---------\nFederal income tax benefit (expense) attributable to: | | \nCurrent operations | $848,000 | $(48,000)\nAcquisition costs | (143,000) | - \nChange in fair value of contingent consideration | (133,000) | - \nOther permanent items | 29,000 | (36,000) \nDeferred Adjustment | (913,000) | - \nValuation allowance | 1,209,960 | 84,000 \nNet provision for federal income tax | $897,960 | $- \n\nINCOME TAXES\n December 31, 2019 Company net operating loss federal income tax $18. 3 million pre-2018 losses $14. 3 million 2020 2037 post-2017 losses $4 million. losses offset future taxable income. formed 2006 limited liability corporation 2007. not reflected corporate tax returns. cumulative operating loss may differ differences.\n provision Federal income tax 2019\n income tax benefit\n Current operations $848,000\n Acquisition costs (143,000\n Change fair value contingent consideration\n Other permanent items 29,000\n Deferred Adjustment (913,000\n Valuation allowance 1,209,960\n Net provision federal income tax $897,960" +} +{ + "_id": "d1b3b69d2", + "title": "", + "text": "Non-GAAP operating income, net income, and diluted earnings per share (“EPS”) exclude the net tax impact of transfer of intangible properties, the net tax impact of the TCJA, and restructuring expenses. Refer to the Non-GAAP Financial Measures section below for a reconciliation of our financial results reported in accordance with GAAP to non-GAAP financial results.\nFiscal Year 2019 Compared with Fiscal Year 2018\nRevenue increased $15.5 billion or 14%, driven by growth across each of our segments. Intelligent Cloud revenue increased, driven by server products and cloud services. Productivity and Business Processes revenue increased, driven by Office and LinkedIn. More Personal Computing revenue increased, driven by Surface, Gaming, and Windows.\nGross margin increased $10.9 billion or 15%, driven by growth across each of our segments. Gross margin percentage increased slightly, due to gross margin percentage improvement across each of our segments and favorable segment sales mix. Gross margin included a 5 percentage point improvement in commercial cloud, primarily from Azure.\nOperating income increased $7.9 billion or 23%, driven by growth across each of our segments.\nKey changes in expenses were:\n\n• Cost of revenue increased $4.6 billion or 12%, driven by growth in commercial cloud, Surface, and Gaming.\n\n• Research and development expenses increased $2.2 billion or 15%, driven by investments in cloud and artificial intelligence (“AI”) engineering, Gaming, LinkedIn, and GitHub.\n\n• Sales and marketing expenses increased $744 million or 4%, driven by investments in commercial sales capacity, LinkedIn, and GitHub, offset in part by a decrease in marketing. Sales and marketing expenses included a favorable foreign currency impact of 2%.\nCurrent year net income included a $2.6 billion net income tax benefit related to intangible property transfers and a $157 million net charge related to the enactment of the TCJA, which together resulted in an increase to net income and diluted EPS of $2.4 billion and $0.31, respectively. Prior year net income and diluted EPS were negatively impacted by the net charge related to the enactment of the TCJA, which resulted in a decrease to net income and diluted EPS of $13.7 billion and $1.75, respectively.\nFiscal Year 2018 Compared with Fiscal Year 2017\nRevenue increased $13.8 billion or 14%, driven by growth across each of our segments. Productivity and Business Processes revenue increased, driven by LinkedIn and higher revenue from Office. Intelligent Cloud revenue increased, primarily due to higher revenue from server products and cloud services. More Personal Computing revenue increased, driven by higher revenue from Gaming, Windows, Search advertising, and Surface, offset in part by lower revenue from Phone.\nGross margin increased $9.7 billion or 16%, due to growth across each of our segments. Gross margin percentage increased slightly, driven by favorable segment sales mix and gross margin percentage improvement in More Personal Computing. Gross margin included a 7 percentage point improvement in commercial cloud, primarily from Azure.\nOperating income increased $6.0 billion or 21%, driven by growth across each of our segments. LinkedIn operating loss increased $63 million to $987 million, including $1.5 billion of amortization of intangible assets. Operating income included a favorable foreign currency impact of 2%.\nKey changes in expenses were: • Cost of revenue increased $4.1 billion or 12%, mainly due to growth in our commercial cloud, Gaming, LinkedIn, and Search advertising, offset in part by a reduction in Phone cost of revenue. • Sales and marketing expenses increased $2.0 billion or 13%, primarily due to LinkedIn expenses and investments in commercial sales capacity, offset in part by a decrease in Windows marketing expenses. • Research and development expenses increased $1.7 billion or 13%, primarily due to investments in cloud engineering and LinkedIn expenses. • General and administrative expenses increased $273 million or 6%, primarily due to LinkedIn expenses.\nFiscal year 2018 net income and diluted EPS were negatively impacted by the net charge related to the enactment of the TCJA, which resulted in a decrease to net income and diluted earnings per share of $13.7 billion and $1.75, respectively. Fiscal year 2017 operating income, net income, and diluted EPS were negatively impacted by restructuring expenses, which resulted in a decrease to operating income, net income, and diluted EPS of $306 million, $243 million, and $0.04, respectively.\n\n(In millions, except percentages and per share amounts) | 2019 | 2018 | 2017 | Percentage Change 2019 Versus 2018 | Percentage Change 2018 Versus 2017\n------------------------------------------------------- | ----------- | ---------- | --------- | ---------------------------------- | ----------------------------------\nRevenue | $ 125,843 | $ 110,360 | $ 96,571 | 14% | 14% \nGross margin | 82,933 | 72,007 | 62,310 | 15% | 16% \nOperating income | 42,959 | 35,058 | 29,025 | 23% | 21% \nNet income | 39,240 | 16,571 | 25,489 | 137% | (35)% \nDiluted earnings per share | 5.06 | 2.13 | 3.25 | 138% | (34)% \nNon-GAAP operating income | 42,959 | 35,058 | 29,331 | 23% | 20% \nNon-GAAP net income | 36,830 | 30,267 | 25,732 | 22% | 18% \nNon-GAAP diluted earnings per share | 4.75 | 3.88 | 3.29 | 22% | 18% \n\nNon-GAAP income diluted earnings exclude properties TCJA restructuring expenses. Non-GAAP Financial Measures reconciliation.\n Fiscal Year 2019\n Revenue increased $15. 5 billion 14% growth. Intelligent Cloud server cloud. Productivity Business Processes Office LinkedIn. Personal Computing Surface Gaming Windows.\n Gross margin increased $10. 9 billion 15% growth. percentage increased sales mix. 5 percentage point improvement commercial cloud Azure.\n Operating income increased $7. 9 billion 23% growth.\n Cost revenue increased $4. 6 billion 12% commercial cloud Surface Gaming.\n Research development expenses increased $2. 2 billion 15% cloud Gaming LinkedIn GitHub.\n Sales marketing expenses increased $744 million 4% LinkedIn GitHub marketing. foreign currency impact 2%.\n net income $2. 6 billion tax benefit intangible property transfers $157 million charge enactment TCJA income diluted EPS $2. 4 billion $0. Prior year negatively impacted TCJA $13. 7 billion..\n 2018\n Revenue increased $13. 8 billion 14% growth. Productivity Business Processes LinkedIn Office. Intelligent Cloud server cloud services. Personal Computing Gaming Windows Search advertising Surface lower Phone.\n Gross margin increased $9. 7 billion 16% growth. percentage sales. 7 percentage point improvement commercial cloud Azure.\n Operating income increased $6. billion 21% growth. LinkedIn operating loss increased $63 million $987 million $1. 5 billion amortization intangible assets. foreign currency impact 2%.\n Cost revenue increased $4. 1 billion 12% growth commercial cloud Gaming LinkedIn Search advertising reduction Phone. Sales marketing expenses increased $2. billion 13% LinkedIn commercial sales Windows. Research development expenses increased $1. 7 billion 13% cloud engineering LinkedIn expenses. General administrative expenses increased $273 million 6% LinkedIn expenses.\n 2018 net income diluted EPS impacted TCJA earnings $13. billion. 2017 restructuring expenses $306 million $243 million.\nmillions percentages amounts 2019 2018 2017\n Revenue 125,843 110,360 96,571 14%\n Gross margin 82,933 72,007 62,310\n Operating income 42,959 35,058 29,025\n Net income 39,240 16,571 25,489 137%\n Diluted earnings per share.\n Non-GAAP income 42,959 35,058 29,331 23%\n-GAAP net income 36,830 30,267 25,732 22%\n-GAAP diluted earnings per share." +} +{ + "_id": "d1b2ee676", + "title": "", + "text": "Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA\nConsolidated earnings before interest, taxes, depreciation and amortization expenses (Consolidated EBITDA) and Consolidated Adjusted EBITDA, which are presented below, are non-generally accepted accounting principles (GAAP) measures that we believe are useful to management, investors and other users of our financial information in evaluating operating profitability on a more variable cost basis as they exclude the depreciation and amortization expense related primarily to capital expenditures and acquisitions that occurred in prior years,\nas well as in evaluating operating performance in relation to Verizon’s competitors. Consolidated EBITDA is calculated by adding back interest, taxes, and depreciation and amortization expenses to net income.\nConsolidated Adjusted EBITDA is calculated by excluding from Consolidated EBITDA the effect of the following non-operational items: equity in losses of unconsolidated businesses and other income and expense, net, as well as the effect of special items. We believe that this measure is useful to management, investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance.\nWe believe that Consolidated Adjusted EBITDA is widely used by investors to compare a company’s operating performance to its competitors by minimizing impacts caused by differences in capital structure, taxes and depreciation policies. Further, the exclusion of non-operational items and special items enables comparability to prior period performance and trend analysis. See “Special Items” for additional information.\nIt is management’s intent to provide non-GAAP financial information to enhance the understanding of Verizon’s GAAP financial information, and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure.\nWe believe that non-GAAP measures provide relevant and useful information, which is used by management, investors and other users of our financial information, as well as by our management in assessing both consolidated and segment performance. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies.\n† Includes Pension and benefits mark-to-market adjustments and early debt redemption costs, where applicable. ‡ Includes Product realignment charges and impairment charges, where applicable. § Excludes depreciation and amortization expense.\nThe changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above were primarily a result of the factors described in connection with operating revenues and operating expenses.\n\n | | (dollars in millions)\n--------------------------------------------------- | -------- | ---------------------\nYears Ended December 31, | 2019 | 2018 \nConsolidated Net Income | $19,788 | $16,039 \nAdd: | | \nProvision for income taxes | 2,945 | 3,584 \nInterest expense | 4,730 | 4,833 \nDepreciation and amortization expense | 16,682 | 17,403 \nConsolidated EBITDA | 44,145 | 41,859 \nAdd (Less): | | \nOther (income) expense, net† | 2,900 | (2,364) \nEquity in losses of unconsolidated businesses‡ | 15 | 186 \nSeverance charges | 204 | 2,157 \nAcquisition and integration related charges§ | — | 531 \nProduct realignment charges§ | — | 450 \nImpairment charges | 186 | 4,591 \nNet gain from dispositions of assets and businesses | (261) | — \nConsolidated Adjusted EBITDA | $ 47,189 | $ 47,410 \n\nConsolidated Net Income EBITDA Adjusted EBITDA\n earnings before interest taxes depreciation amortization non accepted accounting principles (GAAP) measures useful management investors evaluating profitability depreciation amortization capital expenditures\n evaluating operating performance Verizon’s competitors. EBITDA calculated interest taxes depreciation amortization expenses net income.\n Adjusted EBITDA non-operational items equity losses unconsolidated businesses income expense net special items. useful investors evaluating effectiveness operations business trends.\n Consolidated Adjusted EBITDA operating performance competitors impacts differences capital structure taxes depreciation policies. exclusion non-operational items special items enables comparability prior period performance trend analysis. See “Special Items” information.\n provide non-GAAP financial information understanding Verizon’s GAAP financial information financial statements GAAP. non-GAAP financial measure presented with GAAP measure.\nnon-GAAP measures provide information used management users consolidated segment performance. not comparable.\n Includes Pension benefits mark-to adjustments early debt redemption costs. Product realignment impairment charges. Excludes depreciation amortization expense.\n changes Consolidated Net Income EBITDA Adjusted EBITDA operating revenues expenses.\n Ended December\n Consolidated Net Income $19,788 $16,039\n Provision income taxes 2,945\n Interest expense\n Depreciation amortization expense 16,682 17,403\n Consolidated EBITDA 44,145 41,859\n Other expense 2,900\n Equity losses unconsolidated\n Severance charges\n Acquisition integration\n Product realignment\n Impairment charges\n gain dispositions assets businesses\n Consolidated Adjusted EBITDA $ 47,189 $ 47,410" +} +{ + "_id": "d1b39b150", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nThe components of the accrued cost of the post-retirement life insurance plan are classified in the following lines in the Consolidated Balance Sheets at December 31:\n\n | Post-Retirement Life Insurance Plan | \n-------------------------------------- | ----------------------------------- | --------\n | 2019 | 2018 \nAccrued expenses and other liabilities | $(393) | $(407) \nLong-term pension obligations | (4,373) | (4,188) \nTotal accrued cost | $(4,766) | $(4,595)\n\nFINANCIAL STATEMENTS\n accrued post-retirement insurance plan Balance Sheets December 31\n Post-Retirement Life Insurance Plan\n Accrued expenses liabilities $(393)\n Long-term pension obligations (4,373),188\n accrued cost(4,766)(4,595)" +} +{ + "_id": "d1b32d4b6", + "title": "", + "text": "The following changes occurred in the amount of unrecognized tax benefits (in thousands):\nFor the year ended December 31, 2019, 2018 and 2017, the Company has recorded income tax expense of $128,000, $143,000 and $76,000, respectively, related to uncertain tax positions. The Company’s policy is to recognize potential interest and penalties related to unrecognized tax benefits associated with uncertain tax positions, if any, in the income tax provision. At December 31, 2019, 2018 and 2017, the Company had accrued $22,000, $15,000 and $11,000 in interest and penalties related to uncertain tax positions.\nThe Company is subject to taxation in the United States and various states along with other foreign countries. The Company has not been notified that it is under audit by the IRS or any state or foreign taxing authorities, however, due to the presence of NOL carryforwards, all of the income tax years remain open for examination in each of these jurisdictions. The Company does not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease in the next 12 months.\nDeferred income taxes have not been provided for undistributed earnings of the Company’s consolidated foreign subsidiaries because of the Company’s intent to reinvest such earnings indefinitely in active foreign operations. At December 31, 2019, the Company had $0.6 million in unremitted earnings that were permanently reinvested related to its consolidated foreign subsidiaries.\n\n | | Year Ended December 31 | \n------------------------------------------------- | ---- | ---------------------- | ----\n | 2019 | 2018 | 2017\nBeginning balance of unrecognized tax benefits | $469 | $326 | $250\nAdditions for current year tax positions | 106 | 142 | 65 \nReductions for prior year tax positions | — | (14) | — \nEnding balance (excluding interest and penalties) | 575 | 454 | 315 \nInterest and penalties | 22 | 15 | 11 \nTotal | $597 | $469 | $326\n\nchanges unrecognized tax benefits\n 2019 2018 2017 Company tax expense $128,000 $143,000 $76,000 uncertain tax positions. interest penalties unrecognized tax benefits. December 2019 2017 accrued $22,000 $15,000 $11,000 interest penalties.\n Company subject to taxation United States states foreign countries. under audit IRS state foreign taxing authorities NOL carryforwards income tax years open. unrecognized tax benefits increase next 12 months.\n Deferred income taxes provided undistributed earnings foreign subsidiaries. December 31, 2019 $0. 6 million unremitted earnings reinvested subsidiaries.\n Ended December\n balance unrecognized tax benefits $469 $326 $250\n Additions current year tax positions 106 142 65\n Reductions prior year tax positions\n Ending balance interest penalties 575 454 315\n Interest penalties\n Total $597 $469 $326" +} +{ + "_id": "d1b3bb81a", + "title": "", + "text": "Cash flows from operating activities: Our largest source of operating cash flows is cash collections from our customers following the purchase and renewal of their license support agreements. Payments from customers for these support agreements are generally received near the beginning of the contracts’ terms, which are generally one year in length. Over the course of a fiscal year, we also have historically generated cash from the sales of new licenses, cloud services, hardware offerings and services. Our primary uses of cash from operating activities are for employee related expenditures, material and manufacturing costs related to the production of our hardware products, taxes, interest payments and leased facilities.\nNet cash provided by operating activities decreased during fiscal 2019 compared to fiscal 2018 primarily due to certain unfavorable cash changes in working capital balances, primarily unfavorable changes associated with income taxes including the first installment payment made pursuant to the transition tax provisions of the Tax Act during fiscal 2019 (see additional discussion of future installment payments pursuant to the Tax Act’s transition tax under “Contractual Obligations” below).\nCash flows from investing activities: The changes in cash flows from investing activities primarily relate to our acquisitions, the timing of our purchases, maturities and sales of our investments in marketable debt securities and investments in capital and other assets, including certain intangible assets, to support our growth.\nNet cash provided by investing activities was $26.6 billion during fiscal 2019 compared to $5.6 billion of net cash used for investing during fiscal 2018. The increase in net cash provided by investing activities during fiscal 2019 was primarily due to an increase in sales and maturities of, and a decrease in purchases of, marketable securities and other investments.\nCash flows from financing activities: The changes in cash flows from financing activities primarily relate to borrowings and repayments related to our debt instruments as well as stock repurchases, dividend payments and net proceeds related to employee stock programs.\nNet cash used for financing activities during fiscal 2019 increased compared to fiscal 2018 primarily due to increased stock repurchases as we used $36.1 billion of cash to repurchase common stock during fiscal 2019 compared to $11.3 billion during fiscal 2018.\n\n | | Year Ended May 31, | \n---------------------------------------------------- | --------- | ------------------ | --------\n(Dollars in millions) | 2019 | Change | 2018 \nNet cash provided by operating activities | $14,551 | -5% | $15,386 \nNet cash provided by (used for) investing activities | $26,557 | 572% | $(5,625)\nNet cash used for financing activities | $(42,056) | 321% | $(9,982)\n\nCash flows operating activities largest source cash collections from customers license support agreements. Payments received beginning contracts’ terms one year. cash from sales new licenses cloud services hardware services. primary uses cash for employee expenditures material manufacturing costs taxes interest payments leased facilities.\n Net cash decreased 2019 due to unfavorable cash changes working capital income taxes first installment payment transition tax provisions.\n Cash flows from investing activities changes relate to purchases maturities sales debt securities capital assets.\n Net cash $26. 6 billion 2019 compared to $5. 6 billion 2018. increase due to increase sales maturities decrease purchases marketable securities investments.\n Cash flows from financing activities changes relate to borrowings repayments debt instruments stock repurchases dividend payments proceeds employee stock programs.\n Net cash increased due to increased stock repurchases used $36. 1 billion common stock $11. 3 billion 2018.\nEnded May 31,\n millions 2019\n operating $14,551 -5% $15,386\n investing $26,557 572% $(5,625)\n financing $(42,056) 321% $(9,982)" +} +{ + "_id": "d1b36c06c", + "title": "", + "text": "(8) Computer Software\nComputer software, net consists of the following (in millions):\nIn the fourth quarter of 2019, we entered into agreements to acquire software in exchange for a combination of cash consideration and certain of our products and services. The software was acquired for $32.0 million, of which software valued at $6.5 million was received as of December 31, 2019 and resulted in non-cash investing activity of $4.8 million.\n\n | December 31, | \n----------------------------- | ------------ | -------\n | 2019 | 2018 \nInternally developed software | $808.2 | $746.0 \nPurchased software | 78.9 | 60.7 \nComputer software | 887.1 | 806.7 \nAccumulated amortization | (481.1) | (401.1)\nComputer software, net | $406.0 | $405.6 \n\nComputer Software\n fourth quarter 2019 acquire software cash products services. acquired $32. million valued $6. 5 million December 31, 2019 non investing $4. 8 million.\n 2019 2018\n developed software $808. $746.\n Purchased software 78. 60.\n 887. 806.\n Accumulated amortization (481. (401.\n $406. $405." +} +{ + "_id": "d1a72e41c", + "title": "", + "text": "Note 3 – Net Income per Share\nPotentially dilutive securities that have been excluded from the calculation of diluted net income per common share because the effect is anti-dilutive are as follows:\n\nFiscal Year Ended | | | \n-------------------------------- | ----------------- | ----------------- | -----------------\n | December 27, 2019 | December 28, 2018 | December 29, 2017\nRestricted Share Awards (“RSAs”) | 132,861 | 42 | 84,511 \nStock options | — | — | 201,799 \nConvertible notes | 76,384 | — | — \n\nNet Income per Share\n dilutive securities excluded income\n Fiscal Year Ended\n December 27, 2019 28, 2018 29, 2017\n Restricted Share Awards 132,861 84,511\n Stock options 201,799\n Convertible notes 76,384" +} +{ + "_id": "d1b3034b8", + "title": "", + "text": "(9) Property, Plant and Equipment\nNet property, plant and equipment is composed of the following:\n(1) Fiber, conduit and other outside plant consists of fiber and metallic cable, conduit, poles and other supporting structures.\n2) Central office and other network electronics consists of circuit and packet switches, routers, transmission electronics and electronics providing service to customers.\n(3) Support assets consist of buildings, cable landing stations, data centers, computers and other administrative and support equipment.\n(4) Construction in progress includes inventory held for construction and property of the aforementioned categories that has not been placed in service as it is still under construction.\nWe recorded depreciation expense of $3.1 billion, $3.3 billion and $2.7 billion for the years ended December 31, 2019, 2018 and 2017, respectively.\n\n | Depreciable Lives | As of December 31 | \n----------------------------------------------- | ----------------- | --------------------- | --------\n | | 2019 | 2018 \n | | (Dollars in millions) | \nLand | N/A | $867 | 871 \nFiber, conduit and other outside plant(1) | 15-45 years | 24,666 | 23,936 \nCentral office and other network electronics(2) | 3-10 years | 19,608 | 18,736 \nSupport assets(3) | 3-30 years | 7,984 | 8,020 \nConstruction in progress(4) | N/A | 2,300 | 1,704 \nGross property, plant and equipment | | 55,425 | 53,267 \nAccumulated depreciation | | (29,346) | (26,859)\nNet property, plant and equipment | | $26,079 | 26,408 \n\nProperty Plant Equipment\n Fiber conduit plant cable conduit poles structures.\n Central office network electronics switches routers transmission electronics.\n Support assets buildings cable stations data centers computers administrative equipment.\n Construction progress inventory.\n depreciation expense $3. 1 billion $3. 3 billion $2. 7 billion December 2019 2018 2017.\n Depreciable Lives December 31\n $867\n Fiber conduit 15-45 years 24,666\n Central office network 3-10 years 19,608 18,736\n Support 3-30 years 7,984 8,020\n Construction N/A 2,300\n Gross property plant equipment 55,425 53,267\n Accumulated depreciation\n Net property $26,079 26,408" +} +{ + "_id": "d1b37f52c", + "title": "", + "text": "12 Earnings per share\n(a) Basic and diluted earnings per share\n1 The weighted average number of shares used has been adjusted to remove shares held in the ESOP\n2 Diluted shares include the impact of any dilutive convertible bonds, share options and share awards.\nDuring 2017 the Group incurred a £49.4 million share related charge in relation to its Spanish development partner Eurofund’s future interests in the share capital of the intu Costa del Sol development company. The positive impact of this share related charge on equity attributable to owners of intu properties plc is a credit to retained earnings of £49.4 million. Subsequent to 31 December 2019, the Group has received the final ratifications required for full planning to become effective and therefore we expect the positive impact on retained earnings to reverse, once these arrangements are formally concluded.\n\n | 2019 | | | 2018 | | 2018 \n-------- | -------- | -------------- | -------------------- | --------- | -------------- | --------------------\n | Loss £m | Shares million | Loss per share pence | Loss £m | Shares million | Loss per Share pence\nBasic1 | (1950.9) | 1,344.5 | (145.1)p | (1,132.2) | 1,343.7 | (84.3)p \nDiluted2 | (1950.9) | 1,344.5 | (145.1)p | (1,132.2) | 1,343.7 | (84.3)p \n\nEarnings per share\n Basic diluted earnings\n weighted average adjusted remove shares ESOP\n Diluted shares include impact dilutive convertible bonds options awards.\n 2017 Group incurred £49. 4 million share charge Spanish partner Eurofund’s future interests intu Costa del Sol. positive impact equity intu retained earnings £49. 4 million. 31 December 2019 Group received final ratifications planning positive impact earnings reverse arrangements concluded.\n 2018\n Loss £m Shares million Loss per share pence\n (1950. 9) 1,344.,132. 1,343.\n Diluted2. 1,344. 1,343." +} +{ + "_id": "d1b31c198", + "title": "", + "text": "(l) Cash, Cash Equivalents and Restricted Cash\nCash equivalents consist of highly liquid investments with maturities of three months or less on the date of purchase. Restricted cash includes cash and cash equivalents that is restricted through legal contracts, regulations or our intention to use the cash for a specific purpose. Our restricted cash primarily relates to refundable deposits and funds held in escrow.\nThe following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the total amounts shown in the statements of cash flows (in thousands):\n\n | December 31, 2019 | December 31, 2018\n--------------------------------------------------------------------------------------------- | ----------------- | -----------------\nCash and cash equivalents | $19,505 | $18,017 \nRestricted cash | 1,205 | 1,444 \nTotal cash, cash equivalents and restricted cash in the consolidated statements of cash flows | $20,710 | $19,461 \n\nCash Equivalents Restricted Cash\n equivalents liquid investments maturities three months. Restricted cash restricted contracts regulations purpose. refundable deposits funds escrow.\n cash equivalents restricted cash consolidated balance sheets cash flows\n December 2019 2018\n Cash equivalents $19,505 $18,017\n Restricted cash 1,205 1,444\n Total cash equivalents restricted cash flows $20,710 $19,461" +} +{ + "_id": "d1b371742", + "title": "", + "text": "(1) Exclude adjustments related to the migration to the new customer management system implemented during the third quarter of fiscal 2018.\nDuring the third quarter of fiscal 2018, the Canadian broadband services segment implemented a new customer management system, replacing 22 legacy systems. While the customer management system was still in the stabilization phase, contact center congestion resulted in lower services activations during most of the fourth quarter of fiscal 2018. Contact center and marketing operations had returned to normal at the end of the first quarter of 2019.\nVariations of each services are also explained as follows:\nINTERNET Fiscal 2019 fourth-quarter Internet service customers net additions stood at 2,540 compared to net losses of 2,965 for the same period of the prior year mainly due to: • the ongoing interest in high speed offerings; • the sustained interest in bundle offers; and • the increased demand from Internet resellers; partly offset by • competitive offers in the industry.\nVIDEO Fiscal 2019 fourth-quarter video service customers net losses stood at 8,164 compared to 15,953 for the same period of the prior year as a result of: • highly competitive offers in the industry; and • a changing video consumption environment; partly offset by • customers' ongoing interest in digital advanced video services; and • customers' interest in video services bundled with fast Internet offerings.\nTELEPHONY Fiscal 2019 fourth-quarter telephony service customers net additions amounted to 2,778 compared to net losses 16,900 for the same period of the prior year mainly due to: • more telephony bundles due to additional promotional activity in the second half of fiscal 2019; and • growth in the business sector; partly offset by • increasing wireless penetration in North America and various unlimited offers launched by wireless operators causing some customers to cancel their landline telephony services for wireless telephony services only.\n\n | | Net additions (losses) | Net additions (losses) \n--------------------------- | --------------- | ----------------------------- | -----------------------------\n | | Three months ended August 31, | Three months ended August 31,\n | August 31, 2019 | 2019 | 2018(1) \nPrimary service units | 1,810,366 | (2,846) | (35,818) \nInternet service customers | 788,243 | 2,540 | (2,965) \nVideo service customers | 649,583 | (8,164) | (15,953) \nTelephony service customers | 372,540 | 2,778 | (16,900) \n\nExclude adjustments migration new customer management system third quarter fiscal 2018.\n third quarter Canadian broadband services segment implemented new customer management system replacing 22 systems. contact center congestion lower services activations fourth quarter 2018. Contact center marketing operations returned normal first quarter 2019.\n Variations services explained\n INTERNET Fiscal 2019 fourth-quarter net additions 2,540 losses 2,965 prior year due high speed bundle offers increased demand Internet resellers offset competitive offers.\n VIDEO 2019 fourth-quarter net losses 8,164 15,953 prior year competitive offers changing video consumption environment offset digital video services fast Internet.\n TELEPHONY 2019 fourth-quarter net additions 2,778 losses 16,900 prior year due more telephony bundles promotional activity growth business sector offset increasing wireless penetration unlimited offers wireless cancel landline services wireless.\n Net additions (losses\n Three months ended August 31,\n1,810,366\n Internet 788,243 2,540\n Video 649,583 (8,164)\n Telephony 372,540 2,778,900" +} +{ + "_id": "d1b345ac0", + "title": "", + "text": "28 Parent entity financial information\nThe individual financial statements for the parent entity show the following aggregate amounts:\nNEXTDC Limited acquired Asia Pacific Data Centre (“APDC”) on 18 October 2018 (refer to note 26). Following acquisition, the entities comprising APDC were subsequently wound up, and the underlying properties were transferred to a new entity established by NEXTDC - NEXTDC Holdings Trust No. 1 (refer to note 27). This resulted in the above loss in the parent entity on derecognition of its investment in APDC, while a corresponding gain was recorded in NEXTDC Holdings Trust No. 1 on transfer of the properties.\n(a) Reserves\nDue to the requirements of accounting standards, the loan provided by NEXTDC Limited (parent entity) to NEXTDC Share Plan Pty Ltd requires the loan in respect of the loan funded share plan to be recorded as an issue of treasury shares and a corresponding debit to equity (treasury share reserve).\n(b) Guarantees entered into by the parent entity in relation to the debts of its subsidiaries\nAs at 30 June 2019, NEXTDC Limited did not have any guarantees in relation to the debts of subsidiaries.\n(c) Contingent liabilities of NEXTDC Limited (parent entity)\nThe parent entity did not have any contingent liabilities as at 30 June 2019 or 30 June 2018. For information about guarantees given by the parent entity, please see above.\n(d) Contractual commitments by NEXTDC for the acquisition of property, plant and equipment\nContractual commitments detailed in Note 17 relate to NEXTDC Limited as parent entity.\n(e) Determining the parent entity financial information\nThe financial information for the parent entity has been prepared on the same basis as the consolidated financial statements, except as set out below.\n(i) Tax consolidation legislation\nNEXTDC Limited and its wholly-owned Australian controlled entities have implemented the tax consolidation legislation.\nThe head entity, NEXTDC Limited, and the controlled entities in the tax consolidated Group account for their own current and deferred tax amounts. These tax amounts are measured as if each entity in the tax consolidated Group continues to be a stand-alone taxpayer in its own right.\nIn addition to its own current and deferred tax amounts, NEXTDC Limited also recognises the current tax liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from controlled entities in the tax consolidated Group.\nThe entities have also entered into a tax funding agreement under which the wholly-owned entities fully compensate NEXTDC Limited for any current tax payable assumed and are compensated by NEXTDC Limited for any current tax receivable and deferred tax assets relating to unused tax losses or unused tax credits that are transferred to NEXTDC Limited under the tax consolidation legislation. The funding amounts are determined by reference to the amounts recognised in the wholly-owned entities’ financial statements.\nThe amounts receivable/payable under the tax funding agreement are due upon receipt of the funding advice from the head entity, which is issued as soon as practicable after the end of each financial year. The head entity may also require payment of interim funding amounts to assist with its obligations to pay tax instalments.\nAssets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as current amounts receivable from or payable to other entities in the Group.\nAny difference between the amounts assumed and amounts receivable or payable under the tax funding agreement are recognised as a contribution to (or distribution from) wholly-owned tax consolidated entities.\n(ii) Investments in subsidiaries, associates and joint venture entities\nInvestments in subsidiaries are accounted for at cost in the financial statements of NEXTDC Limited.\n\n | 30 June 2019 | 30 June 2018\n---------------------------------------------- | ------------ | ------------\n | $'000 | $'000 \nCurrent assets | 447,698 | 464,222 \nNon-current assets | 1,121,500 | 771,702 \nTOTAL ASSETS | 1,569,198 | 1,235,924 \nCurrent liabilities | 63,382 | 36,484 \nNon-current liabilities | 886,979 | 305,463 \nTOTAL LIABILITIES | 950,361 | 341,947 \nNET ASSETS | 618,837 | 893,977 \nShareholders' equity | | \nContributed equity | 905,117 | 904,247 \nReserves | 6,285 | 6,005 \nRetained earnings | (292,565) | (16,275) \nTOTAL EQUITY | 618,837 | 893,977 \nProfit/(loss) for the year after tax | (266,311) | 6,639 \nTotal comprehensive income/(loss) for the year | (261,657) | 6,639 \n\nParent entity financial information\n financial statements show amounts\n NEXTDC Limited acquired Asia Pacific Data Centre 18 October 2018 26. entities APDC wound up properties transferred new entity NEXTDC Holdings Trust No. 1. resulted loss parent entity derecognition investment APDC gain NEXTDC Holdings Trust. 1 transfer properties.\n Reserves\n loan NEXTDC Limited to NEXTDC Share Plan Pty Ltd requires treasury shares debit to equity.\n Guarantees parent entity debts subsidiaries\n 30 June 2019 guarantees.\n Contingent liabilities NEXTDC Limited\n 30 June 2019 2018.\n Contractual commitments NEXTDC property plant equipment\n Note 17 relate NEXTDC Limited parent entity.\n parent entity financial information\n prepared consolidated financial statements.\n Tax consolidation legislation\n NEXTDC Limited controlled entities implemented tax legislation.\n entity controlled entities account for current deferred tax amounts.tax amounts measured entity Group stand-alone taxpayer.\n NEXTDC Limited recognises current tax liabilities deferred tax assets from unused tax losses credits from controlled entities Group.\n entities tax funding agreement compensate NEXTDC Limited current tax payable receivable deferred tax assets unused tax losses credits transferred. funding amounts determined wholly-owned entities’ financial statements.\n amounts receivable/payable due funding advice from head entity financial year. interim funding amounts tax.\n Assets liabilities tax funding agreements recognised current receivable payable entities Group.\n difference between amounts assumed receivable contribution to wholly-owned consolidated entities.\n Investments in subsidiaries associates joint venture entities\n accounted cost in financial statements NEXTDC Limited.\n 2019 June 2018\n Current assets 447,698,222\n Non-current assets 1,121,500 771,702\n1,569,198 1,235,924\n 63,382,484\n 886,979 305,463\n 950,361 341,947\n ASSETS 618,837 893,977\n 905,117 904,247\n Reserves,285\n earnings (292,565) (16,275)\n 618,837 893,977\n Profit (266,311) 6,639\n" +} +{ + "_id": "d1b3963b2", + "title": "", + "text": "A summary of options outstanding and vested as of December 31, 2019 is as follows:\nThe total intrinsic value of options exercised during 2019, 2018, and 2017 was $318.5 million, $17.4 million, and $6.6 million, respectively.\nThe weighted average grant date fair value of options granted during the years ended December 31, 2019, 2018, and 2017, was $19.80, $9.07, and $6.44 per share, respectively. During the year ended December 31, 2019, 2,141,078 options vested. There were 2,939,947 options unvested as of December 31, 2019.\nAs of December 31, 2019, $30.3 million of total unrecognized compensation cost related to stock options was expected to be recognized over a weighted average period of approximately 2.5 years.\n\n | Options Outstanding | | Options Vested and Exercisable | \n--------------- | ------------------- | -------------------------------- | ------------------------------ | --------------------------------\nExercise Prices | Number Outstanding | Weighted Average Life (in Years) | Number Vested and Exercisable | Weighted Average Life (in Years)\n$1.50 to $1.90 | 32,913 | 1.4 | 32,913 | 1.4 \n2.86 to 6.40 | 209,126 | 3.3 | 209,126 | 3.3 \n8.04 to 11.72 | 498,869 | 4.2 | 498,869 | 4.2 \n12.20 to 15.06 | 2,227,421 | 6.7 | 1,587,924 | 6.5 \n16.06 to 24.00 | 1,772,062 | 8.1 | 560,632 | 8.1 \n31.99 to 42.21 | 847,010 | 9.0 | 42,839 | 8.7 \n55.10 to 79.25 | 297,341 | 9.5 | 12,492 | 9.3 \n | 5,884,742 | | 2,944,795 | \n\nsummary options vested December 31, 2019\n total value options 2019 2018 2017 $318. 5 million $17. 4 million $6. 6 million.\n weighted average value options 31, 2019 2018 2017 $19. 80 $9. 07 $6. 44 per share. 31, 2019 2,141,078 options vested. 2,939,947 options unvested December 31, 2019.\n $30. 3 million unrecognized compensation cost stock options recognized 2. 5 years.\n Options Outstanding Vested Exercisable\n Weighted Average Life Years\n $1. 50 to $1. 90 32,913.\n. 209,126.\n. 11.,869. 498,869.\n. 2,227,421. 1,587,924.\n. 1,772,062 8. 560,632.\n. 847,010. 42,839.\n. 297,341.\n 5,884,742 2,944,795" +} +{ + "_id": "d1b2f72a8", + "title": "", + "text": "19. Inventories\nNote\n1. Finished goods in 2018 includes $1.8 million relating to deferred costs which has been reclassified from trade and other receivables; see note 2 for further details.\nAn expense of $1.6 million (2018 $0.1 million) has been charged to the income statement in the year for inventory write-downs. There were no reversals of prior period inventory write-downs (2018 nil).\nNo inventories are carried at fair value less costs to sell (2018 nil).\n\n | 2019 | 2018 \n---------------- | --------- | ---------\n | $ million | $ million\nRaw materials | 4.8 | 6.6 \nWork in progress | 1.2 | 1.2 \nFinished goods¹ | 14.6 | 19.7 \n | 20.6 | 27.5 \n\n. Inventories\n. Finished goods 2018 $1. 8 million deferred costs reclassified trade receivables 2.\n expense $1. 6 million. charged income statement inventory write-downs. no reversals prior inventory write-downs.\n inventories fair value less costs sell.\n Raw materials 4.\n Work progress.\n Finished 14. 19\n 20. 27." +} +{ + "_id": "d1b2ec5ba", + "title": "", + "text": "Earnings per Share—Basic earnings per share were calculated using net earnings and the weighted-average number of shares of common stock outstanding during the respective year. Diluted earnings per share were calculated using net earnings and the weighted-average number of shares of common stock and potential common stock associated with stock options outstanding during the respective year. The effects of potential common stock were determined using the treasury stock method:\nAs of and for the years ended December 31, 2019, 2018 and 2017, there were 0.627, 0.724 and 0.478 outstanding stock options, respectively, that were not included in the determination of diluted earnings per share because doing so would have been antidilutive.\n\nYears ended December 31, | | | \n------------------------------------------- | ----- | ----- | -----\n | 2019 | 2018 | 2017 \nBasic weighted-average shares outstanding | 103.9 | 103.2 | 102.2\nEffect of potential common stock: | | | \nCommon stock awards | 1.2 | 1.2 | 1.3 \nDiluted weighted-average shares outstanding | 105.1 | 104.4 | 103.5\n\nEarnings calculated net earnings weighted shares common stock. Diluted earnings calculated net earnings weighted-average potential stock options. effects potential common stock determined treasury stock method\n years December 31, 2019 2018 2017. 627. 724. 478 outstanding stock options not included diluted earnings.\n Years December\n Basic weighted-average shares 103. 9. 2 102.\n Effect potential common stock\n Common stock awards 1.\n Diluted weighted-average shares 105. 104. 4 103." +} +{ + "_id": "d1b35c7a2", + "title": "", + "text": "Other Income (Loss), Net The components of other income (loss), net, are summarized as follows (in millions):\nThe total change in net gains (losses) on available-for-sale debt investments was primarily attributable to lower realized losses as a result of market conditions, and the timing of sales of these investments.\nThe total change in net gains (losses) on marketable equity investments was attributable to market value fluctuations and the timing of recognition of gains and losses.\nThe change in net gains (losses) on non-marketable equity and other investments was primarily due to lower realized gains, partially offset by higher unrealized gains.\nThe change in other gains (losses), net was primarily driven by higher donation expense in the prior year.\n\n | | Years Ended | | 2019 vs. 2018 \n------------------------------------------- | ------------- | ------------- | ------------- | -------------------\n | July 27, 2019 | July 28, 2018 | July 29, 2017 | Variance in Dollars\nGains (losses) on investments, net: | | | | \nAvailable-for-sale debt investments | $(13) | $(242) | $(42) | $229 \nMarketable equity investments | (3) | 529 | (45) | (532) \nNon-marketable equity and other investments | 6 | 11 | (46) | (5) \nNet gains (losses) on investments | (10) | 298 | (133) | (308) \nOther gains (losses), net | (87) | (133) | (30) | 46 \nOther income (loss), net | $(97) | $165 | $(163) | $(262) \n\nIncome Net summarized\n change gains debt investments lower losses market conditions timing sales.\n marketable equity investments market value fluctuations timing.\n non equity investments lower gains offset higher unrealized gains.\n gains driven higher donation expense.\n 2019. 2018\n July 2019 2018 2017 Variance Dollars\n Gains (losses investments\n-for-sale debt investments $(13)(242) $229\n Marketable equity investments 529 (45) (532)\n Non-marketable equity other investments 6 11 (46) (5)\n Net gains (losses (133) (308)\n Other gains (87) (133) (30)\n income $(97) $165 $(163) $(262)" +} +{ + "_id": "d1b3becc2", + "title": "", + "text": "In 2019 we recognized other income, net of expenses, of $103 million, increasing compared to $53 million in 2018, mainly benefitting from the grants associated with the programs part of the European Commission IPCEI in Italy and in France, partially offset by a higher level of start-up costs associated with the production ramp up of the 200 mm fab recently acquired from Micron Technology Inc. in Singapore.\nIn 2018 we recognized other income, net of expenses, of $53 million, slightly decreasing compared to $55 million in 2017, mainly due to lower level of R&D grants.\n\n | Year Ended December 31, | Year Ended December 31, | Year Ended December 31,\n------------------------------------------------- | ----------------------- | ----------------------- | -----------------------\n | 2019 | 2018 | 2017 \n | (In millions) | (In millions) | (In millions) \nResearch and development funding | $132 | $52 | $65 \nPhase-out and start-up costs | (38) | (1) | (8) \nExchange gain (loss), net | — | 4 | 4 \nPatent costs | (1) | (8) | (9) \nGain on sale of businesses and non-current assets | 7 | 8 | 4 \nOther, net | 3 | (2) | (1) \nOther income and expenses, net | $103 | $53 | $55 \nAs percentage of net revenues | 1.1% | 0.5% | 0.7% \n\n2019 recognized income $103 million increasing $53 million 2018 grants European Commission IPCEI Italy France offset higher start-up costs production 200 mm fab Micron Technology. Singapore.\n 2018 recognized income $53 million decreasing $55 million 2017 lower R&D grants.\n Ended December\n 2019 2018 2017\n Research development funding $132 $52 $65\n Phase-out start-up costs (38) (1) (8)\n Exchange gain 4\n Patent costs\n Gain sale businesses non-current assets 7\n Other\n income expenses $103 $53 $55\n percentage net revenues. 1%. 5%. 7%" +} +{ + "_id": "d1b31dff2", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe data for fiscal 2019, 2018 and 2017 and as of August 31, 2019 and 2018 are derived from the audited Consolidated Financial Statements and related Notes that are included elsewhere in this report. The data for fiscal 2016 and 2015 and as of August 31, 2017, 2016 and 2015 are derived from the audited Consolidated Financial Statements and related Notes that are not included in this report. The selected financial data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our Consolidated Financial Statements and related Notes included elsewhere in this report.\n(1) Effective September 1, 2018, we adopted FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) and eliminated our net revenues presentation and FASB ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Prior period amounts have been revised to conform with the current period presentation.\n(2) Includes the impact of a $258 million charge associated with tax law changes recorded during fiscal 2018. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations for Fiscal 2018 Compared to Fiscal 2017—Provision for Income Taxes.”\n(3) Includes the impact of a $312 million, post-tax, pension settlement charge recorded during fiscal 2017. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations for Fiscal 2018 Compared to Fiscal 2017—Pension Settlement Charge.”\n(4) Includes the impact of a $745 million, post-tax, gain on sale of businesses recorded during fiscal 2016.\n(5) Includes the impact of a $39 million, post-tax, pension settlement charge recorded during fiscal 2015.\n\n | | Fiscal | | | \n---------------------------------------- | ------- | ----------------------------- | ------------ | ------------ | ------------\n | 2019 | 2018 (1) (2) | 2017 (1) (3) | 2016 (1) (4) | 2015 (1) (5)\n | | (in millions of U.S. dollars) | | | \nIncome Statement Data | | | | | \nRevenues | $43,215 | $40,993 | $36,177 | $34,254 | $32,406 \nOperating income | 6,305 | 5,899 | 5,191 | 4,846 | 4,526 \nNet income | 4,846 | 4,215 | 3,635 | 4,350 | 3,274 \nNet income attributable to Accenture plc | 4,779 | 4,060 | 3,445 | 4,112 | 3,054 \nEarnings Per Class A Ordinary Share | | | | | \nBasic | $7.49 | $6.46 | $5.56 | $6.58 | $4.87 \nDiluted | 7.36 | 6.34 | 5.44 | 6.45 | 4.76 \nDividends per ordinary share | 2.92 | 2.66 | 2.42 | 2.20 | 2.04 \n\nITEM 6. SELECTED FINANCIAL DATA\n data fiscal 2019 2018 2017 August 31, 2019 derived from audited Consolidated Financial Statements related Notes. data fiscal 2016 2015 August derived Notes. data read with “Management’s Discussion Analysis Financial Condition Results Consolidated Financial Statements Notes.\n September 1, 2018 adopted FASB ASU No. 2014-09 Revenue Contracts Customers (Topic 606) eliminated net revenues presentation FASB ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715) Net Periodic Pension Cost Postretirement Benefit Cost. Prior amounts revised current period presentation.\n impact $258 million charge tax law changes fiscal 2018.\n $312 million pension settlement charge fiscal 2017.\n impact $745 million post-tax gain on sale businesses fiscal 2016.\n $39 million pension settlement charge fiscal 2015.\n 2019 2018 2017 2016 2015\nmillions.\n Income Statement\n Revenues $43,215 $40,993 $36,177 $34,254 $32,406\n Operating income 6,305 5,899\n Net income 4,215 3,635,350 3,274\n Accenture 4,779 4,060 4,112\n Earnings Share\n $7. 49 $6. 46 $5. 56 $6. 58 $4. 87\n.\n Dividends ordinary share 2. 92. 66." +} +{ + "_id": "d1a740464", + "title": "", + "text": "Prepayments\nPrepayments consist of the following and are included in prepayments and other current assets on the balance sheet:\n\n | 2019 | 2018 \n---------------------------------------------- | -------------- | --------\n | (in thousands) | \nContract manufacturer and supplier prepayments | $143,392 | $131,642\nPrepaid taxes | 8,046 | 9,646 \nPrepaid maintenance and other services | 8,503 | 8,487 \nOther prepayments | 16,753 | 12,744 \nTotal prepayments | $176,694 | $162,519\n\nPrepayments\n balance\n 2018\n Contract manufacturer supplier prepayments $143,392 $131,642\n taxes 8,046 9,646\n maintenance services 8,503 8,487\n prepayments 16,753 12,744\n $176,694 $162,519" +} +{ + "_id": "d1b3a4ea8", + "title": "", + "text": "In 2019 we recorded $5 million of impairment, restructuring charges and other related closure costs, mainly consisting of impairment of equipment and licenses dedicated exclusively to certain development projects that were cancelled, while no alternative future use was identified internally.\nIn 2018 we recorded $21 million of impairment, restructuring charges and other related closure costs, consisting of: (i) $19 million related to the set-top box restructuring plan and (ii) $2 million of impairment of acquired technologies, for which it was determined that they had no future alternative use.\nIn 2017 we recorded $45 million of impairment, restructuring charges and other related closure costs, primarily consisting of: (i) $34 million of net restructuring charges related to the set-top box restructuring plan; (ii) $13 million of restructuring charges related to the restructuring plan in Bouskoura, Morocco;\n(iii) $3 million charge relating to the update of the existing unused lease provision and (iv) $5 million income for the reversal of provisions related to previously announced restructuring plans, mainly the Embedded Processing Solutions business restructuring plan, for which accrued provisions were not fully used at completion of the plan.\n\n | | Year Ended December 31, | \n----------------------------------------------------------------- | ---- | ----------------------- | -----\n | 2019 | 2018 | 2017 \n | | (In millions) | \nImpairment, restructuring charges and other related closure costs | $(5) | $(21) | $(45)\n\n2019 recorded $5 million impairment costs equipment licenses development projects cancelled no alternative use identified.\n 2018 recorded $21 million $19 million set-top box restructuring plan $2 million acquired technologies no future alternative use.\n 2017 recorded $45 million impairment costs $34 million set-top box plan $13 million Bouskoura Morocco\n $3 million update unused lease provision $5 million reversal provisions restructuring plans Embedded Processing Solutions restructuring plan accrued provisions not used completion.\n Year Ended December 31,\n 2019 2018 2017\n millions\n Impairment restructuring charges closure costs $(5)" +} +{ + "_id": "d1b330d1e", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe following selected consolidated financial data is not necessarily indicative of results of future operations, and should be read in conjunction with Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations,” and the consolidated financial statements and related notes thereto included in Item 8 of this Form 10-K to fully understand factors that may affect the comparability of the information presented below.\nThe financial data for the fiscal years ended January 31, 2019 and 2018 are derived from, and are qualified by reference to, the audited consolidated financial statements that are included in this Form 10-K. The Consolidated Statements of Operations and the Consolidated Statements of Cash Flows data for the fiscal year ended January 31, 2017 are derived from, and are qualified by reference to, the audited consolidated financial statements that are included in this Form 10-K. The Consolidated Balance Sheet data for the fiscal year ended January 31, 2017 and the remaining financial data for the fiscal years ended January 31, 2016 and 2015 are derived from audited, consolidated financial statements which are not included in this Form 10-K.\n(1) Reflects the impact of the adoption of new accounting standards in fiscal year 2019 related to revenue recognition. See Part II, Item 8, Note 1, Business and Summary of Significant Accounting Policies, Accounting Standards Adopted, of our consolidated financial statements for additional information.\n\n | | | Fiscal Year Ended January 31, | | \n----------------------------------- | ------------------------------------ | -------- | ----------------------------- | -------- | --------\n | 2019 (1) | 2018 | 2017 | 2016 | 2015 \n | (In millions, except per share data) | | | | \nFor the fiscal year: | | | | | \nNet revenue | $2,569.8 | $2,056.6 | $2,031.0 | $2,504.1 | $2,512.2\n(Loss) income from operations | (25.0) | (509.1) | (499.6) | 1.3 | 120.7 \nNet (loss) income | (80.8) | (566.9) | (582.1) | (330.5) | 81.8 \nCash flow from operations | $377.1 | $0.9 | $169.7 | $414.0 | $708.6 \nCommon stock data: | | | | | \nBasic net (loss) income per share | $(0.37) | $(2.58) | $(2.61) | $(1.46) | $0.36 \nDiluted net (loss) income per share | $(0.37) | $(2.58) | $(2.61) | $(1.46) | $0.35 \nAt year end: | | | | | \nTotal assets | $4,729.2 | $4,113.6 | $4,798.1 | $5,515.3 | $4,909.7\nLong-term liabilities | 2,638.9 | 2,246.4 | 1,879.1 | 2,304.7 | 1,290.4 \nStockholders’ (deficit) equity | $(210.9) | $(256.0) | $733.6 | $1,619.6 | $2,219.2\n\nITEM 6. SELECTED FINANCIAL DATA\n consolidated financial data not indicative future operations read with Item 7's Discussion Analysis Financial Condition Results Operations financial statements notes Item 8 Form 10-K comparability.\n financial data fiscal years January 31, 2019 2018 derived audited financial statements 10-K. Consolidated Operations Cash Flows January 31, 2017. Consolidated Balance Sheet data 2017 remaining data 2016 2015 derived audited statements not Form 10-K.\n impact new accounting standards fiscal 2019 revenue recognition. See Part II Item 8 Note 1 Business Summary Significant Accounting Policies Standards information.\n Fiscal Year Ended January 31,\n 2019 2018 2017 2016 2015\n millions\n Net revenue $2,569. $2,056. $2,031. $2,504. $2,512.\n (Loss) income operations (25. (509. (499. 120.\n Net (loss) income (80.(566. 9) (582. (330. 5) 81. 8\n Cash flow $377. $169. $414. $708.\n stock data\n (loss income share. 37. 61. 46.\n income share. 37.\n end\n assets $4,729. $4,113. $4,798. $5,515. $4,909.\n liabilities 2,638. 2,246. 4 1,879. 2,304. 1,290.\n Stockholders’ equity(210. $733. $1,619. $2,219." +} +{ + "_id": "d1b359084", + "title": "", + "text": "15. Product Warranties\nThe Company generally provides its customers with a one-year warranty regarding the manufactured quality and functionality of its products. For some limited products, the warranty period has been extended. The Company establishes warranty reserves based on its product history, current information on repair costs and annual sales levels. As of April 30, 2019, and 2018, respectively, changes in the carrying amount of accrued product warranty costs, reported in accrued expenses on the consolidated balance sheet, were as follows (in thousands):\n\n | 2019 | 2018\n---------------------------- | ----- | ----\nBalance at beginning of year | $520 | $557\nWarranty costs incurred | (398) | (40)\nProduct warranty accrual | 407 | 3 \nBalance at end of year | $529 | $520\n\n. Product Warranties\n Company provides one-year warranty quality functionality. warranty extended. establishes warranty reserves product history repair costs sales levels. April 30 2019 2018 changes accrued warranty costs\n 2019 2018\n Balance year $520 $557\n Warranty costs incurred (398)\n warranty 407\n end year $529 $520" +} +{ + "_id": "d1a72250e", + "title": "", + "text": "Contractual Obligations\nObligations under long-term debt; non-cancelable operating leases; purchase obligations relating to feed grains, other feed ingredients and packaging supplies; construction contracts and claims payable relating to the Company’s workers’ compensation insurance policy at October 31, 2019, were as follows:\n\n | | | Payments Due By Period (in thousands) | | \n---------------------------------------------------- | ------- | ---------------- | -------------------------------------- | ---------- | -------\nContractual Obligations | Total | Less than 1 Year | 1-3 Years | 3-5 Years | 5 Years\nOperating leases | 47,774 | $15,363 | $22,919 | $ 9,382 | $110 \nLong-term debt | 55,000 | — | — | 55,000 | — \nPurchase obligations: | | | | | \nFeed grains, feed ingredients and packaging supplies | 199,097 | 199,097 | — | | \nConstruction contracts and other | 8,996 | 8,996 | — | — | — \nClaims payable | 20,587 | 9,687 | 10,900 | — | — \nTotal | 331,454 | $233,143 | $33,819 | $ 64,382 | $110 \n\nContractual Obligations\n long-term debt non-cancelable leases feed grains supplies construction contracts workers’ compensation insurance policy October 31, 2019\n Payments Due\n Contractual Obligations Less 1 1-3 Years 3-5 5 Years\n Operating leases 47,774 $15,363 $22,919 9,382 $110\n Long-term debt 55,000\n Purchase\n Feed grains ingredients packaging supplies 199,097\n Construction contracts 8,996\n Claims payable 20,587\n 331,454 $233,143 $33,819 64,382" +} +{ + "_id": "d1b3a6456", + "title": "", + "text": "The Group’s associates are considered to be related parties.\nAs at 30 March 2019 the following are also considered to be related parties under the Listing Rules due to their shareholdings exceeding 10% of the Group’s total issued share capital:\n− Nissin Foods Holdings Co., Ltd. (“Nissin”) is considered to be a related party to the Group by virtue of its 19.47% (2017/18: 19.57%) equity shareholding in Premier Foods plc and of its power to appoint a member to the Board of directors.− Oasis Management Company Ltd (“Oasis”) is considered to be a related party to the Group by virtue of its 11.99% (2017/18: 9.01%) equity shareholding in Premier Foods plc and of its power to appoint a member to the Board of directors.\n− Paulson Investment Company LLC, (“Paulson”) is considered to be a related party to the Group by virtue of its 11.98% (2017/18: 7.39%) equity shareholding in Premier Foods plc and of its power to appoint a member to the Board of directors.\nAs at 30 March 2019 the Group had outstanding balances with Hovis. Total trade receivables was £0.9m (2017/18: £0.5m) and total trade payables was £0.6m (2017/18: £2.5m).\n\n | 52 weeks ended | 52 weeks ended\n------------------ | -------------- | --------------\n | 30 Mar 2019 | 31 Mar 2018 \n | £m | £m \nSale of goods: | | \n– Hovis | 0.3 | 0.3 \nSale of services: | | \n– Hovis | 0.7 | 0.7 \n– Nissin | 0.2 | 0.1 \nTotal sales | 1.2 | 1.1 \nPurchase of goods: | | \n– Hovis | 6.3 | 11.9 \n– Nissin | 10.3 | 7.1 \nTotal purchases | 16.6 | 19.0 \n\nGroup’s associates related parties.\n 30 March 2019 Listing Rules shareholdings exceeding 10% issued share capital\n Nissin Foods Holdings. related 19. 47% (2017/18. 57%) equity shareholding Premier Foods plc member Board. Oasis Management Company Ltd related 11. 99% (2017/18. 01%) equity shareholding Premier Foods member.\n Paulson Investment Company LLC related 11. 98% (2017/18 7. 39%) equity shareholding Premier Foods member Board.\n 30 March 2019 Group outstanding balances with Hovis. trade receivables £0. 9m (2017/18 £0. 5m) trade payables £0. 6m (2017/18 £2. 5m.\n 52 weeks ended\n 30 Mar 2019 31 Mar 2018\n Sale goods\n.\n services\n.\n.\n sales.\n Purchase goods\n.\n. 7.\n purchases 16. 19." +} +{ + "_id": "d1a713f36", + "title": "", + "text": "Loss per share\nBasic loss per share are computed based on the weighted average number of common shares outstanding during the period. Diluted earnings/loss per share reflect the dilutive impact of outstanding stock options and restricted stock awards. Included in the weighted average shares outstanding is the share consideration in connection with the Restaurant Magic Acquisition (See Note 2 - Acquisitions) in the amount of 908,192 for the period after the close of the transaction. The shares were issued in January 2020, however, no contingencies existed as of the date of the acquisition.\nThe following is a reconciliation of the weighted average shares outstanding for the basic and diluted loss per share computations (in thousands, except share and per share data):\nAt December 31, 2019 and 2018 there were 383,000 and 750,000 incremental shares, respectively, from the assumed exercise of stock options that were excluded from the computation of diluted earnings per share because of the anti-dilutive effect on earnings per share. There were 308,000 restricted stock awards excluded from the computation of diluted earnings per share for the fiscal year ended 2019 and 113,000 for the fiscal year ended 2018.\n\n | 2019 | 2018 \n------------------------------------------------------------ | --------- | ---------\nNet Loss | $(15,571) | $(24,122)\nBasic: | | \nWeighted average shares outstanding at beginning of year | 16,041 | 15,949 \nWeighted average shares issued during the year, net | 182 | 92 \nWeighted average common shares, basic | 16,223 | 16,041 \nLoss from per common share, basic | $(0.96) | $(1.50) \nDiluted: | | \nWeighted average common shares, basic | 16,223 | 16,041 \nDilutive impact of stock options and restricted stock awards | — | — \nWeighted average common shares, diluted | 16,223 | 16,041 \nLoss per common share, diluted | $ (0.96) | $ (1.50) \n\nLoss per share\n computed weighted average common shares outstanding. Diluted earnings/loss reflect dilutive impact stock options restricted stock awards. Included weighted average shares consideration Restaurant Magic Acquisition 908,192 after transaction. shares issued January 2020 no contingencies existed acquisition.\n reconciliation weighted average shares basic diluted loss per share computations\n December 31, 2019 2018 383,000 750,000 incremental shares stock options excluded from diluted earnings anti-dilutive effect. 308,000 restricted stock awards excluded 2019 113,000 2018.\n Net Loss $(15,571) $(24,122)\n Weighted average shares outstanding beginning year 16,041 15,949\n shares issued 182\n 16,223 16,041\n Loss per common share $. $(1.\n Dilutive impact stock options restricted stock awards\n Loss per common share diluted." +} +{ + "_id": "d1b381584", + "title": "", + "text": "6-INTANGIBLE ASSETS\nThe following table provides the details of the carrying value of intangible assets recorded from the acquisition of SensiML during the year ended December 29, 2019 (in thousands):\n\nDecember 29, 2019 | | | \n--------------------------------------------- | --------------------- | ------------------------ | -------------------\n | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount\nDeveloped technology | $959 | $(96) | $863 \nCustomer relationships | 81 | (40) | 41 \nTrade names and trade marks | 116 | (12) | 104 \nTotal acquired identifiable intangible assets | $1,156 | $(148) | $1,008 \n\nASSETS\n intangible assets acquisition SensiML December 29, 2019\n Gross Carrying Amount Accumulated Amortization Net Carrying Amount\n Developed technology $959 $ $863\n Customer relationships 81\n Trade names marks 116\n intangible assets $1,156 $(148) $1,008" +} +{ + "_id": "d1b3a3c88", + "title": "", + "text": "Note 4. Special Charges and Other, Net\nThe following table summarizes activity included in the \"special charges and other, net\" caption on the Company's consolidated statements of income (in millions):\nThe Company continuously evaluates its existing operations in an attempt to identify and realize cost savings opportunities and operational efficiencies. This same approach is applied to businesses that are acquired by the Company and often the operating models of acquired companies are not as efficient as the Company's operating model which enables the Company to realize significant savings and efficiencies. As a result, following an acquisition, the Company will from time to time incur restructuring expenses; however, the Company is often not able to estimate the timing or amount of such costs in advance of the period in which they occur. The primary reason for this is that the Company regularly reviews and evaluates each position, contract and expense against the Company's strategic objectives, long-term operating targets and other operational priorities. Decisions related to restructuring activities are made on a \"rolling basis\" during the course of the integration of an acquisition whereby department managers, executives and other leaders work together to evaluate each of these expenses and make recommendations. As a result of this approach, at the time of an acquisition, the Company is not able to estimate the future amount of expected employee separation or exit costs that it will incur in connection with its restructuring activities.\nThe Company's restructuring expenses during the fiscal year ended March 31, 2019 were related to the Company's most recent business acquisitions, and resulted from workforce, property and other operating expense rationalizations as well as combining product roadmaps and manufacturing operations. These expenses were for employee separation costs and intangible asset impairment charges. The impairment charges in the fiscal year ended March 31, 2019 were primarily recognized as a result of writing off intangible assets purchased from Microsemi prior to the close of the acquisition and other intangible assets that were impaired as a result of changes in the combined product roadmaps after the acquisition that affected the use and life of the assets. Additional costs will be incurred in the future as additional synergies or operational efficiencies are identified in connection with the Microsemi transaction and other previous acquisitions. The Company is not able to estimate the amount of such future expenses at this time.\nDuring fiscal 2018, the Company incurred expenses including non-restructuring contract exit costs of $19.5 million for fees associated with transitioning from the public utility provider in Oregon to a lower cost direct access provider. The fee is paid monthly and will depend on the amount of actual energy consumed by the Company's wafer fabrication facility in Oregon over the next five years. In connection with the transition to a direct access provider, the Company signed a ten-year supply agreement to purchase monthly amounts of energy that are less than the current average usage and priced on a per mega watt hour published index rate in effect at those future dates. Also during fiscal 2018, the Company incurred $1.2 million of employee separation costs in connection with the acquisition of Atmel.\nThe Company's restructuring expenses during fiscal 2017 were related to the Company's acquisitions of Atmel and Micrel, and resulted from workforce, property and other operating expense rationalizations as well as combining product roadmaps and manufacturing operations. These expenses were for employee separation costs, contract exit costs, other operating expenses and intangible asset impairment losses. The impairment charges in fiscal 2017 were recognized as a result of changes in the combined product roadmaps after the acquisition of Atmel that affected the use and life of these assets. At March 31, 2017, these activities were substantially complete.\nAll of the Company's restructuring activities occurred in its semiconductor products segment. The Company incurred $115.2 million in costs since the start of fiscal 2016 in connection with employee separation activities, of which $65.3 million, $1.2 million and $39.1 million was incurred during the fiscal years ended March 31, 2019, 2018 and 2017, respectively. The Company could incur future expenses as additional synergies or operational efficiencies are identified. The Company is not able to estimate future expenses, if any, to be incurred in employee separation costs. The Company has incurred $40.8 million in costs in connection with contract exit activities since the start of fiscal 2016 which includes $4.7 million of income incurred for the year ended March 31, 2019 and $0.7 million and $44.1 million of costs incurred for the years ended March 31, 2018 and 2017, respectively. The amounts recognized during the fiscal year ended March 31, 2019 were primarily related to vacated lease liabilities. While the Company expects to incur further acquisition-related contract exit expenses, it is not able to estimate the amount at this time.\nIn the three months ended June 30, 2017, the Company completed the sale of an asset it acquired as part of its acquisition of Micrel for proceeds of $10.0 million and the gain of $4.4 million is included in the gain on sale of assets in the above table.\n\n | | For The Years Ended March 31, | \n----------------------------------------------- | ------ | ----------------------------- | -----\n | 2019 | 2018 | 2017 \nRestructuring | | | \nEmployee separation costs | $65.3 | $1.2 | $39.1\nGain on sale of assets | — | (4.4) | — \nImpairment charges | 3.6 | — | 12.6 \nContract exit costs | (4.7) | 0.7 | 44.1 \nOther | (0.3) | — | 2.8 \nLegal contingencies | (30.2) | — | — \nNon-restructuring contract exit costs and other | — | 20.0 | — \nTotal | $33.7 | $17.5 | $98.6\n\nNote 4. Special Charges Other Net\n table summarizes activity \"special charges other net Company's consolidated statements income (in\n Company evaluates operations cost savings operational efficiencies. approach to businesses acquired operating models not efficient savings efficiencies. following acquisition restructuring expenses estimate timing costs advance. reviews each position contract expense against strategic objectives operating targets operational priorities. Decisions restructuring \"rolling basis during acquisition department managers executives leaders make recommendations. acquisition estimate future employee separation exit costs restructuring.\n restructuring expenses fiscal year ended March 31, 2019 related to recent business acquisitions resulted from workforce property operating expense rationalizations combining product roadmaps manufacturing operations. expenses for employee separation costs intangible asset impairment charges. impairment charges recognized writing off intangible assets purchased from Microsemi acquisition impaired changes product roadmaps after acquisition.costs incurred Microsemi transaction acquisitions. future expenses.\n 2018 incurred contract exit costs $19. 5 million transitioning public utility cost access provider. fee paid monthly energy consumed wafer fabrication facility five years. signed ten-year agreement purchase energy less current average usage per mega watt hour rate. incurred $1. 2 million employee separation costs acquisition Atmel.\n restructuring expenses 2017 related acquisitions Atmel Micrel workforce property operating expense rationalizations product roadmaps manufacturing operations. employee separation costs contract exit costs operating expenses intangible impairment losses. impairment charges changes product roadmaps acquisition Atmel. March 31, 2017 activities complete.\n restructuring activities semiconductor products segment. incurred $115. 2 million costs 2016 employee separation activities $65. 3 million $1. 2 million $39. 1 million 2019 2018 2017. incur future expenses. estimate future expenses employee separation costs. incurred $40.8 million costs contract exit activities 2016 $4. 7 million income March 31, 2019 $0. 7 million $44. 1 million costs March 31, 2018 2017. 2019 related vacated lease liabilities. Company expects acquisition exit expenses estimate.\n three months June 30, 2017 sale Micrel $10. million gain $4. million gain sale assets.\n Years Ended March 31,\n 2019 2018\n Restructuring\n Employee separation costs $65. $1. $39.\n Gain sale assets (4.\n Impairment charges 3. 12.\n Contract exit costs. 44.\n.\n Legal contingencies (30.\n Non-restructuring contract exit costs 20.\n Total $33. $17. $98." +} +{ + "_id": "d1b32b788", + "title": "", + "text": "VMware Stock Repurchases\nVMware purchases stock from time to time in open market transactions, subject to market conditions. The timing of any repurchases and the actual number of shares repurchased will depend on a variety of factors, including VMware’s stock price, cash requirements for operations and business combinations, corporate, legal and regulatory requirements and other market and economic conditions. VMware is not obligated to purchase any shares under its stock repurchase programs. Purchases can be discontinued at any time VMware believes additional purchases are not warranted. From time to time, VMware also purchases stock in private transactions, such as those with Dell. All shares repurchased under VMware’s stock repurchase programs are retired.\nThe following table summarizes stock repurchase activity, including shares purchased from Dell, during the periods presented (aggregate purchase price in millions, shares in thousands):\n(1) The aggregate purchase price of repurchased shares is classified as a reduction to additional paid-in capital until the balance is reduced to zero and the excess is recorded as a reduction to retained earnings.\n\n | | For the Year Ended | \n-------------------------------- | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nAggregate purchase price (1) | $1,334 | $42 | $1,449 \nClass A common stock repurchased | 7,664 | 286 | 13,977 \nWeighted-average price per share | $174.02 | $148.07 | $103.66 \n\nVMware Stock Repurchases\n purchases stock market subject conditions. timing shares stock price cash corporate legal regulatory requirements market conditions. not obligated. additional purchases. purchases private transactions Dell. shares repurchased retired.\n table summarizes stock repurchase activity Dell purchase price millions shares\n purchase price shares reduction paid-in capital balance reduced zero excess reduction retained earnings.\n January 31, 2020 February 1, 2019 February 2, 2018\n Aggregate purchase price $1,334 $42 $1,449\n Class A common stock repurchased 7,664 13,977\n Weighted-average price per share $174. $148. $103." +} +{ + "_id": "d1b35e70a", + "title": "", + "text": "Operating Expenses\nResearch and Development Expenses\nResearch and development expenses increased $47 million, or 30%, in 2019 compared to 2018. The overall increase was primarily due to increased employee compensation-related costs of $34 million, driven by headcount growth, and increased allocated shared costs of $8 million.\nResearch and development expenses increased $45 million, or 39%, in 2018 compared to 2017. The overall increase was primarily due to increased employee compensation-related costs of $36 million, driven by headcount growth, and increased allocated shared costs of $6 million.\n\n | | Year Ended December 31, | | | \n------------------------ | --------- | ----------------------- | ---------------------------------- | --------------------- | ---------------------\n | 2019 | 2018 | 2017 | 2018 to 2019 % change | 2017 to 2018 % change\n | | | (In thousands, except percentages) | | \nResearch and Development | $ 207,548 | $ 160,260 | $ 115,291 | 30% | 39% \n\n\n Research Development\n increased $47 million 30% 2019 2018. employee compensation costs $34 million headcount growth allocated shared costs $8 million.\n development increased $45 million 39% 2018 2017. employee compensation costs $36 million headcount growth allocated shared costs $6 million.\n Ended December 31,\n % change\n thousands\n Research Development $ 207,548 $ 160,260 $ 115,291 30% 39%" +} +{ + "_id": "d1a7296ba", + "title": "", + "text": "NOTE 5. INVESTMENTS AND LOANS TO SUBSIDIARIES\nInterest relates mainly to a subsidiary and is based on the Bank of America’s prime rate with a rise of two percent points. The repayment schedule of the loan is as follows: 24 annual installments of US$2 million, starting December 31, 2018, followed by a final installment of US$5.3 million on December 31, 2043.\n\n | December 31, | \n------------------------------------------------- | ------------ | ------\n | 2018 | 2019 \nLoans due from subsidiaries - non-current portion | 46,698 | 45,377\nLoans due from subsidiaries - current portion | 2,064 | 2,123 \nTotal | 48,762 | 47,500\n\n. INVESTMENTS LOANS SUBSIDIARIES\n Interest subsidiary Bank prime rate rise two. repayment schedule 24 installments US$2 million December 31, 2018 final US$5. 3 million December 31, 2043.\n Loans non-current 46,698 45,377\n 2,064 2,123\n 48,762 47,500" +} +{ + "_id": "d1b3a009c", + "title": "", + "text": "ADJUSTED EBITDA\n(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.\nFiscal 2019 fourth-quarter adjusted EBITDA increased by 4.6% (4.3% in constant currency) as a result of: • an increase in the American broadband services segment mainly as a result of strong organic growth combined with the impact of the FiberLight acquisition; and • an increase in the Canadian broadband services segment resulting mainly from a decline in operating expenses.\n\nThree months ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)\n--------------------------------------------- | -------- | -------- | ------ | ------------------------------- | ---------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ \nCanadian broadband services | 172,120 | 166,181 | 3.6 | 3.6 | (73) \nAmerican broadband services | 115,523 | 109,937 | 5.1 | 4.1 | 1,057 \nInter-segment eliminations and other | (12,033) | (12,707) | (5.3) | (5.3) | 2 \n | 275,610 | 263,411 | 4.6 | 4.3 | 986 \n\nEBITDA\n three-month period August 31, 2019 average foreign exchange rate. 3222 USD/CDN.\n Fiscal 2018 restated comply IFRS 15 change accounting policy reclassify Cogeco Peer 1 discontinued operations. consult \"Accounting policies operations sections.\n Fiscal 2019 translated average foreign exchange rate. 3100 USD/CDN.\n 2019 fourth-quarter EBITDA increased 4. 6%. 3% increase American broadband services segment organic growth FiberLight acquisition Canadian broadband services decline operating expenses.\n Three months August 31, 2019 2018 constant currency Foreign exchange impact\n Canadian broadband services 172,120 166,181 3.\n American broadband services 115,523 109,937.\n Inter-segment eliminations (12,033).\n 275,610 263,411 4." +} +{ + "_id": "d1b3c0586", + "title": "", + "text": "3. Debtors\nAccounting policies\nAmounts owed to subsidiaries are classified and recorded at amortised cost (2018: classified as loans and receivables) and reduced by allowances for expected credit losses. Estimate future credit losses are first recorded on initial recognition of a receivable and are based on estimated probability of default. Individual balances are written off when management deems them not to be collectible. Derivative financial instruments are measured at fair value through profit and loss.\nNote: 1 Amounts owed by subsidiaries are unsecured, have no fixed date of repayment and are repayable on demand with sufficient liquidity in the group to flow funds if required. Therefore expected credit losses are considered to be immateria\n\n | 2019 | 2018 \n--------------------------------------------- | ------- | -------\n | €m | €m \nAmounts falling due within one year: | | \nAmounts owed by subsidiaries1 | 242,976 | 220,871\nTaxation recoverable | 233 | – \nOther debtors | 32 | 199 \nDerivative financial instruments | 183 | 163 \n | 243,424 | 221,233\nAmounts falling due after more than one year: | | \nDerivative financial instruments | 3,439 | 2,449 \nDeferred tax | – | 31 \n | 3,439 | 2,480 \n\n. Debtors\n Accounting policies\n owed subsidiaries amortised cost loans receivables reduced credit losses. future credit losses recorded based probability default. balances written off collectible. financial instruments measured fair value profit loss.\n Amounts owed subsidiaries unsecured no fixed date repayment repayable demand liquidity. credit losses immateria\n Amounts due within year\n owed 242,976 220,871\n Taxation recoverable\n debtors\n Derivative financial instruments\n 243,424 221,233\n due after one year\n 3,439 2,449\n Deferred tax\n" +} +{ + "_id": "d1b308828", + "title": "", + "text": "The movement of contract liabilities is mainly caused by the timing difference of the satisfaction of a performance of obligation and the consideration received from customers.\nThe Company recognized NT$3,815 million and NT$616 million, respectively, in revenues from the contract liabilities balance at the beginning of the period as performance obligations were satisfied for the years ended December 31, 2018 and 2019.\n\n | As of January 1,2018 | As of December 31,2018 | As of December 31,2019\n--------------------------- | -------------------- | ---------------------- | ----------------------\n | NT$(In Thousands) | NT$(In Thousands) | NT$(In Thousands) \nSales of goods and services | $3,951,414 | $932,371 | $1,470,195 \nCurrent | $3,951,414 | $932,371 | $988,115 \nNoncurrent | — | — | 482,080 \nTotal | $3,951,414 | $932,371 | $1,470,195 \n\ncontract liabilities caused timing consideration customers.\n Company recognized NT$3,815 million NT$616 million revenues contract liabilities obligations years December 2018 2019.\n January 1,2018 December 31,2018\n NT$ Thousands\n Sales goods services $3,951,414 $932,371 $1,470,195\n $3 $988,115\n Noncurrent 482,080\n Total $3,951,414 $932,371 $1,470,195" +} +{ + "_id": "d1b34e18e", + "title": "", + "text": "Basic earnings per share is computed on the basis of the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock awards.\n* Includes a charge of $2.0 billion or $2.23 of basic and diluted earnings per share in 2018 associated with U.S. tax reform.\nActual shares outstanding at December 31, 2019 and 2018 were 887.1 million and 892.5 million, respectively. The year-to- year decrease was primarily the result of the common stock repurchase program. The average number of common shares\noutstanding assuming dilution was 23.5 million shares lower in 2019 versus 2018\n\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change\n------------------------------------------------------------- | ------ | ------ | -------------------------\nEarnings per share of common stock from continuing operations | | | \nAssuming dilution | $10.57 | $9.51* | 11.1% \nBasic | $10.63 | $9.56* | 11.2% \nDiluted operating (non-GAAP) | $12.81 | $13.81 | (7.2)% \nWeighted-average shares outstanding (in millions) | | | \nAssuming dilution | 892.8 | 916.3 | (2.6)% \nBasic | 887.2 | 912.0 | (2.7)% \n\nearnings per share computed-average. Diluted earnings dilutive potential shares treasury stock method. include stock options awards.\n Includes $2. billion. basic diluted earnings per share 2018. tax reform.\n shares outstanding December 31, 2019 2018 887. 1 million 892. 5 million.-to decrease common stock repurchase program. average\n dilution 23. million shares lower 2019 2018\n December 31. Percent Change\n Earnings per share common stock continuing operations\n dilution $10. 57 $9. 51 11.\n. $9. 2%\n Diluted operating-GAAP $12. 81 $13.\n Weighted-average shares outstanding millions\n 892. 916.\n 887. 912." +} +{ + "_id": "d1b36ba22", + "title": "", + "text": "Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities\nOur common stock trades on The Nasdaq Stock Market under the symbol ZIXI. The table below shows the high and low sales prices by quarter for fiscal 2019 and 2018.\nAt March 4, 2020, there were 55,641,885 shares of common stock outstanding held by 399 shareholders of record. On that date, the last reported sales price of the common stock was $8.27.\nWe have not paid any cash dividends on our common stock and do not anticipate doing so in the foreseeable future.\nFor information regarding options and stock-based compensation awards outstanding and available for future grants, see “Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.”\n\n | 2019 | | 2018 | \n------------- | ------- | ------ | ------ | ------\nQuarter Ended | High | Low | High | Low \nMarch 31 | $ 9.07 | $ 5.34 | $ 4.75 | $ 3.82\nJune 30 | $ 11.15 | $ 6.66 | $ 5.62 | $ 4.25\nSeptember 30 | $ 10.51 | $ 6.91 | $ 5.93 | $ 4.91\nDecember 31 | $ 7.75 | $ 6.25 | $ 7.09 | $ 4.66\n\n. Market Registrant’s Common Equity Stockholder Matters Issuer Purchases Securities\n common stock trades Nasdaq Stock Market symbol ZIXI. table high low sales prices quarter 2019 2018.\n March 4 2020 55,641,885 shares common stock 399 shareholders. last sales price $8. 27.\n paid cash dividends anticipate.\n options stock-based compensation awards. Security Ownership Beneficial Owners Management Stockholder Matters.\n March 31 $ 9. 5. 34 4. 75 3.\n 11. 6. 4.\n 10. 51 6. 5. 4.\n 31 $ 7. 75 6. 7. 4." +} +{ + "_id": "d1b38878a", + "title": "", + "text": "Debt Activity\nThe table below presents the effects of issuances, prepayments, and conversions of debt in 2019. When we receive a notice of conversion for any of our convertible notes and elect to settle in cash any amount of the conversion obligation in excess of the principal amount, the cash settlement obligations become derivative debt liabilities subject to mark-to-market accounting treatment based on the volume-weighted-average price of our common stock over a period of 20 consecutive trading days. Accordingly, at the date of our election to settle a conversion in cash, we reclassify the fair value of the equity component of the converted notes from additional capital to derivative debt liability within current debt in our consolidated balance sheet.\nIn 2018, we repurchased or redeemed $6.96 billion of principal amount of notes (carrying value of $6.93 billion) for an aggregate of $9.42 billion in cash and 4 million shares of our treasury stock. As of August 30, 2018, an aggregate of $35 million principal amount of our 2033F Notes (with a carrying value of $165 million) had converted but not settled. These notes settled in 2019 for $153 million in cash and the effect of the settlement is included in the table above. In connection with these transactions, we recognized aggregate non-operating losses of $385 million in 2018.\nIn 2017, we repurchased or redeemed $1.55 billion of principal amount of notes (carrying value of $1.54 billion) for an aggregate of $1.63 billion in cash. In connection with these transactions, we recognized aggregate non-operating losses of $94 million in 2017.\n(1)  Issued February 6, 2019.\n(2)  Issued July 12, 2019.\n(3)  As of August 29, 2019, an aggregate of $44 million principal amount of our 2033F Notes (with a carrying value of $179 million) had converted but not settled. These notes settled in the first quarter of 2020 for $192 million in cash.\n\n | Increase (Decrease) in Principal | Increase (Decrease) in Carrying Value | Increase (Decrease) in Cash | Decrease in Equity | Gain (Loss)\n----------------------- | -------------------------------- | ------------------------------------- | --------------------------- | ------------------ | -----------\nIssuances | | | | | \n2024 Notes(1) | $600 | $597 | $597 | $— | $— \n2026 Notes(1) | 500 | 497 | 497 | — | — \n2027 Notes(2) | 900 | 895 | 895 | — | — \n2029 Notes(1) | 700 | 695 | 695 | — | — \n2030 Notes(2) | 850 | 845 | 845 | — | — \nPrepayments | | | | | \n2022 Term Loan B | (728) | (721) | (728) | — | (7) \nSettled conversions | | | | | \n2032D Notes | (10) | (9) | (35) | (28) | 2 \n2033F Notes | (45) | (175) | (192) | (28) | 11 \n2043G Notes | (1,019) | (691) | (1,426) | (326) | (400) \nConversions not settled | | | | | \n2033F Notes(3) | — | 135 | — | (133) | (2) \n | $1,748 | $2,068 | $1,148 | $(515) | $(396) \n\nDebt Activity\n table effects issuances prepayments conversions debt 2019. notice conversion settle cash settlement obligations become derivative debt liabilities-market accounting volume-weighted-average price common stock 20 trading days. reclassify equity converted notes derivative debt.\n 2018 repurchased redeemed $6. 96 billion notes $6. billion $9. 42 billion cash 4 million shares treasury stock. August 30, 2018 $35 million 2033F Notes $165 million converted not settled. settled 2019 $153 million cash table. recognized non-operating losses $385 million 2018.\n 2017 repurchased redeemed $1. 55 billion notes $1. billion $1. 63 billion cash. recognized non-operating losses $94 million 2017.\n.\n July 12.\n August $44 million 2033F Notes $179 million converted not settled. settled 2020 $192 million cash.\nIncrease Principal Carrying Value Cash Equity\n Issuances\n 2024 Notes(1) $600 $597\n 2026 Notes(1) 500 497 \n 2027 Notes(2) 900 895\n 2029 Notes(1) 700 695\n 2030 Notes(2) 850 845\n Prepayments\n 2022 Term Loan B (728)\n Settled conversions\n 2032D Notes (10)\n 2033F Notes (45) (175)\n 2043G Notes (1,019) (691) (1,426)\n Conversions not settled\n 2033F Notes(3)\n $1,748 $2,068 $1,148 $(515) $(396)" +} +{ + "_id": "d1b34c2e4", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nContract Assets and Liabilities\nContract assets and liabilities included in our Consolidated Balance Sheets are as follows:\nDuring the twelve months ended December 31, 2019, we recognized revenues of $256 that was included in contract liabilities at the beginning of the period.\n\n | As of December 31, | \n------------------------------------------------------------------------------------------- | ------------------ | --------\n | 2019 | 2018 \nContract Assets | | \nPrepaid rebates included in Other current assets | $64 | $65 \nPrepaid rebates included in Other assets | 1,853 | 999 \nTotal Contract Assets | $1,917 | $1,064 \nContract Liabilities | | \nCustomer discounts and price concessions included in Accrued expenses and other liabilities | $(2,070) | $(1,656)\nCustomer rights of return included in Accrued expenses and other liabilities | (807) | (325) \nTotal Contract Liabilities | $(2,877) | $(1,981)\n\nCONSOLIDATED FINANCIAL STATEMENTS thousands\n Contract Assets Liabilities\n Balance Sheets\n twelve months December 31, 2019 recognized revenues $256 contract liabilities.\n December\n 2018\n Contract Assets\n Prepaid rebates $64\n 1,853\n Contract Assets $1,917 $1,064\n Liabilities\n Customer discounts price concessions Accrued expenses $(2,070) $(1,656)\n Customer rights return\n Contract Liabilities $(2,877) $(1,981" +} +{ + "_id": "d1b37aa18", + "title": "", + "text": "Items Not Resulting in a Deferred Tax Asset\nOf the unused tax losses, €187 million (2018: €213 million; 2017: €263 million) relate to U.S. state tax loss carryforwards.\nWe have not recognized a deferred tax liability on approximately €17.41 billion (2018: €14.04 billion) for undistributed profits of our subsidiaries, because we are in a position to control the timing of the reversal of the temporary difference and it is probable that such differences will not reverse in the foreseeable future.\n\n€ millions | 2019 | 2018 | 2017\n------------------------------------------------------- | ----- | ----- | ----\nUnused tax losses | | | \nNot expiring | 688 | 575 | 375 \nExpiring in the following year | 63 | 7 | 9 \nExpiring after the following year | 373 | 476 | 535 \nTotal unused tax losses | 1,124 | 1,058 | 919 \nDeductible temporary differences | 538 | 509 | 524 \nUnused research and development and foreign tax credits | | | \nNot expiring | 28 | 54 | 38 \nExpiring in the following year | 0 | 0 | 2 \nExpiring after the following year | 17 | 18 | 34 \nTotal unused tax credits | 45 | 72 | 74 \n\nDeferred Tax\n unused tax losses €187 million (2018 €213 million 2017: €263 million. state tax loss carryforwards.\n not recognized deferred tax liability €17. 41 billion (2018 €14. 04 billion undistributed profits subsidiaries reversal.\n 2019 2018\n Unused tax losses\n 688 575 375\n 373 476 535\n unused tax losses 1,124 1,058 919\n Deductible temporary differences 538 509 524\n Unused research development foreign tax credits\n Not 28\n unused tax credits 45 72" +} +{ + "_id": "d1b36d8ae", + "title": "", + "text": "The Company currently has one equity compensation plan, the 2007 Stock Compensation Plan, from which it grants equity awards that are used as an incentive for directors, officers, and other employees. The 2007 Stock Compensation Plan has 851,134 shares available for issue as of September 30, 2019. As of September 30, 2019, $2,371,309 of total unrecognized compensation expense related to non-vested awards is expected to be recognized over a period of approximately 4.9 years. The Company recorded related compensation expense for the years ended September 30, 2019, 2018, and 2017 of $1,729,025, $2,003,207, and $2,319,975, respectively. For the year ended September 30, 2019, $1,638,829 of this expense was included in selling, general and administrative expense and $90,196 was included in cost of sales. For the year ended September 30, 2018, $1,835,086 of this expense was included in selling, general and administrative expense and $168,121 was included in cost of sales. For the year ended September 30, 2017, $2,103,621 of this expense was included in selling, general and administrative expense and $216,354 was included in cost of sales.\nStock Options: The Company uses the Black-Scholes option pricing model to determine the weighted average fair value of options granted. During the fiscal year ended September 30, 2019, the Company granted employees non-qualified stock options to purchase an aggregate of 172,000 shares of common stock with a weighted average contractual term of 4 years, a three year vesting term, and a weighted average exercise price of $12.17. During the fiscal year ended September 30, 2018, the Company granted employees non-qualified stock options to purchase an aggregate of 108,000 shares of common stock with a weighted average contractual term of 4.7 years, a three year vesting term, and a weighted average exercise price of $13.37. There were no stock options granted during the year ended September 30, 2017. The fair value was estimated at the grant date using the assumptions listed below:\nThe expected stock price volatility is based on the historical volatility of the Company’s stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after their grant date. The risk-free interest rate reflects the interest rate at grant date on zero-coupon U.S. governmental bonds having a remaining life similar to the expected option term.\nOptions are generally granted at fair market values determined on the date of grant and vesting normally occurs over a three to five-year period. However, options granted to directors have a one year vesting period and a six year contractual term. The maximum contractual term is normally six years. Shares issued upon exercise of a stock option are issued from the Company’s authorized but unissued shares. There were 36,000 options vested during the year ended September 30, 2019 and no options vested during the year ended September 30 2018. For the year ended September 30, 2019, there were 6,750 stock options that were exercised using a cashless method of exercise. For the year ended September 30, 2018, there were 2,250 stock options that were exercised using a cashless method of exercise. The intrinsic value of options exercised during the years ended September 30, 2019 and September 30, 2018 was $81,728 and $75,767, respectively.\n\n | Year ended September 30, 2019 | Year ended September 30, 2018\n----------------------------------------- | ----------------------------- | -----------------------------\nDividend yield | 0% | 0% \nWeighted average expected volatility | 37.77% | 43.68% \nWeighted average risk-free interest rate | 2.92% | 2.70% \nWeighted average expected life (in years) | 3.0 | 3.7 \nVesting period (in years) | 3.0 | 3.0 \n\nCompany has equity compensation plan 2007 Stock Compensation Plan grants equity awards for directors officers employees. has 851,134 shares issue September 30 2019. $2,371,309 unrecognized compensation expense expected recognized over 4. 9 years. recorded compensation expense 2019 2018 2017 $1,729,025 $2,003,207 $2,319,975. 2019 $1,638,829 $90,196 cost sales. 2018 $1,835,086 $168,121. 2017 $2,103,621 $216,354.\n uses Black-Scholes option pricing model fair value options. 2019 granted employees options 172,000 shares common stock term 4 years three year vesting term exercise price $12. 17. 2018 granted 108,000 shares common stock contractual term 4. 7 years three year vesting term exercise price $13. 37. no stock options granted September 30 2017. fair value estimated at grant date\nexpected stock price volatility based historical volatility Company’s stock expected life. options after grant date. risk-free interest rate reflects grant date zero-coupon U. S. governmental bonds life similar option term.\n Options granted fair market values vesting three to five-year period. options directors one year vesting six year contractual term. maximum term six years. Shares issued stock option from Company’s authorized unissued shares. 36,000 options vested September 30 2019 no 2018. 6,750 exercised cashless. 2018 2,250. intrinsic value options $81,728 and $75,767.\n Dividend yield 0%\n expected volatility 37. 77% 43. 68%\n risk-free interest rate 2. 92% 2. 70%\n expected life 3.\n Vesting period 3." +} +{ + "_id": "d1b330ab2", + "title": "", + "text": "Stock Option Award Amendment\nThe Board of Directors has in 2019 amended and restated the 2011 Equity Incentive Plan to reserve an additional 1,000,000 stock options for issuance. The stock options have been allocated amongst management and employees of the Company.\nAs of December 31, 2019, the Company has granted 755,000 and 234,000 options with vesting over a period of two and three years, respectively, and an exercise price of $4.70 per share.\nThe Company has used the Black-Scholes option pricing model to measure the grant date fair value of the options with the following assumptions applied to the model;\nThe expected volatility was based on historical volatility observed from historical company-specific data during the two years prior to the grant date.\nThe compensation expense related to the stock option awards was $0.1 million for the year ended December 31, 2019 and the remaining unrecognized cost related to non-vested stock options was $0.5 million with a remaining average remaining vesting period of 2.1 years.\n\n | Options with two year vesting | Options with three year vesting\n-------------------------------------- | ----------------------------- | -------------------------------\nVolatility | 57.5% | 52.5% \nDividend yield | 10.0 % | 10.0% \nRisk-free interest rate | 1.64% | 1.65% \nWeighted-average grant date fair value | $0.59 | $0.58 \n\nStock Option Award Amendment\n Board Directors amended 2011 Equity Incentive Plan 1,000,000 stock options. allocated management employees.\n December 31, 2019 granted 755,000 234,000 options two three years exercise price $4. 70 per share.\n used Black-Scholes option pricing model grant value\n volatility historical volatility.\n compensation expense $0. 1 million December 31, 2019 remaining unrecognized cost non options $0. 5 million average vesting period 2. 1 years.\n three\n Volatility. 5%.\n Dividend yield.\n Risk-free interest rate. 64%.\n-average grant date fair value." +} +{ + "_id": "d1b3a31ca", + "title": "", + "text": "Contractual Obligations and Commercial Commitments\nWe lease office space and equipment under operating leases that run through October 2028. Additionally, we have entered into a Credit Agreement that matures in April 2024 and have issued Senior Notes that mature in August 2026.\nContractual obligations as of December 31, 2019, are as follows (in thousands):\n(1) Based on the Term Loans debt outstanding and interest rate in effect at December 31, 2019, of 4.05%.\n(2) Based on Revolving Credit Facility debt outstanding and interest rate in effect at December 31, 2019, of 3.99%.\n(3) Based on 2026 Notes issued of $400.0 million with an annual interest rate of 5.750%.\n(4) During the year ended December 31, 2019, we financed certain multi-year license agreements for internal-use software for $10.4 million with annual payments through April 1, 2022. As of December 31, 2019, $13.8 million is outstanding under these and other agreements previously entered into, of which $6.0 million and $7.8 million is included in other current liabilities and other noncurrent liabilities, respectively, in our Consolidated Balance Sheet in Part IV, Item 15 of this Form 10-K as of December 31, 2019.\nWe are unable to reasonably estimate the ultimate amount or timing of settlement of our reserves for income taxes under ASC 740, Income Taxes. The liability for unrecognized tax benefits at December 31, 2019, is $29.0 million.\n\n | | | Payments Due by Period | | \n-------------------------------------- | ---------- | ---------------- | ---------------------- | --------- | -----------------\n | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years\nOperating lease obligations | $ 70,284 | $ 17,180 | $ 23,116 | $ 12,738 | $ 17,250 \nTerm loans | 756,060 | 38,950 | 89,381 | 627,729 | — \nTerm loans interest (1) | 117,168 | 30,025 | 55,232 | 31,911 | — \nRevolving credit facility | 239,000 | — | — | 239,000 | — \nRevolving credit facility interest (2) | 40,528 | 9,536 | 19,072 | 11,920 | — \nSenior notes | 400,000 | — | — | — | 400,000 \nSenior notes interest (3) | 149,500 | 23,000 | 46,000 | 46,000 | 34,500 \nFinanced internal-use software (4) | 13,822 | 5,974 | 7,848 | — | — \nTotal | $1,786,362 | $124,665 | $240,649 | $969,298 | $451,750 \n\nContractual Obligations Commercial Commitments\n lease office space equipment October 2028. Credit Agreement April 2024 issued Senior Notes August 2026.\n Contractual obligations December 31, 2019\n Term Loans debt interest rate 4. 05%.\n Revolving Credit Facility debt 3. 99%.\n 2026 Notes $400. million annual interest rate 5. 750%.\n financed multi-year license agreements software $10. 4 million payments April 1, 2022. $13. 8 million outstanding $6. million $7. 8 million Consolidated Balance Sheet Part IV Item 15.\n estimate reserves income taxes. liability unrecognized tax benefits $29. million.\n Payments\n Less 1 1-3 years 3-5 years 5 years\n Operating lease obligations $ 70,284 $ 17,180 12,738\n Term loans 756,060 38,950 89,381 627,729\nloans 117,168 30,025 55,232 31,911\n Revolving credit facility 239,000\n 40,528 9,536 19,072 11,920\n Senior notes 400,000\n 149,500 23,000\n-use software 13,822 5,974 7,848\n $1,786,362 $124,665 $240,649 $969,298 $451,750" +} +{ + "_id": "d1b36087a", + "title": "", + "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data)\nNOTE 18: INTEREST EXPENSE AND FINANCE COST\nInterest expense and finance cost consisted of the following:\n\n | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Year Ended December 31, 2017\n------------------------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------\nInterest expense | $125,496 | $129,941 | $115,099 \nAmortization and write-off of deferred financing costs | 7,746 | 7,866 | 6,391 \nOther | 237 | 109 | 121 \nInterest expense and finance cost | $133,479 | $137,916 | $121,611 \n\nNAVIOS MARITIME HOLDINGS. FINANCIAL STATEMENTS. dollars\n 18 INTEREST EXPENSE FINANCE COST\n 2019 2018 2017\n Interest expense $125,496 $129,941 $115,099\n Amortization write-off deferred financing costs 7,746 7,866 6,391\n Interest expense cost $133,479 $137,916 $121,611" +} +{ + "_id": "d1b30c32e", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nThe Company’s effective tax rate differs from the U.S. federal statutory rate of 35% for the year ended December 31, 2017, primarily due to the benefit related to the wind down of our solar inverter business and earnings in foreign jurisdictions, which are subject to lower tax rates, offset by the impact of U.S. tax reform. The principal causes of the difference between the federal statutory rate and the effective income tax rate for each the years below are as follows:\n\n | | Years Ended December 31, | \n------------------------------------------------------- | -------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nIncome taxes per federal statutory rate | $14,111 | $36,199 | $69,348 \nState income taxes, net of federal deduction | 10 | 2,372 | 1,794 \nTransition tax - U.S. Tax Reform | — | 1,174 | 61,690 \nCorporate tax rate changes - U.S. Tax Reform | — | (652) | 11,177 \nTax benefit associated with inverter business wind down | — | — | (33,837)\nStock based compensation | (97) | (974) | (5,263) \nGILTI Tax | 8,796 | 13,064 | — \nTax effect of foreign operations | (13,086) | (19,162) | (47,482)\nUncertain tax position | (4,487) | (3,088) | 4,948 \nUnremitted earnings | 1,624 | 2,564 | — \nTax credits | (6,280) | (9,844) | (658) \nChange in valuation allowance | 7,222 | (1,306) | 841 \nWithholding taxes | 6,500 | 1,371 | — \nOther permanent items, net | (3,614) | 3,509 | (468) \nTotal provision for income taxes | $10,699 | $25,227 | $62,090 \n\nADVANCED ENERGY INDUSTRIES. FINANCIAL STATEMENTS\n effective tax rate differs. federal rate 35% December 2017 due solar inverter business earnings foreign jurisdictions. tax reform. causes\n December\n 2018 2017\n Income taxes federal rate $14,111 $36,199 $69,348\n State income taxes federal deduction 2,372 1,794\n Transition tax. Reform 1,174 61,690\n Corporate tax rate changes. 11\n benefit inverter business,837\n Stock based compensation\n Tax\n Tax effect foreign operations (13,086) (19 (47,482)\n Uncertain tax position (4,487)\n Unremitted earnings 1,624\n Tax credits (6,280 (9,844)\n Change valuation allowance 7,222,306)\n Withholding taxes 6,500\n Other permanent items (3,614)\n provision income taxes $10,699 $25,227 $62,090" +} +{ + "_id": "d1a71f2f0", + "title": "", + "text": "A discussion of operating income by reportable segment is presented below (in millions):\nAMER. Operating income increased $19.2 million in fiscal 2019 as compared to fiscal 2018, primarily as a result of the increase in net sales and a positive shift in customer mix, partially offset by increased fixed costs to support new program ramps.\nAPAC. Operating income decreased $5.7 million in fiscal 2019 as compared to fiscal 2018, primarily as a result of a negative shift in customer mix and increased fixed costs to support new program ramps, partially offset by the increase in net sales.\nEMEA. Operating income increased $3.0 million in fiscal 2019 as compared to fiscal 2018 primarily as a result of the increase in net sales and a positive shift in customer mix, partially offset by increased fixed costs to support new program ramps.\nOther expense. Other expense for fiscal 2019 increased $5.4 million as compared to fiscal 2018. The increase in other expense for fiscal 2019 was primarily due to a $2.7 million decrease in interest income as a result of lower cash balances and a $1.5 million increase in factoring fees related to the Company's accounts receivable sale programs.\n\n | 2019 | 2018 \n-------------------------- | ------- | -------\nOperating income (loss): | | \nAMER | $57.8 | $38.6 \nAPAC | 208.2 | 213.9 \nEMEA | 4.5 | 1.5 \nCorporate and other costs | (128.4) | (135.7)\nTotal operating income | $142.1 | $118.3 \n\ndiscussion operating income segment\n AMER. increased $19. 2 million 2019 net sales positive customer mix offset increased fixed costs ramps.\n APAC. income decreased $5. 7 million negative shift customer mix increased fixed costs ramps offset net sales.\n EMEA. income increased $3. million net sales mix increased fixed costs ramps.\n Other expense. 2019 increased $5. 4 million. due $2. 7 million decrease interest income lower cash balances $1. 5 million increase factoring fees receivable sale programs.\n Operating income\n AMER $57. $38.\n APAC. 213\n EMEA.\n Corporate other costs (128.\n Total operating income $142. $118." +} +{ + "_id": "d1b34adcc", + "title": "", + "text": "General and Administrative Expenses: General and administrative expenses primarily consist of personnel related expenditures for IT, finance, legal and human resources support functions; and professional services fees.\n(1) Excluding stock-based compensation\nExcluding the effects of currency rate fluctuations, total general and administrative expenses increased in fiscal 2019 compared to fiscal 2018 primarily due to increased professional services fees\n\nYear Ended May 31, | | | | \n------------------------------ | ------ | ------ | -------------- | ------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nGeneral and administrative (1) | $1,093 | -1% | 2% | $1,102\nStock-based compensation | 172 | -5% | -5% | 180 \nTotal expenses | $1,265 | -1% | 1% | $1,282\n% of Total Revenues | 3% | | | 3% \n\nGeneral Administrative Expenses personnel expenditures IT finance legal human resources professional services fees.\n stock-based compensation\n expenses increased 2019 2018 increased professional services fees\n Ended May 31,\n Percent Change\n millions\n $1,093 -1% 2% $1,102\n Stock-based compensation -5%\n Total expenses $1,265 -1% 1% $1,282\n % Total Revenues 3%" +} +{ + "_id": "d1b38c1b4", + "title": "", + "text": "The following table summarizes the activity related to the Company's gross unrecognized tax benefits from April 1, 2016 to March 31, 2019 (amounts in millions):\nAs of March 31, 2019 and March 31, 2018, the Company had accrued interest and penalties related to tax contingencies of $88.1 million and $80.8 million, respectively. Interest and penalties charged to operations for the years ended March 31, 2018 and 2017 related to the Company's uncertain tax positions were $5.4 million and $5.8 million, respectively. Previously accrued interest and penalties that were released during the year ended March 31, 2019 were $37.5 million.\nThe total amount of gross unrecognized tax benefits was $763.4 million and $436.0 million as of March 31, 2019 and March 31, 2018, respectively, of which $664.4 million and $436.0 million is estimated to impact the Company's effective tax rate, if recognized. The Company estimates that it is reasonably possible unrecognized tax benefits as of March 31, 2019 could decrease by approximately $50.0 million in the next 12 months. Positions that may be resolved include various U.S. and non-U.S. matters.\n\n | | Year Ended March 31, | \n--------------------------------------------------------- | ------ | -------------------- | ------\n | 2019 | 2018 | 2017 \nBeginning balance | $436.0 | $398.5 | $220.7\nIncreases related to acquisitions | 329.7 | — | 193.3 \nDecreases related to settlements with tax authorities | (8.3) | (0.1) | (11.7)\nDecreases related to statute of limitation expirations | (16.2) | (10.9) | (7.6) \nIncreases related to current year tax positions | 27.8 | 30.3 | 26.3 \nIncreases (decreases) related to prior year tax positions | (5.6) | 18.2 | (22.5)\nEnding balance | $763.4 | $436.0 | $398.5\n\ntable summarizes activity Company's unrecognized tax benefits April 1 2016 to March 31, 2019\n March 31, 2019 2018 accrued interest penalties $88. 1 million $80. 8 million. penalties charged 2018 2017 were $5. 4 million $5. 8 million. Previously accrued penalties 2019 $37. 5 million.\n total unrecognized tax benefits $763. 4 million $436. million March 31, 2019 2018 $664. 4 million $436. 0 million estimated impact effective tax rate if recognized. unrecognized tax benefits could decrease $50. million next 12 months. Positions include. non-U. matters.\n Ended March\n Beginning balance $436. $398.\n.\n settlements tax authorities.\n statute of limitation expirations.\n current year tax positions.\n prior year tax positions.\n Ending balance $763. $436. $398." +} +{ + "_id": "d1b3ae390", + "title": "", + "text": "Restatement – changes to the presentation of financial income and expenses\nDue to the significant variations in SEK exchange rates during the year, the Company has considered the change in reporting of foreign exchange effect to reflect how foreign exchange transaction risk is managed on a net basis in the Company. Previously foreign exchange effects were reported within both financial income and financial expenses depending on whether they relate to assets or liabilities.\nIn note F2, “Financial income and expenses,” the foreign exchange effect is now presented as a net amount, reported separately from other financial income and expenses items. The comparative years 2018 and 2017 have been\nrestated to reflect the new presentation of Financial income and expenses, net. The restatement does not impact the total net financial income and expenses reported in prior years.\nThe following table shows the impact of the restatement:\nIn line with this change the Company also elected to present all financial income and expenses, including the foreign exchange effect, on the income statement as a single line item Financial income and expenses, net. Previously,\nfinancial income and financial expenses were presented as separate line items on the income statement. The income statement for all comparative years 2018 and 2017 have been restated to reflect the new presentation of Financial\nincome and expenses, net.\n\nFinancial income and expenses | | \n------------------------------------- | ------- | -------\nSEK million | 2018 | 2017 \nReported in prior years | | \nReported in prior years | –316 | –372 \nFinancial expenses | –2,389 | –843 \nTotal | –2,705 | –1,215 \nSEK million | 2018 | 2017 \nRestated | | \nFinancial income | 151 | –50 \nFinancial expenses | –2,032 | –1,570 \nNet foreign exchange gains and losses | –824 | 405 \nTotal | -2,705 | –1,215 \n\nRestatement changes financial income expenses\n variations SEK exchange rates Company considered change reporting foreign exchange effect foreign exchange risk. Previously foreign exchange effects reported financial income expenses.\n note F2 income expenses foreign exchange effect now presented net amount separately. comparative years 2018 2017\n restated new. restatement impact total net income expenses.\n table shows impact restatement\n Company financial income expenses including foreign exchange effect income statement single line item. Previously\n separate. income statement 2018 2017 restated new\n expenses.\n income expenses\n million 2018 2017\n –316 –372\n –2,389 –843\n Total –2,705 –1,215\n million\n 151 –50\n –2,032 –1,570\n Net foreign exchange gains losses –824 405\n Total -2,705 –1,215" +} +{ + "_id": "d1b2fb948", + "title": "", + "text": "Note: The Company adopted IFRS 16 on January 1, 2019. The Company elected not to restate prior periods in accordance with the transition provision in IFRS 16.\nFinancial risk management objectives and policies\nThe Company’s risk management objectives are to manage the market risk, credit risk and liquidity risk related to its operating activities. The Company identifies, measures and manages the aforementioned risks based on policy and risk preference.\nThe Company has established appropriate policies, procedures and internal controls for financial risk management. Before entering into significant financial activities, approval process by the Board of Directors and Audit Committee must be carried out based on related protocols and internal control procedures. The Company complies with its financial risk management policies at all times.\n\nFinancial Assets | As of December 31, | \n----------------------------------------------------------------- | ------------------ | --------------\n | 2018 | 2019 \n | NT$ | NT$ \n | (In Thousands) | (In Thousands)\nFinancial assets at fair value through profit or loss | $12,084,297 | $14,021,473 \nFinancial assets at fair value through other comprehensive income | 11,585,477 | 14,723,232 \nFinancial assets measured at amortized cost | | \nCash and cash equivalents (excludes cash on hand) | 83,655,648 | 95,486,403 \nReceivables | 24,583,451 | 26,459,392 \nRefundable deposits | 2,757,399 | 2,600,733 \nOther financial assets | 2,320,037 | 2,353,066 \nTotal | $136,986,309 | $155,644,299 \nFinancial Liabilities | As of December 31, | \n | 2018 | 2019 \n | NT$ | NT$ \n | (In Thousands) | (In Thousands)\nFinancial liabilities measured at amortized cost | | \nShort-term loans | $13,103,808 | $12,015,206 \nPayables | 23,559,548 | 27,433,065 \nGuarantee deposits (current portion included) | 665,793 | 296,694 \nBonds payable (current portion included) | 41,378,182 | 38,781,416 \nLong-term loans (current portion included) | 30,826,215 | 33,902,074 \nLease liabilities (Note) | — | 6,031,025 \nOther financial liabilities | 20,523,099 | 20,093,441 \nTotal | $130,056,645 | $138,552,921 \n\nCompany adopted IFRS 16 January 1, 2019. restate prior periods.\n Financial risk management objectives\n market credit liquidity risk. identifies measures manages risks.\n established policies procedures internal controls risk management. approval Board Audit Committee. complies risk management policies.\n Financial Assets December 31,\n 2019\n profit loss $12,084,297 $14,021,473\n 11,585,477 14,723,232\n Cash equivalents 83,655,648 95,486,403\n Receivables 24,583,451 26,459,392\n Refundable deposits 2,757,399 2,600,733\n Other financial assets 2,320,037 2,353,066\n Total $136,986,309 $155,644,299\n Financial Liabilities December 31,\n amortized cost\n Short-term loans $13,103,808 $12,015,206\n Payables 23,559,548 27,433,065\ndeposits 296,694\n Bonds 41,378 38,781,416\n Long-term loans 30,826,215 33,902,074\n Lease liabilities\n,093,441\n $130,056,645,552,921" +} +{ + "_id": "d1b3c52c0", + "title": "", + "text": "Components of the net deferred income tax assets are as follows:\nIn fiscal years 2019 and 2018, the Company continued to maintain a full valuation allowance on deferred tax assets. The valuation allowance increased by $1.7 million in fiscal year 2019. The Company recorded an income tax expense from continuing operations of $39,000 in fiscal year 2019. In fiscal year 2018, the Company recorded an income tax benefit from continuing operations of $597,000. The fiscal year 2018 income tax benefit was due primarily from the release of the tax valuation allowance associated with previously generated alternative minimum tax (AMT) credits due to the December 22, 2017 Tax Cuts and Jobs Act Tax Reform (the “Tax Act”).\nThe Company has, on a tax-effected basis, approximately $0.8 million in tax credit carryforwards and $26.9 million of federal net operating loss carryforwards that are available to offset taxable income in the future. The tax credit carryforwards will begin to expire in fiscal year 2021. The federal net operating loss carryforwards begin to expire in fiscal year 2022. State tax credit carryforwards and net operating loss carryforwards, on a tax effected basis and net of federal tax benefits, are $0.1 million and $8.1 million, respectively. The remaining state tax credit carryforwards and state net operating loss carry forwards begin to expire in fiscal year 2020. In fiscal year 2019, $1.2 million of state net operating loss carryforwards expired.\n\n | March 31, | \n----------------------------------- | --------- | --------\n(in thousands) | 2019 | 2018 \nDeferred income tax assets: | | \nAllowance for doubtful accounts | $26 | $24 \nForeign tax credit carryforward | 810 | 812 \nDepreciation | 173 | 227 \nDeferred revenue | 425 | 675 \nAccrued compensation | 412 | 358 \nInventory reserves | 757 | 948 \nAccrued warranty | 33 | 77 \nNet operating loss carryforward | 35,024 | 34,924 \nAccrued restructuring | — | 16 \nIntangibles and goodwill | 272 | — \nOther | 839 | 660 \nGross deferred tax assets | 38,771 | 38,721 \nValuation allowance | (38,771) | (37,103)\nNet deferred income tax assets | — | 1,618 \nDeferred income tax liabilities: | | \nIntangibles and goodwill | — | (1,618) \nNet deferred income tax liabilities | $— | $— \n\nnet deferred income tax assets\n 2019 2018 full valuation allowance. increased $1. 7 million 2019. tax expense $39,000. benefit $597,000. due tax valuation allowance December 22, 2017 Tax Cuts Jobs Act Tax Reform.\n $0. 8 million tax credit carryforwards $26. 9 million federal net operating loss carryforwards income. tax credit carryforwards 2021. federal net loss carryforwards 2022. State tax credit net operating loss carryforwards $0. 1 million $8. 1 million. 2020. 2019 $1. 2 million state net operating loss carryforwards expired.\n Deferred income tax assets\n Allowance doubtful accounts $26\n Foreign tax credit carryforward 810\n Depreciation 173\n Deferred revenue 425 675\n Accrued compensation\n Inventory reserves 757\n warranty\n Net operating loss carryforward 35,024 34,924\nrestructuring\n Intangibles goodwill 272\n 839\n deferred tax assets 38,771 38,721\n Valuation allowance,103\n Net deferred income tax assets 1,618\n Intangibles goodwill\n" +} +{ + "_id": "d1a73b46e", + "title": "", + "text": "5.2 Employee share plans (continued)\nShares issued under the FY2019, FY2018 and FY2017 Performance Rights plans\nFor the purposes of Sections 200B and 200E of the Corporations Act, iSelect shareholders have approved the giving of any potential benefits under the Performance Rights Plan provided in connection with any future retirement of a participant who holds a ‘managerial or Executive office’ such that for the purposes of the provisions, those benefits will not be included in the statutory limit.\nChange in control\nUpon a ‘change of control’, the Board has discretion to determine that some or all of the participants’ Performance Rights vest immediately.\nFY2018 Performance Rights Plan\nThe following table illustrates the number of, and movements in, shares issued during the year:\n\n | 2019 NUMBER | 2018 NUMBER\n------------------------------------------ | ----------- | -----------\nOutstanding at the beginning of the period | 547,949 | - \nGranted during the period | - | 772,303 \nForfeited during the period | (140,687) | (224,354) \nExercised during the period | - | - \nOutstanding at the end of the period | 407,262 | 547,949 \n\n. Employee share plans\n Shares issued FY2019 Performance Rights plans\n Sections 200B 200E Corporations Act iSelect shareholders approved potential benefits Performance Rights Plan future retirement participant ‘managerial Executive benefits not included statutory limit.\n Change control\n Board Performance Rights.\n FY2018 Performance Rights Plan\n table illustrates movements shares issued year\n 2019 2018\n Outstanding period 547,949\n Granted 772,303\n Forfeited (140,687) (224,354)\n Exercised\n Outstanding end period 407,262,949" +} +{ + "_id": "d1b310cd0", + "title": "", + "text": "NOTE 4 - PREPAID EXPENSES AND OTHER CURRENT ASSETS & PATENTS AND INTANGIBLE ASSETS\nPrepaid Expenses and Other Current Assets\nThe components of prepaid expenses and other current assets are as presented below:\nDuring 2019, tax refunds from the Internal Revenue Service of $5.0 million were received for the prepayment made during 2018.\n\n | As of December 31, | \n----------------------------------------------- | ------------------ | ------\n | 2019 | 2018 \n | (in thousands) | \nPrepaid income taxes | $— | $5,429\nOther prepaid expenses and other current assets | 288 | 1,151 \n | $288 | $6,580\n\nNOTE 4 PREPAID EXPENSES CURRENT PATENTS\n components\n 2019 tax refunds Internal Revenue Service $5. 0 million received prepayment 2018.\n December 31,\n 2019 2018\n thousands\n Prepaid income taxes $5,429\n expenses current assets 1,151\n $6,580" +} +{ + "_id": "d1b2f364e", + "title": "", + "text": "The director compensation policies summarized above resulted in the following total compensation for our non-management directors in fiscal year 2019:\nDirector Compensation Table\n(1) Oleg Khaykin, President and Chief Executive Officer, is not included in this table as he was an employee of the Company and as such received no compensation for his services as a director. His compensation is disclosed in the Summary Compensation Table.\n(2) The amounts shown in this column represent the grant date fair values of RSUs issued pursuant to the Company’s 2003 Equity Incentive Plan, computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 (“FASB ASC Topic 718”), excluding the effect of estimated forfeitures. There can be no assurance that these grant date fair values will ever be realized by the non-employee directors. For information regarding the number of unvested RSUs held by each non-employee director as of the end of fiscal year 2019, see the column “Unvested Restricted Stock Units Outstanding” in the table below\n\nDIRECTOR COMPENSATION | | | \n--------------------- | ------------------------------- | -------------------- | ---------\nName (1) | Fees Earned or Paid in Cash ($) | Stock Awards ($) (2) | Total ($)\nKeith Barnes | 102,500 | 178,317 | 280,817 \nRichard E. Belluzzo | 160,000 | 178,317 | 338,317 \nLaura Black | 67,500 | 178,317 | 245,817 \nTor Braham | 67,500 | 178,317 | 245,817 \nTimothy Campos | 77,500 | 178,317 | 255,817 \nDonald Colvin | 97,500 | 178,317 | 275,817 \nMasood A. Jabbar | 90,000 | 178,317 | 268,317 \n\ndirector compensation policies compensation non-management directors 2019\n Compensation\n Oleg Khaykin President not employee no compensation. compensation Summary Compensation Table.\n amounts represent grant date values RSUs 2003 Equity Incentive Plan Financial 718 excluding estimated forfeitures. no assurance values non-employee directors. unvested RSUs-employee 2019 “Unvested Restricted Stock Units Outstanding”\n DIRECTOR COMPENSATION\n Fees Stock Awards Total\n Keith Barnes 102,500 178,317 280,817\n Richard E. Belluzzo 160,000 178,317 338,317\n Laura Black 67,500 245,817\n Tor Braham 67\n Timothy Campos 77,500 178,317 255,817\n Donald Colvin 97,500 275,817\n Masood A. Jabbar 90,000,317 268,317" +} +{ + "_id": "d1b3a5e20", + "title": "", + "text": "NOTE 15 — LEASES\nWe have operating and finance leases for datacenters, corporate offices, research and development facilities, retail stores, and certain equipment. Our leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year.\nThe components of lease expense were as follows:\n\n(In millions) | | | \n----------------------------------- | -------- | -------- | --------\nYear Ended June 30, | 2019 | 2018 | 2017 \nOperating lease cost | $ 1,707 | $ 1,585 | $ 1,412\nFinance lease cost: | | | \nAmortization of right-of-use assets | $ 370 | $ 243 | $ 104 \nInterest on lease liabilities | 247 | 175 | 68 \nTotal finance lease cost | $617 | $418 | $172 \n\n\n leases datacenters offices research retail stores equipment. 1 20 years extend 5 years terminate 1 year.\n lease expense\n millions\n Ended June 30\n Operating lease cost $ 1,707 $ 1,585 1,412\n Finance lease cost\n Amortization right-of-use assets $ 370 $ 243 104\n Interest lease liabilities 247 175\n finance lease cost $617 $418 $172" +} +{ + "_id": "d1b2fdc34", + "title": "", + "text": "NOTE 9—PROPERTY, PLANT AND EQUIPMENT\nSignificant components of property, plant and equipment are as follows (in thousands):\nIn fiscal 2019, we entered into agreements related to the construction and leasing of two buildings on our existing corporate campus in San Diego, California. Under these agreements, a financial institution will own the buildings, and we will lease the property for a term of five years upon their completion.\nIn the third quarter of fiscal 2019 we sold the land and buildings comprising our separate CTS campus in San Diego. We have entered into a lease with the buyer of this campus and CTS employees will continue to occupy this separate campus until the new buildings on our corporate campus are ready for occupancy in fiscal 2021. In the third quarter of fiscal 2019 we also sold land and buildings in Orlando, Florida and we are entering a lease for new space in Orlando to accommodate our employees and operations in Orlando. In connection with the sale of these real estate campuses we received total net proceeds of $44.9 million and recognized net gains on the sales totaling $32.5 million.\nAs a part of our efforts to upgrade our current information systems, early in fiscal 2015 we purchased new enterprise resource planning (ERP) software and began the process of designing and configuring this software and other software applications to manage our operations.\nCosts incurred in the development of internal-use software and software applications, including external direct costs of materials and services and applicable compensation costs of employees devoted to specific software development, are capitalized as computer software costs. Costs incurred outside of the application development stage, or that are types of costs that do not meet the capitalization requirements, are expensed as incurred. Amounts capitalized are included in property, plant and equipment and are amortized on a straight-line basis over the estimated useful life of the software, which ranges from three to seven years. No amortization expense is recorded until the software is ready for its intended use.\nThrough September 30, 2019 we have incurred costs of $138.9 million related to the purchase and development of our ERP system, including $3.1 million, $22.5 million, and $40.6 million of costs incurred during fiscal years 2019, 2018 and 2017, respectively. We have capitalized $1.6 million, $7.5 million, and $16.7 million of qualifying software development costs as internal-use software development in progress during fiscal years 2019, 2018, and 2017, respectively. We have recognized expense for $1.5 million, $15.0 million, and $23.9 million of these costs in fiscal years 2019, 2018, and 2017, respectively, for costs that did not qualify for capitalization. Amounts that were expensed in connection with the development of these systems are classified within selling, general and administrative expenses in the Consolidated Statements of Operations.\nVarious components of our ERP system became ready for their intended use and were placed into service at various times from fiscal 2016 through fiscal 2019. As each component became ready for its intended use, the component’s costs were transferred into completed software and we began amortizing these costs over their seven-year estimated useful life using the straight-line method. We continue to capitalize costs associated with the development of other ERP components that are not yet ready for their intended use.\nOur provisions for depreciation of plant and equipment and amortization of leasehold improvements and software amounted to $22.6 million, $19.5 million and $17.8 million in 2019, 2018 and 2017, respectively. Generally, we use straight-line methods for depreciable real property over estimated useful lives ranging from 15 to 39 years or for leasehold improvements, the term of the underlying lease if shorter than the estimated useful lives. We typically use accelerated methods (declining balance) for machinery and equipment and software other than our ERP system over estimated useful lives ranging from 5 to 10 years.\n\n | | September 30,\n-------------------------------------------------------------- | ---------- | -------------\n | 2019 | 2018 \nLand and land improvements | $ 7,348 | $ 13,132 \nBuildings and improvements | 48,191 | 57,959 \nMachinery and other equipment | 107,297 | 81,727 \nSoftware | 108,526 | 84,631 \nLeasehold improvements | 17,064 | 11,991 \nConstruction and internal-use software development in progress | 16,814 | 12,888 \nAccumulated depreciation and amortization | (160,271) | (144,782) \n | $ 144,969 | $ 117,546 \n\nNOTE 9—PROPERTY PLANT EQUIPMENT\n components\n fiscal 2019 agreements construction leasing two buildings corporate campus San Diego, California. financial institution buildings we lease property five years.\n third quarter 2019 sold land buildings CTS campus San Diego. lease with buyer CTS employees occupy until new buildings ready fiscal 2021. sold land buildings Orlando, Florida lease new space. net proceeds $44. 9 million net gains sales $32. 5 million.\n fiscal 2015 purchased enterprise resource planning (ERP) software designing configuring.\n Costs development software capitalized as software costs. Costs outside expensed as incurred. Amounts capitalized amortized over estimated useful life software three to seven years. No amortization expense recorded until software ready use.\n Through September 30, 2019 incurred costs of $138. 9 million purchase development ERP system including $3. 1 million, $22. 5 million $40. 6 million costs fiscal years 2019 2018 2017.capitalized $1. 6 million $7. 5 million $16. 7 million costs 2019 2018 2017. recognized expense $1. 5 million $15. 0 million $23. 9 million 2019 2018 2017. selling general administrative expenses Consolidated Statements of Operations.\n components ERP system ready service 2016 2019. costs transferred software seven-year life. costs ERP components.\n provisions depreciation plant equipment amortization leasehold improvements software $22. 6 million $19. 5 million $17. 8 million 2019 2018 2017. straight-line methods depreciable property 15 to 39 years leasehold improvements. accelerated methods machinery equipment software 5 to 10 years.\n Land improvements 7,348 13,132\n Buildings improvements 48,191 57,959\n Machinery equipment 107,297 81,727\n Software 108,526 84,631\n Leasehold improvements 17,064 11,991\n Construction internal-use software development 16,814 12,888\ndepreciation amortization,271)\n 144,969 117,546" +} +{ + "_id": "d1b324ed8", + "title": "", + "text": "Lease liabilities regarding right-of-use assets are included on the balance sheet under “Borrowings”.\nExtension and termination options are included in several leases in order to optimize operational flexibility in terms of managing contracts. The lease term determined by TORM is the noncancellable period of a lease, together with any extension/termination options if these are/are not reasonably certain to be exercised.\n\nUSDm | 2019 | 2018\n--------------------------------------------------------------- | ---- | ----\nMaturity analysis - contractual undiscounted cash flow | | \nLess than one year | 7.5 | 5.2 \nOne to five years | 27.6 | 25.6\nMore than five years | 0.1 | - \nTotal undiscounted lease liabilities as of 31 December | 35.2 | 30.8\nLease liabilities included under \"Borrowings\" as of 31 December | 30.6 | 25.3\nNon-current | 10.2 | 3.2 \nCurrent | 20.4 | 22.1\n\nLease liabilities right-use assets balance.\n Extension termination options leases operational flexibility. lease term TORM noncancellable extension/termination options.\n Maturity analysis contractual undiscounted cash flow\n Less than one year 7.\n One to five years 27.\n More than five years.\n undiscounted lease liabilities 31 December 35. 30.\n Lease liabilities \"Borrowings 31 30. 25.\n Non-current 10.\n 20." +} +{ + "_id": "d1b3598ae", + "title": "", + "text": "Standard & Poor's Rating Services', a Standard & Poor's Financial Services LLC business (\"S&P\"), corporate credit rating is \"BBB.\" Moody’s Investor Service, Inc.'s (\"Moody's\") applicable rating is \"Baa2.\" Fitch Ratings', a wholly owned subsidiary of Fimlac, S.A. (\"Fitch\"), applicable rating is \"BBB.\" The below table outlines the fees paid on the unused portion of the facility (\"Facility Fee Rate\") and letter of credit fees and borrowings (\"Undrawn Letter of Credit Fee and Borrowing Spread\") that corresponds to the applicable rating levels from S&P, Moody's and Fitch.\nIn the event the rating levels are split, the applicable fees and spread will be based upon the rating level in effect for two of the rating agencies, or, if all three rating agencies have different rating levels, the applicable fees and spread will be based upon the rating level that is between the rating levels of the other two rating agencies.\n\nRatings Level (S&P/Moody's/Fitch) | Facility Fee Rate | All-in Borrowing Spread\n--------------------------------- | ----------------- | -----------------------\nA-/A3/A- or above | 0.090% | 1.000% \nBBB+/Baa1/BBB+ | 0.100% | 1.125% \nBBB/Baa2/BBB (current level) | 0.125% | 1.250% \nBBB-/Baa3/BBB- | 0.175% | 1.375% \nBB+/Ba1/BB+ or lower | 0.225% | 1.625% \n\nStandard & Poor's Rating Services rating \"BBB. Moody’s Investor Service. \"Baa2. Fitch Ratings subsidiary Fimlac. rating \"BBB. table outlines fees unused facility Fee credit fees borrowings rating levels S&P Moody's Fitch.\n rating levels split fees spread based rating level two.\n Ratings Level (S&P/Moody's/Fitch) Facility Fee Rate All-in Borrowing Spread\n A-/A3/A- or above 0. 090%.%\n BBB+/Baa1/BBB+. 100%. 125%\n BBB/Baa2/BBB. 250%\n BBB-/Baa3/BBB-. 175%. 375%\n BB+/Ba1/BB+ or lower. 225%. 625%" +} +{ + "_id": "d1b3183d6", + "title": "", + "text": "NOTE 14 – MAJOR CUSTOMERS AND VENDORS (CONTINUED)\nOur accounts receivable includes 3 customers that individually make up more than 10% of our accounts receivable at December 31, 2019 in the percentages of 17.8%, 15.4% and 13.3%.\nThe Company had four key partners through which 10% or greater of its revenue was generated in either 2019 or 2018 as set forth below. The amounts in the table below reflect the amount of revenue generated through those customers.\n\n | 2019 | | 2018 | \n----------- | --------- | ---- | --------- | ----\n | $ | % | $ | % \nPartner A | 1,315,706 | 5.3 | 6,841,386 | 32.3\nPartner B | 9,210,347 | 37.4 | 5,350,393 | 25.2\nPartner C | 4,051,217 | 16.5 | 2,584,103 | 12.2\nPartner D | 1,007,573 | 4.1 | 2,159,356 | 10.2\n\nNOTE 14 MAJOR CUSTOMERS VENDORS\n receivable 3 customers 10% December 31, 2019 percentages 17. 8% 15. 4% 13. 3%.\n Company four partners 10% revenue generated 2019 2018. amounts reflect revenue generated.\n 1,315,706 5.,386 32.\n 9,210,347 37. 5,350,393 25.\n C 4,051,217 16. 2,584,103 12.\n 1,007,573 4. 2,159,356 10." +} +{ + "_id": "d1b3c6e54", + "title": "", + "text": "3.1 Financial risk factors (continued)\n(a) Market risk (continued)\n(i) Foreign exchange risk (continued)\nAs at 31 December 2019, the Group’s major monetary assets and liabilities exposed to foreign exchange risk are listed below:\nDuring the year ended 31 December 2019, the Group reported exchange gains of approximately RMB77 million (2018: RMB229 million) within “Finance costs, net” in the consolidated income statement.\nAs at 31 December 2019, management considers that any reasonable changes in foreign exchange rates of the above currencies against the two major functional currencies would not result in a significant change in the Group’s results, as the net carrying amounts of financial assets and liabilities denominated in a currency other than the respective subsidiaries’ functional currency are considered to be not significant, given the exchange rate peg between HKD and USD. Accordingly, no sensitivity analysis is presented for foreign exchange risk.\n\n | USD denominated RMB’Million | Non-USD denominated RMB’Million\n--------------------------------- | --------------------------- | -------------------------------\nAs at 31 December 2019 | | \nMonetary assets, current | 27,728 | 2,899 \nMonetary assets, non-current | 373 | – \nMonetary liabilities, current | (4,273) | (14,732) \nMonetary liabilities, non-current | (91) | (5,739) \n | 23,737 | (17,572) \nAs at 31 December 2018 | | \nMonetary assets, current | 18,041 | 1,994 \nMonetary assets, non-current | 2,642 | – \nMonetary liabilities, current | (3,434) | (4,587) \nMonetary liabilities, non-current | (3,733) | (9,430) \n | 13,516 | (12,023) \n\n. Financial risk factors\n Market\n Foreign exchange risk\n 31 December 2019 major monetary assets liabilities foreign exchange risk\n 31 December 2019 reported exchange gains RMB77 million (2018 RMB229 million costs consolidated income statement.\n changes foreign exchange rates significant results financial assets liabilities exchange rate peg between HKD USD. no analysis foreign exchange risk.\n USD denominated RMB’Million Non-USD denominated RMB’Million\n 31 December 2019\n assets 27,728 2,899\n non-current\n (4,273) (14,732)\n (91)\n 23,737 (17,572\n 31 December 2018\n assets 18,041 1,994\n 2,642\n (3,434) (4,587)\n (3,733) (9,430)\n 13,516" +} +{ + "_id": "d1b362116", + "title": "", + "text": "NOTE 3. PROPERTY AND EQUIPMENT\nThe classification of property and equipment, together with their estimated useful lives is as follows:\n(1) Excludes assets held for sale\n(2) Lesser of lease term or estimated useful life\nThe change in property and equipment in accrued liabilities was $14,315 and $15,674 for the fiscal years ended June 30, 2019 and 2018, respectively. These amounts were excluded from capital expenditures on the statements of cash flows.\nNo impairments of property and equipment were recorded in fiscal 2019 or 2018.\nDuring the third quarter of fiscal 2019, the Company received an unsolicited offer to purchase its Houston, TX, facility. At June 30, 2019, the facility included assets with a carrying value of approximately $5,055. Although management has not committed to the sale, a sale of the facility during fiscal 2020 is likely and the Company expects to record a gain on the sale upon closing, since the offer represents full appraisal value for the facility. Therefore, the assets are considered held for sale at June 30, 2019. Also held for sale at June 30, 2019, was the Company’s Elizabethtown, KY facility. During the third quarter of fiscal 2018, the Company reached a definitive agreement to sell the property for $1,300 pending an expected closing date during the second quarter of fiscal 2020. An impairment loss was recorded on this facility during fiscal 2017 as disclosed in Note 2 to the Company’s consolidated financial statements. Total assets held for sale by the Company at June 30, 2019 and 2018 were $6,355 and $1,300, respectively, and were included in assets held for sale on the Company’s consolidated balance sheet for each year. Those balances are not included on the above table.\n\n | June 30, | | \n----------------------------- | -------- | -------- | ---------------------\n | 2019 | 2018 | Estimated Useful Life\nLand (1) | $23,243 | $24,845 | \nLand improvements (1) | 25,209 | 25,383 | 5 - 20 years \nBuildings (1) | 147,220 | 143,918 | 20 - 30 years \nLeasehold improvements | 48,478 | 48,060 | 5 - 30 years(2) \nEquipment and furniture | 365,101 | 328,864 | 3 - 10 years \nAircraft and equipment | 39,293 | 38,761 | 4 - 10 years \nConstruction in progress | 12,411 | 39,872 | \n | 660,955 | 649,703 | \nLess accumulated depreciation | 388,481 | 364,153 | \nProperty and equipment, net | $272,474 | $285,550 | \n\n3. PROPERTY EQUIPMENT\n classification equipment estimated useful lives\n Excludes assets sale\n Lesser lease term estimated useful life\n change property equipment accrued liabilities $14,315 $15,674 years 2019 2018. excluded from capital expenditures.\n No impairments property recorded 2019 2018.\n 2019 received offer purchase Houston, TX facility. assets value $5,055. sale 2020 likely expects gain sale full appraisal value. assets held for sale June 30 2019. Elizabethtown, KY facility. sell property for $1,300 closing second quarter 2020. impairment loss recorded 2017 Note 2 financial statements. assets sale June 2019 2018 $6,355 $1,300 included consolidated balance sheet. balances not included table.\n 30\n Estimated Useful Life\n Land $23,243 $24,845\n Land improvements 25,209,383 5 - 20 years\n Buildings 147,220 143,918 20 - 30 years\n48,478 5 30\n Equipment 365,101 328,864 3 10\n Aircraft 39,293 38,761 4 10\n Construction 12 39,872\n,955,703\n depreciation,481 364,153\n $272,474 $285,550" +} +{ + "_id": "d1a73ad20", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nNOTE 10. INVENTORIES\nOur inventories are valued at the lower of cost or net realizable value and computed on a first-in, first-out (FIFO) basis. Components of inventories are as follows:\n\n | December 31, | \n----------------------- | ------------ | -------\n | 2019 | 2018 \nParts and raw materials | $134,816 | $76,647\nWork in process | 10,269 | 6,644 \nFinished goods | 84,934 | 14,696 \nTotal | $230,019 | $97,987\n\nADVANCED INDUSTRIES. FINANCIAL STATEMENTS share\n. INVENTORIES\n valued first-in first-out. Components\n December 31,\n 2018\n Parts raw materials $134,816 $76,647\n Work process 10,269 6,644\n Finished goods 84,934 14,696\n $230,019 $97,987" +} +{ + "_id": "d1b3173d2", + "title": "", + "text": "Summarized 100% statement of financial position information for ASMPT equity method investment excluding basis adjustments (foreign currency exchange rate per December 31, 2019 was 1 HK$: €0.11432 for December 31, 2018: 1 HK$: €0.11151).\nEquity of ASMPT per December 31, 2019 translated into euros at a rate of 0.11432 was €1,329 million (our 25.19% share: €335 million).\nThe ASMPT Board is responsible for ongoing monitoring of the performance of the Back-end activities. The actual results of the Back-end operating unit are discussed with the ASMPT Audit Committee, which includes the representative of ASMI. The ASMI representative reports to the ASMI Management Board and the Audit Committee of ASMI on a quarterly basis.\nOur share of income taxes incurred directly by the associates is reported in result from investments in associates and as such is not included in income taxes in our consolidated financial statements.\n\n | December 31, | \n----------------------- | ------------ | ------\n(HK$ million) | 2018 | 2019 \nCurrent assets | 15,168 | 13,381\nNon-current assets | 5,907 | 7,464 \nCurrent liabilities | 7,792 | 4,432 \nNon-current liabilities | 1,122 | 4,781 \nEquity | 12,161 | 11,632\n\nfinancial position ASMPT equity excluding adjustments currency exchange rate December 31, 2019 HK$ €0. 11432. 11151).\n Equity ASMPT 2019 euros. 11432 €1,329 million. 19% share €335 million.\n ASMPT Board Back-end activities. results ASMPT Audit Committee representative ASMI. reports Management Board Audit Committee quarterly.\n income taxes associates investments not included consolidated financial statements.\n$ million 2019\n Current assets 15,168 13,381\n Non-current assets 7,464\n 7,792\n 1,122\n Equity 12,161 11,632" +} +{ + "_id": "d1b39b4fc", + "title": "", + "text": "The following is a roll forward of accrued restructuring charges for fiscal 2019 and fiscal 2018 (in millions):\nThe liability for restructuring and other exit costs of $47.8 million is included in accrued liabilities and other long-term liabilities, on the Company's consolidated balance sheets as of March 31, 2019.\n\n | Restructuring | | Non-Restructuring | \n-------------------------------------- | ------------------------- | ---------- | ----------------- | ------\n | Employee Separation Costs | Exit Costs | Exit Costs | Total \nBalance at March 31, 2017 | $5.4 | $34.8 | $— | $40.2 \nCharges | 1.2 | 0.7 | 20.0 | 21.9 \nPayments | (5.9) | (9.2) | (0.9) | (16.0)\nNon-cash - Other | (0.2) | 1.0 | — | 0.8 \nChanges in foreign exchange rates | 0.3 | — | — | 0.3 \nBalance at March 31, 2018 | 0.8 | 27.3 | 19.1 | 47.2 \nAdditions due to Microsemi acquisition | 10.4 | 9.0 | — | 19.4 \nCharges | 48.9 | (4.7) | — | 44.2 \nPayments | (47.1) | (13.1) | (4.1) | (64.3)\nNon-cash - Other | — | 0.7 | 0.7 | 1.4 \nChanges in foreign exchange rates | (0.1) | — | — | (0.1) \nBalance at March 31, 2019 | $12.9 | $19.2 | $15.7 | $47.8 \nCurrent | | | | $26.9 \nNon-current | | | | 20.9 \nTotal | | | | $47.8 \n\nroll forward accrued restructuring charges fiscal 2019 2018 millions):\n restructuring exit costs $47. 8 million long-term liabilities Company consolidated balance sheets March 31, 2019.\n Restructuring Non-Restructuring\n Employee Separation Costs Exit Costs\n Balance March 31, 2017 $5. $34. 8 $40.\n 1. 20. 21.\n Payments (5. (9. (16.\n Non-cash - Other.\n Changes foreign exchange rates.\n Balance March 31, 2018. 27. 19. 47.\n Additions Microsemi acquisition 10. 9. 19.\n 48. 44.\n Payments (47. (13.\n Non-cash -.\n Changes foreign exchange rates.\n March 31, 2019 $12. $19. $15. $47. 8\n $26. 9\n Non-current 20.\n $47." +} +{ + "_id": "d1b34acb4", + "title": "", + "text": "The following table summarizes the change in fair value of the Level 3 liabilities with significant unobservable inputs (in thousands):\nThe money market accounts are included in our cash and cash equivalents in our consolidated balance sheets. Our money market assets are valued using quoted prices in active markets.\nThe liability for the subsidiary unit awards relates to agreements established with employees of our subsidiaries for cash awards contingent upon the subsidiary companies meeting certain financial milestones such as revenue, working capital, EBITDA and EBITDA margin. We account for these subsidiary awards using fair value and establish liabilities for the future payment for the repurchase of subsidiary units under the terms of the agreements based on estimating revenue, working capital, EBITDA and EBITDA margin of the subsidiary units over the periods of the awards through the anticipated repurchase dates. We estimated the fair value of each liability by using a Monte Carlo simulation model for determining each of the projected measures by using an expected distribution of potential outcomes. The fair value of each liability is calculated with thousands of projected outcomes, the results of which are averaged and then discounted to estimate the present value. At each reporting date until the respective payment dates, we will remeasure these liabilities, using the same valuation approach based on the applicable subsidiary's revenue and future collection of financed customer receivables, the unobservable inputs, and we will record any changes in the employee's compensation expense. Some of the awards are subject to the employees' continued employment and therefore, recorded on a straight-line basis over the remaining service period. During the year ended December 31, 2019, we settled $0.2 million of the liability related to the subsidiary unit awards. The remaining liability balances are included in either accounts payable, accrued expenses and other current liabilities or other liabilities in our consolidated balance sheets (see Note 13).\nThe contingent consideration liability consists of the potential earn-out payment related to our acquisition of 85% of the issued and outstanding capital stock of OpenEye on October 21, 2019. The earn-out payment is contingent on the satisfaction of certain calendar 2020 revenue targets and has a maximum potential payment of up to $11.0 million. We account for the contingent consideration using fair value and establish a liability for the future earn-out payment based on an estimation of revenue attributable to perpetual licenses and subscription licenses over the 2020 calendar year. We estimated the fair value of the liability by using a Monte Carlo simulation model for determining each of the projected measures by using an expected distribution of potential outcomes. The contingent consideration liability was valued with Level 3 unobservable inputs, including the revenue volatility and the discount rate. At October 21, 2019, the fair value of the liability was $2.8 million. At each reporting date until the payment date in 2021, we will remeasure the liability, using the same valuation approach. Changes in the fair value resulting from information that existed subsequent to the acquisition date are recorded in the consolidated statements of operations. During the year ended December 31, 2019, the contingent consideration liability decreased $0.2 million to $2.6 million as compared to the initial liability recorded at the acquisition date, primarily due to a change to OpenEye's 2020 projected revenue. The unobservable inputs used in the valuation as of December 31, 2019 included a revenue volatility of 45% and a discount rate of 3%. Selecting another revenue volatility or discount rate within an acceptable range would not result in a significant change to the fair value of the contingent consideration liability.\nThe contingent consideration liability is included in other liabilities in our consolidated balance sheet as of December 31, 2019 (see Note 13).\nWe monitor the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. There were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2019, 2018 and 2017. We also monitor the value of the investments for other-than-temporary impairment on a quarterly basis. No other-than-temporary impairments occurred during the years ended December 31, 2019, 2018 and 2017.\n\n | Fair Value Measurements Using Significant Unobservable Inputs | | \n------------------------------------------ | ------------------------------------------------------------- | ---------------------------------------------------- | ----------------------------\n | Year Ended December 31, 2019 | | Year Ended December 31, 2018\n | Subsidiary Unit Awards | Contingent Consideration Liability from Acquisitions | Subsidiary Unit Awards \nBeginning of period balance | 385 | $ — | $3,160 \nAcquired liabilities | — | 2,793 | — \nChanges in fair value included in earnings | (14) | (198) | 27 \nSettlements | (200) | — | (2,802) \nEnd of period balance | $171 | $2,595 | $385 \n\ntable summarizes change fair value Level 3 liabilities unobservable inputs\n money market accounts included cash balance sheets. assets valued using quoted prices active markets.\n liability subsidiary unit awards agreements employees subsidiaries cash awards financial milestones revenue capital EBITDA margin. account awards fair value establish liabilities future payment repurchase units revenue capital EBITDA margin. estimated fair value Monte Carlo simulation model. calculated projected outcomes averaged discounted present value. remeasure liabilities valuation revenue future receivables unobservable inputs record changes employee's compensation expense. awards subject to employment recorded straight-line. year ended December 31, 2019 settled $0. 2 million liability subsidiary unit awards. remaining liability balances included in accounts payable accrued expenses current liabilities consolidated balance sheets.\n contingent consideration liability potential earn-out payment 85% stock OpenEye October 21, 2019.earn-out payment contingent on 2020 revenue targets maximum potential $11. 0 million. account contingent fair value liability future payment revenue subscription 2020. estimated fair value Monte Carlo simulation model. liability valued with Level 3 unobservable inputs revenue volatility discount rate. October 21, 2019 fair value $2. 8 million. until 2021 remeasure liability. Changes fair value recorded in statements operations. December 31, 2019 liability decreased $0. 2 million to $2. 6 million due to OpenEye's 2020 projected revenue. unobservable inputs revenue volatility 45% discount rate 3%. revenue volatility discount rate change fair value.\n included in other liabilities consolidated balance sheet December 31, 2019.\n market data classification financial instruments fair value. economic conditions require transfer instruments value level. reported period. no transfers between Levels 1 2 3 December 31, 2019 2018 2017. monitor value investments for-temporary impairment quarterly.impairments 2019 2018 2017.\n Fair Value Measurements Unobservable Inputs\n Ended 31, 2019 2018\n Subsidiary Unit Awards Liability Acquisitions\n Beginning period balance $3,160\n Acquired liabilities 2,793\n Changes fair value earnings 27\n Settlements\n End period balance $171 $2,595 $385" +} +{ + "_id": "d1b32f36a", + "title": "", + "text": "Market Information\nOur common stock is traded under the symbol “OPRX” on the Nasdaq Capital Market. Only a limited market exists for our securities. There is no assurance that a regular trading market will develop, or if developed, that it will be sustained. Therefore, a shareholder may be unable to resell his securities in our company.\nThe following tables set forth the range of high and low bid information for our common stock for the each of the periods indicated. These quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.\nOn March 24, 2020, the last sales price per share of our common stock was $7.93\n\n | Fiscal Year Ending December 31, 2018 | \n-------------------- | ------------------------------------ | -----\nQuarter Ended | High $ | Low $\nMarch 31, 2018 | 4.98 | 3.36 \nJune 30, 2018 | 11.00 | 4.29 \nSeptember 30, 2018 | 18.39 | 9.32 \nDecember 31, 2018 | 18.00 | 8.92 \n\n\n common stock traded Nasdaq Capital Market. limited market securities. no assurance regular trading market. shareholder resell securities.\n tables high low bid information common stock. reflect inter-dealer prices without retail mark-up-down commission not represent actual transactions.\n March 24, 2020 last sales price share stock $7.\n Fiscal Year Ending December 31, 2018\n Quarter Ended Low\n March 31, 2018.\n June 30.\n September 30.\n December 31,." +} +{ + "_id": "d1b38f4d6", + "title": "", + "text": "11 Employee Costs\nIncluded in wages and salaries above are $4.2M (2018: $4.0M) relating to retention payments arising on business combinations.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2\n---------------------------------- | ------------------------ | --------------------------------------------\n | $M | $M \nWages and salaries | 286.0 | 271.8 \nSocial security costs | 25.6 | 27.3 \nPension costs | 8.9 | 8.4 \nOther costs | 12.7 | 12.1 \n | 333.2 | 319.6 \nShare-based payments (see note 29) | 36.9 | 42.3 \nTotal employee costs | 370.1 | 361.9 \n\nEmployee Costs\n wages salaries $4. $4. retention payments business combinations.\n-ended 31 March 2019 2018\n Wages salaries 286. 271.\n Social security 25. 27.\n Pension costs 8.\n costs 12.\n. 319.\n Share-based payments 36. 42.\n employee costs 370. 361." +} +{ + "_id": "d1b2edb04", + "title": "", + "text": "Charters-in\nAs of December 31, 2019, the Company had commitments to charter-in 11 vessels, which are all bareboat charters. During the second quarter of 2019, the Company commenced a bareboat charter for the Overseas Key West for a lease term of 10 years. Based on the length of the lease term and the remaining economic life of the vessel, it is accounted for as a finance lease. The remaining 10 chartered-in vessels are accounted for as operating leases.\nThe right-of-use asset accounted for as a finance lease arrangement is reported in vessels and other property, less accumulated depreciation on our consolidated balance sheets. The Company holds options for 10 of the vessels chartered-in that can be exercised for one, three or five years with the one-year option only usable once, while the three- and five-year options are available indefinitely.\nThe lease payments for the charters-in are fixed throughout the option periods and the options are on a vessel-by-vessel basis that can be exercised individually. The Company exercised its option on one of its vessels to extend the term until June 2025. On December 10, 2018, the Company exercised its options to extend the terms of the other nine vessels.\nTerms for five of the vessels were extended for an additional three years, with terms ending in December 2022, and terms for four of the vessels were extended for an additional year, with terms ending December 2020. On December 11, 2019, the terms for the four vessels ending December 2020 were extended for an additional three years, with terms ending in December 2023.\nFive of the Company's chartered in vessels contain a deferred payment obligation (“DPO”) which relates to charter hire expense incurred by the Company in prior years and payable to the vessel owner in future periods. This DPO is due in quarterly installments with the final quarterly payment due upon lease termination.\nThe future minimum commitments under these leases are as follows:\nThe bareboat charters-in provide for variable lease payments in the form of profit share to the owners of the vessels calculated in accordance with the respective charter agreements or based on time charter sublease revenue. Because such amounts and the periods impacted are not reasonably estimable, they are not currently reflected in the table above. Due to reserve funding requirements and current rate forecasts, no profits are currently expected to be paid to the owners in respect of the charter term within the next year.\nFor the year ended December 31, 2019, lease expense for the 10 chartered-in vessels accounted for as operating leases was $90,359, which is included in charter hire expense on the consolidated statements of operations and operating cash flows on the consolidated statements of cash flows. The Company recognized sublease income of $188,163 for the year ended December 31, 2019.\nFor the year ended December 31, 2019, the Company had non-cash operating activities of $93,407 for obtaining operating right-of-use assets and liabilities that resulted from exercising lease renewals not assumed in the initial lease term.\nFor the year ended December 31, 2019, lease expense related to the Company's finance lease was $2,052 related to amortization of the right-of-use asset and $1,462 related to interest on the lease liability. These are included in operating cash flows on the consolidated statements of cash flows. For the year ended December 31, 2019, the Company had non-cash financing activities of $28,993 for obtaining finance right-of-use assets.\nFor the year ended December 31, 2018, lease expense relating to charters-in was $91,350, which is included in charter hire expense on the consolidated statements of operations.\n\nAt December 31, 2019 | Operating Leases | Finance Lease\n---------------------------- | ---------------- | -------------\n2020 | $92,404 | $4,172 \n2021 | 91,164 | 4,161 \n2022 | 107,654 | 4,161 \n2023 | 43,015 | 4,161 \n2024 | 9,168 | 4,172 \nThereafter | 4,534 | 17,180 \nNet minimum lease payments | 347,939 | 38,007 \nLess: present value discount | 40,891 | 10,448 \nTotal lease liabilities | $307,048 | $27,559 \n\n\n December 31, 2019 Company commitments 11 vessels all bareboat charters. second quarter 2019 commenced bareboat charter Overseas Key West 10 years. lease economic life accounted finance lease. remaining 10 vessels operating leases.\n right-of-use finance lease reported vessels property less accumulated depreciation balance sheets. holds options 10 vessels one three five years one-year option once three- five-year options indefinitely.\n lease payments fixed options vessel-by-vessel exercised individually. exercised option term until June 2025. December 10, 2018 terms other nine vessels.\n five extended three years December 2022 four extended year December 2020. December 11, 2019 extended three years December 2023.\n Five vessels contain deferred payment obligation charter hire expense payable. due quarterly installments final payment lease termination.\n future minimum commitments\nbareboat charters provide variable lease payments profit share owners calculated agreements sublease revenue. amounts periods reflected table. reserve funding no profits expected paid next year.\n December 31, 2019 lease expense 10 chartered vessels $90,359 included hire expense cash flows. recognized sublease income $188,163.\n non-cash operating activities $93,407 obtaining right-use assets liabilities lease renewals not.\n lease expense finance lease $2,052 amortization $1,462 interest lease liability. included operating cash flows. non-cash financing activities $28,993 obtaining finance right-of-use assets.\n December 31, 2018 lease expense charters $91,350 included charter hire expense statements operations.\n December 31, 2019 Operating Leases Finance Lease\n 2020 $92,404 $4,172\n 2021 91,164 4,161\n 2022 107,654\n 2023 43,015\n 2024 9,168\n4,534\n 347,939 38,007\n 40,891 10,448\n $307,048 $27,559" +} +{ + "_id": "d1b3c1f6c", + "title": "", + "text": "NOTE 10—GOODWILL AND PURCHASED INTANGIBLE ASSETS\nChanges in goodwill for the two years ended September 30, 2019 are as follows (in thousands):\nAs described in Note 18, we concluded that CMS became a separate operating segment beginning on October 1, 2017. In conjunction with the changes to reporting units, we reassigned goodwill between CGD and CMS based on their relative fair values on October 1, 2017.\nIn July 2017, we acquired Deltenna, a wireless infrastructure company specializing in the design and delivery of radio and antenna communication solutions. Deltenna’s operations were included in our CGD reporting unit upon its acquisition. On April 1, 2019, we reorganized our reporting structure to include Deltenna in our CMS reporting unit and reassigned $3.4 million of goodwill from CGD to CMS based upon its relative fair value. Since its acquisition, Deltenna’s sales, operating results, and cash flows have not been significant to our consolidated results. As such, reportable segment information has not been restated for this change in the composition of our reportable segments.\nWe complete our annual goodwill impairment test each year as of July 1 separately for our CTS, CGD and CMS reporting units.\nThe test for goodwill impairment is a two-step process. The first step of the test is performed by comparing the fair value of each reporting unit to its carrying amount, including recorded goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step is performed to measure the amount of the impairment, if any, by comparing the implied fair value of goodwill to its carrying amount. Any resulting impairment determined would be recorded in the current period.\nFor our 2019 impairment test, the estimated fair value of all three of our reporting units exceeded their respective carrying amounts. As such, there was no impairment of goodwill in 2019.\nSignificant management judgment is required in the forecast of future operating results that are used in our impairment analysis. The estimates we used are consistent with the plans and estimates that we use to manage our business. Although we believe our underlying assumptions supporting these assessments are reasonable, if our forecasted sales and margin growth rates, timing of growth, or the discount rate vary from our forecasts, we may be required to perform interim analyses in fiscal 2020 that could expose us to material impairment charges in the future.\n\n | Cubic Transportation Systems | Cubic Mission Solutions | Cubic Global Defense | Total \n-------------------------------------- | ---------------------------- | ----------------------- | -------------------- | ----------\nNet balances at September 30, 2017 | $ 50,870 | $ — | $ 270,692 | $ 321,562\nReassignment on October 1, 2017 | — | 125,321 | (125,321) | — \nAcquisitions (see Note 2) | — | 13,085 | 665 | 13,750 \nForeign currency exchange rate changes | (1,084) | (279) | (323) | (1,686) \nNet balances at September 30, 2018 | 49,786 | 138,127 | 145,713 | 333,626 \nReassignment on April 1, 2019 | — | 3,428 | (3,428) | — \nAcquisitions | 206,988 | 40,392 | — | 247,380 \nForeign currency exchange rate changes | (2,182) | (523) | (204) | (2,909) \nNet balances at September 30, 2019 | $ 254,592 | $ 181,424 | $ 142,081 | $ 578,097\n\nNOTE 10—GOODWILL INTANGIBLE ASSETS\n Changes goodwill two years September 30, 2019\n CMS separate operating segment October 1, 2017. reassigned goodwill between CGD CMS fair values October 1, 2017.\n July 2017 acquired Deltenna wireless infrastructure company radio antenna communication solutions. operations CGD unit. April 1, 2019 reorganized reporting structure Deltenna CMS unit reassigned $3. 4 million goodwill CGD to CMS fair value. Deltenna’s sales operating results cash flows not significant consolidated results. reportable segment information restated.\n annual goodwill impairment test July 1 CTS CGD CMS reporting units.\n two-step process. fair value unit carrying amount. impairment. impairment recorded current period.\n 2019 estimated fair value three units exceeded carrying amounts. no impairment goodwill 2019.\n management judgment required future operating results analysis. estimates consistent with plans business.assumptions sales discount vary interim analyses 2020 impairment charges.\n Transportation Systems Mission Solutions Global Defense\n Net balances September 30, 2017 $ 50,870 270,692 321,562\n Reassignment October 1, 2017 125,321\n Acquisitions 13,085\n Foreign currency rate changes (1,084)\n Net balances September 30, 2018 49,786 138,127 145,713 333,626\n Reassignment April 1, 2019 3,428\n Acquisitions 206,988,380\n Foreign currency exchange rate changes (2,182)\n Net balances September 30, 2019 $ 254,592 181,424 142,081 578,097" +} +{ + "_id": "d1b3654f6", + "title": "", + "text": "Note 20. Net Income Per Common Share From Continuing Operations\nThe following table sets forth the computation of basic and diluted net income per common share from continuing operations (in millions, except per share amounts):\nThe Company computed basic net income per common share from continuing operations based on the weighted average number of common shares outstanding during the period. The Company computed diluted net income per common share from continuing operations based on the weighted average number of common shares outstanding plus potentially dilutive common shares outstanding during the period.\nPotentially dilutive common shares from employee equity incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options and the assumed vesting of outstanding RSUs. Weighted average common shares exclude the effect of option shares which are not dilutive. There were no anti-dilutive option shares for the years ended March 31, 2019, 2018, and 2017.\n\n | | Year Ended March 31, | \n-------------------------------------------------------------- | ------ | -------------------- | ------\n | 2019 | 2018 | 2017 \nNet income from continuing operations | $355.9 | $255.4 | $170.6\nBasic weighted average common shares outstanding | 236.2 | 232.9 | 217.2 \nDilutive effect of stock options and RSUs | 3.8 | 4.4 | 4.4 \nDilutive effect of 2007 Junior Convertible Debt | — | 1.3 | 12.7 \nDilutive effect of 2015 Senior Convertible Debt | 9.9 | 10.3 | 0.5 \nDilutive effect of 2017 Senior Convertible Debt | — | — | — \nDilutive effect of 2017 Junior Convertible Debt | — | — | — \nDiluted weighted average common shares outstanding | 249.9 | 248.9 | 234.8 \nBasic net income per common share from continuing operations | $1.51 | $1.10 | $0.79 \nDiluted net income per common share from continuing operations | $1.42 | $1.03 | $0.73 \n\n. Net Income Per Share Operations\n table basic diluted net income per common share millions\n Company computed net income share average shares. diluted income potentially dilutive common shares.\n dilutive common shares equity incentive plans determined treasury stock method stock options vesting RSUs. common shares exclude option shares not dilutive. no anti-dilutive option shares years ended March 31, 2019 2018 2017.\n Net income operations $355. $255. $170.\n Basic weighted average common shares 236. 232. 217.\n Dilutive effect stock options RSUs.\n effect 2007 Junior Convertible Debt.\n 2015 Senior Convertible Debt.\n 2017 Senior Convertible Debt\n Diluted weighted average common shares 249. 248. 234.\n Basic net income per common share operations $1. 51 $1. $0.\n Diluted net income $1.42 $1." +} +{ + "_id": "d1b37066c", + "title": "", + "text": "Stock-Based Compensation\nThe Company recognized total stock-based compensation cost related to equity incentive awards as follows (in thousands):\nA small portion of stock-based compensation cost above is capitalized in accordance with the accounting guidance for internal-use software. The Company uses the straight-line attribution method for recognizing stock-based compensation expense.\n\n | | For the Year Ended December 31, | \n----------------------------------- | ------- | ------------------------------- | -------\n | 2019 | 2018 | 2017 \nStock-based compensation cost: | | | \nCommon stock warrants | $— | $512 | $484 \nStock options | 16,489 | 13,279 | 11,295 \nRestricted stock units | 14,585 | 90 | — \nEmployee stock purchase plan | 3,326 | 2,069 | — \nTotal stock-based compensation cost | $34,400 | $15,950 | $11,779\n\n\n recognized cost equity awards\n small portion capitalized accounting software. straight-line attribution.\n Year Ended December 31,\n 2017\n compensation cost\n Common stock warrants $512 $484\n Stock options 16,489 13,279 11,295\n Restricted stock units 14,585\n Employee stock purchase plan 3,326 2,069\n Total cost $34,400 $15,950 $11,779" +} +{ + "_id": "d1b3a83a0", + "title": "", + "text": "Financial and Operating Highlights\nCONTINUING OPERATIONS\n(1) See reconciliation of GAAP to non-GAAP financial measures tables in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Form 10-K.\n\n(Amounts in thousands, except per share data and percentages) | 2019 | 2018 | 2017 \n------------------------------------------------------------------------ | ---------- | ---------- | ----------\nBookings | $1,002,320 | $2,779,782 | $1,234,013\nBacklog | $3,400,952 | $4,064,451 | $2,536,499\nSales | $1,496,475 | $1,202,898 | $1,107,709\nSales growth % | 24% | 9% | \nResearch & development | $50,132 | $52,398 | $52,652 \nOperating income | $86,237 | $24,382 | $2,628 \nNet income (loss) per share, continuing operations attributable to Cubic | $1.67 | $0.29 | $(0.95) \nAdjusted EBITDA (1) | $146,594 | $104,561 | $87,470 \nAdjusted EBITDA growth % | 40% | 20% | \nAdjusted earnings per share (1) | $3.13 | $2.19 | $1.62 \nAdjusted earnings per share growth % | 43% | 35% | \nCash dividend per share | $0.27 | $0.27 | $0.27 \nLong-term debt, inclusive of current portion | $199,824 | $199,793 | $199,761 \n\nFinancial Operating Highlights\n OPERATIONS\n GAAP non-GAAP Form 10-K.\n share 2019 2018\n Bookings $1,002,320 $2,779,782 $1,234,013\n Backlog $3,400,952 $4,064,451 $2,536,499\n Sales $1,496,475 $1,202,898 $1,107,709\n growth 24%\n Research development $50,132 $52,398 $52,652\n Operating income $86,237 $24,382 $2,628\n Net income share.\n EBITDA $146,594 $104,561 $87,470\n growth 40%\n earnings share.\n 43%\n Cash dividend share.\n Long-term debt $199,824 $199,793 $199,761" +} +{ + "_id": "d1b369c7c", + "title": "", + "text": "Overview of 2019\nTotal revenues for 2019 were $36.0 million, a decrease of $75.0 million, or 68%, versus 2018. The decrease was primarily driven by the $70.9 million decrease in fixed fee license revenue and the $4.0 million decrease in per-unit royalty revenue.\nFor 2019, we had a net loss of $20.0 million as compared to $54.3 million of net income for 2018. The $74.4 million decrease in net income was mainly related to the $75.0 million decrease in total revenue partially offset by a $0.5 million decrease in cost and operating expenses for 2019 compared to 2018.\nWe adopted ASC 606, effective January 1, 2018. Consistent with the modified retrospective transaction method, our results of operations for periods prior to the adoption of ASC 606 remain unchanged. As a result, the change in total revenues from 2018 to 2019 included a component of accounting policy change arising from the adoption of ASC 606.\nThe following table sets forth our consolidated statements of income data as a percentage of total revenues:\n\n | Years Ended December 31, | | \n----------------------------------------------- | ------------------------ | ------- | --------\n | 2019 | 2018 | 2017 \nRevenues: | | | \nFixed fee license revenue | 35.1 % | 75.3 % | 36.0 % \nPer-unit royalty revenue | 64.0 | 24.3 | 61.4 \nTotal royalty and license revenue | 99.1 | 99.6 | 97.4 \nDevelopment, services, and other | 0.9 | 0.4 | 2.6 \nTotal revenues | 100.0 | 100.0 | 100.0 \nCosts and expenses: | | | \nCost of revenues | 0.5 | 0.2 | 0.6 \nSales and marketing | 17.9 | 5.5 | 38.6 \nResearch and development | 21.8 | 8.8 | 33.6 \nGeneral and administrative | 119.4 | 37.7 | 152.4 \nRestructuring costs | — | — | 4.6 \nTotal costs and expenses | 159.6 | 52.2 | 229.8 \nOperating income (loss) | (59.6) | 47.8 | (129.8) \nInterest and other income | 5.0 | 1.7 | 1.0 \nOther expense | 0.2 | (0.2) | 0.9 \nIncome (loss) before provision for income taxes | (54.4) | 49.3 | (127.9) \nProvision for income taxes | (1.3) | (0.4) | (1.4) \nNet income (loss) | (55.7)% | 48.9 % | (129.3)%\n\nOverview 2019\n revenues $36. million decrease $75. million 68% versus 2018. decrease driven by $70. 9 million decrease fixed fee license revenue $4. million decrease per-unit royalty revenue.\n net loss $20. million $54. 3 million 2018. $74. 4 million decrease income related $75. million decrease revenue offset $0. 5 million decrease cost operating expenses.\n adopted ASC 606 January 1 2018. modified method results operations prior unchanged. change revenues 2018 2019 accounting policy change ASC 606.\n table consolidated statements income data total revenues\n December Revenues\n Fixed fee license revenue 35. 1 % 75. 3 % 36.\n Per-unit royalty revenue 64. 24. 61\n Total royalty license revenue.\n Development services.\n.\n Costs expenses\n.\n Sales marketing.\n Research development.\n General administrative.\nRestructuring costs 4. 6\n expenses 159. 6 52. 8\n Operating income (loss. 6) 47. 8)\n Interest income 5. 7.\n.\n Income before taxes. 4) 49. 9)\n Provision taxes. 3). 4).\n Net income (loss. 48. 9." +} +{ + "_id": "d1b342d3e", + "title": "", + "text": "At the balance sheet date, the combined principal accounting assumptions were as follows:\nFor the smaller overseas schemes the discount rate used was 1.50% (2017/18: 1.80%) and future pension increases were 1.30% (2017/18: 1.45%).\nAt 30 March 2019 and 31 March 2018, the discount rate was derived based on a bond yield curve expanded to also include bonds rated AA by one credit agency (and which might for example be rated A or AAA by other agencies).\n\n | At 30 Mar 2019 | | At 31 Mar 2018 | \n------------------------- | --------------- | ----------- | --------------- | -----------\n | Premier schemes | RHM schemes | Premier schemes | RHM schemes\nDiscount rate | 2.45% | 2.45% | 2.70% | 2.70% \nInflation – RPI | 3.25% | 3.25% | 3.15% | 3.15% \nInflation – CPI | 2.15% | 2.15% | 2.05% | 2.05% \nExpected salary increases | n/a | n/a | n/a | n/a \nFuture pension increases | 2.10% | 2.10% | 2.10% | 2.10% \n\nbalance sheet accounting assumptions\n smaller overseas schemes discount rate 1. 50%. 80% future pension increases 1. 30%. 45%.\n 30 March 2019 31 March 2018 discount rate bond yield curve bonds rated AA credit agency AAA.\n Premier schemes RHM\n Discount rate 2. 45% 2. 70%.\n Inflation RPI 3. 25% 3. 15%.\n Inflation CPI 2. 2. 05%.\n Expected salary increases n\n Future pension increases 2. 10% 2." +} +{ + "_id": "d1b2f1b46", + "title": "", + "text": "8. Marketable Securities\nThe cost, gross unrealized gains, gross unrealized losses and fair market value of available-for-sale securities at April 30, 2019 and 2018, respectively, were as follows (in thousands):\n\n | | | April 30, 2019 | \n----------------------- | ------ | ---------------------- | ----------------------- | -----------------\n | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Market Value\nFixed income securities | $8,152 | $71 | $(24) | $8,199 \n | | | April 30, 2018 | \n | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Market Value\nFixed income securities | $6,274 | $10 | $(135) | $6,149 \n\n. Marketable Securities\n cost gains losses fair market value-sale securities April 30, 2019 2018\n April 30, 2019\n Cost Gains Losses Market Value\n securities $8,152 $71 $8,199\n April 30, 2018\n Gains Losses Fair Market Value\n $6,274 $(135) $6,149" +} +{ + "_id": "d1b3b3764", + "title": "", + "text": "Revenue\nThe Company adopted ASC 606 effective January 1, 2018 using the modified retrospective method. The Company recognized the cumulative effect of initially applying ASC 606, which was immaterial, as an adjustment to the opening balance of retained earnings. The comparative prior period information is accounted for in accordance with the previous revenue guidance, ASC 605, and has not been restated. In accordance with ASC 606, the Company recognizes revenue under the core principle to depict the transfer of control to the Company’s customers in an amount reflecting the consideration the Company expects to be entitled. In order to achieve that core principle, the Company applies the following five step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when a performance obligation is satisfied.\nRevenue for product sales is recognized at the point in time when control transfers to the Company’s customers, which is generally when products are shipped from the Company’s manufacturing facilities or when delivered to the customer’s named location. When the Company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to delivery), they are considered to be fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. Taxes collected on behalf of customers relating to product sales and remitted to governmental authorities, principally sales taxes, are excluded from revenue.\nThe opening and closing balances of the Company’s accounts receivable and deferred revenue are as follows (in thousands):\nThe amount of revenue recognized in the period that was included in the opening deferred revenue balances was approximately$5.1 million for the year ended December 31, 2019. Generally, increases in current and non-current deferred revenue are related to billings to, or advance payments from, customers for which the Company has not yet fulfilled its performance obligations, and decreases are related to revenue recognized. Deferred revenue not expected to be recognized within the Company’s operating cycle of one year is presented as a component of “Other long-term liabilities” on the consolidated balance sheet.\nAt times, the Company receives orders for products that may be delivered over multiple dates that may extend across reporting periods. The Company invoices for each delivery upon shipment and recognizes revenues for each distinct product delivered, assuming transfer of control has occurred. Generally, scheduled delivery dates are within one year, and the Company has elected to use the optional exemption whereby revenues allocated to partially completed contracts with an expected duration of one year or less are not disclosed. As of December 31, 2019, the Company had no contracts with unsatisfied performance obligations with a duration of more than one year.\n\n | Balance at Beginning of | | \n------------------------------ | ----------------------- | --------------------- | ------------------------\n | Period (1/1/19) | Increase / (Decrease) | Balance at End of Period\nYear Ended December 31, 2019 | | | \nAccounts receivable | $90,831 | $7,117 | $97,948 \nDeferred revenue (current) | $5,101 | $(618) | $4,483 \nDeferred revenue (non-current) | $3,707 | $(263) | $3,444 \n\n\n Company adopted ASC 606 January 1, 2018 modified retrospective method. recognized cumulative effect ASC 606 adjustment to opening balance retained earnings. comparative prior period information accounted previous revenue guidance ASC 605 not restated. ASC 606 recognizes revenue transfer of control to customers consideration. applies five step approach identify contract performance obligations determine transaction price allocate recognize revenue when obligation satisfied.\n Revenue product sales recognized control transfers to customers shipped from manufacturing or delivered to customer’s named location. shipping handling activities after transfer control. fulfillment activities costs accrued revenue recognized. Taxes collected excluded from revenue.\n opening closing balances accounts receivable deferred revenue\n revenue recognized approximately$5. 1 million year ended December 31, 2019. increases in deferred revenue related to billings payments customers performance obligations decreases to revenue recognized.Deferred revenue not one year long-term liabilities” balance.\n receives orders. invoices delivery recognizes revenues. scheduled delivery dates within one year optional exemption revenues partially completed contracts one year or less not disclosed. December 31, 2019 no contracts unsatisfied obligations more than one year.\n Balance Beginning\n End Period\n December 31, 2019\n Accounts receivable $90,831 $7,117 $97,948\n Deferred revenue (current $5,101 $(618) $4,483\n Deferred revenue (non-current $3,707 $(263) $3,444" +} +{ + "_id": "d1b3bbe96", + "title": "", + "text": "Stock-based Compensation Expense\nThe following table sets forth the total stock-based compensation expense resulting from stock options, RSUs, and ESPP included in the Company’s consolidated statements of operations (in thousands):\nDuring the years ended December 31, 2019, 2018, and 2017 the Company capitalized stock-based compensation cost of $0.5 million, $0.1 million, and $0.3 million, respectively, in projects in process as part of property and equipment, net on the accompanying consolidated balance sheets.\nAs of December 31, 2019, there was $60.3 million unrecognized stock-based compensation expense of which $13.9 million is related to stock options and ESPP and $46.4 million is related to RSUs. The total unrecognized stock-based compensation expense related to stock options and ESPP as of December 31, 2019 will be amortized over a weighted-average period of 2.87 years. The total unrecognized stock-based compensation expense related to RSUs as of December 31, 2019 will be amortized over a weighted-average period of 2.69 years.\n\n | | Year Ended December 31, | \n-------------------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nCost of revenues | 2,193 | 2,315 | 2,000 \nSales and marketing | 6,812 | 6,596 | 6,621 \nResearch and development | 4,804 | 6,137 | 7,949 \nGeneral and administrative | 18,328 | 16,338 | 15,682\nTotal stock-based compensation expense | 32,137 | 31,386 | 32,252\n\nStock-based Compensation Expense\n table total expense stock options RSUs ESPP consolidated statements operations\n 2019 2018 2017 Company capitalized stock compensation cost $0. 5 million $0. 1 million $0. 3 million projects property equipment balance.\n December 31, 2019 $60. 3 million unrecognized stock-based compensation expense $13. 9 million stock options ESPP $46. 4 million RSUs. amortized 2. 87 years. RSUs amortized. 69 years.\n December\n 2017\n Cost revenues 2,193 2,315\n Sales marketing 6,812\n Research development\n General administrative 18,328,338\n Total stock-based compensation expense 32,137 31,386" +} +{ + "_id": "d1b390908", + "title": "", + "text": "Interest Cost\nThe following table presents the amount of interest cost recognized relating to both the contractual interest coupon and amortization of the debt discount, issuance costs, and effective portion of interest rate contracts with respect to the Senior Notes, convertible notes, the term loan agreement, commercial paper, and the revolving credit facility during the fiscal years ended June 30, 2019, June 24, 2018, and June 25, 2017.\nThe increase in interest expense during the 12 months ended June 30, 2019, is primarily the result of the issuance of $2.5 billion of Senior Notes in March 2019.\n\n | | YearEnded | \n-------------------------------------- | ------------- | -------------- | -------------\n | June 30, 2019 | June 24, 2018 | June 25, 2017\n | | (in thousands) | \nContractual interest coupon | $100,712 | $77,091 | $95,195 \nAmortization of interest discount | 3,937 | 12,225 | 22,873 \nAmortization of issuance costs | 1,426 | 2,034 | 2,414 \nEffect of interest rate contracts, net | 4,086 | 3 | (4,756) \nTotal interest cost recognized | $110,161 | $91,353 | $115,726 \n\nInterest Cost\n interest cost coupon debt issuance contracts Senior Notes convertible notes term loan agreement commercial paper revolving credit facility 2018 2017.\n increase interest expense issuance $2. 5 billion Senior Notes March 2019.\n 30 2019 24 2018 25 2017\n Contractual interest coupon $100,712 $77,091 $95,195\n Amortization interest discount 3,937\n issuance costs 1,426 2,034\n interest rate contracts 4,086\n Total interest cost $110,161 $91,353 $115,726" +} +{ + "_id": "d1b31b40a", + "title": "", + "text": "Employee Share Purchase Plan (ESPP)\nThe Company estimates the fair value of its ESPP share options on the date of grant using the Black-Scholes option-pricing model, which requires the use of highly subjective estimates and assumptions. The Company estimates the expected term of ESPP share options based on the length of each offering period, which is six months.\nThe risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the ESPP share option. Expected volatility is based on the Company’s historical volatility. The Company uses an expected dividend rate of zero as it currently has no history or expectation of paying dividends on its ordinary shares.\nThe grant date fair value per ordinary share is based on the closing market value of its ordinary shares on the first day of each ESPP offering period. The first authorized offering period under the ESPP commenced on July 1, 2017.\nThe fair value of each ESPP option grant was estimated using the Black-Scholes option-pricing model that used the following weighted-average assumptions:\nThe weighted-average per share fair value of ESPP share options granted to employees during the years ended March 31, 2019 and 2018, was $9.58 and $6.41, respectively.\n\n | Year ended March 31, | \n---------------------------------------- | -------------------- | ------\n | 2019 | 2018 \nExpected term (in years) | 0.5 | 0.5 \nRisk-free interest rate | 2.3% | 1.4% \nExpected volatility | 39.1% | 29.9% \nExpected dividend yield | —% | —% \nGrant date fair value per ordinary share | $36.69 | $27.15\n\nEmployee Share Purchase Plan\n Company estimates share options Black-Scholes option-pricing model subjective. term offering period six months.\n risk-free interest rate treasury instrument consistent life. volatility historical volatility. dividend rate zero no history dividends ordinary shares.\n grant date value share based closing market value first day offering period. first offering period commenced July 1, 2017.\n fair value option grant estimated Black-Scholes option-pricing model weighted-average assumptions\n per share fair value March 2019 2018 $9. 58 $6. 41.\n Expected term years.\n Risk-free interest rate. 3%.\n Expected volatility.\n Expected dividend yield%\n Grant date fair value per ordinary share $36. $27." +} +{ + "_id": "d1b3860b6", + "title": "", + "text": "Note 11. Income Taxes\nThe income tax provision consists of the following (amounts in millions):\nOn December 22, 2017, the Tax Cuts and Jobs Act (the \"Act\") was enacted into law. The Act provides for numerous significant tax law changes and modifications including the reduction of the U.S. federal corporate income tax rate from 35.0% to 21.0%, the requirement for companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and the creation of new taxes on certain foreign-sourced earnings.\nAccounting Standards Codification (\"ASC\") 740, Income Taxes, requires companies to recognize the effect of the tax law changes in the period of enactment. However, the SEC staff issued Staff Accounting Bulletin (\"SAB\") 118, which allowed companies to record provisional amounts during a measurement period that is similar to the measurement period used when accounting for business combinations. The Company recorded a reasonable estimate when measurable and with the understanding that the provisional amount was subject to further adjustments under SAB 118. In addition, for significant items for which the Company could not make a reasonable estimate, no provisional amounts were recorded. As of December 31, 2018, the Company completed its review of the previously recorded provisional amounts related to the Act, recorded necessary adjustments, and the amounts are now final under SAB 118.\nAs of March 31, 2018, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they were expected to reverse in the future (which was generally 21%), by recording a provisional income tax benefit of $136.7 million. Upon further analysis of certain aspects of the Act and refinement of its calculations during the period ended December 31, 2018, the Company did not make adjustments to the provisional amount\nThe one-time transition tax is based on the Company's total post-1986 earnings and profits (E&P), the tax on which the Company previously deferred from U.S. income taxes under U.S. law. The Company recorded a provisional amount for its one-time transition tax expense for each of its foreign subsidiaries, resulting in a transition tax expense of $644.7 million at March 31, 2018. Upon further analyses of the Act and notices and regulations issued and proposed by the U.S. Department of the Treasury and the Internal Revenue Service, the Company finalized its calculations of the transition tax expense during the period ended December 31, 2018. The Company increased its March 31, 2018 provisional amount by $13.1 million to $657.8 million, which is included as a component of income tax expense from continuing operations. The measurement period adjustment of $13.1 million decreased basic and diluted net income per common share by $0.06 and $0.05, respectively, for the year ended March 31, 2019.\nThe Company intends to invest substantially all of its foreign subsidiary earnings, as well as its capital in its foreign subsidiaries, indefinitely outside of the U.S. in those jurisdictions in which the Company would incur significant, additional costs upon repatriation of such amounts. It is not practical to estimate the additional tax that would be incurred, if any, if the permanently reinvested earnings were repatriated.\n\n | | Year Ended March 31, | \n------------------------------------ | -------- | -------------------- | --------\n | 2019 | 2018 | 2017 \nPretax (loss) income: | | | \nU.S. | $(593.4) | $(127.3) | $(279.3)\nForeign | 797.9 | 864.6 | 369.1 \n | $204.5 | $737.3 | $89.8 \nCurrent (benefit) expense: | | | \nU.S. Federal | $(98.0) | $369.4 | $21.3 \nState | (5.3) | 0.5 | 1.0 \nForeign | 14.1 | 60.8 | 23.8 \nTotal current (benefit) expense | $(89.2) | $430.7 | $46.1 \nDeferred expense (benefit): | | | \nU.S. Federal | $11.9 | $82.5 | $(114.7)\nState | 0.6 | 0.1 | (5.4) \nForeign | (74.7) | (31.4) | (6.8) \nTotal deferred (benefit) expense | (62.2) | 51.2 | (126.9) \nTotal Income tax (benefit) provision | $(151.4) | $481.9 | $(80.8) \n\n11. Income Taxes\n provision\n December 22, 2017 Tax Cuts and Jobs Act enacted law. tax law changes reduction. federal corporate income tax rate 35. 0% to 21. 0% requirement one-time transition tax earnings foreign subsidiaries new taxes foreign-sourced earnings.\n Accounting Standards Codification Income Taxes requires effect tax law changes. SEC staff issued Accounting Bulletin 118 provisional amounts. Company recorded reasonable estimate subject adjustments SAB 118. no provisional amounts recorded. December 31, 2018 review provisional amounts recorded adjustments amounts final under SAB 118.\n March 31, 2018 Company remeasured deferred tax assets liabilities rates provisional income tax benefit $136. 7 million. adjustments amount\n one-time transition tax based on Company post-1986 earnings profits deferred. income taxes. recorded provisional amount one-time transition tax expense foreign subsidiaries tax expense $644. 7 million at March 31, 2018.analyses Act regulations. Department Treasury Internal Revenue Service Company finalized calculations transition tax expense December 31, 2018. increased March 31, 2018 provisional amount $13. 1 million to $657. 8 million income tax expense. adjustment $13. million decreased diluted income per common share $0. 06 $0. 05 year March 31, 2019.\n intends invest foreign subsidiary earnings capital subsidiaries outside. jurisdictions additional costs repatriation. estimate additional tax reinvested earnings repatriated.\n Ended March 31,\n Pretax (loss) income\n. $(593.(127. $(279.\n 797. 864. 369.\n $204. $737. $89.\n Current (benefit expense\n. $(98. $369. $21.\n.\n.\n Total current (benefit expense $(89. $430. $46.\n Deferred expense\n. $11. $82.(114.\n.. (5.\n. 7) (31. (6. 8)\n deferred (benefit. 51. 9)\n Income tax (benefit(151. $481.(80." +} +{ + "_id": "d1b343144", + "title": "", + "text": "NOTE 11—FINANCING ARRANGEMENTS\nLong-term debt consists of the following (in thousands):\nMaturities of long-term debt for each of the five years in the period ending September 30, 2024, are as follows: 2020 — $10.7 million; 2021 — $35.7 million; 2022 — $35.7 million; 2023 — $35.7 million; 2024 — $35.7 million.\nIn March 2013, we entered into a note purchase and private shelf agreement pursuant to which we issued $100.0 million of senior unsecured notes, bearing interest at a rate of 3.35% and maturing on March 12, 2025. Pursuant to the agreement, on July 17, 2015, we issued an additional $25.0 million of senior unsecured notes, bearing interest at a rate of 3.70% and maturing on March 12, 2025. Interest payments on the notes issued in 2013 and 2015 are due semi-annually and principal payments are due from 2021 through 2025. On February 2, 2016 we revised the note purchase agreement and we issued an additional $75.0 million of senior unsecured notes bearing interest at 3.93% and maturing on March 12, 2026. Interest payments on these notes are due semi-annually and principal payments are due from 2020 through 2026.\nThe agreement pertaining to the aforementioned notes also contained a provision that the coupon rate would increase by a further 0.50% should the company’s leverage ratio exceed a certain level.\n\nSeptember 30, | 2019 | 2018 \n-------------------------------------------------------------------------------------------------- | --------- | ---------\nSeries A senior unsecured notes payable to a group of insurance companies, interest fixed at 3.35% | $ 50,000 | $ 50,000\nSeries B senior unsecured notes payable to a group of insurance companies, interest fixed at 3.35% | 50,000 | 50,000 \nSeries C senior unsecured notes payable to a group of insurance companies, interest fixed at 3.70% | 25,000 | 25,000 \nSeries D senior unsecured notes payable to a group of insurance companies, interest fixed at 3.93% | 75,000 | 75,000 \n | 200,000 | 200,000 \nLess unamortized debt issuance costs | (175) | (207) \nLess current portion | (10,714) | — \n | $189,111 | $199,793 \n\n11—FINANCING\n Long-term debt\n Maturities five years September 30 2024 2020 $10. 7 million 2021 $35. 7 million 2022 $35. 7 million 2023 $35. 7 million 2024 $35. 7 million.\n March 2013, note purchase agreement issued $100. million unsecured notes 3. 35% maturing March 12, 2025. July 17, 2015, issued additional $25. million 3. 70% maturing March 12, 2025. Interest payments due semi-annually principal 2021 through 2025. February 2, 2016 revised issued additional $75. million interest 3. 93% maturing March 12, 2026. Interest semi-annually principal 2020 through 2026.\n coupon rate. 50% leverage ratio exceed.\n September 30 2019\n Series A notes interest 3. 35%\n Series B. 35% 50,000\n Series C interest 3. 70%\n Series D interest 3. 93% 75,000\n200,000\n unamortized debt\n current portion\n $189,111 $199,793" +} +{ + "_id": "d1b31f564", + "title": "", + "text": "(d) Share-Based Awards Available for Grant\nA summary of share-based awards available for grant is as follows (in millions):\nFor each share awarded as restricted stock or a restricted stock unit award under the 2005 Plan, 1.5 shares was deducted from the available share-based award balance. For restricted stock units that were awarded with vesting contingent upon the achievement of future financial performance or market-based metrics, the maximum awards that can be achieved upon full vesting of such awards were reflected in the preceding table.\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n------------------------------------------------------------------- | ------------- | ------------- | -------------\nBalance at beginning of fiscal year | 245 | 272 | 242 \nRestricted stock, stock units, and other share-based awards granted | (67) | (70) | (76) \nShare-based awards canceled/forfeited/expired | 18 | 18 | 78 \nShares withheld for taxes and not issued | 23 | 25 | 28 \nOther | 1 | — | — \nBalance at end of fiscal year | 220 | 245 | 272 \n\nShare-Based Awards\n restricted stock 2005 Plan 1. 5 shares deducted balance. stock units future financial performance maximum awards table.\n Years Ended July 27, 2019 July 28, 2018 July 29, 2017\n Balance fiscal year 245 272 242\n Restricted stock awards granted (67) (70) (76)\n awards canceled/forfeited/expired 18 78\n Shares withheld taxes not issued 23 25 28\n end fiscal year 220 245 272" +} +{ + "_id": "d1b385576", + "title": "", + "text": "2 Alternative performance measures continued\nReturn on capital employed (ROCE)\nROCE measures effective management of fixed assets and working capital relative to the profitability of the business. It is calculated as adjusted operating profit divided by average capital employed. More information on ROCE can be found in the Capital Employed and ROCE sections of the Financial Review on page 57.\nAn analysis of the components is as follows:\n\n | 2019 | 2018 \n------------------------------------------------------- | ------- | -------\n | £m | £m \nProperty, plant and equipment | 251.2 | 230.8 \nRight-of-use assets (IFRS 16) | 40.8 | – \nPrepayments | 0.9 | 6.2 \nInventories | 185.9 | 160.6 \nTrade receivables | 240.7 | 245.1 \nOther current assets | 35.3 | 32.9 \nTax recoverable | 8.4 | 4.6 \nTrade, other payables and current provisions | (178.3) | (172.0)\nCurrent tax payable | (26.7) | (23.7) \nCapital employed | 558.2 | 484.5 \nAverage capital employed | 521.4 | 482.2 \nAverage capital employed (excluding IFRS 16) | 501.0 | 482.2 \nOperating profit | 245.0 | 299.1 \nAdjustments (see adjusted operating profit on page 160) | 37.7 | (34.2) \nAdjusted operating profit | 282.7 | 264.9 \nAdjusted operating profit (excluding IFRS 16) | 281.4 | 264.9 \nReturn on capital employed | 54.2% | 54.9% \nReturn on capital employed (excluding IFRS 16) | 56.2% | 54.9% \n\nAlternative performance measures\n Return on capital employed (ROCE\n management fixed assets working capital profitability. calculated adjusted operating profit divided by average capital. information Capital Employed ROCE Financial Review page 57.\n analysis components\n Property plant equipment 251. 230.\n Right-of-use assets (IFRS 16 40.\n Prepayments. 6.\n Inventories 185. 160.\n receivables 240. 245.\n current assets 35. 32.\n Tax recoverable 8. 4\n payables provisions (178. (172.\n Current tax payable (26. (23.\n. 484.\n 521. 482.\n 501. 482.\n Operating profit 245. 299.\n Adjustments 160 37.\n Adjusted 282. 264.\n 281. 264\n Return capital 54.\n 56." +} +{ + "_id": "d1b38d69a", + "title": "", + "text": "(1) Represents accelerated vesting of 48,849 stock options. Pursuant to Mr. Dooley’s stock option agreements (dated January 17, 2019),\nif Mr. Dooley’s employment is terminated without cause or for good reason within six months following a “change in control”, he will\nbecome immediately vested in all outstanding unvested stock options, and all of Mr. Dooley’s outstanding options shall remain\nexercisable in accordance with their terms, but in no event for less than 90 days after such termination.\n(2) Represents accelerated vesting of 15,000 unvested restricted stock units. Pursuant to Mr. Dooley’s restricted stock unit agreement\n(dated March 1, 2012), upon a “change in control” all non-vested units shall accelerate and be vested as of the date of the “change in\ncontrol” and if Mr. Dooley’s employment is terminated without cause or for good reason, all non-vested units shall accelerate and be\nvested as of the date of termination\n(3) Represents accelerated vesting of 7,500 unvested restricted stock units. Pursuant to Mr. Dooley’s restricted stock unit agreement\n(dated March 1, 2012), on the event of Mr. Dooley’s death or total disability, 7,500 restricted stock units (50% of the unvested restricted\nstock units granted under such agreement at December 31, 2018) would vest.\n(4) Represents accelerated vesting of 10,630 unvested performance restricted stock units. Pursuant to Mr. Dooley's performance restricted\nstock unit agreement (dated January 17, 2019), if Mr. Dooley’s employment is terminated without cause or for good reason within six\nmonths following a “change in control” or if Mr. Dooley's employment is terminated due to death or total disability, all non-vested units\nshall accelerate and be vested as of the date of termination.\n\nType of Payment | Termination by Systemax without “Cause” or Resignation by Employee for “good reason” ($) | Termination Due to Death or Total Disability ($) | Change In Control Only ($) | Termination by Systemax without “Cause” or Resignation by Employee for “good reason” within a certain period of time following a Change in Control ($)\n------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------- | ------------------------------------------------ | -------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------\nCash Compensation (Salary & Non-Equity Incentive Compensation) | - | - | - | - \nValue of Accelerated Vesting of Stock Option Awards | - | - | - | 505,100 (1) \nValue of Accelerated Vesting of Restricted Stock Unit Awards | 377,400 (2) | 188,700 (3) | 377,400 (2) | - \nValue of Accelerated Vesting of Performance Restricted Stock Unit Awards | - | 267,500 (4) | - | 267,500 (4) \nMedical and Other Benefits | - | - | - | - \nTotal | 377,400 | 456,200 | 377,400 | 772,600 \n\naccelerated vesting 48,849 stock options. Mr. Dooley’s agreements January 17,\n. employment terminated within six months “change in\n immediately vested outstanding unvested stock options. options\n exercisable less than 90 days after termination.\n accelerated vesting 15,000 unvested restricted stock units. agreement\n March 1, 2012) “change in control” non units accelerate vested date\n if. employment terminated\n vested date termination\n accelerated vesting 7,500 unvested restricted stock units.\n. death or disability 7,500 units (50%\n December 31, 2018) vest.\n accelerated vesting 10,630 unvested performance restricted stock units.\n January 17, if. employment terminated within six\n months. death disability all non-vested units\n accelerate vested date termination.\nPayment Termination Systemax Resignation$ Termination Death Disability$ Change Control Only ($ Termination Systemax Resignation Change Control$)\n Cash Compensation (Salary Non-Equity Incentive Compensation\n Accelerated Vesting Stock Option Awards 505,100 (1)\n Vesting Restricted Stock Unit Awards 377,400 (2) 188,700 (3)\n Accelerated Vesting Performance Restricted Stock Unit Awards 267,500 (4)\n Medical Other Benefits\n Total 377,400 456,200 772,600" +} +{ + "_id": "d1b37b1d4", + "title": "", + "text": "NOTE 14 – OTHER LIABILITIES\nThe carrying amount is a reasonable approximation of fair value due to the short-term nature of the receivables. Please refer to note 21 for further information on fair value hierarchies.\n\nUSDm | 2019 | 2018\n----------------------------------- | ---- | ----\nPartners and commercial managements | 0.5 | 1.2 \nAccrued operating expenses | 14.1 | 9.1 \nAccrued interest | 4.0 | 4.6 \nWages and social expenses | 14.3 | 16.1\nDerivative financial instruments | 12.3 | 3.4 \nPayables to joint ventures | 0.1 | 0.1 \nOther | 2.0 | 2.0 \nBalance as of 31 December | 47.3 | 36.5\n\nNOTE 14 LIABILITIES\n carrying amount fair value short-term receivables. refer note 21 fair value hierarchies.\n Partners commercial managements.\n operating expenses 14. 9.\n interest 4.\n Wages social expenses 14. 16.\n financial instruments 12. 3.\n joint ventures.\n 2.\n Balance 31 December 47. 36." +} +{ + "_id": "d1b3715f8", + "title": "", + "text": "Historical Cash Flows\nThe following table sets forth our cash flows for the periods indicated (in thousands):\n\n | | Year Ended December 31, | \n------------------------------------------------ | -------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \nCash flows from operating activities | $47,112 | $60,710 | $57,187 \nCash flows used in investing activities | (73,414) | (13,377) | (168,795)\nCash flows (used in) / from financing activities | (130) | 2,399 | 67,303 \n\nCash Flows\n table flows\n Ended December 31,\n 2019 2018 2017\n operating $47,112 $60,710 $57,187\n investing (73,414) (13,377 (168,795)\n financing (130) 2,399 67,303" +} +{ + "_id": "d1b2e6264", + "title": "", + "text": "A reconciliation of income tax expense provided at the federal statutory rate (21% in fiscal year 2019, 28.27% in fiscal year 2018, and 35% in fiscal year 2017) to actual income tax expense is as follows:\nIn July 2015, the U.S. Tax Court issued an opinion favorable to Altera with respect to Altera’s litigation with the IRS. The litigation related to the treatment of stock-based compensation expense in an intercompany cost-sharing arrangement with Altera’s foreign subsidiary. In its opinion, the U.S. Tax Court accepted Altera’s position of excluding stock-based compensation from its intercompany cost-sharing arrangement. In June 2019, the Ninth Circuit, through a three-judge panel, reversed the 2015 decision of the U.S. Tax Court. Altera has petitioned the Ninth Circuit for an en banc rehearing of a larger panel of eleven Ninth Circuit judges. The Company will continue to monitor and evaluate the potential impact of this litigation on its fiscal year 2020 Consolidated Financial Statements. The estimated potential impact is in the range of $75 million, which may result in a decrease in deferred tax assets and an increase in tax expense.\nEffective from fiscal year 2014 through 2017, the Company had a tax ruling in Switzerland for one of its foreign subsidiaries. The impact of the tax ruling decreased taxes by approximately $6.3 million for fiscal year 2017. The benefit of the tax ruling on diluted earnings per share was approximately $0.03 in fiscal year 2017. Effective fiscal year 2018, the Company has withdrawn its reduced tax rate ruling in Switzerland for this subsidiary due to the ruling being no longer necessary as the subsidiary meets the requirements to achieve the reduced tax rate under Swiss tax law.\nEarnings of the Company’s foreign subsidiaries included in consolidated retained earnings that are indefinitely reinvested in foreign operations aggregated to approximately $458.4 million at June 30, 2019. If these earnings were remitted to the United States, they would be subject to foreign withholding taxes of approximately $73.1 million at current statutory rates.\n\n | | Year Ended | \n----------------------------------------------------- | ------------- | -------------- | -------------\n | June 30, 2019 | June 24, 2018 | June 25, 2017\n | | (in thousands) | \nIncome tax expense computed at federal statutory rate | $513,780 | $891,011 | $634,086 \nState income taxes, net of federal tax benefit | (17,565) | (50,585) | (11,973) \nForeign income taxed at different rates | (260,344) | (939,808) | (352,860) \nSettlements and reductions in uncertain tax positions | (31,291) | (33,367) | (144,519) \nTax credits | (71,779) | (69,301) | (37,713) \nState valuation allowance, net of federal tax benefit | 26,742 | 57,302 | 12,070 \nEquity-based compensation | (7,566) | (35,875) | 13,187 \nOther permanent differences and miscellaneous items | 39,251 | 43,214 | 1,632 \nU.S. tax reform impacts | 63,913 | 908,517 | — \n | $255,141 | $771,108 | $113,910 \n\nreconciliation income tax expense federal statutory rate (21% 2019. 27% 2018 35% 2017) actual\n July 2015, U. S. Tax Court Altera litigation IRS. litigation stock-based compensation expense intercompany foreign subsidiary. accepted excluding compensation. June 2019 Ninth Circuit reversed 2015 decision. Altera petitioned en banc rehearing. potential impact 2020 Consolidated Financial Statements. estimated potential impact $75 million decrease deferred tax assets increase tax expense.\n 2014 2017 Company tax ruling Switzerland foreign. decreased taxes $6. 3 million 2017. benefit diluted earnings per share $0. 03 2017. 2018 Company withdrawn reduced tax rate ruling Switzerland subsidiary requirements tax rate Swiss tax law.\n Earnings foreign subsidiaries $458. 4 million at June 30, 2019. remitted United States subject to foreign withholding taxes approximately $73. 1 million current statutory rates.\n\n 30 2019 24 2018 25 2017\n Income tax federal $513,780 $891,011 $634,086\n federal benefit (17,565\n Foreign income,344\n Settlements tax (31,291),367\n Tax credits (71,779),301\n State valuation federal tax 26,742 57,302,070\n Equity compensation (7,566) (35,875)\n differences 39,251 43,214\n. tax reform 63,913 908,517\n $255,141 $771,108 $113,910" +} +{ + "_id": "d1b2f9daa", + "title": "", + "text": "3 Segmental reporting continued\nCapital additions, depreciation, amortisation and impairment\nCapital additions include property, plant and equipment of £59.0m (2018: £33.5m), of which £8.1m (2018: £0.2m) was from acquisitions in the period, and other intangible assets of £72.0m (2018: £19.0m) of which £60.2m (2018: £9.1m) relates to acquired intangibles from acquisitions in the period. Right-of-use asset additions of £48.9m occurred during the 12 month period to 31st December 2019, of which £36.1m relates to additions on 1st January 2019 as a result of transition to IFRS 16, £11.7m relates to new leases entered into in 2019 and £1.1m from acquisitions. Capital additions split between the UK and rest of the world are UK £36.8m (2018: £20.1m) and rest of the world £143.1m (2018: £32.4m).\n\n | 2019 | 2019 | 2018 | 2018 \n-------------------------- | ----------------- | ----------------------------------------- | ----------------- | -----------------------------\n | Capital additions | Depreciation, amortisation and impairment | Capital additions | Depreciation and amortisation\n | £m | £m | £m | £m \nSteam Specialties | 57.7 | 35.8 | 27.9 | 30.1 \nElectric Thermal Solutions | 81.6 | 18.4 | 6.0 | 13.6 \nWatson-Marlow | 40.6 | 22.4 | 18.6 | 14.4 \nGroup total | 179.9 | 76.6 | 52.5 | 58.1 \n\nSegmental reporting\n Capital additions depreciation amortisation impairment\n property plant equipment £59. £33. £8. 1m. 2m acquisitions intangible assets £72. £19. £60. 2m £9. 1m acquired intangibles. Right-of-use asset additions £48. 9m 31st December 2019 £36. 1m additions 1st January 2019 transition IFRS 16 £11. 7m new leases £1. 1m acquisitions. additions UK world £36. 8m £20. 1m world £143. 1m £32. 4m.\n Capital additions Depreciation amortisation\n Steam Specialties 57. 35.\n Electric Thermal Solutions 81. 18.\n Watson-Marlow 40.\n 179. 76. 52. 58." +} +{ + "_id": "d1a738d04", + "title": "", + "text": "16. Income Taxes\nThe provisions (benefits) for income taxes differed from the amount computed by applying the federal statutory income tax rate to income (loss) before income taxes due to the following items for the years ended December 31, 2019 and 2018 (in millions):\nThe income tax benefit as of December 31, 2019 is $20.6 million. The benefit was primarily driven by a net valuation allowance release of $37.4 million related to the Insurance segment partially offset by an impairment of goodwill which is not deductible for tax purposes. The Insurance segment is profitable in 2019 and in a three-year overall cumulative income position as of December 31, 2019.\nThe profitability is driven by current year income associated with favorable claims and reserve development relative to expected. Further, unrealized gains from the investment portfolio continued to grow in 2019.\nThe amount recorded as of December 31, 2018 primarily relates to separate state filings that do not have net operating losses available to offset income. In the third quarter of 2018, the Insurance segment acquired Humana’s long-term care business, Kanawha Insurance Company. The combined insurance entity generated a net operating loss for the year due to additional tax deductions related to increases in policy holder reserves. In addition, the bargain purchase gain is not taxable. This net operating loss was carried forward but had a valuation allowance. Additionally, the income tax expense generated from the sale of BeneVir in the second quarter of 2018 is offset by tax attributes for which a valuation allowance had been recorded. Therefore, there is no net income tax expense recorded in the income statement for the sale.\n\n | Years Ended December 31, | \n---------------------------------------------------- | ------------------------ | ------\n | 2019 | 2018 \nTax provision (benefit) at federal statutory rate | $ (11.9) | $ 38.3\nPermanent differences | 0.3 | 1.5 \nState tax, net of federal benefit | (7.3) | 6.2 \nForeign rate differential | 1.4 | (0.9) \nMinority interest | 0.2 | (4.6) \nExecutive and stock compensation | 2.5 | 3.5 \nIncrease (decrease) in valuation allowance | (7.6) | (43.8)\nTransaction costs | 0.1 | 1.5 \nTax credits generated/utilized | (2.2) | — \nReturn to provision | (6.0) | 15.6 \nASU 2017-11 adoption | (1.3) | — \nGoodwill impairment | 10.9 | — \nGain/loss on sale or deconsolidation of a subsidiary | — | 5.7 \nBargain purchase gain | — | (24.2)\nOther | (1.8) | 3.6 \nWarrant liability | 2.1 | — \nIncome tax (benefit) expense | $ (20.6) | $ 2.4 \n\n. Income Taxes\n differed federal tax rate years December 31, 2019 2018\n income tax benefit 2019 $20. 6 million. driven by net valuation allowance $37. 4 million Insurance segment offset by impairment goodwill not deductible. Insurance segment profitable 2019 three-year cumulative income.\n profitability driven by current year income favorable claims reserve development. unrealized gains investment portfolio 2019.\n December 31, 2018 relates state filings operating losses. 2018 Insurance segment acquired Kanawha Insurance Company. net operating loss additional tax deductions reserves. bargain purchase gain not taxable. loss valuation allowance. income tax expense sale BeneVir 2018 offset by tax attributes valuation allowance. no net income tax expense sale.\n Years Ended December\n Tax provision federal statutory rate.\n Permanent differences.\n State tax federal benefit.\n Foreign rate differential.\n Minority interest.\n stock compensation.3.\n Increase valuation allowance (7.\n Transaction costs.\n Tax credits (2.\n Return provision (6. 15.\n 2017-11 adoption.\n Goodwill impairment 10.\n Gain sale deconsolidation subsidiary.\n Bargain purchase gain (24.\n.\n Warrant liability.\n Income tax expense (20." +} +{ + "_id": "d1b3168b0", + "title": "", + "text": "4. VESSELS\nVessels consists of the carrying value of 23 vessels for the year ended December 31, 2019 and December 31, 2018, respectively. Vessels includes capitalized drydocking costs.\nDepreciation is calculated based on cost less estimated residual value of $8.0 million per vessel over the estimated useful life of the vessel using the straight-line method. The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard.\n*Depreciation charges of $497.0 million related to vessels disposed of in 2018 is excluded\n** Impairment charges of $2.2 million and $110.5 million related to vessels disposed of in 2018 is excluded\nThe Company has taken three vessels through periodical maintenance surveys in 2019 and further two vessels were in drydock for periodical maintenance as at December 31, 2019.\nImpairment Loss on Vessels\nThe Company has not recorded any impairment loss on vessels for the year ended December 31, 2019. The Company recorded an impairment loss of $2.2 million and $110.5 million for the years ended December 31, 2018 and December 31, 2017, respectively.\nThe Company reviewed its assets for impairment on an asset by asset basis. In determining whether the assets are recoverable, the Company compared the estimate of the undiscounted cash flows expected to be generated by the assets to its carrying value. As of December 31, 2019, it was determined that the sum of the undiscounted cash flows for each vessel exceeded its carrying value and no impairment was recorded.\nIn developing estimates of future undiscounted cash flows, we made assumptions and estimates based on historical trends as well as future expectations. The most important assumption in determining undiscounted cash flows are the estimated freight rates. Freight rates are volatile and the analysis is based on market rates obtained from third parties, in combination with historical achieved rates by the Company.\n\n | 2019 | 2018 \n------------------------------------------- | --------- | ----------\nAll figures in USD ‘000 | | \nVessels as of January 1 | 1,307,087 | 1,769,967 \nAdditions Vessels | 2,531 | 169,446 \nDisposals Vessels | - | (632,326) \nDrydocking as of January 1 | 52,331 | 119,303 \nAdditions Drydocking | 7,618 | 8,210 \nDisposals Drydocking | - | (75,182) \nTotal Vessels and Drydocking | 1,369,567 | 1,359,418 \nLess Accumulated Depreciation | (469,570) | (405,660)*\nLess Accumulated Impairment Loss on Vessels | - | -** \nVessels | 899,997 | 953,758 \n\n. VESSELS\n carrying value 23 vessels December 2019 2018. capitalized drydocking costs.\n Depreciation calculated cost less estimated residual value $8. 0 million per vessel estimated useful life. useful life 25 years.\n *Depreciation charges $497. 0 million 2018 excluded\n Impairment charges $2. 2 million $110. 5 million 2018 excluded\n three vessels maintenance surveys 2019 two drydock December 31, 2019.\n Impairment Loss Vessels\n impairment loss 2019. recorded loss $2. 2 million $110. 5 million 2018 2017.\n reviewed assets impairment. compared undiscounted cash flows carrying value. 2019 undiscounted cash flows exceeded carrying value no impairment recorded.\n future cash flows historical trends future expectations. estimated freight rates. volatile based market rates historical rates.\n figures in USD ‘000\n Vessels as January 1 1,307,087 1,769,967\n2,531 169,446\n (632,326)\n January 1 52,331 119,303\n 8,210\n (75,182)\n 1,369,567 1,359,418\n Depreciation (469,570) (405,660)\n Impairment Loss\n 899,997 953,758" +} +{ + "_id": "d1b322b60", + "title": "", + "text": "15. Revenue from Contracts with Customers\nImpact of Adopting Topic 606\nThe effects of the adoption on the Company's Consolidated Financial Statements for the fiscal year ended September 28, 2019 was as follows (in thousands):\n\n | | Fiscal Year Ended | \n--------------------------------- | ------------------------------ | ---------------------------- | --------------------------------------------------------------\n | September 28, 2019\nAs Reported | Adjustments due to Topic 606 | September 28, 2019\nAs Adjusted - Without\nAdoption of Topic 606\nNet sales | $3,164,434 | $14,880 | $3,149,554 \nCost of sales | 2,872,596 | 12,934 | 2,859,662 \n Gross profit | 291,838 | 1,946 | 289,892 \n Operating income | 142,055 | 1,946 | 140,109 \n Income before income taxes | 125,955 | 1,946 | 124,009 \nIncome tax expense | 17,339 | 440 | 16,899 \n Net income | $108,616 | $1,506 | $107,110 \n\n. Revenue Contracts\n Adopting Topic 606\n effects adoption Financial Statements fiscal year September 2019\n Adjustments Topic 606\n Net sales $3,164,434 $14,880 $3,149,554\n Cost sales 2,872,596,662\n Gross profit 291,838 1,946\n Operating income 142,055 140,109\n Income taxes 125,955\n tax expense 17,339\n Net income $108,616 $1,506 $107,110" +} +{ + "_id": "d1b364006", + "title": "", + "text": "Base Salary\nBase salary for our named executive officers is the fixed component of our executive compensation program. We use base salary to compensate our named executive officers for services rendered during the year and to recognize the experience, skills, knowledge and responsibilities required of each named executive officer. We apply no specific formula to determine adjustments to base salary. Adjustments to base salary have been made to reflect our economic condition and future expected performance. We continue to provide base salaries that are conservative relative to competitive market pay levels.\nIn April 2018, our compensation committee reviewed the base salaries of Mses. Friar, Henry, Reses and Whiteley, taking into consideration a competitive market analysis performed by Compensia, the recommendations of our CEO and our then-current People Lead, the desire to retain our highly qualified executive team and the other factors described above. Following this review, our compensation committee approved an increase in the annual base salary levels for Mses. Friar, Henry, Reses and Whiteley to $400,000, in each case effective as of April 1, 2018, in order to improve competitive alignment with our peers. In addition, our compensation committee determined that it was appropriate to leave our CEO’s 2018 base salary level at $2.75 per year, at the request of our CEO and with compensation committee approval.\nThe annualized base salaries of our named executive officers as of December 31, 2018 compared to December 31, 2017 were:\n(1) Ms. Friar resigned from her position as Chief Financial Officer, effective as of November 16, 2018, at which time her annual base salary was $400,000.\n(2) Ms. Whiteley was appointed to General Counsel and Corporate Secretary effective March 18, 2018, and her salary was adjusted to reflect her promotion to this role.\n(3) The base salaries of Messrs. Daswani and Murphy were not adjusted in conjunction with their service as interim co-CFOs. Salary adjustments for Messrs. Daswani and Murphy made in April 2018, prior to their becoming named executive officers, were made as part of the company-wide compensation review program. Their salary adjustments were recommended by their direct manager and approved by the then-current People Lead. Messrs. Daswani and Murphy’s annualized base salaries at the time of their appointment as interim co-CFOs were $300,000 and $295,000, respectively.\n\nNamed Executive Officer | Annual Base Salary as of December 31, 2017 | Annual Base Salary as of December 31, 2018 | Percentage Increase\n----------------------- | ------------------------------------------ | ------------------------------------------ | -------------------\nMr. Dorsey | $2.75 | $2.75 | 0% \nMs. Friar (1) | $350,000 | $N/A | N/A \nMs. Henry | $350,000 | $400,000 | 14% \nMs. Reses | $350,000 | $400,000 | 14% \nMs. Whiteley (2) | $325,000 | $400,000 | 23% \nMr. Daswani (3) | $280,000 | $300,000 | 7% \nMr. Murphy (3) | $270,000 | $295,000 | 9% \n\nBase Salary\n for named executive officers fixed executive compensation program. for services experience skills knowledge. no specific formula adjustments. Adjustments reflect economic condition future performance. conservative competitive market pay levels.\n April 2018 compensation committee reviewed base salaries. Friar Henry Reses Whiteley competitive market analysis recommendations CEO People Lead executive team. approved annual base salary. Friar Henry Reses Whiteley to $400,000 April 1, 2018 competitive alignment. CEO’s 2018 base salary level at $2. 75 per year.\n annualized base salaries officers December 31, 2018 to 2017\n. Friar resigned Chief Financial Officer November 16, 2018 annual base salary $400,000.\n. Whiteley General Counsel Corporate Secretary March 18, 2018 salary adjusted promotion.\n salaries. Daswani Murphy not adjusted interim co-CFOs. Salary adjustments for. Murphy April 2018 company-wide compensation review program. recommended by manager approved by People Lead.Daswani salaries co-CFOs $300,000 $295,000.\n Salary December 31, 2017 2018 Percentage Increase\n. Dorsey $2. 75.\n. Friar $350,000/A\n. Henry $350,000 $400,000 14%\n. $350,000\n. Whiteley $325,000 $400 23%\n. Daswani $280,000 $300,000 7%\n. Murphy $270,000 $295,000" +} +{ + "_id": "d1b385396", + "title": "", + "text": "BOOKINGS\nThe following table shows new orders levels for 2019 and the backlog for 2018:\nThe backlog includes orders for which purchase orders or letters of intent have been accepted, typically for up to one year. Historically, orders have been subject to cancellation or rescheduling by customers. In addition, orders have been subject to price negotiations and changes in specifications as a result of changes in customers’ requirements. Due to possible customer changes in delivery schedules and requirements, and to cancellations of orders, our backlog at any particular date is not necessarily indicative of actual sales for any subsequent period.\nFor the year in total, our new bookings increased by 24% in 2019 to €1,170 million, excluding the proceeds from the settlements. The book-to-bill, as measured by orders divided by revenue, was 1.0 in 2019. Equipment bookings were led by the foundry segment, followed by logic and memory. Bookings strengthened in the course of the year, excluding the settlement gains, from €235 million in the first quarter to €270 million in the second quarter, €292 million in the third quarter and finished at a new record high of €373 million in the fourth quarter. We also finished the year with a record high order backlog of €351 million, an increase of 16% compared to the end of 2018.\n\n | | Year ended December 31, | \n---------------------------------------------------- | ------- | ----------------------- | --------\n(EUR million) | 2018 | 2019 | % Change\nBacklog at the beginning of the year | 176.3 | 301.5 | 71% \nNew orders | 942.1 | 1,328.9 | 41% \nRevenue | (818.1) | (1,283.9) | 57% \nFX-effect | 6.3 | 4.7 | \nAdjustment IFRS 15 | (5.1) | – | \nBacklog as per reporting date | 301.5 | 351.2 | 16% \nBook-to-bill ratio (new orders divided by net sales) | 1.2 | 1.0 | \n\n\n table shows new orders levels 2019 backlog 2018:\n backlog includes accepted one year. orders subject cancellation rescheduling. price negotiations changes specifications. backlog not indicative sales.\n new bookings increased 24% 2019 to €1,170 million excluding proceeds settlements. book-to-bill 1. 0 2019. Equipment bookings led foundry segment followed logic memory. Bookings strengthened gains €235 million first quarter to €270 million second €292 million third quarter €373 million fourth quarter. record high order backlog €351 million increase 16% 2018.\n Year ended December 31,\n Backlog 176. 3 301. 5 71%\n New orders 942. 1,328. 9 41%\n Revenue (818. (1,283. 57%\n FX-effect 6. 4.\n.\n Backlog reporting date 301. 5 351. 2 16%\n Book-to-bill ratio orders 1." +} +{ + "_id": "d1b3b0334", + "title": "", + "text": "Relative importance of the spend on pay\nThe following table shows the Group’s actual spend on pay for all employees compared to distributions to shareholders. The average number of employees has also been included for context. Revenue and Operating profit have also been disclosed as these are two key measures of Group performance.\n1 2018 comparatives have been restated to reflect the adoption of IFRS 9, IFRS 15 and IFRS 16, and to include share buybacks.\n\n | 2019 | Restated 2018 | \n------------------------------------------------------------------------------------------------------------- | ----- | ------------- | --------\n | £m | £m | % change\nEmployee costs (see note 7 to the consolidated financial statements) | 56.0 | 54.5 | 3% \nAverage number of employees (see note 6 to the consolidated financial statements) | 802 | 822 | 3% \nRevenue (see Consolidated income statement) | 355.1 | 330.1 | 8% \nOperating profit | 243.7 | 221.3 | 10% \nDividends paid and proposed and share buybacks (see notes 26 and 27 to the consolidated financial statements) | 156.4 | 152.8¹ | 2% \n\nimportance spend on pay\n table shows Group’s spend pay employees compared distributions shareholders. average number included. Revenue Operating profit disclosed key measures Group performance.\n 2018 comparatives restated IFRS 9 15 16 include share buybacks.\n 2018\n £m\n Employee costs 7 56. 54. 3%\n Average 6 802 822 3%\n Revenue 355. 330. 8%\n Operating profit 243. 221. 3 10%\n Dividends share buybacks 26 27 156. 152." +} +{ + "_id": "d1b39fa5c", + "title": "", + "text": "Revenue and costs are generally directly attributed to our segments. However, due to the integrated structure of our business, certain revenue recognized and costs incurred by one segment may benefit other segments. Revenue from certain contracts is allocated among the segments based on the relative value of the underlying products and services, which can include allocation based on actual prices charged, prices when sold separately, or estimated costs plus a profit margin. Cost of revenue is allocated in certain cases based on a relative revenue methodology. Operating expenses that are allocated primarily include those relating to marketing of products and services from which multiple segments benefit and are generally allocated based on relative gross margin.\nIn addition, certain costs incurred at a corporate level that are identifiable and that benefit our segments are allocated to them. These allocated costs include costs of: legal, including settlements and fines; information technology; human resources; finance; excise taxes; field selling; shared facilities services; and customer service and support. Each allocation is measured differently based on the specific facts and circumstances of the costs being allocated. Certain corporate-level activity is not allocated to our segments, including restructuring expenses.\nSegment revenue and operating income were as follows during the periods presented:\nCorporate and Other operating loss comprised restructuring expenses.\n\n(In millions) | | | \n----------------------------------- | ---------- | ----------- | ----------\nYear Ended June 30, | 2019 | 2018 | 2017 \nRevenue | | | \nProductivity and Business Processes | $ 41,160 | $ 35,865 | $ 29,870 \nIntelligent Cloud | 38,985 | 32,219 | 27,407 \nMore Personal Computing | 45,698 | 42,276 | 39,294 \nTotal | $ 125,843 | $ 110,360 | $ 96,571\nOperating Income (Loss) | | | \nProductivity and Business Processes | $ 16,219 | $ 12,924 | $ 11,389 \nIntelligent Cloud | 13,920 | 11,524 | 9,127 \nMore Personal Computing | 12,820 | 10,610 | 8,815 \nCorporate and Other | 0 | 0 | (306) \nTotal | $ 42,959 | $ 35,058 | $ 29,025 \n\nRevenue costs attributed to segments. integrated structure revenue costs benefit segments. Revenue contracts allocated value products profit margin. allocated relative revenue methodology. Operating expenses include marketing gross margin.\n costs corporate level benefit segments allocated. legal information technology human resources finance excise taxes field selling shared facilities customer service support. allocation measured. corporate-level activity not allocated segments restructuring expenses.\n Segment revenue operating income\n loss restructuring expenses.\n June 30\n Revenue\n Productivity Business Processes $ 41,160 $ 35,865 $ 29,870\n Intelligent Cloud 38,985 32,219 27,407\n Personal Computing 45,698 42,276 39,294\n Total $ 125,843 $ 110,360 $ 96,571\n Operating Income (Loss\n Productivity Business Processes $ 16,219 $ 12,924 11,389\n Intelligent Cloud 13,920 11,524 9,127\nComputing 12,820 10,610 8,815\n $ 42,959 35,058 29,025" +} +{ + "_id": "d1b397758", + "title": "", + "text": "Liquidity and Capital Resources\nWe fund our operations primarily through cash generated from operations. As of December 31, 2019, we had cash and cash equivalents totalling $36.6 million, marketable securities of $434.8 million and accounts receivable of $97.9 million.\nWe believe our existing cash balances and anticipated cash flow from future operations will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months and the foreseeable future. Our future capital requirements may vary materially from those currently planned and will depend on many factors, including our rate of revenue growth, the timing and extent of spending on research and development efforts and other business initiatives, purchases of capital equipment to support our growth, the expansion of sales and marketing activities, any expansion of our business through acquisitions of or investments in complementary products, technologies or businesses, the use of working capital to purchase additional inventory, the timing of new product introductions, market acceptance of our products and overall economic conditions. To the extent that current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. In the event additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. We believe our existing cash balances and anticipated cash flow from future operations will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months and the foreseeable future. Our future capital requirements may vary materially from those currently planned and will depend on many factors, including our rate of revenue growth, the timing and extent of spending on research and development efforts and other business initiatives, purchases of capital equipment to support our growth, the expansion of sales and marketing activities, any expansion of our business through acquisitions of or investments in complementary products, technologies or businesses, the use of working capital to purchase additional inventory, the timing of new product introductions, market acceptance of our products and overall economic conditions. To the extent that current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. In the event additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. We believe our existing cash balances and anticipated cash flow from future operations will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months and the foreseeable future. Our future capital requirements may vary materially from those currently planned and will depend on many factors, including our rate of revenue growth, the timing and extent of spending on research and development efforts and other business initiatives, purchases of capital equipment to support our growth, the expansion of sales and marketing activities, any expansion of our business through acquisitions of or investments in complementary products, technologies or businesses, the use of working capital to purchase additional inventory, the timing of new product introductions, market acceptance of our products and overall economic conditions. To the extent that current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. In the event additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all.\nOn April 30, 2018, our Board of Directors authorized a stock repurchase program for the repurchase of up to $60.0 million of our common stock, of which $39.7 million was used to repurchase shares in 2018 prior to the program’s expiration on December 31, 2018.\n\n | | Year Ended December 31, | \n--------------------------------------------------- | --------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nCash and cash equivalents | $36,617 | $60,444 | $67,495 \nMarketable securities | 434,761 | 339,424 | 297,115 \nWorking capital | 368,912 | 370,445 | 361,621 \nNet cash provided by operating activities | 72,819 | 83,085 | 61,893 \nNet cash used in investing activities | (103,579) | (56,237) | (207,907)\nNet cash provided by (used in) financing activities | 6,933 | (33,899) | 5,477 \n\nLiquidity Capital Resources\n fund operations through cash. As of December 31, 2019 cash equivalents $36. 6 million marketable securities $434. 8 million accounts receivable $97. 9 million.\n existing cash balances cash flow from future operations working capital capital expenditure needs next 12 months foreseeable future. future capital requirements may vary depend on factors revenue growth spending research development purchases capital equipment expansion sales marketing acquisitions timing new product introductions market acceptance economic conditions. current liquidity insufficient may seek additional equity or debt financing. additional financing required outside may raise terms. existing cash balances cash flow from future operations sufficient working capital expenditure needs next 12 months foreseeable future. future capital requirements may vary depend on revenue growth research development purchases equipment expansion sales marketing inventory timing new product introductions market acceptance economic conditions. current future liquidity insufficient future activities may seek additional equity or debt financing.additional financing required raise terms. existing cash balances cash flow future operations sufficient working capital expenditure needs next 12 months future. future capital requirements vary depend on factors revenue growth research development capital equipment expansion sales marketing working capital inventory new product introductions market acceptance economic conditions. current liquidity insufficient may seek additional equity debt financing. additional financing required raise terms.\n April 30, 2018 Board authorized stock repurchase program $60. 0 million common stock $39. 7 million used 2018 expiration December 31, 2018.\n Ended December 31,\n 2019\n Cash equivalents $36,617 $60,444 $67,495\n Marketable securities 434,761 339,424 297,115\n Working capital 368,912 370,445 361,621\n Net cash operating activities 72,819 83,085 61,893\n cash investing activities (103,579) (56,237) (207,907)\ncash financing 6,933,899 5,477" +} +{ + "_id": "d1a72c19e", + "title": "", + "text": "Cash Flow\nOur cash flows from operating, investing and financing activities, as reflected in the Consolidated Statement of Cash Flows on page 71 are summarized in the table below. These amounts include the cash flows associated with the Global Financing business.\nNet cash provided by operating activities decreased $477 million in 2019 driven by the following key factors: • An increase in cash income tax payments of $346 million; • An increase in interest payments on debt of approximately $300 million, driven by incremental debt used to fund the acquisition of Red Hat; and • Performance-related declines within net income, including lower operating cash flows due to businesses divested in 2019; partially offset by • An increase of $836 million in cash provided by financing receivables.\nNet cash used in investing activities increased $22,023 million driven by: • An increase in net cash used for acquisitions of $32,491 million, primarily driven by the acquisition of Red Hat; offset by • An increase of $7,223 million in cash provided by net non-operating finance receivables primarily driven by the wind down of OEM IT commercial financing operations; • A decrease in cash used for net capital expenditures of $1,346 million; and • An increase in cash provided by divestitures of $1,076 million.\nFinancing activities were a net source of cash of $9,042 million in 2019 compared to a net use of cash of $10,469 million in 2018. The year-to-year increase in cash flow of $19,512 million was driven by: • An increase in net cash sourced from debt transactions of $16,584 million primarily driven by net issuances to fund the Red Hat acquisition; and • A decrease in cash used for gross common share repurchases of $3,082 million.\n\n($ in millions) | | \n----------------------------------------------------------------------------- | -------- | --------\nFor the year ended December 31: | 2019 | 2018 \nNet cash provided by/(used in) continuing operations | | \nOperating activities | $14,770 | $15,247 \nInvesting activities | (26,936) | (4,913) \nFinancing activities | 9,042 | (10,469)\nEffect of exchange rate changes on cash, cash equivalents and restricted cash | (167) | (495) \nNet change in cash, cash equivalents and restricted cash | $(3,290) | $(630) \n\nCash\n operating investing financing Consolidated Statement Cash Flows page 71 summarized table. Global Financing business.\n cash decreased $477 million 2019 income tax payments $346 million interest payments debt $300 million acquisition Red Hat Performance declines lower cash flows businesses divested offset increase $836 million financing receivables.\n investing increased $22,023 million increase $32,491 million acquisition Red Hat increase $7,223 million non-operating receivables OEM IT financing decrease capital expenditures $1,346 million increase divestitures $1,076 million.\n Financing cash $9,042 million 2019 $10,469 million 2018. year-to-year increase cash flow $19,512 million increase debt transactions $16,584 million Red Hat acquisition decrease cash common share repurchases $3,082 million.\n December 31\n cash operations\n Operating $14,770 $15,247\n Investing activities (26,936) (4,913)\nFinancing activities 9,042 (10,469\n exchange rate cash (167) (495)\n Net change,290" +} +{ + "_id": "d1b30240a", + "title": "", + "text": "The defined benefit pension plan utilizes various investment securities. Generally, investment securities are exposed to various risks, such as interest rate risks, credit risk, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur and that such changes could materially affect the amounts reported.\nThe following table presents the Company’s target for the allocation of invested defined benefit pension plan assets at June 30, 2019 and June 30, 2018:\n\n | As of June 30 | \n------------ | ------------- | ----\n | 2019 | 2018\nFixed income | 40% | 40% \nEquities | 55% | 55% \nOther | 5% | 5% \nTotal | 100% | 100%\n\ndefined benefit pension plan utilizes investment securities. exposed to risks interest rate credit market volatility. changes values affect amounts reported.\n table target allocation benefit pension plan assets at June 30, 2019 June 2018:\n June\n 2019 2018\n Fixed income 40%\n Equities 55%\n Other 5%\n Total 100%" +} +{ + "_id": "d1a738034", + "title": "", + "text": "NOTE 15. ACCRUED EXPENSES AND OTHER PAYABLES\nAccrued expenses and other payables consist of the following:\nPersonnel-related items comprise accrued management bonuses, accrued vacation days, accrued wage tax, social securities and pension premiums. Deferred revenue consists of the revenue relating to the undelivered elements of the arrangements, see Note 21 for more information. This part of revenue is deferred at their relative selling prices until delivery of these elements. Other includes accruals for VAT, other taxes and invoices to be received for goods and services.\n\n | December 31, | \n----------------------------------------- | ------------ | -------\n | 2018 | 2019 \nPersonnel-related items | 32,636 | 45,318 \nDeferred revenue | 28,255 | 32,146 \nFinancing related items | – | 3,912 \nCurrent portion of lease liabilities | – | 7,002 \nAdvanced payments from customers | 25,382 | 47,601 \nSupplier related items | 1,828 | 2,175 \nMarketing related items | 1,049 | 1,365 \nR&D projects | 1,209 | 1,109 \nOther | 8,634 | 9,215 \nTotal accrued expenses and other payables | 98,993 | 149,843\n\n. ACCRUED EXPENSES PAYABLES\n management bonuses vacation days wage tax social securities pension premiums. Deferred revenue undelivered 21. deferred delivery. VAT taxes invoices goods services.\n Personnel-related items 32,636 45,318\n Deferred revenue 28,255 32,146\n Financing\n lease liabilities 7,002\n Advanced payments 25,382 47,601\n Supplier 1,828 2,175\n Marketing 1,049\n R&D projects 1,209\n 8,634 9,215\n accrued expenses payables 98,993 149,843" +} +{ + "_id": "d1b35d1ac", + "title": "", + "text": "Note 3: Debt\nA summary of debt is as follows (amounts in thousands):\n(1) Amount shown is net of discount, bank issuance costs and other indirect issuance costs of $13.3 million as of March 31, 2018.\n(2) Amount shown is net of discount, bank issuance costs and other indirect issuance costs of $8.7 million as of March 31, 2019.\n(3) Amount shown is net of discount of $2.1 million as of March 31, 2019.\n(4) Amounts shown are net of discounts of $0.6 million and $0.5 million as of March 31, 2019 and 2018, respectively.\n\n | March 31, | \n------------------------------ | --------- | --------\n | 2019 | 2018 \nTerm Loan Credit Agreement (1) | $— | $318,782\nTOKIN Term Loan Facility (2) | 276,808 | — \nCustomer Advances (3) | 11,270 | — \nOther, net (4) | 6,393 | 5,841 \nTotal debt | 294,471 | 324,623 \nCurrent maturities | (28,430) | (20,540)\nTotal long-term debt | $266,041 | $304,083\n\nDebt\n summary\n net discount $13. 3 million March 31, 2018.\n $8. 7 million March 31, 2019.\n discount $2. 1 million March 31, 2019.\n discounts $0. 6 million. 5 million March 31, 2019 2018.\n Term Loan Credit Agreement $318,782\n Term Loan Facility 276,808\n Customer Advances 11,270\n 6,393\n Total debt 294,471 324,623\n Current maturities (28,430)\n long-term debt $266,041 $304,083" +} +{ + "_id": "d1b336b56", + "title": "", + "text": "Financial Highlights\nInternational Business Machines Corporation and Subsidiary Companies\n* Includes charges of $0.1 billion in 2019 and $2.0 billion in 2018 associated with U.S. tax reform.\n** See page 46 for a reconciliation of net income to operating earnings.\n\n($ in millions except per share amounts) | | \n----------------------------------------------------------------- | -------- | --------\nFor the year ended December 31: | 2019 | 2018 \nRevenue | $ 77,147 | $ 79,591\nNet Income | 9,431* | 8,728* \nIncome from continuing operations | 9,435* | 8,723* \nOperating (non-GAAP) earnings** | $ 11,436 | $ 12,657\nEarnings per share of common stock—continuing operations | | \nAssuming dilution | 10.57* | 9.51* \nBasic | 10.63 | 9.56* \nDiluted operating (non-GAAP)** | $ 12.81 | $ 13.81\nNet cash provided by operating activities | $ 14,770 | $ 15,247\nCapital expenditures, net | $ 2,370 | $ 3,716\nShare repurchases | $ 1,361 | $ 4,443\nCash dividends paid on common stock | $ 5,707 | $ 5,666\nPer share of common stock | $ 6.43 | $ 6.21\nAt December 31: | 2019 | 2018 \nCash, cash equivalents, restricted cash and marketable securities | $ 9,009 | $ 12,222\nTotal assets | $152,186 | $123,382\nWorking capital | $ 718 | $ 10,918\nTotal debt | $ 62,899 | $ 45,812\nTotal equity | $ 20,985 | $ 16,929\nCommon shares outstanding (in millions) | 887 | 892 \nStock price per common share | $ 134.04 | $ 113.67\n\nHighlights\n International Business Machines\n. billion 2019 $2. billion 2018. tax reform.\n page 46 reconciliation net income operating earnings.\n year December 31\n Revenue $ 77,147 79,591\n Net Income 9,431\n operations\n $ 11,436 12,657\n share common\n.\n.\n-GAAP.\n Net cash activities $ 14,770 $ 15,247\n Capital expenditures $ 2,370 3,716\n Share repurchases 1,361 4,443\n dividends common stock $ 5,707\n share 6.\n December 31 2019\n Cash equivalents securities $ 9,009 $ 12,222\n assets $152,186 $123,382\n Working capital $ 10,918\n debt $ 62,899 $ 45,812\n equity $ 20,985 16,929\n Common shares\n price share $ 134." +} +{ + "_id": "d1b388ac8", + "title": "", + "text": "Note 3: Debt\nThe line item “Interest expense” on the Consolidated Statements of Operations for the fiscal years 2019, 2018 and 2017, respectively, is as follows (amounts in thousands):\n\n | | Fiscal Years Ended March 31, | \n--------------------------------------------------- | ------- | ---------------------------- | -------\n | 2019 | 2018 | 2017 \nContractual interest expense | $19,471 | $30,323 | $38,825\nCapitalized interest | (232) | (141) | (154) \nAmortization of debt issuance costs | 334 | 511 | 1,390 \nAmortization of debt (premium) discount | 1,481 | 1,843 | (788) \nImputed interest on acquisition related obligations | 57 | 113 | 159 \nInterest expense on capital leases | 128 | 233 | 323 \nTotal interest expense | $21,239 | $32,882 | $39,755\n\n\n Consolidated Statements Operations 2019 2018 2017\n Ended March 31,\n 2017\n Contractual interest expense $19,471 $30,323 $38,825\n Capitalized interest (232)\n debt issuance costs 334 1,390\n discount 1,481 1,843\n interest acquisition obligations 57 113\n capital leases 128\n Total interest expense $21,239 $32,882 $39,755" +} +{ + "_id": "d1b36b914", + "title": "", + "text": "Property and Equipment\nProperty and equipment are carried at cost. The following is a summary of property and equipment as of September 30, 2019 and 2018(amounts shown in thousands):\nDepreciation and amortization of property and equipment are provided using the straight-line method over estimated useful lives ranging from three to ten\nyears. Leasehold improvements are amortized over the shorter of the lease term or estimated useful life of the assets. Depreciation and amortization of property and equipment totaled $1.4 million, $0.6 million, and $0.3 million for the fiscal years ended September 30, 2019, 2018, and 2017, respectively. Expenditures for repairs and maintenance are charged to operations. Total repairs and maintenance expenses were $0.1 million, $0.1 million and $0.2 million for the fiscal years ended September 30, 2019, 2018, and 2017, respectively.\n\n | 2019 | 2018 \n--------------------------------------------------- | ------- | -------\nProperty and equipment—at cost: | | \nLeasehold improvements | $3,575 | $3,825 \nEquipment | 3,041 | 2,604 \nCapitalized internal-use software development costs | 1,088 | 916 \nFurniture and fixtures | 526 | 425 \n | 8,230 | 7,770 \nLess: accumulated depreciation and amortization | (3,999) | (3,105)\nTotal property and equipment, net | $4,231 | $4,665 \n\nProperty Equipment\n cost. summary September 30, 2019 2018\n Depreciation amortization straight-line method three ten\n years. Leasehold improvements amortized lease term. Depreciation totaled $1. 4 million. 6 million. 3 million years 2019 2018 2017. Expenditures repairs maintenance charged operations. expenses. 1 million. million. 2 million.\n Property cost\n Leasehold improvements $3,575 $3,825\n Equipment 2,604\n software costs 1,088\n Furniture fixtures\n 7,770\n accumulated depreciation amortization (3,999) (3,105\n Total property equipment $4,231 $4,665" +} +{ + "_id": "d1b3b92ea", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 16 — Stock-Based Compensation\nAt December 31, 2019, we had five stock-based compensation plans: the Non-Employee Directors' Stock Retirement Plan\n(\"Directors' Plan\"), the 2004 Omnibus Long-Term Incentive Plan (\"2004 Plan\"), the 2009 Omnibus Equity and Performance\nIncentive Plan (\"2009 Plan\"), the 2014 Performance & Incentive Plan (\"2014 Plan\"), and the 2018 Equity and Incentive\nCompensation Plan (\"2018 Plan\"). Future grants can only be made under the 2018 Plan.\nThese plans allow for grants of stock options, stock appreciation rights, restricted stock, restricted stock units (\"RSUs\"), performance\nshares, performance units, and other stock awards subject to the terms of the specific plans under which the awards are granted.\nThe following table summarizes the compensation expense included in selling, general and administrative expenses in the Consolidated Statements of Earnings related to stock-based compensation plans:\nThe fair value of all equity awards that vested during the periods ended December 31, 2019, 2018, and 2017 were $6,589, $5,805, and $5,471, respectively. We recorded a tax deduction related to equity awards that vested during the year ended December 31, 2019, in the amount of $1,489.\n\n | | Years Ended December 31, | \n---------------------- | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nService-Based RSUs | $2,207 | $2,036 | $1,762\nPerformance-Based RSUs | 2,553 | 3,089 | 2,350 \nCash-settled awards | 255 | 131 | 72 \nTotal | $5,015 | $5,256 | $4,184\nIncome tax benefit | 1,133 | 1,188 | 1,573 \nNet | $3,882 | $4,068 | $2,611\n\nCONSOLIDATED FINANCIAL STATEMENTS share data\n 16 Stock-Based Compensation\n December 31, 2019 five plans Non-Employee Directors' Stock Retirement Plan\n 2004 Omnibus Long-Term Incentive Plan Equity Performance\n Incentive Plan 2018 Equity Incentive\n Plan. Future grants 2018 Plan.\n stock options appreciation rights restricted stock units performance\n shares units awards.\n table summarizes compensation expense Earnings\n fair value equity awards 2019 2018 2017 $6,589 $5,805 $5,471. tax deduction 2019 $1,489.\n Service-Based RSUs $2,207 $2,036 $1,762\n Performance-Based RSUs 2,553 2,350\n Cash-settled awards 255\n $5,015 $5,256 $4,184\n Income tax benefit 1,133,188\n $3,882 $4,068 $2,611" +} +{ + "_id": "d1b31b2e8", + "title": "", + "text": "Notes to Consolidated Financial Statements\nOperating Leases\nThe Company leases certain of its corporate, manufacturing and other facilities from multiple third- party real estate developers. The operating leases expire at various dates through 2034, and some of these leases have renewal options, with the longest ranging up to two, ten-year periods. Several of these leases also include market rate rent escalations, rent holidays, and leasehold improvement incentives, all of which are recognized to expense on a straight-line basis. Leasehold improvements made either at the inception of the lease or during the lease term are amortized over the lesser of the remaining life of the lease term (including renewals that are reasonably assured) or the useful life of the asset. The Company also leases various machinery and equipment and office equipment under non-cancelable operating leases. The remaining terms of these operating leases range from less than one year to approximately 15 years.\nRent expense under operating leases, covering facilities and equipment, was approximately $19.3 million, $16.3 million, and $14.8 million for fiscal years 2019, 2018 and 2017, respectively.\nCapital Leases\nIn fiscal 2018, the Company entered into a capital lease for a facility in Beijing, China that will allow the Company to consolidate several leased facilities as well as provide additional manufacturing space. The lease term is expected to commence in fiscal 2021 and therefore is not recorded on the Consolidated Balance Sheet as of March 30, 2019. The lease has an initial term of five years and includes multiple renewal options, with the maximum lease term not to exceed 30 years. The minimum future payments for this lease are included in the table below.\nPurchase commitments\nThe Company’s other purchase commitments include payments due for materials and manufacturing services. The Company also has commitments for the purchase of property and equipment, a substantial majority of which will be due within the next 12 months.\nThe Company’s minimum payments under non-cancelable leases and purchase commitments as of March 30, 2019, are as follows (in thousands):\n\nFiscal Year | Operating Leases | Capital Leases | Purchase Commitments\n---------------------- | ---------------- | -------------- | --------------------\n2020 | $22,207 | $241 | $328,435 \n2021 | 13,382 | 1,220 | 24,005 \n2022 | 10,331 | 1,220 | 5,654 \n2023 | 8,224 | 1,220 | 3,596 \n2024 | 7,139 | 1,220 | — \nThereafter | 31,598 | 47,258 | — \nTotal minimum payments | $92,881 | $52,379 | $361,690 \n\nConsolidated Financial Statements\n Operating Leases\n Company leases corporate manufacturing facilities from third real estate developers. leases expire through 2034 renewal options ten-year periods. leases include market rent escalations rent holidays leasehold improvement incentives. Leasehold improvements amortized remaining life. leases machinery equipment office equipment non leases. remaining terms range less one year to 15 years.\n Rent expense $19. 3 million $16. 3 million $14. 8 million 2019 2018 2017.\n Capital Leases\n 2018 capital lease facility Beijing China facilities additional manufacturing space. lease 2021 not recorded Consolidated Balance Sheet March 30, 2019. initial five years renewal options maximum term 30 years. minimum future payments table.\n Purchase commitments\n materials manufacturing services. property equipment majority due next 12 months.\n minimum payments non-cancelable leases commitments March 30, 2019\nOperating Capital Purchase Commitments\n 2020 $22,207 $328,435\n 2021 13,382\n 2022 10,331\n 2023 8,224\n 2024 7,139\n 31,598 47,258\n payments $92,881 $52,379 $361,690" +} +{ + "_id": "d1b3a37a6", + "title": "", + "text": "Option Exercises and Stock Vested in Fiscal 2019\nThe following table sets forth certain details with respect to each of the Named Executive Officers concerning the exercise of stock options and vesting of stock in Fiscal 2019:\n(1) “Value realized on exercise” is the excess of the market price, at date of exercise, of the shares underlying the options over the exercise price of the options.\n(2) “Value realized on vesting” is the market price of the underlying Common Shares on the vesting date.\n(3) Relates to the vesting of PSUs and RSUs under our Fiscal 2018 LTIP.\n\n | Option Awards | | Stock Awards (3) | \n------------------- | ----------------------------------------- | --------------------------------- | ---------------------------------------- | --------------------------------\nName | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise(1) ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting(2) ($)\nMark J. Barrenechea | 135,208 | $2,801,023 | 65,820 | $7,625,905 \nMadhu Ranganathan | — | $— | — | $— \nMuhi Majzoub | 100,000 | $2,592,411 | 10,900 | $1,263,646 \nGordon A. Davies | — | $— | 12,840 | $1,486,870 \nSimon Harrison | 26,504 | $714,495 | 8,980 | $346,808 \n\nOption Exercises Stock Vested Fiscal 2019\n table details Executive Officers stock options vesting Fiscal 2019\n realized excess market price shares options.\n realized market price Shares vesting date.\n vesting PSUs RSUs Fiscal 2018 LTIP.\n Option Awards Stock Awards\n Shares Acquired Exercise Value Realized Vesting\n Mark J. Barrenechea 135,208 $2,801,023 $7,625,905\n Madhu Ranganathan\n Muhi Majzoub 100,000 $2,592,411 $1,263,646\n Gordon A. Davies $1,486,870\n Simon Harrison 26,504 $714,495 $346,808" +} +{ + "_id": "d1b3aa42a", + "title": "", + "text": "Sales-Type Leases\nWe are the lessor in sales-type lease arrangements for network equipment, which have initial terms of up to five years. Our sales-type lease arrangements contain either a provision whereby the network equipment reverts back to us upon the expiration of the lease or a provision that allows the lessee to purchase the network equipment at a bargain purchase amount at the end of the lease. In addition, our sales-type lease arrangements do not contain any residual value guarantees or material restrictive covenants. The allocation of the consideration between lease and nonlease components is determined by stand-alone selling price by component. The net investment in sales-type leases consists of lease receivables less unearned income. Collectability of sales-type leases is evaluated periodically at an individual customer level. The Company has elected to exclude taxes related to sales-type leases from revenue and the associated expense of such taxes. As of December 31, 2019 and 2018, we did not have an allowance for credit losses for our net investment in sales-type leases. As of December 31, 2019 and 2018, the components of the net investment in sales-type leases were as follows:\n(1) Included in other receivables on the Consolidated Balance Sheet.\n(2) Included in other assets on the Consolidated Balance Sheet.\n\n(In thousands) | December 31, 2019 | December 31, 2018\n------------------------------------------------ | ----------------- | -----------------\nCurrent minimum lease payments receivable(1) | $1,201 | $11,339 \nNon-current minimum lease payments receivable(2) | 889 | 1,670 \nTotal minimum lease payments receivable | 2,090 | 13,009 \nLess: Current unearned revenue(1) | 365 | 631 \nLess: Non-current unearned revenue(2) | 163 | 473 \nNet investment in sales-type leases | $1,562 | $11,905 \n\nSales-Type Leases\n We lessor in for network equipment terms five years. arrangements equipment reverts expiration or at bargain. residual value guarantees restrictive covenants. allocation between lease nonlease determined by selling price. net investment in lease receivables less unearned income. Collectability evaluated. taxes leases from revenue. December 31, 2019 allowance for credit losses for net investment. components investment\n Included in receivables.\n assets.\n thousands December 31, 2019 2018\n Current minimum lease payments receivable(1) $1,201 $11,339\n Non-current 889 1,670\n Total 2,090 13,009\n Current unearned revenue(1) 365 631\n Non-current unearned revenue(2) 163 473\n Net investment in sales-type leases $1,562 $11,905" +} +{ + "_id": "d1a727b8a", + "title": "", + "text": "The following table presents a reconciliation of revenue to constant currency revenue (in thousands, except for revenue growth):\nTotal revenue growth declined to 7% in 2019 from 12% in 2018. Our growth rate can depend on a variety of factors, such as new customers, the size, volume, and complexity of our agreements with our customers, foreign currency movements, our ability to work with our customers to implement and deliver our products, our ability to upsell and renew our existing customers, the success of our alliance and partnership arrangements, and the expansion of our business through emerging markets. The decline in the growth rate of total revenue was driven by our strategic plan to transition away from one-time professional services and recommit our efforts to grow recurring revenue and free cash flows.\n\n | | Year Ended December 31, | \n------------------------------------------------------------------------ | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nRevenue | $576,523 | $537,891 | $481,985\nForeign exchange effect on current period revenue using prior year rates | 7,077 | (5,291) | 5,865 \nConstant currency revenue | $583,600 | $532,600 | $487,850\nRevenue growth | 7.2% | 11.6% | 13.9% \nConstant currency revenue growth | 8.5% | 10.5% | 15.3% \n\ntable revenue currency\n revenue growth declined to 7% 2019 from 12% 2018. growth new customers agreements foreign currency movements alliance partnership arrangements expansion emerging markets. decline driven plan one-time services grow recurring revenue cash flows.\n Ended December 31,\n 2019 2018 2017\n Revenue $576,523 $537,891 $481,985\n Foreign exchange effect on revenue 7,077\n Constant currency revenue $583,600 $532,600 $487,850\n Revenue growth 7. 2% 11. 6% 13. 9%\n Constant currency revenue growth 8. 5%. 3%" +} +{ + "_id": "d1b3afc7c", + "title": "", + "text": "28. FINANCIAL INSTRUMENTS (cont.)\n(1) Other current and long-term financial assets classified as fair value through profit or loss were calculated using level 2 of the fair value hierarchy. All other balances were calculated using level 1 of the fair value hierarchy. (1) Other current and long-term financial assets classified as fair value through profit or loss were calculated using level 2 of the fair value hierarchy. All other balances were calculated using level 1 of the fair value hierarchy.\n(2) Indebtedness excludes deferred financing costs and prepayment options (December 31, 2018 – deferred financing costs, interest rate floor, prepayment option and net gain on repricing/repayment). (2) Indebtedness excludes deferred financing costs and prepayment options (December 31, 2018 – deferred financing costs, interest rate floor, prepayment option and net gain on repricing/repayment).\n(3) Trade and other receivables and trade and other payables approximate fair value due to the short-term maturity of these instruments.\n\nAs at December 31, 2018 | FVTPL | Amortised cost | Total | Fair Value | Fair Value hierarchy\n------------------------------------- | ------- | -------------- | ------------ | ------------ | --------------------\nCash and cash equivalents | $ - | $768,433 | $768,433 | $768,433 | Level 1 \nTrade and other receivables | - | 45,631 | 45,631 | 45,631 | (3) \nOther current financial assets (1) | 18,632 | 147 | 18,779 | 18,779 | Level 1, Level 2 \nOther long-term financial assets (1) | 33,796 | 21,959 | 55,755 | 55,755 | Level 1, Level 2 \nTrade and other payables | - | (30,659) | (30,659) | (30,659) | (3) \nOther current financial liabilities | (6) | (26,380) | (26,386) | (29,131) | Level 2 \nOther long-term financial liabilities | (5,627) | (48,894) | (54,521) | (54,733) | Level 2 \nIndebtedness (2) | - | (3,853,883) | (3,853,883) | (3,709,695) | Level 2 \n | $46,795 | $(3,123,646) | $(3,076,851) | $(2,935,620) | \n\n28. FINANCIAL INSTRUMENTS.\n current long financial assets fair value profit loss calculated level 2. balances calculated level 1. assets calculated level 2. balances calculated level 1.\n Indebtedness excludes deferred financing costs prepayment options. Indebtedness excludes deferred financing costs prepayment options.\n Trade receivables payables approximate fair value short-term maturity.\n December 31, 2018 FVTPL Amortised cost Total Fair Value hierarchy\n Cash equivalents $ $768,433 Level 1\n Trade receivables 45,631 \n Other current financial assets 18,632 18,779 Level 1 2\n long-term financial assets 33,796 | 21,959 | 55,755\n Trade payables (30,659)\n Other current financial liabilities (6) (26,380) (26,386) (29,131) Level 2\nlong-term liabilities (5,627),894) (54,521)\n Indebtedness (3,853,883),695 2\n $46,795,123,646,076,851),935,620)" +} +{ + "_id": "d1b39f048", + "title": "", + "text": "The components of the net deferred income tax assets as of September 28, 2019 and September 29, 2018, were as follows (in thousands):\nDuring fiscal 2019, the Company’s valuation allowance increased by $0.8 million. This increase is the result of increases to the valuation allowances against the net deferred tax assets in the AMER region of $1.7 million, partially offset by a decrease in net deferred tax assets in the EMEA region of $0.9 million.\nAs of September 28, 2019, the Company had approximately $189.2 million of pre-tax state net operating loss carryforwards that expire between fiscal 2020 and 2040. Certain state net operating losses have a full valuation allowance against them. The Company also had approximately $79.6 million of pre-tax foreign net operating loss carryforwards that expire between fiscal 2019 and 2025 or are indefinitely carried forward. These foreign net operating losses have a full valuation allowance against them.\nDuring fiscal 2019, proposed and final regulations were issued and tax legislation was adopted in various jurisdictions. The impacts of these regulations and legislation on the Company’s consolidated financial condition, results of operations and cash flows are included above.\nThe Company has been granted a tax holiday for a foreign subsidiary in the APAC segment. This tax holiday will expire onD ecember 31, 2024, and is subject to certain conditions with which the Company expects to continue to comply. During fiscal 2019, 2018 and 2017, the tax holiday resulted in tax reductions of approximately $23.9 million net of the impact of the GILTI provisions of Tax Reform ($0.79 per basic share, $0.77 per diluted share), $39.1 million ($1.19 per basic share, $1.15 per diluted share) and $37.5 million ($1.11 per basic share, $1.08 per diluted share), respectively.\nThe Company does not provide for taxes that would be payable if certain undistributed earnings of foreign subsidiaries were remitted because the Company considers these earnings to be permanently reinvested. The deferred tax liability that has not been recorded for these earnings was approximately $10.5 million as of September 28, 2019.\nThe Company has approximately $2.3 million of uncertain tax benefits as of September 28, 2019. The Company has classified these amounts in the Consolidated Balance Sheets as \"Other liabilities\" (noncurrent) in the amount of $1.5 million and an offset to \"Deferred income taxes\" (noncurrent asset) in the amount of $0.8 million. The Company has classified these amounts as \"Other liabilities\" (noncurrent) and \"Deferred income taxes\" (noncurrent asset) to the extent that payment is not anticipated within one year.\n\n | 2019 | 2018 \n--------------------------------------------- | -------- | --------\nDeferred income tax assets: | | \nLoss/credit carryforwards | $28,391 | $27,915 \nInventories | 16,809 | 6,459 \nAccrued benefits | 15,834 | 14,459 \nOther | 3,353 | 3,450 \nTotal gross deferred income tax assets | 64,387 | 52,283 \nLess valuation allowances | (29,170) | (28,369)\nDeferred income tax assets | 35,217 | 23,914 \nDeferred income tax liabilities: | | \nProperty, plant and equipment | 15,621 | 12,530 \nTax on unremitted earnings | 5,192 | 14,935 \nAcceleration of revenue under Topic 606 | 6,055 | — \nDeferred income tax liabilities | 26,868 | 27,465 \n Net deferred income tax assets/(liabilities) | 8,349 | (3,551) \n\nnet deferred income tax assets September 28, 2019 29, 2018\n fiscal 2019 Company’s valuation allowance increased $0. 8 million. AMER region $1. 7 million offset decrease EMEA region $0. 9 million.\n September 28, 2019 Company had $189. 2 million pre state net operating loss carryforwards fiscal 2020 2040. full valuation allowance. $79. 6 million pre-tax foreign net operating loss carryforwards 2019 2025. full valuation allowance.\n 2019 regulations issued tax legislation adopted jurisdictions. impacts financial condition results cash flows.\n granted tax holiday for foreign subsidiary APAC segment. 31, 2024 subject to conditions. 2019 2018 2017 tax holiday tax reductions $23. 9 million Tax Reform. $39. 1 million. $37. 5 million.\n Company provide taxes undistributed earnings foreign subsidiaries remitted. deferred tax liability approximately $10. 5 million as September 28, 2019.\nCompany $2. 3 million uncertain tax benefits September 28, 2019. liabilities $1. 5 million income taxes $0. 8 million. payment year.\n Deferred income tax assets\n Loss/credit carryforwards $28,391 $27,915\n Inventories 16,809\n Accrued benefits 15,834\n 3,353\n deferred income tax assets 64,387 52,283\n Less valuation allowances (29,170\n assets 35,217 23,914\n Property plant equipment 15,621\n Tax unremitted earnings 5,192\n Acceleration revenue Topic 606 6\n liabilities 26,868 27,465\n Net assets 8,349" +} +{ + "_id": "d1b38ce02", + "title": "", + "text": "Systems revenue of $8,034 million decreased 2.0 percent year to year as reported (2 percent adjusted for currency) driven by strong IBM Z performance in 2017 and continued price pressures impacting Storage Systems in a competitive environment.\nBoth hardware platforms were down year to year for the full year, as reported and adjusted for currency. This performance was partially offset by strong growth in Power Systems (which grew as reported and adjusted for currency in 2018) with strong performance in POWER9-based systems and Linux throughout the year. Within Systems, cloud revenue of $3.1 billion decreased 10 percent as reported and adjusted for currency compared to the prior year reflecting IBM Z product cycle dynamics.\n\n($ in millions) | | | | \n------------------------------- | ------ | ------ | ------------------------- | -----------------------------------------------\nFor the year ended December 31: | 2018 | | Yr.-to-Yr. Percent Change | Yr.-to-Yr. Percent Change Adjusted for Currency\nSystems external revenue | $8,034 | $8,194 | (2.0)% | (2.3)% \nSystems Hardware | $6,363 | $6,494 | (2.0)% | (2.3)% \nIBM Z | | | (5.4) | (5.6) \nPower Systems | | | 8.8 | 8.7 \nStorage Systems | | | (5.5) | (5.9) \nOperating Systems Software | 1,671 | 1,701 | (1.7) | (2.4) \n\nSystems revenue $8,034 million decreased 2. percent year to year adjusted driven IBM Z performance 2017 price pressures Storage Systems.\n hardware platforms down year to year. offset growth Power Systems 2018) performance POWER9 systems Linux. cloud revenue $3. 1 billion decreased 10 percent adjusted IBM Z product cycle dynamics.\n year ended December 31 2018. Percent Change. Adjusted\n Systems revenue $8,034 $8,194 (2.). 3)\n Systems Hardware $6,363 $6,494 (2.\n IBM Z (5.\n Power Systems.\n Storage Systems.\n Operating Systems Software 1,671 1,701." +} +{ + "_id": "d1b324168", + "title": "", + "text": "(4) Property and Equipment\nProperty and equipment consist of the following (in thousands):\nDepreciation and amortization expense related to property and equipment was $22,538,000, $21,721,000 and $25,787,000 in 2019, 2018 and 2017, respectively.\nOn November 1, 2019, we completed the purchase of real estate in Chandler, Arizona for approximately $48,000,000 that we intend to use as our global corporate headquarters. The property contains a building and some infrastructure in place that we will complete readying for our use over the next year. We intend to sell our current properties in Tempe, Arizona.\nIncluded within the software, buildings and land values presented above are assets in the process of being readied for use in the amounts of approximately $12,138,000, $27,658,000 and $11,700,000, respectively. Depreciation on these assets will commence, as appropriate, when they are ready for use and placed in service.\n\n | December 31, | \n----------------------------------------- | ------------ | ---------\n | 2019 | 2018 \nSoftware | $114,674 | $170,327 \nBuildings | 92,092 | 64,263 \nEquipment | 60,661 | 100,421 \nFurniture and fixtures | 34,768 | 38,200 \nLease hold improvements | 33,668 | 26,319 \nLand | 31,374 | 5,124 \n | 367,237 | 404,654 \nAccumulated depreciation and amortization | (236,330) | (331,700)\nProperty and equipment, net | $130,907 | $72,954 \n\nProperty Equipment\n Depreciation amortization $22,538,000 $21,721,000 $25,787,000 2019 2018 2017.\n November 1, 2019 real estate Chandler Arizona $48,000,000 global corporate headquarters. building infrastructure. sell properties Tempe Arizona.\n $12,138,000 $27,658,000 $11,700,000. Depreciation.\n Software $114,674 $170,327\n Buildings 92,092 64,263\n Equipment 60,661 100,421\n Furniture fixtures 34,768 38,200\n improvements 33,668 26,319\n Land 31,374 5\n 367,237 404,654\n Accumulated depreciation amortization (236,330) (331,700\n Property equipment $130,907 $72,954" +} +{ + "_id": "d1b3148d0", + "title": "", + "text": "22. JOINT VENTURES (Cont’d)\n‘‘NA’’ denotes Not Applicable.\nNotes:\n(1) Based on the Group’s direct equity interest in AIS.\n(2) Others include adjustments to align the respective local accounting standards to SFRS(I).\n\n | Airtel | Telkomsel | Globe | AIS \n------------------------------------------------------------------------------------------------------------------- | ---------- | --------- | --------- | ---------\nGroup - 2017 | S$ Mil | S$ Mil | S$ Mil | S$ Mil \nStatement of financial position | | | | \nCurrent assets | 4,378.4 | 3,546.3 | 1,481.6 | 1,368.4 \nNon-current assets | 45,611.2 | 6,169.6 | 5,548.1 | 10,027.2 \nCurrent liabilities | (13,568.3) | (2,547.9) | (2,344.3) | (2,994.1)\nNon-current liabilities | (20,676.7) | (886.5) | (2,909.5) | (6,816.6)\nNet assets | 15,744.6 | 6,281.5 | 1,775.9 | 1,584.9 \nLess: Non-controlling interests | (1,399.0) | - | 0.4 | (5.7) \nNet assets attributable to equity holders | 14,345.6 | 6,281.5 | 1,776.3 | 1,579.2 \nProportion of the Group’s ownership | 36.5% | 35.0% | 47.1% | 23.3% (1)\nGroup’s share of net assets | 5,230.4 | 2,198.5 | 837.4 | 368.2 \nGoodwill capitalised | 1,229.0 | 1,403.6 | 381.7 | 293.3 \nOthers (2) | 387.6 | - | (139.9) | (2.4) \nCarrying amount of the investment | 6,847.0 | 3,602.1 | 1,079.2 | 659.1 \nOther items | | | | \nCash and cash equivalents | 348.7 | 2,371.9 | 229.1 | 522.0 \nNon-current financial liabilities excluding trade Current financial liabilities excluding trade and other payables | (19,774.0) | (570.2) | (2,658.7) | (3,690.1)\nCurrent financial liabilities excluding trade and other payables | (3,884.7) | (76.6) | (353.6) | (187.4) \nGroup's share of market value | 10,995.3 | NA | 3,544.1 | 5,013.9 \n\n. VENTURES\n Applicable.\n equity interest.\n adjustments local accounting standards SFRS.\n Airtel Telkomsel Globe\n Statement financial position\n assets 4,378. 3,546. 1,481. 1,368.\n Non-current assets 45,611. 6,169. 5,548. 10,027.\n (13,568. (2,547. (2,344. (2,994.\n Non-current liabilities (20,676. (886. (2,909. (6,816.\n 15,744. 6,281. 1,775. 1,584.\n Non-controlling interests (1,399.\n assets equity holders 14,345. 6,281. 1,776. 1,579.\n Group’s ownership 36. 35. 47. 23.\n Group’s share assets 5,230. 2,198. 837. 368.\n 1,229. 1,403. 381. 293.\n 387. (139.\ninvestment 6,847. 3,602. 1,079. 659.\n Cash equivalents 348. 7 2,371. 229. 522.\n Non-current liabilities (19,774. (570. (2,658. 7) (3,690.\n (3,884. (76. (353. (187.\n market value 10,995. 3 3,544. 5,013." +} +{ + "_id": "d1b391a42", + "title": "", + "text": "General and Administrative Expense\nGeneral and administrative expense increased by $15.4 million in 2019 compared to 2018. The increase was primarily due to a $9.8 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 89 employees as of December 31, 2018 to 113 employees as of December 31, 2019. There was an additional increase of $3.7 million in depreciation and amortization, $0.8 million to support compliance as a public company, a $0.6 million increase in office related expenses to support the administrative team, and an increase of $0.2 million in software subscription costs.\n\n | Year Ended December 31, | | Change | \n-------------------------- | ----------------------- | ---------------------- | -------- | -----\n | 2019 | 2018 | $ | % \n | | (dollars in thousands) | | \nGeneral and administrative | $ 46,820 | $ 31,462 | $ 15,358 | 48.8%\n% of revenue | 23% | 21% | | \n\nAdministrative Expense\n increased $15. 4 million 2019 2018. due $9. 8 million increase employee costs stock-based compensation increased headcount 89 113. additional increase $3. 7 million depreciation amortization $0. 8 million compliance $0. 6 million office expenses $0. 2 million software subscription costs.\n Ended December 31,\n 2018\n administrative $ 46,820 $ 31,462 15,358. 8%\n % revenue" +} +{ + "_id": "d1b389928", + "title": "", + "text": "The following table presents the contractual maturities of our debt investments as of April 26, 2019 (in millions):\nActual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.\n\n | Amortized Cost | Fair Value\n-------------------------------------- | -------------- | ----------\nDue in one year or less | $ 591 | $ 589 \nDue after one year through five years | 644 | 642 \nDue after five years through ten years | 455 | 452 \n | $ 1,690 | $ 1,683 \n\ntable presents contractual maturities debt investments April 26, 2019\n differ borrowers call prepay obligations.\n Amortized Cost\n Due one year less $ 591 $ 589\n five 642\n ten 455\n $ 1,690 1,683" +} +{ + "_id": "d1b39a368", + "title": "", + "text": "28 SHARE BASED COMPENSATION PLANS\nThe compensation cost recognised with respect to all outstanding plans and by grant of shares, which are all equity settled instruments, is as follows:\n(*) includes of 1,305,399 options granted towards Share Plan 2015 during twelve months ended March 31, 2019 at an average exercise price of $14.86 per share and average grant date fair value $2.6 per share.\n(**) includes Restricted Share Unit (RSU) and Other share option plans. In respect of 211,567 units/options granted towards RSU during twelve months ended March 31, 2019, grant date fair value approximates intrinsic value $10.48 per share. (**) includes Restricted Share Unit (RSU) and Other share option plans. In respect of 211,567 units/options granted towards RSU during twelve months ended March 31, 2019, grant date fair value approximates intrinsic value $10.48 per share.\n(***) includes 1,400,000 shares granted twelve months ended March 31, 2019 to management personnel at grant date fair value $10.08 per share.\nJoint Stock Ownership Plan (JSOP)\nIn April 2012, the Company established a controlled trust called the Eros International Plc Employee Benefit Trust (“JSOP Trust”). The JSOP Trust purchased 2,000,164 shares of the Company out of funds borrowed from the Company and repayable on demand. The Company’s Board, Nomination and Remuneration Committee recommends to the JSOP Trust certain employees, officers and key management personnel, to whom the JSOP Trust will be required to grant shares from its holdings at nominal price. Such shares are then held by the JSOP Trust and the scheme is referred to as the “JSOP Plan.” The shares held by the JSOP Trust are reported as a reduction in stockholders’ equity and termed as ‘JSOP reserves’.\n\n | | Year ended March 31 | \n------------------------------------------- | ------- | ------------------- | -------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nIPO India Plan | $1,198 | $1,572 | $2,140 \nJSOP Plan | — | 615 | 3,622 \nOption award scheme 2012 | — | 197 | 699 \n2014 Share Plan | 47 | (22) | 1,427 \n2015 Share Plan(*) | 3,059 | 100 | 328 \nOther share option awards(**) | 5,346 | 7,283 | 4,405 \nManagement scheme (staff share grant) (***) | 11,911 | 8,173 | 10,850 \n | $21,561 | $17,918 | $23,471\n\nSHARE BASED COMPENSATION PLANS\n compensation cost plans grant shares equity settled instruments\n 1,305,399 options granted Share Plan 2015 March 31, 2019 average exercise price $14. 86 per share grant date fair value $2. 6 per share.\n Restricted Share Unit plans. 211,567 units/options granted RSU grant fair value $10. 48 per share. fair value $10. 48 per share.\n 1,400,000 shares granted management personnel fair value $10. 08 per share.\n Joint Stock Ownership Plan)\n April 2012, established Eros International Plc Employee Benefit Trust. purchased 2,000,164 shares funds borrowed repayable demand. Board recommends shares nominal price. shares held “JSOP Plan. shares reduction equity ‘JSOP reserves’.\n Year ended March 31\n 2019 2018\n IPO India Plan $1,198 $1,572 $2,140\nJSOP 3,622\n 2012 197 699\n 2014 1,427\n 2015 328\n 5,346 7,283 4,405\n grant 11,911 8,173 10,850\n $21,561 $17,918 $23,471" +} +{ + "_id": "d1b37ad42", + "title": "", + "text": "(B.2) Employee Benefits Expenses\nComponents of Employee Benefits Expenses\n\n€ millions | 2019 | 2018 | 2017 \n--------------------------------------------------- | ------ | ------ | ------\nSalaries | 10,031 | 9,025 | 8,693 \nSocial security expenses | 1,477 | 1,339 | 1,281 \nShare-based payment expenses | 1,835 | 830 | 1,120 \nPension expenses | 369 | 330 | 312 \nEmployee-related restructuring expenses | 1,111 | 19 | 180 \nTermination benefits outside of restructuring plans | 47 | 52 | 57 \nEmployee benefits expenses | 14,870 | 11,595 | 11,643\n\n. Employee Benefits\n Salaries 10,031 9,025 8,693\n Social security 1,477 1,339 1,281\n Share-based payment 1,835 1,120\n Pension 369 330\n Employee-related restructuring expenses 1,111\n 47 52\n Employee 14,870 11,595 11,643" +} +{ + "_id": "d1b3aaad8", + "title": "", + "text": "18. Other taxes\nThe other taxes (for example property tax, motor vehicle tax, excise tax and transaction tax) have the following effects on the income statement:\n\n€ million | 2017/2018 | 2018/2019\n-------------------------------------------- | --------- | ---------\nOther taxes | 79 | 79 \nthereof from cost of sales | (1) | (1) \nthereof from selling expenses | (65) | (62) \nthereof from general administrative expenses | (13) | (16) \n\n. Other taxes\n property motor vehicle excise transaction income statement\n € million 2017/2018 2018/2019\n --------------------------------------------\n 79\n cost sales (1)\n selling expenses (65)\n administrative expenses (13)" +} +{ + "_id": "d1b31aff0", + "title": "", + "text": "4. SEPARATELY DISCLOSED ITEMS\nThe Group has disclosed underlying EBITDA1 and underlying profit after tax, referring to the Group’s trading results adjusted for certain transactions during the year that are not representative of the Group’s regular business activities. The Group considers that these transactions are of such significance to understanding the ongoing results of the Group that the Group has elected to separately identify these transactions to determine an ongoing result to enable a 'like-for-like' comparison. These items are described as 'separately disclosed items' throughout this Financial Report.\nTransaction costs related to the acquisition of Sigma Systems (2018: acquisition of Enoro)\nTransaction costs of $2,063,000 were incurred in relation to the acquisition of the Sigma Systems group of entities (Sigma). These include costs associated with vendor due diligence, legal and other administrative matters, as well as related travel costs incurred to meet representatives of Sigma’s management. These costs are included with 'Travel Expenses' and 'Other Expenses' in the Group’s consolidated statement of comprehensive income.\nFurther details of the acquisition of Sigma are described in Note 24.\nIn the prior year, transaction costs of $677,000 were incurred in relation to the acquisition of Enoro Holdings AS (subsequently renamed to Hansen Technologies Holdings AS during FY19) and its controlled subsidiaries. These costs were included with 'Other Expenses' in the Group’s consolidated statement of comprehensive income in the prior year.\nOnerous lease provision\nThe Group recognised a provision on future lease payments for one of our offices in the Americas, as the non-cancellable future payments in the lease contract are expected to exceed the benefits from keeping the office over the remainder of the lease term. The Group has separately identified these costs because it is not in the normal course of business activities. These costs are included with 'Property and Operating Rental Expenses' in the Group’s consolidated statement of comprehensive income.\nRestructuring costs incurred in Sigma Systems\nIncluded in Sigma’s results for June are $72,000 of restructuring costs related to certain redundancy payments post-acquisition. These costs are included with 'Employee Benefit Expenses' in the Group’s consolidated statement of comprehensive income.\n\n | | 2019 | 2018 \n------------------------------------------------------------------------------------------ | ---- | ------- | -----\n | Note | $’000 | $’000\nDecrease to profit before tax | | | \nTransaction costs related to the acquisition of Sigma Systems (2018: acquisition of Enoro) | 24 | (2,063) | (677)\nOnerous lease provision | 14 | (659) | - \nRestructuring costs incurred in Sigma Systems | | (72) | - \nTotal separately disclosed items | | (2,794) | (677)\n\n. SEPARATELY DISCLOSED\n Group disclosed EBITDA1 profit after tax trading results transactions not representative regular business activities. transactions results separately transactions' comparison. 'separately disclosed items Financial Report.\n Transaction costs acquisition Sigma Systems Enoro\n $2,063,000 acquisition Sigma Systems. vendor due diligence legal administrative matters travel costs management. included with 'Travel Expenses 'Other Expenses' in consolidated statement income.\n details acquisition Note 24.\n costs $677,000 acquisition Enoro Holdings AS Hansen Technologies Holdings subsidiaries. included with 'Other Expenses' consolidated statement income.\n Onerous lease provision\n provision future lease payments-cancellable payments exceed benefits office. separately identified costs not normal business activities. included with 'Property Operating Rental Expenses' consolidated income.\n Restructuring costs Sigma Systems\n results June $72,000 restructuring costs redundancy payments post-acquisition.costs included Benefit Expenses statement income.\n 2018\n $’000\n Decrease profit before tax\n Transaction costs acquisition Sigma Systems Enoro (2,063) (677\n lease provision (659)\n Restructuring costs Sigma Systems\n disclosed items (2,794) (677" +} +{ + "_id": "d1b304e80", + "title": "", + "text": "The components of our deferred tax assets and liabilities were as follows:\nWe provide for taxes on the undistributed earnings of foreign subsidiaries. We do not provide for taxes on other outside basis temporary differences of foreign subsidiaries as they are considered indefinitely reinvested outside the U.S. At May 31, 2019, the amount of temporary differences related to other outside basis temporary differences of investments in foreign subsidiaries upon which U.S. income taxes have not been provided was approximately $7.9 billion. If the other outside basis differences were recognized in a taxable transaction, they would generate foreign tax credits that would reduce the federal tax liability associated with the foreign dividend or the otherwise taxable transaction. At May 31, 2019, assuming a full utilization of the foreign tax credits, the potential net deferred tax liability associated with these other outside basis temporary differences would be approximately $1.5 billion.\nOur net deferred tax assets were $2.4 billion and $1.3 billion as of May 31, 2019 and 2018, respectively. We believe that it is more likely than not that the net deferred tax assets will be realized in the foreseeable future. realization of our net deferred tax assets is dependent upon our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences, net operating loss carryforwards and tax credit carryforwards. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change.\nThe valuation allowance was $1.3 billion at each of May 31, 2019 and 2018. Substantially all of the valuation allowances as of May 31, 2019 and 2018 related to tax assets established in purchase accounting and other tax credits. Any subsequent reduction of that portion of the valuation allowance and the recognition of the associated tax benefits associated with our acquisitions will be recorded to our provision for income taxes subsequent to our final determination of the valuation allowance or the conclusion of the measurement period (as defined above), whichever comes first.\n\n | | May 31,\n----------------------------------------------------------------------- | ------- | -------\n(in millions) | 2019 | 2018 \nDeferred tax assets: | | \nAccruals and allowances | $541 | $567 \nEmployee compensation and benefits | 646 | 664 \nDifferences in timing of revenue recognition | 322 | 338 \nBasis of property, plant and equipment and intangible assets | 1,238 | — \nTax credit and net operating loss carryforwards | 3,717 | 2,614 \nTotal deferred tax assets | 6,464 | 4,183 \nValuation allowance | (1,266) | (1,308)\nTotal deferred tax assets, net | 5,198 | 2,875 \nDeferred tax liabilities: | | \nUnrealized gain on stock | (78) | (78) \nAcquired intangible assets | (973) | (1,254)\nGILTI deferred | (1,515) | — \nBasis of property, plant and equipment and intangible assets | — | (158) \nOther | (200) | (48) \nTotal deferred tax liabilities | (2,766) | (1,538)\nNet deferred tax assets | $2,432 | $1,337 \nrecorded as: | | \nNon-current deferred tax assets | $2,696 | $1,395 \nNon-current deferred tax liabilities (in other non-current liabilities) | (264) | (58) \nNet deferred tax assets | $2,432 | $1,337 \n\ndeferred tax assets liabilities\n provide taxes undistributed earnings foreign subsidiaries. taxes temporary differences indefinitely reinvested outside U. S. May 31, 2019 temporary differences foreign. taxes approximately $7. 9 billion. If differences recognized taxable generate foreign tax credits reduce federal tax liability. May 31, 2019 full potential net deferred tax liability approximately $1. 5 billion.\n net deferred tax assets were $2. 4 billion $1. 3 billion as May 31, 2019 2018. likely assets realized. realization taxable income reversal temporary differences loss carryforwards tax credit carryforwards. tax assets subject to adjustment if taxable income change.\n valuation allowance was $1. 3 billion at May 31, 2019 2018. tax assets purchase accounting tax credits. subsequent reduction valuation allowance recognition tax benefits recorded to income taxes final determination valuation allowance conclusion measurement period first.\nmillions\n Deferred tax assets\n Accruals allowances $541 $567\n Employee compensation benefits 646\n revenue recognition 322\n property plant equipment intangible assets 1,238\n Tax credit loss 3,717 2,614\n deferred tax assets 6,464 4,183\n Valuation allowance (1,266) (1,308)\n 5,198 2,875\n Unrealized gain stock\n Acquired intangible assets (973\n (1,515)\n property plant\n deferred tax liabilities (2,766\n $2,432 $1,337\n Non-current deferred tax $2,696 $1,395\n $2,432" +} +{ + "_id": "d1b3b67ac", + "title": "", + "text": "The following tables summarize the unrealized gains and losses related to our restricted investments, by major security type, as of December 31, 2019 and 2018 (in thousands):\nAs of December 31, 2019, we had no restricted investments in a loss position for a period of time greater than 12 months. As of December 31, 2018, we identified six restricted investments totaling $87.4 million that had been in a loss position for a period of time greater than 12 months with unrealized losses of $6.4 million. The unrealized losses were primarily due to increases in interest rates relative to rates at the time of purchase. Based on the underlying credit quality of the investments, we generally hold such securities until we recover our cost basis. Therefore, we did not consider these securities to be other-than-temporarily impaired.\n\n | | As of December 31, 2019 | | \n------------------------------ | --------- | ----------------------- | ---------- | --------\n | Amortized | Unrealized | Unrealized | Fair \n | Cost | Gains | Losses | Value \nForeign government obligations | $129,499 | $— | $3,433 | $126,066\nU.S. government obligations | 99,700 | — | 1,981 | 97,719 \nTotal . | $229,199 | $— | $5,414 | $223,785\n | | As of December 31, 2018 | | \n | Amortized | Unrealized | Unrealized | Fair \n | Cost | Gains | Losses | Value \nForeign government obligations | $73,798 | $14,234 | $235 | $87,797 \nU.S. government obligations | 97,223 | 416 | 6,436 | 91,203 \nTotal | $171,021 | $14,650 | $6,671 | $179,000\n\ntables summarize unrealized gains losses restricted investments December 31, 2019 2018\n December 31, 2019 no investments loss 12 months. December 31, 2018 six investments $87. 4 million loss 12 months unrealized losses $6. 4 million. losses due to interest rates. hold securities until cost basis.-temporarily impaired.\n December 31, 2019\n Foreign government obligations $129,499 $— $3,433 $126,066\n. government obligations 99,700 1,981 97,719\n. $229,199 $5,414 $223,785\n December 31, 2018\n Foreign government obligations $73,798 $14,234 $235 $87,797\n. obligations 97,223 6,436 91,203\n $171,021 $14,650" +} +{ + "_id": "d1b332740", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nAt December 31, 2019 and 2018, the Company has provided a valuation allowance of $194.2 million and $151.9 million, respectively, which primarily relates to foreign items. The increase in the valuation allowance for the year ending December 31, 2019 is due to uncertainty as to the timing of, and the Company’s ability to recover, net deferred tax assets in certain foreign operations in the foreseeable future, offset by fluctuations in foreign currency exchange rates. The amount of deferred tax assets considered realizable, however, could be adjusted if objective evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as the Company’s projections for growth.\nA summary of the activity in the valuation allowance is as follows:\n(1) Includes net charges to expense and allowances established due to acquisition.\nThe recoverability of the Company’s deferred tax assets has been assessed utilizing projections based on its current operations. Accordingly, the recoverability of the deferred tax assets is not dependent on material asset sales or other non-routine transactions. Based on its current outlook of future taxable income during the carryforward period, the Company believes that deferred tax assets, other than those for which a valuation allowance has been recorded, will be realized.\n\n | 2019 | 2018 | 2017 \n---------------------------- | ------ | ------ | ------\nBalance as of January 1, | $151.9 | $142.0 | $144.4\nAdditions (1) | 42.5 | 15.7 | 11.6 \nReversals | — | — | (9.1) \nForeign currency translation | (0.2) | (5.8) | (4.9) \nBalance as of December 31, | $194.2 | $151.9 | $142.0\n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n December 31, 2019 2018 Company provided valuation allowance $194. 2 million $151. 9 million foreign items. increase valuation allowance December 31, 2019 due to uncertainty timing ability recover deferred tax assets foreign operations offset fluctuations foreign currency exchange rates. deferred tax assets adjusted if losses weight subjective evidence projections growth.\n valuation allowance\n Includes net charges expense allowances acquisition.\n recoverability deferred tax assets assessed projections current operations. not dependent on material asset sales non-routine transactions. Company believes deferred tax assets realized.\n 2018 2017\n Balance January 1, $151. 9 $142. $144. 4\n Additions.\n.\n Foreign currency translation.\n Balance December 31, $194. $151. $142." +} +{ + "_id": "d1b320ca2", + "title": "", + "text": "9. Derivative Financial Instruments\nAs a global company, we are exposed in the normal course of business to interest rate and foreign currency risks that could affect our financial position, results of operations, and cash flows. We use derivative instruments to hedge against these risks and only hold such instruments for hedging purposes, not for speculative or trading purposes.\nDepending on the terms of the specific derivative instruments and market conditions, some of our derivative instruments may be assets and others liabilities at any particular balance sheet date. We report all of our derivative instruments at fair value and account for changes in the fair value of derivative instruments within “Accumulated other comprehensive loss” if the derivative instruments qualify for hedge accounting. For those derivative instruments that do not qualify for hedge accounting (i.e., “economic hedges”), we record the changes in fair value directly to earnings. See Note 11. “Fair Value Measurements” to our consolidated financial statements for information about the techniques we use to measure the fair value of our derivative instruments.\nThe following tables present the fair values of derivative instruments included in our consolidated balance sheets as of December 31, 2019 and 2018 (in thousands):\n\n | | December 31, 2019 | | \n--------------------------------------------------------- | ----------------------------------------- | ----------------- | ------------------------- | -----------------\n | Prepaid Expenses and Other Current Assets | Other Assets | Other Current Liabilities | Other Liabilities\nDerivatives designated as hedging instruments: | | | | \nForeign exchange forward contracts | $226 | $139 | $369 | $230 \nTotal derivatives designated as hedging instruments | $226 | $139 | $369 | $230 \nDerivatives not designated as hedging instruments: | | | | \nForeign exchange forward contracts | $973 | $— | $1,807 | $— \nInterest rate swap contracts . | — | — | 406 | 7,209 \nTotal derivatives not designated as hedging instruments . | $973 | $— | $2,213 | $7,209 \nTotal derivative instruments . | $1,199 | $139 | $2,582 | $7,439 \n\n. Derivative Financial Instruments\n global company exposed to interest rate foreign currency risks financial position results cash flows. use derivative instruments hedge against hold hedging not speculative trading.\n market conditions assets others liabilities. report instruments at fair value account changes “Accumulated if hedge accounting. record changes fair value to earnings. See Note 11. “Fair Value Measurements” financial statements techniques fair value.\n tables present fair values of derivative instruments balance sheets December 31, 2019 2018\n Prepaid Expenses Current Assets Liabilities\n Derivatives hedging instruments\n Foreign exchange forward contracts $226 $139 $369 $230\n $226 $139\n Derivatives not\n Foreign exchange forward contracts $973 $— $1,807 \n Interest rate swap contracts. 406 7,209\n Total derivatives not hedging.$973 $2,213 $7,209\n. $1,199 $2,582" +} +{ + "_id": "d1b38489c", + "title": "", + "text": "Derivative Instruments\nDerivative Instruments with Hedge Accounting Designation\nWe utilize currency forward contracts that generally mature within 12 months to hedge our exposure to changes in currency exchange rates. Currency forward contracts are measured at fair value based on market-based observable inputs including currency exchange spot and forward rates, interest rates, and credit-risk spreads (Level 2). We do not use derivative instruments for speculative purposes.\nCash Flow Hedges: We utilize cash flow hedges for our exposure from changes in currency exchange rates for certain capital expenditures. We recognized losses of $3 million and $17 million and gains of $15 million for 2019, 2018, and 2017, respectively, in accumulated other comprehensive income from the effective portion of cash flow hedges. Neither the amount excluded from hedge effectiveness nor the reclassifications from accumulated other comprehensive income to earnings were material in 2019, 2018, or 2017. The amounts from cash flow hedges included in accumulated other comprehensive income that are expected to be reclassified into earnings in the next 12 months were also not material.\n(1) Included in receivables – other.\n(2) Included in accounts payable and accrued expenses – other for forward contracts and in current debt for convertible notes settlement obligations.\n(3) Notional amounts of convertible notes settlement obligations as of August 29, 2019 and August 30, 2018 were 4 million and 3 million shares of our common stock, respectively.\n\n | | Fair Value of | \n----------------------------------------------------------- | --------------------- | ----------------- | ----------------------\n | Gross National Amount | Current Assets(1) | Current Liabilities(2)\nAs of August 29, 2019 | | | \nDerivative instruments with hedge accounting designation | | | \nCash flow currency hedges | $146 | $1 | $— \nDerivative instruments without hedge accounting designation | | | \nNon-designated currency hedges | 1,871 | 1 | (9) \nConvertible notes settlement obligation(3) | | — | (179) \n | | 1 | (188) \n | | $2 | $(188) \nAs of August 30, 2018 | | | \nDerivative instruments with hedge accounting designation | | | \nCash flow currency hedges | $538 | $— | $(13) \nDerivative instruments without hedge accounting designation | | | \nNon-designated currency hedges | 1,919 | 14 | (10) \nConvertible notes settlement obligation(3) | | — | (167) \n | | 14 | (177) \n | | $14 | $(190) \n\nDerivative Instruments\n Hedge Accounting\n utilize currency forward contracts 12 months hedge exchange rates. measured fair value inputs rates interest rates credit-risk spreads. speculative.\n Cash Flow Hedges currency exchange rates capital expenditures. recognized losses $3 million $17 million gains $15 million 2019 2018 2017 hedges. excluded reclassifications material 2019 2018 2017. earnings months not material.\n Included in receivables.\n accounts payable accrued expenses current debt convertible notes settlement obligations.\n amounts obligations August 29, 2019 30, 2018 4 million 3 million shares common stock.\n Value\n Gross National Amount Current Liabilities(2)\n August 29, 2019\n Derivative instruments with hedge accounting designation\n Cash flow currency hedges $146\n without hedge\n Non-designated currency hedges 1,871\n Convertible notes settlement obligation(3)\n$2 $(188)\n August 30, 2018\n instruments hedge\n Cash flow currency hedges $538(13)\n hedge\n Non-designated currency hedges 1,919\n Convertible notes settlement\n $(190)" +} +{ + "_id": "d1b365640", + "title": "", + "text": "Performance Share Plan\nThe relevant disclosures in respect of the Performance Share Plan grants are set out below.\n\n | 2015 Grant | 2016 Grant | 2017 Grant | 2018 Grant | 2019 Grant\n------------------------------------ | ---------- | ---------- | ---------- | ---------- | ----------\nGrant date | 11th June | 5th April | 26th May | 4th April | 15th May \nMid market share price at grant date | 3,460.0p | 3,550.0p | 5,256.0p | 5,560.0p | 8,161.0p \nNumber of employees | 15 | 13 | 12 | 12 | 12 \nShares under scheme | 70,290 | 69,890 | 62,356 | 60,899 | 60,626 \nVesting period | 3 years | 3 years | 3 years | 3 years | 3 years \nProbability of vesting | 71.5% | 70.8% | 73.1% | 73.5% | 74.1% \nFair value | 2,473.9p | 2,513.4p | 3,842.1p | 4,084.4p | 6,048.9p \n\nShare Plan\n disclosures.\n 2015 2016 2017 2018 2019\n Grant 11th June 5th 26th May\n Mid market share price 3,460. 3,550. 5,256. 5,560. 8,161.\n employees 15\n Shares scheme 70,290 69,890 62,356 60,899 60,626\n Vesting period 3 years\n Probability vesting 71. 5% 70. 8% 73. 74.\n Fair value 2,473. 2,513. 3,842. 4,084. 6,048." +} +{ + "_id": "d1b3580bc", + "title": "", + "text": "18. Geographic Information\nProperty and equipment, net by geography was as follows:\nNo individual international country represented more than 10% of property and equipment, net in any period presented.\n\n | Year Ended December31, | \n------------- | ---------------------- | ------\n | 2019 | 2018 \nU.S. | 200.4 | 231.0 \nInternational | 58.2 | 68.0 \n | $258.6 | $299.0\n\n. Geographic Information\n Property equipment geography\n No international country 10% property equipment.\n Ended December31\n 2019 2018\n. 200. 231.\n 58. 68.\n $258. $299." +} +{ + "_id": "d1b3505c4", + "title": "", + "text": "Restricted Share Units\nDuring the year ended December 31, 2019, pursuant to the 2016 Incentive Plan, the Company granted restricted share unit awards (“RSUs”). RSUs generally have requisite service periods of three years and vest in increments of 33% on the anniversary of the grant dates. RSUs granted to our board vest one year from grant or as of the next annual shareholders meeting, whichever is earlier. Under each arrangement, RSUs are issued without direct cost to the employee on the vesting date. The Company estimates the fair value of the RSUs based upon the market price of the Company’s stock at the date of grant. The Company recognizes compensation expense for RSUs on a straight-line basis over the requisite service period.\nA summary of nonvested RSUs is as follows:\nDuring the year ended December 31, 2019, a total of 259,634 RSUs vested. The Company withheld 57,802 of those shares to pay the employees’ portion of the minimum payroll withholding taxes.\nAs of December 31, 2019, there was unrecognized compensation expense of $20.5 million related to RSUs, $15.0 million related to TSRs, $0.5 million related to LTIP performance shares, $0.3 million related to nonvested RSAs, and $0.2 million related to nonvested stock options, which the Company expects to recognize over weighted average periods of 1.9 years, 1.9 years, 0.1 years, 0.2 years, and 0.3 years, respectively.\nThe Company recorded stock-based compensation expense recognized under ASC 718 during the years ended December 31, 2019, 2018, and 2017, of $36.8 million, $20.4 million, and $13.7 million, respectively, with corresponding tax benefits of $5.9 million, $3.9 million, and $1.7 million, respectively. The Company recognizes compensation expense for stock option awards that vest with only service conditions on a straight-line basis over the requisite service period. The Company recognizes compensation expense for stock option awards that vest with service and market-based conditions on a straight-line basis over the longer of the requisite service period or the estimated period to meet the defined market-based condition.\n\n | Number of Shares | Weighted Average Grant Date Fair Value\n--------------------------------- | ---------------- | --------------------------------------\nNonvested as of December 31, 2018 | 651,045 | $23.82 \nGranted | 742,579 | 33.28 \nVested | -259,634 | 24.16 \nForfeited | -124,586 | 29.79 \nNonvested as of December 31, 2019 | 1,009,404 | $ 29.96 \n\nRestricted Share Units\n December 31, 2019 Company granted awards. service periods three years vest 33% anniversary grant. vest year next meeting. issued without cost employee vesting. estimates value market price stock. recognizes compensation expense service period.\n nonvested RSUs\n 31, 2019 259,634 RSUs vested. withheld 57,802 minimum payroll withholding taxes.\n unrecognized compensation expense $20. 5 million RSUs $15. 0 million TSRs $0. 5 million LTIP performance shares $0. 3 million nonvested $0. 2 million stock options 1.\n recorded stock-based compensation expense ASC 718 December 31, 2019 2018 2017 $36. 8 million $20. 4 million $13. 7 million tax benefits $5. 9 million $3. 9 million $1. 7 million. recognizes compensation expense stock option awards.Company recognizes compensation stock option awards market conditions.\n Shares\n Nonvested December 31, 2018 651,045 $23.\n Granted 742,579 33.\n Vested -259,634 24.\n Forfeited -124,586 29.\n Nonvested December 31, 2019 1,009,404 29." +} +{ + "_id": "d1b2fb2f4", + "title": "", + "text": "The following table presents the components of the deferred tax assets and liabilities (in millions):\nAs of July 27, 2019, our federal, state, and foreign net operating loss carryforwards for income tax purposes were $676 million, $1 billion, and $756 million, respectively. A significant amount of the net operating loss carryforwards relates to acquisitions and, as a result, is limited in the amount that can be recognized in any one year. If not utilized, the federal, state and foreign net operating loss carryforwards will begin to expire in fiscal 2020. We have provided a valuation allowance of $111 million for deferred tax assets related to foreign net operating losses that are not expected to be realized.\nAs of July 27, 2019, our federal, state, and foreign tax credit carryforwards for income tax purposes were approximately $25 million, $1.1 billion, and $5 million, respectively. The federal tax credit carryforwards will begin to expire in fiscal 2020. The majority of state and foreign tax credits can be carried forward indefinitely. We have provided a valuation allowance of $346 million for deferred tax assets related to state and foreign tax credits that are not expected to be realized.\n\n | July 27, 2019 | July 28, 2018\n------------------------------------------------ | ------------- | -------------\nASSETS | | \nAllowance for doubtful accounts and returns . | $ 127 | $ 285 \nSales-type and direct-financing leases | 176 | 171 \nInventory write-downs and capitalization | 409 | 289 \nInvestment provisions . | — | 54 \nIPR&D, goodwill, and purchased intangible assets | 1,427 | 63 \nDeferred revenue . | 1,150 | 1,584 \nCredits and net operating loss carryforwards . | 1,241 | 1,087 \nShare-based compensation expense | 164 | 190 \nAccrued compensation | 342 | 370 \nOther | 419 | 408 \nGross deferred tax assets | 5,455 | 4,501 \nValuation allowance | (457) | (374) \nTotal deferred tax assets . | 4,998 | 4,127 \nLIABILITIES | | \nPurchased intangible assets . | (705) | (753) \nDepreciation . | (141) | (118) \nUnrealized gains on investments . | (70) | (33) \nOther | (112) | (145) \nTotal deferred tax liabilities | (1,028) | (1,049) \nTotal net deferred tax assets | $3,970 | $3,078 \n\ntable presents deferred tax assets liabilities\n July 27, 2019 federal state foreign net operating loss carryforwards were $676 million $1 billion $756 million. acquisitions limited. expire 2020. valuation allowance $111 million for deferred tax foreign losses.\n July 27, 2019 federal foreign tax credit carryforwards $25 million $1. 1 billion $5 million. expire 2020. state foreign tax credits carried forward indefinitely. valuation allowance $346 million for deferred tax assets.\n July 27, 2019 July 28, 2018\n doubtful accounts returns.\n Sales direct-financing leases\n Inventory write-downs capitalization\n Investment provisions.\n IPR&D goodwill purchased intangible assets\n Deferred revenue.\n Credits net operating loss carryforwards.\n Share-based compensation expense\n Accrued compensation\n deferred tax assets 5\n Valuation allowance\ndeferred tax assets. 4,998\n Purchased assets. (705)\n Depreciation. (141)\n Unrealized gains.\n deferred tax liabilities (1,028)\n net tax $3,970" +} +{ + "_id": "d1b3388ac", + "title": "", + "text": "xvii. Transfer of unclaimed/unpaid amounts to the Investor Education and Protection Fund:\nPursuant to Sections 124 and 125 of the Act read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (“IEPF Rules”), dividend, if not claimed for a consecutive period of 7 years from the date of transfer to Unpaid Dividend Account of the Company, are liable to be transferred to the Investor Education and Protection Fund (“IEPF”).\nFurther, all the shares in respect of which dividend has remained unclaimed for seven consecutive years or\nmore from the date of transfer to unpaid dividend account shall also be transferred to IEPF Authority. The said\nrequirement does not apply to shares in respect of which there is a specific order of Court, Tribunal or Statutory\nAuthority, restraining any transfer of the shares.\nIn the interest of the shareholders, the Company sends periodical reminders to the shareholders to claim\ntheir dividends in order to avoid transfer of dividends/shares to IEPF Authority. Notices in this regard are also\npublished in the newspapers and the details of unclaimed dividends and shareholders whose shares are liable\nto be transferred to the IEPF Authority, are uploaded on the Company’s website (https://www.tcs.com/detailsunclaimed-\ndividend-transfer-IEPF-account-2017).\nIn light of the aforesaid provisions, the Company has during the year under review, transferred to IEPF the\nunclaimed dividends, outstanding for 7 consecutive years, of the Company, erstwhile TCS e-Serve Limited and\nCMC Limited (since amalgamated with the Company). Further, shares of the Company, in respect of which\ndividend has not been claimed for 7 consecutive years or more from the date of transfer to unpaid dividend\naccount, have also been transferred to the demat account of IEPF Authority.\nThe details of unclaimed dividends and shares transferred to IEPF during FY 2019 are as follows:\n* Includes final dividend of erstwhile TCS e-Serve Limited and erstwhile CMC Limited\nThe members who have a claim on above dividends and shares may claim the same from IEPF Authority by\nsubmitting an online application in the prescribed Form No. IEPF-5 available on the website www.iepf.gov.\nin and sending a physical copy of the same, duly signed to the Company, along with requisite documents\nenumerated in the Form No. IEPF-5. No claims shall lie against the Company in respect of the dividend/shares\nso transferred. The Members/Claimants can file only one consolidated claim in a financial year as per the IEPF\nRules.\n\nFinancial year | Amount of unclaimed dividend transferred (` lakh) | Number of shares transferred\n-------------- | ------------------------------------------------- | ----------------------------\n2011 | 102.6* | 3,028 \n2012 | 86.5 | 29,672 \nTOTAL | 189.1 | 32,000 \n\n. Transfer unclaimed amounts to Investor Education Protection Fund\n Sections 124 125 Act Investor Education Protection Fund Authority Audit Transfer Refund Rules 2016 dividend not claimed 7 years transfer Unpaid Dividend Account to Investor Education Protection Fund.\n shares dividend unclaimed seven years\n transferred to IEPF Authority.\n apply to shares specific order Court Tribunal Statutory\n Authority restraining transfer.\n Company sends reminders\n dividends avoid transfer IEPF. Notices\n published in newspapers details unclaimed dividends\n IEPF uploaded on website.\n-transfer-IEPF.\n Company transferred to IEPF\n unclaimed dividends 7 consecutive years Company TCS e-Serve Limited\n CMC Limited. shares\n dividend not claimed 7 years dividend\n transferred to IEPF Authority.\n details unclaimed dividends shares transferred to IEPF 2019\n Includes final dividend TCS e-Serve Limited CMC Limited\nmembers claim dividends shares IEPF Authority\n submitting online application Form. IEPF-5. iepf.\n physical copy signed Company documents\n. No claims against Company dividend/shares\n transferred. file one consolidated claim financial year IEPF\n Rules.\n unclaimed dividend transferred shares transferred\n 2011 102. 3,028\n 2012 86. 29,672\n 189. 32,000" +} +{ + "_id": "d1a72d756", + "title": "", + "text": "Comparison of the years ended December 31, 2019 and 2018\nRevenue\nTotal revenue increased $6.5 million, or 7.3%, from $89.5 million for the year ended December 31, 2018 to $96.0 million for the year ended December 31, 2019. Our total revenue growth was driven primarily by growth in our SaaS, software and hardware, and maintenance categories partially offset by decreases in our home health care services and sequencing and molecular analysis revenue categories.\nSaaS revenue was $72.8 million for the year ended December 31, 2019, an increase of $7.2 million, or 10.9%, from $65.6 million for the year ended December 31, 2018. This growth was due to a $4.0 million increase from Eviti platform solutions related to the combination of new customers and increased covered lives on existing customers and a $3.2 million increase in NaviNet SaaS revenue, largely from the higher value of professional services projects being completed in 2019.\nSoftware and hardware revenue increased $3.5 million, or 76.8% from $4.5 million in the year ended December 31, 2018 to $8.0 million in the year ended December 31, 2019. The main contributing factor for this increase was the timing of a large DCX customer contract completed and recognized in the current year. Our software and hardware related revenue results experience fluctuations due to the timing of implementation completions for our DCX customers and our revenue recognition for those arrangements.\nMaintenance revenue increased $0.7 million, or 7.0%, from $9.8 million in the year ended December 31, 2018 to $10.5 million for the year ended December 31, 2019. This increase was due to the timing of DCX customer contracts and post contract support maintenance services completed and recognized in the current year period.\nSequencing and molecular analysis revenue decreased $1.4 million, or 44.6% from $3.1 million for the year ended December 31, 2018 to $1.7 million for the year ended December 31, 2019. This decrease reflected lower volume of GPS samples sequenced and recognized as revenue in the current year resulting from deliveries for patients covered by contract and non-contracted payers. Currently, we recognize revenue from clients with executed contracts, and from clients without a contractual agreement where we recognize revenue on a cash basis given the uncertainty over reimbursement. As we gain additional insurance coverage, including coverage under government insurance programs, we expect to be able to reduce the portion of sequencing and molecular analysis revenue which is recognized on a cash basis.\nWe continue to focus efforts to enhance reimbursement from plans when profiles are ordered and there is no payer contract in place. We are actively engaging plans with detail which supports a physician’s reason for ordering. Our utilization of pre-authorizations and supporting documentation assists in the overall billing and appeal process, optimizing payment with payers, who do not have a formal agreement with us.\nIn parallel with the private payer activities described above, we are also making extensive efforts to explore approval pathways for our test capabilities (including the FDA in-vitro medical device clearance we received in November 2019), which we believe will facilitate coverage from governmental programs such as Medicare. Those activities are ongoing but have uncertainty on the timelines as to formal approval. Lastly, we have implemented an increase in the patient financial responsibility which is collected prior to testing to ensure that at least a partial payment is received for every test performed, we expect unpaid and partial paid orders to decline, which will likely result in a decline in total GPS orders and revenue in the short-term.\nHome health care services revenue decreased $3.5 million, or 54.7%, from $6.3 million in 2018 to $2.9 million for the year ended December 31, 2019. This decrease was due to the sale of our home health care services business in June 2019.\nWe believe that significant opportunities exist for expanded cross-selling across our products and across our existing customer base, including Eviti and NaviNet customer bases. We also believe that our customer base and our product solutions provide unique opportunities to expand the volume of GPS Cancer analysis reporting to our customer base. Maintaining our current customer base will be important to our future SaaS recurring revenue streams.\n\n(Dollars in thousands) | Year Ended December 31, | | Period-To-Period Change | \n--------------------------------- | ----------------------- | -------- | ----------------------- | ----------\n | 2019 | 2018 | 2019 vs. 2018 | \n | Amount | Amount | Amount | Percentage\nSoftware-as-a-service related | $ 72,831 | $ 65,646 | 7,185 | 10.9 % \nSoftware and hardware related | 8,015 | 4,534 | 3,481 | 76.8 % \nMaintenance | 10,519 | 9,834 | 685 | 7.0 % \nTotal software-related revenues | 91,365 | 80,014 | 11,351 | 14.2 % \nSequencing and molecular analysis | 1,733 | 3,129 | (1,396) | (44.6)% \nHome health care services | 2,863 | 6,321 | (3,458) | (54.7)% \nTotal net revenue | $ 95,961 | $ 89,464 | $ 6,497 | 7.3 % \n\nyears 2019 2018\n increased $6. 5 million 7. 3% $89. 5 million to $96. 0 million 2019. growth driven SaaS software hardware maintenance offset decreases home health care services sequencing molecular analysis.\n SaaS revenue $72. 8 million 2019 $7. 2 million 10. from $65. 6 million 2018. due $4. 0 million increase Eviti platform solutions $3. 2 million increase NaviNet SaaS revenue higher professional services projects.\n Software hardware revenue increased $3. 5 million 76. 8% from $4. 5 million to $8. 0 million. large DCX customer contract.\n Maintenance revenue increased $0. 7 million 7. 0% from $9. 8 million to $10. 5 million 2019. due DCX contracts.\n Sequencing molecular analysis revenue decreased $1. 4 million 44. 6% from $3. 1 million to $1. 7 million 2019. lower volume GPS samples.recognize revenue from clients with contracts without agreement uncertainty over reimbursement. additional insurance coverage government expect reduce sequencing molecular analysis revenue cash.\n enhance reimbursement plans profiles ordered no payer contract. engaging plans with detail physician’s reason ordering. pre-authorizations documentation billing appeal process optimizing payment payers.\n explore approval pathways for test capabilities FDA in medical device clearance November coverage governmental programs Medicare. uncertainty formal approval. implemented patient financial responsibility expect unpaid partial paid orders decline decline GPS orders revenue.\n Home health care services revenue decreased $3. 5 million 54. 7% from $6. 3 million 2018 to $2. 9 million December 31, 2019. due to sale business June 2019.\n opportunities for expanded cross-selling products customer base. expand GPS Cancer analysis reporting. Maintaining current customer base important to future SaaS revenue streams.\n Year Ended December 31, Period-To-Period Change\n\n.\n Software-service 72,831 65,646 7. %\n hardware 8,015 3,481. 8 %\n 10,519 9,834. %\n software revenues 91,365 80,014 11,351. 2 %\n Sequencing analysis 1,733 3,129 (1.\n health care services 2,863 6,321 (3,458).\n net revenue $ 95,961 89,464 6,497. 3" +} +{ + "_id": "d1b3a0ace", + "title": "", + "text": "Note 18 Other non-current assets\n(1) These amounts have been pledged as security related to obligations for certain employee benefits and are not available for general use.\n\nFOR THE YEAR ENDED DECEMBER 31 | NOTE | 2019 | 2018\n---------------------------------------------- | ---- | ----- | ----\nNet assets of post-employment benefit plans | 24 | 558 | 331 \nLong-term notes and other receivables | | 142 | 89 \nDerivative assets | 26 | 200 | 68 \nPublicly-traded and privately-held investments | 26 | 129 | 110 \nInvestments (1) | | 128 | 114 \nOther | | 117 | 135 \nTotal other non-current assets | | 1,274 | 847 \n\nnon-current assets\n pledged employee benefits not use.\n YEAR ENDED DECEMBER 31\n assets post-employment benefit plans 24 331\n Long-term notes receivables 142 89\n assets 200 68\n Publicly-traded privately-held investments 129 110\n 128 114\n 117 135\n non assets 1,274 847" +} +{ + "_id": "d1b329cc6", + "title": "", + "text": "ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS\nA. Major Shareholders\nThe following table sets forth information regarding beneficial ownership of our common shares for (i) owners of more than five percent of our common shares and (ii) our directors and officers, of which we are aware of the date of this annual report.\n(1) Based on 147,230,634 common shares outstanding as of the date of this annual report.\n(2) The holdings of High Seas AS, which are for the economic interest of members of the Hansson family, as well as the personal holdings of our Chief Executive Officer and Chairman, Mr. Herbjorn Hansson, and our director, Alexander Hansson, are included in the amount reported herein.\n* Less than 1% of our common outstanding shares.\nAs of April 14, 2020, we had 575 holders of record in the United States, including Cede & Co., which is the Depositary Trust Company’s nominee for holding shares on behalf of brokerage firms, as a single holder of record. We had a total of 147,230,634 Common Shares outstanding as of the date of this annual report.\n\nTitle | Identity of Person | No. of Shares | Percent of Class(1)\n------ | ------------------ | ------------- | -------------------\nCommon | Hansson family(2) | 4,380,659 | 2.98% \n | Jim Kelly | | * \n | Richard Vietor | | * \n | David Workman | | * \n | Bjørn Giæver | | * \n\nITEM 7. MAJOR SHAREHOLDERS PARTY TRANSACTIONS\n. Major Shareholders\n table beneficial ownership shares five percent directors officers date annual report.\n 147,230,634 common shares outstanding.\n holdings High Seas AS economic Hansson family personal holdings Chief Executive Officer Chairman. Herbjorn Hansson director Alexander Hansson included.\n Less than 1% shares.\n April 14, 2020 575 holders States Cede & Co. Depositary Trust nominee. total 147,230,634 Common Shares annual report.\n Title Identity Person No. Shares Percent\n Hansson 4,380,659 2. 98%\n Jim Kelly\n Richard Vietor\n David Workman\n Bjørn Giæver" +} +{ + "_id": "d1b33d28a", + "title": "", + "text": "FREE CASH FLOW AND DIVIDEND PAYOUT RATIO\nThe terms free cash flow and dividend payout ratio do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers.\nWe define free cash flow as cash flows from operating activities, excluding acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less capital expenditures, preferred share dividends and dividends paid by subsidiaries to NCI. We exclude acquisition and other costs paid and voluntary pension funding because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.\nWe consider free cash flow to be an important indicator of the financial strength and performance of our businesses because it shows how much cash is available to pay dividends on common shares, repay debt and reinvest in our company. We believe that certain investors and analysts use free cash flow to value a business and its underlying assets and to evaluate the financial strength and performance of our businesses. The most comparable IFRS financial measure is cash flows from operating activities.\nWe define dividend payout ratio as dividends paid on common shares divided by free cash flow. We consider dividend payout ratio to be an important indicator of the financial strength and performance of our businesses because it shows the sustainability of the company’s dividend payments.\nThe following table is a reconciliation of cash flows from operating activities to free cash flow on a consolidated basis.\n\n | 2019 | 2018 \n------------------------------------------ | ------- | -------\nCash flows from operating activities | 7,958 | 7,384 \nCapital expenditures | (3,988) | (3,971)\nCash dividends paid on preferred shares | (147) | (149) \nCash dividends paid by subsidiaries to NCI | (65) | (16) \nAcquisition and other costs paid | 60 | 79 \nVoluntary DB pension plan contribution | – | 240 \nFree cash flow | 3,818 | 3,567 \n\nFREE CASH FLOW DIVIDEND PAYOUT RATIO\n standardized meaning IFRS. unlikely comparable measures issuers.\n free cash flow operating activities excluding acquisition costs voluntary pension funding less capital expenditures preferred share dividends subsidiaries NCI. acquisition pension affect distort. Excluding non-recurring.\n free cash flow important indicator financial strength shows cash dividends repay debt. investors analysts use cash flow value business evaluate financial strength performance. comparable IFRS measure cash flows operating activities.\n dividend payout ratio dividends common shares divided free cash flow. sustainability dividend payments.\n reconciliation cash flows free flow consolidated.\n Cash flows operating activities 7,958 7,384\n Capital expenditures (3,988)\n dividends preferred shares (147)\n subsidiaries NCI (65)\n Acquisition costs 60\n Voluntary pension plan contribution 240\n Free cash flow 3,818 3,567" +} +{ + "_id": "d1b32dec0", + "title": "", + "text": "Our property business includes the operation of communications sites and managed networks, the leasing of property interests, and, in select markets, the operation of fiber and the provision of backup power through shared generators. Our presence in a number of markets at different relative stages of wireless development provides us with significant diversification and long-term growth potential. Our property segments accounted for the following percentage of consolidated total revenue for the years ended December 31,:\nCommunications Sites. Approximately 95%, 96% and 97% of revenue in our property segments was attributable to our communications sites, excluding DAS networks, for the years ended December 31, 2019, 2018 and 2017, respectively.\nWe lease space on our communications sites to tenants providing a diverse range of communications services, including cellular voice and data, broadcasting, mobile video and a number of other applications. In addition, in many of our international markets, we receive pass-through revenue from our tenants to cover certain costs, including power and fuel costs and ground rent. Our top tenants by revenue for each region are as follows for the year ended December 31, 2019: • U.S.: AT&T Inc. (“AT&T”); Verizon Wireless; T-Mobile US, Inc. (“T-Mobile”); and Sprint Corporation (“Sprint”) accounted for an aggregate of 89% of U.S. property segment revenue. T-Mobile and Sprint have announced plans to merge in 2020. • Asia: Vodafone Idea Limited; Bharti Airtel Limited (“Airtel”); and Reliance Jio accounted for an aggregate of 83% of Asia property segment revenue. • Africa: MTN Group Limited (“MTN”); and Airtel accounted for an aggregate of 74% of Africa property segment revenue. • Europe: Telefónica S.A (“Telefónica”); Bouygues; and Free accounted for an aggregate of 70% of Europe property segment revenue. • Latin America: Telefónica; AT&T; and América Móvil accounted for an aggregate of 58% of Latin America property segment revenue.\n\n | 2019 | 2018 | 2017\n------------- | ---- | ---- | ----\nU.S. | 55% | 51% | 55% \nAsia | 16% | 21% | 17% \nAfrica | 8% | 7% | 7% \nEurope | 2% | 2% | 2% \nLatin America | 18% | 17% | 18% \n\nproperty business includes communications sites networks leasing operation fiber backup power. presence in stages wireless development provides diversification long-term growth potential. property segments consolidated total revenue\n Communications Sites. 95% 96% 97% revenue communications sites 2019 2018 2017.\n lease space communications sites tenants communications services cellular voice data broadcasting mobile video other applications. receive pass-through revenue tenants costs power fuel costs ground rent. top tenants revenue 2019 U. S. AT&T Inc. Verizon Wireless T-Mobile US. Sprint Corporation 89%. property revenue. T-Mobile Sprint 2020. Asia Vodafone Idea Bharti Airtel Reliance Jio 83% Asia revenue. Africa MTN Group Airtel 74% Africa revenue. Europe Telefónica S. Bouygues Free 70% Europe revenue. Latin America Telefónica AT&T América Móvil 58% Latin America revenue.\n. 55% 51%\n21%\n Africa 8% 7%\n Europe 2%\n Latin America 18% 17%" +} +{ + "_id": "d1b3a3fbc", + "title": "", + "text": "Periodic Benefit Costs The aggregate net pension cost recognized in the consolidated statements of operations were costs of $6.5 million and $4.6 million for the years ended December 31, 2019 and 2018, respectively.\nThe following table presents the components of net periodic benefit cost are as follows (in millions):\nOf the amounts presented above, income of $1.4 million has been included in cost of revenue and loss of $7.9 million included in other comprehensive income for the year ended December 31, 2019, and income of $2.1 million has been included in cost of revenue and loss of $6.7 million included in other comprehensive income for the year ended December 31, 2018.\n\n | Years Ended December 31, | \n----------------------------------------------- | ------------------------ | -----\n | 2019 | 2018 \nService cost—benefits earning during the period | $- | $- \nInterest cost on projected benefit obligation | 5.3 | 5.3 \nExpected return on assets | (6.7) | (7.5)\nActuarial (gain) loss | 7.9 | 6.7 \nForeign currency gain (loss) | - | 0.1 \nNet pension (benefit) cost | $ 6.5 | $ 4.6\n\nPeriodic Benefit Costs net pension cost statements $6. 5 million $4. 6 million years December 2019 2018.\n table components net benefit cost\n income $1. 4 million revenue loss $7. 9 million December 31, 2019 $2. 1 million loss $6. 7 million December 2018.\n Service cost—benefits earning\n Interest cost benefit obligation 5.\n Expected return assets (6.\n Actuarial (gain loss.\n Foreign currency gain (loss.\n Net pension (benefit cost $ 6. 5 4." +} +{ + "_id": "d1b3b82e6", + "title": "", + "text": "(6) INTANGIBLE ASSETS\nIdentifiable intangible assets as of June 30, 2019 and 2018 were as follows:\nThe weighted average remaining amortization period for the Company’s customer relationships asset is 14.3 years. The Company has determined that certain underlying rights (including easements) and the certifications have indefinite lives. The amortization period for underlying rights (including easements) is 13.0 years. The amortization of intangible assets for the years ended June 30, 2019, 2018 and 2017 was $95.1 million, $97.2 million, and $80.0 million, respectively.\n\n | Gross Carrying Amount | Accumulated Amortization | Net \n---------------------------------- | --------------------- | ------------------------ | --------\n | | (in millions) | \nJune 30, 2019 | | | \nFinite-Lived Intangible Assets | | | \nCustomer relationships | $1,597.6 | $(498.7) | $1,098.9\nUnderlying rights and other | 3.4 | (1.5) | 1.9 \nTotal | 1,601.0 | (500.2) | 1,100.8 \nIndefinite-Lived Intangible Assets | | | \nCertifications | 3.5 | — | 3.5 \nUnderlying rights and other | 14.5 | — | 14.5 \nTotal | 1,619.0 | (500.2) | 1,118.8 \nJune 30, 2018 | | | \nFinite-Lived Intangible Assets | | | \nCustomer relationships | $1,597.0 | $(405.6) | $1,191.4\nUnderlying rights and other | 2.7 | (0.6) | 2.1 \nTotal | 1,599.7 | (406.2) | 1,193.5 \nIndefinite-Lived Intangible Assets | | | \nCertifications | 3.5 | — | 3.5 \nUnderlying rights and other | 15.1 | — | 15.1 \nTotal | $1,618.3 | $(406.2) | $1,212.1\n\nINTANGIBLE ASSETS\n June 30, 2019 2018\n average amortization customer relationships 14. 3 years. underlying rights easements certifications indefinite lives. amortization 13. years. amortization assets June 30, 2019 2018 2017 $95. 1 million $97. 2 million $80. 0 million.\n Gross Carrying Amount Accumulated Amortization\n 30 2019\n Finite-Lived Intangible Assets\n relationships $1,597.(498. $1,098.\n Underlying rights 3.\n 1,601. 1,100.\n Indefinite-Lived Intangible Assets\n Certifications 3.\n rights 14.\n 1,619. 1,118.\n June 30 2018\n Finite-Lived Intangible Assets\n relationships $1,597. $1,191.\n.\n 1,599. 1,193.\n Indefinite-Lived Intangible Assets\n Certifications 3.\n Underlying rights.15.\n $1,618.(406. $1,212." +} +{ + "_id": "d1b36abc2", + "title": "", + "text": "Note 5: Equity-based Compensation Plans\nThe Company has stock plans that provide for grants of equity-based awards to eligible participants, including stock options and restricted stock units, of the Company’s Common Stock. An option is a right to purchase Common Stock at a set price. An RSU award is an agreement to issue a set number of shares of Common Stock at the time of vesting. The Company’s options and RSU awards typically vest over a period of three years or less. The Company also has an employee stock purchase plan that allows employees to purchase its Common Stock at a discount through payroll deductions.\nThe Lam Research Corporation 2007 Stock Incentive Plan, as amended and restated, 2011 Stock Incentive Plan, as amended and restated, and the 2015 Stock Incentive Plan (collectively the “Stock Plans”), provide for the grant of non-qualified equity-based awards to eligible employees, consultants and advisors, and non-employee directors of the Company and its subsidiaries. The 2015 Stock Incentive Plan was approved by shareholders authorizing up to 18,000,000 shares available for issuance under the plan. Additionally, 1,232,068 shares that remained available for grants under the Company’s 2007 Stock Incentive Plan were added to the shares available for issuance under the 2015 Stock Incentive Plan. As of June 30, 2019, there were a total of 9,379,904 shares available for future issuance under the Stock Plans. New shares are issued from the Company’s balance of authorized Common Stock from the 2015 Stock Incentive Plan to satisfy stock option exercises and vesting of awards.\nThe Company recognized the following equity-based compensation expense and benefits in the Consolidated Statements of Operations:\nThe estimated fair value of the Company’s equity-based awards, less expected forfeitures, is amortized over the awards’ vesting terms on a straight-line basis.\n\n | | YearEnded | \n----------------------------------------------------------------------------- | ------------- | -------------- | -------------\n | June 30, 2019 | June 24, 2018 | June 25, 2017\n | | (in thousands) | \nEquity-based compensation expense | $187,234 | $172,216 | $149,975 \nIncome tax benefit recognized related to equity-based compensation | $47,396 | $87,505 | $38,381 \nIncome tax benefit realized from the exercise and vesting of options and RSUs | $49,242 | $90,297 | $92,749 \n\nEquity-based Compensation Plans\n Company plans equity awards participants options restricted stock units Common Stock. option right purchase set price. RSU award issue set shares. options RSU awards vest three years. employee stock purchase plan Stock discount payroll deductions.\n Lam Research Corporation 2007 Stock Incentive Plan 2011 2015 non-qualified equity awards employees consultants advisors non-employee directors subsidiaries. 2015 Incentive Plan 18,000,000 shares issuance. 1,232,068 shares 2007 Incentive Plan added 2015. June 30, 2019 9,379,904 shares available future issuance. New shares issued from Common Stock 2015 Incentive Plan option exercises vesting.\n equity-based compensation expense benefits Consolidated Statements Operations\n estimated fair value awards forfeitures amortized over vesting terms.\n June 30 2019 24 2018 25 2017\n\n Equity compensation $187,234 $172,216 $149,975\n $47,396 $87,505 $38,381\n options RSUs $49,242 $90,297 $92,749" +} +{ + "_id": "d1b374c30", + "title": "", + "text": "Asset Retirement Obligations\nAt December 31, 2019, our asset retirement obligations balance was primarily related to estimated future costs of removing equipment from leased properties and estimated future costs of properly disposing of asbestos and other hazardous materials upon remodeling or demolishing buildings. Asset retirement obligations are included in other long-term liabilities on our consolidated balance sheets.\nAs of the Level 3 acquisition date, we recorded liabilities to reflect our fair values of Level 3’s asset retirement obligations. Our fair value estimates were determined using the discounted cash flow method.\nThe following table provides asset retirement obligation activity:\n(1) The liabilities assumed during 2018 relate to purchase price adjustments during the year.\nThe 2019, 2018 and 2017 change in estimates are offset against gross property, plant and equipment.\n\n | Years Ended December 31, | | \n------------------------------------------------ | ------------------------ | ---- | ----\n | 2019 | 2018 | 2017\n | (Dollars in millions) | | \nBalance at beginning of year | $190 | 115 | 95 \nAccretion expense | 11 | 10 | 6 \nLiabilities assumed in acquisition of Level 3(1) | — | 58 | 45 \nLiabilities settled | (14) | (14) | (3) \nLiabilities transferred to Cyxtera | — | — | (20)\nChange in estimate | 10 | 21 | (8) \nBalance at end of year | $197 | 190 | 115 \n\nAsset Retirement Obligations\n December 31, 2019 removing equipment disposing asbestos hazardous materials remodeling buildings. included long-term liabilities consolidated balance sheets.\n Level 3 acquisition recorded liabilities fair values obligations. determined discounted cash flow method.\n table asset retirement obligation activity\n liabilities assumed 2018 purchase price adjustments.\n 2019 2018 2017 estimates offset against property plant equipment.\n Years Ended December 31,\n millions\n Balance beginning year $190 115\n Accretion expense\n Liabilities acquisition Level\n settled\n transferred Cyxtera\n Change estimate\n Balance end year $197 190" +} +{ + "_id": "d1b3394aa", + "title": "", + "text": "Note 18 – Restructuring\nDuring the second half of 2019, the Company implemented a restructuring plan to realign its expense structure with the reduction in revenue experienced in recent years and overall Company objectives. Management assessed the efficiency of our operations and consolidated locations and personnel, among other things, where possible. As part of this restructuring plan, the Company announced plans to reduce its overall operating expenses, both in the U.S and internationally.\nIn February 2019, the Company announced the restructuring of certain of our workforce predominantly in Germany, which included the closure of our office location in Munich, Germany accompanied by relocation or severance benefits for the affected employees. We also offered voluntary early retirement to certain other employees, which was announced in March 2019.\nIn January 2018, the Company announced an early retirement incentive program for employees that met certain defined requirements. The cumulative amount incurred during the year ended December 31, 2018 related to this restructuring program was $7.3 million. We did not incur any additional expenses related to this restructuring program during the year ended December 31, 2019.\nA reconciliation of the beginning and ending restructuring liability, which is included in accrued wages and benefits in the Consolidated Balance Sheets as of December 31, 2019 and 2018, is as follows:\n\n(In thousands) | 2019 | 2018 \n----------------------------------------- | ------- | -------\nBalance at beginning of period | $185 | $205 \nPlus: Amounts charged to cost and expense | 6,014 | 7,261 \nLess: Amounts paid | (4,631) | (7,281)\nBalance at end of period | $1,568 | $185 \n\n18 Restructuring\n second half 2019 Company implemented plan expense structure reduction revenue objectives. Management assessed efficiency consolidated locations personnel. plans reduce operating expenses U. internationally.\n February 2019 restructuring workforce Germany closure office Munich relocation severance benefits. offered voluntary early retirement March 2019.\n January 2018 early retirement incentive program. cumulative amount incurred $7. 3 million. additional expenses.\n reconciliation restructuring liability accrued wages benefits Consolidated Balance Sheets December 2019 2018\n 2019 2018\n Balance beginning $185 $205\n Plus Amounts charged cost expense 6,014 7,261\n Amounts paid (4,631) (7,281)\n Balance end period $1,568 $185" +} +{ + "_id": "d1b3272d2", + "title": "", + "text": "BUSINESS COMBINATION IN FISCAL 2019\nPurchase of a fibre network and corresponding assets\nOn October 3, 2018, the Corporation's subsidiary, Atlantic Broadband, completed the acquisition of the south Florida fibre network previously owned by FiberLight, LLC. The transaction, combined with the dark fibers acquired from FiberLight in the second quarter of fiscal 2018, added 350 route miles to Atlantic Broadband’s existing south Florida footprint.\nThe acquisition was accounted for using the purchase method and was subject to post closing adjustments. The final allocation of the purchase price of this acquisition is as follows:\n\n | Final | Preliminary \n-------------------------------------------------- | --------------- | -----------------\n | August 31, 2019 | November 30, 2018\n(In thousands of Canadian dollars) | $ | $ \nPurchase price | | \nConsideration paid at closing | 38,876 | 38,876 \nBalance due on business combinations | 5,005 | 5,005 \n | 43,881 | 43,881 \nNet assets acquired | | \nTrade and other receivables | 1,308 | 1,743 \nPrepaid expenses and other | 335 | 335 \nProperty, plant and equipment | 28,785 | 45,769 \nIntangible assets | 3,978 | — \nGoodwill | 11,093 | — \nTrade and other payables assumed | (644) | (644) \nContract liabilities and other liabilities assumed | (974) | (3,322) \n | 43,881 | 43,881 \n\nBUSINESS COMBINATION FISCAL 2019\n Purchase fibre network assets\n October 3, 2018 subsidiary Atlantic Broadband south Florida fibre network FiberLight. fibers added 350 route miles Atlantic south Florida footprint.\n accounted purchase method subject closing adjustments. final allocation purchase price\n August 31, 2019 November 30, 2018\n dollars\n Purchase price\n closing 38,876\n Balance due business combinations 5,005\n 43,881\n Net assets acquired\n receivables\n Prepaid expenses 335\n Property plant equipment 28,785\n Intangible assets 3,978\n Goodwill 11,093\n payables\n Contract liabilities\n 43,881" +} +{ + "_id": "d1b3b80ac", + "title": "", + "text": "Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.\nIndependent Registered Public Accounting Firm\nPrincipal Accountant Fees and Services\nThe following table presents fees for professional audit services rendered by Brightman Almagor Zohar & Co., a Firm in the Deloitte Global Network (“Deloitte”) for the audit of our financial statements for the fiscal years ended December 31, 2019 and 2018 and fees billed for other services rendered by Deloitte during those periods.\n(1) Audit fees are comprised of fees for professional services performed by Deloitte for the audit of our annual financial statements and the review of our quarterly financial statements, as well as other services provided by Deloitte in connection with statutory and regulatory filings or engagements.\n(2) Tax fees are comprised of fees for preparation of tax returns to the Company and the services performed by Deloitte in connection with Inter-Company matters.\nWe did not use Deloitte for financial information system design and implementation. These services, which include designing or implementing a system that aggregates source data underlying the financial statements and generates information that is significant to our financial statements, are provided internally or by other service providers. We did not engage Deloitte to provide compliance outsourcing services.\n\n | | December 31,\n------------------ | ------- | ------------\n | 2018 | 2019 \nAudit Fees (1) | $58,000 | $55,000 \nAudit-Related Fees | $- | $- \nTax Fees (2) | $28,000 | $11,000 \nAll Other Fees | $- | $- \nTotal Fees | $86,000 | $66,000 \n\n. PRINCIPAL ACCOUNTING FEES SERVICES.\n Independent Registered Public Accounting Firm\n table fees audit services Brightman Almagor Zohar & Co. Deloitte Global Network audit financial statements fiscal years December 31, 2019 2018 other services.\n Audit fees Deloitte annual quarterly statements services statutory regulatory filings.\n Tax fees preparation tax returns services Inter-Company matters.\n Deloitte financial information system design implementation. provided internally providers. Deloitte compliance outsourcing services.\n 31,\n 2018 2019\n Audit Fees $58,000 $55,000\n Audit-Related Fees $\n Tax Fees (2) $28,000 $11,000\n Other Fees\n Total Fees $86,000 $66,000" +} +{ + "_id": "d1b3b20f8", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n17. OTHER OPERATING EXPENSE\nOther operating expense consists primarily of impairment charges, net losses on sales or disposals of assets and other operating expense items. The Company records impairment charges to write down certain assets to their net realizable value after an indicator of impairment is identified and subsequent analysis determines that the asset is either partially recoverable or not recoverable. These assets consisted primarily of towers and related assets, which are typically assessed on an individual basis, network location intangibles, which relate directly to towers, and tenant-related intangibles, which are assessed on a tenant basis. Net losses on sales or disposals of assets primarily relate to certain non-core towers, other assets and miscellaneous items. Other operating expenses includes acquisition-related costs and integration costs.\nOther operating expenses included the following for the years ended December 31,:\n\n | 2019 (1) | 2018 | 2017 (2)\n------------------------------------------ | -------- | ------ | --------\nImpairment charges | $94.2 | $394.0 | $211.4 \nNet losses on sales or disposals of assets | 45.1 | 85.6 | 32.8 \nOther operating expenses | 27.0 | 33.7 | 11.8 \nTotal Other operating expenses | $166.3 | $513.3 | $256.0 \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n. OTHER OPERATING EXPENSE\n impairment charges net losses sales disposals items. records impairment charges assets net realizable value partially recoverable. assets towers network location intangibles-related intangibles. Net losses sales disposals relate non towers other assets miscellaneous items. acquisition-related integration costs.\n years December 31,\n 2019 2018 2017\n Impairment charges $94. $394. $211.\n Net losses sales disposals 45. 85. 32.\n Other operating expenses 27. 33. 11.\n Total $166. $513. $256." +} +{ + "_id": "d1b38a6de", + "title": "", + "text": "6. Income Taxes\nIncome tax expense (benefit) for fiscal 2019, 2018 and 2017 were as follows (in thousands):\n\n | 2019 | 2018 | 2017 \n--------- | ------- | ------- | ------\nCurrent: | | | \nFederal | $15,160 | $63,814 | $78 \nState | — | 234 | 33 \nForeign | 11,943 | 10,134 | 10,016\n | 27,103 | 74,182 | 10,127\nDeferred: | | | \nFederal | (3,498) | (2,958) | 77 \nState | 827 | (447) | 38 \nForeign | (7,093) | 23,793 | (481) \n | (9,764) | 20,388 | (366) \n | $17,339 | $94,570 | $9,761\n\n. Income Taxes\n 2019 2018 2017\n Federal $15,160 $63,814 $78\n State\n Foreign 11,943 10,134\n 27,103 74,182 10,127\n Deferred\n Federal (3,498) (2,958)\n State\n Foreign (7,093) 23,793\n (9,764 20,388\n $17,339 $94,570 $9,761" +} +{ + "_id": "d1a7179c4", + "title": "", + "text": "Consolidated Statements of Earnings and Comprehensive Earnings\nA detail of related party items included in Revenues is as follows (in millions):\n(1) Transactions with FNF are summarized through November 30, 2019, the date after which FNF is no longer considered a related party.\n\n | | Year ended December 31, | \n---------------------------- | -------- | ----------------------- | -----\n | 2019 (1) | 2018 | 2017 \nSoftware services | $40.2 | $35.9 | $32.8\nData and analytics services | 19.3 | 21.7 | 24.0 \nTotal related party revenues | $59.5 | $57.6 | $56.8\n\nStatements Earnings\n related party items Revenues\n Transactions FNF summarized November 30, 2019 no longer related party.\n Year ended December 31,\n Software services $40. $35. $32.\n Data services 19. 21. 24.\n related party revenues $59. $57. $56." +} +{ + "_id": "d1b3c8998", + "title": "", + "text": "Personnel expenses for employees were as follows:\nPersonnel expenses are included in cost of sales and in operating expenses in the consolidated statement of profit or loss.\n\n | December 31, | \n---------------------------- | ------------ | -------\n | 2018 | 2019 \nWages and salaries | 158,371 | 191,459\nSocial security | 14,802 | 17,214 \nPension expenses | 6,937 | 8,408 \nShare-based payment expenses | 8,215 | 10,538 \nRestructuring expenses | 178 | 108 \nTotal | 188,503 | 227,727\n\nPersonnel expenses\n sales operating consolidated profit loss.\n Wages salaries 158,371 191,459\n Social security 14,802 17,214\n Pension 8,408\n Share 8,215 10,538\n Restructuring 178\n 188,503 227,727" +} +{ + "_id": "d1b38008a", + "title": "", + "text": "Global Business Services\n* Recast to reflect segment changes.\nGlobal Business Services revenue increased compared to 2017 driven by strong growth in Consulting, led by key offerings in digital Global Business Services revenue increased compared to 2017 driven by strong growth in Consulting, led by key offerings in digital and cloud application, where the business has brought together technology and industry expertise to help clients on their digital journey. GPS grew year to year, while Application Management revenue was flat as reported and declined adjusted for currency compared to 2017.\nWhile we continued to help clients move to the cloud with offerings such as Cloud Migration Factory and cloud application development, there were continued declines in the more traditional application management engagements. Within GBS, cloud revenue of $4.7 billion grew 20 percent as reported and 19 percent adjusted for currency compared to the prior year.\n\n($ in millions) | | | | \n----------------------------------------- | -------- | -------- | ------------------------- | -----------------------------------------------\nFor the year ended December 31: | 2018 | 2017 | Yr.-to-Yr. Percent Change | Yr.-to-Yr. Percent Change Adjusted for Currency\nGlobal Business Services external revenue | $16,595* | $16,073* | 3.2% | 2.3% \nConsulting | $7,705 | $7,262 | 6.1% | 5.1% \nApplication Management | 7,852 | 7,821 | 0.4 | (0.5) \nGlobal Process Services | 1,037* | 990* | 4.8 | 4.7 \n\nBusiness Services\n segment changes.\n revenue increased 2017 growth Consulting digital cloud application technology expertise digital journey. GPS grew Application Management revenue flat declined adjusted currency 2017.\n cloud Migration Factory application development declines traditional application management engagements. cloud revenue $4. 7 billion grew 20 percent 19 percent adjusted currency prior year.\n year ended December 31 2018 2017. Percent Change. Adjusted Currency\n Global Business Services revenue $16,595 $16,073 3. 2% 2. 3%\n Consulting $7,705 $7,262 6. 1% 5. 1%\n Application Management 7,852.\n Global Process Services 1,037 990." +} +{ + "_id": "d1b394ca6", + "title": "", + "text": "* Recast to reflect segment changes.\nThe 2018 GTS gross profit margin was essentially flat year to year and reflected benefits from productivity initiatives, including automation of delivery processes infused with AI and global workforce optimization.\nPre-tax income performance reflected continued investment to expand go-to-market capabilities and develop new offerings for the hybrid market.\n\n($ in millions) | | | \n---------------------------------- | ------- | ------- | ---------------------------------\nFor the year ended December 31: | 2018* | 2017* | Yr.-to-Yr. Percent/ Margin Change\nGlobal Technology Services | | | \nExternal total gross profit | $10,035 | $10,022 | 0.1% \nExternal total gross profit margin | 34.4% | 34.3% | 0.1 pts \nPre-tax income | $ 1,781 | $ 2,618 | (32.0)% \nPre-tax margin | 5.9% | 8.8% | (2.8) pts \n\nRecast segment changes.\n 2018 GTS profit margin flat productivity automation delivery AI workforce optimization.\n Pre-tax income investment-to-market offerings hybrid market.\n year December 31 2018 2017. Percent Margin Change\n Services\n gross profit $10,035 $10,022.\n margin 34. 4%. 3%.\n Pre-tax income $ 1,781 $ 2,618.\n-tax margin 5. 9% 8. 8%." +} +{ + "_id": "d1b32a91e", + "title": "", + "text": "Other intangible assets were comprised of:\nAmortization expense of other intangible assets was $364.7, $316.5, and $294.3 during the years ended December 31, 2019, 2018 and 2017, respectively. Amortization expense is expected to be $400 in 2020, $383 in 2021, $379 in 2022, $347 in 2023 and $321 in 2024.\n\n | Cost | Accum. amort. | Net book value\n----------------------------------- | ---------- | ------------- | --------------\nAssets subject to amortization: | | | \nCustomer related intangibles | $3,926.8 | $(1,083.6) | $ 2,843.2 \nUnpatented technology | 504.0 | (199.5) | 304.5 \nSoftware | 172.0 | (93.2) | 78.8 \nPatents and other protective rights | 9.7 | (7.5) | 2.2 \nTrade names | 7.3 | (2.8) | 4.5 \nAssets not subject to amortization: | | | \nTrade names | 608.9 | — | 608.9 \nBalances at December 31, 2018 | $ 5,228.7 | $(1,386.6) | $ 3,842.1 \nAssets subject to amortization: | | | \nCustomer related intangibles | $ 4,955.4 | $(1,349.4) | $ 3,606.0 \nUnpatented technology | 613.0 | (279.6) | 333.4 \nSoftware | 172.2 | (111.5) | 60.7 \nPatents and other protective rights | 12.0 | (8.0) | 4.0 \nTrade names | 7.9 | (4.1) | 3.8 \nAssets not subject to amortization: | | | \nTrade names | 659.8 | — | 659.8 \nBalances at December 31, 2019 | $ 6,420.3 | $(1,752.6) | $ 4,667.7 \n\nintangible assets\n Amortization expense $364. 7 $316. 5 $294. 3 2019 2018 2017. $400 2020 $383 2021 $379 2022 $347 2023 $321 2024.\n.\n Assets subject amortization\n intangibles $3,926.(1,083. 2,843.\n Unpatented 504. 304.\n 172. 78.\n Patents protective rights 9.\n.\n Assets not amortization\n 608.\n Balances December 31, 2018 $ 5,228. $(1,386. 3,842.\n Assets subject amortization\n intangibles $ 4,955. $(1,349. 3,606.\n Unpatented 613. (279. 333.\n 172. (111. 60.\n Patents protective rights 12. 4.\n 7. 3.\n Assets not subject amortization\n 659.\n Balances December 31, 2019 6,420. $(1,752. 4,667." +} +{ + "_id": "d1b3c865a", + "title": "", + "text": "Consolidated Net Revenues\nThe key drivers of changes in our consolidated net revenues, operating segment results, consolidated results, and sources of liquidity are presented in the order of significance.\nThe following table summarizes our consolidated net revenues, increase (decrease) in associated deferred net revenues recognized, and in-game net revenues (amounts in millions):\n(1) In-game net revenues primarily includes the net amount of revenue recognized for downloadable content and microtransactions during the period.\nConsolidated net revenues\nThe decrease in consolidated net revenues for 2019, as compared to 2018, was primarily driven by a decrease in revenues of $1.1 billion due to: • lower revenues recognized from the Destiny franchise (reflecting our sale of the publishing rights for Destiny to Bungie in December 2018); • lower revenues recognized from Hearthstone; • lower revenues recognized from Call of Duty franchise catalog titles; and • lower revenues recognized from Overwatch.\nThe decrease was partially offset by an increase in revenues of $236 million due to: • revenues from Sekiro: Shadows Die Twice, which was released in March 2019; and • revenues recognized from Crash Team Racing Nitro-Fueled, which was released in June 2019.\nThe remaining net decrease of $131 million was driven by various other franchises and titles.\n\n | | For the Years Ended December 31, | | \n--------------------------------------------------------------- | ------ | -------------------------------- | ------------------- | --------\n | 2019 | 2018 | Increase/(decrease) | % Change\nConsolidated net revenues | $6,489 | $7,500 | $(1,011) | (13)% \nNet effect from recognition (deferral) of deferred net revenues | 101 | 238 | (137) | \nIn-game net revenues (1) | 3,376 | 4,249 | (873) | (21)% \n\nConsolidated Net Revenues\n key drivers operating segment results sources liquidity significance.\n table summarizes revenues deferred net revenues in-game net revenues\n In-game net revenues downloadable content microtransactions.\n Consolidated net revenues\n decrease 2019 2018 driven $1. 1 billion lower revenues Destiny Hearthstone Call of Duty Overwatch.\n offset increase $236 million Sekiro: Shadows Die Twice Crash Team Racing Nitro-Fueled 2019.\n remaining decrease $131 million driven other franchises titles.\n 2018 Increase Change\n Consolidated net revenues $6,489 $7,500 $(1,011) (13)%\n Net effect deferred net revenues 101 238 (137) \n In-game net revenues 3,376 4,249 (873) (21)%" +} +{ + "_id": "d1a741bd4", + "title": "", + "text": "6. Inventories\nInventories consisted of the following components at June 30, 2019 and 2018:\nIf the FIFO method of inventory had been used instead of the LIFO method, inventories would have been $178.4 million and $210.3 million higher as of June 30, 2019 and 2018, respectively. Current cost of LIFO-valued inventories was $793.0 million at June 30, 2019 and $760.8 million at June 30, 2018. The reductions in LIFO-valued inventories decreased cost of sales by $0.0 million during fiscal year 2019 and $0.6 million during fiscal year 2018 and $0.0 million during fiscal year 2017.\n\n | June 30, | \n------------------------------- | -------- | ------\n($ in millions) | 2019 | 2018 \nRaw materials and supplies | $169.8 | $157.5\nWork in process | 425.7 | 372.5 \nFinished and purchased products | 192.2 | 159.2 \nTotal inventory | $787.7 | $689.2\n\n. Inventories\n June 30, 2019\n FIFO $178. 4 million $210. 3 million higher. cost LIFO-valued inventories $793. million 2019 $760. 8 million 2018. reductions decreased cost $0. million 2019 $0. 6 million 2018. million 2017.\n 30\n Raw materials supplies $169. $157.\n Work process 425. 372.\n Finished purchased products 192. 159.\n Total inventory $787. $689." +} +{ + "_id": "d1b371530", + "title": "", + "text": "8. Other income, net\nOther income, net consists of the following (in millions):\n\n | | Year Ended | \n----------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nInterest income | $ 88 | $ 79 | $ 44 \nInterest expense | (58) | (62) | (52) \nOther income, net | 17 | 24 | 8 \nOther income, net | $ 47 | $ 41 | $ — \n\n. income\n Year Ended\n April 26, 2019 April 27, 2018 28, 2017\n Interest income $ 88 $ 79 $ 44\n Interest expense (58)\n 17 24\n $ 47 $ 41" +} +{ + "_id": "d1b344968", + "title": "", + "text": "Common Stock\nThe following is a summary of changes during the years ended December 31, in shares of our common stock and common stock in treasury:\n(1) Restricted stock shares issued for new awards under the Omnibus Incentive Plan and restricted stock shares, forfeited as shown above for the year ended December 31, 2019 includes 1,478 restricted stock shares issued and (5,024) restricted stock shares forfeited related to 2018 that were not yet reflected by our Recordkeeper as of December 31, 2018. The table above and our Consolidated Balance Sheets reflect the number of shares issued per our Recordkeeper.\n(2) In connection with the acquisition of B+ Equipment in the third quarter of 2015, the Company issued 20,000 shares of restricted common stock on September 26, 2018 to certain former equity holders of B+ Equipment. These shares were issued in offshore transactions with no direct selling efforts in the United States and without registration under the Securities Act of 1933, as amended, in reliance upon the issuer safe harbor provided by Regulation S.\n(3) Effective January 1, 2019, new share issuances for vested awards are netted by the number of shares required to cover the recipients' portion of income tax. The portion withheld for taxes are canceled. Prior to January 1, 2019, the shares required to cover the recipients' portion of income tax were issued and recorded to treasury stock. Shares netted for taxes in 2019 primarily relates to vesting activity for restricted stock shares issued in prior years.\n(4) Other activity in 2018 primarily relates to prior period adjustment related to years not contained within the table.\n(5) Repurchase of common stock for the year ended December 31, 2019 as shown above includes 71,530 shares of common stock that had been repurchased by the Company in 2018 but not yet reflected by the Recordkeeper as of December 31, 2018. The table above and our Consolidated Balance Sheets reflect the number of shares held in treasury per our Recordkeeper.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------------------------------------------ | ----------- | ----------- | -----------\nChanges in common stock: | | | \nNumber of shares, beginning of year | 231,619,037 | 230,080,944 | 227,638,738\nRestricted stock shares issued for new awards(1) | 1,478 | 569,960 | 480,283 \nRestricted stock shares, forfeited(1) | (110,984) | (86,518 ) | (184,235) \nShares issued for vested restricted stock units | 164,347 | 151,280 | 607,231 \nShares issued as part of acquisition(2) | — | 20,000 | — \nShares issued for 2014 Special Performance Stock Units (PSU) Awards | — | 658,783 | 749,653 \nShares issued for 2015 Three-Year PSU Awards | — | 129,139 | — \nShares issued for 2014 Three-Year PSU Awards | — | — | 636,723 \nShares issued for Stock Leverage Opportunity Awards (SLO) | 6,321 | 109,841 | 136,783 \nShares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors | 123,824 | 10,841 | 15,768 \nCanceled shares for tax netting(3) | (181,488) | — | — \nOther activity(4) | — | (25,233 ) | — \nNumber of shares issued, end of year(1) | 231,622,535 | 231,619,037 | 230,080,944\nChanges in common stock in treasury: | | | \nNumber of shares held, beginning of year | 75,964,667 | 61,485,423 | 34,156,355 \nRepurchase of common stock(5) | 1,632,163 | 14,826,924 | 27,320,816 \nProfit sharing contribution paid in stock | (487,108) | (538,524 ) | (502,519) \nShares withheld for taxes(3) | — | 190,844 | 510,771 \nNumber of shares held, end of year(5) | 77,109,722 | 75,964,667 | 61,485,423 \nNumber of common stock outstanding, end of year | 154,512,813 | 155,654,370 | 168,595,521\n\nCommon Stock\n summary changes December 31, common stock treasury\n Restricted stock shares Omnibus Incentive Plan forfeited December 31, 2019 1,478 issued (5,024) forfeited 2018 reflected Recordkeeper. table Consolidated Balance Sheets reflect issued Recordkeeper.\n acquisition B+ Equipment Company issued shares restricted common stock September 26, 2018 former equity holders. issued offshore transactions no direct selling without registration Securities Act 1933 issuer safe harbor Regulation S.\n January 1, 2019 new share issuances vested awards netted shares income tax. withheld taxes canceled. shares issued recorded treasury stock. Shares netted taxes 2019 vesting activity restricted stock shares prior years.\n activity 2018 prior period adjustment.\n Repurchase common stock December 31, 2019 includes 71,530 shares 2018 not reflected Recordkeeper 2018. table Balance Sheets reflect shares held treasury Recordkeeper.\n Changes common stock\nshares 231,619,037 230,080,944 227,638,738\n 1,478 569,960 480,283\n (110,984) (86,518 (184,235\n vested stock 164,347 151,280 607,231\n 2014 Special Performance Stock,783 749,653\n 2015 Three-Year PSU Awards 129,139\n 636,723\n Stock Leverage Opportunity Awards 6,321 109,841 136,783\n Omnibus Incentive Plan 123,824 10,841 15,768\n Canceled shares tax (181,488)\n (25,233\n end 231,622,535 231,619,037 230,080,944\n common stock\n 75,964,667 61,485,423 34,156,355\n Repurchase 1,632,163 14,826,924 27,320,816\n Profit contribution (487,108 (538,524 (502,519)\n withheld 190,844 510,771\nshares 77,109,722,667 61,485,423\n stock 154,512,813 155,654,370 168,595,521" +} +{ + "_id": "d1a72df58", + "title": "", + "text": "Contractual Obligations\nOur contractual obligations as of August 31, 2019 are summarized below. As disclosed below, while we have certain non-cancelable purchase order obligations for property, plant and equipment, we generally do not enter into non-cancelable purchase orders for materials until we receive a corresponding purchase commitment from our customer. Non-cancelable purchase orders do not typically extend beyond the normal lead time of several weeks, at most. Purchase orders beyond this time frame are typically cancelable.\n(1) Consists of interest on notes payable and long-term debt outstanding as of August 31, 2019. Certain of our notes payable and long-term debt pay interest at variable rates. We have applied estimated interest rates to determine the value of these expected future interest payments.\n(2) Consists of purchase commitments entered into as of August 31, 2019 primarily for property, plant and equipment and software pursuant to legally enforceable and binding agreements.\n(3) Includes the estimated company contributions to funded pension plans during fiscal year 2020 and the expected benefit payments for unfunded pension and postretirement plans from fiscal years 2020 through 2029. These future payments are not recorded on the Consolidated Balance Sheets but will be recorded as incurred.\n(4) Includes (i) a $28.5 million capital commitment, (ii) a $16.2 million obligation related to a new human resource system and (iii) $33.0 million related to the one-time transition tax as a result of the Tax Act that will be paid in annual installments through fiscal year 2026.\n(5) As of August 31, 2019, we have $1.5 million and $103.7 million recorded as a current and a long-term liability, respectively, for uncertain tax positions. We are not able to reasonably estimate the timing of payments, or the amount by which our liability for these uncertain tax positions will increase or decrease over time, and accordingly, this liability has been excluded from the above table.\n\n | | | Payments due by period (in thousands) | | \n--------------------------------------------------------- | ---------- | ---------------- | ------------------------------------- | ---------- | -------------\n | Total | Less than 1 year | 1-3 years | 3-5 years | After 5 years\nNotes payable and long-term debt | $2,496,465 | $375,181 | $491,655 | $1,134,733 | $494,896 \nFuture interest on notes payable and long-term debt(1) | 373,762 | 109,506 | 142,082 | 55,463 | 66,711 \nOperating lease obligations | 603,185 | 118,312 | 187,644 | 114,297 | 182,932 \nCapital lease obligations | 77,829 | 6,038 | 11,726 | 10,928 | 49,137 \nNon-cancelable purchase order obligations(2) | 351,230 | 289,516 | 61,537 | 177 | — \nPension and post retirement contributions and payments(3) | 14,618 | 1,135 | 1,904 | 2,396 | 9,183 \nOther(4) | 77,669 | 17,922 | 27,863 | 14,214 | 17,670 \nTotal contractual obligations(5) | $3,994,758 | $917,610 | $924,411 | $1,332,208 | $820,529 \n\nContractual Obligations\n as of August 31, 2019 summarized. non-cancelable obligations for property plant equipment materials until commitment customer. orders extend beyond weeks. beyond cancelable.\n interest on notes payable long-term debt August 31, 2019. variable rates. estimated interest rates future interest payments.\n purchase commitments for property plant equipment software agreements.\n estimated company contributions funded pension plans 2020 benefit payments unfunded pension postretirement plans 2020 through 2029. future payments not recorded Consolidated Balance Sheets recorded as incurred.\n Includes $28. 5 million capital commitment $16. 2 million obligation new human resource system $33. 0 million one-time transition tax paid annual installments through 2026.\n August 31, 2019 $1. 5 million $103. 7 million current long-term liability uncertain tax positions. estimate timing excluded from table.\n Payments due by period\n1-3 3-5\n debt $2,496,465 $375,181,655,134,733 $494,896\n interest 373,762 142,082 55\n lease 603,185 118,312 187,644\n Capital lease 77,829 49\n Non-cancelable 351,230 289,516 61,537\n Pension retirement contributions 14,618 1,135 1,904 2,396 9,183\n 77,669 17,922 27,863 14\n $3,994,758 $917,610 $924,411 $1,332,208 $820,529" +} +{ + "_id": "d1b2e5468", + "title": "", + "text": "Results of Operations\nYear Ended December 31, 2018 Compared to Year Ended December 31, 2019\nDuring the year ended December 31, 2019, we had an average of 27.2 ships operating in our owned and bareboat fleet (including ships owned by the Partnership), having 9,518 revenue operating days and an average of 27.2 ships operating under our technical management (including 27.0 of our owned and bareboat ships). During the year ended December 31, 2018, we had an average of 26.0 ships operating in our owned and bareboat fleet (including ships owned by the Partnership), having 9,030 revenue operating days and an average of 25.5 ships operating under our technical management (including 25.0 of our owned and bareboat ships).\nRevenues: Revenues increased by 8.1%, or $50.3 million, from $618.3 million during the year ended December 31, 2018 to $668.6 million during the year ended December 31, 2019. The increase in revenues is mainly attributable to an increase of $63.4 million deriving from the full operation of the GasLog Houston, the GasLog Hong Kong and the GasLog Gladstone which were delivered on January 8, 2018, March 20, 2018 and March 29, 2018, respectively and the deliveries of the GasLog Gladstone on March 15, 2019 and the GasLog Warsaw on July 31, 2019. These deliveries resulted in an increase in revenue operating days. In addition, there was an increase of $11.0 million from our vessels trading in the spot and short-term market including the impact of the unscheduled dry-dockings of the GasLog Savannah, the GasLog Singapore and the GasLog Chelsea and an increase of $2.7 million from the remaining fleet. The above increases were partially offset by a decrease of $26.1 million from the expiration of the initial time charters of the GasLog Shanghai, the GasLog Santiago, the GasLog Sydney, the GasLog Skagen, the GasLog Saratoga and the Methane Jane Elizabeth and a decrease of $0.7 million due to increased off-hire days from the remaining vessels. The average daily hire rate increased from $68,392 for the year ended December 31, 2018 to $70,167 for the year ended December 31, 2019.\n\n | | Year ended December 31, | \n------------------------------------------------- | --------- | ----------------------- | ----------\n | 2018 | 2019 | Change \nAmounts are in thousands of U.S. Dollars | | | \nRevenues | $618,344 | $668,637 | $50,293 \nNet pool allocation | 17,818 | (4,264) | (22,082) \nVoyage expenses and commissions | (20,374) | (23,772) | (3,398) \nVessel operating and supervision costs | (128,084) | (139,662) | (11,578) \nDepreciation | (153,193) | (168,041) | (14,848) \nGeneral and administrative expenses | (41,993) | (47,385) | (5,392) \nImpairment loss on vessels | — | (162,149) | (162,149) \nProfit from operations | 292,518 | 123,364 | (169,154) \nFinancial costs | (166,627) | (190,481) | (23,854) \nFinancial income | 4,784 | 5,318 | 534 \nLoss on derivatives | (6,077) | (55,441) | (49,364) \nShare of profit of associates | 1,800 | 1,627 | (173) \nTotal other expenses, net | (166,120) | (238,977) | (72,857) \nProfit/(loss) for the year | 126,398 | (115,613) | (242,011) \nNon-controlling interests | 78,715 | (14,952) | (93,667) \nProfit/(loss) attributable to owners of the Group | $47,683 | $(100,661) | $(148,344)\n\nOperations\n December 31, 2018 2019\n 2019 27. 2 ships fleet revenue operating days 27. 2 ships technical management. December 31, 2018 26. ships 9,030 revenue operating days 25. 5 ships technical management.\n Revenues increased 8. 1% $50. 3 million $618. 3 million 2018 to $668. 6 million 2019. $63. 4 million operation GasLog Houston Hong Kong Gladstone delivered January 8, 2018 March 20, 2018 29, 2018 Gladstone March 15, 2019 Warsaw July 31, 2019. revenue operating days. increase $11. 0 million vessels spot short-term market unscheduled dry-dockings GasLog Savannah Singapore Chelsea increase $2. 7 million remaining fleet. offset decrease $26. 1 million expiration charters GasLog Shanghai Santiago Sydney Skagen Saratoga Jane Elizabeth decrease $0. 7 million increased off-hire days remaining vessels.daily hire rate $68,392 2018 to $70,167 2019.\n 2019\n Amounts. Dollars\n Revenues $618,344 $668,637 $50,293\n pool allocation 17,818 (4,264\n Voyage expenses commissions (20,374,772\n Vessel costs (128,084 (139,662\n Depreciation (153,193) (168,041)\n expenses (41,993) (47,385\n Impairment loss vessels,149\n Profit operations 292,518 123,364\n Financial costs (166,627) (190,481\n income 4,784 5,318\n Loss derivatives (6,077,441\n Share profit 1,800\n expenses (166,120 (238,977\n Profit(loss 126,398 (115,613)\n Non-controlling interests 78,715 (14,952),667\n $47,683,661" +} +{ + "_id": "d1b309df4", + "title": "", + "text": "Share-based payments\nDisclosures of the share-based payments offered to employees are set out below. More detail on each scheme is given in the Annual Report on Remuneration 2019 on pages 102 to 132. The charge to the Income Statement in respect of share-based payments is made up as follows:\n\n | 2019 | 2018\n-------------------------------------------- | ---- | ----\n | £m | £m \nPerformance Share Plan | 5.1 | 4.7 \nEmployee Share Ownership Plan | 1.1 | 1.0 \nTotal expense recognised in Income Statement | 6.2 | 5.7 \n\nShare-based payments\n Disclosures. detail Annual Report Remuneration 2019 pages 102 to 132. charge Income Statement share-based payments\n 2019 2018\n £m\n Performance Share Plan 5.\n Employee Share Ownership Plan.\n Total expense Income Statement 6." +} +{ + "_id": "d1b338bcc", + "title": "", + "text": "Investing Activities. Cash flows (used in) provided by investing activities changed from a source of$65.7 million in 2018 to a use of $13.8 million in 2019. This change of$79.5 million primarily resulted from a decrease of$62.9 million in cash proceeds from the sale of company-operated restaurants, including repayments of notes issued in connection with 2018 refranchising transactions, and an increase of $9.8 million in capital expenditures.\nCapital Expenditures — The composition of capital expenditures in each fiscal year is summarized in the table below (in thousands):\nOur capital expenditure program includes, among other things, restaurant remodeling, information technology enhancements, and investments in new locations and equipment. In 2019, capital expenditures increased by $9.8 million primarily due to an increase of $16.2 million in purchases of assets intended for sale or sale and leaseback, partially offset by a $8.7 million decrease in restaurant capital maintenance and facility improvement spending mainly from a decrease in the average number of company-operated restaurants compared to the prior year. The increase in purchases of assets intended for sale or sale and leaseback was primarily due to the Company’s purchase of a commercial property in Los Angeles, California, on which an existing company restaurant and another retail tenant are located. The purchase price was $17.3 million, and we currently intend to sell the entire property and lease back the parcel on which our company operated restaurant is located within the next 12 months.\n\n | 2019 | 2018 \n----------------------------------------------------------- | ------- | -------\nRestaurants: | | \nRestaurant facility expenditures | $9,202 | $17,949\nPurchases of assets intended for sale or sale and leaseback | 21,660 | 5,497 \nNew restaurants | 1,381 | 2,088 \nOther, including information technology | 3,597 | 7,572 \n | 35,840 | 33,106 \nCorporate Services: | | \nInformation technology | 9,405 | 4,584 \nOther, including facility improvements | 2,404 | 152 \n | 11,809 | 4,736 \nTotal capital expenditures | $47,649 | $37,842\n\nInvesting Activities. Cash flows changed from$65. 7 million 2018 to $13. 8 million 2019. change$79. 5 million from decrease$62. 9 million cash sale restaurants repayments refranchising increase $9. 8 million capital expenditures.\n includes restaurant remodeling information technology enhancements investments new locations equipment. 2019 increased $9. 8 million $16. 2 million purchases sale leaseback offset $8. 7 million decrease restaurant capital maintenance facility improvement-operated restaurants. increase purchases due purchase commercial property Los Angeles restaurant. purchase price $17. 3 million intend to sell property lease back 12 months.\n Restaurants\n Restaurant facility expenditures $9,202 $17,949\n Purchases 21,660 5,497\n New restaurants 1,381 2,088\n technology 3,597\n 35,840\n Corporate Services\n Information technology 9,405 4,584\n facility improvements 2,404\n 11,809 4\n,649 $37,842" +} +{ + "_id": "d1b337542", + "title": "", + "text": "The table below shows the annual pension entitlement earned during the Executive Board membership of each member of the Executive Board on reaching the scheduled retirement age of 62, based on entitlements from SAP under performance-based and salary-linked plans.\nAnnual Pension Entitlement\n1) The rights shown here for Bill McDermott refer solely to rights under the pension plan for SAP America.\nThese are vested entitlements. To the extent that members continue to serve on the Executive Board and that therefore more contributions are made for them in the future, pensions actually payable at the scheduled retirement age will be higher than the amounts shown in the table.\n\n€ thousands | Vested on 12/31/2019 | Vested on 12/31/2018\n-------------------------------------------------------------------------------- | -------------------- | --------------------\nChristian Klein (Co-CEO from 10/11/2019) | 8.2 | 4.1 \nAdaire Fox-Martin | 11.8 | 7.3 \nMichael Kleinemeier | 20.0 | 14.8 \nBernd Leukert (until 3/31/2019) | 34.7 | 24.6 \nBill McDermott (CEO until 10/10/2019, Executive Board Member until 11/15/2019)1) | 90.8 | 105.1 \nLuka Mucic | 27.6 | 23.2 \nJürgen Müller (from 1/1/2019) | 4.8 | - \nStefan Ries | 16.8 | 12.6 \nThomas Saueressig (from 11/1/2019) | 0.2 | - \n\ntable shows annual pension entitlement Executive Board membership retirement 62 SAP performance salary-linked plans.\n rights Bill McDermott pension plan SAP America.\n. pensions retirement higher.\n Vested 12/31/2019 12/31/2018\n Christian Klein-CEO 10/11/2019 8. 4.\n Adaire Fox-Martin 11.\n Michael Kleinemeier.\n Bernd Leukert 3/31/2019 34. 24.\n Bill McDermott 10/10/2019 Executive Board Member 11/15/2019 90. 105.\n Luka Mucic 27. 23.\n Jürgen Müller 1/1/2019.\n Stefan Ries.\n Thomas Saueressig 11/1/2019." +} +{ + "_id": "d1b33a8e6", + "title": "", + "text": "Other Non-current Liabilities\nOther non-current liabilities consisted of the following (in thousands):\n\n | 2019 | 2018\n----------------------------------- | ------- | ----\nLease liabilities | $28,046 | $— \nOther | 708 | 534 \nTotal other non-current liabilities | $28,754 | $534\n\nNon-current Liabilities\n 2019 2018\n Lease liabilities $28,046 $—\n 534\n-current liabilities $28,754 $534" +} +{ + "_id": "d1b3aafce", + "title": "", + "text": "STOCK OPTIONS\nUnder BCE’s long-term incentive plans, BCE may grant options to executives to buy BCE common shares. The subscription price of a grant is based on the higher of: • the volume-weighted average of the trading price on the trading day immediately prior to the effective date of the grant • the volume-weighted average of the trading price for the last five consecutive trading days ending on the trading day immediately prior to the effective date of the grant\nAt December 31, 2019, 7,524,891 common shares were authorized for issuance under these plans. Options vest fully after three years of continuous employment from the date of grant. All options become exercisable when they vest and can be exercised for a period of seven years from the date of grant for options granted prior to 2019 and ten years from the date of grant for options granted in 2019.\nThe following table summarizes BCE’s outstanding stock options at December 31, 2019 and 2018.\n(1) The weighted average market share price for options exercised was $62 in 2019 and $55 in 2018.\n\n | | 2019 | | 2018 | \n------------------------ | ---- | ----------------- | ----------------------------------- | ----------------- | -----------------------------------\n | NOTE | NUMBER OF OPTIONS | WEIGHTED AVERAGE EXERCISE PRICE ($) | NUMBER OF OPTIONS | WEIGHTED AVERAGE EXERCISE PRICE ($)\nOutstanding, January 1 | | 14,072,332 | 56 | 10,490,249 | 55 \nGranted | | 3,357,303 | 58 | 3,888,693 | 56 \nExercised (1) | 27 | (4,459,559) | 54 | (266,941) | 42 \nForfeited | | (144,535) | 58 | (39,669) | 58 \nOutstanding, December 31 | | 12,825,541 | 57 | 14,072,332 | 56 \nExercisable, December 31 | | 2,786,043 | 56 | 4,399,588 | 52 \n\nOPTIONS\n BCE’s-term incentive plans grant options executives buy common shares. subscription price based on volume-weighted average trading price last five days\n December 31, 2019 7,524,891 common shares authorized for issuance. Options vest after three years employment. options exercisable seven years 2019 ten years 2019.\n table summarizes BCE’s outstanding stock options at December 31, 2019 2018.\n weighted average market share price $62 2019 $55 in 2018.\n NUMBER OPTIONS WEIGHTED AVERAGE EXERCISE PRICE\n Outstanding January 1 14,072,332 10,490,249\n Granted 3,357,303 58 3,888,693\n Exercised (4,459,559) 54 (266,941)\n Forfeited (144,535) (39,669)\n December 31 12,825,541 14,072,332\n December 31 2,786,043 4,399,588" +} +{ + "_id": "d1b3a7720", + "title": "", + "text": "Senior Notes\nOn March 4, 2019, the company completed a public offering of $750 million aggregate principal amount of the Company’s Senior Notes due March 15, 2026 (the “2026 Notes”), $1.0 billion aggregate principal amount of the Company’s Senior Notes due March 15, 2029 (the “2029 Notes”), and $750 million aggregate principal amount of the Company’s Senior Notes due March 15, 2049 (the “2049 Notes”). The Company will pay interest at an annual rate of 3.75%, 4.00%, and 4.875%, on the 2026, 2029, and 2049 Notes, respectively, on a semi-annual basis on March 15 and September 15 of each year beginning September 15, 2019.\nOn March 12, 2015, the Company completed a public offering of $500 million aggregate principal amount of the Company’s Senior Notes due March 15, 2020 (the “2020 Notes”) and $500 million aggregate principal amount of the Company’s Senior Notes due March 15, 2025 (the “2025 Notes”). The Company pays interest at an annual rate of 2.75% and 3.80% on the 2020 Notes and 2025 Notes, respectively, on a semi-annual basis on March 15 and September 15 of each year. During the year ended June 26, 2016, the Company entered into a series of interest rate contracts hedging the fair value of a portion of the 2025 Notes par value, whereby the Company receives a fixed rate and pays a variable rate based on a certain benchmark interest rate. Refer to Note 9— Financial Instruments for additional information regarding these interest rate contracts.\nOn June 7, 2016, the Company completed a public offering of $800 million aggregate principal amount of Senior Notes due June 2021 (the “2021 Notes”). The Company pays interest at an annual rate of 2.80% on the 2021 Notes on a semi-annual basis on June 15 and December 15 of each year.\nThe Company may redeem the 2020, 2021, 2025, 2026, 2029 and 2049 Notes (collectively the “Senior Notes”) at a redemption price equal to 100% of the principal amount of such series (“par”), plus a “make whole” premium as described in the indenture in respect to the Senior Notes and accrued and unpaid interest before February 15, 2020, for the 2020 Notes, before May 15, 2021 for the 2021 Notes, before December 15, 2024 for the 2025 Notes, before January 15, 2026 for the 2026 Notes, before December 15, 2028 for the 2029 Notes, and before September 15, 2048 for the 2049 Notes. The Company may redeem the Senior Notes at par, plus accrued and unpaid interest at any time on or after February 15, 2020, for the 2020 Notes, on or after May 15, 2021 for the 2021 Notes, on or after December 24, 2024, for the 2025 Notes, on or after January 15, 2026 for the 2026 Notes, on or after December 15, 2028 for the 2029 Notes, and on or after September 15, 2048 for the 2049 Notes. In addition, upon the occurrence of certain events, as described in the indenture, the Company will be required to make an offer to repurchase the Senior Notes at a price equal to 101% of the principal amount of the respective note, plus accrued and unpaid interest.\nSelected additional information regarding the Senior Notes outstanding as of June 30, 2019, is as follows:\n\n | Remaining Amortization period | Fair Value of Notes (Level2)\n---------- | ----------------------------- | ----------------------------\n | (years) | (in thousands) \n2020 Notes | 0.7 | $500,855 \n2021 Notes | 2.0 | $806,232 \n2025 Notes | 5.7 | $528,895 \n2026 Notes | 6.7 | $786,915 \n2029 Notes | 9.7 | $1,063,670 \n2049 Notes | 29.7 | $828,188 \n\n\n March 4, 2019 public $750 million March 15 2026 $1. 0 billion March 15 2029 $750 million March 15 2049. interest annual 3. 75% 4. 4. 875% 2026 2029 2049 Notes semi-annual March 15 September 15 beginning 15 2019.\n March 12, 2015, public offering $500 million Notes March 15 2020 $500 million March 15 2025. pays interest annual 2. 75% 3. 80% 2020 2025 Notes semi-annual March 15 September 15. June 26, 2016, interest rate contracts hedging 2025 Notes fixed variable rate benchmark interest rate. Note 9— Financial Instruments.\n June 7, 2016, public $800 million Senior Notes 2021. pays interest annual 2. 80% 2021 Notes semi-annual June 15 December 15 each year.\nCompany redeem 2020 2021 2025 2026 2029 2049 Notes redemption price 100% principal amount plus “make whole” premium accrued unpaid interest before February 15, 2020 May 15, 2021 December 15 2024 2025 January 15 2026 December 15 2028 2029 September 15, 2048 2049. redeem Senior Notes after February 15 2020 May 15 2021 December 24 2024 January 15 2026 2026 December 15 2028 September 15, 2048 2049. events repurchase Senior Notes price equal 101% principal amount plus accrued unpaid interest.\n additional information Senior Notes outstanding as June 30, 2019\n Remaining Amortization period Fair Value Notes (Level2)\n 2020. $500,855\n 2021. $806,232\n 2025. $528,895\n 2026. $786,915\n 2029. $1,063,670\n 2049. $828,188" +} +{ + "_id": "d1a7169c0", + "title": "", + "text": "19. INCOME TAXES\nDeferred income taxes reflect the net effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. The components of our deferred tax assets and liabilities are as follows (in thousands):\nAs of September 27, 2019, we had $923.4 million of gross federal net operating loss (\"NOL\") carryforwards consisting of $479.2 million relating to the AppliedMicro Acquisition, $158.9 million relating to our acquisition of Mindspeed Technologies, Inc. in 2013, $26.2 million relating to our acquisition of BinOptics Corporation in 2014 and $259.1 million relating to losses generated by MACOM.\nThe federal NOL carryforwards will expire at various dates through 2037 for losses generated prior to the tax period ended September 28, 2018. For losses generated during the tax period ended September 28, 2018 and future years, the NOL carryforward period is infinite. The reported net operating loss carryforward includes any limitation under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, which applies to an ownership change as defined under Section 382.\n\n | September 27, 2019 | September 28, 2018\n---------------------------------------------------- | ------------------ | ------------------\nDeferred tax assets (liabilities): | | \nFederal and foreign net operating losses and credits | $263,199 | $321,982 \n Intangible assets | 9,887 | (94,929) \n Property and equipment | (1,473) | (6,293) \nOther non-current deferred tax assets | 16,933 | 13,850 \nDeferred compensation | — | 3,810 \nDeferred gain | — | 6,575 \nInterest | 7,170 | — \n Valuation allowance | (252,536) | (243,112) \nTotal deferred tax asset | $43,180 | $1,883 \n\n. INCOME TAXES\n Deferred taxes differences assets liabilities. deferred tax assets liabilities\n September 27, 2019 $923. 4 million federal net loss carryforwards $479. 2 million AppliedMicro Acquisition $158. 9 million Mindspeed Technologies. $26. 2 million BinOptics $259. 1 million MACOM.\n carryforwards expire 2037 losses. NOL carryforward infinite. loss limitation Sections 382 383 Internal Revenue Code 1986 ownership change.\n September 27, 2019 28, 2018\n Deferred tax assets\n Federal foreign net operating losses credits $263,199 $321,982\n Intangible assets 9,887\n Property equipment (1,473\n non-current deferred tax assets 16,933\n Deferred compensation\n gain\n Interest 7\n Valuation allowance\n Total deferred tax asset $43,180 $1" +} +{ + "_id": "d1b38b872", + "title": "", + "text": "Taxes\nAt €298 million (2017/18: €216 million), recognised income tax expenses are €81 million higher than the previous year’s figures.\nDuring the reporting period, the group tax rate for the continuing segment is 42.0% (2017/18: 37.6%). The group tax rate represents the relationship between recognised income tax expenses and earnings before taxes. The increase in the ratio in the current financial year is mainly attributable to impairments on deferred taxes on loss carry-forwards in Germany. The comparatively low ratio in the previous year includes positive one-off tax effects such as tax rate changes abroad and the reduction for risk provisions.\nFor more information about income taxes, see the notes to the consolidated financial statements in no. 12 – income taxes page 206 .\n1 Adjustment of previous year according to explanation in notes.\n\n€ million | 2017/2018 | 2018/2019\n-------------------------------------------------- | --------- | ---------\nActual taxes | 173 | 215 \nthereof Germany | (14) | (9) \nthereof international | (159) | (206) \nthereof tax expenses/income for the current period | (194) | (221) \nthereof tax expenses/income of previous periods | (−21) | (−6) \nDeferred taxes | 43 | 83 \nthereof Germany | (39) | (104) \nthereof international | (4) | (−21) \n | 216 | 298 \n\n\n €298 million (2017/18 €216 income tax expenses €81 million higher previous.\n group tax rate segment 42. 0% (2017/18 37. 6%). relationship income tax expenses earnings before taxes. increase deferred taxes loss-forwards Germany. low ratio previous year positive tax effects rate changes reduction risk provisions.\n notes consolidated financial statements. page 206.\n Adjustment previous year.\n € million 2017/2018 2018/2019\n taxes 173 215\n Germany\n (159) (206)\n expenses current period (194) (221)\n previous periods\n Deferred taxes 43\n Germany\n" +} +{ + "_id": "d1b395cd2", + "title": "", + "text": "Cash Conversion Cycle\nThe following table presents the components of our cash conversion cycle for the fourth quarter of each of the past three fiscal years:\n(1) Days sales outstanding, referred to as DSO, calculates the average collection period of our receivables. DSO is based on ending accounts receivable and net revenue for each period. DSO is calculated by dividing accounts receivable by average net revenue per day for the current quarter (91 days for each of the fourth quarters presented above). The year over year increases in DSO in the fourth quarter of fiscal 2019 and fiscal 2018 were primarily due to less favorable shipping linearity and, in the case of fiscal 2019, one of our major distributors choosing not to take advantage of an early payment discount.\n(2) Days inventory outstanding, referred to as DIO, measures the average number of days from procurement to sale of our products. DIO is based on ending inventory and cost of revenues for each period. DIO is calculated by dividing ending inventory by average cost of revenues per day for the current quarter. The increase in DIO in the fourth quarter of fiscal 2019 compared to the corresponding period of fiscal 2018 was primarily due to higher levels of finished goods on hand at the end of fiscal 2019. Compared to the corresponding period in fiscal 2017, the decrease in DIO in the fourth quarter of fiscal 2018 was due primarily to strong product sales towards the end of the fourth quarter of fiscal 2018.\n(3) Days payables outstanding, referred to as DPO, calculates the average number of days our payables remain outstanding before payment. DPO is based on ending accounts payable and cost of revenues for each period. DPO is calculated by dividing accounts payable by average cost of revenues per day for the current quarter. DPO for the fourth quarter of fiscal 2019 was relatively unchanged compared to the fourth quarter of fiscal 2018, while it increased compared to the corresponding period in fiscal 2017 was primarily the result of improved vendor payables management and extensions of payment terms with our suppliers.\n(4) The cash conversion cycle is the sum of DSO and DIO less DPO. Items which may cause the cash conversion cycle in a particular period to differ include, but are not limited to, changes in business mix, changes in payment terms (including extended payment terms from suppliers), the extent of shipment linearity, seasonal trends and the timing of revenue recognition and inventory purchases within the period.\n\n | Three Months Ended | | \n-------------------------------- | ------------------ | -------------- | --------------\n(in days) | | | \nThree Months Ended | April 26, 2019 | April 27, 2018 | April 28, 2017\nDays sales outstanding (1) | 70 | 58 | 45 \nDays inventory outstanding (2) | 21 | 18 | 26 \nDays payables outstanding (3) | (87) | (90) | (56) \nCash conversion cycle (4) | 3 | (14 ) | 15 \nDays may not add due to rounding | | | \n\nCash Conversion Cycle\n table presents components cash conversion cycle fourth quarter past three fiscal years\n Days sales outstanding DSO calculates average collection period receivables. based on accounts receivable net revenue. average net revenue per day current quarter (91 days. year over year increases DSO fourth quarter 2019 2018 due to less shipping linearity 2019 early payment discount.\n Days inventory outstanding DIO average days procurement to sale. based inventory cost revenues. calculated cost revenues per. increase DIO 2019 due to higher finished goods on hand. decrease DIO 2018 due to strong product sales.\n Days payables outstanding DPO calculates average days payables before payment. based accounts payable cost revenues. calculated dividing average cost revenues per day. fourth quarter 2019 unchanged 2018 increased 2017 improved vendor payables management extensions payment terms suppliers.\n cash conversion cycle sum of DSO DIO less DPO.cash conversion cycle business mix payment terms shipment linearity seasonal trends timing revenue recognition inventory purchases.\n Three Months Ended\n Three Months Ended April 26, 2019 27, 2018 April 28, 2017\n sales outstanding 45\n Days inventory outstanding 26\n Days payables outstanding (87) (90) (56)\n Cash conversion cycle 15\n Days add rounding" +} +{ + "_id": "d1b3a3652", + "title": "", + "text": "Common Stock Reserved for Issuance\nAs of July 31, 2019 and 2018, the Company was authorized to issue 500,000,000 shares of common stock with a par value of $0.0001 per share and, of these, 82,140,883 and 80,611,698 shares of common stock were issued and outstanding, respectively. Per the terms of the Company’s 2011 Stock Plan, on January first of each year, an additional number of shares equal to up to 5% of the number of shares of common stock issued and outstanding on the preceding December 31st is added to the Company’s 2011 Stock Plan reserve.\nAs of July 31, 2019 and 2018, the Company had reserved shares of common stock for future issuance as follows:\nIn March 2018, the Company completed a public offering of 2,628,571 shares of its common stock. The public offering price of the shares sold in the offering was $87.50 per share. No shares were sold by the Company’s stockholders in this public offering.\n\n | July 31, 2019 | July 31, 2018\n-------------------------------------------------- | -------------- | -------------\nExercise of stock options to purchase common stock | 216,727 | 537,064 \nVesting of restricted stock awards | 2,384,673 | 2,932,155 \nShares available for grant under stock plans | 24,776,361 | 21,592,494 \nTotal common stock reserved for issuance | 27,377,761 | 25,061,713 \n\nStock Reserved Issuance\n July 31, 2019 2018 Company authorized issue 500,000,000 shares par value $0. 0001 per share 82,140,883 80,611,698 shares issued outstanding. 2011 January first additional 5% added reserve.\n July future issuance\n March 2018 public offering 2,628,571 shares stock. price $87. 50 per share. No shares sold stockholders.\n 2019 2018\n Exercise stock options stock 216,727,064\n Vesting restricted stock awards 2,384,673 2,932,155\n Shares plans 24,776,361 21,592,494\n stock reserved issuance 27,377,761 25,061,713" +} +{ + "_id": "d1b354e62", + "title": "", + "text": "NOTE 5 – PROPERTY, PLANT AND EQUIPMENT\nProperty, plant and equipment is summarized as follows (in thousands):\nWe do not have leasehold improvements nor do we have capitalized leases. Costs of betterments are capitalized while maintenance costs and repair costs are charged to operations as incurred. When a depreciable asset is retired from service, the cost and accumulated depreciation will be removed from the respective accounts.\nDepreciation expense was $66 thousand and $73 thousand for each of the years ended December 31, 2019 and 2018, respectively.\n\n | December 31, | \n---------------------------------------- | ------------ | -------\n | 2019 | 2018 \nBuilding and improvements | $1,273 | $1,273 \nScientific equipment | 597 | 598 \nComputer hardware and software | 106 | 107 \nMachinery and equipment | 274 | 275 \nLand and improvements | 162 | 162 \nOther personal property | 70 | 70 \nOffice equipment | 27 | 27 \n | 2,509 | 2,512 \nLess: accumulated depreciation | (1,969) | (1,906)\nTotal property, plant and equipment, net | $ 540 | $ 606 \n\n5 PROPERTY PLANT EQUIPMENT\n summarized\n leasehold improvements capitalized leases. betterments capitalized maintenance repair charged. depreciable asset retired depreciation removed accounts.\n Depreciation expense $66 $73 thousand December 31, 2019 2018.\n Building improvements $1,273\n Scientific equipment 597\n Computer hardware software 106\n Machinery equipment 274\n Land improvements 162\n personal property 70\n Office equipment\n 2,509\n accumulated depreciation (1,969)\n Total property equipment $ 540" +} +{ + "_id": "d1b3538fa", + "title": "", + "text": "16. INCOME TAXES\nThe components of (loss) income before (benefit from) income taxes are:\n\n(in thousands) | 2019 | 2018 | 2017 \n------------------------------------------------ | ---------- | --------- | -------\nDomestic | $(51,396) | (27,494) | 57,493 \nForeign | (83,450) | 15,951 | 28,742 \n(Loss) income before (benefit from) income taxes | $(134,846) | $(11,543) | $86,235\n\n. INCOME TAXES\n components\n 2019 2018\n Domestic $(51,396) (27,494 57,493\n Foreign (83,450 15,951 28,742\n $(134,846) $(11,543) $86,235" +} +{ + "_id": "d1b331b10", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nOther Redeemable Noncontrolling Interests—During the year ended December 31, 2019, the Company entered into an agreement with MTN to acquire MTN’s noncontrolling interests in each of the Company’s joint ventures in Ghana and Uganda for total consideration of approximately $523.0 million. The transaction is expected to close in the first quarter of 2020, subject to regulatory approval and other closing conditions. In addition, the Company, through a subsidiary of ATC Europe, entered into an agreement with its local partners in France to form Eure-et-Loir Réseaux Mobiles SAS (“Eure-et-Loir”), a telecommunications infrastructure company that owns and operates wireless communications towers in France. The Company’s controlling interest in Eure-et-Loir is 51% with local partners holding a 49% noncontrolling interest. The agreement provides the local partners with put options, which allow them to sell outstanding shares of Eure-et-Loir to the Company, and the Company with call options, which allow it to buy the noncontrolling shares of Eure-et-Loir. The put options, which are not under the Company’s control, cannot be separated from the noncontrolling interests. As a result, the combination of the noncontrolling interests and the redemption feature requires classification as redeemable noncontrolling interests in the consolidated balance sheet, separate from equity. The value of the Eure-et-Loir interests as of December 31, 2019 was $2.7 million.\nThe changes in Redeemable noncontrolling interests for the years ended December 31, 2019, 2018 and 2017 were as follows:\n\n | | Year Ended December 31, | \n-------------------------------------------------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nBalance as of January 1, | $1,004.8 | $1,126.2 | $1,091.3\nAdditions to redeemable noncontrolling interests | 525.7 | — | — \nNet income (loss) attributable to noncontrolling interests | 35.8 | (87.9) | (33.4) \nAdjustment to noncontrolling interest redemption value | (35.8) | 86.7 | — \nAdjustment to noncontrolling interest due to merger | — | (28.1) | — \nPurchase of redeemable noncontrolling interest | (425.7) | — | — \nForeign currency translation adjustment attributable to noncontrolling interests | (8.3) | (92.1) | 68.3 \nBalance as of December 31, | $1,096.5 | $1,004.8 | $1,126.2\n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n Redeemable Noncontrolling December 31, 2019 Company agreement MTN acquire noncontrolling interests joint ventures Ghana Uganda approximately $523. 0 million. transaction first quarter 2020 regulatory approval. agreement local partners France Eure-et-Loir Réseaux Mobiles SAS wireless communications towers. controlling interest 51% local partners 49% noncontrolling interest. agreement provides partners put options call options buy noncontrolling shares. put options separated noncontrolling interests. redemption requires redeemable balance sheet equity. value Eure-et-Loir interests December 31, 2019 $2. 7 million.\n changes Redeemable noncontrolling interests years December 31, 2019 2018 2017\n Balance January 1 $1,004. $1,126. $1,091.\n Additions redeemable noncontrolling interests.\nincome noncontrolling interests 35.\n Adjustment noncontrolling interest redemption. 86.\n Adjustment merger (28.\n Purchase redeemable noncontrolling interest (425.\n currency adjustment noncontrolling interests. 68.\n Balance December $1,096. 5 $1,004. $1,126." +} +{ + "_id": "d1b37cc46", + "title": "", + "text": "xii. Shareholding as on March 31, 2019:\na. Distribution of equity shareholding as on March 31, 2019:\n\nNumber of shares | Holding | Percentage to capital | Number of accounts | Percentage to total accounts\n---------------- | ------------- | --------------------- | ------------------ | ----------------------------\n1 - 100 | 18,402,438 | 0.5 | 528,148 | 70.3 \n101 - 500 | 37,550,103 | 1.0 | 185,200 | 24.6 \n501 - 1000 | 14,900,327 | 0.4 | 20,749 | 2.8 \n1001 - 5000 | 27,199,737 | 0.7 | 13,897 | 1.9 \n5001 - 10000 | 9,150,929 | 0.2 | 1,292 | 0.2 \n10001 - 20000 | 8,811,580 | 0.2 | 622 | 0.1 \n20001 - 30000 | 5,636,878 | 0.2 | 230 | - \n30001 - 40000 | 5,424,479 | 0.1 | 154 | - \n40001- 50000 | 4,808,196 | 0.1 | 106 | - \n50001 -100000 | 21,790,964 | 0.6 | 304 | - \n100001 - above | 3,598,709,075 | 96.0 | 903 | 0.1 \nGRAND TOTAL | 3,752,384,706 | 100.0 | 751,605 | 100.0 \n\n. Shareholding March 31, 2019\n. Distribution equity\n shares Percentage capital accounts\n 1 - 100 18,402,438. 528,148.\n - 500 37,550,103. 185,200.\n 501 - 1000 14,900,327. 20,749.\n 1001 - 5000 27,199,737 .\n 5001 - 10000 9,150,929.\n 10001 - 20000 8,811,580 .\n 20001 - 30000 5,636,878.\n 30001 - 40000 5,424,479.\n 40001- 50000 4,808,196.\n 50001 -100000 21,790,964.\n 3,598,709,075.\n 3,752,384,706 . 751,605." +} +{ + "_id": "d1b3429f6", + "title": "", + "text": "19. Cash and cash equivalents\nCash at bank and in hand is denominated in the following currencies:\nCash balances with an original maturity of less than three months were held in current accounts during the year and attracted interest at a weighted average rate of 0.3% (2018: 0.3%).\n\n | 2019 | 2018\n------------------------ | ---- | ----\n | £m | £m \nSterling | 5.8 | 4.1 \nEuro | 0.1 | 0.2 \nCash at bank and in hand | 5.9 | 4.3 \n\n. Cash equivalents\n bank denominated currencies\n balances less three months held accounts attracted interest average 0. 3% (2018. 3%.\n 2019 2018\n £m\n Sterling 5. 8 4.\n Euro.\n bank hand 5. 9." +} +{ + "_id": "d1b33aff8", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES SCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (dollars in millions)\n(7) Primarily includes foreign currency exchange rate fluctuations and other deductions.\n\n | 2019 | 2018 | 2017 \n-------------------------------------------------------------- | ---------- | ---------- | ----------\nGross amount of accumulated depreciation at beginning | $(5,724.7) | $(5,181.2) | $(4,548.1)\nAdditions during period: | | | \nDepreciation | (768.4) | (751.4) | (718.7) \nOther | — | — | — \nTotal additions | (768.4) | (751.4) | (718.7) \nDeductions during period: | | | \nAmount of accumulated depreciation for assets sold or disposed | 121.4 | 129.3 | 100.7 \nOther (7) | (10.5) | 78.6 | (15.1) \nTotal deductions | 110.9 | 207.9 | 85.6 \nBalance at end | $(6,382.2) | $(5,724.7) | $(5,181.2)\n\nAMERICAN TOWER CORPORATION SUBSIDIARIES SCHEDULE REAL ESTATE ACCUMULATED DEPRECIATION\n foreign currency exchange rate fluctuations deductions.\n accumulated depreciation $(5,724. 7),181. 2),548.\n Additions\n (768. (751. (718.\n (768.\n Deductions\n accumulated depreciation assets sold disposed 121. 129. 3 100.\n. 78. (15.\n deductions 110. 9 207. 85.\n Balance $(6,382. 2)(5,724.,181." +} +{ + "_id": "d1b366e96", + "title": "", + "text": "Note 11: Income Taxes\nThe provision for income tax expense (benefit) is as follows (amounts in thousands):\n(1) Fiscal years ended March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\nThe Company realized a deferred tax expense (benefit) for fiscal years ended 2019, 2018 and 2017 of ($50.1) million, $0.6 million and $1.2 million, respectively, in U.S. and certain foreign jurisdictions based on changes in judgment about the realizability of deferred tax assets in future years.\n\n | | Fiscal Years Ended March 31, | \n------------------------------------------------------------- | --------- | ---------------------------- | ------\n | 2019 | 2018 | 2017 \nCurrent: | | | \nFederal | $170 | $223 | $— \nState and local | 161 | 50 | 62 \nForeign | 9,966 | 8,295 | 4,247 \nTotal current income tax expense from continuing operations | 10,297 | 8,568 | 4,309 \nDeferred: | | | \nFederal | (43,804) | (807) | (6) \nState and local | (773) | (96) | (97) \nForeign (1) | (5,180) | 1,467 | 88 \nDeferred tax expense (benefit) from continuing operations (1) | (49,757) | 564 | (15) \nProvision for income tax expense (benefit) (1) | $(39,460) | $9,132 | $4,294\n\nIncome Taxes\n expense\n Fiscal years March 2018 2017 adjusted ASC 606.\n Company realized deferred tax expense 2017$50. million. 6 million $1. 2 million. foreign jurisdictions deferred tax.\n Fiscal Years Ended March\n 2019\n Current\n Federal $170 $223\n State local\n Foreign 9,966 8,295 4,247\n income tax expense operations 10,297 8,568 4,309\n Deferred\n Federal (43,804)\n State local\n Foreign (5,180 1,467\n Deferred tax expense) operations (49,757)\n Provision income tax expense (benefit $(39,460) $9,132 $4,294" +} +{ + "_id": "d1b32ec76", + "title": "", + "text": "Amounts recognized in Accumulated other comprehensive income (loss) at March 31, 2019 and 2018 consist of the following (amounts in thousands):\nAlthough not reflected in the table above, the tax effect on the pension balances was $2.4 million and $2.3 million as of March 31, 2019 and 2018, respectively.\n\n | Pension | | Other Benefits | \n--------------------------------------------- | ------- | ------- | -------------- | ------\n | 2019 | 2018 | 2019 | 2018 \nNet actuarial loss (gain) | $16,864 | $15,691 | $(793) | $(879)\nPrior service cost | 1,325 | 1,413 | — | — \nAccumulated other comprehensive (income) loss | $18,189 | $17,104 | $(793) | $(879)\n\nAccumulated income March 31, 2019 2018\n tax effect pension balances $2. 4 million $2. 3 million March 31, 2019 2018.\n Benefits\n Net actuarial loss $16,864 $15,691 $(793) $(879)\n service cost 1,325\n Accumulated loss $18,189 $17,104 $(793) $(879" +} +{ + "_id": "d1a718108", + "title": "", + "text": "Year Ended December 31, 2018 Compared to the Year Ended December 31, 2017\nOur management reviews and analyzes several key financial measures in order to manage our business and assess the quality of and variability of our service revenue, operating results and cash flows. The following summary tables present a comparison of our results of operations with respect to certain key financial measures. The comparisons illustrated in the tables are discussed in greater detail below.\n\n | Year Ended December 31, | | \n---------------------------------- | ----------------------- | ------- | -------\n | 2018 | 2017 | Change \nOther Operating Data | | | \nAverage Revenue Per Unit (ARPU) | | | \nARPU—on-net | $ 480 | $ 506 | (5.1)% \nARPU—off-net | $ 1,155 | $ 1,239 | (6.8)% \nAverage price per megabit | $ 0.82 | $ 1.11 | (25.9)%\nCustomer Connections—end of period | | | \nOn-net | 68,770 | 61,334 | 12.1% \nOff-net | 10,974 | 9,953 | 10.3% \n\nEnded December 31, 2018 2017\n management reviews financial measures service revenue operating results cash flows. tables comparison results financial measures. comparisons discussed.\n Ended December 31,\n 2018 2017\n Operating Data\n Average Revenue Per Unit (ARPU)\n-net $ 480 $ 506.\n-net $ 1,155 $ 1,239.\n Average price megabit $. 82 $ 1.\n Customer Connections—end period\n On-net 68,770 61,334 12.\n Off-net 10,974." +} +{ + "_id": "d1b2e4c34", + "title": "", + "text": "Consolidated\nThe table below presents a summary of our results of operations for fiscal years 2019 and 2018. See Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended March 31, 2018, filed with the SEC on May 21, 2018, for Management’s Discussions and Analysis of Financial Condition and Results of Operations for the fiscal year ended April 1, 2017.\nREVENUE\nOur overall revenue increased $116.8 million in fiscal 2019, compared to fiscal 2018, primarily due to higher demand for our mobile products in support of customers based in China as well as higher demand for our base station products, partially offset by a decrease in revenue due to weakness in marquee smartphone demand experienced by our largest end customer.\nWe provided our products to our largest end customer (Apple) through sales to multiple contract manufacturers, which in the aggregate accounted for 32% and 36% of total revenue in fiscal years 2019 and 2018, respectively. Huawei accounted for approximately 13% and 8% of our total revenue in fiscal years 2019 and 2018, respectively. These customers primarily purchase RF and Wi-Fi solutions for cellular base stations and a variety of mobile devices, including smartphones, wearables, laptops, tablets and cellular-based applications for the IoT. In May 2019, the U.S. government imposed restrictions on the sales of products to Huawei (see Note 2 of the Notes to the Consolidated Financial Statements set forth in Part II, Item 8 of this report).\nInternational shipments amounted to $2,610.0 million in fiscal 2019 (approximately 84% of revenue) compared to $2,449.1 million in fiscal 2018 (approximately 82% of revenue). Shipments to Asia totaled $2,446.3 million in fiscal 2019 (approximately 79% of revenue) compared to $2,329.3 million in fiscal 2018 (approximately 78% of revenue).\nGROSS MARGIN\nGross margin was relatively flat for fiscal 2019 as compared to fiscal 2018, with average selling price erosion offset by favorable changes in product mix.\nOPERATING EXPENSES\nResearch and Development\nIn fiscal 2019, R&D spending increased $5.4 million, compared to fiscal 2018, primarily due to higher personnel related costs, partially offset by lower product development spend driven by R&D efficiency initiatives.\nSelling, General and Administrative\nIn fiscal 2019, selling, general and administrative expense decreased $51.7 million, or 9.8%, compared to fiscal 2018, primarily due to lower intangible amortization, partially offset by higher personnel related costs.\nOther Operating Expense\nIn fiscal 2019, other operating expense was $52.2 million. In fiscal 2019, we recognized $15.9 million of asset impairment charges (to adjust the carrying value of certain property and equipment to reflect fair value) and $11.6 million of employee termination benefits as a result of restructuring actions (see Note 11 of the Notes to the Consolidated Financial Statements set forth in Part II, Item 8 of this report for information on restructuring actions). In fiscal 2019, we also recorded $18.0 million of start-up costs related to new processes and operations in existing facilities.\nIn fiscal 2018, other operating expense was $103.8 million. In fiscal 2018, we initiated restructuring actions to improve operating efficiencies, and, as a result of these actions, we recorded approximately $18.3 million of employee termination benefits and adjusted the carrying value of certain held for sale assets located in China and the U.S. to fair market value (resulting in impairment charges totaling approximately $46.3 million). In fiscal 2018, we also recorded integration costs and restructuring costs of $6.2 million and $2.6 million, respectively, associated with the Business Combination, as well as $24.3 million of start-up costs related to new processes and operations in both existing and new facilities.\nOPERATING INCOME\nOur overall operating income was $216.5 million for fiscal 2019, compared to $70.3 million for fiscal 2018. This increase was primarily due to lower intangible amortization, higher revenue, and lower impairment charges on property and equipment.\n\n | 2019 | | 2018 | \n------------------------------------ | ---------- | ------------ | ---------- | ------------\n(In thousands, except percentages) | Dollars | % of Revenue | Dollars | % of Revenue\nRevenue | $3,090,325 | 100.0% | $2,973,536 | 100.0% \nCost of goods sold | 1,895,142 | 61.3 | 1,826,570 | 61.4 \nGross profit | 1,195,183 | 38.7 | 1,146,966 | 38.6 \nResearch and development | 450,482 | 14.6 | 445,103 | 15.0 \nSelling, general, and administrative | 476,074 | 15.4 | 527,751 | 17.7 \nOther operating expense | 52,161 | 1.7 | 103,830 | 3.5 \nOperatingincome | $216,466 | 7.0% | $70,282 | 2.4% \n\n\n table results fiscal 2019 2018. Part II Item 7 Annual Report Form 10-K March 31, 2018 SEC May 21, Analysis Financial Condition Results April 1, 2017.\n REVENUE\n increased $116. 8 million 2019 due higher demand mobile products base station products offset decrease smartphone demand.\n provided products contract manufacturers 32% 36% revenue 2019 2018. Huawei 13% 8% revenue. purchase RF Wi-Fi solutions cellular base stations mobile devices smartphones wearables tablets. May 2019 U. S. government imposed restrictions sales Huawei Note 2 Financial Statements Part II 8.\n International shipments $2,610. 0 million 2019 84% revenue $2,449. 1 million 2018 82%. Shipments Asia $2,446. 3 million 79% revenue $2,329. 3 million 2018 78%.\n GROSS MARGIN\n flat selling price erosion offset product mix.\n Research Development\n R spending increased $5.million 2018 higher personnel costs lower product development spend R&D.\n Selling General Administrative\n 2019 expense decreased $51. 7 million 9. 8% lower intangible amortization higher personnel costs.\n Other Operating Expense\n $52. 2 million. recognized $15. 9 million impairment charges $11. 6 million employee termination benefits restructuring Note 11 Financial Statements II. recorded $18. 0 million start-up costs processes.\n operating expense $103. 8 million. initiated restructuring actions efficiencies recorded $18. 3 million employee termination benefits adjusted value assets China. fair market value charges $46. 3 million. recorded integration restructuring costs $6. 2 million $2. 6 million $24. 3 million start-up costs.\n OPERATING INCOME\n income $216. 5 million 2019 $70. 3 million 2018. due lower intangible amortization higher revenue lower impairment charges property equipment.\npercentages Dollars % Revenue\n $3,090,325. $2,973,536.\n goods sold 1,895,142 61.\n profit 1,195,183. 1,146,966.\n Research development 450,482. 445,103.\n Selling 476,074. 527,751 17.\n operating expense 52,161. 103,830 3.\n Operatingincome $216,466. $70,282." +} +{ + "_id": "d1a72f8c6", + "title": "", + "text": "Total Revenues and Operating Expenses\nExcluding the effects of currency rate fluctuations, our total revenues increased in fiscal 2019 relative to fiscal 2018 due to growth in our cloud and license revenues, partially offset by decreases in our hardware revenues and services revenues. The constant currency increase in our cloud and license revenues during fiscal 2019 relative to fiscal 2018 was attributable to growth in our cloud services and license support revenues as customers purchased our applications and infrastructure technologies via cloud deployment models and license deployment models and renewed their related cloud and license support contracts to continue to gain access to our latest technology and support services, and was also attributable to growth in our cloud license and on-premise license revenues. The constant currency decreases in our hardware revenues during fiscal 2019 relative to fiscal 2018 were due to a reduction in our hardware products revenues and hardware support revenues primarily due to the emphasis we placed on the marketing and sale of our cloud-based infrastructure technologies, which resulted in reduced sales volumes of certain of our hardware product lines and also impacted the volume of customers that purchased hardware support contracts. The constant currency decrease in our services revenues during fiscal 2019 relative to fiscal 2018 was attributable to declines in our consulting and education services revenues. In constant currency, the Americas, EMEA and Asia Pacific regions contributed 40%, 33% and 27%, respectively, to the growth in our fiscal 2019 total revenues.\nExcluding the effects of currency rate fluctuations, our total operating expenses increased during fiscal 2019 relative to fiscal 2018 primarily due to higher expenses related to our cloud and license business, which resulted primarily from increased headcount and infrastructure expenses to support the increase in our cloud and license business’ revenues. This constant currency expense increase was partially offset by certain expense decreases in fiscal 2019 relative to fiscal 2018, primarily lower expenses related to our hardware business and lower restructuring expenses.\nIn constant currency, our total operating margin increased during fiscal 2019 relative to fiscal 2018 primarily due to the increase in revenues and total operating margin as a percentage of total revenues remained flat.\n(1) Comprised of Europe, the Middle East and Africa\n\nYear Ended May 31, | | | | \n----------------------------------------------- | ------- | ------ | -------------- | -------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nTotal Revenues by Geography: | | | | \nAmericas | $21,856 | 1% | 2% | $21,648\nEMEA (1) | 11,270 | -1% | 3% | 11,409 \nAsia Pacific | 6,380 | 1% | 5% | 6,326 \nTotal revenues | 39,506 | 0% | 3% | 39,383 \nTotal Operating Expenses | 25,971 | -1% | 2% | 26,119 \nTotal Operating Margin | $13,535 | 2% | 5% | $13,264\nTotal Operating Margin % | 34% | | | 34% \n% Revenues by Geography: | | | | \nAmericas | 55% | | | 55% \nEMEA | 29% | | | 29% \nAsia Pacific | 16% | | | 16% \nTotal Revenues by Business: | | | | \nCloud and license | $32,562 | 2% | 4% | $31,994\nHardware | 3,704 | -7% | -5% | 3,994 \nServices | 3,240 | -5% | -2% | 3,395 \nTotal revenues | $39,506 | 0% | 3% | $39,383\n% Revenues by Business: | | | | \nCloud and license | 83% | | | 81% \nHardware | 9% | | | 10% \nServices | 8% | | | 9% \n(1) | | | | \nComprised of Europe, the Middle East and Africa | | | | \n\nRevenues Operating Expenses\n Excluding currency fluctuations revenues increased 2019 due to growth cloud license revenues offset by decreases hardware services revenues. constant currency increase cloud license revenues attributable to growth cloud services license support revenues customers applications infrastructure contracts growth cloud license on-premise license revenues. constant currency decreases hardware revenues due to reduction hardware support revenues due to emphasis on marketing cloud-based infrastructure technologies reduced sales volumes support contracts. constant currency decrease services revenues to declines consulting education services revenues. Americas EMEA Asia Pacific regions contributed 40% 33% 27%, to growth 2019 total revenues.\n operating expenses increased 2019 due to higher expenses cloud license business increased headcount infrastructure expenses. expense increase offset by expense decreases 2019 lower expenses hardware business lower restructuring expenses.\n total operating margin increased 2019 due to increase revenues remained flat.\n Europe Middle East Africa\n Year Ended May 31,\n\n Percent Change\n 2019 2018\n Revenues Geography\n Americas $21,856 1% 2% $21,648\n EMEA 11,270 -1% 3%\n Asia Pacific 6,380 1%\n revenues 39,506 0% 3% 39,383\n Operating Expenses 25,971 -1%\n Operating Margin $13,535 $13,264\n 34%\n Revenues\n Americas 55%\n EMEA 29%\n Asia Pacific 16%\n Revenues Business\n Cloud license $32,562 2% 4% $31,994\n Hardware 3,704 -7% -5%\n Services 3,240 -5% 3\n revenues $39,506 0% 3% $39,383\n Revenues Business\n Cloud license 83%\n Hardware\n Services 8%\n Europe Middle East Africa" +} +{ + "_id": "d1b2f9698", + "title": "", + "text": "16. FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES\nThe majority of NAT and its subsidiaries’ transactions, assets and liabilities are denominated in United States dollars, the functional currency of the Company. There is no significant risk that currency fluctuations will have a negative effect on the value of the Company’s cash flows.\nThe Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value for those assets that are recorded on the Balance Sheet at fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows:\nLevel 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.\nLevel 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and\nLevel 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.\nThe following methods and assumptions were used to estimate the fair value of each class of financial instruments and other financial assets.\n-  The carrying value of cash and cash equivalents and marketable securities, is a reasonable estimate of fair value.\n-  The estimated fair value for the long-term debt is considered to be equal to the carrying values since it bears spreads and variable interest rates which approximate market rates.\nThe carrying value and estimated fair value of the Company`s financial instruments at December 31, 2019 and 2018, are as follows:\n* The 2019 Senior Secured Credit Facility and Vessel financing 2018 Newbuildings carry a floating LIBOR interest rate, plus a margin and the fair value is assumed to equal the carrying value.\n\nAll figures in USD ‘000 | Fair Value\nHierarchy\nLevel | 2019\nFair\nValue | 2019\nCarrying\nValue | 2018\nFair\nValue | 2018\nCarrying\nValue\n-------------------------------------- | -------------------------- | --------------- | ------------------- | --------------- | -------------------\nRecurring: | | | | | \nCash and Cash Equivalents | 1 | 48,847 | 48,847 | 49,327 | 49,327 \nRestricted Cash | 1 | 12,791 | 12,791 | - | - \nCredit Facility | 2 | - | - | (313,400) | (313,400) \n2019 Senior Secured Credit Facility* | 2 | (291,798) | (291,798) | - | - \nInvestment Securities | 1 | 825 | 825 | 4,197 | 4,197 \nVessel financing 2018 Newbuildings* | 2 | (119,867) | (119,867) | (127,140) | (127,140) \n\n. FINANCIAL INSTRUMENTS FAIR VALUE DISCLOSURES\n majority subsidiaries’ transactions assets liabilities denominated in United States dollars. no risk currency fluctuations cash flows.\n Company categorizes fair value estimates hierarchy inputs Balance Sheet. hierarchy three levels\n Level 1. Quoted prices markets.\n Level 2. Inputs\n Level 3. Unobservable inputs little no market data assumptions.\n methods assumptions fair value financial instruments.\n carrying value of cash equivalents marketable securities estimate fair value.\n estimated value long-term debt equal carrying values spreads variable interest rates market rates.\n carrying value estimated fair value Company financial instruments at December 31, 2019 2018\n 2019 Senior Secured Credit Facility Vessel financing 2018 Newbuildings carry floating LIBOR interest rate margin fair value equal carrying value.\n figures in USD Fair Value\n Hierarchy\n 2019\n 2018\nRecurring\n Cash Equivalents 48,847 49,327\n Restricted Cash 12,791\n Credit Facility (313,400)\n 2019 Senior Secured Credit Facility (291,798)\n Investment Securities 825 4,197\n Vessel financing 2018 Newbuildings (119,867) (127,140)" +} +{ + "_id": "d1a73d6ec", + "title": "", + "text": "Movements in ordinary share capital\nOrdinary Shares\nOrdinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital.\nOn a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.\n\n | | | Issue price | \n------------- | ---------------- | ----------- | ----------- | -------\nDetails | Date | Shares | AU$US | $’000 \nBalance | 1 July 2017 | 130,215,813 | | 125,177\nShares issued | 23 February 2018 | 69,129 | $8.52 | 458 \nBalance | 30 June 2018 | 130,284,942 | | 125,635\nShares issued | 24 August 2018 | 69,129 | $8.46 | 423 \nShare issued | 24 August 2018 | 28,407 | $0.00 | - \nShare issued | 21 December 2018 | 129,044 | $0.00 | - \nBalance | 30 June 2019 | 130,511,522 | | 126,058\n\nordinary share capital\n entitle participate dividends proceeds paid. fully paid shares no par value limited authorised capital.\n member one vote poll share one vote.\n Issue price\n Shares AU$US\n Balance 1 July 2017 130,215,813 125,177\n Shares 23 February 2018 69,129 $8. 52\n 30 June 2018 130,284,942 125,635\n Shares 24 August 2018 69,129 $8.\n 28,407 $0.\n 21 December 2018 129,044 $0.\n Balance 30 June 2019 130,511,522 126,058" +} +{ + "_id": "d1b3856e8", + "title": "", + "text": "Uncertain Tax Positions\nAs of June 30, 2019, 2018, and 2017, we had accrued interest expense related to uncertain tax positions of $3.4 billion, $3.0 billion, and $2.3 billion, respectively, net of income tax benefits. The provision for (benefit from) income taxes for fiscal years 2019, 2018, and 2017 included interest expense related to uncertain tax positions of $515 million, $688 million, and $399 million, respectively, net of income tax benefits.\nThe aggregate changes in the gross unrecognized tax benefits related to uncertain tax positions were as follows:\nWe settled a portion of the Internal Revenue Service (“IRS”) audit for tax years 2004 to 2006 in fiscal year 2011. In February 2012, the IRS withdrew its 2011 Revenue Agents Report related to unresolved issues for tax years 2004 to 2006 and reopened the audit phase of the examination. We also settled a portion of the IRS audit for tax years 2007 to 2009 in fiscal year 2016, and a portion of the IRS audit for tax years 2010 to 2013 in fiscal year 2018. We remain under audit for tax years 2004 to 2013. We expect the IRS to begin an examination of tax years 2014 to 2017 within the next 12 months.\nAs of June 30, 2019, the primary unresolved issues for the IRS audits relate to transfer pricing, which could have a material impact on our consolidated financial statements when the matters are resolved. We believe our allowances for income tax contingencies are adequate. We have not received a proposed assessment for the unresolved issues and do not expect a final resolution of these issues in the next 12 months. Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies for these issues within the next 12 months.\nWe are subject to income tax in many jurisdictions outside the U.S. Our operations in certain jurisdictions remain subject to examination for tax years 1996 to 2018, some of which are currently under audit by local tax authorities. The resolution of each of these audits is not expected to be material to our consolidated financial statements.\n\n(In millions) | | | \n------------------------------------------------------- | --------- | --------- | ---------\nYear Ended June 30, | 2019 | 2018 | 2017 \nBeginning unrecognized tax benefits | $ 11,961 | $ 11,737 | $ 10,164 \nDecreases related to settlements | (316) | (193) | (4) \nIncreases for tax positions related to the current year | 2,106 | 1,445 | 1,277 \nIncreases for tax positions related to prior years | 508 | 151 | 397 \nDecreases for tax positions related to prior years | (1,113) | (1,176) | (49) \nDecreases due to lapsed statutes of limitations | 0 | (3) | (48) \nEnding unrecognized tax benefits | $ 13,146 | $ 11,961 | $ 11,737\n\nUncertain Tax Positions\n June 30, 2019 2018 2017 accrued interest expense $3. 4 billion $3. 0 billion $2. 3 billion net income tax benefits. provision income taxes 2019 2018 2017 included interest expense positions $515 million $688 million $399 million.\n changes unrecognized tax benefits\n settled Internal audit 2004 to 2006 2011. 2012, withdrew 2011 Revenue Agents Report unresolved issues reopened audit. settled 2007 to 2009 2016, 2010 to 2013 2018. under audit 2004 to 2013. examination years 2014 to 2017 12 months.\n June 30, 2019 primary unresolved issues transfer pricing financial statements. allowances income tax contingencies adequate. proposed assessment expect final resolution 12 months. anticipate significant increase decrease tax contingencies.\n subject income tax jurisdictions outside U. S. operations examination years 1996 to 2018 under audit. resolution not consolidated financial statements.\n\n Ended June 30 2019\n tax benefits $ 11,961 11,737 10,164\n Decreases settlements (316) (193)\n current year 2,106 1,445 1,277\n prior years 508 151 397\n (1,113),176 (49)\n lapsed statutes limitations\n Ending tax benefits $ 13,146 11,961,737" +} +{ + "_id": "d1b33cd08", + "title": "", + "text": "Other non-operating results\nThe following details our other consolidated results for the years ended December 31, 2019 and 2018:\nInterest expense: Interest expense increased by $1.2 million to $103.1 million for the year ended December 31, 2019 compared to $101.9 million for the same period in 2018. The increase in interest expense was primarily due to:\n• $28.9 million lower capitalized interest on borrowing costs in relation to our investment in the Hilli FLNG conversion following acceptance of the vessel by the charterer in May 2018; and\n• $1.5 million interest on the term loan facility, drawn in September 2019.\nThis was partially offset by reduced interest costs due to lower LIBOR rates, resulting in:\n• $12.4 million decrease in interest expense arising on the loan facilities of our consolidated lessor VIEs;\n• $8.7 million capitalized interest on borrowing costs in relation to our investments;\n• $6.5 million decrease in interest expense incurred on the deposits received from Golar Partners following application of the deposit to the Hilli acquisition price and the conversion of the Hilli shareholder loans to equity following the Hilli Disposal in July 2018; and\n• $1.0 million decrease in interest expense on the Hilli letter of credit, due to a contractual step down in the Hilli letter of credit from $300 million to $250 million in May 2019, and a further step down to $125 million in November 2019.\nLosses on derivative instruments: Losses on derivative instruments increased by $7.5 million to a loss of $38.0 million for the year ended December 31, 2019 compared to a loss of $30.5 million for the same period in 2018. The movement was primarily due to:\nNet unrealized and realized (losses)/gains on interest rate swap agreements: As of December 31, 2019, we have an interest rate swap portfolio with a notional amount of $737.5 million, none of which are designated as hedges for accounting purposes. Net unrealized losses on the interest rate swaps increased to a loss of $16.5 million for the year ended December 31, 2019 compared to a gain of $0.6 million for the same period in 2018, due to a decline in the long-term swap rates, partially offset by the decreased notional value of our swap portfolio over the period. Realized gains on our interest rate swaps decreased to a gain of $6.4 million for the year ended December 31, 2019, compared to a gain of $8.1 million for the same period in 2018. The decrease was primarily due to lower LIBOR rates for the year ended December 31, 2019.\nUnrealized losses on Total Return Swap: In December 2014, we established a three month facility for a Stock Indexed Total Return Swap Programme or Equity Swap Line with DNB Bank ASA in connection with a share buyback scheme. In November 2019, we repurchased 1.5 million shares underlying the equity swap. The remaining facility has been extended to March 2020. The equity swap derivatives mark-to-market adjustment resulted in a net loss of $30.5 million recognized in the year ended December 31, 2019 compared to a loss of $30.7 million for the same period in 2018. The losses in 2019 and 2018 are due to the decline in our share price.\nUnrealized mark-to-market losses on Earn-Out Units: This relates to the mark-to-market movement on the Earn-Out Units issuable in connection with the IDR reset transaction in October 2016, which we recognize as a derivative asset in our consolidated financial statements. The decrease in Golar Partners' quarterly distribution to $0.4042 per common unit on October 24, 2018 resulted in the contingent Earn-Out Units arising out of the IDR reset transaction in October 2016 not crystallizing and, accordingly, we recognized a mark-to-market loss of $7.4 million for the year ended December 31, 2018, effectively reducing the derivative asset to $nil at December 31, 2018. There was no comparative movement for the year ended December 31, 2019.\nOther financial items, net: Other financial items, net decreased by $4.0 million to a loss of $5.5 million for the year ended December 31, 2019 compared to $1.5 million for the same period in 2018 primarily as a result of consolidating our lessor VIEs.\nNet income attributable to non-controlling interests: Net income attributable to non-controlling interests increased by $26.4 million to $89.6 million for the year ended December 31, 2019 compared to $63.2 million for the same period in 2018 mainly due to the completion of the Hilli Disposal in July 2018. The non-controlling interest in relation to the Hilli Disposal for the year ended December 31, 2019 amounted to $61.7 million, compared to $31.3 million for the same period in 2018.\nThe net income attributable to non-controlling interests comprises of: • $36.5 million and $19.7 million in relation to the non-controlling shareholders who hold interests in Hilli LLC for the year ended December 31, 2019 and 2018, respectively; • $0.5 million in relation to the non-controlling shareholders who hold interests in Gimi MS Corporation for the year ended December 31, 2019, following the subscription of 30% equity interest by First FLNG Holdings in April 2019; and • $28.3 million and $31.9 million in relation to the equity interests in our remaining lessor VIEs for the year ended December 31, 2019 and 2018, respectively.\n\n | | December 31, | | \n---------------------------------------------------- | --------- | ------------ | -------- | --------\n(in thousands of $) | 2019 | 2018 | Change | % Change\nInterest income | 10,479 | 10,133 | 346 | 3% \nInterest expense | (103,124) | (101,908) | (1,216) | 1% \nLosses on derivative instruments | (38,044) | (30,541) | (7,503) | 25% \nOther financial items, net | (5,522) | (1,481) | (4,041) | 100% \nIncome taxes | (1,024) | (1,267) | 243 | (19)% \nNet income attributable to non-controlling interests | (89,581) | (63,214) | (26,367) | 42% \n\nnon-operating results\n consolidated results December 2019 2018:\n Interest expense increased $1. 2 million $103. 1 million 2019 $101. 9 million 2018. due\n $28. 9 million lower interest borrowing costs Hilli FLNG conversion 2018\n $1. 5 million interest term loan facility 2019.\n offset reduced interest costs lower LIBOR rates\n $12. 4 million decrease interest expense\n $8. 7 million interest borrowing costs\n $6. 5 million decrease interest deposits Golar Partners conversion shareholder loans equity 2018\n $1. 0 million decrease interest expense Hilli letter credit $300 million to $250 million May 2019 $125 million November 2019.\n Losses derivative instruments increased $7. 5 million $38. 0 million December 31, 2019 $30. 5 million 2018. due\n unrealized interest rate swap agreements portfolio $737. 5 million hedges. unrealized losses $16. 5 million gain $0.million 2018 decline long-term swap rates decreased value swap portfolio. gains interest rate swaps decreased $6. 4 million December 31, 2019 $8. 1 million 2018. lower LIBOR rates.\n Unrealized losses Total Return Swap 2014, three month Stock Indexed Total Return Swap DNB Bank. November 2019 repurchased 1. 5 million shares. extended March 2020. net loss $30. 5 million December 31, 2019 $30. 7 million 2018. losses due decline share price.\n Unrealized mark-to-market losses Earn-Out Units IDR reset 2016, derivative asset. decrease Golar Partners quarterly distribution $0. 4042 per common unit October 24 2018 Units mark-to-market loss $7. 4 million derivative asset $nil December 31,. no comparative movement December 31, 2019.\n Other financial items decreased $4. 0 million loss $5. 5 million 2019 $1. 5 million 2018 consolidating VIEs.\nincome non-controlling interests increased $26. 4 million to $89. 6 million December 2019 $63. 2 million 2018 Hilli Disposal July 2018. non-controlling interest $61. 7 million $31. 3 million 2018.\n income $36. 5 million $19. 7 million Hilli LLC $0. 5 million Gimi MS Corporation 30% equity interest First FLNG Holdings 2019 $28. 3 million $31. 9 million equity interests remaining lessor VIEs.\n Interest income 10,479 3%\n Interest expense (103,124\n Losses on derivative instruments (38,044) (30,541) (7,503) 25%\n Other financial items (5,522) (1,481) (4,041) 100%\n Income taxes (1,024) (1,267)\n Net income non-controlling interests (89,581) (63,214) (26,367 42%" +} +{ + "_id": "d1b3a2ac2", + "title": "", + "text": "TOTAL BCE CUSTOMER CONNECTIONS\n(1) At the beginning of Q1 2019, we adjusted our wireless subscriber base to remove 167,929 subscribers (72,231 postpaid and 95,698 prepaid) as follows: (A) 65,798 subscribers (19,195 postpaid and 46,603 prepaid), due to the completion of the shutdown of the CDMA network on April 30, 2019, (B) 49,095 prepaid subscribers as a result of a change to our deactivation policy, mainly from 120 days for Bell/Virgin Mobile and 150 days for Lucky Mobile to 90 days, (C) 43,670 postpaid subscribers relating to IoT due to the further refinement of our subscriber definition as a result of technology evolution, and (D) 9,366 postpaid fixed wireless Internet subscribers which were transferred to our retail high-speed Internet subscriber base.\n(2) At the beginning of Q4 2018, we adjusted our postpaid wireless subscriber base to remove 20,000 subscribers that we divested to Xplornet as a result of BCE’s acquisition of MTS in 2017.\n(3) As of January 1, 2019, we are no longer reporting wholesale subscribers in our Internet, TV and residential NAS subscriber bases reflecting our focus on the retail market. Consequently, we restated previously reported 2018 subscribers for comparability.\nBCE added 657,323 net new retail customer connections to its retail growth services in 2019, representing a 6.4% increase over 2018. This consisted of: • 401,955 postpaid wireless customers, and 113,454 prepaid wireless customers • 135,861 retail high-speed Internet customers • 6,053 retail TV customers comprised of 91,476 retail IPTV net customer additions and 85,423 retail satellite TV net customer losses\nRetail residential NAS net losses were 263,325 in 2019, increasing by 1.7% over 2018.\nTotal BCE retail customer connections across all retail services grew by 1.3% in 2019, compared to last year, driven by an increase in our retail growth services customer base, offset in part by continued erosion in traditional retail residential NAS lines.\nAt the end of 2019, BCE retail customer connections totaled 18,983,510, and were comprised of the following: • 9,957,962 wireless subscribers, up 3.6% compared to 2018, comprised of 9,159,940 postpaid subscribers, an increase of 3.7% over last year, and 798,022 prepaid subscribers, up 2.3% year over year • 3,555,601 retail high-speed Internet subscribers, 4.3% higher than last year • 2,772,464 total retail TV subscribers, up 0.2% compared to 2018, comprised of 1,767,182 retail IPTV customers, up 5.5% year over year, and 1,005,282 retail satellite TV subscribers, down 7.8% year over year • 2,697,483 retail residential NAS lines, a decline of 8.9% compared to 2018\n\n | 2019 | 2018 | % CHANGE\n--------------------------------------------- | ---------- | ---------- | --------\nWireless subscribers [1][2] | 9,957,962 | 9,610,482 | 3.6% \nPostpaid [1][2] | 9,159,940 | 8,830,216 | 3.7% \nPrepaid [1] | 798,022 | 780,266 | 2.3% \nRetail high-speed Internet subscribers [1][3] | 3,555,601 | 3,410,374 | 4.3% \nRetail TV subscribers [3] | 2,772,464 | 2,766,411 | 0.2% \nIPTV | 1,767,182 | 1,675,706 | 5.5% \nSatellite | 1,005,282 | 1,090,705 | (7.8%) \nTotal growth services subscribers | 16,286,027 | 15,787,267 | 3.2% \nWireline retail residential NAS lines [3] | 2,697,483 | 2,960,808 | (8.9%) \nTotal services subscribers | 18,983,510 | 18,748,075 | 1.3% \n\nBCE CUSTOMER CONNECTIONS\n Q1 2019 adjusted wireless subscriber base 167,929 (72,231 postpaid 95,698 prepaid 65,798 subscribers (19,195 postpaid 46,603 shutdown CDMA network April 30, 2019 49,095 prepaid deactivation policy 90 43,670 postpaid 9,366 postpaid transferred retail high-speed Internet.\n Q4 2018 postpaid wireless base 20,000 subscribers Xplornet acquisition MTS 2017.\n January 1, 2019 reporting wholesale subscribers Internet TV residential NAS retail market. restated 2018 subscribers.\n added 657,323 retail connections 2019 6. 4% increase 2018. 401,955 postpaid wireless 113,454 prepaid 135,861 high-speed Internet TV 91,476 IPTV 85,423 satellite TV\n residential NAS losses 263,325 1. 7% 2018.\n BCE retail connections grew 1. 3% retail growth services base erosion residential NAS lines.\n2019 BCE retail connections 18,983,510 9,957,962 wireless 3. 6% 9,159,940 postpaid 3. 7% 798,022 prepaid. 3% 3,555,601 high-speed Internet 4. 3% higher 2,772,464 retail TV. 2% 1,767,182 IPTV. 5% 1,005,282 satellite TV down 7. 8% 2,697,483 residential NAS decline 8. 9% 2018\n Wireless 9,957,962,482 3. 6%\n Postpaid 9,159,940,830,216. 7%\n Prepaid.\n high-speed Internet 3,555,601 3,410,374 4.\n 2,772,464 2,766,411.\n 1,767,182.\n 1,005,282 1,090,705.\n 16,286,027 15,787,267 3.\n NAS 2,697,483 2,960,808.\n 18,983,510 18,748,075." +} +{ + "_id": "d1b34ffca", + "title": "", + "text": "Operating Segments\nThe Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker (“CODM”), which is the Company’s chief executive officer, in deciding how to allocate resources and assess performance. The Company’s CODM evaluates the Company’s financial information for the purpose of allocating resources and assessing the performance of these resources on a consolidated basis. The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker (“CODM”), which is the Company’s chief executive officer, in deciding how to allocate resources and assess performance. The Company’s CODM evaluates the Company’s financial information for the purpose of allocating resources and assessing the performance of these resources on a consolidated basis.\nRevenue by geographic country, based on ship-to destinations, which in certain instances may be the location of a contract manufacturer rather than the Company’s end customer, was as follows (in thousands):\n\n | | Year Ended December 31, | \n------------- | -------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nUnited States | $70,702 | $56,839 | $60,723\nChina | 159,637 | 98,906 | 148,431\nGermany | 57,657 | 58,711 | 57,051 \nThailand | 82,413 | 68,217 | 48,016 \nOther | 94,254 | 57,218 | 70,945 \nTotal revenue | $464,663 | 339,891 | 385,166\n\nOperating Segments\n Company operates as one operating segment. components enterprise financial information evaluated by chief operating decision maker performance. CODM evaluates financial information performance. operates one operating segment. financial information evaluated by. evaluates financial information.\n Revenue by geographic country ship-to destinations contract thousands):\n Year Ended December 31,\n 2019 2018 2017\n United States $70,702 | $56,839 $60,723\n China 159,637 | 98,906 148,431\n Germany 57,657 58,711 57,051\n Thailand 82,413 68,217 48,016\n Other 94,254 | 57,218 | 70,945\n Total revenue $464,663 | 339,891 |,166" +} +{ + "_id": "d1b34d5f4", + "title": "", + "text": "NOTE 15 – INCOME TAXES (CONTINUED)\nThe cumulative tax effect of significant items comprising our net deferred tax amount at the expected rate of 21% is as follows as of December 31, 2019 and 2018:\nThe ultimate realization of deferred tax assets is dependent upon the Company’s ability to generate sufficient taxable income during the periods in which the net operating losses expire and the temporary differences become deductible. The Company has determined that there is significant uncertainty that the results of future operations and the reversals of existing taxable temporary differences will generate sufficient taxable income to realize the deferred tax assets; therefore, a valuation allowance has been recorded. In making this determination, the Company considered historical levels of income as well as projections for future periods.\nThe tax years 2016 to 2019 remain open for potential audit by the Internal Revenue Service. There are no uncertain tax positions as of December 31, 2018 or December 31, 2019, and none are expected in the next 12 months. The Company’s foreign subsidiaries are cost centers that are reimbursed for expenses, so generate no income or loss. Pretax book income (loss) is all from domestic operations. Up to four years of returns remain open for potential audit in foreign jurisdictions, however any audits for periods prior to ownership by the Company are the responsibility of the previous owners.\nUnder certain circumstances issuance of common shares can result in an ownership change under Internal Revenue Code Section 382, which limits the Company’s ability to utilize carry-forwards from prior to the ownership change. Any such ownership change resulting from stock issuances and redemptions could limit the Company’s ability to utilize any net operating loss carry-forwards or credits generated before this change in ownership. These limitations can limit both the timing of usage of these laws, as well as the loss of the ability to use these net operating losses. It is likely that fundraising activities have resulted in such an ownership change.\n\n | 2019 | 2018 \n------------------------------------------------- | ------------ | ------------\nDeferred tax asset attributable to: | | \nNet operating loss carryover | $3,839,000 | $2,290,000 \nStock compensation | 320,000 | 535,000 \nIntangible Assets | - | 124,000 \nOther | 36,000 | 3,000 \nDeferred tax asset | 4,195,000 | $2,952,000 \nDeferred tax liabilities attributable to: | | \nFixed assets | $(13,000) | $(5,000) \nIntangibles | (2,438,000) | - \nOther | (16,000) | (9,000) \nValuation allowance | (1,728,000) | (2,938,000) \nDeferred tax liability | $(4,195,000) | $(2,952,000)\nNet deferred tax asset | $- | $- \n\nNOTE 15 INCOME TAXES\n cumulative tax effect net deferred tax amount 21% December 31, 2019 2018:\n realization deferred tax assets taxable income net operating losses expire temporary differences deductible. uncertainty future operations reversals differences taxable income deferred tax assets valuation allowance recorded. considered historical income projections future.\n tax years 2016 to 2019 open for audit Internal Revenue Service. no uncertain tax positions December 31, 2018 31, 2019 none expected next 12 months. foreign subsidiaries cost centers reimbursed no income loss. Pretax income from domestic operations. four years returns open for audit foreign audits responsibility previous owners.\n issuance common shares ownership change Internal Revenue Code Section 382 limits carry-forwards. net operating loss carry-forwards credits. limitations limit timing loss ability losses. likely fundraising activities ownership change.\n Deferred tax asset\nloss $3,839,000 $2,290,000\n Stock compensation 320,000 535,000\n Intangible Assets\n Deferred tax 4,195,000 $2,952,000\n Fixed assets\n Intangibles (2,438,000\n Valuation allowance,728,000\n Deferred tax,195,000\n deferred tax asset" +} +{ + "_id": "d1b34bd44", + "title": "", + "text": "Cash, Cash Equivalents and Restricted cash — Cash and cash equivalents consist of cash and highly liquid shortterm investments, primarily held in non-interest-bearing investments which have original maturities of less than 90 days. Cash and cash equivalents in the amount of $127.2 million and $128.7 million at December 31, 2019 and 2018, respectively, were primarily held in non-interest-bearing accounts. Cash and cash equivalents of $125.3 million and $115.7 million at December 31, 2019 and 2018, respectively, were held in international operations. Most of these funds will not be subject to additional taxes if repatriated to the United States. There are circumstances where the Company may be unable to repatriate some of the cash and cash equivalents held by its international operations due to country restrictions.\nRestricted cash includes cash whereby the Company’s ability to use the funds at any time is contractually limited or is generally designated for specific purposes arising out of certain contractual or other obligations.\nThe following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the Consolidated Balance Sheets that sum to the amounts reported in the Consolidated Statements of Cash Flows (in thousands):\n\n | | December 31, | | \n--------------------------------------------------------------- | -------- | ------------ | -------- | --------\n | 2019 | 2018 | 2017 | 2016 \nCash and cash equivalents | $127,246 | $128,697 | $343,734 | $266,675\nRestricted cash included in \"Other current assets\" | 568 | 149 | 154 | 160 \nRestricted cash included in \"Deferred charges and other assets\" | 1,371 | 1,385 | 917 | 759 \n | $129,185 | $130,231 | $344,805 | $267,594\n\nCash Equivalents Restricted cash equivalents liquid shortterm investments non-interest-bearing maturities less than 90 days. Cash equivalents $127. 2 million $128. 7 million December 31, 2019 2018 non-interest-bearing accounts. equivalents $125. 3 million $115. 7 million international operations. funds additional taxes repatriated United States. Company repatriate country restrictions.\n Restricted cash limited purposes.\n table reconciliation cash equivalents restricted cash Consolidated Balance Sheets Statements Cash Flows\n 2019 2018 2017 2016\n Cash equivalents $127,246 $128,697 $343,734 $266,675\n Restricted cash \"Other current assets 149 154 160\n \"Deferred charges other assets 1,371 1,385 759\n $129,185 $130,231 $344,805 $267,594" +} +{ + "_id": "d1b3294d8", + "title": "", + "text": "Operating Revenue\nNotes: (1) Includes revenues from subscription (prepaid/postpaid), interconnect, outbound and inbound roaming, wholesale revenue from MVNOs (Mobile Virtual Network Operators) and mobile content services such as music and video.\n(2) Includes equipment sales related to ICT services.\n(3) Mainly from provisions of digital marketing and advertising services and regional premium OTT video.\n(4) Includes energy reselling fees.\nAs at 31 March 2019, the transaction price attributable to unsatisfied performance obligations for ICT services rendered by NCS Pte. Ltd. is approximately S$3 billion which will be recognised as operating revenue mostly over the next 5 years.\nAs at 31 March 2019, the transaction price attributable to unsatisfied performance obligations for ICT services rendered by NCS Pte. Ltd. is approximately S$3 billion which will be recognised as operating revenue mostly over the next 5 years.\nService contracts with consumers typically range from a month to 2 years, and contracts with enterprises typically range from 1 to 3 years.\n\n | Group | \n-------------------------------------------- | -------- | --------\n | 2019 | 2018 \n | S$ Mil | S$ Mil \nMobile service (1) | 5,395.7 | 5,737.3 \nSale of equipment | 2,876.7 | 2,414.5 \nHandset operating lease income | 140.5 | 25.2 \nMobile | 8,412.9 | 8,177.0 \nData and Internet | 3,340.9 | 3,435.7 \nBusiness solutions | 604.1 | 560.7 \nCyber security | 548.7 | 527.1 \nOther managed services | 1,880.8 | 1,920.0 \nInfocomm Technology (“ICT”) (2) | 3,033.6 | 3,007.8 \nDigital businesses (3) | 1,245.3 | 1,113.1 \nFixed voice | 899.0 | 1,084.3 \nPay television | 372.7 | 369.4 \nOthers (4) | 67.3 | 80.7 \nOperating revenue | 17,371.7 | 17,268.0\nOperating revenue | 17,371.7 | 17,268.0\nOther income | 224.7 | 258.8 \nInterest and investment income (see Note 10) | 38.1 | 45.5 \nTotal | 17,634.5 | 17,572.3\n\nOperating Revenue\n Includes subscription interconnect roaming wholesale revenue MVNOs mobile content services.\n equipment sales ICT services.\n digital marketing advertising video.\n energy reselling fees.\n 31 March 2019 transaction price unsatisfied obligations ICT NCS Pte. approximately S$3 billion operating revenue next 5 years.\n transaction price. approximately S$3 billion operating revenue next 5 years.\n contracts consumers month to 2 years enterprises 1 to 3 years.\n Mobile service 5,395.,737.\n Sale equipment 2,876. 2,414\n Handset lease income.\n Mobile 8,412.\n Data Internet 3,340.\n Business solutions.\n Cyber security.\n Other managed services 1,880. 1,920.\n Infocomm Technology 3,033. 3,007.\n Digital businesses 1,245. 1,113\n Fixed voice.\n Pay television 372.\n.\n Operating revenue 17,371. 17,268\n 17,371. 17,268.\n 224. 258.\n Interest investment 38. 45.\n 17,634. 17,572." +} +{ + "_id": "d1b2f2c94", + "title": "", + "text": "Cost of revenues. Cost of revenues increased by 23% year-on-year to RMB209.8 billion. The increase primarily reflected greater content costs, costs of FinTech services and channel costs. As a percentage of revenues, cost of revenues increased to 56% for the year ended 31 December 2019 from 55% for the year ended 31 December 2018. The following table sets forth our cost of revenues by line of business for the years ended 31 December 2019 and 2018:\nCost of revenues for VAS increased by 27% year-on-year to RMB94,086 million. The increase was mainly due to greater content costs for services and products such as live broadcast services, online games and video streaming subscriptions, as well as channel costs for smart phone games.\nCost of revenues for FinTech and Business Services increased by 35% year-on-year to RMB73,831 million. The increase primarily reflected greater costs of payment-related and cloud services due to the enhanced scale of our payment and cloud activities.\nCost of revenues for Online Advertising decreased by 6% year-on-year to RMB34,860 million. The decrease was mainly driven by lower content costs for our advertising-funded long form video service resulting from fewer content releases and improved cost efficiency, partly offset by other cost items.\n\n | Year ended 31 December | | | \n----------------------------- | ----------------------------------- | -------- | ---------- | ----------\n | 2019 | | 2018 | \n | | % of | | % of \n | | segment | | segment \n | Amount | revenues | Amount | revenues \n | | | (Restated) | (Restated)\n | (RMB in millions, unless specified) | | | \nVAS | 94,086 | 47% | 73,961 | 42% \nFinTech and Business Services | 73,831 | 73% | 54,598 | 75% \nOnline Advertising | 34,860 | 51% | 37,273 | 64% \nOthers | 6,979 | 92% | 4,742 | 98% \nTotal cost of revenues | 209,756 | | 170,574 | \n\nrevenues. increased 23%-on-year to RMB209. 8 billion. reflected content FinTech services channel costs. increased 31 December 2019 from 55% 2018. cost revenues line business 2019\n VAS increased 27% to RMB94,086 million. due content costs live broadcast online games video streaming channel costs smart phone games.\n FinTech Business Services increased 35% RMB73,831 million. reflected payment-related cloud services enhanced.\n Online Advertising decreased 6% RMB34,860 million. driven lower content costs advertising-funded video fewer content releases improved cost efficiency offset cost items.\n 31 December\n VAS 94,086 47% 73,961 42%\n FinTech Business Services 73,831 73% 54,598 75%\n Online Advertising 34,860 51% 37,273 64%\n Others 6,979 92% 4,742 98%\nrevenues 209,756 170,574" +} +{ + "_id": "d1b361482", + "title": "", + "text": "Item 14. Principal Accounting Fees and Services\nThe following table sets forth the fees for services provided and reasonably expected to be billed by Malone Bailey LLP. The following is a summary of the fees billed to the Company for professional services rendered for the fiscal years ended December 31, 2019 and 2018.\nAudit Fees: For the fiscal years ended December 31, 2019 and 2018, the aggregate audit fees billed by our independent auditors were for professional services rendered for\naudits and quarterly reviews of our consolidated financial statements, and assistance with reviews of registration statements and documents filed with the SEC.\nAudit-Related Fees: Audit-related fees are for assurance and other activities not explicitly related to the audit of our financial statements.\nTax Fees: For the fiscal years ended December 31, 2019 and 2018, there were no tax fees, respectively.\nAll Other Fees: For the fiscal years ended December 31, 2019 and 2018, there were $0 and $0, respectively.\nAudit Committee Pre-Approval Policies and Procedures. The Audit Committee oversees and monitors our financial reporting process and internal control system, reviews and\nevaluates the audit performed by our registered independent public accountants and reports to the Board any substantive issues found during the audit. The Audit Committee\nis directly responsible for the appointment, compensation and oversight of the work of our registered independent public accountants. The Audit Committee convenes on a\nquarterly basis to approve each quarterly filing, and an annual basis to review the engagement of the Company’s external auditor.\nThe Audit Committee has considered whether the provision of Audit-Related Fees, Tax Fees, and all other fees as described above is compatible with maintaining\nMarcum LLP’s and Malone Bailey LLP’s independence and has determined that such services for fiscal years 2019 and 2018, respectively, were compatible. All such services\nwere approved by the Audit Committee pursuant to Rule 2-01 of Regulation S-X under the Exchange Act to the extent that rule was applicable.\n\n | Fiscal Year | Fiscal Year\n------------------ | ----------- | -----------\n | 2019 | 2018 \nAudit fees | $55,000 | $54,550 \nAudit-related fees | $- | $- \nTax Fees | $- | $- \nAll other fees | - | $- \nTotal | 55,000 | $54,550 \n\n14. Principal Accounting Fees Services\n table fees services Malone Bailey LLP. summary fees billed services fiscal years December 31, 2019 2018.\n Audit Fees audit fees auditors services\n audits quarterly reviews financial statements assistance registration statements documents SEC.\n Audit-Related Fees activities not related to audit financial statements.\n Tax Fees no tax fees.\n All Other Fees $0 $0.\n Audit Committee Pre-Approval Policies Procedures. oversees monitors financial reporting process internal control system reviews\n audit reports Board issues.\n responsible for appointment compensation oversight accountants. convenes\n quarterly annual review external auditor.\n considered Audit-Related Fees Tax Fees other fees\n Marcum LLP’s Malone Bailey LLP’s independence determined services 2019 2018 compatible. services\n approved Audit Committee Rule 2-01 Regulation S-X Exchange Act.\n Fiscal Year\n 2019 2018\n Audit fees $55,000 $54,550\nAudit fees $\n Tax Fees\n fees\n 55,000 $54,550" +} +{ + "_id": "d1b385eae", + "title": "", + "text": "The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities at each fiscal year-end are presented below (in thousands):\nThe Tax Act was enacted into law on December 22, 2017. The Tax Act included a reduction in the U.S. federal statutory corporate income tax rate (the “Tax Rate”) from 35% to 21% and introduced new limitations on certain business deductions. As a result, for the fiscal year ended September 30, 2018, we recognized a year-to-date, non-cash $32.5 million tax provision expense impact primarily related to the re-measurement of our deferred tax assets and liabilities due to the reduced Tax Rate.\nDeferred tax assets as of September 29, 2019 include state net operating loss carry-forwards of approximately$27.4 million expiring at various times between 2020 and 2038. At September 29, 2019, we recorded a valuation allowance of$2.5 million related to losses and state tax credits, which decreased from the$3.6 million at September 30, 2018 primarily due to the release of the valuation allowance on prior year net operating losses. We believe that it is more likely than not that these net operating loss and credit carry-forwards will not be realized and that all other deferred tax assets will be realized through future taxable income or alternative tax strategies.\nThe major jurisdictions in which the Company files income tax returns include the United States and states in which we operate that impose an income tax. The federal statutes of limitations have not expired for fiscal years 2016 and forward. The statutes of limitations for California and Texas, which constitute the Company’s major state tax jurisdictions, have not expired for fiscal years 2015 and forward.\n\n | 2019 | 2018 \n---------------------------------------------------------------------- | -------- | --------\nDeferred tax assets: | | \nAccrued defined benefit pension and postretirement benefits | $46,918 | $34,776 \nDeferred income | 13,803 | 1,535 \nImpairment | 9,981 | 11,388 \nAccrued insurance | 7,133 | 8,994 \nShare-based compensation | 5,415 | 4,936 \nTax loss and tax credit carryforwards | 5,327 | 7,458 \nLease commitments related to closed or refranchised locations | 3,786 | 4,696 \nDeferred interest deduction | 3,188 | — \nOther reserves and allowances | 2,965 | 851 \nAccrued incentive compensation | 2,617 | 2,055 \nAccrued compensation expense | 1,092 | 2,034 \nInterest rate swaps | — | 181 \nOther, net | 868 | 2,206 \nTotal gross deferred tax assets | 103,093 | 81,110 \nValuation allowance | (2,485) | (3,554) \nTotal net deferred tax assets | 100,608 | 77,556 \nDeferred tax liabilities: | | \nIntangible assets | (10,520) | (10,492)\nLeasing transactions | (3,822) | (2,790) \nProperty and equipment, principally due to differences in depreciation | (128) | (1,855) \nOther | (574) | (279) \nTotal gross deferred tax liabilities | (15,044) | (15,416)\nNet deferred tax assets | $85,564 | $62,140 \n\ntax effects differences deferred tax assets liabilities fiscal\n Tax Act enacted December 22, 2017. corporate income tax rate 35% to 21% limitations business deductions. year September 30, 2018 non-cash $32. 5 million tax expense impact re-measurement deferred tax assets liabilities reduced Tax Rate.\n Deferred tax assets September 29, 2019 net operating loss carry-forwards$27. 4 million expiring 2020 2038. valuation allowance$2. 5 million decreased$3. 6 million September 30 2018 due allowance net losses. loss carry-forwards deferred tax assets future income alternative tax strategies.\n jurisdictions United States states. federal statutes limitations not expired 2016. California Texas not expired 2015.\n Deferred tax assets\n Accrued defined benefit pension postretirement benefits $46,918 $34,776\n Deferred income 13,803 1,535\n Impairment 9,981\ninsurance 7,133\n compensation 5,415\n Tax 5,327\n Lease 3,786 4,696\n Deferred interest deduction 3,188\n reserves 2,965\n incentive compensation 2,617\n 1,092\n Interest rate swaps\n deferred tax assets 103,093 81,110\n Valuation allowance (2,485\n deferred tax 100,608 77,556\n Intangible assets (10,520,492\n Leasing transactions (3,822) (2,790\n Property equipment depreciation\n deferred tax liabilities (15,044\n $85,564,140" +} +{ + "_id": "d1b349f26", + "title": "", + "text": "B. Liquidity and Capital Resources\nNavios Holdings has historically financed its capital requirements with cash flows from operations, issuances of debt securities and borrowings under bank credit facilities. Main uses of funds have been refinancings of outstanding debt, capital expenditures for the acquisition of new vessels, new construction and upgrades at the port terminals and expenditures incurred in connection with ensuring that the owned vessels comply with international and regulatory standards. Navios Holdings may from time to time, subject to restrictions under its debt and equity instruments, including limitations on dividends and repurchases under its preferred stock, depending upon market conditions and financing needs, use available funds to refinance or repurchase its debt in privately negotiated or open market transactions, by tender offer or otherwise, in compliance with applicable laws, rules and regulations, at prices and on terms Navios Holdings deems appropriate (which may be below par) and subject to Navios Holdings cash requirements for other purposes, compliance with the covenants under Navios Holdings’ debt agreements, and other factors management deems relevant. Generally, our sources of funds may be from cash flows from operations, long-term borrowings and other debt or equity financings, proceeds from asset sales and proceeds from sale of our stake in our investments. We cannot assure you that we will be able to secure adequate financing or obtain additional funds on favorable terms, to meet our liquidity needs.\nSee “Item 4.B Business Overview — Exercise of Vessel Purchase Options”, “Working Capital Position” and “Long-Term Debt Obligations and Credit Arrangements” for further discussion of Navios Holdings’ working capital position.\nThe following table presents cash flow information for each of the years ended December 31, 2019, 2018, and 2017 and were adjusted to reflect the adoption of ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash.\nCash provided by operating activities for the year ended December 31, 2019 as compared to the year ended December 31, 2018:\nNet cash provided by operating activities increased by $40.5 million to $96.1 million for the year ended December 31, 2019, as compared to $55.6 million for the year ended December 31, 2018. In determining net cash provided by operating activities, net loss is adjusted for the effects of certain non-cash items, which may be analyzed in detail as follows:\n\n(in thousands of U.S. dollars) | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017\n-------------------------------------------------------------------- | ---------------------------- | ---------------------------- | ----------------------------\nNet cash provided by operating activities | $96,112 | $55,637 | $48,117 \nNet cash (used in)/ provided by investing activities | (56,467) | 27,863 | (42,365) \nNet cash used in financing activities | (111,692) | (66,916) | (12,940) \n(Decrease)/Increase in cash and cash equivalents and restricted cash | (72,047) | 16,584 | (7,188) \nCash and cash equivalents and restricted cash, beginning of year | 150,774 | 134,190 | 141,378 \nCash and cash equivalents and restricted cash, end of year | $78,727 | 150,774 | $134,190 \n\n. Liquidity Capital Resources\n Navios Holdings financed capital with cash operations debt securities borrowings bank credit. Main uses funds refinancings debt capital expenditures new vessels construction upgrades port terminals vessels international standards. may market conditions financing needs use funds refinance repurchase debt market transactions compliance laws rules regulations prices terms covenants debt agreements factors. sources funds cash long-term borrowings debt equity financings sales sale stake investments. assure secure financing additional funds liquidity needs.\n See “Item 4. Business Overview Vessel Purchase “Working Capital “Long-Term Debt Obligations Credit Arrangements” Navios Holdings’ working capital position.\n table presents cash flow information years ended December 31, 2019 2018 2017 adjusted ASU 2016-18, Statement Cash Flows Restricted Cash.\n 2019\n Net cash increased by $40. 5 million to $96.1 million December 31, 2019 $55. 6 million 31, 2018. net cash loss adjusted non-cash items\n. dollars 2019 2018 2017\n Net cash operating activities $96,112 $55,637 $48,117\n investing activities (56,467) 27,863 (42,365)\n financing (111,692) (66,916) (12,940)\n cash equivalents restricted cash (72,047) 16,584 (7,188)\n year 150,774 134,190 141,378\n end year $78,727 150,774 $134,190" +} +{ + "_id": "d1b3bf6e0", + "title": "", + "text": "The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows:\nOf the $2.8 billion and $2.4 billion net deferred tax liability at December 31, 2019 and 2018, respectively, $2.9 billion and $2.5 billion is reflected as a long-term liability and $118 million and $131 million is reflected as a net noncurrent deferred tax asset at December 31, 2019 and 2018, respectively.\n\n | As of December 31, | \n------------------------------------------------------------------------ | --------------------- | -------\n | 2019 | 2018 \n | (Dollars in millions) | \nDeferred tax assets | | \nPost-retirement and pension benefit costs | $1,169 | 1,111 \nNet operating loss carryforwards | 3,167 | 3,445 \nOther employee benefits | 134 | 162 \nOther | 577 | 553 \nGross deferred tax assets | 5,047 | 5,271 \nLess valuation allowance | (1,319) | (1,331)\nNet deferred tax assets | 3,728 | 3,940 \nDeferred tax liabilities | | \nProperty, plant and equipment, primarily due to depreciation differences | (3,489) | (3,011)\nGoodwill and other intangible assets | (3,019) | (3,303)\nOther | — | (23) \nGross deferred tax liabilities | (6,508) | (6,337)\nNet deferred tax liability | $(2,780) | (2,397)\n\ntax effects differences deferred tax assets\n $2. 8 billion $2. 4 billion net deferred tax liability December $2. 9 billion. 5 billion long-term liability $118 million $131 million net noncurrent deferred tax asset.\n Deferred tax assets\n Post-retirement pension benefit costs $1,169\n Net operating loss carryforwards 3,167\n employee benefits\n deferred tax assets 5,047\n Less valuation allowance\n deferred tax assets 3\n liabilities\n Property plant equipment depreciation differences\n Goodwill intangible assets\n deferred tax liabilities (6,508)\n Net deferred tax liability,780" +} +{ + "_id": "d1b355a38", + "title": "", + "text": "Option Exercises and Stock Vested in 2018\nThe following table sets forth the number of shares of common stock acquired during 2018 by our named executive officers upon the exercise of stock options or upon the vesting of RSUs or RSAs, as well as the value realized upon such equity award transactions.\n(1) Calculated by multiplying (i) the fair market value of Class A common stock on the vesting date, which was determined using the closing price on the New York Stock Exchange of a share of Class A common stock on the date of vest, or if such day is a holiday, on the immediately preceding trading day less the option exercise price paid for such shares of common stock, by (ii) the number of shares of common stock acquired upon exercise.\n(2) Reflects the aggregate number of shares of Class A common stock underlying RSUs and RSAs that vested in 2018. Of the amount shown for Messrs. Daswani and Murphy and Mses. Friar, Henry, Reses and Whiteley, 20,132, 6,741, 44,857, 59,014, 91,306 and 17,217 shares, respectively, of Class A common stock were withheld to cover tax withholding obligations upon vesting.\n(3) Calculated by multiplying (i) the fair market value of Class A common stock on the vesting date, which was determined using the closing price on the New York Stock Exchange of a share of common stock on the date of vest, or if such day is a holiday, on the immediately preceding trading day, by (ii) the number of shares of common stock acquired upon vesting. Of the amount shown for Messrs. Daswani and Murphy and Mses. Friar, Henry, Reses and Whiteley, $1,389,704, $414,596, $2,782,628, $3,619,149, $5,502,076 and $1,114,287, respectively, represents the value of shares withheld to cover tax withholding obligations upon vesting.\n\n | Option Awards | | Stock Awards | \n------------ | ----------------------------------------- | ------------------------------------------- | --------------------------------------------------- | --------------------------------------------------\nName | Number of Shares Acquired on Exercise (#) | Number of Value Realized on Exercise ($)(1) | Shares Acquired on Vesting of RSUs and RSAs (#) (2) | Value Realized on Vesting of RSUs and RSAs ($) (3)\nMr. Dorsey | — | — | — | — \nMs. Friar | 1,082,343 | 54,631,297 | 95,889 | 5,788,657 \nMs. Henry | 200,000 | 13,187,645 | 124,498 | 7,475,787 \nMs. Reses | — | — | 189,577 | 11,284,454 \nMs. Whiteley | 20,625 | 989,821 | 38,156 | 2,375,984 \nMr. Daswani | — | — | 45,310 | 3,106,268 \nMr. Murphy | — | — | 18,024 | 1,120,072 \n\nOption Exercises Stock Vested 2018\n table shares common stock acquired 2018 executive officers stock options vesting RSUs RSAs value realized transactions.\n Calculated multiplying fair market value Class A common stock vesting date closing price York Exchange option exercise price number shares acquired.\n Reflects number shares Class A common stock RSUs vested 2018. Daswani Murphy. Friar Henry Reses Whiteley 20,132 44,857 59,014 91,306 17,217 shares Class A stock withheld tax withholding obligations vesting.\n Calculated multiplying fair market value Class A common stock vesting date number shares acquired vesting. Daswani Murphy. Friar Henry Reses Whiteley $1,389,704 $414,596 $2,782,628 $3,619,149 $5,502,076 $1,114,287 value shares withheld tax withholding obligations vesting.\n Option Awards Stock Awards\nShares Acquired Exercise Value Realized RSUs\n. Dorsey\n. Friar 1,082,343 54,631,297 95,889 5,788,657\n. Henry 200,000 13,187,645 124,498,787\n. Reses 189,577 11,284,454\n. Whiteley 20,625 989,821 38,156 2,375,984\n. Daswani 45,310 3,106,268\n. Murphy 18,024 1,120,072" +} +{ + "_id": "d1b364a7e", + "title": "", + "text": "A tax credit of £8.9m in the year compared to a £13.7m charge in the prior year. This included a deferred tax credit in the current year of £6.1m, largely reflecting the loss before tax reported of £42.7m and a credit of £1.7m relating to the adjustment of prior period losses and capital allowances. A current year tax credit of £1.1m was in respect of overseas tax.\nA deferred tax liability at 30 March 2019 of £13.5m compared to a liability of £12.1m at 31 March 2018. This movement is primarily due to a slightly higher pensions surplus reported at 30 March 2019 compared to 31 March 2018 reflecting the allowability for tax on pensions contribution payments. Recognised and unrecognised deferred tax assets relating to brought forward losses were approximately £44m at 30 March 2019 and equate to around £250m of future taxable profits.\nThe corporation tax rate and deferred tax rate applied in calculations are 19.0% and 17.0% respectively.\n\n£m | 2018/19 | 2017/18 | Change\n----------------------------------------------------- | ------- | ------- | ------\nOverseas current tax | | | \nCurrent year | 1.1 | 0.8 | 0.3 \nDeferred tax | | | \nCurrent period | 6.1 | (4.1) | 10.2 \nPrior periods | 1.7 | (8.1) | 9.8 \n– Adjustment to restate opening deferred tax at 17.0% | – | (2.3) | 2.3 \nIncome tax credit/ (charge) | 8.9 | (13.7) | 22.6 \n\ntax credit £8. 9m compared £13. 7m prior year. deferred tax credit current £6. 1m loss tax £42. 7m credit £1. 7m prior period losses capital allowances. current year tax credit £1. 1m overseas tax.\n deferred tax liability 30 March 2019 £13. 5m £12. 1m 31 March 2018. due higher pensions surplus 30 March 2019 tax pensions. deferred tax assets losses £44m 30 March 2019 £250m future taxable profits.\n corporation tax rate deferred tax rate 19. 0% 17. 0%.\n 2018/19\n current tax\n.\n Deferred tax\n.\n.\n deferred tax 17. 0%.\n Income tax credit." +} +{ + "_id": "d1b3b7a9e", + "title": "", + "text": "A reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate to income before income taxes for the periods presented was as follows:\nThe Company's effective tax rate for fiscal 2019 was favorably impacted primarily by excess tax benefits related to employee stock-based payment transactions and federal research tax credits, partially offset by an increase in valuation allowances arising from foreign withholding tax and an increase in taxes related to the sale of the commercial cybersecurity business.\nThe Company's effective tax rate for fiscal 2018 was favorably impacted primarily by a decrease in valuation allowances arising from the taxable conversion of a subsidiary and the utilization of capital losses, an increase in deferred tax assets related to stock basis of a subsidiary held for sale, excess tax benefits related to employee stock-based payment transactions and federal research tax credits.\nThe Company's effective tax rate for fiscal 2017 was favorably impacted primarily by the Tax Act's reduction of the federal corporate tax rate from 35% to 21% applied to the Company's fiscal 2017 year-end deferred tax balances and excess tax benefits related to employee stock-based payment transactions.\n\n | | Year Ended | \n-------------------------------------------------------- | --------------- | ----------------- | -----------------\n | January 3, 2020 | December 28, 2018 | December 29, 2017\n | | (in millions) | \nAmount computed at the statutory federal income tax rate | $182 | $128 | $138 \nState income taxes, net of federal tax benefit | 22 | 10 | 31 \nExcess tax benefits from stock-based compensation | (11) | (9) | (12) \nResearch and development credits | (11) | (9) | (7) \nChange in valuation allowance for deferred tax assets | 6 | (49) | 7 \nStock basis in subsidiary held for sale | 5 | (16) | — \nChange in accruals for uncertain tax positions | 4 | 1 | — \nDividends paid to employee stock ownership plan | (2) | (2) | (4) \nImpact of foreign operations | 2 | — | (4) \nTaxable conversion of a subsidiary | — | (17) | — \nChange in statutory federal tax rate | — | (10) | (125) \nCapitalized transaction costs | — | — | 9 \nOther | (1) | 1 | (4) \nTotal | $196 | $28 | $29 \nEffective income tax rate | 22.6% | 4.6% | 7.4% \n\nreconciliation income taxes federal tax rate\n tax rate 2019 impacted by excess tax benefits employee stock-based payment transactions federal research tax credits offset valuation allowances foreign withholding tax taxes sale commercial cybersecurity business.\n tax rate 2018 impacted decrease valuation allowances conversion subsidiary utilization capital losses increase deferred tax assets stock subsidiary sale excess tax benefits.\n tax rate 2017 impacted reduction federal corporate tax rate 35% to 21% deferred tax excess tax benefits stock transactions.\n January 3, 2020 December 28, 2018 29, 2017\n statutory federal income tax rate\n State income taxes net federal tax benefit\n Excess tax benefits stock-based compensation\n Research development credits\n Change valuation allowance deferred tax assets\n Stock basis subsidiary sale\n Change accruals uncertain tax positions\n Dividends employee stock ownership plan\n Impact foreign operations\nconversion subsidiary (17)\n federal tax rate\n Capitalized transaction costs\n $196 $28 $29\n income tax rate 22. 6%. 6% 7. 4%" +} +{ + "_id": "d1b2f54f8", + "title": "", + "text": "Our revenues for 2019 include $1.9 million related to the acquired MGI business. Our net loss for 2019 includes $0.3 million of net loss from the acquired MGI business. The following table provides unaudited pro forma information for the periods presented as if the MGI acquisition had occurred January 1, 2018.\nNo adjustments have been made in the pro forma information for synergies that are resulting or planned from the MGI acquisition. The unaudited proforma information is not indicative of the results that may have been achieved had the companies been combined as of January 1, 2018, or of our future operating results.\n\n | Year Ended December 31 | \n------------------------------------------------------------------------ | ---------------------- | ------------------\n | 2019 | 2018 \nRevenues (in thousands) | $ 224,913 | $ 17,542 \nLoss from continuing operations (in thousands) | $ (13,432) | $ ( 7,792) \nLoss per share - continuing operations | $ (0.42) | $ ( 0.35)\nWeighted average number of common shares outstanding - basic and diluted | 32,359,316 | 22,099,149 \n\nrevenues 2019 include $1. 9 million acquired MGI business. net loss 2019 $0. 3 million. table unaudited pro forma information MGI acquisition January 1 2018.\n No adjustments synergies MGI acquisition. not indicative results future results.\n Year Ended December 31\n 2019\n Revenues $ 224,913 $ 17,542\n Loss continuing operations $ (13,432) $ 7,792)\n Loss per share $.\n common shares 32,359,316 22,099,149" +} +{ + "_id": "d1b34e72e", + "title": "", + "text": "NOTE 8. PROPERTY AND EQUIPMENT\nThe following table details the components of property and equipment (amounts in thousands).\nAmounts payable for property and equipment included in accounts payable totaled $0.1 million at December 31, 2019, and $0.2 million at December 31, 2018. During 2019, we financed the purchase of $0.3 million of property with finance leases and equipment notes. Assets which had not yet been placed in service, included in property and equipment, totaled $1.5 million at December 31, 2019, and $2.2 million at December 31, 2018.\n\n | December 31 | | \n----------------------------- | ------------- | ------------ | ----------------------------\n | 2019 | 2018 | Estimated Useful Lives \nLand | $730 | $585 | \nFurniture and fixtures | 476 | 430 | 5-10 years \nPlant | 9,667 | 8,613 | 20-40 years, or life of lea \nComputer and software | 1,317 | 1,295 | 3-5 years \nLeasehold improvements | 2,019 | 681 | 4-15 years, or life of lease\nMachinery and equipment | 16,864 | 13,528 | 5-15 years \nProperty and equipment, cost | 31,073 | 25,132 | \nLess accumulated depreciation | 11,996 | 10,122 | \nProperty and equipment, net | $ 19,077 | $ 15,010 | \n\n. PROPERTY EQUIPMENT\n table details.\n Amounts. 1 million 2019. 2 million 31, 2018. financed. 3 million property leases equipment. Assets $1. 5 million 2019 $2. 2 million 31, 2018.\n Land $730 $585\n Furniture fixtures 476 430 5-10 years\n Plant 9,667 8,613 20-40 years\n Computer software 1,317 1,295 3-5 years\n improvements 2,019 681 4-15 years\n Machinery equipment 16,864 13,528 5-15 years\n 31,073 25,132\n depreciation 11,996\n $ 19,077 $ 15,010" +} +{ + "_id": "d1b2e9086", + "title": "", + "text": "The pension expenses of the direct and indirect company pension plan commitments can be broken down as follows:\n1 Netted against employees’ contributions.\n2 Included therein: Interest effect from the adjustment of the asset ceiling.\nThe entire loss to be recognised outside of profit or loss in the other comprehensive income amounts to €90 million in financial year 2018/19. This figure is comprised of the effect from the change in actuarial parameters in the amount of €+247 million and the experience-based adjustments of €+4 million. It was offset by income from plan assets of €103 million and a gain of €58 million resulting from the change in the effect of the asset ceiling in the Netherlands.\nIn addition to expenses from defined benefit commitments, expenses for payments to external pension providers relating to defined contribution pension commitments of €82 million in financial year 2018/19 (2017/18: €82 million) were recorded. These figures also include payments to statutory pension insurance.\nThe provisions for obligations similar to pensions essentially comprise commitments from employment anniversary allowances, death benefits and partial retirement plans. Provisions amounting to €34 million (30/9/2018: €41 million) were allocated for these commitments. The commitments are valued on the basis of actuarial expert opinions. The valuation parameters used for this purpose are generally determined in the same way as for the company pension plan.\n\n€ million | 2017/2018 | 2018/2019\n-------------------------------------------------- | --------- | ---------\nCurrent service cost1 | 24 | 21 \nNet interest expenses2 | 11 | 9 \nPast service cost (incl. curtailments and changes) | 0 | 0 \nSettlements | 0 | 0 \nOther pension expenses | 1 | 1 \nPension expenses | 36 | 31 \n\npension expenses company pension plan commitments\n Netted against contributions.\n Interest effect adjustment asset ceiling.\n loss €90 million 2018/19. effect actuarial parameters €+247 million experience-based adjustments €+4 million. offset income plan assets €103 million gain €58 million change asset ceiling Netherlands.\n benefit payments external pension providers pension €82 million 2018/19. payments statutory pension insurance.\n provisions obligations pensions employment anniversary allowances death benefits partial retirement plans. Provisions €34 million allocated. valued actuarial expert opinions. valuation parameters company pension plan.\n million 2017/2018 2018/2019\n Current service 24\n Net interest expenses2 11\n Past service cost. curtailments changes\n Settlements\n Other pension expenses\n" +} +{ + "_id": "d1b384f36", + "title": "", + "text": "Item 14. Principal Accountant Fees and Services\nFees For Professional Audit Services\nThe following is a summary of fees billed by the Company’s independent registered public accountants, PricewaterhouseCoopers LLP, for the years ended December 31, 2019 and 2018:\n(1) Represents the aggregate fees billed for the audit of the Company’s financial statements, review of the financial statements included in the Company’s quarterly reports and services in connection with the statutory and regulatory filings or engagements for those years.\n(2)  Represents the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements and are not reported under “audit fees.”\n(3)  Represents the aggregate fees billed for tax compliance, advice and planning.\n(4)  Represents the aggregate fees billed for all products and services provided that are not included under “audit fees,” “audit-related fees” or “tax fees.”\n\n | Fiscal Year | Fiscal Year\n--------------------- | ----------- | -----------\n | 2019 | 2018 \nAudit Fees(1) | $1,925,000 | $1,956,000 \nAudit-Related Fees(2) | — | 14,000 \nTax Fees(3) | — | — \nAll Other Fees(4) | 222,000 | 157,000 \nTotal Fees | $2,147,000 | $2,127,000 \n\n. Principal Accountant Fees Services\n Professional Audit Services\n summary fees billed accountants PricewaterhouseCoopers LLP years ended December 31, 2019 2018:\n fees audit financial statements review reports services statutory regulatory filings.\n assurance related services related audit not fees.\n tax compliance advice planning.\n products services not fees.\n Fiscal Year\n 2019\n Audit Fees(1) $1,925,000 $1,956,000\n Audit-Related Fees(2) 14,000\n Tax Fees(3)\n Other Fees(4) 222,000 157,000\n Total Fees $2,147,000 $2,127,000" +} +{ + "_id": "d1b2e50e4", + "title": "", + "text": "(a) Description of segments and principal activities (continued)                                                                                                                   The chief operating decision-makers assess the performance of the operating segments mainly based on segment revenue and gross profit of each operating segment. The selling and marketing expenses and general and administrative expenses are common costs incurred for these operating segments as a whole and therefore, they are not included in the measure of the segments’ performance which is used by the chief operating decisionmakers as a basis for the purpose of resource allocation and assessment of segment performance. Interest income, other gains/(losses), net, finance income/(costs), net, share of profit/(loss) of associates and joint ventures and income tax expense are also not allocated to individual operating segment.\nThere were no material inter-segment sales during the years ended 31 December 2019 and 2018. The revenues from external customers reported to the chief operating decision-makers are measured in a manner consistent with that applied in the consolidated income statement.\nOther information, together with the segment information, provided to the chief operating decision-makers, is measured in a manner consistent with that applied in these consolidated financial statements. There were no segment assets and segment liabilities information provided to the chief operating decision-makers.\nThe segment information provided to the chief operating decision-makers for the reportable segments for the years ended 31 December 2019 and 2018 is as follows:\n\n | VAS | FinTech and Business Services | Online Advertising | Others | Total \n---------------- | ----------- | ----------------------------- | ------------------ | ----------- | -----------\n | RMB’Million | RMB’Million | RMB’Million | RMB’Million | RMB’Million\nSegment revenues | 199,991 | 101,355 | 68,377 | 7,566 | 377,289 \nGross profit | 105,905 | 27,524 | 33,517 | 587 | 167,533 \nDepreciation | 3,461 | 6,669 | 2,065 | 108 | 12,303 \nAmortisation | 14,710 | – | 9,977 | 3,115 | 27,802 \n\nDescription of segments activities operating decision-makers assess performance based on revenue gross profit. selling marketing administrative expenses common not included in measure performance resource allocation. Interest income gains finance income profit income tax expense not allocated.\n no inter-segment sales 31 December 2019 2018. revenues from external customers measured consistent with consolidated income statement.\n with. no segment assets liabilities.\n segment information for reportable segments 31 December 2019 2018\n VAS FinTech Business Services Online Advertising Others Total\n Segment revenues 199,991 101,355 | 68,377 7,566 377,289\n Gross profit 105,905 27,524 33,517 587 167,533\n Depreciation 3,461 6,669 2,065 108 12,303\n Amortisation 14,710 9,977 3,115 27,802" +} +{ + "_id": "d1b3698ee", + "title": "", + "text": "NOTE 17. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT\nFINANCIAL INSTRUMENTS\nFinancial instruments include:\nThe carrying amounts of cash and cash equivalents, accounts receivable and accounts payable equal their fair values because of the short-term nature of these instruments.\n\n | December 31, | \n------------------------- | ------------ | -------\n | 2018 | 2019 \nFinancial assets: | | \nCash and cash equivalents | 285,907 | 497,874\nAccounts receivable | 173,450 | 199,535\nFinancial liabilities: | | \nAccounts payable | 80,640 | 119,712\n\n. FINANCIAL INSTRUMENTS RISK MANAGEMENT\n cash receivable payable equal values short-term.\n 2019\n assets\n Cash equivalents 285,907 497,874\n Accounts receivable 173,450 199,535\n liabilities\n Accounts payable 80,640 119,712" +} +{ + "_id": "d1a738764", + "title": "", + "text": "NOTE 7 – PROPERTY AND EQUIPMENT\nProperty and equipment consist of the following (in thousands):\nDepreciation expense was $8.6 million, $8.0 million, and $8.4 million in fiscal years ended February 28, 2019, 2018 and 2017, respectively.\nFixed assets not yet in service consist primarily of capitalized internal-use software and certain tooling and other equipment that have not been placed into service.\n\n | February 28, | \n---------------------------------------------- | ------------ | --------\n | 2019 | 2018 \nLeasehold improvements | $3,522 | $3,157 \nLoJack system components and law enforcement | | \ntracking units | 20,326 | 20,558 \nPlant equipment and tooling | 13,078 | 16,842 \nOffice equipment, computers and furniture | 11,553 | 14,206 \nSoftware | 31,349 | 31,427 \n | 79,828 | 86,190 \nLess accumulated depreciation and amortization | (58,641) | (69,585)\n | 21,187 | 16,605 \nFixed assets not yet in service | 5,836 | 4,657 \n | $27,023 | $21,262 \n\nPROPERTY EQUIPMENT\n Depreciation expense $8. million. 4 million 2019 2018 2017.\n assets capitalized internal software tooling.\n Leasehold improvements $3,522 $3,157\n LoJack law enforcement\n tracking units 20,326\n Plant equipment tooling 13,078\n Office computers furniture 11,553\n Software 31,349 31,427\n,828 86,190\n accumulated depreciation amortization (58,641\n,605\n Fixed assets 5,836 4,657\n $27,023 $21,262" +} +{ + "_id": "d1b32f284", + "title": "", + "text": "Opening Equity Balance Sheet Adjustments from Accounting Standards Adopted in 2018\nOn January 1, 2018, we adopted Topic 606, ASU 2018-02, Income Statement-Reporting Comprehensive Income and other ASUs. We adopted Topic 606 using the modified retrospective method. We early adopted ASU 2018-02, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from Tax Cuts and Jobs Act (TCJA).\nThe cumulative after-tax effect of the changes made to our consolidated balance sheet for the adoption of Topic 606, ASU 2018-02 and other ASUs was as follows:\n\n | | Adjustments due to | Adjustments due to | Adjustments due to | \n-------------------------------------- | -------------------- | ------------------ | ------------------ | ------------------ | ------------------\n(dollars in millions) | At December 31, 2017 | Topic 606 | ASU 2018-02 | Other ASUs | At January 1, 2018\nRetained earnings | 35,635 | 2,890 | (652) | (6) | 37,867 \nAccumulated other comprehensive income | 2,659 | — | 652 | (22) | 3,289 \nNoncontrolling interests | 1,591 | 44 | — | — | 1,635 \n\nEquity Balance Sheet Adjustments Accounting Standards 2018\n January 1 adopted Topic 606 ASU 2018-02 Income Statement-Reporting Comprehensive Income. 606 modified retrospective method. ASU 2018-02 reclassification retained earnings tax Tax Cuts Jobs Act.\n cumulative after-tax effect balance sheet Topic 606 ASU 2018-02\n Adjustments\n December 31, 2017 Topic 606 ASU 2018-02 January 1 2018\n Retained earnings 35,635 2,890 37,867\n Accumulated income 2,659\n Noncontrolling interests 1,591" +} +{ + "_id": "d1b35c64e", + "title": "", + "text": "Share-Based Compensation Expense\nThe following table sets forth the total share-based compensation expense included in our consolidated statements of operations (amounts in millions):\n\n | | For the Years Ended December 31, | \n---------------------------------------------------------------------------------------------------------------------------------- | ---- | -------------------------------- | ----\n | 2019 | 2018 | 2017\nCost of revenues—product sales: Software royalties, amortization, and intellectual property licenses | $19 | $13 | $10 \nCost of revenues—subscription, licensing, and other revenues: Game Operations and Distribution Costs | 1 | 2 | 1 \nCost of revenues—subscription, licensing, and other revenues: Software royalties, amortization, and intellectual property licenses | 1 | 3 | 3 \nProduct development | 53 | 61 | 57 \nSales and marketing | 10 | 15 | 15 \nGeneral and administrative | 82 | 115 | 92 \nShare-based compensation expense before income taxes | 166 | 209 | 178 \nIncome tax benefit | (29) | (46) | (34)\nTotal share-based compensation expense, net of income tax benefit | $137 | $163 | $144\n\nShare-Based Compensation Expense\n expense consolidated statements\n Years Ended December 31,\n 2019 2018 2017\n Software royalties amortization intellectual property licenses $19 $13 $10\n licensing Game Operations Distribution\n licensing Software royalties amortization intellectual property licenses\n Product development 53 61 57\n Sales marketing\n General administrative 82 115 92\n expense income taxes 166 209 178\n Income tax benefit (29)\n tax benefit $137 $163 $144" +} +{ + "_id": "d1b34665a", + "title": "", + "text": "ITEM 6 | SELECTED FINANCIAL DATA\nYou should read the table below in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our Consolidated Financial Statements and related notes included in this Annual Report (amounts in millions, except per share data).\n(1)  Includes results from the acquisitions of Foundry from April 18, 2019, ComputerEase from August 19, 2019, iPipeline from August 22, 2019, and Bellefield from December 18, 2019; and the results from the Imaging businesses through disposal on February 5, 2019 and Gatan through disposal on October 29, 2019.\n(2)  Includes results from the acquisitions of Quote Software from January 2, 2018, PlanSwift Software from March 28, 2018, Smartbid from May 8, 2018, PowerPlan, Inc. from June 4, 2018, ConceptShare from June 7, 2018, BillBlast from July 10, 2018 and Avitru from December 31, 2018.\n(3)  Includes results from the acquisitions of Phase Technology from June 21, 2017, Handshake Software, Inc. from August 4, 2017, Workbook Software A/S from September 15, 2017 and Onvia, Inc. from November 17, 2017.\n(4)  Includes results from the acquisitions of CliniSys Group Ltd. from January 7, 2016, PCI Medical Inc. from March 17, 2016, GeneInsight Inc. from April 1, 2016, iSqFt Holdings Inc. (d/b/a ConstructConnect) from October 31, 2016, UNIConnect LC from November 10, 2016 and Deltek, Inc. from December 28, 2016.\n(5)  Includes results from the acquisitions of Strata Decision Technologies LLC from January 21, 2015, SoftWriters Inc. from February 9, 2015, Data Innovations LLC from March 4, 2015, On Center Software LLC from July 20, 2015, RF IDeas Inc. from September 1, 2015, Atlantic Health Partners LLC from September 4, 2015, Aderant Holdings Inc. from October 21, 2015, Atlas Database Software Corp. from October 26, 2015; and the results from the Black Diamond Advanced Technologies through disposal on March 20, 2015 and Abel Pumps through disposal on October 2, 2015.\n(6)  The Company recognized an after tax gain of $687.3 in connection with the dispositions of the Imaging businesses and Gatan during 2019. The Tax Cuts and Jobs Act of 2017 (“the Tax Act”) was signed into U.S. law on December 22, 2017, which was prior to the end of the Company’s 2017 reporting period and resulted in a one-time net income tax benefit of $215.4.\n(7)  Net working capital equals current assets, excluding cash, less total current liabilities, excluding debt.\n(8)  In 2019 working capital includes the impact of the increase in income taxes payable of approximately $200.0 due to the taxes incurred on the gain on sale of Gatan, and the adoption of Accounting Standards Codification (“ASC”) Topic 842, Leases (“ASC 842”) which resulted in an increase to current liabilities of $56.8 as of December 31, 2019. The other balance sheet accounts impacted due to the adoption of ASC 842 are set forth in Note 16 of the Notes to Consolidated Financial Statements included in this Annual Report.\n\n | | | As of and for the Years ended December 31, | | \n-------------------------------------- | ------------ | ------------- | ------------------------------------------ | ------------ | ------------\n | 2019(1)(8) | 2018(2) | 2017(3) | 2016(4) | 2015(5) \nOperations data: | | | | | \nNet revenues | $ 5,366.8 | $ 5,191.2 | $ 4,607.5 | $ 3,789.9 | $ 3,582.4 \nGross profit | 3,427.1 | 3,279.5 | 2,864.8 | 2,332.4 | 2,164.6 \nIncome from operations | 1,498.4 | 1,396.4 | 1,210.2 | 1,054.6 | 1,027.9 \nNet earnings(6) | 1,767.9 | 944.4 | 971.8 | 658.6 | 696.1 \nPer share data: | | | | | \nBasic earnings per share | $ 17.02 | $ 9.15 | $ 9.51 | $ 6.50 | $ 6.92\nDiluted earnings per share | $ 16.82 | $ 9.05 | $ 9.39 | $ 6.43 | $ 6.85\nDividends declared per share | $ 1.9000 | $ 1.7000 | $ 1.4625 | $ 1.2500 | $ 1.0500 \nBalance sheet data: | | | | | \nCash and cash equivalents | $ 709.7 | $ 364.4 | $ 671.3 | $ 757.2 | $ 778.5 \nWorking capital(7) | (505.4) | (200.4) | (140.4) | (25.0) | 126.2 \nTotal assets | 18,108.9 | 15,249.5 | 14,316.4 | 14,324.9 | 10,168.4 \nCurrent portion of long-term debt | 602.2 | 1.5 | 800.9 | 401.0 | 6.8 \nLong-term debt, net of current portion | 4,673.1 | 4,940.2 | 4,354.6 | 5,808.6 | 3,264.4 \nStockholders’ equity | 9,491.9 | 7,738.5 | 6,863.6 | 5,788.9 | 5,298.9 \n\nITEM 6 SELECTED FINANCIAL DATA\n read table Discussion Analysis Financial Condition Results Consolidated Financial Statements notes Annual Report millions.\n Includes acquisitions Foundry April 18 ComputerEase August 19, iPipeline Bellefield December 18 Imaging businesses February 5 Gatan October 29, 2019.\n Quote Software January 2 PlanSwift Software March Smartbid May 8 PowerPlan. June 4 ConceptShare June 7 BillBlast July 10 Avitru December 31,.\n Phase Technology June 21, Handshake Software. August 4 Workbook Software September 15 Onvia. November 17,.\n CliniSys Group. PCI Medical. GeneInsight. iSqFt Holdings. UNIConnect Deltek. December 28,.\n Includes Strata Decision Technologies SoftWriters. Data Innovations On Center Software RF IDeas. Atlantic Health Partners Aderant Holdings. Atlas Database Software. October 26, Black Diamond Advanced Technologies March 20 Abel Pumps October 2, 2015.\n after tax gain $687.Imaging businesses Gatan 2019. Tax Cuts Jobs Act 2017 signed. law December 22, 2017 2017 reporting period one-time net income tax benefit $215.\n Net working capital equals current assets less liabilities debt.\n 2019 capital increase income taxes $200. sale Gatan Accounting Standards Codification 842 increase current liabilities $56. December 31, 2019. balance sheet accounts ASC 842 Note 16 Consolidated Financial Statements Annual Report.\n 2015(5)\n Operations data\n Net revenues $ 5,366. 5,191. 4,607. 3,789. 3,582.\n Gross profit 3,427. 3,279. 2,864. 2,332. 2,164.\n Income operations 1,498. 1,396. 1,210. 1,054. 1,027.\n Net 1,767. 944. 971. 658. 696.\n Per share\n Basic earnings per share $ 17. $ 9.6. 50. 92\n earnings share 16. 82 9. 39.\n Dividends share 1. 9000 1. 7000. 4625. 2500.\n Balance sheet\n Cash equivalents 709. 364. 671. 757. 778.\n Working capital (505. (25 126.\n assets 18,108. 15,249. 14,316. 14,324. 10,168.\n long-term debt 602. 1. 800. 401.\n debt 4,673. 4,354. 5,808. 3,264.\n Stockholders’ equity 9,491. 7,738. 6,863. 5,788. 5,298." +} +{ + "_id": "d1b355d9e", + "title": "", + "text": "Class A\nAs of December 31, 2019 and 2018, there were no weighted average shares of unvested Class A restricted common stock shares considered to be participating securities.\nThe computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units not classified as participating securities.\nAs of December 31, 2019, there were 1,718,865 shares of Class A restricted stock units and 1,478,756 Class A stock options outstanding and considered to be potentially dilutive securities. As of December 31, 2018, there were 912,315 shares of Class A restricted stock units and 866,011 Class A stock options outstanding and considered to be potentially dilutive securities.\nThe components of the calculation of basic earnings per share and diluted earnings per share are as follows:\nFor annual earnings per share calculations, there were 407,120 and 651,154 dilutive equity awards outstanding for the years ended December 31, 2019 and 2018. Awards of 920,845 and 469,112 shares of common stock for 2019 and 2018, respectively, were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive.\n\n | Years Ended December 31, | \n------------------------------------------- | ------------------------ | ----------\n | 2019 | 2018 \nNet income | $8,675 | $13,489 \nWeighted average common shares outstanding: | | \nClass A common stock - basic | 89,251,818 | 88,394,580\nClass A common stock - diluted | 89,658,938 | 89,045,734\n\n\n December 31, 2019 2018 no unvested common stock participating.\n diluted earnings per share assumes issuance common stock potentially dilutive options units.\n December 31, 2019 1,718,865 shares 1,478,756 options dilutive. December 31, 2018 912,315 shares 866,011 options dilutive.\n earnings diluted earnings\n annual 407,120 651,154 dilutive equity awards December 31, 2019 2018. 920,845,112 shares 2019 2018 not included diluted earnings anti.\n Years\n Net income $8,675 $13,489\n Weighted average common shares\n Class A common stock 89,251,818 88,394,580\n diluted 89,658,938 89,045,734" +} +{ + "_id": "d1b35f81c", + "title": "", + "text": "Free cash flow\nThe Free cash flow for the Industrial Businesses amounted to €8,000 millions, resulting in a cash conversation rate of 0.89.\nBeginning with fiscal 2020, Siemens adopts IFRS 16, Leases, applying\nthe modified retrospective approach as described in more detail in NOTE 2 in B.6 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. As a result, the shift of lease payments from cash flows from operating activities to cash flows from financing activities will have a positive effect on Free cash flow.\nWith our ability to generate positive operating cash flows, our total liquidity (defined as cash and cash equivalents plus current interest-bearing debt securities) of €13.7 billion, our unused lines of credit, and our credit ratings at year-end, we believe that we have sufficient flexibility to fund our capital requirements. Also in our opinion, our operating net working capital is sufficient for our present requirements.\n\n | | | Fiscal Year 2019 \n---------------------------------------------------------------- | --------------------- | ----------------------- | --------------------------------------\n(in millions of €) | Continuing operations | Discontinued operations | Continuing and discontinued operations\nCash flows from operating activities | 8,482 | (27) | 8,456 \nAdditions to intangible assets and property, plant and equipment | (2,610) | − | (2,610) \nFree cash flow | 5,872 | (27) | 5,845 \n\ncash flow\n Industrial Businesses €8,000 millions cash conversation rate 0. 89.\n 2020 Siemens adopts IFRS 16 Leases\n modified retrospective approach NOTE 2. 6 STATEMENTS. shift lease payments financing cash flow.\n positive operating cash flows liquidity debt securities €13. 7 billion unused lines credit credit ratings year-end sufficient flexibility fund capital requirements. operating net working capital sufficient requirements.\n Fiscal Year 2019\n millions Continuing Discontinued operations\n Cash flows 8,482\n Additions intangible assets property equipment (2,610)\n Free cash flow 5,872" +} +{ + "_id": "d1b3b712a", + "title": "", + "text": "6 Segment Information continued\nThe Group’s revenue is diversified across its entire end customer base and no single end user accounted for greater than 10 per cent of the Group’s revenue in either 2018 or 2019. In 2019 two distributors accounted for 15 per cent each, and one distributor for 11 per cent of Group billings which were attributable to all segments of the Group (2018: three distributors accounted for 15 per cent, 14 per cent and 12 per cent each).\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2\n------------------------------------------------ | ------------------------ | --------------------------------------------\nRevenue from external customers by country | $M | $M \nUK | 83.2 | 73.5 \nUSA | 222.2 | 199.0 \nGermany | 143.5 | 128.4 \nOther countries | 261.7 | 238.1 \nTotal revenue from external customers by country | 710.6 | 639.0 \n\n\n revenue diversified no user 10 per cent revenue 2018 2019. 2019 two distributors 15 one 11 per cent billings three distributors 15 14 12 cent.\n Year-ended 31 March 2019 March 2018\n Revenue customers country $M\n UK 83. 73.\n USA 222. 199.\n Germany 143. 128.\n Other countries 261. 7 238.\n revenue country 710. 6 639." +} +{ + "_id": "d1b3301a2", + "title": "", + "text": "The 2022 Notes consist of the following (in thousands):\n(1) Recorded in the consolidated balance sheet within additional paid-in capital, net of $0.8 million transaction costs in equity. December 31, 2019 also includes $36.7 million market premium representing the excess of the total consideration delivered over the fair value of the liability recognized related to the $23.0 million principal balance repurchase of the 2022 Notes.\n\n | As of December 31, | \n---------------------------------------- | ------------------ | --------\n | 2019 | 2018 \nLiability component: | | \nPrincipal | $92,000 | $115,000\nLess: debt discount, net of amortization | (12,776) | (20,903)\nNet carrying amount | $79,224 | $94,097 \nEquity component (1) | (14,555) | 22,094 \n\n2022 Notes\n consolidated balance capital $0. 8 million costs. $36. 7 million market premium excess liability $23. million repurchase 2022 Notes.\n December\n Liability\n Principal $92,000 $115,000\n debt discount amortization (12,776\n Net carrying amount $79,224 $94,097\n Equity component (14,555) 22,094" +} +{ + "_id": "d1b3c4d8e", + "title": "", + "text": "General and administrative expenses consist primarily of payroll and payroll related benefits expenses, related overhead, audit fees, other professional fees, contract labour and consulting expenses and public company costs.\nGeneral and administrative expenses increased by $2.7 million during the year ended June 30, 2019 as compared to the prior fiscal year. This was primarily due to an increase in payroll and payroll-related benefits of $4.1 million and an increase in other miscellaneous expenses of $2.2 million, which includes professional fees such as legal, audit and tax related expenses. These were partially offset by a reduction in the use of facility and related expenses of $4.5 million. The remainder of the change was attributable to other activities associated with normal growth in our business operations. Overall, general and administrative expenses, as a percentage of total revenue, remained at approximately 7%.\nOur general and administrative labour resources increased by 119 employees, from 1,501 employees at June 30, 2018 to 1,620 employees at June 30, 2019.\n\n | Change between Fiscal increase (decrease) | \n--------------------------------------------------- | ----------------------------------------- | -------------\n(In thousands) | 2019 and 2018 | 2018 and 2017\nPayroll and payroll-related benefits | $4,089 | $22,908 \nContract labour and consulting | (618) | (1,054) \nShare-based compensation | 768 | (1,709) \nTravel and communication | 794 | 80 \nFacilities | (4,537) | 5,777 \nOther miscellaneous | 2,186 | 8,872 \nTotal change in general and administrative expenses | $2,682 | $34,874 \n\nadministrative expenses payroll benefits overhead audit professional fees contract labour consulting public company costs.\n increased $2. 7 million June 2019. due to increase payroll benefits $4. 1 million miscellaneous expenses $2. 2 million. offset by reduction facility expenses $4. 5 million. remainder change activities growth. expenses revenue remained 7%.\n labour resources increased 119 employees from 1,501 2018 to 1,620 2019.\n Change\n Payroll benefits $4,089 $22,908\n Contract labour consulting (618)\n Share-based compensation 768\n Travel communication 794\n Facilities (4,537)\n Other miscellaneous 2,186\n Total change expenses $2,682 $34,874" +} +{ + "_id": "d1b340732", + "title": "", + "text": "Return on invested capital (ROIC)\nROIC measures the after tax return on the total capital invested in the business. It is calculated as adjusted operating profit after tax divided by average invested capital.\nAn analysis of the components is as follows:\n\n | 2019 | 2018 \n------------------------------------------------------- | ------- | -------\n | £m | £m \nTotal equity | 826.3 | 766.9 \nNet debt | 334.1 | 235.8 \nTotal invested capital | 1,160.4 | 1,002.7\nAverage invested capital | 1,081.6 | 992.9 \nAverage invested capital (excluding IFRS 16) | 1,061.2 | 992.9 \nOperating profit as reported under IFRS | 245.0 | 299.1 \nAdjustments (see adjusted operating profit) | 37.7 | (34.2) \nAdjusted operating profit | 282.7 | 264.9 \nTaxation | (80.6) | (73.1) \nAdjusted operating profit after tax | 202.1 | 191.8 \nAdjusted operating profit after tax (excluding IFRS 16) | 201.2 | 191.8 \nReturn in invested capital | 18.7% | 19.3% \nReturn in invested capital (excluding IFRS 16) | 19.0% | 19.3% \n\nReturn invested capital\n after tax return total capital. calculated adjusted operating profit after tax divided average invested capital.\n components\n Total equity 826. 766.\n Net debt 334. 235.\n invested capital 1,160. 4 1,002.\n 1,081. 6 992.\n 1,061. 992.\n Operating profit 245. 299.\n 37. 7 (34.\n 282. 264. 9\n Taxation (80. (73.\n operating profit after 202. 191.\n 201. 191.\n Return invested capital 18. 7% 19. 3%\n 19." +} +{ + "_id": "d1b3bf28a", + "title": "", + "text": "Other income (expense)\nnm—not meaningful\nOther income (expense), net changed $9.9 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to a change of $10.4 million in foreign exchange expense which was primarily attributable to the re-measurement of short-term intercompany balances denominated in currencies other than the functional currency of our operating units. The increase in interest income is primarily due to interest on investments.\n\n | Year ended March 31, | | Period-to-period change | \n-------------------------------------------------- | -------------------- | ---------------------- | ----------------------- | --------\n% Change | 2018 | 2017 | Amount | % Change\n | | (dollars in thousands) | | \nOther income (expense): | | | | \nInterest income | $1,310 | $510 | $800 | 157% \nInterest expense | (598) | (268) | (330) | 123% \nForeign exchange (expense) income and other, net | (3,439) | 6,892 | (10,331) | nm \nTotal other income (expense), net | $(2,727) | $7,134 | $(9,861) | nm \n\nincome (expense\n changed $9. million March 31, 2018 2017 change $10. 4 million foreign exchange expense re-measurement intercompany balances. increase interest income due investments.\n March Period-to-period change\n % Change 2018 2017 %\n (dollars thousands\n Interest income $1,310 $510 $800 157%\n Interest expense (598) (268) (330) 123%\n Foreign exchange (expense income (3,439) 6,892 (10,331)\n $(2,727) $7,134 $(9,861)" +} +{ + "_id": "d1b3b3c00", + "title": "", + "text": "In 2019, 2018 and 2017, we adopted the revised mortality tables and projection scales released by the Society of Actuaries, which decreased the projected benefit obligation of our benefit plans by $4 million, $38 million and $113 million, respectively. The change in the projected benefit obligation of our benefit plans was recognized as part of the net actuarial (gain) loss and is included in accumulated other comprehensive loss, a portion of which is subject to amortization over the remaining estimated life of plan participants, which was approximately 16 years as of December 31, 2019.\nThe following tables summarize the change in the benefit obligations for the Combined Pension Plan and post-retirement benefit plans:\n\n | | Combined Pension Plan | \n--------------------------------------- | ------- | ------------------------ | -------\n | | Years Ended December 31, | \n | 2019 | 2018 | 2017 \n | | (Dollars in millions) | \nChange in benefit obligation | | | \nBenefit obligation at beginning of year | $11,594 | 13,064 | 13,244 \nService cost | 56 | 66 | 63 \nInterest cost | 436 | 392 | 409 \nPlan amendments | (9) | — | — \nSpecial termination benefits charge | 6 | 15 | — \nActuarial (gain) loss | 1,249 | (765) | 586 \nBenefits paid from plan assets | (1,115) | (1,178) | (1,238)\nBenefit obligation at end of year | $12,217 | 11,594 | 13,064 \n\n2019 2018 2017 adopted revised mortality tables projection scales Society Actuaries decreased projected benefit obligation $4 million $38 million $113 million. change net actuarial loss included loss subject amortization life 16 years December 31, 2019.\n tables summarize benefit obligations Combined Pension Plan post-retirement benefit plans\n Years Ended December 31,\n 2018\n millions\n Change benefit obligation\n beginning year $11,594 13,064\n Service cost\n Interest cost\n Plan amendments\n Special termination benefits charge\n Actuarial (gain) loss 1,249\n Benefits paid plan assets (1\n obligation end year $12,217" +} +{ + "_id": "d1b350f2e", + "title": "", + "text": "Additional sources of cash available to us were international currency lines of credit and bank credit facilities totaling $26.0 million as of September 28, 2019, of which $20.8 million was unused and available. These unsecured international credit facilities were used in Europe and Japan during fiscal 2018. As of September 28, 2019, we had utilized $5.2 million of the international credit facilities as guarantees in Europe.\nOur ratio of current assets to current liabilities increased to 4.6:1 at September 28, 2019 compared to 3.3:1 at September 29, 2018. The increase in our ratio was primarily due to lower income taxes payable, partially offset by decreases in our ratio due to lower accounts receivable and inventories. Our cash and cash equivalents, short-term investments and working capital are as follows (in thousands):\n\n | Fiscal | \n------------------------- | -------- | --------\n | 2019 | 2018 \nCash and cash equivalents | $305,833 | $310,495\nShort-term investments | 120 | 120 \nWorking capital | 854,507 | 865,664 \n\nsources cash international currency bank facilities $26. 0 million September 28, 2019 $20. 8 million unused. unsecured credit facilities Europe Japan 2018. utilized $5. 2 million Europe.\n current assets liabilities increased. 6:1 September 2019. 3:1 29, 2018. lower income taxes accounts receivable inventories. cash equivalents short investments working capital\n Cash equivalents $305,833 $310,495\n Short-term investments\n Working capital,507 865,664" +} +{ + "_id": "d1b336fb6", + "title": "", + "text": "Restricted Share Awards\nDuring the years ended December 31, 2017, pursuant to the Company’s 2016 Incentive Plan and 2005 Incentive Plan, the Company granted RSAs. The awards have requisite service periods of three years and vest in increments of 33% on the anniversary of the grant dates. Under each arrangement, shares are issued without direct cost to the employee. RSAs granted to our board vest one year from grant or as of the next annual shareholders meeting, whichever is earlier. The Company estimates the fair value of the RSAs based upon the market price of the Company’s stock at the date of grant. The RSA grants provide for the payment of dividends on the Company’s common stock, if any, to the participant during the requisite service period, and the participant has voting rights for each share of common stock. The Company recognizes compensation expense for RSAs on a straight-line basis over the requisite service period.\nA summary of nonvested RSAs is as follows:\nDuring the year ended December 31, 2019, a total of 106,610 RSAs vested. The Company withheld 32,371 of those shares to pay the employees’ portion of the minimum payroll withholding taxes.\n\n | Number of Shares | Weighted Average Grant Date Fair Value\n------------------------------ | ---------------- | --------------------------------------\nNonvested at December 31, 2018 | 213,337 | $20.21 \nVested | -106,610 | 20.17 \nForfeited | -13,885 | 20.64 \nNonvested at December 31, 2019 | 92,842 | $20.13 \n\nRestricted Share Awards\n December 31, 2017 granted RSAs. awards service periods three years vest 33% anniversary grant dates. shares issued without cost employee. RSAs granted vest one year or next meeting. Company estimates fair value market price stock date grant. grants dividends common stock voting rights. recognizes compensation expense RSAs straight.\n nonvested RSAs\n December 31, 2019 106,610 RSAs vested. withheld 32,371 minimum payroll withholding taxes.\n Shares Average Grant Date Value\n Nonvested December 31, 2018 213,337 $20.\n Vested -106,610.\n,885.\n Nonvested December 31, 2019 92,842 $20." +} +{ + "_id": "d1b329dc0", + "title": "", + "text": "Europe\nEurope net revenues increased $749,000 in 2019 compared to 2018 (see “Revenues” above). Europe expenses increased $1.3 million from 2018 to 2019 primarily due to increased marketing costs.\nForeign currency movements relative to the U.S. dollar negatively impacted our local currency income from our operations in Europe by approximately $207,000 and $181,000 for 2019 and 2018, respectively.\n\nYear Ended December 31, | | \n----------------------------------------- | ------- | -------\n | 2019 | 2018 \n(In thousands) | | \nRevenues | $36,898 | $36,149\nIncome from operations | $4,461 | $4,973 \nIncome from operations as a % of revenues | 12% | 14% \n\n\n revenues increased $749,000 2019 2018. expenses increased $1. 3 million 2019 increased marketing costs.\n Foreign currency movements. impacted local income $207,000 $181,000 2019 2018.\n Ended December 31,\n Revenues $36,898 $36,149\n Income operations $4,461 $4,973\n" +} +{ + "_id": "d1b2e67a0", + "title": "", + "text": "NOTE 21 — QUARTERLY INFORMATION (UNAUDITED)\n(a) Reflects the $157 million net charge related to the enactment of the TCJA for the second quarter and the $2.6 billion net income tax benefit related to the intangible property transfers for the fourth quarter, which together increased net income by $2.4 billion for fiscal year 2019. See Note 12 – Income Taxes for further information.\n(b) Reflects the net charge related to the enactment of the TCJA and the net income tax benefit related to the intangible property transfers, which decreased (increased) diluted EPS $0.02 for the second quarter, $(0.34) for the fourth quarter, and $(0.31) for fiscal year 2019.\n(c) Reflects the net charge (benefit) related to the enactment of the TCJA of $13.8 billion for the second quarter, $(104) million for the fourth quarter, and $13.7 billion for fiscal year 2018.\n(d) Reflects the net charge (benefit) related to the enactment of the TCJA, which decreased (increased) diluted EPS $1.78 for the second quarter, $(0.01) for the fourth quarter, and $1.75 for fiscal year 2018.\n\n(In millions, except per share amounts) | | | | | \n--------------------------------------- | ------------ | ----------- | --------- | --------- | ----------\nQuarter Ended | September 30 | December 31 | March 31 | June 30 | Total \nFiscal Year 2019 | | | | | \nRevenue | $ 29,084 | $ 32,471 | $ 30,571 | $ 33,717 | $ 125,843\nGross margin | 19,179 | 20,048 | 20,401 | 23,305 | 82,933 \nOperating income | 9,955 | 10,258 | 10,341 | 12,405 | 42,959 \nNet income (a) | 8,824 | 8,420 | 8,809 | 13,187 | 39,240 \nBasic earnings per share | 1.15 | 1.09 | 1.15 | 1.72 | 5.11 \nDiluted earnings per share (b) | 1.14 | 1.08 | 1.14 | 1.71 | 5.06 \nFiscal Year 2018 | | | | | \nRevenue | $ 24,538 | $ 28,918 | $ 26,819 | $ 30,085 | $ 110,360 \nGross margin | 16,260 | 17,854 | 17,550 | 20,343 | 72,007 \nOperating income | 7,708 | 8,679 | 8,292 | 10,379 | 35,058 \nNet income (loss) (c) | 6,576 | (6,302) | 7,424 | 8,873 | 16,571 \nBasic earnings (loss) per share | 0.85 | (0.82) | 0.96 | 1.15 | 2.15 \nDiluted earnings (loss) per share (d) | 0.84 | (0.82) | 0.95 | 1.14 | 2.13 \n\nNOTE 21 QUARTERLY INFORMATION\n Reflects $157 million charge TCJA second quarter $2. 6 billion income tax benefit intangible property transfers fourth quarter increased net income $2. 4 billion fiscal 2019. Note 12 Income Taxes.\n Reflects net charge TCJA intangible property transfers diluted EPS. second. fourth. 2019.\n Reflects net TCJA $13. billion second quarter $(104) million fourth quarter $13. 7 billion fiscal year 2018.\n decreased diluted EPS $1. 78 second quarter. fourth quarter $1. 75 2018.\n Quarter Ended September 30 December 31 March 31 June 30\n Fiscal Year 2019\n Revenue $ 29,084 $ 32,471 30,571 33,717 125,843\n Gross margin 19,179\n Operating income 9\n Net income 8,824\nearnings share. 15. 09. 72.\n Diluted earnings. 14. 08. 71.\n 2018\n Revenue $ 24,538 28,918 26,819 30,085 110,360\n Gross margin 16,260 17,854 20,343 72,007\n Operating income 7,708 8,679 10,379 35,058\n Net income 6,576 (6,302) 8,873 16,571\n Basic earnings. 85. 96. 15.\n earnings. 84. 95. 14." +} +{ + "_id": "d1b3280ce", + "title": "", + "text": "2. Disaggregation of Revenue\nThe following table disaggregates our net sales by product category (in millions):\n\nProduct Category | Fiscal Year 2019 | Fiscal Year 2018 | Fiscal Year 2017\n---------------------------- | ---------------- | ----------------- | ----------------\nFresh, vacuum-sealed chicken | $1,310.2 | $1,139.3 | $1,339.1 \nFresh, chill-packed chicken | 1,137.7 | 1,158.3 | 1,044.7 \nFresh, ice-packed chicken | 511.5 | 503.6 | 547.1 \nPrepared chicken | 240.8 | 207.6 | 170.8 \nFrozen chicken | 213.0 | 211.5 | 223.9 \nOther | 27.1 | 15.7 | 16.6 \nTotal net sales | $3,440.3 | $3,236.0 | $3,342.2 \n\n. Disaggregation Revenue\n table sales product category\n 2019 2018\n vacuum-sealed chicken $1,310. $1,139. $1,339.\n chill-packed 1,137. 1,158. 1,044.\n-packed 511. 503. 547.\n Prepared 240. 207. 170.\n Frozen 213. 211. 223.\n 27.\n sales $3,440. 3 $3,236. $3,342." +} +{ + "_id": "d1b35c2de", + "title": "", + "text": "Investments\nAs of June 30, 2019, the Group’s investments consisted of the following:\nAs of June 30, 2019, the Group had $445.0 million of investments which were classified as short-term investments on the Group’s consolidated statements of financial position. Additionally, the Group had marketable equity securities totaling $58.9 million, non-marketable equity securities totaling $3.0 million, and certificates of deposit and time deposits totaling $3.7 million which were classified as long-term and were included in other non-current assets on the Group’s consolidated statements of financial position.\n\n | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value\n----------------------------------------- | -------------- | --------------------- | ----------------- | ----------\n | | (U.S. $ in thousands) | | \nDebt Investments | | | | \nMarketable debt securities | | | | \nU.S. treasury securities | $101,563 | $203 | $(7) | 101,759 \nAgency securities | 26,936 | 33 | (3) | 26,966 \nCertificates of deposit and time deposits | 24,126 | — | — | 24,126 \nCommercial paper | 94,035 | — | — | 94,035 \nCorporate debt securities | 201,552 | 292 | (24) | 201,820 \nTotal debt investments | 448,212 | 528 | (34) | 448,706 \nEquity Investments | | | | \nMarketable equity securities | 20,270 | 38,662 | — | 58,932 \nNon-marketable equity securities | 3,000 | — | — | 3,000 \nTotal equity investments | 23,270 | 38,662 | — | 61,932 \nTotal investments | $471,482 | $39,190 | $(34) | $510,638 \n\n\n June 30, 2019\n $445. million short-term. marketable equity securities $58. 9 million non-marketable equity securities $3. 0 million certificates of deposit time deposits $3. 7 million long-term non assets.\n Amortized Cost Unrealized Gains Losses Fair Value\n.\n Debt Investments\n Marketable debt securities\n. treasury securities $101,563 101,759\n Agency securities 26,936\n Certificates deposit time deposits 24,126\n 94,035\n Corporate debt securities 201,552\n Total debt investments 448,212\n Equity Investments\n Marketable equity securities 20,270 38,662 58,932\n Non-marketable equity securities\n Total equity investments 23,270 38,662 61,932\n $471,482 $39,190 $510,638" +} +{ + "_id": "d1b375ee6", + "title": "", + "text": "12. INCOME TAXES\nOn December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was signed into law in the U.S. The Tax Act significantly revised the future ongoing U.S. corporate income tax by, among other things, lowering the U.S. corporate income tax rate to 21% from 35%, providing full expensing for investments in new and used qualified property made after September 27, 2017, and implementing a territorial tax system. In connection with the transition to the new territorial tax system, a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries was imposed for fiscal 2018 (the “Transitional Repatriation Tax”), for which an election can be made to pay over eight years. In addition, the Tax Act included two new U.S. tax base erosion provisions, the Global Intangible Low-Taxed Income (“GILTI”) provisions and the Base- Erosion and Anti-Abuse Tax (“BEAT”) provisions, which became effective for the Company during fiscal 2019. The GILTI provisions generally result in inclusion of income earned by foreign subsidiaries in the U.S. taxable income.\nIn response to the Tax Act, the SEC issued Staff Accounting Bulletin No. 118 which allowed companies to recognize provisional estimates in the preparation of a Company’s financial statements and permitted up to a one year measurement period after the enactment date of the Tax Act to finalize the recording of the related tax impacts.\nDuring fiscal 2018, the Company recorded a net provisional tax expense of $77.3 million for the estimated effects of the Tax Act. This was comprised of a provisional Transitional Repatriation Tax expense of $116.4 million, offset by a provisional deferred tax benefit of $39.1 million from the remeasurement of U.S. deferred tax assets and liabilities. The Company completed its analysis of the impact of the Tax Act during the third quarter of fiscal 2019, and during the first three quarters of fiscal 2019 recorded a net discrete income tax benefit adjustment of $17.0 million to the prior year provisional estimates, comprised of a $1.9 million reduction to the provisional Transitional Repatriation Tax and a $15.1 million increase in U.S. deferred tax assets.\nThe GILTI provisions became effective for the Company in fiscal 2019 and resulted in a net $30.4 million tax expense, consisting of a $70.8 million expense related to the inclusion of unremitted foreign earnings offset by a $40.4 million tax benefit from additional foreign tax credits. The Company has made an accounting policy decision under U.S. GAAP to treat taxes due on future GILTI inclusions in U.S. taxable income as a current-period expense (the “period cost method”).\nIncome (loss) before income taxes consists of the following components (in thousands):\n\n | | Fiscal Year | \n------------- | ---------- | ----------- | -------\n | 2019 | 2018 | 2017 \nUnited States | $(297,975) | $(151,083) | $2,439 \nForeign | 389,767 | 168,228 | 24,866 \nTotal | $91,792 | $17,145 | $27,305\n\n. INCOME TAXES\n December 22, 2017 Tax Cuts and Jobs Act signed. revised. corporate income tax. rate 21% from 35% full expensing investments new property after September 27, 2017 territorial tax system. one-time transition tax unrepatriated earnings foreign subsidiaries imposed fiscal 2018 Repatriation eight years. Act included. tax base erosion provisions Global Intangible Low-Taxed Income Base- Erosion Anti-Abuse Tax effective fiscal 2019. foreign subsidiaries. taxable income.\n SEC issued Staff Accounting Bulletin No. 118 provisional estimates one year measurement period after Act.\n fiscal 2018 Company recorded net provisional tax expense $77. 3 million Tax Act. Transitional Repatriation Tax expense $116. 4 million offset deferred tax benefit $39. 1 million. 2019 first three quarters net income tax benefit adjustment $17. million estimates $1. 9 million reduction Transitional Repatriation Tax $15. 1 million increase.deferred tax assets.\n GILTI provisions 2019 net $30. 4 million tax expense $70. 8 million expense unremitted foreign earnings offset $40. 4 million benefit credits. future GILTI inclusions. current-period expense.\n Income before taxes\n United States $(297,975) $(151,083) $2,439\n Foreign 389,767 168,228 24,866\n Total $91,792 $17,145 $27,305" +} +{ + "_id": "d1b39c5b4", + "title": "", + "text": "Indebtedness\nThe following table presents selected financial information on our indebtedness (in thousands):\nAs of December 27, 2019, we have various floating- and fixed-rate debt instruments with varying maturities for an aggregate principal amount of $392.1 million. See Note 9 “Debt Obligations” to our consolidated financial statements for a full description of our debt instruments.\nOn November 22, 2019, we issued $150.0 million aggregate principal amount of 1.875% Convertible Senior Notes (the “Senior Notes”). Approximately $43.2 million of the net proceeds were used to repay all outstanding borrowings then outstanding under our ABL and we intend to use the remainder for working capital and general corporate purposes, which may include future acquisitions.\nOn July 25, 2018, the holders of the $36.8 million principal amount of convertible subordinated notes that were issued in connection with our acquisition of Del Monte converted these notes and related accrued interest of $0.3 million into 1,246,272 shares of the Company’s common stock.\nOn June 29, 2018, we entered into an asset-based loan facility (“ABL”) that increased our borrowing capacity from $75.0 million to $150.0 million. Additionally, we reduced the fixed-rate portion of interest charged on our senior secured term loan (“Term Loan”) from 475 basis points to 350 basis points over Adjusted LIBOR as a result of repricings executed on December 14, 2017 and November 16, 2018.\nA portion of the interest rate charged on our Term Loan is currently based on LIBOR and, at our option, a component of the interest charged on the borrowings outstanding on our ABL, if any, may bear interest rates based on LIBOR. LIBOR has been the subject of reform and is expected to phase out by the end of fiscal 2021. The consequences of the discontinuation of LIBOR cannot be entirely predicted but could impact the interest expense we incur on these debt instruments. We will negotiate alternatives to LIBOR with our lenders before LIBOR ceases to be a widely available reference rate.\n\n | | Fiscal Year Ended | \n--------------------------------------------------- | ----------------- | ----------------- | -----------------\n | December 27, 2019 | December 28, 2018 | December 29, 2017\nSenior secured term loan | $238,129 | $239,745 | $238,435 \nTotal Convertible debt | $154,000 | $— | $36,750 \nBorrowings outstanding on asset-based loan facility | $— | $44,185 | $— \nFinance leases and other financing obligations | $3,905 | $193 | $664 \n\nIndebtedness\n table indebtedness\n December 27, 2019 floating- fixed-rate debt instruments varying maturities principal amount $392. 1 million. Note 9 “Debt.\n November 22, 2019 issued $150. 0 million 1. 875% Convertible Senior Notes. $43. 2 million proceeds borrowings use remainder working capital corporate purposes future acquisitions.\n July 25, 2018 $36. 8 million convertible notes Del Monte converted $0. 3 million 1,246,272 shares common stock.\n June 29, 2018 loan facility increased borrowing capacity $75. 0 million to $150. 0 million. reduced fixed-rate interest senior secured term loan 475 to 350 points LIBOR repricings December 14, 2017 November 16, 2018.\n interest rate Term Loan based LIBOR borrowings LIBOR. LIBOR phase out 2021. discontinuation LIBOR impact interest expense. negotiate alternatives LIBOR before LIBOR.\n\n December 27, 2019 28, 2018 29,\n loan $238,129 $239,745\n Convertible debt $154,000 $36,750\n Borrowings loan $44,185\n leases obligations $3,905" +} +{ + "_id": "d1b2feed6", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe selected financial data should be read in conjunction with our “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our audited consolidated financial statements and the related notes to those consolidated financial statements included in this Annual Report.\nYear-over-year comparisons are significantly affected by our acquisitions, dispositions and construction of towers. Our transaction with Verizon Communications Inc. (“Verizon” and the transaction, the “Verizon Transaction”) and the acquisition of a controlling ownership interest in Viom Networks Limited (“Viom” and the acquisition, the “Viom Acquisition”), which closed in March 2015 and April 2016, respectively, significantly impact the comparability of reported results between periods. Our principal 2019 acquisitions are described in note 7 to our consolidated financial statements included in this Annual Report.\n(2) As of December 31, 2019, 2018, 2017, 2016 and 2015, amounts include $76.8 million, $96.2 million, $152.8 million, $149.3 million, and $142.2 million, respectively, of restricted funds pledged as collateral to secure obligations and cash, the use of which is otherwise limited by contractual provisions.\n(3) Total assets as of December 31, 2019 includes the Right-of-use asset recognized in connection with our adoption of the new lease accounting standard described in note 1 to our consolidated financial statements included in this Annual Report\n\n | | | As of December 31, | | \n--------------------------------------------------------- | -------- | -------- | ------------------ | -------- | --------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n(In millions) | | | | | \nBalance Sheet Data: | | | | | \nCash and cash equivalents (including restricted cash) (2) | $1,578.0 | $1,304.9 | $954.9 | $936.5 | $462.9 \nProperty and equipment, net | 12,084.4 | 11,247.1 | 11,101.0 | 10,517.3 | 9,866.4 \nTotal assets (3) | 42,801.6 | 33,010.4 | 33,214.3 | 30,879.2 | 26,904.3\nLong-term obligations, including current portion | 24,055.4 | 21,159.9 | 20,205.1 | 18,533.5 | 17,119.0\nRedeemable noncontrolling interests | 1,096.5 | 1,004.8 | 1,126.2 | 1,091.3 | — \nTotal American Tower Corporation equity | 5,055.4 | 5,336.1 | 6,241.5 | 6,763.9 | 6,651.7 \n\n. SELECTED FINANCIAL DATA\n with Discussion Analysis Financial Condition Results Operations audited consolidated financial statements notes.\n Year-over-year comparisons affected by acquisitions dispositions construction towers. transaction Verizon Communications. Viom Networks closed March 2015 April 2016, impact results. 2019 acquisitions note 7.\n As December 31, 2019 2018 2017 2016 2015, amounts include $76. 8 million $96. 2 million $152. 8 million $149. 3 million $142. 2 million restricted funds cash limited contractual provisions.\n Total assets December 31, 2019 Right-of-use asset new lease accounting standard note 1\n December\n 2019 2018 2017 2016 2015\n Balance Sheet Data\n Cash equivalents restricted cash $1,578. $1,304. $954. $936. $462.\n Property equipment 12,084. 11,247. 11,101. 10,517.9,866.\n 42,801. 33,010. 33,214. 30,879. 26,904.\n obligations 24,055. 21,159. 20,205. 18,533. 17,119.\n interests 1,096. 1,004. 1,126.\n 5,055. 5,336. 6,241. 6,651." +} +{ + "_id": "d1b3ad242", + "title": "", + "text": "We recorded a liability for unrecognized tax positions. The aggregate changes in the balance of our gross unrecognized tax benefits were as follows for the years ended March 31:\nAs of March 31, 2019, we had a liability of $0.6 million related to uncertain tax positions, the recognition of which would affect our effective income tax rate.\nAlthough the timing and outcome of tax settlements are uncertain, it is reasonably possible that during the next 12 months an immaterial reduction in unrecognized tax benefits may occur as a result of the expiration of various statutes of limitations. We are routinely audited and the outcome of tax examinations could also result in a reduction in unrecognized tax benefits. Other changes could occur in the amount of gross unrecognized tax benefits during the next 12 months which cannot be estimated at this time.\nWe recognize interest accrued on any unrecognized tax benefits as a component of income tax expense. Penalties are recognized as a component of general and administrative expenses. We recognized interest and penalty expense of less than $0.1 million for the years ended March 31, 2019, 2018 and 2017. As of March 31, 2019 and 2018, we had approximately $0.5 million and $0.8 million of interest and penalties accrued.\nIn the U.S. we file consolidated federal and state income tax returns where statutes of limitations generally range from three to five years. Although we have resolved examinations with the IRS through tax year ended March 31, 2010, U.S. federal tax years are open from 2006 forward due to attribute carryforwards.\nThe statute of limitations is open from fiscal year 2012 forward in certain state jurisdictions. We also file income tax returns in international jurisdictions where statutes of limitations generally range from three to seven years. Years beginning after 2008 are open for examination by certain foreign taxing authorities.\n\n(In thousands) | 2019 | 2018 | 2017 \n--------------------------------------------- | ----- | ----- | ------\nBalance at April 1 | $687 | $988 | $1,617\nReductions: | | | \nRelating to positions taken during prior year | — | (300) | (604) \nRelating to lapse in statute | (107) | (1) | (25) \nBalance at March 31 | $580 | $687 | $988 \n\nrecorded liability unrecognized tax positions. changes benefits years March 31\n March 2019 liability $0. 6 million uncertain tax positions income tax rate.\n tax settlements uncertain reduction tax benefits expiration statutes limitations. audited tax examinations. changes benefits.\n interest unrecognized tax benefits expense. Penalties expenses. recognized interest penalty expense less than $0. 1 million years March 31, 2019 2018 2017. $0. 5 million $0. 8 million interest penalties accrued.\n. consolidated federal state income tax returns statutes limitations three to five years. resolved examinations IRS March 31, 2010,. tax years open 2006.\n statute limitations open 2012 state jurisdictions. file returns international jurisdictions statutes limitations three to seven years. Years after 2008 open examination foreign taxing authorities.\n 2018 2017\n Balance April 1 $687 $988 $1,617\n Reductions\npositions (604)\n lapse statute (107)\n Balance March 31 $580 $687 $988" +} +{ + "_id": "d1a72d3f0", + "title": "", + "text": "29. Share-based payments continued\nThe number of options outstanding and exercisable as at 31 March was as follows:\nThe weighted average market value per ordinary share for DABP options exercised in 2019 was 438.1p (2018: n/a). The DABP awards outstanding at 31 March 2018 have a weighted average remaining vesting period of 0.8 years (2018: 1.2 years) and a weighted average contractual life of 8.8 years (2018: 9.2 years). The charge for the year includes an estimate of the awards to be granted after the balance sheet date in respect of achievement of 2019 targets.\n\n | 2019 | 2018 \n----------------------------- | --------- | --------\n | Number | Number \nOutstanding at 1 April | 303,880 | 248,263 \nOptions granted in the year | 71,552 | 127,691 \nDividend shares awarded | 3,343 | 1,306 \nOptions forfeited in the year | – | (73,380)\nOptions exercised in the year | (229,378) | – \nOutstanding at 31 March | 149,397 | 303,880 \nExercisable at 31 March | – | 74,686 \n\n. Share-based payments\n options outstanding exercisable 31 March\n average market value share DABP options 2019 438. n/a. DABP awards 31 March vesting period. years. contractual life 8. years. estimate awards after balance sheet 2019 targets.\n 1 April 303,880,263\n Options granted 71,552 127,691\n Dividend shares awarded 3,343 1,306\n forfeited (73,380\n exercised (229,378\n 31 March 149,397 303,880\n Exercisable 31 74,686" +} +{ + "_id": "d1b398748", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA\nFinancial Highlights (dollars in thousands, except per share amounts)\n(1) During fiscal 2019, the Company recorded $7.0 million of special tax expense in accordance with regulations under U.S. Tax Reform, and reasserted that certain historical undistributed earnings of two foreign subsidiaries will be permanently reinvested, resulting in a $10.5 million benefit.\n(2) During fiscal 2019, the Company recorded $1.7 million, $1.5 million net of taxes, in restructuring costs, which are included in operating income.\n(3) During fiscal 2018, the Company recorded $85.9 million of non-recurring income tax expense due to the enactment of U.S. Tax Reform and paid a $13.5 million one-time non-executive employee bonus.\n(4) During fiscal 2016, the Company recorded $7.0 million in restructuring costs and $5.2 million in selling and administrative expenses, which are included in operating income. The $7.0 million was largely related to the Company's closure of its manufacturing facility in Fremont, California, and the partial closure of its Livingston, Scotland facility. The $5.2 million was related to accelerated share-based compensation expense recorded pursuant to the retirement agreement with the Company's former Chief Executive Officer. During fiscal 2015 the Company recorded $1.7 million of restructuring costs, largely related to the Company's consolidation of its manufacturing facilities in Wisconsin, as well as its relocation of manufacturing operations from Juarez, Mexico to Guadalajara, Mexico.\n(5) The Company defines return on invested capital (\"ROIC\"), a non-GAAP financial measure, as tax-effected operating income divided by average invested capital over a rolling five-quarter period. Invested capital is defined as equity plus debt, less cash and cash equivalents, as discussed in Part II, Item 7, \"Management’s Discussion and Analysis of Financial Condition and Results of Operations - Return on Invested Capital (\"ROIC\") and Economic Return.\" For a reconciliation of ROIC and Economic Return to our financial statements that were prepared in accordance with GAAP, see Exhibit 99.1 to this annual report on Form 10-K.\n(6) Fiscal 2015 included 53 weeks. All other periods presented included 52 weeks.\n\n | | | Fiscal Years Ended | | \n-------------------------------------------- | ------------------ | ------------------ | ------------------ | --------------- | ------------------\nIncome Statement Data | September 28,\n2019 | September 29,\n2018 | September 30,\n2017 | October 1,\n2016 | October 3,\n2015(6)\nNet sales | $3,164,434 | $2,873,508 | $2,528,052 | $2,556,004 | $2,654,290 \nGross profit | 291,838 | 257,600 | 255,855 | 227,359 | 239,550 \nGross margin percentage | 9.2% | 9.0% | 10.1% | 8.9% | 9.0% \nOperating income (2) (3) (4) | 142,055 | 118,283 | 129,908 | 99,439 | 115,436 \nOperating margin percentage (2) (3) (4) | 4.5% | 4.1% | 5.1% | 3.9% | 4.3% \nNet income (1) (2) (3) (4) | 108,616 | 13,040 | 112,062 | 76,427 | 94,332 \nEarnings per share (diluted) (1) (2) (3) (4) | $3.50 | $0.38 | $3.24 | $2.24 | $2.74 \nCash Flow Statement Data | | | | | \nCash flows provided by operations | $115,300 | $66,831 | $171,734 | $127,738 | $76,572 \nCapital equipment additions | 90,600 | 62,780 | 38,538 | 31,123 | 35,076 \nBalance Sheet Data | | | | | \nTotal assets | $2,000,883 | $1,932,642 | $1,976,182 | $1,765,819 | $1,691,760 \nTotal debt obligations | 287,980 | 188,617 | 313,107 | 262,509 | 261,806 \nShareholders’ equity | 865,576 | 921,143 | 1,025,939 | 916,797 | 842,272 \nReturn on invested capital (5) | 13.1% | 16.1% | 16.2% | 13.8% | 14.0% \nInventory turnover ratio | 3.8x | 3.6x | 3.7x | 4.2x | 4.3x \n\n. FINANCIAL DATA\n 2019 Company recorded $7. million special tax expense. Tax Reform earnings foreign subsidiaries reinvested $10. 5 million benefit.\n 2019 recorded $1. 7 million. 5 million taxes restructuring costs operating income.\n 2018 $85. 9 million non-recurring income tax expense. Tax Reform paid $13. 5 million employee bonus.\n 2016, recorded $7. 0 million restructuring costs $5. 2 million selling administrative expenses operating income. $7. million related manufacturing Fremont Livingston Scotland facility. $5. 2 million accelerated share-based compensation expense retirement agreement former Chief Executive Officer. 2015 $1. 7 million restructuring costs consolidation manufacturing Wisconsin relocation Juarez Mexico Guadalajara Mexico.\n defines return invested capital tax-effected operating income divided invested capital-quarter. equity plus debt less cash equivalents Financial. reconciliation Exhibit 99.annual report Form 10-K.\n 2015 53 weeks. 52 weeks.\n Fiscal Years Ended\n Income Statement September\n 2019\n 2016\n Net sales $3,164,434 $2,873,508 $2,528,052,556,004 $2,654,290\n Gross profit 291,838 257,600 255,855 227,359 239,550\n margin. 2%.\n Operating income 142,055 118,283 129,908 99,439 115,436\n margin. 5%.\n Net income 108,616 13,040 112,062 76,427 94,332\n Earnings per share $3.\n Cash Flow Statement\n Cash flows $115,300 $66,831 $171,734 $127,738 $76,572\n Capital equipment additions 90,600 62,780 38,538 31,123 35,076\n assets $2,000,883 $1,932,642 $1,976,182,765,819,691,760\ndebt obligations 287,980 188,617 313,107 262,509\n Shareholders’ equity 865,576 921,143 1,025,939 916,797 842,272\n Return invested capital. 0%\n Inventory turnover." +} +{ + "_id": "d1b380a62", + "title": "", + "text": "CONTRACTUAL OBLIGATIONS\nSignificant contractual obligations as of December 28, 2019 were as follows:\n1 Operating lease obligations represent the undiscounted lease payments under non-cancelable leases, but exclude non-lease components.\n2 Capital purchase obligations represent commitments for the construction or purchase of property, plant and equipment. They were not recorded as liabilities on our Consolidated Balance Sheets as of December 28, 2019, as we had not yet received the related goods nor taken title to the property.\n3 Other purchase obligations and commitments include payments due under various types of licenses and agreements to purchase goods or services.\n4 Tax obligations represent the future cash payments related to Tax Reform enacted in 2017 for the one-time transition tax on our previously untaxed foreign earnings.\n5 Amounts represent principal payments for all debt obligations and interest payments for fixed-rate debt obligations. Interest payments on floating-rate debt obligations, as well as the impact of fixed-rate to floating-rate debt swaps, are excluded. Debt obligations are classified based on their stated maturity date, regardless of their classification on the Consolidated Balance Sheets.\n6 Amounts represent future cash payments to satisfy other long-term liabilities recorded on our Consolidated Balance Sheets, including the short-term portion of these long-term liabilities. Derivative instruments are excluded from the preceding table, because they do not represent the amounts that may ultimately be paid.\n7 Total excludes contractual obligations already recorded on our Consolidated Balance Sheets as current liabilities, except for the short-term portions of long-term debt obligations and other long-term liabilities.\nThe expected timing of payments of the obligations in the preceding table is estimated based on current information. Timing of payments and actual amounts paid may be different, depending on the time of receipt of goods or services, or changes to agreed-upon amounts for some obligations.\nContractual obligations for purchases of goods or services included in “Other purchase obligations and commitments” in the preceding table include agreements that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. For obligations with cancellation provisions, the amounts included in the preceding table were limited to the non-cancelable portion of the agreement terms or the minimum cancellation fee.\nFor the purchase of raw materials, we have entered into certain agreements that specify minimum prices and quantities based on a percentage of the total available market or based on a percentage of our future purchasing requirements. Due to the uncertainty of the future market and our future purchasing requirements, as well as the non-binding nature of these agreements, obligations under these agreements have been excluded from the preceding table. Our purchase orders for other products are based on our current manufacturing needs and are fulfilled by our vendors within short time horizons. In addition, some of our purchase orders represent authorizations to purchase rather than binding agreements.\nContractual obligations that are contingent upon the achievement of certain milestones have been excluded from the preceding table. Approximately half of our milestone-based contracts are tooling related for the purchase of capital equipment. These arrangements are not considered contractual obligations until the milestone is met by the counterparty. As of December 28, 2019, assuming that all future milestones are met, the additional required payments would be approximately $498 million.\nFor the majority of RSUs granted, the number of shares of common stock issued on the date the RSUs vest is net of the minimum statutory withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our employees. The obligation to pay the relevant taxing authority is excluded from the preceding table, as the amount is contingent upon continued employment. In addition, the amount of the obligation is unknown, as it is based in part on the market price of our common stock when the awards vest.\n\n | | | Payments Due by Period | | \n-------------------------------------------- | ------- | ---------------- | ---------------------- | --------- | -----------------\n(In Millions) | Total | Less Than 1 Year | 1–3 Years | 3–5 Years | More Than 5 Years\nOperating lease obligations 1 | $595 | $178 | $232 | $128 | $57 \nCapital purchase obligations 2 | 10,918 | 9,300 | 1,595 | 14 | 9 \nOther purchase obligations and commitments 3 | 2,757 | 1,636 | 947 | 147 | 27 \nTax obligations 4 | 4,442 | 10 | 746 | 1,853 | 1,833 \nLong-term debt obligations 5 | 41,328 | 4,706 | 8,510 | 3,508 | 24,604 \nOther long-term liabilities 6 | 1,692 | 898 | 640 | 40 | 114 \nTotal 7 | $61,732 | $16,728 | $12,670 | $5,690 | $26,644 \n\nCONTRACTUAL OBLIGATIONS\n obligations December 28, 2019\n Operating lease obligations undiscounted lease payments non-cancelable leases exclude non-lease components.\n Capital purchase obligations construction purchase property plant equipment. not recorded liabilities Consolidated Balance Sheets received goods title property.\n Other purchase obligations include payments licenses agreements services.\n Tax obligations future cash payments Tax Reform 2017 one-time transition tax foreign earnings.\n Amounts represent principal payments debt interest payments fixed-rate debt. Interest payments floating-rate debt obligations swaps excluded. Debt obligations classified maturity date.\n Amounts represent future cash payments long-term liabilities. Derivative instruments excluded represent amounts.\n excludes obligations short-term long-term debt obligations.\n expected timing payments estimated based current information. receipt goods changes amounts.\nContractual obligations for purchases include agreements enforceable legally binding terms quantities price provisions timing. obligations with cancellation provisions amounts limited to non-cancelable minimum cancellation fee.\n purchase raw materials agreements minimum prices quantities based on market future purchasing requirements. uncertainty future market purchasing requirements non-binding obligations excluded from. purchase orders based on current manufacturing needs fulfilled short. purchase orders represent authorizations to purchase agreements.\n Contractual obligations contingent upon milestones excluded from. half milestone-based contracts capital equipment. not until milestone met. December 28, 2019 future milestones additional payments approximately $498 million.\n majority of RSUs granted shares common stock issued net of minimum statutory withholding requirements taxing authorities. obligation to pay taxing authority excluded from contingent upon continued employment. amount obligation unknown based on market price common stock when.\n Payments Due by Period\n\n Millions Less\n Operating lease obligations $595 $178 $232 $128 $57\n Capital 10,918,300 1,595\n 2,757 1,636 947\n Tax obligations 4,442 1,853\n Long-term debt obligations 41,328 4,706 8,510 3,508 24,604\n long-term liabilities 1,692 898 640\n $61,732 $16,728 $12,670 $5,690 $26,644" +} +{ + "_id": "d1b313944", + "title": "", + "text": "Liquidity and Capital Resources\nAs of December 31, 2019, we had approximately $36.1 million of cash and cash equivalents and short term investments, a decrease of approximately $7.2 million from $43.3 million in 2018.\nDuring 2018, our board of directors authorized the repurchase of issued and outstanding shares of our common stock having an aggregate value of up to $10.0 million pursuant to a share repurchase program. No shares were repurchased under this program in 2019, As of December 31, 2019, we have a remaining authorization of $8.0 million for future share repurchases.\nIn 2013, we made a $5 million commitment to invest in an innovation fund through JVP to invest in early-stage cyber technology companies. We sold our interest in JVP in December 2019. There is no further commitment remaining.\n\n | December 31, | \n----------------------- | ------------ | --------------\n | 2019 | 2018 \n | | (in thousands)\nCash & cash equivalents | $18,304 | $32,011 \nShort term investments | 17,779 | 11,303 \n | $36,083 | $43,314 \n\nCapital\n December 31, 2019 $36. 1 million cash equivalents short investments decrease $7. 2 million $43. 3 million 2018.\n board authorized repurchase $10. million. No shares repurchased remaining $8. million future repurchases.\n 2013, $5 million innovation fund early-stage cyber technology companies. sold interest JVP December 2019. no further commitment.\n Cash equivalents $18,304 $32,011\n Short term investments 17,779\n $36,083 $43,314" +} +{ + "_id": "d1b2ebe26", + "title": "", + "text": "The carrying amounts and fair values of Teradyne’s financial instruments at December 31, 2019 and 2018 were as follows:\n(1) The carrying value represents the bifurcated debt component only, while the fair value is based on quoted market prices for the convertible note which includes the equity conversion features.\nThe fair values of accounts receivable, net and accounts payable approximate the carrying amount due to the short term nature of these instruments.\n\n | December 31, 2019 | | December 31, 2018 | \n------------------------- | ----------------- | -------------- | ----------------- | ----------\n | Carrying Value | Fair Value | Carrying Value | Fair Value\n | | (in thousands) | | \nAssets | | | | \nCash and cash equivalents | $773,924 | $773,924 | $926,752 | $926,752 \nMarketable securities | 241,793 | 241,793 | 277,827 | 277,827 \nDerivative assets | 528 | 528 | 79 | 79 \nLiabilities | | | | \nContingent consideration | 39,705 | 39,705 | 70,543 | 70,543 \nDerivative liabilities | 203 | 203 | 514 | 514 \nConvertible debt (1) | 394,687 | 1,010,275 | 379,981 | 547,113 \n\ncarrying amounts fair values financial instruments December 31, 2019 2018\n carrying value bifurcated debt fair value market prices convertible note equity conversion.\n fair values accounts receivable net payable approximate carrying amount short term.\n December 31, 2019 2018\n Carrying Value\n Assets\n Cash equivalents $773,924 $926,752\n Marketable securities 241,793 277,827\n Derivative assets\n Liabilities\n Contingent consideration 39,705 70,543\n Derivative liabilities\n Convertible debt 394,687 1,010,275,981" +} +{ + "_id": "d1b3c794e", + "title": "", + "text": "3.1 Financial risk factors (continued)\n(a) Market risk (continued)\n(iii) Interest rate risk (continued)\nDuring the year ended 31 December 2019, the Group entered into certain interest rate swap contracts to hedge its exposure arising from borrowings carried at floating rates. Under these interest rate swap contracts, the Group agreed with the counterparties to exchange, at specified interval, the difference between fixed contract rates and floating-rate interest amounts calculated by reference to the agreed notional amounts. These interest rate swap contracts had the economic effect of converting borrowings from floating rates to fixed rates and were qualified for hedge accounting. Details of the Group’s outstanding interest rate swap contracts as at 31 December 2019 have been disclosed in Note 38.\nThe effects of the interest rate swaps on the Group’s financial position and performance are as follows:\nSwaps currently in place cover majority of the floating-rate borrowing and notes payable principal outstanding.\nAs at 31 December 2019 and 2018, management considered that any reasonable changes in the interest rates would not result in a significant change in the Group’s results as the Group’s exposure to cash flow interest-rate risk arising from its borrowings and notes payable carried at floating rates after considering the effect of hedging is considered to be insignificant. Accordingly, no sensitivity analysis is presented for interest rate risk.\n\n | 2019 | 2018 \n----------------------------------------------------------------------- | ----------- | -----------\n | RMB’Million | RMB’Million\nInterest rate swaps | | \nCarrying amount (non-current (liabilities)/assets) | (494) | 1,663 \nNotional amount | 29,423 | 77,630 \nMaturity date | 30/7/2021~ | 28/6/2019~ \n | 11/4/2024 | 8/12/2023 \nHedge ratio | 1:1 | 1:1 \nChange in fair value of outstanding hedging instruments since 1 January | (2,139) | 181 \nChange in value of hedged item used to determine hedgeeffectiveness | (2,139) | 181 \nWeighted average hedged rate for the year | 2.10% | 1.60% \n\n. Financial risk factors\n Market risk\n Interest rate risk\n 31 December 2019 Group entered interest rate swap contracts hedge exposure borrowings floating rates. agreed exchange difference between fixed floating-rate interest. contracts borrowings from to fixed rates qualified for hedge accounting. outstanding swap contracts 2019 disclosed in Note 38.\n effects financial position performance\n Swaps cover majority floating-rate borrowing notes payable.\n 2019 changes interest rates results exposure to cash flow interest-rate risk insignificant. no analysis for interest rate risk.\n Interest rate swaps\n Carrying amount-current (494) 1,663\n Notional amount 29,423 77,630\n Maturity date 30/7/2021 28/6/2019\n 11/4/2024 8/12/2023\n Hedge ratio 1:1\n Change value hedging instruments since 1 January (2,139\n value hedged item\n Weighted average hedged rate year.. 60%" +} +{ + "_id": "d1b3a863e", + "title": "", + "text": "Restricted Stock and Restricted Stock Units\nHistorically, we have granted shares of restricted stock to certain employees that have vested in three equal annual installments on the anniversary dates of their grant. However, beginning in 2019, we altered our approach for these grants to replace the grant of restricted stock subject to time-based vesting with the grant of a combination of restricted stock units (\"RSUs\") subject to time- based vesting and performance-based vesting. Each RSU represents the contingent right to receive a single share of our common stock upon the vesting of the award. For the year ended December 31, 2019, we granted an aggregate of 280,000 RSUs to certain employees. Of the RSUs granted during 2019, 217,000 of such RSUs are subject to time-based vesting and are scheduled to vest in three equal annual installments on the anniversary dates of the grant. The remaining 63,000 RSUs are performance-based awards that will vest based on our achievement of long-term performance goals, in particular, based on our levels of 2021 revenue and operating income. The 63,000 shares issuable upon vesting of the performance-based RSUs represent the maximum payout under our performance-based awards, based upon 150% of our target performance for 2021 revenue and operating income (the payout of such awards based on target performance for 2021 revenue and operating income would be 42,000 shares). In the case of the time-based and performance-based RSUs, vesting is also subject to the employee's continuous service with us through vesting. In 2018, we granted 280,000 shares of restricted stock to certain employees. Shares issued to employees vest in three equal annual installments on the anniversary dates of their grant. In 2019 and 2018, 194,333 and 182,500 shares of restricted stock vested, respectively.\nIn addition, in conjunction with our 2018 and 2019 Annual Meetings of Stockholders, we granted RSUs to certain members of our Board of Directors in respect of the annual equity compensation under our non-employee director compensation policy (other members of our Board of Directors elected to receive their annual equity compensation for Board service in the form of stock units under our Deferred Compensation Plan as described below). In 2019 and 2018, we granted 11,600 and 16,286, respectively, RSUs to members of our Board of Directors in respect of the annual equity compensation under our non-employee director compensation policy. RSUs issued to our Board of Directors vest at the earlier of the one-year anniversary of their grant or the next annual stockholders' meeting. In 2019 and 2018, 16,286 and 129,865 RSUs, respectively, vested.\nThe following table summarizes our aggregate restricted stock awards and RSU activity in 2019 and 2018:\nWe recognized $1.5 million and $0.6 million in stock-based compensation expense, which is recorded in selling, general and administrative expense on the consolidated statement of operations for the years ended December 31, 2019 and 2018, respectively, and we will recognize $4.0 million over the remaining requisite service period for unamortized restricted stock, RSUs and stock options.\nUnamortized restricted stock and RSUs expense at December 31, 2019 that will be amortized over the weighted-average remaining service period of 2 years totaled $1.2 million.\n\n | Number of Unvested Shares | Weighted Average Grant Date Fair Value | Aggregate Grant Date Fair Value of Unvested Shares\n---------------------------- | -------------------------- | -------------------------------------- | --------------------------------------------------\nBalance at January 1, 2017 | 489,698 | $1.51 | 738,345 \nGranted | 296,287 | $3.07 | $909,600 \nVested | (312,365) | $1.45 | $(454,339) \nForfeitures | (15,000) | $1.41 | $(21,150) \nBalance at December 31, 2018 | 458,620 | $2.56 | $1,172,456 \nGranted | 291,600 | $3.75 | $1,094,430 \nVested | (210,619) | $2.33 | $(490,769) \nForfeitures | (37,499) | $2.96 | $(111,115) \nBalance at December 31, 2019 | 502,102 | $3.32 | $1,665,002 \n\nRestricted Stock Units\n Historically granted shares employees vested three installments anniversary dates. 2019 altered with combination units time performance. Each RSU represents contingent right receive single share common stock upon vesting. December 31, 2019 granted 280,000 RSUs employees. 217,000 time-based vesting vest three installments. remaining 63,000 RSUs performance-based awards vest based long-term performance goals 2021 revenue operating income. 63,000 shares issuable upon vesting maximum payout 150% target performance 2021 revenue operating income payout 42,000 shares. vesting subject to employee's continuous service. 2018 granted 280,000 shares restricted stock to employees. Shares vest three annual installments anniversary dates. 2019 2018 194,333 182,500 shares stock vested.\n2018 Annual Meetings granted RSUs Board Directors policy stock units Deferred Compensation Plan. 2019 2018 granted 11,600 16,286 RSUs. one-year anniversary meeting. 16,286 129,865 RSUs vested.\n restricted stock awards RSU activity 2019\n recognized $1. 5 million $0. 6 million stock-based compensation expense expense December 31, 2019 2018 $4. 0 million remaining unamortized restricted stock RSUs stock options.\n Unamortized stock RSUs expense December 31, 2019 amortized 2 totaled $1. 2 million.\n Unvested Shares Weighted Average Grant Date Fair Value Aggregate Grant Date Value\n Balance January 1, 2017 489,698 $1. 51 738,345\n Granted 296,287 $3. 07 $909,600\n Vested (312,365) $1. 45 $(454,339)\n Forfeitures (15,000 $1.,150\n December 31, 2018 458,620. $1,172,456\n 291,600. $1,094,430\n,619).,769)\n.,115\n December 31, 2019 502,102. $1,665,002" +} +{ + "_id": "d1b37f8a6", + "title": "", + "text": "NOTE 23. EXPENSES BY NATURE\nResearch and development consists of the following:\nThe impairment expenses in 2018 and 2019 are related to customer specific projects.\nThe Company’s operations in the Netherlands, Belgium and the United States receive research and development grants and credits from various sources.\n\n | Year ended December 31, | \n----------------------------------------------------- | ----------------------- | --------\n | 2018 | 2019 \nResearch and development expenses | 125,280 | 150,745 \nCapitalization of development expenses | (49,688) | (60,202)\nAmortization of capitalized development expenses | 12,039 | 15,597 \nResearch and development grants and credits | (321) | (49) \nTotal research and development expenses | 87,310 | 106,091 \nImpairment of research and development related assets | 1,278 | 4,755 \nTotal | 88,588 | 110,846 \n\n23. EXPENSES\n development\n expenses 2018 2019 projects.\n operations Netherlands Belgium United States grants credits.\n December 31,\n 2019\n Research expenses 125,280 150,745\n Capitalization (49,688) (60,202\n Amortization 12,039 15,597\n grants credits (321)\n expenses 87,310 106,091\n assets 1,278 4,755\n 88,588 110,846" +} +{ + "_id": "d1b38c628", + "title": "", + "text": "20. Net Loss Per Share\nThe Company intends to settle the principal of the Convertible Notes in cash on conversion and calculates diluted earnings per share using the treasury-stock method. Stock-based awards and the conversion feature on the Convertible Notes that have an anti-dilutive effect on the calculation of diluted loss per common share, are excluded from this calculation.\nFor the years ended December 31, 2019, 2018 and 2017, the number of Common Stock from stock-based awards and the conversion feature on the Convertible Notes that had an anti-dilutive effect on the calculation of diluted earnings per common share were 3.5 million, 4.0 million and 3.6 million respectively.\nIn periods where a loss attributable to shareholders has been incurred all stock-based awards and the conversion feature on the Convertible Notes are anti-dilutive.\n\n | | Year Ended December 31, | \n----------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------- | ----------------------- | ----------\n | 2019 | 2018 | 2017 \n | $ | $ | $ \nNet loss attributable to shareholders of Teekay Corporation for basic loss per share | (310,577) | (79,237) | (163,276) \nReduction in net earnings due to dilutive impact of stock-based compensation in Teekay LNG, Altera and Teekay Tankers and stock purchase warrants in Altera | — | — | (90) \nNet loss attributable to shareholders of Teekay Corporation for diluted loss per share | (310,577) | (79,237) | (163,366) \nWeighted average number of common shares | 100,719,224 | 99,670,176 | 86,335,473\nDilutive effect of stock-based compensation | — | — | — \nCommon stock and common stock equivalents | 100,719,224 | 99,670,176 | 86,335,473\nLoss per common share - basic and diluted | (3.08) | (0.79) | (1.89) \n\n. Net Loss Per Share\n Company Convertible Notes cash calculates diluted earnings share treasury-stock method. Stock-based awards conversion feature excluded.\n years 2019 2018 2017 Common Stock awards conversion 3. 5 million 4. million 3. 6 million.\n loss stock awards conversion anti-dilutive.\n December\n 2018\n Net loss Teekay Corporation basic loss per share (310,577) (79,237) (163,276)\n Reduction net earnings dilutive impact stock-based compensation Teekay LNG Altera Tankers stock purchase warrants\n loss diluted loss per share (310,577) (79,237) (163,366\n Weighted average common shares 100,719,224 99,670,176 86,335,473\n Dilutive effect stock-based compensation\n 100,719,224 99,670,176 86,335,473\n Loss per common share basic diluted." +} +{ + "_id": "d1b2fa340", + "title": "", + "text": "A.5 Net assets position\nOur total assets at the end of fiscal 2019 were influenced by positive currency translation effects of € 4.0 billion (mainly goodwill), primarily involving the U. S. dollar.\nThe increase in other current financial assets was driven by higher loans receivable at SFS, which were mainly due to new business and reclassification of non-current loans receivable from other financial assets. While higher loans receivable and receivables from finance leases from new business at SFS contributed also to growth in other financial assets, a large extent of the overall increase resulted from increased fair values of derivative financial instruments.\nInventories increased in several industrial businesses, with the build-up most evident at SGRE, Mobility and Siemens Healthineers.\nAssets classified as held for disposal increased mainly due to reclassification of two investments from investments accounted for using the equity method.\nThe increase in goodwill included the acquisition of Mendix.\nDeferred tax assets increased mainly due to income tax effects related to remeasurement of defined benefits plans.\nThe increase in other assets was driven mainly by higher net defined benefit assets from actuarial gains.\n\n | | Sep 30, | \n------------------------------------------------- | ------- | ------- | --------\n(in millions of €) | 2019 | 2018 | % Change\nCash and cash equivalents | 12,391 | 11,066 | 12 % \nTrade and other receivables | 18,894 | 18,455 | 2 % \nOther current financial assets | 10,669 | 9,427 | 13 % \nContract assets | 10,309 | 8,912 | 16 % \nInventories | 14,806 | 13,885 | 7 % \nCurrent income tax assets | 1,103 | 1,010 | 9 % \nOther current assets | 1,960 | 1,707 | 15 % \nAssets classified as held for disposal | 238 | 94 | 154 % \nTotal current assets | 70,370 | 64,556 | 9 % \nGoodwill | 30,160 | 28,344 | 6 % \nOther intangible assets | 9,800 | 10,131 | (3) % \nProperty, plant and equipment | 12,183 | 11,381 | 7 % \nInvestments accounted for using the equity method | 2,244 | 2,579 | (13) % \nOther financial assets | 19,843 | 17,774 | 12 % \nDeferred tax assets | 3,174 | 2,341 | 36 % \nOther assets | 2,475 | 1,810 | 37 % \nTotal non-current assets | 79,878 | 74,359 | 7 % \nTotal assets | 150,248 | 138,915 | 8 % \n\n.\n 2019 influenced currency translation € 4. billion. dollar.\n increase driven higher loans SFS new business reclassification non-current loans. loans derivative financial instruments.\n Inventories increased industrial businesses SGRE Mobility Siemens Healthineers.\n Assets disposal reclassification.\n goodwill acquisition Mendix.\n Deferred tax assets income tax remeasurement defined benefits plans.\n higher net defined benefit assets actuarial gains.\n Cash equivalents 12,391 11,066 12 %\n Trade receivables 18,894,455 2 %\n financial assets 10,669,427 13 %\n Contract assets 10,309 16 %\n Inventories 14,806 13,885 7 %\n income tax assets 1,103 1,010 9 %\n Other assets 1,960 1,707 15 %\n disposal 238 154 %\n assets 70,370 64,556 9 %\n Goodwill 30,160 28,344 6 %\nintangible 9,800 10,131\n Property 12,183 7 %\n 2,244 2,579\n 19,843 17,774 12 %\n Deferred tax 3,174 36\n 2,475 37\n non-current 79,878 74,359 7 %\n 150,248 138,915 8" +} +{ + "_id": "d1b347e60", + "title": "", + "text": "Beginning fiscal 2011, we replaced the ownership share grants with time-vested RSUs for certain Vice Presidents and Officers that vest ratably overfour to five years and have a 50% or 100% holding requirement on settled shares, which must be held until termination. There were146,268 of such RSUs outstanding as of September 29, 2019. RSUs issued to non-management directors and certain other employees vest12 months from the date of grant, or upon termination of board service if the director or employee elects to defer receipt, and totaled 69,411 units outstanding as of September 29, 2019. RSUs issued to certain other employees either cliff vest or vest ratably over three years and totaled 35,864 units outstanding as of September 29, 2019. These awards are amortized to compensation expense over the estimated vesting period based upon the fair value of our common stock on the award date discounted by the present value of the expected dividend stream over the vesting period.\nThe following is a summary of RSU activity for fiscal 2019:\nAs of September 29, 2019, there was approximately $7.4 million of total unrecognized compensation cost related to RSUs, which is expected to be recognized over a weighted-average period of 2.2 years. The weighted-average grant date fair value of awards granted was$86.08, $94.93, and $102.42 in fiscal years 2019, 2018, and 2017, respectively. In fiscal years 2019, 2018, and 2017, the total fair value of RSUs that vested and were released was$4.7 million, $4.4 million, and $4.4 million, respectively.\n\n | | Weighted- \n-------------------------------------- | -------- | -------------\n | | Average Grant\n | | Date Fair \n | Shares | Value \nRSUs outstanding at September 30, 2018 | 288,098 | $64.57 \nGranted | 93,686 | $86.08 \nReleased | (55,642) | $84.23 \nForfeited | (14,297) | $94.00 \nRSUs outstanding at September 29, 2019 | 311,845 | $66.18 \n\n2011, replaced ownership share grants time-vested RSUs Vice Presidents Officers five years 50% or 100% holding requirement shares until termination.,268 RSUs outstanding September 29, 2019. non-management directors employees vest12 months 69,411 units. employees three years 35,864 units. awards amortized to compensation expense estimated vesting period value common stock discounted dividend.\n summary RSU activity 2019\n September 29, $7. 4 million unrecognized compensation cost RSUs 2. years. grant date fair value$86. 08 $94. 93 $102. 42 2019 2018 2017. total$4. 7 million $4. 4 million $4. 4 million.\n RSUs September 30, 2018 288,098 $64. 57\n Granted 93,686 $86. 08\n Released (55,642) $84. 23\n Forfeited (14,297) $94.\n September 29, 2019 311,845 $66." +} +{ + "_id": "d1b391812", + "title": "", + "text": "IBM Working Capital\nWorking capital decreased $10,200 million from the year-end\n2018 position. The key changes are described below:\nCurrent assets decreased $10,726 million ($10,477 million adjusted for currency) due to: • A decline in receivables of $6,769 million ($6,695 million adjusted for currency) driven by a decline in financing receivables of $8,197 million primarily due to the wind down of OEM IT commercial financing operations; partially offset by an increase in other receivables of $989 million primarily related to divestitures; and • A decrease of $3,213 million ($3,052 million adjusted for currency) in cash and cash equivalents, restricted cash, and marketable securities primarily due to retirement of debt.\nCurrent liabilities decreased $526 million ($449 million adjusted\nfor currency) as a result of:\n• A decrease in accounts payable of $1,662 million primarily due to the wind down of OEM IT commercial financing operations; and • A decrease in short-term debt of $1,410 million due to maturities of $12,649 million and a decrease in commercial paper of $2,691 million; partially offset by reclassifications of $7,592 million from long-term debt to reflect upcoming maturities and issuances of $6,334 million; offset by • An increase in operating lease liabilities of $1,380 million as a result of the adoption of the new leasing standard on January 1, 2019; and • An increase in deferred income of $861 million ($890 million adjusted for currency).\n\n($ in millions) | | \n------------------- | ------- | -------\nAt December 31: | 2019 | 2018 \nCurrent assets | $38,420 | $49,146\nCurrent liabilities | 37,701 | 38,227 \nWorking capital | $ 718 | $10,918\nCurrent ratio | 1.02:1 | 1.29:1 \n\nIBM Working Capital\n decreased $10,200 million\n 2018.\n assets decreased $10,726 million$10,477 million decline receivables $6,769 million $8,197 million OEM IT increase receivables $989 million divestitures $3,213 million ($3,052 million cash equivalents securities retirement debt.\n liabilities decreased $526 million ($449 million\n decrease accounts payable $1,662 million OEM IT decrease short debt $1,410 million $12,649 million commercial paper $2,691 million reclassifications $7,592 million long-term debt $6,334 million increase lease liabilities $1,380 million new leasing standard 2019 increase deferred income $861 million ($890 million.\n assets $38,420 $49,146\n liabilities 37,701 38,227\n Working capital $10,918\n ratio." +} +{ + "_id": "d1a73652c", + "title": "", + "text": "3. MARKETABLE SECURITIES\nAs of December 31, 2019, the Company did not hold any marketable securities.\n\n | | December 31, 2018 | | \n--------------- | -------------- | ----------------- | ----------------- | ----------\n(in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value\nMunicipal bonds | $44,802 | $13 | $(110) | $44,705 \nCorporate bonds | 48,499 | 23 | (226) | 48,296 \n | $93,301 | $36 | $(336) | $93,001 \n\n. MARKETABLE SECURITIES\n December 31, 2019 Company marketable securities.\n December 31, 2018\n Amortized Cost Unrealized Gains Losses\n Municipal bonds $44,802 $44\n Corporate bonds 48,499\n $93,301" +} +{ + "_id": "d1b3507e0", + "title": "", + "text": "21 Share-based payments\n(a) Performance rights\nThe performance rights plan was established by the Board of Directors to provide long-term incentives to the Group’s Senior Executives based on total shareholder returns (TSR) taking into account the Group’s financial and operational performance. Under the Plan, eligible participants may be granted performance rights on terms and conditions determined by the Board from time to time. Performance rights were granted during the course of FY17, FY18 and FY19. The vesting conditions for grants relate to TSR exceeding the ASX 200 Accumulation Index over the measurement period. Vesting of the rights will be tested on or around the day following the release of each of the annual results for the years ended 30 June 2019, 2020 and 2021 respectively.\nPerformance rights are granted by the Company for nil consideration. The Board has discretion to determine if the value will be provided in shares, cash or a combination of shares and cash. Rights granted under the plan carry no dividend or voting rights.\nThe fair value of the rights at the date of valuation was determined using the Black-Scholes Option Pricing Model to be equal to the volume weighted-average price (VWAP) ending on the day before the grant date, less the dividends expected over the period from the expected grant date to the completion of the measurement period, adjusted for the expected probability of achieving the vesting conditions.\n\n | 30 June 2019 | 30 June 2019 | 30 June 2018 | 30 June 2018 \n------------------------- | ---------------- | ------------------ | ---------------- | ------------------\n | Number of Rights | Average Fair Value | Number of Rights | Average Fair Value\nOpening balance | 2,948,960 | $1.87 | 3,460,195 | $1.26 \nGranted during the year | 828,285 | $3.07 | 762,577 | $3.32 \nVested during the year | (1,307,885) | $1.19 | (1,273,812) | $1.09 \nForfeited during the year | - | $0.00 | - | $0.00 \nClosing balance | 2,469,360 | $2.64 | 2,948,960 | $1.87 \n\nShare-based payments\n Performance rights\n plan established Board-term incentives Senior Executives shareholder returns) financial operational performance. participants performance rights terms conditions determined Board. rights granted FY17 FY18 FY19. vesting conditions TSR exceeding ASX 200 Accumulation Index. Vesting tested annual results 30 June 2019 2020 2021.\n rights granted for nil consideration. Board value in shares cash. Rights no dividend voting rights.\n fair value valuation determined Black-Scholes Option Pricing Model equal to volume weighted-average price) grant less dividends expected adjusted for probability vesting conditions.\n 2019\n Average Fair Value\n Opening balance 2,948,960 $1. 87 3,460,195 $1. 26\n Granted 828,285 $3. 07 762,577 $3. 32\n Vested (1,307,885) $1. 19 (1,273,812) $1. 09\n Forfeited $0.\n2,469,360. 2,948,960." +} +{ + "_id": "d1b30388c", + "title": "", + "text": "Other financial assets and liabilities consists of derivatives, the Group’s holdings in listed and unlisted investments, and loans provided to related parties.\nThe Group’s investments in listed equity securities are designated as financial assets at fair value through other comprehensive income. Investments are initially measured at fair value net of transaction costs and, in subsequent periods, are measured at fair value with any change recognised in other comprehensive income. Upon disposal, the cumulative gain or loss recognised in other comprehensive income is transferred to retained earnings.\nAssociates are those entities in which the Group has significant influence but not control or joint control over the financial and operating policies. Investments in associates are initially recognised at cost including transaction costs and are accounted for using the equity method by including the Group’s share of profit or loss and other comprehensive income of associates in the carrying amount of the investment until the date on which significant influence ceases. Dividends received reduce the carrying amount of the investment in associates.\n\n | 2019 | 2018\n--------------------------------------------- | ---- | ----\n | $M | $M \nCurrent | | \nDerivatives | 45 | 53 \nTotal current other financial assets | 45 | 53 \nNon‑current | | \nDerivatives | 501 | 366 \nListed equity securities | 91 | 96 \nInvestments in associates | 59 | 57 \nLoans provided to related parties | 41 | 3 \nTotal non‑current other financial assets | 692 | 522 \nTotal other financial assets | 737 | 575 \nCurrent | | \nDerivatives | 58 | 50 \nTotal current other financial liabilities | 58 | 50 \nNon‑current | | \nDerivatives | 24 | 61 \nTotal non‑current other financial liabilities | 24 | 61 \nTotal other financial liabilities | 82 | 111 \n\nfinancial assets liabilities derivatives holdings in listed unlisted investments loans parties.\n investments in listed equity securities financial assets at fair value income. measured fair value net transaction costs change income. disposal cumulative gain loss transferred to retained earnings.\n Associates Group influence not financial operating policies. Investments in associates recognised at cost transaction costs accounted equity method Group’s share profit loss income in carrying amount until influence ceases. Dividends reduce carrying amount investment associates.\n Derivatives 45 53\n financial assets\n 501 366\n Listed equity securities 91\n Investments in associates 59\n Loans parties 41 3\n non‐current financial assets 692 522\n 575\n 58\n financial liabilities\n 24 61\n liabilities\n" +} +{ + "_id": "d1a72b474", + "title": "", + "text": "24. Government grants\nThe following government grants are included within trade and other payables:\nGovernment grants have been received to accelerate and support research and development in the vulnerability of global navigation satellite systems and other high technology projects.\n\n | 2019 | 2018 \n-------------------------------- | --------- | ---------\n | $ million | $ million\nAt 1 January | 2.3 | 2.6 \nReceived during the year | 0.3 | 0.1 \nReleased to the income statement | (0.6) | (0.4) \nAt 31 December | 2.0 | 2.3 \n\n. Government grants\n trade payables\n support research development global navigation satellite systems high technology projects.\n 2019 2018\n $ million\n 1 January 2. 3. 6\n Received year.\n Released income statement. 6). 4)\n 31 December 2." +} +{ + "_id": "d1b3b6c7a", + "title": "", + "text": "Order intake increased in all businesses year-over-year due to a higher volume from large orders. Sharp order growth in Asia, Australia included two large orders for offshore wind-farms including service in Taiwan totaling € 2.3 billion. SGRE also recorded sharply higher orders in the Americas region, driven by several large orders in the onshore business mainly in the U. S. In contrast, orders came in substantially lower in the region Europe, C. I. S., Africa, Middle East which in the prior year had included an order for an offshore wind-farm, including service, in the U. K.\nworth € 1.3 billion.\nRevenue was up significantly year-over-year, with substantial growth in the offshore and service businesses and clear growth in the onshore business. On a geographic basis, revenue rose substantially in Europe, C. I. S., Africa, Middle East, while it declined clearly in the other two reporting regions.\nAdjusted EBITA was on the prior-year level as positive effects from productivity improvements and higher revenue were offset by price declines, a less favorable project mix and higher expenses for integration costs and capacity adjustments including severance. Severance charges were € 32 million in fiscal 2019 and\n€ 77 million in fiscal 2018. SGRE’s order backlog was € 26 billion at end of the fiscal year, of which € 9 billion are expected to be converted into revenue in fiscal 2020.\nThese results were achieved in markets that grew substantially in fiscal 2019 in terms of installed capacity due to higher demand in both the onshore and offshore markets, with the latter growing faster. Market volume in euros was subject to adverse price development. On a regional basis, growth in the onshore business was again driven primarily by China where the largest national wind market in the world for onshore generation remains largely closed to foreign manufacturers, and secondarily by the\nU. S. In contrast, the onshore market in Germany declined significantly.\nIn the offshore market, growth was driven by the U. K. and China. SGRE expects global onshore wind installations to grow clearly in fiscal 2020, driven by growth in the U. S. and India. Global offshore wind power markets are expected to grow in fiscal 2020. The driver of this growth is China which offsets a slight decline in European markets. Market volume in euros is expected to be subject to adverse price development in the offshore business, reflecting the trends discussed above, and currency translation effects.\n\n | | Fiscal year | | % Change\n--------------------- | ------ | ----------- | ------ | --------\n(in millions of €) | 2019 | 2018 | Actual | Comp. \nOrders | 12,749 | 11,875 | 7 % | 7 % \nRevenue | 10,227 | 9,122 | 12 % | 12 % \nAdjusted EBITA | 482 | 483 | 0 % | \nAdjusted EBITA margin | 4.7 % | 5.3 % | | \n\nOrder intake increased higher volume large orders. growth Asia Australia orders offshore wind-farms Taiwan € 2. 3 billion. higher orders Americas large orders onshore U. S. orders lower Europe C. S. Africa Middle East order offshore wind-farm.\n € 1. 3 billion.\n Revenue up growth offshore service onshore. revenue rose Europe C. S. Africa Middle East declined other regions.\n Adjusted prior-year level offset price declines less project mix higher expenses integration costs capacity adjustments severance. charges € 32 million 2019\n € 77 million 2018. order backlog € 26 billion € 9 billion converted revenue 2020.\n markets grew 2019 higher demand onshore offshore markets faster. Market volume adverse price development. growth onshore driven China\n U. S. onshore Germany declined.\n offshore growth driven U. K. China. expects global onshore wind installations grow 2020 U. S. India.offshore wind power markets grow 2020. driver China offsets decline European markets. Market volume euros adverse price development trends currency translation effects.\n Fiscal year\n millions € 2019.\n Orders 12,749 11,875 7 %\n Revenue 10,227 9,122 12 %\n Adjusted 482 483\n margin 4. 7 %. %" +} +{ + "_id": "d1b3bf8a2", + "title": "", + "text": "Cash provided by operating activities for the year ended December 31, 2018 as compared to the year ended December 31, 2017:\nNet cash provided by operating activities increased by $7.5 million to $55.6 million for the year ended December 31, 2018, as compared to $48.1 million for the year ended December 31, 2017. In determining net cash provided by operating activities, net loss is adjusted for the effects of certain non-cash items, which may be analyzed in detail as follows:\n\n(in thousands of U.S. dollars) | Year Ended December 31, 2018 | Year Ended December 31, 2017\n------------------------------------------------------------------------------- | ---------------------------- | ----------------------------\nNet loss | $(265,511) | $(164,787) \nAdjustments to reconcile net loss to net cash provided by operating activities: | | \nDepreciation and amortization | 102,839 | 104,112 \nAmortization and write-off of deferred financing costs | 7,880 | 6,391 \nAmortization of deferred drydock and special survey costs | 13,828 | 14,727 \nProvision for losses on accounts receivable | 575 | 269 \nShare based compensation | 4,556 | 4,296 \nGain on bond and debt extinguishment | (6,464) | (185) \nBargain gain upon obtaining control | (58,313) | — \nIncome tax benefit | (1,108) | (3,192) \nImpairment losses | 200,657 | 50,565 \nGain on sale of assets | (894) | (1,064) \nLoss/(equity) in affiliates, net of dividends received | 84,317 | 4,610 \nNet income adjusted for non-cash items | $82,362 | $15,742 \n\nactivities 31, 2018\n increased $7. 5 million $55. 6 million $48. 1 million 2017. adjusted non-cash items\n. 2018 2017\n loss $(265,511) $(164,787)\n Adjustments\n Depreciation amortization 102,839 104,112\n deferred financing costs 7,880\n drydock survey costs 13,828 14,727\n Provision losses accounts receivable 575\n Share compensation 4,556 4,296\n Gain bond debt extinguishment (6,464)\n Bargain gain control (58,313)\n Income tax benefit (1,108\n Impairment losses 200,657 50,565\n Gain sale assets (894)\n Loss affiliates dividends 84,317\n Net income adjusted non-cash items $82,362 $15,742" +} +{ + "_id": "d1b375a7c", + "title": "", + "text": "(11) Other Non-Current Assets\nOther non-current assets consist of the following (in millions):\n\n | December 31, | \n----------------------------------------- | ------------ | ------\n | 2019 | 2018 \nProperty records database | $60.1 | $59.9 \nContract assets | 37.8 | 17.0 \nRight-of-use assets | 26.4 | — \nDeferred compensation plan related assets | 15.2 | 11.1 \nUnbilled receivables | 3.5 | 5.0 \nPrepaid expenses | 8.1 | 18.3 \nUnrealized gains on interest rate swaps | — | 6.2 \nOther | 7.7 | 4.3 \nOther non-current assets | $158.8 | $121.8\n\nNon-Current Assets\n 31, Property records $60. $59.\n Contract 37. 17.\n Right-of-use 26.\n Deferred compensation plan 15. 11.\n Unbilled receivables 3.\n Prepaid expenses 8. 18.\n Unrealized gains interest rate swaps 6.\n 7.\n non-current $158. $121." +} +{ + "_id": "d1b322912", + "title": "", + "text": "The following tabl e reconciles total operating segment revenues to total revenues as well as total operating segment margin to income before provision for income taxes:\n(1) Cloud and license revenues presented for management reporting included revenues related to cloud and license obligations that would have otherwise been recorded by the acquired businesses as independent entities but were not recognized in our consolidated statements of operations for the periods presented due to business combination accounting requirements. See Note 9 for an explanation of these adjustments and this table for a reconciliation of our total operating segment revenues to our total revenues as reported in our consolidated statements of operations.\n\nYear Ended May 31, | | | \n----------------------------------------------- | ------- | ------- | -------\n(in millions) | 2019 | 2018 | 2017 \nTotal revenues for operating segments | $39,526 | $39,430 | $37,963\nCloud and license revenues (1) | (20) | (47) | (171) \nTotal revenues | $39,506 | $39,383 | $37,792\nTotal margin for operating segments | $23,981 | $23,857 | $23,208\nCloud and license revenues (1) | (20) | (47) | (171) \nresearch and development | (6,026) | (6,084) | (6,153)\nGeneral and administrative | (1,265) | (1,282) | (1,172)\nAmortization of intangible assets | (1,689) | (1,620) | (1,451)\nAcquisition related and other | (44) | (52) | (103) \nrestructuring | (443) | (588) | (463) \nStock-based compensation for operating segments | (518) | (505) | (415) \nExpense allocations and other, net | (441) | (415) | (367) \nInterest expense | (2,082) | (2,025) | (1,798)\nNon-operating income, net | 815 | 1,185 | 565 \nIncome before provision for income taxes | $12,268 | $12,424 | $11,680\n\ntabl reconciles operating segment revenues margin before taxes\n Cloud license revenues included obligations not recognized consolidated statements accounting requirements. See Note 9 explanation adjustments reconciliation operating revenues consolidated statements.\n Year Ended May 31,\n millions 2019 2018 2017\n Total revenues segments $39,526 $39,430 $37,963\n Cloud license revenues (20) (47) (171)\n $39,506 $39,383 $37,792\n margin $23,981 $23,857 $23,208\n Cloud license revenues (171)\n research development (6,026)\n General administrative (1,265)\n Amortization of intangible assets (1,689)\n Acquisition\n restructuring (443)\n Stock-based compensation operating segments (518)\n Expense allocations\n Interest expense (2,082) (1,798)\n Non-operating income\n Income before taxes $12,268 $12,424 $11,680" +} +{ + "_id": "d1b39eb34", + "title": "", + "text": "16. SHARE-BASED PAYMENTS\na. Employee Share Plan\nThe Employee Share Plan (ESP) is available to all eligible employees each year to acquire ordinary shares in the Company from future remuneration (before tax). Shares to be issued or transferred under the ESP will be valued at the volume-weighted average price of the Company’s shares traded on the Australian Securities Exchange during the five business days immediately preceding the day the shares are issued or transferred. Shares issued under the ESP are not allowed to be sold, transferred or otherwise disposed until the earlier of the end of an initial three-year period, or the participant ceasing continuing employment with the Company.\nDetails of the movement in employee shares under the ESP are as follows:\nThe consideration for the shares issued on 22 May 2019 was $3.72 (7 May 2018: $4.24).\n\n | 2019 | 2018 \n---------------------------------------------------------------------- | ------------- | -------------\n | No. of Shares | No. of Shares\nNumber of shares at beginning of year | 114,758 | 137,227 \nNumber of shares distributed to employees | 45,560 | 42,480 \nNumber of shares transferred to main share registry and/or disposed of | (44,526) | (64,949) \nNumber of shares at year end | 115,792 | 114,758 \n\n. SHARE-BASED PAYMENTS\n. Employee Share Plan\n available employees acquire shares future remuneration. Shares issued transferred valued volume-weighted average price shares traded Australian Securities Exchange five business days. Shares issued not sold transferred disposed three-year period or employment.\n movement employee shares\n consideration shares issued 22 May 2019 $3. 72 (7 May 2018: $4. 24).\n.\n beginning year 114,758 137,227\n distributed employees 45,560 42,480\n transferred registry disposed (44,526) (64,949)\n year end 115,792 114,758" +} +{ + "_id": "d1b31567c", + "title": "", + "text": "The principal components of deferred tax assets and liabilities are as follows:\nThe valuation allowance provided against our deferred tax assets as of March 29, 2019, increased primarily due to a corresponding increase in unrealized capital losses from equity investments, certain acquired tax loss and tax credits carryforwards, and California research and development credits. Based on our current operations, these attributes are not expected to be realized, and a valuation allowance has been recorded to offset them.\nAs of March 29, 2019, we have U.S. federal net operating losses attributable to various acquired companies of approximately $147 million, which, if not used, will expire between fiscal 2020 and 2037. We have U.S. federal research and development credits of approximately $11 million. The research and development credits, if not used, will expire between fiscal 2020 and 2036. $89 million of the net operating loss carryforwards and $11 million of the U.S. federal research and development tax credits are subject to limitations which currently prevent their use, and therefore these attributes are not expected to be realized. The remaining net operating loss carryforwards and U.S. federal research and development tax credits are subject to an annual limitation under U.S. federal tax regulations but are expected to be fully realized. We have $3 million of foreign tax credits which, if not used, will expire beginning in fiscal 2028. Furthermore, we have U.S. state net operating loss and credit carryforwards attributable to various acquired companies of approximately $68 million and $51 million, respectively. If not used, our U.S. state net operating losses will expire between fiscal 2020 and 2037, and the majority of our U.S. state credit carryforwards can be carried forward indefinitely. In addition, we have foreign net operating loss carryforwards attributable to various foreign companies of approximately $118 million, $24 million of which relate to Japan, and will expire beginning in fiscal 2028, and the rest of which, under current applicable foreign tax law, can be carried forward indefinitely.\n\n | As of | \n-------------------------------------------------------- | -------------- | --------------\n(In millions) | March 29, 2019 | March 30, 2018\nDeferred tax assets: | | \nTax credit carryforwards | $54 | $30 \nNet operating loss carryforwards of acquired companies | 51 | 32 \nOther accruals and reserves not currently tax deductible | 64 | 66 \nDeferred revenue | 54 | 94 \nIntangible assets | 384 | — \nLoss on investments not currently tax deductible | 35 | 9 \nStock-based compensation | 87 | 141 \nOther | 25 | 18 \nGross deferred tax assets | 754 | 390 \nValuation allowance | (105) | (19) \nDeferred tax assets, net of valuation allowance | $649 | $371 \nDeferred tax liabilities: | | \nProperty and equipment | $(17) | $(5) \nGoodwill | (13) | (20) \nIntangible assets | — | (459) \nUnremitted earnings of foreign subsidiaries | (316) | (396) \nPrepaids and deferred expenses | (43) | (23) \nDiscount on convertible debt | (7) | (14) \nDeferred tax liabilities | (396) | (917) \nNet deferred tax assets (liabilities) | $253 | $(546) \n\ndeferred tax assets liabilities\n valuation allowance March 29, 2019 increased due unrealized capital losses equity investments acquired tax loss tax credits carryforwards California research development credits. attributes not valuation allowance.\n U. S. federal net operating losses companies $147 million expire 2020 2037. U. S. federal research development credits $11 million. expire 2020 2036. $89 million net operating loss carryforwards $11 million. federal research development tax credits limitations not. remaining carryforwards. credits subject annual limitation. expected realized. $3 million foreign tax credits expire fiscal 2028. U. S. state net operating loss credit carryforwards acquired companies $68 million $51 million. losses expire 2020 2037 majority. carryforwards carried forward indefinitely. foreign net operating loss carryforwards companies $118 million $24 million Japan expire fiscal 2028 rest carried forward indefinitely.\nMarch 29, 2019 30 2018\n Deferred tax assets\n Tax credit carryforwards $54 $30\n loss acquired companies\n accruals reserves deductible\n Deferred revenue\n Intangible assets\n Loss investments\n Stock-based compensation\n deferred tax assets 754\n Valuation allowance\n $649 $371\n Deferred tax liabilities\n Property equipment $\n Goodwill\n Intangible assets\n Unremitted earnings foreign subsidiaries\n Prepaids deferred expenses\n Discount convertible debt\n liabilities\n tax assets $253 $(546)" +} +{ + "_id": "d1b306d8e", + "title": "", + "text": "Non-GAAP Financial Measures\nTo complement our Consolidated Statements of Operations and Cash Flows, we use non-GAAP financial measures of Adjusted gross margin, Adjusted operating income, Adjusted net income, and Adjusted EBITDA. We believe that Adjusted gross margin, Adjusted operating income, Adjusted net income, and Adjusted EBITDA are complements to U.S. GAAP amounts and such measures are useful to investors. The presentation of these non-GAAP measures is not meant to be considered in isolation or as an alternative to net income as an indicator of our performance, or as an alternative to cash flows from operating activities as a measure of liquidity.\nThe following table provides a reconciliation from U.S. GAAP Gross margin to non-GAAP Adjusted gross margin (amounts in thousands):\n(1) Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n(2) $0.9 million in costs incurred during fiscal year 2018 related to the relocation of the Company's tantalum powder facility equipment from Carson City, Nevada to its existing Matamoros, Mexico plant were reclassified from “Plant start-up costs” to “Restructuring charges” during fiscal year 2019.\n\n | | Fiscal Years Ended March 31, | \n----------------------------------------- | ---------- | ---------------------------- | --------\n | 2019 | 2018 | 2017 \nNet sales (1) | $1,382,818 | $1,200,181 | $757,338\nCost of sales (1) | 924,276 | 860,744 | 571,944 \nGross Margin (GAAP) (1) | 458,542 | 339,437 | 185,394 \nGross margin as a % of net sales | 33.2% | 28.3% | 24.5% \nNon-GAAP adjustments: | | | \nPlant start-up costs (2) | (927) | 929 | 427 \nStock-based compensation expense | 2,756 | 1,519 | 1,384 \nAdjusted gross margin (non-GAAP) (1) | $460,371 | $341,885 | $187,205\nAdjusted gross margin as a % of net sales | 33.3% | 28.5% | 24.7% \n\nNon-GAAP Financial Measures\n Statements Operations Cash Flows non-GAAP Adjusted gross margin operating income net income EBITDA. GAAP useful investors. not alternative net income performance cash flows liquidity.\n reconciliation. GAAP Gross margin non-GAAP Adjusted gross margin\n Fiscal years 2018 2017 adjusted ASC 606.\n $0. 9 million costs 2018 relocation tantalum powder equipment Carson City Nevada Matamoros Mexico reclassified start-up “Restructuring 2019.\n Years March\n Net sales $1,382,818 $1,200,181 $757,338\n Cost sales 924,276,744,944\n Gross Margin (GAAP 458,542 339,437 185,394\n % net sales. 2% 28. 3% 24. 5%\n Non-GAAP adjustments\n Plant start-up costs (927)\n Stock-based compensation expense 2,756 1,519\nmargin-GAAP $460,371 $341,885,205\n sales. 3% 28. 5%. 7%" +} +{ + "_id": "d1b307068", + "title": "", + "text": "The following tables summarize information for operating income (loss), depreciation and amortization, restructuring charges, gain (loss) on write down and disposal of long-lived assets, and capital expenditures by reportable segment for the fiscal years ended 2019, 2018 and 2017 and total assets by reportable segment for the fiscal years ended 2019 and 2018 (amounts in thousands): The following tables summarize information for operating income (loss), depreciation and amortization, restructuring charges, gain (loss) on write down and disposal of long-lived assets, and capital expenditures by reportable segment for the fiscal years ended 2019, 2018 and 2017 and total assets by reportable segment for the fiscal years ended 2019 and 2018 (amounts in thousands):\n(1) March 31, 2018 adjusted due to the adoption of ASC 606.\n\n | March 31, | \n------------------------- | ---------- | ----------\n | 2019 | 2018 \nTotal assets: | | \nSolid Capacitors | $794,402 | $704,851 \nFilm and Electrolytic (1) | 219,711 | 240,968 \nMSA | 234,419 | 254,193 \nCorporate | 69,563 | 22,911 \n | $1,318,095 | $1,222,923\n\ntables summarize operating income depreciation amortization restructuring charges gain write down disposal long-lived assets capital expenditures years 2019 2018 2017 total assets depreciation amortization restructuring charges gain write down disposal capital expenditures total assets\n March 31, 2018 adjusted ASC 606.\n Total assets\n Solid Capacitors $794,402 $704,851\n Film Electrolytic 219,711 240,968\n MSA 234,419 254,193\n Corporate 69,563 22,911\n $1,318,095 $1,222,923" +} +{ + "_id": "d1b3115b8", + "title": "", + "text": "Key Performance Indicators\nIn addition to traditional financial metrics, such as revenue and revenue growth trends, we monitor several other key performance indicators to help us evaluate growth trends, establish budgets, measure the effectiveness of our sales and marketing efforts and assess operational efficiencies. The key performance indicators that we monitor are as follows:\n(1) Adjusted EBITDA and revenue constant currency growth rate are non-GAAP financial measures. For a reconciliation of Adjusted EBITDA and revenue constant currency growth rate to the nearest comparable GAAP measures, see Item 6. “Selected Financial Data.” (2) Reflects the customer count on the last day of the period rounded to the nearest hundred customers.\nRevenue constant currency growth rate. We believe revenue constant currency growth rate is a key indicator of our operating results. We calculate revenue constant currency growth rate by translating revenue from entities reporting in foreign currencies into U.S. dollars using the comparable foreign currency exchange rates from the prior fiscal periods.\nFor further explanation of the uses and limitations of this non-GAAP measure and a reconciliation of our revenue constant currency growth rate to revenue, as reported, the most directly comparable U.S. GAAP measure, see Item 6. “Selected Financial Data.” As our total revenue grew over the past three years, our revenue constant currency growth rate has decreased over the same period, as the incremental growth from period to period represented a smaller percentage of total revenue as compared to the prior period.\nAs our total revenue grows, we expect our constant currency growth rate will decline as the incremental growth from period to period is expected to represent a smaller percentage of total revenue as compared to the prior period.\nRevenue retention rate. We believe that our ability to retain customers is an indicator of the stability of our revenue base and the long-term value of our customer relationships. Our revenue retention rate is driven by our customer renewals and upsells. We calculate our revenue retention rate by annualizing constant currency revenue recorded on the last day of the measurement period for only those customers in place throughout the entire measurement period.\nWe include add-on, or upsell, revenue from additional employees and services purchased by existing customers. We divide the result by revenue on a constant currency basis on the first day of the measurement period for all customers in place at the beginning of the measurement period. The measurement period is the trailing twelve months.\nThe revenue on a constant currency basis is based on the average exchange rates in effect during the respective period. Our revenue retention rate in fiscal 2019 was relatively consistent with fiscal 2018. We expect our revenue retention rate to remain relatively consistent for fiscal 2020.\nTotal customers. We believe the total number of customers is a key indicator of our financial success and future revenue potential. We define a customer as an entity with an active subscription contract as of the measurement date. A customer is typically a parent company or, in a few cases, a significant subsidiary that works with us directly. We expect to continue to grow our customer base through the addition of new customers in each of our markets.\nGross profit percentage. Gross profit percentage is calculated as gross profit divided by revenue. Our gross profit percentage has been relatively consistent over the past three years; however, it has fluctuated and will continue to fluctuate on a quarterly basis due to timing of the addition of hardware and employees to serve our growing customer base. More recently, gross profit has also included amortization of intangible assets related to acquired businesses.\nWe provide our services in each of the regions in which we operate. Costs related to supporting and hosting our product offerings and delivering our services are incurred in the region in which the related revenue is recognized. As a result, our gross profit percentage in actual terms is consistent with gross profit on a constant currency basis.\nAdjusted EBITDA. We believe that Adjusted EBITDA is a key indicator of our operating results. We define Adjusted EBITDA as net (loss) income, adjusted to exclude: depreciation, amortization, disposals and impairment of long-lived assets, acquisition-related gains and expenses, litigation-related expenses, share-based compensation expense, restructuring expense, interest income and interest expense, the provision for income taxes and foreign exchange income (expense).\nAdjusted EBITDA also includes rent paid in the period related to locations that are accounted for as build-to-suit facilities. For further explanation of the uses and limitations of this non-GAAP measure and a reconciliation of our Adjusted EBITDA to the most directly comparable U.S. GAAP measure, net (loss) income, see Item 6. “Selected Financial Data.”\nWe expect that our Adjusted EBITDA will continue to increase; however, we expect that our operating expenses will also increase in absolute dollars as we focus on expanding our sales and marketing teams and growing our research and development capabilities.\n\n | | Year Ended March 31, | \n----------------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \n | | (dollars in thousands) | \nRevenue constant currency growth rate (1) | 32% | 38% | 39% \nRevenue retention rate | 111% | 110% | 111% \nTotal customers (2) | 34,400 | 30,400 | 26,400 \nGross profit percentage | 73% | 73% | 73% \nAdjusted EBITDA (1) | $54,008 | $25,752 | $12,457\n\nKey Performance Indicators\n revenue growth trends monitor performance indicators growth trends establish budgets sales marketing assess operational efficiencies. key performance indicators\n Adjusted EBITDA revenue constant currency growth rate non-GAAP measures. reconciliation GAAP see Item 6. Financial Data. Reflects customer count last day period nearest hundred customers.\n Revenue constant currency growth rate. key indicator operating results. calculate translating revenue from foreign currencies into. dollars comparable currency exchange rates prior fiscal periods.\n comparable. GAAP measure see Item 6. Financial Data. total revenue grew constant currency growth rate decreased incremental growth smaller.\n revenue grows constant currency growth rate decline incremental growth smaller.\n Revenue retention rate. customers indicator stability revenue base value customer relationships. driven by customer renewals upsells. calculate annualizing constant currency revenue last day measurement period for customers.\n include-on revenue from additional employees services purchased by existing customers.divide result by revenue constant currency first day measurement period customers. period trailing twelve months.\n revenue based average exchange rates. revenue retention rate fiscal 2019 consistent 2018. expect consistent fiscal 2020.\n Total customers. key indicator financial success future revenue potential. define customer entity active subscription contract measurement date. parent company subsidiary. expect grow customer base new customers.\n Gross profit percentage. calculated divided by revenue. consistent past three years fluctuated quarterly due addition hardware employees growing customer base. included amortization intangible assets acquired businesses.\n provide services regions. Costs incurred region revenue recognized. gross profit percentage consistent profit constant currency.\n Adjusted EBITDA. key indicator operating results. net (loss) income exclude depreciation amortization disposals impairment long-lived assets acquisition-related gains expenses-related share-based compensation restructuring interest provision income taxes foreign exchange income.\n includes rent paid locations build-to-suit facilities.explanation limitations non-GAAP measure reconciliation Adjusted EBITDA. GAAP net income see Item 6. Financial Data.\n Adjusted EBITDA increase operating expenses increase expanding sales marketing growing research development capabilities.\n Year Ended March 31,\n 2019 2018\n thousands\n Revenue growth rate 32%\n Revenue retention rate 111%\n customers 34,400\n Gross profit percentage 73%\n Adjusted EBITDA $54,008 $25,752 $12,457" +} +{ + "_id": "d1b33709c", + "title": "", + "text": "A10 NETWORKS, INC.\nCONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS\n(in thousands)\n\n | Years Ended December 31, | | \n----------------------------------------------- | ------------------------ | --------- | ---------\n | 2019 | 2018 | 2017 \nNet loss | $(17,819) | $(27,617) | $(10,751)\nOther comprehensive loss, net of tax: | | | \nUnrealized gain (loss) on marketable securities | 395 | (21) | (78) \nComprehensive loss | $(17,424) | $(27,638) | $(10,829)\n\nNETWORKS.\n STATEMENTS LOSS\n Ended December 31,\n Net loss $(17,819) $(27,617) $(10,751)\n loss tax\n Unrealized gain marketable securities\n loss $(17,424) $(27,638) $(10,829)" +} +{ + "_id": "d1b39b09c", + "title": "", + "text": "Liquidity and Capital Resources\nOur principal sources of liquidity are cash and cash equivalents, investments and accounts receivable. The following table shows net cash provided by operating activities, net cash used in investing activities, and net cash provided by (used in) financing activities for the years ended March 31, 2019, 2018 and 2017:\nIn November 2015, we raised net proceeds of $68.3 million in our initial public offering after deducting underwriting discounts and commissions and offering expenses paid by us. In the years ended March 31, 2019, 2018 and 2017, we incurred operating losses of $1.2 million, $7.0 million and $10.4 million, respectively. While we expect to generate an operating loss in the year ending March 31, 2020, we expect to continue to generate positive cash flows from operating activities.\nIn the year ending March 31, 2020, we plan to continue to invest in the development and expansion of our Mime | OS™ platform to improve on our existing solutions in order to provide more capabilities to our customers. Investments in capital expenditures in the year ended March 31, 2019 were $28.8 million of which $25.8 million related to the expansion of our grid architecture.\nWe expect fiscal year 2020 capital expenditures to increase significantly as we expect to incur one-time costs related to the build out and expansion of facilities in the U.K. and other locations and additional data center expansion primarily in the U.S.\nAs of March 31, 2019 and 2018, we had cash, cash equivalents and investments of $173.5 million and $137.2 million, respectively. Based on our current operating plan, we believe that our current cash and cash equivalents, investments and operating cash flows will be sufficient to fund our operations for at least the next twelve months. Our future capital requirements may vary materially from those planned and will depend on certain factors, such as our growth and our operating results.\nIf we require additional capital resources to grow our business or to acquire complementary technologies and businesses in the future, we may seek to sell additional equity or raise funds through debt financing or other sources. We may also seek to invest in or acquire complement ary businesses, applications or technologies, any of which could also require us to seek additional equity or debt financing.\nWe cannot provide assurance that additional financing will be available at all or on terms favorable to us. We had no material commitments for capital expenditures as of March 31, 2019 or 2018.\n\n | | Year ended March 31, | \n--------------------------------------------------- | --------- | --------------------- | --------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nNet cash provided by operating activities | $66,235 | $46,412 | $32,514 \nNet cash used in investing activities | (121,324) | (35,019) | (84,615)\nNet cash provided by (used in) financing activities | 116,985 | 13,156 | (332) \n\nLiquidity Capital Resources\n principal sources liquidity cash equivalents investments accounts receivable. table shows net cash operating investing financing March 31, 2019 2018\n November 2015, raised net proceeds $68. 3 million initial public offering discounts commissions expenses. March 2019 2018 2017 incurred operating losses $1. 2 million $7. 0 million $10. 4 million. expect operating loss March 31, 2020 positive cash flows.\n development expansion Mime OSTM platform. capital 2019 $28. 8 million $25. 8 million expansion architecture.\n 2020 capital expenditures increase one-time costs expansion facilities U. K. data center expansion U. S.\n March 31, 2019 2018 cash equivalents investments $173. 5 million $137. 2 million. cash equivalents investments cash flows sufficient fund operations next twelve months. future capital requirements vary growth operating results.\n require additional capital sell equity raise funds debt financing. invest acquire businesses technologies equity debt financing.\n additional financing. no commitments capital expenditures March 31, 2019 2018.\n ended March 31,\n 2019 2018\n thousands\n cash operating activities $66,235 $46,412 $32,514\n investing (121,324) (35,019) (84,615)\n financing 116,985 13,156" +} +{ + "_id": "d1a714a58", + "title": "", + "text": "(7) Property and Equipment\nProperty and equipment consist of the following (in millions):\nOn December 31, 2019, we entered into finance lease agreements for certain computer equipment. The leased equipment was valued at $13.7 million, net of prepaid maintenance and $0.3 million of imputed interest, and is included in Property and equipment, net on the Consolidated Balance Sheets. Refer to Note 12 — Long-Term Debt for additional information related to our finance leases.\n\n | December 31, | \n----------------------------------------- | ------------ | -------\n | 2019 | 2018 \nLand | $11.9 | $11.9 \nBuildings and improvements | 81.2 | 71.1 \nLeasehold improvements | 7.1 | 6.7 \nComputer equipment | 234.1 | 208.9 \nFurniture, fixtures and other equipment | 11.2 | 11.0 \nProperty and equipment | 345.5 | 309.6 \nAccumulated depreciation and amortization | (168.6) | (132.5)\nProperty and equipment, net | $176.9 | $177.1 \n\nProperty Equipment\n December 31, 2019 finance lease agreements computer equipment. valued $13. 7 million prepaid maintenance $0. 3 million interest Consolidated Balance Sheets. Note 12 Long-Term Debt.\n Land $11. $11.\n Buildings improvements 81. 71.\n Leasehold improvements 7.\n equipment 234. 208.\n Furniture fixtures equipment 11.\n 345. 309.\n Accumulated depreciation amortization (168. (132.\n $176. $177." +} +{ + "_id": "d1b3bb298", + "title": "", + "text": "Tax Carryforwards\nThe amount and expiration dates of income tax net operating loss carryforwards and tax credit carryforwards, which are available to reduce future taxes, if any, as of August 31, 2019 are as follows:\n(1) Net of unrecognized tax benefits.\n(2) Calculated based on the deferral method and includes foreign investment tax credits\n\n(dollars in thousands) | Last Fiscal Year of Expiration | Amount \n----------------------------------------------- | ------------------------------ | --------\nIncome tax net operating loss carryforwards:(1) | | \nDomestic–state | 2039 | $57,299 \nForeign | 2039 or indefinite | $565,609\nTax credit carryforwards:(1) | | \nDomestic–federal | 2029 | $39,784 \nDomestic–state | 2027 | $3,313 \nForeign(2) | 2027 or indefinite | $15,345 \n\nTax Carryforwards\n expiration dates income tax loss tax credit reduce future taxes August 31, 2019\n Net unrecognized tax benefits.\n Calculated deferral method foreign investment tax credits\n Fiscal Year\n Income tax loss carryforwards\n $57,299\n $565,609\n Tax credit carryforwards\n $39,784\n $3,313\n indefinite $15,345" +} +{ + "_id": "d1b30513c", + "title": "", + "text": "Unrecognized Tax Benefits\nActivity related to unrecognized tax benefits is as follows (in thousands):\nDuring the year ended July 31, 2019, the Company’s unrecognized tax benefits increased by $1.3 million, primarily associated with the Company’s U.S. Federal and California R&D credits. As of July 31, 2019, the Company had unrecognized tax benefits of $6.2 million that, if recognized, would affect the Company’s effective tax rate. An estimate of the range of possible change within the next 12 months cannot be made at this time.\nThe Company, or one of its subsidiaries, files income taxes in the U.S. Federal jurisdiction and various state and foreign jurisdictions. If the Company utilizes net operating losses or tax credits in future years, the U.S. Federal, state and local, and non-U.S. tax authorities may examine the tax returns covering the period in which the net operating losses and tax credits arose. As a result, the Company’s tax returns in the U.S. and California remain open to examination from fiscal years 2002 through 2019. As of July 31, 2019, the Company has no income tax audits in progress in the U.S. or foreign jurisdictions.\n\n | | Fiscal years ended July 31, | \n---------------------------------------------- | ------- | --------------------------- | ------\n | 2019 | 2018 | 2017 \nUnrecognized tax benefit - beginning of period | $10,321 | $9,346 | $7,687\nGross increases - prior period tax positions | 98 | 729 | 712 \nGross decreases - prior period tax positions | (88) | (878) | (691) \nGross increases - current period tax positions | 1,302 | 1,124 | 1,638 \nUnrecognized tax benefit - end of period | $11,633 | $10,321 | $9,346\n\nUnrecognized Tax Benefits\n July 31, 2019 unrecognized tax benefits increased $1. 3 million U. S. Federal California R&D credits. July 31, 2019 benefits $6. 2 million tax rate. estimate change.\n Company files income taxes U. S. Federal state foreign jurisdictions. operating losses tax credits. authorities examine tax returns. tax returns. California open 2002 through 2019. July 31, 2019 no income tax audits U. foreign jurisdictions.\n Fiscal years July\n 2018 2017\n Unrecognized tax benefit beginning $10,321 $9,346 $7,687\n Gross increases\n decreases (88) (878) (691)\n increases current 1,302 1,124 1,638\n Unrecognized tax benefit end period $11,633 $10,321 $9,346" +} +{ + "_id": "d1b32d57e", + "title": "", + "text": "Issuer Purchases of Equity Securities\nThe following table contains information about shares of our previously-issued common stock that we withheld from employees upon vesting of their stock-based awards during the fourth quarter of 2019 to satisfy the related tax withholding obligations:\n\n | Total Number of Shares Withheld for Taxes | Average Price Paid Per Share\n------------- | ----------------------------------------- | ----------------------------\nPeriod | | \nOctober 2019 | 16,585 | $11.57 \nNovember 2019 | 185,887 | 13.15 \nDecember 2019 | 12,368 | 13.70 \nTotal | 214,840 | \n\nPurchases Equity Securities\n table stock withheld employees fourth quarter 2019 tax withholding obligations\n Shares Withheld Taxes Average Price Paid Share\n October 2019 16,585.\n November 2019 185,887.\n December 2019 12,368.\n 214,840" +} +{ + "_id": "d1b3bf97e", + "title": "", + "text": "DSU plan\nThe Corporation also offers a Deferred Share Unit (\"DSU\") Plan for members of the Board to assist in the attraction and retention of qualified individuals to serve on the Board of the Corporation. Each existing or new member of the Board may elect to be paid a percentage of the annual retainer in the form of DSUs with the balance, if any, being paid in cash. The number of DSUs that a member is entitled to receive is based on the average closing price of the subordinate shares on the TSX for the twenty consecutive trading days immediately preceding by one day the date of issue. Dividend equivalents are awarded with respect to DSUs in a member's account on the same basis as if the member was a shareholder of record of subordinate shares on the relevant record date, and the dividend equivalents are credited to the individual's account as additional DSUs. DSUs are redeemable and payable in cash or in shares, upon an individual ceasing to be a member of the Board or in the event of the death of the member.\nUnder the DSU Plan, the following DSUs were issued by the Corporation and are outstanding at August 31:\nA compensation expense of $1,792,000 (compensation expense reduction of $181,000 in 2018) was recorded for the year ended August 31, 2019 related to this plan.\n\nYears ended August 31, | 2019 | 2018 \n---------------------------------- | -------- | -------\nOutstanding, beginning of the year | 42,607 | 40,446 \nIssued | 11,328 | 6,662 \nRedeemed | (12,351) | (5,549)\nDividend equivalents | 1,095 | 1,048 \nOutstanding, end of the year | 42,679 | 42,607 \n\nDSU plan\n Corporation offers Deferred Share Unit Plan for Board attraction retention qualified individuals. member percentage annual retainer DSUs balance paid cash. number DSUs based on average closing price shares TSX twenty trading days issue. Dividend equivalents awarded DSUs account credited as additional DSUs. DSUs redeemable payable cash or shares ceasing death.\n DSU Plan DSUs issued outstanding at August 31\n compensation expense $1,792,000 reduction $181,000 2018) year ended August 31, 2019.\n Years ended August 31, 2019 2018\n Outstanding 42,607 40,446\n Issued 11,328 6,662\n Redeemed (12,351) (5,549)\n Dividend equivalents 1,095 1,048\n end year 42,679 42,607" +} +{ + "_id": "d1b39f78c", + "title": "", + "text": "Central Overheads declined by $76 million in F19 to $60 million due to a one‐off payment from Caltex of $50 million and a reversal of impairment on a property subsequently classified as held for sale of $37 million. Central Overheads are still expected to be approximately $150 million on an annual basis before taking into account any impact from the Endeavour Group transaction.\nA small increase in inventory to $4,280 million was primarily due to higher closing inventory in New Zealand and BIG W to improve availability. Closing inventory days declined 0.9 days to 37.2 days and average inventory days from continuing operations declined by 0.2 days to 38.8 days.\nNet investment in inventory of $939 million remained broadly consistent with prior year. Adjusting for the impact of an extra New Zealand Food payment run in the 53rd week of $153 million, net investment in inventory declined by 19%.\nOther creditors and provisions of $4,308 million decreased $40 million compared to the prior year. Excluding significant items relating to the BIG W network review and cash utilisation of F16 significant items provisions, the decrease in other creditors and provisions was primarily driven by a reduction in accruals associated with store team costs.\nFixed assets, investments and loans to related parties of $9,710 million increased by $528 million. Additions of fixed assets of $2,040 million during the year mainly related to store refurbishments, supply chain and IT infrastructure and included $203 million related to property development activity. This was partially offset by depreciation and amortisation, disposals and an impairment of $166 million associated with the BIG W network review.\nNet assets held for sale of $225 million decreased by $575 million mainly as a result of the sale of the Petrol business to EG Group on 1 April 2019.\nIntangible assets of $6,526 million increased by $61 million driven by an increase in goodwill and brand names in New Zealand due to the strengthening of the New Zealand dollar, a minor increase in goodwill associated with the acquisition of businesses partially offset by an impairment to the carrying value of Summergate of $21 million.\nNet tax balances of $227 million increased $66 million due to an increase in deferred tax assets associated with the provisions raised as a result of the BIG W network review.\nNet debt of $1,599 million increased by $377 million largely due to the timing of New Zealand creditor payments, higher net capital expenditure (excluding the proceeds from the sale of the Petrol business) and an increase in dividends paid during the year.\nNormalised Return on Funds Employed (ROFE) from continuing operations was 24.2%, 11 bps up on the prior year. Normalised AASB 16 estimated ROFE was 14.1%.\nCash flow from operating activities before interest and tax was $3,858 million, an increase of 0.5% on the prior year. Excluding the impact of significant items, higher EBITDA was offset by the impact of the New Zealand payment run in week 53 and a movement in provisions and accruals. The cash flow benefit from an extra week of trading is offset by nine months of EBITDA from the Petrol business compared to a full year in F18.\nThe cash realisation ratio was 74.1%. Excluding the timing of the New Zealand payment run, and charges associated with the BIG W network review and gain on sale of the Petrol business, the cash realisation ratio was 98.4%, impacted by the cash utilisation of provisions and accruals offset by trade working capital improvements.\nNet interest paid of $166 million declined by 9.8% compared to the prior year due to the early repayment of US Private Placement Notes in the prior year reducing average borrowing costs.\n\nGroup Profit or Loss | F19 | F18 | | CHANGE \n------------------------------------------------------------------------- | -------- | -------- | -------- | ----------\nfor the 53 weeks ended 30 June 2019 | 53 WEEKS | 52 WEEKS | CHANGE | NORMALISED\nMARGINS – continuing operations | | | | \nGross profit (%) | 29.1 | 29.3 | (24) bps | (23) bps \nCost of doing business (%) | 24.6 | 24.9 | (31) bps | (30) bps \nEBIT (%) | 4.5 | 4.5 | 7 bps | 7 bps \nEARNINGS PER SHARE AND DIVIDENDS | | | | \nWeighted average ordinary shares on issue (million) | 1,305.7 | 1,300.5 | 0.4% | \nTotal Group basic EPS (cents) before significant items | 142.8 | 132.6 | 7.7% | 5.8% \nTotal Group basic EPS (cents) after significant items | 206.2 | 132.6 | 55.5% | 53.7% \nBasic EPS (cents) – from continuing operations before significant items | 134.2 | 123.4 | 8.8% | 6.8% \nBasic EPS (cents) – from continuing operations after significant items | 114.3 | 123.4 | (7.4)% | (9.3)% \nDiluted EPS (cents) – from continuing operations before significant items | 133.4 | 123.1 | 8.4% | 6.4% \nDiluted EPS (cents) – from continuing operations after significant items | 113.6 | 123.1 | (7.7)% | (9.7)% \nInterim dividend per share (cents) | 45 | 43 | 4.7% | \nFinal dividend per share (cents) 1 | 57 | 50 | 14.0% | \nSpecial dividend per share (cents) 1 | – | 10 | n.m. | \nTotal dividend per share (cents) | 102 | 103 | (1.0)% | \n\nOverheads declined $76 million $60 million payment Caltex $50 million reversal impairment property $37 million. expected $150 million Endeavour Group.\n increase inventory $4,280 million due higher closing inventory New Zealand BIG W. Closing inventory days declined. declined. days.\n investment $939 million consistent prior year. New Zealand Food payment $153 million declined 19%.\n creditors provisions $4,308 million decreased $40 million. reduction costs.\n Fixed assets investments loans $9,710 million increased $528 million. Additions $2,040 million store refurbishments supply chain IT infrastructure $203 million property development. offset depreciation amortisation disposals impairment $166 million BIG W network review.\n assets sale $225 million decreased $575 million sale Petrol business EG Group 2019.\n Intangible assets $6,526 million increased $61 million increase goodwill brand names New Zealand impairment value Summergate $21 million.\ntax balances $227 million increased $66 million deferred tax assets BIG W network review.\n debt $1,599 million increased $377 million due New Zealand creditor payments higher capital expenditure sale Petrol business increase dividends.\n Return on Funds Employed) operations 24. 2% 11 bps up prior year. 14. 1%.\n Cash flow $3,858 million increase 0. 5%. higher EBITDA offset New Zealand payment run week 53 provisions accruals. extra week trading offset nine months EBITDA Petrol business.\n cash realisation ratio 74. 1%. Zealand BIG W sale Petrol 98. 4% impacted offset capital improvements.\n Net interest $166 million declined 9. 8% early repayment US Private Placement Notes reducing borrowing costs.\n Group Profit Loss\n 53 weeks 30 June 2019\n Gross profit (%) 29.\n Cost business (%) 24. 6. 9\nEBIT (%) 4. 5. 5 7\n EARNINGS PER SHARE DIVIDENDS\n average shares (million 1,305. 7 1,300. 5. 4%\n EPS before 142. 8 132. 6. 7%. 8%\n after 206. 132. 6 55. 5% 53. 7%\n 134. 123. 8. 8%. 8%\n 114. 3 123. 4. (9.\n 133. 123. 8. 4% 6. 4%\n 113. 123. (7.\n dividend per share (cents 45 4. 7%\n Final dividend share 14. 0%\n Special dividend per share.\n Total dividend per share (cents 102 103." +} +{ + "_id": "d1b39c6ea", + "title": "", + "text": "NOTE 19—RESTRUCTURING\nIn 2019, we initiated projects to restructure and modify our supply chain strategy, functional responsibilities, methods, capabilities, processes and rationalize suppliers with the goal of reducing ongoing costs and increasing the efficiencies of our worldwide procurement organization. The majority of the costs associated with these restructuring activities are related to consultants that we have engaged in connection with these efforts, and such costs have been recognized by our corporate entity. The total costs of this restructuring project are expected to exceed amounts incurred to date by $0.9 million and these efforts are expected to be completed early in fiscal 2020. Also, in fiscal 2019 our CTS and CGD segments incurred restructuring charges, consisting primarily of employee severance costs related to headcount reductions initiated to optimize our cost positions. The total costs of each of these restructuring plans initiated thus far are not expected to be significantly greater than the charges incurred to date.\nOur fiscal 2018 restructuring activities related primarily to expenses incurred by our corporate entity to establish a North American shared services center. Our fiscal 2017 restructuring activities included corporate efforts to increase the centralization and efficiency of our manufacturing processes, as well as restructuring charges incurred by our CGD businesses related to the elimination of a level of management in the CGD simulator business.\nRestructuring charges incurred by our business segments were as follows (in millions):\n\n | | Years Ended September 30, | \n------------------------------ | ------- | ------------------------- | ------\n | 2019 | 2018 | 2017 \nRestructuring costs: | | | \nCubic Transportation Systems | $ 3.2 | $ 0.4 | $ 0.4\nCubic Mission Solutions | — | 0.2 | — \nCubic Global Defense | 3.3 | 1.3 | 0.9 \nUnallocated corporate expenses | 8.9 | 3.1 | 1.0 \nTotal restructuring costs | $ 15.4 | $ 5.0 | $ 2.3\n\n19—RESTRUCTURING\n 2019 initiated projects restructure supply chain strategy methods capabilities processes suppliers costs increasing efficiencies worldwide procurement organization. majority costs related consultants recognized corporate entity. total costs expected exceed $0. 9 million completed fiscal 2020. 2019 CTS CGD segments incurred restructuring charges employee severance costs headcount reductions cost positions. total costs not expected greater incurred.\n fiscal 2018 restructuring expenses North American shared services center. fiscal 2017 restructuring increase centralization efficiency manufacturing processes restructuring charges CGD businesses elimination management CGD simulator business.\n Restructuring charges millions):\n Years Ended September 30,\n 2017\n Restructuring costs\n Transportation Systems $ 3. $.\n Mission Solutions.\n Global Defense.\n Unallocated corporate expenses 8.\n Total restructuring costs $ 15. $ 5. $ 2." +} +{ + "_id": "d1b3295f0", + "title": "", + "text": "The total annual compensation of the Supervisory Board members is as follows:\nSupervisory Board Compensation\nThe Supervisory Board members do not receive any share-based payment for their services. As far as members who are employee representatives on the Supervisory Board receive share-based payment, such compensation is for their services as employees only and is unrelated to their status as members of the Supervisory Board.\n\n€ thousands | 2019 | 2018 | 2017 \n------------------------------ | ----- | ----- | -----\nTotal compensation | 3,770 | 3,702 | 3,663\nThereof fixed compensation | 3,218 | 3,162 | 3,135\nThereof committee remuneration | 553 | 540 | 528 \n\ntotal annual compensation Supervisory Board members\n share-based payment. payment unrelated status.\n € thousands 2019 2018 2017\n Total compensation 3,770 | 3,702 | 3,663\n fixed compensation 3,218 3,162 3,135\n committee remuneration | 540 528" +} +{ + "_id": "d1b2e3c26", + "title": "", + "text": "Cloud & Cognitive Software\n* Recast to reflect segment changes.\n** 2019 results were impacted by Red Hat purchase accounting.\nCloud & Cognitive Software revenue of $23,200 million increased 4.5 percent as reported (6 percent adjusted for currency) in 2019 compared to the prior year. There was strong growth in Cloud & Data Platforms, as reported and at constant currency, driven primarily by the acquisition of Red Hat in the third quarter of 2019. Red Hat had continued strong performance since the acquisition, in Red Hat Enterprise Linux (RHEL), application development and emerging technologies, led by OpenShift and Ansible. Red Hat and IBM are driving synergies with strong adoption of Cloud Paks since their introduction, expansion of our combined client base and more than 2,000 clients using our hybrid cloud platform. Cognitive Applications also grew as reported and at constant currency. Transaction Processing Platforms declined year to year as reported, but grew 1 percent adjusted for currency driven by strong fourth-quarter performance.\nCognitive Applications revenue of $5,765 million grew 2.3 percent as reported (4 percent adjusted for currency) compared to the prior year, driven by double-digit growth as reported and adjusted for currency in Security, and growth in industry verticals such as IoT. The Security performance included continued strong results in threat management software and services offerings. Within IoT, we had good revenue performance across the portfolio as we continued to invest in new offerings and industry-specific solutions.\nCloud & Data Platforms revenue of $9,499 million increased 10.4 percent as reported (12 percent adjusted for currency) compared to the prior year. Performance was driven by the addition of RHEL and OpenShift and the continued execution of the combined Red Hat and IBM hybrid strategy.\nTransaction Processing Platforms revenue of $7,936 million decreased 0.5 percent as reported, but grew 1 percent adjusted for currency in 2019, compared to the prior year. Revenue performance reflects the ongoing investment in IBM platforms, and the timing of larger transactions that are tied to client business volumes and buying cycles.\nWithin Cloud & Cognitive Software, cloud revenue of $4.2 billion grew 40 percent as reported and 42 percent adjusted for currency year to year, reflecting the acquisition of Red Hat and client adoption of our hybrid cloud offerings.\n\n($ in millions) | | | | \n------------------------------------------- | ------- | ------- | ---------------------------- | --------------------------------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change ** | Yr.-to-Yr. Percent Change Adjusted for Currency **\nCloud & Cognitive Software external revenue | $23,200 | $22,209 | 4.5% | 6.2% \nCognitive Applications | $ 5,765 | $ 5,633 | 2.3% | 3.9% \nCloud & Data Platforms | 9,499 | 8,603 | 10.4 | 12.3 \nTransaction Processing Platforms | 7,936 | 7,974 | (0.5) | 1.4 \n\nCloud Cognitive Software\n segment changes.\n 2019 impacted Red Hat purchase.\n revenue $23,200 million increased 4. 5 percent (6 percent adjusted. growth Cloud Data Platforms Red Hat 2019. Enterprise Linux application development emerging technologies OpenShift Ansible. Cloud Paks expansion client base 2,000 clients hybrid cloud platform. Cognitive Applications grew. Transaction Processing Platforms declined grew 1 percent fourth-quarter performance.\n Cognitive Applications revenue $5,765 million grew 2. 3 percent (4 percent growth Security IoT. threat management software services. good revenue performance new offerings industry solutions.\n Cloud & Data Platforms revenue $9,499 million increased 10. 4 percent (12 percent. addition RHEL OpenShift Red Hat IBM hybrid strategy.\n Transaction Processing Platforms revenue $7,936 million decreased 0. 5 percent grew 1 percent. investment IBM platforms transactions business volumes.\n Software revenue $4.2 billion grew 40 percent 42 percent adjusted currency Red Hat hybrid cloud offerings.\n year December 31 2019 2018. Change.\n Cloud Cognitive Software revenue $23,200 $22,209. 5% 6. 2%\n Cognitive Applications $ 5,765. 3%. 9%\n Cloud Data Platforms 9,499 8,603.\n Transaction Processing Platforms 7,936." +} +{ + "_id": "d1b39800e", + "title": "", + "text": "NOTE 11 - STOCK CAPITAL (Cont.)\nShare-based compensation to employees and to directors: (Cont.)\nRestricted Stock:\nThe Company awards stock and restricted stock to certain employees, officers, directors, and/or service providers. The restricted stock vests in accordance with such conditions and restrictions determined by the GNC Committee. These conditions and restrictions may include the achievement of certain performance goals and/or continued employment with the Company through a specified restricted period. The purchase price (if any) of shares of restricted stock is determined by the GNC Committee. If the performance goals and other restrictions are not attained, the grantee will automatically forfeit their unvested awards of restricted stock to the Company. Compensation expense for restricted stock is based on fair market value at the grant date.\nThe total compensation expense recorded by the Company in respect of its stock and restricted stock awards to certain employees, officers, directors, and service providers for the year ended December 31, 2019 and 2018 amounted to $392 and $506, respectively.\n\n | Number of Restricted Stock | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term (Years)\n--------------------------------- | -------------------------- | -------------------------------------- | ---------------------------------------------------\nNonvested as of December 31, 2017 | 126,808 | 4.25 | 1.31 \nGranted | 144,447 | 3.59 | \nVested | 118,347 | 3.81 | \nForfeitures | - | - | \nNonvested as of December 31, 2018 | 152,908 | 3.96 | 1.56 \nGranted | 113,012 | 3.98 | \nVested | 64,535 | 3.88 | \nForfeitures | - | - | \nNonvested as of December 31, 2019 | 201,385 | 4.00 | 1.95 \n\nNOTE 11 CAPITAL.\n Share-based compensation to employees directors.\n Restricted Stock\n Company awards stock employees officers directors service providers. stock vests conditions restrictions GNC Committee. performance goals employment period. purchase price shares stock determined GNC Committee. goals attained grantee unvested awards. Compensation expense based on fair market value grant date.\n total compensation expense year December 31, 2019 2018 $392 $506.\n Restricted Stock Weighted Average Grant Date Fair Value Remaining Contractual Term\n Nonvested December 31, 2017 126,808 4. 25.\n 144,447 3. 59\n 118,347.\n Nonvested December 31, 2018 152,908 3. 96.\n 113,012 3.\n 64,535.\n Nonvested December 31, 2019 201,385 4." +} +{ + "_id": "d1b376936", + "title": "", + "text": "(c) Allowance for Credit Loss Rollforward\nThe allowances for credit loss and the related financing receivables are summarized as follows (in millions):\n\n | | | CREDIT LOSS ALLOWANCES | \n--------------------------------------------- | ----------------- | ---------------- | -------------------------- | -----\n | Lease Receivables | Loan Receivables | Financed Service Contracts | Total\nAllowance for credit loss as of July 28, 2018 | $135 | $60 | $10 | $205 \nProvisions (benefits) | (54) | 11 | 27 | (16) \nRecoveries (write-offs), net | (14) | — | (28) | (42) \nForeign exchange and other | (21) | — | — | (21) \nAllowance for credit loss as of July 27, 2019 | $46 | $71 | $9 | $126 \n\nAllowance Credit Loss\n financing receivables summarized\n CREDIT LOSS ALLOWANCES\n Lease Loan Financed Service Contracts\n July 28, 2018 $135 $60 $10 $205\n Provisions (54) 27 (16)\n Recoveries (14) (42)\n Foreign exchange (21)\n July 27, 2019 $46 $71 $9 $126" +} +{ + "_id": "d1b39cd20", + "title": "", + "text": "Significant components of our deferred tax assets and liabilities consist of the following:\nThe United States Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017 and introduced significant changes to the income tax law in the United States. Effective in 2018, the Tax Act reduced the United States statutory tax rate from 35% to 21% and created new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion tax, respectively.\nIn addition, in 2017 we were subject to a one-time transition tax on accumulated foreign subsidiary earnings not previously subject to income tax in the United States.\nDue to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, we made reasonable estimates of the effects and recorded provisional expense of $15.3 million in our financial statements for the year ended December 31, 2017 in accordance with guidance in Staff Accounting Bulletin No. 118 (“SAB 118”), which allows a measurement period of up to one year after the enactment date to finalize the recording of the related tax impacts.\nThis provisional expense included $10.1 million expense for the remeasurement of deferred tax balances to reflect the lower federal rate and expense of $5.2 million for the one-time transition tax on accumulated foreign subsidiary earnings not previously subject to income tax in the United States.\nAdjustments to these provisional amounts that we recorded in 2018 did not have a significant impact on our consolidated financial statements. Our accounting for the effects of the enactment of U.S. Tax Reform is now complete. Due to our divestiture of our investment in Netsmart, the amounts noted above do not include the provisional amounts recorded by Netsmart in 2017.\nWe had federal net operating loss (“NOL”) carryforwards of $174 million and $164 million as of December 31, 2019, and 2018, respectively. The federal NOL carryforward includes US NOL carryovers of $8 million and Israeli NOL carryovers of $56 million that do not expire. As of December 31, 2019 and 2018, we had state NOL carryforwards of $1 million and $2 million, respectively.\nThe NOL carryforwards expire in various amounts starting in 2020 for both federal and state tax purposes. The utilization of the federal NOL carryforwards is subject to limitation under the rules regarding changes in stock ownership as determined by the Internal Revenue Code.\n\n | December 31, | \n----------------------------------------- | ------------ | ---------\n(In thousands) | 2019 | 2018 \nDeferred tax assets | | \nAccruals and reserves, net | $29,627 | $31,565 \nAllowance for doubtful accounts | 11,507 | 11,378 \nStock-based compensation, net | 10,382 | 10,595 \nDeferred revenue | 21,786 | 8,160 \nOperating and finance lease liabilities | 22,085 | 0 \nNet operating loss carryforwards | 37,717 | 36,649 \nResearch and development tax credit | 899 | 899 \nOther | 7,488 | 10,784 \nLess: Valuation Allowance | (19,219) | (18,734) \nTotal deferred tax assets | 122,272 | 91,296 \nDeferred tax liabilities | | \nPrepaid expense | (5,372) | (6,733) \nProperty and equipment, net | (3,695) | (7,442) \nAcquired intangibles, net | (111,284) | (129,879)\nOperating and finance right-to-use assets | (17,255) | 0 \nOther | 0 | (676) \nTotal deferred tax liabilities | (137,606) | (144,730)\nNet deferred tax liabilities | $(15,334) | $(53,434)\n\ndeferred tax assets liabilities\n United States Tax Cuts and Jobs Act enacted December 22, 2017 changes income tax law. reduced tax rate from 35% to 21% created new taxes foreign-sourced earnings related-party payments global intangible low-taxed income tax base erosion tax.\n 2017 one-time transition tax on foreign subsidiary earnings not.\n recorded provisional expense $15. 3 million financial statements December 31, 2017 Staff Accounting Bulletin. 118.\n $10. 1 million remeasurement deferred tax balances $5. 2 million one-time transition tax on foreign subsidiary earnings not.\n Adjustments 2018 consolidated financial statements. accounting for effects. Tax Reform complete. divestiture investment Netsmart include provisional amounts 2017.\n federal net operating loss carryforwards of $174 million $164 million as December 31, 2019 2018. US NOL carryovers $8 million Israeli NOL carryovers $56 million.December 31, 2019 2018 state NOL carryforwards $1 million $2 million.\n expire 2020 federal tax. stock ownership Internal Revenue Code.\n Deferred tax assets\n Accruals reserves $29,627 $31,565\n Allowance doubtful accounts 11\n Stock-based compensation 10,382\n Deferred revenue 21,786\n Operating finance lease liabilities 22,085\n operating loss carryforwards 37,717 36,649\n Research development tax credit\n Valuation Allowance (19,219)\n deferred tax assets 122,272\n Prepaid expense,372\n Property equipment,695\n Acquired intangibles (111,284\n Operating finance right-to-use assets (17,255\n deferred tax liabilities (137,606)\n,334" +} +{ + "_id": "d1b3239fc", + "title": "", + "text": "Assets and Liabilities Measured at Fair Value\nThe following table presents our assets and liabilities measured at fair value on a recurring or non-recurring basis at December 31,\n2019:\nThe carrying amount of money market funds approximates fair value as of each reporting date because of the short maturity of those\ninstruments.\nThe Company did not have any non-financial assets or non-financial liabilities that were recognized or disclosed at fair value as of\nDecember 31, 2019.\n\n | Level 1 | Level 2 | Level 3\n------------------------------------------- | -------------- | ------- | -------\n | (In thousands) | | \nAssets | | | \nCash equivalents: Money market funds | $256,915 | $ - | $ - \nOther current assets: | | | \nIndemnification - Sale of SSL | $ - | $ - | $ 598 \nLiabilities | | | \nLong term liabilities: | | | \nIndemnification - Globalstar do Brasil S.A. | $ - | $ - | $145 \n\nAssets Liabilities Measured Fair Value\n table presents assets liabilities measured value December 31,\n 2019\n carrying money market funds approximates fair value short maturity\n.\n non-financial assets liabilities recognized disclosed fair value\n December 31, 2019.\n Assets\n Cash equivalents Money market funds $256,915\n current assets\n Indemnification Sale SSL\n Liabilities\n Long term liabilities\n Indemnification Globalstar Brasil. $145" +} +{ + "_id": "d1b3a4d04", + "title": "", + "text": "FNF\nWe are party to certain agreements with FNF, including agreements that were entered into when we were related parties. As a result of the Distribution, FNF no longer has an ownership interest in us, but was still considered a related party until December 1, 2019 due to the combination of certain shared board members, members of senior management and various agreements. As of December 1, 2019, the Chairman of our Board of Directors no longer serves as one of our executive officers, and FNF is no longer considered a related party.\nWe have various agreements with FNF to provide software, data and analytics services, as well as corporate shared services and information technology. We are also a party to certain other agreements under which we incur other expenses or receive revenues from FNF.\nA detail of the revenues and expenses, net from FNF is as follows (in millions):\n(1) Transactions with FNF are summarized through November 30, 2019, the date after which FNF is no longer considered a related party.\nWe paid to FNF a guarantee fee of 1.0% of the outstanding principal of the Senior Notes (as defined in Note 12 — Long Term Debt) in exchange for the guarantee by FNF of the Senior Notes. For the year ended December 31, 2017, the guarantee fee was included in Interest expense, net on the Consolidated Statements of Earnings and Comprehensive Earnings. On April 26, 2017, the Senior Notes were redeemed, and we are no longer required to pay a guarantee fee.\n\n | | Year ended December 31, | \n------------------ | -------- | ----------------------- | -----\n | 2019 (1) | 2018 | 2017 \nRevenues | $59.5 | $57.6 | $56.8\nOperating expenses | 12.5 | 12.1 | 12.3 \nGuarantee fee | — | — | 1.2 \n\n\n party to agreements FNF. Distribution FNF ownership interest related party until December 1, 2019 shared board members senior management agreements. December 1, 2019 Chairman Board Directors no FNF no longer related party.\n agreements with FNF software data services corporate shared services information technology. party to other agreements expenses receive revenues from FNF.\n revenues expenses from FNF\n Transactions with FNF through November 30, 2019 no longer related party.\n paid FNF guarantee fee 1. 0% outstanding principal Senior Notes for guarantee. December 31, 2017 guarantee fee included in Interest expense. April 26, 2017 Senior Notes redeemed no longer required pay guarantee fee.\n Year ended December\n Revenues $59. $57. $56.\n Operating expenses 12.\n Guarantee fee." +} +{ + "_id": "d1b3420e6", + "title": "", + "text": "Subsequent to the year end, we have received the final ratifications required for full planning to become effective and therefore we expect the positive impact on retained earnings to reverse once these arrangements are formally concluded. In this event EPRA NAV per share would have been 143 pence.\nDebt measures\nA Debt to asset ratio\nOur debt to assets ratio increased to 67.8 per cent in 2019 due to the property revaluation deficit in the year. This reduces to 65.3 per cent when adjusted for expected disposal proceeds from intu Puerto Venecia and intu Asturias.\nB Interest cover\nInterest cover of 1.67x remains above our target minimum level of 1.60x although it has reduced in 2019 as a result of the reduction in net rental income.\nC Immediately available cash and facilities\nImmediately available cash and facilities has reduced in the year by £5.3 million to £241.5 million at 31 December 2019. This excludes the rents collected at the end of December 2019 which relate to the first quarter of 2020 and remain in the debt structures until interest payments are made. At 10 March 2020, immediately available cash and facilities is £200.3 million, which will be augmented by the intu Puerto Venecia sales proceeds expected to be received in early April.\n\n | Notes | 2019 | 2018 | Change \n------------------------------------------------------ | ----- | --------- | --------- | ----------\nDebt to assets ratio | A | 67.8% | 53.1% | 14.7% \nInterest cover | B | 1.67x | 1.91x | –0.24x \nWeighted average debt maturity | | 5.0 years | 5.8 years | –0.8 years\nWeighted average cost of gross debt (excluding RCF) | | 4.3% | 4.2% | –0.1% \nProportion of gross debt with interest rate protection | | 88% | 84% | 4% \nImmediately available cash and facilities | C | £241.5m | £246.8m | £(5.3)m \n\nreceived final ratifications planning expect positive impact earnings arrangements. EPRA NAV per share 143.\n increased 67. 8 per cent 2019 property revaluation deficit. reduces 65. 3 per cent adjusted disposal proceeds Puerto Venecia Asturias.\n Interest cover\n. 67x above target minimum. 60x reduced 2019 net rental income.\n available cash facilities\n reduced £5. 3 million £241. 5 million 31 December 2019. excludes rents collected December 2019 interest payments. 10 March 2020 available cash £200. 3 million augmented intu Puerto Venecia sales proceeds early April.\n Debt to assets ratio 67. 8% 53. 1% 14. 7%\n Interest cover.\n debt maturity.\n gross debt 4. 3%. 2%.\n debt interest rate protection 88% 4%\n Immediately available cash facilities £241. 5m £246. 8m." +} +{ + "_id": "d1b396d94", + "title": "", + "text": "Summary of Results\nThe following table sets forth, for the periods indicated, certain key operating results and other financial information (in thousands, except per share data):\n\n | | Fiscal Year Ended August 31, | \n------------------------------------ | ----------- | ---------------------------- | -----------\n | 2019 | 2018 | 2017 \nNet revenue | $25,282,320 | $22,095,416 | $19,063,121\nGross profit | $1,913,401 | $1,706,792 | $1,545,643 \nOperating income | $701,356 | $542,153 | $410,230 \nNet income attributable to Jabil Inc | $287,111 | $86,330 | $129,090 \nEarnings per share – basic | $1.85 | $0.50 | $0.71 \nEarnings per share – diluted | $1.81 | $0.49 | $0.69 \n\n\n table results financial information\n Year Ended August 31,\n Net revenue $25,282,320 $22,095,416 $19,063,121\n Gross profit $1,913,401 $1,706,792 $1,545,643\n Operating income $701,356 $542,153 $410,230\n income Jabil $287,111 $86,330 $129,090\n Earnings share basic. 85.\n diluted." +} +{ + "_id": "d1a734614", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nThe projected benefit obligation, accumulated benefit obligation and fair value of plan assets for those Pension Plans with accumulated benefit obligation in excess of fair value of plan assets is shown below:\n\n | As of December 31, | \n------------------------------ | ------------------ | ------\n | 2019 | 2018 \nProjected benefit obligation | $3,778 | $3,848\nAccumulated benefit obligation | $2,999 | $3,028\nFair value of plan assets | $1,418 | $1,426\n\nFINANCIAL STATEMENTS thousands\n projected accumulated fair value Pension Plans\n December 31,\n 2019\n Projected benefit obligation $3,778 $3,848\n Accumulated benefit obligation $2,999 $3,028\n Fair value assets $1,418 $1,426" +} +{ + "_id": "d1b368e9e", + "title": "", + "text": "Unrecognized Tax Benefits\nThe Company operates in multiple jurisdictions throughout the world and the income tax returns of its subsidiaries in various jurisdictions are subject to periodic examination by the tax authorities. The Company regularly assesses the status of these  examinations and the various outcomes to determine the adequacy of its provision for income taxes. The amount of gross unrecognized tax benefits totaled $3.1 million and $1.4 million at April 27, 2019 and April 28, 2018, respectively. These amounts represent the amount of unrecognized benefits that, if recognized, would favorably impact the effective tax rate if resolved in the Company’s favor.\nThe following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:\nAt April 27, 2019, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits in the next twelve months.\nThe U.S. federal statute of limitations remains open for fiscal years ended on or after 2016 and for state tax purposes on or after fiscal year 2013. Tax authorities may have the ability to review and adjust net operating losses or tax credits that were generated prior to these fiscal years. In the major foreign jurisdictions, fiscal 2012 and subsequent periods remain open and subject to examination by taxing authorities.\nThe continuing practice of the Company is to recognize interest and penalties related to income tax matters in the provision for income taxes. The Company had $0.1 million accrued for interest and no accrual for penalties at April 27, 2019.\n\n(Dollars in Millions) | April 27, 2019 | April 28, 2018\n--------------------------------------------------- | -------------- | --------------\nBalance at Beginning of Fiscal Year | $1.4 | $1.3 \nIncreases for Positions Related to the Prior Years | 1.8 | — \nIncreases for Positions Related to the Current Year | 0.9 | 0.1 \nDecreases for Positions Related to the Prior Years | — | — \nLapsing of Statutes of Limitations | (1.0) | — \nBalance at End of Fiscal Year | $3.1 | $1.4 \n\nUnrecognized Tax Benefits\n Company operates jurisdictions income tax returns tax authorities. Company assesses status examinations outcomes provision income taxes. unrecognized tax benefits totaled $3. 1 million $1. 4 million at April 27, 2019 April 28, 2018. impact effective tax rate.\n table reconciliation tax benefits\n April 27, 2019 not possible estimate expected change tax benefits next twelve months.\n U. S. federal statute of limitations open fiscal years 2016 state tax 2013. Tax authorities review adjust operating losses tax credits. foreign jurisdictions fiscal 2012 subsequent periods open examination.\n Company interest penalties income tax. $0. 1 million accrued interest no penalties at April 27, 2019.\n 28,\n Balance Beginning Fiscal Year $1.\n Increases Positions Prior Years.\n Increases Current Year.\n Decreases Prior Years\n Statutes Limitations.\n Balance End Fiscal Year. $1." +} +{ + "_id": "d1b2e8f00", + "title": "", + "text": "Deferred Revenues\nDeferred revenues consist primarily of prepayments for license fees, and other products or services for which we have been paid in advance, and earn the revenue when we transfer control of the product or service. Deferred revenues may also include upfront payments for consulting services to be performed in the future, such as non-recurring engineering services.\nWe defer license fees until we have met all accounting requirements for revenue recognition, which is when a license is made available to a customer and that customer has a right to use the license. Engineering development fee revenues are deferred until engineering services have been completed and accepted by our customers. We defer AirBar and sensor modules revenues until distributors sell the products to their end customers\nUnder U.S. GAAP, companies may make reasonable aggregations and approximations of returns data to accurately estimate returns. Our AirBar and sensor module returns and warranty experience to date has enabled us to make reasonable returns estimates, which are supported by the fact that our product sales involve homogenous transactions. The reserve for future sales returns is recorded as a reduction of our accounts receivable and revenue and was insignificant as of December 31, 2019 and 2018.\nThe following table presents our deferred revenues by source (in thousands);\n\n | Years ended December 31, | \n-------------------------------- | ------------------------ | ----\n | 2019 | 2018\nDeferred license fees revenues | $28 | $- \nDeferred NRE revenues | 20 | - \nDeferred AirBar revenues | 6 | 59 \nDeferred sensor modules revenues | 13 | 16 \n | $67 | $75 \n\nDeferred Revenues\n prepayments license fees products services control. upfront payments consulting services non-recurring engineering services.\n defer license fees until accounting requirements revenue recognition. Engineering development fee revenues deferred until services completed accepted. defer AirBar sensor modules revenues until sell products\n U. GAAP aggregations estimate. AirBar sensor module returns warranty experience estimates sales homogenous transactions. reserve for future sales returns reduction accounts receivable revenue insignificant as of December 31, 2019 2018.\n table deferred revenues by source\n Years ended December\n license fees $28 $-\n NRE revenues 20\n AirBar 6\n sensor modules revenues 13\n $67 $75" +} +{ + "_id": "d1b3a2414", + "title": "", + "text": "Quarterly Financial Data (Unaudited)\nQuarterly sales and earnings results are normally influenced by seasonal factors. Historically, the first two fiscal quarters (three months ending September 30 and December 31) are typically the lowest principally because of annual plant vacation and maintenance shutdowns by the Company and by many of its customers. However, the timing of major changes in the general economy or the markets for certain products can alter this pattern.\nDuring the quarter ended December 31, 2017, the Company recorded an income tax benefit. See Note 17, Income Taxes to Notes to Consolidated Financial Statements included in Item 8. “Financial Statements and Supplementary Data”.\n\n($ in millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter\n--------------------- | ------------- | -------------- | ------------- | --------------\nResults of Operations | | | | \nFiscal Year 2019 | | | | \nNet sales | $572.4 | $556.5 | $609.9 | $641.4 \nGross profit | $91.7 | $107.0 | $123.2 | $122.9 \nOperating income | $45.0 | $55.4 | $73.2 | $67.9 \nNet income | $31.5 | $35.5 | $51.1 | $48.9 \nFiscal Year 2018 | | | | \nNet sales | $479.8 | $487.8 | $572.2 | $618.0 \nGross profit | $85.6 | $85.7 | $96.1 | $114.9 \nOperating income | $42.2 | $41.4 | $45.7 | $60.0 \nNet income | $23.4 | $92.1 | $30.2 | $42.8 \n\nQuarterly Financial Data\n sales earnings influenced seasonal factors. first fiscal quarters lowest vacation maintenance shutdowns. changes economy alter.\n December 2017 Company recorded income tax benefit. Note Financial Statements.\n First Second Third Fourth Quarter\n Results Operations\n Fiscal Year 2019\n Net sales $572. $556. $609. $641.\n Gross profit $91. $107. $123. $122.\n Operating income $45. $55. $73. $67.\n Net income $31. $35. $51. $48.\n Year 2018\n Net sales $479. $487. $572. $618.\n Gross profit $85. $85. $96. $114.\n Operating income $42. $41. $45. $60.\n Net income $23. $92." +} +{ + "_id": "d1b385a12", + "title": "", + "text": "NOTE 10. EARNINGS PER SHARE\nThe following table reflects the reconciliation between basic and diluted earnings per share.\nPer share information is based on the weighted average number of common shares outstanding for each of the fiscal years. Stock options and restricted stock have been included in the calculation of earnings per share to the extent they are dilutive. The two-class method for computing EPS has not been applied because no outstanding awards contain non-forfeitable rights to participate in dividends. There were no anti-dilutive stock options and restricted stock excluded for fiscal 2019, 41 shares excluded for fiscal 2018, and 32 shares excluded for fiscal 2017.\n\n | Year Ended June 30, | | \n------------------------------------------------------------------ | ------------------- | -------- | --------\n | 2019 | 2018 | 2017 \nNet Income | $271,885 | $365,034 | $229,561\nCommon share information: | | | \nWeighted average shares outstanding for basic earnings per share | 77,160 | 77,252 | 77,856 \nDilutive effect of stock options and restricted stock | 187 | 333 | 399 \nWeighted average shares outstanding for diluted earnings per share | 77,347 | 77,585 | 78,255 \nBasic earnings per share | $3.52 | $4.73 | $2.95 \nDiluted earnings per share | $3.52 | $4.70 | $2.93 \n\n. EARNINGS PER SHARE\n table reflects basic diluted earnings share.\n based average shares. Stock options restricted stock included earnings. two-class method EPS applied awards non rights dividends. no anti-dilutive stock options restricted stock excluded 2019 41 2018 32 2017.\n Ended June 30\n Net Income $271,885 $365,034 $229,561\n information\n shares basic earnings share 77,160 77,252 77,856\n Dilutive effect stock options restricted stock\n diluted earnings share 77,347 77,585 78,255\n Basic earnings per share $3.\n Diluted earnings." +} +{ + "_id": "d1b395656", + "title": "", + "text": "11. Reportable Segments, Geographic Information and Major Customers\nReportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief\noperating decision maker, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which\nprovides important financial data to evaluate performance and allocate the Company’s resources on a regional basis. Net sales for the segments are attributed to the\nregion in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and\norder fulfillment processes used are similar and generally interchangeable across the segments. A segment’s performance is evaluated based upon its operating\nincome (loss). A segment’s operating income (loss) includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and\nother expenses. Corporate and other expenses primarily represent corporate selling and administrative expenses, and restructuring costs and other charges, if any, such as the $1.7 million of restructuring costs in\nfiscal 2019 and the $13.5 million one-time employee bonus paid to full-time, non-executive employees during fiscal 2018 due to the Company's ability to access\noverseas cash as a result of Tax Reform (the \"one-time employee bonus\"). These costs are not allocated to the segments, as management excludes such costs when\nassessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm’s length transactions. The\naccounting policies for the segments are the same as for the Company taken as a whole.\nThe following information is provided in accordance with the required segment disclosures for fiscal 2019, 2018 and 2017. Net sales were based on the Company’s location providing the product or service (in thousands):\nAs the Company operates flexible manufacturing facilities and processes designed to accommodate customers with multiple product lines and configurations, it is impracticable to report net sales for individual products or services or groups of similar products and services.\nLong-lived assets as of September 28, 2019 and September 29, 2018 exclude other long-term assets, deferred income tax assets and intangible assets, which totaled $78.4 million and $74.2 million, respectively.\n\n | September 28,\n2019 | September 29,\n2018\n------------------ | ------------------ | ------------------\nLong-lived assets: | | \nUnited States | $106,757 | $108,694 \nMalaysia | 101,636 | 89,938 \nMexico | 73,864 | 43,078 \nRomania | 31,033 | 34,316 \nChina | 22,378 | 21,878 \nUnited Kingdom | 7,344 | 6,171 \nOther Foreign | 6,751 | 5,646 \nCorporate | 34,461 | 31,585 \n | 384,224 | 341,306 \n\n. Reportable Segments Geographic Information Major Customers\n segments components enterprise financial information evaluated by chief\n performance resources. Company uses internal management reporting system\n financial data performance resources. Net sales attributed\n region product manufactured service performed. services manufacturing processes customers\n order fulfillment processes similar interchangeable. performance evaluated operating\n income (loss. includes net sales cost administrative expenses excludes corporate\n other expenses. selling administrative expenses restructuring costs charges $1. 7 million restructuring\n 2019 $13. 5 million one-time employee bonus\n overseas cash Tax Reform. costs not allocated segments excludes\n. Inter-segment transactions recorded arm’s length transactions.\n accounting policies same Company.\n information provided segment disclosures for fiscal 2019 2018 2017. Net sales based on location product service\n flexible manufacturing facilities multiple product lines impracticable to report net sales for.\nLong-lived assets September 28, 2019 29, 2018 deferred intangible totaled $78. 4 million $74. 2 million.\n United States $106,757 $108,694\n Malaysia 101,636 89,938\n Mexico 73,864 43,078\n Romania 34\n China\n Kingdom\n 34,461 31,585\n 341,306" +} +{ + "_id": "d1b39034a", + "title": "", + "text": "NOTE 8. INVENTORIES\nThe changes in the allowance for obsolescence are as follows:\nOn December 31, 2019, our allowance for inventory obsolescence amounted to €12,527, which is 6.7% of total inventory. The major part of the allowance is related to components and raw materials. The additions for the years 2018 and 2019 mainly relate to inventory items which ceased to be used due to technological developments and design changes which resulted in obsolescence of certain parts.\nThe cost of inventories recognized as costs and included in cost of sales amounted to €510.2 million (2018: €365.8 million).\n\n | December 31, | \n----------------------------------- | ------------ | --------\n | 2018 | 2019 \nBalance at beginning of year | (12,749) | (13,364)\nCharged to cost of sales | (2,958) | (4,748) \nReversals | 723 | 915 \nUtilization of the provision | 1,978 | 4,994 \nForeign currency translation effect | (358) | (324) \nBalance at end of year | (13,364) | (12,527)\n\n. INVENTORIES\n changes allowance obsolescence\n December 31, 2019 €12,527. 7% inventory. components raw materials. additions 2018 2019 inventory items technological design changes obsolescence.\n cost inventories €510. 2 million (2018 €365. 8 million.\n December\n Balance (12,749) (13,364)\n cost sales (2,958) (4,748)\n Reversals 723\n 1,978\n Foreign currency translation effect (358)\n Balance end year (13,364) (12,527)" +} +{ + "_id": "d1b3c3e8e", + "title": "", + "text": "Disaggregation of Revenue\nThe Company operates in two business segments, Specialty Alloys Operations (“SAO”) and Performance Engineered Products (“PEP”). Revenue is disaggregated within these two business segments by diversified end-use markets and by geographical location. Comparative information of the Company’s overall revenues by end-use markets and geography for years ended June 30, 2019, 2018 and 2017 were as follows:\n\nEnd-Use Market Data | Year Ended June 30, | Year Ended June 30, | Year Ended June 30,\n----------------------- | ------------------- | ------------------- | -------------------\n($ in millions) | 2019 | 2018 | 2017 \nAerospace and Defense | $1,327.9 | $1,182.3 | $973.3 \nMedical | 205.0 | 175.3 | 125.5 \nEnergy | 181.7 | 146.5 | 138.0 \nTransportation | 157.7 | 157.0 | 143.9 \nIndustrial and Consumer | 371.5 | 364.9 | 298.2 \nDistribution | 136.4 | 131.7 | 118.7 \nTotal net sales | $2,380.2 | $2,157.7 | $1,797.6 \n\n\n Company operates segments Specialty Alloys Operations Performance Engineered Products. Revenue disaggregated end-use markets geographical location. revenues markets geography June 2019 2018 2017\n End-Use Market Data\n millions\n Aerospace Defense $1,327. $1,182. $973.\n Medical 205. 175. 125.\n Energy 181. 146. 138.\n Transportation 157. 143.\n Industrial Consumer 371. 364. 298.\n Distribution 136. 131. 118.\n Total net sales $2,380. $2,157. $1,797." +} +{ + "_id": "d1a73a08c", + "title": "", + "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data)\nRevenue by Geographic Region\nVessels operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate the assets of these operations to specific countries. The total net book value of long-lived assets for dry bulk vessels amounted to $741,347 and $933,784 at December 31, 2019 and 2018, respectively. For the Logistics Business, all long-lived assets are located in South America. The total net book value of long-lived assets for the Logistics Business amounted to $536,342 (including constructions in progress of $4,046, referred to in Note 7) and $556,713 at December 31, 2019 and 2018, respectively. The total net book value of long-lived assets for the Containers Business amounted to at December 31, 2018 $399,979.\n\n | Year ended December 31, 2019 | Year ended December 31, 2018 | Year ended December 31, 2017\n------------- | ---------------------------- | ---------------------------- | ----------------------------\nNorth America | $2,259 | $4,248 | $5,513 \nEurope | 179,009 | 142,688 | 124,857 \nAsia | 67,468 | 135,614 | 91,552 \nSouth America | 232,394 | 208,751 | 212,616 \nOther | 1,319 | 26,438 | 28,511 \nTotal | $482,449 | $517,739 | $463,049 \n\nNAVIOS MARITIME HOLDINGS. FINANCIAL STATEMENTS. S. dollars except share data\n Revenue Geographic Region\n Vessels operate worldwide not restricted locations. allocate assets countries. net value dry bulk vessels $741,347 $933,784 December 2019 2018. Logistics Business assets South America. $536,342 constructions $4,046 $556,713 2019 2018. Containers Business 2018 $399,979.\n 2019 2018 2017\n North America $2,259 $4,248 $5,513\n Europe 179,009 142,688\n Asia 67,468 135,614\n South America 232,394 208,751\n Other\n $482,449 $517,739 $463,049" +} +{ + "_id": "d1b3a7f9a", + "title": "", + "text": "(g) Prepaid Expenses and Other Current Assets:\nA summary of prepaid expenses and other current assets is as follows (in millions):\nPrepaid inventory represents inventory in-transit that has been paid for but not received.\n\n | September 2019 | September 2018\n----------------- | -------------- | --------------\nPrepaid expenses | $1.8 | $1.6 \nPrepaid inventory | 5.3 | 3.3 \n | $7.1 | $4.9 \n\nPrepaid Expenses Assets\n summary\n Prepaid inventory in-transit paid not received.\n September 2019 2018\n expenses $1. 8 $1. 6\n inventory. 3.\n $7. $4." +} +{ + "_id": "d1a71d5a4", + "title": "", + "text": "Accumulated Other Comprehensive Income\nThe following tables present the changes in the components of accumulated other comprehensive income (AOCI) for the years ended March 31, 2019 and 2018:\n\n | Unrealized Holding Gains (Losses) Available-for-sale Securities | Minimum Pension Liability | Foreign Currency | Total \n----------------------------------------------------------------------- | --------------------------------------------------------------- | ------------------------- | ---------------- | -------\nBalance at March 31, 2017 | $0.3 | $(5.3) | $(9.4) | $(14.4)\nOther comprehensive loss before reclassifications | (13.6) | (5.6) | — | (19.2) \nAmounts reclassified from accumulated other comprehensive income (loss) | 15.2 | 0.8 | — | 16.0 \nNet other comprehensive loss | 1.6 | (4.8) | — | (3.2) \nBalance at March 31, 2018 | $1.9 | $(10.1) | $(9.4) | $(17.6)\n\nAccumulated Income\n tables changes years March 2019 2018:\n Unrealized Gains Securities Minimum Pension Liability Foreign Currency\n Balance March 31, 2017 $0. 3.(14.\n loss reclassifications (13. 6) (5. (19.\n reclassified 15. 2. 8 16.\n loss 1. 6 (4. 8) (3.\n Balance March 31, 2018 $1. 9.(9. 4)(17." +} +{ + "_id": "d1b2fda22", + "title": "", + "text": "Segment Operating Profit (Earnings before general corporate expenses, pension and postretirement non-service income, interest expense, net, income taxes, and equity method investment earnings)\nGrocery & Snacks operating profit for fiscal 2018 was $724.8 million, an increase of $69.4 million, or 11%, compared to fiscal 2017. Gross profits were $21.9 million lower in fiscal 2018 than in fiscal 2017. The lower gross profit was driven by investments with retailers (i.e., trade spending reflected as a reduction of net sales), as well as higher input costs and transportation expenses, partially offset by supply chain realized productivity. The Frontera acquisition, Thanasi acquisition, and the acquisition of Angie's Artisan Treats, LLC, which occurred in September 2016, April 2017, and October 2017, respectively, contributed $47.4 million to Grocery & Snacks gross profit during fiscal 2018 through the one-year anniversaries of the acquisitions (if reached). Advertising and promotion expenses for fiscal 2018 decreased by $19.5 million compared to fiscal 2017. Operating profit of the Grocery & Snacks segment was impacted by charges totaling $4.0 million in fiscal 2018 for the impairment of our HK Anderson® , Red Fork® , and Salpica® brand assets and $68.3 million in fiscal 2017 primarily for the impairment of our Chef Boyardee® brand asset. Grocery & Snacks also incurred $11.4 million of expenses in fiscal 2018 related to acquisitions and divestitures, charges of $31.4 million in fiscal 2017 related to the pending divestiture of the Wesson® oil business, and charges of $14.1 million and $23.6 million in connection with our restructuring plans in fiscal 2018 and 2017, respectively.\nRefrigerated & Frozen operating profit for fiscal 2018 was $479.4 million, an increase of $33.6 million, or 8%, compared to fiscal 2017. Gross profits were $3.6 million lower in fiscal 2018 than in fiscal 2017, driven by continuing increases in input costs and transportation inflation as well as investments to drive distribution, enhanced shelf presence, and trial, partially offset by increased sales volumes and supply chain realized productivity. The acquisition of the Sandwich Bros. of Wisconsin® business contributed $4.6 million to gross profit in the segment during fiscal 2018. Advertising and promotion expenses for fiscal 2018 decreased by $23.4 million compared to fiscal 2017. Operating profit of the Refrigerated & Frozen segment was impacted by charges totaling approximately $7.7 million in fiscal 2017 related to a product recall, as well as charges of $0.1 million and $6.2 million in connection with our restructuring plans in fiscal 2018 and 2017, respectively.\nInternational operating profit for fiscal 2018 was $86.5 million, compared to an operating loss of $168.9 million for fiscal 2017. The operating loss in fiscal 2017 includes charges totaling $235.9 million for the impairment of goodwill and an intangible brand asset in our Canadian and Mexican operations. Gross profits were $18.6 million higher in fiscal 2018 than in fiscal 2017, as a result of improved price/mix, the favorable impact of foreign exchange, and the planned discontinuations of certain 33 lower-performing products. Operating profit of the International segment was impacted by charges of $1.5 million and $0.9 million in connection with our restructuring plans, in fiscal 2018 and 2017, respectively\nFoodservice operating profit for fiscal 2018 was $121.8 million, an increase of $16.7 million, or 16%, compared to fiscal 2017. Gross profits were $13.9 million higher in fiscal 2018 than in fiscal 2017, primarily reflecting the impact of inflation-driven increases in pricing and supply chain realized productivity, partially offset by lower sales volumes and increased input costs. Operating profit of the Foodservice segment was impacted by charges of $1.8 million in fiscal 2017 in connection with our restructuring plans.\nCommercial operating profit was $202.6 million in fiscal 2017. The Company sold the Spicetec and JM Swank businesses in the first quarter of fiscal 2017, recognizing pre-tax gains totaling $197.4 million. The Spicetec and JM Swank businesses comprise the entire Commercial segment following the presentation of Lamb Weston as discontinued operations. There are no further operations in the Commercial segment.\n\n($ in millions) | | | \n--------------------- | ---------------------------- | ---------------------------- | -----------\nReporting Segment | Fiscal 2018 Operating Profit | Fiscal 2017 Operating Profit | % Inc (Dec)\nGrocery & Snacks | $724.8 | $655.4 | 11% \nRefrigerated & Frozen | 479.4 | 445.8 | 8% \nInternational | 86.5 | (168.9) | N/A \nFoodservice | 121.8 | 105.1 | 16% \nCommercial | - | 202.6 | (100)% \n\nOperating Profit before expenses pension income interest taxes equity earnings\n Grocery & Snacks profit 2018 $724. 8 million increase $69. 4 million 11% 2017. Gross profits $21. 9 million lower. driven investments. higher input costs transportation expenses offset supply chain productivity. Frontera Thanasi Angie's Artisan Treats contributed $47. 4 million profit. Advertising promotion expenses decreased $19. 5 million. impacted charges $4. 0 million 2018 HK Red Salpica® assets $68. 3 million 2017 Chef Boyardee®. $11. 4 million expenses acquisitions divestitures $31. 4 million 2017 divestiture Wesson® oil $14. 1 million $23. 6 million restructuring plans.\n Refrigerated Frozen profit 2018 $479. 4 million increase $33. 6 million 8% 2017. Gross profits $3.million lower 2018 input costs transportation inflation investments shelf offset increased sales volumes supply productivity. acquisition Sandwich Bros. contributed $4. 6 million profit. Advertising promotion expenses decreased $23. 4 million. Refrigerated Frozen impacted $7. 7 million recall $0. 1 million $6. 2 million restructuring plans.\n International profit $86. 5 million loss $168. 9 million 2017. loss $235. 9 million impairment goodwill intangible brand Canadian. profits $18. 6 million higher improved price/mix foreign exchange discontinuations lower-performing products. International impacted $1. 5 million $0. 9 million restructuring plans\n Foodservice profit $121. 8 million increase $16. 7 million 16% 2017. profits $13. 9 million higher inflation pricing productivity offset lower sales volumes input costs. Foodservice impacted $1. 8 million restructuring.\n Commercial profit $202. 6 million 2017. sold Spicetec Swank businesses pre-tax gains $197. 4 million.Spicetec Swank Commercial segment Lamb Weston discontinued. no further operations Commercial.\n millions\n Fiscal 2018 Profit 2017 Profit\n Grocery Snacks $724. $655. 11%\n Refrigerated Frozen. 445. 8%\n International 86. (168.\n Foodservice 121. 105. 16%\n Commercial 202." +} +{ + "_id": "d1b3503e4", + "title": "", + "text": "1 Segment performance (continued)\n(c) Other segment information\n(i) Profit/(loss) before tax\nManagement assesses the performance of the operating segments based on a measure of EBITDA. Interest income and expenditure are not allocated to segments, as this type of activity is driven by the central treasury function, which manages the cash position of the Group. On adoption of AASB 16 from 1 July 2018, associated lease interest is allocated to the respective segments as a finance charge.\n\n | 30 June 2019 | 30 June 2018\n---------------------------------------------- | ------------ | ------------\n | $'000 | $'000 \nTotal segment profit before tax | 62,583 | 61,449 \nEmployee benefits expense (non-facility staff) | (23,036) | (20,752) \nInterest revenue | 8,220 | 5,778 \nDistributions from investments | 1,344 | 3,191 \nOther income | 3,034 | 284 \nFinance costs | (45,612) | (25,452) \nHead office depreciation | (2,079) | (1,909) \nOverheads and other expenses | (20,527) | (11,698) \nProfit/(loss) before tax | (16,073) | 10,891 \n\nSegment performance\n Profit before tax\n EBITDA. Interest income expenditure not allocated central treasury. AASB 16 1 July 2018 lease interest allocated finance charge.\n profit before tax 62,583,449\n Employee benefits (23,036)\n Interest revenue 8,220\n Distributions investments 1,344\n Other income 3,034\n Finance costs (45,612) (25,452\n Head office depreciation (2,079)\n Overheads expenses (20,527),698\n Profit/) before tax (16,073)" +} +{ + "_id": "d1b362436", + "title": "", + "text": "NON-GAAP FINANCIAL MEASURES\nNon-GAAP operating income, net income, and diluted EPS are non-GAAP financial measures which exclude the net tax impact of transfer of intangible properties, the net tax impact of the TCJA, and restructuring expenses. We believe these non-GAAP measures aid investors by providing additional insight into our operational performance and help clarify trends affecting our business. For comparability of reporting, management considers non-GAAP measures in conjunction with GAAP financial results in evaluating business performance. These non-GAAP financial measures presented should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.\nThe following table reconciles our financial results reported in accordance with GAAP to non-GAAP financial results:\n* Not meaningful.\n\n(In millions, except percentages and per share amounts) | 2019 | 2018 | 2017 | Percentage Change 2019 Versus 2018 | Percentage Change 2018 Versus 2017\n------------------------------------------------------- | ------- | ------- | --------- | ---------------------------------- | ----------------------------------\nOperating income | $42,959 | $35,058 | $ 29,025 | 23% | 21% \nNet tax impact of transfer of intangible properties | 0 | 0 | 0 | * | * \nNet impact of the TCJA | 0 | 0 | 0 | * | * \nRestructuring expenses | 0 | 0 | 306 | * | * \nNon-GAAP operating income | $42,959 | $35,058 | $ 29,331 | 23% | 20% \nNet income | $39,240 | $16,571 | $ 25,489 | 137% | (35)% \nNet tax impact of transfer of intangible properties | (2,567) | 0 | 0 | * | * \nNet tax impact of the TCJA | 157 | 13,696 | 0 | | \nRestructuring expenses | 0 | 0 | 243 | * | * \nNon-GAAP net income | $36,830 | $30,267 | $ 25,732 | 22% | 18% \nDiluted earnings per share | $5.06 | $2.13 | $ 3.25 | 138% | (34)% \nNet tax impact of transfer of intangible properties | (0.33) | 0 | 0 | * | * \nNet tax impact of the TCJA | 0.02 | 1.75 | 0 | * | * \nRestructuring expenses | 0 | 0 | 0.04 | * | * \nNon-GAAP diluted earnings per share | $4.75 | $3.88 | $ 3.29 | 22% | 18% \n* not meaningful | | | | | \n\nNON-GAAP FINANCIAL MEASURES\n operating income net income diluted EPS exclude net tax impact transfer properties TCJA restructuring expenses. measures aid insight operational performance clarify trends. management considers non-GAAP measures GAAP results performance. measures not substitute GAAP.\n table reconciles financial results GAAP non-GAAP results\n.\n millions percentages share amounts 2019 2018 2017 Percentage Change\n Operating income $42,959 $35,058 $ 29,025 23%\n Net tax impact transfer intangible properties\n Net impact TCJA\n Restructuring expenses\n Non-GAAP operating income $42,959 $35,058 $ 29,331 23%\n Net income $39,240 $16,571 $ 25,489 137%\n Net tax impact transfer intangible properties\n impact TCJA\n Restructuring expenses\nNon-GAAP income $36,830 $30,267 25,732\n Diluted earnings share $5. $2. 3. 25\n tax impact intangible properties.\n tax impact TCJA. 75\n Restructuring expenses.\n Non-GAAP diluted earnings share $4. 75 $3. 88 3. 29 22% 18%\n" +} +{ + "_id": "d1b38f58a", + "title": "", + "text": "(2) Includes property and equipment acquired under capital leases:\nDepreciation and amortization expense was $25.2 million, $17.5 million, and $11.8 million for the years ended March 31, 2019, 2018 and 2017, respectively. Depreciation and amortization expense in the years ended March 31, 2019, 2018 and 2017 included $1.2 million, $0.9 million and $0.1 million related to property and equipment acquired under capital leases.\n\n | As of March 31, | \n------------------------------ | --------------- | ------\n | 2019 | 2018 \nComputer equipment | $4,754 | $4,713\nLess: Accumulated amortization | (2,228) | (990) \n | $2,526 | $3,723\n\nIncludes property equipment capital leases\n Depreciation amortization expense. 2 million $17. 5 million $11. 8 million years 2019 2018 2017. $1. 2 million. 9 million. 1 million.\n March 31,\n equipment $4,754 $4,713\n Accumulated amortization\n $2,526 $3,723" +} +{ + "_id": "d1b32a2ac", + "title": "", + "text": "REMUNERATION COMMITTEE REPORT\nThe table above shows the actual expenditure of the Group for employee pay and distributions to shareholders compared to the retained earnings of the Group.\n\nRELATIVE IMPORTANCE OF SPEND ON PAY | | | \n--------------------------------------------------- | ----- | ----- | -----\nExpenditure USDm | 2019 | 2018 | 2017 \nDividends paid | - | - | 1.2 \nPurchase of outstanding treasury shares in TORM A/S | - | - | - \nPurchase/disposals of treasury shares | - | - | - \nTotal | - | - | 1.2 \nStaff costs | 45.8 | 46.2 | 43.8 \nRetained earnings | 920.0 | 752.0 | 786.0\n\nREMUNERATION COMMITTEE REPORT\n table shows expenditure Group employee pay distributions retained earnings.\n IMPORTANCE SPEND PAY\n Expenditure USDm 2019 2018\n Dividends paid.\n Purchase treasury shares TORM A/S\n Purchase shares\n.\n Staff costs 45. 46. 43.\n Retained earnings 920. 752. 786." +} +{ + "_id": "d1b3bba2c", + "title": "", + "text": "Results of Continuing Operations\nThe analysis presented below is organized to provide the information we believe will facilitate an understanding of our historical performance and relevant trends going forward, and should be read in conjunction with our Consolidated Financial Statements, including the notes thereto, in Item 8 \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10 - K.\nThe following table sets forth, for the periods indicated, the percentage of sales represented by certain items reflected in our Consolidated Statements of Operations:\n\n | Year Ended December 31, | \n------------------------------------------------------ | ----------------------- | -------\n | 2019 | 2018 \nSales | 100.0 % | 100.0 %\nGross profit | 40.0 | 50.9 \nOperating expenses | 33.1 | 27.0 \nOperating income from continuing operations | 6.9 | 23.9 \nOther income (expense), net | 1.6 | 0.1 \nIncome from continuing operations before income taxes | 8.5 | 24.0 \nProvision for income taxes | 1.4 | 3.5 \nIncome from continuing operations, net of income taxes | 7.2 % | 20.5 % \n\nContinuing Operations\n analysis historical performance trends Consolidated Financial Statements Item 8 Annual Report Form 10 -.\n table percentage sales Consolidated Statements Operations\n Ended December 31,\n 2018\n Sales 100. 0.\n Gross profit 40. 50.\n Operating expenses 33. 27.\n income operations 6. 9 23.\n Other income 1.\n Income operations before income taxes 8. 24.\n Provision income taxes 1. 3.\n Income operations net income taxes 7. 2 % 20. 5" +} +{ + "_id": "d1b34706e", + "title": "", + "text": "6 Other assets (continued)\n(a) Security deposits\nIncluded in the security deposits was $8.8 million (2018: $4.2 million) relating to deposits held as security for bank guarantees.\n(b) Customer incentives\nWhere customers are offered incentives in the form of free or discounted periods, the dollar value of the incentive is capitalised and amortised on a straight-line basis over the expected life of the contract.\n(c) Contract Costs\nFrom 1 July 2018, eligible costs that are expected to be recovered will be capitalised as a contract cost and amortised over the expected customer life.\n\nNON-CURRENT | Note | 30 June 2019 $'000 | 30 June 2018 $'000\n-------------------------------- | ---- | ------------------ | ------------------\nCustomer incentives | 6(b) | 1,091 | 1,145 \nCapitalised transaction costs | | 3,359 | 5,490 \nContract costs | 6(c) | 448 | - \nTotal other assets - non-current | | 4,898 | 6,635 \n\nassets\n Security deposits\n $8. million (2018 $4. 2 million bank guarantees.\n Customer incentives\n free discounted dollar value capitalised amortised contract.\n Contract Costs\n 1 July 2018 capitalised contract cost amortised customer life.\n 30 June 2019 June 2018\n Customer incentives 1,091 1,145\n Capitalised transaction costs 3,359 5,490\n Contract costs 448\n assets non 4,898 6,635" +} +{ + "_id": "d1b2f381a", + "title": "", + "text": "12. Income taxes\nIncome taxes include the taxes on income paid or owed in the individual countries as well as deferred taxes.\n1 Adjustment of previous year according to explanation in notes.\nThe income tax rate of the German companies of METRO consists of a corporate income tax of 15.00% plus a 5.50% solidarity surcharge on corporate income tax as well as the trade tax of 14.70% given an average assessment rate of 420.00%. All in all, this results in an aggregate tax rate of 30.53%. The tax rates are unchanged from the previous year. The income tax rates applied to foreign companies are based on the respective laws and regulations of the individual countries and vary within a range of 0.00% (2017/18: 0.00%) and 34.94% (2017/18: 44.41%).\nAt €298 million (2017/18: €216 million), recognised income tax expenses are €81 million higher than in the previous year. In addition to an increase in pre-tax earnings, the change is due to higher expenses for impairments on deferred taxes, among other things.\n\n€ million | 2017/2018 | 2018/2019\n----------------------------------------------- | --------- | ---------\nActual taxes | 173 | 215 \nthereof Germany | (14) | (9) \nthereof international | (159) | (206) \nthereof tax expenses/income of current period | (194) | (221) \nthereof tax expenses/income of previous periods | (−21) | (−6) \nDeferred taxes | 43 | 83 \nthereof Germany | (39) | (104) \nthereof international | (4) | (−21) \n | 216 | 298 \n\n. Income taxes\n include income paid countries deferred taxes.\n Adjustment previous year.\n income tax rate German companies METRO corporate income tax 15.% 5. 50% solidarity surcharge trade tax 14. 70% average assessment rate 420.%. results tax rate 30. 53%. tax rates unchanged. foreign companies based laws regulations countries vary 0.%. 34. 94%. 41%).\n €298 million (2017/18 €216 income tax expenses €81 million higher previous year. increase pre-tax earnings change due higher expenses deferred taxes.\n 2017/2018 2018/2019\n taxes 173 215\n Germany\n international (159) (206)\n current period\n previous periods\n Deferred taxes 43\n Germany\n" +} +{ + "_id": "d1b30362a", + "title": "", + "text": "Pensions\nAs of June 30, 2019, our total unfunded pension plan obligations were $77.5 million, of which $2.3 million is payable within the next twelve months. We expect to be able to make the long-term and short-term payments related to these obligations in the normal course of operations.\nOur anticipated payments under our most significant plans for the fiscal years indicated below are as follows:\nFor a detailed discussion on pensions, see note 11 \"Pension Plans and Other Post Retirement Benefits\" to our Consolidated Financial Statements.\n\n | | Fiscal years ending June 30, | \n------------ | ------- | ---------------------------- | -------\n | CDT | GXS GER | GXS PHP\n2020 | $675 | $1,012 | $161 \n2021 | 758 | 1,011 | 153 \n2022 | 832 | 1,044 | 352 \n2023 | 933 | 1,043 | 208 \n2024 | 1,041 | 1,050 | 272 \n2025 to 2028 | 6,009 | 5,308 | 2,389 \nTotal | $10,248 | $10,468 | $3,535 \n\n\n June 30, 2019 unfunded pension obligations $77. 5 million $2. 3 million payable twelve months. expect long short-term payments.\n anticipated payments plans\n note 11 Plans Retirement Benefits Consolidated Financial Statements.\n years June 30\n 2020 $675 $1,012 $161\n 2021 1,011\n 2022\n 2023 933 1,043\n 2024 1,041 1,050\n 2025 2028 6,009 5,308 2\n $10,248 $10,468 $3,535" +} +{ + "_id": "d1b323b32", + "title": "", + "text": "NOTE 13—INCOME TAXES\nOn December 22, 2017, the U.S. government enacted the Tax Act, which includes provisions for Global Intangible Low-Tax Income (GILTI) under which taxes on foreign income are imposed on the excess of a deemed return on tangible assets of foreign subsidiaries. Consistent with accounting guidance, we have elected to account for the tax on GILTI as a period cost and thus have not adjusted any net deferred tax assets of our foreign subsidiaries in connection with the Tax Act.\nDue to the complexity of the Tax Act, the Securities and Exchange Commission issued guidance in SAB 118 which clarified the accounting for income taxes under ASC 740 if certain information was not yet available, prepared or analyzed in reasonable detail to complete the accounting for income tax effects of the Tax Act. SAB 118 provided for a measurement period of up to one year after the enactment of the Tax Act, during which time the required analyses and accounting must be completed. During fiscal year 2018, we recorded provisional amounts for the income tax effects of the changes in tax law and tax rates, as reasonable estimates were determined by management during this period. These amounts did not change in fiscal year 2019.\nThe SAB 118 measurement period ended on December 22, 2018. Although we no longer consider these amounts to be provisional, the determination of the Tax Act’s income tax effects may change following future legislation or further interpretation of the Tax Act based on the publication of recently proposed U.S. Treasury regulations and guidance from the Internal Revenue Service and state tax authorities.\nIncome (loss) from continuing operations before income taxes includes the following components (in thousands):\n\n | | Years Ended September 30, | \n------------- | -------- | ------------------------- | ----------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nUnited States | $ (535) | $ (51,049) | $ (70,566)\nForeign | 52,881 | 65,935 | 59,484 \nTotal | $ 52,346 | $ 14,886 | $ (11,082)\n\n13—INCOME TAXES\n December 22, 2017 U. S. enacted Tax Act Global Intangible Low-Tax Income) taxes foreign income excess foreign subsidiaries. tax GILTI period cost not adjusted net deferred tax assets foreign subsidiaries.\n complexity Securities and Exchange Commission guidance 118 accounting income taxes ASC. SAB 118 measurement period one year after enactment analyses accounting. fiscal 2018 recorded provisional amounts income tax effects changes tax law rates. amounts 2019.\n SAB 118 measurement period ended December 22, 2018. effects may change future legislation. Treasury regulations Internal Revenue Service state tax authorities.\n Income (loss) operations before income taxes components\n Years Ended September 30,\n 2019 2018 2017\n United States $ (535) (51,049) (70,566)\n Foreign 52,881 65,935 59,484\n Total $ 52,346 $ 14,886 (11,082)" +} +{ + "_id": "d1b364362", + "title": "", + "text": "Stock Repurchase Program\nOur Board of Directors has approved a program for us to repurchase shares of our common stock. On September 17, 2018 and February 15, 2019, we announced that our Board of Directors approved expansions of our stock repurchase program totaling $24.0 billion. As of May 31, 2019, approximately $5.8 billion remained available for stock repurchases pursuant to our stock repurchase program.\nOur stock repurchase authorization does not have an expiration date and the pace of our repurchase activity will depend on factors such as our working capital needs, our cash requirements for acquisitions and dividend payments, our debt repayment obligations or repurchases of our debt, our stock price, and economic and market conditions. Our stock repurchases may be effected from time to time through open market purchases or pursuant to a rule 10b5-1 plan. Our stock repurchase program may be accelerated, suspended, delayed or discontinued at any time.\nThe following table summarizes the stock repurchase activity for the three months ended May 31, 2019 and the approximate dollar value of shares that may yet be purchased pursuant to our stock repurchase program:\n\n | | | Total Number of | Approximate Dollar \n--------------------------------------- | --------------- | ------------- | ------------------- | --------------------\n | | | Shares Purchased as | Value of Shares that\n | Total Number of | Average Price | Part of Publicly | May Yet Be \n | Shares | Paid per | Announced | Purchased \n(in millions, except per share amounts) | Purchased | Share | Program | Under the Program \nMarch 1, 2019—March 31, 2019 | 58.0 | $52.93 | 58.0 | $8,780.5 \nApril 1, 2019—April 30, 2019 | 29.1 | $54.41 | 29.1 | $7,198.4 \nMay 1, 2019—May 31, 2019 | 24.9 | $54.11 | 24.9 | $5,848.4 \nTotal | 112.0 | $53.57 | 112.0 | \n\nStock Repurchase Program\n Board of Directors approved shares common stock. September 17, 2018 February 15, 2019 expansions stock repurchase program totaling $24. 0 billion. May 31, 2019 $5. 8 billion remained stock repurchases.\n authorization expiration date working capital cash requirements debt repayment obligations stock price economic market conditions. repurchases open market purchases rule 10b5-1 plan. accelerated suspended delayed discontinued.\n table summarizes stock repurchase activity three months May 31, 2019 approximate dollar value shares\n Approximate Dollar\n Shares Purchased Value\n Average Price\n March 1, 2019—March 31, 2019 58. $52. $8,780. 5\n April 1, 2019—April 30, 2019. $54. 41. $7,198.\n May 1, 2019—May 31, 2019. $54. $5,848.\n 112. $53. 57." +} +{ + "_id": "d1b34288e", + "title": "", + "text": "Charges made to the consolidated income statement and consolidated statement of comprehensive income (‘SOCI’) on the basis of the assumptions stated above are:\nNote: 1 Following a High Court judgement on 21 October 2018 which concluded that defined benefit schemes should equalise pension benefits for men and women in relation to guaranteed minimum pension (‘GMP’) benefits the Group has recorded a pre-tax past service cost of €16 million (£14 million) in the year ended 31 March 2019.\n\n | 2019 €m | 2018 €m | 2017 €m\n--------------------------------------- | ------- | ------- | -------\nCurrent service cost | 31 | 34 | 43 \nPast service costs1 | 16 | 2 | (27) \nNet interest charge | 10 | 8 | 4 \nTotal included within staff costs | 57 | 44 | 20 \nActuarial losses recognised in the SOCI | 33 | 94 | 274 \n\nCharges consolidated income assumptions\n High Court judgement October 2018 defined benefit schemes equalise pension benefits pre-tax past service cost €16 million (£14 million year 31 March 2019.\n Current service cost 31 34 43\n Past service 16\n Net interest charge 10 8 4\n staff costs 57 44 20\n Actuarial losses 33 94 274" +} +{ + "_id": "d1b35446c", + "title": "", + "text": "4.3 Operating revenues\nBCE\nBCE operating revenues grew by 2.1% in 2019, compared to last year, driven by growth across all three of our segments. Total operating revenues consisted of service revenues of $20,737 million and product revenues of $3,227 million in 2019, up 1.4% and 6.6%, respectively, year over year. Wireless operating revenues grew by 3.7% in 2019, driven by product revenue growth of 6.6% and service revenue growth of 2.5%. Wireline operating revenues grew by 0.7% in 2019 attributable to service revenue growth of 0.4% from higher data revenue, moderated by lower voice revenue, and also reflected higher product revenue of 7.2%. Bell Media revenues increased by 3.1% in 2019 reflecting both higher subscriber and advertising revenues\n\n | 2019 | 2018 | $ CHANGE | % CHANGE\n---------------------------- | ------ | ------ | -------- | --------\nBell Wireless | 9,142 | 8,818 | 324 | 3.7% \nBell Wireline | 12,356 | 12,267 | 89 | 0.7% \nBell Media | 3,217 | 3,121 | 96 | 3.1% \nInter-segment eliminations | (751) | (738) | (13) | (1.8%) \nTotal BCE operating revenues | 23,964 | 23,468 | 496 | 2.1% \n\n. revenues\n BCE\n grew 2. 1% 2019 growth segments. service $20,737 million product $3,227 million up. 4% 6. 6%. Wireless grew. 7% product 6. 6% service 2. 5%. Wireline grew. 7%. 4% data revenue voice product revenue 7. 2%. Bell Media revenues increased 3. 1% higher subscriber advertising revenues\n Bell Wireless 9,142 8,818. 7%\n Wireline 12,356 12,267.\n Bell Media 3,217 3,121.\n Inter-segment eliminations (751).\n BCE revenues 23,964 23,468 2. 1%" +} +{ + "_id": "d1b2e4978", + "title": "", + "text": "The following table summarizes our consolidated cash and cash equivalents provided by (used for) operating, financing and investing activities for the periods presented:\nOperating Cash Flows\nOur consolidated net cash flow from operating activities fluctuates primarily as a result of changes in vessel utilization and TCE rates, changes in interest rates, fluctuations in working capital balances, the timing and amount of dry-docking expenditures, repairs and maintenance activities, vessel additions and dispositions, and foreign currency rates. Our exposure to the spot tanker market has contributed significantly to fluctuations in operating cash flows historically as a result of highly cyclical spot tanker rates.\nIn addition, the production performance of certain of our FPSO units that operate under contracts with a production-based compensation component has contributed to fluctuations in operating cash flows. As the charter contracts of some of our FPSO units include incentives based on average annual oil prices, the changes in global oil prices during recent years have also impacted our operating cash flows.\nConsolidated net cash flow from operating activities increased to $383.3 million for the year ended December 31, 2019, from $182.1 million for the year ended December 31, 2018. This increase was primarily due to a $127.2 million increase in income from operations mainly from operations (before depreciation, amortization, asset impairments, loss on sale of vessels and the amortization of in-process revenue contracts) of our businesses.\nFor further discussion of changes in income from vessel operations from our businesses, please read “Item 5 – Operating and Financial Review and Prospects: Management’s Discussion and Analysis of Financial Condition and Results of Operations – Recent Developments and Results of Operations.”\nIn addition, there was a $9.9 million increase in cash flows from changes to non-cash working capital, a $23.6 million increase in dividends received from joint ventures, and a $17.1 million increase in direct financing lease payments received, which are presented as an operating cash inflow instead of an investing cash inflow after the adoption of ASU 2016-02 in 2019.\nFurthermore, interest expense, including realized losses on interest rate swaps and cross currency swaps, decreased a net amount of $38.1 million for the year ended December 31, 2019 compared to 2018, primarily due to a decrease in realized losses on cross currency swaps. These increases were partially offset by an increase in cash outflows of $15.9 million in dry-dock expenditures for the year ended December 31, 2019, compared to 2018.\nFinancing Cash Flows\nThe Daughter Entities hold all of our liquefied gas carriers (Teekay LNG) and all of our conventional tanker assets (Teekay Tankers). Teekay LNG received $317.8 million of net proceeds from the sale-leaseback financing transactions for the Yamal Spirit and Torben Spirit for the year ended December 31, 2019, compared to $370.1 million from the sale-leaseback financing transactions completed for the Magdala, Myrina and Megara for the same period in 2018.\nTeekay Tankers received $63.7 million from the sale-leaseback financing transactions completed on two of its Suezmax tankers for the year ended December 31, 2019, compared to $241.3 million in the same period last year from the sale-leaseback financing transactions completed on eight Aframax tankers, one Suezmax tanker and one LR2 Product tanker.\nWe use our credit facilities to partially finance capital expenditures. Occasionally, we will use revolving credit facilities to finance these expenditures until longer-term financing is obtained, at which time we typically use all or a portion of the proceeds from the longer-term financings to prepay outstanding amounts under the revolving credit facilities. We actively manage the maturity profile of our outstanding financing arrangements.\nDuring 2019, we had a net cash outflow of $227.3 million relating primarily to prepayments of short-term and long-term debt, issuance costs and payments on maturity of cross currency swaps, net of proceeds from the issuances of short-term and long-term debt, compared to net cash inflow of $553.7 million in 2018. Scheduled repayments decreased by $438.1 million in 2019 compared to 2018.\nHistorically, the Daughter Entities have distributed operating cash flows to their owners in the form of distributions or dividends. There were no equity financing transactions from the Daughter Entities for the years ended December 31, 2019 and 2018. Teekay LNG repurchased $25.7 million of common units in the year ended December 31, 2019.\nTeekay Parent did not raise capital through equity financing transactions in December 31, 2019, compared to $103.7 million raised in 2018 from issuances of new equity to the public, thirdparty investors and two entities established by our founder (including Resolute, our largest shareholder). Cash dividends paid decreased by $16.6 million in 2019, as a result of the elimination of Teekay Parent's quarterly dividend on Teekay’s common stock commencing with the quarter ended March 31, 2019.\nInvesting Cash Flows\nDuring 2019, we received $100 million from Brookfield for the sale of our remaining interests in Altera (please read \"Item 18 – Financial Statements: Note 4 – Deconsolidation and Sale of Altera\"). We incurred capital expenditures for vessels and equipment of $109.5 million primarily for capitalized vessel modifications and shipyard construction installment payments in Teekay LNG.\nTeekay LNG received proceeds of $11.5 million from the sale of the Alexander Spirit and contributed $72.4 million to its equity-accounted joint ventures and loans to joint ventures for the year ended December 31, 2019, primarily to fund project expenditures in the Yamal LNG Joint Venture and the Bahrain LNG Joint Venture. During 2019, Teekay Tankers received proceeds of $19.6 million related to the sale of one Suezmax tanker.\nDuring 2018, we incurred capital expenditures for vessels and equipment of $0.7 billion, primarily for capitalized vessel modifications and shipyard construction installment payments. Teekay Parent advanced $25.0 million to Altera in the form of a senior unsecured revolving credit facility.\nTeekay LNG received proceeds of $54.4 million from the sale of Teekay LNG's 50% ownership interest in the Excelsior Joint Venture and $28.5 million from the sales of the European Spirit and African Spirit. Teekay LNG contributed $40.5 million to its equityaccounted joint ventures and loans to joint ventures for the year ended December 31, 2018, primarily to fund project expenditures in the Yamal LNG Joint Venture, the Bahrain LNG project, and the Pan Union Joint Venture, and for working capital requirements for the MALT Joint Venture.\nTeekay incurred a net $25.3 million cash outflow as a result of the 2017 Brookfield Transaction (please read \"Item 18 – Financial Statements: Note 4 – Deconsolidation and Sale of Altera\").\n\n(in thousands of U.S. Dollars) | Year Ended December 31, | \n------------------------------ | ----------------------- | ---------\n | 2019 | 2018 \nNet operating cash flows | 383,306 | 182,135 \nNet financing cash flows | (382,229) | 434,786 \nNet investing cash flows | (50,391) | (663,456)\n\ntable summarizes consolidated cash equivalents for operating financing investing activities\n Operating Cash Flows\n net cash flow fluctuates vessel utilization TCE rates interest rates working capital dry-docking expenditures repairs maintenance vessel additions dispositions foreign currency rates. exposure spot tanker market fluctuations.\n production performance FPSO units. charter contracts include incentives oil prices global oil prices impacted cash flows.\n Consolidated net cash flow increased to $383. 3 million December 31, 2019 from $182. 1 million 2018. increase due to $127. 2 million increase income from operations.\n “Item 5 Operating Financial Review Prospects Discussion Analysis Financial Condition Results Operations.\n $9. 9 million increase cash non-cash working capital $23. 6 million increase dividends from joint ventures $17. 1 million increase direct financing lease payments operating after adoption ASU 2016-02 2019.\ninterest expense losses currency decreased $38. 1 million December 2019 2018 due losses swaps. offset by cash outflows $15. 9 million dry-dock expenditures.\n Daughter Entities hold gas carriers LNG conventional tanker assets (Teekay Tankers. received $317. 8 million proceeds sale Yamal Spirit Torben Spirit 2019 $370. 1 million Magdala Myrina Megara 2018.\n Teekay Tankers received $63. 7 million sale-leaseback Suezmax tankers $241. 3 million last year eight Aframax Suezmax LR2 Product tanker.\n credit facilities finance capital expenditures. revolving credit facilities until longer-term financing. manage maturity profile financing arrangements.\n 2019 net cash outflow $227. 3 million prepayments short long debt issuance costs payments maturity cross currency swaps inflow $553. 7 million 2018. repayments decreased $438. 1 million 2019 2018.\nDaughter Entities distributed cash distributions dividends. no equity financing transactions 2019 2018. Teekay LNG repurchased $25. 7 million common units 2019.\n Teekay Parent capital equity financing 2019 $103. 7 million 2018. dividends decreased $16. 6 million 2019 elimination Teekay Parent's quarterly dividend.\n received $100 million from Brookfield sale interests Altera. incurred capital expenditures $109. 5 million modifications construction payments.\n received proceeds $11. 5 million sale Alexander Spirit contributed $72. 4 million joint ventures loans expenditures Yamal LNG Bahrain LNG. received proceeds $19. 6 million sale Suezmax tanker.\n 2018 capital expenditures $0. 7 billion modifications. Teekay Parent advanced $25. million to Altera unsecured revolving credit.\n received proceeds $54. 4 million from sale 50% interest Excelsior Joint Venture $28.sales European African Spirit. Teekay LNG contributed $40. 5 million loans December 31, 2018 Yamal Bahrain Pan Union capital MALT.\n $25. 3 million cash outflow 2017 Brookfield Transaction Financial Statements Deconsolidation Sale.\n. Dollars Ended December 31,\n 2018\n operating cash flows 383,306 182,135\n financing (382,229 434,786\n investing (50,391) (663,456)" +} +{ + "_id": "d1b37afa4", + "title": "", + "text": "Stock Repurchases. On August 22, 2011, we established a share repurchase program (\"Share Repurchase Program\"). On June 11, 2019, our Board of Directors authorized an extension and increase of the Share Repurchase Program to repurchase up to $5,000,000 of shares of our common stock over the subsequent 24 month period (for a total authorization of approximately $22,000,000 since inception of the program in August 2011). The common stock may be repurchased from time to time in open market transactions or privately negotiated transactions in our discretion. The timing and amount of the shares repurchased is determined by management based on its evaluation of market conditions and other factors. The Share Repurchase Program may be increased, suspended or discontinued at any time.\nDuring the months of October, November and December 2019, we repurchased common stock pursuant to our Share Repurchase Program as indicated below:\nDuring the year ended December 31, 2019, we repurchased an aggregate of 335,372 shares of our common stock pursuant to our Share Repurchase Program at a cost of approximately $764,606 (exclusive of commissions) or an average price per share of $2.28.\nDuring the year ended December 31, 2019, we repurchased an aggregate of 335,372 shares of our common stock pursuant to our Share Repurchase Program at a cost of approximately $764,606 (exclusive of commissions) or an average price per share of $2.28.\nSince inception of our Share Repurchase Program (August 2011) to December 31, 2019, we repurchased an aggregate of 8,489,770 shares of our common stock at a cost of approximately $15,906,846 (exclusive of commissions) or an average per share price of $1.87.\n\nPeriod | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares) that May Yet Be Purchased Under the Plans or Programs\n------------------------------------- | -------------------------------- | ---------------------------- | -------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------\nOctober 1, 2019 to October 31, 2019 | — | — | — | $4,803,723 \nNovember 1, 2019 to November 30, 2019 | 11,386 | $2.12 | 11,386 | $4,779,620 \nDecember 1, 2019 to December 31, 2019 | 153,431 | $2.18 | 153,431 | $4,445,258 \nTotal | 164,817 | $2.17 | 164,817 | \n\nStock Repurchases. August 22, 2011, established share repurchase program. June 11, 2019 Board Directors authorized extension increase repurchase $5,000,000 common stock 24 month total $22,000,000 since August 2011). common stock repurchased open market privately negotiated. timing amount determined management market conditions. Program increased suspended discontinued.\n October November December 2019 repurchased common stock\n December 31, 2019 repurchased 335,372 shares $764,606 average price per share $2. 28.\n December 31, 2019 repurchased 335,372 shares $764,606 average price per share $2. 28.\n 2011) December 31, 2019 repurchased 8,489,770 shares $15,906,846 average per share price $1. 87.\n Total Number Shares Purchased Average Price Paid Per Share Shares Purchased Publicly Announced Plans Programs Maximum Number Shares Purchased\n\n October 1 to 31, $4,803,723\n November 1 to 30 11,386. 12 $4,779,620\n December 1 2019 to 31, 153,431. $4,445,258\n 164,817 . 17" +} +{ + "_id": "d1b3380d2", + "title": "", + "text": "The long-term portion of the Company’s unrecognized tax benefits at March 31, 2019 and 2018 was $622,000 and $619,000, respectively, of which the timing of the resolution is uncertain. As of March 31, 2019 and 2018, $2.5 million and $2.1 million, respectively, of unrecognized tax benefits had been recorded as a reduction to net deferred tax assets.\nAs of March 31, 2019, the Company’s net deferred tax assets of $6.7 million are subject to a valuation allowance of $6.7 million. It is possible, however, that some months or years may elapse before an uncertain position for which the Company has established a reserve is resolved. A reconciliation of unrecognized tax benefits is as follows:\nThe unrecognized tax benefit balance as of March 31, 2019 of $599,000 would affect the Company’s effective tax rate if recognized.\n\n | | Year Ended March 31, | \n---------------------------------------------------------------------- | ------ | --------------------- | ------\n | 2019 | 2018 | 2017 \n | | (In thousands) | \nUnrecognized tax benefits, beginning of period | $2,735 | $2,714 | $2,055\nAdditions based on tax positions related to current year | 371 | 520 | 730 \nAdditions based on tax positions related to prior years | 13 | — | — \n2017 Tax Act and tax rate re-measurement | — | (499) | — \nReductions based on tax positions related to prior years | (17) | — | — \nLapses during the current year applicable to statutes of limitations | — | — | (71) \nUnrecognized tax benefits, end of period | $3,102 | $2,735 | $2,714\n\nunrecognized tax benefits March 31, 2019 2018 $622,000 $619,000 resolution uncertain. March 31, 2019 2018 $2. 5 million $2. 1 million unrecognized benefits net deferred tax assets.\n March 31, 2019 net deferred tax assets $6. 7 million valuation allowance $6. 7 million. months years elapse before uncertain. reconciliation\n unrecognized tax benefit balance March 31, 2019 $599,000 effective tax rate if recognized.\n 2018\n Unrecognized tax benefits beginning period $2,735 $2,714 $2,055\n Additions\n Tax Act tax rate re-measurement\n Reductions\n Lapses current year statutes limitations\n Unrecognized tax benefits end period $3,102 $2,735 $2,714" +} +{ + "_id": "d1b384e32", + "title": "", + "text": "Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts) Lamb Weston Spinoff\nOn November 9, 2016, we completed the Spinoff of our Lamb Weston business. As of such date, we did not beneficially own any equity interest in Lamb Weston and no longer consolidated Lamb Weston into our financial results. The business results were previously reported in the Commercial segment. We reflected the results of this business as discontinued operations for all periods presented.\nThe summary comparative financial results of the Lamb Weston business through the date of the Spinoff, included within discontinued operations, were as follows:\nDuring fiscal 2017, we incurred $74.8 million of expenses in connection with the Spinoff primarily related to professional fees and contract services associated with preparation of regulatory filings and separation activities. These expenses are reflected in income from discontinued operations. During fiscal 2019 and 2018, we recognized income tax expense of $2.8 million and an income tax benefit of $14.5 million, respectively, due to adjustments of the estimated deductibility of these costs.\nIn connection with the Spinoff, total assets of $2.28 billion and total liabilities of $2.98 billion (including debt of $2.46 billion) were transferred to Lamb Weston. As part of the consideration for the Spinoff, the Company received a cash payment from Lamb Weston in the amount of $823.5 million. See Note 4 for discussion of the debt-for-debt exchange related to the Spinoff.\nWe entered into a transition services agreement in connection with the Lamb Weston Spinoff and recognized $2.2 million and $4.2 million of income for the performance of services during fiscal 2018 and 2017, respectively, classified within SG&A expenses.\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------------------------------------------------------- | ------ | ------ | --------\nNet sales | $— | $— | $1,407.9\nIncome (loss) from discontinued operations before income taxes and equity method investment earnings | $— | $(0.3) | $172.3 \nIncome (loss) before income taxes and equity method investment earnings | — | (0.3) | 172.3 \nIncome tax expense (benefit) | 2.8 | (14.6) | 87.5 \nEquity method investment earnings | — | — | 15.9 \nIncome (loss) from discontinued operations, net of tax . | (2.8) | 14.3 | 100.7 \nLess: Net income attributable to noncontrolling interests . | — | — | 6.8 \nNet income (loss) from discontinued operations attributable to Conagra Brands, Inc | $(2.8) | $14.3 | $93.9 \n\nConsolidated Financial Statements Fiscal Years Ended May 26, 2019 2018 28, 2017 millions share Lamb Weston Spinoff\n November 9, 2016, completed Spinoff. equity consolidated financial results. reported Commercial segment. discontinued operations.\n comparative financial results\n 2017 incurred $74. 8 million expenses professional fees contract services regulatory filings separation activities. reflected income discontinued operations. 2019 2018 recognized income tax expense $2. 8 million income tax benefit $14. 5 million deductibility.\n assets $2. 28 billion liabilities $2. 98 billion debt $2. 46 billion transferred Lamb Weston. received cash payment Weston $823. 5 million. Note 4 debt-for-debt exchange.\n transition services agreement recognized $2. 2 million $4. 2 million income 2018 2017 SG&A expenses.\n Net sales $1,407.\n Income discontinued operations before income taxes equity investment earnings.$172. 3\n Income before taxes equity earnings. 172.\n tax expense 2. (14. 87. 5\n Equity earnings 15.\n discontinued operations net tax. (2. 14. 100.\n income noncontrolling interests. 6.\n discontinued operations Conagra. $14. $93." +} +{ + "_id": "d1a71dd10", + "title": "", + "text": "Geographic Revenue\nIn addition to the revenue presentation by reportable segment, we also measure revenue performance on a geographic basis.\nTotal revenue of $77,147 million in 2019 decreased 3.1 percent year to year as reported (1 percent adjusted for currency), but increased 0.2 percent excluding divested businesses and adjusted for currency.\nAmericas revenue decreased 1.9 percent as reported (1 percent adjusted for currency), but grew 1 percent excluding divested businesses and adjusted for currency. Within North America, the U.S. decreased 2.4 percent and Canada increased 4.0 percent as reported (6 percent adjusted for currency). Latin America declined as reported but grew adjusted for currency. Within Latin America, Brazil declined 4.8 percent as reported, but was flat adjusted for currency.\nEMEA revenue decreased 4.1 percent as reported, but was essentially flat adjusted for currency and increased 1 percent excluding divested businesses and adjusted for currency. As reported, the U.K., France and Italy decreased 2.9 percent, 4.1 percent and 1.3 percent, respectively, but grew 1 percent, 1 percent and 4 percent, respectively, adjusted for currency. Germany decreased 7.9 percent as reported and 3 percent adjusted for currency. The Middle East and Africa region decreased 3.5 percent as reported and 2 percent adjusted for currency.\nAsia Pacific revenue decreased 4.0 percent as reported (3 percent adjusted for currency) and 2 percent excluding divested businesses and adjusted for currency. Japan increased 2.3 percent as reported and 1 percent adjusted for currency.\nAustralia decreased 17.3 percent as reported and 11 percent adjusted for currency. China decreased 13.4 percent as reported and 11 percent adjusted for currency and India decreased 8.1 percent as reported and 5 percent adjusted for currency.\n\n($ in millions) | | | | | \n------------------------------- | ------- | ------- | ------------------------- | ----------------------------------------------- | ---------------------------------------------------------------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change | Yr.-to-Yr. Percent Change Adjusted for Currency | Yr.-to-Yr. Percent Change Excluding Divested Businesses And Adjusted for Currency\nTotal revenue | $77,147 | $79,591 | (3.1)% | (1.0)% | 0.2% \nAmericas | $36,274 | $36,994 | (1.9)% | (1.1)% | 0.8% \nEurope/Middle East/Africa | 24,443 | 25,491 | (4.1) | 0.4 | 1.3 \nAsia Pacific | 16,430 | 17,106 | (4.0) | (3.0) | (2.5) \n\nGeographic Revenue\n revenue performance geographic.\n Total revenue $77,147 million 2019 decreased. 1 percent (1 adjusted increased. 2 percent excluding divested businesses.\n Americas revenue decreased. 9 percent grew 1 percent. North. decreased. 4 Canada increased 4. (6 adjusted. Latin America declined grew adjusted. Brazil declined 4. 8 percent flat adjusted currency.\n EMEA revenue decreased. 1 percent flat adjusted increased 1 percent excluding. France Italy decreased. 9. 1. 3 percent grew 1 percent 1 4 percent. Germany decreased 7. 9 percent 3. Middle East Africa decreased. 5 percent.\n Asia Pacific decreased 4. 0 (3. Japan increased. 3 percent 1.\n Australia decreased. 3 percent. China decreased. 4 India decreased. 1 percent 5 percent adjusted.\n year ended December 31 2019. Percent Change.Percent Change Currency. Businesses\n revenue $77,147 $79,591 (3.\n Americas $36,274 $36,994 (1. 8%\n Europe East 24,443 25,491 (4.\n Asia Pacific 16,430 17,106 (4. (3. (2." +} +{ + "_id": "d1b3046d8", + "title": "", + "text": "6.1 Net debt\n(1) 50% of outstanding preferred shares of $4,004 million in 2019 and 2018 are classified as debt consistent with the treatment by some credit rating agencies.\nThe increase of $1,891 million in total debt, comprised of debt due within one year and long-term debt, was due to: • an increase in our lease liabilities of $2,304 million as a result of the adoption of IFRS 16 on January 1, 2019 • the issuance by Bell Canada of Series M-49 and Series M-50 MTN debentures with total principal amounts of $600  million and $550 million in Canadian dollars, respectively, and Series US-2 Notes with a total principal amount of $600 million in U.S. dollars ($808 million in Canadian dollars) • an increase in our securitized trade receivables of $131 million\nPartly offset by: • the early redemption of Series M-27 MTN debentures and Series M-37 debentures with total principal amounts of $1 billion and $400 million, respectively • a decrease in our notes payable (net of issuances) of $1,073 million • a net decrease of $29 million in our lease liabilities and other debt\nThe decrease in cash and cash equivalents of $280 million was due mainly to: • $2,819 million of dividends paid on BCE common shares • $1,216 million of debt repayments (net of issuances) • $142 million paid for the purchase on the open market of BCE common shares for the settlement of share-based payments • $60 million acquisition and other costs paid\nPartly offset by: • $3,818 million of free cash flow • $240 million issuance of common shares from the exercise of stock options\n\n | 2019 | 2018 | $ CHANGE | % CHANGE\n------------------------- | ------ | ------ | -------- | --------\nDebt due within one year | 3,881 | 4,645 | (764) | (16.4%) \nLong-term debt | 22,415 | 19,760 | 2,655 | 13.4% \nPreferred shares (1) | 2,002 | 2,002 | – | – \nCash and cash equivalents | (145) | (425) | 280 | 65.9% \nNet debt | 28,153 | 25,982 | 2,171 | 8.4% \n\n. debt\n 50% preferred shares $4,004 million 2019 2018 credit.\n increase $1,891 million debt long-term lease liabilities $2,304 million IFRS 16 2019 Bell Canada Series M-49 M-50 MTN debentures $600 million $550 million Series US-2 Notes $600 million. ($808 million increase securitized trade receivables $131 million\n offset redemption Series M-27 M-37 $1 billion $400 million decrease notes payable $1,073 million decrease $29 million lease liabilities debt\n decrease cash equivalents $280 million due $2,819 million dividends BCE common shares $1,216 million debt repayments $142 million BCE common shares $60 million acquisition costs\n offset $3,818 million free cash flow $240 million issuance shares stock options\n Debt due one year 3,881. 4%\n Long-term debt 22,415. 4%\n Preferred shares 2,002\nequivalents (425).\n debt 28,153 25,982 2,171." +} +{ + "_id": "d1b36e60a", + "title": "", + "text": "22. Income Taxes\nTeekay and a majority of its subsidiaries are not subject to income tax in the jurisdictions in which they are incorporated because they do not conduct business or operate in those jurisdictions. However, among others, the Company’s U.K. and Norwegian subsidiaries are subject to income taxes.\nThe significant components of the Company’s deferred tax assets and liabilities are as follows:\n(1) Substantially all of the Company's estimated net operating loss carryforwards of $878.3 million relates primarily to its U.K., Spanish, Norwegian and Luxembourg subsidiaries and, to a lesser extent, to its Australian subsidiaries.\nThe Company had estimated disallowed finance costs in Spain and Norway of approximately $15.1 million and $15.0 million, respectively, at December 31, 2019, which are available for 18 years and 10 years, respectively, from the year the costs are incurred for offset against future taxable income in Spain and Norway, respectively. The Company's estimated tax losses in Luxembourg are available for offset against taxable future income in Luxembourg, either indefinitely for losses arising prior to 2017, or for 17 years for losses arising subsequent to 2016.\n\n | December 31, | December 31,\n----------------------------------------------------------- | ------------ | ------------\n | 2019 | 2018 \n | $ | $ \nDeferred tax assets: | | \nVessels and equipment | 1,646 | 5,868 \nTax losses carried forward and disallowed finance costs (1) | 164,009 | 155,910 \nOther | 19,674 | 10,545 \nTotal deferred tax assets | 185,329 | 172,323 \nDeferred tax liabilities: | | \nVessels and equipment | 22,913 | 18,037 \nProvisions | 6,512 | 5,588 \nOther | — | 2,060 \nTotal deferred tax liabilities | 29,425 | 25,685 \nNet deferred tax assets | 155,904 | 146,638 \nValuation allowance | (153,302) | (144,560) \nNet deferred tax assets | 2,602 | 2,078 \n\n. Income Taxes\n Teekay subsidiaries not. U. Norwegian subsidiaries subject taxes.\n deferred tax assets liabilities\n estimated net operating loss $878. 3 million U. Spanish Norwegian Luxembourg subsidiaries Australian subsidiaries.\n disallowed finance costs Spain Norway $15. 1 million $15. million at December 31, 2019 available 18 10 years offset future income. tax losses Luxembourg available offset future income 2017 17 years losses 2016.\n Deferred tax assets\n Vessels equipment 1,646 5,868\n Tax losses disallowed finance costs 164,009 155,910\n 19,674 10,545\n deferred tax assets 185,329 172,323\n Deferred tax liabilities\n Vessels equipment 22,913 18,037\n 6,512 5,588\n 29,425 25,685\n deferred tax assets 155,904 146,638\n Valuation allowance (153,302)\ndeferred 2,602" +} +{ + "_id": "d1a73920e", + "title": "", + "text": "The accumulated benefit obligation for the United States defined benefit pension plans was $198.2 million and $172.8 million at December 31, 2019 and 2018, respectively. The accumulated benefit obligation for foreign defined benefit pension plans was $39.9 million and $35.6 million at December 31, 2019 and 2018, respectively.\nInformation for pension plans with an accumulated benefit obligation in excess of plan assets as of December 31:\n\n | 2019 | | 2018 | \n------------------------------ | ------------- | ------------- | ------------- | -------\n | United States | Foreign | United States | Foreign\n | | (in millions) | | \nProjected benefit obligation | $55.3 | $44.0 | $50.8 | $39.1 \nAccumulated benefit obligation | 53.2 | 39.9 | 48.6 | 35.6 \nFair value of plan assets | — | 1.6 | — | 1.4 \n\naccumulated obligation United States plans $198. 2 million $172. 8 million December 31, 2019 2018. foreign $39. 9 million $35. 6 million December 31, 2019 2018.\n pension plans accumulated benefit obligation December 31\n Projected benefit obligation $55. $44. $50. $39.\n Accumulated obligation 53. 39. 48. 35.\n Fair value plan assets." +} +{ + "_id": "d1b360bf4", + "title": "", + "text": "5.3.4 HOOQ's share options - equity-settled arrangement\nIn December 2015, HOOQ Digital Pte. Ltd. (“HOOQ”), a 65%-owned subsidiary of the Company, implemented the HOOQ Digital Employee Share Option Scheme (the “Scheme”). Selected employees (including executive directors) of HOOQ and/or its subsidiaries are granted options to purchase ordinary shares of HOOQ.\nOptions are exercisable at a price no less than 100% of the fair value of the ordinary shares of HOOQ on the date of grant, and are scheduled to be fully vested 4 years from the vesting commencement date.\nOptions are exercisable at a price no less than 100% of the fair value of the ordinary shares of HOOQ on the date of grant, and are scheduled to be fully vested 4 years from the vesting commencement date.\nThe grant dates, exercise prices and fair values of the share options were as follows –\nThe term of each option granted is 10 years from the date of grant.\nThe fair values for the share options granted were estimated using the Black-Scholes pricing model.\nFrom 1 April 2018 to 31 March 2019, options in respect of an aggregate of 9.6 million of ordinary shares in HOOQ have been granted. As at 31 March 2019, options in respect of an aggregate of 43.3 million of ordinary shares in HOOQ are outstanding.\n\nEquity-settled | Exercise price | Fair Value at grant date\n---------------- | -------------- | ------------------------\nDate of grant | US$ | US$ \n16 May 2016 | 0.07 | 0.0445 to 0.0463 \n24 April 2017 | 0.07 | 0.0301 to 0.0315 \n2 May 2017 | 0.07 | 0.0292 to 0.0313 \n31 July 2017 | 0.07 | 0.0313 to 0.0315 \n8 September 2017 | 0.07 | 0.0296 to 0.0298 \n23 October 2017 | 0.07 | 0.0309 to 0.0320 \n10 January 2018 | 0.07 | 0.0316 to 0.0318 \n1 April 2018 | 0.07 | 0.0360 to 0.0366 \n1 July 2018 | 0.07 | 0.0368 to 0.0373 \n19 October 2018 | 0.07 | 0.0371 to 0.0374 \n31 January 2019 | 0.07 | 0.0367 to 0.0369 \n\n. HOOQ share options equity-settled\n December 2015, HOOQ Digital. 65%-owned subsidiary implemented Digital Employee Share Option Scheme. employees directors subsidiaries granted options purchase shares.\n exercisable 100% fair value fully vested 4 years from vesting commencement.\n fair value vested 4 years.\n grant dates exercise prices fair values\n term each option 10 years from date grant.\n fair values estimated Black-Scholes pricing model.\n 1 April 2018 to 31 March 2019 options 9. 6 million shares HOOQ granted. 31 March 2019 43. 3 million shares outstanding.\n Equity-settled Exercise price Fair Value grant date\n Date grant US\n 16 May 2016. 0445. 0463\n 24 April 2017. 0301. 0315\n May. 0292. 0313\n July 2017.\n September. 0296. 0298\n October. 0309. 0320\n January 2018.. 0316. 0318\n April 2018. 0360.\n July 2018. 0368.\n October 2018. 0371. 0374\n January 2019. 0367. 0369" +} +{ + "_id": "d1b3890d6", + "title": "", + "text": "Stock Options\nStock options granted pursuant to the 2016 Incentive Plan are granted at an exercise price not less than the market value per share of the Company’s common stock on the date of grant. Under the 2016 Incentive Plan, the term of the outstanding options may not exceed ten years nor be less than one year. Vesting of options is determined by the compensation committee of the board and the administrator of the 2016 Incentive Plan and can vary based upon the individual award agreements. In addition, outstanding options do not have dividend equivalent rights associated with them under the 2016 Incentive Plan.\nA summary of stock option activity is as follows:\nThe weighted average grant date fair value of stock options granted during the years ended December 31, 2018 and 2017, was $7.03 and $6.24, respectively. The Company did not grant stock options during the year ended December 31, 2019. The total intrinsic value of stock options exercised during the years ended December 31, 2019, 2018, and 2017, was $16.0 million, $15.8 million, and $13.4 million, respectively.\n\n | Number of Shares | Weighted Average Exercise Price ($) | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value of In-the- Money Options ($)\n------------------------------ | ---------------- | ----------------------------------- | --------------------------------------------------- | ------------------------------------------------------\nOutstanding, December 31, 2018 | 4,864,836 | $17.76 | | \nExercised | -854,524 | 15.78 | | \nForfeited | -3,496 | 17.89 | | \nOutstanding, December 31, 2019 | 4,006,816 | $18.18 | 3.71 | $78,949,941 \nExercisable, December 31, 2019 | 3,462,664 | $17.86 | 3.70 | $69,349,255 \n\nStock Options\n granted 2016 Incentive Plan price not less market value per share common stock. term outstanding options exceed ten years less one year. Vesting determined by compensation committee administrator agreements. dividend equivalent rights.\n summary stock option activity\n weighted average grant value options December 31, 2018 2017 $7. 03 $6. 24. options December 31, 2019. total intrinsic value options 2017 $16. million $15. 8 million $13. 4 million.\n Number Shares Weighted Average Exercise Price Remaining Contractual Term (Years Aggregate Intrinsic Value Options$\n December 31, 2018 4,864,836 $17. 76\n.\n.\n December 31, 2019 4,006,816 $18. $78,949,941\n 31, 3,462,664 $17. $69,349,255" +} +{ + "_id": "d1a71e47c", + "title": "", + "text": "Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities\nThe Company’s common stock is traded on the NASDAQ Stock Market LLC (“NASDAQ”) under the symbol NTAP.\nPrice Range of Common Stock\nThe price range per share of common stock presented below represents the highest and lowest intraday sales prices for the Company’s common stock on the NASDAQ during each quarter of our two most recent fiscal years.\nHolders\nAs of June 7, 2019 there were 413 holders of record of our common stock.\n\n | | Fiscal 2019 | | Fiscal 2018\n-------------- | ------- | ----------- | ------- | -----------\n | High | Low | High | Low \nFirst Quarter | $ 83.14 | $ 63.81 | $ 45.24 | $ 37.43 \nSecond Quarter | $ 88.08 | $ 70.26 | $ 45.14 | $ 37.55 \nThird Quarter | $ 83.95 | $ 54.50 | $ 64.06 | $ 43.24 \nFourth Quarter | $ 78.35 | $ 61.00 | $ 69.75 | $ 52.00 \n\n. Registrant’s Common Equity Stockholder Matters Issuer Purchases Securities\n common stock traded Market NTAP.\n Range\n highest lowest intraday sales prices two recent fiscal years.\n June 7 2019 413 holders common stock.\n 2019\n First Quarter $ 83. $ 63. 45. $ 37.\n Second Quarter $ 88. $ 70. 45. $ 37.\n Third Quarter $ 83. $ 54. $ 64. 43.\n Fourth Quarter $ 78. $ 61. 69. 52." +} +{ + "_id": "d1a7384c6", + "title": "", + "text": "A. Selected Financial Data\nThe following selecte The following selected historical financial information should be read in conjunction with our audited financial statements and related notes, which are included herein, together with Item 5. Operating and Financial Review and Prospects. The Statements of Operations data for each of the three years ended December 31, 2019, 2018 and 2017 and selected Balance Sheet data as of December 31, 2019 and 2018 have been derived from our audited financial statements included elsewhere in this document. The Statements of Operations financial information for each of the years ended December 31, 2016 and 2015 and selected balance sheet information as of December 31, 2017, 2016 and 2015 have been derived from our audited financial statements not included in this Annual Report on Form 20-F.\n\nSELECTED CONSOLIDATED FINANCIAL DATA Year ended December 31, | | | | | \n------------------------------------------------------------- | ----------- | ----------- | ----------- | ---------- | ----------\nAll figures in thousands of USD except share data | 2019 | 2018 | 2017 | 2016 | 2015 \nVoyage Revenues | 317,220 | 289,016 | 297,141 | 357,451 | 445,738 \nVoyage Expenses | (141,770) | (165,012) | (142,465) | (125,987) | (158,656) \nVessel Operating Expense | (66,033) | (80,411) | (87,663) | (80,266) | (66,589) \nGeneral and Administrative Expenses | (13,481) | (12,727) | (12,575) | (12,296) | (9,790) \nDepreciation Expenses | (63,965) | (60,695) | (100,669) | (90,889) | (82,610) \nImpairment Loss on Vessel | - | (2,168) | (110,480) | - | - \nImpairment Loss on Goodwill | - | - | (18,979) | - | - \nLoss on Disposal of Vessels | - | (6,619) | - | - | - \nSettlement Received | - | - | - | 5,328 | - \nNet Operating (Loss) Income | 31,971 | (38,616) | (175,690) | 53,341 | 128,093 \nInterest Income | 298 | 334 | 347 | 215 | 114 \nInterest Expense | (38,390) | (34,549) | (20,464) | (11,170) | (10,855) \nOther Financial (Expense) | (4,160) | (14,729) | (644) | (98) | (167) \nTotal Other Expenses | (42,252) | (48,944) | (20,761) | (11,053) | (10,908) \nIncome Tax Expense | (71) | (79) | (83) | (102) | (96) \n(Loss) Gain on Equity Method Investment | - | (7,667) | (8,435) | (46,642) | (2,462) \nNet (Loss) Income | (10,352) | (95,306) | (204,969) | (4,456) | 114,627 \nBasic Earnings (Loss) per Share | (0.07) | (0.67) | (1.97) | (0.05) | 1.29 \nDiluted Earnings (Loss) per Share | (0.07) | (0.67) | (1.97) | (0.05) | 1.29 \nCash Dividends Declared per Share | 0.10 | 0.07 | 0.53 | 1.37 | 1.38 \nBasic Weighted Average Shares Outstanding | 142,571,361 | 141,969,666 | 103,832,680 | 92,531,001 | 89,182,001\nDiluted Weighted Average Shares Outstanding | 142,571,361 | 141,969,666 | 103,832,680 | 92,531,001 | 89,182,001\nMarket Price per Common Share as of December 31, | 4.92 | 2.00 | 2.46 | 8.40 | 15.54 \n\n. Selected Financial Data\n historical financial information audited financial statements notes Item 5. Operating Financial Review Prospects. Statements of Operations 2019 2018 2017 Balance Sheet data derived from statements. Statements Operations 2016 2015 balance sheet derived statements Annual Report Form 20-F.\n CONSOLIDATED FINANCIAL DATA December\n figures thousands USD except share data 2019 2018 2017 2016 2015\n Voyage Revenues 317,220 289,016 297,141 357,451 445,738\n Voyage Expenses (141,770) (165,012),465 (125,987)\n Vessel Operating Expense (66,033) (80,411)\n General Administrative Expenses (13,481) (12,727) (12,575)\n Depreciation Expenses (63,965),695 (100,669 (90,889\n Impairment Loss on Vessel (2,168) (110,480\n Loss Goodwill\n Loss Disposal Vessels\nSettlement Received 5,328\n Net Operating Income 31,971 (38,616) (175,690) 53,341 128,093\n Interest Income\n Interest Expense (38,390 (34,549) (20,464 (11,170 (10,855\n Financial (4,160 (14,729)\n Other Expenses (42,252) (48,944) (20,761) (11,053) (10,908)\n Income Tax Expense\n Gain Equity Investment (7,667) (8,435 (46,642 (2,462\n Net (Loss Income (10,352) (95,306) (204,969) (4,456) 114,627\n Basic Earnings (Loss Share.\n Earnings Share.\n Cash Dividends Share.\n Weighted Average Shares 142,571,361 141,969,666 103,832,680 92,531,001 89,182,001\n Market Price Share December.92. 46. 40 15." +} +{ + "_id": "d1b2edc44", + "title": "", + "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data)\nNOTE 4: CASH AND CASH EQUIVALENTS AND RESTRICTED CASH\nCash and cash equivalents and restricted cash consisted of the following:\nShort-term deposits and highly liquid funds relate to amounts held in banks for general financing purposes and represent deposits with an original maturity of less than three months\nCash deposits and cash equivalents in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Holdings does maintain cash deposits and equivalents in excess of government provided insurance limits. Navios Holdings reduces exposure to credit risk by dealing with a diversified group of major financial institutions. See also Note 2(e).\n\n | December 31, 2019 | December 31,2018\n--------------------------------------------- | ----------------- | ----------------\nCash on hand and at banks | $77,041 | $131,432 \nShort-term deposits and highly liquid funds | 950 | 6,450 \nRestricted cash | 736 | 12,892 \nCash and cash equivalents and restricted cash | $78,727 | $150,774 \n\nNAVIOS MARITIME. FINANCIAL STATEMENTS U. S. dollars except share data\n NOTE 4: CASH EQUIVALENTS RESTRICTED CASH\n Short-term deposits liquid funds maturity less three months\n insurance loss non. Navios Holdings deposits equivalents insurance limits. credit risk financial institutions. Note 2(e).\n December 31, 2019 December 31,2018\n Cash hand banks $77,041 $131,432\n Short-term deposits liquid funds 950 6,450\n Restricted cash 736 12,892\n $78,727 $150,774" +} +{ + "_id": "d1b395502", + "title": "", + "text": "11. INTEREST EXPENSES\nInterest expenses consist of interest expense on the long-term debt, the commitment fee and amortization of deferred financing costs related to the Credit Facility described in Note 9.\nFor the years ended December 31, 2019, 2018 and 2017, $0.0 million, $2.6 million and $2.5 million of interest expenses were capitalized, respectively.\n\nAll amounts in USD ‘000 | 2019 | 2018 | 2017 \n------------------------------------------------ | ------ | ------ | ------\nInterest Expenses, net of capitalized interest | 34,018 | 29,753 | 18,286\nCommitment Fee | - | 3,325 | 760 \nAmortization of Deferred Financing Costs | 4,372 | 1,470 | 1,393 \nOther financial costs | - | 1 | 25 \nTotal Interest Expenses | 38,390 | 34,549 | 20,464\n\n. INTEREST EXPENSES\n long-term debt commitment fee deferred financing Credit Facility Note 9.\n 2019 2018 2017. million $2. 6 million $2. 5 million expenses capitalized.\n amounts USD\n 34,018 29,753 18,286\n Commitment Fee 3\n Amortization Deferred Financing 4,372 1,470\n costs\n Expenses 38,390 34,549 20" +} +{ + "_id": "d1b30ce78", + "title": "", + "text": "10 Taxation (continued)\nThe tax expense for 2019 is higher and the tax credit for 2018 is lower than the standard rate of corporation tax in the UK. The differences are explained below:\n1 The unprovided deferred tax predominantly relates to revenue losses, property fair values and derivative fair values.\nFactors that may affect future current and total tax charges\nManagement uses judgement in assessing compliance with REIT legislation\nThe Group believes it continued to operate as a UK REIT throughout the year, under which any profits and gains from the UK property investment business are exempt from corporation tax, provided certain conditions continue to be met. The Group believes that these UK REIT conditions have been fulfilled throughout the year.\nIn view of the announced short-term reduction of dividends there will be an underpayment of the minimum PID, and therefore under REIT legislation, the Group will incur UK corporation tax payable at 19 per cent while remaining a REIT.\nThe ongoing current tax expense in the year of £16.0 million includes £15.7 million relating to corporation tax on the estimated current period underpayment of the minimum PID. This amount has been included within the Group’s measure of underlying earnings as it relates to a tax expense on current year UK rental income.\nThe UK exceptional current tax expense in the year of £6.4 million represents in full the corporation tax arising in the current year in respect of the prior year underpayment of the minimum PID. This one-off tax expense in respect of prior year profits has been classified as exceptional (see accounting policy in note 2) based on its incidence, and so is excluded from the Group’s measure of underlying earnings.\n\n£m | 2019 | 2018 \n----------------------------------------------------------------------------------- | --------- | ---------\nLoss before tax, joint ventures and associates | (1,856.8) | (1,139.6)\nLoss before tax multiplied by the standard rate of tax in the UK of 19% (2018: 19%) | (352.8) | (216.6) \nExempt property rental profits and revaluations | 307.0 | 214.9 \n | (45.8) | (1.7) \nTax on shortfall of minimum PID | 22.1 | – \nAdditions and disposals of property and investments | 7.1 | 0.3 \nNon-deductible and other items | 3.4 | 3.4 \nOverseas taxation | (3.4) | (0.4) \nUnprovided deferred tax1 | 22.4 | (7.3) \nTotal tax expense/(credit) | 5.8 | (5.7) \n\nTaxation\n tax expense 2019 higher tax credit 2018 lower standard corporation tax UK. differences\n unprovided deferred tax relates revenue losses property values derivative values.\n Factors affect future tax charges\n Management compliance REIT legislation\n Group UK REIT profits gains property investment exempt corporation tax conditions. REIT conditions fulfilled.\n short-term reduction dividends underpayment minimum PID Group UK corporation tax 19 per cent REIT.\n current tax expense £16. 0 million includes £15. 7 million corporation tax underpayment minimum PID. included underlying earnings rental income.\n exceptional tax expense £6. 4 million corporation tax prior year underpayment minimum PID. classified exceptional excluded underlying earnings.\n 2019 2018\n Loss before tax joint ventures associates (1,856. 8) (1,139.\n Loss tax multiplied standard rate tax 19%.\n Exempt property rental profits revaluations 307. 214.\n.\nTax shortfall PID 22.\n Additions disposals property investments 7.\n Non-deductible items.\n Overseas taxation.\n Unprovided deferred 22.\n tax expense 5. 8." +} +{ + "_id": "d1b326724", + "title": "", + "text": "Cash Flows from Financing Activities\nOur significant financing activities were as follows (in millions):\n(1) 2017 contributions primarily relate to the funding of the FPS Acquisition.\n(2) In the fourth quarter of 2018, two of our minority holders in India delivered notice of exercise of their put options with respect to certain shares in our Indian subsidiary, ATC TIPL. During the year ended December 31, 2019, we completed the redemption of the put shares for total consideration of INR 29.4 billion ($425.7 million at the date of redemption).\nSenior Notes\nRepayments of Senior Notes\nRepayment of 3.40% Senior Notes—On the February 15, 2019 maturity date, we repaid $1.0 billion aggregate principal amount of the 3.40% Notes. The 3.40% Notes were repaid with borrowings from the 2019 Multicurrency Credit Facility and the 2019 Credit Facility. Upon completion of the repayment, none of the 3.40% Notes remained outstanding.\nRepayment of 5.050% Senior Notes—On April 22, 2019, we redeemed all of the $700.0 million aggregate principal amount of the 5.050% Notes at a price equal to 103.0050% of the principal amount, plus accrued and unpaid interest up to, but excluding April 22, 2019, for an aggregate redemption price of $726.0 million, including $5.0 million in accrued and unpaid interest. We recorded a loss on retirement of long-term obligations of $22.1 million, which includes prepayment consideration of $21.0 million and the associated unamortized discount and deferred financing costs. The redemption was funded with borrowings from the 2019 Credit Facility and cash on hand. Upon completion of the repayment, none of the 5.050% Notes remained outstanding.\nRepayment of 5.900% Senior Notes—On January 15, 2020, we redeemed all of the $500.0 million aggregate principal amount of 5.900% senior unsecured notes due 2021 (the “5.900% Notes”) at a price equal to 106.7090% of the principal amount, plus accrued and unpaid interest up to, but excluding January 15, 2020, for an aggregate redemption price of $539.6 million, including $6.1 million in accrued and unpaid interest. We recorded a loss on retirement of long-term obligations of $34.6 million, which includes prepayment consideration of $33.5 million and the associated unamortized discount and deferred financing costs. The redemption was funded with borrowings from the 2019 Credit Facility and cash on hand. Upon completion of the repayment, none of the 5.900% Notes remained outstanding.\n\n | | Year Ended December 31, | \n------------------------------------------------------------------------------ | --------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \nProceeds from issuance of senior notes, net | $4,876.7 | $584.9 | $2,674.0 \nProceeds from (repayments of) credit facilities, net | 425.0 | (695.9) | 628.6 \nDistributions paid on common and preferred stock | (1,603.0) | (1,342.4) | (1,164.4)\nPurchases of common stock | (19.6) | (232.8) | (766.3) \nRepayments of securitized debt | — | (500.0) | (302.5) \n(Distributions to) contributions from noncontrolling interest holders, net (1) | (11.8) | (14.4) | 264.3 \nRepayments of senior notes | (1,700.0) | — | (1,300.0)\n(Repayments of) proceeds from term loan, net | (500.0) | 1,500.0 | — \nPurchase of redeemable noncontrolling interest (2) | (425.7) | — | — \nProceeds from issuance of securities in securitization transaction | — | 500.0 | \n\nCash Flows Financing Activities\n 2017 contributions FPS Acquisition.\n 2018 minority holders India options subsidiary ATC TIPL. December 31, 2019 redemption shares INR 29. 4 billion ($425. 7 million.\n Senior 3. 40% February 15 2019 repaid $1. billion 3. 40% Notes. repaid borrowings 2019 Multicurrency Credit Facility Facility. none. Notes outstanding.\n Repayment 5. 050% Senior April 22, 2019 redeemed $700. million. Notes 103. interest redemption price $726. million $5. million accrued unpaid interest. loss retirement $22. 1 million prepayment $21. million unamortized discount deferred financing costs. redemption funded borrowings 2019 Credit Facility cash hand. none. Notes outstanding.\n Repayment 5. 900% Senior January 15, 2020 redeemed $500. million 5.% notes 2021. equal 106.principal accrued unpaid interest excluding January 15 2020 redemption price $539. 6 million $6. 1 million accrued unpaid interest. loss retirement long-term obligations $34. 6 million prepayment $33. 5 million unamortized discount deferred financing costs. redemption funded borrowings 2019 Credit Facility cash. 900% Notes outstanding.\n Ended December 31,\n Proceeds issuance senior notes $4,876. $584. $2,674.\n Proceeds credit facilities 425. 628.\n Distributions common preferred stock (1,603.,342.,164.\n stock.\n Repayments securitized debt.\n noncontrolling interest holders.\n Repayments senior notes (1,700.\n term loan.\n Purchase redeemable noncontrolling interest.\n Proceeds issuance securities securitization 500." +} +{ + "_id": "d1b3514c4", + "title": "", + "text": "6. Supplemental Financial Information\nInventories (in millions):\n\n | April 26, 2019 | April 26,2018\n-------------------- | -------------- | -------------\nPurchased components | $ 8 | $ 12 \nFinished goods | 123 | 110 \nInventories | $ 131 | $ 122 \n\n. Financial Information\n Inventories\n Purchased components $ 8 $ 12\n Finished goods 123\n $ 131 $ 122" +} +{ + "_id": "d1b380724", + "title": "", + "text": "At March 31, 2019, the Company had $7.7 million of unrecognized tax benefits. A reconciliation of gross unrecognized tax benefits (excluding interest and penalties) is as follows (amounts in thousands):\nAt March 31, 2019, $1.9 million of the $7.7 million of unrecognized income tax benefits would affect the Company’s effective income tax rate, if recognized. It is reasonably possible that the total unrecognized tax benefit could decrease by $1.0 million in fiscal year 2020 if the advanced pricing arrangement for one of the Company’s foreign subsidiaries is agreed to by the foreign tax authority and an ongoing audit in one of the Company’s foreign jurisdictions is settled.\nThe Company files income tax returns in the U.S. and multiple foreign jurisdictions, including various state and local jurisdictions. The U.S. Internal Revenue Service concluded its examinations of the Company’s U.S. federal tax returns for all tax years through 2003. Because of net operating losses, the Company’s U.S. federal returns for 2003 and later years will remain subject to examination until the losses are utilized. The Company is subject to income tax examinations in various foreign and U.S. state jurisdictions for the years 2014 and forward. The Company records potential interest and penalty expenses related to unrecognized income tax benefits within its global operations in income tax expense. The Company had $0.5 million and $0.9 million of accrued interest and penalties respectively at March 31, 2019 and 2018, which are included as a component of income tax expense. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision.\n\n | | Fiscal Years Ended March 31, | \n----------------------------------------------- | ------- | ---------------------------- | ------\n | 2019 | 2018 | 2017 \nBeginning of fiscal year | $8,680 | $7,390 | $7,103\nAdditions from business combinations | — | 1,270 | — \nAdditions for tax positions of the current year | 2,027 | 1,078 | 762 \nAdditions for tax positions of prior years | 519 | — | — \nReductions for tax positions of prior years | (633) | (1,058) | (64) \nLapse in statute of limitations | (9) | — | (411) \nSettlements | (2,923) | — | — \nEnd of fiscal year | $7,661 | $8,680 | $7,390\n\nMarch 31, 2019 Company had $7. 7 million unrecognized tax benefits. reconciliation\n $1. 9 million. effective income tax rate. tax benefit decrease $1. 0 million fiscal year 2020 if advanced pricing arrangement agreed audit settled.\n Company files income tax returns U. S. foreign jurisdictions. U. S. Internal Revenue Service concluded examinations. tax returns 2003. operating losses. returns 2003 subject until losses utilized. subject income tax examinations foreign U. state jurisdictions 2014. records interest penalty expenses unrecognized income tax benefits. had $0. 5 million $0. 9 million accrued interest penalties March 31, 2019 2018 income tax expense. reduced income tax provision.\n Fiscal Years Ended March 31,\n 2018 2017\n fiscal year $8,680 $7,390 $7,103\n Additions from business combinations 1,270\ncurrent 2,027 1,078 762\n prior 519\n Reductions prior (633) (1,058)\n Lapse statute limitations (9)\n Settlements (2,923)\n End fiscal year $7,661 $8,680" +} +{ + "_id": "d1b3c12b0", + "title": "", + "text": "Fiscal 2019 Actions\nDuring fiscal 2019, we initiated a restructuring program associated with footprint consolidation and structural improvements impacting all segments. In connection with this program, during fiscal 2019, we recorded net restructuring charges of $254 million. We expect to complete all restructuring actions commenced during fiscal 2019 by the end of fiscal 2021 and to incur additional charges of approximately $35 million related primarily to employee severance and facility exit costs in the Transportation Solutions and Industrial Solutions segments.\nThe following table summarizes expected, incurred, and remaining charges for the fiscal 2019 program by segment:\n\n | Total Expected Charges | Cumulative Charges Incurred | Remaining Expected Charges\n------------------------ | ---------------------- | --------------------------- | --------------------------\n | | (in millions) | \nTransportation Solutions | $ 160 | $ 144 | $ 16 \nIndustrial Solutions | 80 | 66 | 14 \nCommunications Solutions | 49 | 44 | 5 \nTotal | $ 289 | $ 254 | $ 35 \n\n2019\n initiated restructuring program consolidation improvements segments. recorded restructuring charges $254 million. complete restructuring actions 2021 incur additional charges $35 million employee severance facility exit costs Transportation Industrial Solutions segments.\n table summarizes charges segment\n Transportation Solutions $ 160 $ 144 $ 16\n Industrial Solutions 80 66 14\n Communications Solutions 49 44\n $ 289 $ 254 $" +} +{ + "_id": "d1b3c5e96", + "title": "", + "text": "Orders were up clearly year-over-year, due mainly to higher orders in the new-unit business. Volume from large orders increased significantly year-over-year; among the contract wins was a € 0.4 billion order for a combined-cycle power plant, including service in France; a HVDC order worth € 0.4 billion in Germany; a € 0.3 billion order for a large offshore grid connection project in the U. K.; and a € 0.3 billion order in the solutions business in Brazil. Order intake increased in all three reporting\nregions, with the Americas posting double-digit growth.\nGas and\nPower ’s revenue decreased moderately year-over-year in a continuing\ndifficult market environment as the new-unit businesses recorded lower revenue compared to fiscal 2018 following weak order entry in prior years. On a geographic basis, revenue decreased in the regions Europe, C. I. S., Africa, Middle East and Asia, Australia, partly offset by growth in the Americas. Despite a continuing strong contribution from the service business and positive effects from project execution and completion, Adjusted EBITA was down year-over-year on lower revenue, price declines and reduced capacity utilization. In addition, Adjusted EBITA in fiscal 2018 benefited from gains totaling € 166 million from two divestments. Severance charges were € 242 million in fiscal 2019 compared to € 374 million in fiscal 2018. Gas and Power ’s order backlog was € 51 billion at the end of the fiscal year, of which € 13 billion are expected to be converted into revenue in fiscal 2020.\nThese results reflected a highly competitive market environment. We expect the power generation market overall to remain challenging with market volume stabilizing at the current level. After years of continuous decline, the volume of the gas turbine market in fiscal 2019 remained on the prior-year level, again being impacted by customer delays of large projects in Asia, Australia, particularly in China, and strong price pressure resulting from intense competition. Customers also showed restraint due to ongoing weak growth in demand for power, combined with uncertainty regarding regulatory developments.\nThe gas turbine market is experiencing overcapacity among OEMs and EPC contractors, which is fostering market consolidation. In the market for large steam turbines for power generation, volume shrank further year-over-year from an already low basis of comparison due to an ongoing shift from coal-fired to gas-fired and renewable power generation, as well as to carbon emission regulation. We expect these developments to continue in fiscal 2020. In contrast, markets for industrial steam turbines were stable in fiscal 2019, and the market segment is expected to be flat in fiscal 2020.\nOil and gas markets developed positively in fiscal 2019, driven by a recovery in liquefied natural gas. They are expected to grow again in fiscal 2020, driven by the liquefied natural gas and upstream markets. Both markets for offshore and onshore exploration are anticipated to recover further based on a growing number of expected project approvals. Pipelines, downstream, and oil and gas-related markets are expected to remain stable in fiscal 2020.\n\n | | Fiscal year | | % Change\n------------------------- | ------ | ----------- | ------ | --------\n(in millions of €) | 2019 | 2018 | Actual | Comp. \nOrders | 19,975 | 18,451 | 8 % | 7 % \nRevenue | 17,663 | 18,125 | (3) % | (4) % \ntherein: service business | 8,025 | 7,756 | 3% | 2% \nAdjusted EBITA | 679 | 722 | (6)% | \nAdjusted EBITA margin | 3.8% | 4.0% | | \n\nOrders up year-over-year higher new-unit business. large orders increased € 0. 4 billion combined-cycle power plant France HVDC €. 4 billion Germany €. 3 billion offshore grid. €. 3 billion Brazil. intake increased\n regions Americas double-digit growth.\n Gas\n Power revenue decreased\n difficult new-unit lower revenue. revenue decreased Europe C. S. Africa Middle East Asia Australia offset growth Americas. Adjusted down lower revenue price declines reduced capacity utilization. gains € 166 million divestments. Severance charges € 242 million 2019 € 374 million 2018. order backlog € 51 billion € 13 billion converted revenue 2020.\n competitive market environment. power generation market challenging volume stabilizing. volume gas turbine market 2019 prior-year level impacted delays Asia Australia China price pressure competition. Customers restraint weak growth demand uncertainty regulatory developments.\ngas turbine market overcapacity fostering consolidation. large steam turbines volume shrank-over shift coal gas renewable carbon emission regulation. developments continue 2020. industrial steam turbines stable 2019 expected flat 2020.\n Oil gas markets developed 2019 recovery natural gas. expected grow 2020. offshore onshore exploration recover project approvals. Pipelines downstream oil gas-related markets stable 2020.\n Fiscal year % Change\n millions € 2019 2018.\n Orders 19,975 18,451 8 %\n Revenue 17,663 18,125 (3)\n service business 8,025 7,756 3% 2%\n Adjusted EBITA 679 722\n margin 3. 8%." +} +{ + "_id": "d1b344a30", + "title": "", + "text": "Changes in parameters on the basis of actuarial calculations led to a total increase in the present value of defined benefit obligations by €247 million (2017/18: €−24 million). Most of the effects result from the reduction of the applied invoice rates.\nThe weighted average term of defined benefit commitments for the countries with material pension obligations amounts to:\n\nYears | 30/9/2018 | 30/9/2019\n--------------- | --------- | ---------\nGermany | 16 | 16 \nNetherlands | 22 | 24 \nUnited Kingdom | 18 | 18 \nBelgium | 4 | 6 \nOther countries | 11 | 11 \n\nChanges present value defined benefit obligations €247 million (2017/18 €−24 million. reduction invoice rates.\n average term defined benefit commitments countries\n 30/9/2018 30/9/2019\n Germany 16\n Netherlands 22\n United Kingdom 18\n Belgium\n countries" +} +{ + "_id": "d1b383a32", + "title": "", + "text": "Revenue Disaggregation\nAutodesk recognizes revenue from the sale of (1) product subscriptions, cloud service offerings, and flexible enterprise business agreements (\"EBAs\"), (2) renewal fees for existing maintenance plan agreements that were initially purchased with a perpetual software license, and (3) consulting, training and other goods and services. The three categories are presented as line items on Autodesk's Consolidated Statements of Operations.\nInformation regarding the components of Autodesk's net revenue from contracts with customers by geographic location, product family, and sales channel is as follows:\n(1) Due to changes in the go-to-market offerings of our AutoCAD product subscription, prior period balances have been adjusted to conform to current period presentation.\nPayments for product subscriptions, industry collections, cloud subscriptions, and maintenance subscriptions are typically due up front with payment terms of 30 to 45 days. Payments on EBAs are typically due in annual installments over the contract term, with payment terms of 30 to 60 days. Autodesk does not have any material variable consideration, such as obligations for returns, refunds, or warranties or amounts payable to customers for which significant estimation or judgment is required as of the reporting date.\nAs of January 31, 2019, Autodesk had total billed and unbilled deferred revenue of $2.7 billion, which represents the total contract price allocated to undelivered performance obligations, which are generally recognized over the next three years. We expect to recognize $1.9 billion or 72% of this revenue during the next 12 months. We expect to recognize the remaining $0.8 billion or 28% of this revenue thereafter.\nWe expect that the amount of billed and unbilled deferred revenue will change from quarter to quarter for several reasons, including the specific timing, duration and size of customer subscription and support agreements, varying billing cycles of such agreements, the specific timing of customer renewals, and foreign currency fluctuations\n\n | | Fiscal Year ended January 31, | \n------------------------------------------ | -------- | ----------------------------- | --------\n | 2019 | 2018 | 2017 \nNet revenue by product family (1): | | | \nArchitecture, Engineering and Construction | $1,021.6 | $787.5 | $810.4 \nManufacturing | 616.2 | 528.8 | 575.2 \nAutoCAD and AutoCAD LT | 731.8 | 561.4 | 472.7 \nMedia and Entertainment | 182 | 152.1 | 138.8 \nOther | 18.2 | 26.8 | 33.9 \nTotal net revenue | $2,569.8 | $2,056.6 | $2,031.0\nNet revenue by geographic area: | | | \nAmericas | | | \nU.S. | $874.6 | $740.4 | $742.1 \nOther Americas | 175.3 | 130.7 | 129.8 \nTotal Americas | 1,049.9 | 871.1 | 871.9 \nEurope, Middle East and Africa | 1,034.3 | 815.4 | 800.4 \nAsia Pacific | 485.6 | 370.1 | 358.7 \nTotal net revenue | $2,569.8 | $2,056.6 | $2,031.0\nNet revenue by sales channel: | | | \nIndirect | $1,830.8 | $1,443.8 | $1,468.9\nDirect | 739.0 | 612.8 | 562.1 \nTotal net revenue | $2,569.8 | $2,056.6 | $2,031.0\n\n\n Autodesk recognizes revenue from product subscriptions cloud service enterprise business agreements renewal fees consulting training goods services. categories line items on Consolidated Statements of Operations.\n net revenue by geographic location product family sales channel\n changes AutoCAD balances adjusted conform current.\n Payments for product subscriptions industry collections cloud subscriptions maintenance subscriptions due up front 30 to 45 days. EBAs due annual installments 30 to 60 days. material variable obligations returns refunds warranties.\n January 31, 2019 unbilled deferred revenue $2. 7 billion contract price undelivered performance obligations recognized next three years. expect recognize $1. 9 billion or 72% revenue next 12 months. remaining $0. 8 billion 28%.\n deferred revenue change timing duration agreements billing cycles renewals foreign currency fluctuations\n Fiscal Year ended January 31,\n Net revenue by product family\nArchitecture Engineering Construction $1,021. $787. $810.\n Manufacturing 616. 528. 575.\n AutoCAD 731. 561. 472.\n Media Entertainment. 138.\n. 26. 33.\n $2,569. $2,056. $2,031.\n geographic\n. $874. $740. $742.\n 175. 130.\n 1,049. 871. 871.\n Europe Middle East Africa 1,034. 815. 800.\n 485. 358.\n $2,569. $2,056. $2,031.\n sales\n $1,830. $1,443. $1,468.\n 739. 612. 562.\n $2,569. $2,056. $2,031." +} +{ + "_id": "d1a721654", + "title": "", + "text": "Note 3. Revenue\nAccounting policy for revenue recognition\nAASB 15 Revenue from Contracts with Customers establishes a comprehensive framework for determining the quantum and timing of revenue recognition. The AASB equivalent of IFRS 15 Revenue from Contract with Customers replaced IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations.\nThe new standard is based on the principle that revenue is recognised when control of a good or service transfers to a customer – either over time or at a point in time – depending on when performance obligations are satisfied.\nThe Group has applied the new standard on 1 July 2018 using the modified retrospective approach with changes reflected in opening retained profits. The application of the standard did not result in a significant change to the recognition of revenue compared to the previous accounting policy for revenue.\nAltium has one performance obligation for each of the revenue streams listed below and has applied the following revenue recognition methods:\n1. Software licenses: Revenue is recognised at a point in time when license activation is available to the user. 2. Subscription and maintenance: Revenue is deferred and is subsequently recognised over the period in which the subscription service is provided. As the billing structure for customers is often bundled with licenses and billed on activation, there is an allocation methodology applied based on stand-alone selling prices to calculate the portion of revenue to be deferred. 3. Search advertising: Revenue is recognised at a point in time on a price-per-click basis, this is when a user engages with the search result on the website by clicking on it. 4. Services revenue: Revenue from providing services is recognised over the period in which the services are rendered. Services include training and implementation services. 5. Other revenue - Royalties: Royalties related to IP are recognised at a point in time when the subsequent sales occurs. 6. Interest income: Revenue is recognised on a time proportion basis, by reference to the principal outstanding and the effective interest rate applicable, which is the rate that discounts estimated future cash receipts through the expected life of the financial asset to the assets net carrying amount.\nImpact on opening retained profits\nFor incremental costs incurred in obtaining a contract, such as sales commissions, Altium has chosen to apply the practical expedient available under the standard which permits immediate expensing when the underlying asset is amortised in one year or less, given subscription periods are typically for a 12 month period.\nWhere revenue is deferred for more than 12 months and an upfront commission has been paid, the commission is capitalised and amortised over the period the revenue is recognised. Altium had US$6 million in long-term deferred revenue as at 30 June 2018 which resulted in an adjustment of US$0.3 million to opening retained profits on adoption of the standard.\nAltium had US$6.9 million in long-term deferred revenue as at June 2019 which resulted in an adjustment of US$ 0.2 million to capitalise commissions.\nCritical accounting judgements, estimates and assumptions\nRevenue for multiple element contracts is allocated based on stand-alone selling prices and then recognised revenue according to the accounting policy for each revenue stream.\n\n | Consolidated | \n------------------------------------ | ------------ | -------\n | 2019 | 2018 \n | US$000 | US$000 \nSoftware license revenue | 82,575 | 64,420 \nSubscription and maintenance revenue | 64,955 | 56,996 \nSearch advertising revenue | 17,940 | 11,968 \nService revenue | 3,655 | 5,532 \nOther revenue | 2,694 | 1,260 \n | 171,819 | 140,176\nInterest income | 933 | 192 \nRevenue | 172,752 | 140,368\n\n3. Revenue\n Accounting policy\n AASB 15 Revenue from Contracts with Customers framework quantum timing revenue recognition. AASB IFRS 15 Revenue replaced IAS 18 Revenue IAS 11 Construction Contracts.\n new standard revenue recognised when control service transfers to customer depending performance obligations satisfied.\n Group applied new standard 1 July 2018 modified retrospective approach changes in opening retained profits. significant change recognition revenue previous.\n Altium one performance obligation for revenue streams applied revenue recognition methods\n. Software licenses Revenue recognised license activation available. Subscription maintenance Revenue deferred recognised service provided. allocation methodology prices revenue deferred. Search advertising Revenue recognised price-per-click basis search result. Services revenue recognised. include training implementation services. Other revenue - Royalties recognised sales. Interest income Revenue recognised principal outstanding effective interest rate future cash receipts net carrying amount.\n Impact on opening retained profits\ncosts sales commissions Altium expedient expensing asset amortised year 12.\n revenue deferred 12 upfront commission paid capitalised amortised. Altium US$6 million deferred revenue 30 June 2018 adjustment US$0. 3 million profits.\n US$6. 9 million June 2019 US$ 0. 2 million commissions.\n accounting judgements\n Revenue contracts allocated selling prices recognised accounting policy stream.\n Consolidated\n Software license revenue 82,575 64,420\n Subscription maintenance revenue 64,955 56,996\n Search advertising 17,940 11\n Service revenue 3,655\n Other revenue 2,694\n 171,819 140\n Interest income 933\n 172,752 140,368" +} +{ + "_id": "d1b37aaf4", + "title": "", + "text": "Deferred revenue primarily consists of amounts that have been invoiced but not yet been recognized as revenue and consists of performance obligations pertaining to support and subscription services. During the years ended December 31, 2019 and 2018, we recognized revenue of $63.2 million and $60.2 million, related to deferred revenue at the beginning of the period.\nDeferred revenue consisted of the following (in thousands):\n\n | December 31, 2019 | December 31, 2018\n---------------------- | ----------------- | -----------------\nDeferred revenue: | | \nProducts | $6,593 | $5,216 \nServices | 94,571 | 92,750 \nTotal deferred revenue | 101,164 | 97,966 \nLess: current portion | (62,233) | (63,874) \nNon-current portion | $38,931 | $34,092 \n\nDeferred revenue invoiced performance obligations services. December 2019 2018 recognized $63. 2 million $60. 2 million deferred.\n 31, 2019 2018\n Products $6,593 $5,216\n Services 94,571 92,750\n deferred revenue 101,164 97,966\n current (62,233 (63,874)\n Non-current portion $38,931 $34,092" +} +{ + "_id": "d1b357d56", + "title": "", + "text": "The Group made an operating profit of $60.9 million in the year and adjusted operating profit increased by $50.7 million to $109.0 million, primarily as a result of strong revenue growth. This year's result benefited from a foreign exchange gain of $1.5 million, compared to a foreign exchange loss of $6.9 million in the prior-year.\nThe Group’s profit before taxation increased by $94.6 million to $53.6 million, from a loss of $41.0 million in the prior-year, primarily as a consequence of the $80.6 million improvement in operating profit supported by a $13.4 million reduction in finance expenses. Finance expenses benefited from foreign exchange gains in the current year resulting from the strengthening of both sterling and the euro against the US dollar, compared to foreign exchange losses in the prior-year.\nThe Group’s profit for the year increased by $87.8 million to $26.9 million in the year-ended 31 March 2019, which given only a small increase in the year-on-year income tax charge was primarily attributable to the improvement in the profit before taxation.\nCash flow from operating activities remained strong at $142.9 million, reduced by $4.8 million from $147.7 million in the prior-year. The small overall decrease was due to an increase in overheads, partially offset by a reduction in the cashflow outflow on exceptional items and an improved use of working capital. Unlevered free cashflow decreased by $15.8 million to $123.8 million representing the reduction in net cash flow from operating activities adjusted for the cashflow impact of exceptional items.\nThe table below presents the Group’s financial highlights on a reported basis:\n1 Restated for the adoption of IFRS 15 and change in accounting policy in respect of research and development expenditure tax credit scheme and provision for interest on uncertain tax positions, as explained in note 2 of the Financial Statements\n2 Definitions and reconciliations of non-GAAP measures are included in note 5 of the Financial Statements\n\n | FY19 | FY18 | Change\n--------------------------------------- | ----- | ------ | ------\n | $M | $M | % \nStatutory measures | | | \nRevenue | 710.6 | 639.0 | 11.2 \nProfit / (Loss) before taxation | 53.6 | (41.0) | nm \nNet cash flow from operating activities | 142.9 | 147.7 | (3.2) \nAlternative performance measures2 | | | \nBillings | 760.3 | 768.6 | (1.1) \nCash EBITDA | 167.9 | 199.2 | (15.7)\nAdjusted operating profit | 109.0 | 58.3 | 87.0 \nUnlevered free cash flow | 123.8 | 139.6 | (11.3)\n\nGroup operating profit $60. 9 million adjusted increased $50. 7 million $109. 0 million revenue growth. foreign exchange gain $1. 5 million loss $6. 9 million.\n profit before taxation increased $94. 6 million $53. 6 million $41. 0 million $80. 6 million improvement profit $13. 4 million reduction finance expenses. exchange gains strengthening sterling euro.\n profit increased $87. 8 million $26. 9 million 31 March 2019 small increase income tax charge profit taxation.\n Cash flow strong $142. 9 million reduced $4. 8 million $147. 7 million prior-year. overheads offset reduction cashflow improved use working capital. Unlevered free cashflow decreased $15. 8 million $123. 8 million.\n financial highlights\n IFRS 15 accounting policy research development expenditure tax credit scheme interest uncertain tax positions\n non-GAAP measures note 5 Statements\n$M\n Statutory measures\n Revenue 710. 639. 11.\n Profit before taxation 53.\n cash flow 142. 147. 7 (3.\n performance\n 760.\n EBITDA 167. 199. (15.\n Adjusted operating profit 109. 58. 87.\n cash flow 123. 139. (11." +} +{ + "_id": "d1b3994cc", + "title": "", + "text": "Liquidity and Capital Resources\nWe believe our ability to generate cash flows from operating activities is one of our fundamental financial strengths. In the near term, we expect our business and financial condition to remain strong and to continue to generate significant operating cash flows, which, we believe, in combination with our existing balance of cash and cash equivalents and short-term investments of $5.9 billion, our access to capital, and the availability of our $1.5 billion revolving credit facility, will be sufficient to finance our operational and financing requirements for the next 12 months. Our primary sources of liquidity, which are available to us to fund cash outflows such as potential dividend payments or share repurchases, and scheduled debt maturities, include our cash and cash equivalents, short-term investments, and cash flows provided by operating activities.\nAs of December 31, 2019, the amount of cash and cash equivalents held outside of the U.S. by our foreign subsidiaries was $2.8 billion, as compared to $1.4 billion as of December 31, 2018. These cash balances are generally available for use in the U.S., subject in some cases to certain restrictions.\nOur cash provided from operating activities is somewhat impacted by seasonality. Working capital needs are impacted by weekly sales, which are generally highest in the fourth quarter due to seasonal and holiday-related sales patterns. We consider, on a continuing basis, various transactions to increase shareholder value and enhance our business results, including acquisitions, divestitures, joint ventures, share repurchases, and other structural changes. These transactions may result in future cash proceeds or payments.\nSources of Liquidity (amounts in millions)\n\n | For the Years Ended December 31, | | \n-------------------------- | -------------------------------- | ------ | -------------------\n | 2019 | 2018 | Increase (Decrease)\nCash and cash equivalents | $5,794 | $4,225 | $1,569 \nShort-term investments | 69 | 155 | (86) \n | $5,863 | $4,380 | $1,483 \nPercentage of total assets | 30% | 24% | \n\nLiquidity Capital Resources\n cash financial. expect business financial condition strong generate cash flows cash equivalents short-term investments $5. 9 billion access capital $1. 5 billion revolving credit facility operational financing requirements next 12 months. primary sources liquidity outflows dividend payments repurchases debt maturities include cash equivalents short-term investments cash flows activities.\n December 31, 2019 cash equivalents held outside. foreign subsidiaries $2. 8 billion $1. 4 billion December 31, 2018. available U. restrictions.\n cash impacted by seasonality. sales fourth quarter. consider transactions increase shareholder value business results divestitures joint share repurchases structural changes. result future cash proceeds payments.\n Sources Liquidity millions\n Cash equivalents $5,794 $4,225 $1,569\n Short-term investments 69 155\n $5,863 $4,380 $1,483\n total assets 30% 24%" +} +{ + "_id": "d1b35d7ce", + "title": "", + "text": "9. Debt\nSilicon Valley Bank Facility\nWe maintained a Loan and Security Agreement with SVB (the \"Credit Facility\") under which we had a term loan with an original borrowing amount of $6.0 million (the “Original Term Loan”). The Original Term Loan carried a floating annual interest rate equal to SVB’s prime rate then in effect plus 2%. The Original Term Loan matured and was repaid in May 2019.\nOn October 10, 2019, we entered into an Amended and Restated Loan and Security Agreement (the “Loan Agreement”) with SVB, which amended and restated in its entirety our previous Credit Facility. Under the Loan Agreement, SVB agreed to make advances available up to $10.0 million (the “Revolving Line”). If we borrow from the Revolving Line, such borrowing would carry a floating annual interest rate equal to the greater of (i) the Prime Rate (as defined in the Loan Agreement) then in effect plus 1% or (ii) 6%. Amounts borrowed under the Revolving Line may be repaid and, prior to the Revolving Line Maturity Date (defined below), reborrowed. The Revolving Line terminates on October 10, 2020 (the “Revolving Line Maturity Date”), unless earlier terminated by us. No amounts have been borrowed under this Loan Agreement.\nAmounts due under the Loan Agreement are secured by our assets, including all personal property, inventory and bank accounts; however, intellectual property is not secured under the Loan Agreement. The inventory used to secure the amount due does not include demo or loaner equipment with an aggregate book value up to $1.0 million. The Loan Agreement requires us to observe a number of financial and operational covenants, including maintenance of a specified Liquidity Coverage Ratio (as defined in the Loan Agreement), protection and registration of intellectual property rights and customary negative covenants. If any event of default occurs SVB may declare due immediately all borrowings under the Credit Facility and foreclose on the collateral. Furthermore, an event of default under the Credit Facility would result in an increase in the interest rate on any amounts outstanding. As of December 31, 2019, there were no events of default on the Credit Facility.\nInterest expense, net for the years ended December 31, 2019 and 2018 consisted of the following:\n\n | Years ended December 31, | \n----------------------------------- | ------------------------ | --------\n | 2019 | 2018 \nInterest expense on Term Loans | $8,073 | $101,087\nAmortization of debt issuance costs | 5,685 | 16,308 \nOther interest expense | 2,120 | 6,949 \nTotal interest expense, net | $15,878 | $124,344\n\n. Debt\n Silicon Valley Bank Facility\n maintained Loan Security Agreement with SVB term loan original $6. 0 million Term. floating annual interest rate SVB’s prime rate plus 2%. matured repaid May 2019.\n October 10, 2019 entered Amended Restated Loan Security Agreement with SVB restated previous Credit Facility. SVB advances up to $10. 0 million “Revolving Line”). floating annual interest rate equal Prime Rate plus 1% or 6%. borrowed Revolving Line repaid reborrowed. terminates October 10, 2020. No amounts borrowed under Loan Agreement.\n Amounts due secured by assets personal property inventory bank accounts intellectual property not secured. inventory equipment book value up to $1. 0 million. requires financial operational covenants Liquidity Coverage Ratio protection registration intellectual property rights covenants. default SVB borrowings foreclose collateral. default interest rate.December 31, 2019 no default Credit Facility.\n Interest 2019 2018\n Interest Term Loans $8,073 $101,087\n Amortization debt costs 5,685 16,308\n 2,120 6,949\n Total $15,878 $124,344" +} +{ + "_id": "d1b38af94", + "title": "", + "text": "Net Income (Loss) Per Share\nThe Company calculates net income (loss) per share in accordance with FASB ASC Topic 260,Earnings per Share. Basic net income (loss) per share is based on the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share also gives effect to all potentially dilutive securities outstanding during the period, such as restricted stock units (“RSUs”), stock options, and Employee Stock Purchase Plan (\"ESPP\") shares, if dilutive. In a period with a net loss position, potentially dilutive securities are not included in the computation of diluted net loss because to do so would be antidilutive, and the number of shares used to calculate basic and diluted net loss is the same.\nFor the fiscal years ended September 30, 2019, 2018 and 2017, the following potentially dilutive common shares were excluded from the net income (loss)\nper share calculation, as they would have been antidilutive (amounts in thousands):\n\n | 2019 | 2018 | 2017\n---------------------------------------------------- | ----- | ----- | ----\nStock options | 1,687 | 2,806 | 569 \nRSUs | 2,352 | 2,580 | 83 \nESPP common stock equivalents | 74 | 71 | — \nID Checker earnout shares | — | — | 24 \nTotal potentially dilutive common shares outstanding | 4,113 | 5,457 | 676 \n\nNet Income (Loss) Per Share\n Company calculates FASB ASC Topic 260,Earnings per Share. based on weighted-average common shares. Diluted dilutive securities Employee Stock Purchase Plan. net loss position dilutive securities not included loss same.\n fiscal years 2019 2018 2017 potentially dilutive common shares excluded from\n 2019 2018\n Stock options 1,687 2,806 569\n RSUs 2,352 2,580 83\n ESPP common stock equivalents 74 \n ID Checker earnout shares 24\n Total potentially dilutive common shares 4,113 | 5,457 676" +} +{ + "_id": "d1b39e22e", + "title": "", + "text": "1. NATURE OF BUSINESS\nNordic American Tankers Limited (“NAT”) was formed on June 12, 1995 under the laws of the Islands of Bermuda. The Company’s shares trade under the symbol “NAT” on the New York Stock Exchange. The Company was formed for the purpose of acquiring and chartering out double-hull tankers.\nThe Company is an international tanker company that currently has a fleet of 23 Suezmax tankers. The Company has not disposed of or acquired new vessels in 2019. The 23 vessels the Company operated per December 31, 2019, average approximately 156,000 dwt each. In 2019, 2018 and 2017, the Company chartered out its operating vessels primarily in the spot market.\nThe Company’s Fleet\nThe Company’s current fleet consists of 23 Suezmax crude oil tankers of which the vast majority have been built in Korea.\n\nVessel | Built in | Deadweight Tons | Delivered to NAT in\n--------------- | -------- | --------------- | -------------------\nNordic Freedom | 2005 | 159,331 | 2005 \nNordic Moon | 2002 | 160,305 | 2006 \nNordic Apollo | 2003 | 159,998 | 2006 \nNordic Cosmos | 2003 | 159,999 | 2006 \nNordic Grace | 2002 | 149,921 | 2009 \nNordic Mistral | 2002 | 164,236 | 2009 \nNordic Passat | 2002 | 164,274 | 2010 \nNordic Vega | 2010 | 163,940 | 2010 \nNordic Breeze | 2011 | 158,597 | 2011 \nNordic Zenith | 2011 | 158,645 | 2011 \nNordic Sprinter | 2005 | 159,089 | 2014 \nNordic Skier | 2005 | 159,089 | 2014 \nNordic Light | 2010 | 158,475 | 2015 \nNordic Cross | 2010 | 158,475 | 2015 \nNordic Luna | 2004 | 150,037 | 2016 \nNordic Castor | 2004 | 150,249 | 2016 \nNordic Sirius | 2000 | 150,183 | 2016 \nNordic Pollux | 2003 | 150,103 | 2016 \nNordic Star | 2016 | 159,000 | 2016 \nNordic Space | 2017 | 159,000 | 2017 \nNordic Tellus | 2018 | 157,000 | 2018 \nNordic Aquarius | 2018 | 157,000 | 2018 \nNordic Cygnus | 2018 | 157,000 | 2018 \n\n.\n Nordic American Tankers Limited formed June 12, 1995 Islands Bermuda. shares trade symbol New York Stock Exchange. acquiring chartering double-hull tankers.\n international fleet 23 Suezmax tankers. new vessels 2019. 23 vessels December 31, 2019 average 156,000 dwt each. 2019 2018 2017 chartered vessels spot market.\n 23 Suezmax crude oil tankers majority built Korea.\n Nordic Freedom 2005 159,331\n Nordic Moon 160,305\n Nordic Apollo 159,998\n Cosmos 159,999\n Nordic Grace 149,921\n Nordic Mistral 164,236\n Passat 164,274\n Nordic Vega 163,940\n Nordic Breeze 158,597\n Zenith 158,645\n Sprinter 159,089\n Nordic Skier\n Light 158,475\n Cross\n Luna 150,037\n Nordic Castor 150,249\n Nordic Sirius 150,183\nPollux 2003 150,103 2016\n Star 159,000\n Space 2017 159,000\n Tellus 2018 157,000\n Aquarius 157,000\n Cygnus 157,000" +} +{ + "_id": "d1b334d4c", + "title": "", + "text": "Outlook and Overview Our operating requirements have historically been funded from cash flows generated from our business and borrowings under our credit facilities.\nWe expect that our future operating requirements will continue to be funded from cash flows from operating activities, existing cash and cash equivalents, and, if needed, from borrowings under our revolving credit facility and our ability to obtain future external financing.\nWe anticipate that we will continue to use a substantial portion of our cash flow to fund capital expenditures, meet scheduled payments of long-term debt, and to invest in future business opportunities.\nThe following table summarizes our cash flows:\n\n | | Years Ended December 31, | \n------------------------------------------------ | --------- | ------------------------ | -----------\n(In thousands) | 2019 | 2018 | 2017 \nCash flows provided by (used in): | | | \nOperating activities | $ 339,096 | $ 357,321 | $ 210,027 \nInvesting activities | (217,819) | (221,459) | (1,042,711)\nFinancing activities | (118,481) | (141,920) | 821,264 \nIncrease (decrease) in cash and cash equivalents | $ 2,796 | $ (6,058) | $ (11,420) \n\noperating requirements funded cash borrowings credit.\n future cash equivalents borrowings credit facility external financing.\n cash flow capital expenditures debt future business opportunities.\n table summarizes cash flows\n Years Ended December 31,\n 2019 2018 2017\n Cash flows\n Operating activities $ 339,096 $ 357,321 210,027\n Investing activities (217,819) (221,459) (1,042,711)\n Financing activities (118,481) (141,920) 821,264\n cash equivalents $ 2,796 (6,058) (11,420" +} +{ + "_id": "d1b3b87e6", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\nCurrent Liabilities\nShip management creditors’ liability is comprised of cash collected from Egypt LNG Shipping Ltd. to cover the obligations of its vessel under the Group’s management\nAmounts due to related parties of $200 (December 31, 2018: $169) are expenses paid by a related party on behalf of the Group and payables to other related parties for the office lease and other operating expenses.\n\n | As of December 31, | \n------------------------------ | ------------------ | ----\n | 2018 | 2019\nShip management creditors | 268 | 328 \nAmounts due to related parties | 169 | 200 \n\nGasLog Ltd. Subsidiaries\n consolidated financial statements\n years December 31, 2017 2018 2019\n amounts U. S. Dollars except\n Ship management liability cash Egypt LNG Shipping. obligations\n due $200 31, $169) expenses office lease operating expenses.\n December 31,\n 2019\n Ship management creditors 268 328\n due related parties 169" +} +{ + "_id": "d1b378b82", + "title": "", + "text": "In October 2013, the Company ceased to allow new employees to join certain defined benefit plans, except under certain circumstances, and commenced a defined contribution pension plan for new employees.\nThe Company made contributions of $1.2 million for various defined contribution arrangements during 2019 (December 31, 2018 — $0.9 million).\nThe Company’s funding policy is to make contributions to its defined benefit pension funds based on actuarial cost methods as permitted and required by pension regulatory bodies. Contributions reflect actuarial assumptions concerning future investment returns, salary projections and future service benefits. Plan assets are represented primarily by Canadian and foreign equity securities, fixed income instruments and short-term investments.\nThe Company provides certain health care and life insurance benefits for some of its retired employees and their dependents. Participants are eligible for these benefits generally when they retire from active service and meet the eligibility requirements for the pension plan. These benefits are funded primarily on a pay-as-you-go basis, with the retiree generally paying a portion of the cost through contributions, deductibles and coinsurance provisions.\nThe balance sheet obligations, distributed between pension and other post-employment benefits, included in other long-term liabilities (Note 23) were as follows:\n\nAs at December 31, | 2019 | 2018 \n------------------------------ | ------- | -------\nPension benefits | $8,566 | $10,905\nOther post-employment benefits | 23,508 | 21,330 \nAccrued benefit liabilities | $32,074 | $32,235\n\n2013, Company employees benefit plans commenced pension plan.\n $1. 2 million 2019 2018 $0. 9 million.\n policy defined benefit pension funds actuarial cost methods. Contributions reflect investment returns salary projections service benefits. assets Canadian foreign equity securities fixed income instruments short-term investments.\n provides health care life insurance retired employees dependents. eligible. funded pay-as-you-go retiree cost contributions deductibles coinsurance.\n balance sheet obligations pension-employment benefits\n December 31, 2019\n Pension $8,566 $10,905\n Other post-employment benefits 23,508 21,330\n Accrued benefit liabilities $32,074 $32,235" +} +{ + "_id": "d1b3b62fc", + "title": "", + "text": "3. Investments in subsidiaries\nThe additions in the year and prior year relate to equity-settled share-based payments granted to the employees of subsidiary companies.\nSubsidiary undertakings are disclosed within note 35 to the consolidated financial statements.\n\n | 2019 | 2018 \n-------------------------- | ------- | -------\n | £m | £m \nAt beginning of the period | 1,212.9 | 1,210.5\nAdditions | 3.1 | 2.4 \nAt end of the period | 1,216.0 | 1,212.9\n\n. Investments subsidiaries\n additions equity-settled share payments employees subsidiary companies.\n undertakings disclosed note 35 consolidated financial statements.\n period 1,212. 1,210.\n Additions.\n end period 1,216. 1,212." +} +{ + "_id": "d1a720dee", + "title": "", + "text": "The tax effects of temporary differences that give rise to significant portions of deferred tax assets (liabilities) are as follows (in thousands):\nRecognition of deferred tax assets is appropriate when realization of these assets is more likely than not. Based\nupon the weight of available evidence, which includes our historical operating performance and the recorded\ncumulative net losses in prior fiscal periods, we recorded a full valuation allowance of $85.7 million and $78.7 million against the U.S. net deferred tax assets as of December 31, 2019 and 2018, respectively. For the years ended December 31, 2019 and 2018, the valuation allowance increased by $7.1 million and $6.2 million, respectively.\nAs of December 31, 2019 and 2018, we had U.S. federal net operating loss carryforwards of $193.8 million and\n$185.0 million, respectively, and state net operating loss carryforwards of $84.6 million and $75.3 million,\nrespectively. The federal net operating loss carryforwards will expire at various dates beginning in the year ending December 31, 2025, if not utilized. The state net operating losses expire in various years ending between 2023 and\n2039, if not utilized.\nAdditionally, as of December 31, 2019 and 2018, we had U.S. federal research and development credit\ncarryforwards of $15.3 million and $13.3 million, and state research and development credit carryforwards of\n$16.4 million and $14.2 million, respectively. The federal credit carryforwards will begin to expire at various dates\nbeginning in 2025 while the state credit carryforwards can be carried over indefinitely.\nUtilization of the net operating losses and credit carryforwards may be subject to an annual limitation provided\nfor in the Internal Revenue Code Section 382 and similar state codes. Any annual limitation could result in the\nexpiration of net operating loss and credit carryforwards before utilization\nWith respect to our undistributed foreign subsidiaries’ earnings we consider those earnings to be indefinitely reinvested and, accordingly, no related provision for U.S. federal and state income taxes has been provided. Our intention has not changed subsequent to the one-time transition tax under the Tax Act. Upon distribution of those earnings in the form of dividends or otherwise, we may be subject to both U.S. income taxes subject to an adjustment for foreign tax credits and withholding taxes in the various countries. As of December 31, 2019 and 2018, the undistributed earnings approximated $13.6 million and $10.8 million, respectively. Our undistributed earnings through December 31, 2017 have been taxed under the one-time transition tax under the Tax Act.\n\n | December31, | December31,\n---------------------------------------------------------------- | ----------- | -----------\n | 2019 | 2018 \nDeferred tax assets: | | \nNet operating loss carry forwards | $46,273 | $43,869 \nResearch and development credits, net of uncertain tax positions | 25,386 | 22,051 \nAccruals, reserves, and other | 12,021 | 11,264 \nStock-based compensation | 3,306 | 2,628 \nDepreciation and amortization | 2,219 | 1,952 \nOperating lease liability | 7,061 | — \nGross deferred tax assets | 96,266 | 81,764 \nValuation allowance | (85,743) | (78,681) \nTotal deferred tax assets | 10,523 | 3,083 \nDeferred tax liabilities: | | \nDeferred contract acquisition costs | (2,245) | (2,256) \nOperating lease right of use asset | (7,088) | — \nOther | (19) | (13) \nTotal deferred tax liabilities | (9,352) | (2,269) \nNet deferred tax assets | $1,171 | $814 \n\ntax effects differences deferred tax assets\n Recognition deferred tax assets when realization likely.\n performance\n full valuation allowance $85. 7 million $78. 7 million against. deferred tax assets December 31, 2019 2018. valuation allowance increased $7. 1 million $6. 2 million.\n. federal net operating loss carryforwards $193. 8 million\n $185. 0 million state net operating loss carryforwards $84. 6 million $75. 3 million\n. carryforwards expire December 2025. state losses expire 2023\n 2039 not.\n. federal research development\n carryforwards $15. 3 million $13. 3 million state\n $16. 4 million $14. 2 million. federal expire\n 2025 state carried over indefinitely.\n Utilization losses carryforwards annual limitation\n Internal Revenue Code Section 382.\n expiration before\n undistributed foreign subsidiaries’ earnings indefinitely reinvested no provision. federal state income taxes.intention one-time transition tax. distribution earnings. income taxes foreign tax credits withholding taxes. December 2019 2018 undistributed earnings $13. 6 million $10. 8 million. 2017 taxed-time tax.\n Deferred tax assets\n Net operating loss $46,273 $43,869\n Research development credits 25,386\n Accruals reserves 12,021\n Stock-based compensation 3,306\n Depreciation amortization 2,219\n Operating lease liability 7,061\n deferred tax assets 96,266 81\n Valuation allowance\n 10,523\n contract acquisition costs\n Operating lease right use asset (7,088)\n deferred tax liabilities (9,352)\n Net deferred tax assets $1,171 $814" +} +{ + "_id": "d1b354750", + "title": "", + "text": "Home Loans CGU\nThe recoverable amount of the Home loans CGU as at 31 December 2018 was determined at $5.6m based on a value-in-use calculation using cash flow projections from financial budgets approved by Senior Management covering a five-year period. The projected cash flows were updated to reflect a change in Senior Management and their initial views as part of a strategic review undertaken. The pre-tax discount rate applied to cash flow projections was 13% (30 June 2018: 25%) and cash flows beyond the five-year period were extrapolated using a 3% growth rate (30 June 2018: 3%). As a result of this analysis, management recognised an impairment charge of $4,450,000 against goodwill and capitalised software development costs. No other impairment was identified for the CGUs to which goodwill or brand names are allocated.\n3.2 Goodwill and other intangible assets (continued)\nKey estimates – value-in-use calculation\nCash flow projections\nOur cash flow projections are based on five-year management-approved forecasts unless a longer period is justified. The forecasts use management estimates to determine income, expenses, capital expenditure and cash flows for each asset and CGU.\nDiscount rate\nDiscount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group’s investors. The cost of debt is based on the interest bearing borrowings the Group is obliged to service. CGU-specific risk is incorporated into the WACC rate where it is considered appropriate. The pre-tax discount rates are as follows:\n1 Discount rate based on impairment assessment completed on 31 December 2018 which resulted in full impairment of goodwill allocated to Home Loans CGU\n2 Money CGU which consisted of the Infochoice business was sold to an independent third party on 18 February 2019. Refer to note 6.3 for details.\nGrowth rate estimates\nFor each CGU (excluding International), 5 years of cash flows have been included in the cash flow models. These are based on the long-term plan and growth rates of 3%.\nMarket share assumptions\nThese assumptions are important because management assesses how the unit’s position, relative to its competitors, might change over the budget period. Management expects the Group’s share of its respective markets to grow over the forecast period.\nSensitivity to changes in assumptions\nWith regard to the assessment of ‘value-in-use’ of the CGUs, management believes that no reasonable change in any of the above key assumptions would cause the carrying value of the units to materially exceed its recoverable amount.\n\nCGU | FY19 | FY18 \n------------- | ------ | -----\nHealth | 11.1% | 11.6%\nCar | 12.7% | 11.6%\nHome Loans | 13.0%1 | 25.4%\nMoney | n/a2 | 11.0%\nLife | 11.3% | 12.7%\nHousehold | 10.5% | 12.2%\nInternational | 11.0% | n.a. \n\nHome Loans CGU\n recoverable 31 December 2018 determined $5. 6m value-in-use calculation cash flow projections five-year. cash flows updated change Senior Management strategic review. pre-tax discount rate cash flow 13% 25% cash flows beyond five extrapolated 3% growth rate. recognised impairment charge $4,450,000 against goodwill software development costs. No other impairment CGUs goodwill brand names allocated.\n. Goodwill intangible assets\n Key estimates value-in-use calculation\n Cash flow projections\n five-year forecasts. income expenses capital expenditure cash flows CGU.\n Discount rate\n risks CGU time value risks. discount calculation circumstances Group segments derived weighted average cost capital). debt equity. equity return investment. cost debt interest bearing borrowings. CGU-specific risk incorporated. pre-tax discount rates\n impairment assessment 31 December 2018 full impairment goodwill Home Loans CGU\nCGU Infochoice business sold third party 18 February 2019. note 6. 3.\n Growth rate estimates\n CGU 5 years cash flows included models. based long-term plan growth rates 3%.\n Market share assumptions\n position period. expects share markets grow.\n Sensitivity changes assumptions\n no change assumptions carrying value exceed recoverable amount.\n CGU FY19 FY18\n Health 11. 1%. 6%\n Car. 7%. 6%\n Home Loans. 4%\n Money.\n Life. 3%. 7%\n Household. 5%. 2%\n International." +} +{ + "_id": "d1b2e15ac", + "title": "", + "text": "Actuarial assumptions\nThe Group’s scheme liabilities are measured using the projected unit credit method using the principal actuarial assumptions set out below:\nNotes: 1 Figures shown represent a weighted average assumption of the individual schemes.\n2 The rate of increases in pensions in payment and deferred revaluation are dependent on the rate of inflation.\n\n | 2019 % | 2018 % | 2017 %\n--------------------------------------------------------- | ------ | ------ | ------\nWeighted average actuarial assumptions used at 31 March1: | | | \nRate of inflation2 | 2.9 | 2.9 | 3.0 \nRate of increase in salaries | 2.7 | 2.7 | 2.6 \nDiscount rate | 2.3 | 2.5 | 2.6 \n\nActuarial assumptions\n Group’s scheme liabilities measured projected unit credit method principal actuarial assumptions\n Figures represent weighted average assumption schemes.\n increases pensions deferred revaluation dependent inflation.\n 2019 2018 2017\n Weighted average actuarial assumptions 31\n Rate.\n Rate increase salaries.\n Discount rate." +} +{ + "_id": "d1b3006dc", + "title": "", + "text": "Valuation and Qualifying Accounts\nFollowing is our schedule of valuation and qualifying accounts for the last three years (in thousands):\n(1) Amounts under “Other” represent the reserves and valuation allowance assumed in acquisition of LoJack.\nThe warranty reserve is included in the Other Current Liabilities in the consolidated balance sheets.\n(2) Amount under “Other” represents the valuation allowance previously netted against deferred tax assets of foreign net deferred tax assets not recorded on the balance sheet, which were disclosed narratively in the fiscal 2018 Form 10-K (see Note 12). Deferred tax assets and valuation allowances were grossed up by $15.1 million.\n\n | | Charged | | | \n---------------------------------------- | ---------- | ---------- | ---------- | ------ | ----------\n | | (credited) | | | \n | Balance at | to costs | | | Balance at\n | beginning | and | | | end of \n | of year | expenses | Deductions | Other | year \nAllowance for doubtful accounts: | | | | | \nFiscal 2017 | 622 | 541 | (201) | - | 962 \nFiscal 2018 | 962 | 685 | (461) | - | 1,186 \nFiscal 2019 | 1,186 | 1,230 | (660) | | 1,756 \nWarranty reserve: | | | | | \nFiscal 2017 (1) | 1,892 | 1,305 | (2,562) | 5,883 | 6,518 \nFiscal 2018 | 6,518 | 1,331 | (2,115) | - | 5,734 \nFiscal 2019 | 5,734 | 1,126 | (5,462) | | 1,398 \nDeferred tax assets valuation allowance: | | | | | \nFiscal 2017 (1) | 1,618 | 1,391 | - | 3,578 | 6,587 \nFiscal 2018 (2) | 6,587 | - | (4,835) | 15,092 | 16,844 \nFiscal 2019 | 16,844 | 799 | (6,714) | - | 10,929 \n\nValuation Qualifying Accounts\n schedule valuation qualifying accounts last three years\n Amounts “Other” reserves valuation allowance acquisition LoJack.\n warranty reserve Other Current Liabilities consolidated balance sheets.\n Amount “Other” valuation allowance deferred tax foreign tax assets not disclosed fiscal 2018 Form 10-K Note 12. Deferred tax assets valuation allowances grossed $15. 1 million.\n Balance\n expenses Deductions\n Allowance doubtful accounts\n Fiscal 2017 622 541 962\n 2018 1,186\n 2019 1,230\n Warranty reserve\n 2017 1,892 1,305 (2,562 5,883 6,518\n 2018 1,331 5,734\n 2019 1,126,462 1,398\n Deferred tax assets valuation allowance\n 2017 1,618 1,391 3,578 6,587\n2018 6,587 15,092 16,844\n 2019 16,844 10,929" +} +{ + "_id": "d1b38e78e", + "title": "", + "text": "A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:\nInterest and penalty charges, if any, related to uncertain tax positions are classified as income tax expense in the accompanying consolidated statements of operations. As of March 31, 2019 and 2018, the Company had immaterial accrued interest or penalties related to uncertain tax positions.\nThe Company is subject to taxation in the United Kingdom and several foreign jurisdictions. As of March 31, 2019, the Company is no longer subject to examination by taxing authorities in the United Kingdom for years prior to March 31, 2017. The significant foreign jurisdictions in which the Company operates are no longer subject to examination by taxing authorities for years prior to March 31, 2016. In addition, net operating loss carryforwards in certain jurisdictions may be subject to adjustments by taxing authorities in future years when they are utilized.\nThe Company had approximately $24.9 million of unremitted foreign earnings as of March 31, 2019. Income taxes have been provided on approximately $10.0 million of the unremitted foreign earnings. Income taxes have not been provided on approximately $14.9 million of unremitted foreign earnings because they are considered to be indefinitely reinvested. The tax payable on the earnings that are indefinitely reinvested would be immaterial.\n\n | Year ended March 31, | \n-------------------------------------------------------- | -------------------- | ------\n | 2019 | 2018 \nBeginning balance | $6,164 | $4,931\nAdditions based on tax positions related to current year | 164 | 142 \nAdditions for tax positions of prior years | 231 | 1,444 \nReductions due to change in foreign exchange rate | (301) | (353) \nExpiration of statutes of limitation | (165) | — \nReductions due to settlements with tax authorities | (77) | — \nEnding balance | $6,016 | $6,164\n\nreconciliation unrecognized tax benefits\n Interest penalty charges related uncertain tax positions classified income tax expense statements. March 31, 2019 2018 Company had immaterial accrued interest penalties positions.\n subject to taxation United Kingdom foreign jurisdictions. no longer subject March 2017. foreign jurisdictions March 31, 2016. net operating loss carryforwards subject adjustments.\n Company had $24. 9 million unremitted foreign earnings March 31, 2019. Income taxes provided on $10. 0 million. $14. 9 million indefinitely reinvested. tax earnings immaterial.\n Year ended March 31,\n Beginning balance $6,164 $4,931\n Additions tax positions current year\n prior years\n Reductions foreign exchange rate\n Expiration statutes of limitation\n Reductions due settlements tax authorities\n Ending balance $6,016 $6" +} +{ + "_id": "d1b31f212", + "title": "", + "text": "14. STOCK-BASED COMPENSATION\nThe following table presents the stock-based compensation expense included in the Company’s consolidated statements of operations:\nThe Company periodically grants stock options and restricted stock units (“RSUs”) for a fixed number of shares upon vesting to employees and non-employee Directors. Beginning in 2019, the Company granted Directors awards in the form of common stock and stock options\nMost of the Company’s stock-based compensation arrangements vest over five years with 20% vesting after one year and the remaining 80% vesting in equal quarterly installments over the remaining four years. The Company’s stock options have a term of ten years. The Company recognizes stock-based compensation using the accelerated attribution method, treating each vesting tranche as if it were an individual grant. The amount of stock-based compensation recognized during a period is based on the value of the awards that are ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Ultimately, the Company recognizes the actual expense over the vesting period only for the shares that vest\nEmployees may elect to receive 50% of their target incentive compensation under the Company’s Corporate Incentive Compensation Plan (the “CICP”) in the form of RSUs instead of cash. If elected by an employee, the equity amount is equal in value on the date of grant to 50% of his or her target incentive opportunity, based on the employee’s base salary. The number of RSUs granted is determined by dividing 50% of the employee’s target incentive opportunity by 85% of the closing price of its common stock on the grant date, less the present value of expected dividends during the vesting period. If elected, the award vests 100% on the CICP payout date of the following year for all participants. Vesting is conditioned upon the performance conditions of the CICP and on continued employment; if threshold funding does not occur, the RSUs will not vest. The Company considers vesting to be probable on the grant date and recognizes the associated stockbased compensation expense over the requisite service period beginning on the grant date and ending on the vesting date.\nThe Company grants awards that allow for the settlement of vested stock options and RSUs on a net share basis (“net settled awards”). With net settled awards, the employee does not surrender any cash or shares upon exercise. Rather, the Company withholds the number of shares to cover the exercise price (in the case of stock options) and the minimum statutory tax withholding obligations (in the case of stock options and RSUs) from the shares that would otherwise be issued upon exercise or settlement. The exercise of stock options and settlement of RSUs on a net share basis results in fewer shares issued by the Company.\n\n(in thousands) | 2019 | 2018 | 2017 \n-------------------------- | --------- | --------- | ---------\nCost of revenues | $18,822 | $16,862 | $14,573 \nSelling and marketing | 32,665 | 23,237 | 15,720 \nResearch and development | 18,938 | 15,274 | 13,618 \nGeneral and administrative | 10,484 | 8,489 | 9,402 \n | $80,909 | $63,862 | $53,313 \nIncome tax benefit | $(16,392) | $(13,383) | $(12,113)\n\n. STOCK-BASED COMPENSATION\n table compensation expense statements operations\n Company grants stock options restricted stock units fixed shares employees Directors. 2019 granted Directors awards common stock stock options\n stock compensation arrangements vest over five years 20% vesting after one year 80% quarterly installments four years. stock options ten years. recognizes compensation accelerated attribution method vesting individual grant. compensation based on value awards. Forfeitures estimated grant revised differ. recognizes expense for shares\n Employees receive 50% incentive compensation RSUs cash. equity equal to 50% incentive opportunity base salary. RSUs granted determined dividing 50% by 85% closing price common stock grant less expected dividends. award vests 100% on CICP payout date following year. Vesting conditioned performance conditions CICP continued employment threshold funding RSUs vest.Company considers vesting probable grant recognizes stockbased compensation expense service period grant vesting date.\n grants awards settlement vested stock options RSUs. employee surrender cash shares. withholds exercise price tax obligations. fewer shares issued.\n 2019 2018 2017\n Cost revenues $18,822 $16,862 $14,573\n Selling marketing 32,665 23,237 15,720\n Research development 18,938 15,274 13,618\n General administrative 10,484 8,489 9,402\n $80,909 $63,862 $53,313\n Income tax benefit $(16,392) $(13,383) $(12,113" +} +{ + "_id": "d1b2fe102", + "title": "", + "text": "We believe our success in attracting these end customers is a direct result of our commitment to high quality service and our intense focus on customer needs and performance. As an independent semiconductor foundry, most of our operating revenue is generated by our sales of wafers. The following table presented the percentages of our wafer sales by types of customers for the years ended December 31, 2017, 2018 and 2019.\nWe focus on providing a high level of customer service in order to attract customers and maintain their ongoing loyalty. Our culture emphasizes responsiveness to customer needs with a focus on flexibility, speed and accuracy throughout our manufacturing and delivery processes. Our customer oriented approach is especially evident in two types of services: customer design development services and manufacturing services.\nFor example, in 2013, we expand our regional business by opening our UMC Korea office, in order to provide local support to our customers in Korea, and shorten time-to-market for our Korea-based customers designing and manufacturing on UMC process technologies. We believe that our large production capacity and advanced process technology enable us to provide better customer service than many other foundries through shorter turn-around time, greater manufacturing flexibility and higher manufacturing yields.\n\n | | Years Ended December 31, | \n------------------------------- | ----- | ------------------------ | -----\nCustomer Type | 2017 | 2018 | 2019 \n | % | % | % \nFabless design companies | 91.0 | 92.4 | 91.3 \nIntegrated device manufacturers | 9.0 | 7.6 | 8.7 \nTotal | 100.0 | 100.0 | 100.0\n\nsuccess attracting customers commitment high quality service focus needs performance. independent semiconductor foundry operating revenue sales wafers. table percentages wafer sales by types customers years December 31, 2017 2018 2019.\n focus high customer service attract maintain loyalty. culture emphasizes responsiveness flexibility speed accuracy manufacturing delivery processes. approach evident design development manufacturing services.\n 2013, business UMC Korea office local support shorten time-to. large production capacity advanced process technology better customer service shorter turn-around time manufacturing flexibility higher yields.\n Years Ended December 31,\n Customer Type 2017 2018 2019\n %\n Fabless design companies.\n Integrated device manufacturers.\n Total." +} +{ + "_id": "d1b3c8362", + "title": "", + "text": "OBLIGATIONS AND COMMITMENTS\nAs part of our ongoing operations, we enter into arrangements that obligate us to make future payments under contracts such as lease agreements, debt agreements, and unconditional purchase obligations (i.e., obligations to transfer funds in the future for fixed or minimum quantities of goods or services at fixed or minimum prices, such as \"take-or-pay\" contracts). The unconditional purchase obligation arrangements are entered into in our normal course of business in order to ensure adequate levels of sourced product are available. Of these items, debt, notes payable, and capital lease obligations, which totaled $10.72 billion as of May 26, 2019, were recognized as liabilities in our Consolidated Balance Sheets. Operating lease obligations and unconditional purchase obligations, which totaled $1.75 billion as of May 26, 2019, were not recognized as liabilities in our Consolidated Balance Sheets, in accordance with U.S. GAAP.\nA summary of our contractual obligations as of May 26, 2019, was as follows:\nAmount includes open purchase orders and agreements, some of which are not legally binding and/or may be cancellable. Such agreements are generally settleable in the ordinary course of business in less than one year.\nWe are also contractually obligated to pay interest on our long-term debt and capital lease obligations. The weightedaverage coupon interest rate of the long-term debt obligations outstanding as of May 26, 2019, was approximately 4.7%.\nAs of May 26, 2019, we had aggregate unfunded pension and postretirement benefit obligations totaling $131.7 million and $87.8 million, respectively. These amounts are not included in the table above as the unfunded obligations are remeasured each fiscal year, thereby resulting in our inability to accurately predict the ultimate amount and timing of any future required contributions to such plans. Based on current statutory requirements, we are not obligated to fund any amount to our qualified pension plans during the next twelve months. We estimate that we will make payments of approximately $14.2 million and $10.8 million over the next twelve months to fund our pension and postretirement plans, respectively. See Note 19 \"Pension and Postretirement Benefits\" to the consolidated financial statements and \"Critical Accounting Estimates - Employment Related Benefits\" contained in this report for further discussion of our pension obligations and factors that could affect estimates of this liability.\nAs part of our ongoing operations, we also enter into arrangements that obligate us to make future cash payments only upon the occurrence of a future event (e.g., guarantees of debt or lease payments of a third party should the third party be unable to perform). In accordance with U.S. GAAP, such commercial commitments are not recognized as liabilities in our Consolidated Balance Sheets. As of May 26, 2019, we had other commercial commitments totaling $5.3 million, of which $3.7 million expire in less than one year and $1.6 million expire in one to three years.\nIn addition to the other commercial commitments, as of May 26, 2019, we had $56.4 million of standby letters of credit issued on our behalf. These standby letters of credit are primarily related to our self-insured workers compensation programs and are not reflected in our Consolidated Balance Sheets.\nIn certain limited situations, we will guarantee an obligation of an unconsolidated entity. We guarantee certain leases resulting from the divestiture of the JM Swank business completed in the first quarter of fiscal 2017. As of May 26, 2019, the remaining terms of these arrangements did not exceed four years and the maximum amount of future payments we have guaranteed was $1.2 million. In addition, we guarantee a lease resulting from an exited facility. As of May 26, 2019, the remaining term of this arrangement did not exceed eight years and the maximum amount of future payments we have guaranteed was $19.1 million.\nWe also guarantee an obligation of the Lamb Weston business pursuant to a guarantee arrangement that existed prior to the Spinoff and remained in place following completion of the Spinoff until such guarantee obligation is substituted for guarantees issued by Lamb Weston. Pursuant to the separation and distribution agreement, dated as of November 8, 2016 (the \"Separation Agreement\"), between us and Lamb Weston, this guarantee arrangement is deemed a liability of Lamb Weston that was transferred to Lamb Weston as part of the Spinoff. Accordingly, in the event that we are required to make any payments as a result of this guarantee arrangement, Lamb Weston is obligated to indemnify us for any such liability, reduced by any insurance proceeds received by us, in accordance with the terms of the indemnification provisions under the Separation Agreement.\nLamb Weston is a party to an agricultural sublease agreement with a third party for certain farmland through 2020 (subject, at Lamb Weston's option, to extension for two additional five-year periods). Under the terms of the sublease agreement, Lamb 39 Weston is required to make certain rental payments to the sublessor. We have guaranteed Lamb Weston's performance and the payment of all amounts (including indemnification obligations) owed by Lamb Weston under the sublease agreement, up to a maximum of $75.0 million. We believe the farmland associated with this sublease agreement is readily marketable for lease to other area farming operators. As such, we believe that any financial exposure to the company, in the event that we were required to perform under the guaranty, would be largely mitigated.\nThe obligations and commitments tables above do not include any reserves for uncertainties in income taxes, as we are unable to reasonably estimate the ultimate amount or timing of settlement of our reserves for income taxes. The liability for gross unrecognized tax benefits at May 26, 2019 was $44.1 million. The net amount of unrecognized tax benefits at May 26, 2019, that, if recognized, would favorably impact our effective tax rate was $37.3 million. Recognition of these tax benefits would have a favorable impact on our effective tax rate.\n\n | | | Payments Due by Period (in millions) | | \n---------------------------------------- | --------- | ---------------- | ------------------------------------ | --------- | -------------\nContractual Obligations | Total | Less than 1 Year | 1-3 Years | 3-5 Years | After 5 Years\nLong-term debt . | $10,556.6 | $— | $2,747.6 | $2,287.0 | $5,522.0 \nCapital lease obligations | 165.4 | 20.6 | 41.0 | 29.4 | 74.4 \nOperating lease obligations | 312.6 | 52.1 | 86.4 | 59.7 | 114.4 \nPurchase obligations and other contracts | 1,483.5 | 1,195.3 | 223.4 | 53.2 | 11.6 \nNotes payable | 1.0 | 1.0 | — | — | — \nTotal | $12,519.1 | $1,269.0 | $3,098.4 | $2,429.3 | $5,722.4 \n\nOBLIGATIONS COMMITMENTS\n operations arrangements future payments lease debt unconditional purchase obligations. funds for goods services. unconditional purchase obligation arrangements ensure sourced product. debt notes payable capital lease obligations totaled $10. 72 billion May 26, 2019 recognized liabilities Consolidated Balance Sheets. Operating lease unconditional purchase obligations totaled $1. 75 billion not recognized liabilities.\n summary contractual obligations\n open purchase orders agreements not cancellable. agreements settleable less than one year.\n obligated pay interest on long-term debt capital lease obligations. weightedaverage interest rate 4. 7%.\n unfunded pension postretirement benefit obligations $131. 7 million $87. 8 million. not table unfunded obligations remeasured each year predict future contributions. not obligated to fund pension plans next twelve months. estimate payments approximately $14. 2 million $10.8 million twelve months fund pension postretirement plans. See Note 19 \"Pension Postretirement Benefits financial statements \"Critical Accounting Estimates Employment Related Benefits pension obligations.\n arrangements future cash payments future event. guarantees debt lease payments. U. S. GAAP commercial commitments not liabilities Consolidated Balance Sheets. May 26, 2019 commercial commitments $5. 3 million $3. 7 million expire less one year $1. 6 million one to three years.\n $56. 4 million standby letters credit issued. related self-insured workers compensation programs not reflected Consolidated Balance Sheets.\n guarantee obligation unconsolidated entity. leases divestiture Swank business 2017. terms exceed four years maximum future payments $1. 2 million. guarantee lease exited facility. eight years maximum future payments $19. 1 million.\n guarantee obligation Lamb Weston business guarantee arrangement Spinoff until substituted guarantees Lamb.separation distribution agreement November 8, 2016 between us Lamb Weston guarantee arrangement liability Weston transferred to Spinoff. required payments Lamb Weston indemnify us reduced by insurance proceeds indemnification provisions Agreement.\n Lamb Weston party to agricultural sublease agreement with third party for farmland through 2020 extension for two five-year periods. Lamb Weston required make rental payments. guaranteed Lamb Weston's performance payment of indemnification obligations to maximum $75. 0 million. farmland marketable for lease to operators. financial exposure mitigated.\n obligations commitments include reserves for uncertainties income taxes unable to estimate. liability for unrecognized tax benefits at May 26, 2019 was $44. 1 million. net benefits effective tax rate $37. 3 million. Recognition of tax benefits effective tax rate.\n Payments Due by Period (in millions)\nContractual Obligations 1-3 3-5 5\n Long-term debt. $10,556. $2,747. $2,287. $5,522.\n Capital lease obligations 165. 74.\n Operating lease obligations 312.\n Purchase obligations 1,483. 1,195. 223. 53.\n Notes.\n $12,519. $1,269. $3,098. $2,429. $5,722." +} +{ + "_id": "d1b317dd2", + "title": "", + "text": "Year Ended December 31, 2017 Compared to Year Ended December 31, 2018\nDuring the year ended December 31, 2018, we had an average of 26.0 ships operating in our owned and bareboat fleet (including ships owned by the Partnership), having 9,030 operating days and an average of 25.5 ships operating under our technical management (including 25.0 of our owned and bareboat ships). During the year ended December 31, 2017, we had an average of 23.0 ships operating in our owned and bareboat fleet having 8,317 operating days and an average of 23.4 ships operating under our technical management (including 22.0 of our owned ships).\nRevenues: Revenues increased by 17.7%, or $93.1 million, from $525.2 million during the year ended December 31, 2017 to $618.3 million during the year ended December 31, 2018. The increase in revenues is mainly attributable to an increase of $64.2 million in revenues from our vessels operating in the spot market due to the significant increase in LNG shipping spot rates during the year. There was also an increase in revenues of $63.7 million due to the deliveries of the GasLog Houston, the GasLog Hong Kong and the GasLog Genoa (which were delivered on January 8, 2018, March 20, 2018 and March 29, 2018, respectively). These deliveries resulted in an increase in operating days. These increases were partially offset by a decrease of $25.4 million due to the expiration of the initial time charters of the GasLog Shanghai, the GasLog Santiago and the GasLog Sydney. Following the expiration of their initial charters, the GasLog Shanghai has been trading in the spot market through the Cool Pool, the GasLog Santiago began a new, multi-year charter with Trafigura and the GasLog Sydney began a new 18-month charter with Cheniere. There was also a decrease of $8.4 million due to increased off-hire days for four scheduled dry-dockings in the year ended December 31, 2018 compared to only one scheduled dry-docking in the same period of 2017 and a decrease of $0.7 million due to increased off-hire days from the remaining vessels. The average daily hire rate increased from $63,006 for the year ended December 31, 2017 to $68,392 for the year ended December 31, 2018. Furthermore, there was a decrease of $0.3 million in revenues from technical management services mainly due to the decrease in the average number of the managed vessels owned by third parties.\n\n | | Year ended December 31, | \n------------------------------------------ | --------- | ----------------------- | --------\n | 2017 | 2018 | Change \nAmounts are in thousands of U.S. Dollars | | | \nRevenues | $525,229 | $618,344 | $93,115 \nNet pool allocation | 7,254 | 17,818 | 10,564 \nVoyage expenses and commissions | (15,404) | (20,374) | (4,970) \nVessel operating and supervision costs | (122,486) | (128,084) | (5,598) \nDepreciation | (137,187) | (153,193) | (16,006)\nGeneral and administrative expenses | (39,850) | (41,993) | (2,143) \nProfit from operations | 217,556 | 292,518 | 74,962 \nFinancial costs | (139,181) | (166,627) | (27,446)\nFinancial income | 2,650 | 4,784 | 2,134 \nGain/(loss) on derivatives | 2,025 | (6,077) | (8,102) \nShare of profit of associates | 1,159 | 1,800 | 641 \nTotal other expenses, net | (133,347) | (166,120) | (32,773)\nProfit for the year | 84,209 | 126,398 | 42,189 \nNon-controlling interests | 68,703 | 78,715 | 10,012 \nProfit attributable to owners of the Group | $15,506 | $47,683 | $32,177 \n\nDecember 31, 2017 31, 2018\n 2018 average 26. 0 ships fleet 9,030 operating days 25. 5 ships technical management 25. 2017 23. 0 ships 8,317 operating days 23. 4 ships technical management 22. 0 ships.\n Revenues increased 17. 7% $93. 1 million from $525. 2 million 2017 to $618. 3 million 2018. increase $64. 2 million spot market LNG shipping spot rates. increase $63. 7 million deliveries GasLog Houston Hong Kong Genoa January 8, 2018 March 20, 2018 March 29, 2018. operating days. offset decrease $25. 4 million expiration initial charters GasLog Shanghai Santiago Sydney. GasLog Shanghai spot market Santiago multi-year charter Trafigura Sydney 18-month charter Cheniere. decrease $8. 4 million increased off-hire days four scheduled dry-dockings 2018 2017 decrease $0. 7 million increased off-hire days remaining vessels.daily hire rate $63,006 2017 to $68,392 2018. $0. 3 million management vessels.\n 2018\n.\n Revenues $525,229 $618,344\n Net pool allocation 7,254 17,818 10,564\n Voyage expenses commissions (15,404) (20,374\n Vessel operating supervision costs (122,486 (128,084\n Depreciation (137,187 (153,193)\n expenses (39,850 (41,993)\n Profit operations 217,556 292,518\n Financial costs (139,181) (166,627)\n income 2,650 4,784\n Gain derivatives 2,025\n profit 1,159\n expenses (133,347 (166,120 (32,773)\n Profit 84,209 126,398 42,189\n Non-controlling interests 68,703 78,715\n Profit $15,506 $47,683" +} +{ + "_id": "d1b3aeb92", + "title": "", + "text": "The change in projected benefit obligation and the accumulated benefit obligation, were as follows (in millions):\nThe Company's pension liability represents the present value of estimated future benefits to be paid. The discount rate is based on the quarterly average yield for Euros treasuries with a duration of 30 years, plus a supplement for corporate bonds  consolidated balance sheets, will be recognized as a component of net periodic cost over the average remaining service period.\nAs the defined benefit plans are unfunded, the liability recognized on the Company's consolidated balance sheet as of March 31, 2019 was $72.7 million of which $1.3 million is included in accrued liabilities and $71.4 million is included in other long-term liabilities. The liability recognized on the Company's consolidated balance sheet as of March 31, 2018 was $61.0 million of which $0.9 million is included in accrued liabilities and $60.1 million is included in other long-term liabilities.\n\n | Year Ended March 31, | \n--------------------------------------------------------- | -------------------- | -----\n | 2019 | 2018 \nProjected benefit obligation at the beginning of the year | $61.0 | $50.4\nAdditions due to acquisition of Microsemi | 9.8 | — \nService cost | 1.5 | 2.2 \nInterest cost | 1.1 | 1.0 \nActuarial losses | 6.0 | 0.7 \nBenefits paid | (0.9) | (0.8)\nForeign currency exchange rate changes | (5.8) | 7.5 \nProjected benefit obligation at the end of the year | $72.7 | $61.0\nAccumulated benefit obligation at the end of the year | $66.7 | $55.5\nWeighted average assumptions | | \nDiscount rate | 1.41% | 1.73%\nRate of compensation increase | 2.79% | 2.91%\n\nchange projected accumulated\n Company pension liability represents future benefits. discount rate based quarterly average yield Euros treasuries 30 years supplement corporate bonds net periodic cost period.\n defined benefit plans unfunded liability balance March 31, 2019 $72. million. 3 million accrued $71. 4 million long liabilities. March 31, 2018 $61. million. 9 million accrued liabilities $60. 1 million other long-term liabilities.\n Projected benefit obligation $61. $50.\n Additions acquisition Microsemi.\n Service cost.\n Interest cost.\n Actuarial losses.\n Benefits.\n Foreign currency exchange rate changes.\n obligation end $72. $61.\n Accumulated benefit obligation $66. $55.\n Weighted average assumptions\n Discount rate. 41%. 73%\n compensation increase. 79%. 91%" +} +{ + "_id": "d1b2ebbba", + "title": "", + "text": "Adjusted Operating Income - Insurance\nAdjusted Operating Income (\"Insurance AOI\") and Pre-tax Adjusted Operating Income (“Pre-tax Insurance AOI”) for the Insurance segment are non-U.S. GAAP financial measures frequently used throughout the insurance industry and are economic measures the Insurance segment uses to evaluate its financial performance. Management believes that Insurance AOI and Pretax Insurance AOI measures provide investors with meaningful information for gaining an understanding of certain results and provide insight into an organization’s operating trends and facilitates comparisons between peer companies. However, Insurance AOI and Pre-tax Insurance AOI have certain limitations, and we may not calculate it the same as other companies in our industry. It should, therefore, be read together with the Company's results calculated in accordance with U.S. GAAP.\nSimilarly to Adjusted EBITDA, using Insurance AOI and Pre-tax Insurance AOI as performance measures have inherent limitations as an analytical tool as compared to income (loss) from operations or other U.S. GAAP financial measures, as these non-U.S. GAAP measures exclude certain items, including items that are recurring in nature, which may be meaningful to investors. As a result of the exclusions, Insurance AOI and Pre-tax Insurance AOI should not be considered in isolation and do not purport to be an alternative to income (loss) from operations or other U.S. GAAP financial measures as measures of our operating performance.\nManagement defines Pre-tax Insurance AOI as Insurance AOI adjusted to exclude the impact of income tax (benefit) expense recognized during the current period. Management believes that Insurance AOI and Pre-tax Insurance AOI provide meaningful financial metrics that help investors understand certain results and profitability. While these adjustments are an integral part of the overall performance of the Insurance segment, market conditions impacting these items can overshadow the underlying performance of the business. Accordingly, we believe using a measure which excludes their impact is effective in analyzing the trends of our operations.\nThe table below shows the adjustments made to the reported Net income (loss) of the Insurance segment to calculate Insurance AOI and Pre-tax Insurance AOI (in millions). Refer to the analysis of the fluctuations within the results of operations section:\n(1) The Insurance segment revenues are inclusive of realized and unrealized gains and net investment income for the year ended December 31, 2019 and 2018. Such adjustments are related to transactions between entities under common control which are eliminated or are reclassified in consolidation.\nNet income for the year ended December 31, 2019 decreased $105.8 million to $59.4 million from $165.2 million for the year ended December 31, 2018. Pre-tax Insurance AOI for the year ended December 31, 2019 increased $85.1 million to $85.7 million from $0.6 million for year ended December 31, 2018. The increase was primarily driven by the incremental net investment income and policy premiums from the KIC block acquisition and higher net investment income from the legacy CGI block driven by both the growth and mix of the investment portfolio, including premium reinvestment and rotation into higher yield assets. In addition, there was a decrease in policy benefits, changes in reserves, and commissions related to current period reserve adjustments driven by higher mortality and policy terminations, an increase in contingent non-forfeiture option activity as a result of in-force rate actions approved and implemented, and favorable developments in claims activity. This was partially offset by an increase in selling, general and administrative expenses, primarily attributable to headcount additions related to the KIC acquisition.\n\n | | Year ended December 31, | \n-------------------------------- | ------ | ----------------------- | ----------\n | | | Increase /\n | 2019 | 2018 | (Decrease)\nNet income - Insurance segment | $59.4 | $165.2 | $(105.8) \nEffect of investment (gains) (1) | (1.9) | (5.6) | 3.7 \nAsset impairment expense | 47.3 | — | 47.3 \nGain on bargain purchase | (1.1) | (115.4) | 114.3 \nGain on reinsurance recaptures | — | (47.0) | 47.0 \nAcquisition costs | 2.1 | 2.8 | (0.7) \nInsurance AOI | 105.8 | — | 105.8 \nIncome tax expense (benefit) | (20.1) | 0.6 | (20.7) \nPre-tax Insurance AOI | $85.7 | $0.6 | $85.1 \n\nAdjusted Operating Income Insurance\n Pre-tax Insurance segment non-U. S. GAAP financial measures economic financial performance. Management believes Insurance AOI Pretax provide information results insight operating trends comparisons. limitations not calculate same other companies. read together with Company results calculated U. S. GAAP.\n Adjusted EBITDA Insurance AOI Pre-tax Insurance AOI performance measures limitations income (loss) operations other U. GAAP measures. exclude items recurring. Insurance AOI Pre-tax Insurance AOI not considered alternative to income (loss) operations other. GAAP measures.\n Management defines Pre-tax Insurance AOI as adjusted exclude impact income tax (benefit) expense current period. Insurance AOI Pre-tax provide meaningful financial metrics understand results profitability. adjustments integral part performance Insurance market conditions can overshadow performance. measure impact effective analyzing trends.\ntable shows adjustments Net income Insurance segment AOI Pre-tax Insurance AOI millions.\n Insurance segment revenues inclusive gains net investment income 2019 2018. adjustments related transactions entities eliminated consolidation.\n Net income 2019 decreased $105. 8 million to $59. 4 million from $165. 2 million 2018. Pre-tax Insurance AOI increased $85. 1 million to $85. 7 million from $0. 6 million. increase driven by net investment income policy premiums KIC block acquisition higher income CGI block growth investment portfolio premium reinvestment rotation higher yield assets. decrease policy benefits reserves commissions adjustments higher mortality policy terminations increase contingent non option activity claims activity. offset increase selling general administrative expenses headcount additions KIC acquisition.\n Net income Insurance segment $59. $165.\n Effect investment (gains.\n Asset impairment expense.\n Gain bargain purchase.\nreinsurance recaptures.\n Acquisition costs 2. 8. 7)\n Insurance 105. 8.\n Income tax expense (20. 6.\n Pre-tax Insurance $85. 7. 6" +} +{ + "_id": "d1a726af0", + "title": "", + "text": "Year Ended December 31, 2018 Compared to Year Ended December 31, 2017\nRevenue\nTotal revenue for the year ended December 31, 2018 increased by $58.9 million, or 28%, compared to the year ended December 31, 2017. Subscription\nand returns revenue for the year ended December 31, 2018 increased by $54.1 million, or 27%, compared to the year ended December 31, 2017. Professional\nservices revenue for the year ended December 31, 2018 increased by $4.8 million, or 37%, compared to the year ended December 31, 2017. Growth in total\nrevenue was due primarily to increased demand for our products and services from both new and existing customers. Of the increase in total revenue for the year\nended December 31, 2018 compared to 2017, approximately $29.6 million was attributable to existing customers, approximately $28.3 million was attributable to\nnew customers, and approximately $1.1 million was due to interest income on funds held for customers. Total subscription and returns revenue for 2018 included\n$1.2 million related to our cross-border transactions technology acquired in May 2018.\n\n | For the Year Ended December 31, | | Change | \n------------------------ | ------------------------------- | ---------------------- | ------- | ----------\n | 2018 | 2017 | Amount | Percentage\n | | (dollars in thousands) | | \nRevenue: | | | | \nSubscription and returns | $254,056 | $199,942 | $54,114 | 27% \nProfessional services | 18,042 | 13,217 | 4,825 | 37% \nTotal revenue | $272,098 | $213,159 | $58,939 | 28% \n\nDecember 31, 2018 2017\n increased $58. 9 million 28%,. Subscription\n returns revenue increased $54. 1 million 27%,. Professional\n services revenue increased $4. 8 million 37%. Growth\n due increased demand products new existing customers. increase\n $29. 6 million existing customers $28. 3 million\n new customers $1. 1 million interest income funds. subscription returns revenue 2018 included\n $1. 2 million cross-border transactions technology acquired May 2018.\n December\n 2018 2017 Amount Percentage\n Revenue\n Subscription returns $254,056 $199,942 $54,114 27%\n Professional services 18,042 37%\n Total revenue $272,098 $213,159 $58,939 28%" +} +{ + "_id": "d1b319c68", + "title": "", + "text": "B. Business Overview\nOur Fleet\nOur fleet currently consists of 23 Suezmax crude oil tankers, of which the vast majority have been built in Korea. The majority of our vessels are employed in the spot market, together with one vessel currently on a longer term time charter agreement expiring in 2021 or later. The vessels are considered homogenous and interchangeable as they have approximately the same freight capacity and ability to transport the same type of cargo.\n\nVessel | Built in | Deadweight Tons | Delivered to NAT in\n--------------- | --------- | ----------------- | -------------------\nNordic Freedom | 2005 | 159,331 | 2005 \nNordic Moon | 2002 | 160,305 | 2006 \nNordic Apollo | 2003 | 159,998 | 2006 \nNordic Cosmos | 2003 | 159,999 | 2006 \nNordic Grace | 2002 | 149,921 | 2009 \nNordic Mistral | 2002 | 164,236 | 2009 \nNordic Passat | 2002 | 164,274 | 2010 \nNordic Vega | 2010 | 163,940 | 2010 \nNordic Breeze | 2011 | 158,597 | 2011 \nNordic Zenith | 2011 | 158,645 | 2011 \nNordic Sprinter | 2005 | 159,089 | 2014 \nNordic Skier | 2005 | 159,089 | 2014 \nNordic Light | 2010 | 158,475 | 2015 \nNordic Cross | 2010 | 158,475 | 2015 \nNordic Luna | 2004 | 150,037 | 2016 \nNordic Castor | 2004 | 150,249 | 2016 \nNordic Sirius | 2000 | 150,183 | 2016 \nNordic Pollux | 2003 | 150,103 | 2016 \nNordic Star | 2016 | 159,000 | 2016 \nNordic Space | 2017 | 159,000 | 2017 \nNordic Aquarius | 2018 | 157,000 | 2018 \nNordic Cygnus | 2018 | 157,000 | 2018 \nNordic Tellus | 2018 | 157,000 | 2018 \n\n. Business Overview\n Fleet\n 23 Suezmax crude oil tankers majority built Korea. spot market one longer term charter agreement expiring 2021. vessels homogenous interchangeable same freight capacity cargo.\n Built Delivered NAT\n Nordic Freedom 159,331 \n Nordic Moon 160,305 \n Nordic Apollo 159,998\n Nordic Cosmos 159,999\n Nordic Grace 149,921\n Nordic Mistral 164,236\n Nordic Passat 164,274 \n Nordic Vega 163,940 \n Nordic Breeze 158,597\n Nordic Zenith 158,645\n Nordic Sprinter 159,089\n Nordic Skier\n Nordic Light 158,475\n Nordic Cross\n Luna 150,037 \n Nordic Castor 150,249 \n Sirius 150,183\n Nordic Pollux 150,103 \n Nordic Star 159,000\n Nordic Space\n Aquarius\n Cygnus\n Tellus" +} +{ + "_id": "d1b36d52a", + "title": "", + "text": "The Company evaluates these assumptions on a periodic basis taking into consideration current market conditions and historical market data. The discount rate is used to calculate expected future cash flows at a present value on the measurement date, which is December 31. This rate represents the market rate for high-quality fixed income investments. A lower discount rate would increase the present value of benefit obligations. Other assumptions include demographic factors such as retirement, mortality and turnover.\nThe following table provides information about the net periodic benefit cost and other accumulated comprehensive income for the Pension Plans (in thousands):\nIn March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715) – Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”). These amendments require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net periodic benefit cost are required to be presented in the income statement separately from the service cost component outside of a subtotal of income from operations. If a separate line item is not used, the line items used in the income statement to present other components of net benefit cost must be disclosed. These amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. These amendments were applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. The amendments allow a practical expedient that permits an employer to use the amounts disclosed in its pension and other postretirement benefit plan note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements.\n\n | | Years Ended December 31, | \n------------------------------------------------------------------------------------------------------ | -------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nService cost | $405 | $448 | $443 \nInterest cost | 254 | 196 | 194 \nRecognized actuarial (gains) | (86) | (58) | (43) \nNet periodic benefit cost | 573 | 586 | 594 \nUnrealized net actuarial (gains), net of tax | (2,324) | (2,256) | (1,574)\nTotal amount recognized in net periodic benefit cost and accumulated other comprehensive income (loss) | $(1,751) | $(1,670) | $(980) \n\nCompany evaluates assumptions current market conditions historical data. discount rate future cash flows present December 31. represents market rate high-quality fixed income investments. lower discount rate present value benefit obligations. assumptions include demographic factors retirement mortality turnover.\n table provides net periodic benefit cost accumulated income for Pension Plans\n March 2017 FASB issued ASU 2017-07 Compensation Retirement Improving Presentation Net Pension Cost Postretirement Benefit Cost. amendments require service cost same other compensation costs. other components separately from cost. If. amendments effective for annual periods after December 15, 2017 interim periods. applied retrospectively for service cost pension cost postretirement benefit cost capitalization service cost component pension cost postretirement benefit. amendments allow use amounts pension postretirement benefit plan note estimation basis retrospective presentation requirements.\n Years Ended December 31,\n 2019 2018 2017\nService $405 $448 $443\n Interest 254 196\n actuarial (86) (43)\n Net cost 573 586 594\n Unrealized tax (2,324) (2,256 (1,574)\n $(1,751)(1,670)(980" +} +{ + "_id": "d1b374672", + "title": "", + "text": "Irish SIP\nThe weighted average market value per ordinary share for Irish SIP options exercised in 2019 was 350.0p (2018: 387.5p). The SIP shares outstanding at 31 March 2018 have fully vested (2018: had a weighted average remaining vesting period of 0.1 years). Options exercised prior to the vesting date relate to those attributable to good leavers as defined by the scheme rules.\n\n | 2019 | 2018 \n---------------------------------- | -------- | -------\n | Number | Number \nOutstanding at 1 April | 35,922 | 44,431 \nDividend shares awarded | – | 788 \nForfeited | – | (7,950)\nExercised | (30,506) | (1,347)\nOutstanding at 31 March | 5,416 | 35,922 \nVested and outstanding at 31 March | 5,416 | – \n\n\n average market value share 2019 350. (2018. shares 31 March 2018 fully vested vesting period. 1 years. Options vesting good leavers scheme rules.\n Outstanding 1 April 35,922 44,431\n Dividend shares awarded 788\n Forfeited (7,950\n (30,506) (1,347\n 31 March 5,416 35,922\n Vested 31 March" +} +{ + "_id": "d1b36b5ae", + "title": "", + "text": "Research and development\nResearch and development expense consists primarily of salaries and other personnel-related costs; the cost of products, materials, and outside services used in our R&D activities; and depreciation and amortization expense associated with R&D specific facilities and equipment. We maintain a number of programs and activities to improve our technology and processes in order to enhance the performance and reduce the costs of our solar modules.\nThe following table shows research and development expense for the years ended December 31, 2019, 2018, and 2017:\nResearch and development expense in 2019 increased compared to 2018 primarily due to increased material and module testing costs and higher employee compensation expense.\n\n | | Year Ended | | | Change | | \n------------------------ | ------- | ---------- | ------- | -------------- | ------ | -------------- | ----\n(Dollars in thousands) | 2019 | 2018 | 2017 | 2019 over 2018 | | 2018 over 2017 | \nResearch and development | $96,611 | $84,472 | $88,573 | $12,139 | 14% | $(4,101) | (5)%\n% of net sales . | 3.2% | 3.8% | 3.0% | | | | \n\nResearch development\n expense salaries personnel costs products materials services depreciation amortization facilities equipment. maintain programs improve technology processes performance reduce costs solar modules.\n table shows research development expense 2019 2018 2017:\n 2019 increased due material module testing costs higher employee compensation.\n Year Ended\n (Dollars thousands) 2019 2018 2017\n Research development $96,611 $84,472 $88,573 $12,139 14% $(4,101)\n net sales. 3. 2%. 8%. 0%" +} +{ + "_id": "d1b336d72", + "title": "", + "text": "Restructuring and Related Charges\nFollowing is a summary of our restructuring and related charges:\n(1) Includes $21.5 million, $16.3 million and $51.3 million recorded in the EMS segment, $2.6 million, $16.6 million and $82.4 million recorded in the DMS segment and $1.8 million, $4.0 million and $26.7 million of non-allocated charges for the fiscal years ended August 31, 2019, 2018 and 2017, respectively. Except for asset write-off costs, all restructuring and related charges are cash settled.\n(2) Fiscal year ended August 31, 2017, includes expenses related to the 2017 and 2013 Restructuring Plans.\n\n | | Fiscal Year Ended August 31, | \n------------------------------------------- | ----- | ---------------------------- | -------\n(dollars in millions) | 2019 | 2018 | 2017(2)\nEmployee severance and benefit costs | $16.0 | $16.3 | $56.8 \nLease costs | — | 1.6 | 4.0 \nAsset write-off costs | (3.6) | 16.2 | 94.3 \nOther costs | 13.5 | 2.8 | 5.3 \nTotal restructuring and related charges (1) | $25.9 | $36.9 | $160.4 \n\nRestructuring Charges\n summary\n Includes $21. 5 million $16. 3 $51. million EMS $2. 6 million $16. $82. 4 million DMS $1. 8 million $4. $26. 7 million non-allocated charges years 2019 2018 2017. asset write-off charges cash settled.\n 2017 expenses 2013 Restructuring Plans.\n Employee severance benefit costs $16. $16. $56.\n Lease costs.\n Asset write-off. 16. 94.\n Other costs 13.\n restructuring charges $25. 9 $36. $160." +} +{ + "_id": "d1b33d4b0", + "title": "", + "text": "(15) CONTRACT BALANCES\nContract balances at December 31 are set forth in the following table:\nThe change in our net contract assets/(liabilities) from December 31, 2018 to December 31, 2019 was due primarily to the timing of payments and invoicing relating to SaaS and PCS renewals, partially offset by revenues recognized in the year ended December 31, 2019 of $674.2, related to our contract liability balances at December 31, 2018. In addition, the impact of the 2019 business acquisitions increased net contract liabilities by $96.2.\nIn order to determine revenues recognized in the period from contract liabilities, we allocate revenue to the individual deferred revenue or BIE balance outstanding at the beginning of the year until the revenue exceeds that balance.\nImpairment losses recognized on our accounts receivable and unbilled receivables were immaterial in the year ended December 31, 2019.\n(1) Consists of “Deferred revenue,” and billings in-excess of revenues (“BIE”). BIE are reported in “Other accrued liabilities” in our Consolidated Balance Sheets.\n\nBalance Sheet Account | 2019 | 2018 | Change \n--------------------------------- | --------- | --------- | ---------\nUnbilled receivables | $ 183.5 | $ 169.4 | $ 14.1\nContract liabilities - current(1) | (840.8) | (714.1) | (126.7) \nDeferred revenue - non-current | (33.2) | (29.8) | (3.4) \nNet contract assets/(liabilities) | $ (690.5) | $ (574.5) | $ (116.0)\n\nCONTRACT BALANCES\n balances at December 31\n change contract assets 2018 to 2019 due to timing payments invoicing SaaS PCS renewals offset by revenues $674. 2. 2019 business acquisitions increased liabilities by $96. 2.\n allocate revenue to deferred revenue balance until exceeds.\n Impairment losses immaterial 2019.\n “Deferred revenue-excess. accrued Consolidated Balance Sheets.\n Unbilled receivables $ 183. 5 $ 169. 4 $ 14.\n Contract liabilities (840. 8) (714. (126.\n Deferred revenue non-current (33. (29. (3.\n Net contract assets(liabilities $ (690. 5) (574. 5) (116." +} +{ + "_id": "d1b387560", + "title": "", + "text": "Grants of Plan-Based Awards in 2018\nThe following table sets forth information regarding grants of awards made to our named executive officers during 2018. We did not grant any plan-based cash awards during 2018.\n(1) The amounts included in this column represent the aggregate grant date fair value of RSUs, RSAs and option awards calculated in accordance with ASC 718. The valuation assumptions used in determining the grant date fair value of the RSUs, RSAs and options reported in this column are described in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018.\n\nName | Grant Date | Number of Securities Underlying Restricted Stock Awards and Restricted Stock Units (#) | Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards ($) (1)\n------------ | ---------- | -------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------------------------- | --------------------------------------------------------\nMr. Dorsey | — | — | — | — | — \nMs. Friar | 4/25/2018 | 38,159 | 109,026 | 44.75 | 3,479,299 \nMs.Henry | 4/25/2018 | 38,159 | 109,026 | 44.75 | 3,479,299 \nMs. Reses | 4/25/2018 | 38,159 | 109,026 | 44.75 | 3,479,299 \nMs. Whiteley | 4/25/2018 | 16,695 | 47,699 | 44.75 | 1,522,215 \nMr. Daswani | 4/25/2018 | 4,198 | — | — | 187,861 \nMr. Murphy | 4/25/2018 | 4,962 | — | — | 222,050 \n\nGrants Plan-Based Awards 2018\n table grants executive officers 2018. plan-based cash awards 2018.\n amounts aggregate grant date value RSUs RSAs option awards calculated ASC 718. valuation assumptions Notes Consolidated Financial Statements Annual Report Form 10-K fiscal year December 31, 2018.\n Name Grant Date Securities Restricted Stock Awards Units Options Exercise Price Option Awards$ Grant Date Fair Value Stock Option$\n. Dorsey\n. Friar 4/25/2018 38,159 109,026 44. 75 3,479,299\n. Henry,159 109,026. 3,479,299\n. Reses,159 109,026. 3,479,299\n. Whiteley 16,695 47,699 44. 75 1,522,215\n. Daswani 4,198 187,861\n. Murphy 222,050" +} +{ + "_id": "d1b3bc90e", + "title": "", + "text": "The weighted-average grant date fair value of VMware stock options can fluctuate from period to period primarily due to higher valued options assumed through business combinations with exercise prices lower than the fair market value of VMware’s stock on the date of grant.\nFor equity awards granted under the VMware equity plan, volatility was based on an analysis of historical stock prices and implied volatilities of VMware’s Class A common stock. The expected term was based on historical exercise patterns and post-vesting termination behavior, the term of the option period for grants made under the ESPP, or the weighted-average remaining term for options assumed in acquisitions. VMware’s expected dividend yield input was zero as the Company has not historically paid, nor expects in the future to pay, regular dividends on its common stock. The risk-free interest rate was based on a U.S. Treasury instrument whose term is consistent with the expected term of the stock options.\nFor equity awards granted under the Pivotal equity plan, volatility was based on the volatility of a group of comparable public companies based on size, stage of life cycle, profitability, growth and other factors. The expected term was estimated using the simplified method and was determined based on the vesting terms, exercise terms and contractual lives of the options. Pivotal’s expected dividend yield input was zero as the Company has not historically paid regular dividends on its common stock. The risk-free interest rate was based on a U.S. Treasury instrument whose term was consistent with the expected term of the stock options.\n\n | | For the Year Ended | \n----------------------------------------- | ---------------- | ------------------ | ----------------\nVMware Employee Stock Purchase Plan | January 31, 2020 | February 1, 2019 | February 2, 2018\nDividend yield | None | None | None \nExpected volatility | 27.4% | 33.5% | 22.6% \nRisk-free interest rate | 1.7% | 2.0% | 1.2% \nExpected term (in years) | 0.6 | 0.8 | 0.9 \nWeighted-average fair value at grant date | $35.66 | $34.72 | $21.93 \n\nweighted-average grant date VMware stock options due higher valued options lower market value.\n equity awards VMware equity plan volatility based historical stock prices volatilities Class A common stock. expected term exercise patterns post-vesting termination behavior option period-average term. dividend yield zero regular dividends. risk-free interest rate based U. S. Treasury instrument consistent.\n equity Pivotal equity plan volatility based comparable public companies size stage life cycle profitability growth. expected term estimated simplified method vesting terms exercise terms contractual lives options. dividend yield zero regular dividends. risk-free interest rate based U. S. Treasury instrument.\n VMware Employee Stock Purchase Plan January 31, 2020 February 1, 2019 2 2018\n Dividend yield None\n Expected volatility 27. 4% 33. 5%. 6%\n Risk-free interest rate. 7%.\n Expected term years.\ngrant $35. 66 $34. $21." +} +{ + "_id": "d1a71c082", + "title": "", + "text": "The following table lists customers from which the Company derived revenues in excess of 10% of total revenues for the years ended years ended September 30, 2019 and 2018\nIn addition, accounts receivable from Customer A totaled approximately $0.3 million, or 1%, and approximately $1.1 million, or 9%, of total consolidated accounts receivable as of September 30, 2019 and September 30, 2018, respectively. Accounts receivable and long term receivable from Customer B totaled approximately $7.4 million, or 36%, and approximately $0.2 million, or 2%, of total consolidated accounts receivable as of September 30, 2019 and September 30, 2018, respectively. We believe that the Company is not exposed to any significant credit risk with respect to the accounts receivable with these customers as of September 30, 2019. No other customers accounted for 10% or more of total consolidated accounts receivable as\nof September 30, 2019.\n\n | | For the years ended | | \n---------- | ------------------ | --------------------- | ------------------ | ------------\n | September 30, 2019 | | September 30, 2018 | \n | Amount | % of Revenue | Amount | % of Revenue\n | | (Amounts in millions) | | \nCustomer A | $3.8 | 5% | $7.5 | 10% \nCustomer B | $10.2 | 13% | 1.1 | 3% \n\ntable lists customers Company derived revenues 10% years September, 2019 2018\n accounts receivable from Customer A totaled $0. 3 million 1% $1. 1 million consolidated accounts 2019 2018. from Customer B totaled $7. 4 million 36% $0. 2 million 2%. Company exposed credit risk. No other customers accounted 10% or more consolidated accounts receivable\n September 2019.\n years\n September 30 2019 September 2018\n % Revenue\n Customer A $3. 8 5% $7. 5 10%\n Customer B $10. 2 13%. 3%" +} +{ + "_id": "d1a73d19c", + "title": "", + "text": "Available Liquidity\nThe following table sets forth our available liquidity for the periods indicated (in thousands):\nThe decrease in total liquidity is primarily attributable to $239.0 million of outstanding revolving credit facility borrowings and $48.0 million of payments to purchase property and equipment and software and distribution rights, partially offset by positive operating cash flows.\nThe Company and Official Payments Corporation, a wholly owned subsidiary, maintain a $140.0 million uncommitted overdraft facility with Bank of America, N.A. The overdraft facility acts as a secured loan under the terms of the Credit Agreement to provide an additional funding mechanism for timing differences that can occur in the bill payment settlement process. As of December 31, 2019, $138.5 million was available.\nCash and cash equivalents consist of highly liquid investments with original maturities of three months or less. As of December 31, 2019, we had $121.4 million in cash and cash equivalents, of which $49.2 million was held by our foreign subsidiaries. If these funds were needed for our operations in the U.S., we may potentially be required to pay foreign and U.S. state income taxes to repatriate these funds. As of December 31, 2019, only the earnings in our Indian foreign subsidiaries are indefinitely reinvested. The earnings of all other foreign entities are no longer indefinitely reinvested. We are also permanently reinvested for outside book/tax basis differences related to foreign subsidiaries. These outside basis differences could reverse through sales of the foreign subsidiaries, as well as various other events, none of which are considered probable as of December 31, 2019.\n\n | December 31, | \n-------------------------------------------- | ------------ | --------\n | 2019 | 2018 \nCash and cash equivalents | $121,398 | $148,502\nAvailability under revolving credit facility | 261,000 | 500,000 \nTotal liquidity | $382,398 | $648,502\n\nLiquidity\n table liquidity\n decrease liquidity attributable to $239. 0 million revolving credit borrowings $48. 0 million payments property distribution rights offset positive operating cash flows.\n Company Official Payments Corporation $140. 0 million overdraft facility with Bank of America. secured loan timing differences bill payment settlement. December 31, 2019 $138. 5 million available.\n Cash equivalents liquid investments maturities three months or less. $121. 4 million cash equivalents $49. 2 million held foreign subsidiaries. funds. taxes. earnings Indian foreign subsidiaries indefinitely reinvested. reinvested. permanently reinvested outside book/tax differences foreign subsidiaries. could reverse through sales events.\n Cash equivalents $121,398 $148,502\n Availability revolving credit facility 261,000 500,000\n Total liquidity $382,398 $648,502" +} +{ + "_id": "d1b2ff73c", + "title": "", + "text": "Cash flows for the year ended December 31, 2019, 2018 and 2017\nOperating Activities: Net cash used in operating activities was $9.9 million for the year ended December 31, 2019 and is comprised of $16.5 million in net loss, $4.5 million change in deferred income taxes and $0.7 million loss from the sale of the investment in JVP offset by $1.0 million in stock based compensation, $2.0 million in depreciation and amortization and $7.1 million, primarily changes in net operating assets and liabilities.\nNet cash provided by operating activities was $25.6 million for the year ended December 31, 2018 and is comprised of $20.7 million in net income, $1.6 million in stock-based compensation, $1.8 million in depreciation and amortization, $3.4 million change in warrant liability and a change in deferred income taxes of $2.5 million, offset by a $4.4 million change in net operating assets and liabilities.\nNet cash provided by operating activities was $16.6 million for the year ended December 31, 2017 and is comprised of $22.8 million in net income, $0.8 million in stock-based compensation, $0.8 million in depreciation and amortization, $0.6 million change in net operating assets and liabilities, offset by $2.2 million change in the warrant liability and a change in deferred income taxes of $6.2 million.\nInvesting Activities: During the year ended December 31, 2019, cash used in investing activities of $3.8 million was related to purchases of marketable securities of $24.5 million, purchases of property and equipment of $0.4 million and purchase of additional investment in JVP of $0.7 million offset by redemptions of marketable securities of $18.3 million and $3.5 million from the sale of our interest in JVP.\nDuring the year ended December 31, 2018, cash used in investing activities of $13.2 million was related to purchase of investments of $11.3 million, the purchase of assets under the May 2018 Patent Assignment Agreement of $1.0 million and a $0.9 million investment in the JVP fund.\nDuring the year ended December 31, 2017, cash used in investing activities of $2.0 million was related to the purchase of assets under the first Patent Assignment Agreement, offset by $0.1 million in cash distribution received from our investment in the JVP fund.\nFinancing Activities: During the year ended December 31, 2019, we did not have any activity related to financing.\nDuring the year ended December 31, 2018, net cash used in financing activities of $21.6 million was primarily from the redemption of Series A-1 Preferred Stock totaling $19.9 million, $2.0 million related to the share repurchase program, offset by $0.3 million of proceeds received from the exercise of stock options.\nDuring the year ended December 31, 2017, net cash provided by financing activities of $12.8 million was primarily from the issuance of Series A-1 Preferred Stock totaling $14.4 million and a Common Share offering for $12.0 million, offset by redeeming and retiring Series A Preferred Stock Financing of $13.8 million.\n\n | | For the Years Ended December 31, | \n--------------------------------------------------- | -------- | -------------------------------- | -------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nNet cash provided by (used in) operating activities | $(9,885) | $25,601 | $16,586\nNet cash used in investing activities | $(3,822) | (13,203) | (1,873)\nNet cash provided by (used in) financing activities | $— | (21,556) | 12,778 \n\nCash flows 2019 2018 2017\n $9. million 2019 $16. 5 million net loss $4. million deferred income taxes. 7 million loss sale investment JVP $1. stock compensation $2. depreciation amortization $7. million assets liabilities.\n cash $25. 6 million 2018 $20. 7 million net income $1. million compensation. depreciation amortization $3. 4 million warrant liability deferred income taxes $2. 5 million offset $4. million assets liabilities.\n $16. 6 million 2017 $22. 8 million net income. compensation. depreciation amortization. $2. 2 million warrant liability deferred income taxes.\n Investing Activities $3. 8 million purchases securities $24. 5 million property equipment. investment JVP. million redemptions $18. 3 $3. 5 million sale JVP.\n 2018 $13. 2 million $11. 3 million 2018 Patent Assignment Agreement $1. 9 investment JVP.\nDecember 31, 2017 $2. million purchase Patent Assignment Agreement offset. 1 million JVP fund.\n December 31, 2019 financing.\n December 2018 cash $21. 6 million redemption Series A-1 Preferred Stock $19. 9 million $2. million share repurchase offset $0. 3 million stock options.\n December 31, 2017 net cash $12. 8 million issuance Series A-1 Preferred Stock $14. 4 million Common Share offering $12. million offset redeeming retiring Series Preferred Stock Financing $13. 8 million.\n cash operating activities $(9,885) $25,601 $16,586\n investing $(3,822)\n financing (21,556 12" +} +{ + "_id": "d1b31f082", + "title": "", + "text": "Asset position\nIn financial year 2018/19, total assets of continuing and discontinued operations decreased by €709 million to €14.5 billion (30/9/2018: €15.2 billion).\nIn financial year 2018/19, non-current assets from continuing operations decreased by €141 million to €6.7 billion (30/9/2018: €6.9 billion), primarily relating to property, plant and equipment. In addition to cost-efficient investment activities, this was mainly due to individual property sales, while currency effects increased the carrying amount.\n1 Adjustment of previous year according to explanation in notes.\n2 Adjusted for effects of the discontinued business segment.\nFor more information about the development of non-current assets, see the notes to the consolidated financial statements in the numbers listed in the table.\n\n€ million | Note no. | 30/9/2018 1 | 30/9/2018 adjusted2 | 30/9/2019\n------------------------------------------------- | -------- | ----------- | ------------------- | ---------\nNon-current assets | | 7,503 | 6,877 | 6,736 \nGoodwill | 19 | 797 | 778 | 785 \nOther intangible assets | 20 | 499 | 496 | 562 \nProperty, plant and equipment | 21 | 5,314 | 4,892 | 4,760 \nInvestment properties | 22 | 97 | 97 | 82 \nFinancial assets | 23 | 88 | 88 | 97 \nInvestments accounted for using the equity method | 23 | 178 | 178 | 179 \nOther financial and other non-financial assets | 24 | 202 | 86 | 80 \nDeferred tax assets | 25 | 329 | 262 | 191 \n\n\n year 2018/19 assets operations decreased €709 million €14. 5 billion (30/9/2018 €15. 2 billion.\n 2018/19 non-current assets decreased €141 million €6. 7 billion (30/9/2018 €6. 9 property plant equipment. due property sales currency effects increased carrying amount.\n Adjustment previous year.\n Adjusted discontinued business segment.\n-current consolidated financial statements.\n. 30/9/2018 30/9/2019\n Non-current assets 6,877\n Goodwill 797\n Other intangible assets 499\n Property plant equipment 5,314\n Investment properties\n Financial assets 88\n Investments equity\n Other non assets 24 202 86\n Deferred tax assets 25 329 262" +} +{ + "_id": "d1b2ffca0", + "title": "", + "text": "Income taxes. Income tax expense and effective annual income tax rates for fiscal 2019 and 2018, as well as information as to the effects of the U.S. Tax Reform in fiscal 2018, were as follows (dollars in millions):\n(1) We believe the non-GAAP presentation of income tax expense and the effective annual tax rate excluding special tax items, the one-time employee bonus and restructuring charges provides additional insight over the change from the comparative reporting periods by isolating the impact of these significant, special items. In addition, the Company believes that its income tax expense, as adjusted, and effective tax rate, as adjusted, enhance the ability of investors to analyze the Company’s operating performance and supplement, but do not replace, its income tax expense and effective tax rate calculated in accordance with U.S. GAAP.\nIncome tax expense for fiscal 2019 was $17.3 million compared to $94.6 million for fiscal 2018. The decrease is primarily due to the $85.9 million impact of Tax\nReform that was recorded in fiscal 2018, which was partially offset by an increase in tax expense due to the global intangible low-taxed income provisions\n(\"GILTI\") of Tax Reform in fiscal 2019. Income tax expense also decreased by $10.5 million in fiscal 2019 as the Company reasserted that certain historical\nundistributed earnings of two foreign subsidiaries will be permanently reinvested based on the expected working capital requirements of these two foreign\nsubsidiaries.\nThe $94.6 million of income tax expense recorded during fiscal 2018 included $85.9 million related to the enactment of Tax Reform. Included in the fiscal 2018 income tax expense was a $3.6 million benefit for the valuation allowance released against the net deferred tax assets in the U.S. as the Company is subject to GILTI.\n\n | 2019 | 2018 \n---------------------------------------------- | ----- | ------\nIncome tax expense, as reported (GAAP) | $17.3 | $94.6 \nAccumulated foreign earnings assertion | 10.5 | — \nU.S. Tax Reform | (7.0) | (85.9)\nImpact of other special tax items | 0.2 | (1.1) \nImpact of valuation allowance release | — | 3.6 \nImpact of one-time employee bonus | — | 0.3 \nIncome tax expense, as adjusted (non-GAAP) (1) | $21.0 | $11.5 \n\nIncome taxes. expense rates 2019 2018 effects U. S. Tax Reform 2018\n non-GAAP presentation tax expense annual tax rate excluding special tax items one-time employee bonus restructuring charges provides insight impact. Company believes income tax expense adjusted rate enhance investors analyze operating performance. GAAP.\n tax expense 2019 $17. 3 million $94. 6 million 2018. decrease due to $85. 9 million impact Tax\n Reform offset by increase tax expense global intangible low-taxed income provisions\n Reform. tax expense decreased by $10. 5 million 2019\n undistributed earnings foreign subsidiaries reinvested requirements\n.\n $94. 6 million tax expense 2018 included $85. 9 million Tax Reform. $3. 6 million benefit valuation allowance net deferred tax assets. GILTI.\n Income tax expense (GAAP $17. $94.\n Accumulated foreign earnings assertion.\n. Tax Reform.\nspecial tax items.\n valuation allowance release.\n one-time employee bonus.\n Income tax expense adjusted-GAAP $21. $11." +} +{ + "_id": "d1b324bcc", + "title": "", + "text": "The following table disaggregates our revenue by major source for the year ended December 31, 2018:\n(1) Subscriber Solutions & Experience was formerly reported as Customer Devices. With the increasing focus on enhancing the customer experience for both our business and consumer broadband customers and the addition of SmartRG during the fourth quarter of 2018, Subscriber Solutions & Experience more accurately represents this revenue category.\n\n(In thousands) | Network Solutions | Services & Support | Total \n------------------------------------- | ----------------- | ------------------ | --------\nAccess & Aggregation | $301,801 | $57,069 | $358,870\nSubscriber Solutions & Experience (1) | 129,067 | 5,393 | 134,460 \nTraditional & Other Products | 27,364 | 8,583 | 35,947 \nTotal | $458,232 | $71,045 | $529,277\n\ntable revenue December 31,\n Subscriber Solutions Experience Customer Devices. SmartRG Subscriber Solutions Experience represents revenue category.\n Network Solutions Services Support\n Access Aggregation $301,801 $57,069 $358,870\n Subscriber Solutions Experience 129,067 5,393 134,460\n Traditional Other Products 27,364 8,583 35,947\n $458,232 $71,045 $529,277" +} +{ + "_id": "d1b305b28", + "title": "", + "text": "Invested capital:\nTORM defines invested capital as the sum of intangible assets, tangible fixed assets, investments in joint ventures, bunkers, accounts receivables, assets held-for-sale (when applicable), deferred tax liability, trade payables, current tax liabilities and deferred income. Invested capital measures the net investment used to achieve the Company’s operating profit. The Company believes that invested capital is a relevant measure that Management uses to measure the overall development of the assets and liabilities generating the net profit. Such measure may not be comparable to similarly titled measures of other companies. Invested capital is calculated as follows:\n¹⁾ Accounts receivables includes Freight receivables, Other receivables and Prepayments.\n²⁾ Trade payables includes Trade payables and Other liabilities.\n\nUSDm | 2019 | 2018 | 2017 \n------------------------------------ | ------- | ------- | -------\nTangible and intangible fixed assets | 1,782.2 | 1,445.0 | 1,384.8\nInvestments in joint ventures | 1.2 | 0.1 | 0.3 \nBunkers | 34.8 | 39.4 | 33.2 \nAccounts receivables ¹⁾ | 99.5 | 96.3 | 87.5 \nAssets held-for-sale | 9.1 | 6.2 | 6.6 \nDeferred tax liability | -44.9 | -44.9 | -44.9 \nTrade payables ²⁾ | -94.4 | -71.6 | -60.0 \nCurrent tax liabilities | -1.5 | -1.0 | -1.4 \nDeferred income | - | -0.1 | -0.1 \nInvested capital | 1,786.0 | 1,469.4 | 1,406.0\n\ncapital\n TORM defines intangible fixed assets investments joint ventures bunkers accounts receivables assets held-for-sale deferred tax trade payables current tax liabilities deferred income. measures operating profit. development assets liabilities net profit. not comparable. calculated\n Accounts receivables includes Freight receivables Other receivables Prepayments.\n Trade payables liabilities.\n Tangible intangible fixed assets 1,782. 1,445. 1,384.\n Investments joint ventures 1.\n Bunkers 34. 39.\n Accounts receivables 99. 96. 87.\n Assets held-for-sale 9.\n Deferred tax liability.\n Trade payables -94.\n Current tax liabilities -1.\n Deferred income.\n Invested capital 1,786. 1,469. 1,406." +} +{ + "_id": "d1a73f79e", + "title": "", + "text": "Property, Plant and Equipment\nProperty, plant and equipment consists of the following (in millions):\nDepreciation expense attributed to property, plant and equipment was $180.6 million, $123.7 million and $122.9 million for the fiscal years ending March 31, 2019, 2018 and 2017, respectively.\n\n | March 31, | \n---------------------------------------------- | --------- | -------\n | 2019 | 2018 \nLand | $83.4 | $73.4 \nBuilding and building improvements | 647.6 | 508.5 \nMachinery and equipment | 2,095.5 | 1,943.9\nProjects in process | 119.2 | 118.3 \nTotal property, plant and equipment, gross | 2,945.7 | 2,644.1\nLess accumulated depreciation and amortization | 1,949.0 | 1,876.2\nTotal property, plant and equipment, net | $996.7 | $767.9 \n\nProperty Plant Equipment\n Depreciation $180. 6 million $123. 7 million $122. 9 million years 2019 2018 2017.\n Land $83. $73.\n Building improvements 647. 508.\n Machinery equipment 2,095. 1,943.\n Projects 119. 118.\n property plant equipment 2,945. 2,644.\n depreciation amortization 1,949. 1,876.\n $996. $767." +} +{ + "_id": "d1b3c2d68", + "title": "", + "text": "MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions)\nSchedule of restricted cash:\n(2) During the fiscal year ended March 31, 2019, the Company adopted ASU 2016-18 - Statement of Cash Flows: Restricted Cash. The following table presents the balance of restricted cash which consists of cash denominated in a foreign currency and restricted in use due to a foreign taxing authority requirement (in millions):\n\n | | Year ended March 31, | \n------------------------------------------------------------------------- | ------- | -------------------- | ---------\n | 2019 | 2018 | 2017 \nEffect of foreign exchange rate changes on cash and cash equivalents | — | — | (1.0) \nNet decrease in cash and cash equivalents | (472.7) | (7.4) | (1,184.0)\nCash and cash equivalents, and restricted cash at beginning of period (2) | 901.3 | 908.7 | 2,092.7 \nCash and cash equivalents, and restricted cash at end of period (2) | $428.6 | $901.3 | $908.7 \n\nSUBSIDIARIES STATEMENTS CASH FLOWS millions\n Schedule restricted cash\n fiscal year March 31, 2019 Company adopted ASU 2016-18 Statement Cash Flows Restricted Cash. balance restricted cash foreign currency foreign taxing authority\n Year ended March 31,\n Effect foreign exchange rate changes cash equivalents.\n decrease cash equivalents (472. (1,184.\n restricted cash beginning period 901. 908. 2,092.\n cash end period $428. $901. $908." +} +{ + "_id": "d1b311716", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nThe information provided below includes one pension plan which is part of discontinued operations. As such, all related liabilities and expenses are reported in discontinued operations in the Company’s Consolidated Balance Sheets and Consolidated Statements of Operations for all periods presented.\nThe components of net periodic pension benefit cost recognized in our Consolidated Statements of Operations for the periods presented are as follows:\n\n | | Years Ended December 31, | \n------------------------------------------ | ------ | ------------------------ | -----\n | 2019 | 2018 | 2017 \nService cost | $272 | $841 | $ — \nInterest cost | 1,211 | 802 | 809 \nExpected return on plan assets | (615) | (665) | (597)\nAmortization of actuarial gains and losses | 411 | 478 | 503 \nNet periodic pension cost | $1,279 | $1,456 | $715 \n\nADVANCED INDUSTRIES. FINANCIAL STATEMENTS share\n pension plan discontinued operations. liabilities expenses reported Consolidated Balance Sheets Statements.\n net pension benefit cost\n Ended December 31,\n Service cost $272 $841\n Interest cost 1,211 802 809\n Expected return plan assets (615) (665) (597)\n Amortization actuarial gains losses 411 478 503\n Net pension cost $1,279 $1,456 $715" +} +{ + "_id": "d1b361e0a", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nWe have also recorded the following amounts to accumulated other comprehensive loss for the U.S. and non-U.S. pension plans, net of tax:\n\n | U.S.Pension Plans | Non-U.S.Pension Plans\n----------------------------------------------- | ----------------- | ---------------------\n | Unrecognized Loss | Unrecognized Loss \nBalance at January 1, 2018 | $75,740 | $1,898 \nAmortization of retirement benefits, net of tax | (4,538) | (126) \nSettlements | — | — \nNet actuarial gain | 6,732 | 196 \nForeign exchange impact | — | (52) \nTax impact due to implementation of ASU 2018-02 | 17,560 | — \nBalance at January 1, 2019 | $95,494 | $1,916 \nAmortization of retirement benefits, net of tax | (4,060) | (138) \nNet actuarial (loss) gain | (2,604) | 78 \nForeign exchange impact | — | 44 \nBalance at December 31, 2019 | $88,830 | $1,900 \n\nFINANCIAL STATEMENTS\n recorded loss. pension plans net tax\n.\n Unrecognized\n Balance January 1 2018 $75,740 $1,898\n Amortization retirement benefits tax (4,538)\n actuarial gain\n Foreign exchange impact\n Tax impact ASU 2018-02 17,560\n Balance January 1, 2019 $95,494 $1,916\n Amortization retirement benefits tax (4,060)\n (2,604)\n Foreign exchange impact\n Balance December 31, 2019 $88,830 $1,900" +} +{ + "_id": "d1b320608", + "title": "", + "text": "NOTE 3—ACQUISITIONS AND DIVESTITURES\nSale of CGD Services\nOn April 18, 2018, we entered into a stock purchase agreement with Nova Global Supply & Services, LLC (Purchaser), an entity affiliated with GC Valiant, LP, under which we agreed to sell our CGD Services business to the Purchaser. We concluded that the sale of the CGD Services business met all of the required conditions for discontinued operations presentation in the second quarter of fiscal 2018. Consequently, in the second quarter of fiscal 2018, we recognized a $6.9 million loss within discontinued operations, which was calculated as the excess of the carrying value of the net assets of CGD Services less the estimated sales price in the stock purchase agreement less estimated selling costs.\nThe sale closed on May 31, 2018. In accordance with the terms of the stock purchase agreement, the Purchaser agreed to pay us $135.0 million in cash upon the closing of the transaction, adjusted for the estimated working capital of CGD Services at the date of the sale compared to a working capital target. In the third quarter of fiscal 2018, we received $133.8 million in connection with the sale and we recorded a receivable from the Purchaser for the estimated amount due related to the working capital settlement. The balance of this receivable was $3.7 million at September 30, 2018. During fiscal 2019, we worked with the Purchaser and revised certain estimates related to the working capital settlement. In connection with the revision of these estimates, we reduced the receivable from the Purchaser by $1.4 million and recognized a corresponding loss on the sale of CGD Services in fiscal 2019. Certain remaining working capital settlement estimates, primarily related to the fair value of accounts receivable, have not yet been settled with the Purchaser.\nIn addition to the amounts described above, we are eligible to receive an additional cash payment of $3.0 million based on the achievement of pre-determined earn-out conditions related to the award of certain government contracts. No amount has been recorded as a receivable related to the potential achievement of earn-out conditions based upon our assessment of the probability of achievement of the required conditions.\nThe operations and cash flows of CGD Services are reflected in our Consolidated Statements of Operations and Consolidated Statements of Cash Flows as discontinued operations through May 31, 2018, the date of the sale. The following table presents the composition of net income from discontinued operations, net of taxes (in thousands):\n\n | | Years Ended September 30, | \n--------------------------------------------------------- | ---------- | ------------------------- | ----------\n | 2019 | 2018 | 2017 \nNet sales | $ — | $ 262,228 | $ 378,152\nCosts and expenses: | | | \nCost of sales | — | 235,279 | 342,819 \nSelling, general and administrative expenses | — | 11,365 | 17,487 \nAmortization of purchased intangibles | — | 1,373 | 2,752 \nRestructuring costs | — | 7 | 208 \nOther income | — | (15) | (46) \nEarnings from discontinued operations before income taxes | — | 14,219 | 14,932 \nNet loss on sale | 1,423 | 6,131 | — \nIncome tax provision | — | 3,845 | 401 \nNet income (loss) from discontinued operations | $ (1,423) | $ 4,243 | $ 14,531 \n\nNOTE 3—ACQUISITIONS DIVESTITURES\n Sale CGD Services\n April 18, 2018 stock purchase agreement Nova Global Supply & Services Valiant agreed CGD Services business. sale met conditions discontinued operations second quarter fiscal 2018. recognized $6. 9 million loss discontinued operations calculated excess carrying value net assets CGD Services less estimated sales price less selling costs.\n sale closed May 31, 2018. Purchaser agreed $135. 0 million cash adjusted estimated working capital CGD Services. third quarter 2018 received $133. 8 million recorded receivable estimated working capital settlement. balance receivable $3. 7 million September 30, 2018. fiscal 2019 revised estimates. reduced receivable $1. 4 million recognized loss sale CGD Services 2019. remaining working capital settlement estimates not settled.\n eligible receive additional cash payment $3. 0 million earn-out conditions government contracts. No amount recorded receivable potential achievement earn-out conditions.\ncash flows CGD Services Consolidated discontinued May 31, 2018. net income discontinued operations\n Ended September 30,\n Net sales 262,228 378,152\n Costs expenses\n Cost sales 235,279 342,819\n Selling administrative expenses 11,365 17,487\n Amortization purchased intangibles 1,373 2,752\n Restructuring costs\n Other income\n Earnings operations before taxes 14,219 14,932\n Net loss sale 1,423 6,131\n Income tax provision 3,845\n Net income discontinued operations 4,243 14,531" +} +{ + "_id": "d1b349198", + "title": "", + "text": "Restructuring Expense\nIn October 2019, we began implementing a restructuring plan in our ongoing efforts to reduce operating costs and focus on advanced technologies. The restructuring plan, when complete, is expected to result in a workforce reduction of approximately 5% of our workforce and the closure and consolidation of certain U.S. and international office facilities. We expect to complete the restructuring by the end of the second fiscal quarter of 2020. We recorded restructuring expenses of $2.5 million in the fourth quarter of 2019, which included the following (in thousands)\nAs of December 31, 2019, we had accrued but unpaid restructuring costs of $1.5 million included in accrued liabilities on the Consolidated Balance Sheets\n\n | Cost of revenue | Sales and marketing | Research and development | General and administrative | Total restructuring expense\n-------------------------------------------- | --------------- | ------------------- | ------------------------ | -------------------------- | ---------------------------\nEmployee severance and related payroll taxes | $28 | $1,355 | $340 | $194 | $1,917 \nFacilities closure expenses | . | 435 | 89 | | 524 \nLegal fees | . | . | . | 89 | 89 \n | $28 | $1,790 | $429 | $283 | $2,530 \n\nRestructuring Expense\n October 2019 restructuring plan reduce costs advanced technologies. workforce reduction 5% closure consolidation U. S. international office facilities. complete restructuring second fiscal quarter 2020. recorded restructuring expenses $2. 5 million fourth quarter 2019\n December 31, 2019 accrued unpaid restructuring costs $1. 5 million Consolidated Balance Sheets\n Cost revenue Sales marketing Research development General administrative restructuring expense\n Employee severance payroll taxes $1 $1,917\n Facilities closure expenses.\n Legal fees.\n" +} +{ + "_id": "d1b35f272", + "title": "", + "text": "FINANCIAL EXPENSE\n(1) Fiscal 2018 was restated to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Discontinued operations\" section.\nFiscal 2019 fourth-quarter financial expense decreased by 15.2% mainly due to: • the reimbursements of $65 million and US$35 million under the Canadian Revolving Facility during the second quarter of fiscal 2019 and of US$328 million during the third quarter of fiscal 2019 following the sale of Cogeco Peer 1; and • lower debt outstanding and interest rates on the First Lien Credit Facilities; party offset by • the appreciation of the US dollar against the Canadian dollar compared to same period of the prior year.\n\nThree months ended August 31, | 2019 | 2018 (1) | Change\n--------------------------------------------- | ------ | -------- | ------\n(in thousands of dollars, except percentages) | $ | $ | % \nInterest on long-term debt | 41,307 | 46,127 | (10.4)\nNet foreign exchange losses (gains) | (403) | 482 | — \nAmortization of deferred transaction costs | 464 | 441 | 5.2 \nCapitalized borrowing costs | (168) | (162) | 3.7 \nOther | (763) | 821 | — \n | 40,437 | 47,709 | (15.2)\n\nFINANCIAL EXPENSE\n 2018 Cogeco Peer 1 discontinued operations. consult operations section.\n 2019 fourth-quarter expense decreased. 2% reimbursements $65 million US$35 million Canadian Revolving Facility US$328 million third quarter sale Cogeco Peer 1 lower debt interest rates First Lien Credit Facilities appreciation US dollar Canadian dollar.\n Three months August 31,\n Interest long-term debt 41,307 46,127.\n Net foreign exchange losses (403) 482\n Amortization deferred transaction costs.\n Capitalized borrowing costs (168).\n 40,437 47,709." +} +{ + "_id": "d1b385c38", + "title": "", + "text": "NOTE 11 - STOCK CAPITAL (Cont.)\nShares and warrants issued to service providers:\nOn August 17, 2017 the Company issued to Anthony Fiorino, the former CEO of the Company, for consulting services rendered, a grant of 4,327 shares of restricted stock under the 2014 U.S. Plan, which vests in eight equal quarterly installments (starting November 17, 2017) until fully vested on the second anniversary of the date of grant.\nCompensation expense recorded by the Company in respect of its stock-based service provider compensation awards for the year ended December 31, 2019 and 2018 amounted to $25 and $102, respectively.\nOn March 26, 2019, the Company issued to its legal advisor 5,908 shares of Common Stock under the 2014 U.S. Plan for certain 2018 legal services. The related compensation expense was recorded as general and administrative expense in 2018.\nOn May 23, 2019, the Company granted to a former director, in consideration for services rendered to the Company, an option under the 2014 Global Plan to purchase up to 4,167 shares of Common Stock with an exercise price per share of $0.75. The option was fully vested and exercisable as of the date of grant.\nTotal Stock-Based Compensation Expense:\nThe total stock-based compensation expense, related to shares, options and warrants granted to employees, directors and service providers was comprised, at each period, as follows:\n\n | December 31 | \n-------------------------------------- | ----------- | -------\n | 2019 | 2 0 1 8\nU.S. $ in thousands | | \nResearch and development | 123 | 175 \nGeneral and administrative | 666 | 844 \nTotal stock-based compensation expense | 789 | 1,019 \n\n11 CAPITAL.\n Shares warrants issued service providers\n August 17, 2017 issued Anthony Fiorino former CEO consulting services 4,327 shares restricted stock 2014 U. Plan eight quarterly installments November 17, 2017) vested second anniversary.\n Compensation December 31, 2019 2018 $25 $102.\n March 26, 2019 issued legal advisor shares Common Stock 2014. Plan 2018 legal services. compensation expense general administrative expense 2018.\n May 23, 2019 granted former director option 2014 Global Plan purchase 4,167 shares Common Stock price per share $0. 75. option fully vested exercisable grant.\n Total Stock-Based Compensation Expense\n directors providers\n.\n Research development\n General administrative\n Total stock compensation expense" +} +{ + "_id": "d1b33b534", + "title": "", + "text": "24. Cash and cash equivalents\nSignificant accounting policies that apply to cash and cash equivalents Cash and cash equivalents comprise cash in hand and current balances with banks and similar institutions, which are readily convertible to cash and are subject to insignificant risk of changes in value and have an original maturity of three months or less. All are held at amortised cost on the balance sheet, equating to fair value. For the purpose of the consolidated cash flow statement, cash and cash equivalents are as defined above net of outstanding bank overdrafts. Bank overdrafts are included within the current element of loans and other borrowings (note 25).\nIFRS 9 was applied for the first time on 1 April 2018 and introduces new classifications for financial instruments. Cash and cash equivalents were classified as loans and receivables under IAS 39, and are now classified as financial assets held at amortised cost under IFRS 9. This has not had an impact on the accounting for these instruments, or on their carrying amounts.\nCash and cash equivalents include restricted cash of £44m (2017/18: £32m, 2016/17: £43m), of which £40m (2017/18: £29m, 2016/17: £41m) was held in countries where local capital or exchange controls currently prevent us from accessing cash balances. The remaining balance of £4m (2017/18: £3m, 2016/17: £2m) was held in escrow accounts, or in commercial arrangements akin to escrow.\n\n | 2019 | 2018 | 2017\n----------------------------------------------------- | ----- | ---- | ----\nAt 31 March | £m | £m | £m \nCash at bank and in hand | 495 | 446 | 469 \nCash equivalents | | | \nUS deposits | 3 | 26 | 32 \nUK deposits | 1,132 | 31 | 1 \nOther deposits | 36 | 25 | 26 \nTotal cash equivalents | 1,171 | 82 | 59 \nTotal cash and cash equivalents | 1,666 | 528 | 528 \nBank overdrafts (note25) | (72) | (29) | (17)\nCash and cash equivalents per the cash flow statement | 1,594 | 499 | 511 \n\n. Cash equivalents\n accounting policies apply hand balances banks convertible to cash subject insignificant risk changes value original maturity three months or. held at amortised cost balance fair value. consolidated cash flow statement equivalents defined above bank overdrafts. included loans borrowings.\n IFRS 9 applied 1 April 2018 new classifications financial instruments. Cash equivalents classified loans receivables IAS 39 now financial assets amortised cost IFRS 9. accounting carrying amounts.\n include restricted cash £44m £40m held countries controls. remaining balance £4m held in escrow accounts.\n 31\n Cash bank hand 495 469\n Cash equivalents\n US deposits 3 26 32\n UK deposits 1,132 31\n Other deposits 36 25\n Total cash equivalents 1,171 82 59\n 1,666 528\noverdrafts (72) (29) (17)\n equivalents 1,594 499" +} +{ + "_id": "d1b3929ec", + "title": "", + "text": "The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 27, 2018, was as follows:\nLevel 1 assets are valued based on quoted prices in active markets for identical securities. The majority of the Level 1 assets listed above include the common stock of both U.S. and international companies, mutual funds, master limited partnership units, and real estate investment trusts, all of which are actively traded and priced in the market.\nLevel 2 assets are valued based on other significant observable inputs including quoted prices for similar securities, yield curves, indices, etc. Level 2 assets consist primarily of individual fixed income securities where values are based on quoted prices of similar securities and observable market data.\nLevel 3 assets consist of investments where active market pricing is not readily available and, as such, fair value is estimated using significant unobservable inputs.\nCertain assets that are measured at fair value using the NAV (net asset value) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such investments are generally considered long-term in nature with varying redemption availability. For certain of these investments, with a fair value of approximately $51.0 million as of May 26, 2019, the asset managers have the ability to impose customary redemption gates which may further restrict or limit the redemption of invested funds therein. As of May 26, 2019, funds with a fair value of $4.2 million have imposed such gates.\nAs of May 26, 2019, we have unfunded commitments for additional investments of $48.3 million in private equity funds and $17.0 million in natural resources funds. We expect unfunded commitments to be funded from plan assets rather than the general assets of the Company.\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\n | Level 1 | Level 2 | Level 3 | Total \n------------------------------------------------------------------------- | ------- | -------- | ------- | --------\nCash and cash equivalents | $1.0 | $65.0 | $— | $66.0 \nEquity securities: | | | | \nU.S. equity securities | 319.8 | 124.0 | — | 443.8 \nInternational equity securities | 256.5 | 1.0 | — | 257.5 \nFixed income securities: | | | | \nGovernment bonds | — | 1,854.8 | — | 1,854.8 \nCorporate bonds | — | 4.7 | — | 4.7 \nMortgage-backed bonds | — | 9.3 | — | 9.3 \nReal estate funds | 7.7 | — | — | 7.7 \nMaster limited partnerships | 0.4 | — | — | 0.4 \nNet receivables for unsettled transactions | 10.9 | — | — | 10.9 \nFair value measurement of pension plan assets in the fair value hierarchy | $596.3 | $2,058.8 | $— | $2,655.1\nInvestments measured at net asset value | | | | 700.0 \nTotal pension plan assets | | | | $3,355.1\n\nfair value plan assets Note 20 May 27, 2018\n Level 1 assets valued quoted prices securities. majority include common stock. international companies mutual funds partnership units real estate trusts traded priced.\n Level 2 assets valued inputs quoted prices yield curves indices. fixed income securities quoted prices market data.\n Level 3 investments market pricing estimated unobservable inputs.\n Certain assets measured NAV share not classified. investments long-term varying redemption availability. $51. 0 million May 26, 2019 managers impose redemption gates redemption. funds fair value $4. 2 million imposed gates.\n unfunded commitments investments $48. 3 million private equity funds $17. 0 million natural resources funds. unfunded commitments plan assets.\n Consolidated Financial Statements Fiscal Years Ended May 26, 2019 May 27, 2018 May 28, 2017\n Level 1 2 3\n\n Cash equivalents $1. $65. $66.\n Equity securities\n. equity securities 319. 124. 443.\n International equity securities 256. 257.\n Fixed income securities\n Government bonds 1,854.\n Corporate bonds 4.\n Mortgage-backed bonds 9.\n Real estate funds 7.\n Master limited partnerships.\n Net receivables unsettled transactions 10.\n Fair value measurement pension plan assets $596. $2,058. $2,655.\n Investments net asset value 700.\n pension plan assets $3,355." +} +{ + "_id": "d1b372c46", + "title": "", + "text": "5 Alternative Performance Measures (“APM’s”) continued\nUnlevered Free Cash Flow\nUnlevered free cash flow represents net cash flow from operating activities adjusted for exceptional items and net capital expenditure. Unlevered free cash flow provides an understanding of the Group’s cash generation and is a supplemental measure of liquidity in respect of the Group’s operations without the distortions of exceptional and other non-operating items.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018\n--------------------------------------- | ------------------------ | ------------------------\n | $M | $M \nNet cash flow from operating activities | 142.9 | 147.7 \nExceptional items | 3.1 | 13.0 \nNet capital expenditure | (22.2) | (21.1) \nUnlevered free cash flow | 123.8 | 139.6 \n\nAlternative Performance Measures\n Unlevered Free Cash Flow\n adjusted exceptional items capital expenditure. cash generation supplemental measure liquidity distortions-operating items.\n Year-ended 31 March 2019 31 March 2018\n Net cash flow 142. 147.\n Exceptional items.\n Net capital expenditure (22.\n Unlevered free cash flow 123. 139." +} +{ + "_id": "d1b2f0a70", + "title": "", + "text": "Security Ownership of Certain Beneficial Owners and Management\nThe following table summarizes the beneficial owners of more than 5% of the Company’s voting securities and the securities of the Company beneficially owned by the Company’s directors and officers as of April 27, 2020.\n\nName and address of Beneficial Owner | Amount of Beneficial Ownership | Percent of Beneficial Ownership\n------------------------------------------------------------------------------ | ------------------------------ | -------------------------------\nGaro H. Armen (1) | 4,741,323 (2) | 36% \nRobert B. Stein (1) | 502,500 (3) | 4% \nKhalil Barrage (1) | 380,000 (4) | 3% \nAlexander K. Arrow (1) | 671,799 (5) | 6% \nLarry N. Feinberg 808 North St., Greenwich, CT 06831 | 800,000 (6) | 7% \nBrian J. Corvese (1) | 145,000 (7) | 1% \nDavid A. Lovejoy | 668,037 (8) | 6% \nJosh Silverman (1) | 140,000 (9) | 1% \nStrategic Bio Partners LLC (10) 777 Third Avenue 30th Floor New York, NY 10017 | 1,895,945 (11) | 17% \nAll directors and executive officers as a group (6 persons) | 6,580,622 (12) | 44% \n\nOwnership Owners\n table summarizes 5% voting securities directors officers April 27, 2020.\n Amount Percent\n Garo. Armen 4,741,323 36%\n Robert B. Stein 502,500\n Khalil Barrage 380,000\n Alexander K. Arrow 671,799 6%\n Larry N. Feinberg North. Greenwich 800,000\n Brian. Corvese 145,000\n David A. Lovejoy 668,037 6%\n Josh Silverman 140,000\n Strategic Bio Partners Third Avenue York 1,895,945 17%\n directors officers 6,580,622 44%" +} +{ + "_id": "d1b3b5c94", + "title": "", + "text": "Note 8. Property, Plant and Equipment, net\nProperty, plant and equipment, net as of December 31, 2019 and 2018 consisted of the following:\n(1) Useful lives for leasehold and building improvements represent the term of the lease or the estimated life of the related improvements, whichever is shorter.\nDepreciation expense from continuing operations was $12,548 and $12,643 for the years ended December 31, 2019 and 2018, respectively, of which $9,028 and $9,189, respectively, related to internal use software costs.\nAmounts capitalized to internal use software related to continuing operations for the years ended December 31, 2019 and 2018 were $3,800 and $6,690, respectively.\n\n | | December 31 | \n---------------------------------------------------------------------- | ---------------------- | ----------- | --------\n | Useful life (in years) | 2019 | 2018 \nComputer equipment and software | 3-5 | 14,689 | 14,058 \nFurniture and equipment | 5-7 | 2,766 | 3,732 \nLeasehold and building improvements (1) | | 7,201 | 7,450 \nConstruction in progress - PPE | | 949 | — \nProperty, plant, and equipment, excluding internal use software | | 25,605 | 25,240 \nLess: Accumulated depreciation and amortization | | (19,981) | (17,884)\nProperty, plant and equipment, excluding internal use software, net | | 5,624 | 7,356 \nInternal use software | 3 | 33,351 | 31,565 \nConstruction in progress - Internal use software | | 2,973 | 903 \nLess: Accumulated depreciation and amortization, internal use software | | (25,853) | (16,846)\nInternal use software, net | | 10,471 | 15,622 \nProperty, plant and equipment, net | | $16,095 | $22,978 \n\nNote 8. Property Plant Equipment\n December 31, 2019 2018\n Useful lives leasehold building improvements term lease estimated life shorter.\n Depreciation expense operations $12,548 $12,643 2019 2018 $9,028 $9,189 internal use software costs.\n capitalized software $3,800 $6,690.\n Useful life 2019 2018\n Computer equipment software 14,689 14,058\n Furniture equipment 2,766 3,732\n Leasehold building improvements 7,201 7,450\n Construction progress 949\n Property plant equipment software 25,605 25,240\n Accumulated depreciation amortization (19,981 (17,884\n 5,624 7,356\n 33,351 31,565\n Construction 2,973\n depreciation (25,853) (16,846)\n 10,471 15,622\n $16,095 $22,978" +} +{ + "_id": "d1b343e64", + "title": "", + "text": "Our net sales by offering category for APAC for 2019 and 2018, were as follows (dollars in thousands):\nNet sales in APAC decreased 4% (increased 2% excluding the effects of fluctuating foreign currency rates), or $6.7 million, in 2019 compared to 2018. In APAC, increases in hardware and services net sales year over year were offset by a decrease in software net sales during 2019 compared to 2018. The changes were the result of the following:\n• Continued expansion of hardware offerings in the APAC market resulted in higher net sales in this category.\n• Continued trend toward higher sales of cloud solution offerings that are recorded on a net sales recognition basis in the services net sales category resulted in declines in the software net sales category.\n• Higher volume of net sales of cloud solution offerings and software referral fees that are recorded on a net sales recognition basis positively impacted services net sales. Additionally, there were contributions from Insight delivered services from increased net sales of our digital innovation solutions offering.\n\n | APAC | | \n--------- | -------- | -------- | -------\nSales Mix | 2019 | 2018 | %Change\nHardware | $34,965 | $29,496 | 19% \nSoftware | 92,988 | 107,363 | (13%) \nServices | 52,288 | 50,055 | 4% \n | $180,241 | $186,914 | (4%) \n\nnet sales APAC 2019 2018\n sales APAC decreased 4% 2% excluding foreign currency $6. 7 million 2019 2018. increases hardware services offset decrease software sales 2019. changes\n expansion hardware higher net sales.\n higher sales cloud solution declines software sales.\n Higher volume cloud software referral fees impacted services sales. contributions Insight increased net sales digital innovation solutions.\n APAC\n Sales Mix 2019 2018 %Change\n Hardware $34,965 $29,496 19%\n Software 92,988 107,363 (13%)\n Services 52,288 50,055 4%\n $180,241 $186,914" +} +{ + "_id": "d1b368d7c", + "title": "", + "text": "Employee Stock Purchase Plan\nThe maximum aggregate number of shares that are available for issuance under the 2011 Employee Stock Purchase Plan (the “ESPP”) is 12,000,000.\nEmployees are eligible to participate in the ESPP after 90 days of employment with the Company. The ESPP permits eligible employees to purchase common stock through payroll deductions, which may not exceed 10% of an employee’s compensation, as defined in the ESPP, at a price equal to 85% of the fair value of the common stock at the beginning or end of the offering period, whichever is lower. The ESPP is intended to qualify under Section 423 of the Internal Revenue Code. As of August 31, 2019, 3,397,019 shares remained available for issue under the 2011 ESPP.\nThe fair value of shares issued under the ESPP was estimated on the commencement date of each offering period using the Black-Scholes option pricing model. The following weighted-average assumptions were used in the model for each respective period:\n(1) The expected volatility was estimated using the historical volatility derived from the Company’s common stock.\n\n | Fiscal Year Ended August 31, | | \n----------------------- | ---------------------------- | --------- | ---------\n | 2019 | 2018 | 2017 \nExpected dividend yield | 0.6% | 0.6% | 0.8% \nRisk-free interest rate | 2.3% | 1.4% | 0.5% \nExpected volatility(1) | 28.6% | 23.0% | 33.0% \nExpected life | 0.5 years | 0.5 years | 0.5 years\n\nEmployee Stock Purchase Plan\n maximum shares 2011 12,000,000.\n Employees participate after 90 days employment. permits employees purchase common stock through payroll deductions not exceed 10% compensation price equal 85% fair value common stock or period lower. ESPP Section 423 Internal Revenue Code. August 31, 2019 3,397,019 shares available 2011 ESPP.\n fair value estimated Black-Scholes option pricing model. weighted-average assumptions\n expected volatility estimated historical volatility common stock.\n Fiscal Year Ended August 31,\n Expected dividend yield. 6%.\n Risk-free interest rate 2. 3%. 4%.\n 28. 6%. 0%. 0%\n life. 5 years." +} +{ + "_id": "d1b30c9a0", + "title": "", + "text": "Total Expense and Other (Income)\n* 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity.\nThe following Red Hat-related expenses were included in 2019 total consolidated expense and other (income), with no corresponding expense in the prior-year: Red Hat operational spending, interest expense from debt issuances to fund the acquisition and other acquisition-related activity, including: amortization of acquired intangible assets, retention and legal and advisory fees associated with the transaction.\nTotal expense and other (income) increased 2.8 percent in 2019 versus the prior year primarily driven by higher spending including Red Hat operational spending and investments in software and systems innovation, higher interest expense, non-operating acquisition-related activity associated with the Red Hat transaction and lower IP income, partially offset by lower non-operating retirement-related costs, divesture-related activity (gains on divestitures and lower spending) and the effects of currency. Total operating (non-GAAP) expense and other (income) increased 4.1 percent year to year, driven primarily by the factors above excluding the higher non-operating acquisition related activity and lower non-operating retirement-related costs described above.\n\n($ in millions) | | | \n----------------------------------------------- | ------- | ------- | ----------------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent/ Margin Change*\nTotal consolidated expense and other (income) | $26,322 | $25,594 | 2.8% \nNon-operating adjustments | | | \nAmortization of acquired intangible assets | (764) | (437) | 74.8 \nAcquisition-related charges | (409) | (16) | NM \nNon-operating retirement related (costs)/income | (615) | (1,572) | (60.9) \nOperating (non-GAAP) expense and other (income) | $24,533 | $23,569 | 4.1% \nTotal consolidated expense-to-revenue ratio | 34.1% | 32.2% | 2.0 pts. \nOperating (non-GAAP) expense-to-revenue ratio | 31.8% | 29.6% | 2.2 pts. \n\nExpense\n 2019 results impacted by Red Hat acquisition activity.\n expenses 2019 no prior-year operational spending interest debt amortization assets retention legal advisory fees.\n expense increased 2. 8 percent 2019 driven higher spending Red Hat operational investments software interest expense non acquisition activity lower IP income offset lower non retirement costs divesture activity currency. operating (non-GAAP expense increased 4. 1 percent driven higher non-operating acquisition activity lower retirement costs.\n year December 31 2018. Change\n consolidated expense $26,322 $25,594 2. 8%\n Non-operating adjustments\n Amortization acquired intangible assets (764).\n Acquisition-related charges\n Non-operating retirement (615).\n (non-GAAP expense $24,533 $23,569.\n consolidated expense-to-revenue ratio 34.32. 2%.\n-GAAP expense-revenue 31. 8%. 6%." +} +{ + "_id": "d1b33f95e", + "title": "", + "text": "Management Discussion and Analysis\nNotes: (1) Assuming constant exchange rates for the Australian Dollar, United States Dollar and/or regional currencies (Indian Rupee, Indonesian Rupiah, Philippine Peso and Thai Baht) from the previous year ended 31 March 2018 (FY2018). (2) Underlying net profit refers to net profit before exceptional items.\nThe Group has executed well on its strategy amid challenging industry, business and economic conditions. The fundamentals of the core businesses remained strong and the Group gained market share in mobile across both Singapore and Australia led by product innovations, content and services. Amobee and Trustwave continued to scale and deepen their capabilities, while the regional associates further monetised the growth in data as smartphone adoption increased. Leveraging on the Group’s strengths and customer base, Singtel continued to build digital ecosystems in payments, gaming and esports. \n\nThe Group has executed well on its strategy amid challenging industry, business and economic conditions. The fundamentals of the core businesses remained strong and the Group gained market share in mobile across both Singapore and Australia led by product innovations, content and services. Amobee and Trustwave continued to scale and deepen their capabilities, while the regional associates further monetised the growth in data as smartphone adoption increased. Leveraging on the Group’s strengths and customer base, Singtel continued to build digital ecosystems in payments, gaming and esports.\nIn constant currency terms, operating revenue grew 3.7% driven by increases in ICT, digital services and equipment sales. However, EBITDA was down 3.9% mainly due to lower legacy carriage services especially voice, and price erosion. With 6% depreciation in the Australian Dollar, operating revenue was stable while EBITDA declined 7.1%.\nDepreciation and amortisation charges fell 1.2% but rose 2.7% in constant currency terms, on increased investments in mobile infrastructure network, spectrum and project related capital spending.  Depreciation and amortisation charges fell 1.2% but rose 2.7% in constant currency terms, on increased investments in mobile infrastructure network, spectrum and project related capital spending.\nConsequently, the Group’s EBIT (before the associates’ contributions) declined 12% and would have been down 9.2% in constant currency terms. \n\nConsequently, the Group’s EBIT (before the associates’ contributions) declined 12% and would have been down 9.2% in constant currency terms.  Consequently, the Group’s EBIT (before the associates’ contributions) declined 12% and would have been down 9.2% in constant currency terms.\nIn the emerging markets, the regional associates continued to invest in network, spectrum and content to drive data usage. Pre-tax contributions from the associates declined a steep 38% mainly due to Airtel and Telkomsel, the Group’s two largest regional associates. Airtel recorded operating losses on sustained pricing pressures in the Indian mobile market. Telkomsel’s earnings fell on lower revenue due to fierce competition in Indonesia in the earlier part of the financial year when the mandatory SIM card registration exercise took effect. Including associates’ contributions, the Group’s EBIT was S$4.01 billion, down 24% from last year.\nNet finance expense was up 2.9% on lower dividend income from the Southern Cross consortium and higher interest expense from increased borrowings.\nWith lower contributions from the associates, underlying net profit declined by 21%. Exceptional gain was lower as FY 2018 was boosted by a S$2.03 billion of gain on the divestment of units in NetLink Trust. Consequently, the Group recorded a net profit of S$3.10 billion, down 44% from last year. \n\nWith lower contributions from the associates, underlying net profit declined by 21%. Exceptional gain was lower as FY 2018 was boosted by a S$2.03 billion of gain on the divestment of units in NetLink Trust. Consequently, the Group recorded a net profit of S$3.10 billion, down 44% from last year.\nThe Group has successfully diversified its earnings base through its expansion and investments in overseas markets. On a proportionate basis if the associates are consolidated line-byline, operations outside Singapore accounted for three-quarters of both the Group’s proportionate revenue and EBITDA.\nThe Group’s financial position and cash flow generation remained strong as at 31 March 2019. Free cash flow for the year was up 1.2% to S$3.65 billion.\n\n | Financial Year ended 31 March | | | \n--------------------------------------------- | ----------------------------- | ------------ | ------ | -------------------------------\n | 2019 | 2018 | Change | Change in constant currency (1)\n | (S$ million) | (S$ million) | (%) | (%) \nOperating revenue | 17,372 | 17,268 | 0.6 | 3.7 \nEBITDA | 4,692 | 5,051 | -7.1 | -3.9 \nEBITDA margin | 27.0% | 29.2% | | \nShare of associates’ pre-tax profits | 1,536 | 2,461 | -37.6 | -36.2 \nEBIT | 4,006 | 5,261 | -23.9 | -21.8 \n(exclude share of associates’ pre-tax profits) | 2,470 | 2,801 | -11.8 | -9.2 \nNet finance expense | (355) | (345) | 2.9 | 6.2 \nTaxation | (850) | (1,344) | -36.8 | -35.8 \nUnderlying net profit (2) | 2,825 | 3,593 | -21.4 | -19.1 \nUnderlying earnings per share (S cents) (2) | 17.3 | 22.0 | -21.4 | -19.1 \nExceptional items (post-tax) | 270 | 1,880 | -85.7 | -85.2 \nNet profit | 3,095 | 5,473 | -43.5 | -41.8 \nBasic earnings per share (S cents) | 19.0 | 33.5 | -43.5 | -41.8 \nShare of associates’ post-tax profits | 1,383 | 1,823 | -24.1 | -21.8 \n\nManagement Discussion Analysis\n constant exchange rates Australian Dollar United States Dollar currencies Rupee Indonesian Rupiah Philippine Peso Thai Baht previous year 31 March 2018. net profit before exceptional items.\n Group executed strategy challenging conditions. core businesses strong gained market share mobile Singapore Australia. Amobee Trustwave regional associates growth smartphone. Singtel digital ecosystems payments gaming esports.\n. core businesses strong gained market share mobile Singapore Australia innovations. Amobee Trustwave regional associates smartphone. digital ecosystems payments gaming esports.\n operating revenue grew 3. 7% ICT digital services equipment sales. EBITDA down 3. 9% services price erosion. 6% depreciation Australian Dollar revenue stable EBITDA declined 7. 1%.\n Depreciation amortisation charges fell. 2% rose. 7% increased investments mobile infrastructure spectrum capital spending. 2% rose. 7%.\nGroup’s EBIT associates’ contributions declined 12% 9. 2%.\n EBIT contributions declined 12%.\n emerging markets regional associates network spectrum content. Pre-tax contributions declined 38% due Airtel Telkomsel largest. Airtel losses pricing pressures Indian mobile. earnings fell lower revenue competition Indonesia. EBIT S$4. 01 billion down 24% last year.\n Net finance expense up 2. lower dividend income Southern Cross higher interest expense borrowings.\n lower net profit declined 21%. S$2. 03 billion gain divestment NetLink Trust. net profit S$3. 10 billion down 44% last year.\n net profit declined 21%. S$2. 03 billion divestment NetLink Trust. profit S$3. 10 billion down 44% last year.\n Group diversified earnings base expansion investments overseas markets.operations outside Singapore three-quarters revenue EBITDA.\n financial position cash flow strong 31 March 2019. Free cash flow up. 2% S$3. 65 billion.\n Financial Year ended 31 March\n$ million\n Operating revenue 17,372 17,268.\n EBITDA 4,692 5,051 -7. -3.\n EBITDA margin 27. 29. 2%\n Share associates’ pre-tax profits 1,536 2,461 -37.\n EBIT 4,006 5,261.\n pre-tax profits 2,470 2,801.\n Net finance expense (355) 2.\n Taxation (850 (1,344 -36.\n net profit 2,825 3,593.\n earnings per share 17.\n Exceptional items-tax 270 1,880 -85.\n Net profit 3,095 5,473 -43. -41.\n earnings per share 19.-43.\n post-tax profits 1,383 1,823 -24." +} +{ + "_id": "d1b370540", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe selected consolidated statements of operations data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included elsewhere in this Annual Report. The selected consolidated statements of operations data for the years ended December 31, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 are derived from our audited consolidated financial statements not included in this Annual Report. Our historical results are not necessarily indicative of the results to be expected in the future. The selected financial data should be read together with Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations\" and in conjunction with our consolidated financial statements, related notes, and other financial information included elsewhere in this Annual Report. The following tables set forth our selected consolidated financial and other data for the years ended and as of December 31, 2019, 2018, 2017, 2016 and 2015 (in thousands, except share and per share data).\nInformation about prior period acquisitions that may affect the comparability of the selected financial information presented below is included in Item 1. Business. Information about the $28.0 million expense recorded in general and administrative expense in 2018, which relates to the agreement reached to settle the legal matter alleging violations of the Telephone Consumer Protection Act, or TCPA, and may affect the comparability of the selected financial information presented below, is disclosed in Item 3. “Legal Proceedings.” Information about the $1.7 million of interest recorded within interest income and the $6.9 million of gain recorded within other income, net, in 2019, which relates to promissory note proceeds received from one of our hardware suppliers and proceeds from an acquired promissory note, and may affect the comparability of the selected financial information presented below, is disclosed in Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations.\"\nCertain previously reported amounts in the consolidated statements of operations for the years ended December 31, 2018, 2017, 2016 and 2015 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.\n(3) We measure our SaaS and license revenue renewal rate on a trailing 12-month basis by dividing (a) the total SaaS and license revenue recognized during the trailing 12-month period from subscribers on our Alarm.com platform who were subscribers on the first day of the period, by (b) total SaaS and license revenue we would have recognized during the period from those same subscribers assuming no terminations, or service level upgrades or downgrades. The SaaS and license revenue renewal rate represents both residential and commercial properties. Our SaaS and license revenue renewal rate is expressed as an annualized percentage. Our service provider partners, who resell our services to our subscribers, have indicated that they typically have three to five-year service contracts with our subscribers. Our SaaS and license revenue renewal rate is calculated across our entire subscriber base on the Alarm.com platform, including subscribers whose contract with their service provider reached the end of its contractual term during the measurement period, as well as subscribers whose contract with their service provider has not reached the end of its contractual term during the measurement period, and is not intended to estimate the rate at which our subscribers renew their contracts with our service provider partners. We believe that our SaaS and license revenue renewal rate allows us to measure our ability to retain and grow our SaaS and license revenue and serves as an indicator of the lifetime value of our subscriber base.\n(4) We define Adjusted EBITDA as our net income before interest expense, interest income, other income, net, provision for / (benefit from) income taxes, amortization and depreciation expense, stock-based compensation expense, acquisition-related expense and legal costs and settlement fees incurred in connection with non-ordinary course litigation and other disputes, particularly costs involved in ongoing intellectual property litigation. We do not consider these items to be indicative of our core operating performance. The non-cash items include amortization and depreciation expense and stock-based compensation expense. Included in 2015 stock-based compensation expense is $0.8 million related to the repurchase of an employee's stock awards. We do not adjust for ordinary course legal expenses resulting from maintaining and enforcing our intellectual property portfolio and license agreements. Adjusted EBITDA is not a measure calculated in accordance with accounting principles generally accepted in the United States, or GAAP. See the table below for a reconciliation of Adjusted EBITDA to net income, the most directly comparable financial measure calculated and presented in accordance with GAAP.\n\n | | | Year Ended December 31, | | \n---------------------------------------- | -------- | ------- | ----------------------- | ------- | -------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nOther Financial and Operating Data: | | | | | \nSaaS and license revenue renewal rate(3) | 94% | 93% | 93% | 94% | 93% \nAdjusted EBITDA(4) | $108,307 | $93,081 | $71,628 | $49,034 | $34,370\n\nITEM 6. SELECTED FINANCIAL DATA\n consolidated statements December 31, 2019 2018 2017 balance sheet data derived from audited financial statements Annual Report. December 2016 2015 balance sheet derived from statements not. historical results not indicative future. data read with Item 7. \"Management’s Discussion Analysis Financial Condition Results Operations consolidated financial statements notes other information. tables selected consolidated financial data years December 31, 2019 2018 2017 2016 2015 thousands except share per share data.\n Information prior period Item 1. Business. $28. 0 million expense general administrative expense 2018 agreement legal matter violations Telephone Consumer Protection Act disclosed Item 3. “Legal Proceedings. Information $1. 7 million interest interest income $6. 9 million gain other income 2019 promissory note proceeds acquired note disclosed Item 7. \"Management’s Discussion Analysis Financial Condition Results Operations.\nreported amounts in consolidated statements years ended December 31, 2018 2017 2016 2015 reclassified reflect interest income separate line item previously included in other income.\n measure SaaS license revenue renewal rate 12-month by dividing total revenue recognized from subscribers Alarm. platform by revenue no terminations service level upgrades downgrades. revenue renewal rate represents residential and commercial properties. annualized percentage. service provider partners have three to five-year service contracts. renewal rate calculated across entire subscriber base Alarm. including not estimate rate contracts. SaaS license revenue renewal rate ability retain grow revenue indicator of lifetime value of subscriber base.\n define Adjusted EBITDA as net income before interest expense other income income taxes amortization depreciation expense stock-based compensation expense acquisition-related expense legal costs settlement fees non-ordinary course disputes particularly intellectual property litigation. not indicative of core operating performance.non-cash items include amortization depreciation stock-based compensation. 2015 compensation $0. 8 million repurchase employee's stock. adjust legal expenses intellectual property portfolio license agreements. Adjusted EBITDA not accounting GAAP. reconciliation Adjusted EBITDA net income.\n Ended December 31,\n 2019 2018 2017 2016 2015\n Financial Data\n SaaS license revenue renewal 94%\n Adjusted EBITDA(4) $108,307 $93,081 $71,628 $49,034 $34,370" +} +{ + "_id": "d1b32cc6e", + "title": "", + "text": "SHARE-BASED PAYMENTS (continued)\n(a) Share option schemes (continued) (iii) Fair value of option\nThe directors of the Company have used the Binomial Model to determine the fair value of the options as at the respective grant dates, which is to be expensed over the relevant vesting period. The weighted average fair value of options granted during the year ended 31 December 2019 was HKD123.82 per share (equivalent to approximately RMB106.09 per share) (2018: HKD127.43 per share (equivalent to approximately RMB103.46 per share)).\nOther than the exercise price mentioned above, significant judgment on parameters, such as risk free rate, dividend yield and expected volatility, are required to be made by the directors in applying the Binomial Model, which are summarised as below.\nNote: The expected volatility, measured as the standard deviation of expected share price returns, is determined based on the average daily trading price volatility of the shares of the Company.\n\n | 2019 | 2018 \n---------------------------------------------- | ----------- | -----------\nWeighted average share price at the grant date | HKD373.33 | HKD405.00 \nRisk free rate | 1.08%~2.07% | 1.77%~2.27%\nDividend yield | 0.23% | 0.24%~0.25%\nExpected volatility (Note) | 30.00% | 30.00% \n\nSHARE-BASED PAYMENTS\n Share option schemes Fair value option\n directors Binomial Model fair value options grant dates expensed vesting period. average fair value options 31 December 2019 HKD123. 82 per share RMB106. 09 per share HKD127. 43 per share RMB103. 46 per share.\n judgment risk free rate dividend yield expected volatility Binomial Model.\n expected volatility price returns average daily trading price volatility.\n average share price grant date HKD373. 33 HKD405.\n Risk free rate.\n Dividend yield. 23%. 25%\n Expected volatility." +} +{ + "_id": "d1a72f100", + "title": "", + "text": "Note 17 – Earnings (Loss) per Share\nA summary of the calculation of basic and diluted earnings (loss) per share for the years ended December 31, 2019, 2018 and 2017 is as follows:\nFor each of the years ended December 31, 2019 and 2018, 5.7 million and 2.5 million, respectively, shares of unvested stock options, PSUs, RSUs and restricted stock were excluded from the calculation of diluted EPS due to their anti-dilutive effect.\nFor the year ended December 31, 2017, 3.2 million stock options were outstanding but were not included in the computation of diluted earnings (loss) per share because the options’ exercise prices were greater than the average market price of the common shares, therefore making them anti-dilutive under the treasury stock method.\n\n(In thousands, except for per share amounts) | 2019 | 2018 | 2017 \n-------------------------------------------- | --------- | --------- | -------\nNumerator | | | \nNet Income (Loss) | $(52,982) | $(19,342) | $23,840\nDenominator | | | \nWeighted average number of shares—basic | 47,836 | 47,880 | 48,153 \nEffect of dilutive securities: | | | \nStock options | — | — | 406 \nRestricted stock and restricted stock units | — | — | 140 \nWeighted average number of shares—diluted | 47,836 | 47,880 | 48,699 \nEarnings (loss) per share—basic | $(1.11) | $(0.40) | $0.50 \nEarnings (loss) per share—diluted | $(1.11) | $(0.40) | $0.49 \n\nNote 17 Earnings (Loss) per Share\n summary basic diluted earnings years December 31, 2019 2018 2017\n 5. 7 million 2. 5 million unvested stock options PSUs RSUs restricted stock excluded EPS anti-dilutive effect.\n 2017 3. 2 million stock options outstanding not included prices greater average market price anti-dilutive treasury stock method.\n 2019 2018 2017\n Net Income (Loss) $(52,982) $(19,342) $23,840\n Weighted average number shares—basic 47,836 47,880 48,153\n Effect dilutive securities\n options\n Restricted stock units 140\n shares—diluted 47,836,880\n Earnings (loss) per share—basic $(1.\n share—diluted." +} +{ + "_id": "d1b2e4072", + "title": "", + "text": "Summarized financial information concerning our segments is shown in the tables below (in millions):\n(1) Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP.\n(2) Operating expenses for Corporate and Other includes equity-based compensation, including certain related payroll taxes, of $51.7 million, $51.4 million and $19.2 million for the years ended December 31, 2019, 2018 and 2017, respectively.\n(4) Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP.\n(5) Transition and integration costs primarily consists of costs associated with executive transition, transition-related costs as we transferred certain corporate functions from FNF and acquisitions.\n(6) Receivables from related parties are included in Corporate and Other.\n\n | | | Year ended December 31, 2018 | | \n-------------------------------- | ------------------ | ------------------ | ---------------------------- | --- | --------\n | Software Solutions | Data and Analytics | Corporate and Other | | Total \nRevenues | $962.0 | $154.5 | $(2.5) | (1) | $1,114.0\nExpenses: | | | | | \nOperating expenses | 394.8 | 115.0 | 115.6 | (2) | 625.4 \nTransition and integration costs | — | — | 6.6 | (5) | 6.6 \nEBITDA | 567.2 | 39.5 | (124.7) | | 482.0 \nDepreciation and amortization | 112.9 | 14.1 | 90.0 | (4) | 217.0 \nOperating income (loss) | 454.3 | 25.4 | (214.7) | | 265.0 \nInterest expense, net | | | | | (51.7) \nOther expense, net | | | | | (7.1) \nEarnings before income taxes | | | | | 206.2 \nIncome tax expense | | | | | 37.7 \nNet earnings | | | | | $168.5 \nBalance sheet data: | | | | | \nTotal assets | $3,227.8 | $310.2 | $115.4 | (6) | $3,653.4\nGoodwill | $2,157.6 | $172.1 | $— | | $2,329.7\n\nfinancial information segments in tables\n Revenues Corporate Other represent deferred purchase accounting adjustments GAAP.\n Operating expenses equity-based compensation payroll taxes $51. 7 million $51. 4 million $19. 2 million years December 31, 2019 2018 2017.\n Depreciation amortization incremental depreciation adjustments purchase accounting.\n Transition integration costs executive transition functions acquisitions.\n Receivables related parties included Corporate Other.\n Year December 31, 2018\n Software Solutions Data Analytics Total\n Revenues $962. $154. $1,114.\n Expenses\n Operating expenses 394. 115. 625.\n Transition integration costs 6.\n EBITDA 567. 39. (124. 482.\n Depreciation amortization 112. 14. 90. 217.\n Operating income (loss 454. 25. (214. 265.\n Interest expense (51.\n Other expense.\nbefore taxes 206.\n tax 37.\n Net earnings $168.\n Balance sheet data\n assets $3,227. $310. $115. $3,653.\n Goodwill $2,157. $172. $2,329." +} +{ + "_id": "d1b39c942", + "title": "", + "text": "12. Accumulated Other Comprehensive Loss\nAccumulated other comprehensive loss, net of taxes, consisted of the following:\nReclassifications related to gains and losses on available-for-sale debt securities are included in \"Interest and other expense, net\". Refer to Note 3, \"Financial Instruments\" for the amount and location of reclassifications related to derivative instruments. Reclassifications of the defined benefit pension components of net periodic benefit cost are included in \"Interest and other expense, net\". Refer to Note 15, \"Retirement Benefit Plans.\"\n\n | Net Unrealized Gains (Losses) on Derivative Instruments | Net Unrealized Gains (Losses) on Available for Sale Securities | Defined Benefit Pension Components | Foreign Currency Translation Adjustments | Total \n------------------------------------------------------------------------------- | ------------------------------------------------------- | -------------------------------------------------------------- | ---------------------------------- | ---------------------------------------- | --------\nBalances, January 31, 2017 | $14.6 | $1.5 | $(33.8) | $(160.8) | $(178.5)\nOther comprehensive (loss) income before reclassifications | (24.5) | (0.6) | 4.3 | 86.3 | 65.5 \nPre-tax losses (gains) reclassified from accumulated other comprehensive income | (9.9) | 0.3 | 0.9 | 0.1 | (8.6) \nTax effects | 3.2 | 0.1 | (0.7) | (4.8) | (2.2) \nNet current period other comprehensive (loss) income | (31.2) | (0.2) | 4.5 | 81.6 | 54.7 \nBalances, January 31, 2018 | (16.6) | 1.3 | (29.3) | (79.2) | (123.8) \nOther comprehensive income (loss) before reclassifications | 20.6 | 0.7 | 14.7 | (58.3) | (22.3) \nPre-tax gains reclassified from accumulated other comprehensive income | 12.1 | 1.3 | 0.3 | — | 13.7 \nTax effects | (1.1) | — | (2.0) | 0.5 | (2.6) \nNet current period other comprehensive income (loss) | 31.6 | 2.0 | 13.0 | (57.8) | (11.2) \nBalances, January 31, 2019 | $15.0 | $3.3 | $(16.3) | $(137.0) | $(135.0)\n\n. Accumulated Loss\n Reclassifications gains losses-sale debt securities expense. Refer Note 3 Instruments reclassifications derivative instruments. Reclassifications defined benefit pension components. Note 15 \"Retirement Benefit Plans.\n Unrealized Gains Derivative Instruments Sale Securities Defined Benefit Pension Components Foreign Currency Translation Adjustments\n Balances January 31, 2017 $14. 6 $1. 5(33.(160. $(178.\n (loss income reclassifications (24. 4. 86. 65.\n Pre-tax losses reclassified accumulated income (9. (8.\n 3. (4. (2.\n period (loss income (31. 4. 81. 54.\n Balances January 31, 2018 (16. 1. (29. (79. (123.\n income (loss before reclassifications 20. 6. 14. (58. (22.\nPre-tax gains income 12. 1. 3. 13. 7\n Tax effects (1. (2. 5.\n income (loss 31. 6 2. 13. 8) (11.\n Balances January 31, 2019 $15. $3. 3." +} +{ + "_id": "d1b36f74e", + "title": "", + "text": "Effect of ASC 606 as of December 31, 2018 and for the Year Ended December 31, 2018\nThe following table summarizes the effect of adopting ASC 606 on our Consolidated Balance Sheet (in millions):\n\n | As reported December 31, 2018 | Effect of ASC 606 adoption | Amounts without adoption of ASC 606 December 31, 2018\n----------------------------------------- | ----------------------------- | -------------------------- | -----------------------------------------------------\nTrade receivables, net | $172.3 | $6.9 | $179.2 \nPrepaid expenses and other current assets | 67.3 | (14.4) | 52.9 \nReceivables from related parties | 6.2 | 4.8 | 11.0 \nComputer software, net | 405.6 | (3.7) | 401.9 \nDeferred contract costs, net | 161.3 | (17.2) | 144.1 \nOther non-current assets | 125.6 | (7.0) | 118.6 \nTotal assets | 3,653.4 | (30.6) | 3,622.8 \nDeferred revenues (current) | 52.9 | 4.1 | 57.0 \nDeferred revenues (non-current) | 106.8 | (4.3) | 102.5 \nDeferred income taxes | 220.9 | (8.1) | 212.8 \nTotal liabilities | 1,866.9 | (8.3) | 1,858.6 \nRetained earnings | 381.1 | (22.3) | 358.8 \nTotal equity | 1,786.5 | (22.3) | 1,764.2 \nTotal liabilities and equity | 3,653.4 | (30.6) | 3,622.8 \n\nEffect ASC 606 December 31, 2018\n table effect adopting ASC 606 Consolidated Balance Sheet\n Effect ASC\n Trade receivables $172. $6. $179.\n Prepaid expenses assets 67. (14. 52.\n Receivables 6. 4. 11.\n software 405. (3. 401.\n Deferred contract costs 161. (17. 144.\n non-current assets 125. (7. 118.\n 3,653. 3,622.\n Deferred revenues 52. 4. 57.\n Deferred revenues-current 106. (4. 102.\n Deferred income taxes 220. 212.\n liabilities 1,866. 1,858.\n earnings 381. (22. 358.\n equity 1,786. 1,764.\n liabilities 3,653. (30. 3,622." +} +{ + "_id": "d1b308a76", + "title": "", + "text": "Original Equipment Manufacturers (“OEM”) are the end-customers to which we provide direct marketing application engineering support, while Distribution customers refers to the distributors and representatives that we engage to distribute our products around the world.\nBy market channel, our fourth quarter revenues in Distribution amounted to 28% of our total revenues, flat compared to the previous quarter and decreasing on a year-over-year basis.\n\n | | Three Months Ended | \n------------ | ----------------- | ------------------ | -----------------\n | December 31, 2019 | September 29, 2019 | December 31, 2018\n | | (Unaudited, in %) | \nOEM | 72% | 72% | 69% \nDistribution | 28 | 28 | 31 \nTotal | 100% | 100% | 100% \n\nOriginal Equipment Manufacturers end-customers direct marketing engineering support Distribution customers distributors representatives products.\n fourth quarter revenues Distribution 28% total revenues flat previous quarter decreasing year-over-year.\n Three Months Ended\n December 31, 2019 September December 31, 2018\n %)\n OEM 72% 69%\n Distribution\n 100%" +} +{ + "_id": "d1b3c2228", + "title": "", + "text": "Earnings per share (\"EPS\") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities.\nAs such, shares of any unvested restricted stock of the Company are considered participating securities. The dilutive effect of options and their equivalents (including non-vested stock issued under stock-based compensation plans), is computed using the \"treasury\" method as this measurement was determined to be more dilutive between the two available methods in each period.\nThe Company had no dilutive common share equivalents during the year ended December 31, 2019, due to the results of operations being a loss from continuing operations, net of tax. The following potential weighted common shares were excluded from diluted EPS for the year ended December 31, 2018 as the shares were antidilutive: 2,168,454 for outstanding warrants to purchase the Company's stock, 353,960 for unvested restricted stock awards, and 4,919,760 for convertible preferred stock.\nThe following table presents a reconciliation of net income (loss) used in basic and diluted EPS calculations (in millions, except per share amounts):\n\n | Years Ended December 31, | Years Ended December 31,\n------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------ | ------------------------\n | 2019 | 2018 \nNet (loss) income attributable to common stock and participating preferred stockholders | $(31.5) | $155.6 \nEarnings allocable to common shares: | | \nNumerator for basic and diluted earnings per share | | \nParticipating shares at end of period: | | \nWeighted-average common stock outstanding | 44.8 | 44.3 \nUnvested restricted stock | 0.6 | 0.4 \nPreferred stock (as-converted basis) | 2.1 | 4.9 \nTotal | 47.5 | 49.6 \nPercentage of loss allocated to: | | \nCommon stock | 94.3 % | 89.3 % \nUnvested restricted stock | 1.3 % | 0.8 % \nPreferred stock | 4.4 % | 9.9 % \nNet (loss) income attributable to common stock, basic | $(29.7) | $139.0 \nDistributed and Undistributed earnings to Common Shareholders: | | \nEffect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments | — | (3.3) \nIncome from the dilutive impact of subsidiary securities | — | — \nNet (loss) income attributable to common stock, diluted | $ (29.7) | $ 135.7 \nDenominator for basic and dilutive earnings per share | | \nWeighted average common shares outstanding - basic | 44.8 | 44.3 \nEffect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments | — | 2.5 \nWeighted average common shares outstanding - diluted | 44.8 | 46.8 \nNet (loss) income attributable to participating security holders - Basic | $ (0.66) | $ 3.14 \nNet (loss) income attributable to participating security holders - Diluted | $ (0.66) | $ 2.90 \n\nEarnings per share calculated two-class method earnings common stock participating securities capital structure two common stock. Unvested share-based payment awards non-forfeitable rights dividends participating securities.\n shares unvested restricted stock Company participating securities. dilutive effect options equivalents non stock computed \"treasury\" method.\n Company no dilutive common share equivalents ended December 31, 2019 loss tax. common shares excluded from diluted EPS December 2018 antidilutive 2,168,454 outstanding warrants purchase stock,960 unvested restricted stock awards,760 convertible preferred stock.\n reconciliation net income (loss) basic diluted EPS calculations\n Net (loss income common stock participating preferred stockholders.\n Earnings common shares\n Participating shares end period\n Weighted-average common stock 44.\n Unvested restricted stock.\nPreferred stock 2. 4. 9\n 47. 5 49. 6\n loss\n stock 94. 3 % 89. 3 %\n Unvested restricted stock 1. 3 %. 8 %\n Preferred 4. 4 % 9. 9 %\n Net (loss income common stock. $139.\n Distributed Undistributed earnings Shareholders\n assumed shares restricted.\n dilutive impact subsidiary securities\n Net (loss income common stock diluted (29. 135.\n dilutive earnings share\n Weighted average shares 44.\n assumed shares.\n shares 44. 46.\n Net (loss income participating security holders. 3.\n Net (loss income Diluted." +} +{ + "_id": "d1b328bdc", + "title": "", + "text": "In fiscal 2019, 2018, and 2017, the Company recorded charges of $5.1 million, $3.4 million, and $1.2 million, respectively, reflecting the year-end write-off of actuarial losses in excess of 10% of our pension liability.\nThe Company recorded an expense of $0.3 million (primarily within restructuring activities), $0.6 million (primarily within restructuring activities), and $4.0 million ($2.1 million was recorded in discontinued operations and $1.9 million was recorded in restructuring activities) during fiscal 2019, 2018, and 2017, respectively, related to our expected incurrence of certain multi-employer plan withdrawal costs.\nOther changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were:\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\n | Pension Benefits | | Other Benefits | \n---------------------------------------------- | ---------------- | ------ | -------------- | -----\n | 2019 | 2018 | 2019 | 2018 \nNet actuarial gain (loss) | $(72.1) | $120.0 | $25.1 | $16.8\nAmendments | (1.4) | (0.6) | 0.8 | 17.2 \nAmortization of prior service cost (benefit) . | 3.1 | 2.9 | (2.2) | (3.4)\nSettlement and curtailment loss (gain) . | — | 2.0 | (1.6) | — \nRecognized net actuarial loss (gain) | 5.1 | 3.4 | (1.4) | — \nNet amount recognized . | $(65.3) | $127.7 | $20.7 | $30.6\n\n2019 2018 2017 Company recorded charges $5. 1 million $3. 4 million $1. 2 million actuarial losses 10% pension liability.\n recorded expense $0. 3 million restructuring $0. 6 million $4. million$2. 1 million discontinued operations $1. 9 million restructuring multi plan withdrawal costs.\n changes assets benefit obligations\n Consolidated Financial Statements Fiscal Years Ended May 26, 2019 27, 2018 28, 2017\n Pension Benefits\n Net actuarial gain (loss $(72. $120. $25. $16.\n.\n Amortization prior service cost.\n Settlement curtailment loss (gain.\n Recognized net actuarial loss (gain 5. 3.\n Net amount recognized. $(65. $127. $20. $30." +} +{ + "_id": "d1b310bc2", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n8. Cash and Cash Equivalents\nCash and cash equivalents consist of the following:\nShip management client accounts represent amounts provided by the clients of GasLog LNG Services Ltd. in order to enable the Group to cover obligations of vessels under management. A compensating balance is held as a current liability.\n\n | As of December 31, | \n----------------------------------------------------------------- | ------------------ | -------\n | 2018 | 2019 \nCurrent accounts | 220,089 | 113,655\nTime deposits (with original maturities of three months or less). | 121,925 | 149,491\nShip management client accounts | 580 | 601 \nTotal | 342,594 | 263,747\n\nGasLog. Subsidiaries\n consolidated financial statements\n December 2017 2018 2019\n amounts. Dollars\n. Cash Equivalents\n Ship management client accounts GasLog LNG Services. obligations vessels. compensating balance current liability.\n December 31,\n 2019\n Current accounts 220,089 113,655\n deposits maturities three months. 121,925 149,491\n Ship management accounts\n,594 263,747" +} +{ + "_id": "d1b3aeeda", + "title": "", + "text": "Return on invested capital\nReturn on invested capital (ROIC) is a measure of the return generated on capital invested by the Group. The measure provides a guide rail for longterm value creation and encourages compounding reinvestment within the business and discipline around acquisitions with low returns and long payback. ROIC is calculated as underlying operating profit after tax divided by the annual average of: goodwill, intangible assets, property, plant and equipment, net assets held for sale, inventories, trade and other current receivables, and trade payables and other current liabilities.\n(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details.\n(b) See reconciliation of operating profit to underlying operating profit on page 30.\n(c) Tax on underlying operating profit is calculated as underlying operating profit before tax multiplied by underlying effective tax rate of 25.5% (2018: 25.7%) which is shown on page 30.\n\n | € million 2019 | € million 2018\n-------------------------------------------- | -------------- | --------------\n | | (Restated)(a) \nUnderlying operating profit before tax(b) | 9,947 | 9,463 \nTax on underlying operating profit(c) | (2,536) | (2,432) \nOperating profit after tax | 7,411 | 7,031 \nGoodwill | 18,067 | 17,341 \nIntangible assets | 12,962 | 12,152 \nProperty, plant and equipment | 12,062 | 12,088 \nNet assets held for sale | 81 | 108 \nInventories | 4,164 | 4,301 \nTrade and other current receivables | 6,695 | 6,482 \nTrade payables and other current liabilities | (14,768) | (14,457) \nPeriod-end invested capital | 39,263 | 38,015 \nAverage invested capital for the period | 38,639 | 38,749 \nReturn on average invested capital | 19.2% | 18.1% \n\nReturn invested capital\n Group. value encourages reinvestment acquisitions low returns long payback. calculated operating profit after tax divided average goodwill intangible assets property equipment assets inventories receivables payables liabilities.\n Restated IFRS 16. note 1 24.\n reconciliation profit page 30.\n Tax profit before tax multiplied tax rate 25. 5% (2018. 7%) page 30.\n € million 2019 2018\n profit before tax 9,463\n (2,536) (2,432)\n after tax\n Goodwill 18,067 17,341\n Intangible assets 12,962\n Property plant equipment 12,062,088\n Net assets sale\n Inventories 4,164\n receivables 6,695\n liabilities (14,768\n Period-end invested capital 39,263 38,015\n Average 38,639\n Return average capital. 2%. 1%" +} +{ + "_id": "d1b315816", + "title": "", + "text": "(c) Summary of Share-Based Compensation Expense\nShare-based compensation expense consists primarily of expenses for stock options, stock purchase rights, restricted stock, and RSUs granted to employees. The following table summarizes share-based compensation expense (in millions):\nAs of July 27, 2019, the total compensation cost related to unvested share-based awards not yet recognized was $3.3 billion, which is expected to be recognized over approximately 2.8 years on a weighted-average basis.\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n------------------------------------------------------ | ------------- | ------------- | -------------\nCost of sales—product | $90 | $94 | $85 \nCost of sales—service | 130 | 133 | 134 \nShare-based compensation expense in cost of sales . | 220 | 227 | 219 \nResearch and development . | 540 | 538 | 529 \nSales and marketing | 519 | 555 | 542 \nGeneral and administrative | 250 | 246 | 236 \nRestructuring and other charges | 62 | 33 | 3 \nShare-based compensation expense in operating expenses | 1,371 | 1,372 | 1,310 \nTotal share-based compensation expense | $1,591 | $1,599 | $1,529 \nIncome tax benefit for share-based compensation . | $542 | $558 | $451 \n\nSummary Share-Based Compensation Expense\n stock options purchase rights restricted stock RSUs. table summarizes\n July 27, 2019 total compensation cost unvested awards $3. 3 billion 2. 8 years.\n July 27, 2019 28, 2018 29, 2017\n Cost sales—product $90 $94 $85\n 130 133\n-based compensation expense sales. 220 227\n Research development.\n Sales marketing 519\n General administrative\n Restructuring charges\n operating expenses 1,371\n $1,591 $1,599 $1,529\n Income tax benefit. $542 $558 $451" +} +{ + "_id": "d1b33ddac", + "title": "", + "text": "Segment Results of Operations In the Company's Consolidated Financial Statements, other operating (income) expense includes (i) (gain) loss on sale or disposal of assets, (ii) lease termination costs, (iii) asset impairment expense, (iv) accretion of asset retirement obligations, and (v) FCC reimbursements. Each table summarizes the results of operations of our operating segments and compares the amount of the change between the periods presented (in millions).\nNet revenue: Net revenue from our Construction segment for the year ended December 31, 2019 decreased $3.1 million to $713.3 million from $716.4 million for the year ended December 31, 2018. The decrease was primarily driven by lower revenues from our structural steel fabrication and erection business, which had increased activity in the comparable period on certain large commercial construction projects that are now at or near completion in the current period. This was largely offset by DBMG’s acquisition of GrayWolf, which was acquired late in the fourth quarter of 2018, and from higher revenues from our construction modeling and detailing business as a result of an increase in project work.\nCost of revenue: Cost of revenue from our Construction segment for the year ended December 31, 2019 decreased $28.1 million to $572.3 million from $600.4 million for the year ended December 31, 2018. The decrease was primarily driven by the timing of project activity on certain large commercial construction projects that are now at or near completion in the current period. This was partially offset by costs associated with the construction modeling and detailing business as a result of an increase in project work and increases as a result of the acquisition of GrayWolf, which was acquired late in the fourth quarter of 2018.\nSelling, general and administrative: Selling, general and administrative expenses from our Construction segment for the year ended December 31, 2019 increased $12.9 million to $79.8 million from $66.9 million for the year ended December 31, 2018. The increase was primarily due to headcount-driven increases in salary and benefits and an increase in operating expenses as a result of the acquisition of GrayWolf, which was acquired late in the fourth quarter of 2018.\nDepreciation and amortization: Depreciation and amortization from our Construction segment for the year ended December 31, 2019 increased $8.1 million to $15.5 million from $7.4 million for the year ended December 31, 2018. The increase was due to amortization of intangibles obtained through the acquisition of GrayWolf and assets placed into service in 2019.\nOther operating (income) expense: Other operating (income) expense from our Construction segment for the year ended December 31, 2019 decreased by $0.8 million to a loss of $0.6 million from income of $0.2 million for the year ended December 31, 2018. The change was primarily due to the gains and losses on the sale of land and assets in the comparable periods.\n\n | | Years Ended December 31, | \n----------------------------------- | ------ | ------------------------ | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nNet revenue | $713.3 | $716.4 | $(3.1) \nCost of revenue | 572.3 | 600.4 | (28.1) \nSelling, general and administrative | 79.8 | 66.9 | 12.9 \nDepreciation and amortization | 15.5 | 7.4 | 8.1 \nOther operating (income) expense | 0.6 | (0.2) | 0.8 \nIncome from operations | 45.1 | $41.9 | $3.2 \n\nResults Operations Company Consolidated Financial Statements operating expense includes loss sale disposal assets lease termination costs impairment expense accretion retirement obligations FCC reimbursements. table summarizes results compares change periods.\n Net revenue Construction segment December 31, 2019 decreased $3. 1 million to $713. 3 million from $716. 4 million 2018. decrease driven lower revenues structural steel fabrication erection business activity construction projects. offset acquisition GrayWolf higher revenues construction modeling detailing business work.\n Cost revenue Construction segment December 2019 decreased $28. 1 million to $572. 3 million from $600. 4 million 2018. decrease driven project activity projects. offset costs construction modeling acquisition GrayWolf.\n Selling administrative expenses Construction segment December 31, 2019 increased $12. 9 million to $79. 8 million from $66. 9 million 2018. increase due increases salary benefits operating expenses acquisition GrayWolf.\nDepreciation amortization Construction segment 2019 increased $8. 1 million to $15. 5 million from $7. 4 million. due amortization intangibles acquisition GrayWolf assets 2019.\n operating expense decreased $0. 8 million loss $0. 6 million from $0. 2 million. due gains losses sale land assets.\n Net revenue $713. 3 $716. 4.\n Cost revenue 572. 600.\n Selling general administrative 79. 66. 12.\n Depreciation amortization 15. 5 7. 8.\n Other operating (income expense 0.\n Income operations 45. $41. $3." +} +{ + "_id": "d1b359b92", + "title": "", + "text": "Comprehensive Income — Comprehensive income includes net income, currency translation adjustments, certain derivative-related activity, changes in the value of available-for-sale investments (prior to the adoption of Accounting Standards Update (\"ASU\") 2016-01), and changes in prior service cost and net actuarial gains (losses) from pension (for amounts not in excess of the 10% \"corridor\") and postretirement health care plans. On foreign investments we deem to be essentially permanent in nature, we do not provide for taxes on currency translation adjustments arising from converting an investment denominated in a foreign currency to U.S. dollars. When we determine that a foreign investment, as well as undistributed earnings, are no longer permanent in nature, estimated taxes will be provided for the related deferred tax liability (asset), if any, resulting from currency translation adjustments.\nThe following table details the accumulated balances for each component of other comprehensive income, net of tax:\n1 Net of unrealized gains on available-for-sale securities reclassified to retained earnings as a result of the adoption of ASU 2016-01 in fiscal 2019 and net of stranded tax effects from change in tax rate as a result of the early adoption of ASU 2018-02 in fiscal 2018 in the amount of $0.6 million and $17.4 million, respectively.\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------------------------------ | -------- | -------- | --------\nCurrency translation losses, net of reclassification adjustments | $(90.9) | $(94.7) | $(98.6) \nDerivative adjustments, net of reclassification adjustments | 34.0 | 1.0 | (1.1) \nUnrealized gains (losses) on available-for-sale securities | — | 0.6 | (0.3) \nPension and post-employment benefit obligations, net of reclassification adjustments | (53.4) | (17.4) | (112.9) \nAccumulated other comprehensive loss 1 | $(110.3) | $(110.5) | $(212.9)\n\nComprehensive Income includes net income currency translation adjustments derivative activity value available-for-sale investments Accounting Standards Update 2016-01) service cost gains pension postretirement health care plans. foreign investments permanent taxes currency translation adjustments converting foreign currency to. dollars. foreign investment estimated taxes deferred tax liability currency translation adjustments.\n table details accumulated balances comprehensive income net tax\n unrealized gains on-for-sale securities retained earnings ASU 2016-01 2019 stranded tax effects tax rate ASU 2018-02 2018 $0. 6 million $17. 4 million.\n Consolidated Financial Statements Fiscal Years Ended May 26, 2019 27, 2018 May 28, 2017\n Currency translation losses reclassification adjustments(90.\n Derivative adjustments.\n Unrealized gains (losses on available-for-sale securities.\n Pension post-employment benefit obligations net reclassification adjustments.(112. 9)\n loss(110. 3). 5)." +} +{ + "_id": "d1b3a47d2", + "title": "", + "text": "Non-marketable investments\nNon-marketable equity securities are measured at fair value using market data, such as publicly available financing round valuations. Financial information of private companies may not be available and consequently we will estimate the fair value based on the best available information at the measurement date.\nThe following table presents the reconciliations of Level 3 financial instrument fair values:\nThere were transfers out from Level 3 due to initial public offerings of the respective investees during fiscal year 2019. There were no transfers between levels during fiscal year 2018.\n\n | Capped Call | Embedded exchange feature of Notes | Non-marketable investments\n----------------------------------------------------------------------------------------------- | ----------- | ---------------------------------- | --------------------------\n | | (U.S. $ in thousands) | \nBalance as of June 30, 2017 | $— | $— | $— \nPurchases | 87,700 | (177,907) | — \nGains (losses) | | | \nRecognized in other non-operating (expense) income, net | 12,232 | (24,646) | \nBalance as of June 30, 2018 | 99,932 | (202,553) | — \nChange in unrealized gains (losses) relating to assets and liabilities held as of June 30, 2018 | | | \nRecognized in other non-operating income (expense), net | 12,232 | (24,646) | — \nBalance as of June 30, 2018 | $99,932 | $(202,553) | $— \nPurchases | — | — | 23,000 \nTransfer out | — | — | (20,942) \nGains (losses) | | | \nRecognized in finance income | — | — | 270 \nRecognized in other non-operating (expense) income, net | 114,665 | (648,573) | — \nRecognized in other comprehensive income | — | — | 672 \nBalance as of June 30, 2019 | $214,597 | $(851,126) | $3,000 \nChange in unrealized gains (losses) relating to assets and liabilities held as of June 30, 2019 | | | \nRecognized in other non-operating income (expense), net | 114,665 | (648,573) | — \n\nNon-marketable investments\n equity securities measured fair value market data. Financial information fair value information measurement date.\n table reconciliations Level 3 financial instrument fair values\n transfers out from Level 3 due public offerings 2019. no transfers between 2018.\n-marketable investments\n.\n Balance June 30, 2017\n Purchases 87,700 (177,907)\n Gains (losses\n Recognized non-operating income 12,232 (24,646\n Balance June 30, 2018 99,932 (202,553)\n unrealized gains (losses assets liabilities June 30, 2018\n non income 12,232 (24,646\n Balance June 30 2018 $99,932(202,553)\n Purchases\n Transfer out\n Gains (losses\n Recognized income\n non-operating income 114,665 (648,573)\n income\nBalance June 30 2019 $214,597(851,126 $3,000\n unrealized gains assets liabilities\n non income 114,665 (648,573" +} +{ + "_id": "d1b342e92", + "title": "", + "text": "Consolidated statement of comprehensive income\nFor the year ended 31 March 2019\n1 The Group has adopted IFRS 9 ‘Financial Instruments’, IFRS 15 ‘Revenue from Contracts with Customers’, and IFRS 16 ‘Leases’ from 1 April 2018. The year ended 31 March 2018 has been restated for IFRS 16 which was implemented using the fully retrospective method. For further information on the impact of the change in accounting policies, see note 2 of these consolidated financial statements.\n\n | | 2019 | 2018 (Restated)1\n------------------------------------------------------------------------------------ | ---- | ----- | ----------------\n | Note | £m | £m \nProfit for the year | | 197.7 | 171.1 \nOther comprehensive income | | | \nItems that may be subsequently reclassified to profit or loss | | | \nExchange differences on translation of foreign operations | | (0.1) | 0.2 \nItems that will not be reclassified to profit or loss | | | \nRemeasurements of post-employment benefit obligations | 24 | 0.2 | – \nOther comprehensive income for the year, net of tax | | 0.1 | 0.2 \nTotal comprehensive income for the year attributable to equity holders of the parent | | 197.8 | 171.3 \n\nConsolidated statement income\n year ended 31 March 2019\n Group adopted IFRS 9 15 Contracts IFRS 16 1 April 2018. year ended 31 March 2018 restated IFRS 16 retrospective method. impact change accounting policies note 2 consolidated financial statements.\n 2019 2018 (Restated\n Profit year 197. 171.\n income\n Items reclassified profit loss\n Exchange differences translation foreign operations.\n not reclassified profit loss\n post-employment benefit obligations.\n comprehensive income net tax.\n Total income equity holders parent 197." +} +{ + "_id": "d1a712532", + "title": "", + "text": "A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):\nThe provision for uncertain tax positions relates to business in territories outside of the US.\nThe Company’s policy is to classify interest and penalties on uncertain tax positions as a component of tax expense. The Company does not expect the change in uncertain tax positions to have a material impact on its financial position, results of operations, or liquidity.\nThe Company is subject to US federal income tax as well as to income tax in multiple state and foreign jurisdictions, including the UK. Federal income tax returns of the Company are subject to IRS examination for the 2016 through 2019 tax years. State income tax returns are subject to examination for the 2015 through 2019 tax years.\nCurrently, an audit is occurring in the United Kingdom for the year ended December 31, 2017. There are no ongoing audits in any other significant foreign tax jurisdictions.\n\n | | Year Ended December 31, | \n------------------------------------------------------- | ------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nBalance at January 1 | $1,402 | $1,271 | $276 \nIncreases for tax positions related to the current year | — | 131 | 995 \nDecreases for tax positions related to the current year | (1,402) | — | — \nBalance at December 31 | $— | $1,402 | $1,271\n\nreconciliation unrecognized tax benefits\n provision uncertain tax positions business outside US.\n interest penalties tax expense. change financial position results liquidity.\n subject US federal income tax state foreign jurisdictions including UK. Federal income tax returns IRS 2016 2019. State income tax returns 2015 2019 years.\n audit United Kingdom year December 31, 2017. no ongoing audits other foreign tax jurisdictions.\n Year Ended December 31,\n 2018 2017\n Balance January 1 $1,402 $1,271 $276\n Increases 131 995\n Decreases (1,402)\n Balance December 31 $1,402 $1,271" +} +{ + "_id": "d1b3a60dc", + "title": "", + "text": "Cash flow and treasury\nAdjusted cash from operations is a measure of the cash flow generated from our companies over which the local management have control. A reconciliation between this and statutory operating cash flow can be found in Note 2 to the Financial Statements.\nAdjusted cash from operations fell by £4.8 million to £238.1 million (2018: £242.9 million) representing 84% cash conversion. If we exclude the capital spend on the new Aflex facility this would rise to 90%.\nMovements in working capital are discussed above.\nCapital additions increased by £19.0 million. The most significant addition in the year was the £15.7 million spend on the construction of a new purpose-built factory in the UK for Aflex Hose, which will consolidate the existing four locations into a single facility, giving capacity for future growth while increasing efficiencies and providing a dedicated production line for Pharmaceutical products.\nIt is estimated that a further £6 million will be spent in 2020 in completing the project.\nLooking forward, we would expect capital expenditure in 2020 to be at a similar level of approximately £65 million as we finish the Aflex facility but increase spending on project OPAL, the implementation of a global IT system for the Steam Specialties business. We generate significant cash and our first priority is to reinvest in the business, taking opportunities to generate good returns from increased efficiency, reduced costs and flexibility.\nTax paid in the year increased by £16.8 million to £78.4 million as tax rates rose and the Group grew. Free cash flow, defined in the table below, fell to £154.3 million (2018: £174.6 million) as a result of the increase in capital expenditure and tax.\nDividend payments were £76.3 million, including payments to minorities (2018: £67.3 million) and represent the final dividend for 2018 and the interim dividend for 2019.\nThere was a cash outflow, including fees, of £137.6 million on the acquisition of Thermocoax, as well as an additional £0.9 million outflow relating to the acquisition of various distribution rights. The net of share purchases and new shares issued for the Group’s various employee share schemes gave a cash outflow of £12.5 million (2018: £5.0 million) reflecting the move to acquire shares on the open market rather than issue new equity.\nDue to the acquisition of Thermocoax, net debt increased from £235.8 million to £295.2 million at 31st December 2019, an expansion of £59.4 million. This equates to a net debt to EBITDA ratio of 0.9 times (2018: 0.8 times) excluding IFRS 16. EBITDA is defined in Note 2 and the components of net debt are disclosed in Note 24.\nThe Group’s Income Statement and Statement of Financial Position are exposed to movements in a wide range of different currencies.\nThis stems from our direct sales business model, with a large number of local operating units. These currency exposures and risks are managed through a rigorously applied Treasury Policy, typically using centrally managed and approved simple forward contracts to mitigate exposures to known cash flows and avoiding the use of complex derivative transactions. The largest exposures are to the euro, US dollar, Chinese renminbi and Korean won. Whilst currency effects can be significant, the structure of the Group provides some mitigation through our regional manufacturing presence, diverse spread of geographic locations and through the natural hedge of having a high proportion of our overhead costs in the local currencies of our direct sales operating units.\nCapital structure\nThe Board keeps the capital requirements of the Group under regular review, maintaining a strong financial position to protect the business and provide flexibility of funding for growth. The Group earns a high return on capital, which is reflected in strong cash generation over time. Our capital allocation policy remains unchanged. Our first priority is to maximise investment in the business to generate further good returns in the future, aligned with our strategy for growth and targeting improvement in our key performance indicators. Next, we prioritise finding suitable acquisitions that can expand our addressable market through increasing our geographic reach, deepening our market penetration or broadening our product range. Acquisition targets need to exhibit a good strategic fit and meet strict commercial, economic and return on investment criteria. When cash resources significantly exceed expected future requirements, we would look to return capital to shareholders, as evidenced by special dividends declared in respect of 2010, 2012 and 2014. However, in the near term, we will look to reduce our financial leverage prior to considering new returns of capital to shareholders.\n\n | 2019 | 2018 \n---------------------------------------------------------------------------------- | ------- | -------\nCash flow | £m | £m \nAdjusted operating profit | 282.7 | 264.9 \nDepreciation and amortisation (excluding IFRS 16) | 34.3 | 32.9 \nDepreciation of leased assets | 11.3 | – \nCash payments to pension schemes more than the charge to adjusted operating profit | (5.2) | (4.6) \nEquity settled share plans | 6.2 | 5.7 \nWorking capital changes | (21.4) | (22.5) \nRepayments of principal under lease liabilities | (11.2) | – \nCapital additions (including software and development) | (62.4) | (43.4) \nCapital disposals | 3.8 | 9.9 \nAdjusted cash from operations | 238.1 | 242.9 \nNet interest | (5.4) | (6.7) \nIncome taxes paid | (78.4) | (61.6) \nFree cash flow | 154.3 | 174.6 \nNet dividends paid | (76.3) | (67.3) \nPurchase of employee benefit trust shares/Proceeds from issue of shares | (12.5) | (5.0) \n(Acquisitions)/Disposals of subsidiaries (including costs) | (138.5) | 48.8 \nCash flow for the year | (73.0) | 151.1 \nExchange movements | 13.6 | (13.3) \nOpening net debt | (235.8) | (373.6)\nNet debt at 31st December (excluding IFRS 16) | (295.2) | (235.8)\nIFRS 16 lease liability | (38.9) | – \nNet debt and lease liability at 31st December | (334.1) | (235.8)\n\nCash treasury\n Adjusted cash operations. reconciliation cash Note 2 Financial Statements.\n cash fell £4. 8 million £238. 1 million (2018 £242. 9 million 84% cash conversion. capital new Aflex facility 90%.\n working capital.\n Capital additions increased £19. 0 million. significant £15. 7 million new factory Aflex Hose locations growth efficiencies production line Pharmaceutical products.\n £6 million 2020.\n capital expenditure 2020 £65 million OPAL IT system Steam Specialties. efficiency costs flexibility.\n Tax paid increased £16. 8 million to £78. 4 million rates Group. Free cash flow £154. 3 million (2018 £174. 6 million capital expenditure tax.\n Dividend payments £76. 3 million (2018 £67. 3 million final dividend 2018 interim dividend 2019.\n cash outflow £137. 6 million acquisition Thermocoax additional £0. 9 million distribution rights.share purchases new shares employee schemes cash outflow £12. 5 million (2018: £5. 0 million shares open market.\n acquisition Thermocoax net debt increased £235. 8 million to £295. 2 million 31st December 2019 £59. 4 million. debt to EBITDA ratio 0. 9 times (2018. 8 times excluding IFRS 16. EBITDA defined Note 2 net debt Note 24.\n Income Statement Financial Position exposed currencies.\n direct sales business model local operating units. currency exposures risks managed Treasury Policy centrally managed forward contracts derivative transactions. largest exposures euro US dollar Chinese renminbi Korean won. mitigation regional manufacturing presence diverse high overhead costs local currencies.\n Capital\n Board keeps capital requirements strong financial position growth. high return on capital strong cash generation. capital allocation policy unchanged. investment growth key performance indicators. market product range.Acquisition targets strategic commercial economic return criteria. cash resources exceed requirements return capital shareholders special dividends 2012 2014. reduce financial leverage returns.\n Cash flow\n Adjusted operating profit 282. 264.\n Depreciation amortisation 34.\n Depreciation leased assets.\n Cash payments pension schemes more operating profit (5.\n Equity settled share plans 6.\n Working capital changes (21. (22.\n Repayments lease liabilities.\n Capital additions (62.\n Capital disposals 3.\n Adjusted cash 238. 242.\n Net interest.\n Income taxes paid (78.\n Free cash flow 154. 174\n Net dividends (76. (67.\n Purchase employee benefit trust shares (12.\n/Disposals subsidiaries. 48.\n Cash flow. 151.\n Exchange movements 13.\n net debt (235. (373.\n 31st December IFRS 16 (295..\n IFRS 16 lease liability.\n debt lease liability 31st December." +} +{ + "_id": "d1b3c540a", + "title": "", + "text": "28 Derivatives and other financial instruments continued\nInterest rate risk profile of financial assets\nThe interest rate profile of the financial assets of the Group as at 31st December was as follows:\nFinancial assets on which no interest is earned comprise trade and other receivables and cash at bank.\nFloating and fixed rate financial assets comprise cash at bank or cash placed on deposit.\n\n | Total | Fixed rate financial assets | Floating rate financial assets | Financial assets on which no interest is earned\n----------- | ----- | --------------------------- | ------------------------------ | -----------------------------------------------\n2019 | £m | £m | £m | £m \nSterling | 29.1 | – | 0.2 | 28.9 \nEuro | 115.9 | 1.4 | 16.6 | 97.9 \nUS dollar | 98.4 | 0.1 | 16.7 | 81.6 \nRenminbi | 42.0 | – | 11.9 | 30.1 \nOther | 146.5 | 5.3 | 10.5 | 130.7 \nGroup total | 431.9 | 6.8 | 55.9 | 369.2 \n\nDerivatives financial instruments continued\n Interest rate risk profile assets\n 31st December\n Financial assets no interest earned trade receivables cash bank.\n Floating fixed rate assets cash bank deposit.\n Fixed Floating no interest earned\n £m\n Sterling 29. 28.\n 115. 9 1. 16. 6 97.\n US dollar 98. 16. 81.\n 42. 11. 9 30.\n 146. 5 5. 3 10. 5 130.\n 431. 9 6. 8 55. 369." +} +{ + "_id": "d1b39444a", + "title": "", + "text": "Cash Flow\nCash flow from operating activities was up by €1.0 billion mainly driven by working capital improvement in 2019 compared to the prior year which was impacted by the disposal of spreads. Gross margin improvement had a favourable contribution a result of strong delivery from 5-S savings programmes. Overheads and brand and marketing efficiencies also had a favourable contribution as a result of our zero-based-budgeting programme.\n(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details.\n* Certain measures used in our reporting are not defined under IFRS. For further\ninformation about these measures, please refer to the commentary on non-GAAP\nmeasures on pages 27 to 32.\nNet cash outflow as a result of investing activities was €2.2 billion compared to an inflow of €4.6 billion in the prior year which included €7.1 billion from the disposal of spreads business.\nNet outflow from financing activities was €4.7 billion compared to €12.1\nbillion in the prior year. 2018 included €6.0 billion relating to repurchase of\nshares. In 2019 borrowings net of repayments was €1.4 billion higher than\nthe prior year.\n\n | € million | € million \n------------------------------------------------- | --------- | -------------\n | 2019 | 2018 \n | | (Restated)(a)\nOperating profit | 8,708 | 12,639 \nDepreciation, amortisation and impairment | 1,982 | 2,216 \nChanges in working capital | (9) | (793) \nPensions and similar obligations less Payments | (260) | (128) \nProvision less payments | 7 | 55 \nElimination of (profits)/losses on disposals | 60 | (4,313) \nNon-cash charge for share-based compensation | 151 | 196 \nOther adjustments | 2 | (260) \nCash flow from operating activities | 10,641 | 9,612 \nIncome tax paid | (2,532) | (2,294) \nNet capital expenditure | (1,429) | (1,424) \nNet interest and preference dividends paid | (548) | (461) \nFree cash flow* | 6,132 | 5,433 \nNet cash flow (used in)/from investing activities | (2,237) | 4,644 \nNet cash flow (used in)/from financing activities | (4,667) | (12,113) \n\n\n up €1. billion working capital improvement 2019 impacted disposal spreads. Gross margin improvement 5-S savings programmes. Overheads brand marketing efficiencies zero-based-budgeting programme.\n Restated IFRS 16. note 1 24.\n measures not defined IFRS.\n commentary non-GAAP\n measures pages 27 to 32.\n cash outflow investing €2. 2 billion €4. 6 billion prior €7. 1 billion disposal spreads.\n outflow financing €4. 7 billion €12.\n billion. 2018 €6. billion repurchase\n shares. 2019 borrowings repayments €1. 4 billion higher\n year.\n Operating profit 8,708\n Depreciation amortisation impairment\n Changes working capital\n Pensions obligations Payments\n Elimination disposals\n Non-cash charge share-based compensation\n adjustments\n flow activities 10\n Income tax\n Net capital expenditure (1,429)\ndividends (548) (461)\n Free cash flow 6,132 5,433\n (2,237) 4,644\n financing (12,113" +} +{ + "_id": "d1b35bb18", + "title": "", + "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data)\nAmounts recorded in respect of discontinued operations in the years ended December 31, 2019 and 2018, respectively are as follows:\nNavios Containers accounted for the control obtained in November 2018 as a business combination which resulted in the application of the “acquisition method”, as defined under ASC 805 Business Combinations, as well as the recalculation of Navios Holdings’ equity interest in Navios Containers to its fair value at the date of obtaining control and the recognition of a gain in the consolidated statements of comprehensive (loss)/income. The excess of the fair value of Navios Containers’ identifiable net assets of $229,865 over the total fair value of Navios Containers’ total shares outstanding as of November 30, 2018 of $171,743, resulted in a bargain gain upon obtaining control in the amount of $58,122. The fair value of the 34,603,100 total Navios Container’s shares outstanding as of November 30, 2018 was determined by using the closing share price of $4.96, as of that date.\nAs of November 30, 2018, Navios Holdings’ interest in Navios Containers with a carrying value of $6,078 was remeasured to fair value of $6,269, resulting in a gain on obtaining control in the amount of $191 and is presented within “Bargain gain upon obtaining control” in the consolidated statements of comprehensive (loss)/income.\nThe results of operations of Navios Containers are included in Navios Holdings’ consolidated statements of comprehensive (loss)/income following the completion of the conversion of Navios Maritime Containers Inc. into a limited partnership on November 30, 2018.\n\n | Period from January 1 to August 30, 2019 | Period from November 30 to December 31, 2018\n--------------------------------------------------------------------- | ---------------------------------------- | --------------------------------------------\nRevenue | $89,925 | $12,053 \nTime charter, voyage and port terminal expenses | (3,976) | (546) \nDirect vessel expenses | (44,088) | (5,282) \nGeneral and administrative expenses | (6,706) | (873) \nDepreciation and amortization | (22,858) | (3,060) \nInterest expense and finance cost | (10,519) | (1,204) \nOther expense, net | (5,896) | (336) \nNet (loss)/income from discontinued operations | $(4,118) | $752 \nLess: Net loss/(income) attributable to the noncontrolling interest | $3,968 | $(725) \nNet (loss)/income attributable to Navios Holdings common stockholders | $(150) | $27 \n\nNAVIOS MARITIME HOLDINGS. CONSOLIDATED FINANCIAL STATEMENTS U. S. dollars except share data\n Amounts discontinued operations December 31, 2019 2018\n Navios Containers control November 2018 “acquisition ASC 805 Combinations recalculation equity interest fair value gain consolidated statements. excess fair value Navios Containers’ net assets $229,865 over shares $171,743 bargain gain control $58,122. fair value 34,603,100 Navios shares determined closing share price $4. 96.\n Navios Holdings’ interest Containers $6,078 remeasured to fair value $6,269 gain control $191 “Bargain gain consolidated statements.\n results operations Navios Containers included statements conversion. limited partnership November 30, 2018.\n Period January 1 to August 30, 2019 November 30 to December 31, 2018\n Revenue $89,925 $12,053\ncharter terminal (3,976)\n vessel (44,088)\n administrative (6,706)\n Depreciation amortization (22,858 (3,060)\n Interest finance (10,519)\n (5,896)\n discontinued operations,118 $752\n noncontrolling interest $3,968(725)\n Navios Holdings(150)" +} +{ + "_id": "d1b343220", + "title": "", + "text": "Assets are not allocated to segments for internal reporting presentations. A portion of amortization and depreciation is included with various other costs in an overhead allocation to each segment; it is impracticable for us to separately identify the amount of amortization and depreciation by segment that is included in the measure of segment profit or loss.\nLong-lived assets, excluding financial instruments and tax assets, classified by the location of the controlling statutory company and with countries over 10% of the total shown separately, were as follows:\n\n(In millions) | | | \n--------------- | --------- | --------- | ---------\nJune 30, | 2019 | 2018 | 2017 \nUnited States | $ 55,252 | $ 44,501 | $ 42,730 \nIreland | 12,958 | 12,843 | 12,889 \nOther countries | 25,422 | 22,538 | 19,898 \nTotal | $ 93,632 | $ 79,882 | $ 75,517\n\nAssets not allocated segments. amortization depreciation included overhead allocation impracticable identify segment profit loss.\n Long-lived assets excluding financial instruments tax classified location controlling company countries over 10%\n United States $ 55,252 $ 44,501 42,730\n Ireland 12,958 12,843 12,889\n Other countries 25,422 22,538 19,898\n Total $ 93,632 $ 79,882 75,517" +} +{ + "_id": "d1b2e7e84", + "title": "", + "text": "DEVELOPMENT OF EMPLOYEE NUMBERS BY SEGMENTS\nFull-time equivalents1 as of the closing date of 30/9\n1 Excluding METRO China.\n\n | 2018 | 2019 \n----------------------------------- | ------ | ------\nMETRO | 86,239 | 82,979\nMETRO Germany | 11,816 | 11,760\nMETRO Western Europe (excl.Germany) | 24,073 | 24,044\nMETRO Russia | 13,884 | 12,288\nMETRO Eastern Europe (excl.Russia) | 28,264 | 27,589\nMETRO Asia | 8,202 | 7,298 \nOthers | 6,916 | 7,067 \nMETROAG | 863 | 837 \nTotal | 94,018 | 90,883\n\nEMPLOYEE NUMBERS\n Full-time closing 30/9\n METRO China.\n 86,239 82,979\n Germany 11,816,760\n Western Europe. 24,073\n Russia 13,884 12,288\n Eastern Europe. 28,264 27,589\n Asia 8,202 7,298\n 7,067\n 94,018 90,883" +} +{ + "_id": "d1b2eec20", + "title": "", + "text": "NOTE 6 – OTHER LIABILITIES\nAs described in Note 4, the Company and Finjan Blue entered into a Patent Assignment Agreement with IBM.The components of other liabilities are as presented below:\n\nAs of December 31, | | \n------------------------------ | -------------- | ------\n | 2019 | 2018 \n | (In thousands) | \nOther liabilities, current | $2,000 | $1,500\nOther liabilities, non-current | 1,799 | 3,463 \n | $3,799 | $4,963\n\n6 LIABILITIES\n 4 Company Finjan Blue Patent Assignment Agreement IBM. components\n December 31,\n thousands\n current $2,000 $1,500\n non-current 1,799 3,463\n $3,799 $4,963" +} +{ + "_id": "d1b324ffa", + "title": "", + "text": "Depreciation and Amortization\nThe following table sets forth depreciation and amortization by segment for the periods presented (in millions):\n(1) Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP.\nThe increase in Depreciation and Amortization is primarily driven by implementation of new clients, accelerated amortization of deferred contract costs and hardware and software placed in service.\n\n | Year ended December 31, | | Variance | \n---------------------- | ----------------------- | ------ | -------- | ---\n | 2019 | 2018 | $ | % \nSoftware Solutions | $123.9 | $112.9 | $11.0 | 10%\nData and Analytics | 15.9 | 14.1 | 1.8 | 13%\nCorporate and Other(1) | 96.4 | 90.0 | 6.4 | 7% \nTotal | $236.2 | $217.0 | 19.2 | 9% \n\nDepreciation Amortization\n table depreciation amortization segment periods\n Depreciation Corporate Other depreciation adjustments purchase accounting GAAP.\n increase Depreciation driven new clients accelerated amortization deferred contract costs hardware software service.\n Year ended December 31,\n Software Solutions $123. $112. $11. 10%\n Data Analytics 15. 14. 13%\n Corporate 96. 90. 6. 7%\n $236. $217. 19." +} +{ + "_id": "d1b38d0fa", + "title": "", + "text": "A summary of the changes in common shares available for awards under the Omnibus Incentive Plan and Predecessor Plans\nfollows:\n(1) As of December 31, 2018, there were 1,478 restricted stock shares issued for new awards under the Omnibus Incentive Plan and (5,024) restricted stock shares forfeited that were not yet reflected by our Recordkeeper. The table above (shares available under the Omnibus Incentive Plan) reflects this activity as occurred, creating a reconciling difference between shares issued and number of shares available under the Omnibus Plan.\n(2) Director units granted and deferred include the impact of share-settled dividends earned and deferred on deferred shares.\n(3) The Omnibus Incentive Plan and 2005 Contingent Stock Plan permit withholding of taxes and other charges that may be required by law to be paid attributable to awards by withholding a portion of the shares attributable to such awards.\n(4) The above table excludes approximately1.2 million contingently issuable shares under the PSU awards and SLO awards, which represents the maximum number of shares that could be issued under those plans as of December 31, 2019.\nWe record share-based incentive compensation expense in selling, general and administrative expenses and cost of sales on our Consolidated Statements of Operations for both equity-classified awards and liability-classified awards. We record a corresponding credit to additional paid-in capital within stockholders’ deficit for equity-classified awards, and to either a current or non-current liability for liability-classified awards based on the fair value of the share-based incentive compensation awards at the date of grant. Total expense for the liability-classified awards continues to be remeasured to fair value at the end of each reporting period. We recognize an expense or credit reflecting the straight-line recognition, net of estimated forfeitures, of the expected cost of the program. The number of PSUs earned may equal, exceed or be less than the targeted number of shares depending on whether the performance criteria are met, surpassed or not met.\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------- | --------- | ---------- | ---------\nNumber of shares available, beginning of year | 4,489,347 | 3,668,954 | 5,385,870\nNewly Registered Shares under Omnibus Incentive Plan | — | 2,199,114 | — \nRestricted stock shares issued for new awards(1) | — | (571,438 ) | (480,283)\nRestricted stock shares forfeited(1) | 105,960 | 91,542 | 184,235 \nRestricted stock units awarded | (819,808) | (219,923 ) | (351,946)\nRestricted stock units forfeited | 96,534 | 64,122 | 288,801 \nShares issued for 2014 Special PSU Awards | — | (658,783 ) | (749,653)\nShares issued for 2015 Three-Year PSU Awards | — | (129,139 ) | — \nShares issued for 2014 Three-Year PSU Awards | — | — | (636,723)\nRestricted stock units awarded for SLO Awards | (46,195) | (23,478 ) | (44,254) \nSLO units forfeited | 1,580 | 817 | 3,639 \nDirector shares granted and issued | (22,015) | (10,560 ) | (15,491) \nDirector units granted and deferred(2) | (6,262) | (16,505 ) | (17,008) \nShares withheld for taxes(3) | 249,368 | 94,624 | 101,767 \nNumber of shares available, end of year(4) | 4,048,509 | 4,489,347 | 3,668,954\n\nchanges in common shares for Omnibus Incentive Plan Predecessor Plans\n December 31, 2018 1,478 restricted stock shares issued for new awards (5,024) forfeited Recordkeeper. table reflects activity reconciling difference between shares issued.\n Director units granted deferred include impact share-settled dividends on shares.\n Omnibus Incentive Plan 2005 Contingent Stock Plan permit withholding taxes charges.\n table excludes. 2 million contingently issuable shares under PSU SLO awards maximum shares December 31, 2019.\n record share-based incentive compensation expense expenses cost Consolidated Statements of Operations for equity liability. credit to additional paid-in capital stockholders’ deficit for equity current liability based fair value grant. Total expense for remeasured to fair value each reporting period. expense credit-line expected cost program. PSUs earned may equal exceed targeted shares performance criteria.\n\n 4,489,347 3,668,954 5,385,870\n Shares Omnibus Incentive Plan 2,199,114\n stock (571,438 (480,283)\n 105,960 91 184,235\n awarded (819,808) (219,923 (351,946)\n forfeited 96,534 64,122 288,801\n 2014 PSU Awards (658,783 (749,653\n 2015-Year PSU Awards (129,139\n 2014 (636,723)\n units Awards (46,195 (23,478 (44,254)\n forfeited 1,580\n shares granted (22,015) (10,560 (15,491\n withheld 249,368 94,624 101,767\n end 4,048,509 4,489,347 3,668,954" +} +{ + "_id": "d1b365320", + "title": "", + "text": "Quarterly Results (Unaudited)\nThe following table sets forth certain unaudited quarterly financial information for the 2019 and 2018 fiscal years. In the opinion of management, this information has been presented on the same basis as the audited consolidated financial statements appearing elsewhere, and all necessary adjustments (consisting primarily of normal recurring accruals) have been included in the amounts stated below to present fairly the unaudited quarterly results when read in conjunction with the audited consolidated financial statements and related notes thereto. The operating results for any quarter are not necessarily indicative of results for any future period.\n(1) Includes acquisition and integration charges related to our strategic collaboration with JJMD of $17.6 million, $13.4 million, $12.8 million, $8.9 million and $8.1 million for the three months ended August 31, 2019, May 31, 2019, February 28, 2019, November 30, 2018 and August 31, 2018, respectively.\n(2) Includes ($13.3 million), $111.4 million and $30.9 million of income tax (benefit) expense for the three months ended November 30, 2018, August 31, 2018 and February 28, 2018, respectively, related to the Tax Act.\n(4) Includes a distressed customer charge of $6.2 million, $18.0 million and $14.7 million during the three months ended August 31, 2019, August 31, 2018 and February 28, 2018, respectively.\n(5) Includes $32.4 million of stock-based compensation expense for the modification of certain performancebased restricted stock units and a one-time cash settled award during the three months ended November 30, 2017.\n\n | | | Fiscal Year 2018 | \n------------------------------------------------------------------------ | --------------- | ------------ | ------------------ | -----------------\n | | | Three Months Ended | \n(in thousands, except for per share data) | August 31, 2018 | May 31, 2018 | February 28, 2018 | November 30, 2017\nNet revenue | $5,771,831 | $5,436,952 | $5,301,101 | $5,585,532 \nGross profit(4) | 442,147 | 398,227 | 397,133 | 469,285 \nOperating income(1)(4)(5) | 153,896 | 112,971 | 129,532 | 145,754 \nNet (loss) income(2)(4)(5) | (56,608) | 42,702 | 37,528 | 63,919 \nNet (loss) income attributable to Jabil Inc.(2)(4)(5) | $(57,314) | $42,541 | $37,308 | $63,795 \n(Loss) earnings per share attributable to the stockholders of Jabil Inc. | | | | \nBasic | $(0.34) | $0.25 | $0.21 | $0.36 \nDiluted | $(0.34) | $0.25 | $0.21 | $0.35 \n\nQuarterly Results\n table unaudited quarterly financial information 2019 2018 fiscal years. presented audited financial statements adjustments included. operating results not indicative future period.\n Includes acquisition integration charges $17. 6 million $13. 4 million $12. 8 million $8. 9 million $8. 1 million months August 31, May February November.\n Includes$13. 3 $111. 4 million $30. 9 million income tax) expense November August February.\n Includes distressed customer charge $6. 2 million $18. million $14. 7 million August 31,.\n Includes $32. 4 million stock-based compensation expense restricted stock units one-time cash settled award three months November 30, 2017.\n Fiscal Year 2018\n Three Months\n August 31, May 31, 2018 February 28, November 30, 2017\n Net revenue $5,771,831 $5,436,952,301,101,585,532\nprofit(4) 442,147 398,227 397,133,285\n Operating 153,896 112,971 129,532 145,754\n Net (loss (56,608) 42,702 37,528 63,919\n Jabil Inc.(57,314) $42,541 $37,308 $63,795\n earnings per share stockholders Jabil Inc.\n. 34.\n." +} +{ + "_id": "d1b371440", + "title": "", + "text": "Disaggregation of Revenue\nThe following table presents the Company's revenue disaggregated by major product category (amounts in thousands):\nSoftware and hardware revenue is generated from on premise software license sales, as well as sales of hardware scanner boxes and on premise appliance products. Service and other revenue is generated from the sale of transactional SaaS products and services, maintenance associated with the sale of software and hardware, and consulting and professional services.\n\n | | Twelve Months Ended September 30, | \n------------------------------------------- | ------- | --------------------------------- | -------\n | 2019 | 2018 | 2017 \nMajor product category | | | \nDeposits software and hardware | $41,860 | $33,071 | $25,407\nDeposits service and other | 15,170 | 8,437 | 6,963 \nDeposits revenue | 57,030 | 41,508 | 32,370 \nIdentity verification software and hardware | 4,985 | 7,627 | 4,240 \nIdentity verification service and other | 22,575 | 14,424 | 8,780 \nIdentity verification revenue | 27,560 | 22,051 | 13,020 \nTotal revenue | $84,590 | $63,559 | $45,390\n\nDisaggregation Revenue\n revenue product category\n Software hardware revenue scanner boxes appliance products. Service revenue SaaS maintenance consulting professional services.\n Twelve Months Ended September 30\n product\n Deposits software hardware $41,860 $33,071 $25,407\n service 15,170 8,437\n revenue 57,030 41,508 32,370\n Identity verification software hardware 4,985,240\n verification service 22,575 14,424 8,780\n 27,560 22,051 13,020\n Total $84,590 $63,559 $45,390" +} +{ + "_id": "d1b33d15e", + "title": "", + "text": "NOTE 22. INCOME TAXES\nAmounts recognized in profit or loss\nThe income tax expense consists of:\n\n | Year ended December 31, | \n------------------ | ----------------------- | --------\n | 2018 | 2019 \nCurrent: | | \nThe Netherlands | (4,128) | (28,409)\nOther countries | (6,374) | (9,011) \n | (10,502) | (37,420)\nDeferred: | | \nThe Netherlands | 1,944 | (6,860) \nOther countries | (6,878) | (9,370) \nIncome tax expense | (15,436) | (53,650)\n\n. INCOME TAXES\n profit loss\n tax expense\n December 31,\n 2019\n Netherlands (4,128 (28,409)\n countries (6,374 (9,011\n (10,502) (37,420)\n Deferred\n Netherlands\n (9,370\n tax (15,436,650" +} +{ + "_id": "d1b37c4d0", + "title": "", + "text": "The reconciliation of the Company’s effective tax rate to the statutory federal rate is as follows:\n(1) For the years ended December 31, 2019 and December 31, 2018, this is inclusive of (3.4%) and (3.8%) impact, respectively, that is primarily related to the change in uncertain tax positions.\nFor 2019, the Company recorded an expense for income taxes of $11.6 million, resulting in an effective tax rate of (3.8)%. The effective tax rate is different than the U.S. statutory federal tax rate primarily due to stock-based compensation expense following the decision in Altera Corp v. Commissioner by the U.S. Court of Appeals for the Ninth Circuit discussed below, the full valuation allowance on the Company's U.S. deferred tax assets, the mix of income/losses among the Company’s foreign jurisdictions, and pretax losses in jurisdictions for which no tax benefit will be recognized.\n\n | | Year Ended December 31, | \n------------------------------------------- | ------ | ----------------------- | -------\n | 2019 | 2018 | 2017 \nTax at federal statutory rate | 21.0 % | 21.0 % | 35.0 % \nState taxes, net of federal effect | (0.3) | (0.1) | (5.4) \nForeign rate differential | (6.0) | (3.9) | (9.3) \nTax credits | 1.6 | 6.3 | 4.1 \nDomestic production activities deduction | — | — | (3.5) \nStock-based compensation | (1.0) | (4.9) | (5.3) \nChange in prior year reserves | (1.5) | (0.1) | (2.0) \nChange in valuation allowance | (13.4) | (15.2) | (35.2) \nEffect of change in tax rate due to Tax Act | — | — | (23.4) \nOther (1) | (4.2) | (4.0) | 2.6 \nEffective tax rate | (3.8)% | (0.9)% | (42.4)%\n\nreconciliation Company’s effective tax rate to federal rate\n years 2019 2018 (3. 4% (3. 8%) impact related change uncertain tax positions.\n 2019 Company expense income taxes $11. 6 million effective tax rate (3. 8)%. different. statutory federal tax rate due to stock-based compensation expense decision Altera Corp v. Commissioner. Court Appeals full valuation allowance Company. deferred tax assets mix income/losses foreign jurisdictions pretax losses jurisdictions no tax benefit recognized.\n Year Ended December 31,\n 2018 Tax federal statutory rate 21. 21 35.\n State taxes federal effect.\n Foreign rate differential.\n Tax credits.\n Domestic production activities deduction.\n Stock-based compensation.\n Change prior year reserves.\n Change valuation allowance.\n Effect change tax rate due to Tax Act.\n.\n Effective tax rate (3. 8)." +} +{ + "_id": "d1b369f60", + "title": "", + "text": "ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\nRESULTS OF OPERATIONS\nConsolidated Performance Summary. The following table presents selected consolidated financial data for the indicated fiscal years (dollars in millions, except per share data):\n*Non-GAAP metric; refer to \"Return on Invested Capital (\"ROIC\") and Economic Return\" below for more information and Exhibit 99.1 for a reconciliation.\nNet sales. Fiscal 2019 net sales increased $290.9 million, or 10.1%, as compared to fiscal 2018.\nNet sales are analyzed by management by geographic segment, which reflects the Company's reportable segments, and by market sector. Management measures operational performance and allocates resources on a geographic segment basis. The Company’s global business development strategy is based on our targeted market sectors.\n\n | 2019 | 2018 \n---------------------------- | -------- | --------\nNet sales | $3,164.4 | $2,873.5\nCost of sales | 2,872.6 | 2,615.9 \nGross profit | 291.8 | 257.6 \nGross margin | 9.2% | 9.0% \nOperating income | 142.1 | 118.3 \nOperating margin | 4.5% | 4.1% \nOther expense | 16.1 | 10.7 \nIncome tax expense | 17.3 | 94.6 \nNet income | 108.6 | 13.0 \nDiluted earnings per share | $3.50 | $0.38 \nReturn on invested capital* | 13.1% | 16.1% \nEconomic return* | 4.1% | 6.6% \n\n. DISCUSSION ANALYSIS FINANCIAL CONDITION RESULTS\n Consolidated Performance Summary. table presents consolidated financial data years\n-GAAP metric Invested Capital Economic Return Exhibit 99.\n. 2019 increased $290. million. 1% 2018.\n analyzed geographic segment market sector. measures performance allocates resources. business development strategy targeted market sectors.\n Net sales $3,164. $2,873.\n Cost sales 2,872. 2,615.\n Gross profit 291. 257.\n margin 9. 2%\n Operating income 142. 118.\n.\n expense.\n tax expense 17.\n income 108.\n earnings per share $3.\n Return invested capital 13. 1% 16.\n Economic return 4. 6%" +} +{ + "_id": "d1b389496", + "title": "", + "text": "Geographic and Other Information\nRevenue by geographic region, based on ship-to destinations, was as follows (in thousands):\nThe United States represented 56%, 58% and 58% of revenue for 2019, 2018 and 2017, respectively. Revenue in the United Kingdom was $159.9 million in 2019 and $196.0 million in 2017, representing 11% of revenue in 2019 and 12% of revenue for 2017. Revenue in the United Kingdom was less than 10% of revenue in 2018. No other single country represented more than 10% of revenue during these periods. As of December 31, 2019 and 2018, long-lived assets, which represent property and equipment, located outside the United States were $27.9 million and $36.9 million, respectively.\n\n | | December 31, | \n-------------------------------- | ---------- | ------------ | ----------\n | 2019 | 2018 | 2017 \nUnited States | $799,016 | $880,534 | $944,052 \nAmericas excluding United States | 94,961 | 101,282 | 116,330 \nEurope, Middle East, and Africa | 410,485 | 384,196 | 440,135 \nAsia Pacific | 130,326 | 145,971 | 115,002 \nTotal | $1,434,788 | $1,511,983 | $1,615,519\n\n\n Revenue region destinations\n United States 56% 58% revenue 2019 2018 2017. Kingdom $159. million 2019 $196. million 2017 11% 12%. less 10% 2018. No country 10%. December 31, 2019 2018 long-lived assets outside States $27. million $36. million.\n States $799,016 $880,534 $944,052\n Americas 94,961 101,282 116,330\n Europe Middle East Africa 410,485,196\n Asia Pacific 130,326 145,971 115\n $1,434,788 $1,511,983 $1,615,519" +} +{ + "_id": "d1b33a3fa", + "title": "", + "text": "Operating income in 2019 was $1,203 million, decreasing by $197 million compared to 2018, reflecting normal price pressure, increased unsaturation charges and higher R&D spending, partially offset by higher level of grants and favorable currency effects, net of hedging.\nOperating income in 2018 was $1,400 million, improved by $395 million compared to 2017, reflecting higher volumes, improved manufacturing efficiencies and product mix and lower restructuring charges, partially offset by unfavorable currency effects, net of hedging, normal price pressure and higher operating expenses.\n\n | | Year Ended December 31, | \n----------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \n | | (In millions) | \nOperating income | $1,203 | $1,400 | $1,005\nAs percentage of net revenues | 12.6% | 14.5% | 12.0% \n\n2019 $1,203 million $197 million 2018 price charges higher R&D spending offset grants currency hedging.\n 2018 $1,400 million improved $395 million 2017 higher manufacturing efficiencies lower restructuring charges offset currency hedging higher operating expenses.\n Ended December 31,\n income $1,203 $1,400 $1,005\n net revenues 12. 6%. 5%." +} +{ + "_id": "d1a71ca46", + "title": "", + "text": "The following table presents franchise revenues and costs in each fiscal year and other information we believe is useful in analyzing the change in franchise operating results (dollars in thousands):\nFranchise rental revenues increased $13.8 million, or 5.3%, in 2019 versus a year ago due primarily to an increase in the number of franchised restaurants and, to a lesser extent, an increase in franchise same-store sales. The increase in the number of restaurants leased or subleased from the Company due to our refranchising strategy, contributed additional rental revenues of $12.4 million in 2019.\n\n | 2019 | 2018 \n---------------------------------------------------------------------- | ---------- | ----------\nFranchise rental revenues | $272,815 | $259,047 \nRoyalties | 163,047 | 155,939 \nFranchise fees and other | 6,764 | 6,646 \nFranchise royalties and other | 169,811 | 162,585 \nFranchise contributions for advertising and other services | 170,674 | — \nTotal franchise revenues | $613,300 | $421,632 \n | | \nFranchise occupancy expenses (excluding depreciation and amortization) | $166,584 | $158,319 \nFranchise support and other costs | 12,110 | 11,593 \nFranchise advertising and other services expenses | 178,093 | — \nTotal franchise costs | $356,787 | $169,912 \nFranchise costs as a % of total franchise revenues | 58.2% | 40.3% \n | | \nAverage number of franchise restaurants | 2,081 | 2,028 \n% increase | 2.6% | \nFranchised restaurant sales | $3,167,920 | $3,018,067\nFranchise restaurant AUV | $1,523 | $1,488 \nIncrease in franchise-operated same-store sales | 1.3% | 0.1% \nRoyalties as a percentage of total franchise restaurant sales | 5.1% | 5.2% \n\ntable presents franchise revenues costs fiscal year results\n Franchise rental revenues increased $13. 8 million 5. 3% 2019 franchised restaurants same-store sales. increase restaurants leased refranchising contributed additional rental revenues $12. 4 million 2019.\n rental revenues $272,815 $259,047\n Royalties 163,047\n fees 6\n contributions 170,674\n Total revenues $613,300 $421,632\n occupancy expenses $166,584 $158,319\n support costs\n 178,093\n Total costs $356,787 $169,912\n revenues 58. 2% 40. 3%\n Average number franchise restaurants 2,081\n increase 2. 6%\n Franchised restaurant sales $3,167,920 $3,018,067\n $1,523 $1,488\n Increase same-store sales. 3%.\n Royalties sales. 1%." +} +{ + "_id": "d1b2f7e88", + "title": "", + "text": "Hardware\nHardware sales, net decreased $1.5 million, or -10% in 2019 compared to 2018. We adopted the new ASC 606 standard as of January 1, 2018 and elected to use the modified retrospective method. Historical hardware sales prior to the adoption of ASC 606 were recorded on a gross basis, as we were the principal in the transaction in accordance with the previous standard, ASC 605-45. Under the new standard, we are an agent in the transaction as we do not physically control the hardware which we sell. Accordingly, starting January 1, 2018, we recognize our hardware revenue net of related cost which reduces both hardware revenue and cost of sales as compared to our accounting prior to 2018. For comparison purposes only, had we implemented ASC 606 using the full retrospective method, we would have also presented hardware revenue net of cost for prior periods as shown below.\nThe majority of hardware sales are derived from our Americas segment. Sales of hardware are largely dependent upon customer- specific desires, which fluctuate.\n\n | | | | Year Ended December 31, | \n--------------------------------------------- | ------- | ------- | -------- | ----------------------- | ----\n | | | | % Change vs.Prior Year | \n2019 | 2019 | 2018 | 2017 | 2019 | 2018\nHardware Revenue (Pre ASC 606 Adoption) | $44,972 | $49,914 | $43,190 | -10% | 16% \nCost of hardware | -32,455 | -35,947 | - 32,205 | -10% | 12% \nHardware Revenue, net (Post ASC 606 Adoption) | $12,517 | $13,967 | $ 10,985 | -10% | 27% \n\n\n sales decreased $1. 5 million -10% 2019 compared to 2018. adopted ASC 606 standard January 1, 2018 modified retrospective method. Historical hardware sales recorded gross principal transaction previous. new standard agent control hardware. starting January 1, 2018 hardware revenue net cost reduces revenue cost sales 2018. implemented ASC 606 full retrospective method presented hardware revenue net cost prior periods.\n majority hardware sales Americas segment. dependent upon customer desires.\n December 31,\n % Change. Prior Year\n Hardware Revenue (Pre ASC 606 Adoption $44,972 -10%\n Cost hardware -32,455\n Revenue net (Post ASC 606 Adoption $12,517 $13,967 -10% 27%" +} +{ + "_id": "d1a71ac1e", + "title": "", + "text": "32. Provisions for post-employment benefits plans and similar obligations\nProvisions for post-employment benefits plans are recognised in accordance with IAS 19 (Employee Benefits).\nProvisions for post-employment benefits plans consist of commitments primarily related to benefits defined by the provisions of company pension plans. These take the form of defined benefit plans directly from the employer (employer’s commitments) and defined benefit plans from external pension providers (benevolent funds in Germany and international pension funds). The external providers’ assets serve exclusively to finance the pension entitlements and qualify as plan assets. The benefits under the different plans are based on performance and length of service.\nThe most important performance-based pension plans are described in the following.\n\n€ million | 30/9/2018 | 30/9/2019\n---------------------------------------------------------------------- | --------- | ---------\nProvisions for post-employment benefits plans (employer’s commitments) | 344 | 414 \nProvisions for indirect commitments | 12 | 17 \nProvisions for voluntary pension benefits | 0 | 0 \nProvisions for post-employment benefit plans | 71 | 78 \n | 427 | 509 \nProvisions for obligations similar to pensions | 41 | 34 \n | 468 | 543 \n\n. Provisions post-employment benefits plans obligations\n recognised IAS 19.\n related company pension plans. employer external pension providers. external providers’ assets finance pension entitlements plan assets. benefits based on performance length service.\n important performance-based pension plans.\n € million 30/9/2018 30/9/2019\n Provisions post-employment benefits 414\n indirect commitments 12 17\n voluntary pension benefits 0\n post-employment plans 71 78\n 427 509\n obligations similar pensions 41\n 468 543" +} +{ + "_id": "d1b3306a2", + "title": "", + "text": "Earnings Per Share\nCalculations of net income per common share attributable to ON Semiconductor Corporation are as follows (in millions, except per share data):\nBasic income per common share is computed by dividing net income attributable to ON Semiconductor Corporation by the weighted average number of common shares outstanding during the period.\nTo calculate the diluted weighted-average common shares outstanding, the number of incremental shares from the assumed exercise of stock options and assumed issuance of shares relating to RSUs is calculated by applying the treasury stock method. Share-based awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income per share calculation.\nThe excluded number of anti-dilutive share-based awards was approximately 0.8 million, 0.6 million and 0.2 million for the years ended December 31, 2019, 2018 and 2017, respectively.\nThe dilutive impact related to the Company’s 1.00% Notes and 1.625% Notes is determined in accordance with the net share settlement requirements, under which the Company’s convertible notes are assumed to be convertible into cash up to the par value, with the excess of par value being convertible into common stock.\nAdditionally, if the average price of the Company’s common stock exceeds $ 25.96 per share, with respect to the 1.00% Notes, or $30.70 per share, with respect to the 1.625% Notes, during the relevant reporting period, the effect of the additional potential shares that may be issued related to the warrants that were issued concurrently with the issuance of the convertible notes will also be included in the calculation of diluted weighted-average common shares outstanding.\nPrior to conversion, the convertible note hedges are not considered for purposes of the earnings per share calculations, as their effect would be anti-dilutive. Upon conversion, the convertible note hedges are expected to offset the dilutive effect of the 1.00% Notes and 1.625% Notes, respectively, when the stock price is above $18.50 per share, with respect to the 1.00% Notes, and $20.72 per share, with respect to the 1.625% Notes.\n\n | | Year ended December 31, | \n------------------------------------------------------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nNet income attributable to ON Semiconductor Corporation | $211.7 | $627.4 | $810.7\nBasic weighted average common shares outstanding | 410.9 | 423.8 | 421.9 \nAdd: Incremental shares for: | | | \nDilutive effect of share-based awards | 1.9 | 4.3 | 5.5 \nDilutive effect of convertible notes | 3.2 | 7.8 | 0.9 \nDiluted weighted average common shares outstanding | 416.0 | 435.9 | 428.3 \nNet income per common share attributable to ON Semiconductor Corporation: | | | \nBasic | $0.52 | $1.48 | $1.92 \nDiluted | $0.51 | $1.44 | $1.89 \n\nEarnings Per Share\n net income per share ON Semiconductor Corporation millions\n income computed net income by average common shares.\n diluted common shares from stock options RSUs treasury stock method. Share-based awards anti-dilutive excluded from net income.\n anti-dilutive awards approximately 0. 8 million 0. 6 million 0. 2 million for years ended December 31, 2019 2018 2017.\n dilutive impact 1. 00% Notes 1. 625% Notes determined net share settlement requirements notes convertible into cash par value excess convertible into common stock.\n if average price common stock exceeds $ 25. 96 per share 1. or $30. 70 per share. 625% Notes additional potential shares included in diluted common shares.\n convertible note hedges not considered anti-dilutive. Upon offset dilutive effect. when stock price above $18. 50 per share.$20. 72 share 1. 625%.\n December 31,\n 2019\n Net income ON Semiconductor Corporation $211. $627. $810.\n average shares 410. 423. 421.\n shares\n share-based awards 1. 4. 5.\n 3. 7.\n average shares 416. 435. 428.\n Net income common share ON Semiconductor Corporation\n $0. 52 $1. 48 $1.\n. 51 $1. 44 $1." +} +{ + "_id": "d1b313854", + "title": "", + "text": "6.4 Deed of cross guarantee\nPursuant to the iSelect Deed of Cross Guarantee (“the Deed”) and in accordance with ASIC Class Order 98/1418, the subsidiaries identified with a ‘2’ in note 6.2 are relieved from the requirements of the Corporations Act 2001 relating to the preparation, audit and lodgment of their financial reports.\niSelect Limited and the subsidiaries identified with a ‘2’ in note 6.2 together are referred to as the “Closed Group”. The Closed Group, with the exception of General Brokerage Services Pty Ltd, Energy Watch Trading Pty Ltd, Procure Power Pty Ltd, Energy Watch Services Pty Ltd and iSelect International Pty Ltd entered into the Deed on 26 June 2013.\nGeneral Brokerage Services Pty Ltd, Energy Watch Trading Pty Ltd, Procure Power Pty Ltd and Energy Watch Services Pty Ltd entered into the Deed on 1 July 2014, the date they were acquired as part of the Energy Watch Group acquisition. iSelect International entered the Deed on 8 September 2014. The effect of the Deed is that iSelect Limited guarantees to each creditor payment in full of any debt in the event of winding up any of the entities in the Closed Group.\nThe consolidated income statement of the entities that are members of the Closed Group is as follows:\n\n | CONSOLIDATED | \n------------------------------------------------- | ------------ | ----------\n | 2019 $’000 | 2018 $’000\nConsolidated income statement | | \nLoss from continuing operations before income tax | (20,111) | (21,033) \nIncome tax benefit | 5,949 | 6,734 \nNet loss for the year | (14,162) | (14,299) \nRetained earnings at the beginning of the period | 4,101 | 30,790 \nTransferred in from divested subsidiary | (8,676) | - \nNet loss for the year | (14,162) | (14,299) \nDividends paid | - | (12,390) \nRetained earnings at the end of the year | (18,737) | 4,101 \n\n. Deed cross guarantee\n iSelect Deed Cross Guarantee ASIC Class Order 98/1418 subsidiaries 6. 2 relieved requirements Corporations Act 2001 financial reports.\n iSelect Limited subsidiaries. “Closed Group”. General Brokerage Services Energy Watch Trading Procure Power Pty Energy Watch Services Ltd iSelect International Deed 26 June 2013.\n 1 July 2014,. iSelect International Deed 8 September 2014. iSelect Limited guarantees creditor payment debt entities Closed Group.\n consolidated income statement entities\n 2019 2018\n Loss operations before income tax (20,111) (21,033)\n Income tax benefit 5,949 6,734\n Net loss year (14,162),299)\n Retained earnings 4 30,790\n Transferred divested subsidiary (8,676\n Net loss (14,162),299)\n Dividends paid (12,390\n Retained earnings end year (18,737) 4,101" +} +{ + "_id": "d1b339068", + "title": "", + "text": "CONTRACTUAL OBLIGATIONS, COMMITMENTS AND OFF-BALANCE SHEET OBLIGATIONS\nOur disclosures regarding contractual obligations and commercial commitments are located in various parts of our regulatory filings. Information in the following table provides a summary of our contractual obligations and commercial commitments as of September 28, 2019 (dollars in millions):\n1) Includes $150.0 million in principal amount of 2018 Notes as well as interest; see Note 4, \"Debt, Capital Lease Obligations and Other Financing,\" in Notes to Consolidated Financial Statements for further information.\n2) As of September 28, 2019, capital lease obligations consists of capital lease payments and interest as well as the non-cash financing obligation related to the failed sale-leasebacks in Guadalajara, Mexico; see Note 4, \"Debt, Capital Lease Obligations and Other Financing,\" in Notes to Consolidated Financial Statements for further information.\n3) As of September 28, 2019, purchase obligations consist primarily of purchases of inventory and equipment in the ordinary course of business.\n4) Consists of U.S. federal income taxes on the deemed repatriation of undistributed foreign earnings due to Tax Reform. Refer to \"Liquidity and Capital Resources\" above for further detail.\n5) As of September 28, 2019, other obligations on the balance sheet included deferred compensation obligations to certain of our former and current executive officers, as well as other key employees, and an asset retirement obligation. We have excluded from the above table the impact of approximately $2.3 million, as of September 28, 2019, related to unrecognized income tax benefits. The Company cannot make reliable estimates of the future cash flows by period related to these obligations.\n6) As of September 28, 2019, other obligations not on the balance sheet consist of guarantees and a commitment for salary continuation and certain benefits in the event employment of one executive officer of the Company is terminated without cause. Excluded from the amounts disclosed are certain bonus and incentive compensation amounts, which would be paid on a prorated basis in the year of termination.\n7) Includes future minimum lease payments for two facilities in Guadalajara, Mexico, leased under 10-year and 15-year base lease agreements, both of which include two 5-year renewal options; see Note 4, \"Debt, Capital Lease Obligations and Other Financing,\" in Notes to Consolidated Financial Statements for further information.\n\n | | Payments Due by Fiscal Year | | | \n------------------------------------------------------ | -------- | --------------------------- | ---------- | ---------- | -------------------\nContractual Obligations | Total | 2020 | 2021-2022 | 2023-2024 | 2025 and\nthereafter\nDebt Obligations (1) | $288.3 | $101.2 | $12.4 | $12.2 | $162.5 \nCapital Lease Obligations (2) | 49.8 | 6.7 | 6.4 | 2.5 | 34.2 \nOperating Lease Obligations | 40.8 | 10.4 | 12.2 | 8.8 | 9.4 \nPurchase Obligations (3) | 620.0 | 598.8 | 20.7 | 0.4 | 0.1 \nRepatriation Tax on Undistributed Foreign Earnings (4) | 65.1 | 5.5 | 11.4 | 16.3 | 31.9 \nOther Liabilities on the Balance Sheet (5) | 15.0 | 3.3 | 4.0 | 0.6 | 7.1 \nOther Liabilities not on the Balance Sheet (6) | 8.6 | 1.8 | — | 1.3 | 5.5 \nOther Financing Obligations (7) | 119.0 | 4.3 | 9.0 | 9.4 | 96.3 \nTotal Contractual Cash Obligations | $1,206.6 | $732.0 | $76.1 | $51.5 | $347.0 \n\nCONTRACTUAL OBLIGATIONS COMMITMENTS OFF-BALANCE SHEET OBLIGATIONS\n disclosures contractual obligations commercial commitments in regulatory filings. table summary contractual obligations commercial commitments September 28, 2019\n Includes $150. 0 million principal 2018 Notes interest Note 4 \"Debt Capital Lease Obligations Financing.\n capital lease obligations payments interest non financing failed sale-leasebacks Guadalajara, Mexico.\n purchase obligations purchases inventory equipment.\n U. S. federal income taxes repatriation undistributed foreign earnings Tax Reform. \"Liquidity Capital Resources.\n other obligations deferred compensation former executive officers key employees retirement obligation. excluded impact $2. 3 million unrecognized income tax benefits. estimates future cash flows.\n other obligations not balance guarantees commitment salary continuation benefits employment executive officer terminated without cause. Excluded bonus incentive compensation amounts paid year termination.\nIncludes future lease payments facilities Guadalajara Mexico 15-year lease agreements 5-year renewal options Note 4 Capital Lease Obligations Financing Consolidated Financial Statements information.\n Payments Due Fiscal Year\n Contractual Obligations 2021-2022 2023-2024\n Debt Obligations $288. $101. $12. $12. $162.\n Capital Lease Obligations 49. 6. 34.\n Operating Lease Obligations 40. 10. 12.\n Purchase Obligations 620. 598. 20.\n Repatriation Tax Undistributed Foreign Earnings 65. 5. 11. 31.\n Liabilities Balance Sheet 15. 3.\n Liabilities.\n Financing Obligations 119. 9. 96.\n Contractual Cash Obligations $1,206. $732. $76. $51. $347." +} +{ + "_id": "d1b3ac9a0", + "title": "", + "text": "No deferred tax assets were capitalised for the following tax loss carry-forwards and interest carry-forwards or temporary differences because realisation of the assets in the short-to-medium term is not expected:\nThe loss carry-forwards as of the closing date predominantly concern the German consolidation group. They can be carried forward without limitation.\n\n€ million | 30/9/2018 | 30/9/2019\n----------------------- | --------- | ---------\nCorporate tax losses | 4,320 | 4,883 \nTrade tax losses | 3,296 | 3,679 \nInterest carry-forwards | 57 | 83 \nTemporary differences | 104 | 120 \n\ndeferred tax assets capitalised tax loss interest differences\n loss-forwards German consolidation group. carried.\n million 30/9/2018 30/9/2019\n Corporate tax losses 4,320\n Trade tax losses 3,296\n Interest-forwards 57\n Temporary differences 104" +} +{ + "_id": "d1b3a3364", + "title": "", + "text": "Section D: People\nThis section provides information about our employee benefit obligations, including annual leave, long service leave and post-employment benefits. It also includes details about our share plans and the compensation paid to Key Management Personnel.\n15. EMPLOYEE BENEFITS.\n1. Included within current provisions in the statement of financial position.\n2. Included within non-current provisions in the statement of financial position.\nEmployee benefits liability\nEmployee benefits liability represents amounts provided for annual leave and long service leave. The current portion for this provision includes the total amount accrued for annual leave entitlements and the amounts accrued for long service leave entitlements that have vested due to employees having completed the required period of service.\nBased on past experience, the Group does not expect the full amount of annual leave or long service leave balances classified as current liabilities to be settled within the next 12 months. These amounts are presented as current liabilities since the Group does not have an unconditional right to defer the settlement of these amounts in the event employees wish to use their leave entitlement.\n\n | 2019 | 2018 \n--------------------------------- | ------ | ------\n | $’000 | $’000 \nCurrent employee benefits1 | 13,859 | 12,710\nNon-current employee benefits2 | 189 | 675 \nTotal employee benefits liability | 14,048 | 13,385\n\nSection D People\n employee benefit obligations annual leave long service leave post-employment benefits. share plans compensation Key Management Personnel.\n. EMPLOYEE BENEFITS.\n. current.\n. non-current provisions.\n Employee benefits liability\n annual leave long service leave. includes annual leave long service leave service.\n Group expect full annual leave long service leave balances current liabilities next 12 months. unconditional right defer settlement leave.\n 2019 2018\n Current employee benefits1 13,859 12,710\n Non-current benefits2 189 675\n Total benefits liability 14,048 13,385" +} +{ + "_id": "d1a718a36", + "title": "", + "text": "9.4. Trade and other payables\nTrade payables are unsecured and are usually paid within 30 days of recognition. Other payables and accruals are paid when amounts fall due. The carrying amounts of trade and other payables are assumed to be the same as their fair values, due to their short-term nature.\n\n | 2019 | 2018 \n-------------------------------- | ------ | ------\n | $'000 | $'000 \nCurrent | | \nTrade payables | 3,486 | 4,184 \nAccrued expenses | 6,706 | 2,717 \nGST and employment taxes payable | 2,644 | 1,256 \nOther payables | 6,157 | 4,161 \nTotal | 18,993 | 12,318\n\n. Trade payables\n unsecured paid 30 days recognition. paid due. carrying amounts same values short-term nature.\n Trade payables 3,486 4,184\n Accrued expenses 2,717\n GST employment taxes 2,644 1,256\n Other payables 6,157 4,161\n Total 18,993 12,318" +} +{ + "_id": "d1b2fcb7c", + "title": "", + "text": "Restricted Share Awards\nRestricted share awards, which are generally in the form of restricted share units, are granted subject to certain restrictions. Conditions of vesting are determined at the time of grant. All restrictions on an award will lapse upon death or disability of the employee. If the employee satisfies retirement requirements, a portion of the award may vest, depending on the terms and conditions of the particular grant. Recipients of restricted share units have no voting rights, but do receive dividend equivalents. For grants that vest through passage of time, the fair value of the award at the time of the grant is amortized to expense over the period of vesting. The fair value of restricted share awards is determined based on the closing value of our shares on the grant date. Restricted share awards generally vest in increments over a period of four years as determined by the management development and compensation committee.\nRestricted share award activity was as follows:\nThe weighted-average grant-date fair value of restricted share awards granted during fiscal 2019, 2018, and 2017 was $77.77, $93.45, and $67.72, respectively.\nThe total fair value of restricted share awards that vested during fiscal 2019, 2018, and 2017 was $48 million, $50 million, and $50 million, respectively.\nAs of fiscal year end 2019, there was $64 million of unrecognized compensation expense related to nonvested restricted share awards, which is expected to be recognized over a weighted-average period of 1.7 years.\n\n | Shares | Weighted-Average Grant-Date Fair Value\n--------------------------------- | --------- | --------------------------------------\nNonvested at fiscal year end 2018 | 1,631,470 | $ 75.39 \nGranted | 692,899 | 77.77 \nVested | (689,040) | 70.31 \nForfeited | (232,910) | 78.80 \nNonvested at fiscal year end 2019 | 1,402,419 | $ 78.36 \n\nRestricted Share Awards\n units granted subject restrictions. Conditions vesting determined. restrictions lapse death disability. retirement portion award vest. Recipients no voting rights receive dividend equivalents. fair value amortized over vesting. value determined closing value shares grant. vest over four years management development compensation committee.\n activity\n-average grant-date fair value 2019 2017 $77. 77 $93. 45 $67. 72.\n total value $48 million $50 million $50 million.\n 2019 $64 million unrecognized compensation expense nonvested awards expected recognized over 1. 7 years.\n Weighted-Average Grant-Date Fair Value\n Nonvested end 2018 1,631,470 $ 75. 39\n Granted 692,899 77.\n Vested (689,040).\n Forfeited (232,910).\n Nonvested end 2019 1,402,419 $ 78. 36" +} +{ + "_id": "d1b351faa", + "title": "", + "text": "Note 8: Balance Sheet Information\nCertain significant amounts included in the Company's Consolidated Balance Sheets consist of the following (in millions):\nAssets classified as held-for-sale, consisting primarily of properties, are required to be recorded at the lower of carrying value or fair value less any costs to sell. The carrying value of these assets as of December 31, 2019 was $1.4 million, and is reported as other current assets on the Company’s Consolidated Balance Sheet.\nDepreciation expense for property, plant and equipment, including amortization of finance leases, totaled $409.7 million, $359.3 million and $325.2 million for 2019, 2018 and 2017, respectively.\nIncluded within sales related reserves are ship and credit reserves for distributors amounting to $178.7 million and $230.8 million as of December 31, 2019 and 2018, respectively.\n\n | As of | \n------------------------------------ | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nInventories: | | \nRaw materials | $138.4 | $137.3 \nWork in process | 772.9 | 760.7 \nFinished goods | 321.1 | 327.2 \n | $1,232.4 | $1,225.2 \nProperty, plant and equipment, net: | | \nLand | $125.2 | $125.5 \nBuildings | 860.6 | 820.4 \nMachinery and equipment | 4,275.2 | 3,980.2 \nProperty, plant and equipment, gross | 5,261.0 | 4,926.1 \nLess: Accumulated depreciation | (2,669.4) | (2,376.5) \n | $2,591.6 | $2,549.6 \nAccrued expenses: | | \nAccrued payroll and related benefits | $153.4 | $240.8 \nSales related reserves | 247.3 | 294.8 \nIncome taxes payable | 22.5 | 38.2 \nOther | 115.6 | 85.3 \n | $538.8 | $659.1 \n\nBalance Sheet\n amounts Sheets\n Assets held-for-sale lower carrying value less costs. carrying value December 31, 2019 $1. 4 million.\n Depreciation property plant equipment amortization finance leases $409. 7 million $359. 3 million $325. 2 million 2019 2018 2017.\n reserves ship credit reserves $178. 7 million $230. 8 million December 31, 2019 2018.\n 31,\n Inventories\n Raw materials $138. $137.\n Work process.\n Finished goods.\n $1,232. $1,225.\n Property plant equipment\n $125.\n Buildings 860.\n Machinery equipment 4,275. 3,980.\n 5,261.\n Accumulated depreciation (2,669.\n $2,591. $2,549.\n Accrued expenses\n payroll benefits $153. $240.\n Sales reserves. 294.\n Income taxes.\n..\n $538. $659." +} +{ + "_id": "d1b337a92", + "title": "", + "text": "The following direct customers accounted for 10% or more of our net revenues in one or more of the following periods:\nNokia was our largest customer in fiscal 2019, 2018 and 2017. Nokia purchases products directly from us and through contract manufacturers and distributors. Based on information provided to us by its contract manufacturers and our distributors, purchases by Nokia represented approximately 45%, 36% and 41% of our net revenues in fiscal 2019, 2018 and 2017, respectively. To our knowledge, none of our other OEM customers accounted for more than 10% of our net revenues in any of these periods.\n\n | | Fiscal Year Ended | \n--------------------------------------------------------- | ----- | ----------------- | -----\n | | March 31, | \n | 2019 | 2018 | 2017 \nContract manufacturers and consignment warehouses: | | | \nFlextronics Technology | 21.8% | 14.0% | 10.4%\nSanmina | 17.7 | 16.0 | 20.4 \nDistributors: | | | \nAvnet Logistics | 31.3 | 35.3 | 25.5 \nNexcomm | 14.8 | 16.1 | 19.7 \n\ncustomers accounted 10% net revenues\n Nokia largest customer 2019 2018 2017. purchases contract manufacturers distributors. purchases Nokia represented 45% 36% 41% net revenues 2019 2018 2017. other OEM customers accounted 10% net revenues.\n Year\n Contract manufacturers consignment warehouses\n Flextronics Technology 21. 8% 14. 0% 10. 4%\n Sanmina 17. 16. 20.\n Distributors\n Avnet Logistics 31. 35. 25.\n Nexcomm 14. 16. 19." +} +{ + "_id": "d1b356406", + "title": "", + "text": "(1) No dividend is proposed by the Board of Directors related to the financial year 2019.\n(2) Includes net sales to other segments.\nThe figures are derived from our consolidated financial\nstatements prepared in accordance with IFRS. Year-on-year\nchange is in parenthesis.\nAll Nokia Technologies IPR and Licensing net sales are allocated to Finland.\n\nFinancial highlights | | | \n------------------------------------------ | ------ | ------ | -------\nFor the year ended December 31, | 2019 | 2018 | 2017 \nContinuing operations | EURm | EURm | EURm \nNet sales | 23,315 | 22,563 | 23,147 \nGross profit | 8,326 | 8,446 | 9,139 \nGross margin | 35.7% | 37.4% | 39.5% \nOperating profit/(loss) | 485 | (59) | 16 \nOperating margin | 2.1% | (0.3)% | 0.1% \nProfit/(loss) for the year | 18 | (549) | (1,437)\n | EUR | EUR | EUR \nEarnings per share, diluted | 0.00 | (0.10) | (0.26) \nDividend per share(1) | 0.00 | 0.10 | 0.19 \n | 2019 | 2018 | 2017 \nAs of December 31 | EURm | EURm | EURm \nNet cash and current financial investments | 1,730 | 3,053 | 4,517 \n\ndividend proposed Board Directors financial year 2019.\n Includes net sales segments.\n figures consolidated financial\n statements IFRS. Year-on-year\n change parenthesis.\n Nokia Technologies IPR Licensing sales allocated Finland.\n Financial highlights\n year ended December 31, 2019\n operations\n Net sales 23,315 22,563\n Gross profit 8,326 9,139\n margin. 7%. 4% 39. 5%\n Operating profit/(loss 485\n margin. 1%.\n Profit/(loss) year\n Earnings per share diluted.\n Dividend per.\n December 31\n Net cash current financial investments 1,730 3,053" +} +{ + "_id": "d1b39b600", + "title": "", + "text": "Issuer purchases of equity securities\nCommon stock repurchased in the three months ended December 31, 2019:\n(1) Shares withheld to cover the option exercise price and tax withholding obligations under the net settlement provisions of our stock compensation awards have been included in these amounts.\n(2) See \"Stock repurchase program\" in Item 7 of this Annual Report for additional information.\n\n(in thousands, except per share amounts) | Total Number of Shares Purchased (1) (2) | Average Price Paid per Share (1) (2) | Total Number of Shares Purchased as Part of Publicly Announced Share Repurchase Program (2) | Approximate Dollar Value of Shares That May Yet Be Purchased at Period End Under Publicly Announced Share Repurchased Programs (2)\n---------------------------------------- | ---------------------------------------- | ------------------------------------ | ------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------\nOctober 1, 2019 - October 31, 2019 | 24 | $71.89 | 12 | $45,484 \nNovember 1, 2019 - November 30, 2019 | 108 | $75.63 | - | $45,484 \nDecember 1, 2019 - December 31, 2019 | 144 | $76.64 | - | $45,484 \nTotal | 276 | $75.83 | | \n\nIssuer purchases equity securities\n stock repurchased three months December 31, 2019\n Shares withheld option price tax withholding obligations settlement stock compensation awards included.\n repurchase program Item 7 Annual Report information.\n Total Number Shares Purchased Average Price Paid Share Shares Share Repurchase Program Approximate Dollar Value Shares Purchased Programs\n October 1, 2019 31, 24 $71. 89 $45,484\n November 1 30 $75.\n December 1 31, 144 $76. 64\n 276 $75. 83" +} +{ + "_id": "d1b3b0816", + "title": "", + "text": "NOTE 19 – DERIVATIVE FINANCIAL INSTRUMENTS\nPlease refer to note 21 “Financial Instruments” for further information on fair value hierarchies.\n\nUSDm | 2019 | 2018\n------------------------------------------------------------------------------- | ----- | ----\nFair value of derivatives: | | \nDerivative financial instruments regarding freight and bunkers: | | \nForward freight agreements | -0.3 | 0.5 \nBunker swaps | - | -1.2\nDerivative financial instruments regarding interest and currency exchange rate: | | \nForward exchange contracts | -0.4 | -1.8\nInterest rate swaps | -11.1 | 2.8 \nFair value of derivatives as of 31 December | -11.8 | 0.3 \n\nNOTE 19 FINANCIAL INSTRUMENTS\n refer note 21 information fair value hierarchies.\n 2019\n Fair value derivatives\n instruments freight bunkers\n freight agreements.\n Bunker swaps.\n interest currency exchange rate\n Forward exchange contracts.\n Interest rate swaps.\n Fair value derivatives 31 December." +} +{ + "_id": "d1b2f83b0", + "title": "", + "text": "(1) Using the euro per US dollar exchange rate on December 31, 2019 of €1 = $1.1213.\n(2) Since May 23, 2019 Mr. Manzi has not been a member of the Supervisory Board.\n(3) Global indirect employees are all employees other than those directly manufacturing our products.\nWe do not have any service agreements with members of our Supervisory Board. We did not extend any loans or overdrafts to any of our Supervisory Board members. Furthermore, we have not guaranteed any debts or concluded any leases with any of our Supervisory Board members or their families.\n\n | 2019 | 2018 | 2017 \n--------------------------------------------------------------------- | ----------- | --------- | ---------\nDirectors' remuneration | | | \nAverage remuneration of Supervisory Board Members(1) | $105,066(2) | $ 115,618 | $ 123,281\nCompany's performance | | | \nNet revenues (amounts in millions) | $ 9,556 | $ 9,664 | $ 8,347 \nOperating income (amounts in millions) | $ 1,203 | $ 1,400 | $ 1,005 \nAverage remuneration of all global indirect employees (FTE basis) (3) | | | \nEmployees | $ 97,300 | $ 100,600 | $ 93,500 \n\neuro US dollar exchange rate December 31, 2019 €1 = $1. 1213.\n Since May 23, 2019. Manzi member Supervisory Board.\n indirect employees products.\n service agreements Board. extend loans overdrafts. guaranteed debts leases.\n Directors' remuneration\n Average remuneration Supervisory Board $105 $ 115,618 $ 123,281\n Net revenues $ 9,556,347\n Operating income $ 1,203 $ 1,400 1,005\n Average remuneration global indirect employees\n $ 97,300 $ 100,600 93,500" +} +{ + "_id": "d1b36bd92", + "title": "", + "text": "The following table provides information for fiscal year 2019 compensation for all of our current and former non-employee directors:\n1) Non-employee directors receive an annual retainer fee of $50,000 plus an additional annual fee of $15,000 (Compensation Committee and Nominating and Governance Committee) or $20,000 (Audit Committee) for membership on each committee. The chair of each committee receives an additional annual fee of $15,000 (Nominating and Governance Committee) or $25,000 (Audit Committee and Compensation Committee). The Lead Independent Director/Independent Chairman receives an annual fee of $100,000 (reduced to $75,000 for 2020).\n(2) Includes payments for fractional share(s) from stock awards granted to each non-employee director.\n(3) Amounts shown in this column reflect the aggregate full grant date fair value calculated in accordance with Financial Accounting Standards Board (‘‘FASB’’) Accounting Standards Codification (‘‘ASC’’) Topic 718 for awards granted during FY19.\n(4) Each non-employee director, other than Ms. Barsamian and Messrs. Feld, Fuller, Hill and Miller, was granted 12,320 RSUs on May 17, 2018, with a per-share fair value of $22.32 and an aggregate grant date fair value of $274,982.40. Each such director’s fees were paid in cash as reported in the ‘‘Fees Earned or Paid in Cash’’ column in the table above. No non-employee director had any outstanding stock awards as of March 29, 2019.\n(5) Ms. Barsamian and Mr. Hill were appointed to our Board on January 7, 2019 and received a pro-rated portion of non-employee director fees from the date of such director’s appointment on January 7, 2019 through the end of FY19. Ms. Barsamian and Mr. Hill were each granted 2,717 RSUs on February 5, 2019, with a per-share fair value of $22.80 and an aggregate grant date fair value of $61,947.60. The balance of each such director’s fees was paid in cash as reported in the ‘‘Fees Earned or Paid in Cash’’ column in the table above.\n(6) In lieu of cash, Ms. Barsamian elected to receive 100% of the pro-rated portion of her annual retainer fee of $50,000 in the form of our common stock. Accordingly, pursuant to the terms of the 2000 Director Equity Incentive Plan, Ms. Barsamian was granted 494 shares at a per share fair value of $22.80 and an aggregate grant date fair value of $11,263. The balance of Ms. Barsamian’s fee was paid in cash as reported in the ‘‘Fees Earned or Paid in Cash’’ column in the table above.\n(7) Messrs. Feld and Fuller were appointed to our Board on September 16, 2018 and each received pro-rated portions of such director’s non-employee director fees from the date of his appointment on September 16, 2018 through the end of FY19. Messrs. Feld and Fuller were granted 6,764 RSUs on December 7, 2018, with a per-share fair value of $21.78 and an aggregate grant date fair value of $147,320. The balance of each such director’s fees was paid in cash as reported in the ‘‘Fees Earned or Paid in Cash’’ column in the table above.\n(8) In lieu of cash, Mr. Feld elected to receive 100% of the pro-rated portion of his annual retainer fee of $50,000 in the form of our common stock. Accordingly, pursuant to the terms of the 2000 Director Equity Incentive Plan, Mr. Feld was granted 1,229 shares at a per share fair value of $21.78 and an aggregate grant date fair value of $26,767. The balance of Mr. Feld’s fee was paid in cash as reported in the ‘‘Fees Earned or Paid in Cash’’ column in the table above.\n(9) In lieu of cash, Messrs. Hao and Humphrey each received 100% of his respective annual retainer fee of $50,000 in the form of our common stock. Accordingly, pursuant to the terms of the 2000 Director Equity Incentive Plan, each was granted 2,240 shares at a per share fair value of $22.32 and an aggregate grant date fair value of $49,997. The balance of each such director’s fee was paid in cash as reported in the ‘‘Fees Earned or Paid in Cash’’ column in the table above.\n(10) Ms. Laybourne and Mr. Miller served on the Board through December 3, 2018, the date of the Company’s 2019 Annual Meeting of Stockholders.\n(11) Mr. Miller’s non-employee director fees were prorated through December 3, 2018, the date of the Company’s 2019 Annual Meeting of Stockholders. Mr. Miller was granted 5,584 RSUs on May 17, 2018, with a per-share fair value of $22.32 and an aggregate grant date fair value of $124,635. The balance in director’s fees was paid in cash as reported in the ‘‘Fees Earned or Paid in Cash’’ column in the table above.\n\n | Fiscal 2019 Director Compensation | | \n-------------------------- | -------------------------------------- | ---------------------- | ---------\nName | Fees earned or paid in cash ($) (1)(2) | Stock Awards ($)(3)(4) | Total ($)\nSusan P. Barsamian(5) | 3,383 | 73,210(6) | 76,593 \nFrank E. Dangeard | 85,018 | 274,982 | 360,000 \nPeter A. Feld(7) | 16,071 | 174,108(8) | 190,179 \nDale L. Fuller(7) | 34,821 | 147,321 | 182,142 \nKenneth Y. Hao | 21 | 324,979(9) | 325,000 \nRichard S. Hill(5) | 15,772 | 61,948 | 77,720 \nDavid W. Humphrey | 21 | 324,979(9) | 325,000 \nGeraldine B. Laybourne(10) | 80,018 | 274,982 | 355,000 \nDavid L. Mahoney | 105,024 | 274,976 | 380,000 \nRobert S. Miller(10)(11) | 120,639 | 124,635 | 245,274 \nAnita M. Sands | 70,018 | 274,982 | 345,000 \nDaniel H. Schulman | 195,018 | 274,982 | 470,000 \nV. Paul Unruh | 95,018 | 274,982 | 370,000 \nSuzanne M. Vautrinot | 70,018 | 274,982 | 345,000 \n\ntable fiscal year 2019 compensation current former non directors\n Non-employee directors receive annual retainer fee $50,000 additional fee $15,000 $20,000 Committee. chair fee $15,000 $25,000. Lead Independent Director Chairman annual fee $100,000 (reduced $75,000 2020.\n Includes payments share stock awards.\n Amounts reflect aggregate grant date fair value 718 FY19.\n non-employee director. granted 12,320 RSUs May 17, 2018 per-share fair value $22. 32 grant date fair value $274,982. fees paid cash. No outstanding stock awards March 29, 2019.\n. Barsamian. Hill appointed Board January 7, 2019 received-rated non director fees FY19. granted 2,717 RSUs February 5, 2019 per-share fair value $22. 80 aggregate grant date fair value $61,947.director’s fees paid cash ‘‘Fees Earned or Paid in column table.\n Ms. Barsamian 100% pro-rated annual retainer fee $50,000 common stock. granted 494 shares per share fair value $22. 80 grant date fair value $11,263. balance. fee paid cash Earned.\n Messrs. Feld Fuller appointed Board September 16, 2018 received pro-rated non-employee fees end FY19. granted 6,764 RSUs December 7, 2018 per-share fair value $21. 78 grant date fair value $147,320. balance fees paid cash.\n Mr. Feld 100% pro-rated annual retainer fee $50,000 common stock. granted 1,229 shares per share fair value $21. 78 aggregate grant date fair value $26,767. balance. fee paid cash ‘‘Fees Earned.\n Messrs. Hao and Humphrey received 100% annual retainer fee $50,000 common stock.2000 Director Equity Incentive Plan granted 2,240 shares value $22. 32 aggregate $49,997. fee paid cash.\n. Laybourne. Miller Board December 3 2018 2019 Annual Meeting.\n. non-employee director fees December 3 2018 Meeting. granted 5,584 RSUs May 17, 2018 per-share value $22. 32 $124,635. paid cash.\n 2019 Director Compensation\n Fees earned paid Stock Awards Total\n Susan. Barsamian(5) 3,383 73 76,593\n Frank. Dangeard 85,018 274,982 360,000\n Peter. Feld 16,071 174,108 190,179\n Dale. Fuller 34,821 147,321 182,142\n Kenneth. Hao 324 325,000\n Richard. 15,772 61,948 77,720\n David. Humphrey 324 325,000\n Geraldine. 80,018 274,982 355,000\n.Mahoney 105,024 274,976 380,000\n. 245,274\n. Sands 70 274,982 345,000\n. Schulman 195 470,000\n. Unruh 95\n Suzanne. Vautrinot" +} +{ + "_id": "d1b36c53a", + "title": "", + "text": "Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.\nMarket information\nOur common stock is currently available for trading in the over-the-counter market and is quoted on the OTCQB under the symbol “PTIX.” There has been very limited market for our common stock and trading volume has been negligible. There is no guarantee that an active trading market will develop in our common stock\nTrades in our common stock may be subject to Rule 15g-9 of the Exchange Act, which imposes requirements on broker/dealers who sell securities subject to the rule\nto persons other than established customers and accredited investors. For transactions covered by the rule, broker/dealers must make a special suitability determination for\npurchasers of the securities and receive the purchaser’s written agreement to the transaction before the sale.\nThe SEC also has rules that regulate broker/dealer practices in connection with transactions in “penny stocks.” Penny stocks generally are equity securities with a\nprice of less than $5.00 (other than securities listed on certain national exchanges, provided that the current price and volume information with respect to transactions in that\nsecurity is provided by the applicable exchange or system). The penny stock rules require a broker/dealer, before effecting a transaction in a penny stock not otherwise exempt\nfrom the rules, to deliver a standardized risk disclosure document prepared by the SEC that provides information about penny stocks and the nature and level of risks in the\npenny stock market. The broker/dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker/dealer and its\nsalesperson in the transaction, and monthly account statements showing the market value of each penny stock held in the customer’s account. The bid and offer quotations,\nand the broker/dealer and salesperson compensation information, must be given to the customer orally or in writing before effecting the transaction, and must be given to the customer in writing before or with the customer’s confirmation. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for shares of our common stock. As a result of these rules, investors may find it difficult to sell their shares.\nOur common stock was quoted on the OTC Pink under the symbol “ATRN” prior to July 27, 2016 and then under the symbol “PTIX” between July 27, 2016 and\nOctober 16, 2016. Commencing on October 17, 2016, our common stock is quoted in the OTCQB under the symbol “PTIX”. The following table sets forth, for the periods\nindicated and as reported on the OTC Markets, the high and low bid prices for our common stock. Such quotations reflect inter-dealer prices, without retail mark-up, markdown\nor commission and may not necessarily represent actual transactions.\n(1) The high and low bid prices for this quarter were reported by the OTCQB marketplace. There was negligible trading volume during this period.\n\n | High | Low \n------------------ | ----- | -----\n2018(1) | | \nFirst Quarter (1) | $2.20 | $1.76\nSecond Quarter (1) | $1.76 | $1.76\nThird Quarter (1) | $2.50 | $1.25\nFourth Quarter (1) | $2.00 | $1.99\n2019(1) | | \nFirst Quarter (1) | $2.30 | $2.00\nSecond Quarter (1) | $2.00 | $1.50\nThird Quarter (1) | $1.50 | $1.40\nFourth Quarter (1) | $3.80 | $1.40\n\nItem 5. Market Registrant’s Common Equity Related Stockholder Matters Issuer Purchases Equity Securities.\n Market information\n common stock available trading over-the-counter market quoted OTCQB symbol “PTIX. limited market stock trading volume negligible. no guarantee active trading market\n Trades subject to Rule 15g-9 Exchange Act requirements broker/dealers securities\n customers accredited investors./dealers special suitability determination\n receive purchaser’s written agreement before sale.\n SEC rules regulate broker/dealer practices transactions “penny stocks. Penny stocks equity securities\n price less than $5. 00 current price volume information\n provided. penny stock rules require broker/dealer transaction\n deliver standardized risk disclosure document information penny stocks risks\n. provide current bid offer quotations stock compensation\n salesperson monthly account statements market value penny stock. bid offer quotations\n compensation information given before transaction. disclosure requirements trading activity secondary market shares common stock.rules investors difficult sell shares.\n common stock quoted OTC “ATRN” July 27, 2016 “PTIX” between July\n October 16. Commencing October 17, 2016, quoted OTCQB “PTIX”. table\n high low bid prices stock. reflect inter prices without retail mark-up markdown\n commission may not represent actual transactions.\n OTCQB marketplace. negligible trading volume period.\n First Quarter $2. $1.\n Second Quarter.\n Third Quarter $2. $1.\n Fourth Quarter $2. $1\n First Quarter $2. $2.\n Second Quarter. $1.\n Third Quarter $1.\n Fourth Quarter $3. $1" +} +{ + "_id": "d1b3308fa", + "title": "", + "text": "Disaggregation of Total Net Sales: We disaggregate our sales from contracts with customers by end customer, contract type, deliverable type and revenue recognition method for each of our segments, as we believe these factors affect the nature, amount, timing, and uncertainty of our revenue and cash flows.\nSales by Geographic Region (in millions):\n\n | | Years Ended September 30, | \n-------------------- | -------- | ------------------------- | --------\n | 2019 | 2018 | 2017 \nUnited States | $ 956.6 | $ 627.8 | $ 522.8\nUnited Kingdom | 218.2 | 240.7 | 219.4 \nAustralia | 163.5 | 166.7 | 175.6 \nFar East/Middle East | 74.0 | 86.4 | 112.7 \nOther | 84.2 | 81.3 | 77.2 \nTotal sales | $1,496.5 | $1,202.9 | $1,107.7\n\nSales disaggregate sales contracts type deliverable revenue recognition method timing revenue cash flows.\n Sales Geographic Region\n Ended September 30\n United States $ 956. $ 627. $ 522.\n United Kingdom 218. 240. 219.\n Australia 163. 166. 175.\n East East 74. 86. 112.\n 84. 81. 77.\n Total sales $1,496. $1,202. $1,107." +} +{ + "_id": "d1b326f12", + "title": "", + "text": "(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN. (2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy. For further details, please consult the \"Accounting policies\" section. (3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.\nREVENUE Fiscal 2019 fourth-quarter revenue increased by 7.0% (6.0% in constant currency). In local currency, revenue amounted to US$199.5 million compared to US$188.1 million for the same period of fiscal 2018. The increase resulted mainly from: • rate increases; • activation of bulk properties in Florida during the fourth quarter of fiscal 2019; • continued growth in Internet service customers; and • the FiberLight acquisition completed in the first quarter of fiscal 2019; partly offset by • a decrease in video service customers.\nOPERATING EXPENSES Fiscal 2019 fourth-quarter operating expenses increased by 8.6% (7.6% in constant currency) mainly as a result of: • programming rate increases; • the FiberLight acquisition completed in the first quarter of fiscal 2019; • higher compensation expenses due to higher headcount to support growth; and • higher marketing initiatives to drive primary service units growth.\nADJUSTED EBITDA Fiscal 2019 fourth-quarter adjusted EBITDA increased by 5.1% (4.1% in constant currency). In local currency, adjusted EBITDA amounted to US$87.4 million compared to US$83.9 million for the same period of fiscal 2018. The increase was mainly due to organic growth combined with the impact of the FiberLight acquisition.\nACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT Fiscal 2019 fourth-quarter acquisitions of property, plant and equipment decreased by 9.5% (10.5% in constant currency) mainly due to: • lower purchases of customer premise equipment due to the timing of certain initiatives; and • lower capital expenditures due to the timing of certain initiatives; partly offset by • additional capital expenditures related to the expansion in Florida.\n\nThree months ended August 31, | 2019(1) | 2018(2) | Change | Change in constant currency(3) | Foreign exchange impact(3)\n--------------------------------------------- | ------- | ------- | ------ | ------------------------------ | --------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ \nRevenue | 263,738 | 246,443 | 7.0 | 6.0 | 2,427 \nOperating expenses | 148,215 | 136,506 | 8.6 | 7.6 | 1,370 \nAdjusted EBITDA | 115,523 | 109,937 | 5.1 | 4.1 | 1,057 \nAdjusted EBITDA margin | 43.8% | 44.6% | | | \nAcquisitions of property, plant and equipment | 65,967 | 72,914 | (9.5) | (10.5) | 704 \nCapital intensity | 25.0% | 29.6% | | | \n\nthree-month period August 31, 2019 average foreign exchange rate translation 1. 3222 USD/CDN. Fiscal 2018 restated IFRS 15 change accounting policy. consult \"Accounting policies. Fiscal 2019 translated average exchange rate 1. 3100 USD/CDN.\n REVENUE 2019 fourth-quarter revenue increased 7. 0% (6. 0%. US$199. 5 million US$188. 1 million 2018. increase rate increases activation bulk properties Florida Internet service customers FiberLight acquisition offset decrease video service customers.\n OPERATING EXPENSES increased 8. 6%. programming rate increases FiberLight acquisition higher compensation expenses marketing initiatives.\n ADJUSTED EBITDA increased 5. 1% (4. 1%. US$87. 4 million US$83. 9 million 2018. organic growth FiberLight acquisition.\n ACQUISITIONS PROPERTY PLANT EQUIPMENT decreased 9. 5%. 5% lower purchases equipment lower capital expenditures offset additional capital expenditures expansion Florida.\nmonths August 31, 2018(2) Foreign exchange\n thousands dollars\n Revenue 263,738 246,443 7.\n Operating expenses 148,215 136,506 8.\n EBITDA 115,523 109,937 5. 4. 1,057\n margin 43. 8% 44. 6%\n Acquisitions property equipment 65,967 72,914 (9. (10. 704\n Capital intensity 25. 0% 29. 6%" +} +{ + "_id": "d1b36f5aa", + "title": "", + "text": "Allowance for Doubtful Accounts\nThe Company bases its allowance for doubtful accounts on its historical collection experience and a review in each period of the status of the then outstanding accounts receivable.\nA reconciliation of the beginning and ending amount of allowance for doubtful accounts is as follows (in thousands):\nThe Company recognized bad debt expense of $0.5 million, $0.8 million, and $1.4 million for the years ended December 31, 2019, 2018, and 2017, respectively.\n\n | 2019 | 2018 | 2017 \n---------------------------- | ------- | ------- | -------\nBeginning balance, January 1 | $2,429 | $7,478 | $3,532 \nAdditions and adjustments | 1,074 | 1,691 | 7,680 \nWrite-offs | (2,128) | (6,740) | (3,734)\nEnding balance, December 31 | $1,375 | $2,429 | $7,478 \n\nAllowance Doubtful Accounts\n historical.\n reconciliation\n recognized bad debt $0. 5 million. 8 million $1. 4 million 2019 2017.\n Beginning balance January 1 $2,429 $7,478 $3,532\n Additions adjustments 1,074 1,691 7,680\n Write-offs (2,128 (6,740) (3,734\n Ending balance December 31 $1,375 $2,429 $7,478" +} +{ + "_id": "d1b3078b0", + "title": "", + "text": "The reconciliation of the United Kingdom statutory tax rate to the Company’s effective tax rate included in the accompanying consolidated statements of operations is as follows:\nAlthough the Company’s parent entity is organized under Jersey law, our affairs are, and are intended to be, managed and controlled ongoing in the United Kingdom. Therefore, the Company is resident in the United Kingdom for tax purposes. The Company’s parent entity is domiciled in the United Kingdom and its earnings are subject to 19%, 19% and 20% statutory tax rate for the years ended March 31, 2019, 2018 and 2017, respectively.\nThe Company’s effective tax rate differs from the statutory rate each year primarily due to windfall tax benefits on equity award exercises, the valuation allowance maintained against the Company’s net deferred tax assets, the jurisdictional earnings mix, tax credits, withholding taxes, and other permanent differences primarily related to non-deductible expenses.\n\n | | Year ended March 31, | \n--------------------------------- | ------- | --------------------- | -------\n | 2019 | 2018 | 2017 \nTax at statutory rate | 19.0% | 19.0% | 20.0% \nU.S. state taxes, net of federal | 31.1 | 14.1 | (1.0) \nForeign rate differential | 26.3 | 36.8 | (39.3) \nMeals and entertainment | (11.4) | (3.1) | (7.4) \nBranch income / loss | (0.6) | 0.4 | 0.9 \nShare-based compensation | 172.3 | 105.3 | (4.0) \nForeign exchange | — | — | (24.8) \nNon-deductible interest expense | — | — | (3.3) \nTax credits | 7.7 | 8.1 | 15.6 \nUnremitted earnings | (3.8) | (1.2) | — \nChange in valuation allowance | (249.9) | (110.7) | 124.7 \nDeferred tax true-ups | (3.5) | 8.4 | (12.4) \nTax reserves | (4.9) | (21.5) | (117.7)\nProvision to return | (0.1) | 0.4 | (0.7) \nWithholding taxes | (2.6) | (3.5) | — \nOther foreign taxes | — | — | (6.7) \nNon-deductible expenses | (5.2) | (2.4) | (10.6) \nDeferred tax rate change | (6.3) | (77.8) | (1.3) \nAcquisition related costs | (7.6) | — | — \nOther | (0.5) | (0.2) | — \nEffective Tax Rate | (40.0)% | (27.9)% | (68.0)%\n\nreconciliation United Kingdom tax rate Company’s effective tax rate statements operations\n parent entity organized Jersey law affairs managed controlled United Kingdom. Company resident United Kingdom tax purposes. parent entity domiciled United Kingdom earnings subject 19% 19% 20% statutory tax rate years ended March 31, 2019 2018 2017.\n effective tax rate differs due to windfall tax benefits equity award valuation allowance deferred tax assets jurisdictional earnings mix tax credits withholding taxes differences non-deductible expenses.\n Year ended March 31,\n 2017\n Tax statutory rate 19. 20.\n. state taxes 31. 14.\n Foreign rate differential 26. 36.\n.\n Branch income loss.\n Share-based compensation 172. 105.\n.\n Non-deductible interest expense.\n Tax credits 7. 15.\n Unremitted earnings.\n Change valuation allowance.\n Deferred tax true-ups.\n Tax reserves. 9) (21. 5). 7)\n Provision return. 4.\n Withholding taxes. 5)\n foreign taxes.\n Non-deductible expenses. 4).\n Deferred tax rate change. 3). 8).\n Acquisition costs. 6)\n. 5). 2)\n Tax Rate (40. (27." +} +{ + "_id": "d1b3a160e", + "title": "", + "text": "Note 9 - Software Development Costs\nCapitalized software development costs as of December 31, 2019 and 2018 consisted of the following (in thousands):\nThe weighted average remaining amortization period for the Company’s software development costs is 1.61 years.\nAmortization expense for capitalized software development costs was $1.025 million and $1.2 million for each of the years ended December 31, 2019 and 2018.\n\n | As of December 31, | \n-------------------------------------- | ------------------ | -------\n | 2019 | 2018 \nCapitalized software development costs | $6,029 | $5,102 \nAccumulated amortization | (4,485) | (3,412)\nSoftware development costs, net | 1,544 | $1,690 \n\nNote 9 Software Development Costs\n December 31, 2019 2018\n average amortization period 1. 61 years.\n Amortization expense $1. 025 million $1. 2 million December 31, 2019 2018.\n costs $6,029 $5,102\n Accumulated amortization (4,485)\n $1,690" +} +{ + "_id": "d1b2f6fd8", + "title": "", + "text": "The GBS profit margin increased 0.9 points to 27.7 percent and pre-tax income of $1,666 million increased 2.2 percent year to year. The pre-tax margin of 9.9 percent increased slightly year to year. The year-to-year improvements in margins and pre-tax income were driven by the continued mix shift to higher-value offerings, the yield from delivery productivity improvements and a currency benefit from leveraging the global delivery resource model. We continued to invest in our services offerings and skills necessary to assist our clients on their cloud journey.\n* Recast to reflect segment changes.\n\n($ in millions) | | | \n------------------------------- | ------ | ------ | ---------------------------------\nFor the year ended December 31: | 2019 | 2018* | Yr.-to-Yr. Percent/ Margin Change\nGlobal Business Services | | | \nExternal gross profit | $4,606 | $4,448 | 3.5% \nExternal gross profit margin | 27.7% | 26.8% | 0.9 pts. \nPre-tax income | $1,666 | $1,629 | 2.2% \nPre-tax margin | 9.9% | 9.6% | 0.2 pts. \n\nGBS profit margin increased. 27. 7 percent pre-tax income $1,666 million increased. pre-tax margin. percent. improvements driven higher-value offerings delivery productivity benefit global delivery resource model. services skills clients cloud journey.\n segment changes.\n year December 31 2019 2018. Percent Margin Change\n Services\n gross profit $4,606 $4,448 3. 5%\n margin 27. 7% 26. 8%.\n Pre-tax income $1,666 $1,629. 2%\n margin. 9%. 6%." +} +{ + "_id": "d1b36a42e", + "title": "", + "text": "Performance Share Units\nThe following table illustrates the number and WASP on date of award, and movements in, performance share units (“PSUs”) granted under the 2015 LTIP:\nPSUs vest on one vesting date following a three year vesting period which will comprise three financial years. The awards are divided into three equal parts which will each be subject to a separate annual performance condition linked to the financial performance of the Group.\n\n | Year-ended 31 March 2019 | | Year-ended 31 March 2018 | \n------------------------------------ | ------------------------ | ------- | ------------------------ | -------\n | Number | WASP | Number | WASP \nPerformance share units | 000’s | £ pence | 000’s | £ pence\nOutstanding at the start of the year | 7,546 | 269.65 | 6,024 | 219.41 \nAwarded | 1,721 | 506.74 | 1,719 | 440.50 \nForfeited | (2,234) | 414.51 | (197) | 223.96 \nReleased | (2,949) | 262.64 | – | – \nOutstanding at the end of the year | 4,084 | 295.41 | 7,546 | 269.65 \n\nPerformance Share Units\n table illustrates WASP award units 2015 LTIP\n vest date three year period. awards divided three parts separate annual performance condition financial performance Group.\n Year-ended 31 March 2019 31 March 2018\n Performance share units\n Outstanding 7,546 269. 65 6,024 219. 41\n Awarded 1,721 506. 74 440.\n Forfeited (2,234) 414. 51 223.\n Released (2,949 262. 64\n end year 4,084 295. 41 7,546 269." +} +{ + "_id": "d1b3858e6", + "title": "", + "text": "Consolidated Revenues\nConsolidated revenues increased $1.0 billion, or 0.8%, during 2019 compared to 2018, primarily due to an increase in revenues at our Consumer segment, partially offset by decreases in revenues at our Business segment and Corporate and other.\nRevenues for our segments are discussed separately below under the heading “Segment Results of Operations.”\nCorporate and other revenues decreased $124 million, or 1.2%, during 2019 compared to 2018, primarily due to a decrease of $232 million in revenues within Verizon Media.\n\n | | | (dollars in millions) Increase/(Decrease) | \n------------------------ | -------- | -------- | ----------------------------------------- | -----\nYears Ended December 31, | 2019 | 2018 | 2019 vs. 2018 | \nConsumer | $ 91,056 | $ 89,762 | $ 1,294 | 1.4% \nBusiness | 31,443 | 31,534 | (91) | (0.3)\nCorporate and other | 9,812 | 9,936 | (124) | (1.2)\nEliminations | (443) | (369) | (74) | 20.1 \nConsolidated Revenues | $131,868 | $130,863 | $ 1,005 | 0.8 \n\nConsolidated Revenues\n increased $1. billion. 8% 2019 due increase Consumer offset decreases Business Corporate.\n “Segment Results Operations.\n Corporate revenues decreased $124 million. 2% 2019 due decrease $232 million Verizon Media.\n Increase\n Years Ended December 31, 2019.\n Consumer $ 91,056 $ 89,762 $ 1,294. 4%\n Business 31,443 31,534.\n Corporate other 9,812.\n Eliminations (443) (369).\n Consolidated Revenues $131,868 $130,863 $ 1,005." +} +{ + "_id": "d1b31c77e", + "title": "", + "text": "Discussion of Cash Flows\nDuring 2019, the $4.8 million of net cash provided by operating activities consisted of our net income of $5.3 million, and included non-cash charges for depreciation and amortization of $2.5 million, and stock-based compensation of $1.5 million, offset by a tax benefit from a partial release of the valuation allowances of $3.3 million and a net cash outflow of $1.8 million from changes in working capital. The changes in working capital were principally driven by an increase in accounts receivable of $2.2 million, an increase in inventory of $0.7 million, an increase in contract assets of $0.4 million, and an increase in other assets of $0.2 million, all partially offset by decreases in accounts payable and accrued expenses of $0.6 million and contract liabilities of $1.2 million,\nIn 2018, the $3.3 million of net cash used in operating activities consisted of our net income of $11.0 million and included a gain recognized on the sale of our optoelectronic segment that was sold in July 2018 of $8.6 million in addition to non-cash charges for depreciation and amortization of $1.2 million and stock-based compensation of $0.6 million, offset by a net cash outflow of $7.6 million from changes in working capital. The changes in working capital were principally driven by an increase in inventory of $1.0 million, and increase in accounts receivable of $6.2 million, and increase in contract assets of $0.8 million, and an increase in accounts payable and accrued liabilities of $0.5 million, all partially offset by a $1.8 million decrease in other assets.\nCash used in investing activities in 2019 consisted primarily of the $19.0 million payment for our acquisition of GP, $0.5 million of fixed asset additions and $0.3 million of capitalized intellectual property costs.\nCash provided by investing activities in 2018 consisted primarily of the proceeds from the sale of our optoelectronic segment of $15.8 million, partially offset by the $5.0 million payment for our acquisition of MOI, $0.4 million of fixed asset additions and $0.4 million of capitalized intellectual property rights.\nCash used in financing activities for the year ended December 31, 2019 was $2.4 million, compared to $1.2 million in 2018. During 2019, we repaid $0.6 million on our term loans with SVB and used $2.2 million to repurchase our common stock under our stock repurchase program. These payments were partially offset by $0.4 million received from exercises of stock options and warrants. During 2018, we repaid $1.8 million on our outstanding term loan with SVB and used $0.5 million to repurchase our common stock under our stock repurchase program. These payments were partially offset by $1.1 million received from exercises of stock options and warrants.\n\n | Years ended December 31, | \n---------------------------------------------------- | ------------------------ | ------------\n | 2019 | 2018 \nNet cash provided by/(used in) operating activities | $4,798,201 | $(3,308,826)\nNet cash (used in)/provided by investing activities | (19,814,991) | 10,037,123 \nNet cash used in financing activities | (2,437,560) | (1,249,564) \nNet (decrease)/increase in cash and cash equivalents | $(17,454,350) | $5,478,733 \n\nCash Flows\n 2019 $4. 8 million income $5. 3 million non-cash charges depreciation $2. 5 million stock-based compensation $1. 5 million tax benefit $3. 3 million cash outflow $1. 8 million. accounts receivable $2. 2 million inventory. million contract assets. million. million offset accounts payable accrued expenses. 6 million contract liabilities $1. 2 million\n 2018 $3. 3 million income $11. million gain optoelectronic $8. 6 million non-cash charges depreciation $1. 2 million stock-based compensation. million cash outflow $7. 6 million. inventory. million accounts receivable $6. 2 million contract assets. million accounts payable accrued liabilities. 5 million offset $1. 8 million other assets.\n 2019 $19. million acquisition GP. 5 million fixed asset additions. 3 million intellectual property costs.\n proceeds sale optoelectronic $15. 8 million $5. million acquisition.million asset additions. 4 million intellectual property rights.\n financing $2. 4 million $1. 2 million 2018. repaid. 6 million loans SVB $2. 2 million common stock. offset. 4 million stock options warrants. 2018 repaid $1. 8 million loan SVB. 5 million common stock. offset $1. 1 million stock options warrants.\n December\n cash $4,798,201 $(3,308,826)\n (19,814,991) 10,037,123\n financing (2,437,560 (1,249,564)\n equivalents $(17,454,350 $5,478,733" +} +{ + "_id": "d1b37b38c", + "title": "", + "text": "NOTE 5 — VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK\nVessels and other property consist of the following:\nOn September 30, 2019, the Company took delivery of two 50,000 DWT class product and chemical tankers at Hyundai Mipo Dockyard Co., Ltd. The tankers, named the Overseas Gulf Coast and Overseas Sun Coast, are operating in the international market under the Marshall Islands flag, with both vessels having entered into one-year time charters.\nIn September 2019, the Company sold one of its ATBs for $1,234, net of broker commissions. As a result of the sale, the Company recognized an immaterial gain, which is included in loss/(gain) on disposal of vessels and other property, including impairments, net on the consolidated statements of operations.\nIn May and June 2019, the Company sold two of its ATBs for $1,101 and $1,069, respectively, net of broker commissions. As a result of the sales, the Company recognized an immaterial loss, which is included in loss/(gain) on disposal of vessels and other property, including impairments, net on the consolidated statements of operations.\nIn July 2018 and January 2019, the Company signed binding contracts with Greenbrier Marine (formerly Gunderson Marine LLC) for the construction of two approximately 204,000 BBL, oil and chemical tank barges. The anticipated delivery of the barges to the Company is during the first and second half of 2020, respectively. The Company's remaining commitments under the contracts are $45,849 in 2020.\nOn December 6, 2018, the Company sold one ATB and one barge for $2,367, net of broker commissions. As a result of the sale, the Company recognized a gain of $877, which is included in loss/(gain) on disposal of vessels and other property, including impairments, net on the consolidated statements of operations.\nIn June 2018, one of the Company's ATBs was berthed to the dock when a third-party ship transiting the channel hit the Company's ATB causing structural damage to the Company's ATB and damage to the dock. The cost of repairs has been covered by existing insurance policies. The Company has filed a lawsuit against the third-party ship seeking recovery of its costs of repairs as well as its lost earnings from the ATB being off-hire for 46 repair days.\nAt December 31, 2019, the Company’s owned vessel fleet with a weighted average age of 8.2 years, consisted of six Handysize Product Carriers, two lightering ATBs and two clean ATBs. These vessels are pledged as collateral under the term loan agreements and have an aggregate carrying value of $634,379.\n\n | Years Ended December 31, | \n--------------------------------------------------- | ------------------------ | ---------\n | 2019 | 2018 \nVessels, at cost | $919,212 | $845,868 \nAccumulated depreciation | (274,900) | (248,939)\nVessels, net | 644,312 | 596,929 \nConstruction in progress | 65,697 | — \nFinance lease right-of-use asset, at cost (Note 15) | 28,993 | — \nAccumulated amortization (Note 15) | (2,053) | — \nFinance lease right-of use asset, net (Note 15) | 26,940 | — \nOther property, at cost | 5,552 | 5,895 \nAccumulated depreciation and amortization | (5,289) | (5,165) \nOther property, net | 263 | 730 \nTotal vessels and other property | $ 737,212 | $ 597,659\n\nNOTE 5 VESSELS PROPERTY DEFERRED DRYDOCK\n Vessels\n September 30, 2019 Company delivery two DWT product chemical tankers Hyundai Mipo Dockyard Co. tankers Overseas Gulf Coast Overseas Sun Coast operating international Marshall Islands flag one-year charters.\n September 2019 sold one for $1,234, broker commissions. recognized immaterial gain included loss/(gain).\n May June 2019 sold two ATBs for $1,101 $1,069 broker commissions. recognized immaterial loss included(gain).\n July 2018 January 2019 signed contracts Greenbrier Marine construction two 204,000 BBL oil chemical tank barges. anticipated delivery first second half 2020. remaining commitments $45,849 2020.\n December 6, 2018 sold one ATB barge for $2,367, broker commissions. recognized gain $877 included loss/(gain) disposal.\n June 2018 third-party ship hit ATB structural damage.repairs covered by insurance. Company filed lawsuit against third-party ship recovery lost earnings off-hire 46 repair days.\n December 31, 2019 vessel fleet 8. 2 years six Handysize Product Carriers two lightering ATBs two clean ATBs. pledged collateral term loan agreements value $634,379.\n cost $919,212 $845,868\n Accumulated depreciation (274,900\n 644,312 596,929\n Construction progress 65,697\n lease 28,993\n amortization (2,053)\n 26,940\n property\n Accumulated depreciation amortization (5,289\n vessels $ 737,212 $ 597,659" +} +{ + "_id": "d1a72bf32", + "title": "", + "text": "Operating Expense\nSales and Marketing\nSales and marketing expenses increased $122.8 million, or 35.1%, for the year ended December 31, 2019 compared to the same period in 2018, due to an increase of $70.4 million in expenditures on marketing programs to support the growth of our business, such as advertisements on search engines and social media, brand campaigns, event sponsorships and payments to partners. Employee-related costs increased $48.7 million ($14.1 million of which related to stock-based compensation and related payroll taxes) to support the growth of the business including in Shopify Plus and International operations. Computer hardware and software costs increased by $3.7 million, largely due to the growth in sales and marketing headcount\nSales and marketing expenses increased $124.4 million, or 55.1%, for the year ended December 31, 2018 compared to the same period in 2017, primarily due to an increase of $80.7 million in employee-related costs. In addition to employee-related costs, marketing costs increased by $39.7 million and computer hardware and software costs increased by $4.0 million.\n\n | Years ended December 31, | | | 2019 vs 2018 | 2018 vs 2017\n---------------------------- | ---------------------------------- | --------- | --------- | ------------ | ------------\n | 2019 | 2018 | 2017 | % Change | % Change \n | (in thousands, except percentages) | | | | \nSales and marketing | $ 472,841 | $ 350,069 | $ 225,694 | 35.1 % | 55.1 % \nPercentage of total revenues | 30.0 % | 32.6 % | 33.5 % | | \n\n\n Sales Marketing\n increased $122. million 35. 1% December 31, 2019 2018 $70. million marketing programs brand campaigns event sponsorships payments partners. Employee-related costs increased $48. million$14. million stock-based compensation payroll taxes Shopify Plus International operations. Computer hardware software increased $3. 7 million sales marketing headcount\n expenses increased $124. million 55. 1% 2018 2017 $80. 7 million employee-related costs. marketing costs increased $39. 7 million computer hardware software $4. million.\n 2019 2018\n % Change\n Sales marketing $ 472,841 $ 350,069 $ 225,694 35. 1 % 55. %\n revenues 30. 32. 6 % 33. 5 %" +} +{ + "_id": "d1b38cac4", + "title": "", + "text": "Note 24. Stock-Based Compensation\nThe Company’s stock-based compensation plans include the 2019 Equity Incentive Plan for employees and certain non-employees, including non-employee directors, and the Deferred Compensation Plan for certain eligible employees. The Company issues common stock and uses treasury stock to satisfy stock option exercises or vesting of stock awards.\nThe following table summarizes the stock-based compensation expense (primarily in the Americas) and income tax benefits related to the stock-based compensation, both plan and non-plan related (in thousands):\n(1) Included in \"General and administrative\" costs in the accompanying Consolidated Statements of Operations.\n(2) Included in \"Income taxes\" in the accompanying Consolidated Statements of Operations.\nThere were no capitalized stock-based compensation costs as of December 31, 2019, 2018 and 2017.\n\n | | Years Ended December 31, | \n-------------------------------------- | -------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nStock-based compensation (expense) (1) | $(7,396) | $(7,543) | $(7,621)\nIncome tax benefit (2) | 1,775 | 1,810 | 2,858 \n\n. Stock-Based Compensation\n include 2019 Equity Incentive Plan non-employees Deferred Compensation Plan. issues common stock uses treasury stock stock option vesting awards.\n table summarizes stock-based compensation expense Americas income tax benefits\n Included administrative costs Statements Operations.\n taxes.\n no capitalized compensation costs December 31, 2019 2018 2017.\n Stock-based compensation $(7,396) $(7,543) $(7,621)\n Income tax benefit 1,775 1,810 2,858" +} +{ + "_id": "d1b3630ca", + "title": "", + "text": "The Company recognizes the employees and directors’ compensation in the profit or loss during the periods when earned for the years ended December 31, 2017, 2018 and 2019. The Board of Directors estimates the amount by taking into consideration the Articles of Incorporation, government regulations and industry averages.\nIf the Board of Directors resolves to distribute employee compensation\nthrough stock, the number of stock distributed is calculated based on total employee compensation divided by the closing price of the day before the Board of Directors meeting. If the Board of Directors subsequently modifies the estimates significantly, the Company will recognize the change as an adjustment in the profit or loss in the subsequent period.\nThe distributions of employees and directors’ compensation for 2017 and 2018 were reported to the stockholders’ meeting on June 12, 2018 and June 12, 2019, respectively, while the distributions of employees and directors’ compensation for 2019 were approved through the Board of Directors meeting on February 26, 2020. The details of distribution are as follows:\nThe aforementioned employees and directors’ compensation for 2017 and 2018 reported during the stockholders’ meeting were consistent with the resolutions of the Board of Directors meeting held on March 7, 2018 and March 6, 2019, respectively.\nInformation relevant to the aforementioned employees and directors’ compensation can be obtained from the “Market Observation Post System” on the website of the TWSE.\n\n | 2017 | 2018 | 2019 \n------------------------------ | ----------------- | ----------------- | -----------------\n | NT$(In Thousands) | NT$(In Thousands) | NT$(In Thousands)\nEmployees’ compensation – Cash | $1,032,324 | $1,400,835 | $1,132,952 \nDirectors’ compensation | 11,452 | 7,624 | 10,259 \n\nCompany recognizes employees directors’ compensation in profit loss years December 31, 2017 2018 2019. Board of Directors estimates Articles of Incorporation government regulations industry averages.\n compensation\n through stock calculated based on total compensation divided by closing price before. If modifies estimates change as adjustment profit loss.\n distributions compensation for 2017 2018 reported June 12, 2018 12 2019 2019 approved February 26, 2020. details distribution\n consistent with resolutions March 7, 2018 March 6, 2019.\n Information from “Market Observation Post System” website TWSE.\n 2017 2018 2019\n Employees’ compensation Cash $1,032,324 $1,400,835 $1,132,952\n Directors’ compensation 11,452 7,624 10,259" +} +{ + "_id": "d1b2fff16", + "title": "", + "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nCash and Cash Equivalents\nCash includes non-interest and interest-bearing demand deposit accounts with various financial institutions. Cash equivalents include money market mutual fund accounts, which are invested in government securities. We consider all highly liquid investments that mature three months or less from the date of purchase to be cash equivalents. The carrying amounts of our cash equivalents approximate their fair values due to their short maturities and highly liquid nature. Refer to Note 3 for additional information.\nAt times, our cash balances may exceed federally insured amounts and potentially subject the Company to a concentration of credit risk. The Company believes that no significant concentration of credit risk exists with respect to these balances based on its assessment of the creditworthiness and financial viability of these financial institutions. Further, our cash equivalents may expose us to credit risk; however, we believe this risk is limited, as the investments are backed by the full faith and credit of the United States government.\nRestricted Cash\nRestricted cash primarily consists of interest-bearing escrow accounts that are required under the terms of the contracts with our Bank Partners. Restricted cash is typically comprised of three components: (i) amounts we have escrowed with Bank Partners as limited protection to the Bank Partners in the event of excess Bank Partner portfolio credit losses; (ii) additional amounts we maintain for certain Bank Partners based on a contractual percentage of the total interest billed on outstanding deferred interest loans that are within the promotional period less previous finance charge reversal (\"FCR\") settlements on such outstanding loans; and (iii) certain custodial intransit loan funding and consumer borrower payments that we are restricted from using for our operations. These custodial balances are not considered in our evaluation of restricted cash usage. As it relates to our restricted cash escrowed with Bank Partners, we record a liability for the amount of restricted cash we expect to be payable to our Bank Partners, which is accounted for as a financial guarantee. Refer to Note 14 for additional information.\nThe following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total included within the Consolidated Statements of Cash Flows as of the dates indicated.\n\n | | December 31, | \n-------------------------------------------------------------------------------------- | -------- | ------------ | --------\n | 2019 | 2018 | 2017 \nCash and cash equivalents | $195,760 | $303,390 | $224,614\nRestricted cash | 250,081 | 155,109 | 129,224 \nCash and cash equivalents and restricted cash in Consolidated Statements of Cash Flows | $445,841 | $458,499 | $353,838\n\nGreenSky, Inc. NOTES FINANCIAL STATEMENTS States Dollars thousands share data\n Cash Equivalents\n Cash includes non-interest interest-bearing demand deposit accounts financial institutions. equivalents money market mutual fund accounts invested government securities. liquid investments three months or less cash equivalents. carrying amounts cash equivalents approximate fair values short maturities liquid nature. Note 3 information.\n cash balances exceed federally insured amounts credit risk. no significant credit risk. cash equivalents expose credit risk limited investments backed by faith credit United States government.\n Restricted Cash\n interest-bearing escrow accounts required contracts Bank Partners. amounts escrowed Bank Partners protection excess credit losses additional amounts Bank Partners interest deferred interest loans custodial intransit loan funding consumer borrower payments. custodial balances not considered evaluation restricted cash usage. Bank Partners record liability payable Bank Partners financial guarantee. Note 14 information.\ntable equivalents restricted cash Consolidated Balance Sheets Statements Cash Flows.\n December 31,\n 2017\n Cash equivalents $195,760 $303,390 $224,614\n Restricted cash 250,081 155,109 129,224\n Statements Flows $445,841 $458,499 $353,838" +} +{ + "_id": "d1b31bdce", + "title": "", + "text": "16. Net Loss Per Share\nBasic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period, less shares subject to repurchase, and excludes any dilutive effects of options, warrants and unvested restricted stock. Dilutive earnings per share is calculated by dividing net income by the weighted average number of common shares used in the basic earnings per share calculation plus the dilutive effect of shares subject to options, warrants and unvested restricted stock.\nThe following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data):\nPotentially dilutive common shares from employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding restricted stock units, and the assumed issuance of common stock under the ESPP. Weighted stock options outstanding with an exercise price higher than the Company's average stock price for the periods presented are excluded from the calculation of diluted net loss per share since the effect of including them would have been anti-dilutive due to the net loss position of the Company during the periods presented.\n\n | | Year Ended | \n------------------------------------------------------------------------- | ------------- | ------------- | -------------\n | June 30,\n2019 | June 30,\n2018 | June 30,\n2017\nNet loss | $(25,853) | $(46,792) | $(1,744) \nWeighted-average shares used in per share calculation - basic and diluted | 117,954 | 114,221 | 108,273 \nNet loss per share - basic and diluted | $(0.22) | $(0.40) | $(0.02) \n\n. Net Loss Per Share\n earnings calculated income shares less repurchase excludes dilutive effects options warrants unvested restricted stock. Dilutive earnings income plus dilutive effect options warrants unvested restricted stock.\n table calculation basic diluted net loss per share\n dilutive shares from incentive plans determined treasury stock method exercise stock options vesting restricted stock units issuance common stock ESPP. stock options price higher average stock price excluded diluted net loss anti-dilutive.\n June\n 2019\n 2018\n 2017\n Net loss $(25,853) $(46,792) $(1,744)\n Weighted-average shares basic diluted 117,954 114,221 108,273\n Net loss per share diluted. 22). 40)." +} +{ + "_id": "d1b3946fc", + "title": "", + "text": "A summary of the option activity as of May 26, 2019 and changes during the fiscal year then ended is presented below:\nWe recognize compensation expense using the straight-line method over the requisite service period, accounting for forfeitures as they occur. During fiscal 2017, we granted 1.1 million stock options with a weighted average grant date fair value of $6.12 per share. The total intrinsic value of stock options exercised was $7.9 million, $15.8 million, and $29.8 million for fiscal 2019, 2018, and 2017, respectively. The closing market price of our common stock on the last trading day of fiscal 2019 was $28.83 per share.\nCompensation expense for stock option awards totaled $2.2 million, $4.2 million, and $6.2 million for fiscal 2019, 2018, and 2017, respectively, including discontinued operations of $0.2 million for fiscal 2017. Included in the compensation expense for stock option awards for fiscal 2019, 2018, and 2017 was $0.2 million, $0.4 million, and $0.9 million, respectively, related to stock options granted by a subsidiary in the subsidiary's shares to the subsidiary's employees. The tax benefit related to the stock option expense for fiscal 2019, 2018, and 2017 was $0.5 million, $1.4 million, and $2.4 million, respectively.\nAt May 26, 2019, we had $0.2 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 0.1 years.\nCash received from stock option exercises for fiscal 2019, 2018, and 2017 was $12.4 million, $25.1 million, and $84.4 million, respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $2.3 million, $5.3 million, and $19.5 million for fiscal 2019, 2018, and 2017, respectively.\n\nOptions | Number of Options (in Millions) | Weighted Average Exercise Price | Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (in Millions)\n--------------------------- | ------------------------------- | ------------------------------- | ------------------------------------------ | ---------------------------------------\nOutstanding at May 27, 2018 | 5.1 | $28.11 | | \nExercised | (0.6) | $20.75 | | $7.9 \nExpired | (0.1) | $29.84 | | \nOutstanding at May 26, 2019 | 4.4 | $29.00 | 5.47 | $9.9 \nExercisable at May 26, 2019 | 4.1 | $28.38 | 5.32 | $9.9 \n\nsummary option activity May 26, 2019 changes\n compensation expense accounting forfeitures. 2017 granted. million stock options value $6. 12 per share. value $7. 9 million $15. 8 million $29. million 2019 2018 2017. closing market price common stock last day 2019 $28. 83 per share.\n Compensation expense $2. 2 million $4. 2 million $6. 2 million 2019 2018 2017 discontinued operations $0. million 2017. million. million. million. tax benefit $0. 5 million $1. 4 million $2. 4 million.\n May 26, 2019 $0. 2 million unrecognized compensation expense. years.\n Cash 2019 2018 2017 $12. 4 million $25. 1 million $84. 4 million. tax benefit $2. 3 million $5. 3 million $19. 5 million 2019 2018 2017.\n Exercise Price Contractual Term Intrinsic Value\n\n May 27, 2018 5. $28. 11\n. $20. 75 $7.\n Expired. $29. 84\n May 26, 2019. $29. 47 $9.\n May 26, 2019. $28. 38. 32 $9." +} +{ + "_id": "d1b383708", + "title": "", + "text": "Unallocated Amounts\nIn determining revenue, gross profit and income from operations for our segments, we do not include in revenue the amortization of acquisition related deferred revenue adjustments, which reflect the fair value adjustments to deferred revenues acquired in a business acquisition. We also exclude the amortization of intangible assets, stock-based compensation expense, expenses not reflective of our core business and transaction-related costs and non-cash asset impairment charges from the operating segment data provided to our Chief Operating Decision Maker.\nExpenses not reflective of our core business relate to certain severance, product consolidation, legal, consulting and other charges. Accordingly, these amounts are not included in our reportable segment results and are included in the “Unallocated Amounts” category.\nThe “Unallocated Amounts” category also includes (i) corporate general and administrative expenses (including marketing expenses) and certain research and development expenses related to common solutions and resources that benefit all of our business units, all of which are centrally managed, and (ii) revenue and the associated cost from the resale of certain ancillary products, primarily hardware.\nYear Ended December 31, 2019 Compared with the Year Ended December 31, 2018\nRevenue from the resale of ancillary products, primarily consisting of hardware, is customer- and project-driven and, as a result, can fluctuate from period to period. The increase in revenue for the year ended December 31, 2019 compared to the prior year was primarily due to only $2 million in amortization of acquisition-related deferred revenue adjustments being recorded during 2019, compared to $24.3 million during 2018.\nGross unallocated expenses, which represent the unallocated loss from operations excluding the impact of revenue, totaled $478 million for the year ended December 31, 2019 compared to $533 million for the year ended December 31, 2018. The decrease was primarily the result of (i) lower asset impairment and goodwill charges of $35 million, (ii) lower net transaction-related severance and legal expenses of $16 million and (iii) lower acquisition related amortization of $1 million. These were partially offset with $3 million in additional stock-based compensation expense.\nYear Ended December 31, 2018 Compared with the Year Ended December 31, 2017\nRevenue from the resale of ancillary products, primarily consisting of hardware, is customer and project driven and, as a result, can fluctuate from period to period. Revenue for the year ended December 31, 2018 compared with the prior year improved primarily due to lower recognition of amortization of acquisition-related deferred revenue adjustments, which reflect the fair value adjustments to deferred revenues acquired in the EIS Business, Practice Fusion, Health Grid and NantHealth provider/patient engagement acquisitions.\nSuch adjustments totaled $24 million for the year ended December 31, 2018 compared with $29 million for the year ended December 31, 2017.\nGross unallocated expenses, which represent the unallocated loss from operations excluding the impact of revenue, totaled $533 million for the year ended December 31, 2018 compared with $424 million for the prior year. The increase in the year ended December 31, 2018 compared with prior year was primarily driven by higher transaction-related, severance and legal expenses, primarily related to the acquisitions of the EIS Business, Practice Fusion and Health Grid,\nwhich included higher (i) asset impairment charges of $58 million, (ii) goodwill impairment charges of $14 million, (iii) transaction-related, severance and legal expenses of $30 million, and (iv) amortization of intangible and acquisition-related asset of $9 million. The increase in amortization expense was primarily due to additional amortization expense associated with intangible assets acquired as part of business acquisitions completed since the third quarter of 2017.\n\n | | | Year Ended December 31, | | \n-------------------- | ---------- | ---------- | ----------------------- | ----------------------- | -----------------------\n(In thousands) | 2019 | 2018 | 2017 | 2019 % Change from 2018 | 2018 % Change from 2017\nRevenue | $13,346 | $(6,386) | $(13,383) | NM | (52.3%) \nGross profit | $(63,522) | $(86,228) | $(85,130) | (26.3%) | 1.3% \nGross margin % | NM | NM | NM | | \nLoss from operations | $(465,176) | $(539,237) | $(437,431) | (13.7%) | 23.3% \nOperating margin % | NM | NM | NM | | \n\nUnallocated Amounts\n revenue profit income amortization acquisition deferred revenue adjustments. exclude amortization intangible assets stock-based compensation expenses not reflective core business transaction-related costs non asset impairment charges operating data Decision Maker.\n Expenses not reflective core business relate severance product consolidation legal consulting charges. not included reportable results “Unallocated Amounts” category.\n includes corporate administrative expenses research development expenses revenue resale ancillary products hardware.\n December 31, 2019 2018\n Revenue customer- project-driven. increase revenue 2019 due to $2 million amortization acquisition-related deferred revenue adjustments compared $24. 3 million 2018.\n Gross unallocated expenses totaled $478 million December 2019 compared $533 million 2018. decrease lower impairment goodwill charges $35 million lower transaction-related severance legal expenses $16 million lower acquisition amortization $1 million.offset with $3 million additional stock compensation expense.\n December 31, 2018 2017\n Revenue resale ancillary products hardware customer project driven. Revenue 2018 improved due lower amortization acquisition-related deferred revenue adjustments Business Practice Fusion Health Grid NantHealth acquisitions.\n adjustments totaled $24 million 2018 $29 million 2017.\n Gross unallocated expenses totaled $533 million $424 million prior year. increase driven by higher transaction-related severance legal expenses acquisitions EIS Business Practice Fusion Health Grid\n higher impairment charges $58 million goodwill impairment charges $14 million transaction-related severance legal expenses $30 million amortization intangible acquisition-related asset $9 million. increase amortization expense due additional intangible assets business acquisitions third quarter 2017.\n Year Ended December\n 2019 2018 % Change\n Revenue $13,346 $(6. 3%\nprofit $(63,522)(86,228,130 (26. 3% 1. 3%\n Loss operations(465,176(539,237)(437,431 (13. 7% 23. 3%\n Operating margin" +} +{ + "_id": "d1a719972", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nCash and Cash Equivalents—Cash and cash equivalents include cash on hand, demand deposits and short-term investments with original maturities of three months or less. The Company maintains its deposits at high-quality financial institutions and monitors the credit ratings of those institutions.\nRestricted Cash—Restricted cash includes cash pledged as collateral to secure obligations and all cash whose use is otherwise limited by contractual provisions.\nThe reconciliation of cash and cash equivalents and restricted cash reported within the applicable balance sheet that sum to the total of the same such amounts shown in the statements of cash flows is as follows:\n\n | | Year Ended December 31, | \n------------------------------------------------ | -------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nCash and cash equivalents | $1,501.2 | $1,208.7 | $802.1\nRestricted cash | 76.8 | 96.2 | 152.8 \nTotal cash, cash equivalents and restricted cash | $1,578.0 | $1,304.9 | $954.9\n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n Cash demand deposits short-term investments maturities three months. maintains deposits monitors credit ratings.\n Restricted pledged limited contractual provisions.\n reconciliation cash equivalents restricted cash balance sheet\n Ended December 31,\n 2019 2018 2017\n Cash equivalents $1,501. 2 $1,208. 7 $802.\n Restricted cash 76.\n Total cash equivalents restricted cash $1,578. $1,304. 9 $954." +} +{ + "_id": "d1b35b8b6", + "title": "", + "text": "Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts) Private Brands Operations\nOn February 1, 2016, pursuant to the Stock Purchase Agreement, dated as of November 1, 2015, we completed the disposition of our Private Brands operations to TreeHouse Foods, Inc. (\"TreeHouse\").\nThe summary comparative financial results of the Private Brands business, included within discontinued operations, were as follows:\nWe entered into a transition services agreement with TreeHouse and recognized $2.2 million and $16.9 million of income for the performance of services during fiscal 2018 and 2017, respectively, classified within SG&A expenses.\n\n | 2019 | 2018 | 2017 \n--------------------------------------------------------------------------------------------- | ---- | ------ | ------\nLoss on sale of business | $— | $— | $(1.6)\nIncome from discontinued operations before income taxes and equity method investment earnings | 0.9 | 0.4 | 3.9 \nIncome before income taxes and equity method investment earnings . | 0.9 | 0.4 | 2.3 \nIncome tax expense (benefit) . | — | 0.5 | (0.3) \nIncome (loss) from discontinued operations, net of tax | $0.9 | $(0.1) | $2.6 \n\nConsolidated Financial Statements Fiscal Years Ended May 26, 2019 27, 2018 May 28, 2017 millions share amounts Private Brands Operations\n February 1, 2016, Stock Purchase Agreement disposition Private Brands operations TreeHouse Foods.\n financial results Private Brands\n transition services agreement TreeHouse recognized $2. 2 million $16. 9 million income fiscal 2018 2017 SG&A expenses.\n 2018 2017\n Loss sale business.\n Income discontinued operations before income taxes equity investment earnings.\n.\n tax expense (benefit.\n Income (loss discontinued operations net tax." +} +{ + "_id": "d1b3b97e0", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 4 — Inventories\nInventories consist of the following:\n\n | As of December 31, | \n------------------------ | ------------------ | -------\n | 2019 | 2018 \nFinished goods | $9,447 | $10,995\nWork-in-process | 14,954 | 12,129 \nRaw materials | 23,363 | 25,746 \nLess: Inventory reserves | (5,527) | (5,384)\nInventories, net | $42,237 | $43,486\n\nFINANCIAL STATEMENTS thousands\n Inventories\n December 31,\n Finished goods $9,447 $10,995\n Work-in-process 14,954 12,129\n Raw materials 23,363 25,746\n reserves (5,527)\n $42,237 $43,486" +} +{ + "_id": "d1b3aa6fa", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nThe domestic and foreign components of income from continuing operations before income taxes are as follows:\n\n | | Year Ended December 31, | \n------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nUnited States | $1,527.0 | $1,212.7 | $971.2 \nForeign | 389.4 | (58.1) | 284.9 \nTotal | $1,916.4 | $1,154.6 | $1,256.1\n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n domestic foreign income operations taxes\n Ended December 31,\n States $1,527. $1,212. $971.\n Foreign 389. 284.\n $1,916. $1,154. $1,256." +} +{ + "_id": "d1b33db86", + "title": "", + "text": "OFF-BALANCE SHEET ARRANGEMENTS AND CONTRACTUAL OBLIGATIONS\nAt June 30, 2019, the Company’s total off-balance sheet contractual obligations were $665,107. This balance consists of $71,633 of long-term operating leases for various facilities and equipment which expire from 2020 to 2030 and $593,474 of purchase commitments. In fiscal 2017, JHA entered a strategic services agreement with First Data® and PSCU® to provide full-service debit and credit card processing on a single platform to all existing core bank and credit union customers, as well as expand its card processing platform to financial institutions outside our core customer base. This agreement includes a purchase commitment of $555,754 over the remaining term of the contract. The remainder of the purchase commitments relate mainly to open purchase orders. The contractual obligations table below excludes $12,009 of liabilities for uncertain tax positions as we are unable to reasonably estimate the ultimate amount or timing of settlement.\nThe operating lease obligations included on this table will be recorded on the balance sheet beginning in fiscal 2020 due to the Company’s adoption of ASU No. 2016-02, issued by the FASB in February 2016 and effective for the Company on July 1, 2019.\n\nContractual obligations by period as of June 30, 2019 | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | TOTAL \n----------------------------------------------------- | ---------------- | --------- | --------- | ----------------- | --------\nOperating lease obligations | $15,559 | $25,399 | $19,004 | $11,671 | $71,633 \nPurchase obligations | 62,637 | 86,875 | 107,188 | 336,774 | 593,474 \nTotal | $78,196 | $112,274 | $126,192 | $348,445 | $665,107\n\nOFF-BALANCE OBLIGATIONS\n June 30, 2019 off-balance obligations $665,107. $71,633 long-term leases 2020 to 2030 $593,474 purchase commitments. 2017 JHA First full-service debit credit card processing. purchase commitment $555,754. purchase commitments open purchase orders. excludes $12,009 liabilities uncertain tax positions.\n operating lease obligations recorded balance fiscal 2020 ASU No. 2016-02 effective July 1, 2019.\n Contractual obligations June 30, 2019 Less 1 1-3 3-5 5 years\n Operating lease obligations $15,559 $25,399 $19,004 $11,671 $71,633\n Purchase obligations 62,637 86,875 107,188 336,774 593,474\n Total $78,196 $112,274 $126,192 $348,445 $665,107" +} +{ + "_id": "d1b33da8c", + "title": "", + "text": "The maximum exposure to credit risk for trade receivables at the reporting date by type of customer was:\nThe Group’s most significant customer accounts for £0.5m (2018: £0.6m) of net trade receivables as at 31 March 2019.\n\n | 2019 | 2018\n----------------------- | ---- | ----\n | £m | £m \nRetailers | 20.4 | 21.7\nManufacturer and Agency | 3.2 | 3.0 \nOther | 1.3 | 0.7 \nTotal | 24.9 | 25.4\n\nmaximum exposure credit risk trade receivables reporting date customer\n Group’s significant accounts £0. 5m. 6m net trade receivables 31 March 2019.\n Retailers 20. 21.\n Manufacturer Agency.\n.\n 24. 25." +} +{ + "_id": "d1b2e5a76", + "title": "", + "text": "3.4 Trail commission asset\nRecognition, measurement and classification\nThe Group has elected to account for trail commission revenue at the time of selling a product to which trail commission attaches, rather than on the basis of actual payments received from the relevant fund or providers involved. On initial recognition, trail commission revenue and assets are recognised at expected value. Subsequent to initial recognition and measurement, the carrying amount of the trail commission asset is adjusted to reflect actual and revised estimated cash flows. The resulting adjustment is recognised as revenue or against revenue in profit or loss.\nCash receipts that are expected to be received within 12 months of the reporting date are classified as current. All other expected cash receipts are classified as non-current.\nKey estimates – trail commission revenue and asset\nThis method of revenue recognition and valuation of trail commission asset requires the Directors and management to make certain estimates and assumptions based on industry data and the historical experience of the Group.\nAttrition rates in Health are particularly relevant to the overall trail commission asset considering the relative size of the Health trail commission asset. Attrition rates vary substantially by provider and also by the duration of time the policy has been in force, with rates generally higher in policies under two years old. The attrition rates used in the valuation of the Health portfolio at 30 June 2019 ranged from 7.5% and 26.5% (2018: 7.5% and 26.5%). The simple average duration band attrition increase was up to 0.2% during the period, with higher increases experienced for policies that have been in force for shorter periods of time.\nIn undertaking this responsibility, the Group engages Deloitte Actuaries and Consultants Limited, a firm of consulting actuaries, to assist in reviewing the accuracy of assumptions for health, mortgages and life trail revenue. These estimates and assumptions include, but are not limited to: termination or lapse rates, mortality rates, inflation, forecast fund premium increases and the estimated impact of known Australian Federal and State Government policies.\nThese variable considerations are constrained to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. In determining the extent of constraint necessary to ensure to a high probability that a significant reversal of revenue will not occur, the Group performs a detailed assessment of the accuracy of previously forecast assumptions against historical results.\n\n | CONSOLIDATED | \n---------------------------------------------------------------------- | ------------ | ----------\n | 2019 $’000 | 2018 $’000\nCurrent | 25,626 | 22,103 \nNon-current | 88,452 | 80,817 \nTotal trail commission asset | 114,078 | 102,920 \nReconciliation of movement in trail commission asset: | | \nOpening balance | 102,920 | 93,564 \nTrail commission revenue – current period trail commission sales sales | 34,732 | 33,007 \nCash receipts | (23,574) | (23,651) \nClosing balance | 114,078 | 102,920 \n\n. Trail commission asset\n Recognition measurement classification\n Group for revenue selling product payments. initial recognition revenue assets recognised at expected value. adjusted cash flows. adjustment recognised as revenue profit loss.\n Cash receipts expected within 12 months current. non-current.\n estimates trail commission revenue asset\n requires Directors management estimates assumptions based industry data historical experience Group.\n Attrition rates in Health relevant. vary by provider duration higher in policies under two years old. attrition rates Health portfolio at 30 June 2019 ranged 7. 5% 26. 5% (2018. average duration band attrition increase 0. 2% higher increases for policies shorter.\n Group engages Deloitte Actuaries and Consultants assumptions for health mortgages life trail revenue. estimates include termination lapse rates mortality rates inflation fund premium increases impact of Australian Federal State Government policies.\nvariable considerations constrained reversal cumulative revenue uncertainty resolved. Group forecast assumptions historical results.\n CONSOLIDATED\n 2019 2018\n Current 25,626 22,103\n Non-current 88,452 80,817\n Total trail commission 114,078 102,920\n Reconciliation movement trail commission asset\n Opening balance 102,920 93,564\n revenue sales 34,732 33,007\n Cash receipts (23,574) (23,651)\n Closing balance 114,078 102,920" +} +{ + "_id": "d1b3bbfae", + "title": "", + "text": "17 Impairment of Goodwill and Intangibles\nBefore recognition of impairment losses, the carrying amount of goodwill had been allocated as follows:\nImpairment of goodwill and intangible assets is tested annually, or more frequently where there is indication of impairment.\nWhere the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately in the Consolidated Statement of Profit or Loss.\nGoodwill is considered impaired if the carrying value of the cash-generating unit to which it relates is greater than the higher of fair value less costs of disposal and the value in use.\nFor the year-ended 31 March 2019, the Directors have reviewed the value of goodwill based on internal value in use calculations. The key assumptions for these calculations are discount rates, growth rates and expected changes to billings and direct costs during the period.\nThe Group prepares cash flow forecasts derived from the Directors’ most recent financial forecasts for the following five years. The growth rates for the five-year period are based on Directors’ expectations of the medium-term operating performance of the cash-generating unit, planned growth in market share, industry forecasts, growth in the market and specific regional considerations and are in line with past experience. Discount rates have been estimated based on rates that reflect current market assessments of the Group’s weighted average cost of capital.\n\n | 31 March 2019 | 31 March 2018\n-------- | ------------- | -------------\n | $M | $M \nAmericas | 273.6 | 288.2 \nEMEA | 413.0 | 434.2 \nAPJ | 98.7 | 103.6 \n | 785.3 | 826.0 \n\nImpairment Goodwill Intangibles\n Before impairment losses carrying goodwill allocated\n Impairment tested annually.\n Group estimates recoverable amount cash-generating unit. recoverable less than carrying reduced. impairment loss recognised expense in Consolidated Statement Profit Loss.\n Goodwill impaired if carrying value cash unit greater than fair value less costs disposal value use.\n 31 March 2019 Directors reviewed value goodwill value use calculations. assumptions discount rates growth rates expected changes billings direct costs.\n Group prepares cash flow forecasts financial forecasts five years. growth rates based medium-term performance market share industry forecasts regional considerations past experience. Discount rates estimated market assessments weighted average cost capital.\n 31 March 2019 31 March 2018\n Americas 273. 288.\n EMEA 413. 434.\n 98. 103.\n 785. 826." +} +{ + "_id": "d1b34b416", + "title": "", + "text": "6. Financial Instruments\nThe composition of financial instruments is as follows:\nThe fair values of the Company’s financial instrument is the amount that would be received in an asset sale or paid to transfer a liability in an orderly transaction between unaffiliated market participants and is recorded using a hierarchical disclosure framework based upon the level of subjectivity of the inputs used in measuring assets and liabilities. The levels are described below:\nLevel 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available.\nThe Company classifies its financial instrument within Level 2 of the fair value hierarchy on the basis of models utilizing market observable inputs. The interest rate swap has been valued on the basis of valuations provided by third-party pricing services, as derived from standard valuation or pricing models. Market-based observable inputs for the interest rate swap include one month LIBOR-based yield curves over the term of the swap. The Company reviews third-party pricing provider models, key inputs and assumptions and understands the pricing processes at its third-party providers in determining the overall reasonableness of the fair value of its Level 2 financial instruments. The Company also considers the risk of nonperformance by assessing the swap counterparty's credit risk in the estimate of fair value of the interest rate swap. As of December 31, 2019 and 2018, the Company has not made any adjustments to the valuations obtained from its third party pricing providers.\n\n | December 31, 2019 | December 31, 2018\n------------------ | ----------------- | -----------------\n(in thousands) | | \nAssets | | \nInterest rate swap | $— | $1,623 \nLiabilities | | \nInterest rate swap | $37 | $— \n\n. Financial Instruments\n composition\n fair values Company’s financial instrument received asset sale or liability transaction market participants recorded hierarchical disclosure framework subjectivity inputs assets. levels\n Level 1: Quoted prices active markets. Level 2: Observable prices. Level 3: Unobservable inputs little no market data available.\n Company classifies financial instrument Level 2 fair value hierarchy market inputs. interest rate swap valued valuations third-party pricing services. inputs include one month LIBOR-based yield curves. reviews third-party pricing models inputs assumptions understands pricing processes value Level 2 financial instruments. considers risk of nonperformance counterparty's credit risk. December 31, 2019 2018 adjustments to valuations third party pricing providers.\n December 2019 2018\n thousands\n Assets\n Interest rate swap $1,623\n Liabilities\n Interest rate swap $37" +} +{ + "_id": "d1b3b3336", + "title": "", + "text": "The Company’s top ten clients accounted for 42.2%, 44.2% and 46.9% of its consolidated revenues during the years ended December 31, 2019, 2018 and 2017, respectively.\nThe following table represents a disaggregation of revenue from contracts with customers by delivery location (in thousands):\n\n | | Years Ended December 31, | \n--------------- | ---------- | ------------------------ | ----------\n | 2019 | 2018 | 2017 \nAmericas: | | | \nUnited States | $614,493 | $668,580 | $644,870 \nThe Philippines | 250,888 | 231,966 | 241,211 \nCosta Rica | 127,078 | 127,963 | 132,542 \nCanada | 99,037 | 102,353 | 112,367 \nEl Salvador | 81,195 | 81,156 | 75,800 \nOther | 123,969 | 118,620 | 118,853 \nTotal Americas | 1,296,660 | 1,330,638 | 1,325,643 \nEMEA: | | | \nGermany | 94,166 | 91,703 | 81,634 \nOther | 223,847 | 203,251 | 178,649 \nTotal EMEA | 318,013 | 294,954 | 260,283 \nTotal Other | 89 | 95 | 82 \n | $1,614,762 | $1,625,687 | $1,586,008\n\nten clients 42. 2%. 2%. 9% revenues 2017.\n United States $614,493 $668,580 $644,870\n Philippines 250,888 231,966 241,211\n Costa Rica 127,078 127,963 132\n Canada 99,037 102,353 112\n El Salvador 81 75,800\n 123,969 118,853\n Americas 1,296,660 1,330,638 1,325,643\n Germany 94,166 91,703 81,634\n 223,847 203,251 178,649\n 318,013 294,954 260,283\n $1,614,762 $1,625,687 $1,586,008" +} +{ + "_id": "d1b37e802", + "title": "", + "text": "OPERATING EXPENSES\n(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.\nFiscal 2019 fourth-quarter operating expenses increased by 1.6% (1.1% in constant currency) mainly from: • additional costs in the American broadband services segment mainly due to higher programming costs, additional headcount to support growth, higher marketing initiatives to drive primary service units growth and the FiberLight acquisition;\n\nThree months ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)\n--------------------------------------------- | -------- | -------- | ------ | ------------------------------- | ---------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ \nCanadian broadband services | 147,815 | 153,560 | (3.7) | (3.8) | 73 \nAmerican broadband services | 148,215 | 136,506 | 8.6 | 7.6 | 1,370 \nInter-segment eliminations and other | 6,803 | 7,911 | (14.0) | (14.0) | (2) \n | 302,833 | 297,977 | 1.6 | 1.1 | 1,441 \n\nOPERATING EXPENSES\n three-month period August 31, 2019 average foreign exchange rate translation. 3222 USD/CDN.\n Fiscal 2018 restated comply IFRS 15 change accounting policy reclassify results Cogeco Peer 1 discontinued operations. consult \"Accounting policies \"Discontinued operations sections.\n Fiscal 2019 translated average foreign exchange rate. 3100 USD/CDN.\n 2019 fourth-quarter operating expenses increased. 6%. 1% additional costs American broadband services higher programming costs headcount marketing initiatives FiberLight acquisition\n Three months August 31, currency Foreign exchange impact\n Canadian broadband services 147,815 153,560.\n American broadband services 148,215 136,506.\n Inter-segment eliminations.\n 302,833 297,977." +} +{ + "_id": "d1b3c2c78", + "title": "", + "text": "There was no material bad debt expense in 2019, 2018 and 2017. In 2019, 2018 and 2017, the Company’s largest customer, Apple represented 17.6%, 13.1% and 10.5% of consolidated net revenues, respectively, reported in the ADG, AMS and MDG segments.\nIn 2019, $75 million of trade accounts receivable were sold without recourse (nil in 2018).\n\n | December 31, 2019 | December 31, 2018\n------------------------------- | ----------------- | -----------------\nTrade accounts receivable | 1,396 | 1,292 \nAllowance for doubtful accounts | (16) | (15) \nTotal | 1,380 | 1,277 \n\nno debt 2019 2018 2017. Apple represented 17. 6% 13. 1% 10. 5% net revenues ADG AMS MDG segments.\n $75 million trade accounts sold without recourse (nil 2018).\n accounts receivable 1,396 1,292\n doubtful accounts\n" +} +{ + "_id": "d1b313cd2", + "title": "", + "text": "Stock-based compensation expense is recognized in the Company’s consolidated statements of operations and includes compensation expense for the stock-based compensation awards granted or modified subsequent to January 1, 2006, based on the grant date fair value estimated in accordance with the provisions of the amended authoritative guidance. The impact on the Company’s results of operations of recording stock-based compensation expense for fiscal years 2019, 2018, and 2017 was as follows (in thousands):\nNo stock-based compensation was capitalized or included in inventories at the end of 2019, 2018 and 2017.\n\n | | Fiscal Years | \n----------------------------------- | ------ | ------------ | ------\n | 2019 | 2018 | 2017 \nCost of revenue | $78 | $129 | $121 \nResearch and development | 2,242 | 760 | 614 \nSelling, general and administrative | 824 | 1,012 | 706 \nTotal costs and expenses | $3,144 | $1,901 | $1,441\n\nStock-based compensation expense recognized statements awards granted January 1, 2006, grant date value guidance. impact results 2019 2018 2017\n No stock-based compensation capitalized inventories 2019 2018 2017.\n 2017\n Cost revenue $78 $129 $121\n Research development 2,242 614\n Selling general administrative 824 1,012 706\n Total costs expenses $3,144 $1,901,441" +} +{ + "_id": "d1b3a812a", + "title": "", + "text": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated)\nBusiness Metrics\nWe review a number of operating and financial metrics to evaluate our business, measure our performance, identify trends, formulate plans and make strategic decisions, including the following.\nTransaction Volume. We define transaction volume as the dollar value of loans facilitated on our platform\nduring a given period. Transaction volume is an indicator of revenue and overall platform profitability and has\ngrown substantially in the past several years.\nLoan Servicing Portfolio. We define our loan servicing portfolio as the aggregate outstanding consumer loan balance (principal plus accrued interest and fees) serviced by our platform at the date of measurement. Our loan servicing portfolio is an indicator of our servicing activities. The average loan servicing portfolio for the years ended December 31, 2019, 2018 and 2017 was $8,213 million, $6,303 million and $4,501 million, respectively.\nActive Merchants. We define active merchants as home improvement merchants and healthcare providers that have submitted at least one consumer application during the twelve months ended at the date of measurement. Because our transaction volume is a function of the size, engagement and growth of our merchant network, active merchants, in aggregate, are an indicator of future revenue and profitability, although they are not directly correlated. The comparative measures can also be impacted by disciplined corrective action taken by the Company to remove merchants from our program who do not meet our customer satisfaction standards.\nCumulative Consumer Accounts. We define cumulative consumer accounts as the aggregate number of consumer accounts approved on our platform since our inception, including accounts with both outstanding and zero balances. Although not directly correlated to revenue, cumulative consumer accounts is a measure of our brand awareness among consumers, as well as the value of the data we have been collecting from such consumers since our inception. We may use this data to support future growth by cross-marketing products and delivering potential additional customers to merchants that may not have been able to source those customers themselves.\n\n | | Year Ended December 31, | \n--------------------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nTransaction Volume | | | \nDollars (in millions) | $5,954 | $5,030 | $3,767\nPercentage increase | 18% | 34% | \nLoan Servicing Portfolio | | | \nDollars (in millions, at end of period) | $9,150 | $7,341 | $5,390\nPercentage increase | 25% | 36% | \nActive Merchants | | | \nNumber (at end of period) | 17,216 | 14,907 | 10,891\nPercentage increase | 15% | 37% | \nCumulative Consumer Accounts | | | \nNumber (in millions, at end of period) | 3.03 | 2.24 | 1.57 \nPercentage increase | 35% | 43% | \n\nITEM 7. MANAGEMENT DISCUSSION ANALYSIS FINANCIAL CONDITION RESULTS OPERATIONS States Dollars thousands share data\n Business Metrics\n review operating financial metrics business performance identify trends formulate plans strategic decisions.\n Transaction Volume. dollar value loans facilitated platform\n period. indicator revenue profitability\n grown years.\n Loan Servicing Portfolio. outstanding consumer loan balance accrued interest fees serviced platform. indicator servicing activities. average portfolio years December 31, 2019 2018 2017 $8,213 million $6,303 million $4,501 million.\n Active Merchants. home improvement merchants healthcare providers submitted consumer application twelve months. transaction volume size engagement growth merchant network future revenue profitability not correlated. measures impacted corrective action merchants standards.\n Cumulative Consumer Accounts. number accounts approved platform inception outstanding zero balances. not correlated revenue brand awareness value data. data future growth cross products customers merchants.\nYear Ended December 31,\n Transaction Volume\n Dollars $5,954 $5,030 $3,767\n Percentage 18% 34%\n Loan Servicing Portfolio\n Dollars $9,150 $7,341 $5,390\n Percentage increase 25% 36%\n Merchants\n 17,216 14,907 10,891\n Percentage increase 15% 37%\n Consumer Accounts\n.\n Percentage increase 35% 43%" +} +{ + "_id": "d1b39de46", + "title": "", + "text": "1. THE BUSINESS\nMaple Leaf Foods Inc. (“Maple Leaf Foods” or the \"Company\") is a producer of food products under leading brands including Maple\nLeaf®, Maple Leaf Prime®, Schneiders®, Mina®, Greenfield Natural Meat Co.®, Swift®, Lightlife®, and Field Roast Grain Meat Co.™\nThe Company's portfolio includes prepared meats, ready-to-cook and ready-to-serve meals, valued-added fresh pork and poultry and\nplant protein products. The address of the Company's registered office is 6985 Financial Dr. Mississauga, Ontario, L5N 0A1, Canada.\nThe Company employs approximately 13,000 people and does business primarily in Canada, the U.S. and Asia. The Company's shares trade on the Toronto Stock Exchange (MFI).\n1. THE BUSINESS Maple Leaf Foods Inc. (“Maple Leaf Foods” or the \"Company\") is a producer of food products under leading brands including Maple Leaf®, Maple Leaf Prime®, Schneiders®, Mina®, Greenfield Natural Meat Co.®, Swift®, Lightlife®, and Field Roast Grain Meat Co.™ The Company's portfolio includes prepared meats, ready-to-cook and ready-to-serve meals, valued-added fresh pork and poultry and plant protein products. The address of the Company's registered office is 6985 Financial Dr. Mississauga, Ontario, L5N 0A1, Canada. The Company employs approximately 13,000 people and does business primarily in Canada, the U.S. and Asia. The Company's shares trade on the Toronto Stock Exchange (MFI).\nSales for 2019 were $3,941.5 million compared to $3,495.5 million last year, an increase of 12.8%. Excluding acquisitions, sales increased 5.2%, driven by favourable pricing, mix and volume in meat protein and accelerated growth in plant protein of 23.6%.\nNet earnings for 2019 were $74.6 million ($0.60 per basic share) compared to $101.3 million ($0.81 per basic share) last year. Strong commercial performance and favourable resolution of income tax audits were more than offset by strategic investments in plant protein to drive top line growth and heightened volatility in hog prices. Net earnings were negatively impacted by $12.1 million due to non-cash fair value changes in biological assets and derivative contracts, which are excluded in the calculation of Adjusted Operating Earnings below.\nAdjusted Operating Earnings for 2019 were $145.4 million compared to $215.6 million last year, and Adjusted Earnings per Share for\n2019 were $0.68 compared to $1.22 last year due to similar factors as noted above.\nFor further discussion on key metrics and a discussion of results by operating segment, refer to the section titled Operating Review\nstarting on page 3 of this document.\n\n | Twelve months ended December 31, | | \n-------------------------------------- | -------------------------------- | -------- | --------\n($ millions except earnings per share) | 2019 | 2018 | % Change\nSales | $3,941.5 | $3,495.5 | 12.8 % \nNet Earnings | $74.6 | $101.3 | (26.4)% \nBasic Earnings per Share | $0.60 | $0.81 | (25.9)% \nAdjusted Operating Earnings(i) | $145.4 | $215.6 | (32.6)% \nAdjusted Earnings per Share(i) | $0.68 | $1.22 | (44.3)% \n\n.\n Maple Leaf Foods Inc. producer food products\n Greenfield Meat. Field Roast.\n portfolio includes prepared meats ready-cook meals fresh pork poultry\n plant protein products. 6985 Financial Dr. Mississauga Ontario.\n employs 13,000 Canada U. S. Asia. shares trade Toronto Stock Exchange.\n. Leaf Foods. portfolio prepared meats meals fresh pork poultry plant protein products. 6985 Financial Dr. Mississauga Ontario. employs 13,000 Canada U. S. Asia. shares trade Toronto Stock Exchange.\n Sales 2019 $3,941. 5 million $3,495. 5 million last year increase 12. 8%. increased 5. 2% favourable pricing volume meat protein growth plant protein 23. 6%.\n Net earnings 2019 $74. 6 million ($0. per share $101. 3 million.share last year. commercial performance income tax offset investments plant protein volatility hog prices. Net earnings impacted $12. 1 million non-cash changes biological assets derivative contracts excluded Adjusted Operating Earnings.\n 2019 $145. 4 million $215. 6 million last year Share\n $0. 68 $1. 22.\n Operating Review\n page 3.\n Twelve months ended December 31,\n earnings share 2019 2018\n Sales $3,941. $3,495.\n Net Earnings $74. $101. 3.\n Earnings Share $0. 60.\n Adjusted Operating Earnings $145. $215.\n Earnings Share $0. 68 $1." +} +{ + "_id": "d1b388c26", + "title": "", + "text": "Executive Officers of the Registrant\nOur executive officers are appointed annually by our Board of Directors or, in some cases, appointed in accordance with our bylaws. Each officer holds office until\nthe next annual appointment of officers or until a successor has been duly appointed and qualified, or until the officer’s death or resignation, or until the officer has\notherwise been removed in accordance with our bylaws. The following table provides certain information regarding the current executive officers of the Company.\nJohn Sarvis\nChief Executive Officer and President since April 2015. Chairman of the Board since 2016. Vice President of Ceramic Products from 2005 to 2015. Divisional Vice President\n– Ceramics Division from 1998 to 2005. Prior to 1998, held various Marketing and Operational positions. Employed by the Company since 1973\nJeffrey Schmersal\nChief Operating Officer since April 2018. Senior Vice President since 2017. Divisional Vice President of Specialty Products from 2014 to 2017. Global Business Manager of\nvarious product groups from 2006 to 2014. Prior to 2006, held various Quality and Supply Chain positions. Employed by the Company since 1994.\nMichael Hufnagel\nChief Financial Officer since July 2018. Vice President of Corporate Finance since 2016. Director of Corporate Finance from 2015 to 2016. Director of Accounting and\nReporting from 2002 to 2015. Employed by the Company since 2002.\nJohn Lawing\nSenior Vice President and Chief Technology Officer since 2015. Vice President and Chief Technology Officer from April 2014 to 2015. President and Chief Operating\nOfficer from 2013 to March 2014. Vice President of Advanced Products from 2005 to April 2013. Divisional Vice President of Advanced Products from 2002 to 2005 and\nDivisional Vice President of Leaded Products from 1997 to 2002. Prior to 1997, held positions in Engineering, Technical, Operational, and Plant management. Employed by\nthe Company since 1981.\nS. Willing King\nSenior Vice President of Tantalum Products since 2015. Vice President of Tantalum Products from 2013 to 2015. Deputy General Manager of Tantalum Products from 2012\nto 2013. Vice President of Product Marketing from 2004 to 2012. Director of Product Marketing from 2000 to 2004. Prior to 2000, held positions in Technical Service, Sales,\nand Marketing. Employed by the Company since 1984.\n\nName | Age | Position \n------------------ | --- | ---------------------------------------------------------------\nJohn Sarvis | 69 | Chief Executive Officer and President \nJeffrey Schmersal | 50 | Chief Operating Officer \nMichael Hufnagel | 65 | Senior Vice President and Chief Financial Officer \nJohn Lawing | 68 | Senior Vice President and Chief Technology Officer \nS. Willing King | 56 | Senior Vice President of Tantalum Products \nEric Pratt | 59 | Senior Vice President of Marketing \nEvan Slavitt | 61 | Senior Vice President, General Counsel, and Corporate Secretary\nSteven Sturgeon | 50 | Senior Vice President of Connector Products \nAlexander Schenkel | 44 | Senior Vice President of Sales \n\n\n annually Board Directors. holds office\n appointment successor death resignation\n. current executive officers.\n John Sarvis\n Chief Executive Officer President 2015. Chairman Board since 2016. Vice President Ceramic Products 2005 2015. Divisional Vice President\n 1998. Marketing Operational. Employed since 1973\n Jeffrey Schmersal\n Chief Operating Officer. Senior Vice President 2017. Divisional Vice President Specialty Products 2014. Global Business Manager\n 2006 2014. Quality Supply Chain. since 1994.\n Michael Hufnagel\n Chief Financial Officer 2018. Vice President Corporate Finance 2016. Director. Director Accounting\n Reporting.\n John Lawing\n Senior Vice President Chief Technology Officer.\n. Vice President Advanced Products. Divisional Vice President 2002\n. Engineering Technical Operational Plant management.\n since 1981.\n. Willing King\n Senior Vice President Tantalum Products 2015. Deputy General Manager\n. Vice President Product Marketing 2004. Director 2000 2004. Technical Service Sales\n Marketing. Employed since 1984.\nAge Position\n John Sarvis 69 Executive\n Jeffrey Schmersal Operating\n Michael Hufnagel 65 Senior Vice President\n John Lawing 68\n. Willing King 56 Tantalum\n Eric Pratt 59 Marketing\n Evan Slavitt 61 Secretary\n Steven Sturgeon Connector Products\n Alexander Schenkel 44 Sales" +} +{ + "_id": "d1b375680", + "title": "", + "text": "Note 10—Goodwill\nThe following table presents changes in the carrying amount of goodwill by reportable segment:\nEffective the beginning of fiscal 2019, the Company changed the composition of its Defense Solutions reportable segment, which resulted in the identification of new operating segments and reporting units within Defense Solutions. In addition, certain contracts were reassigned between the Civil and Defense Solutions reportable segments (see \"Note 24—Business Segments\"). Consequently, the carrying amount of goodwill was re-allocated among the reporting units for the purpose of testing goodwill for impairment.\nIn conjunction with the changes mentioned above, the Company evaluated goodwill for impairment using a quantitative step one analysis, both before and after the changes were made, and determined that goodwill was not impaired.\nIn fiscal 2019, the Company performed a qualitative analysis for all reporting units and determined that it was more likely than not that the fair values of the reporting units were in excess of the individual reporting units carrying values, and as a result, a quantitative step one analysis was not necessary.\nIn fiscal 2018, the Company performed a qualitative and quantitative analysis on its reporting units. Based on the qualitative analysis performed during the Company's annual impairment evaluation for fiscal 2018 for certain of its reporting units, it was determined that it was more likely than not that the fair values of the reporting units were in excess of the individual reporting unit carrying values, and as a result, a quantitative step one analysis was not necessary.\nAdditionally, based on the results of the quantitative step one analysis for certain other of its reporting units, it was determined that the fair value was in excess of the individual reporting units carrying values. In fiscal 2017, the Company performed a quantitative analysis for all reporting units. It was determined that the fair values of all reporting units exceeded their carrying values.\nAs a result, no goodwill impairments were identified as part of the annual goodwill impairment evaluation for the periods mentioned above. During the year ended January 3, 2020 and December 28, 2018, the Company recorded an immaterial correction of $3 million and $6 million, respectively, with respect to fair value of assets and liabilities acquired from the IS&GS Transactions.\n(1) Carrying amount includes accumulated impairment losses of $369 million and $117 million within the Health and Civil segments, respectively.\n\n | Defense Solutions | Civil | Health | Total \n------------------------------------------------- | ----------------- | ------------- | ------ | ------\n | | (in millions) | | \nGoodwill at December 29, 2017(1) | $2,055 | $1,998 | $921 | $4,974\nForeign currency translation adjustments | (40) | (11) | — | (51) \nTransfers to assets held for sale | — | (57) | — | (57) \nAdjustment to goodwill | — | (6) | — | (6) \nGoodwill at December 28, 2018(1) | 2,015 | 1,924 | 921 | 4,860 \nGoodwill re-allocation | 25 | (25) | — | — \nAcquisition of IMX | — | — | 50 | 50 \nDivestiture of health staff augmentation business | — | — | (5) | (5) \nForeign currency translation adjustments | (4) | 8 | — | 4 \nAdjustment to goodwill | 3 | — | — | 3 \nGoodwill at January 3, 2020(1) | $2,039 | $1,907 | $966 | $4,912\n\nNote 10—Goodwill\n table presents changes in carrying goodwill by reportable segment\n fiscal 2019 Company changed composition Defense Solutions segment resulted new operating segments units. contracts reassigned between Civil and Defense Solutions segments (see \"Note 24—Business Segments\"). carrying goodwill re-allocated among units for testing goodwill for impairment.\n Company evaluated goodwill for impairment quantitative step one analysis determined goodwill not impaired.\n fiscal 2019 performed qualitative analysis for all units fair values quantitative step one analysis not necessary.\n fiscal 2018 performed qualitative quantitative analysis on reporting units. fair values quantitative step one analysis not necessary.\n units fair value in excess of values. fiscal 2017 quantitative analysis for all units. fair values exceeded carrying values.\n no goodwill impairments identified annual goodwill impairment evaluation for periods.January 3 2020 December 28, 2018 Company recorded correction $3 million $6 million assets liabilities IS&GS Transactions.\n impairment losses $369 million $117 million Health Civil segments.\n Defense Solutions\n Goodwill December 29, $2,055 $1,998 $921 $4,974\n Foreign currency translation adjustments\n Transfers assets sale\n Adjustment goodwill\n Goodwill December 28, 2,015 1,924 921 4,860\n Goodwill re-allocation\n Acquisition IMX\n Divestiture health staff augmentation business\n Foreign currency translation adjustments\n Adjustment goodwill\n January 3, $2,039 $1,907 $966 $4,912" +} +{ + "_id": "d1b3817fa", + "title": "", + "text": "Adjusted Return on Invested Capital (Adjusted RoIC): TORM defines Adjusted RoIC as earnings before interest and tax (EBIT) less tax and impairment losses and reversals, divided by the average invested capital less average impairment for the period. Invested capital is defined below.\nThe Adjusted RoIC expresses the returns generated on capital invested in the Group adjusted for impacts related to the impairment of the fleet. The progression of RoIC is used by TORM to measure progress against our longer-term value creation goals outlined to investors. Adjusted RoIC is calculated as follows:\n¹⁾ Average invested capital is calculated as the average of the opening and closing balance of invested capital.\n²⁾ Average impairment is calculated as the average of the opening and closing balances of impairment charges on vessels and goodwill in the balance sheet.\n\nUSDm | 2019 | 2018 | 2017 \n------------------------------------------------ | ------- | ------- | -------\nEBIT less Tax | 205.1 | 1.2 | 38.8 \nImpairment reversal | -120.0 | - | - \nEBIT less tax and impairment | 85.1 | 1.2 | 38.8 \nAverage invested capital¹⁾ | 1,627.7 | 1,437.7 | 1,396.9\nAverage impairment ²⁾ | 98.2 | 185.0 | 185.0 \nAverage invested capital less average impairment | 1,725.9 | 1,622.7 | 1,581.9\nAdjusted RoIC | 4.9% | 0.1% | 2.4% \n\nAdjusted Return Invested Capital TORM defines RoIC earnings before interest tax less impairment losses reversals divided by average invested capital less impairment.\n Adjusted RoIC returns capital invested impacts impairment. RoIC longer-term value creation goals. RoIC calculated\n Average invested capital opening closing balance.\n impairment closing balances impairment vessels goodwill.\n EBIT less Tax 205. 38.\n Impairment -120.\n EBIT less tax impairment 85.\n Average invested 1,627. 1,437. 1,396.\n Average impairment 98. 185.\n capital less impairment 1,725. 1,622. 1,581.\n Adjusted RoIC 4." +} +{ + "_id": "d1b372840", + "title": "", + "text": "ADOPTION OF IFRS 16\nUpon adoption of IFRS 16 on January 1, 2019, we recognized right-of-use assets of $2,257 million within property, plant and equipment, and lease liabilities of $2,304 million within debt, with an increase to our deficit of $19 million. These amounts were recognized in addition to assets under finance leases of $1,947 million and the corresponding finance lease liabilities of $2,097 million at December 31, 2018 under IAS 17. As a result, on January 1, 2019, our total right-of-use assets and lease liabilities amounted to $4,204 million and $4,401 million, respectively. The table below shows the impacts of adopting IFRS 16 on our January 1, 2019 consolidated statement of financial position.\nBCE’s operating lease commitments at December 31, 2018 were $1,612 million. The difference between operating lease commitments at December 31, 2018 and lease liabilities of $2,304 million upon adoption of IFRS 16 at January 1, 2019, is due mainly to an increase of $1,122 million related to renewal options reasonably certain to be exercised, an increase of $112 million mainly related to non-monetary transactions and a decrease of ($542) million as a result of discounting applied to future lease payments, which was determined using a weighted average incremental borrowing rate of 3.49% at January 1, 2019.\n\n | DECEMBER 31, 2018 AS REPORTED | IFRS 16 IMPACTS | JANUARY 1, 2019 UPON ADOPTION OF IFRS 16\n------------------------------------ | ----------------------------- | --------------- | ----------------------------------------\nPrepaid expenses | 244 | (55) | 189 \nOther current assets | 329 | 9 | 338 \nProperty, plant and equipment | 24,844 | 2,257 | 27,101 \nOther non-current assets | 847 | 17 | 864 \nTrade payables and other liabilities | 3,941 | (10) | 3,931 \nDebt due within one year | 4,645 | 293 | 4,938 \nLong-term debt | 19,760 | 2,011 | 21,771 \nDeferred tax liabilities | 3,163 | (7) | 3,156 \nOther non-current liabilities | 997 | (39) | 958 \nDeficit | (4,937) | (19) | (4,956) \nNon-controlling interest | 326 | (1) | 325 \n\nIFRS 16\n 2019 recognized right-of-use assets $2,257 million lease liabilities $2,304 million deficit $19 million. finance leases $1,947 million liabilities $2,097 million December 31, 2018 IAS 17. January 1 2019 total right-use assets lease liabilities $4,204 million $4,401 million. impacts 16 January 1 2019.\n operating lease commitments December 31, 2018 $1,612 million. difference liabilities $2,304 million increase $1,122 million renewal options increase $112 million non-monetary transactions decrease$542) million discounting future lease payments borrowing rate 3. 49% January 1, 2019.\n 16 IMPACTS JANUARY 1 2019\n Prepaid expenses 244\n current assets 329\n Property plant equipment 24,844\n non-current assets\n Trade payables liabilities 3,941\n Debt due one year 4,645\n Long-term debt 19,760\nDeferred tax 3,163\n non-current liabilities 997\n Deficit (4,937)\n Non-controlling interest 326" +} +{ + "_id": "d1b3469e8", + "title": "", + "text": "The below tables represents the key components of Teradyne’s convertible senior notes:\nAs of December 31, 2019, the unamortized discount was $65.3 million, which will be amortized over four years using the effective interest rate method. The carrying amount of the equity component was $100.8 million. As of December 31, 2019, the conversion price was approximately $31.62 per share and if converted the value of the notes was $992.0 million.\n\n | December 31, 2019 | December 31, 2018\n--------------------------------------- | ----------------- | -----------------\n | (in thousands) | \nDebt principal | $460,000 | $460,000 \nUnamortized discount | 65,313 | 80,019 \nNet carrying amount of convertible debt | $394,687 | $379,981 \n\nconvertible notes\n December 31, 2019 unamortized discount $65. 3 million amortized four years. carrying equity $100. 8 million. conversion price $31. 62 per share value $992. million.\n December 2019 2018\n Debt principal $460,000\n Unamortized discount 65,313\n convertible debt $394,687,981" +} +{ + "_id": "d1b3b19d2", + "title": "", + "text": "Company balance sheet\nAt 31 March 2019\nThe financial statements were approved by the Board of Directors on 6 June 2019 and authorised for issue.\n\n | | 2019 | 2018 \n---------------------------------------------- | ---- | ------- | -------\n | Note | £m | £m \nFixed assets | | | \nInvestments | 3 | 1,216.0 | 1,212.9\n | | 1,216.0 | 1,212.9\nCurrent assets | | | \nDebtors | 4 | 415.9 | 440.7 \nCash and cash equivalents | 5 | – | 0.2 \n | | 415.9 | 440.9 \nCreditors: amounts falling due within one year | 6 | (411.4) | (288.4)\nNet current assets | | 4.5 | 152.5 \nNet assets | | 1,220.5 | 1,365.4\nCapital and reserves | | | \nCalled-up share capital | 9 | 9.3 | 9.5 \nOwn shares held | 10 | (16.5) | (16.9) \nCapital redemption reserve | | 0.7 | 0.5 \nRetained earnings | | 1,227.0 | 1,372.3\nTotal equity | | 1,220.5 | 1,365.4\n\nbalance sheet\n 31 March 2019\n financial statements approved Board Directors 6 June 2019 authorised.\n 2018\n Fixed assets\n Investments 1,216. 1,212.\n.\n Current assets\n Debtors 415. 440.\n Cash cash equivalents.\n 415. 440.\n Creditors amounts one year (411.\n current assets. 152.\n assets 1,220. 1,365.\n Capital reserves\n Called-up share capital.\n shares (16.\n Capital redemption reserve.\n Retained earnings 1,227. 1,372.\n Total equity 1,220. 1,365." +} +{ + "_id": "d1b3570cc", + "title": "", + "text": "The company utilizes certain of its financing receivables as collateral for nonrecourse borrowings. Financing receivables pledged as collateral for borrowings were $1,062 million and $710 million at December 31, 2019 and 2018, respectively. These borrowings are included in note P, “Borrowings.”\nThe company did not have any financing receivables held for sale as of December 31, 2019 and 2018.\n\n($ in millions) | | | | \n-------------------------------- | ---------------------------------------------------- | -------------------------------- | -------------------------------------------------------- | -------\nAt December 31, 2018: | Investment in Sales-Type and Direct Financing Leases | Commercial Financing Receivables | Client Loan and Installment Payment Receivables/ (Loans) | Total \nFinancing receivables, gross | $6,846 | $11,889 | $13,614 | $32,348\nUnearned income | (526) | (37) | (632) | (1,195)\nRecorded investment | $6,320 | $11,852 | $12,981 | $31,153\nAllowance for credit losses | (99) | (13) | (179) | (292) \nUnguaranteed residual value | 589 | — | — | 589 \nGuaranteed residual value | 85 | — | — | 85 \nTotal financing receivables, net | $6,895 | $11,838 | $12,802 | $31,536\nCurrent portion | $2,834 | $11,838 | $ 7,716 | $22,388\nNoncurrent portion | $4,061 | $ — | $ 5,086 | $ 9,148\n\ncompany financing receivables nonrecourse borrowings. $1,062 million $710 million December 31, 2019 2018.\n sale December 31, 2019 2018.\n Investment Sales-Type Direct Financing Leases Commercial Financing Receivables Client Loan Installment Receivables\n receivables $6,846 $11,889 $13,614 $32,348\n Unearned income\n Recorded investment $6,320 $11,852 $12,981 $31,153\n Allowance credit losses\n Unguaranteed residual value\n financing receivables $6,895 $11,838 $12,802 $31,536\n Current portion $2,834 $11,838 $22,388\n Noncurrent portion $4,061 5,086 9,148" +} +{ + "_id": "d1b379f64", + "title": "", + "text": "Contractual Obligations\nThe impact of contractual obligations on our liquidity and capital resources in future periods should be analyzed in conjunction with the factors that impact our cash flows from operations discussed previously. In addition, we plan for and measure our liquidity and capital resources through an annual budgeting process. The following table summarizes our contractual obligations at July 27, 2019 (in millions):\nOperating Leases For more information on our operating leases, see Note 13 to the Consolidated Financial Statements\nPurchase Commitments with Contract Manufacturers and Suppliers We purchase components from a variety of suppliers and use several contract manufacturers to provide manufacturing services for our products. Our purchase commitments are for shortterm product manufacturing requirements as well as for commitments to suppliers to secure manufacturing capacity. Certain of our purchase commitments with contract manufacturers and suppliers relate to arrangements to secure long-term pricing for certain product components for multi-year periods. A significant portion of our reported estimated purchase commitments arising from these agreements are firm, noncancelable, and unconditional commitments. We record a liability for firm, noncancelable, and unconditional purchase commitments for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory. See further discussion in “Inventory Supply Chain.” As of July 27, 2019, the liability for these purchase commitments was $129 million and is recorded in other current liabilities and is not included in the preceding table.\nOther Purchase Obligations Other purchase obligations represent an estimate of all contractual obligations in the ordinary course of business, other than operating leases and commitments with contract manufacturers and suppliers, for which we have not received the goods or services. Purchase orders are not included in the preceding table as they typically represent our authorization to purchase rather than binding contractual purchase obligations.\nLong-Term Debt The amount of long-term debt in the preceding table represents the principal amount of the respective debt instruments. See Note 11 to the Consolidated Financial Statements.\nTransition Tax Payable Transition tax payable represents future cash tax payments associated with the one-time U.S. transition tax on accumulated earnings of foreign subsidiaries as a result of the Tax Act. See Note 17 to the Consolidated Financial Statements.\nOther Long-Term Liabilities Other long-term liabilities primarily include noncurrent income taxes payable, accrued liabilities for deferred compensation, deferred tax liabilities, and certain other long-term liabilities. Due to the uncertainty in the timing of future payments, our noncurrent income taxes payable of approximately $1.3 billion and deferred tax liabilities of $95 million were presented as one aggregated amount in the total column on a separate line in the preceding table. Noncurrent income taxes payable include uncertain tax positions. See Note 17 to the Consolidated Financial Statements.\n\n | | | PAYMENTS DUE BY PERIOD | | \n-------------------------------------------------------------------------- | ------- | ---------------- | ---------------------- | ------------ | -----------------\nJuly 27, 2019 | Total | Less than 1 Year | 1 to 3 Years | 3 to 5 Years | More than 5 Years\nOperating leases | $1,179 | $441 | $494 | $190 | $54 \nPurchase commitments with contract manufacturers and suppliers | 4,967 | 4,239 | 728 | — | — \nOther purchase obligations | 1,490 | 676 | 622 | 98 | 94 \nSenior notes | 20,500 | 6,000 | 5,500 | 2,250 | 6,750 \nTransition tax payable | 8,343 | 749 | 1,498 | 2,113 | 3,983 \nOther long-term liabilities . | 1,214 | — | 220 | 136 | 858 \nTotal by period | $37,693 | $12,105 | $9,062 | $4,787 | $11,739 \nOther long-term liabilities (uncertainty in the timing of future payments) | 1,428 | | | | \nTotal | $39,121 | | | | \n\nContractual Obligations\n impact on liquidity capital resources analyzed with cash flows. plan measure liquidity capital resources through annual budgeting. table summarizes contractual obligations at July 27, 2019 millions):\n Operating Leases Note 13 Consolidated Financial Statements\n Purchase Commitments with Contract Manufacturers Suppliers purchase components from use contract manufacturers manufacturing services. purchase commitments shortterm manufacturing manufacturing capacity. commitments long pricing multi-year. purchase commitments firm noncancelable unconditional commitments. liability for noncancelable unconditional commitments future demand forecasts excess inventory. July 27, 2019 liability for was $129 million recorded not included table.\n Other Purchase Obligations contractual obligations goods services. Purchase orders not included represent authorization to purchase obligations.\n Long-Term Debt represents principal amount debt instruments. Note 11 Consolidated Financial Statements.\n Transition Tax Payable future cash tax payments-time U. S.tax earnings foreign subsidiaries Tax Act. Note 17 Consolidated Financial Statements.\n Long-Term Liabilities noncurrent income taxes deferred compensation tax. uncertainty noncurrent income taxes $1. 3 billion deferred tax liabilities $95 million. uncertain tax positions. Note 17 Consolidated Financial Statements.\n PAYMENTS DUE PERIOD\n July 27, 2019 Less 1 Year 1 3 Years 5 Years\n Operating leases $1,179 $441 $494\n Purchase commitments manufacturers suppliers 4,967,239\n purchase obligations 1,490 676 622\n Senior notes 20,500\n Transition tax 8,343 749 1,498 2,113\n Other long-term liabilities. 1,214\n Total period $37,693 $12,105 $9,062 $4,787 $11,739\n 1,428\nTotal ,121 " +} +{ + "_id": "d1b3a4ff2", + "title": "", + "text": "The Systems gross profit margin decrease year to year was driven by the mix away from IBM Z and margin declines in Power Systems and Storage Systems.\nThe pre-tax income decline was driven by the strong performance in IBM Z in the prior year and the continued investment in innovation across the Systems portfolio.\n\n($ in millions) | | | \n------------------------------------------------------- | ------ | ------ | ---------------------------------\nFor the year ended December 31: | 2018 | 2017 | Yr.-to-Yr. Percent/ Margin Change\nSystems | | | \nExternal Systems Hardware gross profit | $2,590 | $2,893 | (10.5)% \nExternal Systems Hardware gross profit margin | 40.7% | 44.6% | (3.8)pts \nExternal Operating Systems Software gross profit | $1,412 | $1,469 | (3.9)% \nExternal Operating Systems Software gross profit margin | 84.5% | 86.4% | (1.9)pts. \nExternal total gross profit | $4,002 | $4,362 | (8.2)% \nExternal total gross profit margin | 49.8% | 53.2% | (3.4)pts. \nPre-tax income | $ 904 | $1,128 | (19.9)% \nPre-tax margin | 10.2% | 12.6% | (2.4)pts. \n\nSystems profit margin driven IBM Z declines Power Storage Systems.\n pre-tax income decline strong performance IBM Z investment innovation portfolio.\n year December 31 2018 2017. Percent Margin Change\n External Systems Hardware gross profit $2,590 $2,893.\n 40. 7% 44. 6%.\n Software profit $1,412 $1,469.\n 84. 5% 86. 4%.\n profit $4,002 $4,362.\n 49. 8% 53. 2% (3.\n Pre-tax income $ 904 $1,128 (19.\n 10. 2% 12. 6%." +} +{ + "_id": "d1b38ccb8", + "title": "", + "text": "Selling, general and administrative (\"SG&A\") costs during fiscal 2019 were $211.1 million, a decrease of $10.8 million compared to the $222.0 million of SG&A during fiscal 2018. The following table shows the components of SG&A costs for the twelve months ended October 31, 2019 and 2018.\nRegarding the table above, the decrease in advertising expense is the result of the Company's decision to scale back its television and radio advertising during fiscal 2019. The change in start-up expense in any particular period relates to the stage of the start-up process in which a facility under construction is in during the period. Non-construction related expenses, such as labor, training and office-related expenses for a facility under construction are recorded as start-up expense until the facility begins operations. As a facility moves closer to actual start-up, the expenses incurred for labor, training, etc. increase. As a result, amounts classified as start-up expenses will increase period over period until the facility begins production. Once production begins, the expenses from that point forward are recorded as costs of goods sold. The decrease in stock compensation expense is the result of the number of shares earned for the performance shares granted on November 1, 2017, being lower as compared to the number of shares earned for the performance shares granted on November 1, 2016. Stock compensation is further described in \"Part II, Item 8, Notes to Consolidated Financial Statements, Note 9 - Stock Compensation Plans.\" The increase in legal expenses is primarily attributable to our ongoing defense of the litigation described in \"Part I, Item 3. Legal Proceedings\" of this Form 10-K. The increase in third-party sales commissions is attributable to the Company's adoption of ASU 2014-09, Revenue from Contracts with Customers. While adoption of the standard had no effect on the Company's net income during fiscal 2019, SG&A expenses were negatively impacted during the period, and the negative impact to SG&A expenses was offset by a corresponding increase to revenue. For more information regarding the Company's adoption of ASU 2014-09 and the relation to SG&A expenses, refer to \"Part II, Item 8, Notes to Consolidated Financial Statements, Note 1 - Significant Accounting Policies.\"\n\nSelling, General and Administrative Costs (in thousands) | | | \n-------------------------------------------------------- | ------------------------------------ | ------------------------------------ | --------------------\nDescription | Twelve months ended October 31, 2019 | Twelve months ended October 31, 2018 | Increase/(Decrease) \nAdvertising expense | $11,071 | $32,624 | $ (21,553) \nTrainee expense | 16,254 | 21,553 | (5,299) \nStart-up expense (Tyler, Texas complex) | 9,361 | 13,394 | (4,033) \nStock compensation expense | 11,786 | 15,702 | (3,916) \nAll other SG&A expenses | 62,653 | 64,705 | (2,052) \nEmployee Stock Ownership Plan (\"ESOP\") expense | 3,000 | 2,000 | 1,000 \nDepreciation expense - machinery and equipment | 7,067 | 5,801 | 1,266 \nSanderson Farms Championship expense | 8,817 | 6,325 | 2,492 \nAdministrative salaries | 45,108 | 42,288 | 2,820 \nLegal expense | 25,102 | 17,573 | 7,529 \nThird-party sales commissions | 10,922 | — | 10,922 \nTotal SG&A | $211,141 | $221,965 | $ (10,824) \n\nSelling administrative costs fiscal 2019 were $211. 1 million decrease $10. 8 million compared to $222. 0 million 2018. table shows costs twelve months October 31, 2019 2018.\n decrease advertising expense television radio advertising 2019. change start-up expense relates construction. Non-construction expenses labor training recorded as start-up expense until operations. closer start-up expenses. increase. expenses increase until production. production expenses recorded as costs goods sold. decrease stock compensation expense shares earned November 1, 2017 lower November 1 2016. Stock compensation described in II Item 8 Notes Consolidated Financial Statements Note 9 - Stock Compensation Plans. increase legal expenses attributable to defense. increase third-party sales commissions adoption ASU 2014-09 Revenue Contracts. net income 2019 SG&A expenses negatively impacted offset by increase revenue.ASU 2014-09 SG expenses II Item 8 Financial Statements 1 Accounting Policies.\n Selling Administrative Costs\n Twelve months 2019 2018\n Advertising $11,071 $32,624,553\n Trainee 16,254 21,553\n Start-up 9,361 13,394 (4\n Stock compensation 11,786 15,702 (3,916)\n SG&A expenses 62,653 64,705\n Employee Stock Ownership Plan\n Depreciation machinery equipment 7,067\n Sanderson Farms Championship 8,817,325\n Administrative salaries 45,108\n Legal expense 25,102 17,573\n Third-party sales commissions\n SG&A $211,141 $221,965" +} +{ + "_id": "d1b33126e", + "title": "", + "text": "Consolidated Operating Expenses\nOperating expenses for our segments are discussed separately below under the heading “Segment Results of Operations.”\nCost of Services Cost of services includes the following costs directly attributable to a service: salaries and wages, benefits, materials and supplies, content costs, contracted services, network access and transport costs, customer provisioning costs, computer systems support, and costs to support our outsourcing contracts and technical facilities. Aggregate customer care costs, which include billing and service provisioning, are allocated between Cost of services and Selling, general and administrative expense.\nCost of services decreased $413 million, or 1.3%, during 2019 compared to 2018, primarily due to decreases in network access costs, a product realignment charge in 2018 (see “Special Items”), decreases in employee-related costs resulting from the Voluntary Separation Program and decreases in digital content costs.\nThese decreases were partially offset by increases in rent expense as a result of adding capacity to the networks to support demand and the adoption of the new lease accounting standard in 2019, regulatory fees, and costs related to the device protection package offered to our wireless retail postpaid customers.\nCost of Wireless Equipment Cost of wireless equipment decreased $369 million, or 1.6%, during 2019 compared to 2018, primarily as a result of declines in the number of wireless devices sold as a result of an elongation of the handset upgrade cycle, partially offset by a shift to higher priced devices in the mix of wireless devices sold.\nSelling, General and Administrative Expense Selling, general and administrative expense includes salaries and wages and benefits not directly attributable to a service or product, bad debt charges, taxes other than income taxes, advertising and sales commission costs, call center and information technology costs, regulatory fees, professional service fees, and rent and utilities for administrative space. Also included is a portion of the aggregate customer care costs as discussed above in “Cost of Services.”\nSelling, general and administrative expense decreased $1.2 billion, or 3.8%, during 2019 compared to 2018, primarily due to decreases in employee-related costs primarily due to the Voluntary Separation Program, a decrease in severance, pension and benefits charges (see “Special Items”),\nthe acquisition and integration related charges in 2018 primarily related to the acquisition of Yahoo’s operating business (see “Special Items”) and a net gain from dispositions of assets and businesses in 2019 (see “Special Items”), partially offset by increases in advertising expenses, sales commission and bad debt expense. The increase in sales commission expense during 2019 compared to 2018, was primarily due to a lower net deferral of commission costs as a result of the adoption of Topic 606 on January 1, 2018, using a modified retrospective approach.\nDepreciation and Amortization Expense Depreciation and amortization expense decreased $721 million, or 4.1%, during 2019 compared to 2018, primarily due to the change in the mix of net depreciable assets. Media Goodwill Impairment The goodwill impairment charges recorded in 2019 and 2018 for Verizon Media were a result of the Company’s annual impairment test performed in the fourth quarter (see “Critical Accounting Estimates”).\nMedia Goodwill Impairment The goodwill impairment charges recorded in 2019 and 2018 for Verizon Media were a result of the Company’s annual impairment test performed in the fourth quarter (see “Critical Accounting Estimates”).\n\n | | | (dollars in millions)  Increase/ (Decrease) | \n------------------------------------------- | -------- | --------- | ------------------------------------------- | ------\nYears Ended December 31, | 2019 | 2018 | 2019 vs. 2018 | \nCost of services | $ 31,772 | $ 32,185 | $ (413) | (1.3)%\nCost of wireless equipment | 22,954 | 23,323 | (369) | (1.6) \nSelling, general and administrative expense | 29,896 | 31,083 | (1,187) | (3.8) \nDepreciation and amortization expense | 16,682 | 17,403 | (721) | (4.1) \nMedia goodwill impairment | 186 | 4,591 | (4,405) | (95.9)\nConsolidated Operating Expenses | $101,490 | $ 108,585 | $ (7,095) | (6.5) \n\nConsolidated Operating Expenses\n Results Operations.\n Cost of Services includes salaries wages benefits materials supplies content contracted services network access transport customer provisioning computer systems outsourcing contracts technical facilities. costs billing allocated between Cost services Selling general administrative expense.\n decreased $413 million. 3% 2019 due network access product realignment charge employee-related costs Voluntary Separation Program digital content costs.\n offset by rent expense new lease accounting standard regulatory fees device protection package.\n Cost Wireless Equipment decreased $369 million 1. 6% 2019 devices handset upgrade cycle higher priced devices.\n Selling General Administrative Expense includes salaries wages benefits bad debt charges taxes advertising sales commission costs call center information technology costs regulatory fees professional service fees rent utilities administrative space. customer care costs.\n decreased $1. 2 billion 3.8% 2019 compared 2018 due to employee-related costs Voluntary Separation Program decrease severance pension benefits charges\n acquisition integration charges Yahoo’s net gain dispositions assets offset increases advertising sales commission bad debt expense. increase sales commission due lower net deferral commission costs Topic 606 January 1, 2018 modified retrospective approach.\n Depreciation Amortization Expense decreased $721 million 4. 1% 2019 due change mix net depreciable assets. Media Goodwill Impairment charges 2019 Verizon annual impairment test fourth quarter.\n test.\n millions Increase (Decrease\n Ended December 31, 2019 2018.\n Cost services $ 31,772 $ 32,185 $ (413).\n Cost wireless equipment 22,954 23,323 (369).\n Selling general administrative expense 29,896 31,083 (1,187.\nDepreciation amortization 16,682 17,403 (721).\n goodwill 4,591.\n Operating Expenses $101,490 108,585,095)." +} +{ + "_id": "d1b3b0226", + "title": "", + "text": "We recorded $14.2 million, $15.2 million and $12.3 million of amortization related to our intangible assets for the years ended December 31, 2019, 2018 and 2017, respectively. There were no impairments of long-lived assets during the years ended December 31, 2019, 2018 and 2017.\nThe following tables reflect the weighted-average remaining life and carrying value of finite-lived intangible assets (in thousands, except weighted-average remaining life):\n\n | | December 31, 2019 | | \n----------------------- | --------------------- | ------------------------ | ------------------ | --------------------------------\n | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | Weighted- Average Remaining Life\nCustomer relationships | $123,731 | $(39,335) | $84,396 | 9.8 \nDeveloped technology | 30,542 | (13,722) | 16,820 | 8.7 \nTrade name | 3,304 | (1,082) | 2,222 | 4.8 \nOther | 234 | (234) | — | — \nTotal intangible assets | $157,811 | $(54,373) | $103,438 | \n\nrecorded $14. million $15. 2 million $12. 3 million amortization intangible December 2019 2018 2017. no impairments long-lived assets.\n tables weighted-average life carrying value-lived intangible assets\n December 2019\n Gross Carrying Amount Accumulated Amortization Net Carrying Value\n Customer relationships $123,731 $(39,335) $84,396.\n technology 30,542 16,820.\n 3,304.\n intangible assets $157,811 $(54,373) $103,438" +} +{ + "_id": "d1b3a61cc", + "title": "", + "text": "Deferred Compensation Plans\nUnder our deferred compensation plans (‘‘plans’’), eligible employees are permitted to make compensation deferrals up to established limits set under the plans and accrue income on these deferrals based on reference to changes in available investment options. While not required by the plan, we choose to invest in insurance contracts and mutual funds in order to approximate the changes in the liability to the employees. These investments and the liability to the employees were as follows (in thousands):\nLife insurance premiums loads, policy fees and cost of insurance that are paid from the asset investments and gains and losses from the asset investments for these plans are recorded as components of other income or expense; such amounts were net gains of $1.1 million in fiscal 2019, $4.8 million in fiscal 2018 and $5.0 million (including a $1.3 million death benefit) in fiscal 2017. Changes in the obligation to plan participants are recorded as a component of operating expenses and cost of sales; such amounts were net losses of $1.5 million in fiscal 2019, $5.2 million in fiscal 2018 and $3.9 million in fiscal 2017. Liabilities associated with participant balances under our deferred compensation plans are affected by individual contributions and distributions made, as well as gains and losses on the participant’s investment allocation election.\n\n | Fiscal year-end | \n--------------------------------------------------- | --------------- | -------\n | 2019 | 2018 \nTotal deferred compensation liability, included in: | | \nOther current liabilities | $3,233 | $844 \nOther long-term liabilities | 39,715 | 40,895 \nTotal deferred compensation liability | $42,948 | $41,739\n\nDeferred Compensation Plans\n employees deferrals limits accrue income changes investment options. insurance contracts mutual funds liability. investments liability\n Life insurance premiums fees investments gains losses income net gains $1. 1 million 2019 $4. 8 million 2018 $5. 0 million $1. 3 million death benefit 2017. Changes obligation operating expenses cost sales net losses $1. 5 million 2019 $5. 2 million 2018 $3. 9 million 2017. Liabilities affected contributions distributions gains losses investment allocation.\n Fiscal year-end\n Total deferred compensation liability\n current liabilities $3,233 $844\n long-term liabilities 39,715 40,895\n Total deferred compensation liability $42,948 $41,739" +} +{ + "_id": "d1b3971fe", + "title": "", + "text": "The ESPP provides for annual increases in the number of shares available for issuance under the ESPP on the first day of each fiscal year beginning in fiscal 2014, equal to the least of: (i) 1% of the outstanding shares of all classes of common stock on the last day of the immediately preceding year; (ii) 1,250,000 shares; or (iii) such other amount as may be determined by the board of directors. During the year ended December 31, 2019, a total of 810,459 shares of Class A common stock were added to the ESPP Plan in connection with the annual increase provision. At December 31, 2019, a total of 3,918,712 shares were available for issuance under the ESPP.\nThe weighted-average assumptions used to value ESPP rights under the Black-Scholes-Merton option-pricing model and the resulting offering grant date fair value of ESPP rights granted in the periods presented were as follows:\nAs of December 31, 2019 and 2018, there was approximately $2.3 million and $1.5 million of unrecognized share-based compensation expense, net of estimated forfeitures, related to ESPP, which will be recognized on a straight-line basis over the remaining weighted-average vesting periods of approximately 0.4 years, respectively\n\n | | Year ended December 31, | \n--------------------------------------------- | ------ | ----------------------- | -----\n | 2019 | 2018 | 2017 \nExpected term (in years) | 0.5 | 0.5 | 0.5 \nExpected volatility | 47% | 42% | 34% \nRisk-free interest rate | 2.01% | 2.31% | 1.20%\nExpected dividend yield | 0% | 0% | 0% \nOffering grant date fair value of ESPP rights | $33.66 | $18.07 | $9.52\n\nESPP provides annual increases shares fiscal year equal 1% outstanding shares common stock last day preceding year 1,250,000 shares other amount determined by board directors. December 31, 2019 810,459 shares Class A common stock added ESPP. December 31, 2019 3,918,712 shares available.\n-average assumptions ESPP rights Black-Scholes-Merton option-pricing model fair value rights\n December 31, 2019 2018 $2. 3 million $1. 5 million unrecognized share-based compensation expense related ESPP recognized over vesting periods. 4 years\n Year ended December\n Expected term years.\n volatility 47% 42% 34%\n Risk-free interest rate 2. 01%.\n dividend yield 0%\n grant date fair value ESPP rights $33. $18. $9." +} +{ + "_id": "d1b335418", + "title": "", + "text": "Property and equipment consist of the following (in thousands):\n(1) Lesser of the lease term or the estimated useful lives of the improvements, which generally may be up to 5 years.\nDepreciation and amortization expense for the years ended December 31, 2019, 2018 and 2017 was $2.2 million, $1.8 million and $1.9 million, respectively.\n\n | | As of December 31, | \n---------------------------------------------- | -------------------- | ------------------ | -------\n | Useful life in years | 2019 | 2018 \nFurniture and equipment | 5 | $1,785 | $1,189 \nLeasehold improvements (1) | 5 | 4,074 | 2,776 \nSystem hardware | 5 | 1,596 | 1,404 \nOffice computers | 3 | 5,309 | 3,745 \nComputer and system software | 3 | 1,451 | 1,385 \n | | 14,215 | 10,499 \nLess accumulated depreciation and amortization | | (7,931) | (5,849)\nProperty and equipment, net | | $6,284 | $4,650 \n\nProperty equipment\n Lesser lease 5 years.\n Depreciation amortization 2019 2018 2017 $2. 2 million $1. 8 million $1. 9 million.\n December 31,\n Furniture equipment $1,785 $1,189\n Leasehold improvements 4,074 2,776\n System hardware\n Office computers,309 3,745\n software 1,451\n,215 10,499\n Less depreciation amortization (7,931) (5,849)\n Property $6,284 $4,650" +} +{ + "_id": "d1b30e908", + "title": "", + "text": "Description of Business\nKey Clients. We work with the leading communication service providers located around the world. A partial list of our key clients as of December 31, 2019 is included below:\nClients that represented 10% or more of our revenues for 2019 and 2018 were as follows (in millions, except percentages):\nSee the Significant Client Relationships section of our Management’s Discussion and Analysis (“MD&A”) for additional information regarding our business relationships with these key clients.\nResearch and Development. Our clients around the world are facing competition from new entrants and at the same time, are deploying new services at a rapid pace and dramatically increasing the complexity of their business operations. Therefore, we continue to make meaningful investments in R&D to ensure that we stay ahead of our clients’ needs and advance our clients’ businesses as well as our own. We believe our value proposition is to provide solutions that help our clients ensure that each customer interaction is an opportunity to create value and deepen the business relationship.\nOur total R&D expenses for 2019 and 2018 were $128.0 million and $124.0 million, respectively, or approximately 13% and 14%, respectively, of our total revenues. We anticipate the level of R&D investment in the near-term to be relatively consistent with that of 2019.\nThere are certain inherent risks associated with significant technological innovations. Some of these risks are described in this report in our Risk Factors section below.\n\n | | 2019 | | 2018 \n------- | ------ | ------------- | ------ | -------------\n | Amount | % of Revenues | Amount | % of Revenues\nComcast | $ 229 | 23% | $221 | 25% \nCharter | 195 | 20% | 179 | 20% \n\nBusiness\n Key Clients. work with leading communication service providers. list key clients as December 31, 2019\n Clients 10% or more revenues 2019 2018 millions\n See Significant Client Relationships additional information.\n Research and Development. clients facing competition deploying new services increasing complexity business operations. investments R&D advance businesses. value provide solutions create value deepen business relationship.\n total R&D expenses 2019 2018 $128. 0 million and $124. 0 million 13% 14% total revenues. anticipate R&D investment consistent with 2019.\n risks technological innovations. described Risk Factors section.\n 2019 2018\n Amount % Revenues\n Comcast $ 229 23% $221 25%\n Charter 195 20% 179" +} +{ + "_id": "d1b397898", + "title": "", + "text": "Capitalized software development costs consisted of the following (in thousands):\nThe Company capitalized software development costs of $8.8 million, $8.8 million and $6.2 million during the years ended December 31, 2019, 2018 and 2017, respectively.\nAmortized expense for capitalized software development costs was $7.0 million, $5.9 million and $5.0 million during the years ended December 31, 2019, 2018 and 2017, respectively. Amortization of capitalized software development costs is classified within cost of revenue in the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2019, the Company retired $4.6 million of fully amortized capitalized software development costs.\n\n | | | As of December 31, 2019 | \n-------------------------------------------- | --------------------- | ------------------- | ------------------------ | -------------------\n | Gross carrying amount | Amortization period | Accumulated amortization | Net carrying amount\nCapitalized software development costs | $ 49,909 | 3 years | $ (35,622) | $ 14,287 \nTotal capitalized software development costs | $ 49,909 | | $ (35,622) | $ 14,287 \n | | | As of December 31, 2018 | \n | Gross carrying amount | Amortization period | Accumulated amortization | Net carrying amount\nCapitalized software development costs | $ 45,677 | 3 years | $ (32,784) | $ 12,893 \nTotal capitalized software development costs | $ 45,677 | | $ (32,784) | $ 12,893 \n\nCapitalized software development costs\n Company capitalized $8. million. $6. 2 million 2019 2018 2017.\n Amortized expense $7. million $5. 9 million $5. million. Amortization cost revenue statements operations loss. 2019 retired $4. 6 million amortized.\n December 31, 2019\n Gross carrying amount Amortization period Accumulated amortization Net carrying amount\n Capitalized costs $ 49,909 3 years $ (35,622) $ 14,287\n $ 49,909\n December 31, 2018\n Gross carrying Amortization Net carrying amount\n Capitalized costs $ 45,677 3 years $ (32,784 $ 12,893\n" +} +{ + "_id": "d1a71bb78", + "title": "", + "text": "Restructuring Expenses: restructuring expenses resulted from the execution of management approved restructuring plans that were generally developed to improve our cost structure and/or operations, often in conjunction with our acquisition integration strategies. restructuring expenses consist of employee severance costs and may also include charges for duplicate facilities and other contract termination costs to improve our cost structure prospectively. For additional information regarding our restructuring plans, see Note 8 of Notes to Consolidated Financial Statements included elsewhere in this Annual report.\nRestructuring expenses in fiscal 2019 primarily related to our 2019 restructuring Plan. restructuring expenses in fiscal 2018 primarily related to our 2017 restructuring Plan, which is substantially complete. Our management approved, committed to and initiated these plans in order to restructure and further improve efficiencies in our operations. In the fourth quarter of fiscal 2019, our management supplemented the 2019 restructuring Plan to reflect additional actions that we expect to take. The total estimated restructuring costs associated with the 2019 restructuring Plan are up to $584 million, of which approximately $108 million remained as of May 31, 2019, and will be recorded to the restructuring expense line item within our consolidated statements of operations as the costs are incurred through an expected end date during fiscal 2020. Our estimated costs are subject to change in future periods. We may incur additional restructuring expenses in future periods due to the initiation of new restructuring plans or from changes in estimated costs associated with existing restructuring plans .\n\n | | | Year Ended May 31, | \n---------------------- | ---- | ------ | ------------------ | ----\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018\nrestructuring expenses | $443 | -25% | -22% | $588\n\nRestructuring Expenses management restructuring plans cost structure operations acquisition integration strategies. employee severance costs duplicate facilities contract termination costs. additional information see Note 8 Consolidated Financial Statements Annual report.\n Restructuring expenses fiscal 2019 related 2019 restructuring Plan. 2018 2017 restructuring Plan. management approved initiated plans improve efficiencies. fourth quarter 2019 supplemented 2019 restructuring Plan additional actions. total estimated restructuring costs $584 million $108 million remained as May 31, 2019 recorded expense line consolidated statements operations fiscal 2020. costs subject to change. additional expenses due new restructuring plans changes.\n Year Ended May 31,\n Percent Change\n millions) 2019 2018\n restructuring expenses $443 -25% -22% $588" +} +{ + "_id": "d1b37e38e", + "title": "", + "text": "A.6.1 Capital structure\nThe increase in short-term debt and current maturities of long-term debt was due mainly to reclassifications of long-term euro and U. S. dollar instruments totaling € 3.9 billion from longterm debt. This was partly offset by € 3.3 billion resulting from the repayment of U. S. dollar instruments.\nThe decrease in current income tax liabilities was driven mainly by the reversal of income tax provisions outside Germany and tax payments in the context of the carve-out activities related to Siemens Healthineers.\nLong-term debt increased due primarily to the issuance of euro instruments totaling € 6.5 billion and currency translation effects for bonds issued in the U. S. dollar. This was partly offset by the above-mentioned reclassifications of euro and U. S. dollar instruments.\nThe increase in provisions for pensions and similar obligations was due mainly to a lower discount rate. This effect was partly offset by a positive return on plan assets, among other factors.\nThe main factors for the increase in total equity attributable to shareholders of Siemens AG were € 5.2 billion in net income attributable to shareholders of Siemens AG; the re-issuance of treasury shares of € 1.6 billion; and positive other comprehensive income, net of income taxes of € 0.4 billion, resulting mainly from positive currency translation effects of € 1.8 billion, partly offset by negative effects from remeasurements of defined benefit plans of € 1.1 billion. This increase was partly offset by dividend payments of € 3.1 billion (for fiscal 2018) and the repurchase of 13,532,557 treasury shares at an average cost per share of € 99.78, totaling € 1.4 billion (including incidental transaction charges).\n\n | | Sep 30, | \n------------------------------------------------------------------ | ------- | ------- | --------\n(in millions of €) | 2019 | 2018 | % Change\nShort-term debt and current maturities of long-term debt | 6,034 | 5,057 | 19 % \nTrade payables | 11,409 | 10,716 | 6 % \nOther current financial liabilities | 1,743 | 1,485 | 17 % \nContract liabilities | 16,452 | 14,464 | 14 % \nCurrent provisions | 3,682 | 3,931 | (6) % \nCurrent income tax liabilities | 2,378 | 3,102 | (23) % \nOther current liabilities | 9,023 | 9,118 | (1) % \nLiabilities associated with assets classified as held for disposal | 2 | 1 | 54 % \nTotal current liabilities | 50,723 | 47,874 | 6 % \nLong-term debt | 30,414 | 27,120 | 12 % \nProvisions for pensions and similar obligations | 9,896 | 7,684 | 29 % \nDeferred tax liabilities | 1,305 | 1,092 | 19 % \nProvisions | 3,714 | 4,216 | (12) % \nOther financial liabilities | 986 | 685 | 44 % \nOther liabilities | 2,226 | 2,198 | 1 % \nTotal non-current liabilities | 48,541 | 42,995 | 13 % \nTotal liabilities | 99,265 | 90,869 | 9 % \nDebt ratio | 66 % | 65 % | \nTotal equity attributable to shareholders of Siemens AG | 48,125 | 45,474 | 6 % \nEquity ratio | 34 % | 35 % | \nNon-controlling interests | 2,858 | 2,573 | 11 % \nTotal liabilities and equity | 150,248 | 138,915 | 8 % \n | | | \n\n.\n increase short due reclassifications euro. dollar instruments € 3. 9 billion. offset by € 3. billion repayment. dollar instruments.\n decrease income tax liabilities reversal tax carve-out activities Siemens Healthineers.\n Long-term debt increased issuance euro instruments € 6. 5 billion currency translation bonds. offset reclassifications.\n increase provisions pensions obligations lower discount rate. offset positive return assets.\n increase equity Siemens € 5. 2 billion net income re-issuance treasury shares € 1. 6 billion taxes €. 4 billion currency translation effects € 1. billion offset negative remeasurements defined benefit plans € 1. billion. offset by dividend payments € 3. 1 billion repurchase 13,532,557 treasury shares cost per share € 99. € 1. 4 billion transaction charges.\n Short-term long 6,034 %\npayables 11,409 10 6 %\n liabilities 1,743,485 17 %\n Contract liabilities 16,452 14,464 %\n 3,682\n tax,378 3\n 9,023\n 54 %\n 50,723 47,874 6 %\n Long-term debt 30,414 12 %\n pensions 7,684 29 %\n Deferred tax liabilities 1,305 1,092 19 %\n 3,714 4,216\n liabilities 44 %\n 2,226 2,198 1\n non-current liabilities 48,541,995 13 %\n 99,265 90,869 9\n equity Siemens 48,125,474\n Non-controlling interests 2,858 2,573 11 %\n liabilities equity 150,248 138,915 8 %\n" +} +{ + "_id": "d1b3b4f4c", + "title": "", + "text": "NOTE 4-BALANCE SHEET COMPONENTS\nThe Company recorded depreciation and amortization expense of $1.2 million, $1.3 million and $1.4 million for the fiscal years 2019, 2018 and 2017, respectively. No interest was capitalized for any period presented. Fiscal year 2019 depreciation and amortization of $1.2 million includes $32,000 of amortization of capitalized internal-use software.\n\n | December 29, 2019 | December 30, 2018\n----------------------------------------- | ----------------- | -----------------\n | | (in thousands) \nInventories: | | \nRaw material | $222 | $191 \nWork-in-process | 2,370 | 2,929 \nFinished goods | 668 | 716 \n | $3,260 | $3,836 \nOther current assets: | | \nPrepaid expenses | $1,296 | $1,483 \nOther | 269 | 292 \n | $1,565 | $1,775 \nProperty and equipment: | | \nEquipment | $10,694 | $10,607 \nSoftware | 1,789 | 2,788 \nFurniture and fixtures | 36 | 42 \nLeasehold improvements | 474 | 712 \n | 12,993 | 14,149 \nAccumulated depreciation and amortization | (12,163) | (12,700) \n | $830 | $1,449 \nCapitalized internal-use software: | | \nCapitalized during the year | $365 | — \nAccumulated amortization | (32) | — \n | $333 | — \nAccrued liabilities: | | \nEmployee compensation related accruals | 713 | 1,154 \nOther | 420 | 749 \n | $1,133 | $1,903 \n\n4-BALANCE\n Company recorded depreciation amortization $1. 2 million. 3 million. 4 million 2019 2018 2017. No interest capitalized. 2019 depreciation amortization. 2 million $32,000 capitalized internal-use software.\n December 29, 2019 30\n Inventories\n Raw material $222\n Work-in-process\n Finished goods\n $3 $3\n assets\n Prepaid expenses $1,296 $1,483\n $1,565 $1,775\n Property equipment\n $10,694\n Software\n Furniture fixtures\n Leasehold improvements\n Accumulated depreciation amortization\n $1,449\n Capitalized internal-use software\n $365\n amortization\n Accrued liabilities\n Employee compensation accruals\n" +} +{ + "_id": "d1a72ed36", + "title": "", + "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data)\nNOTE 10: ACCRUED EXPENSES AND OTHER LIABILITIES\nAccrued expenses and other liabilities as of December 31, 2019 and 2018 consisted of the following:\n\n | December 31, 2019 | December 31, 2018\n------------------------------------------------------------ | ----------------- | -----------------\nPayroll | $6,701 | $15,264 \nAccrued interest | 35,926 | 40,903 \nAccrued voyage expenses | — | 3,643 \nAccrued running costs | — | 42,212 \nProvision for estimated losses on vessels under time charter | — | 1,604 \nAudit fees and related services | 234 | 292 \nAccrued taxes | 8,002 | 6,268 \nProfessional fees | 317 | 1,251 \nOther accrued expenses | — | 12,215 \nTotal accrued expenses | $51,180 | $123,652 \n\nNAVIOS MARITIME HOLDINGS. FINANCIAL STATEMENTS. dollars\n ACCRUED EXPENSES LIABILITIES\n December 31, 2019 2018\n Payroll $6,701 $15,264\n interest 35,926 40,903\n voyage expenses 3,643\n running costs 42,212\n losses charter 1,604\n Audit fees services\n taxes 8,002 6,268\n Professional fees 1,251\n expenses 12,215\n $51,180 $123,652" +} +{ + "_id": "d1b30894a", + "title": "", + "text": "2. Employees\nPlease refer to the Report on Directors’ remuneration on pages 77 to 101 and note 38 of Notes to the consolidated financial statements on page 161 for disclosures relating to the emoluments, share incentives and long-term incentive interests and pensions of the Directors.\nThe average number of people employed by the Company during the year was:\n\n | 2019 | 2018 \n--------------------- | ------ | ------\n | Number | Number\nManufacturing | 40 | 37 \nProduct development | 54 | 50 \nSelling and marketing | 52 | 45 \nAdministration | 32 | 30 \n | 178 | 162 \n\n. Employees\n refer Report Directors’ remuneration pages 77 101 note 38 consolidated financial statements page 161 disclosures emoluments share incentives long-term interests pensions Directors.\n average\n Manufacturing 40 37\n Product development 54\n Selling marketing 52\n Administration\n" +} +{ + "_id": "d1b38dd7a", + "title": "", + "text": "The carrying amounts of other financial instruments not listed in the table below approximate fair value due to the short-term nature of these items. The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value in the financial statements were as follows:\nThe fair values of long-term debt as of June 30, 2019 and June 30, 2018 were determined by using current interest rates for debt with terms and maturities similar to the Company’s existing debt arrangements and accordingly would be classified as Level 2 inputs in the fair value hierarchy.\nThe carrying amount of company-owned life insurance reflects cash surrender values based upon the market values of underlying securities, using Level 2 inputs, net of any outstanding policy loans. The carrying value associated with the cash surrender value of these policies is recorded in other assets in the accompanying consolidated balance sheets.\nFor purposes of performing Step 1 of goodwill impairment testing, the Company uses certain nonrecurring fair value measurements using significant unobservable inputs (Level 3). Fair value of each reporting unit for purposes of the goodwill impairment test is based on a weighting of an income approach and a market approach. Under the income approach, fair value is determined based on a discounted cash flow analysis that uses estimates of cash flows discounted to present value using rates commensurate with the risks associated with those cash flows. Under the market approach, a market-based value is derived by relating multiples for earnings and cash flow measures for a group of comparable public companies to the same measure for each reporting unit to estimate fair value. The assumptions used by the Company to determine fair value of the reporting units are similar to those that would be used by market participants performing valuations.\n\n | June 30, 2019 | | June 30, 2018 | \n---------------------------- | -------------- | ---------- | -------------- | ----------\n($ in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value\nLong-term debt | $550.6 | $560.6 | $545.7 | $558.3 \nCompany-owned life insurance | $17.9 | $17.9 | $16.4 | $16.4 \n\ncarrying amounts financial instruments not approximate fair value short-term. carrying amounts estimated fair values instruments not recorded fair value financial statements\n fair values long-term debt June 30, 2019 30 2018 determined current interest rates Level 2 inputs fair value hierarchy.\n carrying amount company-owned life insurance reflects cash surrender values market values securities Level 2 inputs net outstanding policy loans. carrying value recorded in other assets consolidated balance sheets.\n Step 1 goodwill impairment testing Company uses nonrecurring fair value measurements unobservable inputs (Level 3). Fair value based income market approach. income approach discounted cash flow analysis. market approach value derived multiples earnings cash flow measures comparable public companies. assumptions similar market participants.\n June 30, 2019 June 30, 2018\n millions Carrying Value\n Long-term debt $550. $560. $545. $558.\nCompany-owned life insurance $17. 4." +} +{ + "_id": "d1b309750", + "title": "", + "text": "4. Cash and Cash Equivalents\nThe following table summarizes the components of our cash and cash equivalents (amounts in millions):\n\n | At December 31, | \n--------------------------------- | --------------- | ------\n | 2019 | 2018 \nCash | $437 | $268 \nForeign government treasury bills | 37 | 32 \nMoney market funds | 5,320 | 3,925 \nCash and cash equivalents | $5,794 | $4,225\n\n. Cash Equivalents\n table summarizes\n December 31,\n Cash $437 $268\n Foreign treasury bills 37\n Money funds 5,320\n equivalents $5,794 $4,225" +} +{ + "_id": "d1b3ac356", + "title": "", + "text": "Current other investments comprise the following:\nThe Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and credit risk whilst achieving suitable returns. These assets do not meet the definition of cash and cash equivalents, but are included in the Group’s net debt based on their liquidity.\nBonds and debt securities includes €955 million (2018: €862 million) of highly liquid German and €941 million (2018: €nil) Japanese government securities; €1,115 million (2018: €1,112 million) of UK government bonds and €1,184 million (2018: 830 million) of other assets both paid as collateral on derivative financial instruments6. Managed investment funds include €5,513 million (2018: €3,087 million) in managed investment funds with liquidity of up to 90 days and €892 million (2018: €804 million) invested in a fund whose underlying securities are supply chain receivables from a diverse range of corporate organisations of which Vodafone is a minority constituent.\nOther investments are excluded from net debt based on their liquidity and primarily consist of restricted debt securities including amounts held in qualifying assets by Group insurance companies to meet regulatory requirements.\n3 €1,184 million (2018: €830 million) is measured at amortised cost and remaining items are measured at fair value. For €3,011 million (2018: €1,974 million) the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets for identical assets or liabilities. The remaining balance is level 2 classification.\n4 Items measured at fair value and the valuation basis is level 2 classification\n5 €1,097 million (2018: €487 million) is measured at fair value and the valuation basis is level 1. The remaining items are measured at amortised cost and the carrying amount approximates fair value\n\n | 2019 | 2018 \n------------------------------- | ------ | -----\n | €m | €m \nIncluded within current assets: | | \nShort-term investments: | | \nBonds and debt securities3 | 4,690 | 4,690\nManaged investment funds4 | 6,405 | 3,891\n | 11,095 | 6,870\nOther investments5 | 1,917 | 1,925\n | 13,012 | 8,795\n\ninvestments\n Group invests surplus cash short-term investments liquidity credit risk returns. assets cash equivalents included net debt.\n Bonds securities €955 million €862 million German €941 million Japanese securities €1,115 million UK bonds €1,184 million 830 other assets collateral derivative. Managed investment funds include €5,513 million €3,087 million liquidity 90 days €892 million €804 supply chain receivables Vodafone minority.\n Other investments excluded from net debt restricted debt securities qualifying assets insurance companies.\n €1,184 million measured amortised cost remaining items fair value. €3,011 million €1,974 valuation basis level 1. remaining balance level 2 classification.\n €1,097 million (2018 €487 million) measured fair value level 1. remaining items measured amortised cost carrying amount approximates fair value\n assets\n Short-term investments\nBonds debt 4,690\n 3,891\n 11,095 6,870\n 1,917\n 13,012 8,795" +} +{ + "_id": "d1b340df4", + "title": "", + "text": "Accumulated Other Comprehensive Income\nThe following table sets forth the amounts reclassified from AOCI into the Consolidated Statements of Operations, and the associated financial statement line item, net of tax, for the periods indicated (in thousands):\n(1) Amounts are included in the computation of net periodic benefit pension cost. Refer to Note 9 – “Postretirement and Other Employee Benefits” for additional information.\n(2) The portions of AOCI reclassified into earnings during the fiscal years ended August 31, 2019 and 2017 for available for sale securities were due to a restructuring of securities loss and an other than temporary impairments on securities, respectively, and were recorded to restructuring of securities loss and other expense, respectively.\n(3) The Company expects to reclassify $17.0 million into earnings during the next twelve months, which will primarily be classified as a component of cost of revenue.\n(4) Amounts are net of tax, which are immaterial for the fiscal years ended August 31, 2019 and 2017. The amount for the fiscal year ended August 31, 2018 includes a reduction to income tax expense related to derivative instruments of $14.8 million.\n\n | | | Fiscal Year Ended August 31, | \n----------------------------------------------------- | ----------------------------- | ------- | ---------------------------- | -------\nComprehensive Income Components | Financial Statement Line Item | 2019 | 2018 | 2017 \nForeign currency translation adjustment | Operating income | $— | $— | $5,947 \nRealized losses (gains) on derivative instruments:(3) | | | | \nForeign exchange contracts | Cost of revenue | 21,982 | (9,379) | 4,799 \nInterest rate contracts | Interest expense | (1,723) | (13,697) | 3,950 \nActuarial loss | (1) | 741 | 1,127 | 1,929 \nPrior service credit | (1) | (44) | (88) | (138) \nAvailable for sale securities | (2) | 33,333 | — | 10,139 \nTotal amounts reclassified from AOCI(4) | | $54,289 | $(22,037) | $26,626\n\nComprehensive Income\n table amounts reclassified from AOCI Consolidated Statements Operations net tax periods\n benefit pension cost. Note 9 “Postretirement Employee.\n AOCI reclassified into earnings 2019 2017 due restructuring loss impairments.\n Company expects reclassify $17. 0 million into earnings next twelve months cost revenue.\n Amounts net of tax immaterial fiscal years 2019 2017. year 2018 reduction income tax expense derivative instruments $14. 8 million.\n Fiscal Year Ended August\n Comprehensive Income Components Financial Statement Line 2019 2018 2017\n Foreign currency translation adjustment Operating income $5,947\n Realized losses on derivative instruments\n Foreign exchange contracts Cost of revenue 21,982\n Interest rate contracts Interest expense (1,723)\n Actuarial loss\n Prior service credit\n sale securities 33,333 10,139\nAOCI(4) $54,289 $26,626" +} +{ + "_id": "d1b2ed4ba", + "title": "", + "text": "(8) Adjusted EBITDA is a non-GAAP financial measure that we define as net (loss) income, adjusted to exclude: depreciation, amortization, disposals and impairment of long-lived assets, acquisition-related gains and expenses, litigation-related expenses, share-based compensation expense, restructuring expense, interest income and interest expense, the provision for income taxes and foreign exchange income (expense). Adjusted EBITDA also includes rent paid in the period related to locations that are accounted for as build-to-suit facilities.\nWe believe that Adjusted EBITDA provides investors and other users of our financial information consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations and facilitates comparisons with our peer companies, many of which use a similar non-GAAP financial measure to supplement their GAAP results.\nWe use Adjusted EBITDA in conjunction with traditional GAAP operating performance measures as part of our overall assessment of our performance, for planning purposes, including the preparation of our annual operating budget, to evaluate the effectiveness of our business strategies, to communicate with our board of directors concerning our financial performance, and for establishing incentive compensation metrics for executives and other senior employees.\nWe do not place undue reliance on Adjusted EBITDA as a measure of operating performance. This non-GAAP measure should not be considered as a substitute for other measures of financial performance reported in accordance with GAAP. There are limitations to using a non-GAAP financial measure, including that other companies may calculate this measure differently than we do, that it does not reflect our capital expenditures or future requirements for capital expenditures and that it does not reflect changes in, or cash requirements for, our working capital.\nThe following table presents a reconciliation of net (loss) income to Adjusted EBITDA:\n(1) Acquisition-related expenses relate to costs incurred for acquisition activity in the years ended March 31, 2019 and March 31, 2017. See Note 5 of the notes to our consolidated financial statements, included elsewhere in this Annual Report on Form 10-K for further information. (2) Gain on previously held asset relates to the Solebit acquisition. See Note 5 of the notes to our consolidated financial statements, included elsewhere in this Annual Report on Form 10-K for further information.\n(3) Amounts in fiscal 2017 adjusted to conform to current year presentation. (4) Litigation-related expenses relate to amounts accrued for loss contingencies. See Note 12 of the notes to our consolidated financial statements, included elsewhere in this Annual Report on Form 10-K for further details.\n\n | | | Year Ended March 31, | | \n------------------------------------------------------------- | -------- | --------- | -------------------- | -------- | -------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (in thousands) | | \nReconciliation of Adjusted EBITDA: | | | | | \nNet (loss) income | $(7,001) | $(12,386) | $(5,441) | $(3,244) | $285 \nDepreciation, amortization and disposals of long-lived assets | 29,960 | 19,141 | 11,881 | 10,527 | 11,028 \nRent expense related to build-to-suit facilities | (4,482) | (785) | — | — | — \nInterest expense (income), net | 3,425 | (712) | (242) | 616 | 641 \nProvision for income taxes | 2,001 | 2,705 | 2,202 | 865 | 152 \nShare-based compensation expense | 25,954 | 11,734 | 10,294 | 7,886 | 5,426 \nImpairments of long-lived assets | — | 1,712 | — | — | — \nRestructuring | (170) | 832 | — | — | 1,203 \nForeign exchange expense (income) | 1,647 | 3,511 | (6,892) | (811) | (4,508)\nAcquisition-related expenses (1) (3) | 2,012 | — | 655 | — | — \nGain on previously held asset (2) | (338) | — | — | — | — \nLitigation-related expenses (4) | 1,000 | — | — | — | — \nAdjusted EBITDA | $54,008 | $25,752 | $12,457 | $15,839 | $14,227\n\nAdjusted EBITDA non-GAAP financial measure net (loss) income adjusted depreciation amortization disposals impairment long-lived assets acquisition gains share-based compensation restructuring interest provision income taxes foreign exchange income. includes rent build-to-suit facilities.\n provides consistency comparability past financial performance facilitates comparisons comparisons peer companies.\n use EBITDA traditional GAAP performance measures assessment performance planning annual budget evaluate business strategies communicate board directors financial performance incentive compensation metrics executives senior employees.\n reliance Adjusted EBITDA. not substitute for other measures financial performance. limitations companies calculate reflect capital expenditures future requirements changes cash requirements working capital.\n table reconciliation net (loss) income to Adjusted EBITDA\n Acquisition-related expenses acquisition years ended March 31, 2019 March 31, 2017. See Note 5 consolidated financial statements Annual Report Form 10-K.Gain asset Solebit acquisition. Note 5 financial statements Form 10-K.\n Amounts 2017 adjusted current year. Litigation expenses loss contingencies. Note 12.\n Ended March 31,\n 2019 2018 2017 2016 2015\n Reconciliation Adjusted EBITDA\n Net (loss income $(7,001) $(12,386) $(5,441),244)\n Depreciation amortization disposals long-lived assets 29,960 19,141 11,881 10,527\n Rent expense build-to-suit facilities (4,482) (785)\n Interest expense 3,425 (712)\n Provision income taxes 2,001 2,705 2,202\n Share-based compensation expense 25,954 11,734 10,294 7,886\n Impairments long-lived assets 1,712\n Restructuring\n Foreign exchange expense 1,647 3,511 (6,892)\nAcquisition expenses 2,012\n Gain asset (338)\n Litigation expenses 1,000\n Adjusted EBITDA $54,008 $25,752 $12,457 $15,839 $14,227" +} +{ + "_id": "d1b3af9ca", + "title": "", + "text": "Concentration of Credit Risk and Significant Customers\nFinancial instruments that potentially subject us to concentrations of credit risk consist of cash, cash equivalents, marketable securities and accounts receivable. Our cash, cash equivalents and marketable securities are held and invested in high-credit quality financial instruments by recognized financial institutions and are subject to minimum credit risk.\nOur accounts receivable are unsecured and represent amounts due to us based on contractual obligations of our customers. We mitigate credit risk in respect to accounts receivable by performing periodic credit evaluations based on a number of factors, including past transaction experience, evaluation of credit history and review of the invoicing terms of the contract. We generally do not require our customers to provide collateral to support accounts receivable.\nSignificant customers, including distribution channel partners and direct customers, are those which represent 10% or more of our total revenue for each period presented or our gross accounts receivable balance as of each respective balance sheet date. Revenues from our significant customers as a percentage of our total revenue are as follows\n*represents less than 10% of total revenue\nAs of December 31, 2019, two customers accounted for 17% and 12% of our total gross accounts receivable.\nAs of December 31, 2018, two customers accounted for 16% and 12% of our total gross accounts receivable\n\n | | Years Ended December 31, | \n------------------------------------------- | ---- | ------------------------ | ----\n | 2019 | 2018 | 2017\nCustomer A (a distribution channel partner) | * | 14% | * \nCustomer B (a distribution channel partner) | 12% | 10% | * \nCustomer C (a distribution channel partner) | 14% | * | * \n\nConcentration Credit Risk Significant Customers\n Financial instruments credit risk cash cash equivalents marketable securities accounts receivable. cash equivalents securities held invested in high-credit quality financial instruments subject minimum credit risk.\n accounts receivable unsecured represent due contractual obligations. mitigate credit risk periodic credit evaluations past transaction experience credit history invoicing terms. require collateral accounts receivable.\n Significant customers represent 10% or more total revenue. Revenues significant customers\n less than 10% revenue\n December 31, 2019 two customers accounted 17% 12% accounts receivable.\n December 31, 2018 two customers 16% 12%\n Years Ended December\n Customer A 14%\n Customer B 12% 10%\n Customer C 14%" +} +{ + "_id": "d1a71df22", + "title": "", + "text": "Inventories\nInventories are stated at the lower of cost (first-in, first-out or weighted average cost) or net realizable value. Inventories are as follows (in thousands):\n\n | Fiscal year-end | \n------------------------------ | --------------- | --------\n | 2019 | 2018 \nPurchased parts and assemblies | $134,298 | $137,566\nWork-in-process | 174,550 | 186,240 \nFinished goods | 133,682 | 162,935 \nTotal inventories | $442,530 | $486,741\n\n\n lower net value.\n Fiscal year-end\n Purchased parts assemblies $134,298 $137,566\n Work-in-process 174,550,240\n Finished goods 133,682 162,935\n Total inventories $442,530 $486,741" +} +{ + "_id": "d1b343a22", + "title": "", + "text": "The Group reports an operating profit of £4.5m for 2018/19, compared to £69.3m in the prior year. The growth in Trading profit of £5.5m in the year, as outlined above, was offset by an impairment of goodwill and intangible assets of £30.6m and costs of £41.5m relating to the recognition of Guaranteed Minimum Pension ('GMP') charges.\nAmortisation of intangibles was £1.9m lower than 2017/18 due to certain SAP software modules becoming fully amortised in the year. Fair valuation of foreign exchange and derivatives was a charge of £1.3m in the year.\nThe Group recognised £41.5m of estimated costs in the year associated with the equalisation of GMP for pension benefits accrued between 1990 and 1997. This follows a judgement case of Lloyds Banking Group on 26 October 2018 which referred to the equal treatment of men and women who contracted out of the State Earnings Related Pension Scheme between these dates.\nIt should be noted that the final cost will differ to the estimated cost when the actual method of equalisation is agreed between the scheme Trustees in due course. Any future and final adjustment to the cost recognised in 2018/19 will be reflected in the Consolidated statement of comprehensive income. All UK companies who operated defined benefit pension schemes during these dates will be affected by this ruling.\nOf this £41.5m non-cash charge, approximately two-thirds relates to the\nRHM pension scheme and the balance relates to the Premier Foods pension schemes. Restructuring costs were £16.8m in the year; an £8.3m increase on the prior year and included circa £14m associated with the consolidation of the Group’s logistics operations to one central location in the year due to higher than anticipated implementation costs.\nThis programme has now completed and the Group does not expect to incur any further restructuring costs associated with this programme. Advisory fees associated with strategic reviews and corporate activity were also included in restructuring costs in the year. Other non-trading items of £1.9m refer to a past service pension credit of £3.9m due to inflation increases no longer required in a smaller Irish pension scheme, partly offset by costs related to the departure of previous CEO Gavin Darby.\nNet interest on pensions and administrative expenses was a charge of £1.3m. Expenses for operating the Group’s pension schemes were £10.3m in the year, offset by a net interest credit of £9.0m due to an opening surplus of the Group’s combined pension schemes.\n\n£m | 2018/19 | 2017/18 | Change\n-------------------------------------------------------- | ------- | ------- | ------\nAdjusted EBITDA3 | 145.5 | 139.6 | 5.9 \nDepreciation | (17.0) | (16.6) | (0.4) \nTrading profit | 128.5 | 123.0 | 5.5 \nAmortisation of intangible assets | (34.4) | (36.3) | 1.9 \nFair value movements on foreign exchange and derivatives | (1.3) | 0.1 | (1.4) \nNet interest on pensions and administrative expenses | (1.3) | (2.5) | 1.2 \nNon-trading items | | | \nGMP equalisation | (41.5) | – | (41.5)\nRestructuring costs | (16.8) | (8.5) | (8.3) \nImpairment of goodwill and intangible assets | (30.6) | (6.5) | (24.1)\nOther | 1.9 | – | 1.9 \nOperating profit | 4.5 | 69.3 | (64.8)\n\nGroup reports operating profit £4. 5m 2018/19 £69. 3m prior. growth Trading profit £5. 5m offset impairment goodwill intangible assets £30. 6m costs £41. 5m Guaranteed Minimum Pension.\n Amortisation intangibles £1. 9m lower SAP software modules amortised. valuation foreign exchange derivatives £1. 3m.\n Group recognised £41. 5m costs equalisation GMP pension benefits 1990 1997. judgement Lloyds Banking Group equal treatment State Earnings Related Pension Scheme.\n final cost equalisation Trustees. reflected Consolidated statement income. companies benefit pension schemes affected.\n £41. 5m non-cash charge two-thirds\n RHM pension balance Premier Foods schemes. Restructuring costs £16. 8m £8. 3m increase £14m consolidation logistics operations costs.\n further restructuring costs. Advisory fees included. non-trading items £1. 9m past service pension credit £3.inflation Irish pension scheme offset departure CEO Gavin Darby.\n Net interest pensions administrative expenses £1. 3m. Expenses pension schemes £10. 3m offset net interest credit £9. opening surplus pension schemes.\n 2018/19\n Adjusted EBITDA3 145. 139.\n Depreciation (17. (16.\n Trading profit 128. 123. 5\n Amortisation intangible assets.\n value movements foreign exchange derivatives (1.\n Net interest pensions administrative expenses. (2.\n Non-trading items\n GMP equalisation.\n Restructuring costs (16. (8.\n Impairment goodwill intangible assets (30. (6. (24.\n.\n Operating profit 4. 69." +} +{ + "_id": "d1b3441a2", + "title": "", + "text": "* Recast to conform to 2019 presentation.\n** Reclassified to conform to 2019 presentation. Refer to “Basis of\nPresentation” in note A, “Significant Accounting Policies,” for\nadditional information.\nThe following table presents external revenue for similar classes of products or services within the company’s reportable segments. Client solutions often include IBM software and systems and other suppliers’ products if the client solution requires it.\nFor each of the segments that include services, Software-as-a-Service, consulting, education, training and other product-related services are included as services. For each of these segments, software includes product license charges and ongoing subscriptions.\n\n($ in millions) | | | \n------------------------------- | ------- | --------- | ---------\nFor the year ended December 31: | 2019 | 2018 | 2017 \nCloud & Cognitive Software* | | | \nSoftware | $18,712 | $17,970** | $17,681**\nServices | 4,321 | 4,082** | 3,920** \nSystems | 166 | 156 | 150 \nGlobal Business Services* | | | \nServices | $16,363 | $16,238** | $15,728**\nSoftware | 156 | 151** | 179** \nSystems | 115 | 206 | 165 \nGlobal Technology Services* | | | \nServices | $20,768 | $22,222** | $21,913**\nMaintenance | 5,183 | 5,484 | 5,783 \nSystems | 1,072 | 1,069 | 1,207 \nSoftware | 338 | 371** | 310** \nSystems | | | \nServers | $ 3,746 | $ 3,996 | $ 3,993 \nStorage | 1,920 | 2,114 | 2,243 \nSoftware | 1,528 | 1,499** | 1,520** \nServices | 410 | 425** | 438** \nGlobal Financing | | | \nFinancing | $ 1,120 | $ 1,223 | $ 1,167 \nUsed equipment sales | 281 | 366 | 530 \n\nRecast 2019 presentation.\n Reclassified 2019. Refer\n note A Accounting Policies\n additional information.\n table presents external revenue similar products reportable segments. solutions include IBM software products.\n segments services Software-as-Service consulting education training product-related services. includes license charges subscriptions.\n$ millions\n year ended December 31 2019 2018 2017\n Cloud Cognitive Software\n $18,712 $17,970** $17,681**\n 4,321 4,082**\n Global Business Services\n $16,363 $16,238** $15,728**\n Technology Services\n $20,768 $22,222** $21,913**\n 5,183 5,484 5,783\n 1,072 1,207\n 3,746 3,996 3,993\n 1,920 2,114 2,243\n 1,528 1,499**\n Financing\n 1,120 1,223 1,167\n281 366 530" +} +{ + "_id": "d1b336eda", + "title": "", + "text": "Note 13 – Income Taxes\nA summary of the components of the expense (benefit) for income taxes for the years ended December 31, 2019, 2018 and 2017 is as follows:\n\n(In thousands) | 2019 | 2018 | 2017 \n---------------------------------- | ------- | --------- | -------\nCurrent | | | \nFederal | $(518) | $(8,001) | $466 \nState | (1,065) | (476) | (150) \nInternational | (282) | 11,705 | 6,458 \nTotal Current | (1,865) | 3,228 | 6,774 \nDeferred | | | \nFederal | 24,801 | (14,448) | 8,024 \nState | 5,815 | (3,390) | 1,882 \nInternational | (546) | 581 | 4,167 \nTotal Deferred | 30,070 | (17,257) | 14,073 \nTotal Income Tax Expense (Benefit) | $28,205 | $(14,029) | $20,847\n\nIncome Taxes\n summary expense December 2019 2018 2017\n Federal $(518)(8,001) $466\n State (1,065)\n International 11,705 6,458\n (1,865) 3,228 6,774\n Deferred\n Federal 24,801 (14,448\n State (3,390 1,882\n International 4,167\n Deferred 30,070 (17,257) 14,073\n Income Tax Expense $28,205(14,029) $20,847" +} +{ + "_id": "d1b3b9038", + "title": "", + "text": "Results of Operations\nYear Ended March 31, 2019 compared to Year Ended March 31, 2018\nNet sales for the fiscal year ended March 31, 2019 were $1,791.8 million compared to $1,562.5 million for the fiscal year ended March 31, 2018.\nThe table below represents product group revenues for the fiscal years ended March 31, 2018 and 2019.\nElectronic Component sales were $1,290.0 million for the fiscal year ended March 31, 2019 compared to $1,235.2 million during the fiscal year ended March 31, 2018.\nThe sales increase in Electronic Components product sales was driven by increased volume and a favorable pricing environment in our Ceramic and Tantalum\nComponents across most markets resulting from favorable global market conditions and increased demand for our electronic component products resulting from\ntechnological advances across a broad range of industries driven by IoT and an increasingly connected world led by the automotive, industrial, telecommunications,\nnetworking, and computer markets. Fiscal year 2019 Advanced Components group sales include $113.3 million of Ethertronics product as compared to $12.7 million for\nfiscal year 2018. These increases were partially offset by the loss of Kyocera resale product sales which were $19.0 million for fiscal year 2019 as compared to $296.3\nmillion for fiscal year 2018.\nTotal Interconnect, Sensing and Control Devices product sales were $501.8 million in the fiscal year 2019 as compared to $327.3 million during the fiscal year 2018.\nThis increase is attributable to sales growth in the automotive industry in addition to sales resulting from our S&C acquisition which accounted for $354.7 million for\nfiscal year 2019 as compared to $193.3 million for fiscal year 2018.\nOur sales to independent electronic distributors represented 42.3% of total net sales for the fiscal year ended March 31, 2019, compared to 42.7% for fiscal year\nended March 31, 2018. Overall, distributor sales activity increased in dollars when compared to the same period last year due to a more favorable pricing environment\nand increased order activity throughout the year in response to extended product delivery lead times. This increase in distributor activity is reflective of the increased\ncustomer demand and steadily improving market conditions. Our sales to distributor customers involve specific ship and debit and stock rotation programs for which\nsales allowances are recorded as reductions in sales. As a result of the favorable pricing environment and high demand, such allowance charges decreased to $28.9\nmillion, or 3.9% of gross sales to distributor customers, for the fiscal year ended March 31, 2019 compared to $30.5 million, or 4.6% of gross sales to distributor\ncustomers, for the fiscal year ended March 31, 2018. Applications under such programs for fiscal years ended March 31, 2019 and 2018 were approximately $24.4 million\nand $29.4 million, respectively.\nThe regional sales percentages of our total sales in the fiscal year ended March 31, 2019 decreased in the Asian region while increasing in the European and\nAmerican regions compared to the fiscal year ended March 31, 2018 reflective of the increased European sales activity resulting from our acquisitions. Sales in the\nAsian, American, and European regions represented 31.4%, 27.1% and 41.5% of total sales, respectively, for the fiscal year ended March 31, 2019. This compares to\n37.2%, 25.6% and 37.2% of total sales for the Asian, American, and European regions in the prior year, respectively. As a result of the movement of the U.S. dollar\nagainst certain foreign currencies, reported sales for the fiscal year ended March 31, 2019 were unfavorably impacted by approximately $33.3 million when compared to\nthe prior year.\nGross profit in the fiscal year ended March 31, 2019 was $482.9 million, compared to gross profit of $318.9 million in the fiscal year ended March 31, 2018. Gross\nprofit as a percentage of sales for the fiscal year ended March 31, 2019 was 27.0% compared to 20.4% for the fiscal year ended March 31, 2018. The increase in gross\nprofit as a percentage of sales reflects a better margin product mix, improved operating efficiencies, cost control, and a more favorable pricing environment in the market.\nWe incurred costs of $9.2 million for the fiscal year ended March 31, 2019, as compared to $4.2 million for the fiscal year ended March 31, 2018, due to incremental\ndepreciation and amortization as a result of purchase accounting adjustments to inventory and fixed assets related to the S&C, Ethertronics and Kumatec acquisitions.\nFor the fiscal year ended March 31, 2019, gross profit due to currency movement were unfavorably impacted by approximately $7.2 million when compared to the\nprevious fiscal year\n\nNet sales (in thousands) | 2018 | 2019 \n----------------------------------------- | ---------- | ----------\nCeramic Components | $226,204 | $421,849 \nTantalum Components | 366,194 | 382,905 \nAdvanced Components | 642,775 | 485,208 \nTotal Electronic Components | 1,235,173 | 1,289,962 \nInterconnect, Sensing and Control Devices | 327,301 | 501,828 \nTotal Net Sales | $1,562,474 | $1,791,790\n\nOperations\n March 31, 2019 2018\n Net sales 2019 $1,791. 8 million $1,562. 5 million 2018.\n table product group revenues 2018 2019.\n Electronic Component sales $1,290. 0 million 2019 $1,235. 2 million 2018.\n increase increased volume favorable pricing\n global market conditions increased demand\n technological advances world automotive telecommunications\n. 2019 Components sales $113. 3 million Ethertronics $12. 7 million\n 2018. offset loss Kyocera resale sales $19. 0 million 2019 $296. 3\n million 2018.\n Interconnect Sensing Control Devices sales $501. 8 million 2019 $327. 3 million 2018.\n increase sales growth automotive industry S&C acquisition $354. 7 million\n $193. 3 million 2018.\n sales independent electronic distributors 42. 3% net sales 2019. 7%\n 2018. distributor sales activity increased favorable pricing environment\n increased order activity extended product delivery lead times. increased\n customer demand improving market conditions. sales ship debit stock rotation programs\nsales allowances reductions sales. favorable pricing high demand charges decreased to $28. 9\n million 3. 9% sales 2019 $30. 5 million 4. 6%\n 2018. Applications $24. 4 million\n $29. 4 million.\n regional sales percentages decreased Asian European\n American increased European sales.\n Asian American European regions represented 31. 4% 27. 1% 41. 5% total sales. compares to\n 37. 2% 25. 6% 37. 2% sales Asian American European prior year. U. S. dollar\n against foreign currencies sales unfavorably impacted by $33. 3 million\n prior.\n Gross profit 2019 $482. 9 million compared $318. 9 million 2018.\n profit sales 27. 0% 20. 4% 2018. increase\n reflects better margin product mix improved operating efficiencies cost control favorable pricing environment.\n incurred costs $9. 2 million 2019 $4. 2 million 2018 due to\n depreciation amortization adjustments S&C Ethertronics Kumatec acquisitions.\nyear currency. million\n sales\n Ceramic Components $226,204 $421,849\n Tantalum,194 382\n Advanced 642,775,208\n Electronic Components 1,235,173 1,289,962\n Interconnect Sensing Control Devices 327,301 501,828\n Sales $1,562,474 $1,791,790" +} +{ + "_id": "d1b34ef26", + "title": "", + "text": "(1) Includes construction costs capitalized related to build-to-suit facilities:\nAs of March 31, 2019 and 2018, the U.S. build-to-suit facility includes company-funded building improvements of $5.2 million and $4.5 million, respectively. In March 2019, the Company derecognized the U.K. build-to-suit facility upon substantial completion of construction. See Note 12 for further details.\n\n | As of March 31, | \n------------------------------ | --------------- | -------\n | 2019 | 2018 \nU.S. build-to-suit facility | $47,001 | $43,925\nU.K. build-to-suit facility | — | 31,240 \nLess: Accumulated depreciation | (5,164) | (753) \n | $41,837 | $74,412\n\nIncludes construction costs facilities\n March 31, 2019 2018. company-funded improvements $5. 2 million $4. 5 million. March 2019 Company derecognized. completion construction. Note 12 details.\n March\n. $47,001 $43,925\n.\n Accumulated depreciation (5,164\n $41,837 $74,412" +} +{ + "_id": "d1b39ed82", + "title": "", + "text": "Operating Activities\nNet cash provided by operating activities in fiscal 2019 was primarily attributable to net income of $39.3 million, which included $89.9 million of net non-cash items, offset by changes in operating assets and liabilities using $8.2 million of cash as discussed in more detail below. Accounts receivable increased $2.6 million to $97.9 million at December 28, 2019 compared to $95.3 million at December 29, 2018 as a result of strong collections despite increased revenues and changes in payment terms related to customer mix.\nInventories, net, increased $5.6 million to $83.3 million at December 28, 2019 compared to $77.7 million at December 29, 2018 as a result of higher sales volumes, partially offset by a $10.4 million increase to our provision for excess and obsolete inventories. Accrued liabilities increased $8.7 million to $36.4 million at December 28, 2019 compared to $27.7 million at December 29, 2018, as a result of an increase in employee performance-based compensation and benefits and an increase in accrued income taxes due to timing of payments.\nAccounts payable increased $0.9 million to $40.9 million at December 28, 2019 compared to $40.0 million at December 29, 2018, as a result of higher volumes mostly offset by the impact of timing of vendor payments.\nInvesting Activities\nNet cash used in investing activities in fiscal 2019 primarily related to $20.8 million of cash used in the acquisition of property, plant and equipment, $20.5 million paid (net of cash acquired) as part of the consideration for the acquisition of FRT, and $25.1 million used for the purchase of marketable securities, net of maturities.\nFinancing Activities\nNet cash used in financing activities in fiscal 2019 primarily related to $30.0 million of principal payments made towards the repayment of our term loan and $8.0 million related to tax withholdings associated with the net share settlements of our equity awards, largely offset by $23.4 million of proceeds from a term loan to fund the acquisition of FRT and $8.1 million of proceeds received from issuances of common stock under our stock incentive plans.\n\n | | Fiscal Year Ended | \n----------------------------------------- | ----------------- | ---------------------- | -----------------\n | December 28, 2019 | December 29, 2018 | December 30, 2017\n | | (Dollars in thousands) | \nNet cash provided by operating activities | $121,048 | $68,700 | $86,323 \nNet cash used in investing activities | (66,352) | (21,295) | (59,425) \nNet cash used in financing activities | $(6,578) | $(39,329) | $(39,470) \n\nActivities\n cash income $39. 3 million $89. 9 million non-cash offset assets liabilities $8. 2 million. Accounts receivable increased $2. 6 million $97. 9 million December 28, 2019 $95. 3 million 2018 strong collections.\n Inventories increased $5. 6 million $83. 3 million $77. 7 million higher sales volumes $10. 4 million excess inventories. Accrued liabilities increased $8. 7 million $36. 4 million $27. 7 million performance compensation benefits accrued income taxes timing.\n Accounts payable increased $0. 9 million $40. 9 million. higher volumes timing vendor payments.\n Investing Activities\n $20. 8 million property equipment $20. 5 million acquisition FRT $25. 1 million marketable securities.\n Financing Activities\n $30. 0 million principal payments repayment term loan $8. 0 million tax withholdings settlements offset $23. 4 million term loan $8. 1 million issuances common stock.\nFiscal Year Ended\n December 28, 2019 29, 2018 30, 2017\n operating $121,048 $68,700 $86,323\n investing (66,352) (21,295),425)\n financing $(6,578),329)" +} +{ + "_id": "d1b39fc28", + "title": "", + "text": "Note: Net loss equals to comprehensive loss for all years presented.\n(1) Net loss per share and weighted average shares, basic and diluted are adjusted to reflect 1-for-14 reverse stock split effected on December 23, 2019.\nThe accompanying notes form an integral part of these Consolidated Financial Statements.\nCONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)\n\n | 2019 | 2018 | 2017 \n----------------------------------------- | --------- | --------- | ---------\nStatements of Operations: | | | \nRevenue | $10,310 | $12,629 | $12,149 \nCost of revenue | 4,405 | 6,295 | 6,627 \nGross profit | 5,905 | 6,334 | 5,522 \nOperating expenses: | | | \nResearch and development | 12,350 | 9,948 | 9,572 \nSelling, general and administrative | 8,918 | 9,982 | 9,900 \nLoss from operations | (15,363) | (13,596) | (13,950) \nInterest expense | (350) | (108) | (115) \nInterest income and other expense, net | 189 | 77 | 21 \nLoss before income taxes | (15,524) | (13,627) | (14,044) \n(Benefit from) Provision for income taxes | (80) | 152 | 87 \nNet loss | $(15,444) | $(13,779) | $(14,131)\nNet loss per share: (1) | | | \nBasic and diluted | $(2.02) | $(2.16) | $(2.56) \nWeighted average shares: | | | \nBasic and diluted | 7,663 | 6,365 | 5,521 \n\nNet loss years.\n share weighted average shares reflect 1-for-14 reverse stock split December 23, 2019.\n notes Consolidated Financial Statements.\n Operations\n Revenue $10,310 $12,629 $12,149\n Cost revenue 6,295\n Gross profit 6,334 5,522\n Operating expenses\n Research development 12,350 9,948 9,572\n Selling general administrative 8,918\n Loss operations (15,363) (13,596) (13,950\n Interest expense\n Loss before income taxes (15,524) (13,627) (14,044\n Net loss $(15,444) $(13,779) $(14,131\n Net loss per share\n Basic diluted.\n Weighted average shares\n 7,663 6,365 5,521" +} +{ + "_id": "d1b35fc90", + "title": "", + "text": "Stock-Based Compensation Expense\nStock-based compensation expense is included in the consolidated statements of operations as follows (in millions):\nAs of April 26, 2019, total unrecognized compensation expense related to our equity awards was $285 million, which is expected to be recognized on a straight-line basis over a weighted-average remaining service period of 2.1 years.\n\n | | Year Ended | \n-------------------------------------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nCost of product revenues | $ 4 | $ 3 | $ 4 \nCost of hardware maintenance and other services revenues | 10 | 10 | 13 \nSales and marketing | 67 | 68 | 84 \nResearch and development | 48 | 49 | 59 \nGeneral and administrative | 29 | 31 | 35 \nTotal stock-based compensation expense | $ 158 | $ 161 | $ 195 \nIncome tax benefit for stock-based compensation | $ 15 | $ 29 | $ 41 \n\nStock-Based Compensation Expense\n consolidated statements\n April 26, 2019 unrecognized expense equity awards $285 million expected recognized 2. 1 years.\n April 26, 2019 27, 2018 28, 2017\n product revenues $ 4\n hardware maintenance services revenues\n Sales marketing 67\n Research development 48 49\n General administrative 29\n stock-based compensation expense $ 158 $ 161 $ 195\n Income tax benefit $ 15" +} +{ + "_id": "d1b3805b2", + "title": "", + "text": "5. Income taxes:\nOn December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the \"TCJA\"). The TCJA amended the Internal Revenue Code and reduced the corporate tax rate from a maximum of 35% to a flat 21% rate. The rate reduction was effective on January 1, 2018. The Company's net deferred tax assets represent a decrease in corporate taxes expected to be paid in the future. Under generally accepted accounting principles deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company's net deferred tax asset was determined based on the current enacted federal tax rate of 35% prior to the passage of the Act. As a result of the reduction in the corporate income tax rate from 35% to 21% and other provisions under the TCJA, the Company made reasonable estimates of the effects of the TCJA and revalued its net deferred tax asset at December 31, 2017 resulting in a reduction in the value of its net deferred tax asset of approximately $9.0 million and recorded a transition tax of $2.3 million related to its foreign operations for a total of $11.3 million, which was recorded as additional noncash income tax expense in the year ended December 31, 2017. As of December 31, 2018, the Company had collected all of the necessary data to complete its analysis of the effect of the TCJA on its underlying deferred income taxes and recorded a $0.1 million reduction in the value to its net deferred tax asset. The TCJA subjects a U.S. shareholder to current tax on global intangible low-taxed income earned by certain foreign subsidiaries. FASB Staff Q&A, Topic 740, No. 5, \"Accounting for Global Intangible Low-Taxed Income\", states that the Company is permitted to make an accounting policy election to either recognize deferred income taxes for temporary basis differences expected to reverse as global intangible low-taxed income in future years or provide for the income tax expense related to such income in the year the income tax is incurred. The Company has made an accounting policy to record these income taxes as a period cost in the year the income tax in incurred.\nThe components of income (loss) before income taxes consist of the following (in thousands):\n\n | | Years Ended December 31, | \n-------------------------------- | -------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nDomestic | $72,773 | $63,878 | $52,250 \nForeign | (20,099) | (22,496) | (21,132)\nTotal income before income taxes | $52,674 | $41,382 | $31,118 \n\n. Income taxes\n December 22, 2017 President signed Tax Cuts Jobs Act. amended Internal Revenue Code reduced corporate tax rate 35% to 21%. effective January 1, 2018. Company deferred tax assets corporate taxes. deferred tax assets liabilities recognized future tax consequences differences financial tax basis. measured tax rates. Company net deferred tax asset determined federal tax rate 35%. reduction tax 35% to 21% TCJA revalued net deferred tax asset December 31, 2017 $9. 0 million transition tax $2. 3 million foreign operations $11. 3 million additional noncash income tax expense December 31, 2017. December 31, 2018 Company collected data TCJA income $0. 1 million reduction net deferred tax asset. TCJA subjects U. S. shareholder tax low-taxed income foreign subsidiaries. FASB Staff Q&A Topic 740.\"Accounting Global Intangible Low-Taxed Company recognize deferred income taxes income tax expense year incurred. taxes period cost incurred.\n components income before income taxes\n Years Ended December 31,\n 2019 2018 2017\n Domestic $72,773 $63,878 $52,250\n Foreign (20,099) (22,496 (21,132)\n Total income before taxes $52,674 $41,382 $31,118" +} +{ + "_id": "d1b3221ce", + "title": "", + "text": "Stock Options\nAdditional information related to our stock options is summarized below (in millions):\n\n | | Year Ended | \n-------------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nIntrinsic value of exercises | $ 31 | $ 37 | $ 26 \nProceeds received from exercises | $ 25 | $ 88 | $ 60 \nFair value of options vested | $ 2 | $ 8 | $ 15 \n\nStock\n summarized\n April 26, 2019 27, 2018 28, 2017\n value $ 31 $ 37 26\n Proceeds $ 25 $ 88 60\n value options vested $ 2 $ 8" +} +{ + "_id": "d1b3c014e", + "title": "", + "text": "The components of deferred tax assets and liabilities are as follows (amounts in thousands):\n(1) March 31, 2018 adjusted due to the adoption of ASC 606.\n\n | March 31, | \n---------------------------------------------------- | --------- | ---------\n | 2019 | 2018 \nDeferred tax assets: | | \nNet operating loss carry forwards | $78,986 | $115,064 \nSales allowances and inventory reserves | 10,967 | 9,675 \nMedical and employee benefits | 35,298 | 38,572 \nDepreciation and differences in basis | 5,318 | 6,241 \nAccrued restructuring | 469 | 2,551 \nAnti-trust fines and settlements | 910 | 16,575 \nTax credits | 3,394 | 4,208 \nStock-based compensation | 5,589 | 1,765 \nOther(1) | 1,342 | 2,812 \nTotal deferred tax assets before valuation allowance | 142,273 | 197,463 \nLess valuation allowance | (58,658) | (171,401)\nTotal deferred tax assets | 83,615 | 26,062 \nDeferred tax liabilities: | | \nUnremitted earnings of subsidiaries | (21,850) | (11,678) \nAmortization of intangibles and debt discounts | (11,996) | (14,054) \nNon-amortized intangibles | (1,551) | (1,551) \nTotal deferred tax liabilities | (35,397) | (27,283) \nNet deferred tax assets (liabilities) | $48,218 | $(1,221) \n\ndeferred tax assets liabilities\n March 2018 ASC 606.\n tax assets\n loss $78,986 $115,064\n Sales allowances inventory reserves 10,967\n Medical employee benefits 35,298 38,572\n Depreciation differences 5,318\n Accrued restructuring\n Anti-trust fines settlements\n Tax credits 3,394 4,208\n Stock-based compensation 5,589\n deferred tax assets 142,273 197,463\n,658\n 83,615 26,062\n Unremitted earnings subsidiaries (21,850\n Amortization intangibles debt discounts\n Non-amortized intangibles\n deferred tax liabilities,397\n $48,218 $(1,221)" +} +{ + "_id": "d1b3703ba", + "title": "", + "text": "Underlying operating profit and underlying operating margin\nUnderlying operating profit and underlying operating margin mean operating profit and operating margin before the impact of non-underlying items within operating profit. Underlying operating profit represents our measure of segment profit or loss as it is the primary measure used for making decisions about allocating resources and assessing performance of the segments.\nThe Group reconciliation of operating profit to underlying operating profit is as follows:\nFurther details of non-underlying items can be found in note 3 on page 96 of the consolidated financial statements.\nRefer to Note 2 on page 94 for the reconciliation of operating profit to underlying operating profit by Division. For each Division operating margin is computed as operating profit divided by turnover and underlying operating margin is computed as underlying operating profit divided by turnover.\n\n | € million | € million | € million \n----------------------------- | --------- | ------------- | -------------\n | 2019 | 2018 | 2017 \n | | (Restated)(a) | (Restated)(a)\nOperating profit | 8,708 | 12,639 | 8,957 \nNon-underlying items within | | | \noperating profit (see note 3) | 1,239 | (3,176) | 543 \nUnderlying operating profit | 9,947 | 9,463 | 9,500 \nTurnover | 51,980 | 50,982 | 53,715 \nOperating margin | 16.8% | 24.8% | 16.7% \nUnderlying operating margin | 19.1% | 18.6% | 17.7% \n\nUnderlying operating profit margin\n before non-underlying items. segment profit loss primary allocating resources assessing performance.\n Group reconciliation\n details non-underlying items note 3 page 96 consolidated financial statements.\n Refer Note 2 page 94 reconciliation Division. operating margin computed profit divided turnover.\n 2019 2018 2017\n Operating profit 8,708 12,639\n Non-underlying items\n profit 1,239 (3,176 543\n Underlying operating profit 9,947 9,463 9,500\n Turnover 51,980 50,982 53,715\n Operating margin 16. 8% 24. 8%. 7%\n Underlying operating margin 19. 1% 18. 6% 17. 7%" +} +{ + "_id": "d1b3b0712", + "title": "", + "text": "Product Revenue by Groups of Similar Products\nIn addition to the primary view on a geographic basis, we also prepare financial information related to groups of similar products and customer markets for various purposes. We report our product revenue in the following categories: Infrastructure Platforms, Applications, Security, and Other Products. This aligns our product categories with our evolving business model. Prior period amounts have been reclassified to conform to the current period’s presentation.\nThe following table presents revenue for groups of similar products (in millions, except percentages):\nAmounts may not sum and percentages may not recalculate due to rounding.\nInfrastructure Platforms The Infrastructure Platforms product category represents our core networking offerings related to switching, routing, wireless, and the data center. Infrastructure Platforms revenue increased by 7%, or $1,869 million, with growth across the portfolio. Switching had solid growth, with strong revenue growth in campus switching driven by an increase in sales of our intent-based networking Catalyst 9000 Series, and with growth in data center switching driven by increased revenue from our ACI portfolio. Routing experienced modest revenue growth driven by an increase in sales of SD-WAN products, partially offset by weakness in the service provider market. We experienced double digit revenue growth from wireless products driven by increases across the portfolio. Revenue from data center increased driven by higher sales of HyperFlex and our server products.\nApplications The Applications product category includes our collaboration offerings (unified communications, Cisco TelePresence and conferencing) as well as IoT and AppDynamics analytics software offerings. Revenue in our Applications product category increased by 15%, or $767 million, with double digit growth in unified communications, TelePresence, AppDynamics, and IoT software.\nSecurity Revenue in our Security product category increased 16%, or $378 million, driven by higher sales of identity and access, advanced threat security, unified threat management and web security products. The Duo acquisition in the first quarter of fiscal 2019 also contributed to the revenue increase in this product category.\nOther Products The decrease in revenue from our Other Products category was primarily driven by a decrease in revenue from SPVSS business which we divested on October 28, 2018.\n\n | | Years Ended | | 2019 vs. 2018 | \n------------------------ | ------------- | ------------- | ------------- | ------------------- | -------------------\n | July 27, 2019 | July 28, 2018 | July 29, 2017 | Variance in Dollars | Variance in Percent\nProduct revenue: | | | | | \nInfrastructure Platforms | $30,191 | $28,322 | $27,817 | $1,869 | 7% \nApplications | 5,803 | 5,036 | 4,568 | 767 | 15% \nSecurity . | 2,730 | 2,352 | 2,152 | 378 | 16% \nOther Products | 281 | 999 | 1,168 | (718) | (72)% \nTotal . | $39,005 | $36,709 | $35,705 | $2,296 | 6% \n\nProduct Revenue Similar Products\n prepare financial information similar products markets. report revenue Infrastructure Platforms Applications Security Other Products. aligns categories evolving business model. Prior amounts reclassified current.\n table revenue similar products millions\n Amounts recalculate.\n Infrastructure Platforms core networking switching routing wireless data center. revenue increased 7% $1,869 million. Switching solid growth campus Catalyst 9000 Series data center switching portfolio. Routing modest revenue growth SD-WAN service provider market. double digit revenue growth wireless products. Revenue data center increased sales HyperFlex server products.\n Applications AppDynamics. Revenue increased 15% $767 million double digit growth unified communications TelePresence AppDynamics IoT.\n Security Revenue increased 16% $378 million higher sales identity access advanced threat security unified management web security products. Duo acquisition 2019 contributed revenue increase.\n Other Products decrease revenue driven SPVSS business divested October 28,.\nYears 2019. 2018\n July 27, 2019 28, 2018 29, 2017 Dollars Percent\n revenue\n Infrastructure Platforms $30,191 $28,322 $27,817 $1,869 7%\n Applications 5,803 5,036 4,568 15%\n Security.\n Products 1,168\n. $39,005 $36,709 $35,705 $2,296" +} +{ + "_id": "d1b334c52", + "title": "", + "text": "NOTE 6—INTANGIBLE ASSETS, NET, AND GOODWILL\nIntangible assets include patents, domain name and other intangibles purchased from GVR, including customer relationships, technology and a trademark. Certain patents were acquired from STI as a result of an asset contribution and were recorded at their carryover basis. The fair value of the patents remained substantially the same as their carrying value at the exchange date. In addition, we acquired other patents and the domain name www.resonant.com through the normal course of business. Intangibles acquired as part of the purchase of GVR were initially recorded at their fair value. Issued patents are amortized over their approximate useful life of 17 years, or 20 years in the case of new patents, once they are approved by their respective regulatory agency. For the patents acquired from STI, we are amortizing them over the remaining useful life of 1 to 11 years as of December 31, 2019. The domain name is amortized over the approximate useful life of 10 years. The other intangibles acquired from GVR are amortized over their useful life of three to five years.\nIntangible assets, net, consists of the following as of December 31, 2019 and 2018:\n(1) Includes the impact of foreign currency translation. The total impact at December 31, 2018 was $1,000 and there was no impact at December 31,\n2019.\nDuring the year ended December 31, 2019 and 2018, we wrote-off $145,000 and $96,000, respectively, of patents we are no longer pursuing. The write-offs are included in research and development expense. There were no impairments to any other intangibles.\n\n | 2019 | 2018 \n------------------------------ | ----------- | -----------\nCost: | | \nPatents | $1,801,000 | $1,507,000 \nDomain name | 22,000 | 22,000 \nClient Base (1) | 144,000 | 142,000 \nTrademark (1) | 18,000 | 17,000 \nBacklog (1) | 13,000 | 13,000 \nTechnology | 77,000 | 77,000 \n | 2,075,000 | 1,778,000 \nLess: Accumulated amortization | (499,000) | (404,000) \nIntangible assets, net | $ 1,576,000 | $ 1,374,000\n\n6—INTANGIBLE ASSETS GOODWILL\n assets include patents domain name intangibles from GVR customer relationships technology trademark. patents acquired from STI recorded carryover. fair value same exchange date. acquired patents domain name. Intangibles recorded fair value. patents amortized 17 years 20 years regulatory agency. patents from amortizing 1 to 11 years December 31, 2019. domain name amortized 10 years. other intangibles amortized three to five years.\n Intangible assets December 31, 2019\n foreign currency translation. total impact December 31, 2018 $1,000 no impact December 31,\n 2019.\n wrote-off $145,000 $96,000 patents. write-offs research development expense. no impairments other intangibles.\n Patents $1,801,000 $1,507,000\n Domain name 22,000\n Client Base\n Trademark 18,000\n Backlog 13,000\n Technology 77,000\n 2,075,000\namortization (404,000\n Intangible 1,576,000" +} +{ + "_id": "d1b32635a", + "title": "", + "text": "* Recast to reflect segment changes.\nGlobal Technology Services revenue decreased 0.2 percent as reported (1 percent adjusted for currency) in 2018 compared to the prior year, with Infrastructure & Cloud Services up 0.8 percent as reported (flat adjusted for currency) offset by a decline in Technology Support Services.\nIn Infrastructure & Cloud Services, the business focused on prioritizing the portfolio to deliver high-value solutions to bring productivity to clients and allow for expanding workloads, while it exited some lower-value offerings. Technology Support Services was impacted by the hardware product cycle dynamics in 2018 but grew its multivendor services offerings. Within GTS, cloud revenue of $8.0 billion grew 22 percent as reported and 21 percent adjusted for currency compared to the prior year.\n\n($ in millions) | | | | \n------------------------------------------- | --------- | --------- | ------------------------- | -----------------------------------------------\nFor the year ended December 31: | 2018 | 2017 | Yr.-to-Yr. Percent Change | Yr.-to-Yr. Percent Change Adjusted for Currency\nGlobal Technology Services external revenue | $29,146 * | $29,213 * | (0.2)% | (0.8)% \nInfrastructure & Cloud Services | $22,185* | $22,016* | 0.8% | 0.0% \nTechnology Support Services | 6,961 | 7,196 | (3.3) | (3.5) \n\nRecast segment changes.\n Global Technology Services revenue decreased. 2 percent (1 percent adjusted 2018 Infrastructure Cloud Services up. 8 percent offset decline Technology Support Services.\n Infrastructure Cloud Services high solutions exited lower-value offerings. Technology Support Services impacted hardware cycle grew multivendor services. cloud revenue $8. billion grew 22 percent 21 percent adjusted prior.\n year December 31 2018 2017.\n Global Technology Services revenue $29,146 $29,213.\n Infrastructure & Cloud Services $22,185 $22,016. 8%. 0%\n Technology Support Services 6,961 7." +} +{ + "_id": "d1b36508c", + "title": "", + "text": "Thomas Clark\n(1) Represents accelerated vesting of 33,711 stock options. Pursuant to Mr. Clark’s stock option agreements (dated January 17, 2019), if Mr. Clark’s employment is terminated without cause or for good reason within six months following a “change in control”, he will become immediately vested in all outstanding unvested stock options, and all of Mr. Clark’s outstanding options shall remain exercisable in accordance with their terms, but in no event for less than 90 days after such termination. (1) Represents accelerated vesting of 33,711 stock options. Pursuant to Mr. Clark’s stock option agreements (dated January 17, 2019), if Mr. Clark’s employment is terminated without cause or for good reason within six months following a “change in control”, he will become immediately vested in all outstanding unvested stock options, and all of Mr. Clark’s outstanding options shall remain exercisable in accordance with their terms, but in no event for less than 90 days after such termination. (1) Represents accelerated vesting of 33,711 stock options. Pursuant to Mr. Clark’s stock option agreements (dated January 17, 2019), if Mr. Clark’s employment is terminated without cause or for good reason within six months following a “change in control”, he will become immediately vested in all outstanding unvested stock options, and all of Mr. Clark’s outstanding options shall remain exercisable in accordance with their terms, but in no event for less than 90 days after such termination.\n(2) Represents accelerated vesting of 8,340 unvested performance restricted stock units. Pursuant to Mr. Clark’s performance restricted stock unit agreement (dated January 17, 2019), if Mr. Clark’s employment is terminated without cause or for good reason within six months following a “change in control” or if Mr. Clark's employment is terminated due to death or total disability, all non-vested units shall accelerate and be vested as of the date of termination.\n\nType of Payment | Termination by Systemax without “Cause” or Resignation by Employee for “good reason” ($) | Termination Due to Death or Total Disability ($) | Change In Control Only ($) | Termination by Systemax without “Cause” or Resignation by Employee for “good reason” within a certain period of time following a Change in Control ($)\n------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------- | ------------------------------------------------ | -------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------\nCash Compensation (Salary & Non-Equity Incentive Compensation) | - | - | - | - \nValue of Accelerated Vesting of Stock Option Awards | - | - | - | 314,100 (1) \nValue of Accelerated Vesting of Restricted Stock Unit Awards | - | - | - | - \nValue of Accelerated Vesting of Performance Restricted Stock Unit Awards | - | 209,800 (2) | - | 209,800 (2) \nMedical and Other Benefits | - | - | - | - \nTotal | - | 209,800 | - | 523,900 \n\nThomas Clark\n Represents accelerated vesting 33,711 stock options. Clark’s stock option agreements January 17, if. employment terminated within six months immediately vested in all unvested stock options. outstanding options remain exercisable less than 90 days after termination. accelerated vesting 33,711 stock options. agreements January 17, if. employment terminated within six months immediately vested all unvested stock options. options remain exercisable less than 90 days after termination. if employment terminated six months immediately vested all stock options. options remain exercisable less than 90 days after termination.\n Represents accelerated vesting 8,340 unvested performance restricted stock units. January if. employment terminated within six months or. due to death or disability all non-vested units accelerate vested as of date of termination.\nPayment Termination Systemax without Resignation ($) Termination Due Death Disability ($) Change Control Only ($) Termination Systemax without Resignation Change Control ($)\n Cash Compensation (Salary Non-Equity Incentive Compensation\n Accelerated Vesting Stock Option Awards 314,100 (1)\n Vesting Restricted Stock Unit Awards\n Performance Restricted Stock Unit Awards 209,800 (2)\n Medical Other Benefits\n Total 209,800 523,900" +} +{ + "_id": "d1b3be628", + "title": "", + "text": "Statements of Cash Flows\nThe following table summarizes our cash flow related activities (in thousands):\n\n | | Years Ended December 31, | \n---------------------------------------------------- | ------ | ------------------------ | -------\n | 2019 | 2018 | 2017 \nCash (used in) provided by: | | | \nOperating activities | $(426) | $(2,694) | $14,314\nInvesting activities | (251) | (6,876) | (5,142)\nFinancing activities | 5,798 | 3,624 | 8,420 \nNet increase (decrease) in cash and cash equivalents | $5,121 | $(5,946) | $17,592\n\nCash Flows\n table summarizes cash flow activities\n Ended December 31,\n Operating $(426)(2,694) $14,314\n Investing (251) (5,142\n Financing 5,798 3,624 8,420\n cash $5,121 $(5,946) $17,592" +} +{ + "_id": "d1b38e284", + "title": "", + "text": "Management Discussion and Analysis\nCapital Management and Dividend Policy\nNotes: (1) Net debt is defined as gross debt less cash and bank balances adjusted for related hedging balances.\n(2) Net debt gearing ratio is defined as the ratio of net debt to net capitalisation. Net capitalisation is the aggregate of net debt, shareholders’ funds and non-controlling interests.\n(3) Interest cover refers to the ratio of EBITDA and share of associates’ pre-tax profits to net interest expense.\nAs at 31 March 2019, the Group’s net debt was S$9.9 billion, stable from a year ago. \n\nAs at 31 March 2019, the Group’s net debt was S$9.9 billion, stable from a year ago.\nThe Group has one of the strongest credit ratings among telecommunication companies in the Asia Pacific region. Singtel is currently rated A1 by Moody’s and A+ by S&P Global Ratings. The Group continues to maintain a healthy capital structure. \n\nThe Group has one of the strongest credit ratings among telecommunication companies in the Asia Pacific region. Singtel is currently rated A1 by Moody’s and A+ by S&P Global Ratings. The Group continues to maintain a healthy capital structure.\nFor the financial year ended 31 March 2019, the total ordinary dividend payout, including the proposed final dividend, was 17.5 cents per share or 101% of the Group’s underlying net profit and 88% of the Group’s free cash flow (after interest and tax payments). \n\nFor the financial year ended 31 March 2019, the total ordinary dividend payout, including the proposed final dividend, was 17.5 cents per share or 101% of the Group’s underlying net profit and 88% of the Group’s free cash flow (after interest and tax payments).\nSingtel is committed to delivering dividends that increase over time with growth in underlying earnings, while maintaining an optimal capital structure and investment grade credit ratings. Barring unforeseen circumstances, it expects to maintain its ordinary dividends at 17.5 cents per share for the next financial year ending 31 March 2020.\n\n | Financial Year ended 31 March | \n---------------------------------------------------------------------------- | ----------------------------- | ------\nGroup | 2019 | 2018 \nGross debt (S$ million) | 10,396 | 10,402\nNet debt (1) (S$ million) | 9,883 | 9,877 \nNet debt gearing ratio (2) (%) | 24.9 | 24.9 \nNet debt to EBITDA and share of associates’ pre-tax profits (number of times) | 1.6 | 1.3 \nInterest cover (3) (number of times) | 16.2 | 20.1 \n\nManagement Discussion\n Capital Management Dividend Policy\n Net debt gross debt less cash bank balances adjusted hedging balances.\n Net debt gearing ratio net debt capitalisation. debt shareholders’ funds non-controlling interests.\n Interest cover ratio EBITDA associates’ pre-tax profits net interest expense.\n 31 March 2019 net debt S$9. 9 billion stable.\n S$9. billion.\n credit. rated A1 Moody’s A+ S&P Global Ratings. healthy capital structure.\n.\n financial year 31 March 2019 ordinary dividend payout 17. 5 cents per share 101% net profit 88% free cash flow.\n year 31 March 2019 dividend payout 17. 5 cents per share 101% net profit 88% free cash flow.\n committed dividends earnings optimal capital structure investment grade credit ratings. maintain ordinary dividends 17. 5 cents per share next financial year 31 March 2020.\n Year\n Group 2019\n Gross debt$ 10,396 10,402\n Net debt 9,877\n debt gearing ratio 24. 9.\n debt EBITDA pre profits. 6.\n Interest cover 16. 2 20." +} +{ + "_id": "d1b35fd94", + "title": "", + "text": "6. Operating profit\nThe Group has identified a number of items which are material due to the significance of their nature and/or amount. These are listed separately here to provide a better understanding of the financial performance of the Group:\nFollowing the application of IFRS 16, depreciation of property, plant and equipment has been restated for the year ended 31 March 2018 (note 2).\n\n | | 2019 | (Restated) 2018\n----------------------------------------------- | ---- | ------ | ---------------\n | Note | £m | £m \nStaff costs | 7 | (56.0) | (54.5) \nContractor costs | | (0.4) | (0.4) \nDepreciation of property, plant and equipment | 14 | (4.9) | (4.9) \nAmortisation of intangible assets | 13 | (4.0) | (4.1) \nProfit on sale of property, plant and equipment | | 0.1 | – \n\n. Operating profit\n Group identified items material nature amount. listed separately financial performance\n IFRS 16 depreciation property plant equipment restated year 31 March 2018.\n 2018\n Staff costs (56. (54. 5)\n Contractor costs (0. 4).\n Depreciation property plant equipment (4. 9).\n Amortisation intangible assets (4. (4.\n Profit sale property plant equipment." +} +{ + "_id": "d1b30812a", + "title": "", + "text": "Effective Income Tax Rate\nA reconciliation of the United States federal statutory income tax rate to our effective income tax rate is as follows:\nIn 2019 and 2018 we had pre-tax losses of $19,573 and $25,403, respectively, which are available for carry forward to offset future taxable income. We made determinations to provide full valuation allowances for our net deferred tax assets at the end of 2019 and 2018, including NOL carryforwards generated during the years, based on our evaluation of positive and negative evidence, including our history of operating losses and the uncertainty of generating future taxable income that would enable us to realize our deferred tax.\n\n | Year Ended | Year Ended \n-------------------------------------- | ----------------- | -----------------\n | December 31, 2018 | December 31, 2019\nUnited States federal statutory rate | 21.00% | 21.00% \nState taxes, net of federal benefit | 1.99% | (0.01)% \nValuation allowance | (21.96)% | (24.33)% \nCumulative effect of accounting change | — | 2.07% \nR&D Credit | 1.34% | 1.53% \nOther | (0.38)% | (0.27)% \nEffective income tax rate | 1.99% | (0.01)% \n\nIncome Tax Rate\n reconciliation federal\n 2019 2018 pre-tax losses $19,573 $25,403 available carry forward offset future taxable income. full valuation allowances net deferred tax assets 2019 2018 NOL carryforwards positive negative evidence operating losses uncertainty future taxable income deferred tax.\n December 31, 2018\n States federal statutory rate 21.\n State taxes federal benefit. 99%.\n Valuation allowance.\n effect accounting change 2.\n R&D Credit. 34%. 53%\n.\n Effective income tax rate. 99%." +} +{ + "_id": "d1b34a16a", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n18. Revenues from Contracts with Customers\nThe Group has recognized the following amounts relating to revenues:\nRevenues from The Cool Pool Limited relate only to the pool revenues received from GasLog’s vessels operating in the Cool Pool and do not include the Net pool allocation to GasLog of ($4,264) for the year ended December 31, 2019 ($17,818 for the year ended December 31, 2018 and $7,254 for the year ended December 31, 2017), which is recorded as a separate line item in the Profit or Loss Statement.\nFollowing the exit from the Cool Pool, management allocates revenues from time charters to two categories: (a) variable rate charters and (b) fixed rate charters. The variable rate charter category contains vessels operating in the LNG carrier spot and short-term market or those which have a variable rate of hire across the charter period.\n\n | | For the year ended December 31, | \n---------------------------------------------------- | ------- | ------------------------------- | -------\n | 2017 | 2018 | 2019 \nRevenues from fixed rate time charters | 485,961 | 515,324 | 558,266\nRevenues from variable rate time charters | — | — | 64,334 \nRevenues from The Cool Pool Limited (GasLog vessels) | 38,046 | 102,253 | 45,253 \nRevenues from vessel management services | 1,222 | 767 | 784 \nTotal | 525,229 | 618,344 | 668,637\n\nGasLog Ltd. Subsidiaries\n consolidated financial statements\n years December 2017 2018 2019\n amounts U. S. Dollars except\n. Revenues Contracts Customers\n Revenues Cool Pool Limited pool revenues vessels Net pool allocation GasLog ($4,264) 2019 ($17,818 2018 $7,254 2017) separate Profit Loss Statement.\n exit Cool Pool allocates revenues charters variable rate fixed rate charters. variable rate charter vessels LNG carrier-term market.\n December\n 2017 2018 2019\n fixed rate charters 485,961 515,324,266\n variable rate charters 64,334\n Cool Pool Limited vessels 38,046 102,253 45,253\n vessel management services 1,222 767 784\n 525,229 618,344 668,637" +} +{ + "_id": "d1a71b952", + "title": "", + "text": "Our primary source of cash is receipts from revenue and, to a lesser extent, proceeds from participation in the employee stock purchase plan. The primary uses of cash are our stock repurchase program as described below, payroll-related expenses, general operating expenses including marketing, travel and office rent, and cost of revenue. Other uses of cash include business acquisitions, purchases of property and equipment and payments for taxes related to net share settlement of equity awards.\nCash Flows from Operating Activities\nFor fiscal 2019, net cash provided by operating activities of $4.42 billion was primarily comprised of net income adjusted for the net effect of non-cash items. The primary working capital sources of cash were net income coupled with an increase in deferred revenue, which was offset in large part by cash outflows due to an increase in prepaid expenses and other assets. The increase in deferred revenue was primarily driven by increases related to Digital Media offerings with cloud-enabled services and Digital Experience hosted services. The primary working capital use of cash was due to increases in prepaid expenses with certain vendors, sales commissions paid and capitalized, advanced payments related to income taxes and increase in long-term contract assets.\nCash Flows from Investing Activities\nFor fiscal 2019, net cash used for investing activities of $455.6 million was primarily due to purchases of property and equipment and our acquisition of the remaining equity interest in Allegorithmic. These cash outflows were offset primarily by proceeds from sales and maturities of short-term investments, net of purchases. See Note 3 of our Notes to Consolidated Financial Statements for more detailed information regarding our acquisitions.\nCash Flows from Financing Activities\nFor fiscal 2019, net cash used for financing activities was $2.95 billion primarily due to payments for our treasury stock repurchases and taxes related to net share settlement of equity awards, which were offset by proceeds from re-issuance of treasury stock for our employee stock purchase plan. See the section titled “Stock Repurchase Program” discussed below.\nWe expect to continue our investing activities, including short-term and long-term investments, facilities expansion and purchases of computer systems for research and development, sales and marketing, product support and administrative staff. Furthermore, cash reserves may be used to repurchase stock under our stock repurchase program and to strategically acquire companies, products or technologies that are complementary to our business.\n\n(in millions) | 2019 | 2018 | 2017 \n---------------------------------------------------------------------- | --------- | --------- | ---------\nNet cash provided by operating activities | $4,421.8 | $4,029.3 | $2,912.9 \nNet cash used for investing activities | (455.6) | (4,685.3) | (442.9) \nNet cash used for financing activities | (2,946.1) | (5.6) | (1,183.7)\nEffect of foreign currency exchange rates on cash and cash equivalents | (12.7) | (1.7) | 8.5 \nNet increase (decrease) in cash and cash equivalents | $1,007.4 | $(663.3) | $1,294.8 \n\nprimary source cash revenue employee stock purchase plan. uses stock repurchase program payroll expenses operating expenses rent cost revenue. Other uses include business acquisitions purchases property taxes share settlement equity awards.\n Cash Flows Operating Activities\n 2019 net cash $4. 42 billion net income non-cash items. sources net income deferred revenue offset cash outflows prepaid expenses assets. revenue driven Digital Media services. prepaid expenses sales commissions advanced payments income taxes long-term contract assets.\n Cash Flows Investing Activities\n $455. 6 million due purchases property equipment equity interest Allegorithmic. offset sales maturities short-term investments. Note 3 Consolidated Financial Statements.\n Cash Flows Financing Activities\n net cash $2. 95 billion due treasury stock repurchases taxes settlement equity offset re-issuance treasury stock employee stock purchase plan. Repurchase.\ncontinue investing long-term investments facilities expansion purchases computer systems research development sales marketing support staff. cash reserves repurchase stock companies products technologies complementary business.\n 2019\n cash operating $4,421. $4,029. $2,912.\n investing (455. (4,685. (442.\n financing (2,946. (5. (1,183.\n foreign currency exchange rates cash equivalents (12.\n increase cash equivalents $1,007. $(663. $1,294." +} +{ + "_id": "d1a724bd8", + "title": "", + "text": "25. Deferred income\nThe Group’s deferred income balances relate solely to revenue from contracts with customers.\n\n | 2019 | 2018 \n----------- | --------- | ---------\n | $ million | $ million\nCurrent | 53.2 | 55.2 \nNon-current | 13.6 | 14.4 \n | 66.8 | 69.6 \n\n. Deferred income\n balances revenue contracts customers.\n 2019 2018\n $ million\n 53. 55.\n Non-current 13. 14.\n 66. 69." +} +{ + "_id": "d1b2ef044", + "title": "", + "text": "10. Operating Leases\nThe Company charters-in vessels from other vessel owners on time-charter-in and bareboat charter contracts, whereby the vessel owner provides use of the vessel to the Company, and, in the case of time-charter-in contracts, also operates the vessel for the Company. A timecharter- in contract is typically for a fixed period of time, although in certain cases the Company may have the option to extend the charter.\nThe Company typically pays the owner a daily hire rate that is fixed over the duration of the charter. The Company is generally not required to pay the daily hire rate for time-charters during periods the vessel is not able to operate.\nWith respect to time-charter- With respect to time-charter-in and bareboat charter contracts with an original term of more than one year, for the year ended December 31, 2019, the Company incurred $99.0 million of time-charter and bareboat hire expense related to these time-charter and bareboat charter contracts, of which $68.2 million was allocable to the lease component, and $30.8 million was allocable to the non-lease component.\nThe amounts allocable to the lease component approximate the cash paid for the amounts included in lease liabilities and are reflected as a reduction in operating cash flows for the year ended December 31, 2019. Three of Teekay Tankers' time-charter-in contracts each have an option to extend the charter for an additional one-year term.\nSince it is not reasonably certain that Teekay Tankers will exercise the options, the lease components of the options are not recognized as part of the right-of-use assets and lease liabilities. As at December 31, 2019, the weighted-average remaining lease term and weighted-average discount rate for these time-charter-in and bareboat charter contracts were 2.6 years and 6.1%, respectively.\nDuring the year ended December 31, 2019, Teekay Tankers chartered in two LR2 vessels and one Aframax vessel for periods of 24 months each, Teekay LNG extended the charter-in contract for one LNG carrier for a period of 21 months, and Teekay Parent extended the charterin contract for one FSO unit for a period of 12 months, which resulted in the Company recognizing right-of-use assets and lease liabilities totaling $47.7 million and $47.7 million, respectively.\nA maturity analysis of the Company’s operating lease liabilities from time-charter-in and bareboat charter contracts (excluding short-term leases) at December 31, 2019 is as follows:\nAs at December 31, 2019, minimum commitments to be incurred by the Company under short-term time-charter-in contracts were approximately $4.3 million (2020). As at December 31, 2018, minimum commitments to be incurred by the Company under vessel operating leases by which the Company charters-in vessels were approximately $116.3 million (2019), $90.4 million (2020), $53.4 million (2021), $9.1 million (2022), $9.1 million (2023) and $5.6 million thereafter.\n\n | Lease Commitment | Non-Lease Commitment | Total Commitment\n------------------------------------------------------- | ---------------- | -------------------- | ----------------\n | $ | $ | $ \nPayments | | | \n2020 | 69,617 | 37,089 | 106,706 \n2021 | 54,195 | 26,948 | 81,143 \n2022 | 22,978 | 8,189 | 31,167 \n2023 | 9,227 | - | 9,227 \n2024 | 5,713 | - | 5,713 \nThereafter | - | - | - \nTotal payments | 161,730 | 72,226 | 233,956 \nLess: imputed interest | (13,128) | | \nCarrying value of operating lease liabilities | 148,602 | | \nLess current portion | (61,431) | | \nCarrying value of long-term operating lease liabilities | 87,171 | | \n\n. Operating Leases\n Company charters vessels from time-charter-in bareboat charter contracts owner provides use operates. timecharter contract fixed extend charter.\n pays owner daily hire rate fixed charter. not required pay daily hire rate time-charters during vessel.\n bareboat charter contracts more one year December 31, 2019 incurred $99. 0 million time-charter bareboat hire expense $68. 2 million lease $30. 8 million non-lease component.\n amounts lease approximate cash lease liabilities reduction in operating cash flows. Three Teekay Tankers' time-charter-in contracts option to extend charter additional one-year term.\n options lease not recognized right-of-use assets lease liabilities. December 31, 2019-average lease term discount rate for were 2. 6 years 6. 1%.\nDecember 31, 2019 Teekay Tankers chartered two LR2 Aframax 24 months LNG LNG carrier 21 months Teekay Parent FSO 12 months right-of-use assets lease liabilities $47. 7 million $47. 7 million.\n maturity analysis lease liabilities time bareboat December 31, 2019\n minimum commitments contracts $4. 3 million (2020. December 31, 2018 commitments leases $116. 3 million $90. 4 million $53. 4 million $9. 1 million $9. 1 million (2023) $5. 6 million.\n Lease Non-Lease Commitment Commitment\n Payments\n 2020 69,617 37,089 106,706\n 2021 54,195\n 2022 22,978\n 2023\n 2024\n payments 161,730 72,226 233,956\n imputed interest,128\n operating lease liabilities 148,602\nportion (61,431)\n long-term liabilities 87,171" +} +{ + "_id": "d1b369a38", + "title": "", + "text": "Net Revenues by Geographic Region\nThe following table details our consolidated net revenues by geographic region (amounts in millions):\n(1) “EMEA” consists of the Europe, Middle East, and Africa geographic regions\nAmericas\nThe decrease in net revenues in the Americas region for 2019, as compared to 2018, was primarily due to lower revenues recognized from the Destiny franchise (reflecting our sale of the publishing rights for Destiny to Bungie in December 2018).\nEMEA\nThe decrease in net revenues in the EMEA region for 2019, as compared to 2018, was primarily due to:\nlower revenues recognized from the Destiny franchise; and lower revenues recognized from Call of Duty: Black Ops 4, which was released in October 2018, as compared to Call of Duty: WWII, which was released in November 2017.\nAsia Pacific\nThe decrease in net revenues in the Asia Pacific region for 2019, as compared to 2018, was primarily due to:\nlower revenues recognized from Hearthstone, primarily due to the prior year including additional digital content delivered in connection with the renewal of our contract with NetEase, Inc. in December 2018, with no equivalent transaction for the franchise in 2019; and lower revenues recognized from the Destiny franchise.\nThe decrease was partially offset by:• revenues recognized from Crash Team Racing Nitro-Fueled, which was released in June 2019; • revenues from Sekiro: Shadows Die Twice, which was released in March 2019; and • higher revenues recognized from Call of Duty: Modern Warfare, which was released in October 2019, as compared to Call of Duty: Black Ops 4.\n\n | | | | \n---------------------------------- | ------ | ------ | -------------------- | --------\n | 2019 | 2018 | Increase/ (decrease) | % Change\nNet revenues by geographic region: | | | | \nAmericas | $3,341 | $3,880 | $(539) | (14)% \nEMEA (1) | 2,239 | 2,618 | (379) | (14) \nAsia Pacific | 909 | 1,002 | (93) | (9) \nConsolidated net revenues | $6,489 | $7,500 | $(1,011) | (13) \n\nNet Revenues by Geographic Region\n table details consolidated net revenues by region\n “EMEA” Europe Middle East Africa\n Americas\n decrease net revenues Americas 2019 due to lower revenues Destiny franchise.\n EMEA\n decrease revenues due to\n lower revenues Destiny Call of Duty: Black Ops 4 October 2018 Call Duty November 2017.\n Asia Pacific\n decrease revenues due to\n lower revenues Hearthstone contract NetEase. no equivalent transaction 2019 lower revenues Destiny.\n decrease offset by revenues Crash Team Racing Nitro-Fueled June 2019 Sekiro: Shadows Die Twice March 2019 higher revenues Call of Duty: Modern Warfare October 2019.\n 2019 2018 Increase (decrease % Change\n Net revenues by geographic region\n Americas $3,341 $3,880 $(539)\n EMEA 2,239 2,618\n Asia Pacific 909 1,002\nrevenues $6,489 $7,500" +} +{ + "_id": "d1b33207e", + "title": "", + "text": "Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the tax effect of carryforwards. Significant components of the Company’s net deferred tax assets and liabilities were as follows:\nThe increase in the gross deferred tax assets and valuation allowance between fiscal year 2019 and 2018 is primarily due to increases in tax carryforwards.\nRealization of the Company’s net deferred tax assets is based upon the weighting of available evidence, including such factors as the recent earnings history and expected future taxable income. The Company believes it is more likely than not that such deferred tax assets will be realized with the exception of $227.0 million primarily related to California deferred tax assets. At June 30, 2019, the Company continued to record a valuation allowance to offset the entire California deferred tax asset balance due to the single sales factor apportionment resulting in lower taxable income in California.\nAt June 30, 2019, the Company had federal net operating loss carryforwards of $109.8 million. The majority of these losses will begin to expire in fiscal year 2020, and are subject to limitation on their utilization.\nAt June 30, 2019, the Company had state net operating loss carryforwards of $58.5 million. If not utilized, these losses will begin to expire in fiscal year 2020 and are subject to limitation on their utilization.\nAt June 30, 2019, the Company had state tax credit carryforwards of $322.4 million. Substantially all of these credits can be carried forward indefinitely.\n\n | June 30, 2019 | June 24, 2018\n------------------------------------------------- | -------------- | -------------\n | (in thousands) | \nDeferred tax assets: | | \nTax carry forwards | $231,390 | $206,073 \nAllowances and reserves | 97,671 | 118,559 \nEquity-based compensation | 14,661 | 16,189 \nInventory valuation differences | 18,516 | 14,021 \nPrepaid cost sharing | 74,139 | 65,644 \nOutside basis differences of foreign subsidiaries | 16,260 | — \nOther | 17,972 | 16,514 \nGross deferred tax assets | 470,609 | 437,000 \nValuation allowance | (226,928) | (199,839) \nNet deferred tax assets | 243,681 | 237,161 \nDeferred tax liabilities: | | \nIntangible assets | (9,883) | (21,558) \nConvertible debt | (46,993) | (60,252) \nCapita assets | (83,298) | (61,429) \nAmortization of goodwill | (11,299) | (10,738) \nOutside basis differences of foreign subsidiaries | — | (6,656) \nOther | (8,752) | (7,955) \nGross deferred tax liabilities | (160,225) | (168,588) \nNet deferred tax assets | $83,456 | $68,573 \n\nDeferred income taxes reflect differences assets liabilities carryforwards. net deferred tax assets liabilities\n increase gross deferred tax assets valuation allowance 2019 2018 due to tax carryforwards.\n Realization evidence recent earnings history future taxable income. assets $227. 0 million California deferred tax assets. 2019 valuation allowance offset California deferred tax asset balance single sales factor apportionment lower taxable income.\n federal net operating loss carryforwards $109. 8 million. losses expire 2020.\n state net operating loss carryforwards $58. 5 million. losses expire 2020.\n state tax credit carryforwards of $322. 4 million. credits carried forward indefinitely.\n Deferred tax assets\n Tax carry forwards $231,390 $206,073\n Allowances reserves 97,671 118,559\n Equity-based compensation 14,661 16,189\n Inventory valuation differences 18,516 14,021\nPrepaid cost 74,139 65,644\n subsidiaries 16,260\n 17,972\n deferred tax 470,609 437,000\n Valuation (226,928) (199,839)\n 243,681 237,161\n Intangible,558\n Convertible debt (46,993),252)\n,298\n Amortization goodwill (11,299),738\n subsidiaries\n deferred tax liabilities,225 (168,588)\n $83,456 $68,573" +} +{ + "_id": "d1a73f046", + "title": "", + "text": "The Monte Carlo simulation assumptions used for the periods presented were as follows:\nAs of January 3, 2020, there was $12 million of unrecognized compensation cost, net of estimated forfeitures, which is expected to be recognized over a weighted average period of 1.7 years. The fair value of performance-based stock awards that vested in fiscal 2019, 2018 and 2017 was $9 million, $13 million, and $4 million, respectively.\n\n | | Year Ended | \n--------------------------------------- | --------------- | ----------------- | -----------------\n | January 3, 2020 | December 28, 2018 | December 29, 2017\nExpected volatility | 22.02% | 25.37% | 27.19% \nRisk free rate of return | 2.39% | 2.35% | 1.53% \nWeighted average grant date stock price | $62.66 | $65.00 | $53.73 \n\nMonte Carlo simulation assumptions\n January 3, 2020 $12 million unrecognized compensation cost. 7 years. performance stock awards 2019 2018 2017 $9 million $13 million $4 million.\n January 3 2020 December 28, 2018\n volatility 22. 37%. 19%\n Risk free return 2. 39%. 35%. 53%\n average stock price $62." +} +{ + "_id": "d1a7233f0", + "title": "", + "text": "ACCOUNTING POLICY\nWe measure inventories, including wireless devices and merchandise for resale, at the lower of cost (determined on a weighted average cost basis for Wireless devices and accessories and a first-in, first-out basis for other finished goods and merchandise) and net realizable value. We reverse a previous writedown to net realizable value, not to exceed the original recognized cost, if the inventories later increase in value.\nEXPLANATORY INFORMATION\nCost of equipment sales and merchandise for resale includes $2,496 million of inventory costs for 2019 (2018 – $2,515 million).\n\n | As at December 31 | As at December 31\n------------------------------------ | ----------------- | -----------------\n(In millions of dollars) | 2019 | 2018 \nWireless devices and accessories | 380 | 399 \nOther finished goods and merchandise | 80 | 67 \nTotal inventories | 460 | 466 \n\nACCOUNTING POLICY\n measure inventories wireless devices merchandise resale lower cost net realizable value. reverse writedown net realizable value inventories increase.\n equipment sales merchandise resale $2,496 million inventory costs 2019 (2018 $2,515 million.\n Wireless devices accessories 380 399\n Other finished goods merchandise 80 67\n Total inventories 460 466" +} +{ + "_id": "d1b3ab8fc", + "title": "", + "text": "Issuer Purchases of Equity Securities\nThe following shares of the Company were repurchased during the quarter ended June 30, 2019:\n(1) 250,000 shares were purchased through a publicly announced repurchase plan. There were no shares surrendered to the Company to satisfy tax withholding obligations in connection with employee restricted stock awards.\n(2) Total stock repurchase authorizations approved by the Company’s Board of Directors as of February 17, 2015 were for 30.0 million shares. These authorizations have no specific dollar or share price targets and no expiration dates.\n\n | Total Number of Shares Purchased (1) | Average Price of Share | Total Number of Shares Purchased as Part of Publicly Announced Plans (1) | Maximum Number of Shares that May Yet Be Purchased Under the Plans (2)\n------------------------ | ------------------------------------ | ---------------------- | ------------------------------------------------------------------------ | ----------------------------------------------------------------------\nApril 1 - April 30, 2019 | — | $— | — | 3,732,713 \nMay 1 - May 31, 2019 | 250,000 | $134.35 | 250,000 | 3,482,713 \nJune 1 - June 30, 2019 | — | $— | — | 3,482,713 \nTotal | 250,000 | $134.35 | 250,000 | 3,482,713 \n\nIssuer Purchases Equity Securities\n shares repurchased quarter June 30, 2019\n 250,000 shares purchased repurchase plan. no shares surrendered tax obligations employee restricted stock awards.\n stock repurchase authorizations February 17, 2015 30. 0 million shares. authorizations no dollar price targets expiration dates.\n Total Number Shares Purchased Average Price Share Announced Plans Maximum Number Shares Purchased Plans\n April 1 - 30, 2019 3,732,713\n May 1 250,000 $134. 3,482,713\n June 1 30\n." +} +{ + "_id": "d1b30ab0a", + "title": "", + "text": "Note 12. Convertible Notes\nIn December 2016, the Company entered into the Purchase Agreement with J.P. Morgan Securities LLC and Jefferies LLC, as representatives of the several initial purchasers named therein (collectively, the “Initial Purchasers”), to issue and sell $90,000 in aggregate principal amount of its 5.50% senior convertible notes due 2021 (\"Convertible Notes\") in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons pursuant to Regulation S under the Securities Act. In December 2016, the Company entered into a purchase agreement (the “Cambridge Purchase Agreement”) with Cambridge Equities, L.P. (“Cambridge”), an entity affiliated with Dr. Patrick Soon-Shiong, the Company’s Chairman and Chief Executive Officer, to issue and sell $10,000 in aggregate principal amount of the Convertible Notes in a private placement pursuant to an exemption from the registration requirements of the Securities Act afforded by Section 4(a)(2) of the Securities Act. In December 2016, pursuant to the exercise of the overallotment by the Initial Purchasers, the Company issued an additional $7,000 principal amount of the Convertible Notes. The total net proceeds from this offering were approximately $102,714 ($9,917 from Cambridge and $92,797 from the Initial Purchasers) after deducting the Initial Purchasers’ discount and debt issuance costs of $4,286 in connection with the Convertible Notes offering.\nOn December 21, 2016, the Company entered into an indenture, relating to the issuance of the Convertible Notes (the “Indenture”), by and between the Company and U.S. Bank National Association, as trustee (the “Trustee”). The interest rates are fixed at 5.50% per year, payable semi- annually on June 15 and December 15 of each year, beginning on June 15, 2017. The Convertible Notes will mature on December 15, 2021, unless earlier repurchased by the Company or converted pursuant to their terms.\nIn connection with the offering of the Convertible Notes, on December 15, 2016, the Company entered into a Second Amended and Restated Promissory Note which amended and restated the Amended and Restated Promissory Note, dated May 9, 2016, between the Company and NantCapital, to, among other things, extend the maturity date of the Promissory Note to June 15, 2022 and to subordinate such Promissory Note in right of payment to the Convertible Notes (see Note 20).\nThe initial conversion rate of the Convertible Notes is 82.3893 shares of common stock per $1 principal amount of Convertible Notes (which is equivalent to an initial conversion price of approximately $12.14 per share). Prior to the close of business on the business day immediately preceding September 15, 2021, the Convertible Notes will be convertible only under the following circumstances: (1) during any calendar quarter commencing after March 31, 2017 (and only during such calendar quarter), if, for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on the last trading day of the immediately preceding calendar quarter, the last reported sale price of the Company’s common stock on such trading day is greater than or equal to 120% of the conversion price on such trading day; (2) during the five business day period after any five consecutive trading day period in which, for each day of that period, the trading price per $1 principal amount of the Convertible Notes for such trading day was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on such trading day; or (3) upon the occurrence of specified corporate transactions as described in the Indenture agreement.\nUpon conversion, the Convertible Notes will be settled in cash, shares of the Company’s common stock or any combination thereof at the Company’s option.\nUpon the occurrence of a fundamental change (as defined in the Indenture), holders may require the Company to purchase all or a portion of the Convertible Notes in principal amounts of $1 or an integral multiple thereof, for cash at a price equal to 100% of the principal amount of the Convertible Notes to be purchased plus any accrued and unpaid interest to, but excluding, the fundamental change purchase date. The conversion rate will be subject to adjustment upon the occurrence of certain specified events.\nOn or after the date that is one year after the last date of original issuance of the Convertible Notes, if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending within the five trading days immediately preceding a conversion date is greater than or equal to 120% of the conversion price on each applicable trading day, the Company will make an interest make-whole payment to a converting holder (other than a conversion in connection with a make-whole fundamental change in which the conversion rate is adjusted) equal to the sum of the present values of the scheduled payments of interest that would have been made on the Convertible Notes to be converted had such Convertible Notes remained outstanding from the conversion date through the earlier of (i) the date that is three years after the conversion date and (ii) the maturity date if the Convertible Notes had not been so converted. The present values of the remaining interest payments will be computed using a discount rate equal to 2.0%. The Company may pay any interest make-whole payment either in cash or in shares of its common stock, at the Company’s election as described in the Indenture. On or after the date that is one year after the last date of original issuance of the Convertible Notes, if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending within the five trading days immediately preceding a conversion date is greater than or equal to 120% of the conversion price on each applicable trading day, the Company will make an interest make-whole payment to a converting holder (other than a conversion in connection with a make-whole fundamental change in which the conversion rate is adjusted) equal to the sum of the present values of the scheduled payments of interest that would have been made on the Convertible Notes to be converted had such Convertible Notes remained outstanding from the conversion date through the earlier of (i) the date that is three years after the conversion date and (ii) the maturity date if the Convertible Notes had not been so converted. The present values of the remaining interest payments will be computed using a discount rate equal to 2.0%. The Company may pay any interest make-whole payment either in cash or in shares of its common stock, at the Company’s election as described in the Indenture.\nThe Company accounts for convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) by recording the liability and equity components of the convertible debt separately. The liability component is computed based on the fair value of a similar liability that does not include the conversion option. The liability component includes both the value of the embedded interest make-whole derivative and the carrying value of the Convertible Notes. The equity component is computed based on the total debt proceeds less the fair value of the liability component. The equity component is also recorded as debt discount and amortized as interest expense over the expected term of the Convertible Notes.\nThe liability component of the Convertible Notes on the date of issuance was computed as $83,079, consisting of the value of the embedded interest make-whole derivative of $1,499 and the carrying value of the Convertible Notes of $81,580. Accordingly, the equity component on the date of issuance was $23,921. If the debt is considered current at the balance sheet date, the liability component of the convertible notes will be classified as current liabilities and presented in current portion of convertible notes debt and the equity component of the convertible debt will be considered a redeemable security and presented as redeemable equity on the Company's Consolidated Balance Sheet.\nOffering costs of $4,286 related to the issuance of the Convertible Notes were allocated to the liability and equity components in proportion to the allocation of the proceeds and accounted for as deferred financing offering costs and equity issuance costs, respectively. Approximately $972 of this amount was allocated to equity and the remaining $3,314 was capitalized as deferred financing offering costs.\nThe debt discounts and deferred financing offering costs on the Convertible Notes are being amortized to interest expense over the contractual terms of the Convertible Notes, using the effective interest method at an effective interest rate of 12.82%.\nAs of December 31, 2019, the remaining life of the Convertible Notes is approximately 24 months.\nThe following table summarizes how the issuance of the Convertible Notes is reflected in the Company's Consolidated Balance Sheets as of December 31, 2019 and 2018:\n(Dollars in thousands, except per share amounts)\n\n | Related party | Others | Total \n---------------------------------------------------------------- | ------------- | -------- | --------\nBalance as of December 31, 2019 | | | \nGross proceeds | $10,000 | $97,000 | $107,000\nUnamortized debt discounts and deferred financing offering costs | (1,136) | (12,352) | (13,488)\nNet carrying amount | $8,864 | $84,648 | $93,512 \nBalance as of December 31, 2018 | | | \nGross proceeds | $10,000 | $97,000 | $107,000\nUnamortized debt discounts and deferred financing offering costs | (1,622) | (17,567) | (19,189)\nNet carrying amount | $8,378 | $79,433 | $87,811 \n\n. Convertible Notes\n December 2016, Company Purchase Agreement J. P. Morgan Securities Jefferies LLC issue sell $90,000 5. 50% senior convertible notes due 2021 institutional buyers Rule 144A Securities Act 1933 non-U. S. persons Regulation S. December 2016, Company Cambridge Equities. Dr. Patrick Soon-Shiong Chairman issue sell $10,000 Convertible Notes exemption registration requirements Securities Act. December 2016, issued additional $7,000 Notes. net proceeds $102,714 ($9,917 Cambridge $92,797 Initial Purchasers Initial Purchasers’ discount debt issuance costs $4,286.\n December 21, 2016, Company entered indenture U. S. Bank National Association. interest rates fixed 5. 50% per year payable semi- annually June 15 December 15 beginning June 15, 2017.Convertible Notes mature December 15, 2021 unless repurchased or converted.\n offering December 15, 2016, Company entered Second Amended and Restated Promissory Note May 9 2016, NantCapital extend maturity to June 15, 2022 subordinate Promissory Note to Convertible Notes.\n initial conversion rate 82. 3893 shares common stock per $1 principal amount equivalent conversion price approximately $12. 14 per share. close business September 15, 2021 Convertible Notes convertible under circumstances quarter after March 31, 2017 if 20 trading days last reported sale price common stock greater than or equal 120% conversion price five business period trading price per $1 principal amount Convertible Notes less than 98% of last reported sale price common stock conversion rate (3) corporate transactions Indenture agreement.\n Notes settled in cash, shares common stock Company’s option.\nfundamental change holders require Company purchase Convertible Notes $1 or for cash price equal to 100% principal amount plus accrued unpaid interest excluding fundamental change purchase date. conversion rate subject to adjustment events.\n one year after last date original issuance Notes if last reported sale price of Company’s common stock for 20 trading days 30 consecutive days conversion date greater than or equal to 120% of conversion price Company interest make-whole payment to converting holder equal to present values of scheduled payments interest Convertible Notes conversion date three years maturity date. present values remaining interest payments computed using discount rate equal to 2. 0%. Company pay interest make payment in cash or shares common stock election Indenture.one year after last issuance Convertible Notes if last sale price Company’s common stock 20 days 30 consecutive days conversion date greater than 120% conversion price Company interest payment to converting holder equal to present values scheduled payments interest Convertible Notes conversion date three years after maturity date. present values remaining interest payments computed using discount rate equal to 2. 0%. Company pay interest payment cash or shares common stock.\n accounts for convertible debt instruments settled cash upon conversion liability equity components separately. liability computed based fair value similar liability conversion option. includes interest-whole derivative carrying value Convertible Notes. equity computed total debt proceeds less fair value liability. recorded as debt discount amortized as interest expense over expected term Convertible Notes.\n liability component Convertible Notes date issuance computed as $83,079 interest-whole derivative $1,499 carrying value Notes $81,580.equity component issuance was $23,921. debt current liability convertible notes liabilities equity redeemable security equity Consolidated Balance Sheet.\n Offering costs $4,286 Convertible Notes allocated to liability equity deferred financing equity costs. $972 allocated equity $3,314 deferred financing costs.\n debt discounts deferred financing costs amortized to interest expense effective interest rate 12. 82%.\n 2019 remaining life Convertible Notes 24 months.\n issuance Convertible Notes in Consolidated Balance Sheets December 2019\n Balance December 31, 2019\n Gross proceeds $10,000 $97,000 $107,000\n Unamortized debt discounts deferred financing costs (1\n Net carrying amount $8,864 $84,648 $93,512\n Balance December 31, 2018\n Gross proceeds $10,000 $97,000\nUnamortized deferred financing (17,567 (19,189\n $8,378 $79,433" +} +{ + "_id": "d1b3a2bc6", + "title": "", + "text": "3. Property, Plant and Equipment\nProperty, plant and equipment as of September 28, 2019 and September 29, 2018 consisted of the following (in thousands):\n\n | 2019 | 2018 \n------------------------------------------- | --------- | ---------\nLand, buildings and improvements | $289,051 | $267,809 \nMachinery and equipment | 381,656 | 364,034 \nComputer hardware and software | 136,227 | 130,645 \nCapital assets in progress | 49,599 | 38,469 \nTotal property, plant and equipment, gross | 856,533 | 800,957 \nLess: accumulated depreciation | (472,309) | (459,651)\nTotal property, plant and equipment, net | 384,224 | 341,306 \n\n. Property Plant Equipment\n September 2018\n Land buildings improvements $289,051 $267,809\n Machinery equipment 381,656 364,034\n Computer 136,227 130,645\n Capital assets 49,599 38,469\n 856,533 800,957\n accumulated depreciation (472,309) (459,651\n,224 341,306" +} +{ + "_id": "d1b341a38", + "title": "", + "text": "Stock Options\nOur stock options are generally exercisable in increments of either one-fourth or one-third per year beginning one year from the date of grant. Stock options issued after February 2014 expire eight years from the date of grant. Options issued prior to February 2014 expire six years from the date of grant. Option activity for 2019 is summarized as follows:\nThe total intrinsic value was $108 million, $446 million, and $198 million for options exercised in 2019, 2018, and 2017, respectively.\n\n | Number of Shares | Weighted-Average Exercise Price Per Share | Weighted-Average Remaining Contractual Life (In Years) | Aggregate Intrinsic Value\n--------------------------------- | ---------------- | ----------------------------------------- | ------------------------------------------------------ | -------------------------\nOutstanding as of August 30, 2018 | 18 | $23.38 | | \nGranted | — | 44.30 | | \nExercised | (5) | 17.50 | | \nCanceled or expired | (1) | 22.60 | | \nOutstanding as of August 29, 2019 | 12 | 25.94 | 4.3 | $220 \nExercisable as of August 29, 2019 | 7 | $25.37 | 3.7 | $143 \nUnvested as of August 29, 2019 | 5 | 26.94 | 5.5 | 77 \n\nOptions\n exercisable one-fourth or one-third per year grant. after February 2014 expire eight years grant. prior 2014 expire six years. activity 2019\n total intrinsic value $108 million $446 million $198 million options 2019 2018 2017.\n Shares Weighted-Average Exercise Price Per Share Contractual Life Intrinsic Value\n Outstanding as August 30, 2018 $23.\n Granted 44.\n Exercised 17.\n Canceled expired 22.\n Outstanding August 29, 2019 25. $220\n Exercisable August 29, $25. $143\n Unvested." +} +{ + "_id": "d1b39bfe2", + "title": "", + "text": "Acquisition of Fagerdala\nOn October 2, 2017, the Company acquired Fagerdala Singapore Pte Ltd., a manufacturer and fabricator of polyethylene foam based in Singapore, to join its Product Care division. We acquired 100% of Fagerdala shares for estimated consideration of S$144.7 million, or $106.2 million, net of cash acquired of $13.3 million, inclusive of purchase price adjustments which were finalized in the third quarter of 2018. We acquired Fagerdala to leverage its manufacturing footprint in Asia, experience in foam manufacturing and fabrication and commercial organization to expand our presence across multiple industries utilizing fulfillment to distribute goods.\nThe following table summarizes the consideration transferred to acquire Fagerdala and the final allocation of the purchase price among the assets acquired and liabilities assumed. price among the assets acquired and liabilities assumed.\n\n | Preliminary Allocation | Measurement Period | Final Allocation \n----------------------------------------- | ---------------------- | ------------------ | -----------------------\n(In millions) | As of October 2, 2017 | Adjustments | As of December 31, 2018\nTotal consideration transferred | $ 106.6 | $ (0.4) | $ 106.2 \nAssets: | | | \nCash and cash equivalents | 13.3 | — | 13.3 \nTrade receivables, net | 22.4 | — | 22.4 \nInventories, net | 10.0 | 0.1 | 10.1 \nPrepaid expenses and other current assets | 8.4 | — | 8.4 \nProperty and equipment, net | 23.3 | — | 23.3 \nIdentifiable intangible assets, net | 41.4 | 0.7 | 42.1 \nGoodwill | 39.3 | (1.5) | 37.8 \nTotal assets | $ 158.1 | $ (0.7) | $ 157.4 \nLiabilities: | | | \nShort-term borrowings | 14.0 | — | 14.0 \nAccounts payable | 6.9 | — | 6.9 \nOther current liabilities | 15.1 | (0.1) | 15.0 \nLong-term debt, less current portion | 3.8 | — | 3.8 \nNon-current deferred taxes | 11.7 | (0.2) | 11.5 \nTotal liabilities | $ 51.5 | $ (0.3) | $ 51.2 \n\nAcquisition Fagerdala\n October 2 2017 acquired Fagerdala Singapore Pte. manufacturer fabricator polyethylene foam Singapore Product Care division. acquired 100% Fagerdala shares S$144. 7 million $106. 2 million cash $13. 3 million purchase price adjustments finalized third quarter 2018. acquired manufacturing footprint Asia experience foam manufacturing fabrication expand presence.\n table summarizes consideration Fagerdala final allocation purchase price assets acquired liabilities assumed.\n Preliminary Allocation Final Allocation\n October 2 2017 Adjustments December 31, 2018\n Total consideration transferred $ 106.\n Assets\n Cash equivalents 13.\n Trade receivables.\n Inventories.\n Prepaid expenses current assets.\n Property equipment.\n intangible assets 41.\n Goodwill.\n Total assets $ 158. 157.\n Liabilities\n Short-term borrowings 14.\n Accounts payable.6. 9\n liabilities 15. 1.\n Long-term debt less 3. 8\n Non-current deferred taxes 11. 7. 2) 11.\n liabilities 51." +} +{ + "_id": "d1b34f9ee", + "title": "", + "text": "The increase in Global Financing total revenue was driven by an increase in internal revenue, partially offset by a decrease in external revenue. Internal revenue grew 9.5 percent driven by increases in internal financing (up 17.6 percent) and internal used equipment sales (up 6.8 percent).\nExternal revenue declined 6.3 percent due to a decrease in external used equipment sales (down 30.8 percent), partially offset by an increase in external financing (up 4.9 percent).\nThe increase in Global Financing pre-tax income was primarily driven by an increase in gross profit and a decrease in total expense.\n\n($ in millions) | | | \n------------------------------- | ------ | ------ | -------------------------\nFor the year ended December 31: | 2018 | 2017 | Yr.-to-Yr. Percent Change\nResults of Operations | | | \nExternal revenue | $1,590 | $1,696 | (6.3)% \nInternal revenue | 1,610 | 1,471 | 9.5 \nTotal revenue | $3,200 | $3,168 | 1.0% \nPre-tax income | $1,361 | $1,278 | 6.5% \n\nGlobal Financing revenue internal revenue external revenue. Internal revenue grew. percent financing. used equipment sales.\n External revenue declined. 3 percent equipment sales. offset financing. 9.\n increase Global Financing pre-tax income driven gross profit decrease expense.\n year December 31 2018 2017. Percent Change\n External revenue $1,590 $1,696.\n Internal revenue 1,610 1,471.\n Total revenue $3,200 $3,168.\n Pre-tax income $1,361 $1,278." +} +{ + "_id": "d1b3b91b4", + "title": "", + "text": "Statement of financial position\nGuarantees entered into by the parent entity in relation to the debts of its subsidiaries\nAltium Limited has provided financial guarantees in respect of credit card facilities and office leases amounting to US$261,518 (2018: US$283,752).\nContingent liabilities\nThe parent entity had no contingent liabilities as at 30 June 2019 and 30 June 2018.\nCapital commitments - Property, plant and equipment\nThe parent entity had no capital commitments for property, plant and equipment at as 30 June 2019 and 30 June 2018.\nThe accounting policies of the parent entity are consistent with those of the Group, as disclosed in the relevant notes to the financial statements.\n\nParent | | \n--------------------------- | ------- | -------\n | 2019 | 2018 \n | US$’000 | US$’000\nTotal current assets | 121,041 | 73,202 \nTotal assets | 383,665 | 336,032\nTotal current liabilities | 154,619 | 90,392 \nTotal liabilities | 155,521 | 92,364 \nEquity | | \nContributed equity | 126,058 | 125,635\nForeign currency reserve | 2,607 | 2,783 \nEquity compensation reserve | 19,561 | 12,570 \nRetained profits | 79,918 | 102,680\nTotal equity | 228,144 | 243,668\n\nfinancial position\n Guarantees parent entity debts subsidiaries\n Altium Limited guarantees credit card office leases US$261,518 (2018 US$283,752).\n no 30 June 2019 2018.\n 2019.\n accounting policies consistent Group financial statements.\n US$’000\n assets 121,041 73,202\n 383,665 336,032\n liabilities 154,619 90,392\n 155,521 92,364\n Contributed equity 126,058 125,635\n Foreign currency reserve 2,607 2,783\n compensation reserve 19,561\n Retained profits 79,918 102,680\n equity 228,144 243,668" +} +{ + "_id": "d1b3336c2", + "title": "", + "text": "This section provides a summary of the capital management activity of the Group during the period, including the Group’s borrowings. The Group manages its liquidity requirements with a range of short-term money market loans, bank loans, and flexible debt instruments with varying maturities.\nThe Group manages its capital structure with the objective of enhancing long-term shareholder value through funding its business at an optimised weighted average cost of capital.\nThe Group returns capital to shareholders when consistent with its long-term capital structure objectives and where it will enhance shareholder value. In May 2019, the Group returned $1.7 billion of capital to shareholders through an off-market share buy-back. This resulted in the purchase of 58.7 million shares which were subsequently cancelled. The share buy-back complements dividends of $1.4 billion paid to shareholders this reporting period through the 2018 final and special dividends, and the 2019 interim dividend, with a total of $3.1 billion returned to shareholders, excluding franking credits.\nThe Group remains committed to solid investment grade credit ratings and a number of actions can be undertaken to support the credit profile including the sale of non-core assets, further working capital initiatives, and adjusting growth capital expenditure and the property leasing profile. The Group’s credit ratings (1) are BBB (stable outlook) according to S&P and Baa2 (stable outlook) according to Moody’s.\nIn March 2019, the $500 million domestic Medium Term Notes matured. It was refinanced in April 2019 with $400 million of Medium Term Notes issued to meet the Group’s new Green Bond Framework (Green Bonds). The Green Bonds have been issued for a five-year tenor, maturing in April 2024.\nIn November 2019, $320 million of undrawn syndicated bank loan facilities are due to mature. The Group intends to refinance this facility at maturity.\n(1) These credit ratings have been issued by a credit rating agency which holds an Australian Financial Services Licence with an authorisation to issue credit ratings to wholesale clients only and are for the benefit of the Group’s debt providers.\n\n | OPENING | NON‑CASH | NET CASH | CLOSING\n----------------------------- | ------- | --------- | --------- | -------\n | BALANCE | MOVEMENTS | MOVEMENTS | BALANCE\n2019 | $M | $M | $M | $M \nCurrent, unsecured | | | | \nShort-term money market loans | 16 | 2 | 21 | 39 \nBank loans | 88 | 5 | 142 | 235 \nSecurities | 500 | – | (500) | – \nTotal current borrowings | 604 | 7 | (337) | 274 \nNon‑current, unsecured | | | | \nBank loans | 540 | 36 | 102 | 678 \nSecurities | 1,668 | 110 | 400 | 2,178 \nUnamortised borrowing costs | (9) | 5 | – | (4) \nFinance leases | – | 6 | (3) | 3 \nTotal non‑current borrowings | 2,199 | 157 | 499 | 2,855 \nTotal | 2,803 | 164 | 162 | 3,129 \n\ncapital management activity borrowings. manages liquidity short-term loans bank loans debt instruments varying maturities.\n capital long-term shareholder value optimised cost capital.\n returns capital objectives. May 2019 returned $1. 7 billion off-market share buy-back. 58. 7 million shares cancelled.-back complements dividends $1. 4 billion 2018 2019 interim dividend $3. 1 billion returned excluding franking credits.\n committed solid investment credit ratings sale non-core assets working capital initiatives adjusting growth capital expenditure property leasing profile. credit ratings BBB Baa2 Moody’s.\n March 2019 $500 million Medium Term Notes matured. refinanced April 2019 $400 million Medium Term Notes Green Bond Framework. five-year tenor maturing April 2024.\n November 2019 $320 million undrawn syndicated bank loan mature. intends refinance maturity.\n credit ratings issued Australian Licence debt providers.\nOPENING NON‐CASH CASH CLOSING\n BALANCE\n 2019 $M\n unsecured\n Short-term loans 16 21\n Bank loans 88 142\n Securities\n current borrowings 604 (337) 274\n Non‐current unsecured\n Bank loans 540 36 102 678\n Securities 1,668 110 400 2,178\n Unamortised borrowing costs\n Finance leases\n non‐current borrowings 2,199 157 499 2,855\n 2,803 164 3" +} +{ + "_id": "d1b3457fa", + "title": "", + "text": "Note 14 – Employee Benefit Plans\nPension Benefit Plan\nWe maintain a defined benefit pension plan covering employees in certain foreign countries.\nThe pension benefit plan obligations and funded status as of December 31, 2019 and 2018, were as follows:\nThe accumulated benefit obligation was $43.9 million and $37.2 million as of December 31, 2019 and 2018, respectively. The increase in the accumulated benefit obligation and the actuarial loss was primarily attributable to a decrease in the discount rate during 2019.\n\n(In thousands) | 2019 | 2018 \n--------------------------------------------------- | --------- | ---------\nChange in projected benefit obligation: | | \nProjected benefit obligation at beginning of period | $37,245 | $34,893 \nService cost | 1,471 | 1,193 \nInterest cost | 634 | 727 \nActuarial loss - experience | 453 | 38 \nActuarial loss - assumptions | 5,091 | 2,139 \nBenefit payments | (166) | (138) \nEffects of foreign currency exchange rate changes | (826) | (1,607) \nProjected benefit obligation at end of period | 43,902 | 37,245 \nChange in plan assets: | | \nFair value of plan assets at beginning of period | 24,159 | 26,624 \nActual gain (loss) on plan assets | 4,392 | (2,024) \nContributions | — | 688 \nEffects of foreign currency exchange rate changes | (535) | (1,129) \nFair value of plan assets at end of period | 28,016 | 24,159 \nUnfunded status at end of period | $(15,886) | $(13,086)\n\n14 Employee Benefit Plans\n Pension Plan\n defined benefit pension plan foreign countries.\n pension benefit obligations funded status December 31, 2019 2018\n accumulated benefit obligation $43. million $37. 2 million. increase loss discount rate 2019.\n Change projected benefit obligation\n $37,245 $34,893\n Service cost 1,471\n Interest cost 634\n Actuarial loss\n 5,091 2,139\n Benefit payments (166)\n foreign currency exchange rate changes\n end 43,902 37,245\n Change plan assets\n 24,159 26,624\n gain (loss) 4,392\n Effects foreign currency exchange rate changes\n 28,016 24\n Unfunded status end period $(15,886) $(13,086)" +} +{ + "_id": "d1a73f2c6", + "title": "", + "text": "Selling and Administrative Expenses. Selling and administrative expenses increased $124.2 million in 2019 compared to 2018. Our selling and administrative expenses by major expense type for 2019 and 2018 were as follows (dollars in thousands):\nSelling and administrative expenses increased approximately 70 basis points as a percentage of net sales in 2019 compared to 2018. The increase in expenses reflects the addition of PCM to our North America and EMEA segments, effective August 30, 2019.\nThe addition of PCM and increased variable compensation resulting from increased sales and gross profit in 2019 compared to 2018 were the primary drivers for the $90.9 million increase in personnel costs. PCM was also the primary driver for year over year increases in facilities, travel and entertainment, and marketing expenses.\nDepreciation and amortization expense increased approximately $8.8 million year over year, primarily due to additional amortization expense on newly acquired intangible assets.\n\n | 2019 | 2018 | Change \n-------------------------------------------- | -------- | -------- | --------\nPersonnel costs, including teammate benefits | $684,837 | $593,955 | $90,882 \nDepreciation and amortization | 46,209 | 37,458 | 8,751 \nFacility expenses | 30,945 | 26,396 | 4,549 \nTravel and entertainment | 28,402 | 25,656 | 2,746 \nLegal and professional fees | 16,839 | 16,103 | 736 \nMarketing | 11,597 | 10,345 | 1,252 \nOther | 61,908 | 46,616 | 15,292 \nTotal | $880,737 | $756,529 | $124,208\n\nSelling Administrative Expenses. increased $124. 2 million 2019 2018.\n increased 70 points net sales. PCM North America EMEA segments August 30, 2019.\n increased variable compensation sales profit $90. 9 million increase personnel costs. facilities travel entertainment marketing expenses.\n Depreciation amortization expense increased $8. 8 million acquired intangible assets.\n 2018\n Personnel costs benefits $684,837 $593,955 $90,882\n Depreciation amortization 46,209 37,458\n Facility expenses 30,945\n Travel entertainment 28,402 25,656\n Legal professional fees 16,839,103\n Marketing 11,597\n Other 61,908\n Total $880,737 $756,529 $124,208" +} +{ + "_id": "d1b351dca", + "title": "", + "text": "Information about Contract Balances\nAmounts collected in advance of services being provided are accounted for as deferred revenue. Nearly all of the Company's deferred revenue balance is related to services revenue, primarily customer support contracts.\nIn some arrangements the Company allows customers to pay for term based software licenses and products over the term of the software license. Amounts recognized as revenue in excess of amounts billed are recorded as unbilled receivables. Unbilled receivables which are anticipated to be invoiced in the next twelve months are included in Accounts receivable on the consolidated balance sheet. Long term unbilled receivables are included in Other assets. The opening and closing balances of the Company’s accounts receivable, unbilled receivables, and deferred revenues are as follows:\nThe increase in accounts receivable is primarily a result of an increase in subscription software transactions that are recognized as revenue at the time of sale but paid for over time. The net increase in deferred revenue is primarily the result of an increase in deferred customer support revenue related to software and products revenue transactions and customer support renewals during fiscal 2019.\nThe amount of revenue recognized in the period that was included in the opening deferred revenue balance was $238,603 for the year ended March 31, 2019. The vast majority of this revenue consists of customer support arrangements. The amount of revenue recognized from performance obligations satisfied in prior periods was not material.\nNotes to Consolidated Financial Statements — (Continued) (In thousands, except per share data)\n\n | Accounts Receivable | Unbilled Receivable (current) | Unbilled Receivable (long-term) | Deferred Revenue (current) | Deferred Revenue (long-term)\n------------------------------------ | ------------------- | ----------------------------- | ------------------------------- | -------------------------- | ----------------------------\nOpening Balance as of March 31, 2018 | $152,219 | $9,900 | $4,380 | $241,113 | $84,661 \nIncrease/(decrease), net | 9,351 | 5,366 | 2,836 | (2,674) | 14,596 \nEnding Balance as of March 31, 2019 | $161,570 | $15,266 | $7,216 | $238,439 | $99,257 \n\nContract Balances\n collected services deferred revenue. Company deferred revenue related services primarily customer support contracts.\n pay term software licenses products over term. unbilled receivables. twelve months included in Accounts receivable. Long term unbilled receivables Other assets. opening closing balances accounts receivable unbilled receivables deferred revenues\n increase in accounts receivable subscription software transactions paid over time. increase deferred revenue deferred customer support revenue fiscal 2019.\n revenue recognized opening deferred revenue balance $238,603 year March 31, 2019. majority customer support arrangements. revenue performance obligations not material.\n Consolidated Financial Statements\n Accounts Receivable Unbilled Receivable-term Deferred Revenue\n Opening Balance as March 31, 2018 $152,219 $9,900 $4,380 $241,113 $84,661\n9,351 5,366 2,836 14,596\n March $161,570,266 $238,439 $99,257" +} +{ + "_id": "d1b305600", + "title": "", + "text": "The movements below in foreign currency translation reserve and cashflow hedge reserve relating to the NSPT Group are presented within non-controlling interest in the Group’s consolidated statement of changes in equity.\nTaxation impact on revaluation applies only to cash flow hedges held in NSNZPT, a sub-trust of NSPT, which is subject to New Zealand tax legislation. Deferred tax does not apply to any other cash flow hedges held in the NSPT Group under current Australian tax legislation.\nThe hedging reserve is used to record gains or losses on derivatives that are designated as cash flow hedges and recognised in other comprehensive income, as described in note 2(m). Amounts are reclassified to profit or loss in the period when the associated hedged transaction takes place.\nOn 24 June 2019, the Group reset the interest rates associated with AUD denominated interest rate swaps designated as cash flow hedges. This resulted in a cash outflow of $22.9m which reduced the Group’s financial liability as presented in note 9.8. In accordance with AASB 9 Financial instruments, as the nature of the underlying hedged instrument is unchanged the fair value of this outflow remains in the cash flow hedge reserve and will be amortised to the statement of profit or loss in future periods.\nThe cash flow hedge is included in non-controlling interest in the Consolidated Group and is not classified within other reserves.\n\nNSPT Group | | \n---------------------------------------- | -------- | -------\n | 2019 | 2018 \n | $'000 | $'000 \nForeign currency translation reserve | | \nOpening balance at 1 July | (115) | 232 \nNet investment hedge | (1,591) | 1,007 \nForeign exchange translation differences | 2,464 | (1,354)\nClosing balance at 30 June | 758 | (115) \nCash flow hedge reserve | | \nOpening balance at 1 July | (2,073) | (45) \nRevaluation of derivatives | (22,098) | (2,112)\nTaxation impact on revaluation | 290 | 84 \nClosing balance at 30 June | (23,881) | (2,073)\nOther reserves | (23,123) | (2,188)\n\nmovements foreign currency cashflow hedge reserve NSPT Group non-controlling interest changes equity.\n Taxation impact revaluation applies cash flow hedges NSNZPT sub-trust subject New Zealand tax legislation. Deferred tax other cash flow hedges NSPT Group Australian tax legislation.\n hedging reserve gains losses derivatives cash flow hedges. Amounts reclassified profit loss hedged transaction.\n 24 June 2019 Group reset interest rates swaps cash flow hedges. cash outflow $22. 9m reduced financial liability. instrument fair value outflow remains hedge reserve amortised profit loss future.\n cash flow hedge non-controlling interest Consolidated Group not classified other reserves.\n NSPT Group\n Foreign currency translation reserve\n balance 1 July\n Net investment hedge\n Foreign exchange translation differences\n balance\n Cash flow hedge reserve\n Revaluation derivatives\n Taxation impact revaluation\n30 June,881) (2,073)\n reserves,123,188" +} +{ + "_id": "d1b32e9b0", + "title": "", + "text": "In the first quarter of 2019, the Company determined that certain revenue in the IT Services and Hardware segment associated with nonrecurring projects is better aligned with Infrastructure Solutions, rather than Consulting, where it was previously reported.  As a result, the Company reclassed revenue of $26.6 million and $12.3 million from Consulting to Infrastructure Solutions for the twelve months ended December 31, 2018 and 2017, respectively.  This reclassification of revenue had no impact on the Consolidated Statements of Operations\nThe following table presents revenues disaggregated by contract type\n\nYear ended December 31, | | | \n---------------------------------------------------------- | -------- | -------- | --------\n(dollars in millions) | 2019 | 2018 | 2017 \nEntertainment and Communications | | | \nProducts and services transferred at a point in time | $31.7 | $25.3 | $20.6 \nProducts and services transferred over time | 942.4 | 805.8 | 664.3 \nIntersegment revenue | 21.6 | 22.3 | 21.2 \nTotal Entertainment and Communications | 995.7 | 853.4 | 706.1 \nIT Services and Hardware | | | \nProducts and services transferred at a point in time | 138.7 | 142.9 | 80.8 \nProducts and services transferred over time | 423.9 | 404.2 | 300.0 \nIntersegment revenue | 4.8 | 3.8 | 4.3 \nTotal IT Services and Hardware | 567.4 | 550.9 | 385.1 \nTotal Revenue | | | \nTotal products and services transferred at a point in time | 170.4 | 168.2 | 101.4 \nTotal products and services transferred over time | 1,366.3 | 1210.0 | 964.3 \nTotal revenue | $1,536.7 | $1,378.2 | $1,065.7\n\nfirst quarter 2019 Company determined revenue IT Services Hardware segment nonrecurring projects aligned Infrastructure Solutions Consulting. reclassed revenue $26. 6 million $12. 3 million Consulting Infrastructure Solutions months December 31, 2018 2017. reclassification Consolidated Statements Operations\n table presents revenues disaggregated contract type\n ended December 31,\n (dollars millions 2019 2018 2017\n Communications\n services transferred $31. 7 $25. 3 $20.\n 942. 805. 8 664.\n 21. 22. 21.\n 995. 853. 706.\n 138. 142. 80.\n 423. 404. 300.\n 4. 3. 4.\n IT Services Hardware 567. 550. 385.\n services transferred 170. 168. 101.\n 1,366. 3 1210. 964.\n $1,536. 7 $1,378. 2 $1,065." +} +{ + "_id": "d1a7231d4", + "title": "", + "text": "Market and Market Prices of Common Stock\nDuring 2016 fiscal year and through February 22, 2017, our common stock was traded on the Nasdaq Capital Market under the symbol “ACUR”. On February 23, 2017, our common stock was delisted from the Nasdaq Capital Market due to our failure to comply with Nasdaq’s Listing Rule 5550(b)(1), which requires that we maintain $2.5 million in stockholders’ equity for continued listing (or meet the alternatives of market value of listed securities of $35 million or net income from continuing operations). NASDAQ had granted us a grace period through February 10, 2017, to regain compliance with Listing Rule 5550(b)(1), but we were unable to regain compliance within such period.\nCommencing on February 23, 2017, our common stock was quoted on the OTCQB under the symbol “ACUR”, however commencing June 4, 2018 and lasting until July 2, 2018 it was quoted on the OTC Markets OTC Pink tier. The downgrade was a result of the late filing of our 2017 Annual Report on Form 10-K beyond any applicable grace periods. The Company regained compliance with the OTCQB and effective July 3, 2018 it was quoted on the OTCQB. However, commencing May 20, 2019 as a result of late filing of our 2018 Annual Report on Form 10-K our common stock was again relegated to the OTC Markets OTC Pink tier. The Company regained compliance with the OTCQB in March, 2020 and effective March 23, 2020 it was quoted on the OTCQB.\nSet forth below for the period indicated are the high and low sales prices for our common stock in the OTC Market of OTCQB and Pink tier.\nOn March 27, 2020 the closing sales price of our common stock was $0.22.\n\nPeriod | | Sales Prices\n--------------------------------- | ----- | ------------\n | High | Low \n2019 Fiscal Year | | \nFirst Quarter | $0.29 | $0.11 \nSecond Quarter | 0.28 | 0.13 \nThird Quarter | 0.45 | 0.14 \nFourth Quarter | 0.63 | 0.20 \n2020 Fiscal Year | | \nFirst Quarter thru March 27, 2020 | 0.47 | $0.12 \n\nMarket Prices Common Stock\n 2016 year February 22, 2017 common stock traded Nasdaq Capital Market “ACUR”. February 23, 2017 stock delisted Nasdaq Listing Rule 5550(b)(1) $2. 5 million stockholders’ equity listing market value $35 million net income operations. grace period February 10, 2017 regain compliance.\n February 23, 2017 stock quoted OTCQB June 4 2018 July 2, 2018 quoted OTC Markets Pink. downgrade late filing 2017 Annual Report Form 10-K. regained compliance July 3, 2018 quoted OTCQB. May 20, 2019 late 2018 Annual Report 10-K relegated OTC Markets Pink tier. regained compliance March 2020 23, quoted OTCQB.\n high low sales prices common stock.\n March 27, 2020 closing sales price $0. 22.\n 2019 Fiscal Year\n First Quarter.\n Second.\n Third.\n Fourth Quarter..\n 2020 Fiscal Year\n First Quarter March 27,." +} +{ + "_id": "d1b36fd20", + "title": "", + "text": "Income Tax Expense (Benefit)\nSignificant components of the income tax expense (benefit) were as follows:\n\n | | Fiscal | \n-------------------------------------- | ------ | ------------- | -----\n | 2019 | 2018 | 2017 \n | | (in millions) | \nCurrent income tax expense (benefit): | | | \nU.S.: | | | \nFederal | $ (28) | $ 20 | $ (9)\nState | 2 | 21 | 9 \nNon-U.S. | 229 | 406 | 322 \n | 203 | 447 | 322 \nDeferred income tax expense (benefit): | | | \nU.S.: | | | \nFederal | (25) | 499 | (119)\nState | (8) | (30) | (15) \nNon-U.S. | (185) | (1,260) | (8) \n | (218) | (791) | (142)\nIncome tax expense (benefit) | $ (15) | $ (344) | $ 180\n\nIncome Tax Expense\n components\n 2019 2018 2017\n millions\n Current income tax expense\n.\n Federal (28) 20\n 21\n Non. 229 406 322\n 203 447 322\n Deferred income tax expense\n.\n Federal (25) 499 (119)\n State (30)\n Non-U. (185) (1,260)\n (218) (791) (142)\n Income tax expense (benefit $ (15) (344) 180" +} +{ + "_id": "d1b391b6e", + "title": "", + "text": "13. Loss per Share\nThe following data shows the amounts used in computing loss per share and the effect on earnings and the weighted average number of shares of dilutive potential common shares.\nBasic earnings (loss) per share is computed as net income available to common shareholders divided by the weighted average basic shares outstanding. The outstanding shares used to calculate the weighted average basic shares excludes 300,437, 334,817 and 490,355 of restricted shares and performance shares at March 31, 2019, 2018 and 2017, respectively, as these shares were issued but were not vested and, therefore, not considered outstanding for purposes of computing basic earnings per share at the balance sheet dates.\nDiluted earnings (loss) per share includes the effect of all potentially dilutive securities on earnings per share. We have stock options, stock-settled appreciation rights (\"SSARs\"), unvested restricted shares and unvested performance shares that are potentially dilutive securities. When a loss is reported, the denominator of diluted earnings per share cannot be adjusted for the dilutive impact of sharebased compensation awards because doing so would be anti-dilutive.\nIn addition, when a net loss is reported, adjusting the denominator of diluted earnings per share would also be anti-dilutive to the loss per share, even if the entity has net income after adjusting for a discontinued operation. Therefore, for all periods presented, basic weighted-average shares outstanding were used in calculating the diluted net loss per share.\n\n | | Year ended March 31, | \n---------------------------------------------------------------------------- | --------- | -------------------- | ---------\n(In thousands, except per share data) | 2019 | 2018 | 2017 \nNumerator: | | | \nNet loss | $(13,164) | $(8,350) | $(11,721)\nDenominator: | | | \nWeighted average shares outstanding - basic and diluted | 23,037 | 22,801 | 22,615 \nLoss per share - basic and diluted: | | | \nNet loss per share-basic and diluted | $(0.57) | $(0.37) | $(0.52) \nAnti-dilutive stock options, SSARs, restricted shares and performance shares | 1,433 | 756 | 1,004 \n\n. Loss per Share\n data shows loss per share effect earnings dilutive shares.\n earnings (loss per share net income divided by average shares. outstanding shares 300,437 334,817 490,355 restricted performance shares at March 31, 2019 2018 2017 not vested.\n Diluted earnings (loss includes effect dilutive securities. stock options stock-settled appreciation rights unvested restricted shares performance shares dilutive. denominator diluted earnings per share dilutive impact compensation.\n net loss adjusting denominator diluted earnings anti-dilutive. basic weighted-average shares outstanding used diluted net loss per share.\n Year ended March 31,\n 2019 2018 2017\n Net loss $(13,164) $(8,350) $(11,721)\n Weighted average shares outstanding basic diluted 23,037 22,801 22,615\n Loss per share\nloss share diluted. 37.\n Anti-dilutive options restricted shares 1,433 756 1,004" +} +{ + "_id": "d1a714cd8", + "title": "", + "text": "The following is a breakdown of revenue by shipment destination (in thousands):\n(1) Asia Pacific includes revenue from China $1.1 million or 11% and Japan of $1.8 million or 17% of total revenue in 2019 and $1.8 million or 15% and $1.6 million or 12% of total revenue in 2018, respectively. In 2017, revenue from China and Japan were $1.3 million or 11% and $1.5 million or 12%, respectively.\n(2) North America includes revenue from the United States of $4.7 million or 46% of total revenue in 2019, $6.4 million or 50% of total revenue in 2018 and $4.2 million or 34% of total revenue in 2017.\n\n | | | Fiscal Years\n--------------------- | ------- | ------- | ------------\n | 2019 | 2018 | 2017 \nRevenue by geography: | | | \nAsia Pacific (1) | $3,049 | $4,905 | $5,810 \nEurope | 2,459 | 1,280 | 2,015 \nNorth America (2) | 4,802 | 6,444 | 4,324 \nTotal revenue | $10,310 | $12,629 | $12,149 \n\nbreakdown revenue shipment\n Asia Pacific China $1. 1 million 11% Japan $1. 8 million 17% 2019 $1. 8 million 15%. 6 million 12% 2018. 2017 Japan $1. 3 million 11% $1. 5 million 12%.\n North America United States $4. 7 million 46% 2019 $6. 4 million 50% 2018 $4. 2 million 34% 2017.\n Asia Pacific $3,049 $4,905\n Europe 2,459\n North America,444\n $10,310" +} +{ + "_id": "d1b3bd98a", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n18. EARNINGS PER COMMON SHARE\nThe following table sets forth basic and diluted net income per common share computational data for the years ended December 31, (shares in thousands, except per share data):\n\n | 2019 | 2018 | 2017 \n-------------------------------------------------------------------------------------------------- | -------- | -------- | --------\nNet income attributable to American Tower Corporation stockholders | $1,887.8 | $1,236.4 | $1,238.9\nDividends on preferred stock | — | (9.4) | (87.4) \nNet income attributable to American Tower Corporation common stockholders | $1,887.8 | $1,227.0 | $1,151.5\nBasic weighted average common shares outstanding | 442,319 | 439,606 | 428,181 \nDilutive securities | 3,201 | 3,354 | 3,507 \nDiluted weighted average common shares outstanding | 445,520 | 442,960 | 431,688 \nBasic net income attributable to American Tower Corporation common stockholders per common share | $4.27 | $2.79 | $2.69 \nDiluted net income attributable to American Tower Corporation common stockholders per common share | $4.24 | $2.77 | $2.67 \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n. EARNINGS COMMON SHARE\n diluted net income common share years December 31,\n Net income American Tower Corporation stockholders $1,887. $1,236. $1,238.\n Dividends preferred stock.\n income $1,887. $1,227. $1,151.\n average common shares 442,319,606 428,181\n Dilutive securities 3,201 3,354 3,507\n Diluted 445,520,960 431,688\n income Corporation $4. 27 $2.\n Diluted income $4. 24 $2." +} +{ + "_id": "d1b34f200", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe following selected consolidated financial data should be read together with our consolidated financial statements and accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing elsewhere in this report. The selected consolidated financial data in this section is not intended to replace our consolidated financial statements and the accompanying notes. Our historical results are not necessarily indicative of our future results.\nWe derived the consolidated statements of operations data for the fiscal years ended December 31, 2019, 2018 and 2017 and the consolidated balance sheets data as of December 31, 2019 and 2018 from our audited consolidated financial statements appearing elsewhere in this report. The consolidated statement of operations data for the years ended December 31, 2016 and 2015 and the consolidated balance sheet data as of December 31, 2017, 2016 and 2015 have been derived from our audited consolidated financial statements, which are not included in this report.\n\n | Year Ended December 31, | | | | \n--------------------------------------------------- | ----------------------- | ---------- | ------------------------------------------------------ | ---------- | ----------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nConsolidated Statement of Operations Data | | | (Dollars in thousands except share and per share data) | | \nNet sales | $ 245,862 | $193,237 | $152,359 | $129,707 | $113,505 \nCost of goods sold | 131,665 | 103,247 | 79,943 | 69,336 | 58,856 \nGross profit | 114,197 | 89,990 | 72,416 | 60,371 | 54,649 \nSelling, general and administrative expenses | 114,450 | 94,876 | 75,167 | 62,586 | 58,297 \nLoss from operations | (253) | (4,886) | (2,751) | (2,215) | (3,648) \nOther income (expenses), net | 5 | (102) | (525) | (182) | 449 \nInterest expense | (991) | (296) | (910) | (698) | (455) \nLoss before income taxes | (1,239) | (5,284) | (4,187) | (3,095) | (3,653) \nIncome tax expense | 144 | 77 | 75 | 66 | 58 \nNet loss attributable to common stockholders | $(1,383) | $(5,361) | $(4,262) | $(3,161) | $(3,711) \nNet loss per share | | | | | \nBasic | $(0.04) | $(0.15) | $(0.12) | $(0.09) | $(0.11) \nDiluted | $(0.04) | $(0.15) | $(0.12) | $(0.09) | $(0.11) \nWeighted Average shares of common stock outstanding | | | | | \nBasic | 35,950,117 | 35,329,170 | 34,487,239 | 33,674,416 | 33,497,940\nDiluted | 35,950,117 | 35,329,170 | 34,487,239 | 33,674,416 | 33,497,940\n\n. SELECTED FINANCIAL DATA\n consolidated financial data with statements notes “Management’s Discussion Analysis Financial Condition Results Operations”. not replace. historical results not indicative future results.\n derived 2019 2018 2017 balance sheets from audited financial statements. 2016 2015 balance not.\n December\n 2019 2018 2017 2016 2015\n Consolidated Statement Operations Data\n Net sales $ 245,862 $193,237 $152,359 $129,707 $113,505\n Cost goods sold 131,665 103,247 79,943 69,336 58,856\n Gross profit 114,197 89,990 72,416 60,371 54,649\n Selling administrative expenses 114,450 94,876 75,167 62,586 58,297\n Loss from operations (253) (4,886) (2,751) (2,215) (3,648)\n Other income (102) (525) (182) 449\nInterest expense (991) (296) (910) (698) (455)\n Loss before income taxes (1,239) (5,284) (4,187) (3,095) (3,653)\n Income tax expense 144 77 75 66\n Net loss common $(1,383) $(5,361 $(4,262),161,711)\n Net loss per share\n.\n.\n Average shares common stock\n 35,950,117 35,329,170 34,487,239 33,674,416 33,497,940\n" +} +{ + "_id": "d1b39fd36", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nDisaggregation of Revenue\nThe following table presents our sales by product line, which includes certain reclassifications to prior comparative periods to conform to our current year presentation:\n\n | | Years Ended December 31, | \n----------------------- | -------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nSemiconductor Equipment | $403,018 | $533,770 | $554,063\nIndustrial & Medical | 245,992 | 185,122 | 116,949 \nData Center Computing | 91,438 | — | — \nTelecom & Networking | 48,500 | — | — \nTotal | $788,948 | $718,892 | $671,012\n\nADVANCED ENERGY INDUSTRIES. FINANCIAL STATEMENTS share\n Revenue\n table sales product line\n Ended December 31,\n Semiconductor Equipment $403,018 $533,770 $554,063\n Industrial Medical 245,992 185,122 116,949\n Data Center Computing 91,438\n Telecom Networking 48,500\n Total $788,948 $718,892 $671,012" +} +{ + "_id": "d1b3acef0", + "title": "", + "text": "Remuneration of key management personnel\nThe remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 ‘Related Party Disclosures’:\nNo Director received compensation for loss of office (2018 nil).\nThere were gains of $2,010,731 (2018 $852,742) on the exercise of options by key management personnel in 2019.\nFor further details refer to the Report on Directors’ remuneration on pages 77 to 101.\n\n | 2019 | 2018 \n---------------------------- | ------- | -------\n | $000 | $000 \nShort-term employee benefits | 3,540.9 | 3,842.1\nShare-based payment | 1,982.7 | 664.6 \n | 5,523.6 | 4,506.7\n\nRemuneration key management personnel\n Directors IAS 24 Party\n No Director received compensation loss office.\n gains $2,010,731 (2018 $852,742) options 2019.\n details Report Directors’ remuneration pages 77 to 101.\n Short-term employee benefits 3,540. 3,842.\n Share-based payment 1,982.\n 5,523. 4,506." +} +{ + "_id": "d1b32d7cc", + "title": "", + "text": "BELL WIRELESS OPERATING METRICS\n(1) Our Q1 2018 blended ABPU was adjusted to exclude the unfavourable retroactive impact of the CRTC decision on wireless domestic wholesale roaming rates of $14 million.\n(2) At the beginning of Q1 2019, we adjusted our wireless subscriber base to remove 167,929 subscribers (72,231 postpaid and 95,698 prepaid) as follows: (A) 65,798 subscribers (19,195 postpaid and 46,603 prepaid), due to the completion of the shutdown of the CDMA network on April 30, 2019, (B) 49,095 prepaid subscribers as a result of a change to our deactivation policy, mainly from 120 days for Bell/Virgin Mobile and 150 days for Lucky Mobile to 90 days, (C) 43,670 postpaid subscribers relating to IoT due to the further refinement of our subscriber definition as a result of technology evolution, and (D) 9,366 postpaid fixed wireless Internet subscribers which were transferred to our retail high-speed Internet subscriber base.\n(3) At the beginning of Q4 2018, we adjusted our postpaid wireless subscriber base to remove 20,000 subscribers that we divested to Xplornet as a result of BCE’s acquisition of MTS in 2017.\nBlended ABPU of $68.32 increased by 0.8% in 2019, compared to 2018, driven by: • A greater mix of customers subscribing to higher-value monthly plans including unlimited data plans • The flow-through of rate increases • The favourable impact from the subscriber base adjustments performed in Q1 2019\nThese factors were partly offset by: • Lower data and voice overages driven by increased customer adoption of monthly plans with higher data allotments and richer voice plans • Lower ABPU generated from our long-term mobile services contract with Shared Services Canada (SSC) • The dilutive impact from the continued growth in prepaid customers driven by Lucky Mobile, our low-cost prepaid mobile service\nTotal gross wireless activations increased by 8.3% in 2019, compared to last year, due to higher prepaid gross activations, offset in part by lower postpaid gross activations. • Postpaid gross activations decreased by 2.9% in 2019, compared to 2018, mainly due to fewer year-over-year customer additions from our contract with SSC as the migration process is essentially complete. Excluding the impact of the SSC contract, postpaid gross activations were higher year over year, driven by our mobile network quality, strong sales execution and focus on subscriber base management. • Prepaid gross activations increased by 61.9% in 2019, compared to last year, driven by the continued growth from Lucky Mobile along with the benefit from the national retail distribution of Lucky Mobile and Virgin Mobile prepaid services at Dollarama stores\nBlended wireless churn of 1.39% increased by 0.07 pts in 2019, compared to 2018. • Postpaid churn of 1.13% improved by 0.03 pts in 2019, compared to last year, driven by the favourable impact from our ongoing investments in customer retention and network speeds • Prepaid churn of 4.44% increased by 1.27 pts in 2019, compared to the prior year, due to greater competitive intensity in the discount mobile market and the impact from the harmonization of our prepaid deactivation policy across all Bell Wireless brands from 120 days for Bell and Virgin Mobile and 150 days for Lucky Mobile to 90 days\nNet activations grew by 7.4% in 2019, compared to 2018, due to higher prepaid net activations, moderated by lower postpaid net activations. • Postpaid net activations decreased by 10.2% in 2019, compared to 2018, driven by lower gross activations • Prepaid net activations increased by 81,325 in 2019, compared to last year, due to higher gross activations, offset in part by greater customer deactivations\nWireless subscribers at December 31, 2019 totaled 9,957,962, an increase of 3.6% from 9,610,482 subscribers reported at the end of 2018. This was comprised of 9,159,940 postpaid subscribers and 798,022 prepaid subscribers, an increase of 3.7% and 2.3%, respectively, year over year. At the end of 2019, the proportion of Bell Wireless customers subscribing to our postpaid service was stable at 92%, compared to last year. At the beginning of Q1 2019, we adjusted our wireless subscriber base to remove 167,929 subscribers (72,231 postpaid and 95,698 prepaid) as follows: • 65,798 subscribers (19,195 postpaid and 46,603 prepaid), due to the completion of the shutdown of the CDMA network on April 30, 2019 • 49,095 prepaid subscribers as a result of a change to our deactivation policy, mainly from 120 days for Bell/Virgin Mobile and 150 days for Lucky Mobile to 90 days • 43,670 postpaid subscribers relating to IoT due to the further refinement of our subscriber definition as a result of the technology evolution • 9,366 postpaid fixed wireless Internet subscribers which were transferred to our retail high-speed Internet subscriber base\n\n | 2019 | 2018 | CHANGE | % CHANGE \n----------------------------------- | --------- | --------- | -------- | ----------\nBlended ABPU ($/month) (1) | 68.32 | 67.76 | 0.56 | 0.8% \nGross activations | 2,117,517 | 1,954,792 | 162,725 | 8.3% \nPostpaid | 1,568,729 | 1,615,764 | (47,035) | (2.9%) \nPrepaid | 548,788 | 339,028 | 209,760 | 61.9% \nNet activations (losses) | 515,409 | 479,811 | 35,598 | 7.4% \nPostpaid | 401,955 | 447,682 | (45,727) | (10.2%) \nPrepaid | 113,454 | 32,129 | 81,325 | 253.1% \nBlended churn % (average per month) | 1.39% | 1.32% | | (0.07) pts\nPostpaid | 1.13% | 1.16% | | 0.03 pts \nPrepaid | 4.44% | 3.17% | | (1.27) pts\nSubscribers (2) (3) | 9,957,962 | 9,610,482 | 347,480 | 3.6% \nPostpaid (2) (3) | 9,159,940 | 8,830,216 | 329,724 | 3.7% \nPrepaid (2) | 798,022 | 780,266 | 17,756 | 2.3% \n\nBELL WIRELESS\n Q1 2018 ABPU adjusted impact CRTC decision wireless roaming rates $14 million.\n Q1 2019 adjusted wireless subscriber base 167,929 subscribers (72,231 postpaid 95,698 prepaid 65,798 subscribers (19,195 postpaid 46,603 shutdown CDMA network April 30, 2019 49,095 prepaid subscribers deactivation policy 90 43,670 postpaid subscribers 9,366 postpaid wireless Internet subscribers transferred retail high-speed Internet subscriber base.\n Q4 2018 adjusted postpaid wireless subscriber base remove subscribers divested Xplornet acquisition MTS 2017.\n Blended ABPU $68. 32 increased 0. 8% 2019 higher-value monthly plans rate increases subscriber base adjustments\n offset Lower data voice overages increased Lower ABPU mobile contract Shared Services Canada impact prepaid customers Lucky Mobile\n wireless activations increased 8.2019 higher prepaid activations lower postpaid. Postpaid activations decreased 2. 9% fewer customer additions contract SSC migration. postpaid activations higher mobile network quality sales execution subscriber base management. Prepaid activations increased 61. 9% growth Lucky Mobile national retail distribution Virgin Mobile Dollarama\n wireless churn 1. 39% increased. 07 pts. Postpaid churn 1. 13% improved. pts investments customer retention network speeds Prepaid churn 4. 44% increased. 27 pts competitive intensity discount mobile prepaid deactivation policy\n Net activations grew 7. 4% 2019 higher prepaid activations lower postpaid activations. Postpaid activations decreased 10. 2% 2019 lower activations Prepaid activations increased 81,325 higher activations greater deactivations\n Wireless subscribers December 31, 2019 9,957,962 increase 3. 6%,482 2018. 9,159,940 postpaid 798,022 prepaid increase 3. 7% 2. 3% year over.2019 Bell Wireless postpaid stable 92% last. Q1 2019 adjusted wireless subscriber base 167,929 subscribers,231 postpaid 95,698 prepaid 65,798 subscribers (19,195 postpaid 46,603 shutdown CDMA network April 30 2019 49,095 prepaid subscribers deactivation policy 120 90 43,670 postpaid subscribers 9,366 postpaid subscribers transferred retail high-speed Internet base\n Blended ABPU ($/month) 68. 32 67. 76.\n activations 2,117,517 1,954,792 162,725. 3%\n Postpaid 1,568,729 1,615,764. 9%)\n Prepaid 548,788 339,028 209,760.\n Net activations 515,409 479,811 35,598. 4%\n Postpaid 401,955 447,682.\n 113,454 32,129 81,325.\n Blended churn %. 39%. 32%.\n. 16%.\nPrepaid. 44%. 17%.\n Subscribers 9,957,962,482,480.\n Postpaid 9,159,940 8,830,216 329,724. 7%\n 798,022,266 17,756." +} +{ + "_id": "d1b326508", + "title": "", + "text": "Cost of Software License Cost of software license consists of the costs associated with software reproduction; media, packaging and delivery; documentation, and other related costs; and royalties on third-party software sold with or as part of our products. In 2019, cost of license decreased by $2.7 million, compared to 2018 principally due to a $1.7 million decrease in third-party software license fees and a $1.0 million decrease in royalty costs. In 2018, cost of software license decreased $0.2 million compared to 2017 principally due to the decrease in license revenue which resulted in lower royalty costs. Royalty costs decreased $2.1 million and were partially offset by a $1.7 million increase in third-party software license fees.\nCost of Cloud Subscriptions, Maintenance and Services Year 2019 compared with year 2018 Cost of cloud subscriptions, maintenance and services consists primarily of salaries and other personnel-related expenses of employees dedicated to cloud subscriptions; maintenance services; and professional and technical services as well as hosting fees. The $46.8 million increase in 2019 compared to 2018 was principally due to a $25.8 million increase in compensation and other personnelrelated expense resulting from increased headcount in cloud operations and professional services, a $9.4 million increase in performance-based compensation expense, and a $8.5 million increase in computer infrastructure costs related to cloud business transition. Year 2019 compared with year 2018 Cost of cloud subscriptions, maintenance and services consists primarily of salaries and other personnel-related expenses of employees dedicated to cloud subscriptions; maintenance services; and professional and technical services as well as hosting fees. The $46.8 million increase in 2019 compared to 2018 was principally due to a $25.8 million increase in compensation and other personnelrelated expense resulting from increased headcount in cloud operations and professional services, a $9.4 million increase in performance-based compensation expense, and a $8.5 million increase in computer infrastructure costs related to cloud business transition.\nYear 2019 compared with year 2018\nCost of cloud subscriptions, maintenance and services consists primarily of salaries and other personnel-related expenses of\nemployees dedicated to cloud subscriptions; maintenance services; and professional and technical services as well as hosting fees. The\n$46.8 million increase in 2019 compared to 2018 was principally due to a $25.8 million increase in compensation and other personnel related\nexpense resulting from increased headcount in cloud operations and professional services, a $9.4 million increase in\nperformance-based compensation expense, and a $8.5 million increase in computer infrastructure costs related to cloud business\ntransition.\nYear 2018 compared with year 2017\nThe $27.5 million increase in 2018 compared to 2017 was principally due to an $11.6 million increase in performance-based\ncompensation expense, an $8.8 million increase in computer infrastructure cost related to cloud business transition, and a $7.0 million\nincrease in other compensation and other personnel-related expenses resulting from increased headcount in professional services.\nCost of Hardware\nAs discussed above, we adopted the new revenue recognition standard as of January 1, 2018. As a result, we now recognize our\nhardware revenue net of related costs which reduces both hardware revenue and cost of sales as compared to our accounting prior to\n2018. Had we presented the results for 2017 under ASC 606, cost of hardware would have been presented as zero as we would have\nrecognized our hardware revenue net of related costs. In 2019, cost of hardware decreased $3.5 million compared to 2018 on\ndecreased hardware sales, while in 2018, cost of hardware increased $3.7 million compared with 2017 on increased hardware sales\n\nYear Ended December 31, | | | | | \n----------------------------------------------------- | --------- | --------- | --------- | ----------------------- | -----\n | | | | % Change vs. Prior Year | \n | 2019 | 2018 | 2017 | 2019 | 2018 \n(in thousands) | | | | | \nCost of software license | $ 2,626 | $ 5,297 | $ 5,483 | -50% | -3% \nCost of cloud subscriptions, maintenance and services | $282,341 | $235,584 | $208,045 | 20% | 13% \nCost of hardware | - | - | $32,205 | N/A | -100%\nTotal cost of revenue | $ 284,967 | $ 240,881 | $ 245,733 | 18% | -2% \n\nCost Software License reproduction media packaging delivery documentation royalties third-party software. 2019 decreased $2. 7 million 2018 due $1. 7 million decrease third-party fees $1. 0 million decrease royalty costs. 2018 decreased $0. 2 million 2017 license revenue lower royalty costs. Royalty costs decreased $2. 1 million offset by $1. 7 million increase third-party software license fees.\n Cost Cloud Subscriptions, Maintenance Services 2019 2018 salaries expenses maintenance services hosting fees. $46. 8 million increase 2019 due to $25. 8 million increase compensation increased headcount $9. 4 million performance-based compensation expense $8. 5 million increase computer infrastructure costs. salaries hosting fees. $46. 8 million increase 2019 due to $25. 8 million increase increased headcount $9. 4 million performance-based compensation expense $8. 5 million increase computer infrastructure costs.\n salaries expenses\n maintenance services hosting fees.\n.8 million increase 2019 2018 due $25. million compensation\n increased headcount cloud operations $9. 4 million increase\n performance compensation $8. 5 million computer infrastructure costs cloud\n transition.\n 2018\n $27. 5 million increase 2018 due $11. 6 million performance\n compensation $8. million computer infrastructure cost cloud $7. million\n increased headcount services.\n Cost Hardware\n adopted new revenue recognition standard January 1, 2018.\n hardware revenue net related costs reduces revenue cost sales\n. results 2017 zero\n. 2019 hardware decreased $3. 5 million 2018\n 2018 increased $3. 7 million\n Year Ended December 31,\n Change. Year\n Cost software license $ 2,626 $ 5,297 -50% -3%\n Cost cloud subscriptions maintenance services $282,341 $235,584 $208,045 20% 13%\n Cost hardware $32,205 N/A -100%\ncost revenue 284,967 240,881 245,733" +} +{ + "_id": "d1b2e8924", + "title": "", + "text": "4. Property and Equipment\nProperty and equipment consist of the following (in thousands):\nDepreciation and amortization expense was $0.9 million and $1.0 million for the years ended December 31, 2019 and 2018, respectively.\n\nAs of December 31, | | \n---------------------------------------------- | ------- | -------\n | 2019 | 2018 \nComputers, software, furniture and fixtures | $1,406 | $1,407 \nEquipment under capital lease 3,348 | 3,348 | 3,525 \nLess accumulated depreciation and amortization | (3,171) | (2,448)\nProperty and equipment, net | $1,583 | $2,484 \n\n. Property Equipment\n Depreciation amortization $0. million $1. million years December 2019 2018.\n Computers software furniture fixtures $1,406 $1,407\n Equipment capital lease 3,348\n depreciation amortization,171 (2,448\n $1,583 $2,484" +} +{ + "_id": "d1a722a18", + "title": "", + "text": "Research and development expenses consist primarily of payroll and payroll-related benefits expenses, contracted research and development expenses, and facility costs. Research and development assists with organic growth and improves product stability and functionality, and accordingly, we dedicate extensive efforts to update and upgrade our product offerings. The primary driver is typically budgeted software upgrades and software development.\nResearch and development expenses decreased by $1.1 million during the year ended June 30, 2019 as compared to the prior fiscal year. This was primarily due to a reduction in contract labour and consulting of $6.8 million and a reduction in the use of facility and related expenses of $4.8 million, partially offset by an increase in payroll and payroll-related benefits of $12.6 million. The increase in payroll and payroll-related benefits was driven primarily by increased headcount from recent acquisitions. Overall, our research and development expenses, as a percentage of total revenues, remained stable at approximately 11% compared to prior fiscal year.\nOur research and development labour resources increased by 336 employees, from 3,331 employees at June 30, 2018 to 3,667 employees at June 30, 2019.\n\n | Change between Fiscal increase (decrease) | \n------------------------------------------------- | ----------------------------------------- | -------------\n(In thousands) | 2019 and 2018 | 2018 and 2017\nPayroll and payroll-related benefits | $12,629 | $39,119 \nContract labour and consulting | (6,791) | (3,899) \nShare-based compensation | (385) | (1,490) \nTravel and communication | (588) | (343) \nFacilities | (4,775) | 7,834 \nOther miscellaneous | (1,163) | 473 \nTotal change in research and development expenses | $(1,073) | $41,694 \n\nResearch development expenses payroll benefits contracted facility costs. growth improves product stability functionality product offerings. primary driver software upgrades development.\n expenses decreased by $1. 1 million June 30, 2019 prior. due to reduction contract labour consulting $6. 8 million facility expenses $4. 8 million offset increase payroll benefits $12. 6 million. driven by increased headcount acquisitions. expenses revenues stable 11%.\n labour resources increased 336 employees from 3,331 2018 to 3,667 2019.\n Payroll benefits $12,629 $39,119\n Contract labour consulting (6,791)\n Share-based compensation\n Travel communication (588)\n Facilities (4,775)\n miscellaneous\n Total change research development expenses $41,694" +} +{ + "_id": "d1a7166dc", + "title": "", + "text": "Past due but not impaired\nCustomers with balances past due but without provision for impairment of receivables amount to US$9,319,000 as at 30 June 2019 (2018:\nUS$6,890,000).\nThe ageing of the past due but not impaired receivables are as follows:\nAccounting policy for trade and other receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Trade receivables generally have 30 to 90 day terms.\nAASB 9 Financial Instruments This standard addresses the classification, measurement and derecognition of financial assets and financial liabilities, introduces new rules for hedge accounting and a new impairment model based on expected credit losses for the impairment of financial assets. The Group has applied the new standard on 1 July 2018 using a simplified approach for measuring expected credit losses relating to trade receivables using a lifetime expected loss allowance. To measure the expected credit losses, trade receivables are grouped based on region and ageing. Customers with heightened credit risk are provided for specifically based on historical default rates and forward looking information. Where there is no reasonable expectation of recovery, balances are written-off. The application of the standard did not result in any significant impact on the measurement of the allowance for doubtful debtors.\nCollectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectable are written off by reducing the carrying amount directly. A provision for impairment of trade receivables is raised when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation and default or delinquency in payments (more than 60 days overdue) are considered indicators that the trade receivable may be impaired. The amount of the impairment allowance is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to shortterm receivables are not discounted if the effect of discounting is immaterial.\nOther receivables are recognised at amortised cost, less any provision for impairment.\n\n | Consolidated | \n--------------------- | ------------ | ------\n | 2019 | 2018 \n | US$000 | US$000\n0 to 1 month overdue | 5,139 | 2,935 \n1 to 2 months overdue | 1,424 | 1,275 \nOver 2 months overdue | 2,756 | 2,680 \n | 9,319 | 6,890 \n\nPast due not impaired\n impairment US$9,319,000 30 June 2019 (2018\n US$6,890,000).\n ageing receivables\n Accounting policy trade receivables recognised fair value measured amortised cost effective interest less provision impairment. 30 to 90 day terms.\n AASB 9 Financial Instruments standard classification measurement assets liabilities rules hedge accounting impairment model. applied standard 1 July 2018 simplified approach credit losses lifetime loss allowance. receivables grouped region ageing. heightened credit risk historical default rates forward information. no expectation recovery balances written-off. doubtful debtors.\n Collectability receivables reviewed. Debts uncollectable written off carrying amount. provision impairment raised amounts. financial difficulties probability bankruptcy default delinquency 60 days overdue indicators impaired. impairment allowance difference carrying amount present value estimated future cash flows discounted original effective interest rate.Cash flows shortterm receivables discounted.\n receivables recognised amortised cost less provision impairment.\n US$000\n 0 1 month overdue 5,139 2,935\n 2 months\n 2 2,756\n 9,319 6" +} +{ + "_id": "d1b38d302", + "title": "", + "text": "Note 12 – Income Taxes\nIncome tax expense for the fiscal years ended December 27, 2019, December 28, 2018 and December 29, 2017 differed from amounts computed using the statutory federal income tax rate due to the following reasons:\n\n | December 27, 2019 | December 28, 2018 | December 29, 2017\n---------------------------------------------- | ------------------ | ------------------ | -----------------\nStatutory U.S. Federal tax | $6,805 | $5,847 | $6,443 \nDifferences due to: | | | \nState and local taxes, net of federal benefit | 2,078 | 1,906 | 1,112 \nChange in valuation allowance | 95 | 523 | 289 \nImpact of the Tax Act | — | — | (3,573) \nStock compensation | (676) | (197) | 162 \nOther | (92) | (637) | (391) \nIncome tax expense | $8,210 | $7,442 | $4,042 \n\nIncome\n years 27, 2019 28, 2018 29, 2017 differed federal tax rate\n 28, 2018 2017\n Statutory. Federal tax $6,805 $5,847 $6,443\n Differences\n State local taxes federal benefit 2,078 1,906\n valuation allowance\n Impact Tax Act\n Stock compensation (676) (197)\n Income tax expense $8,210 $7,442 $4,042" +} +{ + "_id": "d1b3969e8", + "title": "", + "text": "Seasonality and Backlog\nWe experience a slight seasonal pattern to our business. Overall, the third and fourth fiscal quarters are typically the strongest quarters of our fiscal year, whereas the first fiscal quarter is negatively affected by holidays and the second fiscal quarter may be affected by adverse winter weather conditions in some of our markets.\nCertain of our end markets experience some seasonality. Our sales in the automotive market are dependent upon global automotive production, and seasonal declines in European production may negatively impact net sales in the fourth fiscal quarter. Also, our sales in the energy market typically increase in the third and fourth fiscal quarters as customer activity increases.\nCustomer orders typically fluctuate from quarter to quarter based upon business and market conditions. Backlog is not necessarily indicative of future net sales as unfilled orders may be cancelled prior to shipment of goods. Backlog by reportable segment was as follows:\nWe expect that the majority of our backlog at fiscal year end 2019 will be filled during fiscal 2020.\n\n | | Fiscal Year End\n------------------------ | ------- | ---------------\n | 2019 | 2018 \n | | (in millions) \nTransportation Solutions | $ 1,639 | $ 1,779 \nIndustrial Solutions | 1,315 | 1,245 \nCommunications Solutions | 361 | 441 \nTotal | $ 3,315 | $ 3,465 \n\nSeasonality Backlog\n seasonal pattern. third fourth quarters strongest first affected holidays second winter.\n end markets experience seasonality. sales automotive dependent global production seasonal declines European production impact sales fourth. sales energy market increase third fourth quarters customer activity.\n orders fluctuate business market conditions. Backlog not indicative future sales unfilled orders cancelled. Backlog segment\n majority backlog 2019 filled fiscal 2020.\n millions\n Transportation Solutions $ 1,639 1,779\n Industrial Solutions 1,315 1,245\n Communications Solutions 361\n Total $ 3,315 3,465" +} +{ + "_id": "d1a723c42", + "title": "", + "text": "15. Income Taxes\nIncome before income taxes is as follows (in thousands):\n\n | Year Ended | | \n--------- | ------------- | ------------- | -------------\n | June 30, 2019 | June 30, 2018 | June 30, 2017\nDomestic | $22,330 | $(55,197) | $(7,228) \nForeign | (48,204) | 8,550 | 9,824 \nTotal | $(25,874) | $(46,647) | $2,596 \n\n. Income Taxes\n before\n 30 2019 2018 2017\n Domestic $22,330 $(55,197) $(7,228\n Foreign (48,204\n $(25,874) $(46,647) $2,596" +} +{ + "_id": "d1b3135ca", + "title": "", + "text": "Note 5. Inventory, Net\nThe components of inventory, net are as follows (in thousands):\n\n | December 31, | \n-------------------- | ------------ | -------\n | 2019 | 2018 \nRaw materials | $8,921 | $6,396 \nFinished goods | 25,247 | 16,594 \nTotal inventory, net | $34,168 | $22,990\n\n. Inventory\n components\n December 31,\n Raw materials $8,921 $6,396\n Finished goods 25,247 16,594\n inventory $34,168 $22,990" +} +{ + "_id": "d1b34622c", + "title": "", + "text": "Note 13. Basic and Diluted Net Loss Per Share\nBasic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less the weighted-average unvested common stock subject to repurchase or forfeiture as they are not deemed to be issued for accounting purposes. Diluted net loss per share is computed by giving effect to all potential shares of common stock, stock options, restricted stock units, ESPP, and convertible senior notes, to the extent dilutive. For the periods presented, all such common stock equivalents have been excluded from diluted net loss per share as the effect to net loss per share would be anti-dilutive.\nThe following table sets forth the computation of the Company’s basic and diluted net loss per share during the years ended December 31, 2019, 2018 and 2017 (in thousands, except per share data)\n\n | | Year Ended December 31, | \n----------------------------------------------------------------------- | --------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nNumerator | | | \nNet loss | $(53,607) | $(26,203) | $(4,204)\nDenominator | | | \nWeighted-average common shares for basic and diluted net loss per share | 83,130 | 79,500 | 76,281 \nBasic and diluted net loss per share | $(0.64) | $(0.33) | $(0.06) \n\n. Basic Diluted Net Loss Per Share\n computed shares common stock less unvested common stock repurchase forfeiture. Diluted loss shares common stock stock options restricted stock units ESPP convertible senior notes. common stock equivalents excluded diluted net loss.\n table basic diluted net loss per share December 31, 2019 2018 2017 thousands\n December\n 2019 2018 2017\n Net loss $(53,607) $(26,203) $(4,204)\n Weighted-average common shares basic diluted net loss per 83,130 79,500 76,281\n Basic diluted net loss per share $." +} +{ + "_id": "d1b320acc", + "title": "", + "text": "Note 10. EQUITY INVESTMENTS\nOur equity investments consist of equity investments with readily determinable fair value, investments without readily determinable fair value, equity investments accounted for using the fair value option, and equity method investments.\nOur share of earnings (losses) from equity investments accounted for under the equity method is reflected as ‘‘Equity in earnings (losses) of unconsolidated investees’’ in our consolidated statements of operations. Mark-to-market gains and losses on equity investments with readily determinable fair value are reflected as ‘‘other, net’’ under other income (expense), net in our consolidated statements of operations. The carrying value of our equity investments, classified as ‘‘other long-term assets’’ on our consolidated balance sheets, are as follows:\n\n | As of | \n---------------------------------------------------------------- | ----------------- | -----------------\n(In thousands) | December 29, 2019 | December 30, 2018\nEquity investments with readily determinable fair value: | | \nEnphase Energy, Inc | $173,908 | $36,225 \nTotal equity investments with readily determinable fair value | 173,908 | 36,225 \nEquity investments without readily determinable fair value: | | \nProject entities | 2,677 | 2,951 \nOther equity investments without readily determinable fair value | 5,859 | 5,859 \nTotal equity investments without readily determinable fair value | 8,536 | 8,810 \nEquity investments with fair value option: | | \nSunStrong Capital Holdings, LLC | 8,000 | 8,831 \nSunStrong Partners, LLC | 9,500 | — \n8point3 Solar Investco 3 Holdings, LLC | — | — \nTotal equity investment with fair value option | 17,500 | 8,831 \nEquity method investments | | \nHuansheng Corporation | 26,533 | 32,784 \nProject entities | 125 | 2,044 \nTotal equity method investments | 26,658 | 34,828 \nTotal equity investments | $226,602 | $88,694 \n\n. EQUITY INVESTMENTS\n with fair value without value option method.\n earnings (losses investments method reflected as in earnings unconsolidated statements. Mark-to-market gains losses on investments fair value reflected as income. carrying value equity investments long\n December 29, 2019 December 30, 2018\n investments with readily determinable fair value\n Enphase Energy, Inc $173,908 $36,225\n without fair value\n Project entities 2,677\n Other equity investments without fair value 5,859\n investments 8,536\n investments with fair value option\n SunStrong Capital Holdings 8,831\n SunStrong Partners 9,500\n Solar Investco 3 Holdings\n fair value option 17,500 8,831\n method investments\n Huansheng Corporation 26,533 32,784\n Project entities 2,044\n26,658 34,828\n $226,602 $88,694" +} +{ + "_id": "d1b3345c2", + "title": "", + "text": "Other non-operating results\nThe following details our other consolidated results for the years ended December 31, 2018 and 2017:\nInterest income: Interest income increased by $4.2 million to $10.1 million for the year ended December 31, 2018, compared to $5.9 million for the same period in 2017 due to returns on our fixed deposits that had been made in 2018, and income derived from the lending capital of our lessor VIEs, that we are required to consolidate under U.S. GAAP.\nInterest expense: Interest expense increased by $42.6 million to $101.9 million for the year ended December 31, 2018 compared to $59.3 million for the same period in 2017. In addition to higher LIBOR rates, this was primarily due to:\n• $22.7 million increase in interest expense arising on the loan facilities of our consolidated lessor VIEs (refer to note 5 \"Variable Interest Entities (\"VIE\")\" of our consolidated financial statements included herein), in particular on the Hilli post-delivery sale and leaseback arrangement entered into during June 2018;\n• $21.7 million lower capitalized interest on borrowing costs in relation to our investment in the Hilli FLNG conversion prior to acceptance of the vessel;\n• $7.0 million increase in amortization of deferred financing costs in relation to the Hilli facility; and\n• $1.4 million increase in interest expense in relation to the $402.5 million convertible bond issued in February 2017, resulting in a full year of interest incurred in 2018.\nThis was partially offset by a decrease of:\n• $5.9 million in interest expense relating to the Hilli disposal; and\n• $5.0 million higher capitalized interest on borrowing costs in relation to our investment in Golar Power.\n(Losses)/gains on derivative instruments: Losses on derivative instruments increased by $51.2 million to a loss of $30.5 million for the year ended December 31, 2018 compared to a gain of $20.7 million for the same period in 2017. The movement was primarily due to:\nNet unrealized and realized gains on interest rate swap agreements: As of December 31, 2018, we have an interest rate swap portfolio with a notional amount of $950 million, none of which are designated as hedges for accounting purposes. Net unrealized gains on the interest rate swaps decreased to a gain of $0.6 million for the year ended December 31, 2018 compared to a gain of $6.6 million for the same period in 2017, due to an improvement in the long-term swap rates, offset by the decreased notional value of the swap portfolio over the period. Realized gains on our interest rate swaps increased to a gain of $8.1 million for the year ended December 31, 2018, compared to a loss of $3.8 million for the same period in 2017. The increase was primarily due to higher LIBOR rates for the year ended December 31, 2018.\nUnrealized (losses) gains on Total Return Swap (or equity swap): In December 2014, we established a three month facility for a Stock Indexed Total Return Swap Programme or Equity Swap Line with DNB Bank ASA in connection with a share buyback scheme. The facility has been extended to June 2019. The equity swap derivatives mark-to-market adjustment resulted in a net loss of $30.7 million recognized in the year ended December 31, 2018 compared to a gain of $16.6 million for the same period in 2017. The loss in 2018 is due to the fall in our share price during 2018.\nUnrealized mark-to-market losses on Earn-Out Units: This relates to the mark-to-market movement on the Earn-Out Units issuable in connection with the IDR reset transaction in October 2016, which we recognize as a derivative asset in our consolidated financial statements. The decrease in Golar Partners' quarterly distribution to $0.4042 per common unit on October 24, 2018 resulted in the contingent Earn-Out Units arising out of the IDR reset transaction in October 2016 not crystallizing and, accordingly, we recognized a mark-to-market loss of $7.4 million for the year ended December 31, 2018, effectively reducing the derivative asset to $nil at December 31, 2018, compared to a gain of $0.4 million for the same period in 2017.\nNet income attributable to non-controlling interests: The net income attributable to non-controlling interests comprises of (i) $19.7 million and $1.5 million in relation to the non-controlling shareholders who hold interests in Hilli LLC and Hilli Corp (prior to the incorporation of Hilli LLC) for the year ended December 31, 2018 and 2017, respectively, and (ii) $43.5 million and $32.9 million in relation to the equity interests in our lessor VIEs for the year ended December 31, 2018 and 2017, respectively.\n\n | | December 31, | | \n---------------------------------------------------- | --------- | ------------ | -------- | --------\n(in thousands of $) | 2018 | 2017 | Change | % Change\nTotal other non-operating expense | — | (81) | 81 | (100)% \nInterest income | 10,133 | 5,890 | 4,243 | 72% \nInterest expense | (101,908) | (59,305) | (42,603) | 72% \n(Losses)/gains on derivative instruments | (30,541) | 20,696 | (51,237) | (248)% \nOther financial items, net | (1,481) | (69) | (1,412) | 2,046% \nIncome taxes | (1,267) | (1,505) | 238 | (16)% \nNet income attributable to non-controlling interests | (63,214) | (34,424) | (28,790) | 84% \n\nnon-operating results\n consolidated results 2018\n Interest income increased $4. 2 million $10. 1 million 2018 $5. 9 million 2017 returns fixed deposits capital VIEs.\n Interest expense increased $42. 6 million $101. 9 million 2018 $59. 3 million 2017. higher due\n $22. 7 million interest expense VIEs Hilli post sale leaseback\n $21. 7 million lower capitalized interest borrowing costs Hilli FLNG conversion\n $7. 0 million amortization deferred financing costs Hilli\n $1. 4 million increase interest expense $402. 5 million convertible bond 2017 year 2018.\n offset decrease\n $5. 9 million interest expense Hilli disposal\n $5. 0 million higher capitalized interest borrowing costs investment Golar Power.\n/gains derivative instruments Losses increased $51. 2 million $30. 5 million 2018 $20. 7 million 2017. due\nunrealized gains interest rate swap agreements December 31, 2018 swap portfolio $950 million none hedges. unrealized gains decreased $0. 6 million 2018 $6. 6 million 2017 improvement long-term swap rates decreased value. gains increased $8. 1 million December 31, 2018 loss $3. 8 million 2017. due higher LIBOR rates.\n Unrealized gains Total Return Swap December 2014, three month facility Stock Indexed Total Return Swap DNB Bank ASA. extended to June 2019. net loss $30. 7 million 2018 gain $16. 6 million 2017. loss due fall share price.\n Unrealized mark-to-market losses Earn-Out Units IDR reset transaction October 2016, derivative asset. decrease Golar Partners' quarterly distribution to $0. 4042 per common unit October 24, 2018 Earn-Out Units mark-to-market loss $7. 4 million December 31, 2018 reducing derivative to $nil compared gain $0.million 2017.\n Net income non-controlling interests $19. 7 million $1. 5 million shareholders Hilli LLC Corp 2018 $43. 5 million $32. 9 million equity interests VIEs 2018 2017.\n 2017\n non-operating expense\n Interest income 10,133 5,890 4,243 72%\n Interest expense (101,908) (59,305 (42,603) 72%\n derivative instruments (30,541) 20,696 (51,237) (248)\n Other financial items (1,481) 2,046%\n Income taxes (1,267) (1,505)\n income non-controlling interests (63,214) (34,424) (28,790 84%" +} +{ + "_id": "d1b347f1e", + "title": "", + "text": "Stock-Based Compensation\nThe Company accounts for options granted to employees by measuring the cost of services received in exchange for the award of equity instruments based upon the fair value of the award on the date of grant. The fair value of that award is then ratably recognized as an expense over the period during which the recipient is required to provide services in exchange for that award.\nOptions and warrants granted to consultants and other non-employees are recorded at fair value as of the grant date and subsequently adjusted to fair value at the end of each reporting period until such options and warrants vest, and the fair value of such instruments, as adjusted, is expensed over the related vesting period.\nThe Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. The fair value of the award is measured on the grant date and recognized over the period services are required to be provided in exchange for the award, usually the vesting period. Forfeitures of unvested stock options are recorded when they occur.\nThe Company incurred stock-based compensation charges of $3.5 million and $1.5 million for each of the years ended December 31, 2019 and 2018, respectively, which are included in general and administrative expenses. The following table summarizes the nature of such charges for the periods then ended (in thousands):\n\n | For the Years Ended December 31, | \n--------------------------------- | -------------------------------- | ------\n | 2019 | 2018 \nCompensation and related benefits | $3,247 | $949 \nProfessional and legal fees | 242 | 545 \nTotals | 3,489 | $1,494\n\nStock-Based Compensation\n Company accounts for options employees cost services equity fair value date grant. recognized as expense over period.\n Options warrants to consultants non-employees recorded at fair value grant date adjusted value end reporting period until vest expensed over vesting period.\n Company measures cost services fair value. measured grant date recognized over vesting period. Forfeitures of unvested stock options recorded occur.\n incurred stock-based compensation charges of $3. 5 million $1. 5 million years ended December 31, 2019 2018 included in general administrative expenses. table summarizes charges\n Years\n Compensation related benefits $3,247 $949\n Professional legal fees 242\n Totals 3,489 $1,494" +} +{ + "_id": "d1b2f5a7a", + "title": "", + "text": "Selected Financial Data\n• Significant events affecting our historical earnings trends in 2018 through 2019 are described in “Special Items” in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section.\n• 2017 data includes severance, pension and benefit charges, gain on spectrum license transactions, acquisition and integration related charges, product realignment charges, net gain on sale of divested businesses and early debt redemption costs. 2016 data includes severance, pension and benefit charges, gain on spectrum license transactions, net gain on sale of divested businesses and early debt redemption costs. 2015 data includes severance, pension and benefit credits and gain on spectrum license transactions.\n• On January 1, 2019, we adopted several Accounting Standards Updates (ASUs) that were issued by the Financial Accounting Standards Board (FASB) using the modified retrospective basis. On January 1, 2018, we adopted several ASUs that were issued by the FASB. These standards were adopted on different bases, including: (1) prospective; (2) full retrospective; and (3) modified retrospective.\nBased on the method of adoption, certain figures are not comparable, with full retrospective reflected in all periods. See Note 1 to the consolidated financial statements for additional information.\n\n | | | | (dollars in millions, except per share amounts) | \n--------------------------------------------------- | --------- | --------- | --------- | ----------------------------------------------- | ---------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nResults of Operations | | | | | \nOperating revenues | $131,868 | $130,863 | $ 126,034 | $ 125,980 | $ 131,620\nOperating income | 30,378 | 22,278 | 27,425 | 29,249 | 30,615 \nNet income attributable to Verizon | 19,265 | 15,528 | 30,101 | 13,127 | 17,879 \nPer common share – basic | 4.66 | 3.76 | 7.37 | 3.22 | 4.38 \nPer common share – diluted | 4.65 | 3.76 | 7.36 | 3.21 | 4.37 \nCash dividends declared per common share | 2.435 | 2.385 | 2.335 | 2.285 | 2.230 \nNet income attributable to noncontrolling interests | 523 | 511 | 449 | 481 | 496 \nFinancial Position | | | | | \nTotal assets | $ 291,727 | $ 264,829 | $ 257,143 | $ 244,180 | $ 244,175\nDebt maturing within one year | 10,777 | 7,190 | 3,453 | 2,645 | 6,489 \nLong-term debt | 100,712 | 105,873 | 113,642 | 105,433 | 103,240 \nEmployee benefit obligations | 17,952 | 18,599 | 22,112 | 26,166 | 29,957 \nNoncontrolling interests | 1,440 | 1,565 | 1,591 | 1,508 | 1,414 \nEquity attributable to Verizon | 61,395 | 53,145 | 43,096 | 22,524 | 16,428 \n\nFinancial Data\n events earnings trends 2018 2019 Discussion Analysis Financial Condition Results.\n 2017 includes severance pension benefit charges license acquisition integration charges product realignment net gain sale early debt redemption costs. 2016 pension redemption. 2015 severance pension.\n January 1, 2019 adopted Accounting Standards Updates modified retrospective basis. January 1 2018 ASUs FASB. prospective full retrospective modified retrospective.\n figures comparable full retrospective. Note 1 financial statements information.\n millions\n 2017 2016 2015\n Operations\n Operating revenues $131,868 $130,863 $ 126,034 125,980 131,620\n Operating income 30,378 22,278 27,425 29,249 30,615\n Net income Verizon 19,265 15,528 30,101 13,127 17,879\n Per common share 4. 66 3. 76 7. 37. 22.\ncommon share. 76. 37\n dividends. 335. 230\n Net income noncontrolling interests 523 496\n assets $ 291,727 264,829 257,143 244\n Debt 10,777 7,190 3,453 6,489\n Long-term debt 100,712 105,873 113,642 105,433 103\n Employee benefit obligations 17,952 18,599 22,112 26,166 29,957\n Noncontrolling interests\n Equity Verizon 61,395 53,145 43,096" +} +{ + "_id": "d1b321094", + "title": "", + "text": "Revenues\nThe following table sets forth the breakdown of revenues (in thousands) by category and segment. Travel revenue includes travel publications (Top 20, Website, Newsflash, Travelzoo Network), Getaways vouchers, and hotel platform and vacation packages. Local revenue includes Local Deals vouchers and entertainment offers (vouchers and direct bookings).\nAsia Pacific\nAsia Pacific revenues decreased $1.4 million or 17% in 2019 compared to 2018. This decrease was primarily due to the decrease in Travel revenues, the decrease in Local revenues and a $206,000 negative impact from foreign currency movements relative to the U.S. dollar. The decrease in Travel revenues of $887,000 was primarily due to a decrease of number of emails sent. The decrease in Local revenues of $276,000 was primarily due to the decreased number of Local Deals vouchers sold.\nEurope\nEurope revenues increased $749,000 or 2% in 2019 compared to 2018. This increase was primarily due to the increase in Travel revenues, the decrease in Local revenues and a $1.8 million negative impact from foreign currency movements relative to the U.S. dollar. The increase in Travel revenue of $2.9 million was primarily due to the increased number of emails sent. The decrease in Local revenues of $292,000 was primarily due to the decreased number of Local Deals vouchers sold.\nNorth America\nNorth America revenues increased $710,000 or 1% in 2019 compared to 2018. This increase was primarily due to the increase in Travel revenues offset by the decrease in Local revenue. The increase in Travel revenue of $1.7 million was primarily due to the increased number of emails sent. The decrease in Local revenues of $1.0 was primarily due to the decreased number of Local Deals vouchers sold.\nFor 2019 and 2018 , none of our customers accounted for 10% or more of our revenue.\n\n | Year Ended December 31, | \n---------------------------- | ----------------------- | --------\n | 2019 | 2018 \nAsia Pacific | | \nTravel | $6,274 | $7,351 \nLocal | 216 | 508 \nTotal Asia Pacific revenues | 6,490 | 7,859 \nEurope | | \nTravel | 32,081 | 30,856 \nLocal | 4,817 | 5,293 \nTotal Europe revenues | 36,898 | 36,149 \nNorth America | | \nTravel | 57,863 | 56,145 \nLocal | 10,161 | 11,169 \nTotal North America revenues | 68,024 | 67,314 \nConsolidated | | \nTravel | 96,218 | 94,352 \nLocal | 15,194 | 16,970 \nTotal revenues | $111,412 | $111,322\n\n\n table breakdown by category segment. Travel revenue includes publications Travelzoo Getaways vouchers hotel vacation packages. Local revenue includes Deals vouchers entertainment offers.\n Asia Pacific\n revenues decreased $1. 4 million 17% 2019 2018. Travel Local revenues $206,000 negative impact foreign currency. Travel $887,000 emails sent. Local $276,000 Deals vouchers.\n Europe\n revenues increased $749,000 2%. increase Travel $1. 8 million negative foreign currency. Travel revenue $2. 9 million increased emails. decrease Local $292,000 decreased Local Deals vouchers sold.\n North America\n revenues increased $710,000 1%. Travel Local revenue. Travel revenue $1. 7 million increased emails sent. decrease Local revenues $1. decreased Local Deals vouchers sold.\n customers accounted 10% more revenue.\n Ended December\n Asia Pacific\n Travel $6,274 $7,351\n Local\n revenues 6,490 7,859\n Europe\n32,081 30,856\n 5,293\n Europe 36,898\n 57,863 56,145\n 11,169\n America 68,024 67,314\n 96,218 94,352\n 15 16,970\n $111,412 $111,322" +} +{ + "_id": "d1b35a862", + "title": "", + "text": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated)\nAdjusted EBITDA has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures, such as net income. Some of the limitations of Adjusted EBITDA include:\n• It does not reflect our current contractual commitments that will have an impact on future cash flows; • It does not reflect the impact of working capital requirements or capital expenditures; and • It is not a universally consistent calculation, which limits its usefulness as a comparative measure.\nManagement compensates for the inherent limitations associated with using the measure of Adjusted EBITDA through disclosure of such limitations, presentation of our financial statements in accordance with GAAP and reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net income, as presented below.\n(1) Includes equity-based compensation to employees and directors, as well as equity-based payments to non-employees.\n(2) Includes losses recorded in the fourth quarter of 2019 associated with the financial guarantee arrangement for a Bank Partner that did not renew its loan origination agreement when it expired in November 2019. See Note 14 to the Notes to Consolidated Financial Statements included in Item 8 for additional discussion of our financial guarantee arrangements.\n(3) For the year ended December 31, 2019, includes loss on remeasurement of our tax receivable agreement liability of $9.8 million and professional fees associated with our strategic alternatives review process of $1.5 million. For the year ended December 31, 2018, includes certain costs associated with our IPO, which were not deferrable against the proceeds of the IPO. Further, includes certain costs, such as legal and debt arrangement costs, related to our March 2018 term loan upsizing. For the year ended December 31, 2017, includes one-time fees paid to an affiliate of one of the members of the board of managers in conjunction with the August 2017 term loan transaction.\n(4) For the year ended December 31, 2019, includes (i) legal fees associated with IPO related litigation of $2.0 million, (ii) one-time tax compliance fees related to filing the final tax return for the Former Corporate Investors associated with the Reorganization Transactions of $0.2 million, and (iii) lien filing expenses related to certain Bank Partner solar loans of $0.6 million.\n\n | | Year Ended December 31, | \n------------------------------------------ | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nNet income | $95,973 | $127,980 | $138,668\nInterest expense | 23,860 | 23,584 | 7,536 \nTax expense (benefit) | (7,125) | 5,534 | — \nDepreciation and amortization | 7,304 | 4,478 | 3,983 \nEquity-based compensation expense(1) | 13,769 | 6,054 | 4,253 \nChange in financial guarantee liability(2) | 16,215 | — | — \nTransaction expenses(3) | 11,345 | 2,393 | 2,612 \nNon-recurring expenses(4) | 2,804 | — | — \nAdjusted EBITDA | $164,145 | $170,023 | $157,052\n\nITEM 7. MANAGEMENT DISCUSSION ANALYSIS FINANCIAL CONDITION RESULTS States Dollars share data\n Adjusted EBITDA limitations not GAAP financial measures. limitations\n current contractual commitments future cash flows working capital requirements expenditures universally consistent limits usefulness comparative.\n Management compensates disclosure financial statements GAAP reconciliation net income.\n Includes equity-based compensation employees directors payments non-employees.\n Includes losses fourth quarter 2019 financial guarantee arrangement Bank Partner loan November 2019. Note 14 Consolidated Financial Statements Item 8 guarantee.\n year ended December 31, 2019 loss remeasurement tax receivable agreement liability $9. 8 million professional fees strategic alternatives review process $1. 5 million. year December 31, 2018 costs not deferrable proceeds. legal debt arrangement March 2018 loan upsizing. year December 31, 2017 one-time fees affiliate board August 2017 term loan transaction.\nyear December 31, 2019 legal fees IPO $2. million tax fees. 2 million lien filing expenses Bank Partner solar loans. 6 million.\n Ended December\n Net income $95,973 $127,980 $138,668\n Interest expense 23,860\n Tax (7,125 5,534\n Depreciation amortization 7,304 4,478\n Equity compensation 13,769\n financial guarantee 16,215\n Transaction 11,345 2,393\n Non-recurring 2,804\n Adjusted EBITDA $164,145 $170,023 $157,052" +} +{ + "_id": "d1b2ef3dc", + "title": "", + "text": "Comparison of Years Ended December 31, 2019 to December 31, 2018\nThe following tables in this section set forth our selected consolidated statements of operations (in thousands), data for the percentage change and data as a percentage of revenue for the years ended December 31, 2019 and 2018. Certain previously reported amounts in the consolidated statements of operations for the year ended December 31, 2018 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.\nCost of Revenue\n(1) Excludes amortization and depreciation shown in operating expenses.\nThe $37.9 million increase in cost of revenue in 2019 as compared to 2018 was the result of a $32.8 million, or 32%, increase in cost of hardware and other revenue and a $5.1 million, or 11%, increase in cost of SaaS and license revenue. Our cost of software license revenue included within cost of SaaS and license revenue decreased $0.4 million to $1.3 million during 2019 as compared to $1.7 million during 2018. The increase in cost of Alarm.com segment hardware and other revenue related primarily to an increase in the number of hardware units shipped in 2019 as compared to 2018. The increase in cost of  corresponding increase in amounts paid to wireless network providers.\nCost of hardware and other revenue as a percentage of hardware and other revenue was 81% and 78% for the years ended December 31, 2019 and 2018, respectively. Cost of SaaS and license revenue as a percentage of SaaS and license revenue was 15% for each of the years ended December 31, 2019 and 2018. Cost of software license revenue as a percentage of software license revenue was 3% and 4% for the years ended December 31, 2019 and 2018, respectively. The increase in cost of hardware and other revenue as a percentage of hardware and other revenue in 2019 as compared to 2018 is a reflection of the mix of product sales during the periods.\n\n | | Year Ended December 31, | % Change \n---------------------------------- | -------- | ----------------------- | -------------\n2019 vs. 2018 | 2019 | 2018 | 2019 vs. 2018\nCost of revenue(1): | | | \nCost of SaaS and license revenue | $50,066 | $44,933 | 11% \nCost of hardware and other revenue | 133,533 | 100,782 | 32% \nTotal cost of revenue | $183,599 | $145,715 | 26% \n% of total revenue | 37% | 35% | \n\nComparison Years Ended December 31, 2019 to 2018\n tables consolidated statements operations data percentage change revenue years 2019 2018. amounts 2018 reclassified interest income separate line item income.\n Cost Revenue\n Excludes amortization depreciation operating expenses.\n $37. 9 million increase cost revenue 2019 2018 $32. 8 million 32%, increase cost hardware revenue $5. 1 million 11% increase cost SaaS license revenue. cost software license revenue decreased $0. 4 million to $1. 3 million 2019 $1. 7 million 2018. increase cost Alarm. hardware increase number hardware units shipped 2019. increase cost amounts paid wireless network providers.\n Cost hardware other revenue 81% 78% 2019 2018. Cost SaaS license revenue 15%. Cost software license revenue 3% 4% 2019 2018. increase cost hardware revenue 2019 mix product sales.\n Year Ended December 31, % Change\n 2019. 2018.\n Cost\n Cost SaaS license revenue $50,066 $44,933 11%\nhardware 133,533 100,782 32%\n $183,599 $145,715 26%\n revenue 37%" +} +{ + "_id": "d1b304a2a", + "title": "", + "text": "2. Fixed assets\nAccounting policies\nShares in Group undertakings are stated at cost less any provision for impairment and capital related to share-based payments. Contributions in respect of share-based payments are recognised in line with the policy set out in note 7 “Share-based payments”.\nThe Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. If any such indication of impairment exists, the Company makes an estimate of the recoverable amount. If the recoverable amount of the cash-generating unit is less than the value of the investment, the investment is considered to be impaired and is written down to its recoverable amount. An impairment loss is recognised immediately in the income statement.\nShares in Group undertakings\n\n | 2019 | 2018 \n---------------------------------------------------------- | ------ | ------\n | €m | €m \nCost: | | \n1 April | 91,905 | 91,902\nCapital contributions arising from share-based payments | 137 | 130 \nContributions received in relation to share-based payments | (92) | (127) \n31 March | 91,950 | 91,905\nAmounts provided for: | | \n1 April | 8,177 | 7,911 \nImpairment losses | – | 266 \n31 March | 8,177 | 8,177 \nNet book value: | | \n31 March | 83,773 | 83,728\n\n. Fixed assets\n Accounting policies\n Shares Group undertakings cost less provision impairment capital share-based payments. Contributions share-based payments recognised note 7.\n Company assesses investments impairment. recoverable amount. less value investment impaired written down recoverable amount. impairment loss recognised income statement.\n Shares Group undertakings\n 2019 2018\n €m\n Cost\n 1 April 91,905\n Capital contributions share-based payments\n Contributions payments\n 31 March 91,950 91,905\n Amounts\n 1 April 8,177\n Impairment losses\n 31 March 8,177\n Net book value\n March 83,773" +} +{ + "_id": "d1b35da30", + "title": "", + "text": "Item 10. Directors, Executive Officers and Corporate Governance\nInformation About Our Board of Directors\nSet forth below are the name, age and position of each member of our board of directors.\nThe following are biographical summaries of our board members.\nDarcy Antonellis has served on the Board since December 2018. Since January 2014, Ms. Antonellis has been the Chief Executive Officer of Vubiquity, Inc., a wholly owned subsidiary of Amdocs Limited since February 22, 2018, the largest global provider of premium content services and technical solutions serving clients in 120 countries and in 80 languages. From June 1998 until December 2013, Ms. Antonellis held numerous positions at Warner Bros. Entertainment Inc., a Time Warner company, including President, Technical Operations and Chief Technology Officer. Ms. Antonellis has also served as a member of the Board of Directors of Cinemark Holdings, Inc. since July 7, 2015. Ms, Antonellis received a B.S. in electrical engineering from Temple University and an M.B.A. from Fordham University. The Board believes Ms. Antonellis brings her extensive expertise in executive management, operations and engineering and her in-depth understanding of content services, media and entertainment industry to her role as a member of the Board.\nDavid C. Habiger has served on the Board since December 2016. Mr. Habiger currently serves as the Chief Executive Officer of JD Power, a privately held company. Mr. Habiger served as a director of DTS from March 2014 until its acquisition by the Company in December 2016. Mr. Habiger serves as a director of the Chicago Federal Reserve Board. He is on the SABOR (Systems Activities, Bank Operations and Risk) Committee and the Governance & HR Committee for the\nFederal Reserve. Mr. Habiger served as the CEO at Textura Corporation, a soft\nDavid C. Habiger has served on the Board since December 2016. Mr. Habiger currently serves as the Chief Executive Officer of JD Power, a privately held company. Mr. Habiger served as a director of DTS from March 2014 until its acquisition by the Company in December 2016. Mr. Habiger serves as a director of the Chicago Federal Reserve Board. He is on the SABOR (Systems Activities, Bank Operations and Risk) Committee and the Governance & HR Committee for the Federal Reserve. Mr. Habiger served as the CEO at Textura Corporation, a soft David C. Habiger has served on the Board since December 2016. Mr. Habiger currently serves as the Chief Executive Officer of JD Power, a privately held company. Mr. Habiger served as a director of DTS from March 2014 until its acquisition by the Company in December 2016. Mr. Habiger serves as a director of the Chicago Federal Reserve Board. He is on the SABOR (Systems Activities, Bank Operations and Risk) Committee and the Governance & HR Committee for the Federal Reserve. Mr. Habiger served as the CEO at Textura Corporation, a software company focused on construction management, from May 2015 until its sale to Oracle in June 2016. From May 2011 to August 2012, he served as the Chief Executive Officer of NDS Group Ltd., a provider of video software and content security solutions. Mr. Habiger worked with the founding members of Sonic Solutions (“Sonic”), a computer software company, from 1992 to 2011 and served as President and Chief Executive Officer of Sonic from 2005 to 2011. He serves as a director for Echo Global Logistics, Inc., GrubHub Inc., and Stamps.com Inc., and previously served as a director for Control4 Corporation, Enova International, Inc., Immersion Corporation, RealD Inc., Textura Corporation, DTS, and Sonic Solutions. He is a member of the National Association of Corporate Directors and is on the Advisory Board of the University of Chicago Center for Entrepreneurship. Mr. Habiger received a bachelor’s degree in business administration from St. Norbert College and an M.B.A. from the University of Chicago. The Board believes that Mr. Habiger brings extensive experience in the digital media and entertainment industries and his in-depth knowledge and understanding of the consumer electronics industry to his role as a member of the Board.\nRichard S. Hill has served as a member of the Board since August 2012 and as Chairman of the Board since March 2013. Mr. Hill also served as the Company’s Interim Chief Executive Officer from April 15, 2013 until May 29, 2013. Mr. Hill previously served as the Chief Executive Officer and member of the board of directors of Novellus Systems Inc., until its acquisition by Lam Research Corporation in June 2012. During his nearly 20 years leading Novellus Systems, a designer, manufacturer, and marketer of semiconductor equipment used in fabricating integrated circuits, Mr. Hill grew annual revenues from approximately $100 million to over $1 billion. Presently, Mr. Hill is Chairman of Marvell Technology Group Ltd. (“Marvell”), a producer of storage, communications and consumer semiconductor products, and a member of its board of directors. Mr. Hill served as Interim Chief Executive Officer of Marvell from May 2016 until July 2016. Mr. Hill is a member of the boards of directors of Arrow Electronics, Inc., a global provider of products and services to industrial and commercial users of electronic components and enterprise computing, and Cabot Microelectronics Corporation, the leading global supplier of chemical mechanical planarization (CMP) slurries and a growing CMP pad supplier to the semiconductor industry. Mr. Hill previously served on the board of directors of Symantec Corporation, LSI Corporation, Planar Systems, Autodesk, Inc. and Yahoo Inc. Mr. Hill received a B.S. in Bioengineering from the University of Illinois in Chicago and an M.B.A. from Syracuse University. The Board believes that Mr. Hill brings extensive expertise in executive management and engineering for technology and defenserelated companies to his role as Chairman of the Board.\nJon E. Kirchner has served on the Board and as Chief Executive Officer since June 2017. Previously he was president of Xperi following the completion of the acquisition of DTS in December 2016. He served as DTS’s Chairman of the board of directors and Chief Executive Officer from 2010 to December 2016 and had been a member of DTS’s board of directors from 2002 to December 2016. From 2001 to 2010, he served as DTS’s Chief Executive Officer. Prior to his tenure as Chief Executive Officer, Mr. Kirchner served at DTS from 1993 to 2001 in a number of senior leadership roles including President, Chief Operating Officer and Chief Financial Officer. Prior to joining DTS, Mr. Kirchner worked for the consulting and audit groups at Price Waterhouse LLP (now PricewaterhouseCoopers LLP), an international accounting firm. In 2012, Mr. Kirchner received the Ernst & Young Technology Entrepreneur of the Year Award for Greater Los Angeles. In 2011, Mr. Kirchner was honored by the Producers Guild of America, receiving the “Digital 25: Leaders in Emerging Entertainment” award for being among the visionaries that have made significant contributions to the advancement of digital entertainment and storytelling. Mr. Kirchner currently serves on the board of directors of Free Stream Media Corporation (Samba TV), a leader in developing cross platform TV experiences for consumers and advertisers. Mr. Kirchner is a Certified Public Accountant and received a B.A. in Economics, cum laude, from Claremont McKenna College. The Board believes that Mr. Kirchner brings his experience in the senior management of public companies, including service as chairman, president, Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, his extensive experience in the digital media and entertainment industries, as well as his knowledge of the Company as its Chief Executive Officer, to his role as a member of the Board.\nV. Sue Molina has served on the Board since February 2018. Most recently she served on the Board of Directors of DTS from January 2008 until December 2016, and served as Chair of the Audit Committee and Nominating and Corporate Governance Committee. From November 1997 until her retirement in May 2004, Ms. Molina was a tax partner at Deloitte & Touche LLP, an international accounting firm, serving from 2000 until May 2004 as the national partner in charge of Deloitte’s Initiative for the Retention and Advancement of Women. Prior to that, she spent twenty years with Ernst & Young LLP, an international accounting firm, the last ten years as a partner. Ms. Molina has prior board experience serving on the Board of Directors, chair of the Compensation Committee and member of the Audit Committee of Sucampo Pharmaceuticals, Inc., and on the Board of Directors, chair of the Audit Committee and a member of the Compensation Committee of Royal Neighbors of America. She received a B.S.B.A. and a Masters of Accounting degree from the University of Arizona. The Board believes that Ms. Molina brings her extensive accounting and financial expertise, her experience in advising boards and her past service on boards of public companies, to her role as a member of the Board.\nGeorge A. Riedel has served on the Board since May 2013. He also has served on the board of Cerner Corporation, a leading supplier of health care information technology solutions and tech-enabled services, since May 2019. Since January 2018, Mr. Riedel has been a Senior Lecturer at Harvard Business School. Prior to that, he was the Chairman of the Board of Montreal-based Accedian Networks, where he had served as a director since 2010. Until January 2017, Mr. Riedel also served as Chairman and CEO of Cloudmark, Inc., a private network security company. Mr. Riedel joined the board at Cloudmark in June 2013, became Chairman in January 2014 and CEO in December 2014. Mr. Riedel also served on the board of directors of PeerApp from 2011 until 2014 and on the board of directors of Blade Network Technologies from 2009 until its sale to IBM in 2010. In March 2006, Mr. Riedel joined Nortel Networks Corporation, a publicly-traded, multinational, telecommunications equipment manufacturer (“Nortel”), as part of the turnaround team as the Chief Strategy Officer. His role changed after Nortel initiated creditor protection under the respective restructuring regimes of Canada under the Companies’ Creditors Arrangement Act, in the U.S. under the Bankruptcy Code, the United Kingdom under the Insolvency Act 1986, on January 14, 2009, and subsequently, Israel, to lead the sale/restructuring of various carrier and enterprise business units through a series of transactions to leading industry players such as Ericsson, Avaya and Ciena. Mr. Riedel led the efforts to create stand-alone business units, carve out the relevant P&L and balance sheet elements and assign patents to enable sales of the assets. In 2010, Mr. Riedel’s role changed to President of Business Units and CSO as he took leadership of the effort to monetize the remaining 6,500 patents and applications patents as well as manage the P&L for several business units that were held for sale. The 2011 patent sale led to an unprecedented transaction of $4.5 billion to a consortium of Apple, Ericsson, RIM, Microsoft and EMC. Prior to Nortel, Mr. Riedel was the Vice President of Strategy and Corporate Development of Juniper Networks, Inc., a publicly-traded designer, developer and manufacturer of networking products, from 2003 until 2006. Previously, Mr. Riedel was also a Director at McKinsey & Company, a global management consulting firm, where he spent 15 years serving clients in the telecom and technology sectors in Asia and North America on a range of strategy and growth issues. Mr. Riedel received a B.S. with Distinction in Mechanical Engineering from the University of Virginia and his M.B.A. from Harvard Business School. Mr. Riedel holds a Stanford Directors’ College certification based on completion of its corporate directors training. The Board believes that Mr. Riedel brings his experience from his direct involvement in the restructuring of Nortel, including the sale of Nortel’s patent portfolio for $4.5 billion, as well as his knowledge of the technology industry and leadership experience, to his role as a member of the Board.\nChristopher A. Seams has served on the Board since March 2013. Mr. Seams served as the Chief Executive Officer and a director of Deca Technologies Inc., a subsidiary of Cypress Semiconductor Corporation, a global semiconductor company, from May 2013 until August 2016. Mr. Seams previously was an Executive Vice President of Sales & Marketing at Cypress Semiconductor Corporation, from July 2005 until June 2013. He previously served as an Executive Vice President of Worldwide Manufacturing & Research and Development of Cypress Semiconductor Corporation. Mr. Seams joined Cypress in 1990 and held a variety of positions in process and assembly technology research and development and manufacturing operations. Prior to joining Cypress in 1990, he worked as a process development Engineer or Manager for Advanced Micro Devices and Philips Research Laboratories. Mr. Seams currently serves as the Chairman of the Board of Directors of Onto Innovation Inc. (formerly Nanometrics Inc.). Mr. Seams is a senior member of IEEE, a member of NACD and ACCD, served on the Engineering Advisory Council for Texas A&M University and was a board member of Joint Venture Silicon Valley. Mr. Seams received a B.S. in Electrical Engineering from Texas A&M University and a M.S. in Electrical and Computer Engineering from the University of Texas at Austin. Mr. Seams has a Professional Certificate in Advanced Computer Security from Stanford University. Mr. Seams also holds a National Association of Corporate Directors certification which was awarded to him based on NACD training and examination standards. The Board believes that Mr. Seams brings extensive management, sales and marketing, and engineering experience in the semiconductor industry to his role as a member of the Board.\n\nName | Age | Position(s) \n-------------------- | --- | ------------------------------------\nDarcy Antonellis | 57 | Director \nDavid C. Habiger | 51 | Director \nRichard S. Hill | 68 | Chairman of the Board of Directors \nJon E. Kirchner | 52 | Chief Executive Officer and Director\nV. Sue Molina | 71 | Director \nGeorge A. Riedel | 62 | Director \nChristopher A. Seams | 57 | Director \n\n. Directors Executive Officers Corporate Governance\n Board Directors\n name age position member.\n biographical summaries.\n Darcy Antonellis served Board since December 2018. 2014,. Chief Executive Officer Vubiquity. subsidiary Amdocs Limited since February 22, 2018 global provider content services technical solutions 120 countries 80 languages. June 1998 December 2013,. positions Warner Bros. Entertainment. President Technical Operations Chief Technology Officer. Board Directors Cinemark Holdings. since July 7, 2015. B. S. electrical engineering Temple University M. B. Fordham University. expertise executive management operations engineering understanding content services media entertainment industry.\n David C. Habiger Board since December 2016. Chief Executive Officer Power. director DTS March 2014 2016. director Chicago Federal Reserve Board. SABOR Committee Governance HR Committee\n. CEO Textura Corporation\n. Board since December 2016. Chief Executive Officer Power. March 2014 2016. Federal ReserveSABOR Governance HR Committee Federal Reserve. CEO Textura Corporation. Board since December 2016. Chief Executive Officer Power privately. director DTS March 2014 acquisition December 2016. Chicago Federal Reserve Board. SABOR Governance HR. CEO Textura Corporation construction management May 2015 sale Oracle June 2016. 2011 August 2012, Chief Executive Officer NDS Group. video software content security solutions. Sonic Solutions 1992 2011 President Chief Executive Officer 2005 2011. director Echo Global Logistics. GrubHub. Stamps. com. Control4 Corporation Enova International. Immersion Corporation RealD. Textura Corporation DTS Sonic Solutions. member National Association Corporate Directors Advisory Board University of Chicago Center Entrepreneurship. bachelor’s degree business administration St. Norbert College M. B. University of Chicago. experience digital media entertainment consumer electronics industry.\n. Hill Board since August 2012 Chairman March 2013. Interim Chief Executive Officer April 15, 2013 May 29, 2013.Hill Chief Executive Officer Novellus Systems Inc. until acquisition Lam Research Corporation 2012. 20 years Novellus designer manufacturer marketer semiconductor equipment. Hill grew revenues $100 million to $1 billion. Chairman Marvell Technology Group Ltd. producer storage communications consumer semiconductor products member board. Interim Chief Executive Officer May 2016 July 2016. member Arrow Electronics. provider Cabot Microelectronics Corporation supplier). served board Symantec LSI Planar Systems Autodesk. Yahoo Inc. B. S. Bioengineering University Illinois M. B. Syracuse University. expertise executive management engineering.\n Jon E. Kirchner Chief Executive Officer since June 2017. president Xperi DTS 2016. DTS’s Chairman Chief Executive Officer 2010 to December 2016 member board directors 2002 to December 2016. 2001 to 2010, Chief Executive Officer. DTS 1993 to 2001 senior leadership roles President Chief Operating Officer Chief Financial Officer.Kirchner worked consulting audit Price Waterhouse LLP international. 2012,. received Ernst & Young Technology Entrepreneur of Year Award Greater Los Angeles. 2011,. honored Producers Guild America “Digital 25 Leaders Emerging award digital entertainment storytelling. serves board directors Free Media Corporation leader cross platform TV experiences. Certified Public Accountant received B. A. Economics Claremont McKenna College. Board believes. brings experience senior management digital media entertainment industries knowledge Company Chief Executive Officer Board.\n. Sue Molina served Board since February 2018. served Board Directors DTS January 2008 December 2016, Chair Audit Committee Nominating Corporate Governance Committee. 1997 2004,. tax partner Deloitte & Touche LLP 2004 national partner Initiative Retention Advancement Women. twenty years Ernst & Young LLP ten years partner. prior board experience Committee Sucampo Pharmaceuticals. Royal Neighbors of America. received B. S.Masters Accounting degree University of Arizona. Board believes. Molina brings accounting financial expertise experience advising service.\n George A. Riedel served Board since May 2013. Cerner Corporation health care technology since May 2019. January 2018. Senior Lecturer Harvard Business School. Chairman Board Accedian Networks director since 2010. January 2017. Chairman CEO Cloudmark. private network security company. joined board June 2013, Chairman January 2014 CEO December 2014. served PeerApp 2011 2014 Blade Network Technologies 2009 sale IBM 2010. March 2006,. joined Nortel Networks Corporation telecommunications equipment manufacturer Chief Strategy Officer. role changed Nortel creditor protection Canada. Bankruptcy Code Insolvency Act sale/restructuring carrier enterprise business units Ericsson Avaya Ciena. led stand-alone business units P&L balance sheet elements patents sales. 2010,.role President Business Units CSO 6,500 patents P&L business units sale. 2011 patent sale led transaction $4. 5 billion Apple Ericsson Microsoft EMC. Riedel Vice President Strategy Corporate Development Juniper Networks. designer manufacturer networking products 2003 2006. Director McKinsey & Company 15 years technology Asia North America. B. S. Mechanical Engineering University of Virginia M. B. Harvard Business School. Stanford Directors’ College certification. experience restructuring Nortel sale patent portfolio $4. 5 billion technology industry leadership experience Board.\n Christopher A. Seams served Board since March 2013. Chief Executive Officer director Deca Technologies. subsidiary Cypress Semiconductor Corporation 2013 2016. Executive Vice President Sales Marketing Cypress Semiconductor 2005 2013. Executive Vice President Worldwide Manufacturing Research Development. joined 1990 positions process assembly technology research development manufacturing operations. process development Engineer Manager Advanced Micro Devices Philips Research Laboratories.. Seams Chairman Board Onto Innovation. Nanometrics. senior member IEEE NACD ACCD Engineering Advisory Council Texas A&M University board member Joint Venture Silicon Valley. B. S. Electrical Engineering Texas A&M M. S. Electrical Computer Engineering Texas Austin. Professional Certificate Advanced Computer Security Stanford University. National Association Corporate Directors certification NACD. management sales marketing engineering experience semiconductor industry.\n Darcy Antonellis\n David. Habiger\n Richard. Hill Chairman\n Jon. Kirchner Chief Executive Officer\n. Sue Molina\n George. Riedel\n Christopher. Seams" +} +{ + "_id": "d1a72cac2", + "title": "", + "text": "Cash flow\nNet cash flow from operating activities decreased by $4.8 million to $142.9 million from $147.7 million in the prior period. The small overall decrease was due to a $9.9 million reduction in the cashflow outflow on exceptional items, a $7.0 million improved use of working capital within the business, both being offset by an increase in overheads, primarily in relation to Sales and Marketing expenses.\nUnlevered free cashflow decreased by $15.8 million to $123.8 million from $139.6 million in the prior-period representing the reduction in net cash flow from operating activities adjusted for the cashflow impact of exceptional items.\n1 Restated for the adoption of IFRS 15 and change in accounting policy in respect of research and development expenditure tax credit scheme (“RDEC”) and provision for interest on uncertain tax positions, as explained in note 2 of the Financial Statements\n2 Unlevered free cash flow is also represented by the sum of the marked rows and has been presented to enhance understanding of the Group’s cash generation capability\n3 Excludes non-cash movements on exceptional items\n\n | FY19 | FY181 \n--------------------------------------- | ------ | -------\n | $M | $M \nCash EBITDA2 | 167.9 | 199.2 \nNet deferral of revenue | (49.7) | (129.6)\nNet deferral of expenses | 0.9 | 8.4 \nForeign exchange | 1.5 | (8.1) \nDepreciation | (11.6) | (11.6) \nAdjusted operating profit | 109.0 | 58.3 \nNet deferral of revenue | 49.7 | 129.6 \nNet deferral of expenses | (0.9) | (8.4) \nExceptional items 3 | (3.1) | (13.0) \nDepreciation | 11.6 | 11.6 \nForeign exchange | (1.5) | 8.1 \nChange in working capital 2 | (5.2) | (12.2) \nCorporation tax paid 2 | (16.7) | (26.3) \nNet cash flow from operating activities | 142.9 | 147.7 \nExceptional items 3 | 3.1 | 13.0 \nNet capital expenditure 2 | (22.2) | (21.1) \nUnlevered free cash flow | 123.8 | 139.6 \n\n\n decreased $4. million to $142. million from $147. 7 million prior. decrease due to $9. million reduction cashflow outflow exceptional items. improved use working capital offset by overheads Sales Marketing expenses.\n Unlevered free cashflow decreased $15. 8 million to $123. million from $139. 6 million reduction adjusted for exceptional items.\n Restated for IFRS 15 change accounting policy research development expenditure tax credit scheme provision interest uncertain tax positions note 2 Financial Statements\n Unlevered free cash flow represented by sum marked cash generation capability\n Excludes non-cash movements exceptional items\n EBITDA2 167. 199.\n deferral revenue.\n expenses.\n.\n.\n Adjusted operating profit 109. 58\n deferral revenue.\n expenses.\n Exceptional items 3.\n.\n.\n Change working capital. (12\n Corporation tax paid (16.\ncash flow 142. 147.\n items. 13.\n capital expenditure. (21.\n cash flow 123. 139." +} +{ + "_id": "d1b39aaca", + "title": "", + "text": "For the full year 2019, our ADG revenues increased 1.4% compared to the previous period. The increase was primarily due to improved average selling prices of approximately 9%, which was entirely due to a better product mix, and partially offset by a decrease in volumes by approximately 8%.\nAMS revenues grew 4.6%, mainly due to the double-digits growth in Imaging. The increase was due to higher average selling prices of approximately 12%, as a result of a better product mix, and was partially offset by lower volumes of approximately 7%.\nMDG revenues were down by 10.3%, mainly due to Microcontrollers. The decrease was due to lower volumes of approximately 10% while average selling prices remained substantially flat.\nIn 2018, all product groups registered double-digit revenue increase. Our ADG revenues increased 16.2% for the full year 2018 compared to the full year 2017 on growth in both Power Discrete and Automotive. The increase was primarily due to improved average selling prices of approximately 21% and volumes decreased by approximately 5%. The increase in average selling prices was entirely due to improved product mix, while selling prices remained substantially flat.\nAMS revenues grew 19.9%, mainly on the strong increase in Imaging. The increase was due to higher volumes of approximately 12% and higher average selling prices of approximately 8%, which was entirely due to improved product mix of approximately 13%, while selling prices decreased by approximately 5%.\nMDG revenues were up by 11.1%, with Digital and Microcontrollers & Memories equally contributing. The increase was primarily due to higher average selling prices of approximately 11%, while volumes remained substantially flat. The increase in average selling prices was due to a better product mix of approximately 13%, while the selling prices effect was negative of approximately 2%.\n\n | Year Ended | Year Ended | Year Ended | % Variation | % Variation \n-------------------------------------------- | ------------- | ------------- | ------------- | ------------ | ------------\n2019 vs 2018 2018 vs 2017 | 2019 | 2018 | 2017 | 2019 vs 2018 | 2018 vs 2017\n | (In millions) | (In millions) | (In millions) | | \nAutomotive and Discrete Group (ADG) | $3,606 | $3,556 | $3,059 | 1.4% | 16.2% \nAnalog MEMS and Sensors Group (AMS) | 3,299 | 3,154 | 2,630 | 4.6 | 19.9 \nMicrocontrollers and Digital ICs Group (MDG) | 2,638 | 2,940 | 2,646 | (10.3) | 11.1 \nOthers | 13 | 14 | 12 | — | — \nTotal consolidated net revenues | $9,556 | $9,664 | $8,347 | (1.1)% | 15.8% \n\n2019 ADG revenues increased. 4% previous. increase due improved selling prices 9% better product mix offset decrease volumes 8%.\n AMS revenues grew 4. 6% growth Imaging. increase higher selling prices 12% better product mix offset lower volumes 7%.\n MDG revenues down 10. 3% due Microcontrollers. decrease lower volumes 10% selling prices flat.\n 2018 product groups registered double-digit revenue increase. ADG revenues increased 16. 2% 2018 2017. due improved selling prices 21% volumes decreased 5%. flat.\n AMS revenues grew 19. increase Imaging. higher volumes 12% higher average selling prices 8% improved product mix 13% selling prices decreased 5%.\n MDG revenues up 11. 1% Digital Microcontrollers Memories. increase higher average selling prices 11% volumes flat. increase better product mix 13% selling prices effect negative 2%.\n Ended Variation\n 2019 2018 2018 2017\nAutomotive Group $3,606,556 $3,059. 2%\n Analog MEMS Sensors Group 3,299 3,154 2,630.\n Microcontrollers Digital ICs Group 2,638 2,940 2,646. 11.\n revenues $9,556 $9,664 $8,347." +} +{ + "_id": "d1b345d9a", + "title": "", + "text": "Research and Development Our principal research and development (R&D) activities during 2019, 2018 and 2017 focused on the expansion and integration of new products and releases, while expanding the product footprint of our software solution suites in Supply Chain, Inventory Optimization and Omnichannel including cloud-based solutions, point-of-sale and tablet retailing. For 2019, 2018 and 2017, we did not capitalize any R&D costs because the costs incurred following the attainment of technological feasibility for the related software product through the date of general release were insignificant. Our principal research and development (R&D) activities during 2019, 2018 and 2017 focused on the expansion and integration of new products and releases, while expanding the product footprint of our software solution suites in Supply Chain, Inventory Optimization and Omnichannel including cloud-based solutions, point-of-sale and tablet retailing. For 2019, 2018 and 2017, we did not capitalize any R&D costs because the costs incurred following the attainment of technological feasibility for the related software product through the date of general release were insignificant. Our principal research and development (R&D) activities during 2019, 2018 and 2017 focused on the expansion and integration of new products and releases, while expanding the product footprint of our software solution suites in Supply Chain, Inventory Optimization and Omnichannel including cloud-based solutions, point-of-sale and tablet retailing. For 2019, 2018 and 2017, we did not capitalize any R&D costs because the costs incurred following the attainment of technological feasibility for the related software product through the date of general release were insignificant.\nOur principal research and development (R&D) activities during 2019, 2018 and 2017 focused on the expansion and integration of new products and releases, while expanding the product footprint of our software solution suites in Supply Chain, Inventory Optimization and Omnichannel including cloud-based solutions, point-of-sale and tablet retailing.\nFor 2019, 2018 and 2017, we did not capitalize any R&D costs because the costs incurred following the attainment of technological\nfeasibility for the related software product through the date of general release were insignificant.\nYear 2019 compared with year 2018 R&D expenses primarily consist of salaries and other personnel-related costs for personnel involved in our research and development activities. Research and development expenses in 2019 increased by $15.7 million, or 22%, compared to 2018. This increase is primarily due to a $10.6 million increase in compensation and other personnel-related expenses, $3.0 million increase in performance-based compensation expense, and $1.7 million increase in computer infrastructure costs, resulting from increased headcount to support R&D activities.\nYear 2018 compared with year 2017\nResearch and development expenses in 2018 increased by $14.2 million compared to 2017. The increase is primarily attributable to\nan $8.9 million increase in compensation and other personnel-related expenses, resulting from increased headcount to support R&D\nactivities, a $4.0 million increase in performance-based compensation and a $0.7 million increase in computer infrastructure costs.\nSales and Marketing Year 2019 compared with year 2018 Sales and marketing expenses include salaries, commissions, travel and other personnel-related costs and the costs of our marketing and alliance programs and related activities. Sales and marketing expenses increased by $5.6 million, or 11%, in 2019 compared to 2018, primarily due to a $4.9 million increase in performance-based compensation expense and a $2.5 million increase in compensation and other personnel-related expenses, offset by a $1.9 million decrease in marketing related expenses. Year 2019 compared with year 2018 Sales and marketing expenses include salaries, commissions, travel and other personnel-related costs and the costs of our marketing and alliance programs and related activities. Sales and marketing expenses increased by $5.6 million, or 11%, in 2019 compared to 2018, primarily due to a $4.9 million increase in performance-based compensation expense and a $2.5 million increase in compensation and other personnel-related expenses, offset by a $1.9 million decrease in marketing related expenses.\nYear 2018 compared with year 2017 Sales and marketing expenses increased $3.8 million in 2018 compared to 2017, due primarily to an increase of $2.9 million in marketing and campaign programs, a $1.1 million increase in performance-based compensation and a $0.7 million increase in compensation and other personnel-related expenses, partially offset by a $2.0 million decrease in commissions expense as we must defer a portion of our sales commission expense and amortize it over time as the corresponding services are transferred to the customer under ASC 606. Sales and marketing expenses increased $3.8 million in 2018 compared to 2017, due primarily to an increase of $2.9 million in marketing and campaign programs, a $1.1 million increase in performance-based compensation and a $0.7 million increase in compensation and other personnel-related expenses, partially offset by a $2.0 million decrease in commissions expense as we must defer a portion of our sales commission expense and amortize it over time as the corresponding services are transferred to the customer under ASC 606. Sales and marketing expenses increased $3.8 million in 2018 compared to 2017, due primarily to an increase of $2.9 million in marketing and campaign programs, a $1.1 million increase in performance-based compensation and a $0.7 million increase in compensation and other personnel-related expenses, partially offset by a $2.0 million decrease in commissions expense as we must defer a portion of our sales commission expense and amortize it over time as the corresponding services are transferred to the customer under ASC 606.\nSales and marketing expenses increased $3.8 million in 2018 compared to 2017, due primarily to an increase of $2.9 million in marketing and campaign programs, a $1.1 million increase in performance-based compensation and a $0.7 million increase in compensation and other personnel-related expenses, partially offset by a $2.0 million decrease in commissions expense as we must defer a portion of our sales commission expense and amortize it over time as the corresponding services are transferred to the customer under ASC 606.\nGeneral and Administrative Year 2019 compared with year 2018 General and administrative expenses consist primarily of salaries and other personnel-related costs of executive, financial, human resources, information technology, and administrative personnel, as well as facilities, legal, insurance, accounting, and other\nYear 2019 compared with year 2018\nGeneral and administrative expenses consist primarily of salaries and other personnel-related costs of executive, financial, human resources, information technology, and administrative personnel, as well as facilities, legal, insurance, accounting, and other administrative expenses. General and administrative expenses increased $12.0 million, or 23%, in 2019 primarily attributable to a $8.9\nmillion increase in compensation and other personnel-related expenses resulting from increased headcount, a $1.9 million increase in performance-based compensation expense, and a $1.1 million increase in computer infrastructure costs.\nYear 2018 compared with year 2017 General and administrative expenses increased $6.6 million in 2018 due primarily to a $3.6 million increase in compensation and other personnel-related expenses and a $2.4 million increase in performance-based compensation.\nDepreciation and Amortization Depreciation and amortization of intangibles and software expense amounted to $8.0 million, $8.6 million, and $9.1 million in 2019, 2018 and 2017, respectively. Amortization of intangibles was immaterial in 2019, 2018 and 2017. We have recorded goodwill and other acquisition-related intangible assets as part of the purchase accounting associated with various acquisitions.\nDepreciation and amortization of intangibles and software expense amounted to $8.0 million, $8.6 million, and $9.1 million in 2019, 2018 and 2017, respectively. Amortization of intangibles was immaterial in 2019, 2018 and 2017. We have recorded goodwill and other acquisition-related intangible assets as part of the purchase accounting associated with various acquisitions.\nRestructuring Charge In May 2017, we eliminated about 100 positions due primarily to U.S. retail sector headwinds, aligning services capacity with demand. We recorded a restructuring charge of approximately $2.9 million pretax ($1.8 million after-tax or $0.03 per fully diluted share). The charge primarily consisted of employee severance, employee transition costs and outplacement services. The charge is classified in “Restructuring charge” in our Consolidated Statements of Income.\nIn May 2017, we eliminated about 100 positions due primarily to U.S. retail sector headwinds, aligning services capacity with demand. We recorded a restructuring charge of approximately $2.9 million pretax ($1.8 million after-tax or $0.03 per fully diluted share). The charge primarily consisted of employee severance, employee transition costs and outplacement services. The charge is classified in “Restructuring charge” in our Consolidated Statements of Income.\nOperating Income\nOperating income in 2019 decreased $18.0 million to $115.9 million, compared to $133.9 million for 2018. Operating margins\nwere 18.8% for 2019 versus 23.9% for 2018. Operating income and margin decreased primarily due to our commitment to\nstrategically invest in a business transition to a cloud first company focused on delivering long-term sustainable growth and earnings\nleverage. As a result, we are investing significantly in R&D to deliver new innovation, cloud operations headcount, infrastructure and\ntechnology to support our ability to scale our cloud business to achieve our growth objectives. In addition, our innovation releases have fueled strong demand for our global consulting services and we are actively hiring to fulfill customer demand, which pressures operating income and margins until new resources ramp to full utilization. Finally, our performance-based compensation expense has increased over the prior year based on strong execution against target objectives. In 2019, operating income in the Americas segment decreased by $18.9 million and remained relatively flat in the EMEA and APAC segments.\nOperating income in 2018 decreased $51.7 million to $133.9 million, compared to $185.6 million for 2017. Operating margins were 23.9% for 2018 versus 31.2% for 2017. Operating income and margin decreased primarily as a result of our investment in cloud transition combined with lower license revenue. The operating income decrease in the Americas, EMEA and APAC segments was\n$39.1 million, $9.4 million and $3.2 million, respectively.\n\nYear Ended December 31, | | | | | \n----------------------------- | --------- | --------- | --------- | ------------------ | -----\n | | | | % Change vs. Prior | \nYear | 2019 | 2018 | 2017 | 2019 | 2018 \n(in thousands) | | | | | \nResearch and development | $ 87,608 | $ 71,896 | $ 57,704 | 22% | 25% \nSales and marketing | 56,860 | 51,262 | 47,482 | 11% | 8% \nGeneral and administrative | 64,603 | 52,618 | 46,054 | 23% | 14% \nDepreciation and amortization | 7,987 | 8,613 | 9,060 | -7% | -5% \nRestructuring charge | - | - | 2,921 | NA | -100%\nOperating expenses | $ 217,058 | $ 184,389 | $ 163,221 | 18% | 13% \n\nResearch Development principal activities 2019 2018 2017 focused expansion new products product footprint Supply Chain Inventory Optimization Omnichannel cloud-based point-of-sale tablet retailing. 2019 2018 2017 capitalize R&D costs costs technological feasibility insignificant. 2019 2018 2017 expansion new products product footprint Chain Omnichannel cloud-based point-of-sale tablet retailing. 2019, 2018 2017 capitalize R&D costs costs technological feasibility release insignificant. 2019 2018 2017 expansion new products product footprint Supply Chain Inventory Optimization Omnichannel cloud-based solutions point-of-sale tablet retailing. 2019 2017 capitalize R&D costs costs technological feasibility insignificant.\n 2019 2018 2017 focused expansion integration new products product footprint Supply Chain Inventory Optimization Omnichannel cloud-based solutions point-of-sale tablet retailing.\n 2019, 2018 2017 capitalize R&D costs costs technological\n feasibility release insignificant.\n2019 2018 R&D expenses salaries personnel costs. increased $15. 7 million 22% 2018. due $10. 6 million compensation $3. million performance-based compensation $1. 7 million computer infrastructure costs increased headcount.\n 2018\n expenses increased $14. 2 million 2017.\n $8. 9 million increase compensation expenses increased headcount\n $4. million performance-based compensation $0. 7 million computer infrastructure costs.\n Sales Marketing 2019 salaries commissions travel personnel marketing alliance programs. increased $5. 6 million 11% due $4. 9 million performance-based compensation $2. 5 million increase compensation expenses $1. 9 million marketing. salaries travel alliance programs. increased $5. 6 million 11% due $4. 9 million performance-based compensation $2. 5 million compensation $1. 9 million decrease marketing expenses.\n increased $3. 8 million due increase $2. 9 million marketing campaign programs $1. 1 million performance-based compensation.million increase compensation personnel expenses offset $2. million decrease commissions expense services ASC 606. Sales marketing expenses increased $3. 8 million 2018 2017 $2. 9 million marketing campaign programs $1. 1 million performance-based compensation $0. 7 million personnel expenses offset $2. million decrease commissions expense services ASC. Sales marketing expenses increased $3. 8 million 2018 2017 $2. 9 million marketing campaign $1. 1 million performance-based compensation $0. 7 million compensation personnel expenses offset $2. million decrease commissions expense.\n Sales marketing expenses increased $3. 8 million 2018 $2. 9 million marketing campaign $1. 1 million performance-based compensation $0. 7 million personnel expenses offset $2. million decrease commissions expense ASC 606.\n General Administrative Year 2019 2018 salaries personnel-related costs executive financial human resources information technology administrative personnel facilities legal insurance accounting\nadministrative expenses salaries costs executive financial resources technology facilities legal insurance accounting. increased $12. 0 million 23% 2019 $8. 9\n million compensation headcount $1. 9 million performance-based compensation $1. 1 million computer infrastructure costs.\n increased $6. 6 million $3. 6 million compensation $2. 4 million performance-based compensation.\n Depreciation Amortization $8. million $8. 6 million $9. 1 million 2019 2018 2017. immaterial.\n $8. million $8. 6 million $9. 1 million 2019 2017. Amortization immaterial 2017.\n Restructuring Charge 2017 eliminated 100 positions due. retail sector headwinds aligning capacity demand. restructuring charge $2. 9 million pretax ($1. 8 million after-tax $0. share. employee severance transition costs outplacement services. “Restructuring Consolidated Statements Income.\n May 2017 eliminated 100 positions due.sector aligning services capacity demand. recorded restructuring charge $2. 9 million pretax ($1. 8 million after-tax $0. 03 per diluted share. employee severance transition costs outplacement services. Consolidated Statements Income.\n 2019 decreased $18. 0 million $115. 9 million $133. 9 million 2018. margins\n 18. 8% 23. 2018.\n transition cloud growth\n. investing R&D innovation cloud operations infrastructure\n technology. innovation releases demand consulting services hiring income margins. performance-based compensation expense increased. Americas decreased $18. 9 million flat EMEA APAC.\n 2018 decreased $51. 7 million $133. 9 million $185. 6 million 2017. margins 23. 2018 31. 2% 2017. investment cloud transition lower license revenue. decrease Americas EMEA APAC segments\n $39. 1 million $9. 4 million $3. 2 million.\n Ended December\n.\n\n Research development 87,608 71,896 57,704 22%\n Sales marketing 56,860 51,262 47,482\n General administrative 64,603 52,618 46,054 23%\n Depreciation amortization 7,987 8,613,060 -7%\n Restructuring charge 2,921\n Operating expenses $ 217,058 184,389 163,221" +} +{ + "_id": "d1b3403d6", + "title": "", + "text": "Product Warranties\nThe following table summarizes accrued warranty activities for fiscal 2019, 2018 and 2017:\nIn some cases, we may offer customers the option to purchase extended warranties to ensure protection beyond the standard warranty period. In those circumstances, the warranty is considered a distinct service and we account for the extended warranty as a performance obligation and allocate a portion of the transaction price to that performance obligation. More frequently, customers do not purchase a warranty separately. In those situations, we account for the warranty as an assurance-type warranty, which provides customers with assurance that the product complies with agreed-upon specifications, and this does not represent a separate performance obligation. Such warranties are recorded separately as liabilities and presented within ‘‘accrued liabilities’’ and ‘‘other long-term liabilities’’ on our consolidated balance sheets (see Note 5. Balance Sheet Components).\n\n | | Fiscal Year Ended | \n------------------------------------------------ | ----------------- | ----------------- | -----------------\n(In thousands) | December 29, 2019 | December 30, 2018 | December 31, 2017\nBalance at the beginning of the period | $172,266 | $181,303 | $161,209 \nAccruals for warranties issued during the period | 27,717 | 31,628 | 29,689 \nSettlements and adjustments during the period | (61,538) | (40,665) | (9,595) \nBalance at the end of the period | $138,445 | $172,266 | $181,303 \n\nProduct Warranties\n table summarizes accrued warranty activities 2019 2018 2017:\n extended warranties beyond warranty period. distinct service performance obligation transaction price. warranty separately. assurance-type warranty specifications separate performance obligation. warranties recorded liabilities long-term consolidated balance sheets Note 5. Balance Sheet Components.\n Fiscal Year Ended\n December 29, 2019 30, 2018 December 31, 2017\n Balance $172,266 $181,303 $161,209\n Accruals warranties 27,717 31,628 29,689\n Settlements adjustments (61,538) (40,665) (9,595)\n Balance end $138,445 $172,266 $181,303" +} +{ + "_id": "d1b33b75a", + "title": "", + "text": "PREPAYMENTS, DEPOSITS AND OTHER ASSETS\nNote: (a) As at 31 December 2019, the balances of loans to investees and investees’ shareholders are mainly repayable within a period of one to five years (included in non-current assets), or within one year (included in current assets), and are interest-bearing at rates of not higher than 12.0% per annum (31 December 2018: not higher than 12.0% per annum).\n(b) Running royalty fees for online games comprised prepaid royalty fees, unamortised running royalty fees and deferred Online Service Fees.\nAs at 31 December 2019, the carrying amounts of deposits and other assets (excludes prepayments and refundable value-added tax) approximated their fair values. Deposits and other assets were neither past due nor impaired.\n\n | As at 31 December | \n--------------------------------------------------------- | ----------------- | -----------\n | 2019 | 2018 \n | RMB’Million | RMB’Million\nIncluded in non-current assets: | | \nPrepayments for media contents | 15,731 | 13,652 \nLoans to investees and investees’ shareholders (Note (a)) | 937 | 3,864 \nPrepayments for capital investments in investees | 587 | 619 \nRunning royalty fees for online games (Note (b)) | 564 | 99 \nOthers | 5,623 | 3,297 \n | 23,442 | 21,531 \nIncluded in current assets: | | \nRunning royalty fees for online games (Note (b)) | 10,888 | 5,230 \nPrepayments and prepaid expenses | 8,353 | 7,532 \nInterest receivables | 2,774 | 1,697 \nLease deposits and other deposits | 1,107 | 693 \nDividend and other investment-related receivables | 1,034 | 338 \nRefundable value-added tax | 629 | 915 \nLoans to investees and investees’ shareholders (Note (a)) | 447 | 225 \nOthers | 2,608 | 1,863 \n | 27,840 | 18,493 \n | 51,282 | 40,024 \n\nPREPAYMENTS DEPOSITS ASSETS\n 31 December 2019 balances loans investees shareholders repayable one to five years year interest-bearing not 12. 0% per annum.\n royalty fees online games prepaid unamortised deferred Fees.\n amounts deposits assets prepayments refundable value-added tax approximated fair values. past due impaired.\n non-current assets\n Prepayments media contents 15,731 13,652\n Loans investees 937 3\n Prepayments capital investments 587\n Running royalty fees\n 23,442 21,531\n current assets\n Running royalty fees online games 10,888 5,230\n Prepayments prepaid expenses 8,353 7,532\n Interest receivables 2,774\n Lease deposits\n Dividend investment-related receivables 1,034\n Refundable value-added tax 629\ninvestees 447 225\n 2,608 1,863\n 27,840 18,493\n 51,282" +} +{ + "_id": "d1b351bc2", + "title": "", + "text": "Equity Incentive Plan\nOn May 17, 2019, the Company’s stockholders approved the 2019 Omnibus Equity Incentive Plan (the “2019 Plan”). Concurrently, the 2011 Omnibus Equity Incentive Plan (the “2011 Plan”) was terminated and any shares remaining available for new grants under the 2011 Plan share reserve were extinguished. The purpose of the 2019 Plan is to promote the interests of the Company and its stockholders by (i) attracting and retaining key officers, employees and directors of, and consultants to, the Company and its Subsidiaries and Affiliates; (ii) motivating such individuals by means of performance-related incentives to achieve long-range performance goals; (iii) enabling such individuals to participate in the long-term growth and financial success of the Company; (iv) encouraging ownership of stock in the Company by such individuals; and (v) linking their compensation to the long-term interests of the Company and its stockholders.\nThe 2019 Plan is administered by the Compensation and Human Capital Committee (the “Committee”) of the Board of Directors and allows for the issuance of stock options, stock appreciation rights (“SARs”), RSAs, restricted share units, performance awards, or other stock-based awards. Stock option exercise prices are fixed by the Committee but shall not be less than the fair market value of a common share on the date of the grant of the option, except in the case of substitute awards. Similarly, the grant price of an SAR may not be less than the fair market value of a common share on the date of the grant. The Committee will determine the expiration date of each stock option and SAR, but in no case shall the stock option or SAR be exercisable after the expiration of 10 years from the date of the grant. The 2019 Plan provides for 2,600,000 shares available for grant. As of December 27, 2019, there were 2,222,088 shares available for grant.\nStock compensation expense was $4,399, $4,094 and $3,018 for the fiscal years ended December 27, 2019, December 28, 2018 and December 29, 2017, respectively. The related tax benefit for stock-based compensation was $883, $864 and $1,283 for the fiscal years ended December 27, 2019, December 28, 2018 and December 29, 2017, respectively.\nThe following table reflects the activity of RSAs during the fiscal years ended December 27, 2019 and December 28, 2018:\nThe fair value of RSAs vested during the fiscal years ended December 27, 2019, December 28, 2018 and December 29, 2017, was $3,742, $2,936 and $1,703, respectively.\nThese awards are a mix of time-, market- and performance-based grants awarded to key employees and non-employee directors which vest over a range of periods of up to five-years. The market- and performance-based RSAs cliff vest, if at all, after the conclusion of a three-year performance period and vesting is subject to the award recipient’s continued service to the Company as of the vesting date. The number of performance-based RSAs that ultimately vest is based on the Company’s attainment of certain profitability and return on invested capital targets.\nDuring fiscal 2019, the Company awarded market-based RSAs that vest based on the Company’s attainment of an average closing trade price of the Company’s common stock of $39.86 per share, based on an average of 20 consecutive trading days. The grant date fair value of these market-based performance awards was determined using a Monte Carlo simulation in order to simulate a range of possible future stock prices. Key assumptions used included a risk-free interest rate of 2.2% and expected volatility of 44.6%.\n\n | Shares | Weighted Average Grant Date Fair Value\n------------------------------ | --------- | --------------------------------------\nUnvested at December 29, 2017 | 329,761 | $16.69 \nGranted | 311,957 | 23.62 \nVested | (113,482) | 17.60 \nForfeited | (1,506) | 17.13 \nUnvested at December 28, 2018 | 526,730 | $20.60 \nGranted | 384,531 | 34.44 \nVested | (115,459) | 21.32 \nForfeited | (55,193) | 20.46 \nUnvested at December 27, 2019 | 740,609 | $27.68 \n\nEquity Incentive Plan\n May 17, 2019 stockholders approved 2019 Omnibus Equity Incentive Plan. 2011 Omnibus Equity Incentive Plan terminated shares grants extinguished. 2019 Plan interests Company stockholders attracting retaining officers employees directors consultants motivating performance incentives growth financial success encouraging ownership stock linking compensation interests.\n 2019 Plan administered Compensation Human Capital Committee Board allows issuance stock options stock appreciation rights restricted share units performance awards stock-based awards. Stock option prices fixed not less fair market value. grant price SAR less fair market. expiration date stock option SAR exercisable after 10 years. 2019 Plan provides 2,600,000 shares grant. December 27, 2019 2,222,088 shares available grant.\n Stock compensation expense $4,399 $4,094 $3,018 fiscal years December 27, 2019 28, 2018 29, 2017.tax benefit stock-based compensation $883 $864 $1,283 fiscal years 2019 2018 2017.\n table reflects activity RSAs\n fair value RSAs vested $3,742 $2,936 $1,703.\n awards time market performance-based grants employees directors vest five-years. market performance vest after three-year performance period service. performance-based RSAs profitability return invested capital targets.\n 2019 awarded market-based average closing trade price common stock $39. 86 per share 20 consecutive trading days. grant fair value determined Monte Carlo simulation future stock prices. assumptions risk-free interest rate 2. 2% expected volatility 44. 6%.\n Average Grant Date\n Unvested December 29, 2017 329,761 $16. 69\n Granted 311,957. 62\n Vested. 60\n.\n Unvested December 28, 2018 526,730 $20. 60\n Granted. 44\n Vested,459.\nForfeited,193).\n December 27, 2019,609." +} +{ + "_id": "d1b30ad1c", + "title": "", + "text": "Information About Our Executive Officers and Directors\nOur executive officers are appointed by, and serve at the discretion of, our Board of Directors. There are no family relationships among our directors and officers.\nThe following table sets forth certain information concerning our current executive officers and directors as of March 13, 2020:\nBrian C. Faith joined QuickLogic in June 1996. Mr. Faith has served as our President and Chief Executive Officer since June 2016 after having served as Vice President of Worldwide Marketing and Vice President of Worldwide Sales & Marketing between 2008 and 2016. Mr. Faith during the last 21 years has held a variety of managerial and executive leadership positions in engineering, product line management, marketing and sales. Mr. Faith has also served as the board member of the Global Semiconductor Alliance (GSA), the Chairman of the Marketing Committee for the CE-ATA Organization. He holds a B.S. degree in Computer Engineering from Santa Clara University and was an Adjunct Lecturer at Santa Clara University for Programmable Logic courses.\nSuping (Sue) Cheung (Ph.D.) joined QuickLogic in May 2007. Dr. Cheung has served as our Chief Financial Officer, Vice President of Finance, Chief Accounting Officer, and Principal Accounting Officer since May 2015, Corporate Controller from 2007 to 2018. Prior to joining QuickLogic, Dr. Cheung was a Senior Manager of SEC Reporting, Technical Accounting and International Consolidation at Dell SonicWALL from 2006 to 2007 and was the Senior Accounting Manager at VeriFone System, Inc. from 2005 to 2006. Prior to 2005, Dr. Cheung held various senior accounting and financial management roles in both publicly traded and privately held companies. Dr. Cheung began her career with PricewaterhouseCoopers (PWC) where she served as an auditor and as a tax consultant. Dr. Cheung holds a Ph.D. in Business Administration and a Masters in Accounting from the Florida International University in Miami. She is a Certified Public Accountant.\nRajiv Jain joined QuickLogic in August 1992. Mr. Jain has served as our Vice President of Worldwide Operations since April 2014. Prior to this role, Mr. Jain served as QuickLogic’s Senior Director of Operations and Development Engineering from 2011 to 2014, Senior Director of System Solutions and Process Technology from 2009 to 2011, Director of Process Technology from 1997 to 2009, and Senior Process Technologist from 1992 to 1997. Prior to joining QuickLogic, Mr. Jain was a Senior Yield Engineer at National Semiconductor from 1991 to 1992, where he focused on BiCMOS product yield improvements, and at Monolithic Memories from 1985 to 1988, where he focused on BiPolar product yield and engineering wafer sort improvements. Mr. Jain holds a Master’s degree in Chemical Engineering from the University of California, Berkeley and a B.S. degree in Chemical Engineering from the University of Illinois, Champaign/Urbana.\nTimothy Saxe (Ph.D.) joined QuickLogic in May 2001. Dr. Saxe has served as our Senior Vice President of Engineering and Chief Technology Officer since August 2016 and Senior Vice President and Chief Technology Officer since November 2008. Previously, Dr. Saxe has held a variety of executive leadership positions in QuickLogic including Vice President of Engineering and Vice President of Software Engineering. Dr. Saxe was Vice President of FLASH Engineering at Actel Corporation, a semiconductor manufacturing company, from November 2000 to February 2001. Dr. Saxe joined GateField Corporation, a design verification tools and services company formerly known as Zycad, in June 1983 and was a founder of their semiconductor manufacturing division in 1993. Dr. Saxe became GateField’s Chief Executive Officer in February 1999 and served in that capacity until Actel Corporation acquired GateField in November 2000. Dr. Saxe holds a B.S.E.E. degree from North Carolina State University, and an M.S.E.E. degree and a Ph.D. in Electrical Engineering from Stanford University.\nInformation regarding the backgrounds of our directors is set forth under the caption “Proposal One, Election of Directors” in our Proxy Statement, which information is incorporated herein by reference.\n\nName | Age | Position \n--------------------- | --- | ---------------------------------------------------------------\nBrian C. Faith | 45 | President and Chief Executive Officer; Director \nSuping (Sue) Cheung | 56 | Chief Financial Officer and Vice President, Finance \nRajiv Jain | 59 | Vice President, Worldwide Operations \nTimothy Saxe | 64 | Senior Vice President Engineering and Chief Technology Officer\nMichael R. Farese | 73 | Chairman of the Board \nAndrew J. Pease | 69 | Director \nArturo Krueger | 80 | Director \nDaniel A. Rabinovitsj | 55 | Director \nChristine Russell | 69 | Director \nGary H. Tauss | 65 | Director \n\nExecutive Officers\n Board Directors. no family relationships.\n March 13, 2020\n Brian. Faith joined QuickLogic June 1996. President Chief Executive Officer since June 2016 Vice President Marketing Sales 2008 2016. engineering product management marketing sales. board member Global Semiconductor Alliance Chairman Marketing Committee CE-ATA. B. S. Computer Engineering Santa Clara University Adjunct Lecturer Clara Programmable Logic.\n Cheung. joined QuickLogic May 2007. Chief Financial Officer Vice President Finance Chief Accounting Officer Principal Accounting Officer Corporate Controller 2007 2018. Senior Manager Dell SonicWALL Senior Accounting Manager VeriFone System. 2005 2006. senior accounting financial management roles publicly privately companies. PricewaterhouseCoopers auditor tax consultant. Ph. D. Business Administration Masters Accounting Florida International University. Certified Public Accountant.\n Rajiv Jain joined QuickLogic August 1992. Vice President Worldwide Operations since April 2014.Jain Senior Director Operations Development 2011 2014, System Solutions Process Technology 2009 2011, Process Technology 1997 2009, Senior Process Technologist 1992 1997. Senior Yield Engineer National Semiconductor 1991 1992 BiCMOS yield Monolithic Memories 1985 1988 BiPolar yield wafer. Master’s Chemical Engineering University California Berkeley B. S. Chemical Engineering University Illinois Champaign/Urbana.\n Timothy Saxe. joined QuickLogic May 2001. Senior Vice President Engineering Chief Technology Officer August 2016 President November 2008. Software Engineering Vice President FLASH Engineering Actel Corporation semiconductor November 2000 February 2001. GateField Corporation June 1983 founder semiconductor manufacturing division 1993. Chief Executive Officer February 1999 acquired November 2000. B. S. E. E North Carolina State University M. Ph. D. Electrical Engineering Stanford University.\n One Election Proxy Statement.\n Brian. President Chief Executive Officer\nCheung Chief Financial Officer Vice President\n Rajiv Jain Vice President Operations\n Timothy Saxe Senior Vice President Technology\n. Farese Chairman\n Andrew. Pease\n Arturo Krueger\n.\n Russell\n Gary. Tauss" +} +{ + "_id": "d1b35141a", + "title": "", + "text": "3. Property, Plant and Equipment\nAssets held under capital leases and included in property, plant and equipment as of September 28, 2019 and September 29, 2018 consisted of the following (in thousands):\nAmortization of assets held under capital leases totaled $3.8 million, $3.4 million and $3.0 million for fiscal 2019, 2018 and 2017, respectively. Capital lease additions totaled $6.7 million, $11.8 million, and $20.5 million for fiscal 2019, 2018 and 2017, respectively.\nAs of September 28, 2019, September 29, 2018 and September 30, 2017, accounts payable included approximately $10.0 million, $11.2 million and $10.8 million, respectively, related to the purchase of property, plant and equipment, which have been treated as non-cash transactions for purposes of the Consolidated Statements of Cash Flows.\n\n | 2019 | 2018 \n-------------------------------------------------------------------- | ------- | -------\nBuildings and improvements | $23,717 | $23,717\nMachinery and equipment | 12,293 | 10,995 \nCapital assets in progress | 11,831 | 7,747 \nTotal property, plant and equipment held under capital leases, gross | 47,841 | 42,459 \nLess: accumulated amortization | (8,762) | (6,123)\nTotal property, plant and equipment held under capital leases, net | 39,079 | 36,336 \n\n. Property Plant Equipment\n capital leases September 28, 2019 29, 2018\n Amortization $3. 8 million $3. 4 million $3. 0 million. additions $6. 7 million $11. 8 million $20. 5 million.\n September 28, accounts payable $10. 0 million $11. 2 million $10. 8 million property plant equipment non-cash transactions Consolidated Statements Cash Flows.\n Buildings improvements $23,717\n Machinery equipment 12,293\n Capital assets 11,831 7,747\n 47,841 42,459\n accumulated amortization (8,762)\n 39,079 36,336" +} +{ + "_id": "d1b2f345a", + "title": "", + "text": "Cash Flows\nThe following table sets forth summary cash flow data for the periods indicated (in thousands).\nCash Flow from Operating Activities\nNet cash flows provided by operating activities for the year ended December 31, 2019, were $137.6 million as compared to $183.9 million during the same period in 2018. Net cash provided by operating activities primarily consists of net income adjusted to add back depreciation, amortization, and stock-based compensation. Cash flows provided by operating activities were $46.3 million lower for the year ended December 31, 2019, compared to the same period in 2018, due to the timing of working capital. Our current policy is to use our operating cash flow primarily for funding capital expenditures, lease payments, stock repurchases, and acquisitions.\nCash Flow from Investing Activities\nDuring the year ended December 31, 2019, we paid $753.9 million, net of $0.1 million in cash acquired, to acquire Speedpay. We also used cash of $18.5 million to invest in a payment technology and services company in India and $7.0 million to acquire the technology assets of RevChip, LLC and TranSend Integrated Technologies Inc. In addition, we used cash of $48.0 million to purchase software, property and equipment, as compared to $43.9 million during the same period in 2018.\nCash Flow from Financing Activities\nNet cash flows provided by financing activities for the year ended December 31, 2019, were $667.2 million, as compared to net cash flows used by financing activities of $57.7 million during the same period in 2018. During 2019, we received proceeds of $500.0 million from our Delayed Draw Term Loan and $280.0 million from our Revolving Credit Facility to fund our purchase of Speedpay and stock repurchases, and we repaid $28.9 million on the Initial Term Loan and $41.0 million on the Revolving Credit Facility. In addition, we received proceeds of $16.6 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended, and used $4.0 million for the repurchase of stock-based compensation awards for tax withholdings. During 2019, we also used $35.6 million to repurchase common stock. During 2018, we received proceeds of $400.0 million from the issuance of the 2026 Notes. We used $300.0 million of the proceeds to redeem, in full, our outstanding 6.375% Senior Notes due 2020 and repaid $109.3 million on the Initial Term Loan. In addition, during 2018, we received proceeds of $22.8 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended, and used $2.6 million for the repurchase of restricted share awards (\"RSAs\") for tax withholdings. During 2018, we also used $54.5 million to repurchase common stock.\n\n | Years Ended December 31, | \n------------------------------- | ------------------------ | --------\n | 2019 | 2018 \nNet cash provided by (used in): | | \nOperating activities | $137,649 | $183,932\nInvesting activities | -830,481 | -45,360 \nFinancing activities | 667,223 | -57,704 \n\nCash\n table cash flow data.\n Cash Flow Operating Activities\n 2019 $137. 6 million $183. 9 million 2018. income depreciation amortization stock-based compensation. $46. 3 million lower due timing working capital. cash flow capital expenditures lease payments stock repurchases.\n Flow Investing Activities\n paid $753. 9 million $0. 1 million Speedpay. used $18. 5 million payment technology $7. million RevChip TranSend Integrated Technologies. $48. 0 million software property equipment $43. 9 million 2018.\n Financing Activities\n $667. 2 million $57. 7 million 2018. received proceeds $500. 0 million Delayed Draw Term Loan $280. million Revolving Credit Facility Speedpay stock repurchases repaid $28. 9 million Initial Term Loan $41. million Revolving Credit Facility. received proceeds $16. 6 million stock options common stock 2017 Employee Stock Purchase Plan used $4.repurchase stock compensation tax withholdings. $35. 6 million common stock. 2018 $400. million 2026 Notes. $300. million. 375% Senior Notes 2020 repaid $109. 3 million Initial Term Loan. $22. 8 million stock options common stock 2017 Employee Stock Purchase Plan $2. 6 million repurchase restricted share awards tax withholdings. $54. 5 million common stock.\n December\n cash\n Operating $137,649 $183,932\n Investing -830,481\n Financing,223" +} +{ + "_id": "d1a714f9e", + "title": "", + "text": "A non-employee director who is initially appointed after any annual meeting of stockholders will receive a restricted stock unit award or option grant on the date of his or her initial appointment to the Board of Directors equal to the pro-rated amount of the annual grant\nAnnual option grants and restricted stock unit awards (or any pro-rated grants for directors initially appointed between annual meetings) vest on the earlier to occur of the first anniversary of the date of grant or the next annual meeting of stockholders. No portion of an option automatically granted to a director is exercisable after the tenth anniversary after the date of option grant. Additionally, an option automatically granted to a director may be exercisable after the termination of the director’s services as described in the option agreement, generally ending three months after such termination.\nThe following table shows compensation information for our non-employee directors for fiscal year 2019.\n2019 Director Compensation Table\n(1) The amounts reflected in this column represent the aggregate grant date fair value for stock awards granted to our non-employee directors in 2019, measured in accordance with ASC 718, excluding the effect of estimated forfeitures, and do not reflect whether the recipient has actually realized a financial benefit from these awards. For the methodology of how the aggregate grant date fair value amount is calculated, please see Note 13 of the Notes to Consolidated Financial Statements included in this Form 10-K. The aggregate number of shares subject to unvested restricted stock unit awards outstanding for each non-employee director at December 31, 2019 was: Mr. Hill: 5,889; Ms. Antonellis: 5,889; Mr. Habiger: 5,889; Ms. Molina: 5,889; Mr. Riedel: 5,889 and Mr. Seams: 5,889. None of the non-employee directors held any stock options as of December 31, 2019.\n\nName | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Option Awards ($) | Total($)\n-------------------- | ------------------------------- | ---------------- | ----------------- | --------\nRichard S. Hill | $106,000 | $149,987 | — | $255,987\nDarcy Antonellis | $55,333 | $149,987 | — | $205,320\nDavid C. Habiger | $70,000 | $149,987 | — | $219,987\nV. Sue Molina | $81,000 | $149,987 | — | $230,987\nGeorge A. Riedel | $68,333 | $149,987 | — | $218,320\nChristopher A. Seams | $82,000 | $149,987 | — | $231,987\n\nnon-employee director appointed after annual meeting restricted stock unit award or option grant initial appointment equal-rated annual grant\n option grants awards vest first anniversary grant or next annual meeting. No option granted exercisable after tenth anniversary. option granted exercisable after termination services ending three months after termination.\n table shows compensation for non-employee directors fiscal year 2019.\n amounts represent grant date fair value stock awards ASC 718 excluding estimated forfeitures reflect financial benefit. see Note 13 Notes Consolidated Financial Statements Form 10-K. aggregate shares subject to unvested restricted stock unit awards for each non-employee director at December 31, 2019. Hill. Antonellis. Habiger. Molina. Riedel. Seams. None directors held stock options as of December 31, 2019.\n Name Fees Stock Awards Option Awards Total$\n Richard S.Hill $106,000 $149,987\n Antonellis $55,333 $205,320\n. Habiger $70,000 $219\n. Molina $81,000 $230\n. Riedel $68,333 $218\n. Seams $82,000 $231" +} +{ + "_id": "d1b3a590c", + "title": "", + "text": "Net Pension Expense\nNet pension expense, as we define it below, includes the net periodic benefit costs related to both our pension and other postretirement plans. The net periodic benefit costs are determined annually based on beginning of year balances and are recorded ratably throughout the fiscal year, unless a significant re-measurement event occurs. The following is a summary of the net periodic benefit costs for the years ended June 30, 2019, 2018 and 2017:\nIn September 2016, we announced changes to retirement plans we offer to certain employees. Benefits accrued to eligible participants of our largest qualified defined benefit pension plan and certain non-qualified pension plans were frozen effective December 31, 2016. Approximately 1,900 affected employees were transitioned to the Company’s 401(k) plan that has been in effect for eligible employees since 2012, when the pension plan was closed to new entrants. We recognized the plan freeze during fiscal year 2017 as a curtailment, since it eliminated the accrual for a significant number of participants for all of their future services. We also made a voluntary pension contribution of $100.0 million to the affected plan in October 2016.\nThe service cost component of net pension expense represents the estimated cost of future pension liabilities earned associated with active employees. The pension earnings, interest and deferrals (“pension EID”) is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans and amortization of actuarial gains and losses and prior service costs.\n\n | | Years Ended June 30, | \n-------------------------- | ----- | -------------------- | -----\n($ in millions) | 2019 | 2018 | 2017 \nPension plans | $9.8 | $11.3 | $45.8\nOther postretirement plans | 1.8 | 2.9 | 2.6 \nNet periodic benefit costs | $11.6 | $14.2 | $48.4\n\nNet Pension Expense\n includes benefit costs pension postretirement plans. determined annually recorded. summary costs years ended June 30 2019 2018\n September 2016, changes retirement plans. Benefits pension frozen December 31, 2016. 1,900 employees transitioned to 401(k) plan since 2012,. plan freeze 2017 curtailment eliminated accrual future services. voluntary pension contribution $100. 0 million plan October 2016.\n service cost estimated cost future pension liabilities. pension earnings interest deferrals expected return on plan assets interest costs projected benefit obligations amortization actuarial gains losses prior service costs.\n Years Ended June 30\n millions 2019 2018 2017\n Pension plans $9. $11. $45.\n Other postretirement plans.\n Net periodic benefit costs $11. 6 $14. $48." +} +{ + "_id": "d1b30eaca", + "title": "", + "text": "Liquidity\nThe following table presents selected financial information on liquidity (in thousands):\n(1) We define working capital as current assets less current liabilities. Fiscal year 2019 includes the impact of recognizing operating lease right-of-use assets and liabilities as a result of our adoption of Accounting Standards Codification Topic 842, “Leases,” as of December 29, 2018.\nWe believe our existing balances of cash and cash equivalents, working capital and the availability under our asset-based loan facility, are sufficient to satisfy our working capital needs, capital expenditures, debt service and other liquidity requirements associated with our current operations over the next 12 months.\nOur capital expenditures, excluding cash paid for acquisitions, were approximately $16.1 million for fiscal 2019. We believe our capital expenditures, excluding cash paid for acquisitions, for fiscal 2020 will be approximately $38.0 million to $42.0 million. The increase in projected capital expenditures in fiscal 2020 as compared to fiscal 2019 is the result of planned expansions of several of our distribution facilities. Our planned capital projects will provide both new and expanded facilities and improvements to our technology that we believe will produce increased efficiency and the capacity to continue to support the growth of our customer base.\n\n | | Fiscal Year Ended | \n------------------------------------------------------- | ------------------ | ------------------ | -----------------\n | December 27, 2019 | December 28, 2018 | December 29, 2017\nCash and cash equivalents | $140,233 | $42,410 | $41,504 \nWorking capital,(1) excluding cash and cash equivalents | $162,772 | $160,783 | $147,063 \nAvailability under asset-based loan facility | $133,359 | $90,015 | $64,805 \n\nLiquidity\n table information liquidity\n working capital assets less liabilities. Fiscal 2019 recognizing lease right-use assets liabilities Accounting Standards Codification Topic 842 29,.\n balances cash working capital-based loan capital needs expenditures debt service liquidity requirements next 12 months.\n capital expenditures $16. 1 million 2019. 2020 $38. 0 million to $42. 0 million. increase expenditures expansions distribution facilities. capital projects new facilities improvements efficiency growth customer base.\n Fiscal Year\n December 27, 2019 28, 2018 29, 2017\n Cash equivalents $140,233 $42,410 $41,504\n Working capital $162,772 $160,783 $147,063\n Availability asset-based loan facility $133,359 $90,015 $64,805" +} +{ + "_id": "d1b3310c0", + "title": "", + "text": "Operating lease commitments\nThe Group has entered into commercial leases on certain properties, network infrastructure, motor vehicles and items of equipment. The leases have various terms, escalation clauses, purchase options and renewal rights, none of which are individually significant to the Group\nFuture minimum lease payments under non-cancellable operating leases comprise:\nThe total of future minimum sublease payments expected to be received under non-cancellable subleases is €1,027 million (2018: €859 million).\n\n | 2019 | 2018 \n------------------------------------------------- | ------ | -----\n | €m | €m \nWithin one year | 2,834 | 2,686\nIn more than one year but less than two years | 1,654 | 1,633\nIn more than two years but less than three years | 1,227 | 1,155\nIn more than three years but less than four years | 950 | 903 \nIn more than four years but less than five years | 739 | 717 \nIn more than five years | 3,412 | 2,600\n | 10,816 | 9,694\n\nlease commitments\n Group commercial leases properties infrastructure vehicles equipment. leases terms escalation clauses purchase options renewal rights significant\n Future lease payments non-cancellable\n total future sublease payments €1,027 million (2018 €859 million.\n 2019\n one year 2,834 2,686\n two years 1,654 1,633\n three 1,227 1,155\n four years 950 903\n five years 739 717\n five years 2,600\n 10,816 9,694" +} +{ + "_id": "d1b33b818", + "title": "", + "text": "The following unaudited pro forma financial information is presented as if the acquisitions had taken place at the beginning of the periods presented and should not be taken as representative of the Company’s future consolidated results of operations. The following unaudited pro forma information includes adjustments for the amortization expense related to the identified intangible assets.\nThe following table summarizes the Company’s unaudited pro forma financial information is presented as if the acquisitions occurred on October 1, 2017 (amounts shown in thousands):\nFor the year ended September 30, 2018, revenue of $9.1 million and a net loss of $5.3 million related to the A2iA and ICAR businesses since the respective acquisition dates are included in the Company's consolidated statements of operations.\n\n | For the years ended September 30, | \n--------------------------- | --------------------------------- | ---------\n | 2019 | 2018 \nPro forma revenue | $86,206 | $78,130 \nPro forma net income (loss) | $889 | $(12,268)\n\nunaudited financial information acquisitions not future results. includes adjustments amortization expense intangible assets.\n table summarizes information acquisitions October 1, 2017\n year ended September 30, 2018 revenue $9. 1 million net loss $5. 3 million A2iA ICAR businesses consolidated statements operations.\n years ended September 30\n 2019 2018\n revenue $86,206 $78,130\n net income (loss) $889 $(12,268)" +} +{ + "_id": "d1a730c3a", + "title": "", + "text": "4. PROPERTY AND EQUIPMENT, NET:\nProperty and equipment at September 2019 and September 2018 consisted of the following:\n\n | 2019 | 2018 \n----------------------------------------------- | ------------ | ------------\nLand | $773,068 | $773,068 \nBuildings and improvements | 12,574,893 | 12,206,908 \nWarehouse equipment | 15,011,605 | 13,424,236 \nFurniture, fixtures and leasehold improvements | 13,155,606 | 12,018,984 \nVehicles | 3,687,901 | 3,229,551 \nConstruction in progress | 617,881 | 743,278 \n | 45,820,954 | 42,396,025 \nLess accumulated depreciation and amortization: | (28,165,539) | (26,627,541)\nOwned property and equipment | $ 17,655,415 | $ 15,768,484\n\n. PROPERTY\n Land $773,068\n Buildings 12,574,893 12,206,908\n 15,011,605 13,424,236\n Furniture 13,155,606 12,018,984\n Vehicles 3,687,901 3,229,551\n Construction\n 45,820,954 42,396,025\n depreciation amortization (28,165,539 (26,627,541)\n 17,655,415 15,768,484" +} +{ + "_id": "d1b34a034", + "title": "", + "text": "(d) Product Warranties\nThe following table summarizes the activity related to the product warranty liability (in millions):\nWe accrue for warranty costs as part of our cost of sales based on associated material product costs, labor costs for technical support staff, and associated overhead. Our products are generally covered by a warranty for periods ranging from 90 days to five years, and for some products we provide a limited lifetime warranty.\n\n | July 27, 2019 | July 28, 2018 | July 29, 2017\n--------------------------------------- | ------------- | ------------- | -------------\nBalance at beginning of fiscal year | $359 | $407 | $414 \nProvisions for warranties issued | 600 | 582 | 691 \nAdjustments for pre-existing warranties | (12) | (38) | (21) \nSettlements | (603) | (592) | (677) \nAcquisitions and divestitures | (2) | — | — \nBalance at end of fiscal year | $342 | $359 | $407 \n\nProduct Warranties\n table warranty liability\n accrue warranty costs. products 90 days to five years limited lifetime warranty.\n July 2019 28, 2018 29, 2017\n Balance fiscal year $359 $407 $414\n Provisions warranties 600 582 691\n Adjustments pre-existing warranties (12)\n Settlements (603) (592) (677)\n Acquisitions divestitures\n Balance end fiscal year $342 $359 $407" +} +{ + "_id": "d1b3c2ac0", + "title": "", + "text": "The following table provides reconciliation from U.S. GAAP Operating income to non-GAAP Adjusted operating income (amounts in thousands):\n(1) Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n(2) $0.9 million in costs incurred during fiscal year 2018 related to the relocation of the Company's tantalum powder facility equipment from Carson City, Nevada to its existing Matamoros, Mexico plant were reclassified from “Plant start-up costs” to “Restructuring charges” during fiscal year 2019.\n\n | | Fiscal Years Ended March 31, | \n----------------------------------------------------------- | -------- | ---------------------------- | -------\n | 2019 | 2018 | 2017 \nOperating income (GAAP) (1) | $200,849 | $112,852 | $34,968\nNon-GAAP adjustments: | | | \n(Gain) loss on write down and disposal of long-lived assets | 1,660 | (992) | 10,671 \nERP integration costs/IT transition costs | 8,813 | 80 | 7,045 \nStock-based compensation | 12,866 | 7,657 | 4,720 \nRestructuring charges (2) | 8,779 | 14,843 | 5,404 \nLegal expenses related to antitrust class actions | 5,195 | 6,736 | 2,640 \nTOKIN investment-related expenses | — | — | 1,101 \nPlant start-up costs (2) | (927) | 929 | 427 \nAdjusted operating income (non-GAAP) (1) | $237,235 | $142,105 | $66,976\n\ntable. GAAP non-GAAP\n Fiscal years 2018 2017 adjusted ASC 606.\n. 9 million costs relocation tantalum powder equipment Carson City Nevada Matamoros Mexico reclassified start-up 2019.\n Fiscal Years Ended March\n 2017\n Operating income (GAAP) $200,849 $112,852 $34,968\n Non-GAAP adjustments\n loss write down disposal long-lived assets 1,660 10\n ERP transition costs 8\n Stock-based compensation 12,866\n Restructuring charges 8,779\n Legal expenses antitrust class actions\n investment-related expenses\n Plant start-up costs\n Adjusted operating income-GAAP $237,235 $142,105 $66,976" +} +{ + "_id": "d1b3c47da", + "title": "", + "text": "Refranchisings and franchisee development — The following table summarizes the number of restaurants sold to franchisees, the number of restaurants developed by franchisees, and gains recognized in each fiscal year (dollars in thousands):\n(1) Amounts in 2019, 2018, and 2017 include additional proceeds of $1.3 million, $1.4 million, and $0.2 million related to the extension of the underlying franchise and lease agreements from the sale of restaurants in prior years.\n(2)  Charges are for operating restaurant leases with lease commitments in excess of our sublease rental income.\n(3) Amounts in 2018 primarily represent $9.2 million of costs related to franchise remodel incentives, $8.7 million reduction of gains related to the modification of certain 2017 refranchising transactions, $2.3 million of maintenance and repair expenses and $3.7 million of other miscellaneous non-capital charges. Amounts in 2017 represent impairment of $4.6 million and equipment write-offs of $1.4 million related to restaurants closed in connection with the sale of the related markets, maintenance and repair charges, and other miscellaneous non-capital charges.\nFranchise acquisitions — In 2019 and 2018 we did not acquire any franchise restaurants. In 2017 we acquired 50 franchise restaurants. Of the 50 restaurants acquired, we took over 31 restaurants as a result of an agreement with an underperforming franchisee who was in violation of franchise and lease agreements with the Company. Under this agreement, the franchisee voluntarily agreed to turn over the restaurants. The acquisition of the additional 19 restaurants in 2017 was the result of a legal action filed in September 2013 against a franchisee, from which legal action we obtained a judgment in January 2017 granting us possession of the restaurants. Of the 50 restaurants acquired in 2017, we closed eight and sold 42 to franchisees.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------ | ------ | --------- | ---------\nRestaurants sold to franchisees | — | 135 | 178 \nNew restaurants opened by franchisees | 19 | 11 | 18 \nProceeds from the sale of company-operated restaurants: | | | \nCash (1) | $1,280 | $26,486 | $99,591 \nNotes receivable | — | 70,461 | — \n | $1,280 | $96,947 | $99,591 \n | | | \nNet assets sold (primarily property and equipment) | $— | $(21,329) | $(30,597)\nLease commitment charges (2) | — | — | (11,737) \nGoodwill related to the sale of company-operated restaurants | (2) | (4,663) | (10,062) \nOther (3) | 88 | (24,791) | (9,161) \nGains on the sale of company-operated restaurants | $1,366 | $46,164 | $38,034 \n\nRefranchisings franchisee development table summarizes restaurants sold developed gains each fiscal year\n 2019 2018 2017 include proceeds $1. 3 million $1. 4 million $0. 2 million extension franchise lease agreements sale.\n Charges for operating restaurant leases sublease rental income.\n 2018 represent $9. 2 million costs franchise remodel incentives $8. 7 million reduction gains 2017 $2. 3 million maintenance repair expenses $3. 7 million miscellaneous non-capital charges. 2017 impairment $4. 6 million equipment write-offs $1. 4 million restaurants closed maintenance repair charges-capital charges.\n Franchise acquisitions 2019 2018. 2017 acquired 50 restaurants. took 31 agreement underperforming franchisee. acquisition additional 19 restaurants 2017 legal action 2013 judgment 2017 possession. closed eight sold 42 franchisees.\n Restaurants sold\n New restaurants opened franchisees\n Proceeds from sale company-operated restaurants\nCash $1,280 $26,486 $99,591\n Notes receivable\n $96,947\n assets property equipment(21,329) $(30,597)\n Lease charges (11,737\n Goodwill restaurants (4,663) (10,062)\n (24,791) (9,161\n Gains $1,366 $46,164 $38,034" +} +{ + "_id": "d1b3866b0", + "title": "", + "text": "15. Trade and other payables\nTrade and other payables mainly consist of amounts owed to suppliers that have been invoiced or are accrued and contract liabilities relating to consideration received from customers in advance. They also include taxes and social security amounts due in relation to the Group’s role as an employer. Derivative financial instruments with a negative market value are reported within this note.\nAccounting policies\nTrade payables are not interest-bearing and are stated at their nominal value.\nNotes: 1 Previously described as deferred income in the year ended 31 March 2018\n2 Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly\n3 Includes €823 million (2018: €nil) payable in relation to the irrevocable and non-discretionary share buyback programme announced in January 2019.\nThe carrying amounts of trade and other payables approximate their fair value.\nMaterially all of the €1,716 million recorded as current contract liabilities at 1 April 2018 was recognised as revenue during the year.\nOther payables included within non-current liabilities include €288 million (2018: €271 million) in respect of the re-insurance of a third party annuity policy related to the Vodafone and CWW Sections of the Vodafone UK Group Pension Scheme.\nThe fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest rates and foreign currency rates prevailing at 31 March.\n\n | 2019 | 2018 \n--------------------------------------------- | ------ | ------\n | €m | €m \nIncluded within non-current liabilities: | | \nOther payables | 327 | 314 \nAccruals | 113 | 159 \nContract liabilities1 | 574 | 237 \nDerivative financial instruments2 | 1,924 | 2,133 \n | 2,938 | 2,843 \nIncluded within current liabilities: | | \nTrade payables | 6,541 | 6,185 \nAmounts owed to associates and joint ventures | 26 | 27 \nOther taxes and social security payable | 1,218 | 1,177 \nOther payables3 | 1,410 | 1,346 \nAccruals | 6,120 | 5,579 \nContract liabilities1 | 1,818 | 1,678 \nDerivative financial instruments2 | 520 | 250 \n | 17,653 | 16,242\n\n. Trade payables\n owed suppliers invoiced contract liabilities. taxes social security employer. Derivative financial instruments negative market value reported.\n payables not interest-bearing stated nominal value.\n deferred income 31 March 2018\n Items measured fair value level 2 classification\n Includes €823 million (2018 €nil) irrevocable non share buyback programme January 2019.\n carrying amounts approximate fair value.\n €1,716 million current contract liabilities 1 April 2018 recognised revenue.\n non €288 million (2018 €271 million re-insurance third party annuity policy Vodafone UK Group Pension Scheme.\n fair values derivative financial instruments calculated future cash flows present values market interest rates foreign currency rates 31 March.\n non-current liabilities\n Other payables 327\n Accruals\n Contract liabilities1\n Derivative financial 1,924\n current liabilities\n6,541,185\n associates\n taxes security 1,218 1,177\n 1,410 1,346\n Accruals 6,120 5,579\n Contract 1,818 1,678\n 520\n 17,653" +} +{ + "_id": "d1b310168", + "title": "", + "text": "5. Creditors\nAccounting policies\nCapital market and bank borrowings\nInterest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception) and are subsequently measured at amortised cost using the effective interest rate method, except where they are identified as a hedged item in a designated hedge relationship. Any difference between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing\nNotes: 1 Amounts owed to subsidiaries are unsecured, have no fixed date of repayment and are repayable on demand.\nIncluded in amounts falling due after more than one year are other loans of €31,157 million which are due in more than five years from 1 April 2019 and are payable otherwise than by instalments. Interest payable on these loans ranges from 0.375% to 7.875%.\nDetails of bond and other debt issuances are set out in note 20 “Borrowing and capital resources” in the consolidated financial statements\n\n | 2019 | 2018 \n--------------------------------------------- | ------- | -------\n | €m | €m \nAmounts falling due within one year: | | \nBank loans and other loans | 4,835 | 8,367 \nAmounts owed to subsidiaries1 | 232,896 | 220,625\nDerivative financial instruments | 463 | 229 \nTaxation payable | – | 9 \nOther creditors | 945 | 120 \nAccruals and deferred income | 66 | 46 \n | 239,205 | 229,396\nAmounts falling due after more than one year: | | \nDeferred tax | 17 | – \nOther loans | 46,208 | 32,199 \nDerivative financial instruments | 1,924 | 2,133 \n | 48,149 | 34,332 \n\n. Creditors\n Accounting policies\n Capital market bank borrowings\n Interest-bearing loans overdrafts measured fair value amortised cost interest rate hedged item. difference transaction costs due settlement redemption recognised term borrowing\n Amounts owed subsidiaries unsecured no fixed date repayable demand.\n year loans €31,157 million due five years 1 April 2019 payable. Interest 0. 375% to 7. 875%.\n bond debt issuances note 20 capital consolidated financial statements\n Amounts due one year\n Bank loans loans 4,835 8,367\n owed 232,896 220,625\n financial instruments\n Taxation\n creditors\n Accruals deferred income\n,205\n Amounts after one year\n Deferred tax\n Other loans 46,208 32,199\n financial instruments\n" +} +{ + "_id": "d1b371dd2", + "title": "", + "text": "3. VOYAGE REVENUES\nOur voyage revenues consist of time charter revenues and spot charter revenues with the following split:\n*Spot charter revenues for 2019 and 2018 are presented in accordance we ASC 606 Revenue from Contracts with Customers. The comparative information for 2017 has not been restated.\n\nAll amounts in USD ‘000 | 2019 | 2018 | 2017 \n------------------------ | ------- | ------- | -------\nSpot charter revenues* | 283,007 | 259,978 | 257,495\nTime charter revenues | 34,213 | 29,038 | 39,646 \nTotal Voyage Revenues | 317,220 | 289,016 | 297,141\n\n. VOYAGE REVENUES\n time spot\n charter 2019 2018 ASC 606. comparative information 2017.\n amounts USD 2019 2018\n Spot charter 283,007 259,978 257,495\n Time charter 34,213 29,038 39,646\n Total Voyage 317,220,016,141" +} +{ + "_id": "d1b307fae", + "title": "", + "text": "Hardware Business\nOur hardware business’ revenues are generated from the sales of our Oracle Engineered Systems, server, storage, and industry-specific hardware products. Each hardware product and its related software, such as an operating system or firmware, are highly interdependent and interrelated and are accounted for as a combined performance obligation. The revenues for this combined performance obligation are generally recognized at the point in time that the hardware product and its related software are delivered to the customer and ownership is transferred to the customer. Our hardware business also earns revenues from the sale of hardware support contracts purchased and renewed by our customers at their option and are generally recognized as revenues ratably as the hardware support services are delivered over the contractual term, which is generally one year. The majority of our hardware products are sold through indirect channels such as independent distributors and value-added resellers, and we also market and sell our hardware products through our direct sales force. Operating expenses associated with our hardware business include the cost of hardware products, which consists of expenses for materials and labor used to produce these products by our internal manufacturing operations or by third-party manufacturers, warranty expenses and the impact of periodic changes in inventory valuation, including the impact of inventory determined to be excess and obsolete; the cost of materials used to repair customer products; the cost of labor and infrastructure to provide support services; and sales and marketing expenses, which are largely personnel related and include variable compensation earned by our sales force for the sales of our hardware offerings.\n1 ) Excludes stock-based compensation and certain expense allocations. Also excludes amortization of intangible assets and certain other GAAP-based expenses, which were not allocated to our operating segment results for purposes of reporting to and review by our CODMs, as further described under “Presentation of Operating Segments and Other Financial Information” above.\nExcluding the effects of currency rate fluctuations, total hardware revenues decreased in fiscal 2019 relative to fiscal 2018 due to lower hardware products revenues and, to a lesser extent, lower hardware support revenues. The decrease in hardware products revenues in fiscal 2019 relative to fiscal 2018 was primarily attributable to our continued emphasis on the marketing and sale of our cloud-based infrastructure technologies, which resulted in reduced sales volumes of certain of our hardware product lines and also impacted the volume of hardware support contracts sold in recent periods. This constant currency hardware revenue decrease was partially offset by certain hardware revenue increases related to our Oracle Engineered Systems offerings, primarily Oracle Exadata.\nExcluding the effects of currency rate fluctuations, total hardware expenses decreased in fiscal 2019 compared to fiscal 2018 primarily due to lower hardware products and support costs and lower sales and marketing employee related expenses, all of which aligned to lower hardware revenues.\nIn constant currency, total margin and total margin as a percentage of revenues for our hardware segment increased in fiscal 2019 due to lower expenses.\n\n | | | Year Ended May 31, | \n--------------------------------- | ------ | ------ | ------------------ | ------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nHardware Revenues: | | | | \nAmericas | $1,889 | -6% | -4% | $2,003\nEMEA | 1,082 | -10% | -5% | 1,201 \nAsia Pacific | 733 | -7% | -4% | 790 \nTotal revenues | 3,704 | -7% | -5% | 3,994 \nExpenses: | | | | \nHardware products and support (1) | 1,327 | -14% | -11% | 1,547 \nSales and marketing (1) | 520 | -19% | -16% | 643 \nTotal expenses (1) | 1,847 | -16% | -13% | 2,190 \nTotal Margin | $1,857 | 3% | 6% | $1,804\nTotal Margin % | 50% | | | 45% \n% Revenues by Geography: | | | | \nAmericas | 51% | | | 50% \nEMEA | 29% | | | 30% \nAsia Pacific | 20% | | | 20% \n\nHardware Business\n revenues from sales Oracle Engineered Systems server storage industry-specific hardware products. Each product related software interdependent accounted for as combined performance obligation. revenues recognized at hardware product software delivered to customer ownership transferred. earns revenues from hardware support contracts recognized as revenues delivered over contractual term one year. majority hardware products sold through indirect independent distributors value-added resellers through direct sales force. Operating expenses include cost of hardware products for materials labor warranty expenses changes inventory valuation materials products labor infrastructure support services sales marketing expenses personnel related variable compensation sales force for.\n Excludes stock-based compensation expense allocations. excludes amortization of intangible assets other GAAP-based expenses not allocated to results.\n Excluding fluctuations total hardware revenues decreased in fiscal 2019 2018 due to lower hardware products revenues hardware support revenues.decrease hardware revenues 2019 attributable cloud-based infrastructure technologies reduced sales volumes support contracts. decrease offset by increases Oracle Engineered Systems offerings Exadata.\n hardware expenses decreased 2019 due lower hardware products support costs sales marketing expenses revenues.\n total margin hardware increased 2019 lower expenses.\n Ended May 31,\n Percent Change\n 2019\n Hardware Revenues\n Americas $1,889 -6% -4% $2,003\n EMEA 1,082 -10% -5% 1,201\n Asia Pacific 733 -7% -4%\n Total revenues 3,704 -7% -5% 3,994\n Expenses\n Hardware products support 1,327 -14% -11% 1,547\n Sales marketing 520 -19% -16%\n Total expenses 1,847 -16% 2,190\n Total Margin $1,857 3% $1,804\n Margin %\n Revenues Geography\n Americas 51%\n29% 30%\n Asia Pacific 20%" +} +{ + "_id": "d1b313eda", + "title": "", + "text": "Liquidity\nCash and Liquidity. As of December 31, 2019, our principal sources of liquidity included cash, cash equivalents, and short-term investments of $182.7 million, compared to $162.9 million as of December 31, 2018. We generally invest our excess cash balances in low-risk, short-term investments to limit our exposure to market and credit risks.\nDuring the first quarter of 2018, we refinanced our 2015 Credit Agreement which extended the term of the loan to March 2023 as well as obtained a reduction in the interest rate and other fees. The 2018 Credit Agreement increased our liquidity and capital resources position by approximately $30 million.\nAs part of our 2018 Credit Agreement, we have a $200 million senior secured revolving loan facility with a syndicate of financial institutions that expires in March 2023. As of December 31, 2019, there were no borrowings outstanding on the 2018 Revolver. The 2018 Credit Agreement contains customary affirmative covenants and financial covenants. As of December 31, 2019, and the date of this filing, we believe that we are in compliance with the provisions of the 2018 Credit Agreement.\nOur cash, cash equivalents, and short-term investment balances as of the end of the indicated periods were located in the following geographical regions (in thousands):\nWe generally have ready access to substantially all of our cash, cash equivalents, and short-term investment balances, but may face limitations on moving cash out of certain foreign jurisdictions due to currency controls and potential negative economic consequences. As of December 31, 2019, we had $2.7 million of cash restricted as to use to collateralize outstanding letters of credit.\nCash Flows From Operating Activities. We calculate our cash flows from operating activities beginning with net income, adding back the impact of non-cash items or nonoperating activity (e.g., depreciation, amortization, amortization of OID, impairments, gain/loss from debt extinguishments, deferred income taxes, stock-based compensation, etc.), and then factoring in the impact of changes in operating assets and liabilities.\nOur primary source of cash is from our operating activities. Our current business model consists of a significant amount of recurring revenue sources related to our long-term cloud-based and managed services arrangements (mostly billed monthly), payment process transaction services (mostly billed monthly), and software maintenance agreements (billed monthly, quarterly, or annually). This recurring revenue base provides us with a reliable and predictable source of cash. In addition, software license fees and professional services revenues are sources of cash, but the payment streams for these items are less predictable.\nThe primary use of our cash is to fund our operating activities. Over half of our total operating costs relate to labor costs (both employees and contracted labor) for the following: (i) compensation; (ii) related fringe benefits; and (iii) reimbursements for travel and entertainment expenses. The other primary cash requirements for our operating expenses consist of: (i) computing capacity and related services and communication lines for our outsourced cloud-based business; (ii) paper, envelopes, and related supplies for our statement processing solutions; (iii) transaction fees paid in conjunction with the delivery of services under our payment services contracts; (iv) hardware and software; and (v) rent and related facility costs. These items are purchased under a variety of both short-term and long-term contractual commitments. A summary of our material contractual obligations is provided below.\n\n | December 31, | December 31,\n------------------------------------------------------- | ------------ | ------------\n | 2019 | 2018 \nAmericas (principally the U.S.) | $125,309 | $110,385 \nEurope, Middle East and Africa | 50,477 | 45,884 \nAsia Pacific | 6,871 | 6,611 \nTotal cash, cash equivalents and short-term investments | $182,657 | $162,880 \n\n\n. December 31, 2019 principal sources cash equivalents short-term investments $182. 7 million compared $162. 9 million 2018. excess cash in low-risk short-term investments limit market credit risks.\n refinanced 2015 Credit Agreement extended loan to March 2023 obtained reduction interest rate fees. 2018 Credit Agreement increased liquidity capital resources $30 million.\n $200 million senior secured revolving loan expires March 2023. December 31, 2019 no borrowings outstanding. Agreement affirmative covenants financial covenants. compliance provisions Credit Agreement.\n cash equivalents short-term investment balances regions\n ready access cash balances limitations cash foreign jurisdictions currency controls negative economic consequences. December 31, 2019 $2. 7 million cash restricted collateralize letters credit.\n Cash Flows Operating Activities. calculate cash flows net income impact non-cash items. operating assets liabilities.\n primary source cash from operating activities.business model recurring revenue cloud managed services payment process transaction services software maintenance. recurring revenue reliable predictable source cash. software license fees professional services revenues cash payment less predictable.\n primary cash operating activities. half operating costs labor costs compensation fringe benefits travel entertainment expenses. cash requirements computing capacity communication lines cloud paper envelopes supplies statement processing transaction fees hardware software rent facility costs. purchased under short-term long-term contractual commitments. summary contractual obligations below.\n 2019 2018\n Americas. $125,309 $110,385\n Europe Middle East Africa 50,477 45,884\n Asia Pacific 6,871 6,611\n Total cash equivalents short-term investments $182,657 $162,880" +} +{ + "_id": "d1b367e4a", + "title": "", + "text": "The following table reconciles our historical consolidated EBITDA and Adjusted EBITDA to net (loss) income.\n(a) Foreign currency exchange loss (gain) includes the unrealized loss of $13.2 million in 2019 (2018 – gain of $21.2 million, 2017 – gain of $82.7 million, 2016 – gain of $75.0 million, and 2015 – loss of $89.2 million) on cross currency swaps.\n(b) In June 2016, as part of its financing initiatives, Altera canceled the construction contracts for its two UMS newbuildings. As a result, Altera accrued for potential damages resulting from the cancellations and reversed contingent liabilities previously recorded that were relating to the delivery of the UMS newbuildings.\nThis net loss provision of $23.4 million for the year ended December 31, 2016 was reported in other loss in our consolidated statement of income. The newbuilding contracts were held in Altera's separate subsidiaries and obligations of these subsidiaries were non-recourse to Altera.\n(c) During the year ended December 31, 2016, the Company recorded a write-down of a cost-accounted investment of $19.0 million. This investment was subsequently sold in 2017, resulting in a gain on sale of $1.3 million. During 2017, the Company recognized an additional tax indemnification guarantee liability of $50 million related to the Teekay Nakilat finance leases. For additional information, please read \"Item 18 – Financial Statements: Note 15 – Other loss\".\n(d) Adjustments related to equity (loss) income is a non-GAAP financial measure and should not be considered as an alternative to equity income or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjustments related to equity (loss) income exclude some, but not all, items that affect equity (loss) income, and these measures may vary among other companies. Therefore, adjustments related to equity (loss) income as presented in this Annual Report may not be comparable to similarly titled measures of other companies.\nAdjustments related to equity (loss) income includes depreciation and amortization, net interest expense, income tax expense (recovery), amortization of in-process revenue contracts, direct finance and salestype lease payments received in excess of revenue recognized, write-down and loss (gain) on sales of vessels, realized and unrealized loss (gain) on derivative instruments and other items, realized loss (gain) on foreign currency forward contracts,\nand write-down and gain on sale of equity-accounted investments, in each case related to our equity-accounted entities, on the basis of our ownership percentages of such entities.\n\n | | | Year Ended December 31, | | \n------------------------------------------------------------------------------------ | ---------- | --------- | ------------------------------ | --------- | ---------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nIncome Statement Data: | | | (in thousands of U.S. Dollars) | | \nReconciliation of EBITDA and Adjusted EBITDA to Net (loss) income | | | | | \nNet (loss) income | $(148,986) | $(57,747) | $(529,072) | $86,664 | $405,460 \nIncome tax expense (recovery) | 25,482 | 19,724 | 12,232 | 24,468 | (16,767) \nDepreciation and amortization | 290,672 | 276,307 | 485,829 | 571,825 | 509,500 \nInterest expense, net of interest income | 271,255 | 245,601 | 262,110 | 278,145 | 236,481 \nEBITDA | 438,423 | 483,885 | 231,099 | 961,102 | 1,134,674\nForeign exchange loss (gain) (a) | 13,574 | (6,140) | 26,463 | 6,548 | 2,195 \nOther loss (income) (b) (c) | 14,475 | 2,013 | 53,981 | 39,013 | (1,566) \nWrite-down and loss on sale of vessels | 170,310 | 53,693 | 270,743 | 112,246 | 70,175 \nDirect finance lease payments received in excess of revenue recognized | 21,636 | 11,082 | 18,737 | 28,348 | 24,429 \nAmortization of in-process revenue contracts and other | (4,131) | (10,217) | (13,460) | (24,195) | (33,226) \nRealized and unrealized losses on non-designated derivative instruments | 13,719 | 14,852 | 38,854 | 35,091 | 102,200 \nRealized gains (losses) from the settlements of nondesignated derivative instruments | 1,532 | — | 2,047 | (8,646) | (20,008) \nLoss on deconsolidation of Altera | — | 7,070 | 104,788 | — | — \nAdjustments related to equity (loss) income (d) | 282,375 | 219,395 | 217,866 | 137,496 | 136,921 \nAdjusted EBITDA | 951,913 | 775,633 | 951,118 | 1,287,003 | 1,415,794\n\ntable reconciles consolidated EBITDA Adjusted EBITDA to net (loss income.\n Foreign currency exchange loss includes unrealized loss $13. 2 million 2019 (2018 gain $21. million 2017 $82. million 2016 $75. million 2015 loss $89. million currency swaps.\n June 2016, Altera canceled construction contracts UMS newbuildings. accrued damages liabilities.\n net loss $23. 4 million December 2016 reported loss consolidated statement income. newbuilding contracts Altera subsidiaries obligations non-recourse.\n December 2016, Company recorded write-down cost-accounted investment $19. million. sold 2017 gain on sale $1. 3 million. recognized additional tax indemnification guarantee liability $50 million Teekay Nakilat finance leases. \"Item 18 Financial Statements Note 15 Other loss.\n Adjustments equity (loss income non-GAAP alternative. vary. comparable to other.\nAdjustments equity income depreciation amortization interest expense income tax amortization contracts finance lease payments sales vessels derivative instruments foreign currency contracts\n equity-accounted investments.\n Ended December 31,\n 2018 2017 2016 2015\n Income Statement Data. Dollars\n Reconciliation EBITDA Adjusted EBITDA Net income\n income $(148,986 $(57,747),072) $86,664 $405,460\n Income tax expense 25,482 19,724,232\n Depreciation amortization 290,672 276,307 485,829 571,825\n Interest expense 271,255 245,601 262,110 278,145 236,481\n EBITDA 438,423 483,885 231,099 961,102\n Foreign exchange loss 13,574 (6,140 26,463 6,548 2,195\n14,475 53,981 39,013\n sale vessels 170,310 53,693 270,743 112,246 70,175\n lease 21,636 11,082 18,737 24,429\n (4,131 (10,217),460 (24,226)\n losses instruments 13,719 14,852 38,854 35,091 102,200\n 1,532 2,047 (8,646 (20,008\n Loss deconsolidation 7,070 104,788\n equity 282,375 219,395 217,866 137,496 136,921\n EBITDA 951,913,633 951,118 1,287,003 1,415,794" +} +{ + "_id": "d1b3b0bd6", + "title": "", + "text": "The following table provides the weighted average actuarial assumptions used to determine net periodic benefit costfor years ended:\nFor domestic plans, the discount rate was determined by comparison against the FTSE pension liability index for AA rated corporate instruments. The Company monitors other indices to assure that the pension obligations are fairly reported on a consistent basis. The international discount rates were determined by comparison against country specific AA corporate indices, adjusted for duration of the obligation.\nThe periodic benefit cost and the actuarial present value of projected benefit obligations are based on actuarial assumptions that are reviewed on an annual basis. The Company revises these assumptions based on an annual evaluation of longterm trends, as well as market conditions that may have an impact on the cost of providing retirement benefits.\n\n | Domestic | | International | \n------------------------------ | ------------- | ----- | ------------- | -----\n | September 30, | | September 30, | \n | 2019 | 2018 | 2019 | 2018 \nDiscount rate | 4.00% | 3.75% | 1.90% | 2.80%\nExpected return on plan assets | | | 3.40% | 3.70%\nRate of compensation increase | | | - - % | - - %\n\ntable provides assumptions periodic benefit years\n domestic plans discount rate FTSE pension liability index AA rated corporate instruments. Company monitors indices. international discount rates determined country AA corporate indices adjusted duration obligation.\n periodic benefit cost actuarial present value obligations based assumptions reviewed. Company revises assumptions longterm trends market conditions retirement.\n International\n September 30\n Discount rate 4.% 3. 75%. 90%. 80%\n Expected return on plan assets 3. 40%. 70%\n Rate compensation increase" +} +{ + "_id": "d1a72a5d8", + "title": "", + "text": "Non-Recurring Fair Value\nCertain assets, under certain conditions, are measured at fair value on a nonrecurring basis utilizing Level 3 inputs, as described in Note 1, Overview and Summary of Significant Accounting Policies, like those associated with acquired businesses, including goodwill, other intangible assets, other long-lived assets and equity method investments. For these assets, measurement at fair value in periods subsequent to their initial recognition would be applicable if these assets were determined to be impaired.\nThe adjusted carrying values for assets measured at fair value on a nonrecurring basis (no liabilities) subject to the requirements of ASC 820 were not material at December 31, 2019 and 2018. The following table summarizes the total impairment losses in the accompanying Consolidated Statements of Operations related to nonrecurring fair value measurements of certain assets (no liabilities):\nIn connection with the closure of certain under-utilized customer engagement centers and the consolidation of leased space in the U.S. and Canada, the Company recorded impairment charges of $1.7 million, $9.4 million and $5.2 million during the years ended December 2019, 2018 and 2017, respectively, related to the exit of leased facilities as well as leasehold improvements, equipment, furniture and fixtures which were not recoverable. See Note 5, Costs Associated with Exit or Disposal Activities, for further information.\nAlso, the Company recorded an impairment charge of $0.2 million related to the write-down of a vacant and unused parcel of land in the U.S. to its estimated fair value during the year ended December 31, 2017.\n\n | | Years Ended December31, | \n----------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nAmericas: | | | \nProperty and equipment, net | $(343) | $(9,401) | $(5,410)\nOperating lease right-of-use assets | (1,368) | — | — \n | $(1,711) | $(9,401) | $(5,410)\n\nNon-Recurring Fair Value\n assets measured fair value Level 3 inputs Note 1 Accounting Policies acquired businesses goodwill intangible assets long-lived assets equity investments. measurement fair value impaired.\n adjusted carrying values assets ASC 820 not material December 31, 2019 2018. table summarizes impairment losses Consolidated Statements Operations nonrecurring fair value measurements\n closure under-utilized centers consolidation leased space. Canada recorded impairment charges $1. 7 million $9. 4 million $5. 2 million December 2019 2018 2017 exit leased facilities leasehold improvements equipment furniture fixtures not recoverable. Note 5 Costs Associated Exit Disposal Activities.\n recorded impairment charge $0. 2 million write-down vacant unused parcel land U. fair value December 31, 2017.\n Property equipment(9,401)\n Operating lease right-of-use assets\n" +} +{ + "_id": "d1a740f04", + "title": "", + "text": "The following table summarizes the components of net periodic pension cost recognized in the consolidated statements of operations for the plans for the years ended December 31, 2019, 2018 and 2017:\nThe components of net periodic pension cost other than the service cost component are included in other, net within other income (expense) in the consolidated statements of operations.\nIn 2019, we purchased a group annuity contract to transfer the pension benefit obligations and annuity administration for a select group of retirees or their beneficiaries to an annuity provider. Upon issuance of the group annuity contract, the pension benefit obligation of $24.4 million for approximately 500 participants was irrevocably transferred to the annuity provider. The purchase of the group annuity was funded directly by the assets of the Pension Plans. During the year ended December 31, 2019, we recognized a pension settlement charge of $6.7 million as a result of the transfer of the pension liability to the annuity provider and other lump sum payments made during the year.\nIn 2018 and 2017, the Retirement Plan was amended to freeze benefit accruals under the cash balance benefit plan for certain participants under collective bargaining agreements. As a result of these amendments, we recognized a pre-tax curtailment gain of $1.2 million and $1.3 million as a component of net periodic pension cost during the years ended December 31, 2018 and 2017, respectively.\n\n(In thousands) | 2019 | 2018 | 2017 \n------------------------------ | -------- | -------- | --------\nService cost | $ 50 | $ 5,809 | $ 3,055 \nInterest cost | 30,327 | 28,870 | 21,882 \nExpected return on plan assets | (34,627) | (38,640) | (28,459)\nAmortization of: | | | \nNet actuarial loss | 2,890 | 6,110 | 6,244 \nPrior service cost (credit) | 123 | (204) | (316) \nPlan curtailment | — | (1,156) | (1,337) \nPlan settlement | 6,726 | 94 | 17 \nNet periodic pension cost | $ 5,489 | $ 883 | $ 1,086 \n\ntable summarizes net pension cost in consolidated statements operations 2019 2018 2017:\n components included in.\n 2019 purchased group annuity contract obligations retirees provider. pension benefit obligation $24. 4 million for 500 participants transferred. funded by assets Pension Plans. 2019 recognized pension settlement charge $6. 7 million transfer liability lump sum payments.\n 2018 2017 Retirement Plan amended freeze benefit accruals cash balance benefit plan participants. recognized pre-tax curtailment gain $1. 2 million $1. 3 million net pension cost 2018 2017.\n Service cost $ 50 5,809 3,055\n Interest cost 30,327 28,870\n Expected return on plan assets (34,627) (38,640),459\n Amortization\n Net actuarial loss 2,890 6,110\n Prior service cost 123 (204)\n Plan curtailment (1,156\n settlement 6,726\npension 5,489 883 1,086" +} +{ + "_id": "d1b3bf532", + "title": "", + "text": "Fiscal 2019 compared to Fiscal 2018\nNet Sales\nOverall, our net sales were $9.54 billion in fiscal 2019, an increase of 20% compared to fiscal 2018.\nGrocery & Snacks net sales for fiscal 2019 were $3.28 billion, a decrease of $7.8 million compared to fiscal 2018. Volume, excluding the impact of acquisitions and divestitures, was flat in fiscal 2019 compared to the prior-year period. This result reflected merchandising changes and price elasticity-related declines in certain brands, as well as isolated production challenges, partially offset by the continued benefit from momentum and innovation successes in the snacks businesses. Price/ mix was flat compared to the prior year as unfavorable mix, coupled with increases in brand building investments with retailers were offset by the impact of higher pricing. The acquisition of Angie's Artisan Treats, LLC, which was completed in October 2017, contributed $41.3 million to Grocery & Snacks net sales during fiscal 2019, through the one-year anniversary of the acquisition. Fiscal 2019 results included $115.9 million of net sales related to our Wesson ® oil business, which was sold in the fourth quarter of fiscal 2019. Fiscal 2018 results included $156.4 million of net sales related to this divested business.\nRefrigerated & Frozen net sales for fiscal 2019 were $2.80 billion, an increase of $51.0 million, or 2%, compared to fiscal 2018. Results for fiscal 2019 reflected a 1% increase in volume compared to fiscal 2018, excluding the impact of acquisitions. The increase in sales volumes was a result of innovation across multiple brands, which was partially offset by the effects of reduced merchandising spend and the impact of a recall during the fourth quarter. Price/mix was flat compared to fiscal 2018, as continued delivery of top-line accretive innovation in several brands was partially offset by brand building investments with retailers. The acquisition of the Sandwich Bros. of Wisconsin® business, which was completed in February 2018, contributed $25.7 million to Refrigerated & Frozen's net sales during fiscal 2019, through the one-year anniversary of the acquisition.\nInternational net sales for fiscal 2019 were $793.4 million, a decrease of $50.1 million, or 6%, compared to fiscal 2018. Results for fiscal 2019 reflected a 2% increase in volume, excluding the impact of acquisitions and divestitures, a 4% decrease due to foreign exchange rates, and a 2% increase in price/mix, in each case compared to fiscal 2018. The volume and price/ mix increases for fiscal 2019 were driven by growth in the Canadian snacks and frozen businesses. The acquisition of Angie's Artisan Treats, LLC contributed $3.7 million to International net sales for fiscal 2019, through the one-year anniversary of the acquisition. Fiscal 2019 included $4.1 million of net sales related to our Del Monte® processed fruit and vegetable business in Canada, which was sold in the first quarter of fiscal 2019. Fiscal 2018 results included $48.9 million of net sales related to this divested business. In addition, fiscal 2019 and 2018 results included $17.1 million and $24.5 million, respectively, related to our divested Wesson ® oil business.  International net sales for fiscal 2019 were $793.4 million, a decrease of $50.1 million, or 6%, compared to fiscal 2018. Results for fiscal 2019 reflected a 2% increase in volume, excluding the impact of acquisitions and divestitures, a 4% decrease due to foreign exchange rates, and a 2% increase in price/mix, in each case compared to fiscal 2018. The volume and price/ mix increases for fiscal 2019 were driven by growth in the Canadian snacks and frozen businesses. The acquisition of Angie's Artisan Treats, LLC contributed $3.7 million to International net sales for fiscal 2019, through the one-year anniversary of the acquisition. Fiscal 2019 included $4.1 million of net sales related to our Del Monte® processed fruit and vegetable business in Canada, which was sold in the first quarter of fiscal 2019. Fiscal 2018 results included $48.9 million of net sales related to this divested business. In addition, fiscal 2019 and 2018 results included $17.1 million and $24.5 million, respectively, related to our divested Wesson ® oil business.\nFoodservice net sales for fiscal 2019 were $934.2 million, a decrease of $120.6 million, or 11%, compared to fiscal 2018. Results for fiscal 2019 reflected a 14% decrease in volume, excluding divestitures. The decline in volume reflected the continued execution of the segment's value-over-volume strategy and the sale of our Trenton, Missouri production facility in the first quarter of fiscal 2019. Price/mix increased 5% in fiscal 2019 compared to fiscal 2018. The increase in price/mix for fiscal 2019 reflected favorable product and customer mix, the impact of inflation-driven increases in pricing, and the execution of the segment's value-over-volume strategy. Fiscal 2019 included $34.2 million of net sales related to our Wesson ® oil business, which was sold in the fourth quarter of fiscal 2019. Fiscal 2018 results included $53.4 million of net sales related to this divested business. Net sales declined by approximately 7% in fiscal 2019 due to the sale of our Trenton, Missouri production facility.\nPinnacle Foods net sales for fiscal 2019 (reflecting 213 days of Conagra Brands ownership) were $1.73 billion. Results reflected expected consumption declines as the Company executes its value-over-volume strategy within the Pinnacle portfolio.\n\n($ in millions) | | | \n--------------------- | --------------------- | --------------------- | -----------\nReporting Segment | Fiscal 2019 Net Sales | Fiscal 2018 Net Sales | % Inc (Dec)\nGrocery & Snacks . | $3,279.2 | $3,287.0 | —% \nRefrigerated & Frozen | 2,804.0 | 2,753.0 | 2% \nInternational | 793.4 | 843.5 | (6)% \nFoodservice | 934.2 | 1,054.8 | (11)% \nPinnacle Foods | 1,727.6 | — | 100% \nTotal | $9,538.4 | $7,938.3 | 20% \n\n2019 2018\n Net Sales\n sales $9. 54 billion 2019 increase 20% 2018.\n Grocery & Snacks net sales 2019 $3. 28 billion decrease $7. 8 million 2018. Volume excluding acquisitions divestitures flat. reflected merchandising changes price elasticity declines production challenges offset innovation snacks. Price mix flat brand building investments higher pricing. acquisition Angie's Artisan Treats 2017 contributed $41. 3 million Snacks net sales. included $115. 9 million net sales Wesson ® oil business sold. 2018 $156. 4 million sales.\n Refrigerated & Frozen net sales 2019 $2. 80 billion increase $51. 0 million 2% 2018. 1% increase volume. increase innovation brands offset reduced merchandising spend recall. Price/mix flat innovation offset brand building investments. acquisition Sandwich Bros. of Wisconsin® February 2018 contributed $25. 7 million net sales.\n International net sales 2019 $793.decrease $50. 1 million 6% compared 2018. 2% increase volume 4% decrease foreign exchange rates 2% increase price/mix. increases driven growth Canadian snacks frozen businesses. acquisition Angie's Artisan Treats contributed $3. 7 million sales. $4. 1 million sales Del Monte® processed fruit vegetable business Canada sold. 2018 $48. 9 million. $17. 1 million $24. 5 million divested Wesson ® oil business. net sales $793. 4 million decrease $50. 1 million 6% 2018. 2% increase volume 4% decrease foreign exchange 2% increase price/mix. driven growth Canadian snacks frozen businesses. acquisition Angie's Artisan Treats contributed $3. 7 million sales. $4. 1 million sales Del Monte® processed fruit vegetable business Canada. $48. 9 million. $17. 1 million $24. 5 million divested Wesson ® oil business.\n sales $934. 2 million decrease $120. 6 million 11% compared 2018.2019 14% decrease volume excluding divestitures. decline value-over-volume strategy sale Trenton Missouri production facility. Price/mix increased 5% 2018. favorable product customer mix inflation increases value-over-volume strategy. included $34. 2 million net sales Wesson ® oil business sold fourth quarter. 2018 $53. 4 million net sales. sales declined 7% sale Trenton Missouri production facility.\n Pinnacle Foods net sales $1. 73 billion. consumption declines value-over-volume strategy.\n 2019 Net Sales 2018 Net Sales\n Grocery Snacks. $3,279.,287.\n Refrigerated Frozen 2,804. 2,753.\n International 793. 843.\n Foodservice 934. 1,054.\n Pinnacle Foods 1,727.\n Total $9,538. $7,938." +} +{ + "_id": "d1b362ab2", + "title": "", + "text": "18. Reconciliation of net cash flow from operating activities\nThe table below shows how our (loss)/profit for the year from continuing operations translates into cash flows generated from our operating activities.\n\n | | 2019 | 2018 | 2017 \n----------------------------------------------------------------------- | ------ | ------- | ------- | -------\n | Notes | €m | €m | €m \n(Loss)/profit for the financial year | | (7,644) | 2,788 | (6,079)\nLoss from discontinued operations | 7 | 3,535 | 1,969 | 4,107 \n(Loss)/profit for the financial year from continuing operations | | (4,109) | 4,757 | (1,972)\nNon-operating expense | | 7 | 32 | 1 \nInvestment income | | (433) | (685) | (474) \nFinancing costs | | 2,088 | 1,074 | 1,406 \nIncome tax expense/(credit) | 6 | 1,496 | (879) | 4,764 \nOperating (loss)/profit | | (951) | 4,299 | 3,725 \nAdjustments for: | | | | \nShare-based payments and other non-cash charges | | 147 | 128 | 95 \nDepreciation and amortisation | 10, 11 | 9,795 | 10,409 | 11,086 \nLoss on disposal of property, plant and equipment and intangible assets | 3 | 33 | 36 | 22 \nShare of result of equity accounted associates and joint ventures | | 908 | 59 | (47) \nImpairment losses | 4 | 3,525 | – | – \nOther expense/(income) | | 148 | (213) | (1,052)\n(Increase)/decrease in inventory | | (131) | (26) | 117 \n(Increase)/decrease in trade and other receivables | 14 | (31) | (1,118) | 308 \nIncrease/(decrease) in trade and other payables | 15 | 739 | 286 | (473) \nCash generated by operations | | 14,182 | 13,860 | 13,781 \nNet tax paid | | (1,131) | (1,118) | (761) \nCash flows from discontinued operations | | (71) | 858 | 1,203 \nNet cash flow from operating activities | | 12,980 | 13,600 | 14,223 \n\n. Reconciliation cash flow activities\n table shows/profit operations cash flows.\n/profit (7,644) 2,788 (6,079)\n Loss discontinued operations 3,535 1,969 4,107\n continuing operations (4,109) 4,757 (1,972)\n Non-operating expense\n Investment income (433) (685)\n Financing costs 2,088 1,074 1,406\n Income tax expense 1,496 4,764\n Operating (loss)/profit (951) 4,299 3,725\n Adjustments\n Share-based payments non-cash charges\n Depreciation amortisation,795 11,086\n Loss disposal property plant equipment intangible assets\n equity associates joint ventures 908 59\n Impairment losses 3,525\n Other expense(income 148 (213) (1,052)\n inventory (131)\nreceivables (1,118 308\n 739 286 (473\n Cash 14,182 13,860 13,781\n Net tax (1,131 (1,118 (761)\n discontinued operations (71) 858 1,203\n 12,980 13,600 14,223" +} +{ + "_id": "d1b3bb5b8", + "title": "", + "text": "Assets by Reportable Segments\nThe following table shows assets allocated by reportable segment. Assets allocated by reportable segment include: trade receivables, net; inventory, net; property and equipment, net; goodwill; intangible assets, net and leased systems, net.\n(1) The assets allocated to segments as of December 31, 2018 have been revised to correct an error in the previous allocation of property and equipment. Assets allocated to Food Care were understated by $372.9 million with an offset to Product Care of $369.6 million and $3.3 million to assets not allocated. There is no impact to consolidated assets at December 31, 2018. This error did not impact the Company's annual assessment of goodwill impairment or any other impairment considerations of long-lived assets.\n\n | December 31, | \n-------------------------------- | ------------ | ---------\n(In millions) | 2019 | 2018 \nAssets allocated to segments:(1) | | \nFood Care | $ 1,997.8 | $ 1,914.4\nProduct Care | 2,762.9 | 2,273.8 \nTotal segments | $ 4,760.7 | $ 4,188.2\nAssets not allocated: | | \nCash and cash equivalents | 262.4 | 271.7 \nAssets held for sale | 2.8 | 0.6 \nIncome tax receivables | 32.8 | 58.4 \nOther receivables | 80.3 | 81.3 \nDeferred taxes | 238.6 | 170.5 \nOther | 387.6 | 279.5 \nTotal | $ 5,765.2 | $ 5,050.2\n\nAssets Segments\n table shows allocated. trade receivables inventory property equipment goodwill intangible assets leased systems.\n assets allocated December 31, 2018 revised error. Food Care understated by $372. million offset Product Care $369. 6 million $3. 3 million. no impact consolidated assets. error annual assessment goodwill impairment long-lived.\n Assets allocated segments\n Food Care $ 1,997. 1,914.\n Product Care 2,762. 2,273.\n $ 4,760. 4,188.\n Assets not allocated\n Cash equivalents 262. 271.\n sale.\n Income tax receivables.\n receivables.\n Deferred taxes 238.\n.\n $ 5,765. $ 5,050." +} +{ + "_id": "d1b33f274", + "title": "", + "text": "Cash balances held at our foreign subsidiaries were approximately $548,000 and $656,000 at December 29, 2019 and December 30, 2018, respectively. Earnings from our foreign subsidiaries are currently deemed to be indefinitely reinvested. We do not expect such reinvestment to affect our liquidity and capital resources, and we continually evaluate our liquidity needs and ability to meet global cash requirements as a part of our overall capital deployment strategy. Factors which affect our liquidity, capital resources and global capital deployment strategy include anticipated cash flows, the ability to repatriate cash in a tax efficient manner, funding requirements for operations and investment activities, acquisitions and divestitures and capital market conditions.\nIn summary, our cash flows were as follows (in thousands):\nNet Cash from Operating Activities\nIn 2019, net cash used in operating activities was $11.6 million, which was primarily due to a net loss of $15.4 million, adjusted for non-cash charges of $4.3 million. Non-cash charges consisted primarily stock-based compensation expense of $3.1 million and depreciation and amortization of long-lived assets and certain definite- lived intangible assets of $1.2 million. In addition, changes in working capital accounts used cash of $392,000 as a result of a decrease in accounts payable and accrued liabilities of $1.5 million, partially offset by cash inflow from a decrease in inventory of $483,000, a decrease in accounts receivable of $218,000, a decrease in other assets of $229,000 and an increase in deferred revenue of $158,000.\nIn 2018, net cash used in operating activities was $12.6 million, and resulted primarily from a net loss of $13.8 million, adjusted for non-cash charges of $3.6 million. These non-cash charges included write-downs of inventories in the amount of $386,000 to reflect excess quantities, depreciation and amortization of our long-lived assets of $1.3 million and stock-based compensation of $1.9 million. In addition, changes in working capital accounts used cash of $2.4 million as a result of an increase in accounts receivable of $1.3 million, an increase in gross inventory of $662,000, and an increase in other assets of $879,000, partially offset by an increase in accrued liabilities of $235,000 and an increase in trade payables of $223,000.\nIn 2017, net cash used in operating activities was $12.9 million, and resulted primarily from a net loss of $14.1 million, adjusted for non-cash charges of $3.1 million. These non-cash charges included write-downs of inventories in the amount of $232,000 to reflect excess quantities, depreciation and amortization of our long-lived assets of $1.4 million and stock-based compensation of $1.4 million. In addition, changes in working capital accounts used cash of $1.9 million as a result of an increase in accounts receivable of $86,000, an increase in gross inventory of $1.8 million, and a decrease of accounts payable of $145,000, partially offset by an increase in accrued liabilities of $72,000.\nNet Cash from Investing Activities\nNet cash used for investing activities in 2019 was $921,000, which was primarily attributable to the leasehold improvements and computer equipment at the new office premises of $576,000 and capitalization of internal use software of $365,000.\nNet cash used for investing activities in 2018 was $288,000, primarily for capital expenditures to acquire manufacturing equipment and software, which was partially offset by proceeds from the sale of old equipment.\nNet cash used for investing activities in 2017 was $642,000, primarily for capital expenditures to acquire manufacturing equipment and software.\nNet Cash from Financing Activities\nIn 2019, net cash provided by financing activities was $7.6 million, primarily attributable to the net proceeds from the issuance of 1.3 million shares of common stock in June 2019. These inflows were partially offset by scheduled repayments of finance lease obligations and tax payments related to net settlement of stock awards.\nIn 2018, net cash provided by financing activities was $22.9 million, resulting from the additional borrowing of $9.0 million under the line of credit, net cash proceeds of $13.9 million from our common stock offering in May 2018 and proceeds of $676,000 from the issuance of common shares to employees under our equity plans. These proceeds were partially offset by scheduled payments of finance lease obligations and tax payments related to net settlement of stock awards.\nIn 2017, net cash provided by financing activities was $15.2 million, resulting from the proceeds of $15.2 million from our stock offering in March 2017 and proceeds of $352,000 from the issuance of common shares to employees under our equity plans, net of taxes paid related to net settlement of equity awards of $198,000. These proceeds were partially offset by payments of $344,000 under the terms of our capital software lease obligations.\nWe require substantial cash to fund our business. However, we believe that our existing cash and cash equivalents, together with available financial resources from the Revolving Facility will be sufficient to satisfy our operations and capital expenditures over the next twelve months. OurRevolving Facility will expire in September 2021, and we expect to renew this line of credit or find an alternative lender prior to the expiration date. Further, any violations of debt covenants may restrict our access to any additional cash draws from the revolving line of credit, and may require our immediate repayment of the outstanding debt amounts. After the next twelve months, our cash requirements will depend on many factors, including our level of revenue and gross profit, the market acceptance of our existing and new products, the levels at which we maintain inventories and accounts receivable, costs of securing access to adequate manufacturing capacity, new product development efforts, capital expenditures and the level of our operating expenses. In order to satisfy our longer term liquidity requirements, we may be required to raise additional equity or debt financing. There can be no assurance that financing will be available at commercially acceptable terms or at all.\n\n | | | Fiscal Year\n----------------------------------------- | --------- | --------- | -----------\n | 2019 | 2018 | 2017 \nNet cash (used in) operating activities | $(11,594) | $(12,638) | $(12,938) \nNet cash (used in) investing activities | (921) | (288) | (642) \nNet cash provided by financing activities | 7,600 | 22,862 | 15,237 \n\nCash balances foreign subsidiaries $548,000 $656,000 December 29, 2019 30, 2018. Earnings indefinitely reinvested. liquidity evaluate liquidity cash requirements. Factors liquidity cash flows funding divestitures capital market conditions.\n cash flows\n Net Cash Activities\n 2019 $11. 6 million loss $15. 4 million non-cash charges $4. 3 million. stock-based compensation $3. 1 million depreciation amortization-lived $1. 2 million. working capital used $392,000 accounts payable accrued liabilities $1. 5 million offset inventory $483,000 accounts receivable $218,000 assets $229,000 deferred revenue $158,000.\n 2018 net cash $12. 6 million loss $13. 8 million non-cash charges $3. 6 million. write-downs $386,000 depreciation amortization assets $1. 3 million stock-based compensation $1. 9 million. working capital accounts used cash $2.million accounts receivable $1. 3 million gross inventory $662,000 other assets $879,000 offset accrued liabilities $235,000 trade payables $223,000.\n 2017 net cash $12. 9 million loss $14. 1 million adjusted non-cash charges $3. 1 million. write-downs $232,000 depreciation amortization long-lived assets $1. 4 million stock-based compensation $1. 4 million. working capital $1. 9 million accounts receivable $86,000 gross inventory $1. 8 million accounts payable $145,000 offset accrued liabilities $72,000.\n Net Cash\n 2019 $921,000 leasehold improvements $576,000 internal software $365,000.\n 2018 $288,000 capital expenditures offset sale old equipment.\n 2017 $642,000.\n 2019 $7. 6 million proceeds issuance 1. 3 million shares common stock. offset repayments lease tax payments stock awards.\n 2018 $22. 9 million additional borrowing $9.million line credit net cash proceeds $13. 9 million common stock offering May 2018 $676,000 issuance common shares employees equity. offset finance lease obligations tax payments settlement stock awards.\n 2017 net cash financing $15. 2 million $15. 2 million stock offering March 2017 $352,000 issuance common shares employees equity taxes equity awards $198,000. offset $344,000 capital software lease obligations.\n require cash business. existing cash equivalents resources Revolving Facility operations capital expenditures twelve months. Facility September 2021 renew alternative expiration. violations debt covenants restrict additional cash require repayment outstanding debt. cash requirements depend revenue gross profit market acceptance products inventories accounts receivable manufacturing capacity new product development capital expenditures operating expenses. raise additional equity debt financing. no assurance financing acceptable terms.\n Fiscal Year\n 2019 2018 2017\noperating,638),938)\n investing activities (921) (288) (642)\n financing 7,600 22,862 15,237" +} +{ + "_id": "d1b35610e", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries Notes to the consolidated financial statements (Continued) For the years ended December 31, 2017, 2018 and 2019 (All amounts expressed in thousands of U.S. Dollars, except share and per share data)    4. Equity Transactions (Continued)\nOn February 26, 2019, the Partnership entered into a Third Amended and Restated Equity Distribution Agreement to further increase the size of the ATM Programme from $144,040 to $250,000. As of December 31, 2019, the unutilized portion of the ATM Programme is $126,556.\nOn April 1, 2019, GasLog Partners issued 49,850 common units in connection with the vesting of 24,925 RCUs and 24,925 PCUs under the GasLog Partners’ Plan at a price of $22.99 per unit.\nOn June 24, 2019, the Partnership Agreement was amended, effective June 30, 2019, to eliminate the IDRs in exchange for the issuance by the Partnership to GasLog of 2,532,911 common units and 2,490,000 Class B units (of which 415,000 are Class B-1 units, 415,000 are Class B-2 units, 415,000 are Class B-3 units, 415,000 are Class B-4 units, 415,000 are Class B-5 units and 415,000 are Class B-6 units), issued on June 30, 2019. The Class B units have all of the rights and obligations attached to the common units, except for voting rights and participation in distributions until such time as GasLog exercises its right to convert the Class B units to common units. The Class B units will become eligible for conversion on a one-for-one basis into common units at GasLog’s option on July 1, 2020, July 1, 2021, July 1, 2022, July 1, 2023, July 1, 2024 and July 1, 2025 for the Class B-1 units, Class B-2 units, Class B-3 units, Class B-4 units, Class B-5 units and the Class B-6 units, respectively. Following the IDR elimination, the allocation of GasLog Partners’ profit to the non-controlling interests is based on the revised distribution policy for available cash stated in the Partnership Agreement as amended, effective June 30, 2019, and under which 98% of the available cash is distributed to the common unitholders and 2% is distributed to the general partner. The updated earnings allocation applies to the total GasLog Partners’ profit for the three months ended June 30, 2019 and onwards.\n* Excludes profits of GAS-fourteen Ltd., GAS-twenty seven Ltd. and GAS-twelve Ltd. for the period prior to their transfers to the Partnership on April 26, 2018, November 14, 2018 and April 1, 2019, respectively.\nDividends declared attributable to non-controlling interests included in the consolidated statement of changes in equity represent cash distributions to holders of common and preference units.\nIn the year ended December 31, 2019, the board of directors of the Partnership approved and declared cash distributions of $73,090 and of $31,036 for the common units and preference units, respectively, held by non-controlling interests.\n\nAllocation of GasLog Partners’ profit/(loss)(*) | 2018 | 2019 \n------------------------------------------------------------------ | ------- | --------\nPartnership’s profit/(loss) attributable to: | | \nCommon unitholders | 75,879 | (66,268)\nGeneral partner | 1,602 | (1,479) \nIDRs | 2,618 | — \nPaid and accrued preference equity distributions | 22,498 | 30,328 \nTotal | 102,597 | (37,419)\nPartnership’s profit/(loss) allocated to GasLog | 23,882 | (22,467)\nPartnership’s profit/(loss) allocated to non-controlling interests | 78,715 | (14,952)\nTotal | 102,597 | (37,419)\n\nGasLog Ltd. Subsidiaries consolidated financial statements years December 31, 2017 2018 2019 amounts U. S. Dollars except share data. Equity Transactions\n February 26, 2019 Partnership Third Amended Equity Distribution Agreement ATM Programme $144,040 to $250,000. December 31, 2019 unutilized ATM Programme $126,556.\n April 1, 2019 GasLog Partners issued 49,850 common units vesting 24,925 RCUs 24,925 PCUs Plan $22. 99 per unit.\n June 24, 2019 Partnership Agreement amended eliminate IDRs issuance 2,532,911 common units 2,490,000 Class B units 415,000 B-1 issued June 30, 2019. Class B units rights obligations voting rights participation distributions until GasLog common. eligible conversion July 1, 2020 2021 2022 2023 2024 2025.IDR elimination allocation GasLog Partners’ profit non revised distribution policy June 30, 2019 98% common unitholders 2% general partner. allocation applies profit three months June 30 2019.\n Excludes profits GAS-fourteen.-twenty seven.-twelve. transfers April 26, 2018 November 14 April 1, 2019.\n Dividends non-controlling interests cash distributions common preference units.\n December 31, 2019 cash distributions $73,090 $31,036 common preference units non-controlling.\n GasLog Partners’ profit/(loss\n Common unitholders 75,879 (66,268)\n General partner 1,602\n IDRs 2,618\n preference equity distributions 22,498 30\n 102,597 (37,419)\n profit(loss GasLog 23,882\n non-controlling interests 78,715 (14,952)\n 102,597" +} +{ + "_id": "d1b3c589c", + "title": "", + "text": "11. Reportable Segments, Geographic Information and Major Customers\nReportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company’s resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment’s performance is evaluated based upon its operating income (loss). A segment’s operating income (loss) includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses  fiscal 2019 and the $13.5 million one-time employee bonus paid to full-time, non-executive employees during fiscal 2018 due to the Company's ability to access overseas cash as a result of Tax Reform (the \"one-time employee bonus\"). These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm’s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole.\nThe following information is provided in accordance with the required segment disclosures for fiscal 2019, 2018 and 2017. Net sales were based on the Company’s location providing the product or service (in thousands):\n\n | 2019 | 2018 | 2017 \n----------------------------------- | ---------- | ---------- | ---------\nNet sales: | | | \nUnited States | $1,197,665 | $1,000,680 | $984,773 \nMalaysia | 1,138,380 | 1,118,032 | 940,045 \nChina | 418,825 | 379,977 | 339,216 \nMexico | 231,643 | 218,264 | 181,573 \nRomania | 195,837 | 177,111 | 114,363 \nUnited Kingdom | 99,825 | 91,426 | 70,163 \nGermany | 14,271 | 12,953 | 8,303 \nElimination of inter-country sales | (132,012) | (124,935) | (110,384)\n | 3,164,434 | 2,873,508 | 2,528,052\n\n. Reportable Segments Geographic Information Major Customers\n segments components enterprise financial information evaluated by chief maker performance resources. Company uses internal management reporting system financial data performance resources. Net sales attributed region product manufactured service performed. services manufacturing processes customers order fulfillment processes similar interchangeable. performance evaluated operating income (loss). includes net sales cost administrative expenses excludes corporate expenses. 2019 $13. 5 million-time employee bonus overseas cash Tax Reform. not allocated segments. Inter-segment transactions recorded arm’s length transactions. accounting policies same Company.\n information segment disclosures fiscal 2019 2018 2017. Net sales based location product service\n Net sales\n United States $1,197,665 $1,000,680 $984,773\n Malaysia 1,138,380 1,118,032 940,045\n China 418,825,977 339,216\n Mexico 231,643 218,264 181,573\n195,837 177,111 114,363\n United Kingdom 99,825,426 70\n 14,271,953\n inter-country sales (132,012),384\n,164,434" +} +{ + "_id": "d1b302856", + "title": "", + "text": "Operating Income\nOur operating income in fiscal year 2018 increased to $189.3 million, or 8.8 percent of net sales as compared with $121.5 million, or 6.8 percent in net sales in fiscal year 2017. Excluding surcharge revenue and special items, adjusted operating margin was 10.6 percent for the fiscal year 2018 and 8.0 percent for fiscal year 2017. The increase in the operating margin reflects the stronger demand and improved product mix coupled with operating cost improvements partially offset by higher variable compensation expense compared to fiscal year 2017.\nOperating income has been impacted by special items. The following presents our operating income and operating margin, in each case excluding the impact of surcharge on net sales and the loss on divestiture of business. We present and discuss these financial measures because management believes removing the impact of these items provides a more consistent and meaningful basis for comparing results of operations from period to period. See the section “Non-GAAP Financial Measures” below for further discussion of these financial measures.\n\n | Fiscal Year | \n----------------------------------------------------------------------- | ----------- | --------\n($ in millions) | 2018 | 2017 \nNet sales | $2,157.7 | $1,797.6\nLess: surcharge revenue | 365.4 | 239.2 \nNet sales excluding surcharge revenue | $1,792.3 | $1,558.4\nOperating income | $189.3 | $121.5 \nSpecial items: | | \nLoss on divestiture of business | — | 3.2 \nAdjusted operating income excluding special items | $189.3 | $124.7 \nOperating margin | 8.8% | 6.8% \nAdjusted operating margin excluding surcharge revenue and special items | 10.6% | 8.0% \n\nOperating Income\n 2018 increased $189. 3 million. percent net sales compared $121. 5 million 6. 2017. Excluding surcharge revenue special items adjusted margin 10. 6 percent 2018 8. 0 percent 2017. increase reflects stronger demand improved product mix cost improvements offset higher variable compensation expense.\n impacted special items. income margin excluding surcharge loss divestiture. removing impact. “Non-GAAP Financial Measures”.\n Net sales $2,157. $1,797.\n Less surcharge revenue.\n Net sales excluding surcharge $1,792. $1,558.\n Operating income $189. $121.\n Special items\n Loss on divestiture business.\n Adjusted income excluding $189. $124.\n Operating margin 8. 8%.\n excluding surcharge special items. 6%." +} +{ + "_id": "d1b3a7cfc", + "title": "", + "text": "xvi. Equity shares in the suspense account:\nIn accordance with the requirement of Regulation 34(3) and Part F of Schedule V to the SEBI Listing Regulations, details of equity shares in the suspense account are as follows:\n*Pursuant to allotment of 1:1 bonus equity shares.\nThe voting rights on the shares outstanding in the suspense account as on March 31, 2019 shall remain frozen till the rightful owner of such shares claims the shares.\n\nParticulars | Number of shareholders | Number of equity shares\n------------------------------------------------------------------------------------------------------------------ | ---------------------- | -----------------------\nAggregate number of shareholders and the outstanding shares in the suspense account lying as on April 1, 2018 | 26 | 820 \nShareholders who approached the Company for transfer of shares from suspense account during the year | - | - \nShareholders to whom shares were transferred from the suspense account during the year | - | - \nShareholders whose shares are transferred to the demat account of the IEPF Authority as per Section 124 of the Act | - | - \nAggregate number of shareholders and the outstanding shares in the suspense account lying as on March 31, 2019 | 26 | 1,640* \n\n. Equity shares suspense account\n Regulation 34(3) F Schedule V SEBI Listing Regulations details equity shares\n 1:1 bonus equity shares.\n voting rights shares March 31, 2019 frozen till owner claims shares.\n Number shareholders equity shares\n number shareholders outstanding shares account April 1, 2018 26 | 820\n Shareholders transfer shares suspense account\n Shareholders transferred\n transferred account IEPF Authority Section 124 Act\n number shareholders outstanding shares March 31, 2019 26 1,640*" +} +{ + "_id": "d1b2e96b2", + "title": "", + "text": "COST OF SALES\nCost of sales consists of costs directly related to producing, processing and packing shell eggs, purchases of shell eggs\nfrom outside producers, processing and packing of liquid and frozen egg products and other non-egg costs. Farm\nproduction costs are those costs incurred at the egg production facility, including feed, facility, hen amortization, and\nother related farm production costs. The following table presents the key variables affecting our cost of sales:\nCost of sales for the fiscal year ended June 1, 2019 was $1,138.3 million, a decrease of $3.6 million, or 0.3%, compared to $1,141.9 million for fiscal 2018. Comparing fiscal 2019 to fiscal 2018, average cost per dozen purchased from outside shell egg producers decreased while cost of feed ingredients and dozens produced increased. For the 2019 fiscal year we produced 84.4% of the eggs sold by us, as compared to 84.2% for the previous year. Feed cost for fiscal 2019 was $0.415 per dozen, compared to $0.394 per dozen for the prior fiscal year, an increase of 5.3%. The increase in feed costs was primarily related to less favorable crop conditions in the south central U. S., which resulted in higher ingredient prices at some of our larger feed mill operations. The increase in feed cost per dozen resulted in an increase in cost of sales of $18.4 million for fiscal 2019 compared with fiscal 2018.\nFor the thirteen weeks ended June 1, 2019, compared to the thirteen weeks ended June 2, 2018, cost of sales decreased $34.1 million, or 11.3%, from $301.9 million in the fourth quarter of fiscal 2018, to $267.8 million in the fourth quarter of fiscal 2019. Average cost per dozen purchased from outside shell egg producers decreased 42.3% due to significantly lower egg selling prices in the quarter. Feed cost per dozen for the fourth quarter of fiscal 2019 was $0.411, compared to $0.416 for the same quarter of fiscal 2018, a decrease of 1.2%.\nGross profit, as a percentage of net sales, was 16.4% for fiscal 2019, compared to 24.0% for fiscal 2018. The decrease resulted primarily from lower selling prices for non-specialty eggs.\n\n | Fiscal Year Ended | | | Quarter Ended | | \n---------------------------------------------- | ----------------- | ------------ | -------------- | ------------- | ------------ | --------------\n(Amounts in thousands) | June 1, 2019 | June 2, 2018 | Percent Change | June 1, 2019 | June 2, 2018 | Percent Change\nCost of sales: | | | | | | \nFarm production | $ 635,797 | $ 603,887 | 5.3 % | $ 162,142 | $ 155,471 | 4.3% \nProcessing and packaging | 222,765 | 214,078 | 4.1% | 55,584 | 53,734 | 3.4% \nOutside egg purchases and other | 249,605 | 287,472 | (13.2)% | 44,509 | 81,623 | (45.5)% \nTotal shell eggs | 1,108,167 | 1,105,437 | 0.2 % | 262,235 | 290,828 | (9.8)% \nEgg products | 29,020 | 35,551 | (18.4)% | 5,139 | 10,743 | (52.2)% \nOther | 1,142 | 898 | 27.2% | 444 | 308 | 44.2% \nTotal | $1,138,329 | $1,141,886 | (0.3)% | $267,818 | $301,879 | (11.3)% \nFarm production cost (per dozen produced) | | | | | | \nFeed | $0.415 | $0.394 | 5.3% | $0.411 | $0.416 | (1.2)% \nOther | 0.319 | 0.303 | 5.3% | 0.328 | 0.311 | 5.5% \nTotal | $0.734 | $0.697 | 5.3% | $0.739 | $0.727 | 1.7% \nOutside egg purchases (average cost per dozen) | $1.26 | $1.45 | (13.1)% | $1.05 | $1.82 | (42.3)% \nDozen produced | 876,705 | 873,307 | 0.4% | 222,625 | 215,729 | 3.2% \nDozen sold | 1,038,900 | 1,037,713 | 0.1% | 254,772 | 251,955 | 1.1% \n\nCOST SALES\n producing processing packing shell eggs purchases\n frozen products non-egg costs.\n production costs facility feed facility hen amortization\n. variables cost\n year June 1 2019 $1,138. 3 million decrease $3. 6 million 0. 3% $1,141. 9 million 2018. average cost per dozen decreased feed ingredients dozens increased. 2019 produced 84. 4% eggs 84. 2% previous year. Feed cost $0. 415 per dozen $0. 394 prior increase 5. 3%. related less favorable crop conditions central. higher ingredient prices. increase sales $18. 4 million.\n thirteen weeks June 1 cost decreased $34. 1 million 11. 3% from $301. 9 million to $267. 8 million. Average cost per dozen decreased 42. 3% lower egg prices. Feed cost per dozen quarter $0. 411 $0. 416 2018 decrease 1. 2%.\n Gross profit sales 16. 4% 2019 24. 0% 2018.decrease lower prices non-specialty eggs.\n Fiscal Year Quarter\n thousands June 1 2019 2 2018\n Cost sales\n Farm production $ 635,797 $ 603,887. 3 % 162,142 155,471. 3%\n Processing packaging 222,765 214,078. 1% 55,584 53,734 3. 4%\n Outside egg purchases 249,605 287,472. 44,509 81,623.\n shell eggs 1,108,167 1,105,437. 2 % 262,235 290,828.\n Egg products 29,020 35,551. 5,139 10,743.\n 1,142 27. 2%.\n $1,138,329 $1,141,886. $267,818 $301,879.\n Farm production cost dozen\n. 415. 394. 411.\n. 319. 303. 328. 5%\n. 734. 697.. 739. 727.\n egg purchases cost dozen $1. 26. 45.\n Dozen 876,705 873,307. 4% 222,625 215,729.\n Dozen 1,038,900 1,037,713. 254,772 251,955." +} +{ + "_id": "d1b382a88", + "title": "", + "text": "In accordance with ASC 740-10, Income Taxes, the Company has adopted the accounting policy that interest and penalties recognized are classified as part of its income taxes\nThe following shows the changes in the gross amount of unrecognized tax benefits as of December 31, 2019 (in thousands):\nThe Company does not anticipate that its total unrecognized tax benefits will significantly change due to settlement of examination or the expiration of statute of limitations during the next 12 months.\nThe Company files U.S. and foreign income tax returns with varying statutes of limitations. Due to the Company’s net carry-over of unused operating losses and tax credits, all years from 2003 forward remain subject to future examination by tax authorities\n\n | 2019 | 2018 | 2017 \n------------------------------------------------ | ------ | ------ | ------\nUnrecognized tax benefits, beginning of the year | $6,029 | $3,004 | $2,460\nIncreases related to prior year tax position | — | 1,050 | — \nDecreases related to prior year tax positions | (48) | — | (3) \nIncreases related to current year tax positions | 2,984 | 1,975 | 547 \nUnrecognized tax benefits, end of year | $8,965 | 6,029 | 3,004 \n\nASC 740-10 Company adopted policy interest penalties income taxes\n changes unrecognized tax benefits December 31, 2019\n unrecognized tax benefits settlement expiration statute limitations 12 months.\n files U. S. foreign income tax returns varying statutes limitations. unused losses tax credits years 2003 subject future examination\n 2018 2017\n Unrecognized tax benefits year $6,029 $3,004 $2,460\n Increases prior year 1,050\n Decreases (48)\n current year 2,984 1,975\n end year $8,965 6,029 3,004" +} +{ + "_id": "d1b38439c", + "title": "", + "text": "Strategic Innovation-focused Investment of Capital\nWe target markets that have the potential for above-average growth and profit margins where domain expertise, innovation, technical competency and contracting dynamics can help to create meaningful barriers to entry. We will strategically reinvest our cash in key program captures, internal research and development (R&D), and acquisitions to target priority markets and help ensure market leading positions to drive long-term shareholder return.\nWe are committed to using innovation and technology to address our customers’ most pressing problems and demanding requirements. We have made meaningful and recognized contributions to technological advancements within our industries.\nThe cost of company-sponsored R&D activities included in our Consolidated Statements of Operations are as follows (in thousands):\n\n | | Years Ended September 30, | \n-------------------------------------------------------- | --------- | ------------------------- | ---------\n | 2019 | 2018 | 2017 \nCompany-Sponsored Research and Development Expense: | | | \nCubic Transportation Systems | $ 10,948 | $ 13,394 | $ 26,308\nCubic Mission Solutions | 27,111 | 22,745 | 11,949 \nCubic Global Defense | 10,573 | 16,259 | 14,395 \nUnallocated corporate expenses | 1,500 | — | — \nTotal company-sponsored research and development expense | $ 50,132 | $ 52,398 | $ 52,652\n\nInnovation Investment\n target markets above-average growth profit innovation technical competency contracting dynamics barriers. reinvest cash program captures research acquisitions markets leading positions return.\n committed innovation technology problems requirements. contributions technological advancements.\n cost company-sponsored R&D Statements Operations\n Years Ended September 30,\n 2018 2017\n Company-Sponsored Research Development Expense\n Transportation Systems $ 10,948 13,394 26,308\n Mission Solutions 27,111\n Global Defense 10,573 16,259\n Unallocated corporate expenses 1,500\n company-sponsored research development expense $ 50,132 $ 52,398" +} +{ + "_id": "d1b388000", + "title": "", + "text": "Liquidity and Capital Resources\nWe believe our ability to generate cash flows from operating activities is one of our fundamental financial strengths. In the near term, we expect our business and financial condition to remain strong and to continue to generate significant operating cash flows, which, we believe, in combination with our existing balance of cash and cash equivalents and short-term investments of $5.9 billion, our access to capital, and the availability of our $1.5 billion revolving credit facility, will be sufficient to finance our operational and financing requirements for the next 12 months. Our primary sources of liquidity, which are available to us to fund cash outflows such as potential dividend payments or share repurchases, and scheduled debt maturities, include our cash and cash equivalents, short-term investments, and cash flows provided by operating activities.\nAs of December 31, 2019, the amount of cash and cash equivalents held outside of the U.S. by our foreign subsidiaries was $2.8 billion, as compared to $1.4 billion as of December 31, 2018. These cash balances are generally available for use in the U.S., subject in some cases to certain restrictions.\nOur cash provided from operating activities is somewhat impacted by seasonality. Working capital needs are impacted by weekly sales, which are generally highest in the fourth quarter due to seasonal and holiday-related sales patterns. We consider, on a continuing basis, various transactions to increase shareholder value and enhance our business results, including acquisitions, divestitures, joint ventures, share repurchases, and other structural changes. These transactions may result in future cash proceeds or payments.\nSources of Liquidity (amounts in millions)\n\n | For the Years Ended | December 31, | \n------------------------------------------------------------------------ | ------------------- | ------------ | -------------------\n | 2019 | 2018 | Increase (Decrease)\nNet cash provided by operating activities | $1,831 | $1,790 | $41 \nNet cash used in investing activities | (22) | (230) | 208 \nNet cash used in financing activities | (237) | (2,020) | 1,783 \nEffect of foreign exchange rate changes | (3) | (31) | 28 \nNet increase (decrease) in cash and cash equivalents and restricted cash | $1,569 | $(491) | $2,060 \n\nLiquidity Capital Resources\n cash financial. expect business financial condition strong generate cash flows cash equivalents short-term investments $5. 9 billion access capital $1. 5 billion revolving credit facility operational financing requirements next 12 months. primary sources liquidity outflows dividend payments repurchases debt maturities include cash equivalents short-term investments cash operating activities.\n December 31, 2019 cash equivalents held outside U. foreign subsidiaries $2. 8 billion $1. 4 billion December 31, 2018. available U. S. restrictions.\n cash impacted by seasonality. weekly sales fourth quarter. consider transactions increase shareholder value business results divestitures joint share repurchases structural changes. result future cash proceeds payments.\n Sources Liquidity millions\n December\n Net cash operating activities $1,831 $1,790 $41\n investing (230)\n financing (2,020) 1,783\n Effect foreign exchange rate changes (3)\ncash equivalents restricted $1,569 $2,060" +} +{ + "_id": "d1b35133e", + "title": "", + "text": "Total Deferred Revenue\nThe adoption of ASC Topic 606 required a change to the definition of unbilled deferred revenue and new qualitative and quantitative disclosures around our performance obligations. Unbilled deferred revenue represents contractually stated or committed orders under early renewal and multi-year billing plans primarily for subscription, services and maintenance for which the associated deferred revenue has not been recognized. Under ASC Topic 606, unbilled deferred revenue is not included as a receivable or deferred revenue on our Consolidated Balance Sheet. See Part II, Item 8, Note 2, “Revenue Recognition” for more details on Autodesk's performance obligations.\nWe expect that the amount of billed and unbilled deferred revenue will change from quarter to quarter for several reasons, including the specific timing, duration and size of customer subscription and support agreements, varying billing cycles of such agreements, the specific timing of customer renewals, and foreign currency fluctuations\n\n | January 31, 2019 | | January 31, 2018\n------------------------- | ---------------- | -------- | ----------------\n(in millions) | ASC 606 | ASC 605 | ASC 605 \nDeferred revenue | $2,091.4 | $2,269.2 | $1,955.1 \nUnbilled deferred revenue | 591.0 | 491.6 | 326.4 \nTotal deferred revenue | $2,682.4 | $2,760.8 | $2,281.5 \n\nDeferred Revenue\n ASC Topic 606 unbilled deferred revenue disclosures performance obligations. orders early renewal multi-year billing subscription services maintenance deferred revenue recognized. not receivable Consolidated Balance Sheet. Part II Item 8 Note 2 Autodesk performance obligations.\n unbilled deferred revenue timing duration subscription agreements billing cycles renewals foreign currency fluctuations\n January 31, 2019 January 31, 2018\n ASC 605\n Deferred revenue $2,091. $2,269. $1,955.\n Unbilled deferred revenue 591.\n Total deferred revenue $2,682. $2,760. $2,281." +} +{ + "_id": "d1b363ea8", + "title": "", + "text": "Interest and Other Income (Loss), Net\nInterest Income (Expense), Net The following table summarizes interest income and interest expense (in millions):\nInterest income decreased, driven by a decrease in the average balance of cash and available-for-sale debt investments. The decrease in interest expense was driven by a lower average debt balance, partially offset by the impact of higher effective interest rates.\n\n | | Years Ended | | 2019 vs. 2018 \n------------------------------ | ------------- | ------------- | ------------- | -------------------\n | July 27, 2019 | July 28, 2018 | July 29, 2017 | Variance in Dollars\nInterest income | $1,308 | $1,508 | $1,338 | $(200) \nInterest expense | (859) | (943) | (861) | 84 \nInterest income (expense), net | $449 | $565 | $477 | $(116) \n\nInterest Income\n table summarizes income expense\n income decreased cash debt. expense lower debt balance higher interest rates.\n 2019. 2018\n July 27, 2019 28, 2018 29, 2017 Variance Dollars\n Interest income $1,308 $1,508 $1,338 $(200)\n expense (859) (943) (861)\n $449 $565 $477 $(116)" +} +{ + "_id": "d1b376b5c", + "title": "", + "text": "15. Income Taxes\nNielsen provides for income taxes utilizing the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recorded to reflect the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each balance sheet date, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. If it is determined that it is more likely than not that future tax benefits associated with a deferred tax asset will not be realized, a valuation allowance is provided. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in the consolidated statements of operations as an adjustment to income tax expense in the period that includes the enactment date.\nThe Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. Such tax positions are, based solely on their technical merits, more likely than not to be sustained upon examination by taxing authorities and reflect the largest amount of benefit, determined on a cumulative probability basis that is more likely than not to be realized upon settlement with the applicable taxing authority with full knowledge of all relevant information. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense.\nOn December 22, 2017, the TCJA was signed into law and significantly changed the way the U.S. taxes corporations. The TCJA reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent and created a territorial-style taxing system. The TCJA required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously deferred and also created new taxes on certain types of foreign earnings. As of December 31, 2017, we made a reasonable estimate of the (a) effects on our existing deferred tax balances, and (b) the one-time transition tax. Consequently, our fourth quarter of 2017 and full year 2017 results of operations reflected a non-cash provisional net expense of $104 million. We finalized our accounting for the TCJA in December of 2018 and our results for the fourth quarter of 2018 and full year 2018 results of operations reflect, in accordance with SAB 118, a reduction in tax expense of $252 million as an adjustment to the 2017 provisional expense. This was primarily comprised of a net tax benefit of $57 million relating to finalizing the calculation of the transition tax (including withholding taxes) together with a net tax benefit of $195 million associated with the re-measurement of our deferred taxes.\nThe TCJA imposed a U.S. tax on global intangible low taxed income (“GILTI”) that is earned by certain foreign affiliates owned by a U.S. shareholder and was intended to tax earnings of a foreign corporation that are deemed to be in excess of certain threshold return. As of December 31, 2018, Nielsen made a policy decision and elected to treat taxes on GILTI as a current period expense and have reflected as such within the financial statements as of December 31, 2019 as well.\nAs part of an intercompany restructuring during the year ended December 31, 2018, we transferred certain intellectual property assets between wholly- owned legal entities in non-U.S. tax jurisdictions. As the impact of the transfer was the result of an intra-entity transaction, the resulting gain on the transfer was eliminated for purposes of the consolidated financial statements. The transferring entity recognized a gain on the transfer of assets that was not subject to income tax in its local jurisdiction. In accordance with ASU 2016-16, which the Company adopted in the first quarter of 2018, and as further described in Note 1. “Significant Accounting Policies”, Nielsen recorded an income tax benefit of approximately $193 million.\nThroughout 2019, ongoing federal and international audits were effectively settled in certain tax jurisdictions and the impact was recorded accordingly the financial statements.\nThe components of income/(loss) before income taxes and equity in net income of affiliates, were:\nThe above amounts for UK and non-UK activities were determined based on the location of the taxing authorities.\n\n | Year Ended December 31, | | \n------------------------------------------------------------------------------- | ----------------------- | ------ | ----\n(IN MILLIONS) | 2019 | 2018 | 2017\nUK | $(30) | $3 | $27 \nNon-UK | (633) | (885) | 801 \nIncome/(loss) before income taxes and equity in net income/(loss) of affiliates | $(663) | $(882) | $828\n\n. Income Taxes\n Nielsen taxes liability method. deferred income taxes reflect differences tax assets liabilities financial reporting amounts balance sheet tax laws rates. future tax benefits deferred tax valuation allowance provided. effect deferred tax assets liabilities change tax rates recognized consolidated statements adjustment income tax expense enactment date.\n Company records liability unrecognized tax benefits uncertain tax positions tax return. tax positions likely sustained reflect largest benefit probability settlement taxing authority. Company recognizes interest penalties unrecognized tax benefits.\n December 22, 2017 TCJA changed. corporations. reduced. federal corporate income tax rate 35 percent to 21 percent created territorial-style taxing system. required one-time transition tax earnings foreign subsidiaries created new taxes foreign earnings. December 31, 2017 effects deferred tax balances one-time transition tax. fourth quarter 2017 full year 2017 results reflected non-cash provisional net expense $104 million.finalized accounting TCJA December 2018 results fourth quarter full year reflect reduction tax expense $252 million 2017 provisional expense. net tax benefit $57 million transition tax net benefit $195 million re-measurement deferred taxes.\n TCJA imposed U. S. tax global intangible low taxed income foreign affiliates. earnings excess threshold return. December 31, 2018 Nielsen taxes GILTI current period expense reflected financial statements December 31, 2019.\n intercompany restructuring 2018 transferred intellectual property assets entities non-U. S. tax jurisdictions. gain eliminated consolidated financial statements. transferring entity recognized gain not income tax. ASU 2016-16. Nielsen recorded income tax benefit $193 million.\n 2019 federal international audits settled tax jurisdictions impact recorded financial statements.\n income/) before taxes equity net income affiliates\n amounts UK non-UK activities determined location taxing authorities.\n Year Ended December\n\n MILLIONS 2019\n $(30) $3 $27\n Non-UK (633) (885) 801\n taxes equity affiliates $(663)(882) $828" +} +{ + "_id": "d1b324668", + "title": "", + "text": "The Group reported a loss before tax of £(42.7)m in the year, compared to a profit before tax of £20.9m in 2017/18. A loss after tax was £(33.8)m, compared to a £7.2m profit in the prior year.\nAdjusted profit before tax was £88.0m in the year, an increase of £9.4m compared to the prior year due to growth both in Trading profit and lower interest costs as described above. Adjusted profit after tax increased £7.6m to £71.3m in the year after deducting a notional 19.0% tax charge of £16.7m. Based on average shares in issue of 841.5 million shares, adjusted earnings per share in the year was 8.5 pence, growth in the year of +11.5%.\n\nAdjusted earnings per share (£m) | 2018/19 | 2017/18 | Change \n----------------------------------- | ------- | ------- | -------\nTrading profit | 128.5 | 123.0 | +4.5% \nLess: Net regular interest | (40.5) | (44.4) | +8.9% \nAdjusted profit before tax | 88.0 | 78.6 | +12.1% \nLess: Notional tax (19%) | (16.7) | (14.9) | (12.1%)\nAdjusted profit after tax6 | 71.3 | 63.7 | +12.1% \nAverage shares in issue (millions) | 841.5 | 836.8 | +0.6% \nAdjusted earnings per share (pence) | 8.5 | 7.6 | +11.5% \n\nGroup loss before tax £(42. 7)m profit £20. 9m 2017/18. loss after tax £. 8)m £7. 2m profit prior.\n Adjusted profit before tax £88. increase £9. 4m Trading profit lower interest costs. profit after tax increased. £71. 3m. 0% tax £16. 7m. 841. million adjusted earnings per share 8. growth +11. 5%.\n earnings share\n Trading profit 128. 123. +4. 5%\n Net interest (40. +8.\n Adjusted profit before tax 88. 78 +12.\n Notional tax (19%).\n profit.\n Average shares 841. 836.\n Adjusted earnings per share 8. +11." +} +{ + "_id": "d1b31812e", + "title": "", + "text": "As stock-based compensation expense recognized in the consolidated statements of operations is based on awards ultimately expected to vest, expense for grants beginning upon adoption on October 1, 2005 has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The forfeiture rates for the years ended September 30, 2019 and 2018 were based on actual forfeitures.\nNo cash was used to settle equity instruments granted under share-base payment arrangements in any of the years in the two-year period ended September 30, 2019.\nThe following tables provide summary data of stock option award activity:\n\n | Number of shares | Weighted average exercise price | Weighted average remaining contractual term | Aggregate Intrinsic Value (in thousands)\n------------------------------------------------- | ---------------- | ------------------------------- | ------------------------------------------- | ----------------------------------------\nOutstanding at September 30, 2017 | 9,376 | 4.49 | - | - \nGranted | - | - | - | - \nExpired | (1,250) | 6.82 | - | - \nForfeited | - | - | - | - \nExercised | (4,626) | 4.67 | - | - \nOutstanding at September 30, 2018 | 3,500 | $3.42 | - | - \nGranted | - | - | - | - \nExpired | (500) | $2.99 | - | - \nForfeited | - | - | - | - \nExercised | (1,000) | 2.99 | - | - \nOutstanding at September 30, 2019 | 2,000 | $3.75 | .98 years | $19 \nExercisable at September 30, 2019 | 2,000 | $3.75 | .98 years | $19 \nVested and expected to vest at September 30, 2019 | 2,000 | $3.75 | .98 years | $19 \n\nstock-based compensation expense based on awards expected vest grants October 1, 2005 reduced for estimated forfeitures. estimated at time grant revised if forfeitures differ. forfeiture rates years September 30 2019 2018 based on forfeitures.\n No cash used settle equity instruments granted share-base payment arrangements September 30 2019.\n tables stock option award activity\n shares Weighted average exercise price contractual term Aggregate Intrinsic Value\n Outstanding September 30, 2017 9,376 4. 49\n Granted\n Expired (1,250 6. 82\n Forfeited\n (4,626) 4. 67\n Outstanding September 30, 2018 3,500 $3. 42\n $2. 99\n Forfeited\n 2. 99\n Outstanding September 30, 2019 2,000 $3. 75. 98 years $19\n.\n expected 30 2019." +} +{ + "_id": "d1b37a89c", + "title": "", + "text": "As lessee — We lease restaurants and other facilities, which generally have renewal clauses of 1 to 20 years exercisable at our option. In some instances, these leases have provisions for contingent rentals based upon a percentage of defined revenues. Many of our restaurant and other facility leases also have rent escalation clauses and require the payment of property taxes, insurance, and maintenance costs. We also lease certain restaurant and office equipment. Minimum rental obligations are accounted for on a straight-line basis over the term of the initial lease, plus lease option terms for certain locations.\nThe components of rent expense were as follows in each fiscal year (in thousands):\n\n | 2019 | 2018 | 2017 \n------------------------------------------- | --------- | --------- | ---------\nMinimum rentals | $184,587 | $184,106 | $185,696 \nContingent rentals | 2,255 | 2,221 | 2,419 \nTotal rent expense | 186,842 | 186,327 | 188,115 \nLess rental expense on subleased properties | (170,651) | (162,640) | (145,728)\nNet rent expense | $16,191 | $23,687 | $42,387 \n\nlease restaurants facilities renewal clauses 1 to 20 years. contingent rentals revenues. rent escalation property taxes insurance maintenance costs. office equipment. Minimum rental obligations initial lease option terms.\n rent expense\n Minimum rentals $184,587 $184,106 $185,696\n Contingent rentals 2,255 2,221 2,419\n Total rent expense 186,842 186,327 188,115\n Less expense subleased properties (170,651 (162,640)\n Net rent expense $16,191 $23" +} +{ + "_id": "d1b39fe30", + "title": "", + "text": "DSUs\nEligible bonuses and RSUs/PSUs may be paid in the form of DSUs when executives or other eligible employees elect to or are required to participate in the plan. The value of a DSU at the issuance date is equal to the value of one BCE common share. For non-management directors, compensation is paid in DSUs until the minimum share ownership requirement is met; thereafter, at least 50% of their compensation is paid in DSUs. There are no vesting requirements relating to DSUs. Dividends in the form of additional DSUs are credited to the participant’s account on each dividend payment date and are equivalent in value to the dividends paid on BCE common shares. DSUs are settled when the holder leaves the company.\nThe following table summarizes the status of outstanding DSUs at December 31, 2019 and 2018.\n(1) The weighted average fair value of the DSUs issued was $59 in 2019 and $55 in 2018.\n\nNUMBER OF DSUs | 2019 | 2018 \n------------------------ | --------- | ---------\nOutstanding, January 1 | 4,391,997 | 4,309,528\nIssued (1) | 84,588 | 94,580 \nSettlement of RSUs/PSUs | 146,960 | 112,675 \nDividends credited | 236,079 | 240,879 \nSettled | (236,525) | (365,665)\nOutstanding, December 31 | 4,623,099 | 4,391,997\n\n\n bonuses RSUs/PSUs paid executives employees. DSU equal BCE common share. non-management directors compensation paid DSUs until minimum share ownership 50% paid DSUs. no vesting requirements. Dividends DSUs credited equivalent BCE common shares. DSUs settled holder leaves.\n table DSUs December 31, 2019 2018.\n average value $59 2019 $55 2018.\n DSUs 2018\n January 1 4,391,997 4,309,528\n Issued 84,588 94,580\n RSUs/PSUs 146,960 112,675\n Dividends credited 236,079 240,879\n December 31 4,623,099 4,391,997" +} +{ + "_id": "d1b364470", + "title": "", + "text": "Customer Contract - Related Balance Sheet Amounts\nThe Company generally invoices customers in annual installments payable in advance. The difference between the timing of revenue recognition and the timing of billings results in the recognition of unbilled accounts receivable or deferred revenue in the consolidated balance sheets. Amounts related to customer contract-related arrangements are included on the consolidated balance sheets as of August 1, 2018 and July 31, 2019 as follows (in thousands):\n(1) The short- and long-term portions of this balance are reported in ‘Prepaid expenses and other current assets’ and ‘Other assets,’ respectively, on the consolidated balance sheets.\nUnbilled accounts receivable\nUnbilled accounts receivable includes those amounts that are unbilled due to agreed-upon contractual terms in which billing occurs subsequent to revenue recognition. This situation typically occurs when the Company transfers control of time-based software licenses to customers up-front, but invoices customers annually over the term of the license, which is typically two years.\nDuring the fiscal year ended July 31, 2019, the Company transferred control of a ten year timebased license that resulted in $9.7 million of unbilled accounts receivable as of July 31, 2019, representing future billings in years two through ten of the license term.\nUnbilled accounts receivable is classified as either current or non-current based on the duration of remaining time between the date of the consolidated balance sheets and the anticipated due date of the underlying receivables.\nContract costs\nContract costs consist of customer acquisition costs and costs to fulfill a contract, which includes commissions and their related payroll taxes, royalties, and referral fees. Contract costs are classified as either current or non-current based on the duration of time remaining between the date of the consolidated balance sheets and the anticipated amortization date of the associated costs.\nThe current portion of contract costs as of July 31, 2019 in the amount of $7.0 million is included in prepaid and other current assets on the Company’s consolidated balance sheets. The non-current portion of contract costs as of July 31, 2019 in the amount of $23.4 million is included in other assets on the Company’s consolidated balance sheets. The Company amortized $5.5 million of contract costs during the fiscal year ended July 31, 2019.\nDeferred revenue\nDeferred revenue consists of amounts that have been invoiced and for which the Company has the right to bill, but that have not been recognized as revenue because the related goods or services have not been transferred. Deferred revenue that will be realized during the 12-month period following the date of the consolidated balance sheets is recorded as current, and the remaining deferred revenue is recorded as non-current.\nDuring the fiscal year ended July 31, 2019, the Company recognized revenue of $112.2 million related to the Company’s deferred revenue balance as of August 1, 2018.\n\n | Beginning balance as of\nAugust 1, 2018 as adjusted | Ending balance as of July 31, 2019 as reported\n--------------------------------- | -------------------------------------------------- | ----------------------------------------------\nUnbilled accounts receivable, net | $ 28,762 | 46,103 \nContract costs, net(1) | 12,932 | 30,390 \nDeferred revenue, net | (141,685) | (131,831) \n\nCustomer Contract Related Balance Sheet Amounts\n Company invoices annual installments. difference revenue recognition billings unbilled accounts receivable deferred revenue consolidated balance sheets. Amounts contract arrangements balance sheets August 1, 2018 July 31, 2019\n short- long-term portions reported ‘Prepaid expenses assets.\n Unbilled accounts receivable\n contractual terms billing revenue recognition. transfers control time software licenses invoices annually license two years.\n July 31, 2019 transferred ten year license $9. 7 million unbilled accounts receivable July 31, 2019 future billings years two ten.\n Unbilled receivable classified current or non-current remaining time due date.\n Contract costs\n costs contract commissions payroll taxes royalties referral fees. classified current or non-current anticipated amortization date.\n current contract costs July 31, 2019 $7. 0 million prepaid current assets balance sheets. non-current portion costs $23.4 million consolidated balance sheets. amortized $5. 5 million contract costs fiscal year July 31, 2019.\n Deferred revenue\n invoiced not recognized transferred. 12-month current remaining non-current.\n fiscal year July 31, 2019 recognized revenue $112. 2 million deferred revenue balance August 1, 2018.\n balance\n Ending balance July 31, 2019\n Unbilled accounts receivable $ 28,762 46,103\n Contract costs 12,932 30,390\n Deferred revenue (141,685)" +} +{ + "_id": "d1a729e44", + "title": "", + "text": "Adjusted Revenue has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with GAAP. These limitations include the following:\n• Adjusted Revenue is net of transaction-based costs, which is our largest cost of revenue item; • Adjusted Revenue is net of bitcoin costs, which could be a significant cost; • The deferred revenue adjustment that is added back to Adjusted Revenue will never be recognized as revenue by the Company; and • other companies, including companies in our industry, may calculate Adjusted Revenue differently or not at all, which reduces its usefulness as a comparative measure.\nBecause of these limitations, you should consider Adjusted Revenue alongside other financial performance measures, including total net revenue and our financial results presented in accordance with GAAP.\nThe following table presents a reconciliation of total net revenue to Adjusted Revenue for each of the periods indicated:\n\n | | | Year Ended December 31, | | \n--------------------------------------------------------------- | ---------- | ---------- | ----------------------- | ---------- | --------\n | 2018 | 2017 | 2016 | 2015 | 2014 \n | | | (in thousands) | | \nTotal net revenue | $3,298,177 | $2,214,253 | $1,708,721 | $1,267,118 | $850,192\nLess: Starbucks transaction-based revenue | — | — | 78,903 | 142,283 | 123,024 \nLess: transaction-based costs | 1,558,562 | 1,230,290 | 943,200 | 672,667 | 450,858 \nLess: bitcoin costs | 164,827 | — | — | — | — \nAdd: deferred revenue adjustment related to purchase accounting | $12,853 | $— | $— | $— | $— \nAdjusted Revenue | $1,587,641 | $983,963 | $686,618 | $452,168 | $276,310\n\nAdjusted Revenue limitations supplemental not substitute financial information GAAP. limitations\n net transaction-based costs largest bitcoin costs significant cost deferred revenue adjustment recognized companies calculate reduces usefulness.\n consider other financial measures net revenue financial results.\n table reconciliation net revenue to Adjusted Revenue\n Ended December\n 2018 2017 2016 2015 2014\n Total net revenue $3,298,177 $2,214,253 $1,708,721 $1,267,118 $850,192\n Less Starbucks transaction-based revenue 78,903 142,283 123,024\n transaction-based costs 1,558,562 1,230,290 943,200 672,667 450,858\n bitcoin costs 164,827\n deferred revenue adjustment purchase accounting $12,853 \n Adjusted Revenue $1,587,641 $983,963 $686,618 $452,168 $276,310" +} +{ + "_id": "d1a732ce2", + "title": "", + "text": "Noncurrent Assets and Liabilities\nThe increase in noncurrent assets of $39,531 million ($39,470 million adjusted for currency) was driven by: • A net increase in goodwill and net intangible assets of $34,104 million ($34,058 million adjusted for currency) due to the acquisition of Red Hat; and • An increase in operating right-of-use assets of $4,996 million ($5,010 million adjusted for currency) as a result of the adoption of the new leasing standard on January 1, 2019; and• An increase in prepaid pension assets of $2,199 million ($2,152 million adjusted for currency) driven by higher returns on plan assets and plan remeasurements; partially offset by • A decrease in net property, plant and equipment of $782 million ($785 million adjusted for currency).\nLong-term debt increased $18,497 million ($18,550 million adjusted for currency) primarily driven by: • Issuances of $26,081 million; partially offset by • Reclassifications to short-term debt of $7,592 million to reflect upcoming maturities.\nNoncurrent liabilities (excluding debt) increased $6,778 million ($6,911 million adjusted for currency) primarily driven by: • An increase in long-term operating lease liabilities of $3,879 million ($3,893 million adjusted for currency) as a result of the adoption of the new leasing standard on January 1, 2019; and • An increase in other liabilities of $2,352 million ($2,320 million adjusted for currency), primarily driven by increases in deferred tax liabilities of $1,534 million and income tax reserves of $923 million.\n\n($ in millions) | | \n--------------------------------------- | -------- | -------\nAt December 31: | 2019 | 2018 \nNoncurrent assets | $113,767 | $74,236\nLong-term debt | $ 54,102 | $35,605\nNoncurrent liabilities (excluding debt) | $ 39,398 | $32,621\n\nAssets Liabilities\n $39,531 million ($39,470 million goodwill intangible $34,104 million$34,058 million acquisition Red Hat operating right-of-use assets $4,996 million ($5,010 million new leasing standard 2019 prepaid pension assets $2,199 million$2,152 returns decrease property equipment $782 million ($785 million.\n Long-term debt increased $18,497 million ($18,550 million Issuances $26,081 million Reclassifications short-term debt $7,592 million maturities.\n Noncurrent liabilities $6,778 million$6,911 million lease liabilities $3,879 million,893 new leasing standard 2019 liabilities $2,352 million$2,320 million deferred tax liabilities $1,534 million income tax reserves $923 million.\n Noncurrent assets $113,767 $74,236\n Long-term debt 54\n Noncurrent liabilities 39,398" +} +{ + "_id": "d1b35881e", + "title": "", + "text": "FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES\nAll currency amounts are in millions unless specified\nSelected cash flows for the years ended December 31, 2019, 2018 and 2017 are as follows:\nOperating activities—The growth in cash provided by operating activities in 2019 and in 2018 was primarily due to increased earnings net of non-cash expenses, partially offset by higher cash taxes paid in 2019, most notably cash taxes paid on the gain on sale of the Imaging businesses.\nInvesting activities—Cash used in investing activities during 2019 was primarily for business acquisitions, most notably iPipeline and Foundry, partially offset by proceeds from the disposal of the Gatan business and the Imaging businesses. Cash used in investing activities during 2018 was primarily for business acquisitions, most notably PowerPlan.\nFinancing activities—Cash provided by/(used in) financing activities in all periods presented was primarily debt repayments/ borrowings as well as dividends paid to stockholders. Cash provided by financing activities during 2019 was primarily from the issuance of $1.2 billion of senior notes partially offset by $865.0 of revolving debt repayments and to a lesser extent dividend payments. Cash used in financing activities during 2018 was primarily from the pay-down of revolving debt borrowings of $405.0, partially offset by the net issuance of senior notes of $200.0 and dividends paid to shareholders.\nNet working capital (current assets, excluding cash, less total current liabilities, excluding debt) was negative $505.4 at December 31, 2019 compared to negative $200.4 at December 31, 2018, due primarily to increased income taxes payable, deferred revenue, and the adoption of ASC 842, partially offset by increased accounts receivable. The increase in income taxes payable is due primarily to the approximately $200.0 of taxes incurred on the gain associated with the divestiture of Gatan. We expect to pay these taxes in the second quarter of 2020. The deferred revenue increase is due to a higher percentage of revenue from software and subscription-based services.\nTotal debt excluding unamortized debt issuance costs was $5.3 billion at December 31, 2019 (35.9% of total capital) compared to $5.0 billion at December 31, 2018 (39.1% of total capital). Our increased total debt at December 31, 2019 compared to December 31, 2018 was due primarily to the issuance of $500.0 of 2.35% senior unsecured notes and $700.0 of 2.95% senior unsecured notes, partially offset by the pay-down of revolving debt borrowings of $865.0.\nOn September 23, 2016, we entered into a five-year unsecured credit facility, as amended as of December 2, 2016 (the “2016 Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders, which replaced our previous unse- cured credit facility, dated as of July 27, 2012, as amended as of October 28, 2015 (the “2012 Facility”). The 2016 Facility comprises a five year $2.5 billion revolving credit facility, which includes availability of up to $150.0 for letters of credit. We may also, subject to compliance with specified conditions, request term loans or additional revolving credit commitments in an aggregate amount not to exceed $500.0.\nThe 2016 Facility contains various affirmative and negative covenants which, among other things, limit our ability to incur new debt, enter into certain mergers and acquisitions, sell assets and grant liens, make restricted payments (including the payment of dividends on our common stock) and capital expenditures, or change our line of business. We also are subject to financial cove- nants which require us to limit our consolidated total leverage ratio and to maintain a consolidated interest coverage ratio. The most restrictive covenant is the consolidated total leverage ratio which is limited to 3.5 to 1.\nThe 2016 Facility provides that the consolidated total leverage ratio may be increased, no more than twice during the term of the 2016 Facility, to 4.00 to 1 for a consecutive four quarter fiscal period per increase (or, for any portion of such four quarter fiscal period in which the maximum would be 4.25 to 1). In conjunction with the Deltek acquisition in December of 2016, we increased the maximum consolidated total leverage ratio covenant to 4.25 to 1 through June 30, 2017 and 4.00 to 1 through December 31, 2017.\nAt December 31, 2019, we had $5.3 billion of senior unsecured notes and $0.0 of outstanding revolver borrowings. In addition, we had $7.7 of other debt in the form of finance leases and several smaller facilities that allow for borrowings or the issuance of letters of credit in foreign locations to support our non-U.S. businesses. We had $74.0 of outstanding letters of credit at December 31, 2019, of which $35.8 was covered by our lending group, thereby reducing our revolving credit capacity commensurately.\nWe may redeem some or all of our senior secured notes at any time or from time to time, at 100% of their principal amount, plus a make-whole premium based on a spread to U.S. Treasury securities.\nWe were in compliance with all debt covenants related to our credit facility throughout the years ended December 31, 2019 and 2018.\nSee Note 8 of the Notes to Consolidated Financial Statements included in this Annual Report for additional information regarding our credit facility and senior notes.\nCash and cash equivalents at our foreign subsidiaries at December 31, 2019 totaled $291.8 as compared to $339.0 at December 31, 2018, a decrease of 13.9%. The decrease was due primarily to the repatriation of $290.6 during the year and cash used in the acquisition of Foundry, partially offset by cash generated from foreign operations. We intend to repatriate substantially all historical and future earnings subject to the deemed repatriation tax.\nCapital expenditures of $52.7, $49.1 and $48.8 were incurred during 2019, 2018 and 2017, respectively. Capitalized software expenditures of $10.2, $9.5 and $10.8 were incurred during 2019, 2018 and 2017, respectively. Capital expenditures and capitalized software expenditures were relatively consistent in 2019 as compared to 2018 and 2017. In the future, we expect the aggregate of capital expenditures and capitalized software expenditures as a percentage of annual net revenues to be between 1.0% and 1.5%.\n\n | 2019 | 2018 | 2017 \n--------------------------- | --------- | --------- | ---------\nCash provided by/(used in): | | | \nOperating activities | $ 1,461.8 | $ 1,430.1 | $ 1,234.5\nInvesting activities | (1,296.0) | (1,335.1) | (209.6) \nFinancing activities | 177.0 | (388.1) | (1,170.0)\n\nFINANCIAL CONDITION LIQUIDITY CAPITAL RESOURCES\n currency amounts millions\n cash flows 2019 2018 2017\n Operating growth cash 2018 due increased earnings non-cash expenses offset higher cash taxes sale Imaging.\n Investing 2019 business acquisitions iPipeline Foundry offset disposal Gatan Imaging. 2018 acquisitions PowerPlan.\n Financing debt repayments borrowings dividends. 2019 $1. 2 billion senior notes $865. 0 revolving debt repayments dividend payments. 2018 pay-down debt borrowings $405. 0 offset issuance senior notes $200. 0 dividends.\n working capital negative $505. 4 December 31, 2019 negative $200. 4 2018 increased income taxes deferred revenue ASC 842 offset increased accounts receivable. increase income taxes $200. 0 taxes gain divestiture Gatan. taxes second quarter 2020. deferred revenue increase higher software subscription-based services.\ndebt unamortized costs $5. 3 billion December 31, 2019 (35. 9% capital compared $5. 0 billion December 2018 (39. 1%. increased debt due to $500. 35% senior unsecured notes $700. 95% senior unsecured notes offset pay-down revolving debt borrowings $865. 0.\n September 23, 2016, five-year unsecured credit facility JPMorgan Chase Bank. syndicate lenders replaced previous July 27, 2012, October 28, 2015. 2016 Facility five year $2. 5 billion revolving credit facility $150. 0 letters credit. request term loans additional credit commitments not exceed $500. 0.\n 2016 Facility covenants new debt mergers sell assets grant liens payments capital expenditures change line business. consolidated total leverage ratio interest coverage ratio. restrictive covenant consolidated total leverage ratio 3. 5 to 1.\n 2016 Facility ratio twice 4. to 1 period.Deltek acquisition 2016, increased leverage ratio 4. 25 June 30 2017. December 31, 2017.\n December 31, 2019 $5. 3 billion senior unsecured notes $0. revolver borrowings. $7. 7 debt finance leases facilities foreign non-U. S. businesses. $74. 0 outstanding letters credit 2019 $35. 8 covered group revolving credit capacity.\n redeem senior secured notes 100% principal amount make-whole premium U. S. Treasury securities.\n debt covenants 2019 2018.\n Note 8 Financial Statements.\n Cash equivalents foreign subsidiaries December 31, 2019 $291. 8 $339. 0 2018 decrease 13. 9%. repatriation $290. 6 acquisition Foundry foreign operations. repatriate earnings repatriation tax.\n Capital expenditures $52. 7 $49. 1 $48. 8 2019 2018 2017. Capitalized software expenditures $10. 2 $9. 5 $10. 8. consistent 2019.future expect capital software annual revenues. 0%. 5%.\n 2019 2018\n Cash\n Operating activities $ 1,461. $ 1,430. $ 1,234.\n Investing (1,296. (1,335. (209.\n Financing 177. (388. (1,170." +} +{ + "_id": "d1b3c31be", + "title": "", + "text": "CUSTOMER STATISTICS\n(1) Excludes 251,379 primary services units (130,404 Internet services, 87,873 video services and 33,102 telephony services) from the MetroCast acquisition completed in the second quarter of fiscal 2018.\n(2) As a percentage of homes passed.\n(3) In the first quarter of fiscal 2019, the number of homes passed in the American broadband services segment have been adjusted upwards in order to reflect the number of non-served multi-dwelling unit passings within the footprint and consequently, the penetration as a percentage of homes passed for fiscal 2018 have also been adjusted.\nINTERNET Fiscal 2019 Internet service customers net additions stood at 21,189 compared to 21,417 for the prior year as a result of: • additional connects related to the Florida expansion initiatives and in the MetroCast footprint; • our customers' ongoing interest in high speed offerings; and • growth in both the residential and business sectors.\nVIDEO Fiscal 2019 video service customers net losses stood at 4,697 compared to 6,760 for the prior year mainly from: • competitive offers in the industry; and • a changing video consumption environment; partly offset by • our customers' ongoing interest in TiVo's digital advanced video services; and • the activation of bulk properties in Florida during the fourth quarter of fiscal 2019.\nTELEPHONY Fiscal 2019 telephony service customers net additions stood at 489 compared to 5,594 for the prior year mainly as a result of the growth in the business sector, partly offset by a decline in the residential sector.\nDISTRIBUTION OF CUSTOMERS At August 31, 2019, 52% of the American broadband services segment's customers enjoyed \"double play\" or \"triple play\" bundled services.\n\n | | Net additions (losses) | | % of penetration(2)(3) | \n--------------------------- | --------------- | ---------------------- | ------------------- | ---------------------- | -------------------\n | August 31, 2019 | August 31, 2019 | August 31, 2018 (1) | August 31, 2019 | August 31, 2018 (3)\nPrimary service units | 901,446 | 16,981 | 20,251 | | \nInternet service customers | 446,137 | 21,189 | 21,417 | 50.8 | 49.7 \nVideo service customers | 312,555 | (4,697) | (6,760) | 35.6 | 37.1 \nTelephony service customers | 142,754 | 489 | 5,594 | 16.2 | 16.6 \n\nCUSTOMER STATISTICS\n Excludes 251,379 services units (130,404 Internet 87,873 video 33,102 telephony MetroCast acquisition second quarter 2018.\n percentage homes passed.\n first quarter 2019 homes passed American broadband services adjusted upwards non-served multi-dwelling passings penetration adjusted.\n INTERNET 2019 additions 21,189 21,417 prior additional connects Florida expansion MetroCast footprint high speed growth residential business sectors.\n VIDEO net losses 4,697 6,760 prior year competitive offers changing video consumption environment offset TiVo digital video services activation bulk properties Florida fourth quarter 2019.\n TELEPHONY net additions 489 5,594 prior growth business decline residential sector.\n DISTRIBUTION CUSTOMERS August 31, 2019 52% American broadband services customers enjoyed \"double play \"triple play\" bundled services.\n Net additions %\n August 31,\n Primary service units 901,446 16,981 20,251\nInternet,137 21,189 21,417 50. 49.\n Video 312,555 (4,697) 35. 37.\n Telephony 142,754 5,594." +} +{ + "_id": "d1b3b29c2", + "title": "", + "text": "6. Taxation\nThis note explains how our Group tax charge arises. The deferred tax section of the note also provides information on our expected future tax charges and sets out the tax assets held across the Group together with our view on whether or not we expect to be able to make use of these in the future.\nAccounting policies\nIncome tax expense represents the sum of the current and deferred taxes.\nCurrent tax payable or recoverable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. The Group’s liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the reporting period date.\nThe Group recognises provisions for uncertain tax positions when the Group has a present obligation as a result of a past event and management judge that it is probable that there will be a future outflow of economic benefits from the Group to settle the obligation. Uncertain tax positions are assessed and measured on an issue by issue basis within the jurisdictions that we operate using management’s estimate of the most likely outcome. The Group recognises interest on late paid taxes as part of financing costs, and any penalties, if applicable, as part of the income tax expense.\nDeferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which deductible temporary differences can be utilised.\nSuch assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to the extent they arise from the initial recognition of non-tax deductible goodwill.\nDeferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint arrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future\nThe carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group’s assessment that sufficient taxable profits will be available to allow all or part of the asset to be recovered.\nDeferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period date.\nTax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis\nTax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the tax is recognised in other comprehensive income or in equity\nNote: 1 The income statement tax charge includes tax relief on capitalised interest\nUK operating profits are more than offset by statutory allowances for capital investment in the UK network and systems plus ongoing interest costs including those arising from the €10.3 billion of spectrum payments to the UK government in 2000 and 2013.\n\nIncome tax expense | | | \n------------------------------------------------------------------ | ----- | ------- | -----\n | 2019 | 2018 | 2017 \n | €m | €m | €m \nUnited Kingdom corporation tax expense/(credit): | | | \nCurrent year1 | 21 | 70 | 27 \nAdjustments in respect of prior years | (9) | (5) | (3) \n | 12 | 65 | 24 \nOverseas current tax expense/(credit): | | | \nCurrent year | 1,098 | 1,055 | 961 \nAdjustments in respect of prior years | (48) | (102) | (35) \n | 1,050 | 953 | 926 \nTotal current tax expense | 1,062 | 1,018 | 950 \nDeferred tax on origination and reversal of temporary differences: | | | \nUnited Kingdom deferred tax | (232) | 39 | (16) \nOverseas deferred tax | 666 | (1,936) | 3,830\nTotal deferred tax expense/(credit) | 434 | (1,897) | 3,814\nTotal income tax expense/(credit) | 1,496 | (879) | 4,764\n\n. Taxation\n note explains Group tax charge. deferred tax section provides information future tax charges sets tax assets Group view future.\n Accounting policies\n Income tax expense current deferred taxes.\n Current tax based on taxable profit. Taxable profit differs from statement taxable years. liability for current tax calculated using tax rates laws enacted reporting period.\n Group recognises provisions for uncertain tax positions present obligation past event future outflow economic benefits. Uncertain tax positions assessed measured issue likely outcome. recognises interest on late paid taxes financing costs penalties income tax expense.\n Deferred tax payable future from temporary differences between assets liabilities financial statements tax bases taxable profit. accounted using statement financial position liability method. Deferred tax liabilities recognised for taxable temporary differences assets taxable profits deductible.\nassets liabilities not recognised if difference from initial transaction taxable profit accounting profit. Deferred tax liabilities not recognised from initial recognition non-tax deductible goodwill.\n Deferred tax liabilities recognised for differences investments subsidiaries associates joint arrangements except Group reversal probable\n deferred tax assets reviewed adjusted changes taxable profits.\n Deferred tax calculated at rates liability based on tax rates enacted.\n Tax assets liabilities offset when legally enforceable right to set off current tax assets against liabilities relate to income taxes same authority or different\n Tax charged credited to income statement except other income equity tax recognised in equity\n income statement tax charge includes tax relief on capitalised interest\n UK operating profits offset by allowances capital investment UK network systems plus interest costs €10. 3 billion spectrum payments UK government in 2000 2013.\n Income tax expense\n2019 2018\n United Kingdom corporation tax expense\n 21 70 27\n Adjustments years\n Overseas tax expense\n 1,098 1,055 961\n years\n 1,050 953\n tax expense 1,062 1,018 950\n Deferred tax reversal\n Kingdom deferred tax (232)\n Overseas deferred tax (1,936) 3,830\n deferred tax expense 434 (1,897)\n income tax 1,496 (879) 4,764" +} +{ + "_id": "d1b33856e", + "title": "", + "text": "Share Based Compensation Expense\nShare-based compensation expense recognized in the financial statements by line item caption is as follows (in thousands):\nThe amount of share-based compensation expense capitalized in inventory has been immaterial for each of the periods presented.\n\n | | Year Ended | \n--------------------------------------- | ------------- | ------------- | -------------\n | June 30,\n2019 | June 30,\n2018 | June 30,\n2017\nCost of product revenue | $844 | $564 | $333 \nCost of service revenue | 1,639 | 1,131 | 589 \nResearch and development | 10,443 | 7,642 | 3,312 \nSales and marketing | 11,747 | 9,843 | 4,253 \nGeneral and administrative | 8,224 | 8,453 | 4,146 \nTotal share-based compensation expense | $32,897 | $27,633 | $12,633 \n\nShare Based Compensation Expense\n financial statements\n inventory immaterial.\n 2019\n 2018\n 2017\n product revenue $844 $564 $333\n service revenue 1,639 1,131 589\n Research development 10,443 7,642 3,312\n Sales marketing 11,747 4,253\n General administrative 8,224 8,453 4,146\n expense $32,897 $27,633 $12,633" +} +{ + "_id": "d1b2ed03c", + "title": "", + "text": "Restricted Stock Unit Award Plans\nWe have two Restricted Stock Unit Award Plans for our employees and non-employee directors, a 2017 Restricted Stock Unit Award Plan (the “2017 RSU Plan”) and a 2014 Restricted Stock Unit Award Plan (the “2014 RSU Plan”). Vesting of an RSU entitles the holder to receive a share of our common stock on a distribution date. Our non-employee director awards allow for non-employee directors to receive payment in cash, instead of stock, for up to 40% of each RSU award. The portion of the RSU awards subject to cash settlement are recorded as a liability in the Company’s consolidated balance sheet as they vest and being marked-to-market each reporting period until they are distributed. The liability was $29 thousand and $11 thousand at December 31, 2019 and 2018, respectively.\nThe compensation cost to be incurred on a granted RSU without a cash settlement option is the RSU’s fair value, which is the market price of our common stock on the date of grant, less its exercise cost. The compensation cost is amortized to expense and recorded to additional paid-in capital over the vesting period of the RSU award.\nA summary of the grants under the RSU Plans as of December 31, 2019 and 2018, and for the year then ended consisted of the following (in thousands):\n\n | | Year Ended | December 31, | \n-------------------- | --------- | ----------- | ------------ | -----------\n | 2019 | | 2018 | \n | Number of | Number of | Number of | Number of \n | RSUs | Vested RSUs | RSUs | Vested RSUs\nOutstanding, Jan. 1 | 951 | 459 | 462 | 262 \nGranted | 333 | - | 759 | - \nDistributed | (267) | (267) | (262) | (262) \nVested | - | 825 | - | 459 \nForfeited | - | - | (8) | - \nOutstanding, Dec. 31 | 1,017 | 1,017 | 951 | 459 \n\nRestricted Stock Unit Award Plans\n two for employees directors 2017 2014. Vesting RSU entitles holder share common stock distribution. non-employee director awards payment cash for 40% of each RSU award. RSU awards subject to cash settlement recorded as liability in balance sheet marked-to-market until distributed. liability was $29 thousand and $11 thousand at December 31, 2019 and 2018.\n compensation cost granted RSU without cash settlement is RSU’s fair value market price less exercise cost. amortized to expense recorded to additional paid-in capital over vesting period.\n summary of grants under RSU Plans as December 31, 2019 2018\n RSUs Vested RSUs\n. 951 459 462 262\n Granted 333 759\n Distributed (267) (262)\n Vested 825 459\n Forfeited (8)\n.1,017 951 459" +} +{ + "_id": "d1b3b229c", + "title": "", + "text": "The following table shows the principal reasons for the difference between the effective income tax rate and the statutory federal income tax rate:\nThe effective income tax rate for 2019 was 13.0% compared to 18.3% for 2018. The decrease in the effective income tax rate and the provision for income taxes was primarily due to the recognition of approximately $2.2 billion of a non-recurring tax benefit in connection with the disposition of preferred stock, representing a minority interest in a foreign affiliate in 2019 compared to the non-recurring deferred tax benefit of approximately $2.1 billion,\nas a result of an internal reorganization of legal entities within the historical Wireless business, which was offset by a goodwill charge that is not deductible for tax purposes in 2018.\nThe effective income tax rate for 2018 was 18.3% compared to (48.3)% for 2017. The increase in the effective income tax rate and the provision for income taxes was primarily due to the non-recurring, non-cash income tax benefit of $16.8 billion recorded in 2017 for the re-measurement of U.S. deferred tax liabilities at the lower 21% U.S. federal corporate income tax rate, as a result of the enactment of the TCJA on December 22, 2017.\nIn addition, the provision for income taxes for 2018 includes the tax impact of the Media goodwill impairment charge not deductible for tax purposes, offset by the reduction in the statutory U.S federal corporate income tax rate from 35% to 21%, effective January 1, 2018 under the TCJA and a non-recurring deferred tax benefit of approximately $2.1 billion as a result of an internal reorganization of legal entities within the historical Wireless business.\nIn December 2017, the Securities and Exchange Commission staff issued Staff Accounting Bulletin (SAB) 118 to provide guidance for companies that had not completed their accounting for the income tax effects of the TCJA. Due to the complexities involved in accounting for the enactment of the TCJA, SAB 118 allowed for a provisional estimate of the impacts of the TCJA in our earnings for the year ended December 31, 2017, as well as up to a one year measurement period that ended on December 22, 2018, for any subsequent adjustments to such provisional estimate. In 2018, Verizon completed its analysis of the impacts of the TCJA, including analyzing the effects of any IRS and U.S. Treasury guidance issued, and state tax law changes enacted, within the one year measurement period resulting in no significant adjustments to the $16.8 billion provisional amount recorded in December 2017.\n\nYears Ended December 31, | 2019 | 2018 | 2017 \n------------------------------------------------------------ | ----- | ----- | -------\nStatutory federal income tax rate | 21.0% | 21.0% | 35.0% \nState and local income tax rate, net of federal tax benefits | 3.7 | 3.7 | 1.6 \nPreferred stock disposition | (9.9) | — | — \nAffordable housing credit | (0.4) | (0.6) | (0.6) \nEmployee benefits including ESOP dividend | (0.3) | (0.3) | (0.5) \nImpact of tax reform re-measurement | — | — | (81.6) \nInternal restructure | — | (9.1) | (0.6) \nNoncontrolling interests | (0.5) | (0.5) | (0.6) \nNon-deductible goodwill | 0.1 | 4.7 | 1.0 \nOther, net | (0.7) | (0.6) | (2.0) \nEffective income tax rate | 13.0% | 18.3% | (48.3)%\n\ntable shows difference effective tax federal tax rate\n tax rate 2019 13. 0% 18. 3% 2018. decrease due $2. 2 billion non-recurring tax benefit disposition preferred stock 2019 deferred tax benefit $2. 1 billion\n internal reorganization Wireless offset goodwill charge not deductible 2018.\n income tax rate 2018 18. 3% (48. 3)% 2017. increase due to non non-cash tax benefit $16. 8 billion 2017 re-measurement. deferred tax liabilities lower 21%. tax rate enactment TCJA December 22, 2017.\n provision taxes 2018 includes impact Media goodwill impairment charge not deductible offset reduction. federal corporate income tax rate 35% to 21% 2018 non-recurring deferred tax benefit $2. 1 billion internal reorganization Wireless.\n December 2017 Securities and Exchange Commission issued Accounting Bulletin 118 guidance income tax effects TCJA. provisional estimate impacts TCJA earnings December 31, 2017 December 22, 2018.2018 Verizon impacts TCJA IRS U. Treasury guidance state tax law changes no significant adjustments $16. billion amount December 2017.\n Ended December 31, 2019 2018\n Statutory federal income tax rate 21. 0% 21. 35. 0%\n State local income tax rate federal tax benefits 3. 7.\n Preferred stock disposition.\n Affordable housing credit.\n Employee benefits ESOP dividend.\n tax reform re-measurement.\n Internal restructure.\n Noncontrolling interests.\n Non-deductible goodwill. 4. 7.\n.\n Effective income tax rate 13. 0% 18. 3%." +} +{ + "_id": "d1b32c61a", + "title": "", + "text": "6 Other assets (continued)\n(a) Security deposits\nIncluded in the security deposits was $8.8 million (2018: $4.2 million) relating to deposits held as security for bank guarantees.\n(b) Customer incentives\nWhere customers are offered incentives in the form of free or discounted periods, the dollar value of the incentive is capitalised and amortised on a straight-line basis over the expected life of the contract.\n(c) Contract Costs\nFrom 1 July 2018, eligible costs that are expected to be recovered will be capitalised as a contract cost and amortised over the expected customer life.\n\n | | 30 June 2019 | 30 June 2018\n----------------------------- | ---- | ------------ | ------------\n | Note | $'000 | $'000 \nCURRENT | | | \nPrepayments | | 2,631 | 3,827 \nCapitalised transaction costs | | 1,496 | - \nSecurity deposits | 6(a) | 8,822 | 4,151 \nCustomer incentives | 6(b) | 625 | 764 \nOther current assets | | 412 | 412 \nContract costs 6(c) | 6(c) | 446 | - \nTotal other assets - current | | 14,432 | 9,154 \n\nassets\n Security deposits\n $8. million (2018 $4. 2 million bank guarantees.\n Customer incentives\n free discounted dollar value capitalised amortised contract.\n Contract Costs\n 1 July 2018 capitalised contract cost amortised customer life.\n 30 June 2019 2018\n $\n Prepayments 2,631 3,827\n Capitalised transaction costs 1,496\n Security deposits 8,822 4,151\n Customer incentives 625 764\n Other assets 412\n Contract costs 6(c 446\n assets 14,432 9,154" +} +{ + "_id": "d1b375cb6", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe selected financial data presented below has been derived from our audited consolidated financial statements. This data should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8. Financial Statements and Supplementary Data” of this Annual Report.\n(2) We retrospectively adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” in 2018. As a result, we have adjusted balances for 2017 and 2016. We have not adjusted 2015 for ASU 2014-09.\n(3) On January 1, 2019, we adopted Accounting Standards Codification 842 “Leases” (“ASC 842”) using the modified retrospective method, reflecting any cumulative effect as an adjustment to equity. Results for reporting periods beginning on or after January 1, 2019 are presented under ASC 842, while prior period amounts were not adjusted and continue to be reported in accordance with the Company’s historical accounting under ASC 840 “Leases.”\n\n | | December 31. | | | \n------------------------------------------------------- | -------- | ------------ | ---------- | -------- | --------\n(in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 \nConsolidated Balance Sheet Data (2) (3): | | | | | \nTotal cash, cash equivalents, and marketable securities | $68,363 | $207,423 | $223,748 | $133,761 | $219,078\nGoodwill | $79,039 | $72,858 | $72,952 | $73,164 | $46,776 \nTotal assets | $984,812 | $982,553 | $1,012,753 | $867,135 | $627,758\nTotal stockholders’ equity | $539,010 | $621,531 | $655,870 | $548,940 | $322,859\n\n. FINANCIAL DATA\n statements. 7. Discussion Analysis Financial Condition Results 8. Financial Statements Supplementary Annual Report.\n adopted ASU 2014-09 Contracts Customers 2018. adjusted balances 2017 2016. not adjusted 2015 2014-09.\n January 1 2019 adopted Accounting Standards Codification retrospective method adjustment equity. Results January 2019 ASC 842 prior not adjusted accounting ASC 840.\n.\n 2019 2018 2017 2016 2015\n Consolidated Balance Sheet Data\n cash equivalents securities $68,363 $207,423 $223,748 $133,761 $219\n Goodwill $79,039 $72,858,164\n assets $984,812 $982,553 $1,012,753 $867,135 $627,758\n stockholders’ equity $539,010 $621,531 $655,870 $322,859" +} +{ + "_id": "d1a72949e", + "title": "", + "text": "Products\nThe Registrant has the ability to produce a wide range of processed chicken products and prepared chicken items.\nProcessed chicken is first salable as an ice-packed, whole chicken. The Registrant adds value to its ice-packed, whole chickens by removing the giblets, weighing, packaging and labeling the product to specific customer requirements and cutting and deboning the product based on customer specifications. The additional processing steps of giblet removal, close tolerance weighing and cutting increase the value of the product to the customer over whole, ice-packed chickens by reducing customer handling and cutting labor and capital costs, reducing the shrinkage associated with cutting, and ensuring consistently sized portions.\nThe Registrant adds additional value to the processed chicken by deep chilling and packaging whole chickens in bags or combinations of fresh chicken parts, including boneless product, in various sized, individual trays under the Registrant’s brand name, which then may be weighed and pre-priced, based on each customer’s needs. This chill-pack process increases the value of the product by extending shelf life, reducing customer weighing and packaging labor, and providing the customer with a wide variety of products with uniform, well designed packaging, all of which enhance the customer’s ability to merchandise chicken products.\nTo satisfy some customers’ merchandising needs, the Registrant freezes the chicken product, which adds value by meeting the customers’ handling, storage, distribution and marketing needs and by permitting shipment of product overseas where transportation time may be as long as 60 days.\nThe following table sets forth, for the periods indicated, the contribution, as a percentage of net sales dollars, of each of the Registrant’s major product lines.\n\n | | | Fiscal Year Ended October 31, | | \n-------------------------------- | ------- | ------- | ------------------------------ | ------- | ------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nRegistrant processed chicken: | | | | | \nValue added: | | | | | \nFresh vacuum-sealed | 38.3 % | 35.2 % | 39.8 % | 37.6 % | 35.2% \nFresh chill-packed | 32.9 | 35.6 | 31.0 | 34.7 | 36.9 \nFresh bulk-packed | 14.4 | 15.1 | 16.4 | 15.1 | 13.9 \nFrozen | 6.2 | 6.5 | 6.7 | 5.1 | 6.3 \nSubtotal | 91.8 | 92.4 | 93.9 | 92.5 | 92.3 \nNon-value added: | | | | | \nFresh ice-packed | 1.2 | 1.2 | 1.0 | 0.9 | 1.0 \nSubtotal | 1.2 | 1.2 | 1.0 | 0.9 | 1.0 \nTotal Company processed chicken | 93.0 | 93.6 | 94.9 | 93.4 | 93.3 \nMinimally prepared chicken | 7.0 | 6.4 | 5.1 | 6.6 | 6.7 \nTotal | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0%\n\n\n Registrant processed chicken products prepared chicken items.\n Processed chicken salable ice-packed whole chicken. Registrant adds value removing giblets weighing packaging labeling cutting deboning based specifications. additional processing steps giblet removal tolerance weighing cutting increase value reducing handling cutting labor costs shrinkage consistently sized portions.\n Registrant adds value deep chilling packaging chickens in fresh parts sized trays brand name weighed pre-priced based needs. chill-pack process increases value shelf life weighing packaging labor uniform packaging.\n Registrant freezes chicken product value handling storage distribution marketing needs shipment overseas transportation 60 days.\n table contribution net sales dollars Registrant’s major product lines.\n Fiscal Year Ended October 31,\n 2019 2018 2017 2016 2015\n Registrant processed chicken\n Value added\n Fresh vacuum-sealed 38.3 % 35. 2 39. 8 % 37. 6 % 35. 2%\n chill-packed 32. 35. 31. 34. 36. 9\n bulk-packed 14. 15. 16. 15. 13.\n 6. 5. 7 5.\n 91. 8 92. 93. 9 92. 5 92. 3\n Non-value\n ice-packed 1. 2. 9.\n. 2.\n processed chicken 93. 93. 6 94. 93. 4 93.\n 7. 6. 4 5. 6. 6 7\n 100." +} +{ + "_id": "d1b3c6a8a", + "title": "", + "text": "ITEM 7 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\nThe following discussion of the financial condition and results of operations for the years ended December 31, 2019 and December 31, 2018 should be read in conjunction with the audited consolidated financial statements and the notes to those statements that are included elsewhere in this report on Form 10-K. In addition to historical information, the following discussion contains certain forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements relate to our future plans, objectives, expectations and intentions. These statements may be identified by the use of words such as \"may,\" \"could,\" \"believe,\" \"future,\" \"depend,\" \"expect,\" \"will,\" \"result,\" \"can,\" \"remain,\" \"assurance,\" \"subject to,\" \"require,\" \"limit,\" \"impose,\" \"guarantee,\" \"restrict,\" \"continue,\" \"become,\" \"predict,\" \"likely,\" \"opportunities,\" \"effect,\" \"change,\" \"future,\" \"predict,\" and \"estimate,\" and similar terms or terminology, or the negative of such terms or other comparable terminology. Although we believe the expectations expressed in these forward-looking statements are based on reasonable assumptions within the bounds of our knowledge of our business, our actual results could differ materially from those discussed in these statements. Factors that could contribute to such differences include, but are not limited to, those discussed in the “Risk Factors” section in Part I, Item 1A. We undertake no obligation to update publicly any forward-looking statements for any reason even if new information becomes available or other events occur in the future.\nResults of Operations\nComparison of Year Ended December 31, 2019 to Year Ended December 31, 2018 (in 000’s)\nNet Sales Net sales were $93,662 for the year ended December 31, 2019, a decrease of $9,688 or 9.4% versus prior year. The net sales softness continued to reflect the overall lower consumption in the dairy and cultured dairy product categories. Versus prior year, the decline was primarily driven by lower volumes of our branded drinkable kefir and cupped kefir and Skyr sales, partially offset by the incremental volume of new item introductions.\nGross Profit Gross profit as a percentage of net sales decreased to 23.6% during the year ended December 31, 2019 from 25.0% during the same period in 2018. The lower gross profit percentage primarily reflects category sales softness, the unfavorable impact of operating leverage that arises from lower net sales relative to fixed costs, and increased freight costs and depreciation, partially offset by a reduction in variable costs.\nSelling Expenses Selling expenses decreased by $2,415 or 17.9% to $11,062 during the year ended December 31, 2019 from $13,477 during the same period in 2018. The decreased selling expenses primarily reflect the reduction in advertising and marketing programs with lower efficiency and compensation savings from organizational changes made in 2018. Selling expenses as a percentage of net sales were 11.8% during the year ended December 31, 2019 compared to 13.0% for the same period in 2018.\nGeneral and Administrative Expenses General and administrative expenses decreased $788 or 5.8% to $12,828 during the year ended December 31, 2019 from $13,616 during the same period in 2018. The decrease is primarily a result of lower compensation expense due to organizational changes made in 2018, and lower professional fees, partially offset by increased legal expenses.\nGoodwill and Intangible Asset Impairment During the fourth quarter of fiscal 2018, we recorded a goodwill impairment charge of $1,244. See Note 5, Goodwill and Intangible Assets, in the Notes to the Consolidated Financial Statements included in Item 8 of this Form 10-K.\n\n | | December 31, | | Change \n---------------------------------------- | --------- | ------------ | --------- | -------\n | 2019 | 2018 | $ | % \nNet sales | $ 93,662 | $ 103,350 | $ (9,688) | (9.4%) \nCost of goods sold | $ 68,367 | $ 74,646 | $ 6,279 | – \nDepreciation expense | 3,146 | 2,846 | (300) | \nTotal cost of goods sold | $ 71,513 | $ 77,492 | $ 5,979 | 7.7% \nGross profit | $ 22,149 | $ 25,858 | (3,709 ) | (14.3%)\nGross Profit % to net sales | 23.6% | 25.0% | | \nSelling expenses | $ 11,062 | $ 13,477 | $ 2,415 | 17.9% \nSelling expenses % to net sales | 11.8% | 13.0% | | \nGeneral & administrative expenses | $ 12,828 | $ 13,616 | $ 788 | 5.8% \nGeneral & administrative % to net sales | 13.7% | 13.2% | | \nGoodwill and intangible asset impairment | – | 1,244 | 1,244 | 100.0% \nAmortization expense | $ 192 | $ 631 | $ 439 | 69.6% \nTotal operating expenses | $ 24,082 | $ 28,968 | $ 4,886 | 16.9% \nTotal operating expense % to net sales | 25.7% | 28.0% | | \nLoss from operations | $ (1,933) | (3,110 ) | $ 1,177 | (37.8%)\nLoss from operations % to net sales | (2.1% ) | (3.0%) | | \n\nITEM 7 MANAGEMENT’S DISCUSSION ANALYSIS FINANCIAL CONDITION RESULTS OPERATIONS\n discussion financial condition results operations years ended December 31, 2019 31, 2018 read with audited consolidated financial statements notes Form 10-K. discussion contains forward-looking statements Private Securities Litigation Reform Act 1995. statements relate future plans objectives expectations intentions. identified \"may \"future \"expect \"result \"require \"guarantee \"opportunities similar terms. expectations reasonable assumptions results could differ. Factors differences include “Risk Factors” section Part I, Item 1A. no obligation to update forward-looking statements new information.\n Results Operations\n Comparison Year Ended December 31, 2019 to December 31, 2018\n Net Sales $93,662 year ended December 31, 2019 decrease $9,688 9. 4% versus prior year.net sales softness lower consumption dairy. decline driven by lower volumes branded kefir Skyr offset new item introductions.\n Gross Profit decreased to 23. 6% 2019 from 25. 0% 2018. reflects category sales softness operating leverage lower sales increased freight costs depreciation variable costs.\n Selling Expenses decreased $2,415. 9% to $11,062 2019 from $13,477 2018. reduction advertising marketing programs lower efficiency organizational changes 2018. sales 11. 8% 2019 13. 0% 2018.\n General Administrative Expenses decreased $788. 8% to $12,828 from $13,616 2018. lower compensation expense changes lower professional fees increased legal expenses.\n Goodwill Intangible Asset Impairment quarter 2018 goodwill impairment charge $1,244. Note 5 Assets Consolidated Financial Statements Form 10-K.\n 2018\n Net sales $ 93,662 $ 103,350. 4%\ngoods $ 68,367 $ 74,646 6,279\n Depreciation expense 3,146 2,846\n Total cost $ 71,513 77,492 $ 5,979.\n Gross profit $ 22,149 $ 25,858 (3,709.\n sales 23. 6%.\n Selling expenses $ 11,062 $ 13,477 2,415.\n.\n administrative expenses $ 12,828 $ 13,616 $ 788.\n. 2%\n Goodwill intangible asset impairment 1,244.\n Amortization expense $ 192 $ 631 $.\n operating expenses $ 24,082 $ 28,968 4,886.\n.\n Loss operations $ (1,933) (3,110 $ 1,177.\n sales." +} +{ + "_id": "d1b397cf8", + "title": "", + "text": "During the year ended December 31, 2019, we sold marketable securities for proceeds of $52.0 million and realized no gain or loss on such sales. During the years ended December 31, 2018 and 2017, we sold marketable securities for proceeds of $10.8 million and $118.3 million, respectively, and realized gains of less than $0.1 million on such sales in each respective period. See Note 11. “Fair Value Measurements” to our consolidated financial statements for information about the fair value of our marketable securities.\nThe following tables summarize the unrealized gains and losses related to our available-for-sale marketable securities, by major security type, as of December 31, 2019 and 2018 (in thousands):\nAs of December 31, 2019, we had no investments in a loss position for a period of time greater than 12 months. As of December 31, 2018, we identified 15 investments totaling $207.2 million that had been in a loss position for a period of time greater than 12 months with unrealized losses of $1.8 million. The unrealized losses were primarily due to increases in interest rates relative to rates at the time of purchase. Based on the underlying credit quality of the investments, we generally hold such securities until we recover our cost basis. Therefore, we did not consider these securities to be other-than-temporarily impaired.\n\n | | As of December 31, 2019 | | \n------------------------------ | --------- | ----------------------- | ---------- | --------\n | Amortized | Unrealized | Unrealized | Fair \n | Cost | Gains | Losses | Value \nForeign debt . | $387,775 | $551 | $506 | $387,820\nForeign government obligations | 21,991 | 20 | — | 22,011 \nU.S. debt | 65,970 | 176 | 12 | 66,134 \nTime deposits | 335,541 | — | — | 335,541 \nTotal . | $811,277 | $747 | $518 | $811,506\n\nDecember 31, 2019 sold securities $52. 0 million realized no gain loss. 2018 2017 sold $10. 8 million $118. 3 million realized gains less than $0. 1 million. Note 11. “Fair Value Measurements” financial statements.\n tables summarize unrealized gains losses securities December 31, 2019 2018\n December 31, 2019 no investments loss 12 months. 2018 15 investments $207. 2 million loss 12 months unrealized losses $1. 8 million. losses due interest rates. hold securities until recover cost basis. securities-temporarily impaired.\n December 31, 2019\n Unrealized\n Gains Losses\n Foreign debt. $387,775 $551 $506 $387,820\n Foreign government obligations 21,991\n. debt 65,970 66,134\n Time deposits 335,541\n Total. $811,277 $747 $518" +} +{ + "_id": "d1b30d0f8", + "title": "", + "text": "Note 3: Revenue and Segment Information\nRevenue recognized for sales agreements amounted to $5,492.0 million and $5,849.0 million for the years ended December 31, 2019 and 2018, respectively. Revenue recognized for product development agreements amounted to $25.9 million and $29.3 million for the years ended December 31, 2019 and 2018, respectively.\nThe Company is organized into three operating and reportable segments consisting of PSG, ASG and ISG. The Company's wafer manufacturing facilities fabricate ICs for all business units, as necessary, and their operating costs are reflected in the segments' cost of revenue on the basis of product costs. Because operating segments are generally defined by the products they design and sell, they do not make sales to each other.\nThe Company does not allocate income taxes or interest expense to its operating segments as the operating segments are principally evaluated on gross profit. Additionally, restructuring, asset impairments and other charges, net and certain other manufacturing and operating expenses, which include corporate research and development costs, unallocated inventory reserves and miscellaneous nonrecurring expenses, are not allocated to any segment.\nIn addition to the operating and reportable segments, the Company also operates global operations, sales and marketing, information systems and finance and administration groups. A portion of the expenses of these groups are allocated to the segments based on specific and general criteria and are included in the segment results.\nRevenue and gross profit for the Company’s operating and reportable segments are as follows (in millions):\n\n | PSG | ASG | ISG | Total \n----------------------------------- | -------- | -------- | ------ | --------\nFor year ended December 31, 2019: | | | | \nRevenue from external customers | $2,788.3 | $1,972.3 | $757.3 | $5,517.9\nSegment gross profit | 976.0 | 794.8 | 275.4 | 2,046.2 \nFor year ended December 31, 2018: | | | | \nRevenue from external customers | $3,038.2 | $2,071.2 | $768.9 | $5,878.3\nSegment gross profit | 1,110.1 | 878.3 | 317.1 | 2,305.5 \nFor year ended December 31, 2017: | | | | \nRevenue from external customers | $2,819.3 | $1,950.9 | $772.9 | $5,543.1\nSegment gross profit | 959.8 | 817.8 | 302.6 | 2,080.2 \n\nRevenue Segment Information\n sales agreements $5,492. 0 million $5,849. 0 million 2019 2018. product development agreements $25. 9 million $29. 3 million.\n Company organized three segments PSG ASG ISG. wafer manufacturing facilities fabricate ICs units operating costs reflected revenue. segments defined products sales.\n allocate income taxes interest segments evaluated gross profit. restructuring impairments charges manufacturing operating expenses research development inventory reserves nonrecurring expenses not allocated segment.\n operates global operations sales marketing information systems finance administration groups. expenses allocated segment results.\n Revenue gross profit segments\n PSG ASG ISG\n year December 31, 2019\n Revenue from external customers $2,788. $1,972. $757. $5,517.\n Segment gross profit 976. 794. 2,046.\n year December 31, 2018:\n Revenue external customers $3,038. 2 $2,071.$768. $5,878.\n profit 1,110. 878. 317. 2,305.\n Revenue $2,819. $1,950. $772. $5,543.\n profit 959. 817. 302. 2,080." +} +{ + "_id": "d1b36fe9c", + "title": "", + "text": "NOTE 11 – INCOME TAXES\nThe components of loss before income taxes are as follows:\n\n | 2019 | 2018 \n------------------------ | ----------- | -----------\nDomestic | (1,698,689) | (2,468,805)\nForeign | (52,222) | (88,726) \nLoss before income taxes | (1,750,911) | (2,557,531)\n\nINCOME TAXES\n Domestic (1,698,689 (2,468,805\n Foreign (52,222\n Loss (1,750,911) (2,557,531)" +} +{ + "_id": "d1b2e42de", + "title": "", + "text": "The following table sets forth the breakdown of revenues by category and segment. Travel revenue includes travel publications (Top 20, Website, Newsflash, Travelzoo Network), Getaway vouchers and hotel platform. Local revenue includes Local Deals vouchers and entertainment offers (vouchers and direct bookings) (in thousands).\nRevenue by geography is based on the billing address of the advertiser. Long-lived assets attributed to the U.S. and international geographies are based upon the country in which the asset is located or owned.\n\nYear Ended December 31, | | \n---------------------------- | -------- | -------\n | 2019 | 2018 \nAsia Pacific | | \nTravel | $6,274 | $7,351 \nLocal | 216 | 508 \nTotal Asia Pacific revenues | 6,490 | 7,859 \nEurope | | \nTravel | 32,081 | 30,856 \nLocal | 4,817 | 5,293 \nTotal Europe revenues | 36,898 | 36,149 \nNorth America | | \nTravel | 57,863 | 56,145 \nLocal | 10,161 | 11,169 \nTotal North America revenues | 68,024 | 67,314 \nConsolidated | | \nTravel | 96,218 | 94,352 \nLocal | 15,194 | 16,970 \nTotal revenues | $111,412 | 111,322\n\ntable revenues category segment. Travel revenue publications Travelzoo Getaway vouchers hotel platform. Local revenue Deals vouchers entertainment offers.\n Revenue geography billing address advertiser. Long-lived assets. international geographies country.\n Ended December 31,\n Pacific\n $6,274 $7,351\n revenues 6,490 7,859\n Europe\n 32,081 30,856\n 5,293\n revenues 36,898,149\n North America\n 57,863 56,145\n 11,169\n 68,024 67,314\n 96,218 94,352\n 16,970\n revenues $111,412 111,322" +} +{ + "_id": "d1b3c11c0", + "title": "", + "text": "Results of Operations: Years Ended December 31, 2018, versus Year Ended December 31, 2017 (Amounts in thousands, except percentages and per share amounts): Results of Operations: Years Ended December 31, 2018, versus Year Ended December 31, 2017 (Amounts in thousands, except percentages and per share amounts):\nOther income and expense items are summarized in the following table:\nInterest expense decreased in the year ended December 31, 2018, versus the same period in 2017 primarily due to lower debt balances, a reduction in interest related to interest rate swaps, and a one-time charge related to a liability that was settled in 2017. Interest income increased due to higher interest rates. Other expense in the year ended December 31, 2018, was driven by foreign currency translation losses mainly due to the appreciation of the U.S. Dollar compared to the Chinese Renminbi and the Euro. Other income in the year ended December 31, 2017 was driven mainly by foreign currency translation gains due to the depreciation of the U.S. Dollar compared to the Chinese Renminbi and the Euro.\n\n | Years Ended December 31, | \n--------------------------------- | ------------------------ | --------\n | 2018 | 2017 \nInterest expense | $(2,085) | $(3,343)\nInterest income | 1,826 | 1,284 \nOther (expense) income | (2,676) | 3,817 \nTotal other (expense) income, net | $(2,935) | $1,758 \n\nResults Operations Ended December 31, 2018 2017 thousands percentages share\n income expense table\n Interest expense decreased 2018 2017 lower debt balances reduction interest swaps one-time charge liability settled 2017. Interest income increased higher interest rates. expense 2018 driven foreign currency translation losses appreciation U. Dollar Renminbi Euro. income 2017 driven foreign currency gains depreciation. Dollar.\n Years Ended December 31,\n 2018 2017\n Interest expense $(2,085) $(3,343)\n Interest income 1,826 1,284\n Other (expense income (2,676) 3,817\n net $(2,935) $1,758" +} +{ + "_id": "d1b35b1fe", + "title": "", + "text": "Net Profit After Tax\nNet profit after tax increased by 41.1% to US$52.9 million from US$37.5 million in the previous year.\nThe effective tax rate for the year was 8% (2018: 6%). This reflects the tax utilisation of the deferred tax asset recognised as a result of both temporary differences arising on relocation of Altium’s core business assets to the USA. Altium will continue to utilize the tax benefits and re-evaluate the valuation of the deferred tax asset on an annual basis.\nFor more details on revenue, refer to Note 3 of the annual report.\n\n | | Consolidated | \n--------------------------------- | ------- | ------------ | ------\n | 2019 | 2018 | Change\nProduct Revenue | US$’000 | US$’000 | % \nAltium Designer software licenses | 62,377 | 51,309 | 22% \nAltium Designer subscriptions | 58,468 | 51,522 | 13% \nOctopart search advertising | 17,940 | 11,968 | 50% \nTASKING software licenses | 12,293 | 8,526 | 44% \nTASKING maintenance | 5,741 | 4,709 | 22% \nAltium Nexus | 6,635 | 4,848 | 37% \nService revenue | 3,655 | 4,833 | (25%) \nOther | 4,710 | 2,461 | 91% \nTotal Product Revenue | 171,819 | 140,176 | 23% \n\nProfit After Tax\n increased. to US$52. 9 million from US$37. 5 million previous.\n effective tax rate 8% (2018 6%. reflects deferred tax asset relocation USA. benefits valuation asset.\n Note 3 annual report.\n 2019 2018\n Product Revenue US$’000\n Altium Designer software licenses 62,377 51,309 22%\n subscriptions 58,468 51,522 13%\n advertising 17,940 50%\n software licenses 12,293 44%\n maintenance 5,741 22%\n 6,635 37%\n Service revenue 3,655 (25%)\n 91%\n Product Revenue 171,819 23%" +} +{ + "_id": "d1b3abb86", + "title": "", + "text": "Item 6. Selected Financial Data\nThe following selected financial data has been derived from our consolidated financial statements.\nThe information below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and the accompanying Consolidated Financial Statements and related notes thereto.\n(1) Effective January 1, 2019, the Company adopted new guidance on leases using the modified retrospective method; as such, 2015 – 2018 have not been restated. See Note 3, Leases, of the accompanying “Notes to Consolidated Financial Statements” for further information.\n(2) Effective January 1, 2018, the Company adopted new guidance on revenue recognition using the modified retrospective method; as such, 2015 – 2017 have not been restated. See Note 2, Revenues, of the accompanying “Notes to Consolidated Financial Statements” for further information.\n(3) The amounts reflect the results of Symphony, WhistleOut, the Telecommunications Asset acquisition, Clearlink and Qelp since the associated acquisition dates of November 1, 2018, July 9, 2018, May 31, 2017, April 1, 2016 and July 2, 2015, respectively, as well as the related merger and integration costs incurred as part of each acquisition. See Note 4, Acquisitions, of the accompanying “Notes to Consolidated Financial Statements” for further information regarding the Symphony, WhistleOut and Telecommunications Asset acquisitions.\n(4) The amounts for 2019, 2018 and 2017 include exit costs and impairments of long-lived assets. See Note 5, Costs Associated with Exit or Disposal Activities, and Note 6, Fair Value, of the accompanying “Notes to Consolidated Financial Statements” for further information.\n(5) The amounts for 2018 include the $1.2 million Slaughter settlement agreement. See Note 22, Commitments and Loss Contingencies, of the accompanying “Notes to Consolidated Financial Statements” for further information.\n(6) The amount for 2017 includes $32.7 million related to the impact of the 2017 Tax Reform Act. See Note 20, Income Taxes, of the accompanying “Notes to Consolidated Financial Statements” for further information.\n(7) The Company has not declared cash dividends per common share for any of the five years presented.\n\n | | | Years Ended December 31, | | \n----------------------------------------- | ---------- | ---------- | ------------------------ | ---------- | ----------\n(in thousands, except per share data) | 2019 (1) | 2018 (2) | 2017 | 2016 | 2015 \nIncome Statement Data (3): | | | | | \nRevenues | $1,614,762 | $1,625,687 | $1,586,008 | $1,460,037 | $1,286,340\nIncome from operations (4)(5) | 89,800 | 63,202 | 87,042 | 92,373 | 94,358 \nNet income (4)(5)(6) | 64,081 | 48,926 | 32,216 | 62,390 | 68,597 \nNet Income Per Common Share: (3)(4)(5)(6) | | | | | \nBasic | $1.54 | $1.16 | $0.77 | $1.49 | $1.64 \nDiluted | $1.53 | $1.16 | $0.76 | $1.48 | $1.62 \nWeighted Average Common Shares: | | | | | \nBasic | 41,649 | 42,090 | 41,822 | 41,847 | 41,899 \nDiluted | 41,802 | 42,246 | 42,141 | 42,239 | 42,447 \nBalance Sheet Data: (3)(4)(6)(7) | | | | | \nTotal assets | $1,415,500 | $1,171,967 | $1,327,092 | $1,236,403 | $947,772 \nLong-term debt | 73,000 | 102,000 | 275,000 | 267,000 | 70,000 \nShareholders' equity | 874,475 | 826,609 | 796,479 | 724,522 | 678,680 \n\n. Selected Financial Data\n derived from consolidated financial statements.\n with Discussion Analysis Financial Condition Results Operations Consolidated Financial Statements notes.\n January 1, 2019 adopted guidance leases 2015 – 2018 restated. Note 3 Leases.\n January 1, 2018 revenue recognition 2015 – 2017 restated. Note 2 Revenues.\n amounts reflect results Symphony WhistleOut Telecommunications Asset acquisition Clearlink Qelp November 1, 2018 July 9, 2018 May 31, 2017 April 1, 2016 July 2, 2015, merger integration costs. Note 4 Acquisitions.\n amounts 2019 2018 2017 include exit costs impairments long-lived assets. Note 5 6 Value.\n amounts 2018 include $1. 2 million Slaughter settlement agreement. Note 22, Commitments Loss Contingencies.\n 2017 includes $32. 7 million 2017 Tax Reform Act.Note 20 Income Taxes Consolidated Financial.\n Company declared cash dividends share five years.\n Ended December 31,\n 2019 2018 2017 2016 2015\n Statement\n Revenues $1,614,762 $1,625,687 $1,586,008 $1,460,037 $1,286,340\n Income operations 89,800 63,202 87,042 92,373 94,358\n Net income 64,081 48,926 32,216 62,390 68,597\n Net Income Per Common Share\n.\n.\n Weighted Average Common Shares\n 41,649 42,090 41,822\n Balance Sheet Data\n Total assets $1,415,500 $1,171,967 $1,327,092 $1,236,403 $947,772\n Long-term debt 73,000 102,000 275,000 267,000\nequity 874,475 796,479 724,522" +} +{ + "_id": "d1b38920c", + "title": "", + "text": "In 2018, we granted new equity awards to our named executive officers described in the table below. In determining the size and terms of these equity awards for Mses. Friar, Henry, Reses and Whiteley, our compensation committee, with input from our CEO, our then-current People Lead and Compensia, considered the past and expected future key contributions of each of these named executive officers, the extent to which their existing equity awards were vested and the competitive market data for similarly situated executives. Our compensation committee believed it was appropriate to grant each of them new equity awards to help achieve our retention goals and further align their compensation with the competitive market.\n(1) Ms. Friar resigned from her position as Chief Financial Officer, effective as of November 16, 2018.\n(2) One-twelfth of 10% of the shares subject to the option vest in equal monthly installments over one year from April 1, 2018, and one-thirty-sixth of 90% of the shares subject to the option vest in equal monthly installments over three years from April 1, 2019, subject to continued service with us.\n(3) 2.5% of RSAs vest in four equal quarterly installments over one year from April 1, 2018, and 7.5% RSUs vest in 12 quarterly installments over three years from April 1, 2019, subject to continued service with us.\n(4) With respect to 16,695 of the total RSAs, 2.5% of RSAs vest in four equal quarterly installments over one year from April 1, 2018, and 7.5% RSUs vest in 12 quarterly installments over three years from April 1, 2019, subject to continued service with us. And, with respect to 11,784 of the total RSAs, one-sixteenth of RSAs vest in 16 equal quarterly installments over four years from October 1, 2018, subject to continued service with us.\n(5) Messrs. Daswani and Murphy did not receive any additional equity awards in conjunction with their service as interim co-CFOs. Equity awards to Messrs. Daswani and Murphy were granted equity awards in April 2018, prior to their becoming named executive officers, as part of the company-wide compensation review program. Their grants were recommended by their direct manager, reviewed by the then-current People Lead and approved by our compensation committee.\n(6) With respect to 1,336 of the total RSAs, one-sixteenth of RSAs vest in 16 equal quarterly installments over four years from April 1, 2018, subject to continued service with us. And, with respect to 2,862 of the total RSAs, 2.5% of RSAs vest in four equal quarterly installments over one year from April 1, 2018, and 7.5% RSUs vest in 12 quarterly installments over three years from April 1, 2019, subject to continued service with us.\n(7) With respect to 1,527 of the total RSAs, one-sixteenth of RSAs vest in 16 equal quarterly installments over four years from April 1, 2018, subject to continued service with us. And, with respect to 3,435 of the total RSAs, 2.5% of RSAs vest in four equal quarterly installments over one year from April 1, 2018, and 7.5% RSUs vest in 12 quarterly installments over three years from April 1, 2019, subject to continued service with us.\nMr. Dorsey did not receive any equity awards in 2018 at his request, and because our compensation committee believed that his existing equity ownership position sufficiently aligned his interests with those of our stockholders.\n\nNamed Executive Officer | Number of Securities Underlying Options(#) | RSUs or RSAs (#) | Fair Value ($)\n----------------------- | ------------------------------------------ | ---------------- | --------------\nMs. Friar (1) | 109,026 (2) | 38,159 (3) | 3,479,299 \nMs. Henry | 109,026 (2) | 38,159 (3) | 3,479,299 \nMs. Reses | 109,026 (2) | 38,159 (3) | 3,479,299 \nMs. Whiteley | 47,699 (2) | 28,479 (4) | 2,339,553 \nMr. Daswani (5) | - | 4,198 (6) | 187,861 \nMr. Murphy (5) | - | 4,962 (7) | 222,050 \n\n2018 granted equity awards executive officers. determining size. Friar Henry Reses Whiteley compensation committee considered past future contributions existing equity awards competitive market data. believed grant awards retention goals align compensation competitive market.\n. Friar resigned Chief Financial Officer November 16, 2018.\n One-twelfth 10% shares option vest equal installments year April 1, 2018 one-thirty-sixth 90% vest equal installments three years April 1, 2019.\n 2. 5% RSAs vest four equal quarterly installments 2018 7. 5% vest 12 installments three years 2019.\n 16,695 RSAs 2. 5% vest four equal quarterly installments 7. 5% 12 installments three years 2019. 11,784 RSAs one-sixteenth vest 16 equal quarterly installments four years October 1, 2018.\n. Daswani Murphy additional equity awards interim co-CFOs. Daswani Murphy granted April 2018 company-wide compensation review program.grants recommended manager reviewed People Lead approved compensation committee.\n 1,336 RSAs one-sixteenth 16 equal quarterly installments four years April 1, 2018. 2,862 RSAs 2. 5% four installments 7. 5% 12 installments three years April 1, 2019.\n 1,527 RSAs one 16 equal quarterly installments four years. 3,435 RSAs 2. 5% four equal installments 7. 5% RSUs 12 installments three years April 1 2019.\n. Dorsey equity awards 2018 committee equity ownership aligned interests stockholders.\n Executive Officer Securities Underlying Options RSUs Fair Value$)\n. Friar 109,026 (2) 38,159 (3) 3,479,299\n. Henry,026 3,479,299\n.,479,299\n. Whiteley 47,699 28,479 2,339,553\n. Daswani (5) 4,198 (6) 187,861\n. Murphy 4,962 222,050" +} +{ + "_id": "d1b3b308e", + "title": "", + "text": "8. Stock option and award plan: (Continued)\nThe accounting for equity-based compensation expense requires the Company to make estimates and judgments that affect its financial statements. These estimates for stock options include the following.\nExpected Dividend Yield—The Company uses an expected dividend yield based upon expected annual dividends and the Company’s stock price.\nExpected Volatility—The Company uses its historical volatility for a period commensurate with the expected term of the option.\nRisk-Free Interest Rate—The Company uses the zero coupon US Treasury rate during the quarter having a term that most closely resembles the expected term of the option.\nExpected Term of the Option—The Company estimates the expected life of the option term by analyzing historical stock option exercises.\nForfeiture Rates—The Company estimates its forfeiture rate based on historical data with further consideration given to the class of employees to whom the options or shares were granted.\nThe weighted-average per share grant date fair value of options was $8.92 in 2019, $8.45 in 2018 and $7.06 in 2017. The following assumptions were used for determining the fair value of options granted in the three years ended December 31, 2019:\n\nYears Ended December 31 | | | \n------------------------------------------- | ----- | ----- | -----\nBlack-Scholes Assumptions | 2019 | 2018 | 2017 \nDividend yield | 4.5% | 4.6% | 4.1% \nExpected volatility | 28.3% | 28.7% | 27.1%\nRisk-free interest rate | 2.5% | 2.5% | 2.0% \nExpected life of the option term (in years) | 4.3 | 4.4 | 4.5 \n\n. Stock option award plan\n accounting equity-based compensation expense requires estimates judgments financial statements. estimates include.\n Expected Dividend yield dividends stock price.\n Expected historical volatility option.\n Risk-Free Interest Treasury rate option.\n Expected Term exercises.\n Forfeiture forfeiture rate historical data employees.\n weighted-average per share grant date fair value options $8. 92 2019 $8. 45 2018 $7. 06 2017. assumptions fair value options three years December 31, 2019\n Years\n Black-Scholes Assumptions 2019 2018\n Dividend yield 4. 5%. 6%.\n Expected volatility 28. 3%. 7%. 1%\n Risk-free interest rate 2. 5%.\n Expected life option term years 4. 3." +} +{ + "_id": "d1b33fdd2", + "title": "", + "text": "Stock-based Compensation\nThe following table summarizes stock-based compensation expense related to RSUs, stock options, and ESPP shares for the fiscal years ended September 30, 2019, 2018, and 2017, which were allocated as follows (amounts shown in thousands):\n\n | 2019 | 2018 | 2017 \n----------------------------------------------------- | ------ | ------ | ------\nCost of revenue | $207 | $78 | $52 \nSelling and marketing | 2,967 | 2,656 | 1,577 \nResearch and development | 2,013 | 1,801 | 1,028 \nGeneral and administrative | 4,450 | 4,415 | 2,821 \nStock-based compensation expense included in expenses | $9,637 | $8,950 | $5,478\n\nStock Compensation\n summarizes expense RSUs options ESPP shares years 2017 allocated\n Cost revenue $207 $78 $52\n Selling marketing 2,967,656 1,577\n Research development 2,013 1,801 1,028\n General administrative 4,450 2,821\n expense $9,637 $8,950 $5,478" +} +{ + "_id": "d1b37b6c0", + "title": "", + "text": "Notes:\n(1) Mobile penetration rate, market share and market position pertained to India market only.\n(2) Based on number of mobile customers.\n(3) Compared against 31 March 2018 and based on aggregate mobile customers.\n\n | Telkomsel | AIS | Airtel (1) | Globe \n---------------------------------- | --------- | ------ | ---------- | ------\nCountry mobile penetration rate | 123% | 139% | 90% | 138% \nMarket share, 31 March 2019 (2) | 51.1% | 45.2% | 28.0% | 56.6% \nMarket share, 31 March 2018 (2) | 48.5% | 44.8% | 25.7% | 52.1% \nMarket position (2) | #1 | #1 | #2 | #1 \nMobile customers (‘000) | | | | \n- Aggregate | 168,642 | 41,491 | 384,078 | 83,490\n- Proportionate | 59,025 | 9,676 | 144,770 | 39,307\nGrowth in mobile customers (3) (%) | -13% | 3.6% | -2.9% | 32% \n\n\n Mobile penetration rate market share position India.\n.\n 31 March 2018.\n Telkomsel Airtel\n mobile penetration rate 123% 139%\n Market share 31 March 2019 51. 1% 45. 2%. 6%\n 31 March 2018 48. 5% 44. 8%. 7% 52. 1%\n Mobile customers\n Aggregate 168,642 41,491 384,078 83,490\n 59,025 9,676 144,770 39,307\n Growth mobile customers -13%. 6%." +} +{ + "_id": "d1b350100", + "title": "", + "text": "Net revenues by location of shipment are classified by location of customer invoiced or reclassified by shipment destination in line with customer demand. For example, products ordered by U.S.-based companies to be invoiced to Asia Pacific affiliates are classified as Asia Pacific revenues.\nBy location of shipment, in 2019, revenues grew 6.8% in Americas, driven by Power Discrete, remained substantially flat in Asia and decreased 8.6% in EMEA, mainly due to lower sales of Microcontrollers and Power Discrete. In 2018 revenues grew across all regions, led by Asia Pacific and EMEA, mainly due to growth in Imaging and Automotive.\n\n | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | % Variation | % Variation \n------------ | ----------------------- | ----------------------- | ----------------------- | ------------ | ------------\n | 2019 | 2018 | 2017 | 2019 vs 2018 | 2018 vs 2017\n | (In millions) | (In millions) | (In millions) | | \nEMEA | $2,265 | $2,478 | $2,142 | (8.6)% | 15.7% \nAmericas | 1,351 | 1,264 | 1,085 | 6.8 | 16.5 \nAsia Pacific | 5,940 | 5,922 | 5,120 | 0.3 | 15.7 \nTotal | $9,556 | $9,664 | $8,347 | (1.1)% | 15.8% \n\nrevenues by location shipment classified. products ordered by U. S. companies Asia Pacific affiliates classified revenues.\n 2019 revenues grew 6. 8% in Americas Power Discrete remained flat Asia decreased 8. 6% EMEA lower sales Microcontrollers Power Discrete. 2018 revenues grew across led Asia Pacific EMEA to growth Imaging Automotive.\n Year Ended Variation\n 2019 2018 2017\n EMEA $2,265 $2,478 $2,142. 7%\n Americas 1,351 1,264 1,085.\n Asia Pacific 5,940 5,922 5,120.\n Total $9,556 $9,664 $8,347." +} +{ + "_id": "d1b3b50be", + "title": "", + "text": "Note 19: Segment, Geographic Information, and Major Customers\nThe Company operates in one reportable business segment: manufacturing and servicing of wafer processing semiconductor manufacturing equipment. The Company’s material operating segments qualify for aggregation due to their customer base and similarities in economic characteristics, nature of products and services, and processes for procurement, manufacturing, and distribution.\nThe Company operates in seven geographic regions: United States, China, Europe, Japan, Korea, Southeast Asia, and Taiwan. For geographical reporting, revenue is attributed to the geographic location in which the customers’ facilities are located, while long-lived assets are attributed to the geographic locations in which the assets are located.\nRevenues and long-lived assets by geographic region were as follows:\nIn fiscal year 2019, four customers accounted for approximately 15%, 14%, 14%, and 14% of total revenues, respectively. In fiscal year 2018, five customers accounted for approximately 25%, 14%, 14%, 13%, and 12% of total revenues, respectively. In fiscal year 2017, five customers accounted for approximately 23%, 16%, 12%, 11%, and 10% of total revenues, respectively. No other customers accounted for more than 10% of total revenues.\n\n | 2019 | 2018 | 2017 \n------------------ | ---------- | ------------- | --------\n | | (inthousands) | \nLong-lived assets: | | | \nUnited States | $933,054 | $784,469 | $575,264\nEurope | 72,928 | 73,336 | 77,211 \nKorea | 28,200 | 24,312 | 19,982 \nChina | 6,844 | 5,466 | 1,906 \nTaiwan | 6,759 | 7,922 | 7,970 \nJapan | 5,750 | 3,327 | 1,083 \nSoutheast Asia | 5,542 | 3,715 | 2,179 \n | $1,059,077 | $902,547 | $685,595\n\nNote 19 Segment Geographic Information Customers\n Company operates manufacturing servicing wafer processing semiconductor equipment. segments qualify aggregation customer base economic characteristics processes procurement manufacturing distribution.\n operates seven regions United States China Europe Japan Korea Southeast Asia Taiwan. revenue long assets.\n Revenues-lived assets by region\n 2019 four customers 15% 14% revenues. 2018 five 25% 14%. 2017 23% 16% 12% 11% 10%. No customers 10%.\n Long-lived assets\n United States $933,054 $784,469 $575,264\n Europe 72,928 73,336 77,211\n Korea 28,200 24,312\n China 6,844 5,466\n Taiwan 6,759\n Japan 5,750 3,327\n Southeast Asia 5,542 3,715\n $1,059,077 $902,547 $685,595" +} +{ + "_id": "d1b3c4c80", + "title": "", + "text": "The provision for income taxes consisted of the following\n(in thousands)\n\n | | Years Ended December 31, | 31, \n----------------------------------- | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nCurrent provision for income taxes: | | | \nState | $49 | $44 | $48 \nForeign | 1,716 | 953 | 1,023 \nTotal current | 1,765 | 997 | 1,071 \nDeferred tax expense (benefit): | | | \nFederal | 3 | (13) | 26 \nForeign | (361) | 98 | 109 \nTotal deferred | (358) | 85 | 135 \nProvision for income taxes | $1,407 | $1,082 | $1,206\n\nincome taxes\n Ended December 31,\n 2019 2018\n provision taxes\n State $49 $44 $48\n 1,716 953 1,023\n 1,765 997 1,071\n Deferred tax expense\n Federal 26\n 109\n deferred (358) 85\n Provision taxes $1,407 $1,082 $1,206" +} +{ + "_id": "d1b3af34e", + "title": "", + "text": "10. Income Taxes:\nFor financial reporting purposes, income before income taxes included the following components:\n\n | | Fiscal Year Ended March 31 | \n-------- | -------- | -------------------------- | --------\n | 2017 | 2018 | 2019 \nDomestic | $75,659 | $85,263 | $215,573\nForeign | 99,290 | 107,050 | 117,670 \nTotal | $174,949 | $192,313 | $333,243\n\n. Income Taxes\n Ended March 31\n 2019\n Domestic $75,659 $85,263 $215,573\n Foreign 99,290 107,050 117,670\n $174,949 $192,313 $333,243" +} +{ + "_id": "d1b36c2c4", + "title": "", + "text": "3 Investments\nThe investment in Sophos Holdings Limited, a holding company for the Sophos Group, comprises 100% of the ordinary share capital.\nThe investment in Sophos Limited comprises share-based payment expenses for equity awards granted to participants employed by Sophos Limited and its subsidiaries.\n\n | 31 March 2019 | 31 March 2018\n------------------------------------- | ------------- | -------------\n | $M | $M \nInvestment in Sophos Holdings Limited | 1,035.8 | 1,035.8 \nInvestment in Sophos Limited | 94.8 | 63.3 \nAt 31 March | 1,130.6 | 1,099.1 \n\nInvestments\n Sophos Holdings Limited Sophos Group 100% ordinary share capital.\n share-based payment expenses equity awards.\n 31 March 2019 31 March 2018\n $M\n 1,035. 8.\n 94. 63.\n 31 March 1,130. 6 1,099." +} +{ + "_id": "d1b3506a0", + "title": "", + "text": "The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition.\nThe amount recorded for developed technology represents the estimated fair value of AgileCraft’s enterprise agile planning technology. The amount recorded for customer relationships represents the fair value of the underlying relationships with AgileCraft’s customers. The amount recorded for backlog represents the fair value of AgileCraft’s backlog as of acquisition date.\n\n | Fair Value | Useful Life\n----------------------------------------------- | --------------------- | -----------\n | (U.S. $ in thousands) | (years) \nDeveloped technology | $34,600 | 5 \nCustomer relationships | 16,900 | 7 \nBacklog | 1,400 | 3 \nTotal intangible assets subject to amortization | $52,900 | \n\ntable intangible assets acquired estimated useful lives date acquisition.\n developed technology value AgileCraft’s agile planning technology. customer relationships. backlog value acquisition date.\n Fair Value Useful Life\n. $ thousands\n Developed technology $34,600\n Customer relationships 16,900\n Backlog 1,400\n Total intangible assets amortization $52,900" +} +{ + "_id": "d1b35f72c", + "title": "", + "text": "Results of Operations\nThe following table is a summary of our consolidated statements of operations for the specified periods and results of operations as a percentage of revenues for those periods. The period-to-period comparisons of results are not necessarily indicative of results for future periods. Percentage of revenues figures are rounded and therefore may not subtotal exactly.\nA discussion regarding our consolidated statements of operations and results of operations as a percentage of revenue for 2019 compared to 2018 is presented below. A discussion regarding our financial condition and results of operations for 2018 compared to 2017 can be found under Item 7 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed with the SEC on March 14, 2019, which is available free of charge on the SEC’s website at www.sec.go.\n(1)  Stock-based compensation expense included in the consolidated statements of operations data above was as follows:\n(2)  Amortization of intangible assets included in the consolidated statements of operations data above was as follows:\n(3) Restructuring-related expenses included in the consolidated statements of operations data above was as follows:\n\n | | Year Ended December 31, | | \n----------------------------------------------------- | --------- | ----------------------- | --------- | ------------\n | 2019 | | 2018 | \n | Amount | % of Revenue | Amount | % of Revenue\n | | (dollars in thousands) | | \nRevenues, net | $49,036 | 100% | $58,631 | 100% \nCost of revenues (1) (2) (3) | 22,843 | 47 | 27,154 | 46 \nGross profit | 26,193 | 53 | 31,477 | 54 \nOperating expenses: | | | | \nSales and marketing (1) (2) (3) | 15,836 | 32 | 23,425 | 40 \nResearch and development (1) (2) (3) | 17,845 | 36 | 22,450 | 38 \nGeneral and administrative (1) (2) (3) | 10,466 | 21 | 13,113 | 22 \nImpairment of goodwill | 1,910 | 4 | 14,740 | 26 \nTotal operating expenses | 46,037 | 94 | 73,728 | 126 \nLoss from operations | (19,844) | (40) | (42,251) | (72) \nGain on divestiture | 5,064 | 10 | - | - \nOther income, net | 2,252 | 5 | 1,593 | 3 \nLoss before (benefit from) provision for income taxes | (12,528) | (26) | (40,658) | (69) \n(Benefit from) provision for income taxes | (120) | - | 586 | 1 \nNet loss | $(12,408) | (25)% | $(41,244) | (70)% \n\nResults Operations\n table summary consolidated statements operations periods percentage revenues. comparisons not indicative future. Percentage revenues figures rounded not subtotal.\n discussion consolidated statements operations results revenue 2019 compared 2018. financial condition results 2018 2017 Item 7 Annual Report Form 10-K fiscal year December 31, 2018 filed SEC March 14, 2019 available SEC’s website.\n Stock-based compensation expense\n Amortization intangible assets\n Restructuring-related expenses\n Year Ended December 31,\n Amount % Revenue\n (dollars thousands\n Revenues net $49,036 100% $58,631 \n Cost revenues 22,843 47 27,154 46\n Gross profit 26,193 53 31,477 54\n Operating expenses\n Sales marketing 15,836 32 23,425 40\n Research development 17,845 36 22,450 38\n General administrative 10,466 21 13,113 22\ngoodwill 1,910 14,740\n operating expenses 46,037 73,728\n Loss operations (19,844) (42,251)\n Gain divestiture 5,064 10\n Other income 2,252 1,593\n Loss taxes (12,528) (40,658)\n (120)\n Net loss $(12,408) (25) $(41,244)" +} +{ + "_id": "d1a715854", + "title": "", + "text": "Accrued Liabilities\nAccrued liabilities consists of the following (in millions):\nSales related reserves represent price concessions and stock rotation rights that the Company offers to many of its distributors. For the fiscal year ending March 31, 2018, these sales related reserves were recorded within accounts receivable, and therefore did not exist within accrued liabilities. The Company made this change in classification as part of its adoption of ASC 606. For additional information regarding the Company's adoption of ASC 606, refer to Note 1 of the consolidated financial statements.\n\n | March 31, | \n-------------------------------------- | --------- | ------\n | 2019 | 2018 \nAccrued compensation and benefits | $133.2 | $87.6 \nIncome taxes payable | 46.9 | 27.5 \nSales related reserves | 366.9 | — \nAccrued expenses and other liabilities | 240.3 | 114.5 \nTotal accrued liabilities | $787.3 | $229.6\n\nAccrued Liabilities\n Sales related reserves price concessions stock rotation rights distributors. fiscal year March 31, 2018 recorded accounts receivable accrued liabilities. ASC 606. Note 1 consolidated financial statements.\n Accrued compensation benefits $133. $87.\n Income taxes 46. 27.\n Sales reserves 366.\n Accrued expenses liabilities 240. 114.\n Total accrued liabilities $787. $229." +} +{ + "_id": "d1b2e2d26", + "title": "", + "text": "CUSTOMER STATISTICS\n(1) Excludes adjustments related to the migration to the new customer management system implemented during the third quarter of fiscal 2018.\n(2) As a percentage of homes passed.\nDuring the third quarter of fiscal 2018, the Canadian broadband services segment implemented a new customer management system, replacing 22 legacy systems. While the customer management system was still in the stabilization phase, contact center congestion resulted in lower services activations during most of the fourth quarter of fiscal 2018 and the first quarter of 2019. Contact center and marketing operations had returned to normal at the end of the first quarter of 2019.\nVariations of each services are also explained as follows:\nINTERNET Fiscal 2019 Internet service customers net additions stood at 5,966 compared to 14,173 for the prior year mainly due to: • the ongoing interest in high speed offerings; • the sustained interest in bundle offers; and • the increased demand from Internet resellers; partly offset by • competitive offers in the industry; and • contact center congestion during the stabilization period of the new customer management system.\nVIDEO Fiscal 2019 video service customers net losses stood at 39,185 compared to 37,035 for the prior year as a result of: • highly competitive offers in the industry; • a changing video consumption environment; and • contact center congestion during the stabilization period of the new customer management system; partly offset by • customers' ongoing interest in digital advanced video services; and • customers' interest in video services bundled with fast Internet offerings.\nTELEPHONY Fiscal 2019 telephony service customers net losses amounted to 23,333 compared to 32,987 for the prior year mainly due to: • technical issues with telephony activations following the implementation of the new customer management system which were resolved at the end of the first quarter; • increasing wireless penetration in North America and various unlimited offers launched by wireless operators causing some customers to cancel their landline telephony services for wireless telephony services only; partly offset by • growth in the business sector; and • more telephony bundles due to additional promotional activity in the second half of fiscal 2019.\nDISTRIBUTION OF CUSTOMERS At August 31, 2019, 69% of the Canadian broadband services segment's customers enjoyed \"double play\" or \"triple play\" bundled services.\n\n | | Net additions (losses) | | % of penetration(2) | \n--------------------------- | ----------- | ---------------------- | ---------- | ------------------- | ----------\n | Years ended | | | | \n | August 31, | August 31, | August 31, | August 31, | August 31,\n | 2019 | 2019 | 2018(1) | 2019 | 2018 \nPrimary service units | 1,810,366 | (56,552) | (55,849) | | \nInternet service customers | 788,243 | 5,966 | 14,173 | 44.7 | 44.7 \nVideo service customers | 649,583 | (39,185) | (37,035) | 36.8 | 39.3 \nTelephony service customers | 372,540 | (23,333) | (32,987) | 21.1 | 22.6 \n\nCUSTOMER STATISTICS\n Excludes adjustments migration new customer management system third quarter 2018.\n percentage homes passed.\n third quarter 2018 Canadian broadband services implemented new customer management system replacing 22 systems. contact center congestion lower services activations fourth quarter 2018 first quarter 2019. Contact center marketing operations returned normal end first quarter 2019.\n Variations services\n INTERNET Fiscal 2019 additions 5,966 14,173 prior year due high speed bundle offers increased demand Internet resellers offset competitive offers contact center congestion.\n VIDEO 2019 net losses 39,185 37,035 prior competitive offers changing video consumption environment contact center congestion offset digital video services fast Internet.\n TELEPHONY Fiscal 2019 net losses 23,333 32,987 prior year due technical issues new management system increasing wireless penetration unlimited offers landline wireless offset growth business sector more telephony bundles promotional activity second half 2019.\nCUSTOMERS August 31, 2019 69% Canadian broadband customers enjoyed services.\n Net additions %\n Years ended\n August 31,\n Primary service units 1,810,366 (56,552)\n Internet service customers 788,243 5,966 14 44.\n Video service customers 649,583 (39,185) (37,035) 36. 39.\n Telephony service customers 372,540 (23,333) (32,987) 21. 22." +} +{ + "_id": "d1b306aa0", + "title": "", + "text": "4.6 Adjusted EBITDA\nBCE\nBCE’s adjusted EBITDA grew by 6.0% in 2019, compared to 2018, attributable to growth from all three of our segments. Higher revenues coupled with reduced operating expenses drove the year-over-year growth in adjusted EBITDA. This corresponded to an adjusted EBITDA margin of 42.2% in 2019, up 1.6 pts over last year, mainly driven by the favourable impact from the adoption of IFRS 16 in 2019, and greater service revenue flow-through, moderated by greater low-margin product sales in our total revenue base.\n\n | 2019 | 2018 | $ CHANGE | % CHANGE\n------------------------- | ------ | ----- | -------- | --------\nBell Wireless | 3,842 | 3,521 | 321 | 9.1% \nBell Wireline | 5,414 | 5,321 | 93 | 1.7% \nBell Media | 850 | 693 | 157 | 22.7% \nTotal BCE adjusted EBITDA | 10,106 | 9,535 | 571 | 6.0% \n\n. Adjusted EBITDA\n BCE\n grew. 0% 2019 2018 growth segments. Higher revenues reduced operating expenses drove growth EBITDA. margin 42. 2% up. pts last IFRS 16 greater service revenue flow low-margin product sales.\n Bell Wireless 3,842 3,521 321.\n 5,414 5,321.\n Bell Media 850 693 157 22. 7%\n BCE adjusted EBITDA 10,106 6." +} +{ + "_id": "d1b2e9950", + "title": "", + "text": "Deferred tax assets (liabilities) consist of the following:\nA valuation allowance has been provided based on the uncertainty of utilizing the tax benefits, mainly related to the following deferred tax assets: • $183.4 million of foreign items, primarily net operating losses; and • $7.7 million of state tax credits.\nFor the year ended December 31, 2019, the valuation allowance decreased by $20.8 million. This is primarily driven by our Reinvent SEE initiatives and decreases in foreign tax rates.\nAs of December 31, 2019, we have foreign net operating loss carryforwards of $899.4 million expiring in years beginning in 2020 with the majority of losses having an unlimited carryover. The state net operating loss carryforwards totaling $569.3 million expire in various amounts over 1 to 19 years.\n\n | December 31, | \n-------------------------------------------- | ------------ | --------\n(In millions) | 2019 | 2018 \nAccruals not yet deductible for tax purposes | $ 17.4 | $ 17.5 \nNet operating loss carryforwards | 245.9 | 265.5 \nForeign, federal and state credits | 8.4 | 10.4 \nEmployee benefit items | 79.5 | 77.0 \nCapitalized expenses | 32.2 | 8.9 \nIntangibles | 21.8 | — \nDerivatives and other | 47.7 | 38.0 \nSub-total deferred tax assets | 452.9 | 417.3 \nValuation allowance | (197.6) | (218.4) \nTotal deferred tax assets | $ 255.3 | $ 198.9 \nDepreciation and amortization | $ (37.0) | $ (26.8)\nUnremitted foreign earnings | (10.0) | — \nIntangible assets | — | (21.7) \nOther | (0.4) | (0.4) \nTotal deferred tax liabilities | (47.4) | (48.9) \nNet deferred tax assets | $ 207.9 | $ 150.0 \n\nDeferred tax assets\n valuation allowance tax benefits $183. million foreign items net operating losses $7. million state tax credits.\n 2019 valuation allowance decreased $20. million. driven Reinvent SEE initiatives foreign tax rates.\n December 31, 2019 foreign net operating loss carryforwards $899. 4 million expiring 2020 majority unlimited carryover. state net loss carryforwards $569. 3 million expire 1 19 years.\n deductible tax 17.\n Net operating loss carryforwards 245. 265.\n Foreign federal state credits.\n Employee benefit items.\n Capitalized expenses.\n Intangibles.\n.\n-total deferred tax assets.\n Valuation allowance.\n Total deferred tax assets 255.\n Depreciation amortization.\n Unremitted foreign earnings.\n Intangible assets.\n.\n deferred tax liabilities.\n Net deferred tax assets $ 207. 150." +} +{ + "_id": "d1b38e950", + "title": "", + "text": "Item 2. PROPERTIES\nWe operate 31 distributions centers located in the United States and Canada totaling approximately 1.7 million square feet. We own a 59,500 square foot distribution center in Cincinnati, Ohio and a 10,000 square foot protein processing facility and distribution center in Chicago, Illinois. All of our other properties are leased. The following table sets forth our distribution, protein processing, corporate and other support facilities by state or province and their approximate aggregate square footage as of February 21, 2020 (1).\n(1)  Excludes the impact of our recent acquisitions of Sid Wainer & Son and Cambridge Packing Co, Inc. more fully described in 'Management's Discussion and Financial Condition and Results of Operations — Overview and Recent Developments.\"\n(2)  Represents our corporate headquarters in Ridgefield, Connecticut.\nWe consider our properties to be in good condition generally and believe our facilities are adequate for our operations and provide sufficient capacity to meet our anticipated requirements.\n\nState / Province | Number of Facilities | Aggregate Size\n---------------- | -------------------- | --------------\nCalifornia | 10 | 618,900 \nNew York | 1 | 231,100 \nTexas | 3 | 214,300 \nIllinois | 3 | 144,200 \nOhio | 2 | 120,400 \nMaryland | 3 | 115,300 \nNevada | 1 | 74,000 \nOregon | 1 | 55,500 \nOntario | 1 | 51,300 \nFlorida | 2 | 48,300 \nNew Jersey | 1 | 38,400 \nConnecticut(2) | 1 | 29,200 \nBritish Columbia | 1 | 24,900 \nAlberta | 2 | 16,500 \nArizona | 1 | 14,500 \nWashington | 1 | 10,500 \nTotal | 34 | 1,807,300 \n\n. PROPERTIES\n operate 31 centers United States Canada. 7 million square feet. own 59,500 square foot Cincinnati Ohio 10,000 square foot Chicago Illinois. properties leased. distribution protein processing corporate facilities state province square footage February 21, 2020.\n acquisitions Sid Wainer & Son Cambridge Packing.\n corporate headquarters Ridgefield Connecticut.\n properties good condition facilities adequate capacity.\n Facilities Size\n California 618,900\n New York 231,100\n Texas 214,300\n Illinois 144,200\n Ohio 120,400\n Maryland 115,300\n Nevada\n Oregon 55,500\n Ontario 51\n Florida 48,300\n New Jersey 38,400\n British Columbia 24,900\n Alberta 16,500\n Arizona 14,500\n Washington\n 1,807,300" +} +{ + "_id": "d1a73744a", + "title": "", + "text": "SUMMARY STATEMENTS OF FINANCIAL POSITION\nNote: (1) ‘Currency translation reserve’ relates mainly to the translation of the net assets of foreign subsidiaries, associates and joint ventures of the Group denominated mainly in Australian Dollar, Indian Rupee, Indonesian Rupiah, Philippine Peso, Thai Baht and United States Dollar.\nThe Group’s financial position remains healthy. \n\nThe Group’s financial position remains healthy.\nTotal assets were stable with additions from the acquisitions of Videology assets and equity interest in Airtel Africa offset by the translation impact from a weaker Australian Dollar. Total liabilities increased on higher trade payables related to handset leasing and network investments. \n\nTotal assets were stable with additions from the acquisitions of Videology assets and equity interest in Airtel Africa offset by the translation impact from a weaker Australian Dollar. Total liabilities increased on higher trade payables related to handset leasing and network investments.\nCurrency translation losses increased mainly due to the weaker Australian Dollar and Indian Rupee against the Singapore Dollar from a year ago when translating the Group’s investments in Optus and Airtel.\n\n | As at 31 March | \n------------------------------------------- | -------------- | ------------\n | 2019 | 2018 \n | (S$ million) | (S$ million)\nCurrent assets | 7,078 | 6,759 \nNon-current assets | 41,837 | 41,737 \nTotal assets | 48,915 | 48,496 \nCurrent liabilities | 8,794 | 8,429 \nNon-current liabilities | 10,311 | 10,355 \nTotal liabilities | 19,105 | 18,784 \nNet assets | 29,810 | 29,712 \nShare capital | 4,127 | 4,127 \nRetained earnings | 27,513 | 27,269 \nCurrency translation reserve (1) | (1,768) | (1,284) \nOther reserves | (35) | (376) \nEquity attributable to shareholders | 29,838 | 29,737 \nNon-controlling interests and other reserve | (28) | (26) \nTotal equity | 29,810 | 29,712 \n\nFINANCIAL POSITION\n translation assets foreign subsidiaries associates joint ventures Australian Dollar Indian Rupee Indonesian Rupiah Philippine Peso Thai Baht United States Dollar.\n financial position healthy.\n.\n assets stable Videology Airtel Africa weaker Australian Dollar. liabilities increased trade payables leasing network investments.\n Airtel weaker. liabilities increased leasing investments.\n Currency translation losses weaker Australian Dollar Indian Rupee Singapore Dollar investments Optus Airtel.\n 31 March\n Current assets 7,078\n Non-current assets 41,837\n 48,915\n liabilities 8,794\n 10,311\n 19,105,784\n Net assets 29,810 29,712\n Share capital 4,127\n Retained earnings 27,513 27,269\n Currency translation reserve (1,768\n Other reserves\n Equity shareholders 29,838 29,737\nNon-controlling (28)\n equity 29,810" +} +{ + "_id": "d1b301744", + "title": "", + "text": "b. Categories of equity shareholding as on March 31, 2019:\nc. Top ten equity shareholders of the Company as on March 31, 2019:\n* Shareholding is consolidated based on Permanent Account Number (PAN) of the shareholder.\n\nCategory | Number of equity shares held | Percentage of holding\n----------------------------------------------------------------------------------------------------- | ---------------------------- | ---------------------\nPromoters | 2,702,450,947 | 72.0 \nOther Entities of the Promoter Group | 1,091,053 | - \nMutual Funds & UTI | 93,357,668 | 2.5 \nBanks, Financial Institutions, States and Central Government | 2,750,113 | 0.1 \nInsurance Companies | 196,172,807 | 5.2 \nForeign Institutional Investors and Foreign Portfolio Investors - Corporate | 592,842,601 | 15.8 \nNRI's / OCB's / Foreign Nationals | 4,854,682 | 0.1 \nCorporate Bodies / Trust | 26,208,151 | 0.7 \nIndian Public & Others | 130,744,399 | 3.6 \nAlternate Investment Fund | 1,663,495 | - \nIEPF account | 248,790 | - \nGRAND TOTAL | 3,752,384,706 | 100.0 \n | | \nName of the shareholder* | Number of equity shares held | Percentage of holding\n1. Tata Sons Private Limited | 2,702,450,947 | 72.0 \n2. Life Insurance Corporation of India | 152,493,927 | 4.1 \n3. SBI Mutual Fund | 21,680,561 | 0.6 \n4. First State Investments Icvc- Stewart Investors Asia Pacific Leaders Fund | 19,248,438 | 0.5 \n5. Government of Singapore | 18,028,475 | 0.5 \n6. Oppenheimer Developing Markets Fund | 16,731,906 | 0.5 \n7. ICICI Prudential Life Insurance Company Ltd | 16,139,316 | 0.4 \n8. Axis Mutual Fund Trustee Limited | 15,244,614 | 0.4 \n9. Abu Dhabi Investment Authority | 15,036,984 | 0.4 \n10. Vanguard Emerging Markets Stock Index Fund, A Series of Vanguard International Equity Index Funds | 14,112,213 | 0.4 \n\n. equity shareholding March 31, 2019\n. Top ten shareholders\n consolidated Number.\n equity shares Percentage\n Promoters 2,702,450,947.\n Mutual Funds 93,357,668.\n Banks Financial Institutions 2,750,113.\n Insurance Companies 196,172,807.\n Foreign Investors Investors,842,601.\n Nationals 4,854,682.\n Corporate Bodies 26,208,151.\n Public Others 130,744,399.\n Alternate Investment Fund 1,663,495\n TOTAL 3,752,384,706.\n equity shares Percentage\n. Tata Sons Private Limited 2,702,450,947.\n. Life Insurance Corporation 152,493,927.\n. SBI Mutual Fund 21,680,561.\n. Investments Investors 19,248,438.\n. Singapore 18,028,475.\n. Oppenheimer Developing Markets Fund 16,731,906.\n. Prudential Life Insurance 16,139,316.\n. Axis Mutual Fund 15,244,614.\n. Abu Dhabi Authority 15,036,984.\n. Vanguard Markets 14,112,213." +} +{ + "_id": "d1b3c38ee", + "title": "", + "text": "Contributed equity represents the number of ordinary shares on issue less shares held by the Group. A reconciliation is presented to show the total number of ordinary shares held by the Group which reduces the amount of total shares traded on-market.\nOn 27 May 2019, the Group completed an off-market share buy-back of 58,733,844 ordinary shares. The ordinary shares were bought back at $28.94, representing a 14% discount to the Group’s market price of $33.64 (being the volume weighted average price of the Group’s ordinary shares over the five trading days up to and including the closing date of 24 May 2019), and comprised a fully franked dividend component of $24.15 per share ($1,419 million) and a capital component of $4.79 per share ($282 million), including $1 million of associated transaction costs (net of tax). The shares bought back were subsequently cancelled.\nHolders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at shareholders’ meetings. In the event of winding up of the Company, ordinary shareholders rank after creditors and are fully entitled to any proceeds of liquidation.\nRefer to Note 6.2 for further details of outstanding options and performance rights. Performance rights carry no rights to dividends and no voting rights.\n\n | 2019 | | 2018 | \n-------------------------------------------------------------- | ------- | ----- | ------- | -----\n | NUMBER | | NUMBER | \nSHARE CAPITAL | M | $M | M | $M \n1,258,690,067 fully paid ordinary shares (2018: 1,313,323,941) | | | | \nMovement: | | | | \nBalance at start of period | 1,313.3 | 6,201 | 1,294.4 | 5,719\nShare buy-back | (58.7) | (282) | – | – \nIssue of shares to satisfy the dividend reinvestment plan | 4.1 | 114 | 18.9 | 482 \nBalance at end of period | 1,258.7 | 6,033 | 1,313.3 | 6,201\nSHARES HELD IN TRUST | | | | \nMovement: | | | | \nBalance at start of period | (4.9) | (146) | (3.4) | (104)\nIssue of shares to satisfy employee long-term incentive plans | 0.2 | 6 | 0.6 | 21 \nIssue of shares to satisfy the dividend reinvestment plan | (0.2) | (5) | (0.1) | (3) \nPurchase of shares by the Woolworths Employee Share Trust | (2.0) | (60) | (2.0) | (60) \nBalance at end of period | (6.9) | (205) | (4.9) | (146)\nContributed equity at end of period | 1,251.8 | 5,828 | 1,308.4 | 6,055\n\nContributed equity represents ordinary shares less Group. reconciliation total reduces traded on-market.\n 27 May 2019 completed off-market buy-back 58,733,844 ordinary shares. bought back at $28. 94 14% discount market price $33. 64 May franked dividend $24. 15 per share ($1,419 million capital $4. 79 per share ($282 including $1 million transaction costs tax. shares bought back cancelled.\n Holders entitled receive dividends one vote per share meetings. winding shareholders rank after creditors entitled to proceeds liquidation.\n Note 6. 2 outstanding options performance rights. no rights dividends no voting rights.\n CAPITAL\n 1,258,690,067 fully paid ordinary shares (2018 1,313,323,941)\n Balance start period 1,313.\n Share buy-back.\n Issue shares dividend reinvestment plan.\nperiod 1,258. 7 1,313. 3 6,201\n SHARES TRUST\n start (4. 9) (146) (3. 4)\n shares employee-term incentive plans.\n dividend reinvestment plan.\n Purchase shares Woolworths Employee Share Trust (2.\n end period (6. 9) (205) (4. (146)\n equity 1,251. 8 5,828 1,308. 4 6,055" +} +{ + "_id": "d1b375108", + "title": "", + "text": "Inventories.\nInventories are stated at the lower-of-cost or net realizable value. Cost is determined using the first-in, first-out method. Finished products and work-in-process inventories include direct material costs and direct and indirect manufacturing costs. The Company records reserves for inventory that may be obsolete or in excess of current and future market demand. A summary of inventories is shown below:\n\n(Dollars in Millions) | April 27, 2019 | April 28, 2018\n--------------------- | -------------- | --------------\nFinished Products | $40.2 | $15.4 \nWork in Process | 9.4 | 14.6 \nMaterials | 67.1 | 54.1 \nTotal Inventories | $116.7 | $84.1 \n\nInventories.\n lower-cost. first-in first-out.-process include material manufacturing costs. Company records reserves obsolete excess demand. summary inventories\n April 27, 2019 28, 2018\n Finished Products $40. $15.\n Work Process 9. 14.\n Materials 67. 54.\n Total Inventories $116. $84." +} +{ + "_id": "d1b333ef6", + "title": "", + "text": "CREDIT RISK\nWe are exposed to credit risk from operating activities and certain financing activities, the maximum exposure of which is represented by the carrying amounts reported in the statements of financial position.\nWe are exposed to credit risk if counterparties to our trade receivables and derivative instruments are unable to meet their obligations. The concentration of credit risk from our customers is minimized because we have a large and diverse customer base. There was minimal credit risk relating to derivative instruments at December 31, 2019 and 2018. We deal with institutions that have investment-grade credit ratings, and as such we expect that they will be able to meet their obligations. We regularly monitor our credit risk and credit exposure.\nThe following table provides the change in allowance for doubtful accounts for trade receivables.\n\n | NOTE | 2019 | 2018\n-------------------- | ---- | ----- | ----\nBalance, January 1 | | (51) | (54)\nAdoption of IFRS 9 | | – | (4) \nAdditions | | (114) | (84)\nUsage | | 103 | 91 \nBalance, December 31 | 10 | (62) | (51)\n\nCREDIT RISK\n exposed operating financing carrying amounts financial.\n exposed trade receivables derivative instruments meet obligations. risk minimized large diverse base. minimal credit risk derivative instruments December 31, 2019 2018. deal institutions investment-grade credit ratings expect meet obligations. monitor credit risk exposure.\n table change allowance doubtful accounts trade receivables.\n 2019 2018\n Balance January 1 (51)\n Adoption IFRS 9\n Additions (114) (84\n Balance December 31" +} +{ + "_id": "d1a734894", + "title": "", + "text": "General and Administrative\nGeneral and administrative expenses increased $71.5 million, or 66.5%, for the year ended December 31, 2019 compared to the same period in 2018, due to an increase of $28.7 million in employee-related costs ($12.2 million of which related to stock-based compensation and related payroll taxes), a $14.9 million increase in finance costs, which include an estimated net liability for non-recurring HST payable to the Government of Canada in the amount of $8.1 million related to 2019 and prior years, sales and use and other value added taxes, insurance, and bank fees, a $9.0 million increase in Shopify Payments losses driven by increased GMV processed through Shopify Payments, a $8.6 million increase in losses and insurance related to Shopify Capital driven by an expansion of our Capital offerings and programs, a $6.9 million increase in professional services fees for legal and tax services, including those related to our international expansion and the growth of our business, a $1.8 million increase in computer and software costs, and a $1.6 million increase in general bad debt expense. General and administrative expenses increased $71.5 million, or 66.5%, for the year ended December 31, 2019 compared to the same period in 2018, due to an increase of $28.7 million in employee-related costs ($12.2 million of which related to stock-based compensation and related payroll taxes), a $14.9 million increase in finance costs, which include an estimated net liability for non-recurring HST payable to the Government of Canada in the amount of $8.1 million related to 2019 and prior years, sales and use and other value added taxes, insurance, and bank fees, a $9.0 million increase in Shopify Payments losses driven by increased GMV processed through Shopify Payments, a $8.6 million increase in losses and insurance related to Shopify Capital driven by an expansion of our Capital offerings and programs, a $6.9 million increase in professional services fees for legal and tax services, including those related to our international expansion and the growth of our business, a $1.8 million increase in computer and software costs, and a $1.6 million increase in general bad debt expense.\nGeneral and administrative expenses increased $39.7 million, or 58.7%, for the year ended December 31, 2018 compared to the same period in 2017, due to an increase of $30.3 million in employee-related costs, a $4.5 million increase in professional services fees for legal and tax services, a $4.0 million increase in finance costs, which includes insurance, sales and use and other value added taxes, and a $1.7 million increase in computer and software costs.\n\n | Years ended December 31, | | | 2019 vs 2018 | 2018 vs 2017\n---------------------------- | ---------------------------------- | --------- | -------- | ------------ | ------------\n | 2019 | 2018 | 2017 | % Change | % Change \n | (in thousands, except percentages) | | | | \nGeneral and administrative | $ 178,934 | $ 107,444 | $ 67,719 | 66.5 % | 58.7 % \nPercentage of total revenues | 11.3 % | 10.0 % | 10.1 % | | \n\nAdministrative\n expenses increased $71. 5 million. 5% December 31, 2019 2018 $28. 7 million employee costs$12. 2 million stock-based compensation payroll $14. 9 million finance costs estimated net liability non-recurring HST $8. 1 million 2019 sales taxes insurance bank fees $9. million Shopify Payments losses $8. 6 million losses insurance $6. 9 million professional services fees legal $1. 8 million computer software costs $1. 6 million bad debt. expenses increased $71. 5 million 66. 5% December 2019 2018 $28. 7 million employee costs$12. 2 million stock-based compensation payroll $14. 9 million finance costs estimated net liability non-recurring HST $8. 1 million sales taxes insurance bank fees $9. million increase Shopify Payments losses $8. 6 million losses insurance $6. million professional services fees $1. million computer software costs $1. 6 million increase bad debt expense.\nadministrative expenses increased $39. 7 million. 7% year December 31, 2018 2017 increase $30. 3 million employee costs $4. 5 million professional services $4. million finance costs insurance sales taxes $1. 7 million computer software costs.\n 2019 2018\n % Change\n administrative $ 178,934 $ 107,444 $ 67,719 66. 5 % 58. 7 %\n revenues 11. 3 %. 1 %" +} +{ + "_id": "d1b3086e8", + "title": "", + "text": "Performance-Based Restricted Stock Units\nPRSU activity is summarized as follows (shares in thousands):\n1 Assumes maximum achievement of the specified financial targets.\nThe weighted-average grant date fair value of PRSUs granted during the years ended December 31, 2019, 2018, and 2017 was $56.74, $40.53, and $41.73, respectively.\nUnrecognized compensation expense related to unvested PRSUs was $16.9 million at December 31, 2019, which is expected to be recognized over a weighted-average period of 1.7 years.\n\n | Number of Shares | Weighted- Average Grant Date Fair Value\n-------------------------------------- | ---------------- | ---------------------------------------\nUnvested shares at December 31, 2018 | 1,924 | $40.81 \nGranted | 390 | 56.74 \nForfeited | (562) | 41.29 \nVested | — | — \nUnvested shares at December 31, 2019 1 | 1,752 | $44.21 \n\nPerformance\n PRSU activity\n achievement financial targets.\n-average grant value PRSUs 2019 2018 2017 $56. 74 $40. 53 $41. 73.\n Unrecognized compensation expense unvested PRSUs $16. million December 31, 2019. 7 years.\n Unvested shares December 31, 2018 1,924 $40.\n.\n Forfeited.\n Unvested shares December 31, 2019 1,752 $44." +} +{ + "_id": "d1b3504c0", + "title": "", + "text": "Other Assets\nOther assets consist of the following (in thousands):\nThe Company’s other assets includes a strategic equity investment in a privately-held company. The strategic investment is a non-marketable equity security, in which the Company does not have a controlling interest or the ability to exert significant influence. This investment does not have a readily determinable market value. The Company records this strategic investment at cost less impairment and adjusts cost for subsequent observable price changes. During the years ended July 31, 2019 and 2018, there were no changes in the investment’s carrying value of $10.7 million.\n\n | July 31, 2019 | July 31, 2018\n--------------------- | -------------- | -------------\nPrepaid expenses | $2,640 | $2,476 \nContract costs | 23,375 | — \nDeferred costs | 8,867 | 9,377 \nStrategic investments | 10,672 | 10,672 \nOther assets | $45,554 | 22,525 \n\nAssets\n strategic equity investment privately-held company. non-marketable controlling interest influence. market value. records cost less impairment adjusts for price changes. July 31, 2019 2018 no changes value $10. 7 million.\n Prepaid expenses $2,640 $2,476\n Contract costs 23,375\n Deferred costs 8,867 9,377\n Strategic investments 10,672\n Other assets $45,554 22,525" +} +{ + "_id": "d1b3679a4", + "title": "", + "text": "This section presents the total remuneration of the Group’s external auditors for audit, assurance, and other services.\nThe auditors’ remuneration for the Group is as follows:\n(1) Assurance related services include various agreed upon procedures and review of the sustainability report.\n(2)  Other non-audit services include financial due diligence and other sundry services.\n(3)  Other auditors are international associates of Deloitte Touche Tohmatsu Australia.\n\n | 2019 | 2018 \n------------------------------------------------------------------ | ----- | -----\n | $’000 | $’000\nAuditors of the parent entity – Deloitte Touche Tohmatsu Australia | | \nAudit or review of the financial reports | 3,055 | 2,778\nAssurance related services (1) | 341 | 289 \nTax compliance services | – | 11 \nOther non-audit services (2) | 222 | 193 \n | 3,618 | 3,271\nOther auditors (3) | | \nAudit or review of the financial reports | 432 | 419 \nAssurance related services (1) | 50 | 50 \nTax compliance services | 62 | 29 \n | 544 | 498 \nTotal auditors’ remuneration | 4,162 | 3,769\n\nsection presents remuneration external auditors audit.\n Assurance services procedures sustainability report.\n non-audit services financial due diligence.\n auditors associates Deloitte Touche Tohmatsu Australia.\n Auditors Deloitte Touche Tohmatsu Australia\n Audit financial 3,055 2,778\n Assurance services 341\n Tax compliance services\n non services 222\n 3,618 3,271\n Audit financial reports 432 419\n Assurance\n Tax compliance services\n 544 498\n Total auditors’ remuneration 4,162 3,769" +} +{ + "_id": "d1b335698", + "title": "", + "text": "5.5 Other Operating Expense Items\nNote: (1) The non-audit fees for the current financial year ended 31 March 2019 included S$0.4 million and S$0.2million paid to KPMG LLP, Singapore and KPMG, Australia in respect of tax services, certification and review for regulatory purposes. In the previous financial year, the non-audit fees included S$0.2 million and S$0.3 million paid to Deloitte & Touche LLP, Singapore, and Deloitte Touche Tohmatsu, Australia, respectively in respect of tax services, certification and review for regulatory purposes.\nThe Audit Committee had undertaken a review of the non-audit services provided by the auditors, KPMG LLP, and in the opinion of the Audit Committee, these services did not affect the independence of the auditors. The Audit Committee had undertaken a review of the non-audit services provided by the auditors, KPMG LLP, and in the opinion of the Audit Committee, these services did not affect the independence of the auditors.\n\n | Group | \n------------------------------------------ | ------ | ------\n | 2019 | 2018 \n | S$ Mil | S$ Mil\nOperating expenses included the following: | | \nAuditors' remuneration | | \n- KPMG LLP, Singapore | 2.4 | - \n- KPMG, Australia | 1.2 | - \n- Other KPMG offices | 1.3 | - \n- Deloitte & Touche LLP, Singapore | - | 1.5 \n- Deloitte Touche Tohmatsu, Australia | - | 1.2 \n- Other Deloitte & Touche offices | - | 2.1 \nNon-audit fees (1) paid to | | \n- KPMG LLP, Singapore | 0.4 | - \n- KPMG, Australia | 0.4 | - \n- Other KPMG offices | 0.1 | - \n- Deloitte & Touche LLP, Singapore | - - | 0.3 \n- Deloitte Touche Tohmatsu, Australia | - | 0.3 \n- Other Deloitte & Touche offices | - | 0.2 \nImpairment of trade receivables | 121.8 | 128.0 \nAllowance for inventory obsolescence | 1.1 | 7.1 \nOperating lease payments | 437.2 | 470.7 \n\n5. Operating Expense Items\n non-audit fees current financial year 31 March 2019 included S$0. 4 million S$0. 2million KPMG LLP Singapore KPMG Australia tax services certification review regulatory. previous year fees included S$0. 2 million S. 3 million Deloitte & Touche LLP Singapore Deloitte Touche Tohmatsu Australia.\n Audit Committee non-audit services affect independence auditors. affect independence auditors.\n Operating expenses\n Auditors' remuneration\n KPMG LLP Singapore.\n KPMG Australia.\n Other KPMG offices.\n Deloitte & Touche LLP Singapore.\n Deloitte Touche Tohmatsu Australia.\n offices.\n Non-audit fees paid\n KPMG LLP Singapore.\n KPMG Australia.\n Other KPMG offices.\n Deloitte Touche LLP Singapore.\n Deloitte Touche Tohmatsu Australia.\n Other Deloitte & Touche offices.\ntrade receivables 121. 128.\n inventory obsolescence. 7.\n lease. 470." +} +{ + "_id": "d1b35b460", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n3. PROPERTY AND EQUIPMENT\nProperty and equipment (including assets held under finance leases) consisted of the following:\n(1) Assets on leased land are depreciated over the shorter of the estimated useful life of the asset or the term of the corresponding ground lease taking into consideration lease renewal options and residual value.\n(2) Includes fiber and DAS assets.\n(3) Estimated useful lives apply to improvements only.\n\n | Estimated Useful Lives (years) (1) | December 31, 2019 | December 31, 2018\n----------------------------- | ---------------------------------- | ----------------- | -----------------\nTowers | Up to 20 | $13,930.7 | $12,777.9 \nEquipment (2) | 2 - 20 | 1,897.3 | 1,667.3 \nBuildings and improvements | 3 - 32 | 638.9 | 628.5 \nLand and improvements (3) | Up to 20 | 2,486.1 | 2,285.4 \nConstruction-in-progress | | 372.6 | 358.1 \nTotal | | 19,325.6 | 17,717.2 \nLess accumulated depreciation | | (7,241.2) | (6,470.1) \nProperty and equipment, net | | $12,084.4 | $11,247.1 \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n. PROPERTY EQUIPMENT\n leases\n Assets leased land depreciated estimated life lease renewal options residual value.\n fiber DAS assets.\n lives improvements.\n December 31, 2019 2018\n Towers 20 $13,930. $12,777.\n Equipment 1,897. 1,667.\n Buildings improvements 638. 628.\n Land improvements 2,486. 2,285.\n Construction-in-progress 372. 358.\n 19,325. 17,717.\n accumulated depreciation (7,241. (6,470.\n Property equipment $12,084. $11,247." +} +{ + "_id": "d1a733cf0", + "title": "", + "text": "The following table represents the restricted stock units and SARS stock-based compensation information for the periods indicated (in thousands):\n(1) Classified as income tax expense within the Consolidated Statements of Operations.\n\n | | Fiscal Year Ended August 31, | \n---------------------------------------------------------------------- | -------- | ---------------------------- | -------\n | 2019 | 2018 | 2017 \nIntrinsic value of SARS exercised | $335 | $909 | $5,053 \nFair value of restricted stock units vested | $49,725 | $62,592 | $44,010\nTax benefit for stock compensation expense(1) | $611 | $1,122 | $560 \nUnrecognized stock-based compensation expense — restricted stock units | $41,778 | | \nRemaining weighted-average period for restricted stock units expense | 1.3years | | \n\ntable restricted stock units SARS compensation\n income tax expense Consolidated Statements Operations.\n Ended August\n value SARS $335 $909 $5,053\n restricted stock units $49,725 $62,592 $44,010\n Tax benefit stock compensation $611 $1,122 $560\n Unrecognized compensation units $41,778\n-average units. 3years" +} +{ + "_id": "d1b2eb570", + "title": "", + "text": "1. 2019 Performance Periods and Performance Goals. For the calendar year 2019, there are four quarterly Performance Periods, ending on March 31, June 30, September 30 and December 31, 2019 (each, a “2019 Performance Period”). For each of the four 2019 Performance Periods, there are two equally weighted (50% each) performance goals (each, a “2019 Performance Goal”): Revenue and Operating Margin (each as defined below). The chart below set forth the Revenue and Operating Margin Performance Goals for the four 2019 Performance Periods.\n“Revenue” means as to each of the 2019 Performance Periods, the Company’s net revenues generated from third parties, including both services revenues and product revenues as defined in the Company’s Form 10-K filed for the calendar year ended December 31, 2018. Net revenue is defined as gross sales less any pertinent discounts, refunds or other contra-revenue amounts, as presented on the Company’s press releases reporting its quarterly financial results.\n“Operating Margin” means as to each of the 2019 Performance Periods, the Company’s non-GAAP operating income divided by its Revenue. Non-GAAP operating income means the Company’s Revenues less cost of revenues and operating expenses, excluding the impact of stock-based compensation expense, amortization of acquisition related intangibles, legal settlement related charges and as adjusted for certain acquisitions, as presented on the Company’s press releases reporting its quarterly financial results\n\n2019 Performance Period | Revenue Performance Goal(in millions) | Operating Margin Performance Goal\n----------------------- | ------------------------------------- | ---------------------------------\nQ1 | $199.5 | 8.1% \nQ2 | $211.7 | 8.3% \nQ3 | $227.3 | 9.6% \nQ4 | $243.2 | 10.8% \n\n. 2019 Performance Periods Goals. 2019 four quarterly Performance Periods March June September 30 December 31, 2019. two weighted (50% each performance goals Revenue Operating Margin. chart Revenue Operating Margin Performance Goals four Periods.\n net revenues third parties services product revenues Form 10-K December 31, 2018. gross sales less discounts refunds contra-revenue.\n “Operating Margin” non-GAAP operating income divided by Revenue. Revenues less cost revenues operating expenses excluding stock-based compensation expense amortization acquisition intangibles legal settlement charges adjusted acquisitions\n 2019 Performance Period Revenue Goal Operating Margin Goal\n Q1 $199. 8. 1%\n Q2 $211. 3%\n Q3 $227. 6%\n Q4 $243. 8%" +} +{ + "_id": "d1b3879b6", + "title": "", + "text": "Gross Profit. Gross profit increased 15%, or $144.4 million, in 2019 compared to 2018, with gross margin increasing approximately 70 basis points to 14.7% of net sales. Our gross profit and gross profit as a percent of net sales by operating segment for 2019 and 2018 were as follows (dollars in thousands):\nNorth America’s gross profit in 2019 increased 19% compared to 2018, and as a percentage of net sales, gross margin increased by approximately 80 basis points year over year. The year over year net increase in gross margin was primarily attributable to the following:\n• A net increase in product margin, which includes partner funding and freight, of 30 basis points year over year. This increase was due primarily to improvements in hardware and software product margin partially as a result of improvements in core business margins on product net sales and also as a result of PCM.\n• Services margin improvement year over year of 50 basis points was generated from increased vendor funding, cloud solution offerings and referral fees. In addition, there was a 21 basis point improvement in margins from Insight delivered services.\nEMEA’s gross profit in 2019 increased 3% (increased 8% excluding the effects of fluctuating foreign currency exchange rates), compared to 2018. As a percentage of net sales, gross margin increased by approximately 40 basis points year over year.\nAPAC’s gross profit in 2019 increased 1% (increased 6% excluding the effects of fluctuating foreign currency exchange rates), compared to 2018, with gross margin increasing to 22.1% in 2019 from 21.2% in 2018. The improvement in gross margin for both EMEA and APAC in 2019 compared to 2018 was due primarily to changes in sales mix to higher margin products and services.\n\n | 2019 | % of Net\nSales | 2018 | % of Net Sales\n------------ | ---------- | -------------- | -------- | --------------\nNorthAmerica | $ 871,114 | 14.5% | $732,695 | 13.7% \nEMEA | $227,083 | 14.9% | $221,467 | 14.5% \nAPAC | $39,901 | 22.1% | $39,556 | 21.2% \nConsolidated | $1,138,098 | 14.7% | $993,718 | 14.0% \n\nProfit. increased 15% $144. 4 million 2019 2018 margin increasing 70 points to 14. 7% net sales. sales segment 2019 2018 (dollars\n North America’s gross profit 2019 increased 19% 2018 percentage net sales increased 80 points over year.\n increase product margin funding freight 30 points. due to hardware software margin.\n Services margin improvement 50 points increased vendor funding cloud solution offerings referral fees. 21 basis point improvement Insight delivered services.\n EMEA’s gross profit 2019 increased 3% 8%. gross margin increased 40 points.\n APAC’s gross profit increased 1% 6% 22. 1% 2019 from 21. 2% 2018. improvement due to changes sales mix higher margin products services.\n 2019 % Net\n Sales 2018\n NorthAmerica 871,114. $732,695.\n EMEA $227,083. $221,467.\n APAC $39,901. 1% $39,556. 2%\n Consolidated $1,138,098.$993,718." +} +{ + "_id": "d1b383802", + "title": "", + "text": "Note 26. Other Income (Expense)\nOther income (expense), net consisted of the following (in thousands):\n\n | | Years Ended December 31, | \n----------------------------------------------------------------- | -------- | ------------------------ | ------\n | 2019 | 2018 | 2017 \nForeign currency transaction gains(losses) | $(1,262) | $2,029 | $(548)\nGains (losses) on derivative instruments not designated as hedges | (674) | (1,751) | 143 \nNet investment gains (losses) on investments held in rabbi trust | 2,379 | (867) | 1,619 \nOther miscellaneous income (expense) | (857) | (1,659) | 44 \n | $(414) | $(2,248) | $1,258\n\n26. Income\n Ended December 31,\n Foreign currency gains $(1,262) $2,029 $(548)\n derivative instruments hedges (674) (1,751)\n gains investments trust 2,379 (867) 1,619\n miscellaneous income (857) (1,659)\n $(414) $(2,248 $1,258" +} +{ + "_id": "d1b325108", + "title": "", + "text": "Section 5: Our people\nWe are working to attract and retain employees with the skills and passion to best serve our markets. This section provides information about our employee benefits obligations. It also includes details of our employee share plans and compensation paid to key management personnel.\n5.1 Key management personnel compensation\nKey management personnel (KMP) refers to those who have authority and responsibility for planning, directing and controlling the activities of the Group. For a list of key management personnel and additional disclosures, refer to the remuneration report on pages 38 to 53.\nKMP aggregate compensation\nDuring the financial years 2019 and 2018, the aggregate compensation provided to KMP was as follows:\nOther transactions with our KMP and their related parties\nDuring the financial years 2019 and 2018, apart from transactions disclosed in note 7.2 of the financial report, there were no other transactions with our KMP and their related parties.\n\n | CONSOLIDATED | \n---------------------------- | ------------ | ---------\n | 2019 $ | 2018 $ \nShort-term employee benefits | 3,728,367 | 2,780,820\nPost-employment benefits | 151,851 | 184,614 \nShare-based payments | 651,748 | 320,560 \nTermination benefits | 367,015 | 841,940 \n | 4,898,981 | 4,127,934\n\nSection 5 people\n attract retain employees. employee benefits obligations. employee share plans compensation key management personnel.\n. compensation\n authority planning activities Group. list remuneration report pages 38 to 53.\n KMP aggregate compensation\n financial years 2019 2018 compensation KMP\n transactions KMP\n 2019 2018. no other transactions KMP.\n 2019 2018\n Short-term employee benefits 3,728,367 2,780,820\n Post-employment benefits 151,851 184,614\n Share-based payments 651,748 320,560\n Termination benefits,015 841,940\n 4,898,981,127,934" +} +{ + "_id": "d1b39e3fa", + "title": "", + "text": "MANAGEMENT DISCUSSION SNAPSHOT\n* (1.0) percent adjusted for currency; 0.2 percent excluding divested businesses and adjusted for currency.\n** 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity.\n+ Includes charges of $2.0 billion or $2.23 of diluted earnings per share in 2018 associated with U.S. tax reform.\n++At December 31\n\n($ and shares in millions except per share amounts) | | | \n--------------------------------------------------------------- | -------- | -------- | ----------------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent/Margin Change**\nRevenue | $ 77,147 | $ 79,591 | (3.1)%* \nGross profit margin | 47.3% | 46.4% | 0.9 pts. \nTotal expense and other (income) | $ 26,322 | $ 25,594 | 2.8% \nIncome from continuing operations before income taxes | $ 10,166 | $ 11,342 | (10.4)% \nProvision for income taxes from continuing operations | $ 731 | 2,619+ | (72.1)% \nIncome from continuing operations | $ 9,435 | 8,723+ | 8.2% \nIncome from continuing operations margin | 12.2% | 11.0% | 1.3 pts. \nNet income | $ 9,431 | 8,728+ | 8.1% \nEarnings per share from continuing operations—assuming dilution | $ 10.57 | 9.51+ | 11.1% \nWeighted-average shares outstanding—assuming dilution | 892.8 | 916.3 | (2.6)% \nAssets++ | $152,186 | $123,382 | 23.3% \nLiabilities++ | $131,202 | $106,452 | 23.2% \nEquity++ | $ 20,985 | $ 16,929 | 24.0% \n\nMANAGEMENT DISCUSSION\n. adjusted currency. 2 divested businesses.\n 2019 results impacted Red Hat accounting acquisition activity.\n $2. billion. diluted earnings share 2018. tax reform.\n December 31\n millions\n year December 31 2019. Percent/Margin\n Revenue $ 77,147 $ 79,591.\n Gross profit margin 47. 3% 46. 4%.\n Total expense $ 26,322 $ 25,594. 8%\n Income operations taxes $ 10,166 11,342.\n Provision taxes $ 731.\n Income operations $ 9,435.\n. 2%.\n Net income $ 9,431 8,728.\n Earnings per share $ 10.\n-average shares 892.\n $152,186 $123,382.\n $131,202 $106,452. 2%\n $ 20,985 $ 16,929." +} +{ + "_id": "d1b3c1508", + "title": "", + "text": "Trade and Other Receivables\nUnbilled revenues represent amounts not yet billed to merchants related to subscription fees for Plus merchants, transaction fees and shipping charges, as at the Consolidated Balance Sheet date.\nExpressed in US $000's except share and per share amounts\n\n | December 31, 2019 | December 31, 2018 | January 1, 2018\n------------------------- | ----------------- | ----------------- | ---------------\n | $ | $ | $ \nIndirect taxes receivable | 36,821 | 3,774 | 832 \nUnbilled revenues | 31,629 | 12,653 | 7,616 \nTrade receivables | 9,660 | 11,191 | 7,073 \nAccrued interest | 5,754 | 5,109 | 2,015 \nOther receivables | 6,665 | 8,620 | 4,403 \n | 90,529 | 41,347 | 21,939 \n\n\n Unbilled revenues subscription transaction shipping charges Consolidated Balance Sheet.\n US $000\n January 1 2018\n Indirect taxes 36,821 3,774\n Unbilled revenues 31,629 12,653 7,616\n Trade receivables 9,660 11,191 7,073\n Accrued interest 5,754,109\n Other receivables 6,665 8,620\n 90,529 41,347" +} +{ + "_id": "d1b315a5a", + "title": "", + "text": "Investing Cash Flow Activities\nYear Ended December 31, 2019 Compared with the Year Ended December 31, 2018\nNet cash used in investing activities – continuing operations during the year ended December 31, 2019 resulted from the absence of the sale of businesses compared to prior year. The sale of Netsmart and OneContent produced significant investing cash inflows during 2018, which was partially offset with cash paid for the acquisitions of Practice Fusion and Health Grid. Capital expenditures also decreased in 2019 compared with prior year.\nYear Ended December 31, 2018 Compared with the Year Ended December 31, 2017\nWe had cash inflows from investing activities – continuing operations during the year ended December 31, 2018 compared with cash outflows from investing activities – continuing operations during the year ended December 31, 2017, which was primarily driven by cash proceeds of $567 million from the sale of our investment in Netsmart and $241 million of net cash proceeds from the divestiture of the OneContent business during 2018.\nCash used in investing activities also included the purchase of Practice Fusion and Health Grid, which were mostly offset by lower overall capital expenditures during 2018.\nNet cash used in investing activities – discontinued operations increased during the year ended December 31, 2018 compared with the prior year, primarily due to larger business acquisitions completed by Netsmart during 2018.\n\n | | Year Ended December 31, | | | \n------------------------------------------------------------------------------------ | ---------- | ----------------------- | ---------- | ----------------------- | -----------------------\n(In thousands) | 2019 | 2018 | 2017 | 2019 $ Change from 2018 | 2018 $ Change from 2017\nCapital expenditures | $(16,600) | $(31,309) | $(38,759) | $14,709 | $7,450 \nCapitalized software | (113,836) | (113,308) | (118,241) | (528) | 4,933 \nCash paid for business acquisitions, net of cash acquired | (23,443) | (177,233) | (169,823) | 153,790 | (7,410) \nCash received from sale of businesses, net | 0 | 807,764 | 0 | (807,764) | 807,764 \nPurchases of equity securities, other investments and related intangible assets, net | (7,191) | (16,934) | (5,606) | 9,743 | (11,328) \nOther proceeds from investing activities | 14 | 54 | 215 | (40) | (161) \nNet cash (used in) provided by investing activities - continuing operations | (161,056) | 469,034 | (332,214) | (630,090) | 801,248 \nNet cash used in investing activities - discontinued operations | 0 | (221,021) | (80,758) | 221,021 | (140,263) \nNet cash (used in) provided by investing activities | $(161,056) | $248,013 | $(412,972) | $(409,069) | $660,985 \n\nInvesting Cash Flow Activities\n Year Ended December 31, 2019 2018\n Net cash absence sale businesses. sale Netsmart OneContent produced cash inflows 2018 offset acquisitions Practice Fusion Health Grid. Capital expenditures decreased 2019.\n Ended December 31, 2018 2017\n cash inflows outflows 2017 driven by $567 million sale Netsmart $241 million divestiture OneContent 2018.\n purchase Practice Fusion Health Grid offset lower capital expenditures 2018.\n cash increased 2018 due business acquisitions Netsmart.\n Year Ended December 31,\n thousands) 2019 2018 2017 2018\n Capital expenditures $(16,600) $(31,309) $(38,759) $14,709 $7,450\n Capitalized software (113,836) (113,308) (118,241) 4,933\n Cash paid business acquisitions acquired (23,443) (177,233) (169,823) 153,790 (7,410)\nsale businesses 807,764\n Purchases equity securities investments assets (7,191) (16,934) (5,606) 9,743 (11,328)\n proceeds investing activities\n (161,056),034 (332,214) (630,090) 801,248\n discontinued operations (221,021) (80,758) 221,021 (140,263)\n(161,056) $248,013 $(412,972),069) $660,985" +} +{ + "_id": "d1b2fbac4", + "title": "", + "text": "The Company had gross unrecognized tax benefits of $15.7 million and $3.0 million, as of June 30, 2019 and June 30, 2018, respectively. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense.\nThe Company files income tax returns in various federal, state, and local jurisdictions including the United States, Canada, United Kingdom and France. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. With few exceptions, the Company is no longer subject to income tax examinations by tax authorities in major tax jurisdictions for years before 2014.\n\n | June 30, | \n----------------------------------------------------------------- | ------------ | -----\n | 2019 | 2018 \n | in millions) | \nBalance at beginning of year | $3.0 | $0.2 \nAdditions for current year tax positions | 1.5 | 1.2 \nAdditions for prior year tax positions | 11.5 | 1.7 \nReductions as a result of settlement with tax authority | (0.3) | (0.1)\nBalance at end of year | $15.7 | $3.0 \nInterest and penalties included in balance | $2.2 | $0.1 \nAmount, if recognized, would impact the effective income tax rate | 10.0 | 1.8 \nAmount that could be settled within the next year | 10.0 | 1.9 \n\nCompany unrecognized tax benefits $15. 7 million $3. 0 million June 30 2019 2018. recognizes interest penalties tax positions.\n files tax returns federal state local jurisdictions United States Canada Kingdom France. subject. no longer subject examinations before 2014.\n 30\n Balance $3. 0 $0. 2\n Additions current year tax positions 1. 1.\n prior year positions 11. 1.\n Reductions settlement tax authority.\n Balance end year $15. 7 $3. 0\n Interest penalties $2. 2 $0.\n income tax rate 10. 1.\n settled next year 10." +} +{ + "_id": "d1a728170", + "title": "", + "text": "The following is a summary of our contractual obligations and commercial commitments as ofSeptember 29, 2019 (in thousands):\n(1) Includes mandatory principal and interest payments on our Class A-2 Notes. Amounts are reflected through the anticipated repayment dates as described further above in “Liquidity and capital resources.”\n(2)  Includes purchase commitments for food, beverage, and packaging items to support system-wide restaurant operations.\n(3)  Includes expected payments associated with our non-qualified defined benefit plan, postretirement healthcare plans and our non-qualified deferred compensation plan through fiscal 2029.\n(4)  Consists primarily of letters of credit for interest reserves required under the Indenture and insurance.\nWe maintain a noncontributory defined benefit pension plan (“Qualified Plan”) covering substantially all full-time employees hired before January 1, 2011.  Our policy is to fund our Qualified Plan at amounts necessary to satisfy the minimum amount required by law, plus additional amounts as determined by management to improve the plan’s funded status. Contributions beyond fiscal 2019 will depend on pension asset performance, future interest rates, future tax law changes, and future changes in regulatory funding requirements. Based on the funding status of our Qualified Plan as of our last measurement date, there was no minimum contribution required in 2019. For additional information related to our pension plans, refer to Note 12,Retirement Plans, of the notes to the consolidated financial statements.\n\n | | | Payments Due by Fiscal Year | | \n------------------------------ | ---------- | ---------- | --------------------------- | ---------- | -------------\n | | Less than | | | \n | Total | 1 year | 1-3 years | 3-5 years | After 5 years\nContractual Obligations: | | | | | \nLong-term debt obligations (1) | 1,708,916 | 65,087 | 115,141 | 667,245 | 861,443 \nCapital lease obligations | 3,937 | 879 | 1,758 | 1,260 | 40 \nOperating lease obligations | 1,094,011 | 193,313 | 332,020 | 205,173 | 363,505 \nPurchase commitments (2) | 1,906,900 | 854,100 | 722,900 | 308,400 | 21,500 \nBenefit obligations (3) | 74,714 | 15,068 | 13,499 | 13,533 | 32,614 \nTotal contractual obligations | $4,788,478 | $1,128,447 | $1,185,318 | $1,195,611 | $1,279,102 \nOther Commercial Commitments: | | | | | \nStand-by letters of credit (4) | $45,600 | $45,600 | $— | $— | $— \n\nsummary contractual obligations commercial commitments 29, 2019\n Includes mandatory principal interest payments Class A-2 Notes. anticipated repayment dates.\n purchase commitments food beverage packaging restaurant operations.\n payments non-qualified defined benefit plan postretirement healthcare plans deferred compensation plan through 2029.\n letters credit interest reserves Indenture insurance.\n noncontributory defined benefit pension plan full-time employees before January 1 2011. minimum additional. Contributions 2019 pension asset performance interest rates tax law regulatory funding requirements. no minimum contribution 2019. information Note 12,Retirement Plans consolidated financial statements.\n Payments Due Fiscal Year\n 1 year 1-3 years 3-5 years After 5 years\n Long-term debt obligations 1,708,916 65,087 115,141 667,245 861,443\n Capital lease obligations 3,937 1,758 1,260\nlease 1,094,011 193,313 332,020 205,173 363,505\n Purchase 1,906,900 854,100,900 308,400\n Benefit 74,714 15,068 13,499\n $4,788,478,128,447,185,318,195,611,279,102\n Commercial Commitments\n-by letters credit $45,600" +} +{ + "_id": "d1b3a0f92", + "title": "", + "text": "General and Administrative Expense\nGeneral and administrative expense increased by $8.6 million in 2018 compared to 2017. The increase was primarily due to a $3.7 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 79 employees as of December 31, 2017 to 89 employees as of December 31, 2018. There was an additional increase of $2.8 million in depreciation and amortization, an increase of $1.5 million to support compliance as a public company, an increase of $0.4 million in software subscription cost and a $0.2 million increase in office related expenses to support the administrative team.\n\n | Year Ended December 31, | | Change | \n-------------------------- | ----------------------- | ---------------------- | ------- | -----\n | 2018 | 2017 | $ | % \n | | (dollars in thousands) | | \nGeneral and administrative | $ 31,462 | $ 22,895 | $ 8,567 | 37.4%\n% of revenue | 21% | 22% | | \n\nAdministrative Expense\n increased $8. 6 million 2018 2017. due $3. 7 million employee costs stock-based compensation increased headcount 79 89. additional increase $2. 8 million depreciation amortization $1. 5 million compliance $0. 4 million software subscription $0. 2 million office expenses team.\n Year Ended December 31,\n 2017\n thousands\n $ 31,462 $ 22,895 8,567. 4%\n revenue 21% 22%" +} +{ + "_id": "d1b345656", + "title": "", + "text": "10. Accrued and Other Current Liabilities\nAccrued and other current liabilities consisted of the following:\n\n | | Fiscal Year End\n------------------------------------- | ------- | ---------------\n | 2019 | 2018 \n | | (in millions) \nAccrued payroll and employee benefits | $ 455 | $ 565 \nDividends payable to shareholders | 308 | 303 \nRestructuring reserves | 245 | 141 \nIncome taxes payable | 94 | 109 \nDeferred revenue | 36 | 27 \nInterest payable | 31 | 34 \nShare repurchase program payable | 18 | 94 \nOther | 426 | 438 \nAccrued and other current liabilities | $ 1,613 | $ 1,711 \n\n. Accrued Liabilities\n Fiscal Year\n millions\n Accrued payroll employee benefits $ 455 $ 565\n Dividends 308\n Restructuring reserves 141\n Income taxes 94\n Deferred revenue 36\n Interest 31\n Share repurchase program 18\n Accrued liabilities $ 1,613 1,711" +} +{ + "_id": "d1b3a1550", + "title": "", + "text": "Item 6. Selected Financial Data.\nThe following selected consolidated financial and operating data was derived from our audited consolidated financial statements. The selected financial data should be read in conjunction with the Consolidated Financial Statements and Notes thereto, and Item 7 contained in Part II of this Annual Report.\n(1) When a loss is reported, the denominator of diluted earnings per share cannot be adjusted for the dilutive impact of share-based compensation awards because doing so would be anti-dilutive. In addition, when a loss from continuing operations is reported, adjusting the denominator of diluted earnings per share would also be anti-dilutive to the loss per share, even if the entity has net income after adjusting for a discontinued operation.\nTherefore, for all periods presented, basic weighted-average shares outstanding were used in calculating the diluted net loss per share.\n\n | | | Year ended March 31, | | \n------------------------------------------------------- | --------- | -------- | -------------------- | -------- | ---------\n(In thousands, except per share data) | 2019 | 2018 | 2017 | 2016 | 2015 \nOperating results | | | | | \nNet revenue | $140,842 | $127,360 | $127,678 | $120,366 | $103,514 \nGross profit | 73,880 | 64,417 | 63,785 | 68,106 | 60,081 \nOperating loss | (13,081) | (12,080) | (11,408) | (4,313) | (12,467) \nOperating loss, net of taxes | (13,164) | (8,350) | (11,721) | (3,765) | (11,497) \nNet loss | $(13,164) | $(8,350) | $(11,721) | $(3,765) | $(11,497)\nPer share data (1) | | | | | \nBasic and diluted | | | | | \nNet loss | $(0.57) | $(0.37) | $(0.52) | $(0.17) | $(0.51) \nWeighted-average shares outstanding - basic and diluted | 23,037 | 22,801 | 22,615 | 22,483 | 22,338 \nBalance sheet data at year end | | | | | \nCash and cash equivalents | $40,771 | $39,943 | $49,255 | $60,608 | $75,067 \nWorking capital | 20,707 | 19,343 | 27,183 | 41,401 | 54,407 \nTotal assets | 163,591 | 157,207 | 167,305 | 185,157 | 181,525 \nTotal debt | 57 | 177 | 237 | 333 | 189 \nTotal shareholders’ equity | 100,622 | 108,431 | 113,669 | 123,473 | 124,188 \n\nItem 6. Selected Financial Data.\n consolidated financial operating data from audited consolidated financial statements. read Financial Statements Notes Item 7 Part II Annual Report.\n loss diluted earnings per share compensation. loss continuing operations adjusting anti-dilutive loss net income.\n weighted-average shares diluted net loss per share.\n Year ended March 31,\n thousands share data 2019 2018 2017 2016 2015\n Operating results\n Net revenue $140,842 $127,360,678 $120,366 $103,514\n Gross profit 73,880 64,417\n Operating loss (13,081) (12,080) (11,408 (4,313),467\n net taxes (13,164) (8,350) (11,721) (3,765\n Net loss $(13,164)(8,350\n Per share data\n Basic diluted\n Net loss. 37..\n shares 23,037 22,801\n Balance sheet\n Cash equivalents $40,771 $39,943 $49,255,608 $75,067\n Working capital 20,707 19,343 27,183 41,401 54,407\n assets 163,591 157,207 167,305 185,157\n debt 57\n equity 100,622 108,431 113,669 123,473" +} +{ + "_id": "d1a72ccde", + "title": "", + "text": "Share-based Compensation Expense The following table summarizes total compensation costs recognized for share-based payments during the years ended December 31, 2019, 2018 and 2017:\nIncome tax benefits related to share-based compensation of approximately $1.8 million, $1.3 million and $1.1 million were recorded for the years ended December 31, 2019, 2018 and 2017, respectively. Share-based compensation expense is included in “selling, general and administrative expenses” in the accompanying consolidated statements of operations.\nAs of December 31, 2019, total unrecognized compensation cost related to non-vested RSAs and PSAs was $10.6 million and will be recognized over a weighted-average period of approximately 1.7 years.\n\n | | Year Ended December 31, | \n------------------ | ------- | ----------------------- | -------\n(In thousands) | 2019 | 2018 | 2017 \nRestricted stock | $ 4,013 | $ 3,249 | $ 1,986\nPerformance shares | 2,823 | 1,870 | 780 \nTotal | $ 6,836 | $ 5,119 | $ 2,766\n\nShare-based Compensation Expense table summarizes compensation costs share payments 2019 2018\n Income tax benefits $1. 8 million $1. 3 million $1. 1 million. general administrative statements.\n December 2019 unrecognized compensation cost non RSAs PSAs $10. 6 million recognized. 7 years.\n 2019 2017\n Restricted stock $ 4,013 $ 3,249 1,986\n Performance shares 2,823\n $ 6,836 $ 5,119 2,766" +} +{ + "_id": "d1b34a9f8", + "title": "", + "text": "The following table shows for the fiscal year ended March 29, 2019, certain information regarding option exercises and stock vested during the last fiscal year with respect to our named executive officers:\nOption Exercises and Stock Vested in Fiscal 2019\n(1) The value realized upon option exercises is based on the difference between the closing price of our common stock at exercise and the option exercise price.\n(2) The number of shares and value realized for stock awards set forth above reflect (i) RSUs that vested and settled in FY19, (ii) RSUs granted under the FY19 EAIP on 5/20/2019, which vested and settled on 6/1/2019, and (iii) PRUs that vested in FY19 and were settled in FY20.\n(3) The value realized upon vesting is based on the closing price of our common stock upon vesting in the case of RSUs and the closing price of our common stock on March 29, 2019 in the case of PRUs.\n\nOption Awards | | | Stock Awards | \n----------------------- | ----------------------------------------- | ----------------------------------- | ------------------------------------------- | ----------------------------------\nName | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise (1)($)$) | Number of Shares Acquired on Vesting(2) (#) | Value Realized on Vesting (3)($)$)\nGregory S. Clark | — | — | 342,338 | 7,467,791 \nNicholas R. Noviello | 332,155 | 4,699,993 | 111,855 | 2,419,818 \nAmy L. Cappellanti-Wolf | — | — | 92,644 | 1,997,239 \nSamir Kapuria | — | — | 112,125 | 2,497,640 \nScott C. Taylor | — | — | 103,798 | 2,216,595 \n\ntable shows fiscal year March 29, 2019 option exercises stock vested executive officers\n Option Exercises Stock Vested 2019\n value difference closing price common stock option price.\n shares value stock awards reflect RSUs vested settled FY19 RSUs FY19 5/20/2019 vested settled 6/1/2019 PRUs vested FY19 settled FY20.\n value vesting closing price common stock PRUs.\n Option Awards Stock Awards\n Number Shares Acquired Exercise Value\n Gregory S. Clark 342,338 7,467,791\n Nicholas R. Noviello 332,155 4,699,993 2,419,818\n Amy L. Cappellanti-Wolf 92,644 1,997,239\n Samir Kapuria 112,125 2,497,640\n Scott C. Taylor 103,798 2,216,595" +} +{ + "_id": "d1a726d7a", + "title": "", + "text": "Other identifiable intangible assets were as follows:\nNon-amortizing intangible assets are comprised of brands and trademarks.\nAmortizing intangible assets, carrying a remaining weighted-average life of approximately 20 years, are principally composed of customer relationships, and acquired intellectual property. For fiscal 2019, 2018, and 2017, we recognized amortization expense of $49.1 million, $34.9 million, and $33.6 million, respectively. Based on amortizing assets recognized in our Consolidated Balance Sheet as of May 26, 2019, amortization expense is estimated to average $58.3 million for each of the next five years, with a high expense of $59.9 million in fiscal 2020 and decreasing to a low expense of $54.2 million in fiscal 2024.\nDuring fiscal 2019, in conjunction with the divestiture of our Italian-based frozen pasta business, Gelit, we reclassified $15.1 million and $1.7 million of goodwill and other identifiable intangible assets, respectively, to noncurrent assets held for sale for periods prior to the divestiture.\nDuring fiscal 2019, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges of $76.5 million for our Chef Boyardee® and Red Fork® brands in our Grocery & Snacks segment. We also recognized impairment charges of $13.1 million for our Aylmer® and Sundrop ® brands in our International segment.\nDuring fiscal 2018, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges of $4.0 million for our HK Anderson® , Red Fork® , and Salpica® brands in our Grocery & Snacks segment. We also recognized an impairment charge of $0.8 million for our Aylmer® brand in our International segment.\nDuring fiscal 2017, we recorded goodwill impairment charges in our International reporting segment totaling $198.9 million, of which $139.2 million related to our Canadian reporting unit and $59.7 million related to our Mexican reporting unit. These impairment charges resulted from a change in reporting segments, which occurred in the first quarter of fiscal 2017 when we were required to determine new reporting units at a lower level, and from further deterioration in forecasted sales and profits during fiscal 2017, which were caused primarily by changes in foreign exchange rates.\nIn fiscal 2017, due to declining sales of certain brands, we elected to perform a quantitative impairment test for indefinite lived intangibles of those brands. During fiscal 2017, we recognized impairment charges of $31.5 million for our Del Monte® brand and $5.5 million for our Aylmer® brand in our International segment. We also recognized impairment charges of $67.1 million for our Chef Boyardee® brand and $1.1 million for our Fiddle Faddle® brand in our Grocery & Snacks segment.\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\n | | 2019 | | 2018 \n-------------------------------- | --------------------- | ------------------------ | --------------------- | ------------------------\n | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization\nNon-amortizing intangible assets | $3,678.0 | $— | $918.3 | $— \nAmortizing intangible assets . | 1,244.2 | 260.8 | 576.6 | 212.1 \n | $4,922.2 | $260.8 | $1,494.9 | $212.1 \n\nintangible assets\n Non-amortizing brands trademarks.\n Amortizing 20 years customer relationships acquired intellectual property. 2019 2018 2017 recognized amortization expense $49. 1 million $34. 9 million $33. 6 million. $58. 3 million next five years high expense $59. 9 million 2020 $54. 2 million 2024.\n 2019 divestiture Italian frozen pasta Gelit reclassified $15. 1 million $1. 7 million goodwill assets noncurrent assets.\n 2019 recognized charges $76. 5 million Chef Boyardee® Red Fork® brands. $13. 1 million Aylmer® Sundrop brands International.\n 2018 recognized $4. 0 million HK Red Fork® Salpica® brands Grocery Snacks. $0. 8 million Aylmer® brand International.\n 2017 goodwill impairment charges $198. 9 million $139. 2 million Canadian $59. 7 million Mexican unit.impairment charges change reporting segments first quarter 2017 units deterioration forecasted sales profits foreign exchange rates.\n 2017 declining sales brands quantitative impairment test intangibles. recognized impairment charges $31. 5 million Del Monte® $5. 5 million Aylmer® International. recognized $67. 1 million Chef Boyardee® $1. 1 million Fiddle Faddle® Grocery Snacks segment.\n Consolidated Financial Statements Fiscal Years Ended May 26, 2019 27, 2018 May 28, 2017\n Gross Carrying Amount Accumulated Amortization\n Non-amortizing intangible assets $3,678. $918.\n Amortizing intangible assets. 1,244.\n $4,922. $1,494." +} +{ + "_id": "d1b3b7382", + "title": "", + "text": "9. Accrued Liabilities\nAccrued liabilities consisted of the following as of June 30, 2019 and 2018:\n\n | June 30, | \n--------------------------------- | -------- | ------\n($ in millions) | 2019 | 2018 \nAccrued compensation and benefits | $71.2 | $83.3 \nDerivative financial instruments | 16.7 | — \nAccrued postretirement benefits | 14.7 | 15.4 \nDeferred revenue | 10.5 | 10.4 \nAccrued interest expense | 10.4 | 10.4 \nAccrued income taxes | 4.2 | 1.4 \nAccrued pension liabilities | 3.4 | 3.3 \nOther | 26.5 | 24.4 \nTotal accrued liabilities | $157.6 | $148.6\n\n. Accrued Liabilities\n June 30, 2019 2018:\n 30 millions\n compensation benefits $71. $83.\n financial instruments 16. 7\n postretirement benefits 14. 15.\n Deferred revenue 10.\n interest expense 10.\n income taxes.\n pension liabilities 3.\n 26. 24.\n liabilities $157. 6 $148." +} +{ + "_id": "d1b361932", + "title": "", + "text": "The assets and liabilities of OpCo that are included in our Consolidated Balance Sheets at September 30, 2019 and 2018 are as follows:\nThe assets of OpCo are restricted for OpCo’s use and are not available for the general operations of Cubic. OpCo’s debt is non-recourse to Cubic. Cubic’s maximum exposure to loss as a result of its equity interest in the P3 Venture is limited to the $2.7 million outstanding letter of credit, which will be converted to a cash contribution upon completion of the design and build phase of the MBTA Contract.\n\n | | September 30, \n-------------------------------------------------- | ---------- | --------------\n | 2019 | 2018 \n | | (in thousands)\nCash | $ 347 | $ 374 \nRestricted cash | 9,967 | 10,000 \nOther current assets | 33 | — \nLong-term capitalized contract costs | — | 33,818 \nLong-term contracts financing receivable | 115,508 | — \nOther noncurrent assets | 1,419 | 810 \nTotal assets | $ 127,274 | $ 45,002 \nTrade accounts payable | $ 25 | $ 165 \nAccrued compensation and other current liabilities | 191 | — \nDue to Cubic | 25,143 | 11,724 \nOther long-term liabilities | 21,605 | 13 \nLong-term debt | 61,994 | 9,056 \nTotal liabilities | $ 108,958 | $ 20,958 \nTotal Cubic equity | (603) | (304) \nNoncontrolling interests | 18,919 | 24,348 \nTotal liabilities and owners' equity | $ 127,274 | $ 45,002 \n\nassets liabilities OpCo Consolidated Balance Sheets September 30, 2019 2018\n assets restricted not operations Cubic. debt non-recourse. exposure loss P3 Venture limited $2. 7 million letter credit converted cash design MBTA Contract.\n Cash $ $ 374\n Restricted cash 9,967\n assets\n Long-term contract costs\n 115,508\n noncurrent assets 1,419\n $ 127,274 $ 45,002\n Trade accounts payable $\n Accrued compensation liabilities\n 25,143\n long-term liabilities 21,605\n debt 61,994\n liabilities $ 108,958 $ 20,958\n Cubic equity\n Noncontrolling interests 18,919\n liabilities equity $ 127,274 $ 45,002" +} +{ + "_id": "d1b31d0c0", + "title": "", + "text": "6. Revenue continued\nContract assets and liabilities recognised at 31 March 2019 are as follows:\n£1,216m of the contract liability recognised at 1 April 2018 was recognised as revenue during the year. Impairment losses of £36m were recognised on contract assets during the year. Other than business-as-usual movements there were no significant changes in contract asset and liability balances during the year.\n\n | 31 March 2019 | 1 April 2018\n-------------------- | ------------- | ------------\n | £m | £m \nContract assets | | \nCurrent | 1,353 | 1,417 \nNon-current | 249 | 198 \n | 1,602 | 1,615 \nContract liabilities | | \nCurrent | 1,225 | 1,406 \nNon-current | 200 | 87 \n | 1,425 | 1,493 \n\n. Revenue\n Contract assets liabilities 31 March 2019\n £1,216m contract liability 1 April 2018 revenue. Impairment losses £36m assets. no significant changes contract asset liability balances.\n 31 March 2019 1 April 2018\n Contract assets\n 1,353 1,417\n 1,602\n liabilities\n 1,225 1,406\n" +} +{ + "_id": "d1a72b046", + "title": "", + "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 9. Other Liabilities\nThe following table details the components of other liabilities in the Consolidated Balance Sheets as of the dates indicated.\n(1) We elected the fair value method to account for our servicing liabilities. Refer to Note 3 for additional information.\n(2) Related party distributions payable are not included in this balance, but rather are included within related party liabilities.\n(3) Refer to Note 3 and Note 8 for additional information on our interest rate swap, which was in a liability position as of December 31, 2019.\n(4) Tax related liabilities primarily include certain taxes payable related to the Reorganization Transactions.\n(5) Deferred lease liabilities were calculated in accordance with legacy lease guidance in ASC 840, Leases, for the amount presented as of December 31, 2018. Under the new lease guidance codified in ASC 842, Leases, which we adopted on January 1, 2019, we presented operating lease liabilities separately on the Consolidated Balance Sheets as of December 31, 2019. See Note 1 and Note 14 for additional information on our lease accounting.\n(6) Accruals and other liabilities as of December 31, 2018 was adjusted to exclude the financial guarantee liability to conform to the current period presentation in the Consolidated Balance Sheets. Refer to Note 1 for additional discussion of our basis of presentation.\n\n | December 31, | \n---------------------------------- | ------------ | -------\n | 2019 | 2018 \nTransaction processing liabilities | $24,465 | $4,958 \nServicing liabilities(1) | 3,796 | 3,016 \nDistributions payable(2) | 5,978 | 10,066 \nInterest rate swap(3) | 2,763 | — \nTax related liabilities(4) | 873 | 4,412 \nDeferred lease liabilities(5) | — | 2,489 \nAccruals and other liabilities(6) | 9,442 | 10,110 \nOther liabilities | $47,317 | $35,051\n\nGreenSky Inc. NOTES FINANCIAL STATEMENTS States Dollars share data\n Note 9. Other Liabilities\n table details liabilities Consolidated Balance Sheets.\n elected fair value method servicing liabilities. Note 3.\n Related party distributions liabilities.\n Note 3 8 interest rate swap liability December 31, 2019.\n Tax liabilities Reorganization Transactions.\n Deferred lease liabilities calculated lease guidance ASC 840 December 31, 2018. new lease guidance ASC 842 adopted January 1, 2019 operating lease liabilities separately Balance Sheets. Note 1 14.\n Accruals liabilities December 31, adjusted exclude financial guarantee liability. Note 1.\n Transaction processing liabilities $24,465 $4,958\n Servicing 3,796\n Distributions 10,066\n Interest rate 2,763\n Tax related\n Deferred lease liabilities(5) 2,489\n Accruals liabilities(6) 9,442\n$47,317,051" +} +{ + "_id": "d1b33a314", + "title": "", + "text": "Item 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES\nAggregate audit fees, audit-related fees, tax fees and the aggregate of all other fees billed to us by Ernst & Young LLP for the fiscal years ended June 30, 2019 and 2018 were as follows:\n(1) Audit Fees consist of fees incurred for professional services rendered for the integrated audit of our annual consolidated financial statements, review of the quarterly consolidated financial statements and foreign statutory audits and services that are normally provided by Ernst & Young LLP in connection with statutory and regulatory filings or engagements. Audit fees also include accounting consultations, research related to the integrated audit and comfort letter services in relation to our exchangeable senior notes.\n(2) Audit-Related Fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Company’s consolidated financial statements and are not reported under “Audit Fees.” This primarily consists of fees for service organization control audits and due diligence on acquisitions.\n(3) Tax fees relate to assistance with tax compliance, tax planning and various tax advisory services.\n(4) Other fees are any additional amounts for products and services provided by the principal accountants.\nOur audit committee has adopted a pre-approval policy for the engagement of our independent accountant to perform certain audit and non-audit services. Pursuant to this policy, which is designed to assure that such engagements do not impair the independence of our auditors, the audit committee pre-approves annually all audit services, audit related services, tax services and other services as described above, that may be performed by our independent accountants. All of the audit and non-audit services provided by our principal accountants have been pre-approved by our Audit Committee.\n\n | 2019 | 2018 \n---------------------- | --------------------- | ------\n | (U.S. $ in thousands) | \nAudit fees (1) | $2,980 | $3,469\nAudit-related fees (2) | 648 | 447 \nTax fees (3) | 220 | 238 \nOther fees (4) | 8 | 3 \nTotal | $3,856 | $4,157\n\n16C. PRINCIPAL ACCOUNTANT FEES SERVICES\n audit-related tax fees other fees Ernst & Young LLP fiscal years June 30, 2019 2018\n Audit Fees services integrated audit annual financial statements quarterly foreign statutory audits services Ernst & Young LLP. include accounting consultations research comfort letter services exchangeable senior notes.\n Audit-Related Fees services related audit financial statements not Fees. organization control audits due diligence acquisitions.\n Tax fees tax compliance planning advisory services.\n Other fees additional for products services principal accountants.\n audit committee pre-approval policy independent accountant audit non-audit services. pre-approves annually tax independent accountants. audit non-audit services principal accountants pre-approved Committee.\n 2019 2018\n.\n Audit fees (1) $2,980 $3,469\n Audit-related fees (2) 447\n Tax fees (3) 220 238\n Other fees (4) 8 3\n,856 $4,157" +} +{ + "_id": "d1b34147a", + "title": "", + "text": "The operating expense line items in our income statement include the following share-based payment expenses:\nShare-Based Payment Expenses by Functional Area\nIn 2019, we paid €79 million in share-based payments that became fully vested because of terminations due to operational reasons in connection with our restructuring plan. These payments as well as the expense portion initially allocated to future services were classified as share-based payments and not as restructuring expenses.\n\n€ millions | 2019 | 2018 | 2017 \n------------------------------------------- | ----- | ---- | -----\nCost of cloud and software | 138 | 78 | 115 \nCost of services | 246 | 142 | 158 \nResearch and development | 429 | 210 | 269 \nSales and marketing | 562 | 312 | 442 \nGeneral and administration | 461 | 88 | 135 \nShare-based payment expenses | 1,835 | 830 | 1,120\nThereof cash-settled share-based payments | 1,664 | 674 | 963 \nThereof equity-settled share-based payments | 171 | 156 | 157 \n\noperating expense share-based\n 2019 paid €79 million share-based payments vested restructuring plan. share-based not restructuring expenses.\n millions 2019 2018 2017\n Cost cloud software 138 78\n services 246 142\n Research development 429 210 269\n Sales marketing 562 312 442\n General administration 461 88 135\n Share-based expenses 1,835 830 1,120\n cash-settled payments 1,664 674 963\n equity-settled payments 171 156" +} +{ + "_id": "d1b3bc6e8", + "title": "", + "text": "(1) Includes cloud services and license support revenue adjustments related to certain cloud services and license support contracts that would have otherwise been recorded as revenues by the acquired businesses as independent entities but were not recognized in our GAAP-based consolidated statements of operations for the periods presented due to business combination accounting requirements. Such revenue adjustments were included in our operating segment results for purposes of reporting to and review by our CODMs. See “Presentation of Operating Segment results and Other Financial Information” above for additional information.\n(2) Excludes stock-based compensation and certain expense allocations. Also excludes amortization of intangible assets and certain other GAAP-based expenses, which were not allocated to our operating segment results for purposes of reporting to and review by our CODMs, as further described under “Presentation of Operating Segment results and Other Financial Information” above.\nExcluding the effects of currency rate fluctuations, our cloud and license business’ total revenues increased in fiscal 2019 relative to fiscal 2018 due to growth in our cloud services and license support revenues, which was primarily due to increased customer purchases and renewals of cloud-based services and license support services in recent periods, contributions from our recent acquisitions and increased cloud license and on-premise license revenues. In constant currency, our total applications revenues and our total infrastructure revenues each grew during fiscal 2019 relative to fiscal 2018 as customers continued to deploy our applications technologies and infrastructure technologies through different deployment models that we offer that enable customer choice. The Americas region contributed 43%, the EMEA region contributed 31% and the Asia Pacific region contributed 26% of the constant currency revenues growth for this business in fiscal 2019.\nIn constant currency, total cloud and license expenses increased in fiscal 2019 compared to fiscal 2018 due to higher sales and marketing expenses and higher cloud services and license support expenses, each of which increased primarily due to higher employee related expenses from higher headcount and due to higher technology infrastructure expenses.\nExcluding the effects of currency rate fluctuations, our cloud and license segment’s total margin increased in fiscal 2019 compared to fiscal 2018 primarily due to increased revenues, while total margin as a percentage of revenues decreased slightly due to expenses growth.\n\nYear Ended May 31, | | | | \n-------------------------------------- | --------------------------- | ------ | -------------- | -------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \n | Cloud and License Revenues: | | | \nAmericas (1) | $18,410 | 2% | 3% | $18,030\nEMEA (1) | 9,168 | 0% | 4% | 9,163 \nAsia Pacific (1) | 5,004 | 3% | 7% | 4,848 \nTotal revenues (1) | 32,582 | 2% | 4% | 32,041 \n | Expenses: | | | \nCloud services and license support (2) | 3,597 | 5% | 6% | 3,441 \nSales and marketing (2) | 7,398 | 3% | 5% | 7,213 \nTotal expenses (2) | 10,995 | 3% | 6% | 10,654 \nTotal Margin | $21,587 | 1% | 3% | $21,387\nTotal Margin % | 66% | | | 67% \n | % Revenues by Geography: | | | \nAmericas | 57% | | | 56% \nEMEA | 28% | | | 29% \nAsia Pacific | 15% | | | 15% \n | Revenues by Offerings: | | | \nCloud services and license support (1) | $26,727 | 2% | 4% | $26,269\nCloud license and on-premise license | 5,855 | 1% | 4% | 5,772 \nTotal revenues (1) | $32,582 | 2% | 4% | $32,041\n | Revenues by Ecosystem: | | | \nApplications revenues (1) | $11,510 | 4% | 6% | $11,065\nInfrastructure revenues (1) | 21,072 | 0% | 3% | 20,976 \nTotal revenues (1) | $32,582 | 2% | 4% | $32,041\n\nIncludes cloud services license support revenue adjustments not recognized in GAAP consolidated statements operations combination accounting requirements. revenue adjustments included in operating segment results CODMs. See results Financial.\n Excludes stock-based compensation expense allocations. excludes amortization of intangible assets other GAAP-based expenses not allocated to operating segment results.\n Excluding cloud license business’ revenues increased fiscal 2019 due to growth services license support revenues due to increased customer purchases renewals acquisitions increased cloud license on-premise license revenues. applications infrastructure revenues grew 2019. Americas region contributed 43% EMEA region 31% Asia Pacific region contributed 26% of revenues growth.\n cloud license expenses increased 2019 due to higher sales marketing higher cloud services license support expenses higher employee expenses headcount technology infrastructure expenses.\n Excluding cloud license segment’s total margin increased 2019 due to increased revenues total margin decreased slightly due to expenses growth.\n\n Year Ended May 31,\n Percent Change\n 2019\n Cloud License Revenues\n Americas $18,410 2% 3% $18,030\n EMEA 9,168\n Asia Pacific 5,004 3% 7% 4,848\n Total revenues 32,582 2% 4%\n Expenses\n Cloud services license support 3,597 5% 6%\n Sales marketing 7,398\n Total expenses 10,995\n $21,587 $21,387\n 66%\n Revenues Geography\n Americas 57%\n EMEA 28%\n Asia Pacific 15%\n Revenues Offerings\n Cloud services license support $26,727 2% 4% $26,269\n 5,855 4%\n Total revenues $32,582 4% $32,041\n Ecosystem\n Applications revenues $11,510 4% 6% $11,065\n Infrastructure revenues 21,072 3% 20,976\nrevenues $32,582 4%" +} +{ + "_id": "d1b2f539a", + "title": "", + "text": "Results of Operations\nYear Ended December 31, 2019 Compared to the Year Ended December 31, 2018\nOur management reviews and analyzes several key financial measures in order to manage our business and assess the quality of and variability of our service revenue, operating results and cash flows. The following summary tables present a comparison of our results of operations with respect to certain key financial measures. The comparisons illustrated in the tables are discussed in greater detail below.\n(1) Includes non-cash equity-based compensation expense of $994 and $895 for 2019 and 2018, respectively.\n(2) Includes non-cash equity-based compensation expense of $17,466 and $16,813 for 2019 and 2018, respectively.\nService Revenue. Our service revenue increased 5.0% from 2018 to 2019. Exchange rates negatively impacted our increase in service revenue by approximately $5.3 million. All foreign currency comparisons herein reflect results for 2019 translated at the average foreign currency exchange rates for 2018. We increased our total service revenue by increasing the number of sales representatives selling our services, by expanding our network, by adding additional buildings to our network, by increasing our penetration into the buildings connected to our network and by gaining market share by offering our services at lower prices than our competitors.\nRevenue recognition standards include guidance relating to any tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between a seller and a customer and may include, but is not limited to, gross receipts taxes, Universal Service Fund fees and certain state regulatory fees. We record these taxes billed to our customers on a gross basis (as service revenue and network operations expense) in our consolidated statements of operations. The impact of these taxes including the Universal Service Fund resulted in an increase to our revenues from 2018 to 2019 of approximately $2.4 million.\nOur net-centric customers tend to purchase their service on a price per megabit basis. Our corporate customers tend to utilize a small portion of their allocated bandwidth on their connections and tend to purchase their service on a per connection basis. Revenues from our corporate and net-centric customers represented 68.4% and 31.6% of total service revenue, respectively, for 2019 and represented 64.9% and 35.1% of total service revenue, respectively, for 2018. Revenues from corporate customers increased 10.6% to $373.7 million for 2019 from $337.8 million for 2018 primarily due to an increase in our number of our corporate customers. Revenues from our net-centric customers decreased by 5.4% to $172.5 million for 2019 from $182.3 million for 2018 primarily due to an increase in our number of net-centric customers being offset by a decline in our average price per megabit. Our revenue from our net-centric customers has declined as a percentage of our total revenue and grew at a slower rate than our corporate customer revenue because net-centric customers purchase our services based upon a price per megabit basis and our average price per megabit declined by 23.9% from 2018 to 2019. Additionally, the net-centric market experiences a greater level of pricing pressure than the corporate market and net-centric customers who renew their service with us expect their renewed service to be at a lower price than their current price. We expect that our average price per megabit will continue to decline at similar rates which would result in our corporate revenues continuing to represent a greater portion of our total revenues and our net-centric revenues continuing to grow at a lower rate than our corporate revenues. Additionally, the impact of foreign exchange rates has a more significant impact on our net-centric revenues.\nOur on-net revenues increased 5.9% from 2018 to 2019. We increased the number of our on-net customer connections by 8.4% at December 31, 2019 from December 31, 2018. On-net customer connections increased at a greater rate than on-net revenues primarily due to the 3.8% decline in our on-net ARPU, primarily from a decline in ARPU for our net-centric customers. ARPU is determined by dividing revenue for the period by the average customer connections for that period. Our average price per megabit for our installed base of customers is determined by dividing the aggregate monthly recurring fixed charges for those customers by the aggregate committed data rate for the same customers. The decline in on-net ARPU is partly attributed to volume and term based pricing discounts. Additionally, on-net customers who cancel their service from our installed base of customers, in general, have an ARPU that is greater than the ARPU for our new customers due to declining prices primarily for our on-net services sold to our net-centric customers. These trends resulted in the reduction to our on-net ARPU and a 23.9% decline in our average price per megabit for our installed base of customers.\nOur off-net revenues increased 2.7% from 2018 to 2019. Our off-net revenues increased as we increased the number of our off-net customer connections by 6.3% at December 31, 2019 from December 31, 2018. Our off-net customer connections increased at a greater rate than our off-net revenue primarily due to the 5.0% decrease in our off-net ARPU.\nNetwork Operations Expenses. Network operations expenses include the costs of personnel associated with service delivery, network management, and customer support, network facilities costs, fiber and equipment maintenance fees, leased circuit costs, access and facilities fees paid to building owners and excise taxes billed to our customers and recorded on a gross basis. Non-cash equity-based compensation expense is included in network operations expenses consistent with the classification of the employee's salary and other compensation. Our network operations expenses, including non-cash equity-based compensation expense, increased 0.1% from 2018 to 2019 as we were connected to 8.0% more customer connections and we were connected to 125 more on-net buildings as of December 31, 2019 compared to December 31, 2018. The increase in network operations expense is primarily attributable to an increase in costs related to our network and facilities expansion activities, the increase in our off-net revenues and the increase in taxes recorded on a gross basis partly offset by price reductions obtained in certain of our circuit costs and fewer fiber operating leases. When we provide off-net services we also assume the cost of the associated tail circuits.\nSelling, General, and Administrative Expenses (“SG&A”). Our SG&A expenses, including non-cash equity- based compensation expense, increased 9.8% from 2018 to 2019. Non-cash equity-based compensation expense is included in SG&A expenses consistent with the classification of the employee's salary and other compensation and was $17.5 million for 2019 and $16.8 million for 2018. SG&A expenses increased primarily from an increase in salaries and related costs required to support our expansion and increases in our sales efforts and an increase in our headcount. Our sales force headcount increased by 10.8% from 619 at December 31, 2018 to 686 at December 31, 2019 and our total headcount increased by 8.3% from 974 at December 31, 2018 to 1,055 at December 31, 2019.\nDepreciation and Amortization Expenses. Our depreciation and amortization expenses decreased 1.2% from 2018 to 2019. The decrease is primarily due to the depreciation expense associated with the increase related to newly deployed fixed assets being offset by the decline in depreciation expense from fully depreciated fixed assets.\nGains on Equipment Transactions. We exchanged certain used network equipment and cash consideration for new network equipment resulting in gains of $1.1 million for 2019 and $1.0 million for 2018. The gains are based upon the excess of the estimated fair value of the new network equipment over the carrying amount of the returned used network equipment and the cash paid. The increase in gains from 2018 to 2019 was due to purchasing more equipment under the exchange program in 2019 than we purchased in 2018.\nInterest Expense. Interest expense results from interest incurred on our $445.0 million of senior secured notes, interest incurred on our $189.2 million of senior unsecured notes, interest on our installment payment agreement, interest on our finance lease obligations and interest incurred on our €135.0 million of 2024 Notes that we issued on June 25, 2019. Our interest expense increased by 12.5% for 2019 from 2018 primarily due to the issuance of $70.0 million of senior secured notes we issued in August 2018, the issuance of €135.0 million of senior unsecured notes we issued in June 2019 and an increase in our finance lease obligations. The 2024 Notes were issued at par for €135.0 million ($153.7 million) on June 25, 2019. The 2024 Notes were issued in Euros and are reported in our reporting currency — US Dollars. As of December 31, 2019 the 2024 Notes were valued at $151.4 million resulting in an unrealized gain on foreign exchange of $2.3 million in 2019.\nIncome Tax Expense. Our income tax expense was $15.1 million for 2019 and $12.7 million for 2018. The increase in our income tax expense was primarily related to an increase in our income before income taxes.\nBuildings On-net. As of December 31, 2019 and 2018 we had a total of 2,801 and 2,676 on-net buildings connected to our network, respectively.\n\n | Year Ended December 31 | Percent Change | \n------------------------------------------------ | ---------------------- | -------------- | ------\n | 2019 | 2018 | Change\n | (in thousands) | | \nService revenue | $546,159 | $520,193 | 5.0% \nOn-net revenues | 396,753 | 374,555 | 5.9% \nOff-net revenues | 148,931 | 145,004 | 2.7% \nNetwork operations expenses(1) | 219,801 | 219,526 | 0.1% \nSelling, general, and administrative expenses(2) | 146,913 | 133,858 | 9.8% \nDepreciation and amortization expenses | 80,247 | 81,233 | (1.2)%\nGains on equipment transactions | 1,059 | 982 | 7.8% \nInterest expense | 57,453 | 51,056 | 12.5% \nIncome tax expense | 15,154 | 12,715 | 19.2% \n\nResults Operations\n Year Ended December 31, 2019 Compared 2018\n management reviews analyzes financial measures service revenue operating results cash flows. tables results operations financial measures.\n Includes non-cash equity compensation expense $994 $895 2019 2018.\n $17,466 $16,813 2019 2018.\n Service Revenue. increased 5. 0% 2018 to 2019. Exchange rates impacted revenue $5. 3 million. foreign currency comparisons reflect results 2019 average exchange rates 2018. increased service revenue increasing sales representatives expanding network adding buildings penetration market lower prices.\n Revenue recognition standards tax taxes Universal Service Fund fees state regulatory fees. record taxes consolidated statements operations. impact taxes increase revenues 2018 to 2019 $2. 4 million.\n net-centric customers purchase service price per megabit. corporate customers utilize small bandwidth per connection. Revenues corporate net-centric customers represented 68. 4% 31. 6% total service revenue 2019 64. 35.1% total service revenue 2018. Revenues corporate customers increased. 6% to $373. 7 million 2019 from $337. 8 million 2018 increase. Revenues net-centric customers decreased 5. 4% $172. 5 million 2019 from $182. 3 million 2018 increase offset decline average price per megabit. revenue net-centric declined slower corporate declined 23. 9% 2018 to 2019. net-centric market pricing pressure expect lower price. average price per megabit decline corporate revenues greater portion total revenues net-centric revenues grow lower. foreign exchange rates net-centric revenues.\n on-net revenues increased 5. 9% 2018 to 2019. increased customer connections 8. 4% December 31, 2019. due 3. 8% decline on-net ARPU decline net-centric customers. ARPU determined revenue average customer connections. average price per megabit determined charges rate. decline on-net ARPU attributed volume term based pricing discounts.on-net customers service have ARPU greater than new customers due to declining prices services. on-net ARPU 23. 9% decline average price per megabit.\n off-net revenues increased 2. 7% 2018 to 2019. increased connections 6. 3% at December 31, 2019. due to 5. 0% decrease off-net ARPU.\n Network Operations Expenses. include personnel management support facilities costs fiber equipment maintenance fees leased circuit costs access facilities fees excise taxes. Non-cash equity-based compensation expense. increased 0. 1% from 2018 to 2019 8. 0% more customer connections 125 more on-net buildings December 31, 2019. increase attributable to costs network facilities expansion off-net revenues taxes offset by price reductions fewer fiber leases. off-net services assume cost circuits.\n Selling General Administrative Expenses. increased 9. 8% 2018 to 2019.Non-cash equity compensation expense SG&A expenses $17. 5 million 2019 $16. 8 million 2018. expenses increased salaries expansion sales headcount. sales force headcount increased. 8% 619 2018 to 2019 total headcount 8. 3% 974 to 1,055.\n Depreciation Amortization Expenses. decreased. 2% 2018 to 2019. due deployed offset.\n Gains Equipment Transactions. exchanged used equipment cash new equipment gains $1. 1 million 2019 $1. 0 million 2018. gains estimated fair value new equipment equipment cash. due more equipment exchange 2019.\n Interest Expense. $445. 0 million secured notes $189. 2 million unsecured notes installment payment agreement finance lease obligations €135. 0 million 2024 Notes 2019. interest expense increased 12. 5% 2019 due $70. 0 million secured notes €135. 0 million unsecured notes 2019 finance lease obligations. 2024 Notes issued €135. 0 million.June 25 2019. 2024 Notes issued Euros reported US Dollars. December 31, valued $151. 4 million gain exchange $2. 3 million.\n Tax. $15. 1 million 2019 $12. 7 million 2018. taxes.\n. December 31, 2019 2018 2,801 2,676-net buildings.\n Percent Change\n Service revenue $546,159 $520,193. 0%\n On-net revenues 396,753 374,555.\n Off-net revenues 148,931 145,004.\n Network operations 219,801.\n Selling administrative 146,913 133,858.\n Depreciation amortization 80,247 81,233.\n Gains equipment transactions 1,059.\n Interest expense 57,453.\n Income tax expense 15,154 12." +} +{ + "_id": "d1b30ec14", + "title": "", + "text": "(12) Basic and Diluted Net Loss per Share\nBasic net loss per common share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential dilutive shares of common stock. Basic and diluted net loss per share of common stock were the same for all periods presented as the impact of all potentially dilutive securities outstanding was anti-dilutive. The Company uses the if converted method for calculating any potential dilutive effect on diluted loss per share.\nThe following common equivalent shares were excluded from the diluted net loss per share calculation because their inclusion would have been anti-dilutive:\nIn connection with the issuance of the 2024 Notes in December 2019, the Company paid $44.9 million to enter into capped call option agreements to reduce the potential dilution to holders of the Company’s common stock upon conversion of the 2024 Notes. In connection with the issuance of the 2022 Notes in November 2017, the Company paid $12.9 million to enter into capped call option agreements to reduce the potential dilution to holders of the Company’s common stock upon conversion of the 2022 Notes.\nIn December 2019, the Company partially terminated capped call options related to the 2022 Notes and received $5.8 million. The capped call option agreements are excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is antidilutive.\n\n | | Year Ended December 31, | \n------------------------------- | --------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \nConvertible senior notes | 6,733,914 | 3,411,199 | 3,411,199\nStock-based compensation grants | 2,038,174 | 2,562,274 | 3,268,610\nTotal | 8,772,088 | 5,973,473 | 6,679,809\n\nBasic Diluted Net Loss per Share\n computed weighted-average shares. Diluted loss potential dilutive shares. net loss same all periods impact dilutive securities anti-dilutive. Company uses converted method dilutive effect.\n shares excluded from loss anti-dilutive\n 2024 Notes December 2019 Company paid $44. 9 million capped call option agreements reduce dilution. 2022 Notes November 2017 paid $12. 9 million reduce dilution.\n December 2019 terminated capped call options received $5. 8 million. capped agreements excluded from diluted net loss per share antidilutive.\n Year Ended December 31,\n 2019 2018 2017\n Convertible senior notes 6,733,914,199\n Stock-based compensation grants 2,038,174 2,562,274 3,268,610\n Total 8,772,088 5,973,473 6,679,809" +} +{ + "_id": "d1b35a9fc", + "title": "", + "text": "Defined Benefit Pension Plan Assets\nThe investments of the plans are managed by insurance companies or third-party investment managers selected by Autodesk's Trustees, consistent with regulations or market practice of the country where the assets are invested. Investments managed by qualified insurance companies or third-party investment managers under standard contracts follow local regulations, and Autodesk is not actively involved in their investment strategies.\nDefined benefit pension plan assets measured at fair value on a recurring basis consisted of the following investment categories at the end of each period as follows:\nThe insurance contracts in the preceding table represent the immediate cash surrender value of assets managed by qualified insurance companies. Autodesk does not have control over the target allocation or visibility of the investment strategies of those investments. Insurance contracts and investments held by insurance companies made up 35% and 44% of total plan assets as of January 31, 2019 and January 31, 2018, respectively.\nThe assets held in the investment fund in the preceding table are invested in a diversified growth fund actively managed by Russell Investments in association with Aon Hewitt. The objective of the fund is to generate capital appreciation on a longterm basis through a diversified portfolio of investments. The fund aims to deliver equity-like returns in the medium to long term with around two-thirds the volatility of equity markets. The fair value of the assets held in the investment fund are priced monthly at net asset value without restrictions on redemption.\n\n | Fiscal Year Ended January 31, | | | | \n-------------------------------------------- | ----------------------------- | ------- | ------- | ----- | ------\n | 2019 | | | | 2018 \n | Level 1 | Level 2 | Level 3 | Total | Total \nInsurance contracts | $— | $28.0 | $— | $28.0 | $53.0 \nOther investments | — | 14.5 | — | 14.5 | 17.0 \nTotal assets measured at fair value | $— | $42.5 | $— | $42.5 | 70.0 \nCash | | | | 4.3 | 0.2 \nInvestment Fund valued using net asset value | | | | 34.0 | 50.9 \nTotal pension plan assets at fair value | | | | $80.8 | $121.1\n\nBenefit Pension Plan Assets\n managed by insurance companies third-party investment managers selected by Autodesk's Trustees consistent with regulations country. Investments companies follow local regulations Autodesk not involved in strategies.\n pension plan assets measured fair value investment categories\n insurance contracts represent immediate cash surrender value. Autodesk control over target allocation investment strategies. Insurance contracts investments 35% and 44% of plan assets as January 31, 2019 31, 2018.\n assets investment fund diversified growth fund by Russell Investments Aon Hewitt. objective generate capital appreciation diversified portfolio. aims equity-like returns medium to long term two-thirds volatility equity markets. assets priced monthly at net asset value without restrictions redemption.\n Fiscal Year Ended January 31,\n Insurance contracts $28.\n Other investments.\n Total assets at fair value $42. 70.\n Cash 4..\n Investment Fund net asset value 34.\n pension plan assets value $80. $121." +} +{ + "_id": "d1b32982a", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES SCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (dollars in millions)\n(1) Includes amounts incurred primarily for the construction of new sites.\n(2) Includes amounts incurred to purchase or otherwise secure the land under communications sites.\n(3) Includes amounts incurred to increase the capacity of existing sites, which results in new incremental tenant revenue.\n(4) Includes amounts incurred to enhance existing sites by adding additional functionality, capacity or general asset improvements.\n(5) Includes amounts incurred in connection with acquisitions or new market launches. Start-up capital expenditures includes non-recurring expenditures contemplated in acquisitions, new market launch business cases or initial deployment of new technologies or innovation solutions that lead to an increase in sitelevel cash flow generation.\n(6) Primarily includes regional improvements and other additions.\n(7) Primarily includes foreign currency exchange rate fluctuations and other deductions.\n\n | 2019 | 2018 | 2017 \n---------------------------------------- | --------- | --------- | ---------\nGross amount at beginning | $15,960.1 | $15,349.0 | $14,277.0\nAdditions during period: | | | \nAcquisitions | 887.0 | 721.4 | 499.7 \nDiscretionary capital projects (1) | 258.1 | 173.5 | 120.7 \nDiscretionary ground lease purchases (2) | 189.8 | 180.4 | 150.4 \nRedevelopment capital expenditures (3) | 213.6 | 177.3 | 138.8 \nCapital improvements (4) | 161.2 | 94.0 | 65.6 \nStart-up capital expenditures (5) | 71.3 | 113.1 | 158.1 \nOther (6) | 45.2 | (3.0) | 106.4 \nTotal additions | 1,826.2 | 1,456.7 | 1,239.7 \nDeductions during period: | | | \nCost of real estate sold or disposed | (304.6) | (395.7) | (246.5) \nOther (7) | (52.4) | (449.9) | 78.8 \nTotal deductions: | (357.0) | (845.6) | (167.7) \nBalance at end | $17,429.3 | $15,960.1 | $15,349.0\n\nAMERICAN TOWER CORPORATION SUBSIDIARIES SCHEDULE REAL ESTATE ACCUMULATED DEPRECIATION millions\n construction new sites.\n land communications sites.\n capacity tenant revenue.\n sites functionality capacity asset improvements.\n new market launches. Start-up capital expenditures non expenditures new technologies innovation sitelevel cash flow.\n regional improvements additions.\n foreign currency exchange rate fluctuations deductions.\n amount $15,960. $15,349. $14,277.\n Additions\n Acquisitions 887. 721. 499.\n capital projects 258. 173. 120.\n ground lease purchases 189. 180. 150.\n Redevelopment capital expenditures 213. 177. 138.\n Capital improvements 161. 94. 65.\n Start-up capital expenditures 71. 113. 158.\n 45. 106.\n Total additions 1,826. 1,456. 1,239.\n Deductions\nreal estate. 6). (246.\n. 4). 9) 78.\n deductions. (845. 7)\n $17,429. 3 $15,960. $15,349." +} +{ + "_id": "d1b3a291e", + "title": "", + "text": "(11) STOCK-BASED COMPENSATION\nThe following tables summarize the Company’s stock-based compensation expense for liability and equity classified awards included in the consolidated statements of operations:\nCII Common and Preferred Units\nPrior to the Company’s IPO, the Company was given authorization by Communications Infrastructure Investments, LLC (“CII”) to award 625,000,000 of CII’s common units as profits interests to employees, directors, and affiliates of the Company. The common units were historically considered to be stock-based compensation with terms that required the awards to be classified as liabilities due to cash settlement features. The vested portion of the awards was reported as a liability and the fair value was re-measured at each reporting date until the date of settlement, with a corresponding charge (or credit) to stock-based compensation expense. On December 31, 2016, the CII common units became fully vested and as such there is no remaining unrecognized compensation cost associated with CII common units for any period subsequent to December 31, 2016.\nThe value of the CII common units was derived from the value of CII’s investments in the Company and Onvoy, LLC and its subsidiaries (“OVS”), a company that provided voice and managed services which the Company spun off during the year ended June 30, 2014. As the value derived from each of these investments was separately determinable and there was a plan in place to distribute the value associated with the investment in Company shares separate from the value derived from OVS, the two components were accounted for separately. The OVS component of the CII awards was adjusted to fair value each reporting period. On December 31, 2015, CII entered into an agreement to sell OVS to a third party. The sale was completed in May 2016. Based on the sale price, the estimated fair value of OVS awards was increased, resulting in an increase to stock based compensation expense and corresponding increase to additional paid-in capital of $12.9 million for the year ended June 30, 2016. Proceeds from the sale to be distributed to the Company’s employees was paid by CII.\n\n | Year Ended June 30, | | \n-------------------------------------------- | ------------------- | ----- | ------\n | 2019 | 2018 | 2017 \n | (in millions) | | \nIncluded in: | | | \nOperating costs | $11.3 | $9.9 | $11.3 \nSelling, general and administrative expenses | 98.0 | 86.8 | 102.8 \nTotal stock-based compensation expense | $109.3 | $96.7 | $114.1\nCII common and preferred units $ — $ — $10.1 | $ — | $ — | $10.1 \nPart A restricted stock units | 93.8 | 82.3 | 76.5 \nPart B restricted stock units | 13.0 | 12.4 | 26.0 \nPart C restricted stock units | 2.5 | 2.0 | 1.5 \nTotal stock-based compensation expense | $109.3 | $96.7 | $114.1\n\n-BASED COMPENSATION\n tables summarize stock-based compensation expense liability equity awards statements\n CII Common Preferred Units\n Communications Infrastructure Investments award 625,000,000 common units employees directors affiliates. common units stock-based compensation liabilities cash settlement. vested portion reported as liability fair value re-measured until settlement stock-based compensation expense. December 31, 2016, CII common units fully vested no remaining unrecognized compensation cost 2016.\n value CII common units derived from investments in Company Onvoy, subsidiaries June 30, 2014. value determinable plan distribute separately. OVS component adjusted to fair value each period. December 31, 2015, CII OVS third party. sale completed May 2016. estimated fair value of OVS awards increased stock compensation expense additional paid-in capital $12. 9 million year ended June 30, 2016. Proceeds from sale employees paid by CII.\nYear Ended June 30\n 2019 2018 2017\n millions\n Operating costs $11. $9.\n Selling administrative expenses 98. 86. 102.\n stock compensation expense $109. $96. $114.\n units $10. $10.\n restricted stock units 93. 82. 76.\n B units 13. 12. 26.\n C stock units.\n stock compensation expense $109. $96. $114." +} +{ + "_id": "d1b2f4094", + "title": "", + "text": "2.6 Taxes (continued)\n1 Net deferred tax liabilities include net deferred tax assets of $2,195,000 (2018: $1,937,000) from the iMoney Group.\nRecognition and measurement\nOur income tax expense is the sum of current and deferred income tax expenses. Current income tax expense is calculated on accounting profit after adjusting for non-taxable and non-deductible items based on rules set by the tax authorities. Deferred income tax expense is calculated at the tax rates that are expected to apply to the period in which the deferred tax asset is realised or the deferred tax liability is settled. Both our current and deferred income tax expenses are calculated using tax rates that have been enacted or substantively enacted at reporting date.\nOur current and deferred taxes are recognised as an expense in profit or loss, except when they relate to items that are directly recognised in other comprehensive income or equity. In this case, our current and deferred tax expenses are also recognised directly in other comprehensive income or equity.\nWe generally recognise deferred tax liabilities for all taxable temporary differences, except to the extent that the deferred tax liability arises from:\n• the initial recognition of goodwill; and\n• the initial recognition of an asset or liability in a transaction that is not a business combination and affects neither our accounting profit nor our taxable income at the time of the transaction.\nFor our investments in controlled entities and associated entities, recognition of deferred tax liabilities is required unless we are able to control the timing of our temporary difference reversal and it is probable that the temporary difference will not reverse.\nDeferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carried forward unused tax losses and tax credits, can be utilised\nDeferred tax assets and deferred tax liabilities are offset in the statement of financial position where they relate to income taxes levied by the same taxation authority and to the extent that we intend to settle our current tax assets and liabilities on a net basis.\n\n | CONSOLIDATED | \n--------------------------------------------- | ------------ | ----------\n | 2019 $’000 | 2018 $’000\nDeferred taxes | | \nDeferred tax assets relate to the following: | | \nTrade and other payables | 2,312 | 1,558 \nProvisions | 4,759 | 2,230 \nProperty, Plant and Equipment | - | 1,680 \nITAA 97 Section 40-880 business related costs | 92 | 105 \nUnrealised foreign exchange differences | 58 | 56 \nUnused tax losses | 4,837 | 4,665 \nOther | 13 | 114 \nTotal deferred tax assets | 12,071 | 10,408 \n | | \nDeferred tax liabilities relate to following: | | \nTrail commission asset | (34,168) | (31,253) \nProperty, Plant and Equipment | (581) | - \nDevelopment costs | (2,109) | (2,359) \nTotal deferred tax liabilities | (36,858) | (33,612) \nNet deferred tax liabilities1 | (24,787) | (23,204) \n\n. 6 Taxes\n Net deferred tax liabilities include $2,195,000 (2018: $1,937,000) iMoney Group.\n income tax expense sum current deferred expenses. calculated on accounting profit after adjusting non-taxable items tax authorities. Deferred tax calculated tax rates realised settled. tax rates enacted at reporting date.\n current deferred taxes recognised as expense in profit loss except recognised income equity.\n recognise deferred tax liabilities for taxable temporary differences except arises from\n initial recognition goodwill\n liability transaction not business combination affects accounting profit taxable income.\n investments in controlled entities recognition deferred tax liabilities required unless timing temporary difference reversal.\n Deferred tax assets recognised taxable profit available against deductible temporary differences unused tax losses tax credits\nDeferred tax assets liabilities offset financial position income taxes settle liabilities.\n 2019 2018\n Deferred taxes\n Trade payables 2,312 1,558\n Provisions 2,230\n Property Plant Equipment\n 97 Section 40-880 business costs\n foreign exchange differences\n Unused tax losses 4,837,665\n deferred tax assets 12,071 10,408\n liabilities\n commission asset (34,168 (31,253)\n Property Plant Equipment\n Development costs (2,109\n deferred tax liabilities (36,858) (33,612)\n Net deferred tax (24,787" +} +{ + "_id": "d1b3b0fd2", + "title": "", + "text": "IMFT: Since 2006, we have owned 51% of IMFT, a joint venture between us and Intel. IMFT is governed by a Board of Managers, for which the number of managers appointed by each member varies based on the members' respective ownership interests. IMFT manufactures semiconductor products exclusively for its members under a long-term supply agreement at prices approximating cost. In 2018, IMFT discontinued production of NAND and subsequent to that time manufactured 3D XPoint memory. In 2018, we announced that we and Intel will no longer jointly develop 3D XPoint technology beyond the second generation and we substantially completed this cost-sharing arrangement in the first quarter of 2020. IMFT sales to Intel were $731 million, $507 million, and $493 million for 2019, 2018, and 2017, respectively.\nIMFT's capital requirements are generally determined based on an annual plan approved by the members, and capital contributions to IMFT are requested as needed. Capital requests are made to the members in proportion to their then-current ownership interest. Members may elect to not contribute their proportional share, and in such event, the contributing member may elect to contribute any amount of the capital request, either in the form of an equity contribution or member debt financing. Under the supply agreement, the members have rights and obligations to the capacity of IMFT in proportion to their investment, including member debt financing. Any capital contribution or member debt financing results in a proportionate adjustment to the sharing of output on an eight-month lag. Pursuant to the terms of the IMFT joint venture agreement, Intel provided debt financing of $1.01 billion to IMFT in 2018 and IMFT repaid $316 million to Intel in 2019. As of August 29, 2019, current debt included $693 million of IMFT Member Debt. Members pay their proportionate share of fixed costs associated with IMFT's capacity.  IMFT's capital requirements are generally determined based on an annual plan approved by the members, and capital contributions to IMFT are requested as needed. Capital requests are made to the members in proportion to their then-current ownership interest. Members may elect to not contribute their proportional share, and in such event, the contributing member may elect to contribute any amount of the capital request, either in the form of an equity contribution or member debt financing. Under the supply agreement, the members have rights and obligations to the capacity of IMFT in proportion to their investment, including member debt financing. Any capital contribution or member debt financing results in a proportionate adjustment to the sharing of output on an eight-month lag. Pursuant to the terms of the IMFT joint venture agreement, Intel provided debt financing of $1.01 billion to IMFT in 2018 and IMFT repaid $316 million to Intel in 2019. As of August 29, 2019, current debt included $693 million of IMFT Member Debt. Members pay their proportionate share of fixed costs associated with IMFT's capacity.\nIn January 2019, we exercised our option to acquire Intel's interest in IMFT. Subsequently, Intel set the closing date to occur on October 31, 2019, at which time IMFT will become a wholly-owned subsidiary. In the first quarter of 2020, we expect to pay Intel approximately $1.4 billion in cash for Intel's noncontrolling interest in IMFT and IMFT member debt. Pursuant to the terms of the IMFT wafer supply agreement, Intel notified us of its election to receive supply from IMFT from the closing date through April 2020 at a volume equal to approximately 50% of their volume from IMFT in the six-month period prior to closing.\nCreditors of IMFT have recourse only to IMFT's assets and do not have recourse to any other of our assets. The following table presents the assets and liabilities of IMFT included in our consolidated balance sheets:\nAmounts exclude intercompany balances that were eliminated in our consolidated balance sheets.\n\nAs of | 2019 | 2018 \n------------------------------------- | ------ | ------\nAssets | | \nCash and equivalents | $130 | $91 \nReceivables | 128 | 126 \nInventories | 124 | 114 \nOther current assets | 9 | 8 \nTotal current assets | 391 | 339 \nProperty, plant, and equipment | 2,235 | 2,641 \nOther noncurrent assets | 38 | 45 \nTotal assets | $2,664 | $3,025\nLiabilities | | \nAccounts payable and accrued expenses | $118 | $138 \nCurrent debt | 696 | 20 \nOther current liabilities | 37 | 9 \nTotal current liabilities | 851 | 167 \nLong-term debt | 53 | 1,064 \nOther noncurrent liabilities | 5 | 74 \nTotal liabilities | $909 | $1,305\n\nSince 2006, owned 51% IMFT joint venture Intel. governed Board of Managers varies ownership. manufactures semiconductor products members long-term supply agreement cost. 2018 discontinued production NAND manufactured 3D XPoint memory. Intel no longer develop 3D XPoint beyond second generation completed cost-sharing first quarter 2020. IMFT sales Intel $731 million $507 million $493 million 2019 2018 2017.\n IMFT capital requirements determined annual plan contributions requested as needed. ownership. equity contribution or member debt financing. members rights obligations capacity IMFT investment debt financing. results adjustment output eight-month lag. Intel provided debt financing $1. 01 billion IMFT 2018 IMFT repaid $316 million Intel 2019. August 29, 2019 current debt $693 million IMFT Member Debt. Members pay fixed costs IMFT. capital requirements determined annual plan contributions requested needed. ownership.Members contribute share capital equity contribution debt financing. members rights obligations capacity IMFT investment including debt financing. capital contribution debt financing output eight-month lag. Intel provided debt financing $1. 01 billion IMFT 2018 IMFT repaid $316 million Intel 2019. August 29, 2019 debt $693 million IMFT Member Debt. Members pay fixed costs IMFT capacity.\n January 2019 acquire Intel interest IMFT. closing date October 31, 2019 IMFT wholly-owned subsidiary. first quarter 2020 pay Intel $1. 4 billion cash noncontrolling interest IMFT debt. Intel receive supply IMFT April 2020 volume 50% volume six-month.\n Creditors IMFT recourse assets. assets liabilities IMFT consolidated balance sheets\n exclude intercompany balances.\n 2018\n Assets\n Cash equivalents $130 $91\n Receivables 128\n Inventories 124\n Other current assets\n Total assets 391 339\nProperty plant equipment 2,235 2,641\n noncurrent assets\n $2,664 $3,025\n accrued expenses $118\n debt\n 851 167\n Long-term debt 53 1,064\n 74\n $909 $1,305" +} +{ + "_id": "d1b2f7cd0", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nDisaggregated Revenue\nThe following table presents revenues disaggregated by the major markets we serve:\n\n | Twelve Months Ended December 31, | \n------------------- | -------------------------------- | --------\n | 2019 | 2018 \nTransportation | $299,005 | $300,124\nIndustrial | 78,369 | 86,968 \nMedical | 41,901 | 40,663 \nAerospace & Defense | 32,569 | 23,323 \nTelecom & IT | 17,155 | 19,405 \nTotal | $468,999 | $470,483\n\nFINANCIAL STATEMENTS\n Revenue\n revenues markets\n Twelve Months December\n Transportation $299,005 $300,124\n Industrial 78,369\n Medical 41,901 40,663\n Aerospace Defense 32,569 23,323\n Telecom IT 17,155\n $468,999 $470,483" +} +{ + "_id": "d1b3aa24a", + "title": "", + "text": "Accumulated Benefit Obligation\nThe following table provides information for the plans with an accumulated benefit obligation for fiscal years 2019 and 2018 (in thousands):\n\n | August 31, | \n------------------------------ | ---------- | --------\n | 2019 | 2018 \nProjected benefit obligation | $174,690 | $161,104\nAccumulated benefit obligation | $161,729 | $152,380\nFair value of plan assets | $158,101 | $151,715\n\nAccumulated Benefit Obligation\n table obligation 2019 2018\n Projected benefit obligation $174,690 $161,104\n Accumulated $161,729 $152,380\n assets $158,101 $151,715" +} +{ + "_id": "d1b36901a", + "title": "", + "text": "The table below presents estimated payments and benefits that would have been provided to Messrs. Lien, Walcott and Bertz, assuming their respective qualifying terminations as of December 31, 2019. As a condition of receiving any severance benefits in connection with the change in control agreements, each named executive officer must execute a full waiver and release of all claims in our favor. In addition to the benefits described in the tables below, upon termination of employment each executive officer may be eligible for other benefits that are generally available to all salaried employees, such as life insurance, long-term disability, and 401(k) benefits.\n(1) Mr. Lien would receive 18 months of base salary and 150% of his annual target bonus. Mr. Walcott would receive 12 months of base salary and 100% of his annual target bonus. Mr. Bertz would receive six months of base salary, 50% of his annual target bonus and the pro rata portion of his unpaid annual target bonus for the period of completed service.\n(2) Mr. Lien would receive 18 months of COBRA benefits reimbursement and Mr. Bertz would receive six months of COBRA benefits reimbursement. Mr. Walcott elected not to receive benefits from the Company that would be eligible for continuation under COBRA. As a result, Mr. Walcott would not be eligible for post-termination COBRA benefits reimbursement.\n(3) As of December 31, 2019, Mr. Walcott held a stock option with 13,006 unvested shares subject to such option with an exercise price of $17.15 per share. The exercise price of each of these stock options is greater than $1.38, the closing price of our common stock on The Nasdaq Global Market as of December 31, 2019. As of December 31, 2019, Mr. Walcott had 78,750 unvested RSUs and Mr. Bertz had 40,000 unvested RSUs.\n(4) Mr. Lien would receive nine months of base salary and 75% of his annual target bonus; Mr. Walcott would receive six months of base salary and 50% of his target bonus; Mr. Bertz would receive three months of base salary and 25% of his target bonus.\n(5) Mr. Lien would receive nine months of COBRA benefits reimbursement and Mr. Bertz would receive three months of COBRA benefits reimbursement. Mr. Walcott elected not to receive benefits from the Company that would be eligible for continuation under COBRA. As a result, Mr. Walcott would not be eligible for post-termination COBRA benefits reimbursement.\n\n | Chris Lien | Wister Walcott | Robert Bertz\n----------------------------------------------------- | ---------- | -------------- | ------------\nTermination after Change of Control: | | | \nCash Severance(1) | $1,200,000 | $450,000 | $254,063 \nPost-termination COBRA Reimbursement(2) | 48,160 | — | 11,098 \nAcceleration of Stock Options and RSUs(3) | — | 108,675 | 55,200 \nTotal | $1,248,160 | $558,675 | $320,361 \nTermination not in connection with Change of Control: | | | \nCash Severance(4) | $600,000 | $225,000 | $103,125 \nPost-termination COBRA Reimbursement(5) | 24,080 | — | 5,549 \nTotal | $624,080 | $225,000 | $108,674 \n\ntable presents estimated payments benefits. Lien Walcott Bertz terminations December 31, 2019. severance benefits executive officer full waiver release claims. termination eligible for benefits life insurance long-term disability 401(k) benefits.\n. Lien 18 months base salary 150% annual target bonus. Walcott 12 months 100% target bonus. Bertz six months salary 50% target bonus unpaid annual target bonus.\n. Lien 18 months COBRA. Bertz six months. Walcott benefits. eligible for post-termination COBRA benefits.\n 2019. Walcott held stock option 13,006 unvested shares exercise price $17. 15 per share. greater than $1. 38 closing price Nasdaq Global Market December 31, 2019. Walcott 78,750 unvested. Bertz RSUs.\n. Lien nine months base salary 75% annual target bonus. Walcott six months 50% target bonus. Bertz three months 25% target bonus.\n. Lien nine months COBRA benefits.Bertz three months COBRA benefits. Walcott. post-termination COBRA.\n Walcott Bertz\n Termination Change Control\n Cash Severance(1) $1,200,000 $450,000 $254,063\n COBRA Reimbursement(2)\n Acceleration Stock Options RSUs(3) 55\n $1,248,160 $558,675 $320,361\n Termination\n Cash Severance(4) $600,000 $225,000 $103,125\n Post-termination COBRA Reimbursement(5)\n $624,080 $108,674" +} +{ + "_id": "d1b34bfec", + "title": "", + "text": "Year Ended December 31, 2019 Compared to Year Ended December 31, 2018\nRevenues\nOur Products and Licensing segment included revenues from sales of test and measurement systems, primarily representing sales of our Optical Backscatter Reflectometer, ODiSI, and Optical Vector Analyzer platforms, optical components and sub-assemblies and sales of our Hyperion and Terahertz sensing platforms. Our Products and Licensing segment revenues increased $22.5 million to $44.5 million for the year ended December 31, 2019 compared to $21.9 million for the year ended December 31, 2018.\nThe increase resulted primarily from $10.8 million of revenues realized from the legacy business of MOI and $10.5 million of revenues realized from the legacy business of GP during the year ended December 31, 2019. Continued growth in sales of our fiber-optic sensing products, including our ODiSI products directed toward the expanding use of composite materials and the need for improved means of testing their structural integrity, and our communications test instruments also contributed to this increase.\nOur Technology Development segment revenues increased $5.1 million to $26.0 million for the year ended December 31, 2019 compared to $21.0 million for the year ended December 31, 2018. Revenues within this segment increased due to additional contract awards, including higher value Phase 2 SBIR contracts. The increase continues a growth trend experienced over the past two years largely driven by successes in Phase 2 SBIR awards. The increase was realized primarily in our intelligent systems, advanced materials, optical systems and terahertz research groups. As Phase 2 SBIR contracts generally have a performance period of a year or more, we currently expect Technology Development segment revenues to remain at a similar level for the near term.\n\n | Years ended December 31, | | | \n------------------------------- | ------------------------ | ----------- | ------------- | ------------\n | 2019 | 2018 | $ Difference | % Difference\nProducts and licensing revenues | $44,491,041 | $21,949,689 | $22,541,352 | 102.7% \nTechnology development revenues | 26,024,674 | 20,967,556 | 5,057,118 | 24.1% \nTotal revenues | $70,515,715 | $42,917,245 | $27,598,470 | 64.3% \n\nDecember 31, 2019 2018\n Products Licensing segment test measurement systems Optical Backscatter Reflectometer ODiSI Optical Vector Analyzer platforms optical components sub-assemblies Hyperion Terahertz sensing platforms. Licensing revenues increased $22. 5 million to $44. 5 million 2019 $21. 9 million 2018.\n increase $10. 8 million MOI $10. 5 million GP. growth fiber-optic sensing products ODiSI composite materials testing structural integrity communications test instruments.\n Technology Development segment revenues increased $5. 1 million $26. 0 million 2019 $21. 0 million 2018. contract awards Phase 2 SBIR contracts. growth trend Phase 2 SBIR awards. intelligent systems advanced materials optical systems terahertz research groups. contracts Technology Development revenues similar level.\n 2018\n Products licensing revenues $44,491,041 $21,949,689 $22,541,352. 7%\n26,024,674 20,967,556 5,057,118.\n,515,715,917,245 $27,598,470." +} +{ + "_id": "d1b3ae124", + "title": "", + "text": "Deferred tax assets and liabilities at December 27, 2019 and December 28, 2018 consist of the following:\nThe deferred tax provision results from the effects of net changes during the year in deferred tax assets and liabilities arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company files income tax returns in the U.S. Federal and various state and local jurisdictions as well as the Canadian Federal and provincial districts. For Federal income tax purposes, the 2016 through 2019 tax years remain open for examination by the tax authorities under the normal three-year statute of limitations and the fact that we have not yet filed our tax return for 2019. For state tax purposes, the 2015 through 2019 tax years remain open for examination by the tax authorities under a four-year statute of limitations. The Company records interest and penalties, if any, in income tax expense.\nAt December 27, 2019, the Company had a valuation allowance of $907 which consisted of a full valuation allowance on the Company’s Canada net operating loss carryforward of $732, offset by a $267 reduction in deferred tax liabilities related to indefinite-lived intangible assets acquired in 2013, and a valuation allowance of $442 against the Company’s state net operating loss carryforwards. The valuation allowances on net operating loss carryforwards are necessary as they are not expected be be fully realizable in the future. The Company’s Canada net operating loss carryforward expires at various dates between fiscal 2036 and 2038 and the Company’s state net operating loss carryforwards expire at various dates between fiscal 2019 and 2038.\nFor financial reporting purposes, the Company’s foreign subsidiaries had operating income before income taxes of $18 for the fiscal year ended December 27, 2019 and net operating losses before income taxes of $3,223 and $1,520 for the fiscal years ended December 28, 2018 and December 29, 2017, respectively. The Company is permanently reinvested in the earnings of it’s foreign operations which are disregarded for US tax purposes. In addition, the US tax consequences and foreign withholding taxes on any future remittances are immaterial.\nAs of December 27, 2019 and December 28, 2018, the Company did not have any material uncertain tax positions.\n\n | December 27, 2019 | December 28, 2018\n------------------------------------ | ------------------ | -----------------\nDeferred tax assets: | | \nReceivables and inventory | $4,468 | $3,978 \nAccrued expenses | 170 | 1,835 \nSelf-insurance reserves | 1,957 | 2,050 \nNet operating loss carryforwards | 1,393 | 1,749 \nStock compensation | 1,894 | 1,670 \nOperating lease liabilities | 37,740 | — \nOther | 612 | 803 \nTotal deferred tax assets | 48,234 | 12,085 \nDeferred tax liabilities: | | \nProperty & equipment | (5,218) | (3,446) \nIntangible assets | (15,192) | (13,197) \nContingent earn-out liabilities | (1,526) | (3,179) \nPrepaid expenses and other | (1,379) | (1,052) \nOperating lease right-of-use assets | (34,895) | — \nTotal deferred tax liabilities | (58,210) | (20,874) \nValuation allowance | (907) | (812) \nTotal net deferred tax liability | $(10,883) | $(9,601) \n\nDeferred tax assets liabilities at December 27, 2019 28, 2018\n deferred tax changes. Company files income tax returns U. S. Federal state local jurisdictions Canadian Federal provincial districts. 2016 2019 tax years open three-year filed tax return 2019. state 2015 2019 tax years open four-year. Company records interest penalties income tax.\n December 27, 2019 Company valuation allowance $907 Canada net operating loss carryforward $732 $267 reduction deferred tax liabilities $442 against state net operating loss carryforwards. allowances necessary not. Canada net operating loss carryforward expires 2036 2038 state net operating loss carryforwards expire 2019 2038.\n foreign subsidiaries had operating income before taxes $18 for December 27, 2019 net losses before $3,223 $1,520 December 28, 2018 29, 2017. reinvested in earnings foreign operations disregarded for US tax.US tax foreign future remittances.\n 27, tax positions.\n Deferred tax assets\n Receivables inventory $4,468 $3,978\n Accrued expenses\n Self-insurance reserves\n loss carryforwards 1,393\n Stock compensation 1,894\n Operating lease liabilities 37,740\n deferred tax assets 48,234 12,085\n Property equipment (5,218)\n Intangible assets (15,192)\n earn-out liabilities\n Prepaid expenses\n Operating lease right-use assets (34,895)\n deferred tax liabilities (58,210 (20\n Valuation allowance\n deferred tax,883)(9,601)" +} +{ + "_id": "d1b3881ae", + "title": "", + "text": "Note 35 Adoption of IFRS 16\nUpon adoption of IFRS 16 on January 1, 2019, we recognized right-of-use assets of $2,257 million within property, plant and equipment, and lease liabilities of $2,304 million within debt, with an increase to our deficit of $19 million. These amounts were recognized in addition to assets under finance leases of $1,947 million and the corresponding finance lease liabilities of $2,097 million at December 31, 2018 under IAS 17. As a result, on January 1, 2019, our total right-of-use assets and lease liabilities amounted to $4,204 million and $4,401 million, respectively. The table below shows the impacts of adopting IFRS  16 on our January 1, 2019 consolidated statement of financial position.\nBCE’s operating lease commitments at December 31, 2018 were $1,612 million. The difference between operating lease commitments at December 31, 2018 and lease liabilities of $2,304 million upon adoption of IFRS 16 at January 1, 2019, is due mainly to an increase of $1,122 million related to renewal options reasonably certain to be exercised, an increase of $112 million mainly related to non-monetary transactions and a decrease of ($542) million as a result of discounting applied to future lease payments, which was determined using a weighted average incremental borrowing rate of 3.49% at January 1, 2019.\n\n | DECEMBER 31, 2018 AS REPORTED | IFRS 16 IMPACTS | JANUARY 1, 2019 UPON ADOPTION OF IFRS 16\n------------------------------------ | ----------------------------- | --------------- | ----------------------------------------\nPrepaid expenses | 244 | (55) | 189 \nOther current assets | 329 | 9 | 338 \nProperty, plant and equipment | 24,844 | 2,257 | 27,101 \nOther non-current assets | 847 | 17 | 864 \nTrade payables and other liabilities | 3,941 | (10) | 3,931 \nDebt due within one year | 4,645 | 293 | 4,938 \nLong-term debt | 19,760 | 2,011 | 21,771 \nDeferred tax liabilities | 3,163 | (7) | 3,156 \nOther non-current liabilities | 997 | (39) | 958 \nDeficit | (4,937) | (19) | (4,956) \nNon-controlling interest | 326 | (1) | 325 \n\nIFRS 16\n 2019 recognized right-of-use assets $2,257 million lease liabilities $2,304 million deficit $19 million. finance leases $1,947 million liabilities $2,097 million December 31, 2018 IAS 17. January 1 2019 total right-use assets lease liabilities $4,204 million $4,401 million. impacts IFRS 16 January 1 2019.\n operating lease commitments December 31, 2018 $1,612 million. difference liabilities $2,304 million increase $1,122 million renewal options increase $112 million non-monetary transactions decrease$542 million discounting future lease payments incremental borrowing rate 3. 49% January 1, 2019.\n 16 IMPACTS JANUARY 1 2019\n Prepaid expenses 244\n current assets 329\n Property plant equipment 24,844\n non-current assets\n Trade payables liabilities\n Debt due one year 4,645\ndebt 19,760 21,771\n Deferred tax 3,163\n non-current liabilities 997\n Deficit (4,937)\n Non-controlling interest 326" +} +{ + "_id": "d1b2e7858", + "title": "", + "text": "The amount of our operating expenses increased by $43 million on a sequential basis, mainly driven by seasonality and salary dynamic.\nOn a year-over-year basis, our operating expenses increased by $42 million, mainly due to salary dynamic and increased spending on certain R&D programs, partially offset by favorable currency effects, net of hedging.\nFourth quarter 2019 R&D expenses were net of research tax credits in France and Italy, which amounted to $37 million, compared to $29 million in the third quarter of 2019 and $39 million in the fourth quarter of 2018.\n\n | | Three Months Ended | | % Variation | \n-------------------------------------------- | ----------------- | ------------------ | ------------------------ | ----------- | --------------\n | December 31, 2019 | September 29, 2019 | December 31, 2018 | Sequential | Year-Over-Year\n | | | (Unaudited, in millions) | | \nSelling, general and administrative expenses | $(285) | $(267) | $(285) | (6.3)% | 0.4% \nResearch and development expenses | (387) | (362) | (345) | (7.0) | (12.3) \nTotal operating expenses | $(672) | $(629) | $(630) | (6.7)% | (6.6)% \nAs percentage of net revenues | (24.4)% | (24.7)% | (23.8)% | +30 bps | -60 bps \n\noperating expenses increased $43 million driven seasonality salary.\n year-over-year increased $42 million due salary R&D offset currency net hedging.\n Fourth quarter 2019 R&D expenses net research tax credits France Italy $37 million $29 million third quarter $39 million fourth quarter 2018.\n Three Months Ended % Variation\n December 31, 2019 September 29, December 31, 2018 Year-Over-Year\n (Unaudited millions\n Selling general administrative expenses $(285).\n Research development expenses (387).\n Total operating expenses $(672) $(629).\n percentage net revenues (24." +} +{ + "_id": "d1b36d782", + "title": "", + "text": "INCOME TAX EXPENSE\nBelow is a summary of the difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the actual income tax expense for the year.\nOur effective income tax rate this year was 25.8% compared to 26.9% for 2018. The effective income tax rate for 2019 was lower than the statutory tax rate primarily as a result of a reduction to the Alberta corporate income tax rate over a four-year period.\n\n(In millions of dollars, except tax rates) | Years ended December 31 | | \n---------------------------------------------------- | ----------------------- | ----- | -----\n | 2019 | 2018 | %Chg \nAdjusted EBITDA 1 | 6,212 | 5,983 | 4 \nDeduct (add): | | | \nDepreciation and amortization | 2,488 | 2,211 | 13 \nGain on disposition of property, plant and equipment | - | (16) | (100)\nRestructuring, acquisition and other | 139 | 210 | (34) \nFinance costs | 840 | 793 | 6 \nOther income | (10) | (32) | (69) \nIncome tax expense | 712 | 758 | (6) \nNet income | 2,043 | 2,059 | (1) \n\nINCOME TAX EXPENSE\n difference tax expense statutory actual.\n effective income tax rate 25. 8% 26. 9% 2018. 2019 lower reduction Alberta corporate income tax rate four-year.\n millions Years ended December 31\n 2019 2018\n Adjusted EBITDA 6,212 5,983 4\n Deduct\n Depreciation amortization 2,488 2,211\n Gain disposition property plant equipment\n Restructuring acquisition other 139\n Finance costs 840 793\n Other income\n Income tax expense 712 758\n Net income 2,043 2,059" +} +{ + "_id": "d1b3a2568", + "title": "", + "text": "15. AVERAGE SHARES OUTSTANDING\nOur basic earnings per share calculation is computed based on the weighted-average number of common shares outstanding. Our diluted earnings per share calculation is computed based on the weighted-average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued. Potentially dilutive common shares include nonvested stock awards and units, stock options, and non-management director stock equivalents. Performance share awards are included in the average diluted shares outstanding each period if the performance criteria have been met at the end of the respective periods.\nThe following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding in each fiscal year (in thousands):\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------- | ------ | ------ | ------\nWeighted-average shares outstanding — basic | 25,823 | 28,499 | 30,630\nEffect of potentially dilutive securities: | | | \nNonvested stock awards and units | 211 | 240 | 182 \nStock options | 10 | 40 | 59 \nPerformance share awards | 24 | 28 | 43 \nWeighted-average shares outstanding — diluted | 26,068 | 28,807 | 30,914\nExcluded from diluted weighted-average shares outstanding: | | | \nAntidilutive | 186 | 150 | 76 \nPerformance conditions not satisfied at the end of the period | 65 | 44 | 53 \n\n. AVERAGE SHARES\n earnings per share weighted-average shares. diluted earnings adjusted additional shares dilutive shares. dilutive shares include nonvested stock awards stock options non-management director stock equivalents. Performance share awards included diluted shares criteria met.\n table reconciles-average shares diluted fiscal year\n 2019 2018 2017\n Weighted-average shares 25,823 28,499 30,630\n potentially dilutive securities\n Nonvested stock awards units\n Stock options\n Performance share awards\n-average shares diluted 26,068 28,807 30,914\n Excluded diluted\n Antidilutive\n Performance conditions not satisfied 65 44 53" +} +{ + "_id": "d1b378ab0", + "title": "", + "text": "The Company recorded amortization expense of $4.8 million, $1.5 million and $0.1 million for the years ended March 31, 2019, 2018 and 2017, respectively. Amortization relating to developed technology and capitalized software was recorded within cost of revenue and amortization of customer relationships and trade names was recorded within sales and marketing expenses.\nFuture estimated amortization expense of intangible assets as of March 31, 2019 is as follows:\n\n | Purchased Intangible Assets | Capitalized Software\n---------- | --------------------------- | --------------------\n2020 | $ 2,582 | $ 3,522 \n2021 | 2,560 | 2,790 \n2022 | 2,560 | 1,420 \n2023 | 2,560 | 528 \nThereafter | 12,012 | 89 \nTotal | $ 22,274 | $ 8,349 \n\nCompany amortization $4. 8 million $1. 5 million. 1 million 2019 2018 2017. technology software revenue customer relationships trade names sales marketing expenses.\n Future amortization intangible March 2019\n Intangible Assets Capitalized Software\n 2020 2,582 3,522\n 2021\n 2022\n 2023\n $ 22,274 $ 8,349" +} +{ + "_id": "d1b3974ce", + "title": "", + "text": "STOCK OPTIONS\nThe following is a summary of stock option activity during the years ended December 31, 2019 and 2018:\n\n | Number of Options Outstanding | Weighted Average Exercise Price | Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value (thousands)\n------------------------------- | ----------------------------- | ------------------------------- | --------------------------------------------- | -------------------------------------\nOutstanding – December 31, 2017 | 2,341,340 | $1.77 | 5.78 | $1,087 \nOptions granted | 376,667 | 2.41 | | \nOptions exercised | 224,400 | 1.59 | | \nOptions forfeited | 6,961 | 1.42 | | \nOutstanding – December 31, 2018 | 2,486,646 | $1.89 | 7.01 | $1,550 \nOptions granted | 50,832 | 3.02 | | \nOptions exercised | - | | | \nOptions forfeited | 181,281 | 2.23 | | \nOutstanding – December 31, 2019 | 2,356,197 | $1.89 | 5.93 | $628 \nExercisable – December 31, 2019 | 1,843,468 | $1.75 | 5.34 | $624 \n\nOPTIONS\n summary stock option activity December 31, 2019 2018:\n Average Exercise Price Contractual Life Intrinsic Value\n December 31, 2017 2,341,340 $1. 77. $1,087\n 376,667 2.\n 224,400.\n forfeited.\n December 31, 2018 2,486,646 $1. 89 7. $1,550\n 50,832 3.\n 181,281 2. 23\n December 31, 2019 2,356,197 $1. 89.\n 2019 1,843,468 $1. 75 5. 34 $624" +} +{ + "_id": "d1b36bb58", + "title": "", + "text": "Interest rate swaps\nThe Group has the following interest rate swaps in place as at the end of the reporting period:\nFuture interest rate swaps in place at the end of the reporting period have maturity dates ranging from 23 September 2019 to 23 September 2026 (2018: 24 September 2018 to 23 September 2026).\nOn 24 June 2019, the Group reset the interest rates associated with AUD denominated interest rate swaps. This resulted in a cash outflow of $22.9m which reduced the Group’s financial liability presented in note 9.8. The cumulative change in fair value of these hedging instruments is carried in a separate reserve in equity (cash flow hedge reserve of NSPT presented within non-controlling interest in the Group’s consolidated statement of changes in equity).\nThis balance will be recycled from the hedge reserve to finance costs in the statement of profit and loss in future reporting periods corresponding to when the underlying hedged item impacts profit or loss. For the year ended 30 June 2019, $0.1m has been recognised in finance costs relating to this item.\n\n | 2019 | 2018 \n----------------------------------------- | ------- | -------\n | $'000 | $'000 \nInterest rate swaps (AUD) at face value | | \nCurrent interest rate swaps | 400,000 | 270,000\nFuture interest rate swaps | 275,000 | 400,000\nInterest rate swaps (NZD) at face value | | \nCurrent interest rate swaps | 73,500 | 53,500 \nFuture interest rate swaps | 50,000 | 100,000\nAUD equivalent of NZD interest rate swaps | | \nCurrent interest rate swaps | 70,361 | 48,944 \nFuture interest rate swaps | 47,864 | 91,485 \n\nInterest swaps\n Group has swaps end reporting period\n Future swaps maturity dates 23 September 2019 to 23 September 2026.\n 24 June 2019 Group reset interest rates AUD swaps. cash outflow $22. 9m reduced financial liability note 9. cumulative change fair value hedging instruments in separate reserve equity.\n balance recycled from hedge reserve to finance costs future reporting periods. year ended 30 June 2019 $0. 1m recognised in finance costs.\n Interest rate swaps (AUD)\n 400,000 270,000\n Future 275,000 400,000\n Interest rate swaps (NZD)\n 73,500 53,500\n Future 100,000\n AUD NZD interest swaps\n 70,361 48,944\n Future 47,864 91,485" +} +{ + "_id": "d1b32cd72", + "title": "", + "text": "b) Liquefaction services revenue:\nThe Hilli is moored in close proximity to the Customer’s gasfields, providing liquefaction service capacity over the term of the LTA. Liquefaction services revenue recognized comprises the following amounts:\n(1) The LTA bills at a base rate in periods when the oil price is $60 or less per barrel (included in \"Liquefaction services revenue\" in the consolidated statements of income), and at an increased rate when the oil price is greater than $60 per barrel (recognized as a derivative and included in \"Realized and unrealized gain on oil derivative instrument\" in the consolidated statements of income, excluded from revenue and from the transaction price).\n(2) Customer billing during the commissioning period, prior to vessel acceptance and commencement of the contract term, of $33.8 million is considered an upfront payment for services. These amounts billed were deferred (included in \"Other current liabilities\" and \"Other non-current liabilities\" in the consolidated balance sheets) and recognized as part of \"Liquefaction services revenue\" in the consolidated statements of income evenly over the contract term.\n(3) The Day 1 gain was established when the oil derivative instrument was initially recognized in December 2017 for $79.6 million (recognized in \"Other current liabilities\" and \"Other non-current liabilities\" in the consolidated balance sheets). This amount is amortized and recognized as part of \"Liquefaction services revenue\" in the consolidated statements of income evenly over the contract term.\nWe expect to recognize liquefaction services revenue related to the partially unsatisfied performance obligation at the reporting date evenly over the remaining contract term of less than eight years, including the components of transaction price described above.\n\n | Year Ended December 31, | \n--------------------------------------------------------- | ----------------------- | -------\n(in thousands of $) | 2019 | 2018 \nBase tolling fee (1) | 204,501 | 119,677\nAmortization of deferred commissioning period revenue (2) | 4,220 | 2,467 \nAmortization of Day 1 gain (3) | 9,950 | 5,817 \nOther | (575) | (336) \nTotal | 218,096 | 127,625\n\nLiquefaction services revenue\n Hilli moored Customer’s gasfields providing service capacity term LTA. services revenue\n LTA bills base rate oil price $60 or less per barrel services revenue statements increased rate greater than $60 per barrel excluded from revenue transaction price.\n Customer billing commissioning period $33. 8 million upfront payment services. amounts deferred recognized \"Liquefaction services revenue term.\n Day 1 gain oil derivative instrument recognized December 2017 $79. 6 million. amortized recognized \"Liquefaction services revenue term.\n recognize services revenue partially unsatisfied performance obligation reporting date remaining contract term less than eight years transaction price.\n Year Ended December 31,\n 2019 2018\n Base tolling fee (1) 204,501 119,677\n Amortization deferred commissioning period revenue (2) 4,220 2,467\nDay 1 9,950\n (575)\n 218,096 127,625" +} +{ + "_id": "d1b386822", + "title": "", + "text": "Other income and expenses, net consisted of the following:\nThe Company receives significant public funding from governmental agencies in several jurisdictions. Public funding for research and development is recognized ratably as the related costs are incurred once the agreement with the respective governmental agency has been signed and all applicable conditions have been met.\nR&D funding received in the year ended December 31, 2017 from the Nano2017 program with the French government is subject to a financial return in the year 2024 and depends on the future cumulative sales of a certain product group from 2019 to 2024. As such, an accrual amounting to $47 million was recorded as of December 31, 2019 compared to $42 million as of December 31, 2018.\nPhase-out costs are costs incurred during the closing stage of a Company’s manufacturing facility. They are treated in the same manner as start-up costs. Start-up costs represent costs incurred in the start-up and testing of the Company’s new manufacturing facilities, before reaching the earlier of a minimum level of production or six months after the fabrication line’s quality certification.\nExchange gains and losses, net represent the portion of exchange rate changes on transactions denominated in currencies other than an entity’s functional currency and the changes in fair value of trading derivative instruments which are not designated as hedge and which have a cash flow effect related to operating transactions, as described in Note 27.\nPatent costs include legal and attorney fees and payment for claims, patent pre-litigation consultancy and legal fees. They are reported net of settlements, if any, which primarily include reimbursements of prior patent litigation costs.\nIn 2019, gain on sale of businesses and non-current assets was related to the sale of one of our non-strategic assets. In 2018, it was related to the sale of one of the Company’s non-strategic investments while in 2017, it\nwas related to the sale of assets.\n\n | Year ended December 31, 2019 | Year ended December 31, 2018 | Year ended December 31, 2017\n------------------------------------------------- | ---------------------------- | ---------------------------- | ----------------------------\nResearch and development funding | 132 | 52 | 65 \nPhase-out and start-up costs | (38) | (1) | (8) \nExchange gain (loss), net | — | 4 | 4 \nPatent costs | (1) | (8) | (9) \nGain on sale of businesses and non-current assets | 7 | 8 | 4 \nOther, net | 3 | (2) | (1) \nTotal | 103 | 53 | 55 \n\nincome expenses net\n Company receives public funding from agencies jurisdictions. funding for research development recognized costs incurred agreement signed conditions met.\n R&D funding December 31, 2017 from Nano2017 program French government subject to return 2024 depends on future sales product group 2019 to 2024. $47 million December 31, 2019 to $42 million December 31, 2018.\n Phase-out costs closing stage manufacturing facility. start-up costs. before production quality certification.\n Exchange gains losses exchange rate changes transactions changes fair value of trading derivative instruments not.\n Patent costs include legal attorney fees claims pre-litigation consultancy legal fees. reported net of settlements reimbursements prior patent litigation costs.\n 2019 gain on sale of businesses related to non-strategic. 2018 2017\n sale assets.\n 2019 2018 2017\n Research development funding 132 52 65\n Phase-out start-up costs (38) (1) (8)\nExchange gain 4\n Patent costs\n Gain sale businesses non-current assets 8\n Other net 3\n Total 103 53" +} +{ + "_id": "d1b360e42", + "title": "", + "text": "CASH FLOW ANALYSIS\n(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections. (2) For further details on the Corporation's cash flow attributable to discontinued operations, please consult the \"Discontinued operations\" section.\nOPERATING ACTIVITIES Fiscal 2019 fourth-quarter cash flow from operating activities increased by 19.3% compared to the same period of the prior year mainly from: • higher adjusted EBITDA; • the decreases in income taxes paid and financial expense paid; and • the increase in changes in non-cash operating activities primarily due to changes in working capital.\nINVESTING ACTIVITIES Fiscal 2019 fourth-quarter investing activities decreased by 25.8% compared to the same period of the prior year mainly due to the acquisition of spectrum licenses in the Canadian broadband services segment in the comparable period of the prior year combined with a decrease in acquisitions of property, plant and equipment.\n\nThree months ended August 31, | 2019 | 2018 (1) | Change \n---------------------------------------------------------------------------------------------- | --------- | --------- | -------\n(in thousands of dollars, except percentages) | $ | $ | % \nCash flow from operating activities | 304,702 | 255,438 | 19.3 \nCash flow from investing activities | (144,332) | (194,474) | (25.8) \nCash flow from financing activities | (50,198) | (52,127) | (3.7) \nEffect of exchange rate changes on cash and cash equivalents denominated in a foreign currency | (1,405) | (63) | — \nNet change in cash and cash equivalents from continuing operations | 108,767 | 8,774 | — \nNet change in cash and cash equivalent from discontinued operations(2) | — | 13,133 | (100.0)\nCash and cash equivalents, beginning of the period | 447,737 | 62,818 | — \nCash and cash equivalents, end of the period | 556,504 | 84,725 | — \n\nCASH FLOW ANALYSIS\n Fiscal 2018 restated IFRS 15 accounting policy results Cogeco Peer 1 discontinued operations. consult \"Accounting policies \"Discontinued operations sections. cash flow discontinued operations consult operations section.\n OPERATING ACTIVITIES Fiscal 2019 fourth-quarter cash flow increased 19. 3% higher adjusted EBITDA decreases income taxes financial expense non-cash activities working capital.\n INVESTING ACTIVITIES 2019 fourth-quarter activities decreased 25. 8% acquisition spectrum licenses broadband decrease acquisitions property plant equipment.\n Three months August 31, 2019 2018\n flow operating activities 304,702 255,438.\n investing activities (144,332) (194,474).\n financing activities (50,198) (52,127).\n Effect exchange rate changes cash equivalents foreign currency (1,405)\n change continuing operations 108,767 8,774\n discontinued.\n Cash equivalents 447,737 62,818\nequivalents end 556,504 84,725" +} +{ + "_id": "d1b359f5c", + "title": "", + "text": "ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES\nMARKET FOR COMMON STOCK\nThe Company’s common stock trades on NYSE American under the trading symbol “DIT”. As of October 31, 2019 the closing price of our common stock on NYSE American was $73.00 and there were 565,942 common shares outstanding. As of that date, the Company had approximately 521 persons holding common shares beneficially of which approximately 121 are shareholders of record (including direct participants in the Depository Trust Company). The following table reflects the range of the high and low closing prices per share of the Company’s common stock reported by NYSE American for fiscal 2019 and 2018.\n\n | Fiscal 2018 | | Fiscal 2019 | \n----------- | ----------- | ------ | ----------- | -------\n | High | Low | High | Low \n4th Quarter | $100.00 | $73.41 | $89.00 | $ 81.10\n3rd Quarter | 100.00 | 88.27 | 98.35 | 81.30 \n2nd Quarter | 101.51 | 88.01 | 99.87 | 84.10 \n1st Quarter | 99.75 | 77.92 | 97.85 | 86.61 \n\n5. MARKET REGISTRANT’S COMMON EQUITY MATTERS PURCHASES.\n Company’s common stock trades NYSE American symbol “DIT”. October 31, 2019 closing price NYSE $73. 00 565,942 shares outstanding. 521 persons common shares 121 shareholders record participants Depository Trust Company. table reflects high low closing prices per share common stock NYSE American fiscal 2019 2018.\n 4th Quarter $100. $73. 41 $89. 81.\n 3rd Quarter 100. 88. 98. 81.\n 2nd Quarter 101. 51 88. 99.\n 1st Quarter 99. 77. 97. 86." +} +{ + "_id": "d1b316c52", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe following selected financial data has been derived from our consolidated financial statements (in thousands, except per share data). This data should be read together with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, and the consolidated financial statements and related notes included elsewhere in this annual report. The financial information below is not necessarily indicative of the results of future operations. Future results could differ materially from historical results due to many factors, including those discussed in Item 1A, Risk Factors.\n(1) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, includes the acquisition of Speedpay as discussed in Note 3, Acquisition, to our Notes to Consolidated Financial Statements in Part IV, Item 15 of this Form 10-K.\n(2) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, reflects the application of Accounting Standards Update (“ASU”) 2016-02, Leases (codified as “ASC 842”) as discussed in Note 14, Leases, to our Notes to Consolidated Financial Statements.\n(3) The consolidated balance sheet and statement of operations for the year ended December 31, 2018, reflects the adoption of ASU 2014-09, Revenue from Contracts with Customers (codified as “ASC 606”), as discussed in Note 2, Revenue, to our Notes to Consolidated Financial Statements, including a cumulative adjustment of $244.0 million to retained earnings.\n(4) The consolidated statement of operations for the year ended December 31, 2017, reflects the Baldwin Hackett & Meeks, Inc. (“BHMI”) judgment. We recorded $46.7 million in general and administrative expense and $1.4 million in interest expense, as discussed in Note 15, Commitments and Contingencies, to our Notes to Consolidated Financial Statements.\n(5) The consolidated balance sheet and statement of operations for the year ended December 31, 2016, reflects the sale of Community Financial Services assets and liabilities.\n(6) During the year ended December 31, 2019, we borrowed $500.0 million in the form of a new senior secured term loan and drew $250.0 million on the available Revolving Credit Facility to fund the acquisition of Speedpay. During the year ended December 31, 2018, we issued $400.0 million in senior notes due August 15, 2026. We used the net proceeds of these senior notes to redeem our outstanding $300.0 million senior notes due 2020, which we originally entered in to during the year ended December 31, 2013. See Note 5, Debt, to our Notes to Consolidated Financial Statements for additional information.\n\n | | | December 31, | | \n---------------------------- | ----------- | --------- | ------------ | --------- | ---------\n | 2019 (1)(2) | 2018 (3) | 2017 | 2016 (5) | 2015 \nBalance Sheet Data: | | | | | \nWorking capital | $308,426 | $269,857 | $100,039 | $31,625 | $(2,360) \nTotal assets | 3,257,534 | 2,122,455 | 1,861,639 | 1,902,295 | 1,975,788\nCurrent portion of debt (6) | 34,148 | 20,767 | 17,786 | 90,323 | 89,710 \nDebt (long-term portion) (6) | 1,350,592 | 658,602 | 668,356 | 656,063 | 845,639 \nStockholders’ equity | 1,129,968 | 1,048,231 | 764,597 | 754,917 | 654,400 \n\nITEM 6. SELECTED FINANCIAL DATA\n financial data derived from consolidated financial statements. read with Item 7 Discussion Analysis Financial Condition Results consolidated financial statements notes annual report. financial information not indicative future operations. results differ historical Risk Factors.\n consolidated balance sheet December 31, 2019 includes acquisition Speedpay Note 3 Acquisition Part IV Item 15 Form 10-K.\n Accounting Standards Update 2016-02, Leases.\n December 31, 2018 ASU 2014-09 Revenue Contracts Customers adjustment $244. 0 million retained earnings.\n statement December 31, 2017 reflects Baldwin Hackett & Meeks, Inc. judgment. recorded $46. 7 million general administrative expense $1. 4 million interest expense Note 15.\n balance December 31, 2016, reflects sale Community Financial Services assets liabilities.\n year December 31, 2019 borrowed $500. 0 million new senior secured term loan drew $250.Revolving Credit Facility acquisition Speedpay. 2018 issued $400. million senior notes due August 15 2026. proceeds redeem $300. million 2020 2013. Note 5 Financial Statements.\n 2019 2018 2017 2016 2015\n Balance Sheet\n Working capital $308,426 $269,857 $100,039 $31,625,360\n assets 3,257,534 2,122,455 1,861,639 1,902,295 1,975,788\n debt 34,148 20,767 90,323\n 1,350,592,602 668,356 656,063\n Stockholders’ equity 1,129,968 1,048,231 764,597 754,917" +} +{ + "_id": "d1b31fd3e", + "title": "", + "text": "ADJUSTED NET DEBT AND DEBT LEVERAGE RATIO\nWe use adjusted net debt and debt leverage ratio to conduct valuation-related analysis and make capital structure-related decisions. Adjusted net debt includes long-term debt, net debt derivative assets or liabilities, short-term borrowings, and cash and cash equivalents.\n1 Includes current and long-term portion of long-term debt before deferred transaction costs and discounts. See “Reconciliation of adjusted net debt” in “Non-GAAP Measures and Related Performance Measures” for the calculation of this amount. 2 For purposes of calculating adjusted net debt and debt leverage ratio, we believe including debt derivatives valued without adjustment for credit risk is commonly used to evaluate debt leverage and for market valuation and transactional purposes.\n3 See “Accounting Policies” for more information. 4 Adjusted net debt and adjusted EBITDA are non-GAAP measures and should not be considered substitutes or alternatives for GAAP measures. These are not defined terms under IFRS and do not have standard meanings, so may not be a reliable way to compare us to other companies. See “Non-GAAP Measures and Related Performance Measures” for information about these measures, including how we calculate themand the debt leverage ratio inwhich they are used.\nAs a result of our adoption of IFRS 16 effective January 1, 2019, we\nhave modified our definition of adjusted net debt such that it now includes the total of “current portion of lease liabilities” and “lease liabilities”. We believe adding total lease liabilities to adjusted net debt is appropriate as they reflect payments to which we are contractually committed and the related payments have been removed from our calculation of adjusted EBITDA due to the accounting change.\nIn addition, as at December 31, 2019, we held $1,831 million of\nmarketable securities in publicly traded companies (2018 – $1,051 million). Our adjusted net debt increased by $3,379 million from December 31, 2018 as a result of: • the inclusion of lease liabilities in the calculation, which had a balance of $1,725 million at year-end, as discussed above; and • a net increase in our outstanding long-term debt, in part due to the 600 MHz spectrum licences we acquired for $1,731 million this year; partially offset by • an increase in our net cash position.\nSee “Overview of Financial Position” for more information.\n\n | As at December 31 | As at January 1 | As at December 31\n-------------------------------------------------------------------------- | ----------------- | --------------- | -----------------\n(In millions of dollars, except ratios) | 2019 | 2019 | 2018 \nLong-term debt 1 | 16,130 | 14,404 | 14,404 \nNet debt derivative assets valued without any adjustment for credit risk 2 | (1,414) | (1,448) | (1,448) \nShort-term borrowings | 2,238 | 2,255 | 2,255 \nLease liabilities 3 | 1,725 | 1,545 | – \nCash and cash equivalents | (494) | (405) | (405) \nAdjusted net debt 4 | 18,185 | 16,351 | 14,806 \nDivided by: trailing 12-month adjusted EBITDA 4 | 6,212 | 6,157 | 5,983 \nDebt leverage ratio 4 | 2.9 | 2.7 | 2.5 \n\nADJUSTED DEBT LEVERAGE RATIO\n use debt valuation analysis capital structure decisions. includes long-term debt derivative assets short-term borrowings cash equivalents.\n Includes current long-term before deferred transaction costs discounts. See “Reconciliation adjusted net Measures Performance calculation. debt derivatives without adjustment credit risk debt leverage market valuation transactional purposes.\n “Accounting Policies”. Adjusted net debt EBITDA non-GAAP measures not substitutes alternatives GAAP. not defined IFRS.-GAAP Measures Performance Measures”.\n adoption IFRS 16 January 1 2019\n modified definition adjusted net debt includes lease. adding lease liabilities payments committed removed calculation EBITDA accounting change.\n December 31, 2019 held $1,831 million\n marketable securities publicly traded companies (2018 – $1,051 million.adjusted net debt increased $3,379 million December 31, 2018 lease liabilities $1,725 million increase long-term debt due 600 MHz spectrum licences $1,731 million offset increase net cash position.\n “Overview Financial.\n 31 January 1\n millions 2019\n Long-term debt 16,130 14,404\n adjustment credit risk (1,414)\n Short-term borrowings 2,238 2,255\n Lease liabilities 1,725 1,545\n Cash equivalents (494)\n Adjusted net debt 18,185 16,351 14,806\n Divided 12-month adjusted EBITDA 6,212 6,157 5,983\n Debt leverage ratio." +} +{ + "_id": "d1a73a62c", + "title": "", + "text": "4. Earnings per Share\nReconciliations of the weighted average shares outstanding for basic and diluted Earnings per Share for the years ended April 30, 2019 and 2018, respectively, were as follows (in thousands):\n** For the years ended April 30, 2019 and 2018, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the period. The exercisable shares excluded for 2019 and 2018 are 1,216,000 and 1,259,500, respectively. The effect of dilutive securities for 2019 and 2018 would have been 242,874 and 127,536, respectively.\n\nFor the years ended April 30, | | \n----------------------------------------------- | --------- | ---------\n | 2019 | 2018 \nBasic EPS Shares outstanding (weighted average) | 8,916,250 | 8,841,166\nEffect of Dilutive Securities | ** | ** \nDiluted EPS Shares outstanding | 9,159,124 | 8,841,166\n\n. Earnings per Share\n Reconciliations shares basic diluted years April 30 2019 2018\n dilutive securities excluded antidilutive net loss. exercisable shares excluded 1,216,000 1,259,500. effect dilutive securities 242,874 127,536.\n years April 30\n 2018\n Basic EPS Shares,250 8,841,166\n Effect Dilutive Securities\n Diluted EPS Shares 9,159,124 8,841,166" +} +{ + "_id": "d1b300d1c", + "title": "", + "text": "Receivables (payables): The balances with Golar Partners and subsidiaries as of December 31, 2019 and 2018 consisted of the following:\n(iii) Interest income on short-term loan, balances due(to)/from Golar Partners and its subsidiaries - Receivables and payables with Golar Partners and its subsidiaries comprise primarily of unpaid management fees and expenses for management, advisory and administrative services, dividends in respect of the Hilli Common Units and other related party arrangements including the Hilli Disposal. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Balances owing to or due from Golar Partners and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. In November 2019, we loaned $15.0 million to Golar Partners, with interest of LIBOR plus 5.0%. The loan was fully repaid, including interest of $0.1 million, in December 2019.\n(vii) Methane Princess lease security deposit movements - This represents net advances from Golar Partners since its IPO, which correspond with the net release of funds from the security deposits held relating to a lease for the Methane Princess. This is in connection with the Methane Princess tax lease indemnity provided to Golar Partners under the Omnibus Agreement. Accordingly, these amounts will be settled as part of the eventual termination of the Methane Princess lease.\n\n(in thousands of $) | 2019 | 2018 \n---------------------------------------------------------------- | ------- | -------\nBalances due (to)/from Golar Partners and its subsidiaries (iii) | (2,708) | 4,091 \nMethane Princess lease security deposit movements (vii) | (2,253) | (2,835)\nTotal | (4,961) | 1,256 \n\nReceivables balances with Golar Partners subsidiaries December 31, 2019 2018\n Interest income short-term loan balances due Receivables unpaid management fees expenses services dividends Hilli Common Units arrangements Disposal. invoice. settled quarterly. Balances unsecured interest-free settled ordinary business. November 2019 loaned $15. 0 million Golar Partners interest LIBOR plus 5. 0%. repaid $0. 1 million December 2019.\n Methane Princess lease security deposit movements advances Golar Partners release funds security deposits. tax lease indemnity Omnibus Agreement. settled termination Methane Princess lease.\n 2019\n Balances due Golar Partners subsidiaries (2,708 4,091\n Methane Princess lease security deposit movements (2,253) (2,835)\n Total (4,961) 1,256" +} +{ + "_id": "d1a72a0ce", + "title": "", + "text": "With the highest-performance networks and unmatched new services and content, Bell is building a better communications experience at home, in the workplace and on the go.\nAnd customers are responding: In 2019, Bell welcomed the industry’s highest number of new subscribers across the growth services of retail Internet, IPTV and wireless and diligently managed the decline in traditional home phone and other legacy services.\nThe speed and quality of Canada’s Best National Mobile Network drove unparalleled gains in both postpaid and prepaid wireless, Internet growth accelerated with the fastest consumer home Internet service available, while Fibe TV and Alt TV are winning customers over with leading product and programing innovations.\n(1) Excludes wholesale subscribers.\n(2) Excludes business telephone services.\n\nBCE retail subscribers | | | \n---------------------------------------------------------------------- | ----- | ----- | ------\n(millions) | 2019 | 2018 | Change\nWireless | 9.96 | 9.61 | +3.6% \nHigh-speed Internet(1) | 3.56 | 3.41 | +4.3% \nTelevision(1) | 2.77 | 2.77 | +0.2% \nTotal growth services, subscribers: retail Internet, IPTV and wireless | 16.29 | 15.79 | +3.2% \nLocal residential telephone services(1)(2) | 2.70 | 2.96 | (8.9%)\nTotal(2) | 18.98 | 18.75 | +1.3% \n\nhighest-performance networks new services content Bell better communications experience home workplace.\n customers responding 2019 Bell welcomed highest new subscribers retail Internet IPTV wireless managed decline traditional home phone services.\n speed quality Best National Mobile Network gains postpaid prepaid wireless Internet growth accelerated fastest consumer home Internet service Fibe TV Alt TV customers product programing innovations.\n wholesale subscribers.\n business telephone services.\n retail subscribers\n 9. 96. 6%\n High-speed. 56. 3%\n. 77. 2%\n growth retail Internet IPTV wireless. 79\n Local residential telephone.\n." +} +{ + "_id": "d1b356b04", + "title": "", + "text": "WebLife Balance, Inc.\nOn November 30, 2017 (the “WebLife Acquisition Date”), pursuant to the terms of a merger agreement, the Company acquired all shares of WebLife Balance, Inc. (“WebLife”), a browser isolation offerings vendor, to extend its advanced threat protection capabilities into personal email, while preserving the privacy of its users.\nThe Company has estimated fair values of acquired tangible assets, intangible assets and liabilities at the WebLife Acquisition Date. The results of operations and the fair values of the acquired assets and liabilities assumed have been included in the accompanying consolidated financial statements since the WebLife Acquisition Date.\nAt the WebLife Acquisition Date, the consideration transferred was $48,765, net of cash acquired of $278.\nPer the terms of the merger agreement, unvested stock options held by WebLife employees were canceled and exchanged for the Company’s unvested awards. The fair value of $333 of these unvested options was attributed to pre-combination service and included in consideration transferred. The fair value of $1,468 was allocated to post-combination services. The unvested awards are subject to the recipient’s continued service with the Company, and $1,468 is recognized ratably as stock-based compensation expense over the required remaining service period. Also, as part of the merger agreement, 107 shares of the Company’s common stock were deferred for certain key employees with the total fair value of $9,652 (see Note 11 “Equity Award Plans”), which was not included in the purchase price. The deferred shares are subject to forfeiture if employment terminates prior to the lapse of the restrictions, and their fair value is expensed as stock-based compensation expense over the remaining period.\nProofpoint, Inc. Notes to Consolidated Financial Statements (Continued) (dollars and share amounts in thousands, except per share amounts)\nThe following table summarizes the fair values of tangible assets acquired, liabilities assumed, intangible assets and goodwill:\n\n | | Estimated \n--------------------------- | ---------- | -----------\n | | Useful Life\n | Fair value | (in years) \nCurrent assets | $534 | N/A \nFixed assets | 23 | N/A \nLiabilities | (88) | N/A \nDeferred revenue | (700) | N/A \nCustomer relationships | 600 | 5 \nCore/developed technology | 16,600 | 5 \nDeferred tax liability, net | (4,440) | N/A \nGoodwill | 36,514 | Indefinite \n | $49,043 | \n\nWebLife Balance, Inc.\n November 30, 2017 Acquisition acquired shares WebLife Balance. browser vendor threat protection personal email privacy.\n estimated values acquired assets liabilities Acquisition Date. results operations included consolidated financial statements since Acquisition Date.\n consideration transferred $48,765 cash acquired $278.\n unvested stock options canceled exchanged for unvested awards. fair value $333 pre-combination service. fair value $1,468 post-combination services. awards subject continued service $1,468 stock-based compensation expense. 107 shares common stock deferred for key employees fair value $9,652 not included purchase price. deferred shares subject to forfeiture employment terminates fair value expensed stock-based compensation expense.\n Proofpoint, Inc. Consolidated Financial Statements share amounts thousands\n table summarizes fair values assets acquired liabilities assumed intangible assets goodwill\nLife\n value\n assets $534\n Fixed 23\n Liabilities\n Deferred revenue\n Customer relationships\n technology 16,600\n Deferred tax (4,440)\n Goodwill 36,514 Indefinite\n $49,043" +} +{ + "_id": "d1b2fe67a", + "title": "", + "text": "Purchases of Equity Securities by the Issuer and Affiliated Purchasers\nThe following table contains information with respect to purchases made by or on behalf of CalAmp or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act), of our common stock during the following months of our fourth quarter ended February 28, 2019:\n(1) Average price paid per share for shares purchased as part of our share repurchase program (includes brokerage commissions).\n(2) On December 10, 2018, we announced that our Board of Directors authorized a new share repurchase program under which we may repurchase up to $20.0 million of our outstanding common stock over the next 12 months. As of February 28, 2019, $10.0 million of the $20.0 million had been utilized. Our share repurchase program does not obligate us to acquire any specific number of shares. Under the program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.\n\n | Total Number of Shares Purchased | Average Price Paid per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that may be Purchased Under the Plans or Programs (2)\n------------------------------ | -------------------------------- | -------------------------------- | -------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------\nDecember 1 - December 31, 2018 | 75,000 | $12.96 | 75,000 | $19,028,173 \nJanuary 1 - January 31, 2019 | 524,577 | $14.00 | 524,577 | $11,685,543 \nFebruary 1 - February 28, 2019 | 116,042 | $14.53 | 116,042 | $10,000,013 \nTotal | 715,619 | $13.97 | 715,619 | $10,000,013 \n\nPurchases Equity Securities Issuer Affiliated Purchasers\n table purchases CalAmp Rule 10b-18 Exchange common stock fourth quarter February 28, 2019\n Average price share repurchase program brokerage commissions.\n December 10, 2018 Board authorized repurchase program $20. 0 million common stock 12 months. February 28, 2019 $10. 0 million $20. million utilized. program obligate. open market transactions Rule 10b5-1 Exchange Act.\n Total Number Shares Purchased Average Price Paid Share Publicly Announced Plans Programs Approximate Dollar Value Shares\n December 1 31, 2018 75,000 $12. $19,028,173\n January 1 31, 2019 524,577 $14. $11,685,543\n February 1 - 28, 2019 116,042. $10,000,013\n 715,619." +} +{ + "_id": "d1b34f78c", + "title": "", + "text": "Disaggregation of revenue\nThe following table provides information about disaggregated revenue by primary geographical markets:\nThe Company derived over 90%, and approximately 88% and 84% of subscription revenues from RingCentral Office product for the years ended December 31, 2019, 2018 and 2017, respectively\n\n | | Year ended December 31, | \n---------------------------- | ---- | ----------------------- | ----\n | 2019 | 2018 | 2017\nPrimary geographical markets | | | \nNorth America | 93% | 95% | 96% \nOthers | 7% | 5% | 4% \nTotal revenues | 100% | 100% | 100%\n\nDisaggregation revenue\n table disaggregated revenue markets\n Company derived 90% 88% subscription revenues RingCentral Office product years December 2019 2018 2017\n markets\n North America 93% 95%\n Others 7% 5% 4%\n Total revenues 100%" +} +{ + "_id": "d1b39a1ec", + "title": "", + "text": "Recently Adopted Accounting Pronouncements\nOn April 1, 2018, the Company adopted ASU 2014-09-Revenue from Contracts with Customers (ASC 606) and all related amendments (“New Revenue Standard”) using the modified retrospective method. The Company has applied the new revenue standard to all contracts that were entered into after adoption and to all contracts that were open as of the initial date of adoption. The Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The adoption of the new standard impacts the Company's net sales on an ongoing basis depending on the relative amount of revenue sold through its distributors, the change in inventory held by its distributors, and the changes in price concessions granted to its distributors. Previously, the Company deferred revenue and cost of sales on shipments to distributors until the distributor sold the product to their end customer. As required by the new revenue standard, the Company no longer defers revenue and cost of sales, but rather, estimates the effects of returns and allowances provided to distributors and records revenue at the time of sale to the distributor. Sales to non-distributor customers, under both the previous and new revenue standards, are generally recognized upon the Company’s shipment of the product. The cumulative effect of the changes made to the consolidated April 1, 2018 balance sheet for the adoption of the new revenue standard is summarized in the table of opening balance sheet adjustments below. In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on the consolidated income statement and balance sheet for the period ended March 31, 2019 was as follows (in millions):\nThe significant changes in the financial statements noted in the table above are primarily due to the transition from sellthrough revenue recognition to sell-in revenue recognition as required by the New Revenue Standard, which eliminated the balance of deferred income on shipments to distributors, significantly reduced accounts receivable, and significantly increased retained earnings. Prior to the acquisition of Microsemi, Microsemi already recognized revenue on a sell-in basis, so the impact of the adoption of the New Revenue Standard was primarily driven by Microchip's historical business excluding Microsemi.\n\n | | For the year ended March 31, 2019 | \n------------------------------------- | ----------- | ------------------------------------------------- | ---------------------------------\nIncome Statement | As reported | Balances without adoption of New Revenue Standard | Effect of Change Higher / (Lower)\nNet sales | $5,349.5 | $5,380.1 | $(30.6) \nCost of sales | $2,418.2 | $2,434.0 | $(15.8) \nGross profit | $2,931.3 | $2,946.1 | $(14.8) \nIncome before income taxes | $204.5 | $219.3 | $(14.8) \nIncome tax (benefit) provision | $(151.4) | $(149.0) | $(2.4) \nNet income from continuing operations | $355.9 | $368.3 | $(12.4) \n\nAdopted Accounting Pronouncements\n April 1, 2018 Company adopted ASU 2014-09-Revenue from Contracts Customers (ASC 606) amendments (“New Revenue Standard”) modified retrospective method. applied standard contracts after adoption open. recognized cumulative effect adjustment opening balance retained earnings. comparative information not restated reported under accounting standards. adoption standard impacts net sales revenue sold inventory price concessions. deferred revenue cost shipments distributors until. defers estimates returns allowances records revenue sale. Sales to non-distributor customers recognized upon shipment product. cumulative effect changes consolidated April 1, 2018 balance sheet new revenue standard summarized in table opening balance sheet adjustments. impact adoption consolidated income statement balance sheet period ended March 31, 2019 (in\n changes financial statements due transition from sellthrough to sell-in revenue eliminated deferred income shipments distributors reduced accounts receivable increased retained earnings.Microsemi recognized revenue New Revenue Standard driven Microchip business Microsemi.\n year March 31, 2019\n Income Statement Balances without New Revenue Standard Effect Change\n Net sales $5,349. $5,380.\n Cost sales $2,418. $2,434.\n Gross profit $2,931. $2,946.\n Income taxes $204. $219.\n Income tax provision $(151. $(149.\n Net income operations $355. $368. $(12." +} +{ + "_id": "d1b358d14", + "title": "", + "text": "A.4.2 Income\nAs a result of the development described for the segments, Income from continuing operations before income taxes declined 7 %. Severance charges for continuing operations were € 619 million, of which € 492 million were in Industrial Businesses. Accordingly, Adjusted EBITA margin Industrial Businesses excluding severance charges was 11.5 % in fiscal 2019. In fiscal 2018, severance charges for continuing operations were € 923 million, of which € 669 million were in Industrial Businesses.\nThe tax rate of 25% for fiscal 2019 was below the tax rate of 26% for the prior year, benefiting mainly from the reversal of income tax provisions outside Germany. As a result, Income from continuing operations declined 6%.\nIncome from discontinued operations, net of income taxes in the prior year included positive effects from the release of a provision related to former Communications activities.\nThe decline in basic earnings per share reflects the decrease of Net income attributable to Shareholders of Siemens AG, which was € 5,174 million in fiscal 2019 compared to € 5,807 million in fiscal 2018, partially offset by a lower number of weighted average shares outstanding. Basic earnings per share excluding severance charges was € 6.93.\nAs expected, ROCE at 11.1 % was below the target range set in our Siemens Financial Framework, reflecting in particular the effects from portfolio transactions in recent years, including the acquisitions of Mentor and Mendix at Digital Industries and the merger of Siemens’ wind power business with Gamesa Corporación Tecnológica, S. A. that created SGRE. The decline year-over-year was due both to lower income before interest after tax and to higher average capital employed.\n\n | | Fiscal year | \n-------------------------------------------------------- | ------- | ----------- | --------\n(in millions of €, earnings per share in €) | 2019 | 2018 | % Change\nDigital Industries | 2,880 | 2,898 | (1) % \nSmart Infrastructure | 1,500 | 1,574 | (5) % \nGas and Power | 679 | 722 | (6) % \nMobility | 983 | 958 | 3 % \nSiemens Healthineers | 2,461 | 2,221 | 11 % \nSiemens Gamesa Renewable Energy | 482 | 483 | 0 % \nIndustrial Businesses | 8,986 | 8,857 | 1 % \nAdjusted EBITA margin Industrial Businesses | 10.9 % | 11.1 % | \nFinancial Services | 632 | 633 | 0 % \nPortfolio Companies | (71) | (305) | 77 % \nReconciliation to Consolidated Financial Statements | (2,028) | (1,135) | (79) % \nIncome from continuing operations before income taxes | 7,518 | 8,050 | (7) % \nIncome tax expenses | (1,872) | (2,054) | 9 % \nIncome from continuing operations | 5,646 | 5,996 | (6) % \nIncome from discontinued operations, net of income taxes | 3 | 124 | (98) % \nNet income | 5,648 | 6,120 | (8) % \nBasic earnings per share | 6.41 | 7.12 | (10) % \nROCE | 11.1 % | 12.6 % | \n\n. Income\n Income continuing operations declined 7 %. Severance charges € 619 million € 492 million Industrial Businesses. Adjusted EBITA margin Industrial Businesses 11. 5 % 2019. 2018 € 923 million € 669 million Industrial Businesses.\n tax rate 25% 2019 below 26% prior year reversal income tax provisions Germany. Income operations declined 6%.\n discontinued operations positive effects provision Communications activities.\n decline earnings per share Net income Shareholders Siemens AG € 5,174 million 2019 € million 2018 lower shares. earnings per share € 6. 93.\n ROCE 11. 1 % below target range Siemens Financial Framework portfolio transactions Mentor Mendix merger wind power business Gamesa Corporación Tecnológica. decline lower income before interest tax higher average capital employed.\n earnings per share\n Digital Industries 2,880\n Smart Infrastructure\n Gas Power\n Mobility 983\nHealthineers 2,461 11 %\n Renewable Energy 482 483 0\n Industrial Businesses 8,986 8,857 1\n EBITA. %.\n Financial Services 632 633\n Portfolio Companies 77 %\n Reconciliation Financial Statements (2,028) (1,135\n Income operations taxes 7,518 8,050\n tax expenses (1,872) (2,054) 9\n 5,646 5,996\n discontinued operations taxes\n Net income 5,648 6,120 (8)\n earnings share.\n." +} +{ + "_id": "d1b389a04", + "title": "", + "text": "Provision for Income Taxes\nThe effective income tax rate is calculated by dividing the provision for income taxes by income before income taxes. The effective income tax rate for 2019 was 13.0% compared to 18.3% for 2018.\nThe decrease in the effective income tax rate and the provision for income taxes was primarily due to the recognition of approximately $2.2 billion of a non-recurring tax benefit in connection with the disposition of preferred stock, representing a minority interest in a foreign affiliate in 2019 compared to the non-recurring deferred tax benefit of approximately $2.1 billion as a result of an internal reorganization of legal entities within the historical Wireless business, which was offset by a goodwill charge that is not deductible for tax purposes in 2018.\nA reconciliation of the statutory federal income tax rate to the effective income tax rate for each period is included in Note 12 to the consolidated financial statements.\n\n | | | (dollars in millions) Increase/ (Decrease) | \n-------------------------- | ------ | ------- | ------------------------------------------ | -------\nYears Ended December 31, | 2019 | 2018 | 2019 vs. 2018 | \nProvision for income taxes | $2,945 | $ 3,584 | $ (639) | (17.8)%\nEffective income tax rate | 13.0% | 18.3% | | \n\nTaxes\n tax rate calculated before. 2019 13. 0% 18. 3% 2018.\n decrease due $2. 2 billion non-recurring tax benefit disposition preferred stock 2019 deferred tax benefit $2. 1 billion reorganization Wireless offset goodwill charge not deductible 2018.\n reconciliation statutory federal income tax rate Note 12 consolidated financial statements.\n millions Increase (Decrease\n Ended December 31, 2019 2018.\n Provision income taxes $2,945 $ 3,584 $ (639) (17. 8)%\n Effective income tax rate 13. 0% 18. 3%" +} +{ + "_id": "d1b3b2c2e", + "title": "", + "text": "16. Restructuring and other exit costs, net\nDuring the fourth quarter of fiscal year 2018, the Board of Directors approved a world-wide restructuring plan (“Fiscal 2018 Plan”) to support the Company's strategic priorities of completing the subscription transition, digitizing the Company, and re-imagining manufacturing, construction, and production. Through the restructuring, Autodesk seeks to reduce its investments in areas not aligned with its strategic priorities, including in areas related to research and development and go-to-market activities. At the same time, Autodesk plans to further invest in strategic priority areas related to digital infrastructure, customer success, and construction. By re-balancing resources to better align with the Company’s strategic priorities, Autodesk is positioning itself to meet its long-term goals. This world-wide restructuring plan included a reduction in force of approximately 11% of the Company’s workforce, or 1,027 employees, and the consolidation of certain leased facilities. By January 31, 2019, the personnel and facilities related actions included in this restructuring plan were substantially complete.\nDuring Fiscal 2019, restructuring charges under the Fiscal 2018 Plan included $39.2 million in employee termination benefits and $3.2 million in lease termination and other exit costs.\nThe following tables set forth the restructuring charges and other facility exit costs, net during the fiscal years ended January 31, 2019 and 2018:\n(1) Adjustments primarily relate to the impact of foreign exchange rate changes, settlement of lease contracts, and certain write offs related to fixed assets.\n(2) The current portions of the reserve are recorded in the Consolidated Balance Sheets under “Other accrued liabilities.” There was no non-current portion as of January 31, 2019.\n\n | Balances, January 31, 2018 | Additions | Payments | Adjustments (1) | Balances, January 31, 2019\n------------------------------------------ | -------------------------- | --------- | -------- | --------------- | --------------------------\nFiscal 2018 Plan | | | | | \nEmployee terminations costs | $53.0 | $39.2 | $(89.7) | $(0.5) | $2.0 \nFacility terminations and other exit costs | 2.5 | 3.2 | (5.7) | 0.1 | 0.1 \nTotal | $55.5 | $42.4 | $(95.4) | $(0.4) | $2.1 \nCurrent portion (2) | $55.5 | | | | $2.1 \nTotal | $55.5 | | | | $2.1 \n\n. Restructuring exit costs\n fourth quarter fiscal 2018 Board Directors approved restructuring plan 2018 subscription transition digitizing re-imagining manufacturing construction production. Autodesk investments research development go-to-market. plans digital infrastructure customer success construction. re-balancing resources long-term goals. restructuring plan reduction 11% workforce 1,027 employees consolidation leased facilities. January 31, 2019 personnel facilities actions complete.\n restructuring charges included $39. 2 million employee termination benefits $3. 2 million lease termination exit costs.\n tables restructuring charges exit costs fiscal years January 31, 2019\n Adjustments foreign exchange rate changes settlement lease contracts write offs fixed assets.\n current portions reserve Consolidated Balance Sheets accrued liabilities. no non-current portion January 31, 2019.\n Balances January 31, 2018\n Fiscal 2018 Plan\n Employee terminations costs $53. $39. $2.\nFacility terminations exit costs. 5. 2. 7). 1.\n $55. 5. 4. 4). $2.\n $55. 5 $2.\n $55. 5." +} +{ + "_id": "d1b304854", + "title": "", + "text": "Expected Cash Flows\nThe Combined Pension Plan payments, post-retirement health care benefit payments and premiums, and life insurance premium payments are either distributed from plan assets or paid by us. The estimated benefit payments provided below are based on actuarial assumptions using the demographics of the employee and retiree populations and have been reduced by estimated participant contributions.\n\n | Combined Pension Plan | Post-Retirement Benefit Plans | Medicare Part D Subsidy Receipts\n---------------------------------- | --------------------- | ----------------------------- | --------------------------------\n | | (Dollars in millions) | \nEstimated future benefit payments: | | | \n2020 | $971 | 242 | (6) \n2021 | 921 | 238 | (6) \n2022 | 893 | 232 | (6) \n2023 | 868 | 226 | (5) \n2024 | 842 | 219 | (5) \n2025-2029 | 3,813 | 986 | (20) \n\nCash Flows\n Combined Pension Plan post-retirement health care life insurance distributed paid. estimated actuarial assumptions retiree reduced participant contributions.\n Combined Pension Plan Post-Retirement Benefit Plans Medicare Part D Subsidy Receipts\n Estimated future benefit payments\n 2020 $971\n 2021 921\n 2022 893 232\n 2023\n 2024 842\n 2025-2029 3,813 986" +} +{ + "_id": "d1b36be46", + "title": "", + "text": "Unbilled receivables are client committed amounts for which revenue recognition precedes billing, and billing is solely subject to the passage of time.\nUnbilled receivables are expected to be billed in the future as follows\n\n(Dollars in thousands) | December 31, 2019 | \n---------------------- | ----------------- | ----\n1 year or less | $180,219 | 60% \n1-2 years | 91,132 | 30% \n2-5 years | 30,604 | 10% \n | $301,955 | 100%\n\nUnbilled receivables client revenue billing subject time.\n future\n December 31, 2019\n 1 year $180,219 60%\n 1-2 years 91,132 30%\n 2-5 years 30,604\n $301,955 100%" +} +{ + "_id": "d1b350d80", + "title": "", + "text": "LONG-TERM DEBT\nIn addition to the Facility, the Company also had the following long-term obligations at fiscal 2019 and fiscal 2018.\n\n | 2019 | 2018 \n---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------- | ------------\nNote payable to a bank (“Real Estate Loan”), interest payable at a fixed rate of 2.99% with monthly installments of principal and interest of $38,344 through August 2021 with remaining principal due September 2021, collateralized by three distribution facilities | $ 2,263,040 | $ 2,648,179\nNote payable, interest payable at a fixed rate of 4.50% with quarterly installments of principal and interest of $49,114 through June 2023 with remaining principal due September 2023 | 1,395,351 | 1,476,772 \nNote payable, interest-free with varying installments during fiscal 2019 | — | 629,746 \n | 3,658,391 | 4,754,697 \nLess current maturities | (532,747) | (1,096,306) \n | $3,125,644 | $3,658,391 \n\n-TERM DEBT\n Company long-term obligations 2019 2018.\n Estate 2. 99% monthly installments $38,344 August 2021 September 2021 collateralized facilities 2,263,040 2,648,179\n 4. 50% quarterly installments $49,114 June 2023 September 1,395,351 1,476,772\n interest-free varying installments 2019 629,746\n 3,658,391 4,754,697\n maturities,747 (1,096,306)\n $3,125,644,658,391" +} +{ + "_id": "d1a7331d8", + "title": "", + "text": "The fair value of the derivative feature of the 127,346 and 295,945 warrants issued to the placement agent of the Company’s 2016 private offering and to a holder of its debt for debt cancellation in connection with the Merger, respectively on the issuance dates and at the balance sheet date were calculated using a Black-Scholes option model valued with the following assumptions:\nRisk-free interest rate: The Company uses the risk-free interest rate of a U.S. Treasury Note with a similar expected term on the date of measurement.\nDividend yield: The Company uses a 0% expected dividend yield as the Company has not paid dividends to date and does not anticipate declaring dividends in the near future.\nVolatility: The Company calculates the expected volatility of the stock price based on the corresponding volatility of the Company’s peer group stock price for a period consistent with the warrants’ expected term.\nExpected term: The Company’s expected term is based on the remaining contractual maturity of the warrants.\nDuring the year ended December 31, 2019 and 2018, the Company marked the derivative feature of the warrants to fair value and recorded a loss of $343,857 and a gain\nof $250,241 relating to the change in fair value, respectively.\n\n | December 31, 2018 | December 31, 2019\n----------------------- | ----------------- | -----------------\nExercise price | 1.25 | 1.25 \nRisk-free interest rate | 2.46% | 1.59% \nDividend yield | 0.00% | 0.00% \nExpected volatility | 152% | 133% \nContractual term | 2.15 years | 1.15 years \n\nfair value derivative feature 127,346 295,945 warrants 2016 private offering holder cancellation Merger calculated Black-Scholes option model assumptions\n Risk-free interest rate U. S. Treasury Note similar expected term.\n Dividend yield 0% expected dividend yield not.\n Volatility calculates volatility stock price peer group stock price warrants’ expected term.\n Expected term based remaining contractual maturity warrants.\n December 31, 2019 2018 marked derivative feature warrants fair value recorded loss $343,857 gain\n $250,241 change fair value.\n Exercise price. 25.\n Risk-free interest rate 2. 46%. 59%\n Dividend yield.\n Expected volatility 152% 133%\n Contractual term. 15 years." +} +{ + "_id": "d1b38c074", + "title": "", + "text": "Cash Flows\nThe following table summarizes our cash flows for the years ended December 31, 2019, 2018 and 2017 (in thousands):\nAt December 31, 2019, $6.7 million of the $539.7 million of cash, cash equivalents and restricted cash was held by foreign subsidiaries. Our intention is to indefinitely reinvest foreign earnings in our foreign subsidiaries. If these earnings were used to fund domestic operations, they would be subject to additional income taxes upon repatriation.\n\n | | Year Ended December 31, | \n----------------------------------------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nCash, cash equivalents and restricted cash at beginning of period | $60,068 | $103,051 | $60,765 \nCash provided by operating activities | 10,317 | 3,295 | 4,863 \nCash used in investing activities | (24,574) | (48,413) | (70,972)\nCash provided by financing activities | 494,101 | 3,099 | 108,475 \nEffects of exchange rates on cash, cash equivalents and restricted cash | (250) | (964) | (80) \nCash, cash equivalents and restricted cash at end of period | $539,662 | $60,068 | $103,051\n\nCash Flows\n table summarizes flows 2019 2018 2017\n December 31, 2019 $6. 7 million $539. 7 million cash foreign subsidiaries. reinvest foreign earnings. income taxes repatriation.\n Ended December\n 2019 2018 2017\n $60,068 $103,051 $60,765\n operating 10,317 3,295 4,863\n investing (24,574 (48,413) (70,972)\n financing,101 3,099 108,475\n Effects exchange rates cash (250 (964)\n end period $539,662 $60,068 $103,051" +} +{ + "_id": "d1b364948", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nWe expect to make $493 of contributions to the U.S. plans and $261 of contributions to the non-U.S. plans during 2020.\nThe following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:\n\n | U.S. Pension Plans | Non-U.S. Pension Plans | Post-Retirement Life Insurance Plan\n--------- | ------------------ | ---------------------- | -----------------------------------\n2020 | $15,514 | $46 | $393 \n2021 | 15,399 | 54 | 377 \n2022 | 15,218 | 82 | 362 \n2023 | 14,983 | 69 | 347 \n2024 | 14,706 | 84 | 332 \n2025-2029 | 68,594 | 715 | 1,468 \nTotal | $144,414 | $1,050 | $3,279 \n\nFINANCIAL STATEMENTS\n expect $493 contributions. $261 non. 2020.\n benefit payments future service\n. Non. Post-Retirement Life Insurance Plan\n 2020 $15,514 $46 $393\n 2021 15,399\n 2022 15,218\n 2023 14,983 69\n 2024 14,706 84 332\n 2025-2029 68,594 715 1,468\n $144,414 $1,050 $3,279" +} +{ + "_id": "d1b34dca2", + "title": "", + "text": "The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our consolidated balance sheets as of December 31, 2019 and 2018 to the total of such amounts as presented in the consolidated statements of cash flows (in thousands):\n(1) See Note 7. “Restricted Cash and Investments” to our consolidated financial statements for discussion of our “Restricted cash” arrangements.\nDuring the year ended December 31, 2019, we sold marketable securities for proceeds of $52.0 million and realized no gain or loss on such sales. During the years ended December 31, 2018 and 2017, we sold marketable securities for proceeds of $10.8 million and $118.3 million, respectively, and realized gains of less than $0.1 million on such sales in each respective period. See Note 11. “Fair Value Measurements” to our consolidated financial statements for information about the fair value of our marketable securities.\n\n | Balance Sheet Line Item | 2019 | 2018 \n------------------------------------------------- | ----------------------------------------- | ----------- | -----------\nCash and cash equivalents | Cash and cash equivalents | $ 1,352,741 | $ 1,403,562\nRestricted cash – current (1) | Prepaid expenses and other current assets | 13,697 | 19,671 \nRestricted cash – noncurrent (1) . | Restricted cash and investments | 80,072 | 139,390 \nTotal cash, cash equivalents, and restricted cash | | $ 1,446,510 | $ 1,562,623\n\ntable cash equivalents restricted cash balance sheets December 31, 2019 2018\n Note 7. “Restricted Cash.\n 2019 sold securities $52. 0 million no gain loss. 2018 2017 sold $10. 8 million $118. 3 million gains less than $0. 1 million. Note 11. “Fair Value Measurements”.\n Balance Sheet Line Item 2019 2018\n Cash equivalents $ 1,352,741 $ 1,403,562\n Restricted cash current Prepaid expenses assets 13,697 19,671\n Restricted cash noncurrent. investments 80,072 139,390\n Total cash equivalents restricted cash $ 1,446,510 $ 1,562,623" +} +{ + "_id": "d1b3b9e5c", + "title": "", + "text": "The following table summarizes the components of the intangible assets acquired and their estimated useful lives by VMware in conjunction with the acquisition (amounts in table in millions):\nThe excess of the purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The estimated fair value assigned to the tangible assets, identifiable intangible assets, and assumed liabilities were based on management's estimates and assumptions. The initial allocation of the purchase price was based on preliminary valuations and assumptions and is subject to change within the measurement period, including current and non-current income taxes payable and deferred taxes as additional information is received and tax returns are finalized. VMware expects to finalize the allocation of the purchase price within the measurement period. Management expects that goodwill and identifiable intangible assets will not be deductible for tax purposes.\n\n | Weighted-Average Useful Lives (in years) | Fair Value Amount\n----------------------------------------- | ---------------------------------------- | -----------------\nPurchased technology | 4.2 | $232 \nCustomer relationships and customer lists | 7.0 | 215 \nTrademarks and tradenames | 5.0 | 25 \nOther | 2.0 | 20 \nTotal definite-lived intangible assets | | $492 \n\ntable summarizes intangible assets acquired estimated useful lives VMware\n excess purchase consideration over fair value recorded as goodwill. estimated fair value assumed liabilities based management estimates assumptions. initial allocation purchase price preliminary valuations subject change deferred information returns. VMware expects finalize allocation purchase price. goodwill assets not deductible tax.\n Weighted-Average Useful Lives years Fair Value Amount\n Purchased technology. $232\n Customer relationships lists.\n Trademarks tradenames.\n Other.\n Total definite-lived intangible assets $492" +} +{ + "_id": "d1b379460", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n21. Related Party Transactions\nThe Group had the following balances with related parties which have been included in the consolidated statements of financial position:\nCurrent Assets\nDividends receivable and other amounts due from related parties\nOn June 28, 2019, GasLog transferred to Golar its 100 shares of the common capital stock of the Cool Pool Limited (Note 1). As of December 31, 2019, the receivable balance from the Cool Pool is nil.\n\n | As of December 31, | \n-------------------------------------------- | ------------------ | ----\n | 2018 | 2019\nDividends receivable from associate (Note 5) | 885 | 450 \nDue from The Cool Pool Limited | 32,397 | — \nOther receivables | 113 | 123 \nTotal | 33,395 | 573 \n\nGasLog Ltd. Subsidiaries\n consolidated financial statements\n years December 2017 2018 2019\n amounts U. S. Dollars\n. Related Party Transactions\n balances parties consolidated statements\n Assets\n Dividends receivable amounts due\n June 28, 2019 GasLog transferred Golar 100 shares Cool Pool Limited. December 31, 2019 receivable balance Cool Pool nil.\n Dividends receivable\n Cool Pool 32,397\n receivables\n 33,395" +} +{ + "_id": "d1b30d418", + "title": "", + "text": "5. Goodwill and Purchased Intangible Assets\n(b) Purchased Intangible Assets\nThe following tables present details of our purchased intangible assets (in millions):\nPurchased intangible assets include intangible assets acquired through acquisitions as well as through direct purchases or licenses.\nImpairment charges related to purchased intangible assets were approximately $47 million for fiscal 2017. Impairment charges were as a result of declines in estimated fair value resulting from the reduction or elimination of expected future cash flows associated with certain of our technology and IPR&D intangible assets.\n\nJuly 27, 2019 | Gross | Accumulated Amortization | Net \n------------------------------------------------------------ | ------ | ------------------------ | ------\nPurchased intangible assets with finite lives: | | | \nTechnology . | $3,270 | $(1,933) | $1,337\nCustomer relationships . | 840 | (331) | 509 \nOther | 41 | (22) | 19 \nTotal purchased intangible assets with finite lives | 4,151 | (2,286) | 1,865 \nIn-process research and development, with indefinite lives . | 336 | — | 336 \nTotal . | $4,487 | $(2,286) | $2,201\n\n. Goodwill Purchased Intangible Assets\n tables assets\n direct purchases licenses.\n Impairment charges $47 million 2017. declines fair value future cash flows technology IPR&D assets.\n July 27, 2019 Accumulated Amortization\n Purchased intangible assets finite lives\n Technology. $3,270 $(1,933) $1,337\n Customer relationships. 840\n intangible assets finite lives 4,151 (2,286) 1,865\n In-process research development indefinite lives. 336\n. $4,487,286) $2,201" +} +{ + "_id": "d1b353846", + "title": "", + "text": "Restricted Stock and Restricted Stock Units (\"Restricted Stock Awards\")\nAs of August 29, 2019, there were 16 million shares of Restricted Stock Awards outstanding, 14 million of which contained only service conditions. For service-based Restricted Stock Awards, restrictions generally lapse in one-fourth or one-third increments during each year of employment after the grant date. Restrictions lapse on Restricted Stock granted in 2019 with performance or market conditions over a three-year period if conditions are met. At the end of the performance period, the number of actual shares to be awarded will vary between 0% and 200% of target amounts, depending upon the achievement level. Restricted Stock Awards activity for 2019 is summarized as follows:\n\n | Number of Shares | Weighted-Average Grant Date Fair Value Per Share\n--------------------------------- | ---------------- | ------------------------------------------------\nOutstanding as of August 30, 2018 | 15 | $25.18 \nGranted | 9 | 41.11 \nRestrictions lapsed | (6) | 24.22 \nCanceled | (2) | 24.79 \nOutstanding as of August 29, 2019 | 16 | 34.72 \n\nRestricted Stock Units\n August 29, 2019 16 million shares 14 million service conditions. restrictions lapse one-fourth-third grant. Restrictions lapse 2019 three-year met. shares awarded vary 0% 200% target achievement level. Awards activity 2019\n Number Shares Weighted-Average Grant Date Value Per Share\n Outstanding August 30, 2018 $25. 18\n Granted 41.\n Restrictions lapsed 24.\n Canceled 24. 79\n Outstanding August 29, 2019 34. 72" +} +{ + "_id": "d1b374d48", + "title": "", + "text": "Property and Equipment\nProperty and equipment is recorded at cost and consists of furniture, computers, other office equipment, and leasehold improvements. We depreciate the cost of furniture, computers, and other office equipment on a straight-line basis over their estimated useful lives (five years for office equipment, seven years for furniture and fixtures). Leasehold improvements are depreciated over the lesser of their useful lives or the term of the lease. Depreciation and amortization expense for 2019, 2018, and 2017 was approximately $8.0 million, $8.6 million, and $9.1 million, respectively, and was included in “Depreciation and amortization” in the Consolidated Statements of Income. Amortization expense on intangible assets in 2019, 2018 and 2017 was immaterial.\nProperty and equipment, at cost, consist of the following (in thousands):\n\n | December 31 | \n----------------------------- | ----------- | ---------\n | 2019 | 2018 \nOffice equipment | $ 38,373 | $ 39,633 \nFurniture and fixtures | 5,017 | 4,610 \nLeasehold improvement | 23,534 | 19,430 \nProperty and equipment, gross | 66,924 | 63,673 \nLess accumulated depreciation | (44,199 ) | (49,355 )\nProperty and equipment, net | $ 22,725 | $ 14,318 \n\nProperty Equipment\n recorded cost furniture computers office leasehold improvements. depreciate useful lives years seven years. Leasehold improvements depreciated lives. Depreciation amortization expense 2019 2018 2017 $8. 0 million $8. 6 million $9. 1 million Consolidated Statements Income. intangible assets.\n Office equipment $ 38,373 $ 39,633\n Furniture fixtures 5,017\n Leasehold improvement 23,534 19,430\n equipment 66,924 63,673\n accumulated depreciation (44,199 (49,355\n net $ 22,725 $ 14,318" +} +{ + "_id": "d1b31c580", + "title": "", + "text": "Identifiable intangible assets\nThe Company's identifiable intangible assets represent intangible assets acquired in the Brink Acquisition, the Drive-Thru Acquisition, the Restaurant Magic Acquisition and software development costs. The Company capitalizes certain software development costs for software used in its Restaurant/Retail reporting segment. Software development costs incurred prior to establishing technological feasibility are charged to operations and included in research and development costs.\nThe technological feasibility of a software product is established when the Company has completed all planning, designing, coding, and testing activities that are necessary to establish that the software product meets its design specifications, including functionality, features, and technical performance requirements.\nSoftware development costs incurred after establishing technological feasibility for software sold as a perpetual license, (as defined within ASC 985-20, Software – \"Costs of Software to be sold, Leased, or Marketed\" - for software cost related to sold as a perpetual license) are capitalized and amortized on a product-by-product basis when the software product is available for general release to customers.\nIncluded in \"Acquired and internally developed software costs\" in the table below are approximately $2.5 million and $3.0 million of costs related to software products that have not satisfied the general release threshold as of December 31, 2019 and December 31, 2018, respectively. These software products are expected to satisfy the general release threshold within the next 12 months.\nSoftware development is also capitalized in accordance with ASC 350-40, “Intangibles - Goodwill and Other - Internal - Use Software,” and is amortized over the expected benefit period, which generally ranges from three to seven years. Long-lived assets are tested for impairment when events or conditions indicate that the carrying value of an asset may not be fully recoverable from future cash flows. Software costs capitalized during the years ended 2019 and 2018 were $4.1 million and $3.9 million, respectively.\nAnnual amortization charged to cost of sales when a product is available for general release to customers is computed using the greater of (a) the straight-line method over the remaining estimated economic life of the product, generally three to seven years or (b) the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product. Amortization of capitalized software costs amounted to $3.3 million and $3.5 million, in 2019 and 2018, respectively.\nThe components of identifiable intangible assets, excluding discontinued operations, are:\n\n | December 31, | | \n------------------------------------------------------------------------- | -------------- | -------- | ---------------------\n | (in thousands) | | \n | 2019 | 2018 | Estimated Useful Life\nAcquired and internally developed software costs | $36,137 | $18,972 | 3 - 7 years \nCustomer relationships | 4,860 | 160 | 7 years \nNon-compete agreements | 30 | 30 | 1 year \n | 41,027 | 19,162 | \nLess accumulated amortization | (12,389) | (11,708) | \n | $28,638 | $7,454 | \nInternally developed software costs not meeting general release threshold | 2,500 | 3,005 | \nTrademarks, trade names (non-amortizable) | 1,810 | 400 | Indefinite \n | $32,948 | $10,859 | \n\nintangible assets\n Company acquired Brink Drive-Thru Restaurant Magic Acquisition software development costs. capitalizes software costs Restaurant/Retail reporting segment. costs feasibility charged to operations in research development costs.\n technological feasibility established when planning designing coding testing specifications functionality performance.\n costs after for perpetual license capitalized amortized product-by when available for release.\n \"Acquired internally developed software costs $2. 5 million $3. 0 million products not general release threshold December 31, 2019 31, 2018. expected to satisfy threshold next 12 months.\n Software development capitalized ASC 350-40 amortized over expected benefit period three to seven years. Long-lived assets tested for impairment when recoverable. Software costs capitalized 2019 2018 were $4. 1 million $3. 9 million.\nAnnual amortization cost sales computed straight-line method economic life three seven years ratio current future revenues. Amortization capitalized software costs $3. 3 million $3. 5 million 2019 2018.\n intangible assets\n 2018\n Acquired software costs $36,137 $18,972 3 - 7 years\n Customer relationships 4,860 7 years\n Non-compete agreements 1\n 41,027 19,162\n Less accumulated amortization (12,389\n $28,638 $7,454\n Internally developed software costs release threshold 2,500\n Trademarks names-amortizable 1,810\n $32,948 $10,859" +} +{ + "_id": "d1b390fa2", + "title": "", + "text": "Summary of Consolidated Cash Flows\nThe below table summarizes the cash provided or used in our activities and the amount of the respective changes between the periods (in millions):\nOperating Activities Cash provided by operating activities was $110.5 million for the year ended December 31, 2019 as compared to cash provided by operating activities of $341.4 million for the year ended December 31, 2018. The $230.9 million decrease was the result of the recapture of reinsurance treaties by our Insurance segment in 2018 and was offset in part by improved performance of the Insurance segment subsequent to the KIC acquisition, significant reduction of losses at the Broadcasting segment driven by the cost cutting measures, and an increase in the working capital at our Telecommunications segments.\nInvesting Activities Cash used in investing activities was $263.7 million for the year ended December 31, 2019 as compared to cash used in investing activities of $224.6 million for the year ended December 31, 2018. The $39.1 million increase in cash used was a result of (i) an increase in net cash spent at our Insurance segment driven by purchases of investments from the residual cash received from the KIC acquisition and reinsurance recaptures in 2018, (ii) a decrease in cash proceeds received at our Life Sciences segment, from the 2018 upfront payment and 2019 escrow release related to the sale of BeneVir in the prior period, and (iii) an increase in cash used at our Energy segment to acquire ampCNG stations in 2019. These decreases were largely offset by a reduction in cash used by our Construction segment, driven by the acquisition of GrayWolf in 2018, and a reduction in cash used by our Broadcasting segment as less cash was used on its acquisitions in the current year compared to 2018.\nThis was largely offset by a reduction in net cash used by the Insurance segment's purchases of investments, as in the prior period the Insurance segment purchased investments from the cash received from the acquisition of KIC.\nFinancing Activities Cash provided by financing activities was $62.4 million for the year ended December 31, 2019 as compared to $115.2 million for the year ended December 31, 2018. The $52.8 million decrease was a result of a decrease in net borrowings by the Construction and Broadcasting segments, and offset in part by the increase in net borrowings by the Energy segment and Corporate segment, and a decline in cash paid to noncontrolling interest holders driven by the proceeds from our Life Sciences segment's sale of BeneVir in 2018.\n\nYears Ended December 31, | | | \n------------------------------------------------------------ | ------- | ------- | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nOperating activities | $110.5 | $341.4 | $(230.9) \nInvesting activities | (263.7) | (224.6) | (39.1) \nFinancing activities | 62.4 | 115.2 | (52.8) \nEffect of exchange rate changes on cash and cash equivalents | 1.0 | (0.5) | 1.5 \nNet decrease in cash,cash equivalents and restricted cash | $(89.8) | $231.5 | $(321.3) \n\nSummary Consolidated Cash Flows\n table summarizes cash activities changes between periods\n Operating Activities Cash $110. 5 million December 31, 2019 $341. 4 million 2018. $230. 9 million decrease recapture reinsurance treaties Insurance segment 2018 offset by improved performance KIC acquisition reduction losses Broadcasting increase working capital Telecommunications segments.\n Investing Activities Cash $263. 7 million December 2019 $224. 6 million 2018. $39. 1 million increase increase net cash Insurance segment purchases KIC acquisition reinsurance recaptures 2018 decrease cash proceeds Life Sciences segment 2018 2019 sale BeneVir increase cash Energy segment ampCNG stations 2019. decreases offset by reduction cash Construction segment acquisition GrayWolf 2018 reduction Broadcasting segment less cash acquisitions 2018.\n offset by reduction net cash Insurance segment's purchases acquisition KIC.\n Financing Activities Cash $62. 4 million December 31, 2019 $115. 2 million 2018. $52.8 million decrease Construction Broadcasting offset Energy Corporate decline cash noncontrolling holders Life Sciences sale BeneVir 2018.\n Years Ended December 31,\n Increase\n Operating activities $110. 5 $341. 4(230.\n Investing (263. (224. (39.\n Financing 62. 115. (52.\n Effect exchange rate changes cash equivalents 1.\n decrease cash equivalents restricted cash $(89. 8) $231. 5(321." +} +{ + "_id": "d1a719490", + "title": "", + "text": "Share-based Compensation Our Board of Directors may grant share-based awards from our shareholder approved Amended and Restated Consolidated Communications Holdings, Inc. 2005 Long-Term Incentive Plan (the “Plan”). The Plan permits the issuance of awards in the form of stock options, stock appreciation rights, stock grants, stock unit grants and other equity-based awards to eligible directors and employees at the discretion of the Compensation Committee of the Board of Directors.\nOn April 30, 2018, the shareholders approved an amendment to the Plan to increase by 2,000,000 the number of shares of our common stock authorized for issuance under the Plan and extend the term of the Plan through April 30, 2028.\nWith the amendment, approximately 4,650,000 shares of our common stock are authorized for issuance under the Plan, provided that no more than 300,000 shares may be granted in the form of stock options or stock appreciation rights to any eligible employee or director in any calendar year. Unless terminated sooner, the Plan will continue in effect until April 30, 2028.\nWe measure the fair value of RSAs based on the market price of the underlying common stock on the date of grant. We recognize the expense associated with RSAs on a straight-line basis over the requisite service period, which generally ranges from immediate vesting to a four year vesting period.\nWe implemented an ongoing performance-based incentive program under the Plan. The performance-based incentive program provides for annual grants of PSAs. PSAs are restricted stock that are issued, to the extent earned, at the end of each performance cycle.\nUnder the performance-based incentive program, each participant is given a target award expressed as a number of shares, with a payout opportunity ranging from 0% to 120% of the target, depending on performance relative to predetermined goals. An estimate of the number of PSAs that are expected to vest is made, and the fair value of the PSAs is expensed utilizing the fair value on the date of grant over the requisite service period.\nThe following table summarizes grants of RSAs and PSAs under the Plan during the years ended December 31, 2019, 2018 and 2017:\n\n | | | Year Ended December 31, | | | \n------------ | ------- | --------------------- | ----------------------- | --------------------- | ------- | ---------------------\n | 2019 | Grant Date Fair Value | 2018 | Grant Date Fair Value | 2017 | Grant Date Fair Value\nRSAs Granted | 551,214 | $ 9.87 | 478,210 | $ 12.45 | 124,100 | $ 23.12 \nPSAs Granted | 371,672 | $ 12.45 | - | $ - | 36,982 | $ 23.27 \nTotal | 922,886 | | 478,210 | | 161,082 | \n\nShare-based Compensation Board Directors grant share-based awards Consolidated Communications Holdings,. 2005 Long-Term Incentive Plan. permits stock options appreciation rights grants unit grants equity-based awards directors employees discretion Compensation Committee Board.\n April 30, 2018 shareholders approved amendment increase 2,000,000 shares common stock term through April 30, 2028.\n 4,650,000 shares authorized issuance no more than 300,000 shares granted stock options appreciation rights employee director. Plan until April 30, 2028.\n fair value market price common stock date grant. recognize expense-line service period to four year.\n performance-based incentive program. annual grants PSAs. restricted stock issued end performance cycle.\n participant target award shares payout opportunity 0% to 120% target depending performance. estimate PSAs fair value expensed fair value date grant.\n table summarizes grants RSAs PSAs Plan December 31, 2019 2018 2017:\nYear Ended December 31,\n 2019 Grant Date 2018 2017\n Granted 551,214 $ 9. 87 478,210 $ 12. 45 124,100 $ 23.\n Granted 371,672 $ 12. 45 36,982 $ 23.\n 922,886,210 161,082" +} +{ + "_id": "d1b398126", + "title": "", + "text": "MARKET PRICES OF COMMON STOCK\nThe common stock of the Company is listed on the NASDAQ Global Market under the symbol “FEIM.”\n\nFiscal Quarter | High Sale | Low Sale\n-------------- | --------- | --------\n2019 | | \nFirst Quarter | $8.95 | $7.30 \nSecond Quarter | 11.38 | 7.80 \nThird Quarter | 13.38 | 9.60 \nFourth Quarter | 13.52 | 10.80 \n2018 | | \nFirst Quarter | $10.76 | $ 7.91 \nSecond Quarter | 10.00 | 7.53 \nThird Quarter | 9.94 | 8.66 \nFourth Quarter | 10.59 | 8.55 \n\nMARKET PRICES COMMON\n stock Market.\n High Low Sale\n First Quarter $8. 95 $7. 30\n Second Quarter 11. 7.\n Third Quarter 13. 9.\n Fourth Quarter.\n First Quarter $10. 76 7. 91\n Second Quarter. 7.\n Third Quarter.\n Fourth Quarter." +} +{ + "_id": "d1b3947f6", + "title": "", + "text": "12. Earnings per share How are earnings per share calculated?\nBasic earnings per share is calculated by dividing the profit after tax attributable to equity shareholders by the weighted average number of shares in issue after deducting the own shares held by employee share ownership trusts and treasury shares.\nIn calculating the diluted earnings per share, share options outstanding and other potential shares have been taken into account where the impact of these is dilutive. Options over 36m shares (2017/18: 23m shares, 2016/17: 27m shares) were excluded from the calculation of the total diluted number of shares as the impact of these is antidilutive.\nThe earnings per share calculations are based on profit after tax attributable to equity shareholders of the parent company which excludes non-controlling interests. Profit after tax was £2,159m (2017/18: £2,032m, 2016/17: £1,908m) and profit after tax attributable to non-controlling interests was £3m (2017/18: £4m, 2016/17: £1m). Profit attributable to non-controlling interests is not presented separately in the financial statements as it is not material.\n\nYear ended 31 March | 2019 | 2018 | 2017 \n------------------------------------------------------ | ----- | ----- | -----\nBasic weighted average number of shares (millions) | 9,912 | 9,911 | 9,938\nDilutive shares from share options (millions) | 6 | 2 | 27 \nDilutive shares from executive share awards (millions) | 57 | 48 | 29 \nDiluted weighted average number of shares (millions) | 9,975 | 9,961 | 9,994\nBasic earnings per share | 21.8p | 20.5p | 19.2p\nDiluted earnings per share | 21.6p | 20.4p | 19.1p\n\n. Earnings per share?\n dividing profit after tax equity average shares deducting shares employee trusts treasury shares.\n diluted earnings options potential shares dilutive. over 36m shares excluded from.\n earnings based profit after tax equity shareholders excludes non-controlling interests. Profit after tax £2,159m (2017/18 non interests £3m. Profit non-controlling interests not presented statements.\n Year ended 31 March 2019 2018 2017\n weighted average shares (millions 9,912 9,911\n Dilutive shares from share options 6\n executive share awards 57 48 29\n Diluted weighted average shares (millions 9,961 9,994\n Basic earnings per share 21. 8p 20. 5p 19. 2p\n Diluted 21. 19." +} +{ + "_id": "d1b3710bc", + "title": "", + "text": "Geographic Information\nThe amounts for revenue by region in the following tables are based on the location of customers. The regions in the following table are EMEA (Europe, Middle East, and Africa), Americas (North America and Latin America), and APJ (Asia Pacific Japan).\nTotal Revenue by Region\n\n€ millions | 2019 | 2018 | 2017 \n---------------- | ------ | ------ | ------\nGermany | 3,948 | 3,658 | 3,352 \nRest of EMEA | 8,158 | 7,446 | 7,063 \nEMEA | 12,105 | 11,104 | 10,415\nUnited States | 9,085 | 7,880 | 7,436 \nRest of Americas | 2,109 | 1,832 | 1,911 \nAmericas | 11,194 | 9,713 | 9,347 \nJapan | 1,180 | 963 | 885 \nRest of APJ | 3,074 | 2,928 | 2,814 \nAPJ | 4,254 | 3,891 | 3,699 \nSAP Group | 27,553 | 24,708 | 23,461\n\n\n revenue region location. EMEA Americas APJ.\n Revenue\n millions\n Germany 3,658 3,352\n EMEA 8,158 7,446\n 12,105 11,104,415\n United States 9,085 7,880,436\n Americas 2,109 1,832 1,911\n 11,194 9,713 9,347\n Japan 1,180 963 885\n APJ 2,928 2,814\n 4,254 3,891 3,699\n SAP Group 27,553 24,708 23,461" +} +{ + "_id": "d1b39d9dc", + "title": "", + "text": "Cost of Revenues\nCost of Subscription Solutions\nCost of subscription solutions increased $10.7 million, or 39.9%, for the three months ended December 31, 2019 compared to the same period in 2018. The increase was due to an increase in the costs necessary to support a greater number of merchants using our platform, resulting in an increase in: infrastructure and hosting costs, employee-related costs, credit card fees for processing merchant billings, amortization of technology related to enhancing our platform, payments to third-party partners for the registration of domain names, and payments to third-party theme developers. As a percentage of revenues, cost of subscription solutions decreased from 7.8% in the three months ended December 31, 2018 to 7.4% in the three months ended December 31, 2019 due to subscription solutions representing a smaller percentage of our total revenues.\nCost of Merchant Solutions\nCost of merchant solutions increased $72.5 million, or 55.2%, for the three months ended December 31, 2019 compared to the same period in 2018. The increase was primarily due to higher payment processing and interchange fees resulting from an increase in GMV facilitated through Shopify Payments. The increase was also due to an increase in amortization related to acquired intangibles from the acquisition of 6RS, employee-related costs associated with 6RS, product costs associated with expanding our product offerings, credit card fees for processing merchant billings, infrastructure and hosting costs, materials and third-party manufacturing costs associated with 6RS and cost of POS hardware units. Cost of merchant solutions as a percentage of revenues increased from 38.2% in the three months ended December 31, 2018 to 40.4% in the three months ended December 31, 2019, mainly as a result of Shopify Payments representing a larger percentage of total revenue.\n\n | Three months ended December 31, | | 2019 vs. 2018\n------------------------------ | ---------------------------------- | --------- | -------------\n | 2019 | 2018 | % Change \n | (in thousands, except percentages) | | \nCost of revenues: | | | \nCost of subscription solutions | $ 37,369 | $ 26,706 | 39.9 % \nCost of merchant solutions | 203,900 | 131,413 | 55.2 % \nTotal cost of revenues | $ 241,269 | $ 158,119 | 52.6 % \nPercentage of revenues: | | | \nCost of subscription solutions | 7.4 % | 7.8 % | \nCost of merchant solutions | 40.4 % | 38.2 % | \n | 47.8 % | 46.0 % | \n\nCost Revenues\n Subscription Solutions\n increased $10. 7 million 39. 9% three months December 31, 2019 compared 2018. increase due to costs greater merchants platform infrastructure hosting employee-related costs credit card fees amortization technology payments to theme developers. decreased from 7. 8% 2018 to 7. 4% 2019 smaller percentage revenues.\n Cost Merchant Solutions\n increased $72. 5 million 55. 2% months 2019 2018. increase due to higher payment processing interchange fees Shopify Payments. due to amortization intangibles employee costs product costs credit card fees infrastructure hosting materials manufacturing costs cost POS hardware units. Cost revenues increased from 38. 2% 2018 to 40. 4% 2019 Shopify Payments larger percentage revenue.\n 2019. 2018\n % Change\n Cost of revenues\n Cost subscription solutions $ 37,369 $ 26,706 39. 9 %\nmerchant solutions 203,900 55. 2\n $ 241,269 158,119 52. 6 %\n 7. 4. 8 %\n 40. 4 38. 2 %\n 47. 8 46." +} +{ + "_id": "d1a7183ce", + "title": "", + "text": "CAPITAL EXPENDITURES\nBCE capital expenditures totaled $3,988  million for the year, up $17 million over 2018. This corresponded to a capital intensity ratio of 16.6%, down 0.3 pts compared to last year. Capital spending in the year reflected the following:\n• Greater capital investments in our wireless segment of $33 million in 2019, compared to 2018, as we advanced the build-out of our LTE-A network, continued to deploy wireless small-cells to expand capacity to support subscriber growth and increase network speeds, coverage and signal quality, as well as to expand data fibre backhaul in preparation for 5G technology\n• A modest reduction in capital spending in our wireline segment of $10 million in 2019, compared to last year, as we continued to focus our investments on the ongoing deployment of FTTP to more homes and businesses, the roll-out of fixed WTTP to rural locations in Ontario and Québec, the connection of fibre Internet and TV services to more homes and businesses and the execution of business customer contracts\n• Lower capital expenditures at Bell Media of $6 million in 2019, compared to 2018, mainly due to production equipment and IT upgrades in 2018\n\n | 2019 | 2018 | $ CHANGE | % CHANGE \n----------------------- | ----- | ----- | -------- | ---------\nBell Wireless | 697 | 664 | (33) | (5.0%) \nCapital intensity ratio | 7.6% | 7.5% | | (0.1) pts\nBell Wireline | 3,183 | 3,193 | 10 | 0.3% \nCapital intensity ratio | 25.8% | 26.0% | | 0.2 pts \nBell Media | 108 | 114 | 6 | 5.3% \nCapital intensity ratio | 3.4% | 3.7% | | 0.3 pts \nBCE | 3,988 | 3,971 | (17) | (0.4%) \nCapital intensity ratio | 16.6% | 16.9% | | 0.3 pts \n\n\n BCE expenditures totaled $3,988 million up $17 million 2018. capital intensity ratio 16. 6% down. 3 pts last year.\n Greater investments wireless segment $33 million 2019 LTE-A network small-cells subscriber growth network speeds coverage signal quality data fibre backhaul 5G\n modest reduction capital spending wireline segment $10 million 2019 deployment homes businesses fixed WTTP rural Ontario Québec fibre Internet TV services business customer contracts\n Lower capital expenditures Bell Media $6 million 2019 due production equipment IT upgrades\n Bell Wireless 697 664.\n intensity ratio 7. 6% 7. 5%.\n Bell Wireline 3,183 3,193.\n 25. 8% 26. 0%.\n Bell Media 108 114 5. 3%\n 3. 4%. 7%.\n BCE 3,988 3,971.\n 16. 6%. 9%." +} +{ + "_id": "d1b355fa6", + "title": "", + "text": "45. Contingent liabilities\nContingent liabilities from guarantee and warranty contracts are primarily rent guarantees with terms of up to 10 years if utilisation is not considered entirely unlikely.\n\n€ million | 30/9/2018 | 30/9/2019\n----------------------------------------------------------------------------------- | --------- | ---------\nContingent liabilities from guarantee and warranty contracts | 18 | 17 \nContingent liabilities from the provision of collateral for third-party liabilities | 9 | 12 \nOther contingent liabilities | 0 | 1 \n | 27 | 30 \n\n. Contingent liabilities\n guarantee contracts rent guarantees 10 years unlikely.\n million 30/9/2018 30/9/2019\n liabilities guarantee contracts 18 17\n collateral third-party liabilities\n Other contingent liabilities\n 27" +} +{ + "_id": "d1a73bd10", + "title": "", + "text": "17. OTHER NON-CURRENT ASSETS\n(1) Following the adoption of ASC 842, the balance sheet presents right-of-use-assets which mainly comprise of our office leases. This standard has been adopted under a modified retrospective transition approach as of January 1, 2019.\n(2) Investment in OLT-O refers to our investment in an Italian incorporated unlisted company which is involved in the construction, development, operation and maintenance of a FSRU terminal to be situated off the Livorno coast of Italy, representing a 2.7% interest in OLT-O’s issued share capital. In May 2019, a major shareholder sold its shareholding which triggered a re-assessment of the carrying value of our investment in OLT-O. This resulted in an impairment charge of $7.3 million for the write down of the carrying value in our investment in OLT-O in the year ended December 31, 2019.\n(3) \"Other non-current assets\" as of December 31, 2019 includes payments made for long lead items ordered in preparation for the conversion of the Viking into an FSRU. As of December 31, 2019 the aggregate carrying value of Viking long lead items was $16.2 million.\n\"Other non-current assets\" as of December 31, 2018 was mainly comprised of payments made relating to long lead items ordered in preparation for the conversion of the Gimi into a FLNG vessel. Subsequent to the receipt of a Limited Notice to Proceed from BP in relation to the Greater Tortue Ahmeyim project in December 31, 2018, initial works of the FLNG conversion commenced in January 2019. Consequently, as of December 31, 2019, the aggregate carrying value of $31.0 million has been reclassified to \"Asset under development\" (see note 15).\n\n(in thousands of $) | 2019 | 2018 \n---------------------------------------------------------- | ------ | -------\nOil derivative instrument (see note 24) | 45,640 | 84,730 \nOperating lease right-of-use-assets (1) | 9,847 | — \nForeign exchange swap (see note 24) | 214 | — \nMark-to-market interest rate swaps valuation (see note 24) | 8 | 6,298 \nInvestment in OLT-O (2) | — | 7,347 \nOther non-current assets (3) | 24,700 | 40,729 \n | 80,409 | 139,104\n\n. NON-CURRENT ASSETS\n adoption ASC 842 balance sheet presents right-of-use-assets office leases. standard adopted modified retrospective transition approach January 1, 2019.\n Investment in OLT-O Italian company construction development maintenance FSRU terminal Livorno coast Italy 2. 7% interest OLT share capital. May 2019 shareholder sold shareholding triggered re-assessment investment. impairment charge $7. 3 million write down value December 31, 2019.\n non-current assets payments long lead items conversion Viking FSRU. carrying value Viking $16. 2 million.\n non-current assets December 2018 payments items conversion Gimi FLNG. Limited Notice Proceed works FLNG conversion commenced January 2019. December 31, 2019 carrying value $31. 0 million reclassified \"Asset under development\".\n Oil derivative instrument 45,640 84,730\n Operating lease right-of-use-assets\n Foreign exchange swap 214\n-market interest swaps 6,298\n OLT-O 7,347\n non-current assets 24,700 40,729\n 80 139" +} +{ + "_id": "d1b385b5c", + "title": "", + "text": "The total remuneration of the Group’s auditors, PricewaterhouseCoopers LLP and other member firms of PricewaterhouseCoopers International Limited, for services provided to the Group during the year ended 31 March 2019 is analysed below\nNotes: 1 Fees during the implementation phase of new accounting standards, notably preparations for IFRS 15 “Revenue from Contracts with Customers” in the year ended 31 March 2018 and preparations for IFRS 16 “Leases” in the year ended 31 March 2019.\n2 Relates to fees for statutory and regulatory filings during the year. In addition, the amount for the year ended 31 March 2018 includes non-recurring fees that were incurred during the preparations for a potential IPO of Vodafone New Zealand and the merger of Vodafone India and Idea Cellular. The amount for the year ended 31 March 2017 primarily arose from work on regulatory filings prepared in anticipation of a potential IPO of Vodafone India that was under consideration prior to the agreement for the merger of Vodafone India and Idea Cellular.\nA description of the work performed by the Audit and Risk Committee in order to safeguard auditor independence when non-audit services are provided is set out in the Audit and Risk Committee report on pages 71 to 76.\n\n | 2019 | 2018 | 2017\n---------------------------------------- | ---- | ---- | ----\n | €m | €m | €m \nParent company | 2 | 2 | 2 \nSubsidiaries | 14 | 14 | 13 \nSubsidiaries – new accounting standards1 | 1 | 5 | 1 \nAudit fees: | 17 | 21 | 16 \nAudit-related fees2 | 2 | 5 | 4 \nNon-audit fees: | 2 | 5 | 4 \nTotal fees | 19 | 26 | 20 \n\nremuneration Group’s auditors PricewaterhouseCoopers LLP member firms International services year ended 31 March 2019 analysed\n Fees implementation new accounting standards preparations IFRS 15 “Revenue Contracts March 2018 IFRS 16 “Leases” 31 March 2019.\n fees statutory regulatory filings. amount 31 March 2018 includes non fees preparations potential Vodafone New Zealand merger Vodafone India Idea Cellular. amount year 31 March 2017 arose regulatory filings potential IPO Vodafone India.\n work Audit and Risk Committee auditor independence non-audit services report pages 71 to 76.\n 2019 2018 2017\n Parent company\n Subsidiaries\n new accounting standards1\n Audit fees 21\n-related\n Non-audit fees\n Total fees 19 26" +} +{ + "_id": "d1b3641f0", + "title": "", + "text": "Supported by a recovery in commodity-related markets, orders and revenue showed broad-based growth year-over-year with strongest increases in the mechanical drives business. Overall, Portfolio Companies businesses made good progress in achieving their targets. Adjusted EBITA improved in all fully consolidated units and turned positive in total, mainly driven by the large drives applications business.\nThe result from equity investments in total also improved slightly, though it was negative in both periods under review. Severance charges decreased to € 14 million, from € 86 million in fiscal 2018. Portfolio Companies’ order backlog was € 5 billion at the end of the fiscal year, of which € 3 billion are expected to be converted into revenue in fiscal 2020. Regarding Portfolio Companies’ at-equity investments, volatile results are expected in coming quarters.\nMarkets for Portfolio Companies are generally impacted by rising uncertainties regarding geopolitical and economic developments, which weaken investment sentiment. Although the broad range of businesses are operating in diverse markets, overall, moderate growth is expected in the coming years for the main markets served by the Portfolio Companies.\nBeginning with fiscal 2020, the equity investments Ethos Energy Group Limited and Voith Hydro Holding GmbH & Co. KG, the subsea business, and the majority of the process solutions business will be transferred to the Operating Company Gas and Power. If this organizational structure had already existed in fiscal 2019, Portfolio Companies would have posted orders of € 4.746 billion, revenue of € 4.558 billion and Adjusted EBITA of €(115) million.\nMitsubishi-Hitachi Metals Machinery (MHMM) and Siemens AG reached an agreement in September 2019, that MHMM will acquire Siemens’ stake in Primetals Technologies. Closing of the transaction is subject to customary conditions and is expected by the beginning of calendar 2020.\n\n | | Fiscal year | | % Change\n--------------------- | ------- | ----------- | ------ | --------\n(in millions of €) | 2019 | 2018 | Actual | Comp. \nOrders | 5,806 | 5,569 | 4 % | 3 % \nRevenue | 5,526 | 4,930 | 12 % | 11 % \nAdjusted EBITA | (71) | (305) | 77 % | \nAdjusted EBITA margin | (1.3) % | (6.2) % | | \n\nrecovery commodity markets orders revenue growth-over-year mechanical drives. Portfolio Companies businesses targets. Adjusted EBITA improved units positive total large drives applications.\n equity investments improved negative both periods. Severance charges decreased to € 14 million from € 86 million 2018. order backlog € 5 billion € 3 billion converted into revenue 2020. at-equity investments volatile results expected.\n impacted by uncertainties geopolitical economic investment sentiment. moderate growth expected main markets.\n 2020 equity investments Ethos Energy Group Voith Hydro Holding. process solutions transferred to Operating Company Gas and Power. orders € 4. 746 billion revenue € 4. 558 billion Adjusted €(115) million.\n Mitsubishi-Hitachi Metals Machinery Siemens Siemens’ stake in Primetals Technologies. Closing expected 2020.\n Fiscal year\n.\n Orders 5,806 5,569 4 %\nRevenue 5,526 4,930 12 %\n Adjusted EBITA (305) 77 %\n margin." +} +{ + "_id": "d1b36398a", + "title": "", + "text": "Restricted Stock Units\nDuring the fiscal years 2019, 2018, and 2017, the Company issued both service-based RSUs and market-based performance RSUs (“PRSUs”). Market-based PRSUs generally vest three years from the grant date if certain performance criteria are achieved and require continued employment. Based upon the terms of such awards, the number of shares that can be earned over the performance periods is based on the Company’s Common Stock price performance compared to the market price performance of the Philadelphia Semiconductor Sector Index (“SOX”), ranging from 0% to 150% of target. The stock price performance or market price performance is measured using the closing price for the 50-trading days prior to the dates the performance period begins and ends. The target number of shares represented by the market-based PRSUs is increased by 2% of target for each 1% that Common Stock price performance exceeds the market price performance of the SOX index. The result of the vesting formula is rounded down to the nearest whole number. Total stockholder return is a measure of stock price appreciation in this performance period.\nThe following table summarizes restricted stock activity:\nThe fair value of the Company’s service-based RSUs was calculated based on fair market value of the Company’s stock at the date of grant, discounted for dividends.\n\n | Service-based RSUs Outstanding | | Market-based RSUs Outstanding | \n--------------------- | ------------------------------ | -------------------------------------- | ----------------------------- | --------------------------------------\n | Number of Shares | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Grant Date Fair Value\nJune 26, 2016 | 3,256,513 | $71.34 | 1,078,591 | $63.12 \nGranted | 1,224,877 | $114.13 | 435,694 | $111.75 \nVested | (1,677,318) | $69.10 | (592,321) | $46.67 \nForfeited or canceled | (116,466) | $76.76 | (59,509) | $66.81 \nJune 25, 2017 | 2,687,606 | $92.01 | 862,455 | $83.83 \nGranted | 964,391 | $183.97 | 285,866 | $170.15 \nVested | (1,362,369) | $87.80 | (407,024) | $76.88 \nForfeited or canceled | (96,540) | $108.67 | (47,571) | $91.36 \nJune 24, 2018 | 2,193,088 | $134.34 | 693,726 | $104.59 \nGranted | 893,622 | $161.64 | 163,529 | $165.78 \nVested | (1,135,284) | $115.23 | (301,622) | $70.58 \nForfeited or canceled | (154,541) | $141.38 | (120,859) | $104.73 \nJune 30, 2019 | 1,796,885 | $159.36 | 434,774 | $144.57 \n\nRestricted Stock Units\n 2019 2018 2017 Company issued service-based market performance RSUs. Market PRSUs vest three years performance criteria employment. shares earned Common Stock price performance Philadelphia Semiconductor Sector Index 0% to 150% target. measured closing price 50-trading days. target increased 2% 1% Stock. vesting formula rounded nearest whole number. Total stockholder return stock price appreciation.\n table summarizes restricted stock activity\n fair value service-based RSUs calculated market value stock date grant discounted dividends.\n Service-based Market-based RSUs\n Weighted-Average Grant Date\n June 26, 2016 3,256,513 $71. 1,078,591 $63.\n Granted 1,224,877 $114. 435,694 $111.\n Vested (1,677,318) $69. (592,321 $46.\n Forfeited canceled (116,466) $76. (59,509) $66.\n25 2017 2,687,606 $92. 862 $83.\n 964. 285,866 $170.\n,362,369) $87. (407 $76.\n $108. $91.\n 24 2018 2,193,088 $134. 693 $104.\n 893 $161. $165.\n,135,284) $115. $70.\n $141. $104.\n 30 2019 1,796,885 $159. 434,774 $144." +} +{ + "_id": "d1a7283d2", + "title": "", + "text": "Amortization of Purchased Intangible Assets\nThe following table presents the amortization of purchased intangible assets (in millions):\nThe decrease in amortization of purchased intangible assets was due largely to the purchased intangible assets related to the divestiture of SPVSS business on October 28, 2018, partially offset by amortization from our recent acquisitions.\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n-------------------------------------------- | ------------- | ------------- | -------------\nAmortization of purchased intangible assets: | | | \nCost of sales | $624 | $640 | $556 \nOperating expenses | | | \nAmortization of purchased intangible assets | 150 | 221 | 259 \nRestructuring and other charges | — | — | 38 \nTotal | $774 | $861 | $853 \n\nAmortization Assets\n table amortization\n decrease due divestiture SPVSS October 28, 2018 offset recent acquisitions.\n Years Ended July 27, 2019 July 28, 2018 July 29, 2017\n Amortization\n Cost sales $624 $640 $556\n Operating expenses\n Amortization 150 221 259\n Restructuring charges\n Total $774 $861 $853" +} +{ + "_id": "d1a7413dc", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 5 — Property, Plant and Equipment\nProperty, plant and equipment is comprised of the following:\n\n | As of December 31, | \n---------------------------------- | ------------------ | ---------\n | 2019 | 2018 \nLand and land improvements | $1,095 | $1,136 \nBuildings and improvements | 68,350 | 70,522 \nMachinery and equipment | 224,312 | 231,619 \nLess: Accumulated depreciation | (188,719) | (203,876)\nProperty, plant and equipment, net | $105,038 | $99,401 \n\nFINANCIAL STATEMENTS thousands\n 5 Property Plant Equipment\n December 31,\n Land improvements $1,095,136\n Buildings 68,350 70,522\n Machinery equipment 224,312 231,619\n Accumulated depreciation (188,719) (203,876)\n $105,038 $99,401" +} +{ + "_id": "d1b3a734c", + "title": "", + "text": "Interest expense, net includes the stated interest rate on our outstanding debt, as well as the net impact of capitalized interest, interest income, the effects of terminated interest rate swaps and the amortization of capitalized senior debt issuance costs and credit facility fees, bond discounts, and terminated treasury locks.\nInterest expense, net for the years ended December 31, was as follows:\n(1) We repaid the notes upon maturity in July 2017.\n(2) On August 1, 2019, Sealed Air Corporation, on behalf of itself and certain of its subsidiaries, and Sealed Air Corporation (US) entered into an amendment to its existing senior secured credit facility with Bank of America, N.A., as agent, and the other financial institutions party thereto. The amendment provided for a new incremental term facility in an aggregate principal amount of up to $475 million, to be used, in part, to finance the acquisition of Automated. See Note 14, \"Debt and Credit Facilities,\" of the Notes to Consolidated Financial Statements for further details.\n(3) On July 12, 2018, the Company and certain of its subsidiaries entered into a third amended and restated credit agreement with respect to its existing senior secured credit facility. See Note 14, “Debt and Credit Facilities,” of the Notes to Consolidated Financial Statements for further details.\n(4) In November 2019, the Company issued $425 million of 4.00% Senior Notes due 2027 and used the proceeds to retire the existing $425 million of 6.50% Senior Notes due 2020. See Note 14, \"Debt and Credit Facilities,\" of the Notes to Consolidated Financial Statements for further details.\n\n | | Year Ended December 31, | | 2019 vs. 2018 | 2018 vs. 2017\n------------------------------------------------- | ------- | ----------------------- | ------- | ------------- | -------------\n(In millions) | 2019 | 2018 | 2017 | Change | Change \nInterest expense on our various debt instruments: | | | | | \nTerm Loan A due July 2017(1) | $ — | $ — | $ 3.6 | $ — | $ (3.6) \nTerm Loan A due July 2022(2) | 6.8 | — | — | 6.8 | — \nTerm Loan A due July 2023(3) | 8.5 | 8.9 | 18.6 | (0.4) | (9.7) \nRevolving credit facility due July 2023(3) | 1.4 | 1.9 | 2.4 | (0.5) | (0.5) \n6.50% Senior Notes due December 2020(4) | 25.4 | 28.1 | 28.1 | (2.7) | — \n4.875% Senior Notes due December 2022 | 21.5 | 21.5 | 21.5 | — | — \n5.25% Senior Notes due April 2023 | 23.1 | 23.1 | 23.0 | — | 0.1 \n4.50% Senior Notes due September 2023 | 20.7 | 21.8 | 21.0 | (1.1) | 0.8 \n5.125% Senior Notes due December 2024 | 22.4 | 22.4 | 22.3 | — | 0.1 \n5.50% Senior Notes due September 2025 | 22.4 | 22.4 | 22.3 | — | 0.1 \n4.00% Senior Notes due December 2027(4) | 1.7 | — | — | 1.7 | — \n6.875% Senior Notes due July 2033 | 31.1 | 31.0 | 31.0 | 0.1 | — \nOther interest expense | 19.4 | 18.2 | 18.3 | 1.2 | (0.1) \nLess: capitalized interest | (8.4) | (6.3) | (10.3) | (2.1) | 4.0 \nLess: interest income | (11.9) | (15.1) | (17.6) | 3.2 | 2.5 \nTotal | $ 184.1 | $ 177.9 | $ 184.2 | $ 6.2 | $ (6.3) \n\nInterest expense net includes stated interest rate outstanding debt impact capitalized interest interest income terminated interest rate swaps amortization senior debt issuance costs credit facility fees bond discounts terminated treasury locks.\n Interest expense years ended December 31,\n repaid notes maturity July 2017.\n August 1, 2019 Sealed Air Corporation amendment senior secured credit facility Bank of America. amendment new incremental term facility $475 million finance acquisition Automated. Note 14.\n July 12, 2018 Company subsidiaries third amended credit agreement senior secured credit facility.\n November 2019 Company issued $425 million 4.% Senior Notes due 2027 existing $425 million 6. 50% Senior Notes due 2020. Note 14.\n Year Ended December 31, 2019. 2018 2018. 2017\n millions 2019 2018 2017\n Interest expense debt instruments\n Term Loan due July.6 $ (3.\n Term Loan July 2022(2). 8.\n July 2023(3) 8. 5. 9 18. 6.\n Revolving July 2023(3). 4. 9.\n. 50% Senior Notes December 2020(4) 25. 28. 28.\n. 875% Senior Notes December 2022 21. 5. 5. 5\n. 25% Senior Notes April 2023 23. 23.\n. Senior Notes September 2023 20. 7 21. 8.\n. 125% Senior Notes December 2024 22. 22. 3.\n. Senior Notes September 2025 22. 3.\n. Senior Notes December 2027(4). 7.\n. 875% Senior Notes July 2033 31. 31.\n 19. 4 18. 2. 3.\n capitalized interest (8. (6. (10. 4.\n interest income (11. (15. (17. 3. 2. 5\n 184. 177. 9 184. 2 6." +} +{ + "_id": "d1b395412", + "title": "", + "text": "Stock-Based Compensation Award Activity\nThe following table summarizes the shares available for grant under the 2019 Plan and 2009 Plan (in thousands):\n\n | Shares Available for Grant | \n---------------------------- | -------------------------- | ---------\n | 2019 Plan | 2009 Plan\nBalance at December 30, 2018 | — | 483 \nAuthorized | 357 | — \nOptions granted | — | — \nOptions forfeited or expired | 26 | 2 \nRSUs granted | (113) | (240) \nRSUs forfeited | 2 | 54 \nPlan Shares expired | — | (299) \nBalance at December 29, 2019 | 272 | — \n\nStock-Based Compensation Award\n table summarizes shares grant 2019 2009 Plan\n 2019 2009\n Balance December 30, 2018 483\n Authorized\n Options granted\n forfeited expired\n RSUs granted\n forfeited 54\n Shares expired\n Balance December 29, 2019" +} +{ + "_id": "d1b38242a", + "title": "", + "text": "The following is a reconciliation of the beginning and ending amounts of unrecognized income tax benefits (in thousands):\nThe amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $ 1.5 million and $4.6 million for the fiscal years ended September 28, 2019 and September 29, 2018, respectively.\nThe Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. The total accrued penalties and net accrued interest with respect to income taxes was approximately $0.2 million for each of the fiscal years ended September 28, 2019, September 29, 2018 and September 30, 2017. The Company recognized less than $0.1 million of expense for accrued penalties and net accrued interest in the Consolidated Statements of Comprehensive Income for each of the fiscal years ended September 28, 2019, September 29, 2018 and September 30, 2017.\n\n | 2019 | 2018 | 2017 \n----------------------------------------------------- | ------- | ------ | ------\nBalance at beginning of fiscal year | $5,841 | $3,115 | $2,799\nGross increases for tax positions of prior years | 62 | 21 | 184 \nGross increases for tax positions of the current year | 39 | 2,893 | 163 \nGross decreases for tax positions of prior years | (3,672) | (188) | (31) \nBalance at end of fiscal year | 2,270 | 5,841 | 3,115 \n\nreconciliation unrecognized income tax benefits\n tax rate $ 1. 5 million $4. 6 million years September 28, 2019 29, 2018.\n recognizes accrued interest penalties unrecognized tax benefits. total accrued penalties interest $0. 2 million September 28, 2019 29, 2018 2017. recognized less than $0. 1 million penalties interest Consolidated Statements Income.\n 2017\n Balance fiscal year $5,841 $3,115 $2,799\n increases prior years 62 21 184\n increases current year 39 2,893 163\n decreases (3,672) (188)\n end fiscal year 2,270 3,115" +} +{ + "_id": "d1b3008f8", + "title": "", + "text": "Restricted Cash\nThe following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Consolidated Balance Sheets to the amounts reported on the Consolidated Statements of Cash Flows (in thousands):\nAs of December 31, 2019 and 2018, restricted cash included a security deposit that is set aside in a bank account and cannot be withdrawn by the Company under the terms of a lease agreement. The restriction will end upon the expiration of the lease.\n\n | December 31, | \n------------------------------------------------------------------------------------------------------ | ------------ | --------\n | 2019 | 2018 \nCash and cash equivalents | $172,960 | $172,704\nRestricted cash included in other long-term assets | 116 | 114 \nTotal cash, cash equivalents and restricted cash reported on the Consolidated Statements of Cash Flows | $173,076 | $172,818\n\nRestricted Cash\n cash equivalents restricted cash Consolidated Balance Sheets Consolidated Statements Cash Flows\n December 31, 2019 2018 restricted cash security deposit. restriction expiration lease.\n 2019 2018\n Cash equivalents $172,960 $172,704\n Restricted cash long-term assets\n cash equivalents restricted cash Consolidated Statements Cash Flows $173,076 $172,818" +} +{ + "_id": "d1b33e4c8", + "title": "", + "text": "NOTE F – STOCKHOLDERS’ EQUITY (CONTINUED)\nA summary of restricted stock units granted during the year ended December 31, 2019 is as follows (each restricted stock unit represents the contingent right to receive one share of the Company’s common stock):\nRestricted stock unit compensation expense was $567,000 for the year ended December 31, 2019 and $687,000 for the year ended December 31, 2018.\nThe Company has an aggregate of $232,000 of unrecognized restricted stock unit compensation expense as of December 31, 2019 to be expensed over a weighted average period of 1.2 years.\n\n | Number of Shares | Weighted-Average Grant Date Fair Value\n------------------------------------------------------------------ | ---------------- | --------------------------------------\nBalance of restricted stock units outstanding at December 31, 2018 | 505,000 | $2.17 \nGrants of restricted stock units | 70,000 | 2.45 \nVested restricted stock units | (235,000) | (2.29) \nBalance of unvested restricted stock units at December 31, 2019 | 340,000 | 2.15 \n\nNOTE F EQUITY\n summary restricted stock units granted December 31, 2019 right one share common\n stock unit compensation expense $567,000 2019 $687,000 2018.\n Company $232,000 unrecognized compensation expense December 31, 2019. years.\n Grant\n Balance restricted stock units December 31, 2018 505,000.\n Grants 70,000.\n Vested units (235,000.\n Balance unvested restricted stock units December 31, 2019 340,000." +} +{ + "_id": "d1b36a2ee", + "title": "", + "text": "Share Options\nThe fair value of equity-settled share options granted is measured as at the date of grant using a Black-Scholes model, taking into account the terms and conditions upon which the options were granted.\nThe following table illustrates the weighted average inputs into the Black-Scholes model in the year:\nThe weighted average fair value of options granted during the year was $ cents 220.53 (2018: $ cents 185.33).\nThe expected volatility reflects the assumption that the historical share price volatility is indicative of future trends, which may not necessarily be the actual outcome. An increase in the expected volatility will increase the estimated fair value.\nThe expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected life used in the model has been adjusted, based on the Director’s best estimate, taking into account the effects of exercise restrictions, non-transferability and behavioural considerations. An increase in the expected life will increase the estimated fair value.\n\n | Year-ended | Year-ended \n----------------------------------------- | ------------- | -------------\n | 31 March 2019 | 31 March 2018\nWeighted average share price ($ cents) | 676.10 | 628.23 \nWeighted average exercise price ($ cents) | 558.54 | 516.70 \nExpected volatility | 54.91% | 38.20% \nExpected life of options (years) | 1.69 | 2.08 \nRisk free rate | 1.56% | 1.49% \nDividend yield | 0.81% | 0.70% \n\n\n fair value equity-settled measured date grant Black-Scholes model terms conditions.\n table weighted average inputs\n fair value options $ 220. 53 (2018 185. 33.\n expected volatility reflects price future trends not. increase fair value.\n life historical data not indicative exercise patterns. adjusted estimate exercise restrictions non-transferability behavioural considerations. increase life fair value.\n 31 March 2019 2018\n average share price cents 676. 10 628. 23\n exercise price. 54 516. 70\n volatility 54. 91% 38. 20%\n life options (years 1. 69 2.\n Risk free rate. 56%. 49%\n Dividend yield. 81%. 70%" +} +{ + "_id": "d1b342b5e", + "title": "", + "text": "B. Liquidity and Capital Resources\nAs of June 30, 2019, we had cash and cash equivalents totaling $1.3 billion, short-term investments totaling $445.0 million and trade receivables totaling $82.5 million. Since our inception, we have primarily financed our operations through cash flows generated by operations.\nOur cash flows from operating activities, investing activities, and financing activities for the fiscal years ended 2019, 2018 and 2017 were as follows:\nWe believe that our existing cash and cash equivalents, together with cash generated from operations, will be sufficient to meet our anticipated cash needs for at least the next 12 months. Our future capital requirements will depend on many factors including our growth rate, the timing and extent of spend on research and development efforts, employee headcount, marketing and sales activities, acquisitions of additional businesses and technologies, the timing and extent of exchange of the Notes for payments of cash, the introduction of new software and services offerings, enhancements to our existing software and services offerings and the continued market acceptance of our products.\nCash provided by operating activities has historically been affected by the amount of net income (loss) adjusted for non-cash expense items such as non-coupon impact related to the Notes and capped calls, depreciation and amortization and expense associated with share-based awards, the timing of employee-related costs such as bonus payments, collections from our customers, which is our largest source of operating cash flows, and changes in other working capital accounts.\nAccounts impacting working capital consist of trade receivables, prepaid expenses and other current assets, current derivative assets, trade and other payables, provisions, current derivative liabilities, current portion of our Notes and other current liabilities. Our working capital may be impacted by various factors in future periods, such as billings to customers for subscriptions, licenses and maintenance services and the subsequent collection of those billings or the amount and timing of certain expenditures.\nNet cash provided by operating activities was $466.3 million for the fiscal year ended June 30, 2019, as a result of $605.6 million in loss before income tax expense adjusted by non-cash charges including the loss of marking to fair value of the embedded exchange feature of the Notes and related capped call transactions of $533.9 million, depreciation and amortization of $70.2 million, share-based payment expense of $257.8 million and debt discount and issuance cost amortization of $33.9 million. The net increase of $169.0 million from our operating assets and liabilities was primarily attributable to a $122.5 million increase in our deferred revenue as a result of increased sales of subscriptions and renewals of maintenance contracts and a $75.6 million increase in trade and other payables, provisions and other non-current liabilities, offset by a $30.2 million increase in trade receivables. Net cash provided by operating activities was also impacted by tax refunds received, net of income tax paid of $7.0 million.\nNet cash provided by operating activities was $311.5 million for the fiscal year ended June 30, 2018, as a result of $58.1 million in loss before income tax expense adjusted by non-cash charges including the loss of marking to fair value of the embedded exchange feature of the Notes and related capped call transactions of $12.4 million, depreciation and amortization of $79.4 million, share-based payment expense of $162.9 million and debt discount and issuance cost amortization of $7.5 million. The net increase of $113.1 million from our operating assets and liabilities was primarily attributable to a $97.7 million increase in our deferred revenue as a result of increased sales of subscriptions and renewals of maintenance contracts, a $43.5 million increase in trade and other payables, provisions and other noncurrent liabilities, offset by a $19.6 million increase in trade receivables and a $8.4 million increase in prepaid expenses and other current and non-current assets. Net cash provided by operating activities was also impacted by income taxes paid, net of refunds, of $4.2 million.\nNet cash used in investing activities during the fiscal year ended June 30, 2019 was $604.2 million. This was primarily related to cash paid for business combinations, net of cash acquired, totaling $418.6 million, purchases of investments totaling $648.0 million and purchases of property and equipment totaling $44.2 million to support the growth of our business, including hardware, equipment and leasehold improvements, offset by cash received from the maturing of investments which totaled $485.0 million and proceeds from sales of investments of $20.5 million.\nNet cash used in investing activities during the fiscal year ended June 30, 2018 was $51.7 million. This was primarily related to purchases of investments totaling $347.8 million and purchases of property and equipment totaling $30.2 million to support the growth of our business, including hardware, equipment and leasehold improvements, offset by cash received from the maturing of investments which totaled $206.1 million and proceeds from sales of investments of $123.9 million.\nNet cash used in financing activities for the fiscal year ended June 30, 2019 was $3.2 million and was primarily related to coupon interest payments on the Notes of $6.3 million, offset by proceeds from exercises of employee share options of $3.5 million.\nNet cash provided by financing activities for the fiscal year ended June 30, 2018 was $906.8 million and was primarily related to proceeds from the issuance of our Notes of $990.5 million offset by the purchase of the capped calls for $87.7 million.\n\n | | Fiscal Year Ended June 30, | \n------------------------------------------------------------ | ---------- | -------------------------- | ---------\n | 2019 | 2018 | 2017 \n | | (U.S. $ in thousands) | \nNet cash provided by operating activities | $466,342 | $311,456 | 199,381 \nNet cash used in by investing activities | (604,198) | (51,696) | (224,573)\nNet cash (used in) provided by financing activities | (3,187) | 906,789 | 9,438 \nEffect of exchange rate changes on cash and cash equivalents | (855) | (630) | 465 \nNet (decrease) increase in cash and cash equivalents | $(141,898) | $1,165,919 | $(15,289)\n\n. Liquidity Capital Resources\n June 30, 2019 cash equivalents $1. 3 billion short-term investments $445. 0 million trade receivables $82. 5 million. financed operations through cash flows.\n cash flows from operating investing financing years 2019 2018 2017\n existing cash equivalents cash needs next 12 months. future capital requirements depend on growth rate research development employee headcount marketing sales acquisitions exchange Notes cash new software services enhancements market acceptance products.\n Cash affected by net income) non-cash expense items depreciation amortization share-based awards employee-related costs bonus collections from customers changes working capital accounts.\n Accounts capital trade receivables prepaid expenses current assets derivative assets trade payables provisions liabilities Notes. impacted by future billings subscriptions licenses maintenance expenditures.\n Net cash operating activities $466. 3 million fiscal year June 30, 2019 $605.million loss tax non-cash charges marking exchange transactions $533. 9 million depreciation amortization $70. 2 million share expense $257. 8 million debt discount amortization $33. 9 million. net increase $169. million $122. 5 million deferred revenue increased sales $75. 6 million trade payables liabilities $30. 2 million receivables. impacted tax refunds $7. million.\n cash $311. 5 million year 2018 $58. 1 million loss tax non-cash loss marking transactions $12. 4 million depreciation amortization $79. 4 million share expense $162. 9 million debt discount amortization $7. 5 million. increase $113. 1 million $97. 7 million increase deferred revenue sales $43. 5 million trade offset $19. 6 million trade receivables $8. 4 million prepaid expenses. impacted income taxes $4. 2 million.\n June 2019 $604. 2 million.related cash business combinations acquired $418. 6 million purchases investments $648. million property equipment $44. 2 million offset maturing $485. million proceeds sales $20. 5 million.\n cash year June 2018 $51. 7 million. purchases investments $347. 8 million property equipment $30. 2 million offset maturing $206. 1 million proceeds sales $123. 9 million.\n cash financing year 2019 $3. 2 million coupon interest payments Notes $6. 3 million offset proceeds employee share options $3. 5 million.\n cash financing year 2018 $906. 8 million issuance Notes $990. 5 million offset purchase capped calls $87. 7 million.\n Fiscal Year June 30\n.\n Net cash operating activities $466,342 $311,456 199\n investing (604,198) (51,696)\n financing (3,187 906,789\n exchange rate changes cash equivalents\ncash equivalents(141,898 $1,165,919(15,289" +} +{ + "_id": "d1b3beeca", + "title": "", + "text": "The company has consistently generated strong cash flow from operations, providing a source of funds ranging between $14.8 billion and $16.7 billion per year over the past three years.\nThe company provides for additional liquidity through several sources: maintaining an adequate cash balance, access to global funding sources, committed global credit facilities and other committed and uncommitted lines of credit worldwide.\nThe following table provides a summary of the major sources of liquidity for the years ended December 31, 2017 through 2019.\n\n($ in billions) | | | \n---------------------------------------------------------- | ----- | ----- | -----\n | 2019 | 2018 | 2017 \nNet cash operating activities | $14.8 | $15.2 | $16.7\nCash, restricted cash and short-term marketable securities | $ 9.0 | $12.2 | $12.8\ncredit facilities | $15.3 | $15.3 | $15.3\n\ncompany generated cash flow funds $14. 8 billion $16. 7 billion three years.\n provides additional liquidity cash balance global funding credit facilities lines credit.\n table major sources liquidity years 2017 2019.\n billions\n Net cash activities $14. 8 $15. 2 $16. 7\n restricted cash short-term securities. $12. $12.\n facilities $15. $15. $15." +} +{ + "_id": "d1b2ea2ec", + "title": "", + "text": "RSU Activity We grant RSUs, which represent the right to receive shares of our common stock. Vesting for RSUs is contingent upon the holders’ continued employment with us and may be subject to other conditions (which may include the satisfaction of a performance measure). Also, certain of our performance-based RSUs include a range of shares that may be released at vesting which are above or below the targeted number of RSUs based on actual performance relative to the grant date performance measure. If the vesting conditions are not met, unvested RSUs will be forfeited. Upon vesting of the RSUs, we may withhold shares otherwise deliverable to satisfy tax withholding requirements.\nThe following table summarizes our RSU activity with performance-based RSUs presented at the maximum potential shares that could be earned and issued at vesting (amounts in thousands except per share amounts):\nCertain of our performance-based RSUs did not have an accounting grant date as of December 31, 2019, as there is not a mutual understanding between the Company and the employee of the performance terms. Generally, these performance terms relate to operating income performance for future years where the performance goals have not yet been set. As of December 31, 2019, there were 3.2 million performance-based RSUs outstanding for which the accounting grant date has not been set, of which 1.9 million were 2019 grants. Accordingly, no grant date fair value was established and the weighted average grant date fair value calculated above for 2019 grants excludes these RSUs.\nAt December 31, 2019, approximately $96 million of total unrecognized compensation cost was related to RSUs and is expected to be recognized over a weighted-average period of 1.64 years. Of the total unrecognized compensation cost, $50 million was related to performance-based RSUs, which is expected to be recognized over a weighted-average period of 1.63 years. The total grant date fair value of vested RSUs was $147 million, $120 million and $64 million for the years ended December 31, 2019, 2018, and 2017, respectively.\nThe income tax benefit from stock option exercises and RSU vestings was $47 million, $94 million, and $160 million for the years ended December 31, 2019, 2018, and 2017, respectively.\n\n | Number of shares | Weighted-Average Grant Date Fair Value\n---------------------------------- | ---------------- | --------------------------------------\nUnvested RSUs at December 31, 2018 | 10,623 | $40.39 \nGranted | 4,426 | 45.55 \nVested | (2,758) | 47.86 \nForfeited | (2,963) | 54.61 \nUnvested RSUs at December 31, 2019 | 9,328 | $32.60 \n\nActivity grant RSUs right receive shares common stock. Vesting contingent employment subject conditions performance measure. performance-based RSUs include shares above or below targeted based performance. conditions unvested RSUs forfeited. withhold shares tax withholding.\n table summarizes RSU activity performance-based maximum potential shares vesting\n performance-based RSUs accounting grant date December 31, 2019 understanding performance terms. income performance future years. December 31, 2019 3. 2 million performance-based RSUs grant date 1. 9 million 2019 grants. no grant date fair value established grant date fair value excludes RSUs.\n December 31, 2019 $96 million unrecognized compensation cost RSUs expected recognized 1. 64 years. $50 million performance-based RSUs. 63 years. total grant date fair value vested RSUs $147 million $120 million $64 million years December 31, 2019 2018 2017.\nincome tax stock option RSU vestings $47 $94 $160 million 2018 2017.\n Unvested RSUs December 31, 2018 10,623 $40.\n 4,426.\n (2,758) 47.\n Forfeited (2,963).\n 2019 9,328 $32." +} +{ + "_id": "d1b33599a", + "title": "", + "text": "The UK and Ireland business-to-business market remains challenging. The main headwind we face is the decline in traditional calls and lines where we have a relatively high market share. The IP Voice market is significantly more fragmented, with a large number of providers, and we are focused on expanding our share in this growing market.\nThe mobile market remains competitive and we continue to see pressure on pricing. While overall growth in the broadband market is limited, we are seeing good demand for our premium products such as fibre and 4G Assure. Newer areas such as the Internet of Things, Cloud, SDWAN and security remain good opportunities for us over the longer term.\nAdjusted a revenue decreased 5% for the year mainly due to the ongoing decline of fixed voice revenue. We continue to see a steeper than expected reduction in calls per fixed line as usage moves to mobile and IP. We continue to sell less low margin equipment and also experienced ongoing declines in some of our other legacy products such as private circuits. This was partially offset by growth in IP, Mobile and Networking. We’re also continuing to see encouraging growth in messaging volumes in Ventures.\nAdjusted a operating costs reduced 6%, helped by labour cost efficiencies from our cost transformation programmes. Adjusteda EBITDA decreased 4%, with our lower cost base more than offset by the reduction in revenue.\nCapital expenditure increased 2% and normalised free cash flowb decreased 7%, reflecting the reduction in EBITDA and the higher capital expenditure.\nThe Retail order intake decreased 15% to £2.9bn for the year due to the signing of a large contract in Republic of Ireland in the prior year. The Wholesale order intake declined 22% to £1.0bn after 2017/18 benefitted from a number of large deals, including the timing of some contract renewals.\na Adjusted measures exclude specific items, as explained in the Additional Information on page 185. b Free cash flow after net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items. d Enterprise comparatives have been re-presented to reflect the bringing together of our Business and Public Sector and Wholesale and Ventures units into a single Enterprise unit, as well as the transfer of Northern Ireland Networks from Enterprise to Openreach.\n\nEnterprise d | | | | \n--------------------------- | -------------- | ------------- | ---------------------------------- | ---\nAdjusteda revenue £6,292m | | | Adjusteda operating profit £1,356m | \n | 2019 (IFRS 15) | 2018 (IAS 18) | Change | \nYear to 31 March | £m | £m | £m | % \nAdjusted a revenue | 6,292 | 6,647 | (355) | (5)\nAdjusted a operating costs | 4,302 | 4,570 | (268) | (6)\nAdjusted a EBITDA | 1,990 | 2,077 | (87) | (4)\nDepreciation & amortisation | 634 | 635 | (1) | - \nAdjusted a operating profit | 1,356 | 1,442 | (86) | (6)\nCapital expenditure | 501 | 492 | 9 | 2 \nNormalised free cash flow b | 1,483 | 1,587 | (104) | (7)\n\nUK Ireland business-to-business market challenging. decline traditional calls lines high market share. IP Voice market fragmented large providers focused expanding share.\n mobile market competitive pressure pricing. growth broadband limited good demand premium products fibre 4G. Internet of Things Cloud SDWAN security opportunities.\n revenue decreased 5% decline fixed voice revenue. reduction calls per fixed line mobile IP. less low margin equipment declines products private circuits. offset by growth IP Mobile Networking. growth messaging volumes.\n operating costs reduced 6% labour cost efficiencies. EBITDA decreased 4%.\n Capital expenditure increased 2% free cash decreased 7%.\n Retail order intake decreased 15% to £2. 9bn large contract Republic Ireland. Wholesale order intake declined 22% to £1. 0bn large deals.\n measures exclude items. Free cash flow after interest pension deficit payments.Enterprise comparatives Business Public Sector Wholesale Ventures units single transfer Northern Ireland Networks Enterprise Openreach.\n Adjusteda revenue £6,292m operating profit £1,356m\n 2019 (IFRS 15 2018 (IAS 18)\n 31 March\n revenue 6,292,647\n operating costs 4,302 4,570\n EBITDA 1,990 2,077\n Depreciation amortisation 634 635\n operating profit 1,356 1,442\n Capital expenditure 501 492\n free cash flow 1,483 1,587" +} +{ + "_id": "d1b2f8e6e", + "title": "", + "text": "Legislation and regulations regarding our products and ingredients, including the nutritional content of our products, could impact customer preferences and negatively impact our financial results.\nChanges in government regulation and consumer eating habits may impact the ingredients and nutritional content of our menu offerings, or require us to disclose the nutritional content of our menu offerings. For example, a number of states, counties, and cities have enacted menu labeling laws requiring multi-unit restaurant operators to disclose certain nutritional information to customers, or have enacted legislation restricting the use of certain types of ingredients in restaurants. Furthermore, the Affordable Care Act requires chain restaurants to publish calorie information on their menus and menu boards. These and other requirements may increase our expenses, slow customers’ ordering process, or negatively influence the demand for our offerings; all of which can impact sales and profitability.\nCompliance with current and future laws and regulations in a number of areas, including with respect to ingredients, nutritional content of our products, and packaging and serviceware may be costly and time-consuming. Additionally, if consumer health regulations change significantly, we may be required to modify our menu offerings or packaging, and as a result, may experience higher costs or reduced demand associated with such changes. Some government authorities are increasing regulations regarding trans-fats and sodium. While we have removed all artificial or “added during manufacturing” trans fats from our ingredients, some ingredients have naturally occurring trans-fats. Future requirements limiting trans-fats or sodium content may require us to change our menu offerings or switch to higher cost ingredients. These actions may hinder our ability to operate in some markets or to offer our full menu in these markets, which could have a material adverse effect on our business. If we fail to comply with such laws and regulations, our business could also experience a material adverse effect.\nFailure to obtain and maintain required licenses and permits or to comply with food control regulations could lead to the loss of our food service licenses and, thereby, harm our business.\nWe are required, as a restaurant business, under state and local government regulations to obtain and maintain licenses, permits, and approvals to operate our businesses. Such regulations are subject to change from time to time. Any failure by us or our franchisees to obtain and maintain these licenses, permits, and approvals could adversely affect our financial results.\nThe following table sets forth information regarding our operating restaurant properties as of September 29, 2019:\n\n | Company- | | \n---------------------------------------------------------------- | -------- | --------- | -----\n | Operated | Franchise | Total\nCompany-owned restaurant buildings: | | | \nOn company-owned land | 9 | 200 | 209 \nOn leased land | 54 | 581 | 635 \nSubtotal | 63 | 781 | 844 \nCompany-leased restaurant buildings on leased land | 74 | 1,054 | 1,128\nFranchise directly-owned or directly-leased restaurant buildings | — | 271 | 271 \nTotal restaurant buildings | 137 | 2,106 | 2,243\n\nLegislation regulations products ingredients nutritional content impact customer preferences financial results.\n Changes in government regulation consumer eating habits may impact ingredients nutritional content require. states counties cities enacted menu labeling laws nutritional information use ingredients. Affordable Care Act requires restaurants publish calorie information menus. requirements may increase expenses slow ordering process influence demand impact sales profitability.\n Compliance with current future laws regulations ingredients nutritional content packaging serviceware costly time-consuming. if consumer health regulations change modify menu packaging higher costs reduced demand. authorities regulations trans-fats sodium. removed artificial fats some naturally occurring trans-fats. Future requirements limiting trans-fats sodium may require change menu switch to higher cost ingredients. operate markets full menu business. If fail.\n Failure to obtain maintain licenses permits food control regulations loss licenses harm business.\n required under regulations to obtain maintain licenses permits approvals. regulations subject to change.failure licenses permits approvals affect financial results.\n table restaurant properties September 29, 2019\n-owned restaurant buildings\n company-owned land 9 200 209\n leased land 54 581 635\n 63 781 844\n-leased buildings land 74 1,054 1,128\n directly-owned restaurant buildings 271\n Total buildings 137 2,106 2,243" +} +{ + "_id": "d1b3c7304", + "title": "", + "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 13. Income Taxes\nGreenSky, Inc. is taxed as a corporation and pays corporate federal, state and local taxes on income allocated to it from GS Holdings based upon GreenSky, Inc.’s economic interest held in GS Holdings. GS Holdings is treated as a pass-through partnership for income tax reporting purposes and not subject to federal income tax. Accordingly, the Company is not liable for income taxes on the portion of GS Holdings' earnings not allocated to it. The results for the year ended December 31, 2017 do not reflect income tax expense because, prior to the Reorganization Transactions, the consolidated GSLLC (and subsequently GS Holdings) pass-through entity was not subject to corporate tax.\nThe Company's income before income tax expense of $88,848, $133,514 and $138,668 during the years ended December 31, 2019, 2018 and 2017, respectively, consisted entirely of income earned in the United States.\nComponents of income tax expense consisted of the following for the years indicated: Year\n\n | Year Ended December 31, | \n-------------------------------------- | ----------------------- | ------\n | 2019 | 2018 \nCurrent income tax expense (benefit): | | \nFederal | $5 | $4 \nState | 10 | 5 \nDeferred income tax expense (benefit): | | \nFederal | 4,206 | 4,860 \nState | (11,346) | 665 \nIncome tax expense (benefit) | $(7,125) | $5,534\n\nGreenSky, Inc. FINANCIAL STATEMENTS States Dollars share data\n 13. Income Taxes\n. taxed corporation pays federal state local taxes income GS Holdings. interest GS Holdings. pass-through partnership not federal income tax. not liable taxes GS Holdings earnings not allocated. results year December 31, 2017 reflect income tax expense Reorganization GSLLC not subject corporate tax.\n income before tax expense $88,848 $133,514 $138,668 years December 31, 2019 2018 2017 earned United States.\n income tax expense\n Current income tax expense\n Federal $4\n State\n Deferred income tax expense\n Federal\n State\n tax expense $,125 $5,534" +} +{ + "_id": "d1b335206", + "title": "", + "text": "Indefinite-lived Intangible Assets\nIndefinite-lived intangible assets consist entirely of acquired in-process research and development technology, or IPR&D. The following table sets forth the Company’s activities related to the indefinite-lived intangible assets:\nThe Company performs its annual assessment of indefinite-lived intangible assets on October 31 each year or more frequently if events or changes in circumstances indicate that the asset might be impaired utilizing a qualitative test as a precursor to the quantitative test comparing the fair value of the assets with their carrying amount. Based on the qualitative test, if it is more likely than not that indicators of impairment exists, the Company proceeds to perform a quantitative analysis. Based on the Company’s assessment as of October 31, 2019, no indicators of impairment were identified.\nIn the years ended December 31, 2019 and 2018, no IPR&D impairment losses were recorded. In the year ended December 31, 2017, the Company recognized impairment losses of $2.0 million related to the Company's abandonment of a single IPR&D project.\n\nYears Ended December 31, | | \n-------------------------------------------- | ------- | ------\n | 2019 | 2018 \n(in thousands) | | \nBeginning balance | $4,400 | $4,400\nTransfers to developed technology from IPR&D | (4,400) | — \nEnding balance | $— | $4,400\n\nIndefinite-lived Intangible Assets\n acquired-process research technology. table Company’s activities\n Company performs annual assessment October 31 qualitative test fair value carrying amount. indicators impairment quantitative analysis. assessment October 31, 2019 no indicators impairment identified.\n years ended December 31, 2019 2018 no IPR&D impairment losses recorded. December 31, 2017 recognized impairment losses $2. 0 million abandonment IPR&D project.\n Years Ended December 31,\n 2019 2018\n thousands\n Beginning balance $4,400\n Transfers to developed technology from IPR&D\n Ending balance" +} +{ + "_id": "d1b32be18", + "title": "", + "text": "Capital Expenditures\nOur 2020 capital program includes capital to fund advanced networks and services, including expanding our core networks, adding capacity and density to our 4G LTE network in order to stay ahead of our customers’ increasing data demands and deploying our 5G network, transforming our structure to deploy the Intelligent Edge Network while reducing the cost to deliver services to our customers, and pursuing other opportunities to drive operating efficiencies. We expect that the new network architecture will simplify operations by eliminating legacy network elements, improve our 4G LTE coverage, speed the deployment of 5G technology, and create new enterprise opportunities in the business market. The level and the timing of the Company’s capital expenditures within these broad categories can vary significantly as a result of a variety of factors outside of our control, such as material weather events, equipment availability from vendors and permits from local governments. Capital expenditures for 2020 are expected to be in the range of $17.0 billion to $18.0 billion, including the continued investment in our 5G network. Capital expenditures were $17.9 billion in 2019 and $16.7 billion in 2018. We believe that we have significant discretion over the amount and timing of our capital expenditures on a Company-wide basis as we are not subject to any agreement that would require significant capital expenditures on a designated schedule or upon the occurrence of designated events.\nConsolidated Financial Condition\nWe use the net cash generated from our operations to fund expansion and modernization of our networks, service and repay external financing, pay dividends, invest in new businesses and spectrum and, when appropriate, buy back shares of our outstanding common stock. Our sources of funds, primarily from operations and, to the extent necessary, from external financing arrangements, are sufficient to meet ongoing operating and investing requirements.\nWe expect that our capital spending requirements will continue to be financed primarily through internally generated funds. Debt or equity financing may be needed to fund additional investments or development activities or to maintain an appropriate capital structure to ensure our financial flexibility. Our cash and cash equivalents are held both domestically and internationally, and are invested to maintain principal and provide liquidity. See “Market Risk” for additional information regarding our foreign currency risk management strategies.\nOur available external financing arrangements include an active commercial paper program, credit available under credit facilities and other bank lines of credit, vendor financing arrangements, issuances of registered debt or equity securities, U.S. retail medium-term notes and other capital market securities that are privately-placed or offered overseas. In addition, we monetize our device payment plan agreement receivables through asset-backed debt transactions.\n\n | | (dollars in millions)\n------------------------------------------------------ | -------- | ---------------------\nYears Ended December 31, | 2019 | 2018 \nCash flows provided by (used in) | | \nOperating activities | $ 35,746 | $ 34,339 \nInvesting activities | (17,581) | (17,934) \nFinancing activities | (18,164) | (15,377) \nIncrease in cash, cash equivalents and restricted cash | $1 | $ 1,028 \n\n\n 2020 capital program includes networks services expanding networks adding capacity density 4G LTE network data demands 5G network transforming structure Intelligent Edge Network reducing cost operating efficiencies. new network architecture operations elements 4G LTE coverage speed deployment 5G enterprise opportunities. capital expenditures vary weather events equipment availability permits. Capital expenditures 2020 $17. 0 billion to $18. 0 billion including investment 5G network. Capital expenditures $17. 9 billion 2019 $16. 7 billion 2018. discretion over timing capital expenditures not subject agreement.\n Financial\n net cash fund expansion modernization service repay external financing pay dividends invest new businesses buy back shares common stock. funds operations external financing sufficient operating investing requirements.\n capital spending internally generated funds. Debt equity financing may needed investments capital structure financial flexibility. cash equivalents held domestically internationally invested maintain principal liquidity.foreign currency risk.\n external financing commercial paper program vendor financing registered debt equity securities. retail notes capital market securities overseas. monetize payment receivables asset-backed debt.\n millions\n Ended December\n Cash flows\n Operating $ 35,746 $ 34,339\n Investing (17,581) (17,934)\n Financing (18,164 (15,377\n Increase cash equivalents restricted cash 1,028" +} +{ + "_id": "d1b3387a8", + "title": "", + "text": "Stock Repurchase Program\nAs of April 26, 2019, our Board of Directors has authorized the repurchase of up to $13.6 billion of our common stock under our stock repurchase program . Under this program, which we may suspend or discontinue at any time, we may purchase shares of our outstanding common stock through solicited or unsolicited transactions in the open market, in privately negotiated transactions, through accelerated share repurchase programs, pursuant to a Rule 10b5-1 plan or in such other manner as deemed appropriate by our management.\nThe following table summarizes activity related to this program (in millions, except per share amounts):\nThe aggregate purchase price of our stock repurchases for fiscal 2019 consisted of $2.1 billion of open market purchases of which $1.0 billion and $1.1 billion were allocated to additional paid-in capital and retained earnings (accumulated deficit), respectively.\nSince the May 13, 2003 inception of our stock repurchase program through April 26, 2019, we repurchased a total of 313 million shares of our common stock at an average price of $37.46 per share, for an aggregate purchase price of $11.7 billion.\n\n | | Year Ended | \n---------------------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nNumber of shares repurchased | 29 | 15 | 22 \nAverage price per share | $ 72.87 | $ 51.57 | $ 32.72 \nAggregate purchase price | $ 2,111 | $ 794 | $ 705 \nRemaining authorization at end of period | $ 1,889 | $ 4,000 | $ 794 \n\nStock Repurchase Program\n April 26, 2019 Board Directors authorized repurchase $13. 6 billion common stock. open market privately negotiated accelerated repurchase programs Rule 10b5-1 plan.\n table summarizes activity\n 2019 $2. 1 billion open market $1. 0 billion $1. 1 billion additional paid-in capital retained earnings.\n Since May 13, 2003 April 26, 2019 repurchased 313 million shares average $37. 46 per share purchase price $11. 7 billion.\n April 26, 2019 27, 2018 28, 2017\n shares repurchased 29\n Average price per share $ 72. $.\n Aggregate purchase price $ 2,111\n Remaining authorization end period $ 1,889" +} +{ + "_id": "d1b38abac", + "title": "", + "text": "Operating income in the Industrial Solutions segment increased $78 million in fiscal 2019 from fiscal 2018. The Industrial Solutions segment’s operating income included the following:\nExcluding these items, operating income increased in fiscal 2019 primarily as a result of higher volume and improved manufacturing productivity.\n\n | | Fiscal \n-------------------------------------------------------------------------------------- | ----- | -------------\n | 2019 | 2018 \n | | (in millions)\nAcquisition-related charges: | | \nAcquisition and integration costs | $ 10 | $ 6 \nCharges associated with the amortization of acquisition-related fair value adjustments | 3 | 4 \n | 13 | 10 \nRestructuring and other charges, net | 63 | 80 \nOther items | 2 | — \nTotal | $ 78 | $ 90 \n\nOperating income Industrial Solutions segment increased $78 million 2019 2018. included\n increased 2019 higher volume improved manufacturing productivity.\n 2018\n millions\n Acquisition-related charges\n $ 10 $ 6\n amortization acquisition-related fair value adjustments\n Restructuring other charges 63\n items\n Total $ 78 $ 90" +} +{ + "_id": "d1b332380", + "title": "", + "text": "Changes in the amounts of unrecognized tax benefits were as follows:\nWe had gross unrecognized tax benefits of $20.6 million and $19.8 million as of December 31, 2019 and 2018, respectively. If the current gross unrecognized tax benefits were recognized, the result would be an increase in our income tax benefit of $20.7 million and $19.6 million, respectively. These amounts are net of accrued interest and penalties relating to unrecognized tax benefits of $0.4 million and $0.2 million, respectively.\nWe believe that it is reasonably possible that $0.2 million of our currently remaining unrecognized tax benefits may be recognized by the end of 2020, as a result of a lapse of the applicable statute of limitations.\n\n | | Year Ended December 31, | \n--------------------------------------------------------- | -------- | ----------------------- | --------\n(In thousands) | 2019 | 2018 | 2017 \nBeginning balance as of January 1 | $ 19,821 | $ 10,939 | $ 10,616\nIncreases for tax positions related to the current year | 1,240 | 8,977 | 640 \nDecreases for tax positions related to prior years | 0 | 0 | (146) \nIncreases for tax positions related to prior years | 95 | 367 | 153 \nDecreases relating to settlements with taxing authorities | 0 | 0 | 0 \nIncreases acquired in business acquisitions | 0 | 540 | 0 \nForeign currency translation | 3 | (5) | 10 \nReductions due to lapsed statute of limitations | (555) | (997) | (334) \nEnding balance as of December 31 | $ 20,604 | $ 19,821 | $ 10,939\n\nChanges unrecognized tax benefits\n $20. 6 million $19. 8 million December 31, 2019 2018. current recognized income tax benefit $20. 7 million $19. 6 million. net accrued interest penalties $0. 4 million $0. 2 million.\n possible $0. 2 million benefits recognized by end 2020 lapse statute limitations.\n Ended December 31,\n 2019 2018 2017\n balance January 1 $ 19,821 $ 10,939\n Increases tax positions current year 1,240 8,977\n Decreases prior years\n settlements taxing authorities\n Increases business acquisitions\n Foreign currency translation\n Reductions due lapsed statute limitations\n Ending balance December 31 $ 20,604 $ 19,821 $ 10,939" +} +{ + "_id": "d1b3952fa", + "title": "", + "text": "(13) (Loss) Earnings Per Common Share\nBasic and diluted (loss) earnings per common share for the years ended December 31, 2019, 2018 and 2017 were calculated as follows:\n(1) For the year ended December 31, 2019 and December 31, 2018, we excluded from the calculation of diluted loss per share 3.0 million shares and 4.6 million shares, respectively, potentially issuable under incentive compensation plans or convertible securities, as their effect, if included, would have been anti-dilutive.\nOur calculation of diluted (loss) earnings per common share excludes shares of common stock that are issuable upon exercise of stock options when the exercise price is greater than the average market price of our common stock. We also exclude unvested restricted stock awards that are antidilutive as a result of unrecognized compensation cost. Such shares were 6.8 million, 2.7 million and 4.7 million for 2019, 2018 and 2017, respectively.\n\n | | Years Ended December, 31 | \n----------------------------------------------------------------------------------------------- | --------- | -------------------------------------------------------------------- | -------\n | 2019 | 2018 | 2017 \n | | (Dollars in millions, except per share amounts, shares in thousands) | \nLoss income (Numerator): | | | \nNet (loss) income | $(5,269) | (1,733) | 1,389 \nNet (loss) income applicable to common stock for computing basic earnings per common share | (5,269) | (1,733) | 1,389 \nNet (loss) income as adjusted for purposes of computing diluted earnings per common share | $(5,269) | (1,733) | 1,389 \nShares (Denominator): | | | \nWeighted average number of shares: | | | \nOutstanding during period | 1,088,730 | 1,078,409 | 635,576\nNon-vested restricted stock | (17,289) | (12,543) | (7,768)\nWeighted average shares outstanding for computing basic earnings per common share | 1,071,441 | 1,065,866 | 627,808\nIncremental common shares attributable to dilutive securities: | | | \nShares issuable under convertible securities | — | — | 10 \nShares issuable under incentive compensation plans | — | — | 875 \nNumber of shares as adjusted for purposes of computing diluted (loss) earnings per common share | 1,071,441 | 1,065,866 | 628,693\nBasic (loss) earnings per common share | $(4.92) | (1.63) | 2.21 \nDiluted (loss) earnings per common share(1) | $(4.92) | (1.63) | 2.21 \n\n(Loss Earnings Per Common Share\n Basic diluted earnings years December 31, 2019 2018 2017 calculated\n 2019 2018 excluded 3. million 4. 6 million shares potentially issuable incentive compensation plans convertible securities.\n excludes issuable stock options price greater than average market price. unvested restricted stock awards antidilutive unrecognized compensation cost. shares were 6. 8 million 2. 7 million 4. 7 million 2019 2018 2017.\n Years Ended December 31\n 2019 2018 2017\n in millions thousands\n Loss income\n Net (loss income (1,733) 1\n earnings\n adjusted diluted earnings\n Shares\n Weighted average number\n 1,088,730 1,078,409 635,576\n Non-vested restricted stock (17,289) (12,543 (7,768)\nshares earnings share 1,071,441 1,065,866 627,808\n Incremental shares dilutive securities\n convertible securities\n incentive compensation plans 875\n shares adjusted diluted (loss earnings share 1,071,441 1,065,866 628,693\n Basic (loss earnings common share.\n Diluted (loss earnings." +} +{ + "_id": "d1b342942", + "title": "", + "text": "3. EARNINGS PER SHARE:\nBasic earnings per share available to common shareholders is calculated by dividing net income less preferred stock dividend requirements by the weighted average common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing income from operations less preferred stock dividend requirements (when anti-dilutive) by the sum of the weighted average common shares outstanding and the weighted average dilutive equity awards.\n\n | For Fiscal Years | \n------------------------------------------------------- | ---------------- | ----------\n | 2019 Basic | 2018 Basic\nWeighted average common shares outstanding | 597,961 | 660,925 \nNet income available to common shareholders | $3,202,943 | $3,614,610\nNet earnings per share available to common shareholders | $5.36 | $5.47 \n\n. EARNINGS PER SHARE\n earnings calculated dividing net income less stock dividend requirements average shares. Diluted earnings calculated income operations less dividend requirements average shares dilutive equity awards.\n Fiscal Years\n 2018\n shares 597,961,925\n Net income $3,202,943 $3,614,610\n Net earnings per share $5." +} +{ + "_id": "d1a7255f6", + "title": "", + "text": "Note 6 Interest expense\nIncluded in interest expense on long-term debt is interest on lease liabilities of $220 million for 2019 and interest on finance leases of $142 million for 2018.\nCapitalized interest was calculated using an average rate of 3.96% and 3.88% for 2019 and 2018, respectively, which represents the weighted average interest rate on our outstanding long-term debt.\n\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \n---------------------------------- | ------- | -------\nInterest expense on long-term debt | (1,024) | (918) \nInterest expense on other debt | (153) | (133) \nCapitalized interest | 45 | 51 \nTotal interest expense | (1,132) | (1,000)\n\n\n lease liabilities $220 million 2019 finance leases $142 million 2018.\n 3. 96%. 88% 2019 2018 weighted average interest long-term debt.\n YEAR ENDED DECEMBER 31\n expense long-term debt (1,024)\n other debt (153)\n Capitalized interest\n Total expense (1,132)" +} +{ + "_id": "d1b3471ea", + "title": "", + "text": "Pre-tax income from international operations was $214 million, $890 million, and $353 million for fiscal 2019, 2018, and 2017, respectively.\nThe components of income tax expense (benefit) recorded in continuing operations are as follows:\nAs of December 28, 2018, we have completed our accounting for the effects of the enactment of the Tax Cuts and Jobs Act (H.R.1) (the 2017 Tax Act) in accordance with U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 118, and the amounts are no longer considered provisional. We will continue to evaluate any new guidance from the U.S. Department of Treasury and the Internal Revenue Service (IRS) as issued.\n\n | | Year Ended | \n---------------------------- | -------------- | -------------- | --------------\n(In millions) | March 29, 2019 | March 30, 2018 | March 31, 2017\nCurrent: | | | \nFederal | $73 | $1,011 | $108 \nState | 15 | 40 | 6 \nInternational | 74 | 107 | 68 \nTotal | 162 | 1,158 | 182 \nDeferred: | | | \nFederal | (52) | (1,664) | (177) \nState | (2) | (151) | (17) \nInternational | (16) | (33) | (14) \nTotal | (70) | (1,848) | (208) \nIncome tax expense (benefit) | $92 | $(690) | $(26) \n\nPre-tax income international operations $214 million $890 million $353 million 2019 2018 2017.\n income tax expense\n December 28, 2018 completed accounting Tax Cuts Jobs Act. Securities Exchange Commission Staff Accounting Bulletin. 118 amounts provisional. evaluate new guidance. Department of Treasury Internal Revenue Service.\n Ended\n millions March 29, 2019 March 30, 2018 31, 2017\n Current\n Federal $73 $1,011 $108\n State\n International\n 1,158\n Deferred\n Federal (1,664) (177)\n State\n International\n (1,848)\n Income tax expense (benefit) $92 $(690) $" +} +{ + "_id": "d1a73f564", + "title": "", + "text": "Unrecognized Tax Benefits\nWe are providing the following disclosures related to our unrecognized tax benefits and the effect on our effective income tax rate if recognized:\nIn 2019, our unrecognized tax benefit increased by $33.9 million, primarily related to increases in North America. In 2018, we increased our unrecognized tax benefit by $142.1 million, also primarily related to North America.\nIf the unrecognized tax benefits at December 31, 2019 were recognized, our income tax provision would decrease by $343.5 million, resulting in a substantially lower effective tax rate. Based on the potential outcome of the Company’s global tax examinations and the expiration of the statute of limitations for specific jurisdictions, it is possible that the unrecognized tax benefits could change significantly within the next 12 months. Absent resolution of significant tax controversy, the associated impact on the reserve balance is estimated to be a decrease in the range of $4.6 to $6.6 million during 2020.\nWe recognize interest and penalties associated with unrecognized tax benefits in our income tax provision in the Consolidated Statements of Operations. Interest and penalties recorded were $13.1 million, negligible and $4.0 million, respectively in 2019, 2018 and 2017. We had gross liabilities, for interest and penalties, of $56.2 million at December 31, 2019, $18.2 million at December 31, 2018 and $14.8 million at December 31, 2017. The increase in the gross liability related to interest and penalties from 2018 to 2019 was primarily due to a reclass within other non-current liabilities from unrecognized tax benefits to interest and penalties which had no impact on the overall Consolidated Balance Sheets or Consolidated Statement of Operations.\nThe majority of the unrecognized tax benefit amount of $390.3 million relates to North America.\n\n | | Year Ended December 31, | \n--------------------------------------------------------------- | ------- | ----------------------- | -------\n(in millions) | 2019 | 2018 | 2017 \nBeginning balance of unrecognized tax benefits | $ 356.4 | $ 214.3 | $ 162.6\nAdditions for tax positions of current year | 3.4 | 106.0 | 7.3 \nAdditions for tax positions of prior years | 47.9 | 59.5 | 49.3 \nReductions for tax positions of prior years | (16.0) | (7.0) | (4.3) \nReductions for lapses of statutes of limitation and settlements | (1.4) | (16.4) | (0.6) \nEnding balance of unrecognized tax benefits | $ 390.3 | $ 356.4 | $ 214.3\n\nUnrecognized Tax Benefits\n disclosures effect income tax rate\n 2019 benefit increased $33. 9 million North America. 2018 increased $142. 1 million America.\n benefits December 31, 2019 recognized income tax provision $343. 5 million lower effective tax rate. global tax examinations expiration statute limitations tax benefits change 12 months. impact reserve balance $4. 6 to $6. 6 million 2020.\n interest penalties unrecognized tax benefits Consolidated Statements Operations. $13. 1 million $4. 0 million 2019 2018 2017. gross liabilities $56. 2 million December 31, 2019 $18. 2 million 2018 $14. 8 million 31, 2017. increase liability 2018 2019 due reclass benefits penalties no impact Consolidated Balance Sheets Statement Operations.\n majority unrecognized tax benefit $390. 3 million North America.\n balance unrecognized tax benefits $ 356.\ntax positions current 3. 106. 7.\n prior years 47. 59. 49.\n Reductions prior years (16. (7. (4.\n Reductions statutes limitation settlements (1. (16.\n unrecognized tax benefits 390. 214." +} +{ + "_id": "d1b351cbc", + "title": "", + "text": "Note 16. Accrued Employee Compensation and Benefits\nAccrued employee compensation and benefits consisted of the following (in thousands):\n\n | December 31, | \n-------------------------------------------- | ------------ | -------\n | 2019 | 2018 \nAccrued compensation | $38,186 | $34,095\nAccrued bonus and commissions | 27,039 | 19,835 \nAccrued vacation | 20,647 | 19,019 \nAccrued employment taxes | 16,468 | 15,598 \nAccrued severance and related costs (Note 5) | 485 | 793 \nOther | 6,766 | 6,473 \n | $109,591 | $95,813\n\n. Employee Compensation Benefits\n December\n compensation $38,186 $34,095\n bonus commissions 27,039 19,835\n vacation 20,647 19,019\n taxes 16,468 15,598\n severance costs 793\n 6,766 6,473\n $109,591 $95,813" +} +{ + "_id": "d1b3a6884", + "title": "", + "text": "Note 15 Leases\nRIGHT-OF-USE ASSETS\nBCE’s significant right-of-use assets under leases are satellites, office premises, land, cellular tower sites, retail outlets and OOH advertising spaces. Right-of-use assets are presented in Property, plant and equipment in the statement of financial position.\n\nFOR THE YEAR ENDED DECEMBER 31, 2019 | NETWORK INFRASTRUCTURE AND EQUIPMENT | LAND AND BUILDINGS | TOTAL\n---------------------------------------- | ------------------------------------ | ------------------ | -----\nCOST | | | \nJanuary 1, 2019 | 3,329 | 2,453 | 5,782\nAdditions | 527 | 513 | 1,040\nTransfers | (233) | – | (233)\nAcquired through business combinations | – | 8 | 8 \nLease terminations | (12) | (38) | (50) \nImpairment losses recognized in earnings | (2) | (3) | (5) \nDecember 31, 2019 | 3,609 | 2,933 | 6,542\nACCUMULATED DEPRECIATION | | | \nJanuary 1, 2019 | 1,042 | 536 | 1,578\nDepreciation | 373 | 303 | 676 \nTransfers | (111) | – | (111)\nLease terminations | (3) | (22) | (25) \nDecember 31, 2019 | 1,301 | 817 | 2,118\nNET CARRYING AMOUNT | | | \nJanuary 1, 2019 | 2,287 | 1,917 | 4,204\nDecember 31, 2019 | 2,308 | 2,116 | 4,424\n\n\n satellites office premises land cellular tower sites retail outlets advertising spaces. Property plant equipment financial position.\n YEAR DECEMBER 31, 2019 INFRASTRUCTURE EQUIPMENT LAND BUILDINGS\n January 1 2019 3,329 2,453\n Additions 527 1,040\n Transfers\n Acquired combinations\n Lease terminations\n losses earnings\n December 31, 3,609 2,933 6,542\n ACCUMULATED DEPRECIATION\n January 1 1,042 536 1,578\n 676\n Transfers\n Lease terminations\n 31, 1,301 2,118\n CARRYING AMOUNT\n January 1 2,287 1,917 4,204\n 31, 2,308 2,116" +} +{ + "_id": "d1b39c12c", + "title": "", + "text": "Non‐executive Director fees are paid from an aggregate annual fee pool of $4,000,000, as approved by shareholders at the AGM on 18 November 2010. Total board and committee fees paid during F19 were $2,859,903 (refer to section 5.1).\nNon‐executive Directors do not receive variable pay and no Directors’ fees are paid to Executive Directors.\nIn recognition of the equal importance and workload of all of the Board’s Committees, the Board reviewed Non‐executive Director fees and determined to increase Chair and Member fees for the People Performance Committee and Sustainability Committee as detailed in the table below, effective 1 July 2019. The table below provides a summary of F19 and F20 Board and Committee fees:\n\n | CHAIR | | MEMBER | \n----------------------------------------------- | ----------- | ----------- | ----------- | -----------\n | F19 FEE | F20 FEE | F19 FEE | F20 FEE \nBOARD AND COMMITTEE FEES ($) | INCL. SUPER | INCL. SUPER | INCL. SUPER | INCL. SUPER\nBoard | $790,531 | $790,531 | $254,990 | $254,990 \nAudit, Risk Management and Compliance Committee | $65,000 | $65,000 | $32,500 | $32,500 \nPeople Performance Committee | $54,525 | $65,000 | $27,265 | $32,500 \nSustainability Committee | $45,000 | $65,000 | $22,500 | $32,500 \nNomination Committee | Nil | Nil | Nil | Nil \n\nNon‐executive Director fees paid annual fee pool $4,000,000 approved AGM 18 November 2010. board committee fees F19 $2,859,903 section.\n Non‐executive Directors variable pay no Directors’ fees paid.\n reviewed Director fees Chair Member fees People Performance Committee Sustainability Committee effective 1 July 2019. F19 F20 Board Committee fees\n BOARD COMMITTEE FEES ($.\n Board $790,531 $254,990\n Audit Risk Management Compliance Committee $65,000 $32,500\n People Performance Committee $54,525 $65,000\n Sustainability Committee $45,000 $65,000 $22\n Nomination Committee" +} +{ + "_id": "d1b3c874a", + "title": "", + "text": "8. Stock option and award plan: (Continued)\nA summary of the Company’s non-vested restricted stock awards as of December 31, 2019 and the changes during the year ended December 31, 2019 are as follows:\nThe weighted average per share grant date fair value of restricted stock granted was $53.53 in 2019 (0.5 million shares) $44.02 in 2018 (0.5 million shares) and $40.52 in 2017 (0.5 million shares). The fair value was determined using the quoted market price of the Company’s common stock on the date of grant. Valuations were obtained to determine the fair value for the shares granted to the Company’s CEO that are subject to the total shareholder return of the Company’s common stock compared to the total shareholder return of the Nasdaq Telecommunications Index. The fair value of shares of restricted stock vested in 2019, 2018 and 2017 was $20.8 million, $19.1 million and $12.6 million, respectively.\nEquity-based compensation expense related to stock options and restricted stock was $18.5 million, $17.7 million, and $13.3 million for 2019, 2018, and 2017, respectively. The income tax benefit related to stock options and restricted stock was $3.0 million, $1.8 million, and $2.5 million for 2019, 2018, and 2017, respectively. The Company capitalized compensation expense related to stock options and restricted stock for 2019, 2018, and 2017 of $1.8 million, $1.7 million and $1.2 million, respectively. As of December 31, 2019, there was $31.7 million of total unrecognized compensation cost related to non-vested equity-based compensation awards. That cost is expected to be recognized over a weighted average period of 1.9 years.\n\nNon-vested awards | Shares | Weighted-Average Grant Date Fair Value\n------------------------------- | --------- | --------------------------------------\nNon-vested at December 31, 2018 | 1,187,586 | $41.12 \nGranted | 473,550 | $53.53 \nVested | (365,223) | $41.83 \nForfeited | (12,632) | $50.49 \nNon-vested at December 31, 2019 | 1,283,281 | $45.40 \n\n. Stock option award plan\n non-vested stock awards December 31, 2019 changes\n average per share grant value stock $53. 2019. $44. 2018. $40. 2017. value determined quoted market price common stock. Valuations return Nasdaq Telecommunications Index. fair value stock 2019 2018 2017 $20. 8 million $19. 1 million $12. 6 million.\n Equity-based compensation expense $18. 5 million $17. 7 million $13. 3 million 2019 2017. income tax benefit $3. million $1. million $2. 5 million. capitalized compensation expense $1. million $1. 7 million $1. 2 million. December 31, 2019 $31. 7 million unrecognized compensation cost non-vested equity-based compensation awards. recognized 1. 9 years.\n awards-Average Grant Fair Value\n December 31, 2018 1,187,586 $41.\n $53.\n.\n.\n Non-vested December 2019 1,283,281." +} +{ + "_id": "d1b2e92ac", + "title": "", + "text": "20. DIVIDENDS\nA regular dividend of 3 cents per share has been declared. This final dividend of 3 cents per share, partially franked to 2.6 cents per share, was announced to the market on 23 August 2019. The amount declared has not been recognised as a liability in the accounts of Hansen Technologies Ltd as at 30 June 2019.\n1. The final dividend paid of 4 cents per share, franked to 4 cents, comprised of an ordinary dividend of 3 cents per share, together with a special dividend of 1 cent per share.\nThe above available amounts are based on the balance of the dividend franking account at year end adjusted for: • franking credits that will arise from the payment of any current tax liability; • franking debits that will arise from the payment of any dividends recognised as a liability at year end; • franking credits that will arise from the receipt of any dividends recognised as receivables at year end; and • franking credits that the entity may be prevented from distributing in subsequent years.\n\n | 2019 | 2018 \n---------------------------------------------------------------------------------------------------------------------------------- | ------ | ------\n | $’000 | $’000 \nDividends paid during the year (net of dividend re-investment) | | \n4 cent per share final dividend paid 27 September 2018 – fully franked1 | 7,319 | \n3 cent per share final dividend paid 30 September 2017 – fully franked | | 5,175 \n3 cent per share interim dividend paid 29 March 2019 – fully franked | 5,318 | \n3 cent per share interim dividend paid 29 March 2018 – fully franked | | 5,217 \n | 12,637 | 10,392\nProposed dividend not recognised at the end of the year | 5,922 | 7,865 \nDividends franking account | | \n30% franking credits, on a tax paid basis, are available to shareholders of Hansen Technologies Ltd for subsequent financial years | 1,586 | 3,125 \n\n. DIVIDENDS\n regular dividend 3 cents per share declared. final dividend 3 partially franked 2. 6 cents announced 23 August 2019. not recognised liability Hansen Technologies Ltd 30 June 2019.\n. final dividend 4 cents per share franked 4 ordinary 3 special dividend 1 cent share.\n amounts based balance dividend franking account year end adjusted franking credits current tax liability debits dividends credits receipt dividends credits subsequent years.\n Dividends paid re-investment\n 4 cent per share final dividend 27 September 2018\n 3 cent per share final dividend 30 September 2017 franked\n 3 cent interim dividend 29 March 2019 franked\n 29 March 2018 franked\n dividend not recognised end year\n Dividends\n 30% franking credits available shareholders Hansen Technologies Ltd subsequent financial years" +} +{ + "_id": "d1b3032f6", + "title": "", + "text": "Financial risk management\nThe Group’s treasury function centrally manages the Group’s funding requirement, net foreign exchange exposure, interest rate management exposures and counterparty risk arising from investments and derivatives.\nTreasury operations are conducted within a framework of policies and guidelines authorised and reviewed by the Board, most recently in July 2018\nA treasury risk committee comprising of the Group’s Chief Financial Officer, Group General Counsel and Company Secretary, Group Financial Controller, Group Treasury Director and Group Director of Financial Controlling and Operations meets three times a year to review treasury activities and its members receive management information relating to treasury activities on a quarterly basis. The Group’s accounting function, which does not report to the Group Treasury Director, provides regular update reports of treasury activity to the Board. The Group’s internal auditor reviews the internal control environment regularly.\nThe Group uses a number of derivative instruments for currency and interest rate risk management purposes only that are transacted by specialist treasury personnel. The Group mitigates banking sector credit risk by the use of collateral support agreements.\nCredit risk\nCredit risk is the risk that a counterparty will not meet its obligations under a financial asset leading to a financial loss for the Group. The Group is exposed to credit risk from its operating activities and from its financing activities, the Group considers its maximum exposure to credit risk at 31 March to be:\nExpected credit loss\nThe Group has financial assets classified and measured at amortised cost and fair value through other comprehensive income that are subject to the expected credit loss model requirements of IFRS 9. Cash at bank and in hand and certain other investments are both classified and measured at amortised cost and subject to these impairment requirements. However, the identified expected credit loss is considered to be immaterial.\nInformation about expected credit losses for trade receivables and contract assets can be found under “operating activities” on page 164.\n\n | 2019 €m | 2018 €m\n--------------------------------------- | ------- | -------\nCash at bank and in hand | 2,434 | 2,197 \nRepurchase agreements and bank deposits | 2,196 | – \nMoney market funds | 9,007 | 2,477 \nManaged investment funds | 6,405 | 3,891 \nGovernment securities | 3,011 | 1,974 \nOther investments | 4,418 | 6,087 \nDerivative financial instruments | 3,634 | 2,629 \nTrade receivables | 5,077 | 5,402 \nContract assets and other receivables | 5,155 | 3,410 \n | 41,337 | 28,067 \n\nFinancial risk management\n treasury function manages funding foreign exchange interest rate counterparty risk from investments derivatives.\n operations policies guidelines reviewed by Board July 2018\n treasury risk committee Chief Financial Officer Counsel Financial Controller Treasury Director Controlling meets three times information quarterly. accounting provides reports. internal auditor reviews control.\n uses derivative instruments for currency interest rate risk management transacted by specialist treasury personnel. mitigates banking sector credit risk collateral support agreements.\n Credit risk\n counterparty obligations loss. exposed to risk from operating financing activities maximum exposure risk at 31 March\n Expected credit loss\n financial assets amortised cost fair value subject to credit loss IFRS 9. Cash bank hand investments. expected credit loss immaterial.\n Information assets “operating activities” on page 164.\n Cash at bank in hand 2,434 2,197\n Repurchase agreements bank deposits\n9,007 2,477\n 3,891\n Government securities 3,011 1,974\n investments 6,087\n instruments 3,634 2,629\n receivables 5,077,402\n,155\n,337" +} +{ + "_id": "d1a72031c", + "title": "", + "text": "The reconciliation from non-current segment assets to non-current group assets is shown in the following table: non-current assets according to segment reporting only include the values of continuing operations in the previous year. Therefore, the non-current assets of METRO China must be taken into account in the previous year and are therefore part of the reconciliation:\n1 Adjustment of previous year according to explanation in notes.\n\n€ million | 30/9/2018 | 30/9/2019\n------------------------------------------------- | --------- | ---------\nNon-current segment assets | 6,348 | 6,268 \nplus non-current segment assets METRO China | 560 | 0 \nFinancial assets | 88 | 97 \nInvestments accounted for using the equity method | 178 | 179 \nDeferred tax assets | 329 | 191 \nOther | 1 | 1 \nNon-current group assets | 7,503 | 6,736 \n\nreconciliation non-current group assets include values operations previous year. assets METRO China part reconciliation\n Adjustment previous year.\n € million 30/9/2018 30/9/2019\n Non-current assets 6,348 6,268\n METRO China 560\n Financial assets 88\n Investments equity 178\n Deferred tax assets 329 191\n Non-current group assets 7,503 6,736" +} +{ + "_id": "d1b38f0b2", + "title": "", + "text": "3.5 INCOME TAXES\n(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\nFiscal 2019 income taxes expense amounted to $83.7 million compared to a recovery of $17.2 million for the prior year mainly attributable to: • the effect of the federal rate reduction in the second quarter of fiscal 2018 in the United States; • the increase in profit before income taxes which is mostly related to the impact of the MetroCast acquisition completed in the second quarter of fiscal 2018, and • the appreciation of the US dollar against the Canadian dollar compared to the prior year.\nOn March 19, 2019, the Department of Finance Canada confirmed the acceleration of tax depreciation on most capital investments for property, plant and equipment acquired after November 20, 2018, which phases out during the period from 2023 to 2028. The federal accelerated tax depreciation had a favorable impact on the current income tax expense of the Corporation in fiscal 2019. On March 21, 2019, the Québec Department of Finance confirmed that it would harmonize with the Federal legislation.\nOn December 22, 2017, the U.S. federal government enacted the Tax Cuts and Jobs Act (the \"Act\"). The tax reform reduced the general federal corporate tax rate from 35% to 21% starting after 2017 which reduced net deferred tax liabilities by approximately $94 million (US$74 million) in the second quarter of fiscal 2018. In addition, the Act calls for other changes such as interest deductibility limitations, full deduction of acquisitions of tangible assets, net operating losses limitations as well as base erosion anti-avoidance, which together with tax rate reductions, had an overall favorable impact on the income tax expense.\n\nYears ended August 31, | 2019 | 2018 (1) | Change\n---------------------------------------------------------------------------------- | -------- | -------- | ------\n(in thousands of dollars, except percentages) | $ | $ | % \nProfit before income taxes | 440,563 | 367,380 | 19.9 \nCombined Canadian income tax rate | 26.50% | 26.50% | — \nIncome taxes at combined Canadian income tax rate | 116,749 | 97,356 | 19.9 \nDifference in operations' statutory income tax rates | 1,466 | (3) | — \nImpact on deferred taxes as a result of changes in substantively enacted tax rates | 15 | (94,175) | — \nImpact on income taxes arising from non-deductible expenses and non-taxable profit | (565) | 1,670 | — \nTax impacts related to foreign operations | (28,633) | (22,099) | 29.6 \nOther | (5,377) | 53 | — \n | 83,655 | (17,198) | — \n\n. INCOME TAXES\n Fiscal 2018 IFRS 15 accounting policy Cogeco Peer 1 discontinued operations. consult \"Accounting policies \"Discontinued operations sections.\n Fiscal 2019 income taxes expense $83. 7 million $17. 2 million federal rate reduction increase profit before income taxes MetroCast acquisition appreciation US dollar Canadian dollar.\n March 19, 2019 Department Finance tax depreciation capital investments after November 20, 2018 2023 to 2028. income tax expense 2019. March 21, 2019 Québec Department Finance Federal legislation.\n December 22, 2017. enacted Tax Cuts and Jobs Act. reduced corporate tax rate 35% to 21% reduced deferred tax liabilities $94 million (US$74 million) second quarter 2018. interest deductibility full deduction acquisitions net operating losses limitations base erosion anti-avoidance income tax expense.\n Years ended August 31, 2019 2018\n Profit before income taxes 440,563 367,380.\nCanadian income tax 26.\n 116,749 97,356.\n Difference tax rates 1,466\n Impact deferred taxes tax rates 15 (94,175)\n non expenses non-taxable profit (565) 1,670\n Tax impacts foreign operations (28,633) (22,099).\n (5,377)\n 83,655 (17,198)" +} +{ + "_id": "d1b348cde", + "title": "", + "text": "Contractual Obligations As of December 31, 2019, our contractual obligations were as follows:\n(1) Interest on long-term debt includes amounts due on fixed and variable rate debt. As the rates on our variable debt are subject to change, the rates in effect at December 31, 2019 were used in determining our future interest obligations. Expected settlements of interest rate swap agreements were estimated using yield curves in effect at December 31, 2019.\n(2) Unrecorded purchase obligations include binding commitments for future capital expenditures and service and maintenance agreements to support various computer hardware and software applications and certain equipment. If we terminate any of the contracts prior to their expiration date, we would be liable for minimum commitment payments as defined by the contractual terms of the contracts.\n(3) Recorded obligations include amounts in accounts payable and accrued expenses for external goods and services received as of December 31, 2019 and expected to be settled in cash.\n(4) Expected contributions to our pension and post-retirement benefit plans for the next 5 years. Actual contributions could differ from these estimates and extend beyond 5 years.\nDefined Benefit Pension Plans As required, we contribute to qualified defined pension plans and non-qualified supplemental retirement plans (collectively the “Pension Plans”) and other post-retirement benefit plans, which provide retirement benefits to certain eligible employees. Contributions are intended to provide for benefits attributed to service to date. Our funding policy is to contribute annually an actuarially determined amount consistent with applicable federal income tax regulations.\nThe cost to maintain our Pension Plans and future funding requirements are affected by several factors including the expected return on investment of the assets held by the Pension Plans, changes in the discount rate used to calculate pension expense and the amortization of unrecognized gains and losses. Returns generated on the Pension Plans assets have historically funded a significant portion of the benefits paid under the Pension Plans. We used a weighted-average expected long-term rate of return of 6.97% and 7.03% in 2019 and 2018, respectively. As of January 1, 2020, we estimate the longterm rate of return of Plan assets will be 6.25%. The Pension Plans invest in marketable equity securities which are exposed to changes in the financial markets. If the financial markets experience a downturn and returns fall below our estimate, we could be required to make material contributions to the Pension Plans, which could adversely affect our cash flows from operations.\nNet pension and post-retirement costs were $11.5 million, $5.6 million and $3.8 million for the years ended December 31, 2019, 2018 and 2017, respectively. We contributed $27.5 million, $26.2 million and $12.5 million in 2019, 2018 and 2017, respectively to our Pension Plans. For our other post-retirement plans, we contributed $8.5 million, $9.7 million and $6.5 million in 2019, 2018 and 2017, respectively. In 2020, we expect to make contributions totaling approximately $25.0 million to our Pension Plans and $8.9 million to our other post-retirement benefit plans. Our contribution amounts meet the minimum funding requirements as set forth in employee benefit and tax laws. See Note 11 to the consolidated financial statements for a more detailed discussion regarding our pension and other post-retirement plans.\n\n(In thousands) | Less than 1 Year | 1 -3 Years | 3 -5 Years | Thereafter | Total \n------------------------------------------ | ---------------- | ---------- | ----------- | ---------- | -----------\nLong-term debt | $ 18,350 | $ 521,700 | $ 1,729,663 | $ — | $ 2,269,713\nInterest on long-term debt obligations (1) | 128,731 | 246,834 | 65,552 | — | 441,117 \nFinance leases | 10,280 | 8,285 | 3,404 | 6,604 | 28,573 \nOperating leases | 7,860 | 10,751 | 5,660 | 10,691 | 34,962 \nUnconditional purchase obligations: | | | | | \nUnrecorded (2) | 36,488 | 37,830 | 19,954 | 1,371 | 95,643 \nRecorded (3) | 98,035 | — | — | — | 98,035 \nPension funding (4) | 33,861 | 64,311 | 65,959 | — | 164,131 \n\nContractual Obligations December 31, 2019 obligations\n Interest long-term debt fixed variable rate debt. rates change future interest obligations. settlements interest rate swap agreements estimated using yield curves.\n Unrecorded purchase obligations include future capital expenditures service maintenance agreements computer hardware software equipment. contracts liable minimum commitment payments.\n Recorded obligations include accounts payable accrued expenses goods services settled cash.\n contributions pension post-retirement benefit plans next 5 years. contributions differ beyond.\n Defined Benefit Pension Plans contribute pension non supplemental retirement plans post benefit plans benefits. Contributions. annually actuarially determined amount federal income tax regulations.\n cost Pension Plans future funding return investment discount rate pension expense amortization unrecognized gains losses. Returns assets funded benefits. long-term rate return 6. 97% 7. 03% 2019 2018. January 1, 2020 longterm rate return 6. 25%.Pension Plans invest equity securities markets. returns cash.\n pension post-retirement costs $11. 5 million $5. 6 million $3. 8 million 2018 2017. contributed $27. 5 million $26. 2 million $12. 5 million Pension Plans. other post-retirement plans $8. 5 million $9. 7 million $6. 5 million. 2020 expect $25. 0 million Pension Plans $8. 9 million other post-retirement plans. meet minimum funding requirements employee benefit tax laws. Note 11.\n 1 -3 3 -5 Years\n Long-term debt $ 18,350 521,700 1,729,663 2,269,713\n Interest long-term debt obligations 128,731 246,834 65,552,117\n Finance leases 10,280 8,285\n Operating leases 7,860 34,962\n Unconditional purchase obligations\nUnrecorded 36,488 37,830 19,954 1,371 95,643\n Recorded 98,035\n 33,861 64,311 65,959" +} +{ + "_id": "d1b353490", + "title": "", + "text": "9. Available-for-Sale Debt Investments and Equity Investments\nThe following table summarizes our available-for-sale debt investments and equity investments (in millions):\n(1) We held equity interests in certain private equity funds of $0.6 billion as of July 27, 2019 which are accounted for under the NAV practical expedient following the adoption of ASU 2016-01, Financial Instruments, starting in the first quarter of fiscal 2019.\n\n | July 27, 2019 | July 28, 2018\n------------------------------------------------------------- | ------------- | -------------\nAvailable-for-sale debt investments | $21,660 | $37,009 \nMarketable equity securities | 3 | 605 \nTotal investments | 21,663 | 37,614 \nNon-marketable equity securities included in other assets (1) | 1,113 | 978 \nEquity method investments included in other assets | 87 | 118 \nTotal | $22,863 | $38,710 \n\n. Debt Equity\n table summarizes\n equity interests private equity funds $0. 6 billion July 27, 2019 accounted NAV ASU 2016-01 quarter 2019.\n July 27, 28, 2018\n-sale debt investments $21,660 $37,009\n Marketable equity securities\n 21,663 37,614\n Non-marketable equity securities\n Equity investments\n $22,863 $38,710" +} +{ + "_id": "d1b38aa08", + "title": "", + "text": "Restricted Stock Units\nAt September 2019, the Compensation Committee of the Board of Directors had authorized and approved the following restricted stock unit awards to members of the Company’s management team pursuant to the provisions of the Company’s Omnibus Plans: At September 2019, the Compensation Committee of the Board of Directors had authorized and approved the following restricted stock unit awards to members of the Company’s management team pursuant to the provisions of the Company’s Omnibus Plans:\n(1) 13,150 of the restricted stock units were vested as of September 2019. The remaining 100 restricted stock units\nwill vest in equal amounts in October 2019 and October 2020.\n(2) 8,666 of the restricted stock units were vested as of September 2019. The remaining 4,334 restricted stock units\nwill vest in October 2019.\n(3) 4,333 of the restricted stock units were vested as of September 2019. 4,333 restricted stock units will vest in\nOctober 2019 and 4,334 will vest in October 2020.\n(4) The 15,050 restricted stock units will vest in equal amounts in October 2019, October 2020, and October 2021.\nThere is no direct cost to the recipients of the restricted stock units, except for any applicable taxes. The recipients of the restricted stock units are entitled to the customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company’s common stock. All cash dividends and/or distributions payable to restricted stock recipients will be held in escrow until all the conditions of vesting have been met.\nThe restricted stock units provide that the recipients can elect, at their option, to receive either common stock in the\nCompany, or a cash settlement based upon the closing price of the Company’s shares, at the time of vesting. Based on\nthese award provisions, the compensation expense recorded in the Company’s Statement of Operations reflects the\nstraight-line amortized fair value based on the liability method under “ASC 718 – Compensation – Stock Compensation”.\nNet income before income taxes included compensation expense related to the amortization of the Company’s restricted stock unit awards of approximately $1.2 million during both fiscal 2019 and fiscal 2018. These amounts were recorded as accrued expenses in the Company’s Consolidated Balance Sheet at both September 2019 and September 2018. The tax benefit related to this compensation expense was approximately $0.3 million in both fiscal 2019 and fiscal 2018. The total intrinsic value of restricted stock units vested during fiscal 2019 and fiscal 2018 was approximately $1.1 million and $1.2 million, respectively.\n\n | Restricted Stock Units(1) | Restricted Stock Units(2) | Restricted Stock Units(3) | Restricted Stock Units(4)\n-------------------------------------------- | ------------------------- | ------------------------- | ------------------------- | -------------------------\nDate of award: | October 2015 | October 2016 | October 2017 | October 2018 \nOriginal number of awards issued: | 13,250 | 13,000 | 13,000 | 15,050 \nService period: | 36 - 60 months | 36 months | 36 months | 36 months \nEstimated fair value of award at grant date: | $1,112,000 | $1,191,000 | $1,177,000 | $ 1,264,000 \nNon-vested awards outstanding at | | | | \nSeptember 30, 2019: | 100 | 4,334 | 8,667 | 15,050 \nFair value of non-vested awards at | | | | \nSeptember 30, 2019 of approximately: | $8,000 | $330,000 | $661,000 | $ 1,148,000 \n\nRestricted Stock Units\n September 2019 Compensation Committee approved restricted stock unit awards management team Omnibus Plans\n 13,150 stock units vested September 2019. remaining 100\n vest October 2019 2020.\n 8,666 units vested September 2019. remaining 4,334\n vest October 2019.\n 4,333 vested September 2019. vest\n October 2019 October 2020.\n 15,050 units vest equal October 2019 2020 2021.\n no direct cost to recipients restricted stock units taxes. entitled to customary adjustments stock splits dividends distributions common stock. cash dividends distributions held in escrow until conditions vesting met.\n restricted stock units recipients receive common stock\n or cash settlement closing price shares vesting.\n compensation expense Statement of Operations reflects\n straight-line amortized fair value liability method “ASC 718 – Compensation – Stock Compensation”.\nincome before taxes compensation expense restricted stock unit awards $1. 2 million 2019 2018. recorded accrued expenses Consolidated Balance Sheet. tax benefit $0. 3 million. total value restricted stock units $1. 1 million $1. 2 million.\n Date award 2015 2016 2017 2018\n Original number awards issued 13,250 13,000\n Service period 36 - 60 months\n Estimated fair value at grant date $1,112,000 $1,191,000 $1,177,000 1,264,000\n Non-vested awards\n September 30, 2019 4,334 8,667 15,050\n Fair value\n $8,000 $330,000 $661,000 1,148,000" +} +{ + "_id": "d1b37bee0", + "title": "", + "text": "Contributions and Direct Benefit Payments\nIt is the company’s general practice to fund amounts for pensions sufficient to meet the minimum requirements set forth in applicable employee benefits laws and local tax laws. From time to time, the company contributes additional amounts as it deems appropriate.\nThe following table presents the contributions made to the non-U.S. DB plans, non pension postretirement benefit plans, multi-employer plans, DC plans and direct payments for 2019 and 2018. The cash contributions to the multi-employer plans represent the annual cost included in the net periodic (income)/ cost recognized in the Consolidated Income Statement. The company’s participation in multi-employer plans has no material impact on the company’s financial statements.\nIn 2019 and 2018, $635 million and $598 million, respectively, was contributed in U.S. Treasury securities, which is considered a non-cash transaction (includes the Active Medical Trust).\n\n($ in millions) | | \n---------------------------------------- | ------ | ------\nFor the year ended December 31: | 2019 | 2018 \nNon-U.S. DB plans | $ 243 | $ 325\nNon pension postretirement benefit plans | 304 | 335 \nMulti-employer plans | 32 | 38 \nDC plans | 1,040 | 1,024 \nDirect benefit payments | 559 | 567 \nTotal | $2,177 | $2,288\n\nContributions Direct Benefit Payments\n pensions employee benefits tax laws. contributes additional.\n contributions non. DB pension postretirement multi-employer DC plans direct payments 2019 2018. cash contributions annual cost Consolidated Income Statement. impact financial statements.\n 2019 2018 $635 million $598 million contributed U. Treasury securities non-cash transaction Active Medical Trust.\n December 31 2019\n Non. DB plans 243 325\n pension postretirement plans 304 335\n Multi-employer plans 32\n DC plans 1,040\n Direct benefit payments 559 567\n $2,177 $2,288" +} +{ + "_id": "d1b390430", + "title": "", + "text": "The following table summarizes our long-lived assets (consisting of property, plant and equipment) by geography at the end of fiscal 2019, fiscal 2018 and fiscal 2017 (in millions).\nWe have many suppliers of raw materials and subcontractors which provide our various materials and service needs. We generally seek to have multiple sources of supply for our raw materials and services, but, in some cases, we may rely on a single or limited number of suppliers.\n\n | | March 31, | \n----------------------- | ------ | --------- | ------\n | 2019 | 2018 | 2017 \nUnited States | $521.1 | $393.3 | $388.5\nThailand | 209.3 | 215.5 | 178.0 \nVarious other countries | 266.3 | 159.1 | 116.8 \nTotal long-lived assets | $996.7 | $767.9 | $683.3\n\ntable summarizes long-lived assets property plant equipment by geography end fiscal 2019 2018 2017 millions.\n many suppliers materials subcontractors service needs. seek multiple sources rely single.\n March\n United States $521. $393. $388.\n Thailand 209. 215. 178.\n countries 266. 159. 116. 8\n Total long-lived assets $996. $767. 9 $683." +} +{ + "_id": "d1b3153de", + "title": "", + "text": "Realization of net operating loss carryforwards and other deferred tax temporary differences are contingent upon future taxable earnings. The Company’s deferred tax assets were reviewed for expected utilization by assessing the available positive and negative factors surrounding their recoverability.\nAs of September 30, 2018, the Company’s remaining valuation allowance of approximately $105,000 related to state net operating loss carry forwards. During the fourth quarter of 2019, the Company reversed approximately $58,000 of its valuation allowance. This consisted of decreasing the valuation allowance for the expiration and utilization of state net operating losses in 2019 of approximately $68,000 and increasing the valuation allowance by approximately $10,000 for future expected NOL utilization based on updated profitability estimates and changes to the loss utilization rules. The remaining valuation allowance balance as of September 30, 2019 of approximately $47,000 relates entirely to state net operating loss carry forwards we do not expect to utilize. The Company will continue to assess the assumptions used to determine the amount of our valuation allowance and may adjust the valuation allowance in future periods based on changes in assumptions of estimated future income and other factors. If the valuation allowance is reduced, we would record an income tax benefit in the period the valuation allowance is reduced. If the valuation allowance is increased, we would record additional income tax expense.\nSignificant components of deferred income tax assets and liabilities are as follows at:\n\n | September 30, 2019 | September 30, 2018\n--------------------------------------------- | ------------------ | ------------------\nDeferred income tax assets (liabilities): | | \nIntangibles | $(75,190) | $(70,467) \nProperty and equipment depreciation | (521,586) | (552,119) \nNet operating loss carry forwards and credits | 377,505 | 464,274 \nStock-based compensation | 114,118 | 151,558 \nInventories | 350,197 | 400,111 \nPrepaid expenses | (63,252) | (60,806) \nAccrued expenses and reserves | 371,414 | 250,787 \nGoodwill | (607,882) | (583,415) \nGross deferred tax liability | (54,676) | (77) \nValuation allowance | (47,014) | (104,858) \nNet deferred tax liability | $(101,690) | $(104,935) \n\nnet operating loss carryforwards deferred tax differences contingent future taxable earnings. deferred tax assets reviewed.\n September 30, 2018 remaining valuation allowance $105,000 state net operating loss carry forwards. fourth quarter 2019 reversed $58,000 allowance. $68,000 increasing $10,000 for future NOL utilization profitability. remaining $47,000 state net operating loss carry forwards. assumptions adjust. reduced income tax benefit. increased additional income tax expense.\n deferred income tax assets liabilities\n 2018\n assets\n Intangibles $(75,190) $(70,467)\n Property equipment depreciation (521,586) (552,119)\n Net operating loss carry forwards credits 377,505 464,274\n Stock-based compensation 114,118 151,558\n Inventories 350,197 400,111\n Prepaid expenses (63,252) (60,806)\n Accrued expenses reserves 371,414 250,787\nGoodwill (607,882)\n deferred tax (54,676)\n Valuation,014)\n deferred tax" +} +{ + "_id": "d1a740a0e", + "title": "", + "text": "8. Credit Facilities and Long-Term Debt\nLong-term debt consisted of the following (in thousands except interest rate and installment data):\nCertain property, plant, and equipment is pledged as collateral on our note payable. Unless otherwise approved by our lender, we are required by provisions of our loan agreement to (1) maintain minimum levels of working capital (ratio of not less than 1.25 to 1) and net worth (minimum of $90.0 million tangible net worth, plus 45% of cumulative net income); (2) limit dividends paid in any given quarter to not exceed an amount equal to one third of the previous quarter’s consolidated net income (allowed if no events of default), (3) maintain minimum total funded debt to total capitalization (debt to total tangible capitalization not to exceed 55%); and (4) maintain various current and cash-flow coverage ratios (1.25 to 1), among other restrictions. Our debt agreement requires Fred R. Adams, Jr., the Company’s Founder and Chairman Emeritus, or his family, to maintain ownership of Company shares, directly or indirectly, representing not less than 50% of the outstanding voting power of the Company. Certain property, plant, and equipment is pledged as collateral on our note payable. Unless otherwise approved by our lender, we are required by provisions of our loan agreement to (1) maintain minimum levels of working capital (ratio of not less than 1.25 to 1) and net worth (minimum of $90.0 million tangible net worth, plus 45% of cumulative net income); (2) limit dividends paid in any given quarter to not exceed an amount equal to one third of the previous quarter’s consolidated net income (allowed if no events of default), (3) maintain minimum total funded debt to total capitalization (debt to total tangible capitalization not to exceed 55%); and (4) maintain various current and cash-flow coverage ratios (1.25 to 1), among other restrictions. Our debt agreement requires Fred R. Adams, Jr., the Company’s Founder and Chairman Emeritus, or his family, to maintain ownership of Company shares, directly or indirectly, representing not less than 50% of the outstanding voting power of the Company.\nInterest, net of amount capitalized, of $644,000, $265,000, and $318,000 was recorded during fiscal 2019, 2018 and 2017, respectively. Interest of zero, $217,000 and $1.1 million was capitalized for construction of certain facilities during fiscal 2019, 2018 and 2017, respectively\nOn July 10, 2018, we entered into a $100.0 million Senior Secured Revolving Credit Facility (the “Revolving Credit Facility”) with a five-year term. The credit agreement for the Revolving Credit Facility includes an accordion feature permitting the Company, with the consent of the administrative agent, to increase the revolving commitments in the aggregate up to $125.0 million. No amounts were borrowed under the facility as of June 1, 2019 or during fiscal 2019. The Company had $3.7 million of outstanding standby letters of credit issued under the Revolving Credit Facility at June 1, 2019.\nThe interest rate is based, at the Company’s election, on either the Eurodollar Rate plus the Applicable Margin or the\nBase Rate plus the Applicable Margin. The “Eurodollar Rate” means the reserve adjusted rate at which Eurodollar\ndeposits in the London interbank market for an interest period of one, two, three, six or twelve months (as selected by\nthe Company) are quoted. The “Base Rate” means a fluctuating rate per annum equal to the highest of (a) the federal funds rate plus 0.50% per annum, (b) the prime rate of interest established by the administrative agent, and (c) the Table of Contents 54 Eurodollar Rate for an interest period of one month plus 1% per annum, subject to certain interest rate floors. The “Applicable Margin” means 0.00% to 0.75% per annum for Base Rate Loans and 1.00% to 1.75% per annum for Eurodollar Rate Loans, in each case depending upon the average outstanding balance at the quarterly pricing date. The Company will pay a commitment fee of 0.20% on the unused portion of the facility.\nThe Revolving Credit Facility is guaranteed by all the current and future wholly-owned direct and indirect domestic subsidiaries of the Company, and is secured by a first-priority perfected security interest in substantially all of the Company’s and the guarantors’ accounts, payment intangibles, instruments (including promissory notes), chattel paper, inventory (including farm products) and deposit accounts maintained with the administrative agent.\nThe credit agreement for the Revolving Credit Facility contains customary covenants, including restrictions on the incurrence of liens, incurrence of additional debt, sales of assets and other fundamental corporate changes and investments. The credit agreement requires maintenance of two financial covenants (i) a minimum working capital ratio of 2.00 to 1.00 and (ii) an annual limit on capital expenditures of $100.0 million. Additionally, the credit agreement requires that Fred R. Adams Jr., his spouse, natural children, sons-in-law or grandchildren, or any trust, guardianship, conservatorship or custodianship for the primary benefit of any of the foregoing, or any family limited partnership, similar limited liability company or other entity that 100% of the voting control of such entity is held by any of the foregoing, shall maintain at least 50% of the Company’s voting stock. Failure to satisfy any of these covenants will constitute a default under the terms of the credit agreement. Further, dividends are restricted to the Company’s current dividend policy of one-third of the Company’s net income computed in accordance with generally accepted accounting principles. The Company is allowed to repurchase up to $75.0 million of its capital stock in any year provided there is no default under the credit agreement and the Company has availability of at least $20.0 million under the facility.\nThe credit agreement for the Revolving Credit Facility also includes customary events of default and customary remedies upon the occurrence of an event of default, including acceleration of the amounts due and foreclosure of the collateral.\nAt June 1, 2019, we were in compliance with the covenant requirements of all loan agreements.\n\n | June 1, 2019 | June 2, 2018\n---------------------------------------------------------------------------------------------------------------- | ------------ | ------------\nNote payable at 6.20%, due in monthly principal installments of $250,000, plus interest, maturing in fiscal 2020 | $1,500 | $4,500 \nNote payable at 5.40%, due in monthly principal installments of $125,000, plus interest, matured in fiscal 2019 | — | 250 \nCapital lease obligations | 1,054 | 1,340 \n | 2,554 | 6,090 \nLess: capitalized loan costs | 217 | — \nTotal debt | 2,337 | 6,090 \nLess: current maturities | 1,696 | 3,536 \nLong-term debt, less current maturities | $641 | $2,554 \n\n. Credit Facilities Long-Term Debt\n debt interest installment\n property plant equipment pledged collateral note payable. required maintain working capital 1. 25 to 1) net worth $90. 0 million plus 45% cumulative net limit dividends not exceed third previous quarter’s net income maintain funded debt to capitalization not exceed maintain current cash-flow coverage ratios (1. 25 to 1). agreement requires Fred R. Adams, Jr. Founder Chairman family maintain ownership Company shares 50% voting power. property plant equipment pledged collateral note payable. maintain working capital 1. 25 to 1) net worth $90. 0 million plus 45% net limit dividends not exceed one third previous quarter’s net income maintain funded debt to capitalization not exceed maintain current cash-flow coverage ratios (1. 25 to 1). requires Fred R. Adams Jr. family maintain ownership Company shares 50% voting power.\nInterest $644,000 $265,000 $318,000 recorded fiscal 2019 2018 2017. Interest $217,000 $1. 1 million capitalized construction facilities\n July 10, 2018 entered $100. 0 million Senior Secured Revolving Credit Facility five-year term. agreement increase commitments $125. 0 million. No borrowed June 1, 2019. $3. 7 million outstanding standby letters credit issued June 1, 2019.\n interest rate based Eurodollar Rate\n Base Rate. “Eurodollar reserve adjusted rate\n deposits London interbank market months\n. “Base Rate” fluctuating rate federal funds rate plus. 50% prime rate Table of Contents 54 Eurodollar Rate 1%. “Applicable Margin” 0.% to. 75% per annum Base Rate Loans 1.% to. 75% per annum Eurodollar Rate Loans average balance. commitment fee 0. 20% unused portion facility.\nRevolving Credit Facility guaranteed by current future subsidiaries Company secured by first-priority security interest in Company’s guarantors’ accounts intangibles instruments promissory chattel paper inventory products deposit accounts with administrative agent.\n credit agreement contains covenants restrictions on liens additional debt sales assets corporate changes investments. requires minimum working capital ratio 2. 00 to 1. 00 annual limit capital expenditures $100. 0 million. Fred R. Adams Jr. spouse children sons-in-law grandchildren maintain 50% of Company’s voting stock. Failure default. dividends restricted to current policy one-third of net income. Company repurchase up to $75. 0 million capital stock no default least $20. 0 million.\n includes events of default remedies acceleration of amounts due foreclosure of collateral.\n At June 1, 2019 in compliance with covenant requirements loan agreements.\nJune 1 2019 2 2018\n 6. 20% installments $250,000 2020 $1,500 $4,500\n 5. 40% $125,000 2019\n Capital lease obligations\n 6,090\n capitalized loan costs\n debt 2,337 6,090\n maturities 1,696\n Long-term debt $641 $2,554" +} +{ + "_id": "d1b34c1cc", + "title": "", + "text": "Grants of Plan-Based Awards\nThe following table sets forth the estimated possible payouts under the cash incentive awards granted to our Named\nExecutive Officers in respect of 2019 performance under the 2019 NEO Plan.\n(1) Amounts presented assume payment of threshold, target and maximum awards at the applicable level.\n\nName | Grant Date | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards (1) | | All Other Stock Awards: Number of Shares of Stock or Units (#) | All Other Option Awards: Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards\n----------------- | ---------- | ------------- | ------------------------------------------------------------------- | ----------- | --------------------------------------------------------------- | -------------------------------------------------------------------- | ---------------------------------------------- | ------------------------------------------------\n | | Threshold ($) | Target ($) | Maximum ($) | | | | \nBarry Litwin | - | 100,238 | 1,113,750 | 1,237,500 | | | | \nThomas Clark | - | 5,062 | 225,000 | 337,500 | | | | \nRobert Dooley | - | 13,837 | 615,000 | 922,500 | | | | \nEric Lerner | - | 6,773 | 300,900 | 451,350 | | | | \nManoj Shetty | - | 5,435 | 241,535 | 362,303 | | | | \nLawrence Reinhold | N/A | N/A | N/A | N/A | | | | \n\nPlan-Based Awards\n table estimated payouts cash incentive awards\n Executive Officers 2019 performance NEO Plan.\n Amounts threshold target maximum awards.\n Name Grant Date Estimated Payouts Non-Equity Incentive Plan Awards Stock Awards Shares Option Awards Securities Options Price Option$ Grant Date Value Stock Option Awards\n Threshold Target Maximum\n Barry Litwin 100,238 1,113,750 1,237,500\n Thomas Clark 5,062 225,000 337,500\n Robert Dooley 13,837 615,000 922,500\n Eric Lerner 6,773 300,900 451,350\n Manoj Shetty 5,435 241,535 362,303\n Lawrence Reinhold" +} +{ + "_id": "d1b33fbac", + "title": "", + "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nThe following table reflects the cash flow impact of GS Holdings on the Consolidated Statements of Cash Flows for the years indicated.\n\n | Year Ended December 31, | \n------------------------------------------------------------------------ | ----------------------- | ---------\n | 2019 | 2018 \nNet cash provided by operating activities | $153,327 | $256,426 \nNet cash used in investing activities | (15,381) | (6,581) \nNet cash used in financing activities | (159,608) | (154,210)\nNet increase (decrease) in cash and cash equivalents and restricted cash | (21,662) | 95,635 \nCash and cash equivalents and restricted cash at beginning of period | 449,473 | 353,838 \nCash and cash equivalents and restricted cash at end of period | $427,811 | $449,473 \n\nGreenSky. FINANCIAL STATEMENTS States Dollars share data\n table reflects cash flow impact GS Holdings Statements.\n Ended December 31,\n 2018\n cash operating activities $153,327 $256,426\n investing (15,381) (6,581)\n financing (159,608) (154,210)\n cash equivalents restricted cash (21,662) 95,635\n period,473 353,838\n end period $427,811 $449,473" +} +{ + "_id": "d1b39ea4e", + "title": "", + "text": "5. Trade Accounts Receivable and Contract Liabilities:\nCharges related to allowances for doubtful accounts are charged to selling, general, and administrative expenses. Charges related to stock rotation, ship from stock and debit, sales returns, and sales discounts are reported as deductions from revenue. Please refer to Note 6, “Revenue Recognition,” for additional information\n\n | Fiscal Year Ended March 31, | \n-------------------------------------------- | --------------------------- | --------\n | 2018 | 2019 \nGross Accounts Receivable - Trade | $300,016 | $273,053\nLess | | \nAllowances for doubtful accounts | 1,893 | 1,276 \nStock rotation and ship from stock and debit | 15,989 | 14,140 \nSales returns and discounts | 6,875 | 646 \nTotal allowances | 24,757 | 16,062 \nAccounts Receivable - Trade, net | $275,259 | $256,991\n\n. Accounts Receivable Liabilities\n Charges selling administrative expenses. stock rotation sales returns discounts revenue. Note 6 Recognition\n Fiscal Year Ended March 31,\n Accounts Receivable $300,016 $273,053\n Allowances doubtful accounts 1,893\n Stock rotation 15,989\n Sales returns discounts\n allowances 24,757 16,062\n Accounts Receivable $275,259 $256,991" +} +{ + "_id": "d1b370f68", + "title": "", + "text": "D) SHARE-BASED PAYMENT PLANS\nThe Corporation offers an Employee Stock Purchase Plan for the benefit of its employees and those of its subsidiaries and a Stock Option Plan to its executive officers and designated employees. No more than 10% of the outstanding subordinate voting shares are available for issuance under these plans. Furthermore, the Corporation offers an Incentive Share Unit Plan (\"ISU Plan\") and a Performance Share Unit Plan (\"PSU Plan\") for executive officers and designated employees, and a Deferred Share Unit Plan (\"DSU Plan\") for members of the Board of Directors (\"Board\").\nStock purchase plan The Corporation offers, for the benefit of its employees and those of its subsidiaries, an Employee Stock Purchase Plan, which is accessible to all employees up to a maximum of 7% of their base annual salary and the Corporation contributes 25% of the employee contributions. The subscriptions are made monthly and employee subordinate voting shares are purchased on the stock market.\nStock option plan A total of 3,432,500 subordinate voting shares are reserved for the purpose of the Stock Option Plan. The minimum exercise price at which options are granted is equal to the market value of such shares at the time the option is granted. Options vest equally over a period of five years beginning one year after the day such options are granted and are exercisable over ten years.\nUnder the Stock Option Plan, the following options were granted by the Corporation and are outstanding at August 31:\n(1) For the year ended August 31, 2019, the Corporation granted 97,725 (126,425 in 2018) stock options to Cogeco's executive officers as executive officers of the Corporation. (2) The weighted average share price for options exercised during the year was $92.43 ($83.46 in 2018).\n\nYears ended August 31, | | 2019 | | 2018 \n---------------------------------- | --------- | ------------------------------- | -------- | -------------------------------\n | Options | Weighted average exercise price | Options | Weighted average exercise price\n | | $ | | $ \nOutstanding, beginning of the year | 819,393 | 65.27 | 652,385 | 56.61 \nGranted (1) | 201,525 | 65.62 | 281,350 | 85.08 \nExercised (2) | (170,754) | 57.28 | (60,337) | 57.77 \nCancelled | (134,550) | 72.43 | (54,005) | 72.28 \nOutstanding, end of the year | 715,614 | 65.93 | 819,393 | 65.27 \nExercisable, end of the year | 264,374 | 55.99 | 277,108 | 49.76 \n\nSHARE-BASED PAYMENT PLANS\n Corporation offers Employee Stock Purchase Plan employees subsidiaries Stock Option Plan executive officers designated employees. No more than 10% outstanding subordinate voting shares available issuance. Corporation offers Incentive Share Performance Share Unit Plan executive officers designated employees Deferred Share Unit Plan Board Directors.\n Corporation offers Employee Stock Purchase Plan accessible employees 7% base annual salary contributes 25% employee contributions. subscriptions monthly shares purchased stock market.\n plan,500 shares reserved Plan. minimum exercise price options equal market value shares. Options vest over five years exercisable over ten years.\n Stock Option Plan options granted outstanding at August 31\n 2019 granted 97,725 (126,425 2018) stock options to Cogeco's executive officers. weighted average share price options $92. 43 ($83. 46 in 2018).\n August\n Weighted average price\n 819,393. 652,385.\nGranted 201,525 65. 62 281,350 85.\n Exercised,754 57. (60,337.\n Cancelled (134,550 72. (54,005).\n Outstanding 715,614. 819,393.\n,374. 99 277,108." +} +{ + "_id": "d1b394292", + "title": "", + "text": "Statements of cash flows additional information (in millions):\nNon-cash investing and financing activities and supplemental cash flow information are as follows:\n\n | | Year Ended | \n--------------------------------------------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nNon-cash Investing and Financing Activities: | | | \nCapital expenditures incurred but not paid | $ 9 | $ 24 | $ 19 \nNon-cash extinguishment of sale-leaseback financing obligations | $ — | $ 130 | $ 19 \nSupplemental Cash Flow Information: | | | \nIncome taxes paid, net of refunds | $ 205 | $ 87 | $ 102 \nInterest paid | $ 53 | $ 58 | $ 44 \n\ncash flows\n Non-cash investing financing\n Year Ended\n April 26, 2019 27, 2018 28, 2017\n Non-cash Investing Financing\n Capital expenditures paid $\n Non-cash sale-leaseback financing obligations 130\n Supplemental Cash Flow\n Income taxes refunds $ 205 87\n Interest $ 53 $ 58" +} +{ + "_id": "d1b3a3eb8", + "title": "", + "text": "Deferred tax assets and liabilities as of March 31, are as follows:\nAt March 31, 2019, we had $199.1 million of a federal net operating loss carryforwards that expire, if unused, in fiscal years 2031 to 2038, and $11.5 million of federal net operating loss carryforwards that can be carried forward indefinitely. Our Hong Kong, Malaysia, and Singapore subsidiaries have $0.4 million, $0.1 million, and $0.2 million of net operating loss carryforwards respectively. The losses for Hong Kong, Malaysia and Singapore can be carried forward indefinitely.\nAt March 31, 2019 our India subsidiary had $0.4 million of minimum alternative tax credits reported as other noncurrent assets on our Consolidated Balance Sheet. Our India subsidiary operates in a “Special Economic Zone (“SEZ”)”. One of the benefits associated with the SEZ is that the India subsidiary is not subject to regular India income taxes during its first 5 years of operations. The aggregate value of the benefit of the SEZ during the current fiscal year is $0.5 million.\nAt March 31, 2019 we also had $127.5 million of state net operating loss carryforwards that expire, if unused, in fiscal years 2020 through 2039.\nWe recorded valuation allowances related to certain deferred income tax assets due to the uncertainty of the ultimate realization of the future benefits from those assets. At March 31, 2019, the total valuation allowance against deferred tax assets of $57.9 million was comprised of $57.0 million for federal and state deferred tax assets, and $0.9 million associated with deferred tax assets in Hong Kong, Malaysia, Singapore and the Philippines.\nIn assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some or all of the deferred tax assets will not be realized. We have recorded a valuation allowance offsetting substantially all of our deferred tax assets. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which those temporary differences are deductible.\nManagement considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected taxable income, and tax planning strategies in making this assessment. In order to fully realize the deferred tax assets, we will need to generate future taxable income before the expiration of the deferred tax assets governed by the tax code.\nBecause of our losses in current and prior periods, management believes that it is more-likely-than-not that we will not realize the benefits of these deductible differences. The amount of the valuation allowance, however, could be reduced in the near term. The exact timing will be based on the level of profitability that we are able to achieve and our visibility into future results. Our recorded tax rate may increase in subsequent periods following a valuation release. Any valuation allowance release will not affect the amount of cash paid for income taxes.\nThe undistributed earnings of our foreign subsidiaries are not subject to U.S. federal and state income taxes unless such earnings are distributed in the form of dividends or otherwise to the extent of current and accumulated earnings and profits. The undistributed earnings of foreign subsidiaries are permanently reinvested and totaled $3.1 million and $1.7 million as of March 31, 2019 and 2018, respectively.\nWe made the determination of permanent reinvestment on the basis of sufficient evidence that demonstrates we will invest the undistributed earnings overseas indefinitely for use in working capital, as well as foreign acquisitions and expansion. The determination of the amount of the unrecognized deferred U.S. income tax liability related to the undistributed earnings is not practicable.\nPrior to the adoption of ASU 2016-09 in the first quarter of fiscal 2018, we used the with-and-without approach for ordering tax benefits derived from the share-based payment awards. Using the with-and-without approach, actual income taxes payable for the period were compared to the amount of tax payable that would have been incurred absent the deduction for employee share-based payments in excess of the amount of compensation cost recognized for financial reporting.\nAs a result of this approach, tax net operating loss carryforwards not generated from share-based payments in excess of cost recognized for financial reporting were considered utilized before the current period's share-based deduction.\n\n(In thousands) | 2019 | 2018 \n---------------------------------------------- | -------- | --------\nDeferred tax assets: | | \nAccrued liabilities | $3,944 | $2,720 \nAllowance for doubtful accounts | 120 | 143 \nInventory valuation reserve | 41 | 20 \nFederal losses and credit carryforwards | 45,227 | 42,713 \nForeign net operating losses | 730 | 623 \nState losses and credit carryforwards | 9,886 | 9,592 \nDeferred revenue | 488 | 652 \nGoodwill and other intangible assets | — | 286 \nOther | 65 | 96 \n | 60,501 | 56,845 \nLess: valuation allowance | (57,852) | (54,260)\nTotal | 2,649 | 2,585 \nDeferred tax liabilities: | | \nProperty and equipment & software amortization | (361) | (412) \nGoodwill and other intangible assets | (2,706) | (2,277) \nTotal | (3,067) | (2,689) \nTotal deferred tax liabilities | $(418) | $(104) \n\nDeferred tax assets liabilities March 31,\n March 31, 2019 $199. 1 million federal net operating loss carryforwards 2031 to 2038 $11. 5 million federal loss carryforwards carried indefinitely. Hong Kong Malaysia Singapore subsidiaries $0. 4 million $0. 1 million $0. 2 million loss carryforwards. losses carried forward indefinitely.\n India subsidiary $0. 4 million alternative tax credits. Economic Zone. not subject income taxes first 5 years. value SEZ fiscal year $0. 5 million.\n $127. 5 million state net operating loss carryforwards 2020 2039.\n valuation allowances deferred income tax assets uncertainty. March 31, 2019 total valuation allowance $57. 9 million $57. 0 million federal state deferred tax assets $0. 9 million Hong Kong Malaysia Singapore Philippines.\n. valuation allowance assets. realization depends future taxable income.\nManagement considers reversal deferred tax liabilities carryback carryforward projected taxable income tax planning strategies. realize deferred tax assets generate future taxable income before expiration.\n losses believes realize benefits deductible differences. valuation allowance could. timing on profitability visibility future results. recorded tax rate may increase valuation release. valuation allowance release affect cash paid income taxes.\n undistributed earnings foreign subsidiaries not subject to. income taxes unless dividends. earnings permanently reinvested totaled $3. 1 million $1. 7 million as March 31, 2019 2018.\n permanent reinvestment evidence earnings overseas working capital foreign acquisitions expansion. determination unrecognized deferred. income tax liability not practicable.\n ASU 2016-09 used with-and-without approach tax benefits share-based payment awards. income taxes payable compared to tax absent deduction employee share-based payments compensation cost.\nloss carryforwards before deduction.\n Deferred tax assets\n Accrued liabilities $3,944 $2,720\n doubtful accounts\n Inventory valuation reserve\n Federal losses carryforwards 45,227 42,713\n Foreign losses\n State losses credit carryforwards 9,886\n Deferred revenue\n Goodwill intangible assets 286\n 60,501 56,845\n valuation allowance (57,852) (54,260\n 2,649 2,585\n Deferred tax liabilities\n Property equipment software amortization\n Goodwill intangible assets (2,706)\n tax liabilities $(418)" +} +{ + "_id": "d1a715322", + "title": "", + "text": "2. Net Income (Loss) Per Share\nBasic earnings per share, or EPS, is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted EPS is computed by dividing net income by the weighted-average number of common shares outstanding for the period and the weighted-average number of dilutive common stock equivalents outstanding for the period determined using the treasury-stock method.\nFor purposes of this calculation, common stock options, restricted stock units and restricted stock awards are considered to be common stock equivalents and are only included in the calculation of diluted EPS when their effect is dilutive. In periods in which the Company has a net loss, dilutive common stock equivalents are excluded from the calculation of diluted EPS.\nThe table below presents the computation of basic and diluted earnings per share:\nFor the years ended December 31, 2019, 2018 and 2017, the Company incurred net losses and accordingly excluded common stock equivalents for outstanding stockbased awards, which represented all potentially dilutive securities, of 2.5 million, 3.7 million, and 4.5 million, respectively, from the calculation of diluted net loss per share due to their anti-dilutive nature.\n\n | | Years Ended December 31, | \n-------------------------------------------------- | --------- | ---------------------------------------- | --------\n | 2019 | 2018 | 2017 \n | | (in thousands, except per share amounts) | \nNumerator: | | | \nNet loss | $(19,898) | $(26,199) | $(9,187)\nDenominator: | | | \nWeighted average common shares outstanding—basic | 71,005 | 68,490 | 66,252 \nDilutive common stock equivalents | — | — | — \nWeighted average common shares outstanding—diluted | 71,005 | 68,490 | 66,252 \nNet loss per share: | | | \nBasic | $(0.28) | $(0.38) | $(0.14) \nDiluted | $(0.28) | $(0.38) | $(0.14) \n\n. Net Income (Loss) Per Share\n earnings calculated income weighted-average common shares without equivalents. Diluted EPS income dilutive common stock equivalents.\n common stock options restricted stock units awards common stock equivalents included diluted EPS when dilutive. net loss dilutive common stock equivalents excluded.\n table computation basic diluted earnings per share\n years December 31, 2019 2018 2017 incurred net losses excluded common stock equivalents awards dilutive securities 2. 5 million 3. 7 million 4. 5 million from diluted net loss per share anti.\n Years Ended December\n Net loss $(19,898) $(26,199) $(9,187)\n Weighted average common shares 71,005 68,490 66,252\n Dilutive common stock equivalents\n Net loss per share\n $.28). 38). 14)\n. 28). 38). 14" +} +{ + "_id": "d1b337650", + "title": "", + "text": "11 Dividends\nThe proposed dividend is subject to approval in 2020. It is therefore not included as a liability in these Financial Statements. No scrip alternative to the cash dividend is being offered in respect of the proposed final dividend for the year ended 31st December 2019.\n\n | 2019 | 2018\n---------------------------------------------------------------------------------------------- | ---- | ----\n | £m | £m \nAmounts paid in the year: | | \nFinal dividend for the year ended 31st December 2018 of 71.0p (2017: 62.0p) per share | 52.3 | 45.7\nInterim dividend for the year ended 31st December 2019 of 32.0p (2018: 29.0p) per share | 23.6 | 21.3\nTotal dividends paid | 75.9 | 67.0\nAmounts arising in respect of the year: | | \nInterim dividend for the year ended 31st December 2019 of 32.0p (2018: 29.0p) per share | 23.6 | 21.3\nProposed final dividend for the year ended 31st December 2019 of 78.0p (2018: 71.0p) per share | 57.5 | 52.3\nTotal dividends arising | 81.1 | 73.6\n\nDividends\n proposed dividend approval 2020. not included liability Financial Statements. No alternative cash dividend final dividend 31st December 2019.\n Amounts paid\n Final dividend 31st December 2018 71. (2017 62. share 52. 45. 7\n Interim dividend 32. 29. share 23. 21.\n dividends paid 75. 9 67.\n Amounts\n Interim dividend 32. 29. share 23. 21.\n final dividend 2019 78. 71. share 57. 5 52. 3\n dividends 81. 73." +} +{ + "_id": "d1b33ff62", + "title": "", + "text": "Other loss\nIn May 2019, the Company completed a cash tender offer and purchased $460.9 million in aggregate principal amount of the 2020 Notes and issued $250.0 million in aggregate principal amount of 9.25% senior secured notes at par due November 2022. The Company recognized a loss of $10.6 million on the purchase of the 2020 Notes for the year ended December 31, 2019 (see Note 9).\nDuring September 2019, Teekay LNG refinanced the Torben Spirit by acquiring the Torben Spirit from its original Lessor and then selling the vessel to another Lessor and leasing it back for a period of 7.5 years. As a result of this refinancing transaction, the Partnership recognized a loss of $1.4 million for the year ended December 31, 2019 on the extinguishment of the original finance lease (see Note 11).\nFollowing the termination of the finance lease arrangements for the RasGas II LNG Carriers in 2014, the lessor made a determination that additional rentals were due under the leases following a challenge by the UK taxing authority. As a result, in 2017 the Teekay Nakilat Joint Venture recognized an additional liability, which was included as part of other loss in the Company's consolidated statements of loss.\nRelated to settlements and accruals made prior to September 2017 as a result of claims and potential claims made against Logitel Offshore Holding AS (or Logitel), a company acquired by Altera in 2014. Altera was deconsolidated in September 2017 (see Note 4).\n\n | Year Ended | Year Ended | Year Ended \n-------------------------------------------------------- | ------------ | ------------ | ------------\n | December 31, | December 31, | December 31,\n | 2019 | 2018 | 2017 \n | $ | $ | $ \nLoss on bond repurchases (1) | (10,601) | (1,772) | — \nLoss on lease extinguishment (2) | (1,417) | — | — \nTax indemnification guarantee liability (3) | — | (600) | (50,000) \nContingent liability (4) | — | — | (4,500) \nGain on sale / (write-down) of cost-accounted investment | — | — | 1,250 \nMiscellaneous (loss) income | (2,457) | 359 | (731) \nOther loss | (14,475) | (2,013) | (53,981) \n\n\n May 2019 Company purchased $460. 9 million 2020 Notes issued $250. 0 million 9. 25% senior secured notes due November 2022. loss $10. 6 million 2020 Notes year ended December 31, 2019.\n September 2019 Teekay LNG refinanced Torben Spirit leasing 7. 5 years. loss $1. 4 million year December 31, 2019 extinguishment original finance lease 11.\n termination finance lease RasGas II LNG Carriers 2014, lessor additional rentals due UK taxing authority. 2017 Teekay Nakilat Joint Venture recognized additional liability consolidated statements loss.\n September 2017 Logitel Offshore Holding AS acquired Altera 2014. deconsolidated September 2017 Note 4).\n December 31,\n Loss bond repurchases\n Loss lease extinguishment (1,417)\n Tax indemnification guarantee liability (600\n Contingent liability (4) (4,500)\nGain sale investment 1,250\n Miscellaneous income (2,457)\n loss (14,475),981" +} +{ + "_id": "d1a716c9a", + "title": "", + "text": "Provision for Income Taxes\nWe are subject to taxes in the United States as well as other tax jurisdictions and countries in which we conduct business. Earnings from our non-U.S. activities are subject to local country income tax and may be subject to current U.S. income tax.\nWe recognized an income tax benefit of $8.3 million for fiscal year 2019 compared to an income tax provision of $18.5 million for fiscal year 2018. The fiscal year 2018 income tax provision was primarily due to a one-time provisional net charge from re-measuring deferred tax assets and liabilities in the quarter ended January 31, 2018 as a result of the Tax Cuts and Jobs Act (the “Tax Act”).\nThe effective tax rate of (66)% for fiscal year 2019, differs from the statutory U.S. Federal income tax rate of 21% mainly due to permanent differences for stock-based compensation, including excess tax benefits, research and development credits, the tax rate differences between the United States and foreign countries, foreign withholding taxes, and certain non-deductible expenses including executive compensation.\nAs of July 31, 2019, we had unrecognized tax benefits of $6.2 million that, if recognized, would affect our effective tax rate.\nOn December 22, 2017, the Tax Act was enacted into law which substantially changed U.S. tax law, including a reduction in the U.S. corporate income tax rate to 21% effective January 1, 2018 and several provisions that may impact us in current and future periods.\nThe Tax Act includes a provision to tax global intangible low-taxed income (“GILTI”) of foreign subsidiaries, a special deduction for foreign-derived intangible income, and a base erosion anti-abuse tax (“BEAT”) measure that taxes certain payments between a U.S. corporation and its foreign subsidiaries. These provisions of the Tax Act became effective for us beginning on August 1, 2018 and had no impact on the tax benefit for fiscal year 2019.\nUnder GAAP, we can make an accounting policy election to either treat taxes due on the GILTI inclusion as a current period expense or factor such amounts into our measurement of deferred taxes. We have elected the current period expense method. In December 2018, the Internal Revenue Service (the “IRS”) issued proposed regulations related to the BEAT tax, which we are in the process of evaluating. If the proposed BEAT regulations are finalized in their current form, the impact may be material to the tax provision in the quarter of enactment.\nThe U.S. Treasury Department, the IRS, and other standard-setting bodies will continue to interpret or issue guidance on how provisions of the Tax Act will be applied or otherwise administered. We continue to obtain, analyze, and interpret guidance as it is issued and will revise our estimates as additional information becomes available.\nAny legislative changes, including any other new or proposed U.S. Department of the Treasury regulations that have yet to be issued, may result in income tax adjustments which could be material to our provision for income taxes and effective tax rate in the period any such changes are enacted. We have finalized our assessment of the transitional impacts of the Tax Act.\n\n | Fiscal years ended July 31, | | | \n----------------------------------------- | --------------------------- | ---------------------------------- | -------- | -----\n | 2019 | 2018 | Change | \n | Amount | Amount | ($) | (%) \n | | (In thousands, except percentages) | | \nProvision for (benefit from) income taxes | $(8,280) | $18,467 | (26,747) | (145)\nEffective tax rate | (66)% | (223)% | | \n\nIncome Taxes\n subject taxes United States other jurisdictions countries. Earnings non-U. activities local tax current. income tax.\n recognized income tax benefit $8. 3 million 2019 $18. 5 million 2018. due net charge re deferred tax assets liabilities January 2018 Tax Cuts Jobs Act.\n effective tax rate (66)% 2019 differs. Federal income tax rate 21% due differences stock-based compensation excess tax benefits research development credits tax rate differences foreign withholding taxes non expenses.\n unrecognized tax benefits $6. 2 million affect tax rate.\n December 2017 Tax Act changed. tax law reduction. corporate income tax rate 21% January 1, 2018 provisions.\n tax income foreign subsidiaries special deduction foreign-derived intangible income base anti-abuse tax. effective August 1, 2018 no impact tax benefit 2019.\n treat taxes GILTI current period expense or factor deferred taxes. elected current period expense method.December 2018 Internal Revenue Service issued regulations BEAT tax evaluating. regulations finalized impact material tax provision enactment.\n U. Treasury Department IRS standard-setting bodies interpret guidance Tax Act. obtain analyze interpret guidance revise estimates information.\n legislative changes. regulations result income tax adjustments material provision taxes tax rate. finalized assessment transitional impacts Tax Act.\n Fiscal years ended July 31,\n 2019 2018 Change\n Amount ($) (%)\n thousands percentages\n Provision income taxes $(8,280) $18,467 (26,747)\n Effective tax rate (66)% (223)%" +} +{ + "_id": "d1b38bd54", + "title": "", + "text": "Note 21. Earnings Per Share\nBasic earnings per share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per share includes the weighted average number of common shares outstanding during the respective periods and the further dilutive effect, if any, from stock appreciation rights, restricted stock, restricted stock units and shares held in rabbi trust using the treasury stock method.\nThe number of shares used in the earnings per share computation were as follows (in thousands):\n\n | | Years Ended December 31, | \n--------------------------------------------------------------------------------------------------------------------- | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nBasic: | | | \nWeighted average common shares outstanding | 41,649 | 42,090 | 41,822\nDiluted: | | | \nDilutive effect of stock appreciation rights, restricted stock, restricted stock units and shares held in rabbi trust | 153 | 156 | 319 \nTotal weighted average diluted shares outstanding | 41,802 | 42,246 | 42,141\nAnti-dilutive shares excluded from the diluted earnings per share calculation | 69 | 44 | 46 \n\n. Earnings Per Share\n based average. Diluted earnings dilutive effect stock appreciation rights restricted stock units shares rabbi trust.\n shares earnings\n Years Ended December 31,\n 2019 2018 2017\n average shares 41,649 42,090 41,822\n Diluted\n Dilutive effect stock appreciation rights restricted stock units shares rabbi trust 153 156 319\n diluted shares 41,802 42,246 42,141\n Anti-dilutive shares excluded diluted earnings 69 44 46" +} +{ + "_id": "d1b3418d0", + "title": "", + "text": "Contractual Obligations\nThe following table summarizes the payments due by fiscal year for our outstanding contractual obligations as of June 30, 2019:\n(a) Refer to Note 11 – Debt of the Notes to Financial Statements.\n(b) Refer to Note 7 – Property and Equipment of the Notes to Financial Statements.\n(c) Refer to Note 15 – Leases of the Notes to Financial Statements.\n(d) Refer to Note 12 – Income Taxes of the Notes to Financial Statements.\n(e) Amounts represent purchase commitments, including open purchase orders and take-or-pay contracts that are not presented as construction commitments above.\n(f) We have excluded long-term tax contingencies, other tax liabilities, and deferred income taxes of $14.2 billion from the amounts presented as the timing of these obligations is uncertain. We have also excluded unearned revenue and non-cash items.\n\n(In millions) | 2020 | 2021-2022 | 2023-2024 | Thereafter | Total \n------------------------------------------------ | --------- | --------- | --------- | ---------- | ----------\nLong-term debt: (a) | | | | | \nPrincipal payments | $ 5,518 | $ 11,744 | $ 8,000 | $ 47,519 | $ 72,781 \nInterest payments | 2,299 | 4,309 | 3,818 | 29,383 | 39,809 \nConstruction commitments (b) | 3,443 | 515 | 0 | 0 | 3,958 \nOperating leases, including imputed interest (c) | 1,790 | 3,144 | 2,413 | 3,645 | 10,992 \nFinance leases, including imputed interest (c) | 797 | 2,008 | 2,165 | 9,872 | 14,842 \nTransition tax (d) | 1,180 | 2,900 | 4,168 | 8,155 | 16,403 \nPurchase commitments (e) | 17,478 | 1,185 | 159 | 339 | 19,161 \nOther long-term liabilities (f) | 0 | 72 | 29 | 324 | 425 \nTotal | $ 32,505 | $ 25,877 | $ 20,752 | $ 99,237 | $ 178,371\n\nContractual Obligations\n table summarizes payments year obligations June 30, 2019\n Note 11 Debt.\n 7 Property Equipment.\n 15 Leases.\n 12 Income Taxes.\n Amounts purchase commitments take-or-pay contracts not construction.\n excluded long tax contingencies liabilities deferred income taxes $14. 2 billion. unearned revenue non-cash items.\n 2021 2023-2024\n Long-term debt\n Principal payments $ 5,518 11,744 47,519 72,781\n Interest payments 2,299 4,309 3,818 29,383 39,809\n Construction commitments 3,443\n Operating leases interest 1,790 3,144 2,413 3,645 10\n Finance leases 2,008 2,165 9,872 14,842\n Transition tax 1,180 2,900 4,168 8,155 16,403\nPurchase commitments 17,478 1,185 19,161\n liabilities 324 425\n 32,505 25,877 20,752 99,237 178,371" +} +{ + "_id": "d1b3c0fb8", + "title": "", + "text": "Aging analysis of gross values by risk category at December 31, 2019\nThe distribution of trade receivables and contract assets closely follows the distribution of the Company’s sales, see note B1, “Segment information.” The ten largest customers represented 49% (53%) of the total trade receivables and contract assets in 2019.\n\nDays past due | 1–90 | 91–180 | 181–360 | >360 | Total\n-------------------- | ----- | ------ | ------- | ----- | -----\nCountry risk: Low | 1,347 | 125 | 127 | 313 | 1,912\nCountry risk: Medium | 891 | 725 | 600 | 819 | 3,035\nCountry risk: High | 583 | 365 | 217 | 1,315 | 2,480\nTotal past due | 2,821 | 1,215 | 944 | 2,447 | 7,427\n\nvalues risk December 31, 2019\n trade receivables assets sales. ten largest customers 49% receivables assets 2019.\n 1–90 91–180 181–360\n Low 1,347 125 127 313 1,912\n Medium 891 725 600 819 3,035\n High 583 365 217 1,315 2,480\n 2,821 1,215 944 2,447 7,427" +} +{ + "_id": "d1b3bf370", + "title": "", + "text": "Note 21. Equity - dividends\nDividends paid during the financial year were as follows:\nThe Directors have declared a final dividend of AU 18 cents per share for the year ended 30 June 2019. The dividend will be paid on 25 September 2019 based on a record date of 4 September 2019. This amounts to a total dividend of US$15.9 million based on the number of shares outstanding.\nAccounting policy for dividends\nDividends are recognised when declared during the financial year and no longer at the discretion of the company.\n\nConsolidated | | \n-------------------------------------------------------------------------------------------- | ------- | -------\n | 2019 | 2018 \n | US$’000 | US$’000\nFinal dividend for the year ended 30 June 2018 of AU 14 cents (2017: AU 12 cents) | 13,327 | 12,534 \nInterim dividend for the half year ended 31 December 2018 of AU 16 cents (2017: AU 13 cents) | 14,801 | 13,099 \n | 28,128 | 25,633 \n\n. Equity dividends\n financial year\n Directors declared final dividend 18 cents share year 30 June 2019. paid 25 September 2019 4 September. total dividend US$15. 9 million shares.\n Accounting policy dividends\n recognised declared discretion company.\n Final dividend year 30 June 2018 AU 14 cents 12 cents\n Interim dividend half year 31 December 2018 AU 16 cents 13 cents 14,801\n" +} +{ + "_id": "d1b321f3a", + "title": "", + "text": "The following table provides the company’s operating (non-GAAP) earnings for 2019 and 2018. See page 46 for additional information.\n* 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity.\n** Includes charges of $2.0 billion in 2018 associated with U.S. tax reform.\n\n($ in millions except per share amounts) | | | \n------------------------------------------------------ | ------- | ------- | -------------------------\nFor the year ended December 31:* | 2019 | 2018 | Yr.-to-Yr. Percent Change\nNet income as reported | $ 9,431 | 8,728* | 8.1% \nIncome/(loss) from discontinued operations, net of tax | (4) | 5 | NM \nIncome from continuing operations | $ 9,435 | 8,723* | 8.2% \nNon-operating adjustments (net of tax) | | | \nAcquisition-related charges | 1,343 | 649 | 107.0 \nNon-operating retirement-related costs/(income) | 512 | 1,248 | (58.9) \nU.S. tax reform charge | 146 | 2,037 | (92.8) \nOperating (non-GAAP) earnings | $11,436 | $12,657 | (9.6)% \nDiluted operating (non-GAAP) earnings per share | $ 12.81 | $ 13.81 | (7.2)% \n\ntable provides operating-GAAP earnings 2019 2018. page 46 information.\n 2019 results impacted Red Hat purchase accounting acquisition activity.\n Includes $2. billion 2018. tax reform.\n year December 31 2019 2018.\n Net income $ 9,431 8,728.\n discontinued operations tax\n continuing operations $ 9,435. 2%\n Non-operating adjustments tax\n Acquisition-related charges 1,343.\n Non-operating retirement-related costs.\n. tax reform charge.\n Operating (non-GAAP earnings $11,436 $12,657.\n earnings per share $." +} +{ + "_id": "d1b30c7f2", + "title": "", + "text": "G. PROPERTY, PLANT AND EQUIPMENT\nProperty, plant and equipment, net consisted of the following at December 31, 2019 and 2018:\nDepreciation of property, plant and equipment for the years ended December 31, 2019, 2018, and 2017 was $70.8 million, $67.4 million, and $66.1 million, respectively. As of December 31, 2019 and 2018, the gross book value included in machinery and equipment for internally manufactured test systems being leased by customers was $5.4 million and $5.5 million, respectively. As of December 31, 2019 and 2018, the accumulated depreciation on these test systems was $5.1 million and $5.2 million, respectively.\n\n | 2019 | 2018 \n--------------------------------- | -------------- | --------\n | (in thousands) | \nLand | $16,561 | $16,561 \nBuildings | 107,282 | 105,935 \nMachinery, equipment and software | 834,970 | 752,722 \nFurniture and fixtures | 29,157 | 27,432 \nLeasehold improvements | 59,378 | 52,536 \nConstruction in progress | 2,537 | 6,276 \n | 1,049,885 | 961,462 \nLess: accumulated depreciation | 729,669 | 681,641 \n | $320,216 | $279,821\n\n. PROPERTY PLANT EQUIPMENT\n December 31, 2019\n Depreciation 2017 $70. 8 million $67. 4 million $66. 1 million. gross value systems $5. 4 million $5. 5 million. accumulated depreciation $5. 1 million $5. 2 million.\n Land $16,561\n Buildings 107,282\n Machinery equipment software,970 752,722\n Furniture fixtures 29,157\n Leasehold improvements 59,378 52\n Construction 2,537\n 1,049,885\n accumulated depreciation 729,669 681,641\n $320 $279,821" +} +{ + "_id": "d1b336278", + "title": "", + "text": "Single figure table for total remuneration (audited)\nSingle figure for the total remuneration received by each executive director for the 52 weeks ended 30 March 2019 (2018/19) and 31 March 2018 (2017/18).\nGavin Darby\nMr Darby received a basic salary of £700,000 per annum and a salary supplement in lieu of pension of 20% of base salary on a pro rata basis for the period up to 31 January 2019. Mr Darby received a pro rata bonus of £525,500 for the financial period to 31 January 2019. Benefits were provided for the period up to 31 January 2019 relating to the provision of an executive driver service, private health insurance and annual medical assessment.\nAlastair Murray\nMr Murray received a basic salary for the period of £416,201 per annum and an annualised supplement in lieu of pension of 7.5% of the Earnings Cap (£160,800 for the 2018/19 tax year) which equates to £12,060 for the period together with an additional RPI adjusted pensions supplement of £24,348. He was appointed Acting CEO on 1 February 2019, in addition to his current role of Chief Financial Officer, on a temporary basis whilst the Board conducts a search process for a new CEO.\nIn recognition of this significant additional responsibility, it was agreed that Mr Murray would receive a monthly salary supplement of £20,000 (which does not count towards pension, annual bonus or long-term incentives) whilst he carries out this role.\nMr Murray received a bonus of £231,615 for the financial period. Benefits related to the provision of a company car, use of an executive driver service (following his appointment as Acting CEO) and private health insurance. In line with the current Remuneration Policy, one-third of his annual bonus award will be in the form of shares deferred for three years.\nFull details of the annual bonus performance assessments for Mr Darby and Mr Murray are set out on pages 53 to 55.\n\n | Gavin Darby | | Alastair Murray | \n------------------ | ----------- | ------- | --------------- | -------\n | 2018/19 | 2017/18 | 2018/19 | 2017/18\n | £’000 | £’000 | £’000 | £’000 \nSalary | 583 | 700 | 416 | 408 \nSalary supplement | – | – | 40 | – \nTaxable benefits | 17 | 22 | 27 | 24 \nPension | 117 | 140 | 36 | 35 \nAnnual Bonus | 525 | 368 | 232 | 153 \nShare based awards | – | – | – | – \nTotal | 1,242 | 1,230 | 751 | 620 \n\nfigure table total remuneration\n executive director 52 weeks 30 March 2019 31 March 2018.\n Gavin Darby\n received basic salary £700,000 per annum salary supplement 20% base salary 31 January 2019. pro rata bonus £525,500 31 January 2019. Benefits executive driver service private health insurance annual medical assessment.\n Alastair Murray\n basic salary £416,201 per annum annualised supplement 7. 5% Earnings Cap (£160,800 2018/19 tax year £12,060 additional RPI adjusted pensions supplement £24,348. Acting CEO 1 February 2019 Chief Financial Officer temporary new CEO.\n monthly salary supplement £20,000 not pension annual bonus long-term incentives.\n bonus £231,615. Benefits company car executive driver service private health insurance. one-third annual bonus award shares deferred three years.\n details annual bonus performance assessments Darby Murray pages 53 to 55.\n Gavin Darby Alastair Murray\n 2018/19\nSalary 583 700 416 408\n supplement\n Taxable benefits 17\n Pension 117 140 36\n Annual Bonus 525 368 232\n Share awards\n 1,242 1,230 751" +} +{ + "_id": "d1b36803e", + "title": "", + "text": "Allowances for Receivables and Sales Returns\nThe allowances for receivables were as follows (in millions, except percentages):\n(1) Calculated as allowance for credit loss on lease receivables as a percentage of gross lease receivables and residual value before unearned income.\nThe allowance for doubtful accounts is based on our assessment of the collectibility of customer accounts. We regularly review the adequacy of these allowances by considering internal factors such as historical experience, credit quality and age of the receivable balances as well as external factors such as economic conditions that may affect a customer’s ability to pay as well as historical and expected default frequency rates, which are published by major third-party credit-rating agencies and are updated on a quarterly basis. We also consider the concentration of receivables outstanding with a particular customer in assessing the adequacy of our allowances for doubtful accounts. If a major customer’s creditworthiness deteriorates, if actual defaults are higher than our historical experience, or if other circumstances arise, our estimates of the recoverability of amounts due to us could be overstated, and additional allowances could be required, which could have an adverse impact on our operating results.\nThe allowance for credit loss on financing receivables is also based on the assessment of collectibility of customer accounts. We regularly review the adequacy of the credit allowances determined either on an individual or a collective basis. When evaluating the financing receivables on an individual basis, we consider historical experience, credit quality and age of receivable balances, and economic conditions that may affect a customer’s ability to pay. When evaluating financing receivables on a collective basis, we use expected default frequency rates published by a major third-party credit-rating agency as well as our own historical loss rate in the event of default, while also systematically giving effect to economic conditions, concentration of risk and correlation. Determining expected default frequency rates and loss factors associated with internal credit risk ratings, as well as assessing factors such as economic conditions, concentration of risk, and correlation, are complex and subjective. Our ongoing consideration of all these factors could result in an increase in our allowance for credit loss in the future, which could adversely affect our operating results. Both accounts receivable and financing receivables are charged off at the point when they are considered uncollectible.\nA reserve for future sales returns is established based on historical trends in product return rates. The reserve for future sales returns as of July 27, 2019 and July 28, 2018 was $84 million and $123 million, respectively, and was recorded as a reduction of our accounts receivable and revenue. If the actual future returns were to deviate from the historical data on which the reserve had been established, our revenue could be adversely affected.\n\n | July 27, 2019 | July 28, 2018\n--------------------------------------------- | ------------- | -------------\nAllowance for doubtful accounts | $136 | $129 \nPercentage of gross accounts receivable | 2.4% | 2.3% \nAllowance for credit loss—lease receivables . | $46 | $135 \nPercentage of gross lease receivables (1) | 1.8% | 4.7% \nAllowance for credit loss—loan receivables | $71 | $60 \nPercentage of gross loan receivables | 1.3% | 1.2% \n\nAllowances for Receivables Sales Returns\n allowances receivables millions\n Calculated allowance for credit loss on lease receivables percentage of gross lease receivables residual value before unearned income.\n allowance for doubtful accounts based on collectibility customer accounts. review historical experience credit quality age receivable balances external economic conditions historical default frequency rates credit-rating agencies updated quarterly. consider concentration of receivables customer. If creditworthiness deteriorates defaults higher other circumstances estimates recoverability could overstated additional allowances required operating results.\n allowance for credit loss on financing receivables based on collectibility customer accounts. review credit allowances individual collective. historical experience credit quality age balances economic conditions. use expected default frequency rates historical loss rate effect economic conditions concentration risk correlation. Determining default frequency rates loss factors credit risk ratings economic conditions risk complex subjective. could increase allowance for credit loss affect operating results.accounts financing receivables charged uncollectible.\n reserve future sales returns established. July 27, 2019 July 28, 2018 $84 million $123 million reduction accounts receivable revenue. future returns deviate revenue.\n 2019 28, 2018\n Allowance doubtful accounts $136 $129\n Percentage gross accounts 2. 4%.\n credit loss—lease receivables. $46 $135\n. 8%. 7%\n credit loss—loan receivables $71 $60\n receivables. 3%." +} +{ + "_id": "d1b33c8d0", + "title": "", + "text": "15 Financial risk management (continued)\n(c) Liquidity risk\nPrudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due.\nManagement also actively monitors rolling forecasts of the Group’s cash and cash equivalents.\n(i) Maturities of financial liabilities\nThe table below analyses the Group’s financial liabilities into relevant maturity groupings based on their contractual maturities for all non-derivative financial liabilities.\nThe amounts disclosed in the table are the contractual undiscounted cash flows.\nThe cash flows for unsecured notes assume that the early redemption options would not be exercised by the Group.\n\nContractual Maturities of Financial Liabilities | Within 12 months | Between 1 and 5 years | Over 5 years | Total contractual cash flows | Carrying amount\n----------------------------------------------- | ---------------- | --------------------- | ------------ | ---------------------------- | ---------------\n2019 | $'000 | $'000 | $'000 | $'000 | $'000 \nTrade payables | 44,840 | - | - | 44,840 | 44,840 \nUnsecured notes | 46,634 | 900,046 | - | 946,680 | 793,849 \nLease liabilities | 5,008 | 26,709 | 167,214 | 198,931 | 73,328 \nTotal non-derivatives | 96,482 | 926,755 | 167,214 | 1,190,451 | 912,017 \n2018 | | | | | \nTrade payables | 27,640 | - | - | 27,640 | 27,640 \nUnsecured notes | 18,750 | 342,000 | - | 360,750 | 296,912 \nLease liabilities | 641 | 2,565 | 5,451 | 8,657 | 6,042 \nTotal non-derivatives | 47,031 | 344,565 | 5,451 | 397,047 | 330,594 \n\nFinancial risk management\n Liquidity risk\n cash marketable securities funding credit facilities.\n monitors cash equivalents.\n Maturities financial liabilities\n table analyses financial liabilities groupings.\n contractual undiscounted cash flows.\n unsecured notes early redemption options exercised.\n Contractual Maturities Financial Liabilities Within 12 months Between 1 5 years Over 5 years Total cash flows amount\n 2019 $\n Trade payables 44,840\n Unsecured notes 46,634 900,046 946,680 793,849\n Lease liabilities 5,008 167,214\n Total non-derivatives 96,482 926,755 167,214 1,190,451 912,017\n 2018\n Trade payables 27,640\n Unsecured notes 18,750\n Lease liabilities 641 2,565 5,451 8,657\nnon-derivatives 47,031,565 5 330" +} +{ + "_id": "d1b35493a", + "title": "", + "text": "Results of Operations for the Years Ended December 31, 2019 and December 31, 2018\nWe reported revenues of $187.2 million for the year ended December 31, 2019, down 7.0% from $201.2 million for the year ended December 31, 2018. Our net loss was $15.6 million or $0.96 loss per diluted share for the year ended December 31, 2019 versus a net loss of $24.1 million or $1.50 loss per diluted share for the year ended December 31, 2018. Our year-over-year unfavorable performance was primarily driven by lower Restaurant/Retail hardware revenue and corresponding hardware support service revenue from our traditional tier 1 customers as one of these customers completed significant projects in 2018 which were not repeated in 2019. The Company partially offset these reductions with continued growth in Brink POS revenue, including related SaaS, hardware and support services. The 2018 net loss include a valuation allowance of $14.9 million to reduce the carrying value of our deferred tax assets.\nOperating segment revenue is set forth below:\n* Brink includes $0.3 million of Restaurant Magic for 2019\nProduct revenues were $66.3 million for the year ended December 31, 2019, a decrease of 15.8% from $78.8 million recorded in 2018. This decrease was primarily driven by lower revenues from our tier 1 customers and by a decrease in our international business. Our hardware sales in the Restaurant/Retail reporting segment were down versus prior year as we completed hardware project installations with a large domestic customer during the first half of 2018 which was not recurring in 2019. Additionally, international sales were down in 2019 and SureCheck was divested. SureCheck product revenue was $0.7 million in 2019 versus $2.0 million in 2018.\nService revenues were $57.0 million for the year ended December 31, 2019, an increase of 3.1% from $55.3 million reported for the year ended December 31, 2018, primarily due to an increase in Brink, including a $3.9 million increase in Brink POS SaaS revenue more than offsetting a reduction in Services to our traditional Tier 1 customers and SureCheck Services. Surecheck Service revenue was $2.7 million in 2019 versus $4.0 million in 2018.\nContract revenues were $63.9 million for the year ended December 31, 2019, compared to $67.2 million reported for the year ended December 31, 2018, a decrease of 4.8%. This decrease was driven by a 4% decrease in our Mission Systems revenue due to reduction of revenue on cost-based contracts and a 4% reduction in ISR revenues due to ceiling limitations in a large customer's funding.\nProduct margins for the year ended December 31, 2019, were 22.9%, in line with the 23.0% for the year ended December 31, 2018.\nService margins were 30.9% for the year ended December 31, 2019, an increase from 23.8% recorded for the year ended December 31,2018. ServicemarginsincreasedprimarilyduetoBrinkPOSSaaSandtheincreaseinprofitabilityinourfieldservicebusiness. During 2018 and 2019, impairment charges were recorded for SureCheck capitalized software of $1.6 million and $0.7 million, respectively.\nContract margins were 8.9% for the year ended December 31, 2019, compared to 10.7% for the year ended December 31, 2018. The decrease in margin was primarily driven by decrease activity in Mission Systems' better performing cost-based contracts.\nSelling, general, and administrative expenses were $37.0 million for the year ending December 31, 2019, compared to $35.0 million for the year ended December 31, 2018. The increase is due to additional investments in Brink POS sales and marketing and increased equity and incentive compensation, partially offset by savings in other departments. SG&A expenses associated with the internal investigation for 2019 were $0.6 million as compared to $1.1M in 2018.\nResearch and development expenses were $13.4 million for the year ended December 31, 2019, compared to $12.4 million recorded for the year ended December 31, 2018. This increase was primarily related to a $2.1 million increase in software development investments for Brink offset by decreases in other product lines.\nDuring the year ended December 31, 2019, we recorded $1.2 million of amortization expense associated with acquired identifiable intangible assets in connection with our acquisition of Brink Software, Inc. in September 2014 (the \"Brink Acquisition\") compared to $1.0 million for the year ended December 31, 2018. Additionally, in 2019 we recorded $0.2 million of amortization expense associated with acquired identifiable intangible assets in the Drive-Thru Acquisition, and $0.1 million of amortization expense associated with acquired identifiable intangible assets in the Restaurant Magic Acquisition.\nOther (expense) income, net, was ($1.5 million) for the year ended December 31, 2019, as compared to other income, net of $0.3 million for the year ended December 31, 2018. Other income/expense primarily includes fair value adjustments on contingent considerations, rental income, net of applicable expenses, foreign currency transactions gains and losses, fair value fluctuations of our deferred compensation plan and other non-operating income/expense. In 2018, a $0.5 million gain was recorded for the sale of real estate. In 2019, there was a $0.2 million expense for the termination of the Brink Acquisition earn-out agreement compared to a $0.5 million benefit as a result of a reduction of contingent consideration related to the Brink Acquisition in 2018.\nInterest expense, net was $4.6 million for the year ended December 31, 2019, as compared to interest expense, net of $0.4 million for the year ended December 31, 2018. The increase reflects $2.6 million of interest expense related to the sale of the 4.50% Convertible Senior Notes due 2024 issued on April 15, 2019 (the \"2024 notes\") as well as $2.0 million of accretion of 2024 notes debt discount for 2019.\nFor the year ended December 31, 2019, our effective income tax rate was 18.9%, which was mainly due to deferred tax adjustments related to foreign tax credit carryforwards and state taxes, offset by changes in the valuation allowance and excess tax benefits resulting from the exercise of non-qualified stock options. For the year ended December 31, 2018, our effective income tax rate was (141.7)% due to recording a full valuation allowance on the entire deferred tax assets.\n\n | Year ended December 31, | | $ | % \n------------------------------------------------- | ----------------------- | -------- | --------- | --------\n(in thousands) | 2019 | 2018 | variance | variance\n Restaurant/Retail | | | | \n Core | $78,238 | $102,877 | $(24,639) | (24)% \nBrink * | 41,689 | 25,189 | 16,500 | 66% \nSureCheck | 3,380 | 6,003 | (2,623) | (44)% \n Total Restaurant Retail | $123,307 | $134,069 | $(10,762) | (8)% \n Government | | | | \n Intelligence, surveillance, and reconnaissance | $29,541 | $30,888 | $(1,347) | (4)% \nMission Systems | 33,513 | 35,082 | (1,569) | (4)% \nProduct Sales | 871 | 1,207 | (336) | (28)% \n Total Government | $63,925 | $67,177 | $(3,252) | (5)% \n\nOperations 2019 2018\n revenues $187. 2 million down 7. 0% $201. 2 million 2018. net loss $15. 6 million $0. 96 per share $24. 1 million $1. 50 2018. driven lower Restaurant/Retail hardware support service revenue 1 customers 2019. offset Brink POS revenue SaaS hardware services. 2018 net loss valuation allowance $14. 9 million deferred tax assets.\n revenue\n Brink $0. 3 million Restaurant Magic 2019\n revenues $66. 3 million decrease 15. 8% $78. 8 million 2018. lower revenues 1 international business. hardware sales down 2019. international sales down SureCheck divested. revenue $0. 7 million $2. 0 million 2018.\n Service revenues $57. 0 million increase 3. 1% $55. 3 million 2018 Brink $3. 9 million increase Brink POS SaaS revenue reduction 1 SureCheck. revenue $2. 7 million 2019 $4. 0 million 2018.\n Contract revenues $63.9 million December 31, 2019 $67. 2 million 2018 decrease 4. 8%. 4% decrease Mission Systems revenue cost-based contracts 4% reduction ISR large customer funding.\n Product margins 22. 9% 23. 0% 2018.\n Service margins 30. 9% increase 23. 8%. 2018 2019 impairment charges SureCheck $1. 6 million $0. 7 million.\n Contract margins 8. 9% 10. 7% 2018. Mission Systems cost-based contracts.\n Selling general administrative expenses $37. 0 million 2019 $35. 0 million 2018. increase Brink POS sales marketing increased equity incentive compensation offset savings departments. SG&A expenses 2019 $0. 6 million $1. 1M 2018.\n Research development expenses $13. 4 million 2019 $12. 4 million 2018. increase $2. 1 million increase software development investments product lines.\n $1. 2 million amortization expense assets Brink Software. 2014 $1. 0 million 2018.2019 $0. 2 million Drive-Thru Acquisition $0. 1 million Restaurant Magic Acquisition.\n income$1. 5 million 2019 $0. 3 million 2018. value adjustments rental income expenses foreign currency transactions gains losses fluctuations deferred compensation plan non-operating income. 2018 $0. 5 million gain sale real estate. 2019 $0. 2 million expense Brink Acquisition agreement $0. 5 million reduction contingent consideration.\n Interest expense net $4. 6 million 2019 $0. 4 million 2018. increase $2. 6 million sale 4. 50% Convertible Senior Notes $2. 0 million debt discount.\n December 31, 2019 effective income tax rate 18. 9% deferred tax adjustments foreign tax credit carryforwards state taxes offset valuation allowance tax benefits non-qualified stock options. 2018 income tax rate (141. 7)% full valuation allowance deferred tax assets.\n2019 2018\n Restaurant\n $78,238 $102,877\n Brink 41,689 25,189\n SureCheck 3,380 6,003\n Restaurant Retail $123,307 $134,069,762\n Government\n Intelligence surveillance $29,541 $30,888,347\n Mission Systems 33,513 35,082 (1,569)\n Product Sales 871 1,207\n Government $63,925 $67,177,252)" +} +{ + "_id": "d1b39624a", + "title": "", + "text": "Note 3 − Property and Equipment\nOur major classes of property and equipment were as follows:\nDepreciation expense for the years ended December 31, 2019 and 2018 was $7, and $18, respectively.\n\n | December 31 | December 31\n--------------------------------- | ----------- | -----------\n | 2019 | 2018 \nOffice furniture | $79 | $79 \nComputer equipment | 81 | 67 \nTotal | 160 | 146 \nLess accumulated depreciation | (144) | (137) \nTotal property and equipment, net | $16 | $9 \n\nNote 3 Property Equipment\n major classes\n Depreciation expense 2019 2018 $7 $18.\n Office furniture $79\n Computer equipment 81 67\n 160\n Less accumulated depreciation (144)\n property equipment $16 $9" +} +{ + "_id": "d1b2ef24c", + "title": "", + "text": "Fair Value of Financial Instruments\nThe carrying amounts of cash and cash equivalents, trade accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value because of the short-term nature of these financial instruments. The carrying amounts of borrowings under credit facilities and under loans approximates fair value as interest rates on these instruments approximates current market rates.\nNotes payable and long-term debt is carried at amortized cost; however, the Company estimates the fair value of notes payable and long-term debt for disclosure purposes. The following table presents the carrying amounts and fair values of the Company’s notes payable and long-term debt, by hierarchy level as of the periods indicated:\n(1) The fair value estimates are based upon observable market data.\n(2) This fair value estimate is based on the Company’s indicative borrowing cost derived from discounted cash flows.\nRefer to Note 9 – “Postretirement and Other Employee Benefits” for disclosure surrounding the fair value of the Company’s pension plan assets.\n\n | | August 31, 2019 | | August 31, 2018 | \n------------------------------------------ | -------------------- | --------------- | ---------- | --------------- | ----------\n(in thousands) | Fair Value Hierarchy | Carrying Amount | Fair Value | Carrying Amount | Fair Value\nNotes payable and long-term debt: (Note 8) | | | | | \n5.625% Senior Notes | Level 2(1) | $398,886 | $416,000 | $397,995 | $415,704 \n4.700% Senior Notes | Level 2(1) | 498,004 | 525,890 | 497,350 | 503,545 \n4.900% Senior Notes | Level 3(2) | 299,057 | 318,704 | 298,814 | 306,535 \n3.950% Senior Notes | Level 2(1) | 494,825 | 509,845 | 494,208 | 476,010 \n\nValue Financial Instruments\n cash equivalents trade accounts receivable prepaid expenses current assets accounts payable accrued expenses short-term. borrowings credit loans market rates.\n Notes payable long-term debt amortized cost Company estimates fair value. table amounts fair values\n value estimates based market data.\n indicative borrowing cost discounted cash flows.\n Note 9 “Postretirement Employee Benefits” pension plan assets.\n August 31, 2019 August 31, 2018\n Fair Value Hierarchy Carrying Amount\n Notes payable long-term debt\n. 625% Senior Notes Level 2(1) $398,886 $416,000 $397,995 $415,704\n. 700% 498,004 525,890 497,350 503,545\n. 900% 3(2) 299,057 318,704 298,814 306,535\n. 950% 494,825 509,845 494,208 476,010" +} +{ + "_id": "d1b33e716", + "title": "", + "text": "Reconciliation of net voyage revenues to voyage revenues:\n(1) Vessel Calendar Days is the total number of days the vessels were in our fleet.\n(2) Time Charter Equivalent (\"TCE\") Rate, results from Net Voyage Revenue divided by total TCE days.\n\n | | Years Ended December 31, | \n------------------------------------------------- | --------- | ---------------------------- | ---------\nAll figures in USD '000, except TCE rate per day | 2018 | 2017 | Variance \nVoyage Revenue | 289,016 | 297,141 | (2.7%) \nLess Voyage expenses | (165,012) | (142,465) | 15.8% \nNet Voyage Revenue | 124,004 | 154,676 | (19.8%) \nVessel Calendar Days (1) | 9,747 | 10,892 | (10.5%) \nLess off-hire days | 277 | 867 | (68.1%) \nTotal TCE days | 9,470 | 10,025 | (5.5%) \nTCE Rate per day (2) | $13,095 | $15,428 | (15.1%) \nTotal Days for vessel operating expenses | 9,747 | 10,892 | (10.5%) \n\nvoyage\n Vessel Calendar Days fleet.\n Time Charter Rate Voyage Revenue TCE days.\n Ended December 31,\n figures USD TCE rate 2018\n Revenue 289,016 297,141.\n Less expenses (165,012),465.\n Revenue 124,004 154,676.\n Vessel Calendar Days 9,747 10,892.\n Less off-hire days 277.\n TCE days 9,470 10,025.\n TCE Rate per day $13,095 $15,428.\n vessel operating expenses 9,747 10,892." +} +{ + "_id": "d1b329e9c", + "title": "", + "text": "Liquidity and Capital Resources\nThe following summarizes information regarding our cash, investments, and working capital (in thousands):\nCash was $169.6 million at June 30, 2019, representing an increase of $48.5 million from $121.1 million at June 30, 2018. Cash increased primarily due to cash provided by operations of $104.9 million partially offset by cash used in investing activities of $21.8 million mainly for capital expenditures, and cash used in financing activities of $34.4 million mainly as a result of repayments of debt and repurchases of stock.\nCash was $121.1 million at June 30, 2018, representing a decrease of $9.3 million from $130.5 million at June 30, 2017. Cash and cash equivalents decreased primarily due to cash used in investing activities of $132.5 million mainly for the acquisitions of the Campus Fabric and Data Center Businesses and capital expenditures, partially offset by cash provided by financing activities of $104.7 million as a result of additional borrowings for the acquisitions and cash provided by operations of $19.0 million.\n\n | June 30,\n2019 | June 30,\n2018\n------------------------------------ | ------------- | -------------\nCash | $169,607 | $121,139 \nMarketable securities | — | 1,459 \nTotal cash and marketable securities | $169,607 | $122,598 \n\nLiquidity Capital Resources\n cash investments working capital\n $169. 6 million June 30, 2019 $48. 5 million $121. 1 million 2018. $104. 9 million offset $21. 8 million financing $34. 4 million repayments debt repurchases stock.\n $121. 1 million June 30 2018 $9. 3 million $130. 5 million 2017. decreased $132. 5 million Campus Fabric Data Center capital expenditures offset financing $104. 7 million borrowings $19. 0 million.\n 2018\n Cash $169,607 $121,139\n Marketable securities\n $169 $122,598" +} +{ + "_id": "d1b35e57a", + "title": "", + "text": "Property and Equipment, net\nProperty and equipment consist of the following (in thousands):\nAs of July 31, 2019 and 2018, no property and equipment was pledged as collateral. Depreciation expense, excluding the amortization of software development costs, was $9.7 million, $7.7 million, and $6.6 million for the fiscal years ended July 31, 2019, 2018, and 2017, respectively.\nThe Company capitalizes software development costs for technology applications that the Company will offer solely as cloud-based subscriptions, which is primarily comprised of compensation for employees who are directly associated with the software development projects. The Company begins amortizing the capitalized software development costs once the technology applications are available for general release over the estimated lives of the applications, ranging from three to five years.\nThe Company recognized approximately $1.0 million and $0.4 million in amortization expense in cost of revenue - license and subscription on the accompanying consolidated statements of operations during the fiscal years ended July 31, 2019 and 2018, respectively. There was no such amortization during the fiscal year ended July 31, 2017.\n\n | July 31, 2019 | July 31, 2018\n-------------------------------------- | -------------- | -------------\nComputer hardware | $17,799 | $20,614 \nSoftware | 6,741 | 4,664 \nCapitalized software development costs | 7,374 | 3,978 \nEquipment and machinery | 10,455 | 4,265 \nFurniture and fixtures | 8,137 | 4,217 \nLeasehold improvements | 48,191 | 10,751 \n Total property and equipment | 98,697 | 48,489 \nLess accumulated depreciation | (32,888) | (29,894) \n Property and equipment, net | $65,809 | $18,595 \n\nProperty Equipment\n July 31, 2019 2018 no pledged collateral. Depreciation expense $9. 7 million $7. 7 million $6. 6 million 2019 2018 2017.\n Company capitalizes software costs cloud-based subscriptions compensation. three to five years.\n recognized $1. 0 million $0. 4 million amortization expense revenue statements 2019 2018. no amortization July 31, 2017.\n 2019\n Computer hardware $17,799 $20,614\n Software 4\n Capitalized costs 7,374\n Equipment machinery 10,455 4\n Furniture fixtures 8,137 4,217\n Leasehold improvements 48,191\n Total property equipment 98,697 48,489\n Less accumulated depreciation (32,888) (29,894)\n Property equipment $65,809 $18,595" +} +{ + "_id": "d1b3007fe", + "title": "", + "text": "The plan assets of METRO are distributed between the following countries:\nThe above commitments are valued on the basis of actuarial calculations in accordance with relevant provisions of IAS 19. The basis for the measurement is the legal and economic circumstances prevailing in each country.\n\n€ million | 30/9/2018 | 30/9/2019\n--------------- | --------- | ---------\nGermany | 71 | 81 \nNetherlands | 584 | 671 \nUnited Kingdom | 209 | 237 \nBelgium | 50 | 52 \nOther countries | 26 | 25 \n | 940 | 1,066 \n\nassets METRO distributed countries\n commitments valued actuarial calculations IAS 19. legal economic circumstances country.\n million 30/9/2018 30/9/2019\n Germany 71\n Netherlands 584\n United Kingdom 209\n Belgium 50\n Other countries 26\n" +} +{ + "_id": "d1b361f86", + "title": "", + "text": "2.2 Revenue from contracts with customers\nKey estimate: upfront fee revenue\nUpfront fee revenue is recognised on a net basis of the historical percentage of ‘referred’ sales expected to become ‘financial’ and that do not trigger a ‘clawback’. These estimates are adjusted to actual percentages experienced at each reporting date. As such, the Group determines its revenue by estimating variable consideration and applying the constraint by utilising industry data and historical experience (refer to note 3.6 for further information).\nKey estimate: trail commission revenue\nThe method of revenue recognition for trail commission revenue requires Directors and management to make certain estimates and assumptions based on industry data and historical experience of the Group. Refer to note 3.4 for details on trail commission revenue.\nRecognition and measurement\nRevenue represents the variable consideration estimated at the point in time when the Group has essentially completed its contracted services and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved.\nUpfront fees\nWhen the Group refers a consumer to the product provider (and thereby satisfies its performance obligation), the Group is entitled to an upfront fee that is contingent upon the following events: (a) the referred sale becoming ‘financial’, which occurs upon new members joining a health fund, initiating a life insurance policy, obtaining general insurance products, mortgages, broadband or energy products via iSelect; and (b) whether a ‘clawback’ of the upfront fee is triggered. Upfront fees may trigger a ‘clawback’ of revenue in the event of early termination by customers as specified in individual product provider agreements. These contingencies are incorporated into the estimate of variable consideration (refer to key estimates).\nClick-through fees\nClick-through fees are recognised based on the contractual arrangement with the relevant product provider. This can occur at one of three points; either when an internet user clicks on a paying advertiser’s link, submits an application or a submitted application is approved.\nAdvertising and subscription fees\nRevenue for contracted services, including advertising and subscription fees, are recognised based on the transaction price allocated to each key performance obligation. As a result, non-refundable revenue may be recognised across multiple periods until the performance obligation has been satisfied.\nTrail commission revenue\nTrail commissions are ongoing fees for customers referred to individual product providers or who have applied for mortgages via iSelect. Trail commission revenue represents commission earned calculated as a percentage of the value of the underlying policy relationship to the expected life and, in the case of mortgages, a proportion of the underlying value of the loan. The Group is entitled to receive trail commission without having to perform further services. On initial recognition, trail revenue and assets are recognised at expected value and subject to constraints.\n\n | CONSOLIDATED | \n---------------------------------------------------------------------- | ------------ | ----------\n | 2019 $'000 | 2018 $'000\nUpfront revenue | | \nUpfront fees | 113,609 | 140,971 \nClick-through fees | 3,657 | 1,349 \nAdvertising and subscription fees | 2,161 | 1,604 \n | 119,427 | 143,924 \nTrail commission revenue | 34,732 | 33,007 \nTotal revenue from contracts with customers | 154,159 | 176,931 \nRevenue related to performance obligations satisfied in previous years | 502 | 4,760 \n\n2. Revenue from contracts with customers\n estimate: upfront fee revenue\n recognised historical percentage ‘referred’ sales expected ‘financial’ ‘clawback’. estimates adjusted to percentages each reporting date. Group determines revenue by estimating variable consideration utilising industry data historical experience note 3. 6.\n estimate: trail commission revenue\n revenue recognition requires estimates assumptions industry data historical experience. note 3. 4 details trail commission revenue.\n Revenue represents variable consideration estimated completed contracted services constrained until significant revenue reversal uncertainty resolved.\n Upfront fees\n Group refers consumer to upfront fee contingent upon referred sale becoming ‘financial’ ‘clawback’ triggered. fees trigger ‘clawback’ early termination agreements. contingencies incorporated into estimate variable consideration.\n Click-through fees\n recognised based contractual arrangement with product provider. user clicks link submits application approved.\n Advertising subscription fees\nRevenue contracted services advertising subscription fees recognised transaction price performance obligation. non-refundable revenue recognised periods until performance obligation satisfied.\n commission\n fees customers referred mortgages iSelect. earned policy loan. Group commission without services. revenue assets recognised expected value subject constraints.\n 2019 2018\n Upfront revenue\n 113,609 140,971\n Click-through fees 3,657\n Advertising subscription fees 2,161\n,427\n Trail commission revenue 34,732 33,007\n Total revenue contracts 154,159 176,931\n Revenue performance obligations previous years 502 4,760" +} +{ + "_id": "d1b3340ea", + "title": "", + "text": "Simultaneous with the Merger and the Private Offering, New Warrants to purchase 3,403,367 shares of Series B Preferred Stock at an average exercise price of\napproximately $1.05 per share were issued to holders of Prior Protagenic warrants; additionally, the holder of $665,000 of our debt and $35,000 of accrued interest exchanged such debt for five-year warrants to purchase 295,945 shares of Series B Preferred Stock at $1.25 per share. Placement Agent Warrants to purchase 127,346 shares of Series B Preferred Stock at an exercise price of $1.25 per share were issued in connection with the Private offering. These warrants to purchase 423,291 shares of Series B Preferred Stock have been recorded as derivative liabilities. All of these warrants automatically converted into warrants to purchase our common stock upon the effectiveness of our reverse stock split in July 2016. See Note 5.\nA summary of warrant issuances are as follows:\nAs of December 31, 2019, the Company had 3,826,658 shares issuable under warrants outstanding at a weighted average exercise price of $1.05 and an intrinsic value\nof $1,375,990.\nAs of December 31, 2018 the Company had 3,826,658 shares issuable under warrants outstanding at a weighted average exercise price of $1.05 and an intrinsic value of\n$3,633,335.\n\nWarrants | Number | Weighted Average Exercise Price | Weighted Average Remaining Life\n----------------------------- | --------- | ------------------------------- | -------------------------------\nOutstanding December 31, 2017 | 3,826,658 | $1.05 | 4.69 \nGranted | - | - | - \nOutstanding December 31, 2018 | 3,826,658 | $1.05 | 3.69 \nGranted | - | - | - \nOutstanding December 31, 2019 | 3,826,658 | $1.05 | 2.69 \n\nMerger Private Offering Warrants purchase,367 shares Series B Preferred Stock\n $1. 05 per share issued holders Prior Protagenic warrants $665,000 debt $35,000 accrued interest exchanged debt five-year warrants purchase 295,945 shares Series B Preferred Stock $1. 25 per share. Placement Agent Warrants purchase 127,346 shares $1. 25 per share issued Private offering. warrants 423,291 shares recorded derivative liabilities. warrants converted common stock reverse stock split July 2016. Note 5.\n warrant issuances\n December 31, 2019 Company 3,826,658 shares price $1. 05 intrinsic value\n $1,375,990.\n 2018 price $1. 05 intrinsic value\n $3,633,335.\n December 31, 2017 3,826,658.\n 31, 2018.\n 2019." +} +{ + "_id": "d1b37534c", + "title": "", + "text": "Free cash flow\nOur non-GAAP financial measures also include free cash flow, which we define as cash provided by (used in) operating activities less the amount of property and equipment purchased. Management believes that information regarding free cash flow provides investors with an important perspective on the cash available to invest in our business and fund ongoing operations.\n\nHowever, our calculation of free cash flow may not be comparable to similar measures used by other companies.\nWe believe these non-GAAP financial measures are helpful in understanding our past financial performance and our future results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.\n\nOur management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business based on certain of these non-GAAP measures.\nWe monitor the following non-GAAP financial measures:\n\n | For the year ended December 31, | | \n----------------------------------------------------- | ------------------------------- | -------- | ---------\n(in thousands, except percentages and per share data) | 2019 | 2018 | 2017 \nNon-GAAP gross profit | $168,242 | $163,376 | $153,849 \nNon-GAAP gross margin | 82.0% | 84.6% | 85.6% \nNon-GAAP operating loss | $(8,689) | $(4,325) | $(16,440)\nNon-GAAP operating margin | (4.2)% | (2.2)% | (9.1)% \nNon-GAAP net loss | $(9,460) | $(4,548) | $(16,594)\nNon-GAAP net loss per share | $(0.09) | $(0.04) | $(0.18) \nFree cash flow | $(3,924) | $12,201 | $(3,418) \n\n\n non-GAAP financial measures include operating activities less property equipment purchased. free cash flow provides perspective cash operations.\n calculation cash flow comparable.\n non-GAAP measures past performance future results. not GAAP read with consolidated financial statements.\n management uses non-GAAP financial measures understand manage business decisions. primary forecasting future. Compensation executives based on performance non-GAAP measures.\n monitor non-GAAP financial measures\n year ended December 31,\n Non-GAAP gross profit $168,242 $163,376 $153,849\n Non-GAAP gross margin 82. 0% 84. 6% 85. 6%\n Non-GAAP operating loss $(8,689) $(4,325) $(16,440)\n Non-GAAP margin (4. 2)% (2.% (9. 1)%\n Non-GAAP net loss $(9,460) $(4,548) $(16,594)\n net loss per share.\ncash(3,924) $12,201" +} +{ + "_id": "d1b363dc2", + "title": "", + "text": "Note 12. Liabilities\nThe components of accounts payable, accrued expenses and other current liabilities are as follows (in thousands):\n\n | December 31, 2019 | December 31, 2018\n---------------------------------------------------------------- | ----------------- | -----------------\nAccounts payable | $32,878 | $20,214 \nAccrued expenses | 10,092 | 34,557 \nSubsidiary unit awards | 141 | 200 \nOther current liabilities | 5,616 | 3,459 \nAccounts payable, accrued expenses and other current liabilities | $48,727 | $58,430 \n\n.\n payable expenses\n December 31, 2019 2018\n Accounts payable $32,878 $20,214\n Accrued expenses 10,092 34,557\n Subsidiary unit awards 141\n liabilities 3,459\n $48,727 $58,430" +} +{ + "_id": "d1b346c22", + "title": "", + "text": "Net Income to Adjusted EBITDA Reconciliation\nWe define Adjusted EBITDA as net income or loss from our consolidated statements of operations before interest income and expense, income taxes, depreciation and amortization, restructuring charges, impairment of goodwill and other long-lived assets, share-based compensation expense and other nonoperating items from our consolidated statements of operations as well as certain other items considered outside the normal course of our operations specifically described below.\nRestructuring charges: We exclude restructuring expenses, which primarily include employee severance, office consolidation and contract termination charges, from our Adjusted EBITDA to allow more accurate comparisons of the financial results to historical operations and forward-looking guidance. By excluding these expenses from our non-GAAP measures, we are better able to evaluate our ability to utilize our existing assets and estimate the long-term value these assets will generate for us. Furthermore, we believe that the adjustments of these items more closely correlate with the sustainability of our operating performance.\nImpairment of goodwill and other long-lived assets: We exclude the impact of charges related to the impairment of goodwill and other long-lived assets. Given the significance of the impairment of goodwill and other long-lived assets, we reported it separately in the consolidated statements of operations. We believe that the exclusion of these impairments, which are non-cash, allows for meaningful comparisons of operating results to peer companies. We believe that this increases period-to-period comparability and is useful to evaluate the performance of the total company.\nShare-based compensation expense: We exclude the impact of costs relating to share-based compensation. Due to the subjective assumptions and a variety of award types, we believe that the exclusion of share-based compensation expense, which is typically non-cash, allows for more meaningful comparisons of our operating results to peer companies. Share-based compensation expense can vary significantly based on the timing, size and nature of awards granted.\nOther non-operating income/(expense), net: We exclude foreign currency exchange transaction gains and losses, primarily related to intercompany financing arrangements, as well as other non-operating income and expense items, such as gains and losses recorded on business combinations or dispositions, sales of investments, pension settlements, net income/(loss) attributable to noncontrolling interests and early redemption payments made in connection with debt refinancing. We believe that the adjustments of these items more closely correlate with the sustainability of our operating performance.\nOther items: To measure operating performance, we exclude certain expenses and gains that arise outside the ordinary course of our operations. Such costs primarily include legal settlements, acquisition related expenses, business optimization costs and other transactional costs. We believe the exclusion of such amounts allows management and the users of the financial statements to better understand our financial results.\nAdjusted EBITDA is not a presentation made in accordance with GAAP, and our use of the term Adjusted EBITDA may vary from the use of similarly titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. Adjusted EBITDA margin is Adjusted EBITDA for a particular period expressed as a percentage of revenues for that period.\nWe use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments, to evaluate and fund incentive compensation programs and to compare our results to those of our competitors. In addition to Adjusted EBITDA being a significant measure of performance for management purposes, we also believe that this presentation provides useful information to investors regarding financial and business trends related to our results of operations and that when non-GAAP financial information is viewed with GAAP financial information, investors are provided with a more meaningful understanding of our ongoing operating performance.\nAdjusted EBITDA should not be considered as an alternative to net income or loss, operating income/(loss), cash flows from operating activities or any other performance measures derived in accordance with GAAP as measures of operating performance or cash flows as measures of liquidity. Adjusted EBITDA has important limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. In addition, our definition of Adjusted EBITDA may not be comparable to similarly titled measures of other companies and may, therefore, have limitations as a comparative analytical tool.\nThe below table presents a reconciliation from net income/(loss) to Adjusted EBITDA for the years ended December 31, 2019, 2018 and 2017:\n(a)  For the years ended December 31, 2019 and 2018 other items primarily consists of business optimization costs, including strategic review costs and transaction related costs. For the year ended December 31, 2017, other items primarily consists of transaction related costs and business optimization costs.\n(b)  For the year ended December 31, 2019, other non-operating (income)/expense, net, included non-cash expenses of $170 million for pension settlements which included plan transfers to third parties in the Netherlands and UK, where we terminated our responsibility for future defined benefit obligations and transferred that responsibility to the third parties. See Note 11 “Pensions and Other Post-Retirement Benefits” for more information.\n\n | Year Ended December 31, | | \n------------------------------------------------------ | ----------------------- | ------ | ------\n(IN MILLIONS) | 2019 | 2018 | 2017 \nNet income/(loss) attributable to Nielsen shareholders | $(415) | $(712) | $429 \nInterest expense, net | 391 | 386 | 370 \n(Benefit)/provision for income taxes | (260) | (182) | 388 \nDepreciation and amortization | 756 | 675 | 640 \nEBITDA | 472 | 167 | 1,827 \nOther non-operating (income)/expense, net(b) | 191 | 33 | 27 \nRestructuring charges | 80 | 139 | 80 \nImpairment of goodwill and other long-lived assets | 1,004 | 1,413 | - \nShare-based compensation expense | 50 | 35 | 45 \nOther items(a) | 56 | 63 | 45 \nAdjusted EBITDA | $1,853 | $1,850 | $2,024\n\nNet Income to Adjusted EBITDA Reconciliation\n define Adjusted EBITDA as net income loss from consolidated statements before interest expense taxes depreciation amortization restructuring charges impairment of goodwill-lived assets share-based compensation expense nonoperating items items outside normal course operations.\n Restructuring charges exclude restructuring expenses employee severance office consolidation contract termination charges from Adjusted EBITDA accurate comparisons financial results to historical guidance. excluding expenses existing assets estimate long-term value. adjustments correlate with sustainability operating performance.\n Impairment of goodwill long-lived assets exclude impact charges. reported separately in statements. exclusion allows comparisons operating results. increases-to-period comparability performance company.\n Share-based compensation expense exclude impact costs compensation. comparisons operating results. Share-based compensation expense timing size nature awards.\nnon-operating income/(expense), exclude foreign currency exchange transaction gains losses related to intercompany financing arrangements non-operating income items gains losses business combinations dispositions sales pension settlements income noncontrolling interests early redemption payments debt refinancing. adjustments correlate with sustainability operating performance.\n exclude expenses gains outside operations. costs include legal settlements expenses business optimization costs transactional costs. exclusion allows management users financial understand financial results.\n Adjusted EBITDA not presentation GAAP vary inconsistencies calculation differences interpretation. Adjusted EBITDA margin period percentage of revenues.\n use Adjusted EBITDA measure performance evaluate fund incentive compensation programs compare results to competitors. measure performance management provides information investors financial business trends non-GAAP financial information GAAP meaningful understanding of operating performance.\nAdjusted EBITDA net income operating cash flows performance measures. limitations not for analysis results GAAP. not comparable limitations.\n table reconciliation net income/(loss to Adjusted EBITDA years December 31, 2019 2018 2017:\n 2019 2018 business optimization costs strategic review transaction related costs. December 2017 transaction related optimization.\n December 31, 2019 non-operating non expenses $170 million for pension settlements plan transfers to third parties Netherlands UK. Note 11 “Pensions Post-Retirement Benefits” information.\n Year Ended December 31,\n MILLIONS) 2019 2018 2017\n Net income/(loss) Nielsen shareholders $(415) $(712) $429\n Interest expense net 391 386 370\n)/provision for income taxes (260) (182) 388\n Depreciation amortization 756 675 640\n EBITDA 472 167 1,827\nnon-operating 191 33\n Restructuring charges\n goodwill assets 1,004 1,413\n compensation expense 50 35\n 56 63\n Adjusted EBITDA $1,853 $1,850" +} +{ + "_id": "d1b3c4b36", + "title": "", + "text": "RESTRICTED STOCK UNITS\nThe following is a summary of RSUs award activity for the years ended December 31, 2019 and 2018:\nThe Company estimates the fair value of the granted shares using the market price of the Company’s stock price at the grant date. For the years ended December 31, 2019, 2018 and 2017, the Company recognized $0.3 million, $0.9 million and $0.6 million, respectively of stock-based compensation expense related to the RSUs.\nAs of December 31, 2019, total compensation cost not yet recognized related to unvested RSUs was approximately $0.8 million, which is expected to be recognized over a weighted-average period of 2.3 years.\n\n | 2019 | | 2018 | \n------------------------------- | ---------------- | -------------------------------------- | ---------------- | --------------------------------------\n | Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value\nNon-vested at beginning of year | 315,292 | $2.26 | 438,712 | $2.28 \nShares granted | 253,113 | 2.17 | 200,000 | 3.16 \nShares vested | 82,270 | 2.28 | 323,420 | 2.84 \nNon-vested at end of year | 486,135 | $2.53 | 315,292 | $2.26 \n\nRESTRICTED STOCK UNITS\n summary RSUs award activity December 2019\n Company estimates fair value granted shares market. 2019 2017 recognized. 3 million. 9 million. 6 million stock-based compensation expense RSUs.\n December 31, 2019 total compensation cost unvested RSUs $0. 8 million expected 2. 3 years.\n Shares Weighted Average Grant Date\n Non-vested beginning 315,292 $2.\n Shares granted 253,113. 17.\n Shares vested 82,270. 28 323,420.\n Non-vested end year 486,135 $2. 53 315,292." +} +{ + "_id": "d1b34fc64", + "title": "", + "text": "Results of Operations\nRevenue\nRevenue decreased in fiscal year 2019 compared to fiscal year 2018, but increased compared to fiscal year 2017, primarily as a result of the volatility of semiconductor capital investments by our customers. The overall Asia region continued to account for a majority of our revenues as a substantial amount of the worldwide capacity investments for semiconductor manufacturing continued to occur in this region.\nOur deferred revenue balance was $449 million as of June 30, 2019, compared to $994 million as of June 24, 2018. The deferred revenue at the end of June 2019 is recognized under Accounting Standard Codification (“ASC”) 606, while the same values as of June 2018 are recognized under ASC 605, which contributes to the change in value period over period. Our deferred revenue balance does not include shipments to customers in Japan, to whom title does not transfer until customer acceptance. Shipments to customers in Japan are classified as inventory at cost until the time of customer acceptance. The anticipated future revenue value from shipments to customers in Japan was approximately $78 million as of June 30, 2019, compared to $607 million as of June 24, 2018.\n\n | | YearEnded | \n--------------------- | ------------- | ------------- | -------------\n | June 30, 2019 | June 24, 2018 | June 25, 2017\nRevenue (in millions) | $9,654 | $11,077 | $8,014 \nKorea | 23% | 35% | 31% \nChina | 22% | 16% | 13% \nJapan | 20% | 17% | 13% \nTaiwan | 17% | 13% | 26% \nUnitedStates | 8% | 7% | 8% \nSoutheastAsia | 6% | 7% | 5% \nEurope | 4% | 5% | 4% \n\nOperations\n Revenue\n decreased 2019 increased 2017 volatility semiconductor capital investments. Asia region majority revenues worldwide capacity investments semiconductor manufacturing.\n deferred revenue balance $449 million June 30, 2019 compared $994 million June 24, 2018. recognized Accounting Standard Codification values June 2018 ASC 605 change value. revenue include shipments Japan acceptance. Shipments classified inventory at cost until acceptance. anticipated future revenue shipments $78 million June 30, 2019 compared $607 million June 24 2018.\n 30 2019 24 2018 25 2017\n Revenue millions $9,654 $11,077 $8,014\n Korea 23%\n China 22% 16%\n Japan 20%\n Taiwan 26%\n UnitedStates 8%\n SoutheastAsia 6%\n Europe 4%" +} +{ + "_id": "d1b3a1bcc", + "title": "", + "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data)\nNOTE 19: SEGMENT INFORMATION\nThe Company through August 30, 2019 had three reportable segments from which it derived its revenues: Dry Bulk Vessel Operations, Logistics Business and Containers Business. The Containers Business became a reportable segment as a result of the consolidation of Navios Containers since November 30, 2018 (date of obtaining control) (see also Note 3). Following the reclassification of the results of Navios Containers as discontinued operations (see also Note 3), the Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Dry Bulk Vessel Operations consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels. The Logistics Business consists of operating ports and transfer station terminals, handling of vessels, barges and pushboats as well as upriver transport facilities in the Hidrovia region.\nThe Company measures segment performance based on net income/ (loss) attributable to Navios Holdings common stockholders. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following tables. Summarized financial information concerning each of the Company’s reportable segments is as follows:\n\n | Dry Bulk Vessel Operations for the Year Ended December 31, 2019 | Logistics Business for the Year Ended December 31, 2019 | Total for the Year Ended December 31, 2019\n-------------------------------------------------------------- | --------------------------------------------------------------- | ------------------------------------------------------- | ------------------------------------------\nRevenue | $254,178 | $228,271 | $482,449 \nAdministrative fee revenue from affiliates | 16,991 | — | 16,991 \nInterest income | 9,610 | 1,052 | 10,662 \nInterest expense and finance cost | (92,948) | (40,531) | (133,479) \nDepreciation and amortization | (52,288) | (29,435) | (81,723) \nEquity in net (losses)/earnings of affiliated companies | (9,185) | — | (9,185) \nNet (loss)/ income attributable to Navios Holdings common | | | \nstockholders | (212,623) | 20,513 | (192,110) \nTotal assets | 1,511,517 | 631,338 | 2,142,855 \nGoodwill | 56,240 | 104,096 | 160,336 \nCapital expenditures | (36,628) | (7,943) | (44,571) \nInvestment in affiliates | 64,352 | — | 64,352 \nCash and cash equivalents | 32,386 | 45,605 | 77,991 \nRestricted cash | 736 | — | 736 \nLong-term debt, net (including current and noncurrent portion) | $1,048,318 | $514,929 | 1,563,247 \n\nNAVIOS MARITIME HOLDINGS. CONSOLIDATED FINANCIAL STATEMENTS U. S. dollars except share data\n August 30, 2019 three reportable segments Dry Bulk Vessel Operations Logistics Business Containers Business. Containers reportable consolidation Navios Containers November 30, 2018. reclassification discontinued two reportable segments Dry Bulk Vessel Operations Logistics. strategic businesses. Dry Bulk Vessel Operations transportation bulk cargoes. Logistics Business ports transfer station terminals vessels barges pushboats transport facilities Hidrovia region.\n measures segment performance net income (loss Navios Holdings common stockholders. Inter-segment sales transfers not significant eliminated. Summarized financial information\n Dry Bulk Vessel Operations Logistics Business Total\n Revenue $254,178 $228,271 $482,449\n Administrative fee revenue affiliates 16,991\n Interest income 9,610\nInterest,948) (40,531) (133,479)\n Depreciation amortization,288 (29,435 (81,723)\n (9,185\n Navios Holdings\n (212,623) 20 (192,110\n assets 1,511,517 631,338 2,142,855\n Goodwill 56,240\n Capital expenditures (36,628) (44,571)\n 64,352\n Cash 32,386 45,605 77,991\n debt $1,048,318 $514,929 1,563,247" +} +{ + "_id": "d1b33d3ca", + "title": "", + "text": "Item 6. Selected Consolidated Financial Data\nThe following table presents selected consolidated financial data as of and for the five-year period ended December 31, 2019. Our past results of operations are not necessarily indicative of our future results of operations. The following selected consolidated financial data is qualified in its entirety by, and should be read in conjunction with, “Management's Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and the notes thereto included elsewhere herein.\nConsolidated Balance Sheet Data:\n\n | | | As of December 31, | | \n------------------------- | ------- | ------- | ------------------ | ------- | -------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (In thousands) | | \nCash and cash equivalents | $19,505 | $18,017 | $22,553 | $26,838 | $35,128\nWorking capital | $1,116 | $6,356 | $7,646 | $14,643 | $16,046\nTotal assets | $54,538 | $43,424 | $45,672 | $53,530 | $68,579\nStockholders' equity | $10,863 | $14,059 | $13,078 | $18,064 | $21,387\n\n. Consolidated Financial Data\n five-year period December 2019. past future.'s Discussion Analysis Financial Condition financial statements notes.\n Consolidated Balance Sheet Data\n December 31,\n 2019 2018 2017\n Cash equivalents $19,505 $18,017 $22,553 $26,838 $35,128\n Working capital $1,116 $6,356 $7,646 $14,643 $16,046\n Total assets $54,538 $43,424 $45,672 $53,530 $68,579\n Stockholders' equity $10,863 $14,059 $13,078 $18,064 $21,387" +} +{ + "_id": "d1b305ef2", + "title": "", + "text": "Actual STI Bonus Amounts Authorized. The actual amounts of the NEOs’ 2019 bonuses were calculated as\nfollows:\n(1) Determined based on earned salary and applicable STI target bonus percentage during 2019 and includes pro-rations for any changes to salary and/or STI target bonus percentage described below.\na) Target Bonus Opportunity for Mr. Storey reflects his salary earned during 2019 of $1,800,011 and a STI target bonus percentage of 200%.\nb) Target Bonus Opportunity for Mr. Dev reflects his salary earned during 2019 of $650,000 and a STI target bonus percentage of 120%.\nc) Target Bonus Opportunity for Mr. Goff reflects his salary earned during 2019 of $600,018 and a STI target bonus percentage of 120%.\nd) Target Bonus Opportunity for Mr. Trezise reflects his salary earned during 2019 with a salary increase, from $475,010 to $500,011, effective on February 23, 2019, and an increase of STI target bonus percentage from 80% to 90%, also effective on February 23, 2019.\ne) Target Bonus Opportunity for Mr. Andrews reflects his salary earned during 2019 with a salary increase, from $425,006 to $525,000, effective on August 21, 2019, and a STI target bonus percentage of 100%.\n(2) Calculated or determined as discussed above under “—2019 Performance Results.”\n(3) Determined based on achievement of individual performance objectives as described further above in this Subsection.\nCommittee Discretion to Pay in Cash or Shares. The Committee may authorize the payment of annual bonuses in cash or shares of common stock. Since 2000, the Committee has paid these bonuses entirely in cash, principally to diversify our compensation mix and to conserve shares in our equity plans.\nRecent Actions (February 2020). In connection with establishing targets for the 2020 STI program, the Committee increased Mr. Dev’s STI Target Bonus Percentage to 125%, in light of his position to market and performance as CFO, and made no changes to the target bonus percentage for any of our other NEOs.\n\n | 2019 STI Bonus Amounts | | | | | | \n------------------- | ---------------------------- | - | ------------------------- | - | ------------------------------------------------------ | - | ----------------\nNamed Officer | Target Bonus Opportunity (1) | X | Company Performance % (2) | X | Discretionary Adjustment for Individual Performance(3) | = | STI Bonus Amount\nCurrent Executives: | | | | | | | \nJeffrey K. Storey | $3,600,022 | | 97% | | 100% | | $3,492,021 \nIndraneel Dev | 780,000 | | 97% | | 110% | | 832,260 \nStacey W. Goff | 720,021 | | 97% | | 100% | | 698,420 \nScott A. Trezise | 439,654 | | 97% | | 110% | | 469,111 \nShaun C. Andrews | 461,442 | | 97% | | 110% | | 492,359 \n\nSTI Bonus Amounts Authorized. NEOs’ 2019 bonuses calculated\n Determined based earned salary STI target bonus percentage 2019 pro-rations changes salary STI bonus percentage.\n Target Bonus. Storey salary $1,800,011 STI target bonus percentage 200%.\n. Dev salary $650,000 target bonus percentage 120%.\n. Goff salary $600,018 target bonus percentage 120%.\n. Trezise $475,010 to $500,011 February 23, 2019 target bonus percentage 80% to 90%.\n. Andrews $425,006 to $525,000 August 21, 2019 STI target bonus percentage 100%.\n Performance Results.\n performance objectives.\n Committee Discretion Pay Cash or Shares. bonuses cash shares common stock. Since 2000, paid bonuses cash diversify compensation mix conserve shares equity plans.\n 2020. increased. Dev’s STI Target Bonus Percentage to 125% no changes target bonus other NEOs.\n2019 STI Bonus Amounts\n Target Bonus Opportunity Company Performance % Discretionary Adjustment Individual Performance(3) STI Bonus Amount\n Current Executives\n Jeffrey. Storey $3,600,022 97% $3,492,021\n Indraneel Dev 780,000 110% 832\n Stacey. Goff 720,021 698,420\n Scott. Trezise 439,654 110%\n Shaun. Andrews 461,442 492,359" +} +{ + "_id": "d1b3576b2", + "title": "", + "text": "Interest income (expense), net consisted of the following:\nInterest income is related to the cash and cash equivalents held by the Company. Interest expense recorded in 2019, 2018 and 2017 included respectively a charge of $39 million, $38 million and $37 million on the senior unsecured convertible bonds issued in July 2017 and July 2014, of which respectively $37 million, $36 million and $33 million was a non-cash interest expense resulting from the accretion of the discount on the liability component. Net interest includes also charges related to the banking fees and the sale of trade and other receivables.\nNo borrowing cost was capitalized in 2019, 2018 and 2017. Interest income on government bonds and floating rate notes classified as available-for-sale marketable securities amounted to $6 million for the year ended December 31, 2019, $6 million for the year ended December 31, 2018 and $6 million for the year ended December 31, 2017.\n\n | Year ended December 31, 2019 | Year ended December 31, 2018 | Year ended December 31, 2017\n------- | ---------------------------- | ---------------------------- | ----------------------------\nIncome | 55 | 47 | 30 \nExpense | (54) | (54) | (52) \nTotal | 1 | (7) | (22) \n\nInterest income\n related cash equivalents Company. expense 2019 2018 2017 $39 million $38 million $37 million senior unsecured convertible bonds July 2017 2014, $37 million $36 million $33 million non discount liability. banking fees sale receivables.\n No borrowing cost capitalized 2019 2018 2017. Interest income government bonds floating rate notes $6 million 2019 $6 million 2018 $6 million 2017.\n Income 55 47 30\n Expense (54)\n Total 1 (7) (22)" +} +{ + "_id": "d1b373e48", + "title": "", + "text": "Summarized financial information concerning our segments is shown in the tables below (in millions):\n(1) Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP\n(2) Operating expenses for Corporate and Other includes equity-based compensation, including certain related payroll taxes, of $51.7 million, $51.4 million and $19.2 million for the years ended December 31, 2019, 2018 and 2017, respectively.\n(4) Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP.\n(6) Receivables from related parties are included in Corporate and Other.\n(7) Transition and integration costs primarily consists of legal and professional fees related to the Distribution and transition-related costs following the Distribution.\n\n | | | Year ended December 31, 2017 | | \n-------------------------------- | ------------------ | ------------------ | ---------------------------- | --- | --------\n | Software Solutions | Data and Analytics | Corporate and Other | | Total \nRevenues | $904.5 | $151.6 | $(4.5) | (1) | $1,051.6\nExpenses: | | | | | \nOperating expenses | 388.0 | 113.2 | 68.3 | (2) | 569.5 \nTransition and integration costs | — | — | 13.1 | (7) | 13.1 \nEBITDA | 516.5 | 38.4 | (85.9) | | 469.0 \nDepreciation and amortization | 101.2 | 12.8 | 92.5 | (4) | 206.5 \nOperating income (loss) | 415.3 | 25.6 | (178.4) | | 262.5 \nInterest expense, net | | | | | (57.5) \nOther expense, net | | | | | (12.6) \nEarnings before income taxes | | | | | 192.4 \nIncome tax benefit | | | | | (61.8) \nNet earnings | | | | | $254.2 \nBalance sheet data: | | | | | \nTotal assets | $3,223.5 | $304.7 | $127.7 | (6) | $3,655.9\nGoodwill | $2,134.7 | $172.1 | $— | | $2,306.8\n\nfinancial information segments in tables\n Revenues Corporate Other represent deferred purchase accounting adjustments GAAP\n Operating expenses equity-based compensation payroll taxes $51. 7 million $51. 4 million $19. 2 million years ended December 31, 2019 2018 2017.\n Depreciation amortization net incremental adjustments purchase accounting.\n Receivables from related parties included.\n Transition integration costs legal professional fees.\n Year ended December 31, 2017\n Software Solutions Data Analytics Corporate Other Total\n Revenues $904. 5 $151. 6. $1,051. 6\n Expenses\n Operating expenses 388. 113.\n Transition integration costs 13.\n EBITDA 516.\n Depreciation amortization 101.\n Operating income (loss) 415.\n Interest expense net (57.\n Other expense net (12.\n Earnings before income taxes 192. 4\nIncome tax benefit.\n Net earnings $254.\n Balance\n assets $3,223. $304. $127. $3,655.\n Goodwill $2,134. $172. $2,306." +} +{ + "_id": "d1b335f80", + "title": "", + "text": "Accounts Receivable Allowances\nAccounts receivable allowances reflect our best estimate of probable losses inherent in our accounts receivable balances, including both losses for uncollectible accounts receivable and sales returns. We regularly review allowances by considering factors such as historical experience, credit quality, the age of the accounts receivable balances and current economic conditions that may affect a customer’s ability to pay.\nActivity in accounts receivable allowance is as follows (in thousands):\n\n | | Fiscal | \n-------------------------------- | ------- | ------- | -------\n | 2019 | 2018 | 2017 \nBeginning balance | $4,568 | $6,890 | $2,420 \nAdditions charged to expenses | 5,210 | 1,980 | 4,190 \nAccruals related to acquisitions | — | 37 | 4,390 \nDeductions from reserves | (1,088) | (4,339) | (4,110)\nEnding balance | $8,690 | $4,568 | $6,890 \n\nAccounts Receivable Allowances\n reflect losses uncollectible sales returns. review historical experience credit quality age economic conditions.\n Activity\n 2019 2018 2017\n Beginning balance $4,568 $6,890 $2,420\n Additions expenses 5,210 1,980 4,190\n Accruals 37 4,390\n Deductions reserves (1,088) (4,339),110)\n Ending balance $8,690 $4,568 $6,890" +} +{ + "_id": "d1b3a0556", + "title": "", + "text": "Basic earnings per share is computed by dividing net income for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income for the period by the weighted-average number of common shares outstanding during the period, plus the dilutive effect of outstanding restricted stock-based awards, stock options, and shares issuable under the employee stock purchase plan using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share:\n(1) These weighted shares relate to anti-dilutive restricted stock-based awards and stock options as calculated using the treasury stock method and contingently issuable shares under PSO and PSU agreements. Such shares could be dilutive in the future. See Note 13 for information regarding the exercise prices of our outstanding, unexercised stock options.\n\nYear Ended May 31, | | | \n------------------------------------------------------------------------------------------------------------- | ------- | ------ | ------\n(in millions, except per share data) | 2019 | 2018 | 2017 \nNet income | $11,083 | $3,587 | $9,452\nWeighted average common shares outstanding | 3,634 | 4,121 | 4,115 \nDilutive effect of employee stock plans | 98 | 117 | 102 \nDilutive weighted average common shares outstanding | 3,732 | 4,238 | 4,217 \nBasic earnings per share | $3.05 | $0.87 | $2.30 \nDiluted earnings per share | $2.97 | $0.85 | $2.24 \nShares subject to anti-dilutive restricted stock-based awards and stock options excluded from calculation (1) | 71 | 64 | 74 \n\nearnings net income weighted-average shares. Diluted earnings dilutive effect restricted stock awards options shares employee stock purchase plan. table diluted earnings\n weighted shares relate anti restricted stock awards stock options contingently issuable shares PSO PSU agreements. shares could dilutive. Note 13 exercise prices unexercised stock options.\n Ended May 31,\n 2019\n Net income $11,083 $3,587 $9,452\n Weighted average shares 3,634 4,121\n Dilutive effect employee stock plans\n Dilutive shares 3,732 4,238\n Basic earnings per share $3. 05 $0.\n Diluted earnings per share $2.\n anti-dilutive restricted stock awards stock options excluded calculation" +} +{ + "_id": "d1b32fe8c", + "title": "", + "text": "PSUs, RSUs and restricted stock\nUnder the 2015 Plan, awards other than stock options, including PSUs, RSUs and restricted stock, may be granted to certain employees and officers.\nUnder our market-based PSU program, the number of shares of common stock earned by a recipient is subject to a market condition based on ADTRAN’s relative total shareholder return against all companies in the NASDAQ Telecommunications Index at the end of a three-year performance period. Depending on the relative total shareholder return over the performance period, the recipient may earn from 0% to 150% of the shares underlying the PSUs, with the shares earned distributed upon the vesting. The fair value of the award is based on the market price of our common stock on the date of grant, adjusted for the expected outcome of the impact of market conditions using a Monte Carlo Simulation valuation method. A portion of the granted PSUs vests and the underlying shares become deliverable upon the death or disability of the recipient or upon a change of control of ADTRAN, as defined by the 2015 Plan. The recipients of the PSUs receive dividend credits based on the shares of common stock underlying the PSUs. The dividend credits vest and are earned in the same manner as the PSUs and are paid in cash upon the issuance of common stock for the PSUs.\nDuring the first quarter of 2017, the Compensation Committee of the Board of Directors approved a one-time PSU grant of 0.5 million shares that contained performance conditions and would have vested at the end of a three-year period if such performance conditions were met. The fair value of these performance-based PSU awards was equal to the closing price of our stock on the date of grant. These awards were forfeited during the first quarter of 2020 as the performance conditions were not achieved.\nThe fair value of RSUs and restricted stock is equal to the closing price of our stock on the business day immediately preceding the grant date. RSUs and restricted stock vest ratably over four-year and one-year periods, respectively.\nWe will continue to assess the assumptions and methodologies used to calculate the estimated fair value of stock-based compensation. If circumstances change, and additional data becomes available over time, we may change our assumptions and methodologies, which may materially impact our fair value determination.\nThe following table is a summary of our PSUs, RSUs and restricted stock outstanding as of December 31, 2018 and 2019 and the changes that occurred during 2019:\n\n(In thousands, except per share amounts) | Number of Shares | Weighted Average Grant Date Fair Value\n----------------------------------------------------------------------- | ---------------- | --------------------------------------\nUnvested PSUs, RSUs and restricted stock outstanding, December 31, 2018 | 1,570 | $18.52 \nPSUs, RSUs and restricted stock granted | 897 | $9.63 \nPSUs, RSUs and restricted stock vested | (368) | $17.23 \nPSUs, RSUs and restricted stock forfeited | (208) | $18.24 \nUnvested RSUs and restricted stock outstanding, December 31, 2019 | 1,891 | $14.58 \n\nPSUs RSUs restricted stock\n 2015 Plan awards PSUs RSUs stock employees officers.\n market-based PSU program shares common stock earned subject market condition ADTRAN’s shareholder return Telecommunications Index three-year. earn 0% to 150% shares PSUs shares earned distributed vesting. fair value based market price common stock grant adjusted conditions Monte Carlo Simulation valuation. portion granted PSUs vests shares deliverable death disability recipient change control ADTRAN. recipients receive dividend credits shares stock. credits vest earned paid cash issuance common stock.\n 2017 Compensation Committee approved one-time PSU grant 0. 5 million shares performance conditions vested three-year period. fair value awards equal closing price stock date grant. awards forfeited 2020 performance conditions not achieved.\n fair value RSUs restricted stock equal closing price stock day grant date. vest over four one-year periods.\nassumptions methodologies stock compensation. data change assumptions impact fair value determination.\n PSUs RSUs restricted stock December 31, 2018 2019 changes 2019\n Average Grant Value\n Unvested PSUs RSUs stock December 31, 2018 1,570 $18. 52\n granted 897 $9. 63\n vested (368) $17. 23\n forfeited (208) $18. 24\n Unvested RSUs December 31, 2019 1,891 $14. 58" +} +{ + "_id": "d1b37e8de", + "title": "", + "text": "Restricted Cash\nThe following table provides a reconciliation of the Company’s cash and cash equivalents, and current and non-current portion of restricted cash reported on the consolidated balance sheets that sum to the total cash, cash equivalents and restricted cash as of January 31, 2020 and February 1, 2019 (table in millions):\nAmounts included in restricted cash primarily relate to certain employee-related benefits, as well as amounts related to installment payments to certain employees as part of acquisitions, subject to the achievement of specified future employment conditions.\n\n | January 31, 2020 | February 1, 2019\n------------------------------------------------ | ---------------- | ----------------\nCash and cash equivalents | $2,915 | $3,532 \nRestricted cash within other current assets | 83 | 35 \nRestricted cash within other assets | 33 | 29 \nTotal cash, cash equivalents and restricted cash | $3,031 | $3,596 \n\nRestricted Cash\n table cash equivalents restricted cash balance sheets total cash equivalents January 31, 2020 February 1, 2019\n Amounts cash employee benefits installment payments acquisitions future employment conditions.\n January 2020 February 1, 2019\n Cash equivalents $2,915 $3,532\n Restricted cash assets 83\n 33\n Total cash equivalents restricted cash $3,031 $3,596" +} +{ + "_id": "d1b36065e", + "title": "", + "text": "Net Earnings Per Share (“EPS”)\nBasic EPS is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during each year. Diluted EPS is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding RSUs.\nA reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share data):\nIn 2019, 2018 and 2017, approximately 42,000, 17,000 and 40,000, respectively, of our RSUs were not included in the diluted EPS calculations because their inclusion would have been anti-dilutive. These share-based awards could be dilutive in the future. In the year ended December 31, 2019, certain potential outstanding shares from convertible senior notes and warrants were not included in the diluted EPS calculations because their inclusion would have been anti-dilutive.\n\n | | Years Ended December 31, | \n--------------------------------------------------- | -------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nNumerator: | | | \nNetearnings | $159,407 | $163,677 | $90,683\nDenominator: | | | \nWeighted-average shares used to compute basic EPS | 35,538 | 35,586 | 35,741 \nDilutive potential common shares due to dilutive: | | | \nRSUs, net of tax effect | 421 | 423 | 466 \nWeighted-average shares used to compute diluted EPS | 35,959 | 36,009 | 36,207 \nNet earnings per share: | | | \nBasic | $4.49 | $4.60 | $2.54 \nDiluted | $4.43 | $4.55 | $2.50 \n\nNet Earnings Per Share\n computed net earnings weighted average shares. Diluted EPS computed average dilutive shares method. Dilutive shares include RSUs.\n reconciliation basic diluted EPS\n 2019 2018 2017 42,000 17,000 40,000 RSUs not included diluted EPS anti-dilutive. dilutive. December 31, 2019 shares convertible senior notes warrants not included diluted EPS anti-dilutive.\n Years\n 2019 2018 2017\n Netearnings $159,407 $163,677 $90,683\n Weighted-average shares EPS 35,538 35,586 35,741\n Dilutive shares\n RSUs net tax effect 421\n Weighted-average shares diluted EPS 35,959 36,009 36,207\n Net earnings per share\n Basic $4. 49. $2.\n Diluted $4. 55." +} +{ + "_id": "d1b35b668", + "title": "", + "text": "Group Value Added Statements\nNote:\n(1) FY 2018 included the gain on disposal of economic interest in NetLink Trust of S$2.03 billion.\n\n | FY 2019 | FY 2018 \n-------------------------------------------- | ---------- | ----------\n | S$ million | S$ million\nValue added from: | | \nOperating revenue | 17,372 | 17,268 \nLess: Purchases of goods and services | (10,307) | (9,716) \n | 7,065 | 7,552 \nOther income | 225 | 259 \nInterest and investment income (net) | 38 | 45 \nShare of results of associates (post-tax) | 1,563 | 1,804 \nExceptional items (1) | 68 | 1,895 \n | 1,894 | 4,003 \nTotal value added | 8,959 | 11,555 \nDistribution of total value added | | \nTo employees in wages, salaries and benefits | 2,597 | 2,760 \nTo government in income and other taxes | 675 | 703 \nTo providers of capital on: | | \n- Interest on borrowings | 393 | 390 \n- Dividends to shareholders | 2,857 | 3,346 \nTotal distribution | 6,522 | 7,199 \nRetained in business | | \nDepreciation and amortisation | 2,222 | 2,250 \nRetained profits | 238 | 2,127 \nNon-controlling interests | (23) | (21) \n | 2,437 | 4,356 \nTotal value added | 8,959 | 11,555 \nAverage Number of employees | 24,071 | 25,614 \n\nValue Added Statements\n FY 2018 gain interest NetLink Trust S$2. billion.\n Value\n Operating revenue 17,372\n Purchases services (10\n 7 7,552\n Other income\n Interest investment income\n results associates-tax 1,563 1,804\n Exceptional items\n 4,003\n value 11,555\n Distribution\n employees wages salaries benefits 2,597 2,760\n government income taxes 675 703\n providers capital\n Interest borrowings\n Dividends shareholders 2,857 3,346\n 6,522 7,199\n Depreciation amortisation 2,222 2,250\n profits\n Non-controlling interests\n 2,437 4,356\n value 11,555\n employees 24,071 25,614" +} +{ + "_id": "d1a7227c0", + "title": "", + "text": "NOTE 17—SPECIAL CHARGES (RECOVERIES)\nSpecial charges (recoveries) include costs and recoveries that relate to certain restructuring initiatives that we have undertaken from time to time under our various restructuring plans, as well as acquisition-related costs and other charges.\n\n | | Year Ended June 30, | \n----------------------------------------------------------- | ------- | ------------------- | -------\n | 2019 | 2018 | 2017 \nFiscal 2019 Restructuring Plan | $28,318 | $— | $— \nFiscal 2018 Restructuring Plan | 515 | 10,154 | — \nFiscal 2017 Restructuring Plan | 898 | 7,207 | 33,827 \nRestructuring Plans prior to Fiscal 2017 Restructuring Plan | (620) | 279 | (340) \nAcquisition-related costs | 5,625 | 4,805 | 15,938 \nOther charges (recoveries) | 983 | 6,766 | 14,193 \nTotal | $35,719 | $29,211 | $63,618\n\nCHARGES\n restructuring initiatives acquisition-related costs.\n Ended June 30,\n 2019 Restructuring Plan $28,318\n 2018 Plan 515 10,154\n 2017 Restructuring Plan 7,207 33,827\n Plans (620) 279 (340)\n Acquisition-related costs 4,805 15,938\n Other charges (recoveries 983 6,766 14,193\n Total $35,719 $29,211 $63,618" +} +{ + "_id": "d1b33e824", + "title": "", + "text": "In the following table, we provide information regarding our common stock repurchases under our publicly-announced share repurchase program for the quarter ended December 31, 2019. All repurchases related to the share repurchase program were made on\nthe open market.\nDuring the year ended December 31, 2019, we repurchased a total of 1,640,055 shares at an average price per share of $70.65 under our publicly-announced share repurchase program. In January 2020, our Board of Directors authorized the Company to repurchase up to an aggregate of $50 million of the Company’s common stock.\n\nPeriod | Total number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs\n------------------------------ | -------------------------------- | ---------------------------- | -------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------\nOctober 1 - October 31, 2019 | 13,425 | $78.21 | 13,425 | $48,950,059 \nNovember 1 - November 30, 2019 | 245,454 | 76.95 | 245,454 | 30,062,919 \nDecember 1 - December 31, 2019 | 185,973 | 80.95 | 185,973 | 15,008,242 \nTotal | 444,852 | | 444,852 | \n\ntable common stock repurchases program quarter ended December 31, 2019. repurchases\n open market.\n December 2019 repurchased 1,640,055 shares average price per share $70. 65. January 2020 Board Directors authorized repurchase $50 million common stock.\n Period Shares Purchased Average Price Paid per Share Plans Programs Maximum Shares Purchased\n October 1 - 31, 2019 13,425 $78. $48,950,059\n November 1 - 30, 2019 245,454. 30,062,919\n December 1 - 31, 2019 185,973. 15,008,242\n 444,852" +} +{ + "_id": "d1b358990", + "title": "", + "text": "Note 20 Trade payables and other liabilities\n(1) Represents BCE’s obligation to repurchase the BCE Master Trust Fund’s (Master Trust Fund) 9% interest in MLSE at a price not less than an agreed minimum price should the Master Trust Fund exercise its put option. The obligation to repurchase is marked to market each reporting period and the gain or loss is recorded in Other expense in the income statements.\n\nFOR THE YEAR ENDED DECEMBER 31 | NOTE | 2019 | 2018 \n----------------------------------------------------------------------- | ---- | ----- | -----\nTrade payables and accruals | | 2,604 | 2,535\nCompensation payable | | 589 | 589 \nMaple Leaf Sports and Entertainment Ltd. (MLSE) financial liability (1) | 26 | 135 | 135 \nTaxes payable | | 101 | 129 \nDerivative liabilities | 26 | 49 | 27 \nSeverance and other costs payable | | 35 | 63 \nProvisions | 23 | 33 | 66 \nCRTC tangible benefits obligation | 26 | 28 | 38 \nCRTC deferral account obligation | 26 | 13 | 16 \nOther current liabilities | | 367 | 343 \nTotal trade payables and other liabilities | | 3,954 | 3,941\n\n20 Trade payables liabilities\n obligation repurchase Master Trust 9% interest MLSE minimum put option. obligation repurchase marked gain loss recorded income statements.\n YEAR ENDED DECEMBER 31 2019 2018\n Trade payables accruals 2,604 2,535\n Compensation 589\n Maple Leaf Sports Entertainment. liability 135\n Taxes 101 129\n Derivative liabilities 49\n Severance costs 35 63\n CRTC benefits obligation\n deferral account obligation\n liabilities 367 343\n trade payables liabilities 3,954 3,941" +} +{ + "_id": "d1b380b8e", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n14. STOCK-BASED COMPENSATION\nSummary of Stock-Based Compensation Plans—The Company maintains equity incentive plans that provide for the grant of stock-based awards to its directors, officers and employees. The 2007 Equity Incentive Plan, as amended (the “2007 Plan”), provides for the grant of non-qualified and incentive stock options, as well as restricted stock units, restricted stock and other stock-based awards. Exercise prices for non-qualified and incentive stock options are not less than the fair value of the underlying common stock on the date of grant. Equity awards typically vest ratably, generally over four years for RSUs and stock options and three years for PSUs. Stock options generally expire 10 years from the date of grant. As of December 31, 2019, the Company had the ability to grant stock-based awards with respect to an aggregate of 7.0 million shares of common stock under the 2007 Plan. In addition, the Company maintains an employee stock purchase plan (the “ESPP”) pursuant to which eligible employees may purchase shares of the Company’s common stock on the last day of each bi-annual offering period at a 15% discount from the lower of the closing market value on the first or last day of such offering period. The offering periods run from June 1 through November 30 and from December 1 through May 31 of each year.\nDuring the years ended December 31, 2019, 2018 and 2017, the Company recorded and capitalized the following stock-based compensation expenses:\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------------------------- | ------ | ------ | ------\nStock-based compensation expense - Property | $1.8 | $2.4 | $2.1 \nStock-based compensation expense - Services | 1.0 | 0.9 | 0.8 \nStock-based compensation expense - SG&A | 108.6 | 134.2 | 105.6 \nTotal stock-based compensation expense | $111.4 | $137.5 | $108.5\nStock-based compensation expense capitalized as property and equipment | $1.6 | $2.0 | $1.6 \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n. STOCK-BASED COMPENSATION\n Company maintains equity incentive plans stock-based awards directors officers employees. 2007 Equity Incentive Plan non-qualified incentive stock options restricted stock units stock stock-based awards. prices stock options not less than fair value common stock date grant. Equity awards vest four years RSUs stock options three years PSUs. Stock options expire 10 years grant. December 31, 2019 Company awards 7. 0 million shares common stock 2007 Plan. maintains employee stock purchase plan employees purchase shares common stock 15% discount closing market value. periods June 1 November 30 December 1 May 31.\n December 2019 2018 2017 Company recorded capitalized stock-based compensation expenses\n Property $1. $2.\n Services.\n SG&A.\n Total $111.$137. $108.\n Stock compensation property equipment $1. $2." +} +{ + "_id": "d1b2fd234", + "title": "", + "text": "Note 6 Segments\nThe Company’s segment reporting structure consists of two reportable segments and a Corporate category as follows: • Food Care; and • Product Care.\nThe Company’s Food Care and Product Care segments are considered reportable segments under FASB ASC Topic 280. Our reportable segments are aligned with similar groups of products. Corporate includes certain costs that are not allocated to or monitored by the reportable segments' management. The Company evaluates performance of the reportable segments based on the results of each segment. The performance metric used by the Company's chief operating decision maker to evaluate performance of our reportable segments is Adjusted EBITDA. The Company allocates expense to each segment based on various factors including direct usage of resources, allocation of headcount, allocation of software licenses or, in cases where costs are not clearly delineated, costs may be allocated on portion of either net trade sales or an expense factor such as cost of goods sold.\nWe allocate and disclose depreciation and amortization expense to our segments, although depreciation and amortization are not included in the segment performance metric Adjusted EBITDA. We also allocate and disclose restructuring charges and impairment of goodwill and other intangible assets by segment. However, restructuring charges and goodwill are not included in the segment performance metric Adjusted EBITDA since they are categorized as certain specified items (“Special Items”), in addition to certain transaction and other charges and gains related to acquisitions and divestitures and certain other specific items excluded from the calculation of Adjusted EBITDA. The accounting policies of the reportable segments and Corporate are the same as those applied to the Consolidated Financial Statements.\nThe following tables show Net Sales and Adjusted EBITDA by reportable segment:\n\n | | Year Ended December 31, | \n-------------------------------------------------------- | --------- | ----------------------- | ---------\n(In millions) | 2019 | 2018 | 2017 \nNet Sales | | | \nFood Care | $ 2,880.5 | $ 2,908.1 | $ 2,815.2\nAs a % of Total Company net sales | 60.1% | 61.4% | 63.1% \nProduct Care | 1,910.6 | 1,824.6 | 1,646.4 \nAs a % of Total Company net sales | 39.9% | 38.6% | 36.9% \nTotal Company Net Sales | $ 4,791.1 | $ 4,732.7 | $ 4,461.6\n | | | \n | | Year Ended December 31, | \n(In millions) | 2019 | 2018 | 2017 \nAdjusted EBITDA from continuing operations | | | \nFood Care | $ 629.3 | $ 577.8 | $ 538.1 \nAdjusted EBITDA Margin | 21.8% | 19.9% | 19.1% \nProduct Care | 349.9 | 318.6 | 292.2 \nAdjusted EBITDA Margin | 18.3% | 17.5% | 17.7% \nCorporate | (14.4) | (6.9) | 3.0 \nTotal Company Adjusted EBITDA from continuing operations | $ 964.8 | $ 889.5 | $ 833.3 \nAdjusted EBITDA Margin | 20.1% | 18.8% | 18.7% \n\n6 Segments\n Company’s segment reporting structure two segments Corporate category Food Care Product Care.\n Care segments reportable under FASB ASC Topic 280. aligned with similar products. Corporate includes costs not allocated by management. Company evaluates performance based results. performance metric Adjusted EBITDA. allocates expense based usage resources headcount software licenses net trade sales cost goods sold.\n allocate disclose depreciation amortization expense not included in Adjusted EBITDA. restructuring charges impairment of goodwill intangible assets. not included in Adjusted EBITDA excluded from EBITDA. accounting policies of segments Corporate same as Consolidated Financial Statements.\n tables show Net Sales Adjusted EBITDA by reportable segment\n Year Ended December 31,\n millions) 2019 2018 2017\n Net Sales\n Food Care $ 2,880. 5 $ 2,908. $ 2,815. 2\n% Total Company sales 60. 1% 61. 4% 63. 1%\n 1,910. 1,824. 1,646. 4\n 39. 38. 6% 36.\n Sales $ 4,791. 4,461. 6\n December\n 2019\n EBITDA\n $ 629. 577. $.\n EBITDA 21. 8% 19.\n 349. 318. 292.\n 18. 3% 17. 5%. 7%\n (14. (6. 3.\n EBITDA operations $ 964. 889. 833.\n Margin 20. 1% 18. 8%. 7%" +} +{ + "_id": "d1b3bcdc8", + "title": "", + "text": "Our restaurant leases generally provide for fixed rental payments (with cost-of-living index adjustments) plus real estate taxes, insurance, and other expenses. In addition, approximately 14% of our leases provide for contingent rental payments between 1% and 15% of the restaurant’s gross sales once certain thresholds are met. We have generally been able to renew our restaurant leases as they expire at then-current market rates. The remaining terms of ground leases range from less than one year to 49 years, including optional renewal periods. The remaining lease terms of our other leases range from less thanone year to 56 years, including optional renewal periods.\nAs of September 29, 2019, our restaurant leases had initial terms expiring as follows:\nOur principal executive offices are located in San Diego, California in an owned facility of approximately 150,000 square feet. We also own our 70,000 square foot Innovation Center and approximately four acres of undeveloped land directly adjacent to it. We plan to sell our principal executive offices and consolidate our headquarters in the Innovation Center, which we believe will be suitable and adequate for our purposes.\n\n | | Number of Restaurants\n----------- | ------ | ---------------------\n | | Land and \n | Ground | Building \nFiscal Year | Leases | Leases \n2020 – 2024 | 381 | 697 \n2025 – 2029 | 198 | 270 \n2030 – 2034 | 40 | 135 \n\nrestaurant leases fixed rental payments cost-of-living index adjustments real estate taxes insurance expenses. 14% leases contingent rental payments 1% 15% sales thresholds met. leases market rates. remaining leases year to 49 years. to 56 years.\n September 29, 2019 restaurant leases\n executive offices San Diego California 150,000 square feet. own square foot Innovation Center four acres undeveloped land adjacent. plan sell offices consolidate headquarters Innovation Center.\n Number Restaurants\n Land\n Year Leases\n 2020 – 2024 381 697\n 2025 – 2029 198 270\n 2030 – 2034" +} +{ + "_id": "d1b31e6b4", + "title": "", + "text": "A condensed summary of the Company’s financial information for equity-accounted investments (20% to 52%-owned) shown on a 100% basis (excluding the impact from purchase price adjustments arising from the acquisition of Joint Ventures) are as follows:\nThe results included for TIL are until its consolidation on November 27, 2017. The results included for Altera are from the date of deconsolidation on September 25, 2017 to the sale of Teekay's remaining interests on May 8, 2019.\nFor the year ended December 31, 2019, the Company recorded equity loss of $14.5 million (2018 – income of $61.1 million, and 2017 – loss of $37.3 million).\nThe equity loss in 2019 was primarily comprised of the write-down and loss on sale of Teekay's investment in Altera and the Company’s share of net loss from the Bahrain LNG Joint Venture; offset by equity income in the Yamal LNG Joint Venture, the RasGas III Joint Venture, the MALT Joint Venture, the Pan Union Joint Venture and the Angola Joint Venture.\nFor the year ended December 31, 2019, equity loss included $12.9 million related to the Company’s share of unrealized losses on interest rate swaps in the equity-accounted investments (2018 – gains of $17.6 million and 2017 – gains of $7.7 million).\n\n | As at December 31, | \n-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------ | ---------\n | 2019 | 2018 \n | $ | $ \nCash and restricted cash | 379,085 | 568,843 \nOther assets – current | 148,663 | 412,388 \nVessels and equipment, including vessels related to finance leases and advances on Vessels and equipment, including vessels related to finance leases and advances on newbuilding contracts | 3,123,377 | 6,615,077\nNet investment in direct financing leases | 4,469,861 | 3,000,927\nOther assets – non-current | 169,925 | 1,957,271\nCurrent portion of long-term debt and obligations related to finance leases | 563,776 | 1,106,812\nOther liabilities – current | 189,165 | 563,862 \nLong-term debt and obligations related to finance leases | 5,156,307 | 6,882,426\nOther liabilities – non-current | 243,301 | 478,311 \n\nfinancial information equity investments (20% to 52%-owned\n results TIL until consolidation November 27, 2017. Altera deconsolidation September 25, 2017 sale Teekay interests May 8, 2019.\n December 31, 2019 equity loss $14. 5 million $61. 1 million 2017 $37. 3 million.\n loss write-down loss sale Teekay Altera net loss Bahrain LNG Joint Venture offset equity income Yamal LNG RasGas III MALT Pan Union Angola.\n equity loss $12. 9 million unrealized losses interest rate swaps gains $17. 6 million 2017 $7. 7 million.\n Cash 379,085 568,843\n Other assets 148,663 412,388\n Vessels equipment finance leases 3,123,377,077\n Net investment direct financing leases 4,469,861,927\n assets non-current 169,925 1,957,271\n-term debt leases 563,776 1,106,812\n liabilities 189,165 563,862\n 5,156,307 6,882,426\n non-current 243,301,311" +} +{ + "_id": "d1a725f60", + "title": "", + "text": "3. Accrued and other liabilities:\nAccrued and other current liabilities consist of the following (in thousands):\n\n | December 31, | \n-------------------------------- | ------------ | -------\n | 2019 | 2018 \nOperating accruals | $23,695 | $24,020\nDeferred revenue—current portion | 4,316 | 4,504 \nPayroll and benefits | 6,613 | 7,695 \nTaxes—non-income based | 6,053 | 4,212 \nInterest | 10,624 | 11,000 \nTotal | $51,301 | $51,431\n\n. liabilities\n December 31,\n accruals $23,695 $24,020\n Deferred 4,316 4,504\n Payroll benefits 7,695\n-income 6,053 4,212\n Interest 10,624 11,000\n $51,301 $51,431" +} +{ + "_id": "d1a72740a", + "title": "", + "text": "NOTE 2. FAIR VALUE OF FINANCIAL INSTRUMENTS\nFor cash equivalents, amounts receivable or payable and short-term borrowings, fair values approximate carrying value, based on the short-term nature of the assets and liabilities.\nThe Company’s estimates of the fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets, and requires that observable inputs be used in the valuations when available. The three levels of the hierarchy are as follows: Level 1: inputs to the valuation are quoted prices in an active market for identical assets Level 2: inputs to the valuation include quoted prices for similar assets in active markets that are observable either directly or indirectly Level 3: valuation is based on significant inputs that are unobservable in the market and the Company’s own estimates of assumptions that it believes market participants would use in pricing the asset\nFair value of financial assets, included in cash and cash equivalents, and financial liabilities is as follows:\n(a) In accordance with ASC Subtopic 360-10, long-lived assets held for sale with a carrying value of $4,575 were written down to their fair value of $1,300, resulting in an impairment totaling $3,275, which was included in earnings for the fiscal year ended June 30, 2017. The Company has entered into an agreement to sell these assets. That sale is expected to be completed during the second quarter of fiscal 2020.\n\n | | Estimated Fair Value Measurements | | \n------------------------------------- | ------- | --------------------------------- | ------- | ----------------\nRecurring Fair Value Measurements | Level 1 | Level 2 | Level 3 | Total Fair Value\nJune 30, 2019 | | | | \nFinancial Assets: | | | | \nMoney market funds | $81,945 | $— | $— | $81,945 \nJune 30, 2018 | | | | \nFinancial Assets: | | | | \nMoney market funds | $14,918 | $— | $— | $14,918 \nNon-Recurring Fair Value Measurements | | | | \nJune 30, 2019 | | | | \nLong-lived assets held for sale | $— | $1,300 | $— | $1,300 \nJune 30, 2018 | | | | \nLong-lived assets held for sale (a) | $— | $1,300 | $— | $1,300 \n\nNOTE 2. FAIR VALUE FINANCIAL INSTRUMENTS\n cash equivalents amounts receivable payable short-term borrowings values approximate carrying value short-term assets liabilities.\n estimates fair value financial assets liabilities based fair value accounting guidance. priority quoted prices active markets observable inputs. three levels 1: prices 2: Level 3: inputs unobservable estimates assumptions\n Fair value of financial assets cash equivalents financial liabilities\n ASC Subtopic 360-10 long-lived assets sale carrying value $4,575 written down to fair value $1,300 impairment $3,275 included in earnings fiscal year June 30, 2017. sell assets. sale second quarter fiscal 2020.\n Estimated Fair Value Measurements\n Recurring Fair Value Measurements Level Total Fair Value\n June 30, 2019\n Financial Assets\n Money market funds $81,945\n June 30, 2018\nFinancial Assets\n Money market funds $14,918\n Non-Recurring Fair Value Measurements\n June 30, 2019\n Long-lived assets sale $1,300\n June 30, 2018\n Long-lived assets $1,300" +} +{ + "_id": "d1b3662d4", + "title": "", + "text": "P. Income Taxes\nVMware’s income tax provision (benefit) for the periods presented consisted of the following (table in millions):\n\n | | For the Year Ended | \n------------------------------------ | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nFederal: | | | \nCurrent | $78 | $181 | $688 \nDeferred | (219) | (92) | 275 \n | (141) | 89 | 963 \nState: | | | \nCurrent | 45 | 31 | 8 \nDeferred | (44) | (10) | 21 \n | 1 | 21 | 29 \nForeign: | | | \nCurrent | 240 | 137 | 156 \nDeferred | (5,018) | (8) | 4 \n | (4,778) | 129 | 160 \nTotal income tax provision (benefit) | $(4,918) | $239 | $1,152 \n\n. Income Taxes\n VMware’s tax\n Year Ended\n January 31, 2020 February 1, 2019 2 2018\n Federal\n $78 $181 $688\n Deferred (219) 275\n 89 963\n State\n 45 31\n Deferred\n Foreign\n 240 137 156\n Deferred (5,018) 4\n (4,778) 129 160\n Total income tax provision $(4,918) $239 $1,152" +} +{ + "_id": "d1b352b12", + "title": "", + "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data)\nChartered-out vessels, barges and pushboats:\nThe future minimum revenue, net of commissions, (i) for dry bulk vessels, expected to be earned on non-cancelable time charters; and (ii) for the Company’s logistics business, expected to be earned on non-cancelable time charters, COA’s with minimum guaranteed volumes and contracts with minimum guaranteed throughput in Navios Logistics’ ports expected to be earned on non-cancelable time charters, are as follows:\nRevenues from time charters are not generally received when a vessel is off-hire, which includes time required for scheduled maintenance of the vessel.\n\n | Dry bulk vessels | Logistics business\n----------------------------------------- | ---------------- | ------------------\n2020 | 22,266 | 129,437 \n2021 | 4,607 | 97,544 \n2022 | 3,445 | 75,425 \n2023 | — | 69,250 \n2024 | — | 60,200 \n2025 and thereafter | — | 642,479 \nTotal minimum revenue, net of commissions | $30,318 | $1,074,335 \n\nNAVIOS MARITIME HOLDINGS. FINANCIAL STATEMENTS. dollars share data\n Chartered vessels barges pushboats\n future minimum revenue commissions dry bulk vessels-cancelable charters logistics business\n Revenues time charters not vessel off-hire maintenance.\n Dry bulk vessels Logistics business\n 2020 22,266 129,437\n 2021 4,607 97,544\n 2022 75,425\n 2023 69,250\n 2024 60,200\n 2025 642,479\n Total minimum revenue net commissions $30,318 $1,074,335" +} +{ + "_id": "d1b35de90", + "title": "", + "text": "Contract Balances\nThe following table provides information about contract assets and contract liabilities from contracts with customers.\nContract assets primarily result from revenue being recognized when or as control of a solution or service is transferred to the customer, but where invoicing is delayed until the completion of other performance obligations or payment terms differ from the provisioning of services. The current portion of contract assets is reported within prepaid expenses and other in the consolidated balance sheet, and the non-current portion is included in other non-current assets. Contract liabilities (deferred revenue) primarily relate to consideration received from customers in advance of delivery of the related goods and services to the customer. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period.\nThe Company analyzes contract language to identify if a significant financing component does exist, and would adjust the transaction price for any material effects of the time value of money if the timing of payments provides either party to the contract with a significant benefit of financing the transaction.\nDuring the fiscal years ended June 30, 2019, 2018, and 2017, the Company recognized revenue of $265,946, $269,593, and $264,517, respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods.\nRevenue recognized that related to performance obligations satisfied (or partially satisfied) in prior periods were immaterial for each period presented. These adjustments are primarily the result of transaction price adjustments and re-allocations due to changes in estimates of variable consideration.\n\n | June 30, 2019 | June 30, 2018\n---------------------------------------------------- | ------------- | -------------\nReceivables, net | $310,080 | $297,271 \nContract Assets- Current | 21,446 | 14,063 \nContract Assets- Non-current | 50,640 | 35,630 \nContract Liabilities (Deferred Revenue)- Current | 339,752 | 328,931 \nContract Liabilities (Deferred Revenue)- Non-current | 54,554 | 40,984 \n\nContract Balances\n table assets liabilities contracts customers.\n assets result from revenue control transferred invoicing delayed until performance obligations payment terms. current assets reported prepaid expenses consolidated balance sheet non-current assets. liabilities (deferred revenue relate to consideration delivery goods services. Contract balances reported net position-by-contract reporting period.\n Company analyzes contract language significant financing component transaction price time value benefit.\n fiscal years 2019 2018 2017 recognized revenue $265,946 $269,593 $264,517 deferred revenue balance.\n Revenue obligations prior periods immaterial. adjustments transaction price adjustments re-allocations estimates variable consideration.\n 2019 2018\n Receivables net $310,080 $297,271\n Contract Assets Current 21,446 14,063\n Non-current 50,640 35,630\n (Deferred Revenue Current 339,752 328,931\n Non-current 54,554 40,984" +} +{ + "_id": "d1b2ecdee", + "title": "", + "text": "REVENUE\nThe sales cycle from quotation to shipment for our Front-end equipment generally takes several months, depending on capacity utilization and the urgency of the order. Usually, acceptance is within four months after shipment. The sales cycle is longer for equipment that is installed at the customer’s site for evaluation prior to sale. The typical trial period ranges from six months to two years after installation.\nOur revenues are concentrated in Asia, the United States and Europe. The following table shows the geographic distribution of our revenue for 2018 and 2019:\n\n | | Year ended December 31 | | \n------------- | ----- | ---------------------- | ------- | ------\n(EUR million) | 2018 | | 2019 | \nUnited States | 175.9 | 21.5% | 339.5 | 26.4% \nEurope | 165.6 | 20.2% | 126.2 | 9.8% \nAsia | 476.6 | 58.3% | 818.2 | 63.7% \n | 818.1 | 100.0% | 1,283.9 | 100.0%\n\n\n sales cycle quotation to shipment Front-end equipment takes months capacity urgency. acceptance four months after shipment. longer installed site. trial period six months to two years after installation.\n revenues Asia United States Europe. table geographic distribution revenue 2018 2019\n December 31\n million\n 175. 21. 5% 339. 26.\n Europe 165. 126. 9. 8%\n Asia 476. 58. 3% 818. 63. 7%\n. 1,283." +} +{ + "_id": "d1b3a9a7a", + "title": "", + "text": "Net cash from operating activities. Net cash from operating activities is the sum of (i) net income (loss) adjusted for non-cash items and (ii) changes in net working capital. The net cash from operating activities in 2019 was $1,869 million, increasing compared to $1,845 million in the prior year, mainly due to more favorable changes in net working capital, compensating lower net income.\nNet cash used in investing activities. Investing activities used $1,172 million of cash in 2019, decreasing from $1,212 million in the prior year. Payments for purchase of tangible assets, net of proceeds, totaled $1,174 million, compared to $1,262 million registered in the prior-year period. The 2019 numbers also included the proceeds from matured marketable securities of $200 million and the net cash outflow of $127 million for the acquisition of Norstel.\nNet cash used in financing activities. Net cash used in financing activities was $343 million for 2019, compared to the $122 million used in 2018. The 2019 amount included $281 million proceeds from long-term debt, $144 million of long-term debt repayment, $250 million of repurchase of common stock and $214 million of dividends paid to stockholders.\n\n | | Year Ended December 31, | \n------------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \n | | (In millions) | \nNet cash from operating activities | $1,869 | $1,845 | $1,677 \nNet cash used in investing activities | (1,172) | (1,212) | (1,468)\nNet cash used in financing activities | (343) | (122) | (106) \nEffect of changes in exchange rates | (13) | (4) | 27 \nNet cash increase | $341 | $507 | $130 \n\ncash operating activities. income non-cash changes working capital. 2019 $1,869 million increasing $1,845 million working capital lower income.\n investing activities. $1,172 million decreasing $1,212 million. Payments purchase assets $1,174 million $1,262 million. proceeds matured securities $200 million cash outflow $127 million acquisition Norstel.\n financing activities. $343 million 2019 $122 million 2018. $281 million long-term debt $144 million long-term debt repayment $250 million repurchase common stock $214 million dividends.\n December 31,\n Net cash operating activities $1,869 $1,845 $1,677\n investing (1,172 (1,212)\n financing activities (343) (122) (106)\n changes exchange rates\n Net cash increase $341 $507" +} +{ + "_id": "d1b358008", + "title": "", + "text": "Figure 31. 2019/2021 LTIP Award Grants\n(1) The number of Market-based PRSUs awarded is reflected at target. The final number of shares that may be earned will be 0% to 150% of target.\n(2) Mr. Anstice did not participate in the 2019/2021 LTIP because he terminated his employment with the Company as of December 5, 2018.\nThe independent members of the Board consulted with the committee and the committee’s compensation consultant to determine the appropriate amount and vesting schedule for Mr. Archer’s award. The independent members of the Board, on December 6, 2018, granted to Mr. Archer a $5,000,000 equity award consisting of 50% service-based RSUs and 50% stock options with a four-year vesting schedule, as shown below. No adjustment was made at that time to his annual base salary or his target award opportunities under the AIP or LTIP. These were adjusted to be competitive with CEOs in our peer group as part of the normal annual compensation review in February 2019.\nIn light of Mr. Bettinger’s critical role, his expanded responsibilities, and the intense competition in the technology industry for proven CFO talent, he received a special equity award on November 30, 2018. The committee consulted with its compensation consultant and with the Board to determine the amount and vesting schedule for the award. The committee granted to Mr. Bettinger a one-time service-based restricted stock unit (RSU) award with a nominal value of $8,000,000 and a four-year vesting schedule, as shown below.\n\nNamed Executive Officer (1)(2) | Target Award Opportunity ($) | Market-based PRSUs Award (#) | Stock Options Award (#) | Service-based RSUs Award (#)\n------------------------------ | ---------------------------- | ---------------------------- | ----------------------- | ----------------------------\nTimothy M. Archer | 7,200,000 | 21,243 | 33,988 | 12,746 \nDouglas R. Bettinger | 2,700,000 | 7,966 | 12,744 | 4,779 \nRichard A. Gottscho | 2,250,000 | 6,638 | 10,620 | 3,983 \nPatrick J. Lord | 1,800,000 | 5,310 | 8,496 | 3,186 \nVahid Vahedi | 1,575,000 | 4,647 | 7,432 | 2,788 \nSeshasayee (Sesha) Varadarajan | 1,575,000 | 4,647 | 7,432 | 2,788 \n\nFigure 31. 2019/2021 LTIP Award Grants\n Market-based PRSUs target. final shares earned 0% to 150% target.\n. Anstice 2019/2021 LTIP terminated employment December 5 2018.\n Board consulted committee vesting schedule. award. December 2018 granted. $5,000,000 equity award 50% service-based RSUs 50% stock options four-year vesting schedule. No adjustment salary target opportunities. compensation review February 2019.\n. role responsibilities special equity award November 30, 2018. committee consulted Board vesting schedule. granted. one-time service-based stock unit award value $8,000,000 four-year vesting schedule.\n Executive Officer Target Market-based PRSUs Stock Options Service-based RSUs\n Timothy. Archer 7,200,000 21,243 33,988 12,746\n Douglas. Bettinger 2,700,000 7,966 12,744\n Richard. Gottscho 2,250,000 6,638 10,620 3,983\n Patrick.1,800,000 5,310 8,496 3,186\n 1,575,000 4,647\n Varadarajan 1,575,000 4,647" +} +{ + "_id": "d1b34a48a", + "title": "", + "text": "Security Ownership of Management\n(a) Amounts listed in this column may include shares held in partnerships or trusts that are counted in more than one individual’s total.\n* less than 1%\n(1) In computing the percentage of shares owned by each person and by the group, these restricted stock units and stock options, as applicable,\nwere added to the total number of outstanding shares of common stock for the percentage calculation.\n(2) Includes 577,462 shares owned by Mr. Richard Leeds directly, 1,000,000 shares owned by the Richard Leeds 2020 GRAT, 1,000,000\nshares owned by the Richard Leeds 2019 GRAT, and 1,263,265 shares owned by the Richard Leeds 2018 GRAT. Also, includes 1,838,583\nshares owned by a limited partnership of which Mr. Richard Leeds is a general partner, 100 shares owned by the general partner of the\naforementioned limited partnership, 235,850 shares owned by a limited partnership of which a limited liability company controlled by Mr.\nRichard Leeds is the general partner, 7,981,756 shares owned by trusts for the benefit of his brothers’ children for which Mr. Richard Leeds\nacts as co-trustee, 519,800 shares owned by a limited partnership in which Mr. Richard Leeds has an indirect pecuniary interest, and\n10,000 shares owned by trusts for the benefits of other family members for which Mr. Richard Leeds acts as co-trustee.\n(3) Includes 1,007,661 shares owned by Mr. Bruce Leeds directly, 1,000,000 shares owned by the Bruce Leeds 2020 GRAT, 1,000,000 shares\nowned by the Bruce Leeds 2019 GRAT, and 581,633 shares owned by the Bruce Leeds 2018 GRAT. Also, includes 1,838,583 shares\nowned by a limited partnership of which Mr. Bruce Leeds is a general partner, 100 shares owned by the general partner of the aforementioned\nlimited partnership, 7,728,313 shares owned by trusts for the benefit of his brothers’ children for which Mr. Bruce Leeds acts as co-trustee,\n519,800 shares owned by a limited partnership in which Mr. Bruce Leeds has an indirect pecuniary interest, and 10,000 shares owned by\ntrusts for the benefits of other family members for which Mr. Richard Leeds acts as co-trustee.\n(4) Includes 16,429 shares owned by Mr. Robert Leeds directly, 1,000,000 shares owned by the Robert Leeds 2020 GRAT, 1,500,000 shares\nowned by the Robert Leeds 2019 GRAT, and 741,817 shares owned by the Robert Leeds 2018 GRAT. Also, includes 1,838,583 shares\nowned by a limited partnership of which Mr. Robert Leeds is a general partner, 100 shares owned by the general partner of the aforementioned\nlimited partnership, 7,397,263 shares owned by trusts for the benefit of his brothers’ children for which Mr. Robert Leeds acts as co-trustee\nand 519,800 shares owned by a limited partnership in which Mr. Robert Leeds has an indirect pecuniary interest.\n(5) Includes 1,000 shares held by Mr. Reinhold's spouse, of which Mr. Reinhold disclaims beneficial ownership.\n\nName of Beneficial Owner | Shares of Common Stock (a) | Restricted Stock Units Vesting within 60 days | Stock Options currently exercisable or becoming exercisable within 60 days (1) | Percent of Common Stock\n---------------------------------------------------------------- | -------------------------- | --------------------------------------------- | ------------------------------------------------------------------------------ | -----------------------\nRichard Leeds (2) | 14,526,816 | - | - | 38% \nBruce Leeds (3) | 13,686,090 | - | - | 36% \nRobert Leeds (4) | 13,013,992 | - | - | 34% \nBarry Litwin | 5,098 | 1,259 | - | * \nRobert D. Rosenthal | 69,401 | 1,259 | 10,000 | * \nChad M. Lindbloom | 680 | 1,259 | - | * \nPaul S. Pearlman | - | 849 | - | * \nLawrence Reinhold | 159,344 (5) | 849 | - | * \nThomas Clark | 18,233 | - | 53,737 | * \nRobert Dooley | 70,264 | - | 45,348 | * \nEric Lerner | 4,147 | - | 18,750 | * \nManoj Shetty | 2,922 | - | 51,063 | * \nAll of our current directors and executive officers (16 persons) | 25,181,435 | 5,475 | 196,496 | 67% \n\nSecurity Ownership Management\n Amounts column include shares partnerships trusts more individual’s.\n less than 1%\n percentage shares group restricted stock units stock options\n added to shares common stock percentage calculation.\n Includes 577,462 shares. Richard Leeds 1,000,000 Richard Leeds 2020 GRAT\n 2019 GRAT 1,263,265 2018 GRAT. includes 1,838,583\n shares partnership. general partner 100 shares\n 235,850 shares.\n 7,981,756 shares trusts brothers’ children.\n 519,800 shares. indirect interest\n 10,000 shares trusts benefits family members.\n Includes 1,007,661 shares. Bruce Leeds 1,000,000 Bruce Leeds 2020 GRAT\n 2019 GRAT 581,633 shares Bruce Leeds 2018 GRAT. includes 1,838,583 shares\n limited partnership. Leeds general partner 100 shares general partner\n 7,728,313 shares trusts benefit brothers’ children.Bruce Leeds co-trustee\n 519,800 shares partnership. indirect interest 10,000 shares\n trusts family members. Richard Leeds co-trustee.\n 16,429 shares. 1,000,000 2020 GRAT 1,500,000\n 2019 GRAT 741,817 2018 GRAT. 1,838,583 shares\n partnership. general partner 100 shares\n 7,397,263 shares trusts brothers’ children. co\n 519,800. indirect interest.\n 1,000 shares. Reinhold spouse. disclaims ownership.\n Beneficial Owner Common Stock Restricted Stock Units Vesting 60 days Stock Options 60 Percent Common Stock\n Richard Leeds 14,526,816 38%\n Bruce Leeds (3) 13,686,090 36%\n Robert Leeds (4) 13,013,992 34%\n Barry Litwin 5\n Robert. Rosenthal 69,401 1,259\n Chad. Lindbloom 680 1,259\n. Pearlman\n Lawrence Reinhold 159,344\n Thomas Clark 18,233 53,737\n Robert Dooley 70,264 45,348\n Eric Lerner 4 18,750\n Manoj Shetty 2 51,063\n directors officers 25,181,435 196,496" +} +{ + "_id": "d1b305c90", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nInformation about receivables, contract assets and contract liabilities from contracts with tenants is as follows:\n(1) Prior-period amounts adjusted with the adoption of the new lease accounting guidance, as applicable.\n(2) Excludes $56.7 million and $55.0 million of capital contributions related to DAS networks as of December 31, 2019 and 2018, respectively.\n(3) Excludes $300.2 million and $313.6 million of capital contributions related to DAS networks as of December 31, 2019 and 2018, respectively.\nThe Company records unearned revenue when payments are received from tenants in advance of the completion of the Company’s performance obligations. Long-term unearned revenue is included in Other non-current liabilities. During the year ended December 31, 2019, the Company recognized $62.2 million of revenue that was included in the Unearned revenue balance as of December 31, 2018. During the year ended December 31, 2018, the Company recognized $44.4 million of revenue that was included in the Unearned revenue balance as of January 1, 2018. The Company also recognized revenues of $59.2 million and $55.4 million during the years ended December 31, 2019 and December 31, 2018, respectively, for capital contributions related to DAS networks. There was $0.4 million of revenue recognized from Other non-current liabilities during each of the years ended December 31, 2019 and 2018. $59.2 million and $55.4 million during the years ended December 31, 2019 and December 31, 2018, respectively, for capital contributions related to DAS networks. There was $0.4 million of revenue recognized from Other non-current liabilities during each of the years ended December 31, 2019 and 2018.\n$59.2 million and $55.4 million during the years ended December 31, 2019 and December 31, 2018, respectively, for capital\ncontributions related to DAS networks. There was $0.4 million of revenue recognized from Other non-current liabilities during\neach of the years ended December 31, 2019 and 2018.\n\n | December 31, 2019 | December 31, 2018 (1)\n--------------------------------------------- | ----------------- | ---------------------\nAccounts receivable | $80.5 | $92.6 \nPrepaids and other current assets | 8.3 | 7.7 \nNotes receivable and other non-current assets | 21.3 | 22.2 \nUnearned revenue (2) | 35.0 | 35.0 \nOther non-current liabilities (3) | 79.0 | 54.1 \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n Information receivables assets liabilities contracts tenants\n Prior-period amounts adjusted new lease accounting guidance.\n Excludes $56. 7 million $55. million capital contributions DAS networks December 31, 2019 2018.\n Excludes $300. 2 million $313. 6 million capital contributions December 31, 2019.\n Company records unearned revenue payments tenants obligations. Long-term unearned revenue non-current liabilities. December 31, 2019 recognized $62. 2 million revenue Unearned revenue balance December 2018. recognized $44. 4 million revenue Unearned revenue balance. recognized revenues $59. 2 million $55. 4 million December 31, 2019 capital contributions DAS networks. $0. 4 million revenue recognized Other non liabilities. $59. 2 million $55. 4 million. million revenue Other non-current liabilities.\n. million $55. 4 million\n. million non-current liabilities\n.\n\n Accounts receivable $80. $92.\n Prepaids 8. 7\n Notes non-current 21. 22.\n Unearned revenue 35.\n non-current liabilities 79. 54." +} +{ + "_id": "d1b34baf6", + "title": "", + "text": "2016 Collective Bargaining Negotiations\nDuring 2016, we adopted changes to our defined benefit pension plans and other postretirement benefit plans to reflect the agreed upon terms and conditions of the collective bargaining agreements ratified in June 2016. The impact includes a net increase to Accumulated other comprehensive income of $2.9 billion (net of taxes of $1.8 billion).\nThe amount recorded in Accumulated other comprehensive income will be reclassified to net periodic benefit cost on a straight-line basis over the average remaining service period of the respective plans’ participants, which, on a weighted-average basis, is 12.2 years for defined benefit pension plans and 7.8 years for other postretirement benefit plans.\nThe above-noted reclassification resulted in a decrease to net periodic benefit cost and increase to pre-tax income of approximately $658 million during 2019, 2018 and 2017, respectively. Information for pension plans with an accumulated benefit obligation in excess of plan assets follows:\nInformation for pension plans with an accumulated benefit obligation in excess of plan assets follows:\n\n | | (dollars in millions)\n------------------------------ | -------- | ---------------------\nAt December 31, | 2019 | 2018 \nProjected benefit obligation | $ 21,190 | $ 19,510 \nAccumulated benefit obligation | 21,134 | 19,461 \nFair value of plan assets | 19,388 | 17,757 \n\n2016 Collective Bargaining Negotiations\n 2016, adopted changes defined benefit pension collective bargaining agreements June 2016. increase Accumulated income $2. 9 billion taxes $1. 8 billion.\n reclassified net benefit cost average service period 12. 2 years 7. 8 years.\n reclassification net benefit cost pre-tax income $658 million 2019 2018 2017. pension plans accumulated obligation\n December 31, 2019\n Projected benefit obligation $ 21,190 $ 19,510\n Accumulated benefit obligation 21,134 19,461\n Fair value plan assets 19,388 17,757" +} +{ + "_id": "d1b3a487c", + "title": "", + "text": "Due To/From Related Parties, Net\nAmounts due to and from related parties, net as of the periods presented consisted of the following (table in millions):\n(1) Includes an immaterial amount related to our current operating lease liabilities due to related parties as of January 31, 2020.\nWe also recognized an immaterial amount related to non-current operating lease liabilities due to related parties. This amount has been included in operating lease liabilities on the consolidated balance sheet as of January 31, 2020.\nAmounts included in due from related parties, net, excluding DFS and tax obligations, includes the current portion of amounts due to and due from related parties. Amounts included in due from related parties, net are generally settled in cash within 60 days of each quarter-end.\n\n | January 31, 2020 | February 1, 2019\n-------------------------------------- | ---------------- | ----------------\nDue from related parties, current | $1,618 | $1,248 \nDue to related parties, current(1) | 161 | 158 \nDue from related parties, net, current | $1,457 | $1,090 \n\nDue To Related Parties Net\n Amounts due\n Includes immaterial amount current lease liabilities January 31, 2020.\n recognized immaterial amount non-current lease liabilities. included consolidated balance sheet January 31, 2020.\n excluding DFS tax obligations current. settled cash within 60 days quarter-end.\n January 31, 2020 February 1, 2019\n Due from related parties current $1,618 $1,248\n Due 161 158\n Due net $1,457 $1,090" +} +{ + "_id": "d1b3719ae", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nWe have established an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends, and other information.\nAccounts Receivable and Allowance for Doubtful Accounts — Accounts receivable are recorded at net realizable value. We maintain a credit approval process and we make significant judgments in connection with assessing our customers’ ability to pay. Despite this assessment, from time to time, our customers are unable to meet their payment obligations. We continuously monitor our customers’ credit worthiness and use our judgment in establishing a provision for estimated credit losses based upon our historical experience and any specific customer collection issues that we have identified. While such credit losses have historically been within our expectations and the provisions established, there is no assurance that we will continue to experience the same credit loss rates that we have in the past. For example, in the fourth quarter, we increased our allowance for doubtful accounts by $4.2 million relating to a customer exposure in China resulting from economic softness and funding delays causing uncertainty in large program timing which uncertainty is now exacerbated by the spreading Coronavirus. A significant change in the liquidity or financial position of our customers could have a material adverse impact on the collectability of accounts receivable and our future operating results.\nChanges in allowance for doubtful accounts are summarized as follows:\n\n | Years Ended December 31, | \n------------------------------------------ | ------------------------ | ------\n | 2019 | 2018 \nBalances at beginning of period | $1,856 | $1,748\nAdditions from acquisition | 1,884 | 416 \nAdditions - charged to expense | 4,207 | 109 \nDeductions - write-offs, net of recoveries | (202) | (417) \nBalances at end of period | $7,745 | $1,856\n\nADVANCED INDUSTRIES. FINANCIAL STATEMENTS share\n established allowance for doubtful accounts credit risk historical trends.\n Accounts Receivable Allowance Doubtful Accounts recorded net realizable value. credit approval process judgments ability pay. meet payment obligations. monitor credit worthiness provision estimated credit losses collection issues. losses expectations no loss rates. fourth quarter increased allowance doubtful accounts $4. 2 million exposure China economic softness funding delays uncertainty program timing Coronavirus. change liquidity financial position collectability future operating results.\n Changes allowance doubtful accounts\n Years Ended December 31,\n 2018\n Balances beginning period $1,856 $1,748\n Additions acquisition 1,884 416\n Additions charged expense 4,207 109\n Deductions write-offs recoveries (202)\n Balances end period $7,745 $1,856" +} +{ + "_id": "d1b364ee8", + "title": "", + "text": "Year ended December 31, 2019 compared with the year ended December 31, 2018:\nRevenue in 2019 is derived from license agreements that we entered into with third-parties following negotiations pursuant to our patent licensing and enforcement program. The revenue decrease is primarily due to timing of revenues, as further described in \"Item 1. Business\" - \"Licensing and Enforcement - Current Activities, Post 2013\".\nCost of revenues includes contingent legal fees directly associated with our licensing and enforcement programs. Cost of revenues primarily decreased in proportion to the decrease in revenues.\nOperating expenses consists of sales and marketing, general and administrative, and research and development. Selling, general and administrative expenses (\"SG&A\") consisted primarily of legal fees incurred in operations and employee headcount related expenses. These comprise approximately 60% of total SG&A expense. Litigation expenses increased $3.0 million to $19.4 million in 2019 compared to 2018 and are primarily due to the timing of various outstanding litigation actions. See \"Item 3. Legal Proceedings\". Employee headcount related expenses decreased $2.0 million to $3.6 million in 2019 compared to 2018, primarily due to lower incentive bonuses.\nResearch and development expense remained flat between years.\nOther expense decreased in 2019 as we no longer have exposure from the warrant liability, and included $0.7 million related to the sale of our investment in JVP, offset by $0.3 million of net interest income.\nIncome tax provision (benefit) is primarily a function of income (loss) before income, state income tax expense (benefit) and federal benefit of foreign derived intangible tax benefit related to 2018.\n\nFor the Years Ended December 31, | | | | \n----------------------------------- | ------- | ----- | ------- | --------\n | 2019 | 2018 | Change | % Change\n(In millions, except percentages) | | | | \nRevenues | $13.2 | $82.3 | $(69.1) | (84)% \nCost of revenues | 1.9 | 15.3 | (13.4) | (88)% \nGross profit | 11.3 | 67.0 | (55.7) | (83)% \nGross margin | 86 % | 81 % | | \nOperating expenses: | | | | \nSelling, general and administrative | 31.7 | 32.2 | (0.5) | (2)% \nResearch and development | 2.0 | 2.1 | (0.1) | (5)% \nTotal operating expenses | 33.7 | 34.3 | (0.6) | (2)% \nOther expense | (0.3) | (4.0) | 3.7 | (93)% \nIncome (loss) before income taxes | (22.7) | 28.7 | (51.4) | (179)% \nIncome tax provision (benefit) | (6.2) | 8.0 | (14.2) | (178)% \nNet income (loss) | $(16.5) | $20.7 | $(37.2) | (180)% \n\nDecember 31, 2019\n Revenue 2019 license agreements patent licensing enforcement program. revenue decrease due timing. Enforcement Activities Post 2013.\n includes legal fees licensing enforcement programs. decreased.\n Operating expenses sales marketing general administrative research development. legal fees employee headcount expenses. 60% total SG expense. Litigation expenses increased $3. million to $19. 4 million 2019 2018 due timing actions. Employee headcount expenses decreased $2. million to $3. 6 million 2019 lower incentive bonuses.\n Research development expense flat.\n decreased 2019 warrant liability $0. 7 million sale investment JVP offset $0. 3 million net interest income.\n Income tax provision function state income tax expense federal benefit foreign intangible tax benefit 2018.\n Years Ended December 31,\n 2019 2018\n Revenues $13. $82.\n Cost revenues.(13. (88)%\n profit 11. 67.%\n margin 86 % 81\n Operating expenses\n Selling administrative 31. 32. (2)%\n Research development 2. (5)%\n operating expenses 33. 34.%\n. (4. 3. (93)%\n Income (loss before taxes (22. 28. (51. (179)%\n Income tax (6. 8. (14. (178)%\n income (loss. $20. (180)%" +} +{ + "_id": "d1b3c230e", + "title": "", + "text": "Impairment of Goodwill\nWe recorded a goodwill impairment charge of $1.9 million in the fourth quarter of 2019, reducing the goodwill balance to zero at that time. We also recorded a goodwill impairment charge of $14.7 million in the third quarter of 2018. Refer to Note 2 and Note 6 of the accompanying consolidated financial statements for additional information on these goodwill impairment charges.\n\n | Years Ended December 31, | | Change | \n------------------------ | ------------------------ | ---------------------- | --------- | -----\n | 2019 | 2018 | $ | % \n | | (dollars in thousands) | | \nImpairment of goodwill | $1,910 | $14,740 | $(12,830) | (87%)\nPercent of revenues, net | 4% | 26% | | \n\nImpairment Goodwill\n recorded charge $1. 9 million fourth quarter 2019 balance zero. $14. 7 million third quarter 2018. Note 2 Note 6 financial statements.\n Years Ended December 31,\n 2019 2018 %\n thousands\n Impairment goodwill $1,910 $14,740 $(12,830) (87%\n Percent revenues 4% 26%" +} +{ + "_id": "d1b347398", + "title": "", + "text": "6. Other Balance Sheet Account Details\nAllowance for Doubtful Accounts\nThe following table presents the changes in the allowance for doubtful accounts (in thousands):\n\n | December 31, 2019 | December 31, 2018\n-------------------------------------------------- | ----------------- | -----------------\nAllowance for doubtful accounts, beginning balance | $319 | $983 \nIncrease (decrease) of provision | (72) | (26) \nWrite-offs | (195) | (638) \nAllowance for doubtful accounts, ending balance | $52 | $319 \n\n. Balance Sheet Details\n Allowance Doubtful Accounts\n changes\n December 2019 2018\n beginning balance $319 $983\n Increase provision (72) (26)\n Write-offs (195) (638)\n ending balance $52 $319" +} +{ + "_id": "d1b33c5ce", + "title": "", + "text": "Constant underlying earnings per share\nConstant underlying earnings per share (constant underlying EPS) is calculated as underlying profit attributable to shareholders’ equity at constant exchange rates and excluding the impact of both translational hedges and price growth in excess of 26% per year in hyperinflationary economies divided by the diluted average number of ordinary share units. This measure reflects the underlying earnings for each ordinary share unit of the Group in constant exchange rates.\nThe reconciliation of underlying profit attributable to shareholders’ equity to constant underlying earnings attributable to shareholders’ equity and the calculation of constant underlying EPS is as follows:\n(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details.\n(b) See note 7.\n(c) See pages 28 and 29 for further details.\n\n | € million | € million \n-------------------------------------------------------------------------------------- | --------- | -------------\n | 2019 | 2018 \n | | (Restated)(a)\nUnderlying profit attributable to shareholders’ equity(b) | 6,688 | 6,345 \nImpact of translation from current to constant exchange rates and translational hedges | 13 | 46 \nImpact of price growth in excess of 26% per year in hyperinflationary economies(c) | (108) | (10) \nConstant underlying earnings attributable to shareholders’ equity | 6,593 | 6,381 \nDiluted combined average number of share units (millions of units) | 2,626.7 | 2,694.8 \nConstant underlying EPS (€) | 2.51 | 2.37 \n\nunderlying earnings per share\n calculated as profit equity at constant exchange rates excluding translational hedges price growth 26% per year hyperinflationary economies divided by diluted average ordinary share units. reflects earnings each share unit exchange rates.\n reconciliation of profit\n Restated following IFRS 16. See note 1 24.\n 7.\n pages 28 29 details.\n million\n Underlying profit equity 6,688\n Impact translation to exchange rates translational hedges\n price growth 26% per hyperinflationary economies\n Constant underlying earnings equity 6,593 6,381\n combined average share units 2,626.\n Constant underlying EPS (€." +} +{ + "_id": "d1b3a06aa", + "title": "", + "text": "Share buybacks\nOn 28 January 2019, Vodafone announced the commencement of a new irrevocable and non-discretionary share buy-back programme. The sole purpose of the programme was to reduce the issued share capital of Vodafone and thereby avoid any change in Vodafone’s issued share capital as a result of the maturing of the second tranche of the mandatory convertible bond (‘MCB’) in February 2019.\nIn order to satisfy the second tranche of the MCB, 799.1 of million shares were reissued from treasury shares on 25 February 2019 at a conversion price of £1.8021. This reflected the conversion price at issue (£2.1730) adjusted for the pound sterling equivalent of aggregate dividends paid from August 2016 to February 2019.\nThe share buyback programme started in February 2019 and is expected to complete by 20 May 2019. Details of the shares purchased under the programme, including those purchased under irrevocable instructions, are shown below.\n\n | Number of shares purchased | Average price paid per share inclusive of transaction costs | Total number of shares purchased under publicly announced share buyback programme | Maximum number of shares that may yet be purchased under the programme\n---------------------- | -------------------------- | ----------------------------------------------------------- | --------------------------------------------------------------------------------- | ----------------------------------------------------------------------\nDate of share purchase | 000s | Pence | 000s | 000s \nFebruary 2019 | 14,529 | 135.17 | 14,529 | 784,539 \nMarch 2019 | 305,099 | 140.56 | 319,628 | 479,440 \nApril 2019 | 290,570 | 142.20 | 610,198 | 188,870 \nMay 2019 (to date) | 116,228 | 140.11 | 726,426 | 72,642 \nTotal | 726,426 | 141.04 | 726,426 | 72,642 \n\n\n 28 January 2019 Vodafone new irrevocable non share buy-back programme. reduce issued share capital avoid change maturing second tranche mandatory convertible bond February 2019.\n 799. million shares reissued treasury 25 February 2019 conversion price £1. 8021. conversion price (£2. 1730) adjusted pound sterling dividends August 2016 February 2019.\n buyback programme started February 2019 complete 20 May 2019. Details shares purchased.\n Number shares purchased Average price paid per share costs Total Maximum number\n Date purchase\n February 2019 14,529. 784,539\n March 2019 305,099 140. 319,628 479,440\n April 2019 290,570. 610,198 188,870\n May 2019 116,228 140. 726,426 72,642\n." +} +{ + "_id": "d1b328920", + "title": "", + "text": "The long-term rate of return assumption represents the expected average rate of earnings on the funds invested or to be invested to provide for the benefits included in the benefit obligations. That assumption is determined based on a number of factors, including historical market index returns, the anticipated long-term asset allocation of the plans, historical plan return data, plan expenses, and the potential to outperform market index returns.\nWe have the responsibility to formulate the investment policies and strategies for the plans’ assets. Our overall policies and strategies include: maintain the highest possible return commensurate with the level of assumed risk, and preserve benefit security for the plans’ participants.\nWe do not direct the day-to-day operations and selection process of individual securities and investments and, accordingly, we have retained the professional services of investment management organizations to fulfill those tasks. The investment management organizations have investment discretion over the assets placed under their management. We provide each investment manager with specific investment guidelines by asset class.\n\n | | Years Ended September 30, | \n---------------------------------------------------------------------------------------------------------- | ---- | ------------------------- | ----\n | 2019 | 2018 | 2017\nWeighted-average assumptions used to determine benefit obligation at September 30: | | | \nDiscount rate | 2.5% | 3.6% | 3.3%\nRate of compensation increase | 3.1% | 3.3% | 3.2%\nWeighted-average assumptions used to determine net periodic benefit cost for the years ended September 30: | | | \nDiscount rate | 3.6% | 3.3% | 3.0%\nExpected return on plan assets | 5.7% | 6.8% | 6.8%\nRate of compensation increase | 3.3% | 3.2% | 3.1%\n\nlong-term return assumption expected average earnings funds invested benefits obligations. determined factors market index returns long-term asset allocation return data expenses potential outperform returns.\n formulate investment policies strategies assets. maintain return assumed risk preserve benefit security.\n direct operations selection securities retained services investment management organizations. investment discretion assets. provide investment guidelines asset class.\n Years Ended September 30\n 2018\n-average assumptions benefit obligation September 30\n Discount rate 2. 5% 3. 6% 3. 3%\n compensation increase. 1%. 3%.\n assumptions net benefit cost years ended September 30\n Discount rate 3. 6%. 3%.\n Expected return assets 5. 7% 6. 8%.\n compensation increase. 3%. 2%." +} +{ + "_id": "d1b399b34", + "title": "", + "text": "A segment-level summary of the goodwill allocation is presented below.\nThe recoverable amount of the group’s intangible assets has been assessed based on value-in-use calculations. The value in use is calculated using a discounted cash flow methodology covering a four year period plus terminal value.\nCash flow forecasts \n\nCash flow forecasts are post-tax and based on the most recent financial projections covering a maximum of five years. Financial projections are based on assumptions that represent management’s best estimates.\nRevenue growth rates \n\nRevenue growth rates used are based on management’s latest four-year plan. Four-year growth rates averaged between 8.8% to 12.1% for these CGUs (Board & Systems - Americas 8.8%, Board & Systems - EMEA 12.1% and Parts Analytics and Search 11.8%). Sensitivity testing was performed on these CGUs and a reasonably possible decline in these rates would not cause the carrying value of any of these CGUs to exceed its recoverable amount.\nTerminal value \n\nThe terminal value calculated after year four is determined using the perpetual growth model, having regard to the weighted average cost of capital (WACC) and terminal growth factor appropriate to each CGU. Terminal growth rates used in the financial projections was 2.0%.\nDiscount rates \n\nDiscount rates used are WACC and include a premium for market risks appropriate to each country in which the CGU operates. WACCs averaged 8.9% (Board & Systems - Americas 9.1%, Board & Systems - EMEA 8.6% and Parts Analytics and Search 9.1%).\nSensitivity  Any reasonable change to the above key assumptions would not cause the carrying value of any of the remaining CGU’s to materially exceed its recoverable amount.\nAccounting policy for intangible assets\nGoodwill \n\nGoodwill arises on the acquisition of a business. Goodwill is not amortised. Instead, goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed.\nIntellectual property \n\nSignificant costs associated with intellectual property are deferred and amortised on a straight-line basis over the period of their expected benefit, being their finite life of 5 to 10 years.\nCustomer relationships \n\nCustomer relationships acquired in a business combination are amortised on a straight-line basis over the period of their expected benefit, being their finite life of 10 to 15 years.\nSoftware intangibles \n\nSoftware intangibles arise from costs associated with the direct development and implementation on an internal project on new and existing software utilised by the group which demonstrates the technical feasibility of providing future economic benefits and amortised on a straight-line basis over the period of their expected benefit, being their finite life of 2 to 5 years.\nAccounting policy for intangible assets\n\n | Consolidated | \n-------------------------- | ------------ | ------\n | 2019 | 2018 \n | US$000 | US$000\nGoodwill | | \nBoard & Systems - Americas | 10,672 | 8,324 \nBoard & Systems - EMEA | 5,383 | 5,383 \nParts Analytics and Search | 13,444 | 13,444\nTotal | 29,499 | 27,151\n\nsegment-level summary goodwill allocation.\n recoverable intangible assets assessed value-in-use calculations. discounted cash flow methodology four year period plus terminal value.\n Cash flow forecasts\n post-tax recent financial projections five years. best estimates.\n Revenue growth rates\n four-year plan. 8. 8% to 12. 1% (Board & Systems Americas 8. 8% EMEA 12. 1% Parts Analytics Search 11. 8%). Sensitivity testing decline carrying value exceed recoverable.\n Terminal value\n perpetual growth model cost capital terminal growth factor. rates 2. 0%.\n Discount rates\n WACC premium market risks. averaged 8. Americas 9 1% EMEA 8. 6% 9. 1%).\n change carrying value exceed recoverable amount.\n Accounting policy intangible assets\n Goodwill\n arises acquisition. not amortised. tested annually impairment carried cost less accumulated impairment losses.losses on goodwill profit loss not reversed.\n Intellectual property\n costs deferred amortised expected benefit finite life 5 to 10 years.\n Customer relationships\n business amortised 10 to 15 years.\n Software intangibles\n costs development implementation internal project software amortised benefit 2 to 5 years.\n Accounting policy for intangible assets\n Consolidated\n US$000\n Goodwill\n Board & Systems - Americas 10,672 8,324\n Systems - EMEA 5,383\n Parts Analytics Search 13,444\n Total 29,499 27,151" +} +{ + "_id": "d1b31e7a4", + "title": "", + "text": "Disaggregated Revenue\nThe Company has disaggregated revenue from contracts with customers into categories which depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Consequently, the disaggregation below is based on contract type.\nSince the terms within these contract types are generally standard in nature, the Company does not believe that further disaggregation would result in increased insight into the economic factors impacting revenue and cash flows.\nThe following table shows the Company's shipping revenues disaggregated by nature of the charter arrangement for the years ended December 31, 2019 and 2018:\n(1) Voyage charter revenues include approximately $10,152 and $7,600 of revenue related to short-term time charter contracts for the years ended December 31, 2019 and 2018, respectively.\n\n | Years Ended December 31, | \n----------------------------------- | ------------------------ | --------\n | 2019 | 2018 \nTime and bareboat charter revenues | $263,683 | $213,923\nVoyage charter revenues(1) | 33,275 | 83,542 \nContracts of affreightment revenues | 58,589 | 68,698 \nTotal shipping revenues | $355,547 | $366,163\n\nDisaggregated Revenue\n Company disaggregated categories economic factors. disaggregation based contract type.\n standard further disaggregation insight revenue.\n table shows shipping revenues disaggregated charter December 31, 2019 2018:\n Voyage charter revenues $10,152 $7,600 short-term time charter contracts 2019 2018.\n bareboat charter revenues $263,683 $213,923\n Voyage charter 33,275 83,542\n Contracts affreightment revenues 58,589 68,698\n Total shipping revenues $355,547 $366,163" +} +{ + "_id": "d1b35e44e", + "title": "", + "text": "Opening Balance Sheet Adjustment on January 1, 2018\nAs a result of applying the modified retrospective method to adopt ASC 606, the following amounts on our Consolidated Balance Sheet were adjusted as of January 1, 2018 to reflect the cumulative effect adjustment to the opening balance of Retained earnings (in millions):\n\n | As reported December 31, 2017 | Adjustments for ASC 606 adoption | Adjusted January 1, 2018\n----------------------------------------- | ----------------------------- | -------------------------------- | ------------------------\nTrade receivables, net | $201.8 | $(6.2) | $195.6 \nPrepaid expenses and other current assets | 44.6 | 11.8 | 56.4 \nReceivables from related parties | 18.1 | (3.7) | 14.4 \nComputer software, net | 416.8 | 1.8 | 418.6 \nDeferred contract costs, net | 136.1 | 13.3 | 149.4 \nOther non-current assets | 104.0 | 3.3 | 107.3 \nTotal assets | 3,655.9 | 20.3 | 3,676.2 \nDeferred revenues (current) | 59.6 | (1.9) | 57.7 \nDeferred revenues (non-current) | 100.7 | 6.8 | 107.5 \nDeferred income taxes | 224.6 | 4.2 | 228.8 \nTotal liabilities | 1,947.1 | 9.1 | 1,956.2 \nRetained earnings | 201.4 | 11.2 | 212.6 \nTotal equity | 1,708.8 | 11.2 | 1,720.0 \nTotal liabilities and equity | 3,655.9 | 20.3 | 3,676.2 \n\nBalance Sheet Adjustment January 1 2018\n method ASC 606 amounts Balance Sheet adjusted cumulative adjustment earnings\n December 31, 2017 Adjustments ASC adoption Adjusted January 1 2018\n Trade receivables $201. $195.\n Prepaid expenses assets 44. 11. 56.\n Receivables 18. 14.\n software 416. 418.\n Deferred contract costs 136. 13. 149.\n non-current assets 104. 3. 107.\n 3,655. 20. 3,676.\n Deferred revenues 59. 57.\n revenues-current 100.\n Deferred income taxes 224. 4. 228.\n liabilities 1,947. 1,956.\n earnings 201. 11. 212.\n equity 1,708. 11. 1,720.\n liabilities 3,655. 3,676." +} +{ + "_id": "d1b31111c", + "title": "", + "text": "VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL\nA. Remuneration to Managing Director, Whole-time Directors and / or Manager:\n\n | | | (` lakh) \n------------------------------------------------------------------------------------------------- | --------------------------------------------------------------- | ---------------------------------------------------------------------- | ------------\nParticulars of Remuneration | Name of MD/WTD/Manager | | \n | Rajesh Gopinathan Chief Executive Officer and Managing Director | N Ganapathy Subramaniam Chief Operating Officer and Executive Director | Total Amount\nGross salary | | | \n(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act, 1961 | 115.74 | 109.02 | 224.76 \n(b) Value of perquisites u/s 17(2) of the Income-tax Act, 1961 | 126.76 | 13.30 | 140.06 \n(c) Profits in lieu of salary under Section 17(3) of the Income-tax Act, 1961 | - | - | - \n2. Stock Option | - | - | - \n3.Sweat Equity | - | - | - \n4.Commission | 1,300.00 | 900.00 | 2,200.00 \nas % of profit | 0.03 | 0.02 | 0.05 \n5.Others, Allowances | 60.35 | 138.76 | 199.11 \nTotal (A) | 1,602.85 | 1,161.08 | 2,763.93 \nCeiling as per the Act (@ 10% of profits calculated under Section 198 of the Companies Act, 2013) | | | 404,348.06 \n\n. REMUNERATION DIRECTORS MANAGERIAL PERSONNEL\n. Managing Director Whole-time Directors Manager\n Remuneration MD\n Rajesh Gopinathan Chief Executive Officer Managing Ganapathy Subramaniam Chief Operating Officer Executive Director\n salary\n Salary Section 17(1) Income-tax Act 1961 115. 74 109. 224.\n Value 17(2) Income-tax Act 1961 126. 13. 140.\n Profits salary Section 17(3) Income-tax Act 1961\n. Stock Option\n. Equity\n. 1,300. 900. 2,200.\n % profit.\n. 60. 138. 199.\n 1,602. 1,161. 2,763.\n 10% profits Section 198 Companies Act 2013) 404,348." +} +{ + "_id": "d1b365708", + "title": "", + "text": "Ernst & Young LLP\nErnst & Young LLP fees incurred by us for fiscal 2018 and 2019 were as follows:\nAudit Fees: Audit fees for fiscal 2018 and 2019 were for professional services rendered in connection with audits of our consolidated financial statements, statutory audits of our subsidiary companies, quarterly reviews, and assistance with documents that we filed with the SEC (including our Forms 10-Q and 8-K) for periods covering fiscal 2018 and 2019.\nAudit-Related Fees: Audit-related fees for 2018 and 2019 were for professional services rendered in connection with consultations with management on various accounting matters, including audit of financial\nstatements of a carve-out entity and sell-side due diligence with respect to our previously announced Spin-Off.\nTax Fees: Tax fees for 2018 and 2019 were for tax compliance and consulting services.\nAll Other Fees: Other fees in 2018 and 2019 were for access to technical accounting services.\n\nServices | 2018 ($) | 2019 ($) \n------------------ | --------- | ----------\nAudit Fees | 5,859,755 | 5,024,093 \nAudit-Related Fees | 137,420 | 3,178,737 \nTax Fees | 1,440,168 | 2,346,879 \nAll Other Fees | 11,200 | 10,955 \nTotal | 7,448,544 | 10,560,664\n\nErnst & Young LLP\n fees 2018 2019\n Audit Fees financial statements audits subsidiary companies quarterly reviews documents SEC Forms 10-Q 8-K.\n Audit-Related Fees accounting financial\n carve-out entity sell-side due diligence.\n Tax Fees compliance consulting services.\n Other Fees technical accounting services.\n Services 2018 2019$)\n Audit Fees 5,859,755 5,024,093\n Audit-Related Fees 137,420 3,178,737\n Tax Fees 1,440,168 2,346,879\n All Other Fees 11,200 10,955\n Total 7,448,544 10,560,664" +} +{ + "_id": "d1b300c2c", + "title": "", + "text": "INCOME TAX EXPENSE\nBelow is a summary of the difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the actual income tax expense for the year.\nOur effective income tax rate this year was 25.8% compared to 26.9% for 2018. The effective income tax rate for 2019 was lower than the statutory tax rate primarily as a result of a reduction to the Alberta corporate income tax rate over a four-year period.\nCash income taxes paid increased this year primarily as a result of the timing of installment payments.\n\n | Years ended December31 | \n--------------------------------------------------------- | ---------------------- | -----\n(In millions of dollars, except tax rates) | 2019 | 2018 \nStatutory income tax rate | 26.7% | 26.7%\nIncome before income tax expense | 2,755 | 2,817\nComputed income tax expense | 736 | 752 \nIncrease (decrease) in income tax expense resulting from: | | \nNon-deductible stock-based compensation | – | 5 \nNon-deductible portion of equity losses | 7 | 1 \nIncome tax adjustment, legislative tax change | (23) | - \nNon-taxable portion of capital gains | (2) | (9) \nOther items | (6) | 9 \nTotal income tax expense | 712 | 758 \nEffective income tax rate | 25.8% | 26.9%\nCash income taxes paid | 400 | 370 \n\nINCOME TAX EXPENSE\n difference tax expense actual.\n effective income tax rate 25. 8% 26. 9% 2018. 2019 lower reduction Alberta corporate income tax rate.\n Cash income taxes increased timing installment payments.\n December31\n Statutory income tax rate 26. 7%.\n before tax expense 2,755 2,817\n Computed tax expense 736 752\n Increase\n Non-deductible stock-based compensation\n equity losses\n Income tax adjustment legislative tax change\n Non-taxable capital gains\n Total income tax expense 712\n Effective income tax rate 25. 8% 26. 9%\n Cash income taxes 400" +} +{ + "_id": "d1b3b553c", + "title": "", + "text": "Restructuring costs — Restructuring charges include costs resulting from the exploration of strategic alternatives (the “Strategic Alternatives Evaluation”) in 2019, and a plan that management initiated to reduce our general and administrative costs. Restructuring charges in 2018 also include costs related to the evaluation of potential alternatives with respect to the Qdoba brand (the “Qdoba Evaluation”), which resulted in the Qdoba Sale. Refer to Note 10, Discontinued Operations, for information regarding the Qdoba Sale.\nThe following is a summary of the costs incurred in connection with these activities during each fiscal year ( in thousands):\n(1)  Strategic Alternative Evaluation costs are primarily related to third party advisory services.\n(2)  Qdoba Evaluation consulting costs are primarily related to third party advisory services and retention compensation.\n\n | 2019 | 2018 | 2017 \n------------------------------------- | ------ | ------- | ------\nEmployee severance and related costs | $7,169 | $7,845 | $724 \nStrategic Alternatives Evaluation (1) | 1,286 | — | — \nQdoba Evaluation (2) | — | 2,211 | 2,592 \nOther | — | 591 | 315 \n | $8,455 | $10,647 | $3,631\n\nRestructuring costs strategic alternatives 2019 plan reduce administrative costs. 2018 Qdoba brand Sale. Note 10 Discontinued Operations Qdoba Sale.\n summary costs\n Strategic Alternative Evaluation costs third party advisory services.\n Qdoba Evaluation consulting costs third party advisory services retention compensation.\n 2019 2018 2017\n Employee severance costs $7,169 $7,845 $724\n Strategic Alternatives Evaluation 1,286\n Qdoba Evaluation (2) 2,211 2,592\n $8,455 $10,647 $3,631" +} +{ + "_id": "d1a72dc10", + "title": "", + "text": "Computer Equipment, Software, Furniture, and Leasehold Improvements, Net\nComputer equipment, software, and furniture are depreciated using the straight-line method over the estimated useful lives of the assets, which range from three to five years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the lease term. Depreciation expense was $59.2 million in fiscal 2019, $67.6 million in fiscal 2018, and $73.1 million in fiscal 2017\nComputer equipment, software, furniture, leasehold improvements and the related accumulated depreciation at January 31 were as follows:\nCosts incurred for computer software developed or obtained for internal use are capitalized for application development activities, if material, and immediately expensed for preliminary project activities and post-implementation activities. These capitalized costs are amortized over the software’s expected useful life, which is generally three years.\n\n | 2019 | 2018 \n-------------------------------------------------------------------------------------- | ------- | -------\nComputer hardware, at cost | $190.2 | $217.1 \nComputer software, at cost | 66.7 | 72.6 \nLeasehold improvements, land and buildings, at cost | 247.8 | 228.9 \nFurniture and equipment, at cost | 67.2 | 63.4 \nComputer software, hardware, leasehold improvements, furniture, and equipment, at cost | 571.9 | 582.0 \nLess: Accumulated depreciation | (422.2) | (437.0)\nComputer software, hardware, leasehold improvements, furniture, and equipment, net | $149.7 | $145.0 \n\nComputer Equipment Software Furniture Leasehold Improvements\n depreciated estimated lives three to five years. Leasehold improvements amortized lives. Depreciation expense $59. 2 million 2019 $67. 6 million 2018 $73. 1 million 2017\n equipment software furniture leasehold improvements accumulated depreciation January 31\n Costs software capitalized application development expensed preliminary project post-implementation. costs amortized useful life three years.\n Computer hardware $190. $217.\n 66.\n Leasehold improvements land buildings 247. 228.\n Furniture equipment 67. 63.\n leasehold 571. 582.\n Accumulated depreciation (422. (437.\n improvements $149. $145." +} +{ + "_id": "d1b33472a", + "title": "", + "text": "11. Share-Based Compensation\nAs of March 31, 2019, the Company has four share-based compensation plans and an employee share purchase plan. Prior to the Company’s initial public offering (IPO) in November 2015, the Company granted share-based awards under three share option plans, which were the Mimecast Limited 2007 Key Employee Share Option Plan (the 2007 Plan), the Mimecast Limited 2010 EMI Share Option Scheme (the 2010 Plan), and the Mimecast Limited Approved Share Option Plan (the Approved Plan) (the 2007 Plan, the 2010 Plan and the Approved Plan, collectively, the Historical Plans).\nUpon the closing of the IPO, the Mimecast Limited 2015 Share Option and Incentive Plan (the 2015 Plan) and the 2015 Employee Share Purchase Plan (the ESPP) became effective. Subsequent to the IPO, grants of share-based awards have been made under the 2015 Plan and no further grants under the Historical Plans are permitted.\nThe 2015 Plan allows the compensation committee to make equity-based incentive awards to our officers, employees, non-employee directors and consultants. Initially a total of 5.5 million ordinary shares were reserved for the issuance of awards under the 2015 Plan. This number is subject to adjustment in the event of a share split, share dividend or other change in our capitalization.\nThe 2015 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1st by 5% of the outstanding number of ordinary shares on the immediately preceding December 31 or such lesser number of shares as determined by the board of directors.\nUnder the 2015 Plan, the share option price may not be less than the fair market value of the ordinary shares on the date of grant and the term of each share option may not exceed 10 years from the date of grant. Share options typically vest over 4 years, but vesting provisions can vary based on the discretion of the board of directors.\nThe Company settles share option exercises under the 2015 Plan through newly issued shares. The Company’s ordinary shares underlying any awards that are forfeited, canceled, withheld upon exercise of an option, or settlement of an award to cover the exercise price or tax withholding, or otherwise terminated other than by exercise will be added back to the shares available for issuance under the 2015 Plan.\nInitially, a total of 1.1 million shares of the Company's ordinary shares were reserved for future issuance under the ESPP. This number is subject to change in the event of a share split, share dividend or other change in capitalization. The ESPP may be terminated or amended by the board of directors at any time.\nThe ESPP permits eligible employees to purchase shares by authorizing payroll deductions from 1% to 10% of his or her eligible compensation during an offering period, a duration of six months. Unless an employee has previously withdrawn from the offering, his or her accumulated payroll deductions will be used to purchase shares on the last day of the offering period at a price equal to 85% of the fair market value of the shares on the first business day or last business day of the offering period, whichever is lower.\nShare-based compensation expense recognized under the 2015 Plan, Historical Plans and ESPP in the accompanying consolidated statements of operations was as follows:\nIn certain situations, the board of directors has approved modifications to employee share option agreements, including acceleration of vesting or the removal of exercise restrictions for share options for which the service-based vesting has been satisfied, which resulted in additional share-based compensation expense. The total modification expense in the years ended March 31, 2019, 2018 and 2017 was $3.2 million, $0.5 million and $3.0 million, respectively.\n\n | | Year ended March 31, | \n-------------------------------------- | ------- | -------------------- | -------\n | 2019 | 2018 | 2017 \nCost of revenue | $1,684 | $1,053 | $1,353 \nResearch and development | 6,199 | 2,555 | 1,873 \nSales and marketing | 7,856 | 4,477 | 4,719 \nGeneral and administrative | 10,215 | 3,649 | 2,349 \nTotal share-based compensation expense | $25,954 | $11,734 | $10,294\n\n. Share-Based Compensation\n March 31, 2019 Company has four share plans employee share purchase plan. offering November 2015, granted share awards three plans Mimecast Limited 2007 Employee Share Option Plan 2010 Share Option Scheme Approved Share Option Plan.\n Mimecast Limited 2015 Share Option Incentive Plan 2015 Employee Share Purchase Plan effective. grants awards under 2015 Plan no further grants Historical Plans permitted.\n 2015 Plan allows compensation equity-based incentive awards officers employees non-employee directors consultants. 5. million shares reserved for. subject adjustment share split dividend capitalization.\n shares each January 1st by 5% outstanding shares December 31.\n share option price not less than fair market value grant term not exceed 10 years. vest over 4 years provisions vary.\n settles share option exercises 2015 Plan through newly issued shares.Company’s ordinary shares awards forfeited canceled withheld terminated added to for 2015 Plan.\n 1. 1 million shares reserved for future issuance under ESPP. subject to change share split dividend capitalization. ESPP terminated amended by.\n ESPP permits employees purchase shares payroll deductions 1% to 10% compensation during offering period six months. accumulated payroll deductions used purchase shares last day equal to 85% fair market value first or.\n Share-based compensation expense under 2015 Plan Historical Plans ESPP\n board approved modifications share option agreements acceleration vesting removal exercise restrictions additional compensation expense. total modification expense years March 2019 2018 2017 was $3. 2 million $0. 5 million $3. 0 million.\n revenue $1,684 $1,053 $1,353\n Research and development 6,199 2,555\n Sales marketing 7,856 4,477 4,719\n10,215 3,649 2,349\n $25,954 $11,734,294" +} +{ + "_id": "d1b34e29c", + "title": "", + "text": "Note 11: Property and Equipment\nProperty and equipment, net, consist of the following:\nDepreciation expense, including amortization of capital leases, during fiscal years 2019, 2018, and 2017, was $182.1 million, $165.2 million, and $152.3 million, respectively.\n\n | June 30, 2019 | June 24, 2018\n----------------------------------------------- | -------------- | -------------\n | (in thousands) | \nManufacturing and engineering equipment | $1,039,454 | $911,140 \nBuilding sand improvements | 664,061 | 530,032 \nComputer and computer-related equipment | 190,974 | 182,451 \nOffice equipment, furniture and fixtures | 82,115 | 66,378 \nLand | 46,155 | 46,155 \n | 2,022,759 | 1,736,156 \nLess: accumulated depreciation and amortization | (963,682) | (833,609) \n | $1,059,077 | $902,547 \n\nProperty Equipment\n Depreciation leases 2017 $182. million $165. 2 million $152. 3 million.\n June 30 2019 24\n Manufacturing $1,039,454 $911,140\n Building,061\n 190,974 182\n Office fixtures 82,115 66\n 46,155\n 2,022,759 1,736,156\n accumulated depreciation amortization (963,682,609\n $1,059,077 $902,547" +} +{ + "_id": "d1b32b440", + "title": "", + "text": "Note 10. Intangible Assets and Goodwill\nIntangible assets consist of the following (in millions):\n\n | | March 31, 2019 | \n----------------------------------- | ------------ | ------------------------ | ----------\n | Gross Amount | Accumulated Amortization | Net Amount\nCore and developed technology | $7,413.0 | $(1,112.9) | $6,300.1 \nCustomer-related | 917.1 | (544.0) | 373.1 \nIn-process research and development | 7.7 | — | 7.7 \nDistribution rights | 0.3 | (0.2) | 0.1 \nOther | 7.3 | (2.7) | 4.6 \nTotal | $8,345.4 | $(1,659.8) | $6,685.6 \n\n. Intangible Assets Goodwill\n March 31, 2019\n Gross Amount Accumulated Amortization Net Amount\n $7,413. $(1,112. $6,300.\n-related 917. (544. 373.\n research development 7. 7.\n Distribution rights.\n 7. 4.\n $8,345. 4 $(1,659. 8) $6,685." +} +{ + "_id": "d1b3029aa", + "title": "", + "text": "FY19 EAIP Payout Results:\n(1) Calculated in FY19 plan exchange rates and excludes stock-based compensation expense, charges related to the amortization of intangible assets, restructuring, separation, transition and other related expenses, contract liabilities fair value adjustment, acquisition-related costs and certain litigation settlement gains.\n(2) Calculated in FY19 plan exchange rates and excludes contract liabilities fair value adjustment.\n\nWeighted Average Company Performance Funding | | | | | \n-------------------------------------------- | --------------------- | ----------------------- | --------------------- | --------------------- | -----------\nCompany Performance Metric | Target ($) (millions) | Threshold ($)(millions) | Actual ($) (millions) | Threshold Funding (%) | Funding (%)\nNon-GAAP Operating Income | 1,630 | 1,428 | 1,427(1) | 40 | 0.0 \nNon-GAAP Revenue | 4,943 | 4,760 | 4,804(2) | 40 | 71.2 \nFY19 Funding | . | . | . | . | 35.6 \n\nFY19 EAIP Payout Results\n Calculated excludes stock compensation amortization assets restructuring separation transition expenses contract liabilities value adjustment acquisition costs litigation settlement gains.\n Calculated excludes contract liabilities.\n Weighted Average Company Performance Funding\n Performance Metric Target Threshold Funding\n Non-GAAP Operating Income 1,630 1,428 1,427(1).\n Non-GAAP Revenue 4,943 4,760.\n FY19 Funding." +} +{ + "_id": "d1b3bb36a", + "title": "", + "text": "35 Related party transactions (continued)\nBalances outstanding between the Group and members of Peel at 31 December 2019 and 31 December 2018 are shown below:\nUnder the terms of the Group’s acquisition of intu Trafford Centre from Peel in 2011, Peel has provided a guarantee in respect of Section 106 planning obligation liabilities at Barton Square which at 31 December 2019 totalled £13.0 million (2018: £12.4 million).\nThe net investment in finance leases above relate to three advertising services agreements related to digital screens with Peel Advertising Limited (a member of Peel) under which Peel will procure advertising on behalf of the Group. The minimum fixed payments in these agreements have been classified as a finance lease.\nDuring the year intu shareholders approved, at a General Meeting held on 31 May 2019, the sale to the Peel Group of a 30.96 acre site near intu Braehead known as King George V docks (West) and additional plots of adjacent ancillary land for cash consideration of £6.1 million.\nOther transactions\nDuring the year, the Group sold a wholly owned subsidiary, which holds a plot of sundry land near intu Xanadú, to the intu Xanadú joint venture for consideration of £8.6 million. Consideration includes cash consideration of £4.3 million and a retained interest in the entity through the intu Xanadú joint venture. The cash flow statement records a net inflow of £4.0 million comprising the cash consideration less cash in the business of £0.3 million.\n\n£m | 2019 | 2018 \n------------------------------- | ----- | -----\nNet investment in finance lease | 0.8 | 1.2 \nAmounts owed by members of Peel | 0.3 | 0.3 \nAmounts owed to members of Peel | (0.1) | (0.1)\n\nRelated party transactions\n Balances between Group Peel 31 December 2019 2018\n acquisition Trafford Centre Peel 2011, Section 106 planning obligation liabilities Barton Square 31 December 2019 £13. 0 million (2018 £12. 4 million.\n net investment finance leases three advertising services agreements Peel Advertising Limited. minimum fixed payments finance lease.\n shareholders approved 2019 sale Peel Group 30. 96 acre site Braehead King George V docks land cash £6. 1 million.\n Group sold wholly subsidiary Xanadú joint venture £8. 6 million. cash £4. 3 million retained interest. cash flow net inflow £4. 0 million cash consideration less £0. 3 million.\n 2019 2018\n Net investment finance lease.\n Amounts owed members Peel.\n." +} +{ + "_id": "d1b31e8d0", + "title": "", + "text": "DEVELOPMENT OF GROSS DOMESTIC PRODUCT IN IMPORTANT WORLD REGIONS AND GERMANY\nYear-on-year change in %\nReal GDP growth corrected for purchasing power. Source: Oxford Economics\n1 The previous year’s figures may slightly deviate from the Annual Report 2017/18, since retrospective corrections are being made by the data provider.\n2 Outlook.\n\n | 20181 | 20192\n----------------------------- | ----- | -----\nWorld | 3.6 | 2.9 \nGermany | 1.5 | 0.6 \nWestern Europe (excl.Germany) | 1.9 | 1.3 \nRussia | 2.3 | 1.1 \nEastern Europe (excl.Russia) | 4.1 | 3.6 \nAsia | 5.6 | 4.9 \n\nDEVELOPMENT GROSS DOMESTIC REGIONS GERMANY\n Year-on-year change %\n GDP growth corrected purchasing power. Oxford Economics\n previous figures deviate Annual Report 2017/18 retrospective corrections data provider.\n.\n 20181 20192\n World.\n Germany.\n Western Europe. Germany\n Russia.\n Eastern Europe.\n Asia." +} +{ + "_id": "d1b3ad8aa", + "title": "", + "text": "Stock option and stock appreciation right (SAR) activity under the Company's stock incentive plans in the three years ended March 31, 2019 is set forth below:\nThe total intrinsic value of options and SARs exercised during the years ended March 31, 2019, 2018 and 2017 was $8.3 million, $7.4 million and $9.6 million, respectively. This intrinsic value represents the difference between the fair market value of the Company's common stock on the date of exercise and the exercise price of each equity award.\nThe aggregate intrinsic value of options and SARs outstanding at March 31, 2019 was $14.9 million. The aggregate intrinsic value of options and SARS exercisable at March 31, 2019 was $14.8 million. The aggregate intrinsic values were calculated based on the closing price of the Company's common stock of $82.96 per share on March 29, 2019.\nAs of March 31, 2019 and March 31, 2018, the number of option and SAR shares exercisable was 278,591 and 224,022, respectively, and the weighted average exercise price per share was $30.03 and $29.96, respectively.\nThere were no stock options granted in the years ended March 31, 2019, 2018 and 2017\n\n | Number of Shares | Weighted Average Exercise Price per Share\n----------------------------- | ---------------- | -----------------------------------------\nOutstanding at March 31, 2016 | 913,508 | $33.00 \nExercised | (437,906) | 34.34 \nForfeited or expired | (42,485) | 34.26 \nOutstanding at March 31, 2017 | 433,117 | 31.51 \nExercised | (131,666) | 31.75 \nForfeited or expired | (17,111) | 34.73 \nOutstanding at March 31, 2018 | 284,340 | 31.21 \nAssumed upon acquisition | 141,751 | 25.86 \nExercised | (140,118) | 27.67 \nForfeited or expired | (4,091) | 39.62 \nOutstanding at March 31, 2019 | 281,882 | $30.16 \n\nStock option appreciation right activity Company incentive plans three years March 2019\n total intrinsic value options SARs 2019 2018 2017 $8. 3 million $7. 4 million $9. 6 million. difference fair market value common stock price equity award.\n aggregate value options SARs March 31, 2019 $14. 9 million. exercisable March $14. 8 million. calculated closing price common stock $82. 96 per share March 29, 2019.\n 2018 option SAR shares exercisable 278,591 224,022 average exercise price per share $30. $29. 96.\n no stock options granted March 2019 2018 2017\n Shares Average Exercise Price Share\n March 31, 2016 913,508.\n.\n expired.\n March 31, 2017,117.\n.\n.\n March 31, 2018 284,340.\n.\n.\n.\n March 31, 2019 281,882." +} +{ + "_id": "d1b3813b8", + "title": "", + "text": "Restricted Stock Grants—During 2019 and 2018, the Company granted 0.321 and 0.410 shares, respectively, of restricted stock to certain employee and director participants under its share-based compensation plans. Restricted stock grants generally vest over a period of 1 to 4 years. The Company recorded $72.5, $109.7 and $63.0 of compensation expense related to outstanding shares of restricted stock held by employees and directors during 2019, 2018 and 2017, respectively. In 2018, this expense included $29.4 associated with accelerated vesting due to the passing of our former executive chairman. A summary of the Company’s nonvested shares activity for 2019 and 2018 is as follows:\nAt December 31, 2019, there was $77.9 of total unrecognized compensation expense related to nonvested awards granted to both employees and directors under the Company’s share-based compensation plans. That cost is expected to be recognized over a weighted-average period of 1.8 years. Unrecognized compensation expense related to nonvested shares of restricted stock grants is recorded as a reduction to additional paid-in capital in stockholder’s equity at December 31, 2019.\nEmployee Stock Purchase Plan—During 2019, 2018 and 2017, participants of the ESPP purchased 0.021, 0.020 and 0.020 shares, respectively, of Roper’s common stock for total consideration of $6.8, $5.4, and $4.2, respectively. All of these shares were purchased from Roper’s treasury shares.\n\n | Number of shares | Weighted-average grant date fair value\n------------------------------ | ---------------- | --------------------------------------\nNonvested at December 31, 2017 | 0.859 | $ 187.01 \nGranted | 0.410 | 278.29 \nVested | (0.492) | 204.24 \nForfeited | (0.038) | 191.51 \nNonvested at December 31, 2018 | 0.739 | $ 225.93 \nGranted | 0.321 | 318.75 \nVested | (0.290) | 209.05 \nForfeited | (0.061) | 225.23 \nNonvested at December 31, 2019 | 0.709 | $ 275.00 \n\nRestricted Stock 2019 2018 Company granted. 321. 410 shares restricted stock employee director participants compensation plans. vest 1 to 4 years. recorded $72. $109. $63. compensation expense shares stock 2019 2018 2017. 2018 $29. accelerated vesting former executive chairman. nonvested shares activity\n December 31, 2019 $77. 9 unrecognized compensation expense awards. recognized 1. 8 years. paid-in capital stockholder’s equity December 31, 2019.\n Employee Stock Purchase 2019 2018 2017 participants purchased. 021. 020. 020 shares Roper’s common stock $6. 8 $5. 4 $4. 2. shares purchased Roper’s treasury.\n Weighted-average grant date\n Nonvested December 31, 2017. 187.\n Granted.\n Vested.\n Forfeited.\n Nonvested December 31, 2018.\n Granted.\nVested. 290.\n Forfeited. 061).\n Nonvested 2019. 275." +} +{ + "_id": "d1b330f9e", + "title": "", + "text": "Other non-current assets\nOther non-current assets consisted of the following:\n* As adjusted to reflect the impact of the full retrospective adoption of IFRS 15. See Note 2 for further details.\nAs of June 30, 2019 and 2018, the Group had certificates of deposit and time deposits totaling $3.7 million and $3.7 million which were classified as long-term and were included in security deposits. Included in the Group’s other non-current assets balance as of June 30, 2019 and 2018 were $7.1 million and $6.6 million respectively, of restricted cash used for commitments of standby letters of credit related to facility leases and were not available for the Group’s use in its operations.\n\n | As of June 30, | \n-------------------------------- | --------------------- | ------------\n | 2019 | 2018 \n | (U.S. $ in thousands) | \n | | *As Adjusted\nMarketable equity securities | $58,932 | $— \nNon-marketable equity securities | 3,000 | — \nSecurity deposits | 5,010 | 5,248 \nOther | 9,703 | 8,218 \n | $76,645 | $13,466 \n\nnon-current assets\n adjusted IFRS 15. See Note 2.\n June 30, 2019 2018 Group had certificates deposit time deposits $3. 7 million $3. 7 million long-term included security deposits. $7. 1 million $6. 6 million restricted cash standby letters credit facility leases not available operations.\n June 30\n.\n Adjusted\n Marketable equity securities $58,932\n Non-marketable equity securities\n Security deposits 5,010\n 9,703\n $76,645 $13,466" +} +{ + "_id": "d1a71e1e8", + "title": "", + "text": "Cash Flows\nOperating Activities: For 2019, cash provided by operating activities was due primarily to cash generated by our operations and the effect of working capital adjustments, which included a $2.43 billion decrease in receivables due to a lower level of net sales and a $1.53 billion increase in inventory due to higher levels of work in process and raw materials inventories.\nFor 2018, cash provided by operating activities was due primarily to cash generated by our operations and the effect of working capital adjustments, which included a $1.73 billion increase in receivables due to a higher level of net sales.\nFor 2017, cash provided by operating activities was due primarily to cash generated by our operations and the effect of working capital adjustments, which included a $1.65 billion increase in receivables due to a higher level of net sales, $361 million of payments attributed to intercompany balances in connection with the Inotera Acquisition, and a $456 million increase in accounts payable and accrued expenses.\nInvesting Activities: For 2019, net cash used for investing activities consisted primarily of $9.03 billion of expenditures for property, plant, and equipment (net of partner contributions) and $1.17 billion of net outflows from sales, maturities, and purchases of available-for-sale securities.\nFor 2018, net cash used for investing activities consisted primarily of $7.99 billion of expenditures for property, plant, and equipment (net of partner contributions), partially offset by $164 million of net inflows from sales, maturities, and purchases of available-for-sale securities.\nFor 2017, net cash used for investing activities consisted primarily of $4.73 billion of expenditures for property, plant, and equipment (net of partner contributions), $2.63 billion of net cash paid for the Inotera Acquisition (net of $361 million of payments attributed to intercompany balances with Inotera included in operating activities), and $269 million of net outflows from sales, maturities, and purchases of available-for-sale securities.\nFinancing Activities: For 2019, net cash used for financing activities consisted primarily of $2.66 billion for the acquisition of 67 million shares of treasury stock under our $10 billion share repurchase authorization and cash payments to reduce our debt, including $1.65 billion to settle conversions of notes, $728 million to prepay the 2022 Term Loan B, $316 million for IMFT member debt repayments, and $643 million for scheduled repayment of other notes and capital leases. Cash used for financing activities was partially offset by net proceeds of $3.53 billion from the aggregate issuance of the 2024 Notes, 2026 Notes, 2027 Notes, 2029 Notes, and 2030 Notes.\nFor 2018, net cash used for financing activities consisted primarily of cash payments to reduce our debt, including $9.42 billion to prepay or repurchase debt and settle conversions of notes and $774 million for scheduled repayment of other notes and capital leases. Cash used for financing activities was partially offset by net proceeds of $1.36 billion from the issuance of 34 million shares of our common stock for $41.00 per share in a public offering and $1.01 billion of proceeds from IMFT member debt.\nFor 2017, net cash provided by financing activities consisted primarily of $2.48 billion of net proceeds from the 2021 MSTW Term Loan, and $795 million of net proceeds from the 2021 MSAC Term Loan, partially offset by $1.63 billion to repurchase notes, repayments of $381 million of capital lease obligations, repayments of $550 million of other debt and convertible notes, and payments of $519 million on equipment purchase contracts.\nSee \"Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Debt.\"\n\nFor the year ended | 2019 | 2018 | 2017 \n------------------------------------------------------------------------------------------- | -------- | ------- | -------\nNet cash provided by operating activities | $13,189 | $17,400 | $8,153 \nNet cash provided by (used for) investing activities | (10,085) | (8,216) | (7,537)\nNet cash provided by (used for) financing activities | (2,438) | (7,776) | 349 \nEffect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | 26 | (37) | (12) \nNet increase in cash, cash equivalents, and restricted cash | $692 | $1,371 | $953 \n\nCash\n Operating Activities 2019 due working capital adjustments $2. 43 billion decrease receivables lower net sales $1. 53 billion increase inventory higher inventories.\n 2018 due working capital adjustments $1. 73 billion increase receivables higher net sales.\n 2017 adjustments $1. 65 billion increase receivables higher net sales $361 million payments intercompany balances Inotera Acquisition $456 million increase accounts payable accrued expenses.\n Investing Activities 2019 $9. 03 billion expenditures property plant equipment contributions $1. 17 billion outflows sales maturities purchases securities.\n 2018 $7. 99 billion expenditures property equipment offset $164 million net inflows sales maturities purchases.\n 2017 $4. 73 billion $2. 63 billion Inotera Acquisition $361 million payments intercompany balances $269 million net outflows sales maturities purchases.\n Financing Activities 2019 cash.billion acquisition 67 million shares treasury stock $10 billion repurchase cash debt $1. 65 billion conversions $728 million prepay 2022 Term Loan $316 million IMFT debt repayments $643 million notes capital leases. offset $3. 53 billion 2024 2030.\n 2018 cash $9. 42 billion debt $774 million repayment capital leases. offset $1. 36 billion 34 million shares common stock $41. share offering $1. 01 billion IMFT debt.\n 2017 $2. 48 billion 2021 MSTW Loan $795 million 2021 MSAC Term Loan offset $1. 63 billion repurchase notes $381 million capital lease $550 million debt $519 million equipment purchase contracts.\n. Financial Statements Data Debt.\n 2019\n operating $13,189 $17,400 $8,153\n investing (10,085) (8,216) (7,537)\ncash financing (2,438) (7,776) 349\n currency exchange rates cash 26 (37) (12)\n increase $692 $1,371 $953" +} +{ + "_id": "d1a72b258", + "title": "", + "text": "Impairment test for goodwill\nGoodwill is allocated to the appropriate cash-generating unit (‘CGU’) based on the smallest identifiable group of assets that generates cash inflows independently in relation to the specific goodwill. The recoverable amount of the CGU is determined from value-in-use calculations that use cash flow projections from the latest three-year plan. The carrying value of CGUs is the sum of goodwill, property, plant and equipment and intangibles and is as follows:\n\n | 2019 | (Restated) 2018\n------- | ----- | ---------------\n | £m | £m \nDigital | 327.6 | 342.6 \nWebzone | 6.6 | 6.9 \nTotal | 334.2 | 349.5 \n\nImpairment test goodwill\n allocated cash-generating unit smallest group assets cash inflows. recoverable amount determined value-in-use calculations cash flow projections three-year plan. carrying value CGUs sum goodwill property plant equipment intangibles\n 2019 2018\n £m\n 327. 6 342.\n.\n 334. 349." +} +{ + "_id": "d1a717c44", + "title": "", + "text": "7. LOANS PAYABLE\nPlan B, a subsidiary of the Company, entered into a business loan agreement, prior to being acquired by the Company, with Tri Counties Bank dated March 14, 2014, in the original amount of $131 bearing interest at 4.95%. The loan agreement called for monthly payments of $2 and was scheduled to mature on March 14, 2019. Proceeds from the loan were used to purchase a pile driver and related equipment and is secured by the equipment. The loan was fully paid off during the year ended December 31, 2019.\nPlan B entered into a business loan agreement prior to being acquired by the Company, with Tri Counties Bank dated April 9, 2014, in the original amount of $250 bearing interest at 4.95%. The loan agreement calls for monthly payments of $5 and was scheduled to mature on April 9, 2019. Proceeds from the loan were used to purchase racking inventory and related equipment. The loan was secured by the inventory and equipment. The loan was fully paid off during the year ended December 31, 2019.\nOn January 5, 2016, the Company entered into a loan agreement for the acquisition of a pile driver in the principal amount of $182 bearing interest at 5.5%. The loan agreement calls for monthly payments of $4 and is scheduled to mature on January 15, 2020. The loan is secured by the equipment. The outstanding balance at December 31, 2019, is $4.\nOn September 8, 2016, the Company entered into a loan agreement for the acquisition of a pile driver in the principal amount of $174 bearing interest at 5.5%. The loan agreement calls for monthly payments of $4 and is scheduled to mature on September 15, 2020. The loan is secured by the equipment. The outstanding balance at December 31, 2019, is $36.\nOn November 14, 2016, the Company entered into a 0% interest loan agreement for the acquisition of an excavator in the principal amount of $59. The loan agreement calls for monthly payments of $1 and is scheduled to mature on November 13, 2020. The loan is secured by the equipment. The outstanding balance at December 31, 2019, is $13.\nOn December 23, 2016, the Company entered into a loan agreement for the acquisition of modular office systems and related furniture in the principal amount of $172 bearing interest at 4.99%. The loan agreement calls for 16 quarterly payments of $12 and is scheduled to mature in September 2020. The loan is secured by the equipment. The outstanding balance at December 31, 2019, is $35.\nAs of December 31, 2019 and 2018, loans payable are summarized as follows:\n\n | 2019 | 2018 \n-------------------------------------------- | ---- | -----\nBusiness loan agreement dated March 14, 2014 | - | 7 \nBusiness loan agreement dated April 9, 2014 | - | 19 \nEquipment notes payable | 88 | 241 \nSubtotal | 88 | 267 \nLess: Current position | (88) | (179)\nLong-term position | - | $88 \n\n. LOANS\n Plan B subsidiary business loan Tri Counties Bank March 14 2014, $131 4. 95%. monthly payments $2 March 14, 2019. pile driver equipment secured equipment. paid off December 31, 2019.\n Plan B loan Tri Bank April 9, 2014, $250 interest 4. 95%. monthly payments $5 April 9, 2019. racking inventory equipment. secured inventory equipment. paid December 31, 2019.\n January 5, 2016, pile driver $182 interest 5. 5%. monthly payments $4 January 15, 2020. secured equipment. outstanding balance December 31, 2019 $4.\n September 8, 2016, pile driver $174 interest 5. 5%. monthly payments $4 September 15, 2020. secured equipment. outstanding balance December 31, 2019 $36.\n November 14, 2016, 0% interest loan excavator $59. monthly payments $1 November 13, 2020. secured equipment. outstanding balance December 31, 2019 $13.\nDecember 23, 2016, Company loan modular office systems furniture $172 interest. 99%. 16 quarterly payments $12 September 2020. secured equipment. outstanding balance December 31, 2019 $35.\n loans payable\n 2019 2018\n March 14 2014\n April 9 2014 19\n Equipment notes 241\n 267\n Current position (88) (179)\n Long-term position $88" +} +{ + "_id": "d1b38301e", + "title": "", + "text": "DEBT DERIVATIVES\nWe use cross-currency interest rate agreements (debt derivatives) to manage risks from fluctuations in foreign exchange rates associated with our US dollar-denominated senior notes and debentures, lease liabilities, credit facility borrowings, and US CP borrowings. We designate the debt derivatives related to our senior notes and debentures and lease liabilities as hedges for accounting purposes against the foreign exchange risk associated with specific debt instruments. Debt derivatives related to our credit facility and US CP borrowings have not been designated as hedges for accounting purposes.\n1 Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.\nSettlement of debt derivatives related to senior notes We did not settle any debt derivatives related to senior notes during 2019.\nIn April 2018, we settled the debt derivatives related to the repayment of the entire outstanding principal amount of our US$1.4 billion ($1.8 billion) 6.8% senior notes otherwise due in August 2018. See “Sources and Uses of Cash” for more information.\n\n | | US$ | | Hedging effect | \n-------------------------------------------------------------- | -------------------------------- | ------------- | ----------- | ----------------------------------- | -----------------\n(In millions of dollars, except interest rates) Effective date | Principal/ Notional amount (US$) | Maturity date | Coupon rate | Fixed hedged (Cdn$) interest rate 1 | Equivalent (Cdn$)\n2019 issuances | | | | | \nApril 30, 2019 | 1,250 | 2049 | 4.350% | 4.173% | 1,676 \nNovember 12, 2019 | 1,000 | 2049 | 3.700% | 3.996% | 1,308 \n2018 issuances | | | | | \nFebruary 8, 2018 | 750 | 2048 | 4.300% | 4.193% | 938 \n\nDEBT DERIVATIVES\n cross-currency interest rate agreements risks foreign exchange rates US dollar senior notes debentures lease liabilities credit facility borrowings US CP borrowings. derivatives hedges foreign exchange risk. credit facility US CP borrowings not hedges.\n Converting from fixed US$ coupon rate to weighted average Cdn$ fixed rate.\n Settlement derivatives 2019.\n April 2018 settled derivatives principal US$1. 4 billion. billion 6. 8% senior notes due August 2018. “Sources Uses information.\n Hedging effect\n millions Effective date Principal amount Maturity date Coupon rate Fixed hedged (Cdn$) interest rate Equivalent\n 2019 issuances\n April 30. 350%. 173%\n November 12. 700%. 996%\n 2018\n 8. 300%. 193%" +} +{ + "_id": "d1b3b65b8", + "title": "", + "text": "The following table sets forth, for the periods indicated, our working capital:\nWorking Capital consists of current assets net of current liabilities. Working capital decreased $0.4 million to $12.3 million at December 31, 2019 compared with $12.7 million at December 31, 2018. The decrease was primarily a result of an increase of cash, accounts receivable, and inventory offset by an increase in accounts payable, accrued expenses and current operating lease liabilities.\nWe normally carry three to four weeks of finished goods inventory. The average duration of our accounts receivable is approximately 25 days.\nFor the year ended December 31, 2019 our capital resources consisted of primarily $9.5 million cash on hand and $33.0 million available under our credit facilities, net of $2.0 million reserved for two letters of credit. For the year ended December 31, 2018, our capital resources consisted primarily of $7.5 million cash on hand and $30.0 million available under our credit facilities. The Credit Facilities will mature in May 2024.\nWe borrowed $72.3 million under our credit facilities during 2019, of which $18.5 million was repaid prior to the end of the year. As of December 31, 2019, we had $54.5 million of debt outstanding (including $0.7 million of debt issuance costs) under our credit facilities. There was no debt outstanding under the credit facilities as of December 31, 2018.\n\n | For the Twelve Months Ended December 31, | \n----------------------------------------------------------- | ---------------------------------------- | -------\n | 2019 | 2018 \n | (Dollars in thousands) | \nCash and cash equivalents | 9,472 | 7,554 \nAccounts receivable, net of allowance for doubtful accounts | 18,581 | 12,327 \nInventories, net | 12,542 | 9,317 \nPrepaid expenses | 3,276 | 1,078 \nOther current assets | 10,453 | 682 \nAccounts payable | (18,668) | (9,166)\nAccrued expenses | (22,133) | (9,051)\nCurrent operating lease liabilities | (1,185) | — \nTotal Working Capital | $12,338 | $12,741\n\ntable working capital\n assets liabilities. decreased $0. 4 million to $12. 3 million December 31, 2019 $12. 7 million 2018. cash accounts receivable inventory accrued expenses lease liabilities.\n three to four weeks finished goods inventory. accounts receivable 25 days.\n 31, 2019 capital resources $9. 5 million cash $33. million credit facilities $2. million letters credit. 2018 $7. 5 million cash $30. million facilities. May 2024.\n borrowed $72. 3 million $18. 5 million repaid. December 31, 2019 $54. 5 million debt $0. 7 million costs. no debt December 31, 2018.\n Twelve Months Ended December\n Cash equivalents 9,472\n Accounts receivable 18,581\n Inventories 12,542\n Prepaid expenses\n Other assets 10,453\n Accounts payable (18\n Accrued expenses (22\nliabilities,185\n Working Capital $12,338,741" +} +{ + "_id": "d1b384bc6", + "title": "", + "text": "The following highlights net sales by geographic location (amounts in thousands):\n(1) Revenues are attributed to countries or regions based on the location of the customer. Net Sales to one customer, TTI, Inc., exceeded 10% of total net sales as follows: $184.3 million, $133.5 million and $104.4 million in fiscal years 2019, 2018 and 2017, respectively.\n(2) No country included in this caption exceeded 3% of consolidated net sales for fiscal years 2019, 2018 and 2017.\n(3) Fiscal years ended March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n\n | | Fiscal Years Ended March 31,(1) | \n--------------------------- | ---------- | ------------------------------- | --------\n | 2019 | 2018 | 2017 \nUnited States | $292,980 | $233,133 | $198,250\nHong Kong | 188,102 | 169,073 | 121,813 \nGermany | 124,805 | 105,548 | 104,755 \nEurope (2) (3) | 76,149 | 64,248 | 63,863 \nChina | 173,148 | 163,016 | 71,223 \nTaiwan | 88,853 | 78,728 | 9,147 \nAsia Pacific (2) | 47,233 | 36,647 | 26,878 \nJapan | 178,502 | 170,282 | 3,565 \nUnited Kingdom | 42,472 | 37,038 | 33,837 \nNetherlands | 44,065 | 39,684 | 32,478 \nMalaysia | 33,748 | 28,165 | 15,177 \nSingapore | 19,417 | 17,267 | 15,565 \nItaly | 15,551 | 17,905 | 15,376 \nHungary | 12,245 | 13,254 | 18,856 \nMexico | 44,267 | 23,915 | 22,424 \nOther Countries (2) | 1,281 | 2,278 | 4,131 \nTotal Non-United States (3) | 1,089,838 | 967,048 | 559,088 \n | $1,382,818 | $1,200,181 | $757,338\n\nnet sales geographic location\n Revenues. TTI. exceeded 10% net sales $184. 3 million $133. 5 million $104. 4 million 2019 2018 2017.\n No country exceeded 3% net sales.\n 2017 adjusted ASC 606.\n United States $292,980 $233,133 $198,250\n Hong Kong 188,102 169,073 121,813\n Germany 124,805 105,548 104,755\n Europe 76,149 64,248\n China 173,148 163,016\n Taiwan 88,853 78,728\n Asia Pacific 47,233 36,647\n Japan 178,502 170,282\n Kingdom 42,472 37,038 33,837\n Netherlands 44,065 39,684\n Malaysia 33,748\n Singapore\n Italy\n Hungary\n Mexico 44,267 23,915\n Other Countries 1,281 2,278\n Non-United States 1,089,838 967,048,088\n,200,181 $757,338" +} +{ + "_id": "d1b374aaa", + "title": "", + "text": "NOTE 7 - continued\nLease payments not recognized as a liability The Group has elected not to recognize a lease liability for short-term leases (leases of an expected term of 12 months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line basis. The expenses relating to payments not recognized as a lease liability are insignificant.\nAdministrative expenses The total outflow for leases, USD 2.9m, is presented as “Depreciation” of USD 2.5m and “Financial expenses” (interest) of USD 0.4m, in contrast to the recording of an operating lease charge of a materially equivalent figure within the line item “Administrative expenses” under IAS 17.\nFinancial expenses\nFinancial expenses for the reporting periods:\n\nUSDm | 2019 | 2018 | 2017\n------------------------------------------------------------------------------- | ---- | ---- | ----\nInterest expenses: | - | - | - \nFinancial expenses arising from lease liabilities regarding right-of-use assets | 2.4 | 2.3 | 1.8 \nOther financial expenses | 39.5 | 37.0 | 38.8\nTotal | 41.9 | 39.3 | 40.6\n\nNOTE 7\n Lease payments not liability Group liability short-term leases low value assets. Payments leases expensed straight-line. expenses not liability insignificant.\n total outflow leases USD 2. 9m USD 2. 5m USD 0. 4m operating lease charge IAS 17.\n Financial expenses\n reporting periods\n 2019 2018 2017\n Interest expenses\n Financial expenses lease liabilities right-of-use assets 2. 4. 1. 8\n Other financial expenses 39. 37. 38.\n 41. 9 39. 40." +} +{ + "_id": "d1b32d114", + "title": "", + "text": "5. Earnings per Common Share\nThe calculations of basic and diluted earnings per common share for the years ended June 30, 2019, 2018 and 2017 were as follows:\n\n | | Years Ended June 30, | \n-------------------------------------------------------------------------------------------- | ------ | -------------------- | -----\n(in millions, except per share data) | 2019 | 2018 | 2017 \nNet income | $167.0 | $188.5 | $47.0\nLess: earnings and dividends allocated to participating securities | (1.9) | (1.7) | (0.3)\nEarnings available for common shareholders used in calculation of basic earnings per share | $165.1 | $186.8 | $46.7\nWeighted average number of common shares outstanding, basic | 47.7 | 47.2 | 47.0 \nBasic earnings per common share | $3.46 | $3.96 | $0.99\nNet income | $167.0 | $188.5 | $47.0\nLess: earnings and dividends allocated to participating securities | (1.9) | (1.7) | (0.3)\nEarnings available for common shareholders used in calculation of diluted earnings per share | $165.1 | $186.8 | $46.7\nWeighted average number of common shares outstanding, basic | 47.7 | 47.2 | 47.0 \nEffect of shares issuable under share-based compensation plans | 0.4 | 0.4 | 0.1 \nWeighted average number of common shares outstanding, diluted | 48.1 | 47.6 | 47.1 \nDiluted earnings per common share | $3.43 | $3.92 | $0.99\n\n. Earnings Common Share\n basic diluted earnings June 30 2019 2018 2017\n Years Ended June 30\n millions 2019 2018\n Net income $167. $188. $47.\n earnings dividends participating securities (1.\n Earnings shareholders earnings $165. $186. $46.\n average shares 47.\n earnings common share $3. 46 $3. $0.\n Net income $167. $188. 5 $47.\n earnings dividends participating securities (1. 7).\n Earnings shareholders diluted earnings share $165. $186. $46.\n average common shares 47.\n share-based compensation plans.\n Weighted average common shares diluted 48. 47.\n Diluted earnings common share $3." +} +{ + "_id": "d1b346826", + "title": "", + "text": "COMPENSATION DISCUSSION AND ANALYSIS\nIV. Our 2019 Compensation Program and Components of Pay The table below shows (i) the length of the “protected period” afforded to officers following a change of control and (ii) the multiple of salary and bonus payment and years of welfare benefits to which officers will be entitled if change of control benefits become payable under our agreements and related policies:\nFor more information on change of control arrangements applicable to our executives, including our rationale for\nproviding these benefits, see “Executive Compensation—Potential Termination Payments—Payments Made\nUpon a Change of Control.” For information on change of control severance benefits payable to our junior\nofficers and managers, see “—Severance Benefits” in the next subsection below.\n\n | Protected Period | Multiple of Annual Cash Compensation | Years of Welfare Benefits\n---------------- | ---------------- | ------------------------------------ | -------------------------\nCEO | 2 years | 3 times | 3 years \nOther Executives | 1.5 years | 2 times | 2 years \nOther Officers | 1 year | 1 time | 1 year \n\nCOMPENSATION DISCUSSION ANALYSIS\n. 2019 Compensation Program Components Pay table shows “protected officers change control salary bonus welfare benefits control benefits payable agreements policies\n information change control arrangements rationale\n “Executive Compensation—Potential Termination\n Change Control. control severance benefits junior\n officers managers Benefits”.\n Protected Period Annual Cash Compensation Years Welfare Benefits\n CEO 2 years 3\n Other Executives. 5 years 2\n Officers 1 year" +} +{ + "_id": "d1b31c274", + "title": "", + "text": "Cash and Cash Equivalents and Restricted Cash: Cash equivalents include short-term highly liquid investments and are classified as Level 1 in the fair value hierarchy described below. Restricted cash represents cash received from customers to settle invoices sold under accounts receivable purchase agreements that is contractually required to be set aside. The restrictions will lapse when the cash is remitted to the purchaser of the receivables. Restricted cash is also classified as Level 1 in the fair value hierarchy described below.\nAs of September 28, 2019 and September 29, 2018, cash and cash equivalents and restricted cash consisted of the following (in thousands):\n\n | 2019 | 2018 \n--------------------------------------------------- | ------- | -------\nCash | $85,688 | $99,197\nMoney market funds and other | 138,073 | 198,072\nRestricted cash | 2,493 | 417 \nTotal cash and cash equivalents and restricted cash | 226,254 | 297,686\n\nCash Equivalents Restricted Cash equivalents short liquid investments Level 1 fair value hierarchy. Restricted cash invoices aside. restrictions lapse remitted purchaser. Level 1 value.\n September 28, 2019 29, 2018 cash equivalents restricted cash\n Cash $85,688 $99,197\n Money market funds 138,073 198,072\n Restricted cash 2,493\n Total cash equivalents cash 226,254,686" +} +{ + "_id": "d1b2f221c", + "title": "", + "text": "The valuation allowance activity for the years ended September 30, 2019, 2018, and 2017 is as follows:\nThe Company completed an Internal Revenue Code Section 382 analysis of the loss carry forwards in 2009 and determined then that all of the Company’s loss carry forwards are utilizable and not restricted under Section 382. The Company has not updated its Section 382 analysis subsequent to 2009 and does not believe there have been any events subsequent to 2009 that would impact the analysis.\nThe Company is required to recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applies the interpretation to all tax positions for which the statute of limitations remained open. The Company had no liability for unrecognized tax benefits and did not recognize any interest or penalties during the years ended September 30, 2019, 2018, or 2017.\nThe Company is subject to income taxes in the U.S. federal jurisdiction, and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local, income tax examinations by tax authorities for fiscal years ending prior to 2004. We are generally subject to U.S. federal and state tax examinations for all tax years since 2003 due to our net operating loss carryforwards and the utilization of the carryforwards in years still open under statute. During the year ended September 30, 2018, the Company was examined by the U.S. Internal Revenue Service for fiscal year 2016. This examination resulted in no adjustments. The Company changed its fiscal year end in 2007 from March 31 to September 30.\n\nYear Ended | Balance at Beginning of Year | Income Tax Expense (Benefit) | Reversal for State NOL Expiration and Utilization | Balance at End of Year\n------------------ | ---------------------------- | ---------------------------- | ------------------------------------------------- | ----------------------\nSeptember 30, 2019 | $104,858 | $10,448 | $(68,292) | $47,014 \nSeptember 30, 2018 | 159,154 | 79,377 | (133,673) | 104,858 \nSeptember 30, 2017 | 322,404 | (32,154) | (131,096) | 159,154 \n\nvaluation allowance activity years ended September 30, 2019 2018 2017\n Company completed Internal Revenue Code Section 382 analysis loss 2009 loss carry forwards utilizable not restricted 382. updated Section 382 analysis 2009 events analysis.\n financial statement benefit tax tax authority audit. amount recognized largest benefit 50 percent likelihood settlement. applies interpretation tax positions statute limitations open. no liability unrecognized tax benefits interest penalties years ended September 30 2019 2018 2017.\n subject income taxes U. S. federal jurisdiction state jurisdictions. Tax regulations judgment. no longer subject. income tax examinations fiscal years 2004. subject. examinations since 2003 due net operating loss carryforwards utilization. September 30, 2018 Company examined. Internal Revenue Service fiscal year 2016. no adjustments. changed fiscal year end 2007 March 31 to September 30.\n Year Balance Income Tax Expense Reversal State NOL Expiration Utilization End Year\n\n September 30 2019 $104,858,448,292),014\n September 30 2018 159,154 79,377,673 104,858\n 30 2017 322,404,154" +} +{ + "_id": "d1b3492f6", + "title": "", + "text": "C. Remuneration to Key Managerial Personnel other than MD / Manager / WTD\nNote: For more information, please refer to the Corporate Governance Report.\n\nParticulars of Remuneration | Key Managerial Personnel | | \n----------------------------------------------------------------------------------- | -------------------------------------- | ----------------------------------- | ------\n | Ramakrishnan V Chief Financial Officer | Rajendra Moholkar Company Secretary | Total \n1. Gross salary | | | \n(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act, 1961 | 72.06 | 21.66 | 93.72 \n(b) Value of perquisites u/s 17(2) of the Income-tax Act, 1961 | 43.54 | 1.20 | 44.74 \n(c) Profits in lieu of salary under Section 17(3) of the Income-tax Act, 1961 | - | - | - \n2. Stock Option | - | - | - \n3. Sweat Equity | - | - | - \n4. Commission | - | - | - \nas % of profit | - | - | - \n5. Others, Allowances | 297.47 | 117.29 | 414.76\nTotal | 413.07 | 140.15 | 553.22\n\n. Remuneration Managerial Personnel MD\n Corporate Governance Report.\n Remuneration Managerial Personnel\n Ramakrishnan V Chief Financial Officer Rajendra Moholkar Company Secretary\n. Gross salary\n Salary Section 17(1) Income Act 1961 72. 21. 93.\n Value perquisites 17(2) Income-tax Act 1961 43. 44.\n Profits salary Section 17(3) Income-tax Act 1961\n. Stock Option\n. Equity\n.\n % profit\n. Allowances 297. 117. 29 414. 76\n 413. 140. 553." +} +{ + "_id": "d1b3ad3be", + "title": "", + "text": "Movement of options during the year ended 30 June 2018:\nThe weighted average fair value of options granted during the year was nil (2018: nil) as there were none issued during the year.\nThe weighted average share price for share options exercised during the period was $3.57 (2018: $3.90).\nThe weighted average remaining contractual life for share options outstanding at the end of the period was 1.68 years (2018: 2.47 years).\nThe weighted average remaining contractual life for share options outstanding at the end of the period was 1.68 years (2018: 2.47 years).\n\nGrant Date | Exercise Date | Expiry Date | Exercise Price $ | No. of Options at Beg. of Year | Options Exercised or Lapsed | No. of Options at End of Year\n------------------------------- | ------------- | -------------- | ---------------- | ------------------------------ | --------------------------- | -----------------------------\n2 Jul 2012 | 2 Jul 2015 | 2 Jul 2017 | 0.92 | 40,000 | (40,000) | - \n2 Jul 2013 | 2 Jul 2016 | 30 Sept 2018 1 | 0.92 | 295,000 | (220,000) | 75,000 \n2 Jul 2014 | 2 Jul 2017 | 2 Jul 2019 | 1.30 | 875,000 | (405,000) | 470,000 \n2 Jul 2015 | 2 Jul 2018 | 2 Jul 2020 | 2.67 | 1,000,000 | - | 1,000,000 \n22 Dec 2016 | 31 Aug 2019 | 22 Dec 2021 | 3.59 | 1,323,730 | - | 1,323,730 \nTotal | | | | 3,533,730 | (665,000) | 2,868,730 \nWeighted average exercise price | | | | | $1.15 | $2.82 \n\noptions ended 30 June 2018:\n average value nil none issued.\n average share price $3. 57 (2018 $3. 90.\n average contractual life options 1. 68 years (2018 2. 47 years.\n life 1. 68 years. 47.\n Grant Date Exercise Date Expiry Date Price $. Options. Exercised. End Year\n 2 Jul 2012 2 2015 2 2017. 92 40,000\n 2 Jul 2013 2 2016 30 2018. 295,000\n 2 Jul 2014 2017 2019. 875,000 470,000\n 2015 2 2018 2020. 67 1,000,000\n 22 Dec 2016 31 Aug 2019 22 Dec 2021. 59 1,323,730\n 3,533,730 2,868,730\n average exercise price $1. 15 $2." +} +{ + "_id": "d1b35626c", + "title": "", + "text": "Common Stock Outstanding\nThe following represents the common stock outstanding for the fiscal year ended:\n(1) During fiscal years 2018, 2017 and 2016, the Company’s Board of Directors authorized the repurchase of $350.0 million, $450.0 million and $400.0 million, respectively, of the Company’s common stock under share repurchase programs, which were repurchased during fiscal years 2019, 2018 and 2017, respectively.\n\n | | Fiscal Year Ended August 31, | \n------------------------------------------------------ | ------------ | ---------------------------- | ------------\n | 2019 | 2018 | 2017 \nCommon stock outstanding: | | | \nBeginning balances | 164,588,172 | 177,727,653 | 186,998,472 \nShares issued upon exercise of stock options | 11,348 | 30,832 | 172,620 \nShares issued under employee stock purchase plan | 1,282,042 | 1,105,400 | 1,228,316 \nVesting of restricted stock | 1,983,261 | 2,727,229 | 2,102,049 \nPurchases of treasury stock under employee stock plans | (489,836) | (793,052) | (550,096) \nTreasury shares purchased(1) | (13,854,607) | (16,209,890) | (12,223,708)\nEnding balances | 153,520,380 | 164,588,172 | 177,727,653 \n\nStock\n fiscal year\n Board authorized repurchase $350. $450. $400. repurchase.\n Year Ended August\n stock\n balances 164,588,172 177,727,653 186,998,472\n Shares options 11,348,832 172,620\n employee stock purchase plan 1,282,042 1,105,400\n Vesting restricted stock 1,983,261 2,727,229 2,102,049\n Purchases treasury stock plans (489,836 (793,052) (550,096)\n shares (13,854,607 (16,209,890) (12,223,708\n Ending balances 153,520,380 164,588,172 177,727,653" +} +{ + "_id": "d1b30e78c", + "title": "", + "text": "Liquidity and Capital Resources\nAs of December 31, 2019 and 2018, we had cash and cash equivalents of $343.6 million and $566.3 million, respectively. We finance our operations primarily through sales to our customers and a majority of our customers are billed monthly. For customers with annual or multi-year contracts and those who opt for annual invoicing, we generally invoice only one annual period in advance and all invoicing occurs at the start of the respective subscription period. Revenue is deferred for such advanced billings. We also finance our operations from proceeds from issuance of stock under our stock plans, and proceeds from issuance of debt. We believe that our operations and existing liquidity sources will satisfy our cash requirements for at least the next 12 months\nOur future capital requirements will depend on many factors, including revenue growth and costs incurred to support customer growth, acquisitions and expansions, sales and marketing, research and development, increased general and administrative expenses to support the anticipated growth in our operations, and capital equipment required to support our growing headcount and in support of our co-location data center facilities. Our capital expenditures in future periods are expected to grow in line with our business. We continually evaluate our capital needs and may decide to raise additional capital to fund the growth of our business, to further strengthen our balance sheet, or for general corporate purposes through public or private equity offerings or through additional debt financing. We also may in the future make investments in or acquire businesses or technologies that could require us to seek additional equity or debt financing. Access to additional capital may not be available, or on favorable terms\nThe table below provides selected cash flow information for the periods indicated (in thousands)\n\n | | Year ended December 31, | \n---------------------------------------------------------------------- | ---------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nNet cash provided by operating activities | $64,846 | $72,130 | $41,165 \nNet cash used in investing activities | (296,780) | (83,448) | (26,387)\nNet cash provided by financing activities | 9,042 | 397,255 | 6,783 \nEffect of exchange rate changes | 169 | (800) | (724) \nNet (decrease) increase in cash, cash equivalents, and restricted cash | $(222,723) | 385,137 | 20,837 \n\nLiquidity Capital Resources\n December 31, 2019 2018 cash equivalents $343. 6 million $566. 3 million. finance operations through sales majority billed monthly. contracts invoice one period in advance start period. Revenue deferred for advanced billings. finance operations from stock debt. operations liquidity satisfy cash requirements next 12 months\n future capital requirements depend revenue growth costs customer growth expansions sales marketing research development expenses capital equipment headcount co-location data center facilities. capital expenditures expected grow business. evaluate capital needs may raise additional capital growth balance sheet equity debt financing. businesses additional equity debt financing. additional capital not available\n table cash flow information periods\n Year ended December 31,\n 2019 2018 2017\n Net cash operating activities $64,846 $72,130 $41,165\n investing activities (296,780) (83,448) (26,387)\n financing activities 9,042 397,255 6,783\nexchange rate 169 (724)\n cash restricted cash,723) 385,137 20,837" +} +{ + "_id": "d1b3b353e", + "title": "", + "text": "FOURTH QUARTER HIGHLIGHTS\nBCE operating revenues grew by 1.6% in Q4 2019, compared to Q4 2018, driven by growth in Bell Wireless and Bell Media, while Bell Wireline remained stable year over year. The year-over-year increase reflected both higher service and product revenues of 0.9% and 5.7%, respectively.\nBCE net earnings increased by 12.6% in Q4 2019, compared to Q4 2018, mainly due to higher adjusted EBITDA, lower other expense and lower severance, acquisition and other costs. This was partly offset by higher depreciation and amortization expense and finance costs. The adoption of IFRS 16 did not have a significant impact on net earnings.\nBCE adjusted EBITDA increased by 4.8% in Q4 2019, compared to Q4 2018, driven by growth across all three of our segments. This resulted in an adjusted EBITDA margin of 39.7% in the quarter, up 1.2 pts over Q4 2018, primarily due to the favourable impact from the adoption of IFRS 16 in 2019.\nBell Wireless operating revenues increased by 3.6% in Q4 2019, compared to Q4 2018, driven by higher service and product revenues. Service revenues grew by 1.6% year over year due to continued growth in both our postpaid and prepaid subscriber base along with rate increases and a greater mix of customers subscribing to higher-value monthly plans including unlimited data plans. This was moderated by greater sales of premium handsets along with the impact of higher value monthly plans, and lower data overage driven by increased customer adoption of unlimited data plans. Product revenues grew by 7.4% year over year, driven by increased sales of premium handsets and the impact of higher-value monthly plans in our sales mix.\nBell Wireless adjusted EBITDA increased by 7.4% in Q4 2019, compared to the same period last year, mainly driven by the flow-through of higher revenues, partially offset by higher operating expenses of 1.4% year over year. The increase in operating expenses was primarily due to higher product cost of goods sold from greater mix of premium handsets and increased handset costs, higher network operating costs to support the growth in our subscriber base and data consumption and higher bad debt expense driven by the growth in revenues. This was offset in part by the favourable impact from the adoption of IFRS 16 in 2019. Adjusted EBITDA margin, based on wireless operating revenues, of 37.9% increased by 1.4 pts over Q4 2018, mainly due to the impact from the adoption of IFRS 16, greater service revenue flow-through and promotional spending discipline during the holiday season, moderated by higher low-margin product sales in our total revenue base.\nBell Wireline operating revenues remained unchanged in Q4 2019, compared to Q4 2018, resulting from stable year-over-year service revenue which increased 0.1%, as the continued expansion of our retail Internet and IPTV subscriber bases, residential rate increases, contribution from the federal election and higher business solution services revenue were offset by ongoing subscriber erosion in voice and satellite TV, greater acquisition, retention and bundle discounts on residential services to match competitor promotions, lower TV pay-per-view revenues and a decline in IP connectivity revenues due in part to migration to Internet based services. Product revenues were relatively stable year over year, declining 0.6% or $1 million.\nBell Wireline adjusted EBITDA grew by 1.5% in Q4 2019, compared to Q4 2018, mainly due to lower operating costs of 1.1%, driven by the favourable impact from the adoption of IFRS 16 in 2019 and continued effective cost containment. Adjusted EBITDA margin increased 0.6 pts to 43.3% in Q4 2019, compared to Q4 2018, mainly due to the favourable impact from the adoption of IFRS 16 in 2019.\nBell Media operating revenues increased by 3.4% in Q4 2019, compared to the same period last year, driven by increased subscriber revenues from the continued growth in Crave due to higher subscribers along with rate increases following the launch of our enhanced Crave service in November 2018 and also reflected the favourability from BDU contract renewals. Advertising revenues declined modestly in Q4 2019, compared to Q4 2018, from lower conventional TV advertising revenues and ongoing market softness in radio, partially offset by continued growth in specialty TV and OOH advertising revenues.\nBell Media adjusted EBITDA increased by 16.5% in Q4 2019, compared to the same period last year, driven by higher operating revenues coupled with stable operating expenses as the favourable impact from the adoption of IFRS 16 in 2019 was offset by the growth in programming and content costs related to higher sports broadcast rights costs and ongoing Crave content expansion.\nBCE capital expenditures of $1,153 million in Q4 2019 increased by $179 million over Q4 2018 and corresponded to a capital intensity ratio of 18.3% compared to 15.7% last year. The growth in capital investments was driven by increases across all three of our segments. Wireline capital spending was $96 million higher year over year, mainly due to the timing of our spending, driven by the roll-out of fixed WTTP to rural locations in Ontario and Québec. Capital spending at Bell Wireless was 7 MD&A Selected annual and quarterly information BCE Inc. 2019 Annual Report 87 up $78 million in Q4 2019 over Q4 2018, due to the timing of our spending compared to Q4 2018 as we continue to invest in wireless small cells to expand capacity to support subscriber growth, and increase speeds, coverage and signal quality, as well as to expand data fibre backhaul in preparation for 5G technology. Bell Media capital investments increased $5 million compared to Q4 2018 mainly related to continued investment in digital platforms.\nBCE severance, acquisition and other costs of $28  million in Q4 2019 decreased by $30 million, compared to Q4 2018, mainly due to lower acquisition and other costs.\nBCE depreciation of $865 million in Q4 2019 increased by $66 million, year over year, mainly due to the adoption of IFRS 16.\nBCE amortization was $228 million in Q4 2019, up from $216 million in Q4 2018, mainly due to a higher asset base.\nBCE interest expense was $286 million in Q4 2019, up from $259 million in Q4 2018, mainly as a result of the adoption of IFRS 16 and higher average debt levels.\nBCE other expense of $119 million in Q4 2019 decreased by $39 million, year over year, mainly due to lower impairment charges at our Bell Media segment and higher gains on investments which included BCE’s obligation to repurchase at fair value the minority interest in one of BCE’s subsidiaries, partly offset by higher net mark-to-market losses on derivatives used to economically hedge equity settled share-based compensation plans.\nBCE income taxes of $243 million in Q4 2019 decreased by $1 million, compared to Q4 2018, mainly as a result of a higher value of uncertain tax positions favourably resolved in Q4 2019, partly offset by higher taxable income.\nBCE net earnings attributable to common shareholders of $672 million in Q4 2019, or $0.74 per share, were higher than the $606 million, or $0.68 per share, reported in Q4 2018. The year-over-year increase was mainly due to higher adjusted EBITDA, lower other expense and lower severance, acquisition and other costs. This was partly offset by higher depreciation and amortization expense and finance costs. The adoption of IFRS 16 did not have a significant impact on net earnings. Adjusted net earnings remained stable at $794 million in Q4 2019, compared to Q4 2018, and adjusted EPS decreased to $0.88, from $0.89 in Q4 2018.\nBCE cash flows from operating activities was $2,091 million in Q4 2019 compared to $1,788 million in Q4 2018. The increase is mainly attributable to higher adjusted EBITDA, which reflects the favourable impact from the adoption of IFRS 16, a voluntary DB pension plan contribution of nil in 2019 compared to $240 million paid in 2018, an increase in operating assets and liabilities, and lower interest paid, partly offset by higher income taxes paid.\nBCE free cash flow generated in Q4 2019 was $894 million, compared to $1,022 million in Q4 2018. The decrease was mainly attributable to higher capital expenditures, partly offset by higher cash flows from operating activities, excluding voluntary DB pension plan contributions and acquisition and other costs paid.\n\nOPERATING REVENUES | Q4 2019 | Q4 2018 | $ CHANGE | % CHANGE\n---------------------------- | ------- | ------- | -------- | --------\nBell Wireless | 2,493 | 2,407 | 86 | 3.6% \nBell Wireline | 3,138 | 3,137 | 1 | – \nBell Media | 879 | 850 | 29 | 3.4% \nInter-segment eliminations | (194) | (179) | (15) | (8.4%) \nTotal BCE operating revenues | 6,316 | 6,215 | 101 | 1.6% \n\nFOURTH QUARTER\n BCE revenues grew. 6% Q4 2019 growth Bell Wireless Media Bell Wireline stable. higher service product revenues. 9% 5. 7%.\n BCE net earnings increased 12. 6% higher EBITDA lower expense severance costs. offset higher depreciation amortization expense finance costs. IFRS 16 earnings.\n EBITDA increased 4. 8% growth segments. EBITDA margin 39. 7% up. 2 pts 2018 IFRS 16.\n Bell Wireless revenues increased 3. 6% Q4 higher service product revenues. Service revenues grew 1. 6% growth postpaid prepaid subscriber base rate increases higher-value. moderated sales premium handsets lower data overage. Product revenues grew 7. 4% increased sales premium handsets-value.\n Bell Wireless EBITDA increased 7. 4% Q4 2019 higher revenues higher operating expenses 1. 4%.operating expenses due higher product cost premium network operating costs higher bad debt expense. offset IFRS 16 2019. Adjusted EBITDA margin 37. 9% increased. 4 pts 2018 IFRS 16 service revenue promotional spending higher low-margin product sales.\n Bell Wireline revenues unchanged Q4 2019 stable service revenue increased. 1% expansion retail Internet IPTV residential rate increases federal election business services offset subscriber erosion acquisition retention discounts lower TV pay-per-view decline IP connectivity revenues migration Internet services. Product revenues stable declining. 6% $1 million.\n Bell Wireline EBITDA grew. 5% Q4 2019 lower operating costs. 1% IFRS 16 cost containment. EBITDA margin increased. 6 pts 43. 3% Q4 2019 IFRS 16.\n Bell Media revenues increased 3.4% Q4 2019 increased subscriber revenues Crave rate increases enhanced Crave service BDU contract renewals. Advertising revenues declined lower conventional TV market radio offset specialty TV OOH.\n Bell Media EBITDA increased 16. 5% Q4 2019 higher operating revenues stable expenses IFRS 16 growth programming content costs sports broadcast rights costs Crave content expansion.\n BCE capital expenditures $1,153 million Q4 2019 increased $179 million capital intensity ratio 18. 3% 15. 7%. segments. Wireline capital spending $96 million higher roll-out fixed WTTP rural Ontario Québec. Bell Wireless 7. 2019 $78 million Q4 2019 wireless small cells capacity speeds coverage signal quality data fibre backhaul 5G technology. Bell Media capital investments increased $5 million digital platforms.\n BCE severance acquisition costs $28 million 2019 decreased $30 million lower acquisition costs.\nBCE depreciation $865 million Q4 2019 increased $66 million due IFRS 16.\n amortization $228 million $216 million 2018 higher asset base.\n interest expense $286 million $259 million 2018 IFRS 16 higher debt levels.\n other expense $119 million decreased $39 million lower impairment charges Bell Media segment higher gains investments higher losses.\n income taxes $243 million decreased $1 million higher value uncertain tax positions higher income.\n net earnings $672 million $0. 74 per share higher $606 million. 68 per share 2018. higher EBITDA lower other expense severance acquisition costs. offset higher depreciation amortization expense finance costs. IFRS 16 net earnings. earnings stable $794 million EPS decreased $0. 88. 89 2018.\n cash $2,091 million 2019 $1,788 million 2018.increase higher EBITDA IFRS 16 DB pension plan contribution operating assets liabilities lower interest higher income taxes.\n BCE free cash flow Q4 2019 $894 million $1,022 million 2018. decrease higher capital expenditures cash flows pension plan contributions acquisition costs.\n OPERATING REVENUES Q4 2019 2018\n Bell Wireless 2,493. 6%\n Wireline 3,138\n Bell Media 879. 4%\n Inter-segment eliminations (194) (179).\n BCE operating revenues 6,316 6,215." +} +{ + "_id": "d1b33330c", + "title": "", + "text": "As at 31 December 2019, the Group had net debt of RMB15,552 million, compared to net debt of RMB7,173 million as at 30 September 2019. The sequential increase in indebtedness mainly reflected payments for M&A initiatives and media contents, as well as the consolidation of indebtedness at Halti, partly offset by strong free cash flow generation.\nAs at 31 December 2019, the Group had net debt of RMB15,552 million, compared to net debt of RMB7,173 million as at 30 September 2019. The sequential increase in indebtedness mainly reflected payments for M&A initiatives and media contents, as well as the consolidation of indebtedness at Halti, partly offset by strong free cash flow generation.\nFor the fourth quarter of 2019, the Group had free cash flow of RMB37,896 million. This was a result of net cash flow generated from operating activities of RMB50,604 million, offset by payments for capital expenditure of RMB12,708 million.\n\n | Audited | Unaudited \n------------------------------------------------------------------------------ | ----------------- | ------------\n | 31 December | 30 September\n | 2019 | 2019 \n | (RMB in millions) | \nCash and cash equivalents | 132,991 | 145,607 \nTerm deposits and others | 72,270 | 54,499 \n | 205,261 | 200,106 \nBorrowings | (126,952) | (112,148) \nNotes payable | (93,861) | (95,131) \nNet debt | (15,552) | (7,173) \nFair value of our stakes in listed investee companies (excluding subsidiaries) | 419,818 | 352,656 \n\n31 December 2019 Group debt RMB15,552 million RMB7,173 million 30 September. M&A media consolidation Halti free cash flow.\n 31 RMB15,552 million RMB7,173 million 30 September. M&A consolidation Halti free cash flow.\n fourth quarter 2019 free cash flow RMB37,896 million. operating RMB50,604 million offset capital expenditure RMB12,708 million.\n 31 December 30 September\n millions\n Cash equivalents 132,991 145,607\n Term deposits 72,270 54,499\n Borrowings (126,952) (112,148\n Notes payable (93,861) (95,131\n Net debt (15,552) (7,173)\n stakes companies 419,818 352,656" +} +{ + "_id": "d1b39b79a", + "title": "", + "text": "Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)  10. EARNINGS PER SHARE\nBasic earnings per share is calculated on the basis of weighted average outstanding shares of common stock. Diluted earnings per share is computed on the basis of basic weighted average outstanding shares of common stock adjusted for the dilutive effect of stock options, restricted stock unit awards, and other dilutive securities. During the second quarter of fiscal 2019, we issued 77.5 million shares of our common stock out of treasury to the former shareholders of Pinnacle pursuant to the terms of the Merger Agreement. In addition, we issued 16.3 million shares of our common stock, par value $5.00 per share, in an underwritten public offering in connection with the financing of the Pinnacle acquisition, with net proceeds of $555.7 million (see Note 2).\nThe following table reconciles the income and average share amounts used to compute both basic and diluted earnings per share:\nFor fiscal 2019, 2018, and 2017, there were 2.0 million, 1.3 million, and 0.8 million stock options outstanding, respectively, that were excluded from the computation of diluted weighted average shares because the effect was antidilutive.\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------------------------------------------------------------------- | ------ | ------ | ------\nNet income available to Conagra Brands, Inc. common stockholders: | | | \nIncome from continuing operations attributable to Conagra Brands, Inc. common stockholders | $680.2 | $794.1 | $544.1\nIncome (loss) from discontinued operations, net of tax, attributable to Conagra Brands, Inc. common stockholders | (1.9) | 14.3 | 95.2 \nNet income attributable to Conagra Brands, Inc. common stockholders | $678.3 | $808.4 | $639.3\nLess: Increase in redemption value of noncontrolling interests in excess of earnings allocated | — | — | 0.8 \nNet income available to Conagra Brands, Inc. common stockholders | $678.3 | $808.4 | $638.5\nWeighted average shares outstanding: | | | \nBasic weighted average shares outstanding | 444.0 | 403.9 | 431.9 \nAdd: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities | 1.6 | 3.5 | 4.1 \nDiluted weighted average shares outstanding | 445.6 | 407.4 | 436.0 \n\nConsolidated Financial Statements Fiscal Years Ended May 26, 2019 2018 28, 2017 millions share amounts. EARNINGS PER SHARE\n Basic calculated weighted average shares. Diluted earnings adjusted dilutive effect stock options restricted stock unit awards dilutive securities. quarter 2019 issued 77. 5 million shares common stock former shareholders Pinnacle Merger Agreement. issued 16. 3 million shares $5. 00 per share underwritten public offering Pinnacle acquisition net proceeds $555. 7 million.\n table reconciles income average share amounts basic diluted earnings share\n 2019 2018 2017. million stock options excluded diluted shares antidilutive.\n Net income Conagra Brands. common stockholders\n Income continuing operations. $680. $794. $544.\n Income discontinued operations net tax.\n. $678. $808. $639.\nIncrease redemption value noncontrolling interests earnings.\n income Conagra Brands. stockholders $678. $808. $638.\n average shares\n 444. 403. 431.\n Dilutive effect stock options stock awards dilutive securities. 3. 4.\n Diluted 445. 407." +} +{ + "_id": "d1b3201e4", + "title": "", + "text": "Utilization of the net operating loss and tax credit carry forwards are subject to an annual limitation due to the ownership percentage change limitations provided by the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of the net operating loss before utilization. The Company does not expect the limitation to result in a reduction in the total amount utilizable.\nThe Company is subject to income taxes in the U.S. (federal and state) and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company’s tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite its belief that its tax return positions are fully supportable. The Company adjusts these reserves in light of changing facts and circumstances, such as the outcome of tax audits. The provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate. As of December 31, 2019 and 2018, the Company had $67.0 million and $41.2 million of unrecognized tax benefits, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):\nAt December 31, 2019, the total amount of gross unrecognized tax benefits was $67.0 million, of which $31.9 million would affect the Company’s effective tax rate if recognized. The Company does not have any tax positions as of December 31, 2019 for which it is reasonably possible the total amount of gross unrecognized tax benefits will increase or decrease within the following 12 months. The Company’s policy is to record interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2019 and 2018, respectively, the Company has accrued $5.2 million and $3.1 million related to interest and penalties, respectively.\nThe material jurisdictions in which the Company is subject to potential examination include the United States and Ireland. The Company believes that adequate amounts have been reserved for these jurisdictions. For the United States, the Company is currently under examination by the Internal Revenue Service (\"IRS\") for fiscal 2015 to 2017. For state and non-U.S. tax returns, the Company is generally no longer subject to tax examinations for years prior to 2014.\n\n | | December 31, | \n-------------------------------------------------------- | ------- | ------------ | -------\n | 2019 | 2018 | 2017 \nBalance at beginning of year | $41,198 | $29,938 | $35,584\nReductions based on tax positions related to prior year | (207) | (820) | (6,335)\nAdditions based on tax positions related to prior year | 9,562 | 263 | 108 \nAdditions based on tax positions related to current year | 16,517 | 11,860 | 9,289 \nReductions due to tax authorities’ settlements | — | (43) | (8,603)\nReductions due to expiration of statutes of limitation | (45) | — | (105) \nBalance at end of year | $67,025 | $41,198 | $29,938\n\nnet operating loss tax credit carry forwards subject to annual limitation ownership percentage change limitations Internal Revenue Code 1986 state provisions. annual limitation expiration loss before utilization. Company utilizable.\n subject to income taxes U. S. foreign jurisdictions. judgment required tax positions provision income taxes. transactions tax determination uncertain. Company establishes reserves for tax uncertainties. adjusts reserves changing facts circumstances tax audits. provision for income taxes includes impact reserve provisions changes reserves. December 31, 2019 2018 $67. 0 million $41. 2 million unrecognized tax benefits. reconciliation\n December 31, 2019 total gross unrecognized tax benefits $67. 0 million $31. 9 million effective tax rate if recognized. tax positions unrecognized tax benefits increase 12 months. interest penalties tax benefits as income tax expense. accrued $5. 2 million $3. 1 million interest penalties.\n jurisdictions potential examination include United States Ireland.Company believes amounts reserved jurisdictions. examination Internal Revenue Service 2015 2017. non. subject tax examinations 2014.\n December 31,\n 2019 2018 2017\n Balance year $41,198 $29,938 $35,584\n Reductions tax positions prior year (207) (6,335)\n Additions\n current year 16,517 11,860 9,289\n Reductions tax settlements (8,603)\n Reductions expiration statutes limitation\n Balance end year $67,025 $41,198 $29,938" +} +{ + "_id": "d1b35b096", + "title": "", + "text": "Cost of Services Cost of services decreased $204 million, or 1.9%, during 2019 compared to 2018, primarily due to lower access costs resulting from a decline in voice connections, as well as lower employee-related costs associated with the lower headcount resulting from the Voluntary Separation Program, offset by an increase in regulatory fees.\nCost of Wireless Equipment Cost of wireless equipment increased $173 million, or 3.8%, during 2019 compared to 2018, primarily driven by a shift to higher priced units in the mix of wireless devices sold and an increase in the number of wireless devices sold.\nSelling, General and Administrative Expense Selling, general and administrative expense increased $499 million, or 6.5%, during 2019 compared to 2018, due to increases in advertising expenses and sales commission expense, which were partially offset by decreases in employee-related costs resulting from the Voluntary Separation Program. The increase in sales commission expense was primarily due to a lower net deferral of commission costs in 2019 as compared to 2018 as a result of the adoption of Topic 606 on January 1, 2018 using a modified retrospective approach.\nDepreciation and Amortization Expense Depreciation and amortization expense decreased $153 million, or 3.6%, during 2019 compared to 2018, driven by the change in the mix of total Verizon depreciable assets and Business’s usage of those assets.\n\n | | | (dollars in millions) Increase/ (Decrease) | \n-------------------------------------------- | -------- | -------- | ------------------------------------------ | ------\nYears Ended December 31, | 2019 | 2018 | 2019 vs. 2018 | \nCost of services | $10,655 | $10,859 | $(204) | (1.9)%\nCost of wireless equipment | 4,733 | 4,560 | 173 | 3.8 \nSelling, general and administrative expense | 8,188 | 7,689 | 499 | 6.5 \nDepreciation and amortization expense | 4,105 | 4,258 | (153) | (3.6) \nTotal Operating Expenses | $ 27,681 | $ 27,366 | $ 315 | 1.2 \n\nServices decreased $204 million 1. 9% 2019 2018 due to lower access costs voice connections employee-related costs Voluntary Separation Program offset regulatory fees.\n Cost Wireless Equipment increased $173 million 3. 8% 2019 driven shift higher priced units increase number.\n Selling General Administrative Expense increased $499 million 6. 5% 2019 due advertising sales commission expense offset employee costs Voluntary Separation Program. increase due lower net deferral costs adoption Topic 606 January 1 2018 modified retrospective approach.\n Depreciation Amortization Expense decreased $153 million 3. 6% 2019 Verizon depreciable assets usage.\n December.\n Cost services $10,655 $10,859 $(204).\n wireless equipment 4,733 4,560.\n Selling general administrative expense 8,188 7,689.\n Depreciation amortization expense 4,105 4,258.\nExpenses 27,681 27,366 315." +} +{ + "_id": "d1b37a7a2", + "title": "", + "text": "30. EMPLOYEE BENEFIT PLANS (cont.)\nThe fair value of the plan assets were allocated as follows between the various types of investments:\nPlan assets are valued at the measurement date of December 31 each year.\nThe investments are made in accordance with the Statement of Investment Policies and Procedures. The Statement of Investment Policies and Procedures is reviewed on an annual basis by the Management Level Pension Fund Investment Committee with approval of the policy being provided by the Audit Committee.\n\nAs at December 31, | 2019 | 2018 \n---------------------------------------- | ----- | -----\nEquity securities | | \nCanada | 22.3% | 20.8%\nUnited States | 19.8% | 12.7%\nInternational (other than United States) | 14.1% | 18.1%\nFixed income instruments | | \nCanada | 41.2% | 45.7%\nCash and cash equivalents | | \nCanada | 2.6% | 2.7% \n\n. EMPLOYEE BENEFIT PLANS.\n assets allocated investments\n valued December 31 year.\n investments Statement Investment Policies Procedures. reviewed Management Pension Fund Investment Committee Audit Committee.\n December\n Equity securities\n 22. 3% 20. 8%\n 19. 12. 7%\n International 14. 1% 18. 1%\n Fixed income instruments\n 41. 2% 45. 7%\n Cash equivalents\n 2. 6%." +} +{ + "_id": "d1b2ec812", + "title": "", + "text": "Key Operating Metrics and Non-GAAP Financial Measures\nWe collect and analyze operating and financial data to evaluate the health of our business, allocate our\n\nresources, and assess our performance. In addition to revenue, net loss, and other results under  generally accepted accounting principles (GAAP), the following table sets forth key operating metrics and non-GAAP financial measures we use to evaluate our business. We believe these metrics and measures are useful to facilitate period-to-period comparisons of our business, and to facilitate comparisons of our performance to that of other payment processors. Each of these metrics and measures excludes the effect of our processing agreement with Starbucks which transitioned to another payments solutions provider in the fourth quarter of 2016. As we do not expect transactions with Starbucks to recur, we believe it is useful to exclude Starbucks activity to clearly show the impact Starbucks has had on our financial results historically. Our agreements with other sellers generally provide both those sellers and us the unilateral right to terminate such agreements at any time, without fine or\n\npenalty.\nGross Payment Volume (GPV)\nWe define GPV as the total dollar amount of all card payments processed by sellers using Square, net of refunds. Additionally, GPV includes Cash App activity related to peer-to-peer payments sent from a credit card and Cash for Business. As described above, GPV excludes card payments processed for Starbucks\nAdjusted Revenue\nAdjusted Revenue is a non-GAAP financial measure that we define as our total net revenue less transaction-based costs and bitcoin costs, and we add back the impact of the acquired deferred revenue adjustment, which was written down to fair value in purchase. This measure is also adjusted to eliminate the effect of activity with Starbucks, which ceased using our payments solutions altogether in the fourth quarter of 2016, and we believe that providing Adjusted Revenue metrics that exclude the impact of our agreement with Starbucks is useful to investors.\n\n | | | Year Ended December 31, | | \n--------------------------------------- | ---------- | -------- | ------------------------------------------------- | --------- | ---------\n | 2018 | 2017 | 2016 | 2015 | 2014 \n | | | (in thousands, except for GPV and per share data) | | \nGross Payment Volume (GPV)(in millions) | $84,654 | $65,343 | $49,683 | $35,643 | $23,780 \nAdjusted Revenue | $1,587,641 | $983,963 | $686,618 | $452,168 | $276,310 \nAdjusted EBITDA | $256,523 | $139,009 | $44,887 | $(41,115) | $(67,741)\nAdjusted Net Income (Loss) Per Share: | | | | | \nBasic | $0.55 | $0.30 | $0.04 | $(0.39) | $(0.62) \nDiluted | $0.47 | $0.27 | $0.04 | $(0.39) | $(0.62) \n\nOperating Metrics Non-GAAP Financial Measures\n collect analyze operating financial data evaluate health business allocate\n resources assess performance. revenue net loss results table key operating metrics non-GAAP financial measures business. comparisons comparisons performance other payment processors. effect processing agreement Starbucks transitioned payments 2016. transactions Starbucks exclude Starbucks activity impact financial results. agreements sellers provide right terminate without fine\n penalty.\n Gross Payment Volume (GPV)\n total amount card payments Square net refunds. includes Cash App activity peer-to-peer payments Cash for Business. excludes card payments Starbucks\n Adjusted Revenue\n non-GAAP financial measure total net revenue less transaction-based costs bitcoin costs impact acquired deferred revenue adjustment written fair value. effect activity Starbucks ceased using payments solutions quarter 2016, Adjusted Revenue metrics exclude impact agreement Starbucks useful to investors.\n Year Ended December 31,\n2018 2017 2016 2015 2014\n GPV\n Gross Payment Volume $84,654 $65,343 $49,683 $35,643 $23,780\n Adjusted Revenue $1,587,641 $983,963 $686,618 $452,168 $276,310\n Adjusted EBITDA $256,523 $139,009 $44,887(41,115 $(67,741)\n Net Income Per Share\n.\n." +} +{ + "_id": "d1b3bcea4", + "title": "", + "text": "Assumptions\nWeighted average actuarial assumptions used to determine costs for the plans for each period were as follows:\nThe weighted-average expected long-term rate of return for the plan assets is 3.3%. The weighted-average expected longterm rate of return on plan assets is based on the interest rates guaranteed under the insurance contracts, and the expected rate of return appropriate for each category of assets weighted for the distribution within the diversified investment fund. The assumptions used for the plans are based upon customary rates and practices for the location of the plans. Factors such as asset class allocations, long-term rates of return (actual and expected), and results of periodic asset liability modeling studies are considered when constructing the long-term rate of return assumption for our defined benefit pension plans.\n\n | | Fiscal Year Ended January 31, | \n------------------------------------------------ | ---- | ----------------------------- | ----\n | 2019 | 2018 | 2017\nDiscount rate | 2.5% | 2.4% | 3.2%\nExpected long-term rate of return on plan assets | 3.3% | 3.3% | 4.3%\nRate of compensation increase | 2.3% | 2.3% | 2.2%\n\n\n assumptions costs plans\n expected long-term rate return assets 3. 3%. based interest rates insurance contracts rate return category investment fund. assumptions based customary rates practices location. class allocations long-term rates return liability modeling studies considered long rate return defined benefit pension plans.\n Fiscal Year Ended January 31,\n Discount rate 2. 5% 2. 4% 3. 2%\n Expected long-term rate return assets 3. 3%. 4.\n Rate compensation increase 2. 3%. 3%." +} +{ + "_id": "d1a7187f2", + "title": "", + "text": "Golden Ridge\nIn November 2018, we acquired substantially all of the assets comprising the business of Golden Ridge Rice Mills, LLC, now conducting business as Golden Ridge Rice Mills, Inc. (Golden Ridge). The primary activity of the business is the operation of a rice mill in Wynne, Arkansas. We acquired the business as part of our strategy to vertically integrate in order to leverage our proprietary technologies for producing SRB and derivative products. The acquisition has been accounted for as a business combination. The results of Golden Ridge’s operations are included in our consolidated financial statements beginning November 28, 2018. In 2018, we incurred $0.1 million of Golden Ridge acquisition-related costs which are included in selling, general and administrative expenses.\nThe purchase price for Golden Ridge was subject to adjustment if the estimated working capital with respect to the assets purchased and the liabilities assumed at the time of closing was different than the actual closing working capital, as defined in the purchase agreement. We revised our preliminary estimate of the working capital adjustment as indicated in the table below. The following table summarizes the purchase price allocation as of closing and as revised (in thousands, except share and per share amounts).\nThe 1,666,667 shares issued at closing of our purchase of Golden Ridge included 380,952 shares that were deposited in an escrow account to be used to satisfy any indemnification obligations of the seller that may arise. As of December 31, 2018, the 380,952 shares remained in escrow. In July 2019, we reached an agreement to settle the $0.6 million working capital adjustment receivable and other claims with the sellers of Golden Ridge. As a result, (i) 340,000 shares of common stock held in the escrow account ($1.0 million fair value as of both the settlement date and the November 28, 2018, acquisition date) were returned to us and retired, (ii) the remaining $0.4 million note payable we owed to a seller was cancelled and (iii) certain open grain purchase contracts with entities related to a seller were terminated. We recorded a gain on the noncash settlement of $0.8 million in the third quarter of 2019, which is included in other income. In connection with the foregoing, a settlement agreement was entered into among the parties. All shares of common stock were distributed and the escrow agreement was terminated.\n\n | Estimated at Acquisition and as of December 31, 2018 | Adjustments | Final as of December 31, 2019\n------------------------------------------------------------------------------ | ---------------------------------------------------- | -------------------------- | -----------------------------\n1,666,667 shares of common stock, at fair value of $3.00 per share at closing | $ 5,000 | $ - | $ 5,000 \nGolden Ridge financial liabilities paid for the seller | 2,661 | - | 2,661 \nCash | 250 | - | 250 \nNote payable to seller | 609 | - | 609 \nWorking capital adjustment to purchase price | (1,147) | 584 | (563) \nTotal fair value of consideration transferred | 7,373 | 584 | 7,957 \nCash | 409 | (63) | 346 \nAccounts receivable | 1,587 | 87 | 1,674 \nInventories | 103 | - | 103 \nProperty and equipment | 5,092 | - | 5,092 \nAccounts payable | (222) | 110 | (112) \nCommodities payable | (2,559) | 432 | (2,127) \nAccrued liabilities | (12) | 12 | - \nLease liabilities | (104) | - | (104) \nEquipment notes payable | (99) | 6 | (93) \nNet recognized amounts of identifiable assets acquired and liabilities assumed | 4,195 | 584 | 4,779 \nGoodwill | $ 3,178 | $ - | $ 3,178 \n\nGolden Ridge\n November 2018 acquired assets Golden Ridge Rice Mills, LLC Golden Ridge Rice Mills, Inc. primary rice mill Wynne Arkansas. acquired leverage proprietary technologies SRB derivative products. acquisition accounted business combination. results operations included consolidated financial statements November 28, 2018. incurred $0. 1 million-related costs selling general administrative expenses.\n purchase price Golden Ridge adjustment estimated working capital different. revised preliminary estimate capital adjustment. purchase price allocation revised.\n 1,666,667 shares issued Golden Ridge included 380,952 shares deposited escrow indemnification obligations. December 31, 2018 380,952 shares remained escrow. July 2019 settle $0. 6 million working capital adjustment receivable claims sellers Golden Ridge. 340,000 shares common stock escrow$1. 0 million returned retired remaining $0. 4 million note payable cancelled open grain purchase contracts terminated.recorded gain noncash settlement. 8 million third quarter 2019 included income. settlement agreement entered. shares common stock distributed escrow agreement terminated.\n Estimated Acquisition December 31, 2018 Final December 31, 2019\n 1,666,667 shares common stock value $3. 00 per share closing $ 5,000\n Golden Ridge financial liabilities seller 2,661\n Cash 250\n Note payable seller 609\n Working capital adjustment purchase price (1,147\n value transferred 7,373\n Accounts receivable\n Inventories\n Property equipment 5,092\n Accounts payable\n Commodities payable\n Accrued liabilities\n Lease liabilities (104)\n Equipment notes payable\n assets acquired liabilities assumed 4,195\n Goodwill $ 3,178" +} +{ + "_id": "d1a720a88", + "title": "", + "text": "Restricted Stock Units\nA summary of the RSU transactions for the year ended December 31, 2019 are as follows (number of shares in millions):\nDuring 2019, the Company awarded 2.6 million RSUs to certain officers and employees of the Company that vest upon the achievement of certain performance criteria and market conditions. The number of units expected to vest is evaluated each reporting period and compensation expense is recognized for those units for which achievement of the performance criteria is considered probable. Compensation expense for RSUs with market conditions are recognized based on the grant date fair value irrespective of the achievement of the condition.\nAs of December 31, 2019, unrecognized compensation expense, net of estimated forfeitures related to non-vested RSUs granted under the Amended and Restated SIP with service, performance and market conditions, was $60.9 million, $10.1 million and $3.9 million, respectively.\nFor RSUs with time-based service conditions, expense is being recognized over the vesting period; for RSUs with performance criteria, expense is recognized over the period during which the performance criteria is expected to be achieved; for RSUs with market conditions expense is recognized over the period in which the condition is assessed irrespective of whether it would be achieved or not.\nUnrecognized compensation cost related to awards with certain performance criteria that are not expected to be achieved is not included here. Total compensation expense related to performance-based, service-based, and market-based RSUs was $69.8 million for the year ended December 31, 2019, which included $48.4 million for RSUs with time-based service conditions that were granted in 2019 and prior that are expected to vest.\n\n | Number of Shares | Weighted-Average Grant\nDate Fair Value\n--------------------------------------------- | ---------------- | --------------------------------------\nNonvested shares of RSUs at December 31, 2018 | 8.6 | $16.59 \nGranted | 5.4 | 21.64 \nAchieved | 0.2 | 24.46 \nReleased | (4.8) | 14.41 \nCanceled | (0.5) | 19.74 \nNonvested shares of RSUs at December 31, 2019 | 8.9 | 20.84 \n\nRestricted Stock Units\n RSU transactions December 31, 2019\n 2019 Company awarded 2. 6 million RSUs officers employees performance criteria market conditions. units expected vest evaluated compensation expense recognized performance probable. RSUs market conditions recognized grant date fair value.\n December 31, 2019 unrecognized compensation expense non RSUs SIP market conditions $60. 9 million $10. 1 million $3. 9 million.\n RSUs time-based service conditions expense recognized vesting period performance criteria market conditions.\n Unrecognized compensation cost performance criteria not included. Total compensation expense performance-based market RSUs $69. 8 million December 31, 2019 $48. 4 million RSUs time-based service conditions 2019 expected vest.\n Shares Weighted-Average Grant\n Date Fair Value\n Nonvested shares RSUs December 31, 2018 8. 59\n Granted. 64\n Achieved. 46\n Released.\nCanceled.\n Nonvested shares RSUs December 31, 2019." +} +{ + "_id": "d1b390b6a", + "title": "", + "text": "Selected Quarterly Financial Data (Unaudited)\nSelected quarterly financial data is as follows (in millions, except per share amounts):\n(1) In the quarter ended January 26, 2018, our provision for income taxes included significant charges attributable to United States tax reform.\n(2) The quarters of fiscal 2018 have been adjusted for our retrospective adoption of the new accounting standard Revenue from Contracts with Customers (ASC 606).\n\n | | | Quarter Ended (2) | \n------------------------------------ | ------------- | ---------------- | ----------------- | --------------\n | July 28, 2017 | October 27, 2017 | January 26, 2018 | April 27, 2018\nNet revenues | $ 1,321 | $ 1,415 | $ 1,539 | $ 1,644 \nGross profit | $ 824 | $ 900 | $ 956 | $ 1,029 \nProvision for income taxes (1) | $ 14 | $ 48 | $ 983 | $ 38 \nNet income (loss) | $ 131 | $ 174 | $(479 ) | $ 290 \nNet income (loss) per share, basic | $ 0.49 | $ 0.65 | $(1.79 ) | $ 1.09 \nNet income (loss) per share, diluted | $ 0.47 | $ 0.63 | $(1.79 ) | $ 1.06 \n\nQuarterly Financial Data\n quarter January 26, 2018 income taxes charges tax reform.\n quarters 2018 adjusted new accounting standard Revenue Contracts Customers (ASC 606).\n July 28, 2017 October 27, 2017 January 26, 2018 April 27, 2018\n Net revenues $ 1,321 $ 1,415 $ 1,539 $ 1,644\n Gross profit $ 824 $ 900 $ 956 $ 1,029\n Provision income taxes $ 14 $ 48 $ 983 $\n Net income (loss $ 131 $ 174\n share.\n diluted." +} +{ + "_id": "d1b34f3a4", + "title": "", + "text": "The following table details the Company’s sales by operating segment for fiscal years ended September 30, 2019 and 2018. The Company’s sales by geographic area based on the location of where the products were shipped or services rendered are as follows:\nSubstantially all Americas amounts are United States.\n\n2019 | Americas | Europe | Asia | Total | % of total\n---------- | -------- | ---------------------- | ------ | ------- | ----------\n | | (Amounts in thousands) | | | \nTS | $67,728 | $3,285 | $646 | $71,159 | 90% \nHPP | 5,294 | 771 | 1,837 | 7,902 | 10% \nTotal | $72,522 | $4,056 | $2,483 | $79,061 | 100% \n% of total | 92% | 5% | 3% | 100% | \n2018 | | | | | \nTS | $52,034 | $9,059 | $1,344 | $62,437 | 86% \nHPP | 8,424 | 1,266 | 789 | 10,479 | 14% \nTotal | $60,458 | $10,325 | $2,133 | $72,916 | 100% \n% of total | 83% | 14% | 3% | 100% | \n\ntable details sales segment 2019 2018. sales geographic area\n Americas amounts United States.\n Europe Asia %\n thousands\n $67,728 $3,285 $646 $71,159 90%\n 5,294 771 1,837 10%\n $72,522 $4,056 $2,483 $79,061 100%\n $52,034 $9,059 $1,344 $62,437 86%\n 8,424 1,266 789 10,479 14%\n $60,458 $10,325 $2,133 $72,916 \n" +} +{ + "_id": "d1b35e8ea", + "title": "", + "text": "The Company has adopted five share option schemes, namely, the Pre-IPO Option Scheme, the Post-IPO Option Scheme I, the Post-IPO Option Scheme II, the Post-IPO Option Scheme III and the Post-IPO Option Scheme IV. The Pre-IPO Option Scheme, the Post-IPO Option Scheme I, the Post-IPO Option Scheme II and the Post-IPO Option Scheme III expired on 31 December 2011, 23 March 2014, 16 May 2017 and 13 May 2019 respectively.\nAs at 31 December 2019, there were a total of 20,722,380 outstanding share options granted to a director of the Company, details of which are as follows:\n1. For options granted with exercisable date determined based on the grant date of options, the first 20% of the total options can be exercised 1 year after the grant date, and each 20% of the total options will become exercisable in each subsequent year.\n2. For options granted with exercisable date determined based on the grant date of options, the first 25% of the total options can be exercised 1 year after the grant date, and each 25% of the total options will become exercisable in each subsequent year.\n3. The closing price immediately before the date on which the options were granted on 4 April 2019 was HKD378.\n4. No options were cancelled or lapsed during the year.\n\n | | | Number of share options | | | | \n------------------- | ------------- | -------------------- | ----------------------- | ------------------------- | ---------------------- | -------------- | ---------------------------------------\nName of director | Date of grant | As at 1 January 2019 | Granted during the year | Exercised during the year | As at 31 December 2019 | Exercise price | Exercise period \n | | | | | | HKD | \nLau Chi Ping Martin | 25 March 2014 | 5,000,000 | - | - | 5,000,000 | 114.52 | 25 March 2015 to 24 March 2021 (Note 2)\n | 21 March 2016 | 3,750,000 | - | - | 3,750,000 | 158.10 | 21 March 2017 to 20 March 2023 (Note 2)\n | 24 March 2017 | 5,250,000 | - | - | 5,250,000 | 225.44 | 24 March 2018 to 23 March 2024 (Note 2)\n | 9 April 2018 | 3,215,800 | - | - | 3,215,800 | 410.00 | 9 April 2019 to 8 April 2025 (Note 2) \n | 4 April 2019 | - | 3,506,580 (Note 3) | - | 3,506,580 | 376.00 | 4 April 2020 to 3 April 2026 (Note 2) \n | Total: | 17,215,800 | 3,506,580 | - | 20,722,380 | | \n\nCompany adopted five share option schemes Pre-IPO Post-IPO I II III IV. expired 31 December 2011, 23 March 2014, 16 May 2017 13 May 2019.\n As at 31 December 2019 20,722,380 outstanding share options granted to director\n. options exercisable date first 20% exercised 1 year after grant each subsequent year.\n. first 25% exercised 1 year after each subsequent year.\n. closing price before options 4 April 2019 HKD378.\n. No options cancelled or lapsed year.\n Number of share options\n Name of director Date of grant at 1 January 2019 Granted Exercised year As at 31 December 2019 Exercise price Exercise period\n Lau Chi Ping Martin 25 March 2014 5,000,000 . 25 March 2015 to 24 March 2021\n 21 March 2016 3,750,000. 21 March 2017 to 20 March 2023\n24 March 2017 5,250,000. 24 March March 2024\n 9 April 2018 3,215,800. 9 April 2019 April 2025\n 4 April 2019 3,506,580. 4 April 2020 April 2026\n 17,215,800 3,506,580 20,722,380" +} +{ + "_id": "d1b30e246", + "title": "", + "text": "The aggregate cash payments required to be paid on or about the closing date were funded with the proceeds of $7.945 billion of term loans and $400 million of funds borrowed under our revolving credit facility together with other available funds, which included $1.825 billion borrowed from Level 3 Parent, LLC. For additional information regarding CenturyLink’s financing of the Level 3 acquisition see Note 7—Long-Term Debt and Credit Facilities.\nWe recognized the assets and liabilities of Level 3 based on the fair value of the acquired tangible and intangible assets and assumed liabilities of Level 3 as of November 1, 2017, the consummation date of the acquisition, with the excess aggregate consideration recorded as goodwill. The estimation of such fair values and the estimation of lives of depreciable tangible assets and amortizable intangible assets required significant judgment. We completed our final fair value determination during the fourth quarter of 2018, which differed from those reflected in our consolidated financial statements at December 31, 2017.\nIn connection with receiving approval from the U.S. Department of Justice to complete the Level 3 acquisition we agreed to divest certain Level 3 network assets. All of those assets were sold by December 31, 2018. The proceeds from these sales were included in the proceeds from sale of property, plant and equipment in our consolidated statements of cash flows. No gain or loss was recognized with these transactions.\nAs of October 31, 2018, the aggregate consideration exceeded the aggregate estimated fair value of the acquired assets and assumed liabilities by $11.2 billion, which we have recognized as goodwill. The goodwill is attributable to strategic benefits, including enhanced financial and operational scale, market diversification and leveraged combined networks that we expect to realize. None of the goodwill associated with this acquisition is deductible for income tax purposes.\nThe following is our assignment of the aggregate consideration:\n(1) Includes accounts receivable, which had a gross contractual value of $884 million on November 1, 2017 and October 31, 2018.\n(2) The weighted-average amortization period for the acquired intangible assets is approximately 12.0 years.\nOn the acquisition date, we assumed Level 3’s contingencies. For more information on our contingencies, see Note 19—Commitments, Contingencies and Other Items.\n\n | Adjusted November 1, 2017 Balance as of December 31, 2017 | Purchase Price Adjustments | Adjusted November 1, 2017 Balance as of October 31, 2018\n------------------------------------------------------------------- | --------------------------------------------------------- | -------------------------- | --------------------------------------------------------\n | | (Dollars in millions) | \nCash,accounts receivable and other current assets(1) | $3,317 | (26) | 3,291 \nProperty, plant and equipment | 9,311 | 157 | 9,468 \nIdentifiable intangible assets(2) | | | \nCustomer relationships | 8,964 | (533) | 8,431 \nOther | 391 | (13) | 378 \nOther non current assets | 782 | 216 | 998 \nCurrent liabilities, excluding current maturities of long-term debt | (1,461) | (32) | (1,493) \nCurrent maturities of long-term debt | (7) | — | (7) \nLong-term debt | (10,888) | — | (10,888) \nDeferred revenue and other liabilities | (1,629) | (114) | (1,743) \nGoodwill | 10,837 | 340 | 11,177 \nTotal estimated aggregate consideration | $19,617 | (5) | 19,612 \n\ncash payments closing funded $7. 945 billion loans $400 million funds borrowed revolving credit facility $1. 825 billion Level 3 Parent. financing Level 3 acquisition Note 7—Long-Term Debt Credit Facilities.\n recognized assets liabilities Level 3 November 1, 2017 excess goodwill. estimation judgment. final fair value determination fourth quarter 2018 differed consolidated financial statements December 31, 2017.\n approval. Department Justice Level 3 assets. sold by December 31, 2018. proceeds. No gain loss recognized.\n October 31, 2018 aggregate consideration exceeded estimated fair value acquired assets liabilities $11. 2 billion recognized goodwill. strategic benefits enhanced financial operational scale market diversification leveraged networks. goodwill deductible income tax.\n aggregate consideration\n Includes accounts receivable value $884 million November 1, 2017 October 31, 2018.\n weighted-average amortization period acquired intangible assets 12. years.\nacquisition assumed Level contingencies. Note 19—Commitments Contingencies Items.\n Adjusted November 1, 2017 Balance December 31, 2017 Purchase Price Adjustments Adjusted November 1 2017 Balance October 31, 2018\n millions\n Cash receivable current $3,317 3,291\n Property plant equipment 9,311\n intangible\n Customer relationships,431\n non current assets\n Current liabilities long-term debt (1,461)\n maturities long-term debt\n (10,888\n Deferred revenue liabilities (1,629)\n Goodwill 10,837,177\n estimated consideration $19,617" +} +{ + "_id": "d1b319556", + "title": "", + "text": "Fiscal 2018 Acquisitions\nAllocation of the purchase consideration for acquisitions completed in fiscal 2018 is summarized as follows (in millions):\nOn July 31, 2017, we completed our acquisition of privately held Viptela Inc. (“Viptela”), a provider of software-defined wide area networking products. Revenue from the Viptela acquisition has been included in our Infrastructure Platforms product category.\nOn September 22, 2017, we completed our acquisition of privately held Springpath, Inc. (“Springpath”), a hyperconvergence software company. Revenue from the Springpath acquisition has been included in our Infrastructure Platforms product category.\nOn February 1, 2018, we completed our acquisition of publicly held BroadSoft, Inc. (“BroadSoft”), a cloud calling and contact center solutions company. Revenue from the BroadSoft acquisition has been included in our Applications product category.\nOn May 10, 2018, we completed our acquisition of privately held Accompany, a provider of an AI-driven relationship intelligence platform. Results from the Accompany acquisition has been included in our Applications product category.\nThe total purchase consideration related to our acquisitions completed during fiscal 2018 consisted of cash consideration and vested share-based awards assumed. The total cash and cash equivalents acquired from these acquisitions was approximately $187 million.\n\nFiscal 2018 | Purchase Consideration | Net Tangible Assets Acquired (Liabilities Assumed) | Purchased Intangible Assets | Goodwill\n---------------------- | ---------------------- | -------------------------------------------------- | --------------------------- | --------\nViptela | $497 | $(18) | $180 | $335 \nSpringpath | 248 | (11) | 160 | 99 \nBroadSoft | 2,179 | 353 | 430 | 1,396 \nAccompany | 222 | 6 | 55 | 161 \nOthers (four in total) | 72 | 4 | 42 | 26 \nTotal | $3,218 | $334 | $867 | $2,017 \n\nFiscal 2018 Acquisitions\n purchase consideration\n July 31, 2017 Viptela Inc. software networking products. Infrastructure Platforms category.\n September 22, 2017 Springpath. hyperconvergence software company. Infrastructure Platforms category.\n February 1, 2018 BroadSoft. cloud calling contact center solutions. Applications category.\n May 10, 2018 Accompany AI-driven relationship intelligence platform. Applications category.\n purchase consideration cash vested share-based awards. cash equivalents approximately $187 million.\n Fiscal 2018 Purchase Tangible Assets Acquired Purchased Intangible Assets Goodwill\n Viptela $497 $180 $335\n Springpath 248 160\n BroadSoft 2,179 353 430 1,396\n Accompany 222 6 55 161\n Others 72 4 42 26\n $3,218 $334 $867 $2,017" +} +{ + "_id": "d1b2fdfd6", + "title": "", + "text": "The following table reconciles the theoretical corporation tax expense to the reported tax expense using the UK corporation tax rate. The reconciling items represent the impact of rate differentials in tax jurisdictions and the impact of non-taxable benefits and non-deductible expenses arising from differences between the local tax base and the reported Financial Statements.\nThe Group’s taxation strategy is published at www.sophos.com/en-us/medialibrary/PDFs/legal/sophos-group-tax-poli\nThe Group’s taxation strategy is published at www.sophos.com/en-us/medialibrary/PDFs/legal/sophos-group-tax-policyfy19. pdf and is aligned to its business strategy and operational needs. Oversight of taxation is within the remit of the Audit and Risk Committee. The Chief Financial Officer is responsible for tax strategy supported by a global team of tax professionals. Sophos strives for an open and transparent relationship with all revenue authorities and is vigilant in ensuring that the Group complies with current tax legislation. The Group proactively seeks to agree arm’s length pricing with tax authorities to mitigate tax risks of significant cross-border operations. The Group actively engages with policy makers, tax administrators, industry bodies and international institutions to provide informed input on proposed tax measures, so that it and they can understand how those proposals would affect the Group. However, a tax authority may seek adjustment to the filing position adopted by a Group company and it is accepted that interpretation of complex regulations may lead to additional tax being assessed. Uncertain tax positions are monitored regularly and a provision made in the accounts where appropriate.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2\n----------------------------------------------------------------------------------------------------------------- | ------------------------ | --------------------------------------------\n | $M | $M \nProfit / (loss) for the year before taxation | 53.6 | (41.0) \nLoss for the year before taxation multiplied by the standard rate of corporation tax in the UK of 19% (2018: 19%) | 10.2 | (7.7) \nEffects of: | | \nAdjustments in respect of previous years | 0.8 | 7.1 \nChange in tax rate during the year | 1.4 | 3.6 \nExpenses not deductible for tax purposes | 11.8 | 9.4 \nLosses not recognised | (0.9) | – \nHigher tax rates on overseas earnings | 7.7 | 3.8 \nResearch and development and other tax credits | (1.9) | (0.6) \nImpact of US tax reform on deferred tax | – | 5.4 \nOther movements | (2.4) | (1.1) \nCharge for taxation on profit / (loss) for the year | 26.7 | 19.9 \n\ntable reconciles theoretical corporation tax expense reported UK tax rate. reconciling items represent impact rate differentials tax jurisdictions non-taxable benefits non expenses differences local tax base Financial Statements.\n taxation strategy published.\n. aligned business strategy operational needs. Oversight taxation Audit and Risk Committee. Chief Financial Officer tax strategy tax professionals. strives open transparent relationship revenue authorities tax legislation. pricing tax authorities mitigate risks cross-border. engages with policy tax administrators industry bodies international institutions input proposed tax measures. tax authority adjustment filing position complex regulations additional tax. Uncertain tax positions monitored provision made accounts appropriate.\n Year-ended 31 March 2019 31 March 2018\n Profit / (loss year before taxation 53. 6 (41.\n Loss multiplied by standard corporation tax UK 19%.\nEffects\n Adjustments previous years. 7.\n Change tax rate. 3.\n Expenses deductible 11. 9.\n Losses recognised.\n Higher tax rates overseas earnings 7. 3.\n Research tax credits.\n Impact US tax reform deferred tax 5.\n (2.\n taxation profit 26. 19." +} +{ + "_id": "d1b3a12a8", + "title": "", + "text": "This section highlights the Group’s transactions with its related parties, such as its subsidiaries and Key Management Personnel.\nDuring the reporting period and previous reporting periods, Woolworths Group Limited advanced loans to, received and repaid loans from, and provided treasury, accounting, legal, taxation, and administrative services to other entities within the Group.\nEntities within the Group also exchanged goods and services in sale and purchase transactions. All transactions occurred on the basis of normal commercial terms and conditions. Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note.\nAll transactions with directors and Key Management Personnel (including their related parties) were conducted on an arm’s length basis in the ordinary course of business and under normal terms and conditions for customers and employees. Related parties of Key Management Personnel who are employees received normal employee benefits on standard terms and conditions.\nThe total remuneration for Key Management Personnel of the Group is as follows:\nDetails of equity instruments provided as compensation to Key Management Personnel and shares issued on exercise of these instruments, together with the terms and conditions of the instruments, are disclosed in the Remuneration Report.\n\n | 2019 | 2018 \n---------------------------- | ---------- | ----------\n | $ | $ \nShort-term employee benefits | 12,175,184 | 14,217,931\nPost employment benefits | 322,733 | 297,319 \nOther long-term benefits | 161,569 | 139,776 \nShare-based payments | 9,177,425 | 6,594,300 \n | 21,836,911 | 21,249,326\n\nsection highlights transactions with subsidiaries Key Management Personnel.\n Woolworths Group advanced repaid provided treasury accounting legal taxation administrative services entities.\n exchanged goods services. normal commercial terms conditions. Balances transactions between subsidiaries eliminated consolidation not disclosed.\n transactions with directors Key Management Personnel conducted arm’s length normal terms conditions. received benefits.\n total remuneration Key Management Personnel\n equity instruments compensation shares issued terms conditions disclosed Remuneration Report.\n Short-term employee benefits 12,175,184 14,217,931\n Post employment benefits 322,733,319\n Other long-term benefits 161,569 139,776\n Share-based payments 9,177,425 6,594,300\n 21,836,911 21,249,326" +} +{ + "_id": "d1b35f9d4", + "title": "", + "text": "6. Inventories\nInventories at April 30, 2019 and 2018, respectively, consisted of the following (in thousands):\nFor the year ended April 30, 2018, the Company recorded a non-cash write-down of approximately $5.6 million of inventory. Inventory write-down resulted from two principal factors: (1) adoption by satellite manufacturers of policies precluding the use of parts and components over ten years old. This policy was unanticipated and resulted in reduced likelihood of FEI being able to use inventory that exceeds that threshold, and (2) changing technology associated with the advanced analog-to-digital converters which enables direct synthesis of certain frequencies for which FEI previously provided frequency conversion technology, reducing the likelihood that some parts and components associated with frequency conversion will be usable. Additionally, the Company’s new inventory reserve policy resulted in a charge of $1.1 million in the fiscal year ended April 30, 2019. Inventory reserves included in inventory were $6.6 million and $5.5 million for the fiscal years ended April 30, 2019 and 2018, respectively.\n\n | 2019 | 2018 \n--------------------------------- | ------- | --------\nRaw Materials and Component Parts | $11,600 | $ 16,206\nWork in Progress | 8,896 | 8,216 \nFinished Goods | 2,860 | 1,764 \n | $23,356 | $ 26,186\n\n. Inventories\n April 30, 2019 2018\n April 30 2018 Company recorded non-cash write-down $5. 6 million inventory. satellite manufacturers policies precluding parts components over ten years old. changing technology analog-to-digital converters synthesis frequencies parts. new inventory reserve policy charge $1. 1 million year April 30 2019. Inventory reserves $6. 6 million $5. 5 million 2019 2018.\n 2018\n Raw Materials Component Parts $11,600 16,206\n Work in Progress 8,896\n Finished Goods 2,860 1,764\n $23,356 $ 26,186" +} +{ + "_id": "d1b35ddaa", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n22. Share-Based Compensation (Continued)\nMovement in RCUs and PCUs\nThe summary of RCUs and PCUs is presented below:\nThe total expense recognized in respect of share-based compensation for the year ended December 31, 2019 was $5,107 (December 31, 2018: $5,216 and December 31, 2017: $4,565). The total accrued cash distribution as of December 31, 2019 is $1,176 (December 31, 2018: $1,265).\n\n | Number of awards | Weighted average contractual life | Aggregate fair value\n----------------------------------- | ---------------- | --------------------------------- | --------------------\nRCUs | | | \nOutstanding as of January 1, 2018 | 67,475 | 1.38 | 1,429 \nGranted during the year | 24,608 | — | 576 \nVested during the year | (16,999) | — | (410) \nOutstanding as of December 31, 2018 | 75,084 | 1.25 | 1,595 \nGranted during the year | 26,308 | — | 605 \nVested during the year | (24,925) | — | (410) \nOutstanding as of December 31, 2019 | 76,467 | 1.26 | 1,790 \nPCUs | | | \nOutstanding as of January 1, 2018 | 67,475 | 1.38 | 1,429 \nGranted during the year | 24,608 | — | 576 \nVested during the year | (16,999) | — | (410) \nOutstanding as of December 31, 2018 | 75,084 | 1.25 | 1,595 \nGranted during the year | 26,308 | — | 605 \nVested during the year | (24,925) | — | (410) \nOutstanding as of December 31, 2019 | 76,467 | 1.26 | 1,790 \n\nGasLog Ltd. Subsidiaries\n consolidated financial statements\n years December 31, 2017 2018 2019\n amounts. Dollars except\n. Share-Based Compensation\n RCUs PCUs\n summary\n total expense share-based compensation December 31, 2019 $5,107 2018: $5,216 2017: $4,565). accrued cash distribution December 2019 $1,176 2018: $1,265.\n awards Weighted average contractual life Aggregate fair value\n RCUs\n Outstanding January 1 2018 67,475 1. 38 1,429\n 24,608 576\n December 31, 2018 75,084. 1,595\n 26,308 605\n December 31, 2019 76,467. 26 1,790\n January 1 2018 67,475 1. 38 1,429\n 24,608 576\n December 31, 75,084. 1,595\n 26,308 605\n December 31, 2019 76,467 1. 26 1,790" +} +{ + "_id": "d1b30fe34", + "title": "", + "text": "Diluted earnings per share. Diluted earnings per share for fiscal 2019 and 2018, as well as information as to the effects of special events that occurred in the indicated periods, as previously discussed and detailed below, were as follows (dollars in millions):\n(1) We believe the non-GAAP presentation of diluted earnings per share excluding special tax items, consisting of those related to Tax Reform and a change in our permanent reinvestment assertions related to undistributed earnings of two foreign subsidiaries, as well as restructuring costs and the one-time employee bonus, provide additional insight over the change from the comparative reporting periods by eliminating the effects of special or unusual items. In addition, the Company believes that its diluted earnings per share, as adjusted, enhances the ability of investors to analyze the Company’s operating performance and supplements, but does not replace, its diluted earnings per share calculated in accordance with U.S. GAAP.\nDiluted earnings per share increased to $3.50 in fiscal 2019 from $0.38 in fiscal 2018 primarily as a result of increased net income due to the factors discussed above and a reduction in diluted shares outstanding due to repurchase activity under the Company's stock repurchase plans.\n\n | 2019 | 2018 \n------------------------------------------------------ | ------ | -----\nDiluted earnings per share, as reported (GAAP) | $3.50 | $0.38\nRestructuring costs, net of tax | 0.05 | — \nU.S. Tax Reform | 0.23 | 2.46 \nAccumulated foreign earnings assertion | (0.35) | \nOne-time employee bonus, net of tax | — | 0.39 \nDiluted earnings per share, as adjusted (non-GAAP) (1) | $3.43 | $3.23\n\nDiluted earnings per share. 2019 2018 effects special events (dollars\n non-GAAP presentation diluted earnings excluding special tax items Tax Reform change permanent reinvestment assertions undistributed earnings foreign subsidiaries restructuring costs one employee bonus insight effects special items. diluted earnings per share analyze operating performance earnings U. GAAP.\n Diluted earnings per share increased to $3. 50 2019 from $0. 38 2018 increased net income reduction diluted shares repurchase activity stock repurchase plans.\n Diluted earnings per share (GAAP $3.\n Restructuring costs net tax.\n. Tax Reform.\n Accumulated foreign earnings assertion.\n One-time employee bonus net tax.\n Diluted earnings per share adjusted (non-GAAP $3." +} +{ + "_id": "d1b33dec4", + "title": "", + "text": "NOTE 5—PROPERTY AND EQUIPMENT, NET\nProperty and equipment, net, consists of the following as of December 31, 2019 and 2018:\nDepreciation for the years ended December 31, 2019 and December 31, 2018 was $870,000 and $704,000, respectively. Cost basis of assets disposed for the years ended December 31, 2019 and December 31, 2018 was $31,000 and $773,000, respectively. The disposals in 2018 were primarily a result of relocating our corporate offices and writing off the fully amortized leasehold improvements related to our former office.\n\n | 2019 | 2018 \n----------------------------------------------- | ------------ | ------------\nCost: | | \nComputers, peripheral and scientific equipment | $1,654,000 | $1,350,000 \nSoftware | 2,131,000 | 1,749,000 \nLeasehold improvements | 310,000 | 294,000 \nOffice furniture and equipment | 424,000 | 391,000 \n | 4,519,000 | 3,784,000 \nLess: Accumulated depreciation and amortization | (2,634,000 ) | (1,797,000 )\nProperty and equipment, net | $ 1,885,000 | $1,987,000 \n\nEQUIPMENT\n December 31, 2019\n Depreciation $870,000 $704,000. Cost $31,000 $773,000. disposals relocating offices writing amortized leasehold improvements.\n Computers equipment $1,654,000 $1,350,000\n Software 2,131,000 1,749,000\n Leasehold improvements 310,000 294,000\n Office furniture equipment 424,000\n 3,784,000\n Accumulated depreciation amortization (2,634,000 (1,797,000\n Property equipment 1,885,000 $1,987,000" +} +{ + "_id": "d1b315d84", + "title": "", + "text": "Other Acquisitions, Divestitures and Investments\nOn June 15, 2018, we acquired all the outstanding minority interests in a third party for $6.9 million. We initially acquired a controlling interest in the third party in April 2015. Therefore, this transaction was treated as an equity transaction, and the cash payment is reported as part of cash flow from financing activities in the consolidated statement of cash flows for the year ended December 31, 2018.\nOn April 2, 2018, we sold substantially all of the assets of the Allscripts’ business providing hospitals and health systems document and other content management software and services generally known as “OneContent” to Hyland Software, Inc., an Ohio corporation (“Hyland”). Allscripts acquired the OneContent business during the fourth quarter of 2017 through the acquisition of the EIS Business (as defined below). Certain assets of Allscripts relating to the OneContent business were excluded from the transaction and retained by Allscripts.\nIn addition, Hyland assumed certain liabilities related to the OneContent business. The total consideration for the OneContent business was $260 million, which was subject to certain adjustments for liabilities assumed by Hyland and net working capital. We realized a pre-tax gain upon sale of $177.9 million which is included in the “Gain on sales of businesses, net” line in our consolidated statements of operations for the year ended December 31, 2018.\nOn March 15, 2018, we contributed certain assets and liabilities of our Strategic Sourcing business unit, acquired as part of the acquisition of the EIS Business in 2017, into a new entity together with $2.7 million of cash as additional consideration. In exchange for our contributions, we obtained a 35.7% interest in the new entity, which was valued at $4.0 million, and is included in Other assets in our consolidated balance sheet as of December 31, 2018.\nThis investment is accounted for under the equity method of accounting. As a result of this transaction, we recognized an initial pre-tax loss of $0.9 million and $4.7 million in additional losses due to measurement period adjustments upon the finalization of carve-out balances, mainly related to accounts receivable. These losses are included on the “Gain on sale of businesses, net” line in our consolidated statements of operations for the year ended December 31, 2018.\nOn February 6, 2018, we acquired all of the common stock of a cloud-based analytics software platform provider for a purchase price of $8.0 million in cash. The allocation of the consideration is as follows: $1.1 million of intangible assets related to technology; $0.6 million to customer relationships; $6.6 million of goodwill; $0.8 million to accounts receivable; deferred revenue of $0.6 million and $0.5 million of long-term deferred income tax liabilities.\nThe allocation was finalized in the fourth quarter of 2018. The acquired intangible asset related to technology will be amortized over 8 years using a method that approximates the pattern of economic benefits to be gained from the intangible asset. The customer relationship was amortized over one year. The goodwill is not deductible for tax purposes. The results of operations of this acquisition were not material to our consolidated financial statements.\nThe following table summarizes our other equity investments which are included in other assets in the accompanying consolidated balance sheets: (1) Allscripts share of the earnings of our equity method investees is reported based on a one quarter lag.\nDuring 2018, we acquired certain non-marketable equity securities of two third parties and entered into a commercial agreement with one of the third parties for total consideration of $11.7 million. During 2018, we also acquired a $1.8 million non-marketable convertible note of a third party. These investments are recorded in the Other asset caption within the consolidated balance sheets.\nIt is not practicable to estimate the fair value of our equity investments primarily because of their illiquidity and restricted marketability as of December 31, 2019. The factors we considered in trying to determine fair value include, but are not limited to, available financial information, the issuer’s ability to meet its current obligations and the issuer’s subsequent or planned raises of capital.\n\n | | | Carrying Value at | \n---------------------------------------------- | ---------------------------------------- | ------------- | ----------------- | -----------------\n(In thousands, except for number of investees) | Number of Investees at December 31, 2019 | Original Cost | December 31, 2019 | December 31, 2018\nEquity method investments (1) | 5 | $ 7,407 | $ 11,332 | $ 10,667 \nCost less impairment | 9 | 43,874 | 32,462 | 25,923 \nTotal long-term equity investments | 14 | $ 51,281 | $ 43,794 | $ 36,590 \n\nAcquisitions Divestitures Investments\n June 15, 2018 acquired minority interests third party $6. 9 million. acquired controlling interest April 2015. transaction equity transaction cash payment cash flow financing December 31, 2018.\n April 2, 2018 sold assets Allscripts’ business Hyland Software Inc. Ohio corporation. acquired OneContent fourth quarter 2017. assets excluded retained Allscripts.\n Hyland assumed liabilities OneContent. total $260 million subject adjustments liabilities capital. pre-tax gain sale $177. 9 million “Gain sales consolidated statements December 31, 2018.\n March 15, 2018 contributed assets liabilities Strategic Sourcing 2017 new entity $2. 7 million cash. obtained 35. 7% interest new entity valued $4. 0 million included assets consolidated balance sheet December 31, 2018.\n accounted equity method accounting. initial pre-tax loss $0. 9 million $4.7 million losses adjustments accounts receivable. included sale businesses statements December 31, 2018.\n February 6, 2018 acquired common stock cloud software $8. 0 million cash. allocation $1. 1 million intangible assets technology $0. 6 million customer relationships $6. 6 million goodwill $0. 8 million accounts receivable deferred revenue $0. 6 million $0. 5 million long-term deferred income tax liabilities.\n finalized fourth quarter 2018. intangible asset amortized 8 years. customer relationship amortized one year. goodwill not deductible tax. results not material financial statements.\n other equity investments quarter.\n acquired non-marketable equity securities commercial agreement $11. 7 million. $1. 8 million non-marketable convertible note third party. Other asset.\n estimate fair value investments illiquidity restricted marketability as December 31, 2019.factors fair value financial information obligations raises capital.\n Carrying Value\n thousands investees December 31, 2019 Original Cost\n Equity investments 5 $ $ 11,332 $ 10,667\n Cost less impairment 9 43,874 32,462 25,923\n long-term equity investments 14 $ 51,281 $ 43,794 $ 36,590" +} +{ + "_id": "d1a735294", + "title": "", + "text": "Employee Stock Purchase Plan\nEligible employees are offered shares through a 24-month offering period, which consists of four consecutive 6-month purchase periods. Employees may purchase a limited number of shares of the Company’s stock at a discount of up to 15% of the lesser of the market value at the beginning of the offering period or the end of each 6-month purchase period. On September 13, 2018, the ESPP was amended to increase the shares reserved for issuance by 2 million shares of common stock. As of April 26, 2019, 7 million shares were available for issuance. The following table summarizes activity related to the purchase rights issued under the ESPP (in millions):\n\n | | Year Ended | \n-------------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nShares issued under the ESPP | 3 | 4 | 4 \nProceeds from issuance of shares | $ 96 | $ 85 | $ 80 \n\nEmployee Stock Purchase Plan\n employees offered shares 24-month period four 6-month periods. purchase limited shares discount 15% market value end. September 13, 2018 ESPP 2 million shares. April 26, 2019 7 million shares available issuance. table summarizes activity purchase rights\n April 26, 2019 27, 2018 April 28, 2017\n Shares issued ESPP\n Proceeds issuance $ 96 $ 85 $ 80" +} +{ + "_id": "d1b3b641e", + "title": "", + "text": "NOTE 7—ACCOUNTS RECEIVABLE\nThe components of accounts receivable are as follows (in thousands):\nAmounts billed include $60.3 million and $80.5 million due on U.S. federal government contracts at September 30, 2019 and 2018, respectively. As further described in Note 2, effective October 1, 2018, the component of accounts receivable that consisted of unbilled contract receivables as reported under ASC 605 has been reclassified as contract assets under ASC 606.\nIn our normal course of business, we may sell trade receivables to financial institutions as a cash management technique. We do not retain financial or legal obligations for these receivables that would result in material losses. Our ongoing involvement is limited to the remittance of customer payments to the financial institutions with respect to the sold trade receivables; therefore, our sold trade receivables are not included in our Consolidated Balance Sheet in any period presented. As of September 30, 2019, we sold $31.1 million of outstanding trade receivables to financial institutions.\n\n | September 30, | \n---------------------------------------- | ------------- | ----------\n | 2019 | 2018 \nAccounts receivable | | \nBilled | $ 127,406 | $ 156,948\nUnbilled | — | 242,877 \nAllowance for doubtful accounts | (1,392) | (1,324) \nTotal accounts receivable | 126,014 | 398,501 \nLess estimated amounts not currently due | — | (6,134) \nCurrent accounts receivable | $ 126,014 | $ 392,367 \n\n7—ACCOUNTS RECEIVABLE\n components\n $60. 3 million $80. 5 million. federal government contracts September 30, 2019 2018. October 1, 2018 unbilled contract receivables ASC 605 reclassified ASC 606.\n sell receivables cash. retain obligations. limited remittance payments sold not included Consolidated Balance Sheet. September 30, 2019 sold $31. 1 million receivables.\n 2019 2018\n Accounts receivable\n Billed $ 127,406 $ 156,948\n Unbilled 242,877\n doubtful accounts (1,392\n Total accounts receivable 126,014 398,501\n estimated amounts not due\n Current accounts receivable $ 126,014 $,367" +} +{ + "_id": "d1b3c160c", + "title": "", + "text": "10. Accrued Liabilities\nAccrued liabilities at April 30, 2019 and 2018, respectively, consisted of the following (in thousands):\n\n | 2019 | 2018 \n------------------------------- | ------ | ------\nVacation and other compensation | $1,659 | $1,433\nIncentive compensation | 346 | 411 \nPayroll taxes | 155 | 113 \nDeferred revenue | - | 68 \nWarranty reserve | 529 | 520 \nCommissions | 378 | 307 \nOther | 504 | 564 \n | $3,571 | $3,416\n\n. Accrued Liabilities\n April 30 2019 2018\n Vacation compensation $1,659 $1,433\n Incentive compensation 411\n Payroll taxes\n Deferred revenue\n Warranty reserve\n Commissions 307\n $3,571 $3,416" +} +{ + "_id": "d1b326936", + "title": "", + "text": "Note 6: Equity Method Investments\nThe following table provides a reconciliation of equity method investments to the Company's Consolidated Balance Sheets (amounts in thousands):\nTOKIN's Joint Ventures - NYC and NTS\nAs noted in Note 2, “Acquisitions,” on April 19, 2017, the Company completed its acquisition of the remaining 66% economic interest in TOKIN and TOKIN became a 100% owned subsidiary of KEMET. TOKIN had two investments at the time of acquisition: NYC and NTS. The Company accounts for both investments using the equity method due to the related nature of operations and the Company's ability to influence management decisions.\nNYC was established in 1966 by TOKIN and Mitsui Mining and Smelting Co., Ltd (“Mitsui”). NYC was established to commercialize yttrium oxides and the Company owns 30% of NYC's stock. The carrying amount of the Company's equity investment in NYC was $8.2 million and $8.1 million as of March 31, 2019 and 2018, respectively.\nNTS was established in 2004 by TOKIN, however subsequent to its formation, TOKIN sold 67% of its stock. NTS provides world-class electronic devices by utilizing global procurement networks and the Company owns 33% of NTS' stock. During the year ended March 31, 2019, a significant portion of NTS' sales were TOKIN’s products. The carrying amount of the Company's equity investment in NTS was $1.2 million and $1.0 million as of March 31, 2019 and 2018, respectively.\n\n | March 31, | \n----------------------------------------------------------------- | --------- | -------\n | 2019 | 2018 \nNippon Yttrium Co., Ltd (\"NYC\") | $8,215 | $8,148 \nNT Sales Co., Ltd (\"NTS\") | 1,218 | 998 \nNovasentis | 977 | 2,870 \nKEMET Jianghai Electronics Components Co., Ltd (“KEMET Jianghai”) | 2,515 | — \n | $12,925 | $12,016\n\nEquity Method Investments\n table equity investments Consolidated Balance Sheets\n TOKIN's Joint Ventures NYC NTS\n April 19, 2017 66% interest TOKIN 100% owned subsidiary KEMET. two investments NYC NTS. accounts investments equity method management decisions.\n NYC established 1966 TOKIN Mitsui Mining Smelting. oxides owns 30% stock. equity investment $8. 2 million $8. 1 million March 31, 2019 2018.\n NTS established 2004 TOKIN sold 67% stock. NTS electronic devices owns 33% stock. March 31, 2019 NTS sales TOKIN’s products. equity investment NTS $1. 2 million $1. 0 million March 31, 2019 2018.\n Nippon Yttrium. $8,215 $8,148\n.\n KEMET Jianghai Electronics Components.\n $12,925 $12,016" +} +{ + "_id": "d1b34b02e", + "title": "", + "text": "The difference between the tax provision at the statutory federal income tax rate and the tax provision as a percentage of income before income taxes (effective tax rate) for each period was as follows:\nThe majority of the increase in our effective tax rate in 2019 compared to 2018 was driven by one-time benefits that occurred in 2018.\nThe majority of the decrease in our effective tax rate in 2018 compared to 2017 resulted from initial tax expense from Tax Reform and the tax impacts from the ISecG divestiture that we had in 2017, but not in 2018. The reduction of the U.S. statutory rate, combined with the net impact of the enactment or repeal of specific tax law provisions through Tax Reform, drove the remaining decrease in our effective tax rate in 2018.\nWe derive the effective tax rate benefit attributed to non-U.S. income taxed at different rates primarily from our operations in China, Hong Kong, Ireland, and Israel. The statutory tax rates in these jurisdictions range from 12.5% to 25.0%. In addition, we are subject to reduced tax rates in China and Israel as long as we conduct certain eligible activities and make certain capital investments. These conditional reduced tax rates expire at various dates through 2026 and we expect to apply for renewals upon expiration.\n\nYears Ended | Dec 28, 2019 | Dec 29, 2018 | Dec 30, 2017\n-------------------------------------------- | ------------ | ------------ | ------------\nStatutory federal income tax rate | 21.0% | 21.0% | 35.0% \nIncrease (reduction) in rate resulting from: | | | \nNon-U.S. income taxed at different rates | (3.7) | (3.6) | (7.6) \nResearch and development tax credits | (2.3) | (2.7) | (2.3) \nDomestic manufacturing deduction benefit | — | — | (1.3) \nForeign derived intangible income benefit | (3.2) | (3.7) | — \nTax Reform | — | (1.3) | 26.8 \nISecG divestiture | — | — | 3.3 \nOther | 0.7 | (0.1) | (1.1) \nEffective tax rate | 12.5% | 9.7% | 52.8% \n\ndifference statutory federal rate income before taxes rate\n majority increase tax rate 2019 2018 driven by one-time benefits 2018.\n decrease 2018 from tax expense Tax Reform impacts ISecG divestiture 2017 not 2018. reduction U. S. statutory rate tax law Tax Reform drove remaining decrease 2018.\n tax rate benefit non-U. S. income from China Hong Kong Ireland Israel. statutory tax rates range 12. 5% to 25. 0%. subject to reduced tax rates China Israel activities capital investments. reduced tax rates expire through 2026 expect apply renewals expiration.\n Dec 28, 2019 Dec 29, 2018 30, 2017\n Statutory federal income tax rate 21.\n Increase rate from\n Non-U. S. income taxed different rates.\n Research development tax credits.\n Domestic manufacturing deduction benefit.\n Foreign derived intangible income benefit.\n Tax Reform.\n ISecG divestiture.\n.\n tax rate 12. 5%." +} +{ + "_id": "d1b32f14e", + "title": "", + "text": "3. Restructuring and Other Charges, Net\nNet restructuring and other charges consisted of the following:\n\n | | | Fiscal\n------------------------------------ | ----- | ------------- | ------\n | 2019 | 2018 | 2017 \n | | (in millions) | \nRestructuring charges, net | $ 255 | $ 140 | $ 146 \nGain on divestiture | — | (2) | — \nOther charges (credits), net | — | (12) | 1 \nRestructuring and other charges, net | $ 255 | $ 126 | $ 147 \n\n. Restructuring Charges\n Fiscal\n 2019 2018 2017\n millions\n Restructuring charges net $ 255 $ 140 $ 146\n Gain divestiture\n Other charges net\n $ 255 $ 126 $ 147" +} +{ + "_id": "d1b35f4b6", + "title": "", + "text": "Note 13. INCOME TAXES\nIn the year ended December 29, 2019, our income tax provision of $26.6 million on a profit before income taxes and equity in earnings (losses) of unconsolidated investees of $26.0 million was primarily due to tax expense in foreign jurisdictions that were profitable. In the year ended December 30, 2018, our income tax provision of $1.0 million on a loss before income taxes and equity in earnings of unconsolidated investees of $898.7 million was primarily due to tax expense in foreign jurisdictions that were profitable, offset by tax benefit related to release of valuation allowance in a foreign jurisdiction, and by a release of tax reserves due to lapse of statutes of limitation.\nThe geographic distribution of income (loss) from continuing operations before income taxes and equity earnings (losses) of unconsolidated investees and the components of provision for income taxes are summarized below:\n\n | | Fiscal Year | \n------------------------------------------------------------------------------------------------------------------------------------------- | ----------------- | ----------------- | -----------------\n(In thousands) | December 29, 2019 | December 30, 2018 | December 31, 2017\nGeographic distribution of income (loss) from continuing operations before income taxes and equity in earnings of unconsolidated investees: | | | \nU.S. loss | $(84,071) | $(778,316) | $(1,242,000) \nNon-U.S. income (loss) | 110,040 | (120,355) | 41,250 \nIncome (loss) before income taxes and equity in earnings (loss) of unconsolidated investees | $25,969 | $(898,671) | $(1,200,750) \nProvision for income taxes: | | | \nCurrent tax (expense) benefit | | | \nFederal | $(328) | $(1,155) | $6,816 \nState | (370) | (553) | 6,575 \nForeign | (24,588) | (4,100) | (12,074) \nTotal current tax (expense) benefit | (25,286) | (5,808) | 1,317 \nDeferred tax (expense) benefit | | | \nFederal | (100) | — | — \nState | — | — | 1,450 \nForeign | (1,245) | 4,798 | 1,177 \nTotal deferred tax (expense) benefit | (1,345) | 4,798 | 2,627 \n(Provision for) benefit from income taxes | (26,631) | $(1,010) | $3,944 \n\n. INCOME TAXES\n December 29, 2019 income tax provision $26. 6 million profit equity earnings $26. 0 million due expense foreign jurisdictions profitable. December 30 2018 income tax provision $1. 0 million loss equity earnings $898. 7 million tax expense foreign jurisdictions offset tax benefit valuation allowance tax reserves statutes limitation.\n geographic distribution income equity earnings\n Fiscal Year\n December 29, 2019 December 30, 2018 December 31, 2017\n distribution\n. loss $(84,071) $(778,316) $(1,242,000)\n Non-U. income 110,040 (120,355),250\n Income taxes equity earnings investees $25,969 $(898,671) $(1,200,750)\n Provision taxes\n tax benefit\n Federal $(328)\n State\n Foreign (24,588 (4 (12,074)\ntax (25,286) (5,808) 1,317\n Deferred tax\n Federal\n 1,450\n Foreign (1,245) 4,798\n deferred tax (1,345 4,798 2,627\n (26,631) $3,944" +} +{ + "_id": "d1b34f6b0", + "title": "", + "text": "Foreign Currency Risk\nThe Group is exposed to translation and transaction foreign exchange risk. Several other currencies in addition to the reporting currency of US dollar are used, including sterling and the euro. The Group experiences currency exchange differences arising upon retranslation of monetary items (primarily short-term inter-Company balances and long-term borrowings), which are recognised as an expense in the period the difference occurs. The Group endeavours to match cash inflows and outflows in the various currencies; the Group typically invoices its customers in their local currency and pays its local expenses in local currency, as a means to mitigate this risk.\nThe Group is also exposed to exchange differences arising from the translation of its subsidiaries’ Financial Statements into the Group’s reporting currency of US dollar, with the corresponding exchange differences taken directly to equity.\nThe following table illustrates the movement that ten per cent in the value of sterling or the euro against the US dollar would have had on the Group’s profit or loss for the period and on the Group’s equity as at the end of the period.\nAny foreign exchange variance would be recognised as unrealised foreign exchange in the Consolidated Statement of Profit or Loss and have no impact on cash flows.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018\n------------------------------------------- | ------------------------ | ------------------------\n | $M | $M \n10% movement in sterling to US dollar value | | \nProfit or loss | 1.7 | 5.1 \nEquity | 33.8 | 37.4 \n10% movement in euro to US dollar value | | \nProfit or loss | 1.5 | 7.5 \nEquity | (9.8) | (10.8) \n\nForeign Currency Risk\n Group exposed to translation transaction foreign exchange risk. other currencies US used including sterling euro. Group experiences currency exchange differences retranslation items short balances long-term recognised as expense. Group cash inflows outflows currencies invoices customers local pays expenses risk.\n exposed to exchange differences translation subsidiaries’ Financial Statements US dollar equity.\n table illustrates movement ten per cent value sterling euro against US dollar profit loss equity.\n foreign exchange variance unrealised Consolidated Statement Profit Loss no impact on cash flows.\n Year-ended 31 March 2019 31 March 2018\n 10% movement sterling to US dollar value\n loss.\n.\n 10% movement euro to US dollar value\n.\n." +} +{ + "_id": "d1b33486a", + "title": "", + "text": "15. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)\nDuring the quarter ended December 31, 2019, we purchased a group annuity contract to transfer the pension benefit obligations and annuity administration for a select group of retirees or their beneficiaries to an annuity provider. As a result of the transfer of the pension liability to the annuity provider and other lump sum payments to participants of the Pension Plans, we recognized a non-cash pension settlement charge of $6.7 million during the quarter ended December 31, 2019.\nIn 2019, we recognized a gain on extinguishment of debt from the partial repurchase of our Senior Notes of $0.3 million, $1.1 million and $3.1 million during the quarters ended June 30, 2019, September 30, 2019, and December 31, 2019, respectively.\nAs part of our integration efforts of FairPoint and continued cost saving initiatives, we incurred severance costs of $8.7 million during the quarter ended December 31, 2019.\n\n | | Quarter Ended | | \n----------------------------------------------------- | --------- | ---------------------------------------- | ------------- | ------------\n2019 | March 31, | June 30, | September 30, | December 31,\n | | (In thousands, except per share amounts) | | \nNet revenues | $338,649 | $333,532 | $333,326 | $331,035 \nOperating income | $16,720 | $14,300 | $23,542 | $26,719 \nNet income (loss) attributable to common stockholders | $(7,265) | $(7,387) | $257 | $(5,988) \nBasic and diluted earnings (loss) per share | $(0.11) | $(0.10) | $— | $(0.08) \n\n. QUARTERLY FINANCIAL INFORMATION\n quarter December 31, 2019 purchased group annuity contract pension benefit obligations administration retirees provider. recognized non pension settlement charge $6. 7 million.\n recognized gain extinguishment debt repurchase Senior Notes $0. 3 million $1. 1 million $3. 1 million June 30 September 30 December 31, 2019.\n incurred severance costs $8. 7 million.\n Quarter Ended\n March 31, June 30 September December 31,\n Net revenues $338,649 $333,532\n Operating income $16,720 $14,300 $23,542\n Net income (loss common stockholders $(7,265) $(7,387) $(5,988)\n Basic diluted earnings (loss) per share." +} +{ + "_id": "d1b340804", + "title": "", + "text": "4. SEGMENT INFORMATION\nDuring the 2019 and 2018 financial years, the Group operated wholly within one business segment being the operation and management of storage centres in Australia and New Zealand.\nThe Managing Director is the Group’s chief operating decision maker and monitors the operating results on a portfolio wide basis. Monthly management reports are evaluated based upon the overall performance of NSR consistent with the presentation within the consolidated financial statements. The Group’s financing (including finance costs and finance income) are managed on a Group basis and not allocated to operating segments.\nThe operating results presented in the statement of profit or loss represent the same segment information as reported in internal management information.\nThe revenue information above excludes interest income and is based on the location of storage centres.\n\n | 2019 | 2018 \n------------------------------- | ------- | -------\n | $'000 | $'000 \nRevenue from external customers | | \nAustralia | 144,621 | 129,431\nNew Zealand | 13,036 | 8,912 \nTotal | 157,657 | 138,343\n\n. SEGMENT INFORMATION\n 2019 2018 years Group operated storage centres Australia New Zealand.\n Managing Director monitors results. Monthly reports evaluated performance NSR consolidated financial statements. financing costs income managed not allocated segments.\n results represent internal management.\n revenue excludes interest income based location storage centres.\n 2018\n $'000\n Revenue external customers\n Australia 144,621 129,431\n New Zealand 13,036\n Total 157,657 138,343" +} +{ + "_id": "d1b38522e", + "title": "", + "text": "Discussion of the Results of Operations for the years ended December 31, 2019, 2018, and 2017\nRevenues\nSubscription Solutions\nSubscription solutions revenues increased $177.2 million, or 38.1%, for the year ended December 31, 2019 compared to the same period in 2018. Subscription solutions revenues increased $155.0 million, or 50.0%, for the year ended December 31, 2018 compared to the same period in 2017. The increase in both periods was primarily a result of growth in MRR driven by the higher number of merchants using our platform.\nMerchant Solutions\nMerchant solutions revenues increased $327.7 million, or 53.9%, for the year ended December 31, 2019 compared to the same period in 2018. The increase in merchant solutions revenues was primarily a result of Shopify Payments revenue growing by $239.6 million, or 53.3%, in 2019 compared to the same period in 2018. This increase was a result of an increase in the number of merchants using our platform, continued expansion into new geographical regions, and an increase in adoption of Shopify Payments by our merchants, which drove $9.1 billion of additional GMV facilitated using Shopify Payments in 2019 compared to the same period in 2018. For the year ended December 31, 2019, the Shopify Payments penetration rate was 42.1%, resulting in GMV of $25.7 billion that was facilitated using Shopify Payments. This compares to a penetration rate of 40.4%, resulting in GMV of $16.6 billion that was facilitated using Shopify Payments in the same period in 2018. As at December 31, 2019 Shopify Payments adoption among our merchants was as follows: United States, 91%; Canada, 90%; Australia, 89%; United Kingdom, 88%; Ireland, 84%; New Zealand, 76%; and other countries where Shopify Payments is available, 70%. Merchant solutions revenues increased $327.7 million, or 53.9%, for the year ended December 31, 2019 compared to the same period in 2018. The increase in merchant solutions revenues was primarily a result of Shopify Payments revenue growing by $239.6 million, or 53.3%, in 2019 compared to the same period in 2018. This increase was a result of an increase in the number of merchants using our platform, continued expansion into new geographical regions, and an increase in adoption of Shopify Payments by our merchants, which drove $9.1 billion of additional GMV facilitated using Shopify Payments in 2019 compared to the same period in 2018. For the year ended December 31, 2019, the Shopify Payments penetration rate was 42.1%, resulting in GMV of $25.7 billion that was facilitated using Shopify Payments. This compares to a penetration rate of 40.4%, resulting in GMV of $16.6 billion that was facilitated using Shopify Payments in the same period in 2018. As at December 31, 2019 Shopify Payments adoption among our merchants was as follows: United States, 91%; Canada, 90%; Australia, 89%; United Kingdom, 88%; Ireland, 84%; New Zealand, 76%; and other countries where Shopify Payments is available, 70%.\nIn addition to the increase in revenue from Shopify Payments, revenue from transaction fees, referral fees from partners, Shopify Capital, and Shopify Shipping increased during the year ended December 31, 2019 compared to the same period in 2018, as a result of the increase in GMV facilitated through our platform.\nMerchant solutions revenues increased $245.0 million, or 67.4%, for the year ended December 31, 2018 compared to the same period in 2017. The increase in merchant solutions revenues was primarily a result of Shopify Payments revenue growing by $176.0 million, or 64.4%. Additionally, revenue from transaction fees, referral fees from partners, Shopify Capital, and Shopify Shipping increased for the year ended December 31, 2018 compared to the same period in 2017.\n\n | Years ended December 31, | | | 2019 vs 2018 | 2018 vs 2017\n----------------------- | ---------------------------------- | ---------- | -------- | ------------ | ------------\n | 2019 | 2018 | 2017 | % Change | % Change \n | (in thousands, except percentages) | | | | \nRevenues: | | | | | \nSubscription solutions | $642,241 | $464,996 | $310,031 | 38.1% | 50.0% \nMerchant solutions | 935,932 | 608,233 | 363,273 | 53.9% | 67.4% \n | $1,578,173 | $1,073,229 | $673,304 | 47.0% | 59.4% \nPercentage of revenues: | | | | | \nSubscription solutions | 40.7% | 43.3% | 46.0% | | \nMerchant solutions | 59.3 % | 56.7 % | 54.0 % | | \nTotal revenues | 100.0 % | 100.0 % | 100.0 % | | \n\nResults Operations December 31, 2019 2018 2017\n Revenues\n Subscription Solutions\n increased $177. 2 million 38. 1% December 2019 2018. increased $155. 0 million 50. 0% 2018 2017. increase growth MRR higher merchants platform.\n Merchant Solutions\n revenues increased $327. 7 million 53. 9% December 2019. Shopify Payments revenue $239. 6 million 53. 3% 2019. merchants platform expansion regions Shopify Payments $9. 1 billion additional GMV 2019. 2019 Shopify Payments penetration rate 42. 1% GMV $25. 7 billion. penetration 40. 4% GMV $16. 6 billion 2018. 2019 Shopify Payments adoption United States 91% Canada 90% Australia 89% United Kingdom 88% Ireland 84% New Zealand 76% other countries 70%. Merchant solutions revenues increased $327. 7 million 53. 9% December 2019. Shopify Payments revenue $239. 6 million 53. 3% 2019.increase merchants using platform expansion regions adoption Shopify Payments $9. 1 billion additional GMV 2019 2018. December 31, 2019 Shopify Payments penetration rate 42. 1% GMV $25. 7 billion. compares to penetration 40. 4% GMV $16. 6 billion 2018. December 31, 2019 Shopify Payments United States 91% Canada 90% Australia 89% United Kingdom 88% Ireland 84% New Zealand 76% other countries 70%.\n Shopify Payments transaction fees referral fees partners Shopify Capital Shopify Shipping increased 2019 GMV.\n Merchant solutions revenues increased $245. 0 million 67. 4% December 31, 2018 compared 2017. result Shopify Payments revenue $176. 0 million 64. 4%. revenue transaction fees referral fees partners Shopify Capital Shopify Shipping increased 2018 2017.\n 2019 2018 2017\n % Change\n Revenues\nSubscription $642,241 $464,996 $310,031 38. 50.\n Merchant 935,932 608,233 363,273 53. 67. 4%\n $1,578,173 $1,073,229 $673,304 47. 59. 4%\n 40. 43. 46.\n 59. 3 56. 7 54.\n 100." +} +{ + "_id": "d1b35752c", + "title": "", + "text": "GAINS (LOSSES) ON EQUITY INVESTMENTS AND INTEREST AND OTHER, NET\nGAINS (LOSSES) ON EQUITY INVESTMENTS, NET\nOngoing mark-to-market net gains and losses reported in 2019 and 2018 were primarily driven by ASML Holding N.V. (ASML) and Cloudera Inc. (Cloudera). During 2019 we sold our equity investment in ASML.\nIn 2019, we recognized $293 million in observable price adjustments primarily from one investment.\nDuring 2018, we recognized an impairment charge of $290 million in our equity method investment in IMFT. During 2017, we recognized impairment charges in our investments of Cloudera for $278 million and Unisoc for $308 million.\nMajor drivers of sales of equity investments and other in 2019 were dividends of $632 million from McAfee and a gain of $107 million from our sale of our non-controlling interest in IMFT. In 2017, we recognized $3.4 billion in realized gains on sales of a portion of our interest in ASML.\nINTEREST AND OTHER, NET\nWe recognized a higher net gain in interest and other in 2019 compared to 2018, primarily due to lower loss on debt conversions and larger divestiture gains in 2019 compared to 2018.\nWe recognized a net gain in interest and other in 2018 compared to a net loss in 2017, primarily due to lower losses on debt conversions, higher assets under construction resulting in more capitalized interest, and larger divestiture gains in 2018 compared to 2017.\n\nYears Ended | Dec 28, | Dec 29, | Dec 30,\n------------------------------------------------------------------ | ------- | ------- | -------\n(In Millions) | 2019 | 2018 | 2017 \nOngoing mark-to market adjustments on marketable equity securities | $277 | $(129) | $ — \nObservable price adjustments on non-marketable equity securities | 293 | 202 | — \nImpairment charges | (122) | (424) | (833) \nSale of equity investments and other | 1,091 | 226 | 3,484 \nGains (losses) one equity investments, net | $1,539 | $(125) | $2,651 \nInterest and other, net | $484 | $126 | $(349) \n\nGAINS (LOSSES EQUITY INVESTMENTS\n gains losses 2019 2018 driven by ASML Holding. Cloudera. 2019 sold equity investment ASML.\n recognized $293 million price adjustments investment.\n 2018 impairment charge $290 million IMFT. 2017 charges Cloudera $278 million Unisoc $308 million.\n 2019 dividends $632 million McAfee gain $107 million sale non interest IMFT. $3. 4 billion gains sales interest ASML.\n higher net gain 2019 lower loss debt conversions larger divestiture gains.\n net gain 2017 lower losses debt higher assets construction capitalized larger divestiture gains.\n 30\n 2019 2018 2017\n adjustments equity securities $277\n price adjustments non-marketable equity securities 293 202\n Impairment charges (122) (424) (833)\n Sale equity investments 1,091 226 3,484\nequity $1,539 $2,651\n Interest $484 $126 $(349)" +} +{ + "_id": "d1b359ce6", + "title": "", + "text": "Cash and cash equivalents decreased by $78.9 million during the year ended March 31, 2019, as compared to an increase of $177.1 million during the year ended March 31, 2018 and an increase of $44.8 million during the year ended March 31, 2017 as follows (amounts in thousands):\n(1) Fiscal years ended March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n(2) Fiscal year ended March 31, 2018 adjusted due to the adoption of ASC 606.\nOperating Cash Flow Activities\nDuring fiscal years 2019, 2018, and 2017, cash provided by operating activities totaled $131.7 million, $120.8 million, and $71.7 million, respectively. During fiscal year 2019, cash provided by operating activities was positively impacted by our net income of $206.6 million, a $7.7 million increase in accounts payable, and a $1.0 million decrease in accrued income taxes. Operating cash flows were negatively impacted by a $70.6 million decrease in other operating liabilities, a $42.8 million increase in inventories, an $8.9 million increase in accounts receivable, and a $4.4 million increase in prepaid expenses and other assets. The decrease in other operating liabilities was driven by a $46.3 million decrease in accruals for TOKIN anti-trust fines and a $7.8 million decrease in restructuring liabilities. The increase in inventory is due to increased customer demand.\nDuring fiscal year 2018, cash provided by operating activities was positively impacted by our net income of $254.1 million. Excluding the acquired balances from TOKIN, operating cash flows were also positively impacted by a $30.2 million decrease in accounts receivable, a $4.3 million decrease in prepaid expenses and other assets, and a $1.3 million increase in accrued income taxes. Excluding the acquired balances from TOKIN, operating cash flows were negatively impacted by a $16.1 million decrease in accounts payable and a $13.8 million increase in inventories.\nDuring fiscal year 2017, cash provided by operating activities was positively impacted by our net income of $47.2 million, a $16.8 million decrease in inventories, a $6.2 million increase in accounts payable, and a $1.7 million increase in other operating liabilities. Operating cash flows were negatively impacted by a $2.6 million increase in accounts receivable and a $1.8 million increase in prepaid expenses and other assets.\nInvesting Cash Flow Activities\nDuring fiscal years 2019, 2018, and 2017, cash provided by (used in) investing activities totaled $(147.0) million, $102.4 million, and $(25.6) million, respectively. During fiscal year 2019, cash used in investing activities included capital expenditures of $146.1 million, primarily related to expanding capacity at our manufacturing facilities in Mexico, Portugal, China, Thailand and Japan, as well as information technology projects in the United States and Mexico. $16.3 million of the $146.1 million in capital expenditures were related to the Customer Capacity Agreements. Additionally, the Company invested $4.0 million in the form of capital contributions to KEMET Jianghai and Novasentis. Offsetting these uses of cash, we had asset sales of $2.3 million and received dividends of $0.8 million.\nDuring fiscal year 2018, cash provided by investing activities was primarily due to $164.0 million in net cash received attributable to the bargain purchase of TOKIN. Additionally, we had proceeds from asset sales of $3.6 million and received dividends of $2.7 million. This was partially offset by capital expenditures of $65.0 million, primarily related to expanding capacity at our manufacturing facilities in Mexico, Portugal, China, Thailand and Japan, as well as for information technology projects in the United States and Mexico. In addition, the Company invested $3.0 million in the form of capital contributions to Novasentis.\nDuring fiscal year 2017, cash used in investing activities was primarily due to capital expenditures of $25.6 million, primarily related to expanding capacity at our manufacturing facilities in Mexico, Italy, Portugal, and China.\nFinancing Cash Flow Activities\nDuring fiscal years 2019, 2018, and 2017, cash used in financing activities totaled $56.7 million, $55.8 million, and $0.1 million, respectively. During fiscal year 2019, the Company received $281.8 million in proceeds from the TOKIN Term Loan Facility, net of discount, bank issuance costs, and other indirect issuance costs, $13.4 million in proceeds from advances from customers, as described in the earlier section titled \"Customer Advances\", received proceeds on an interest free loan from the Portuguese Government of $1.1 million, and received $0.5 million in cash proceeds from the exercise of stock options. The Company made $344.5 million in payments on long term debt, including two quarterly principal payments on the Term Loan Credit Agreement of $4.3 million, for a total of $8.6 million, $323.4 million to repay the remaining balance on the Term Loan Credit Agreement, and one principal payment on the TOKIN Term Loan Facility of $12.4 million. An early payment premium on the Term Loan Credit Agreement used $3.2 million in cash. Lastly, the Company paid two quarterly cash dividends for a total of $5.8 million.\nDuring fiscal year 2018, cash used in financing activities was impacted by the following payments: (i) $353.0 million to pay off the remaining outstanding balance of the 10.5% Senior Notes, (ii) $33.9 million to repay the remaining outstanding balance of the revolving line of credit, and (iii) three quarterly principal payments on the Term Loan Credit Agreement for $4.3 million each, for a total of $12.9 million. The Company received $329.7 million in proceeds from the Term Loan Credit Agreement, net of discount, bank issuance costs, and other indirect issuance costs, received proceeds from the exercise of stock warrants and stock options for $8.8 million and $5.2 million, respectively, and received $0.3 million in proceeds on an interest free loan from the Portuguese Government.\nDuring fiscal year 2017, the Company made $0.1 million in net payments on long-term debt, had cash outflows of $1.1 million for the purchase of treasury stock, and received $1.1 million from the exercise of stock options.\n\n | | Fiscal Years Ended March 31, | \n---------------------------------------------------------------------- | --------- | ---------------------------- | --------\n | 2019 | 2018 | 2017 \nNet cash provided by (used in) operating activities (1) | $131,731 | $120,761 | $71,667 \nNet cash provided by (used in) investing activities | (147,012) | 102,364 | (25,598)\nNet cash provided by (used in) financing activities | (56,657) | (55,798) | (125) \nEffect of foreign currency fluctuations on cash (2) | (6,990) | 9,745 | (1,174) \nNet increase (decrease) in cash, cash equivalents, and restricted cash | $(78,928) | $177,072 | $44,770 \n\nCash equivalents decreased $78. 9 million 2019 $177. 1 million 2018 $44. 8 million 2017\n 2017 ASC 606.\n.\n 2019 $131. 7 million $120. 8 million $71. 7 million. 2019 impacted net income $206. 6 million $7. 7 million accounts payable $1. million accrued income taxes. negatively impacted $70. 6 million liabilities $42. 8 million increase inventories $8. 9 million accounts receivable $4. 4 million prepaid expenses assets. $46. 3 million TOKIN anti-trust fines $7. 8 million restructuring liabilities. increase inventory increased customer demand.\n 2018 net income $254. 1 million. $30. 2 million decrease accounts receivable $4. 3 million prepaid expenses $1. 3 million increase accrued income taxes. $16. 1 million decrease accounts payable $13. 8 million increase inventories.\n 2017 net income $47. 2 million.inventories $6. 2 million accounts payable $1. 7 million operating liabilities. cash flows impacted $2. 6 million increase accounts receivable $1. 8 million prepaid expenses assets.\n Investing Cash Flow\n 2019 2018 2017 $. million $102. 4 million $(25. million. 2019 expenditures $146. 1 million expanding capacity Mexico information technology projects. $16. 3 million. expenditures Customer Capacity Agreements. invested $4. million capital contributions KEMET Jianghai Novasentis. sales $2. 3 million dividends $0. 8 million.\n 2018 $164. million purchase TOKIN. proceeds asset sales $3. 6 million dividends $2. 7 million. offset capital expenditures $65. million expanding capacity technology projects. $3. million contributions Novasentis.\n capital expenditures $25. 6 million expanding capacity Mexico China.\n Financing Cash Flow\n 2019 2018 $56. 7 million $55.. 1 million. 2019 received $281. 8 million TOKIN Term Loan Facility $13. 4 million loan Portuguese Government $1. 1 million. 5 million stock options. $344. 5 million payments long term debt quarterly payments Term Loan $4. 3 million $8. 6 million $323. 4 million payment TOKIN Term Loan $12. 4 million. early payment premium $3. 2 million cash. paid two quarterly cash dividends $5. 8 million.\n 2018 $353. million. Senior Notes $33. 9 million revolving line credit three quarterly payments Term Loan Credit Agreement $4. 3 million $12. 9 million. $329. 7 million Term Loan Credit Agreement stock warrants options $8. million $5. 2 million $0. 3 million loan Portuguese Government.\n 2017 $0. 1 million payments long-term debt cash outflows $1. 1 million treasury stock $1. 1 million stock options.\nFiscal Years Ended March 31,\n cash operating $131,731 $120,761 $71,667\n investing (147,012) 102,364 (25,598\n financing (56,657) (55,798)\n foreign currency fluctuations cash (6,990) 9,745 (1,174\n cash $(78,928) $177,072 $44,770" +} +{ + "_id": "d1b31dd7c", + "title": "", + "text": "11. Reportable Segments, Geographic Information and Major Customers\nReportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company’s resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment’s performance is evaluated based upon its operating income (loss). A segment’s operating income (loss) includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses  fiscal 2019 and the $13.5 million one-time employee bonus paid to full-time, non-executive employees during fiscal 2018 due to the Company's ability to access overseas cash as a result of Tax Reform (the \"one-time employee bonus\"). These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm’s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole.\nInformation about the Company’s three reportable segments for fiscal 2019, 2018 and 2017 is as follows (in thousands):\n\n | 2019 | 2018 | 2017 \n----------------------------------- | ---------- | ---------- | ----------\nNet sales: | | | \nAMER | $1,429,308 | $1,218,944 | $1,166,346\nAPAC | 1,557,205 | 1,498,010 | 1,279,261 \nEMEA | 309,933 | 281,489 | 192,829 \nElimination of inter-segment sales | (132,012) | (124,935) | (110,384) \n | 3,164,434 | 2,873,508 | 2,528,052 \nOperating income (loss): | | | \nAMER | $57,780 | $38,637 | $41,924 \nAPAC | 208,178 | 213,935 | 200,103 \nEMEA | 4,475 | 1,447 | (6,197) \nCorporate and other costs | (128,378) | (135,736) | (105,922) \n | $142,055 | $118,283 | $129,908 \nOther income (expense): | | | \nInterest expense | $(12,853) | $(12,226) | $(13,578) \nInterest income | 1,949 | 4,696 | 5,042 \nMiscellaneous, net | (5,196) | (3,143) | 451 \nIncome before income taxes | $125,955 | $107,610 | $121,823 \n\n. Reportable Segments Geographic Information Major Customers\n segments components enterprise financial information evaluated by chief maker performance resources. Company uses internal management reporting system financial data performance resources. Net sales attributed to region product manufactured service performed. services manufacturing processes customers order fulfillment processes interchangeable. performance operating income (loss). net sales cost administrative expenses excludes corporate other expenses. 2019 $13. 5 million-time employee bonus cash Tax Reform. not allocated segments. Inter-segment transactions recorded arm’s length. accounting policies same Company.\n three reportable segments 2019 2018 2017\n Net sales\n AMER $1,429,308 $1,218,944 $1,166,346\n APAC 1,557,205 1,498,010 1,279,261\n EMEA 309,933 281,489 192,829\n Elimination inter-segment sales (132,012) (124,935) (110,384)\n,164,434 2,873,508 2,528,052\n AMER $57,780 $38,637 $41,924\n APAC 208,178 213,935 200\n EMEA\n costs,378 (135,736) (105,922)\n $142,055 $118,283 $129,908\n,949 4 5,042\n (5 (3,143\n $125,955 $107,610 $121,823" +} +{ + "_id": "d1b3ae476", + "title": "", + "text": "During the year, we passed an additional 12,400 addresses in the Greater Cincinnati area with Fioptics, which included a focus on Fiber to the Premise (\"FTTP\") addresses as FTTP has become a more relevant solution for our customers. As of December 31, 2019, the Fioptics products are now available to approximately 623,400 customer locations or 75% of the Greater Cincinnati operating territory. During 2019, we passed an additional 5,900 addresses in Hawaii.  The Consumer/SMB Fiber products are now available to approximately 246,400 addresses, or 50% of the operating territory in Hawaii, including Oahu and the neighbor islands\nIn 2019, the Company also invested $24.0 million in Enterprise Fiber products, which includes fiber and IP-ased core network technology.  These investments position the Company to meet increased business and carrier demand within Greater Cincinnati and in contiguous markets in the Midwest region.  In Hawaii, expenditures are for high-bandwidth data transport products, such as metro-ethernet, including the Southeast Asia to United States (\"SEA-US\") cable.  We continue to evolve and optimize network assets to support the migration of legacy products to new technology, and as of December 31, 2019, the Company has:\nincreased the total number of commercial addresses with fiber-based services (referred to as a lit address) to 28,800 in Greater Cincinnati and 20,300 in Hawaii by connecting approximately 2,200 additional lit addresses in Greater Cincinnati and 1,200 additional lit addresses in Hawaii during the twelve months ended December 31, 2019;\nexpanded the fiber network to span more than 12,500 route miles in Greater Cincinnati and 4,700 route miles in Hawaii; and\nprovided cell site back-haul services to approximately 90% of the 1,000 cell sites in the Greater Cincinnati market, of which approximately 97% of these sites are lit with fiber, and 80% of the 1,100 cell sites in Hawaii, all of which are lit with fiber.\nAs a result of our investments, we have generated year-over-year Entertainment and Communications revenue growth each year since 2013.  The Company's expanding fiber assets allow us to support the ever-increasing demand for data, video and internet devices with speed, agility and security.  We believe our fiber investments are a long-term solution for our customers' bandwidth needs\n\nHawaii Operating Territory | 2018 | 2019 \n------------------------------------------- | ----- | -----\nConsumer / SMB Fiber Revenue (in millions): | $87.2 | $42.3\nSubscribers (in thousands): | | \nHigh-speed internet | 68.2 | 65.9 \nVideo | 42.7 | 48.8 \nVoice | 30.0 | 30.3 \n\npassed 12,400 addresses Greater Cincinnati Fioptics focus Fiber Premise addresses. December 31, 2019 Fioptics products 623,400 locations 75% Greater Cincinnati. passed 5,900 addresses Hawaii. Consumer/SMB Fiber products 246,400 addresses 50% Oahu\n invested $24. million Enterprise Fiber fiber IP-ased network technology. investments business carrier demand Greater Cincinnati Midwest. Hawaii expenditures high-bandwidth data transport Southeast Asia United States-US\") cable. network assets migration new technology December 31, 2019\n increased commercial addresses fiber services 28,800 Greater Cincinnati 20,300 Hawaii 2,200 1,200\n expanded fiber network 12,500 miles Greater Cincinnati 4,700 Hawaii\n provided cell site back-haul services 90% 1,000 cell sites Greater Cincinnati 97% lit fiber 80% 1,100 sites Hawaii lit fiber.\n year-over-year Entertainment Communications revenue growth since 2013.Company expanding fiber assets data video internet speed agility security. fiber investments long-term solution bandwidth needs\n Hawaii Operating Territory\n Consumer SMB Fiber Revenue $87. $42.\n Subscribers\n High-speed internet 68. 65.\n 42. 48.\n." +} +{ + "_id": "d1b3391b2", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nNOTE 13. INTANGIBLE ASSETS\nIntangible assets consisted of the following as of December 31, 2019 and 2018:\nAt December 31, 2019, the weighted average remaining useful life of intangibles subject to amortization was approximately 11.2 years.\n\nDecember 31, 2019 | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount\n---------------------- | --------------------- | ------------------------ | -------------------\nTechnology | $83,368 | $(14,250) | $69,118 \nCustomer relationships | 108,995 | (18,197) | 90,798 \nTrademarks and other | 26,888 | (2,793) | 24,095 \nTotal | $219,251 | $(35,240) | $184,011 \nDecember 31, 2018 | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount\nTechnology | $39,879 | $(7,927) | $31,952 \nCustomer relationships | 35,509 | (13,484) | 22,025 \nTrademarks and other | 2,501 | (1,568) | 933 \nTotal | $77,889 | $(22,979) | $ 54,910 \n\nADVANCED ENERGY INDUSTRIES. FINANCIAL STATEMENTS share\n. INTANGIBLE ASSETS\n December 31, 2019\n life intangibles 11. 2 years.\n Gross Carrying Amortization\n $83,368 $(14,250) $69,118\n 108,995 (18,197) 90,798\n Trademarks 26,888 (2,793) 24,095\n $219,251 $(35,240 $184,011\n December 31, Gross Carrying Amortization\n $39,879 $(7,927) $31,952\n 35,509,484 22,025\n Trademarks 2,501\n $77,889" +} +{ + "_id": "d1b3bcbf2", + "title": "", + "text": "NOTE 11 - STOCK CAPITAL (Cont.)\nPrivate placements and public offerings: (Cont.)\nThe New Warrants have not been registered under the Securities Act of 1933, as amended (the Securities Act), or state securities laws. The shares issuable upon exercise of the New Warrants have been registered for resale on the Company’s registration statement on Form S-3 (File No. 333- 233349). The Exercised Shares have been registered for resale on the Company’s registration statement on Form S-3 (File No. 333225995). The issuance of the Exercised Shares and New Warrants is exempt from the registration requirements of the Securities Act pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated under the Securities Act.\nSince its inception the Company has raised approximately $64,000, net in cash in consideration for issuances of Common Stock and warrants in private placements and public offerings as well as proceeds from warrants exercises.\nWarrants:\nThe following table sets forth the number, exercise price and expiration date of Company warrants outstanding as of December 31, 2019:\n\n | Outstanding as of December 31, | Exercise | Exercisable\n------------------ | ------------------------------ | -------- | -----------\nIssuance Date | 2019 | price | Through \nAug 2007- Jan 2011 | 2,016,666 | 3 - 4.35 | Nov-2022 \nJun-2018 | 458,202 | 9 | Dec-2020 \nJun-2018 | 1,158,000 | 7 | Dec-2021 \nAug - 2019 | 842,000 | 7 | Dec-2021 \nTotal | 4,474,868 | | \n\n11 CAPITAL.\n Private placements public offerings.\n New Warrants not registered Securities Act 1933 state laws. shares Warrants registered resale Form S-3. 333 233349). Exercised Shares registered resale Form S-3. 333225995. issuance Shares New Warrants exempt registration Securities Act Section 4(a)(2) Securities Act Rule 506 Regulation D.\n Company raised $64,000 issuances Common Stock warrants private placements public offerings proceeds.\n number price expiration date Company warrants outstanding December 31, 2019\n Issuance Date 2019\n Aug 2007 Jan 2011 2,016,666. Nov-2022\n Jun-2018 458,202 Dec-2020\n 1,158,000 Dec-2021\n 2019 842,000\n Total 4,474,868" +} +{ + "_id": "d1b387dee", + "title": "", + "text": "Item 16C. Principal Accountant Fees and Services\nOur principal accountant for 2019 and 2018 was KPMG LLP, Chartered Professional Accountants. The following table shows the fees Teekay and our subsidiaries paid or accrued for audit and other services provided by KPMG LLP for 2019 and 2018.\n(1) Audit fees represent fees for professional services provided in connection with the audits of our consolidated financial statements and effectiveness of internal control over financial reporting, reviews of our quarterly consolidated financial statements and audit services provided in connection with other statutory or regulatory filings for Teekay or our subsidiaries including professional services in connection with the review of our regulatory filings for public offerings of our subsidiaries.\nAudit fees for 2019 and 2018 include approximately $928,300 and $859,000, respectively, of fees paid to KPMG LLP by Teekay LNG that were approved by the Audit Committee of the Board of Directors of the general partner of Teekay LNG. Audit fees for 2019 and 2018 include approximately $588,200 and $517,000, respectively, of fees paid to KPMG LLP by our subsidiary Teekay Tankers that were approved by the Audit Committee of the Board of Directors of Teekay Tankers.\n(2) Audit-related fees consisted primarily of accounting consultations, employee benefit plan audits, services related to business acquisitions, divestitures and other attestation services. (3) For 2019 and 2018, tax fees principally included corporate tax compliance fees.\nThe Audit Committee has the authority to pre-approve audit-related and non-audit services not prohibited by law to be performed by our independent auditors and associated fees. Engagements for proposed services either may be separately pre-approved by the Audit Committee or entered into pursuant to detailed pre-approval policies and procedures established by the Audit Committee, as long as the Audit Committee is informed on a timely basis of any engagement entered into on that basis.\nThe Audit Committee separately pre-approved all engagements and fees paid to our principal accountants in 2019 and 2018.\n\nFees (in thousands of U.S. dollars) | 2019 | 2018 \n----------------------------------- | ----- | -----\nAudit Fees (1) | 2,723 | 2,529\nAudit-Related Fees (2) | 33 | 59 \nTax Fees (3) | 23 | 32 \nTotal | 2,779 | 2,620\n | | \n\nItem 16C. Principal Accountant Fees Services\n principal accountant 2019 2018 KPMG LLP Chartered Accountants. table shows fees Teekay subsidiaries for audit services KPMG LLP 2019 2018.\n Audit fees services consolidated financial statements internal control reviews quarterly financial services statutory regulatory filings Teekay public offerings.\n Audit fees 2019 2018 include $928,300 $859,000 KPMG LLP Teekay LNG approved Audit Committee. 2018 $588,200 $517,000 KPMG LLP subsidiary Teekay Tankers.\n Audit-related fees accounting consultations employee benefit plan audits business divestitures attestation services. 2019 2018 tax fees corporate tax compliance fees.\n Audit Committee pre-approve audit-related non-audit services fees. Engagements services pre-approved pre-approval policies procedures.\n Audit Committee pre-approved engagements fees principal accountants 2019 2018.\n Fees thousands U. S. dollars) 2019 2018\nAudit Fees 2,723 2,529\n-Related 33\n Tax 23\n 2,779 2,620\n" +} +{ + "_id": "d1b3c769c", + "title": "", + "text": "3.3 Fair value estimation (continued)                                                       If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3.\nSpecific valuation techniques used to value financial instruments mainly include:\nDealer quotes for similar instruments;\nThe fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves; and\nOther techniques, such as discounted cash flow analysis, are used to determine fair value for financial instruments.\nDuring the year ended 31 December 2019, there was 1 transfer between level 1 and 2 for recurring fair value measurements. For transfers in and out of level 3 measurements see the following table, which presents the changes of financial instruments in level 3 for the years ended 31 December 2019 and 2018:\n\n | Financial assets | | Financial liabilities | \n------------------------------------------------------------------------------------------------------------------------------------- | ---------------- | ----------- | --------------------- | -----------\n | 2019 | 2018 | 2019 | 2018 \n | RMB’Million | RMB’Million | RMB’Million | RMB’Million\nOpening balance – IAS 39 | | 77,131 | | 2,154 \nAdjustment on adoption of IFRS 9 | | 22,976 | | – \nOpening balance – IFRS 9 | 83,934 | 100,107 | 4,466 | 2,154 \nAdditions | 39,116 | 51,185 | 75 | 3,301 \nBusiness combination | – | – | (977) | – \nDisposals/Settlements | (6,714) | (9,899) | (1,193) | – \nTransfers | (4,552) | (93,151) | – | – \nChanges in fair value recognised in other comprehensive income | 328 | 261 | – | – \nChanges in fair value recognised in profit or loss* | 9,241 | 30,485 | (463) | (1,063) \nCurrency translation differences | 1,740 | 4,946 | (35) | 74 \nClosing balance | 123,093 | 83,934 | 1,873 | 4,466 \n* Includes unrealised gains or (losses) recognised in profit or loss attributable to balances held at the end of the reporting period | 3,265 | 6,861 | (463) | (1,063) \n\n3. Fair value estimation If inputs not market data instrument in level 3.\n valuation techniques include\n Dealer quotes\n fair value interest rate swaps calculated as future cash flows\n Other discounted cash flow analysis value.\n 31 December 2019 1 transfer between level 1 2 fair value. transfers 3 table changes financial instruments level 3 31 December 2019 2018:\n Financial assets liabilities\n RMB’Million\n Opening balance IAS 39 77,131 2,154\n Adjustment adoption IFRS 9 22,976\n balance IFRS 9 83,934 100,107\n Additions 39,116 51,185\n Business combination\n Disposals/Settlements (6,714) (9,899)\n Transfers (4,552) (93,151)\n Changes in fair value income 328 261\n Changes profit loss 9,241 30,485\nCurrency differences 1,740 4,946 74\n Closing balance 123,093 83,934 1,873 4,466\n Includes unrealised gains reporting 3,265 (463)" +} +{ + "_id": "d1b37a694", + "title": "", + "text": "Item 6. Selected Financial Data\nFive Years Ended July 27, 2019 (in millions, except per-share amounts)\n(1) In the second quarter of fiscal 2019, we completed the sale of the Service Provider Video Software Solutions (SPVSS) business. As a result, revenue from the SPVSS business will not recur in future periods. We recognized an immaterial gain from this transaction. Revenue for the years ended July 27, 2019 and July 28, 2018 include SPVSS revenue of $168 million and $903 million, respectively.\n(2) In connection with the Tax Cuts and Jobs Act (“the Tax Act”), we recorded an $872 million charge which was the reversal of the previously recorded benefit associated with the U.S. taxation of deemed foreign dividends recorded in fiscal 2018 as a result of a retroactive final U.S. Treasury regulation issued during the fourth quarter of fiscal 2019. See Note 17 to the Consolidated Financial Statements.\n(3) In fiscal 2018, Cisco recorded a provisional tax expense of $10.4 billion related to the enactment of the Tax Act comprised of $8.1 billion of U.S. transition tax, $1.2 billion of foreign withholding tax, and $1.1 billion re-measurement of net deferred tax assets and liabilities (DTA).\n(4) In the second quarter of fiscal 2016, Cisco completed the sale of the SP Video CPE Business. As a result, revenue from this portion of the Service Provider Video product category did not recur in future periods. The sale resulted in a pre-tax gain of $253 million net of certain transaction costs. The years ended July 30, 2016 and July 25, 2015 include SP Video CPE Business revenue of $504 million and $1,846 million, respectively.\n(5) In fiscal 2016 Cisco recognized total tax benefits of $593 million for the following: i) the Internal Revenue Service (IRS) and Cisco settled all outstanding items related to Cisco’s federal income tax returns for fiscal 2008 through fiscal 2010, as a result of which Cisco recorded a net tax benefit of $367 million; and ii) the Protecting Americans from Tax Hikes Act of 2015 reinstated the U.S. federal research and development (R&D) tax credit permanently, as a result of which Cisco recognized tax benefits of $226 million, of which $81 million related to fiscal 2015 R&D expenses.\nAt the beginning of fiscal 2019, we adopted Accounting Standards Codification (ASC) 606, a new accounting standard related to revenue recognition, using the modified retrospective method to those contracts that were not completed as of July 28, 2018. See Note 2 to the Consolidated Financial Statements for the impact of this adoption.\nNo other factors materially affected the comparability of the information presented above.\n\nYears Ended | July 27, 2019 (1)(2) | July 28, 2018 (1)(3) | July 29, 2017 | July 30, 2016 (4)(5) | July 25, 2015 (4)\n-------------------------------------------- | -------------------- | -------------------- | ------------- | -------------------- | -----------------\nRevenue | $51,904 | $49,330 | $48,005 | $49,247 | $49,161 \nNet income | $11,621 | $110 | $9,609 | $10,739 | $8,981 \nNet income per share—basic | $2.63 | $0.02 | $1.92 | $2.13 | $1.76 \nNet income per share—diluted | $2.61 | $0.02 | $1.90 | $2.11 | $1.75 \nShares used in per-share calculation—basic | 4,419 | 4,837 | 5,010 | 5,053 | 5,104 \nShares used in per-share calculation—diluted | 4,453 | 4,881 | 5,049 | 5,088 | 5,146 \nCash dividends declared per common share | $1.36 | $1.24 | $1.10 | $0.94 | $0.80 \nNet cash provided by operating activities | $15,831 | $13,666 | $13,876 | $13,570 | $12,552 \n\n. Financial Data\n Five Years Ended July 27, 2019 millions per-share\n second quarter 2019 sale Service Provider Video Software Solutions. revenue. recognized immaterial gain. years July 27, 2019 July 28, 2018 $168 million $903 million.\n Tax Cuts Jobs Act $872 million charge reversal. taxation foreign dividends. regulation. Note 17 Consolidated Financial Statements.\n 2018 Cisco provisional tax expense $10. 4 billion $8. 1 billion U. transition tax $1. 2 billion foreign withholding tax $1. 1 billion deferred tax.\n second quarter 2016, SP Video CPE Business. revenue recur. pre-tax gain $253 million costs. years July 30, 2016 July 25, 2015 include revenue $504 million $1,846 million.\n fiscal 2016 recognized tax benefits $593 million settled federal income tax returns 2008 net tax benefit $367 million Americans Tax Hikes Act 2015 reinstated U.research tax credit Cisco recognized tax benefits $226 million $81 million 2015 R&D expenses.\n 2019 adopted Accounting Standards Codification) 606 new standard revenue recognition modified retrospective method contracts not completed July 28, 2018. Note 2 Consolidated Financial Statements impact.\n No factors affected comparability.\n Years Ended July 27, 2019 July 28, 2018 July 29, 2017 July 30, 2016 July 25, 2015\n Revenue $51,904 $49,330 $48,005 $49,247\n Net income $11,621 $9,609 $10,739 $8,981\n Net income $2.\n.\n Shares-share 4,419 4,837 5 5\n 4,453 4,881 5\n Cash dividends share $1.\n Net cash activities $15,831 $13,666 $13,876" +} +{ + "_id": "d1b363b10", + "title": "", + "text": "Note 13 Contract costs\nThe table below provides a reconciliation of the contract costs balance.\nContract costs are amortized over a period ranging from 12 to 84 months.\n\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \n------------------------------------------------------------------------ | ----- | -----\nOpening balance, January 1 | 707 | 636 \nIncremental costs of obtaining a contract and contract fulfillment costs | 602 | 567 \nAmortization included in operating costs | (523) | (477)\nImpairment charges included in operating costs | (3) | (19) \nEnding balance, December 31 | 783 | 707 \n\nContract costs\n table.\n amortized 12 to 84 months.\n YEAR ENDED DECEMBER 31\n Opening balance January 1 707 636\n contract fulfillment 602 567\n Amortization operating costs (523) (477\n Impairment charges\n Ending balance December 31 783" +} +{ + "_id": "d1a7155e8", + "title": "", + "text": "5. PROPERTY AND EQUIPMENT, NET\nProperty and equipment, at cost, consisted of the following at December 31, 2019 and 2018 (in thousands):\nDepreciation expense related to property and equipment was approximately $0.04 million and $0.13 million in 2019 and 2018, respectively. Depreciation expense includes depreciation related to finance leases of approximately $0.001 million and $0.002 million for the periods ended December 31, 2019 and 2018, respectively. Our finance leases have original terms of one to three years. The principal payments for these finance leases are reflected as cash outflows from financing activities in the accompanying consolidated statements of cash flows. Future minimum lease payments under our capital leases that have initial terms in excess of one year are included in “Leases” in Note 8.     Depreciation expense related to property and equipment was approximately $0.04 million and $0.13 million in 2019 and 2018, respectively. Depreciation expense includes depreciation related to finance leases of approximately $0.001 million and $0.002 million for the periods ended December 31, 2019 and 2018, respectively. Our finance leases have original terms of one to three years. The principal payments\nIn connection with the relocation of our corporate headquarters in July 2019, we disposed of a number of assets that were no longer in use. For each of the years ended December 31, 2019 and 2018, we recorded a loss on disposal of fixed assets of approximately $0.01 million.  In connection with the relocation of our corporate headquarters in July 2019, we disposed of a number of assets that were no longer in use. For each of the years ended December 31, 2019 and 2018, we recorded a loss on disposal of fixed assets of approximately $0.01 million.\nIn connection with the closure of our Lake Mary facility in 2018, we reclassified equipment with a net book value of approximately $0.07 million to assets held for sale. We contracted with a third party for the consignment sale of these assets and completed sales for several assets in 2018 and 2019. For the year ended December 31, 2019, we recognized a net loss of approximately $0.04 million on the sale and/or impairment of assets held for sale. For the year ended December 31, 2018, we recognized a gain of approximately $0.01 million on assets held for sale. The gains and losses on the sale or impairment of held for sale assets is included in selling, general and administrative expenses in the accompanying statements of comprehensive loss.\n\n | 2019 | 2018 \n------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----- | -------\nEquipment and software, including equipment purchased under capital leases of $6 and $17 at December 31, 2019 and 2018, respectively | $260 | $1,555 \nLeasehold improvements | 33 | 786 \nFurniture and fixtures | 43 | 182 \n | 336 | 2,523 \nLess accumulated depreciation, including accumulated depreciation for equipment purchased under capital leases of $3 and $13 at December 31, 2019 and 2018, respectively | (266) | (2,394)\n | $70 | $129 \n\n. PROPERTY EQUIPMENT\n at December 31, 2019 2018\n Depreciation expense $0. 04 million $0. 13 million in 2019 2018. finance leases $0. 001 million $0. 002 million. finance leases terms one to three years. principal payments reflected cash outflows in statements. Future minimum lease payments capital leases included in “Leases” Note 8. Depreciation expense $0. 04 million and $0. 13 million in 2019 2018. finance leases $0. 001 million $0. 002 million. leases terms one to three years.\n relocation July 2019 disposed assets. recorded loss on disposal approximately $0. 01 million. disposed assets. loss on disposal approximately $0. 01 million.\n closure Lake Mary facility 2018 reclassified equipment net value $0. 07 million to sale. contracted third party for consignment sale completed sales 2018 2019. December 31, 2019 recognized net loss of approximately $0.million sale assets. December 31, 2018 gain $0. 01 million. gains losses selling administrative expenses loss.\n 2018\n Equipment software capital leases $6 $17 December 31, 2019 2018 $260 $1,555\n Leasehold improvements\n Furniture fixtures\n 2,523\n accumulated depreciation capital leases $3 $13 December 31, 2019 2018 (266) (2,394)\n $70 $129" +} +{ + "_id": "d1b352a18", + "title": "", + "text": "NOTE 14-INFORMATION CONCERNING PRODUCT LINES, GEOGRAPHIC INFORMATION, ACCOUNTS RECEIVABLE AND REVENUE CONCENTRATION\nThe Company identifies its business segments based on business activities, management responsibility and geographic location. For all periods presented, the Company operated in a single reportable business segment.\nThe following is a breakdown of revenue by product family (in thousands):\n(1) New products include all products manufactured on 180 nanometer or smaller semiconductor processes, eFPGA IP license, QuickAI and SensiML AI software as a service (SaaS) revenues. Mature products include all products produced on semiconductor processes larger than 180 nanometer.\n\n | | Fiscal Years | \n----------------------------- | ------- | ------------ | -------\n | 2019 | 2018 | 2017 \nRevenue by product line (1) : | | | \nNew products | $3,123 | $5,735 | $5,853 \nMature products | 7,187 | 6,894 | 6,296 \nTotal revenue | $10,310 | $12,629 | $12,149\n\nLINES GEOGRAPHIC ACCOUNTS REVENUE CONCENTRATION\n Company identifies business segments management responsibility geographic location. single segment.\n breakdown revenue product family\n New products 180 nanometer semiconductor eFPGA QuickAI SensiML AI. Mature products 180 nanometer.\n Years\n Revenue product line\n New products $3,123 $5,735 $5,853\n Mature products 7,187 6,296\n Total revenue $10,310 $12,629 $12,149" +} +{ + "_id": "d1b38353c", + "title": "", + "text": "Other Operating (Income) Expense, Net\nRestructure and asset impairments primarily relate to our continued emphasis to centralize certain key functions. In addition, in 2019, we finalized the sale of our 200mm fabrication facility in Singapore and recognized restructure gains of $128 million. In 2017, we recognized net restructure gains of $15 million related to the sale of our Lexar assets; our assets associated with our 200mm fabrication facility in Singapore; and our 40% ownership interest in Tera Probe, Inc and assembly and test facility located in Akita, Japan.\n\nFor the year ended | 2019 | 2018 | 2017 \n------------------------------------------------------------ | ---- | ----- | -----\n(Gain) loss on disposition of property, plant, and equipment | $43 | $(96) | $(22)\nRestructure and asset impairments | (29) | 28 | 18 \nOther | 35 | 11 | 5 \n | $49 | $(57) | $1 \n\nOperating Expense\n Restructure asset impairments functions. 2019 sale 200mm facility Singapore recognized restructure gains $128 million. 2017 gains $15 million Lexar 200mm 40% Tera Probe facility Akita Japan.\n 2019 2018 2017\n loss disposition property plant equipment $43 $(96) $(22)\n Restructure impairments (29) 28 18\n 35 5\n $49 $(57) $1" +} +{ + "_id": "d1b3b8da4", + "title": "", + "text": "FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (continued)\nMovement of FVPL is analysed as follows:\nNote: During the year ended 31 December 2019, the Group’s additions to FVPL mainly comprised the following:\nan investment in a retail company of approximately USD500 million (equivalent to approximately RMB3,550 million) to subscribe for approximately 21% of its equity interests in form of preferred shares, on an outstanding basis;\nan additional investment in a real estate O2O platform in the PRC of approximately USD320 million (equivalent to approximately RMB2,258 million). As at 31 December 2019, the Group’s equity interests in this investee company are approximately 9% on an outstanding basis; and\nnew investments and additional investments with an aggregate amount of approximately RMB38,810 million in listed and unlisted entities mainly operating in the United States, the PRC and other Asian countries. These companies are principally engaged in social networks, Internet platform, technology and other Internet-related business. None of the above investment was individually significant that triggers any disclosure requirements pursuant to Chapter 14 of the Listing Rules at the time of inception.\nDuring the year ended 31 December 2019, except as described in Note 21(b), transfers also mainly comprised an equity investment designated as FVOCI due to the conversion of the redeemable instruments into ordinary shares amounting to RMB1,395 million upon its IPO.\nDuring the year ended 31 December 2019, the Group disposed of certain investments with an aggregate amount of RMB16,664 million, which are mainly engaged in the provision of Internet-related services.\nManagement has assessed the level of influence that the Group exercises on certain FVPL with shareholding exceeding 20%. Since these investments are either held in form of redeemable instruments or interests in limited life partnership without significant influence, these investments have been classified as FVPL.\n\n | 2019 | 2018 \n--------------------------------- | ----------- | -----------\n | RMB’Million | RMB’Million\nAt beginning of the year | 97,877 | – \nAdjustment on adoption of IFRS 9 | – | 95,497 \nAdditions (Note (a)) | 44,618 | 60,807 \nTransfers (Note (b)) | (1,421) | (78,816) \nChanges in fair value (Note 7(b)) | 9,511 | 28,738 \nDisposals (Note (c)) | (16,664) | (14,805) \nCurrency translation differences | 2,015 | 6,456 \nAt end of the year | 135,936 | 97,877 \n\nFINANCIAL ASSETS FAIR VALUE PROFIT OR LOSS\n Movement FVPL analysed\n year ended 31 December 2019 additions FVPL\n investment retail company USD500 million RMB3,550 million 21% equity interests preferred shares\n additional investment real estate O2O platform PRC USD320 million RMB2,258 million. 31 December 2019 equity interests company\n new additional investments RMB38,810 million listed unlisted entities United States PRC Asian countries. companies social networks Internet platform technology Internet-related business. disclosure requirements Chapter 14 Listing Rules.\n year 31 December 2019 transfers equity investment FVOCI conversion redeemable instruments ordinary shares RMB1,395 million IPO.\n year 31 December 2019 Group disposed investments RMB16,664 million Internet-related services.\n assessed influence FVPL shareholding 20%. investments redeemable instruments or limited life partnership classified FVPL.\n 2018\nIFRS 9 95,497\n Additions 44,618 60,807\n Transfers,816)\n Changes value 28,738\n Disposals (16,664 (14,805\n Currency differences 6,456\n year 135,936 97,877" +} +{ + "_id": "d1b38f2ba", + "title": "", + "text": "18. Revenue\nEffective September 1, 2018, the Company adopted ASU 2014-09, Revenue Recognition (Topic 606). The new standard is a comprehensive new revenue recognition model that requires the Company to recognize revenue in a manner which depicts the transfer of goods or services to its customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods or services.\nPrior to the adoption of the new standard, the Company recognized substantially all of its revenue from contracts with customers at a point in time, which was generally when the goods were shipped to or received by the customer, title and risk of ownership had passed, the price to the buyer was fixed or determinable and collectability was reasonably assured (net of estimated returns). Under the new standard, the Company recognizes revenue over time for the majority of its contracts with customers which results in revenue for those customers being recognized earlier than under the previous guidance. Revenue for all other contracts with customers continues to be recognized at a point in time, similar to recognition prior to the adoption of the standard.\nAdditionally, the new standard impacts the Company’s accounting for certain fulfillment costs, which include upfront costs to prepare for manufacturing activities that are expected to be recovered. Under the new standard, such upfront costs are recognized as an asset and amortized on a systematic basis consistent with the pattern of the transfer of control of the products or services to which to the asset relates.\nThe Company adopted ASU 2014-09 using the modified retrospective method by applying the guidance to all open contracts upon adoption and recorded a cumulative effect adjustment as of September 1, 2018, net of tax,  effect adjustment (in thousands):\n(1) Differences primarily relate to the timing of revenue recognition for over time customers and certain balance sheet reclassifications.\n(2) Differences primarily relate to the timing of recognition and recovery of fulfillment costs and certain balance sheet reclassifications.\n(3) Included within accrued expenses on the Consolidated Balance Sheets.\n(4) Differences included in contract liabilities as of September 1, 2018.\n\n | Balance as of August 31, 2018 | Adjustments due to adoption of ASU 2014-09 | Balance as of September 1, 2018\n----------------------------------------------- | ----------------------------- | ------------------------------------------ | -------------------------------\nAssets | | | \nContract assets(1) | $— | $591,616 | $591,616 \nInventories, net(1) | $3,457,706 | $(461,271) | $2,996,435 \nPrepaid expenses and other current assets(1)(2) | $1,141,000 | $(37,271) | $1,103,729 \nDeferred income taxes(1)(2) | $218,252 | $(8,325) | $209,927 \nLiabilities | | | \nContract liabilities(2)(3) | $— | $690,142 | $690,142 \nDeferred income(2)(3)(4) | $691,365 | $(691,365) | $— \nOther accrued expenses(3)(4) | $1,000,979 | $40,392 | $1,041,371 \nDeferred income taxes(1) | $114,385 | $2,977 | $117,362 \nEquity | | | \nRetained earnings(1)(2) | $1,760,097 | $42,602 | $1,802,699 \n\n. Revenue\n September 1, 2018 Company adopted ASU 2014-09 Revenue Recognition (Topic 606). new standard revenue recognition model requires revenue transfer goods services customers consideration.\n recognized revenue from contracts time goods shipped received title risk ownership passed price fixed collectability assured estimated returns. new standard recognizes revenue over time majority contracts recognized earlier previous. Revenue other contracts recognized time similar.\n new standard impacts accounting fulfillment costs manufacturing activities. costs recognized as asset amortized transfer control products services.\n Company adopted ASU 2014-09 modified retrospective method all open contracts recorded cumulative effect adjustment September 1, 2018 tax\n Differences relate to timing revenue recognition over time customers balance sheet reclassifications.\n Differences timing recognition recovery fulfillment costs balance sheet reclassifications.\n Included accrued expenses Consolidated Balance Sheets.\n Differences contract liabilities as September 1,.\nBalance August 31, 2018 Adjustments ASU 2014-09 September 1 2018\n Contract $591,616\n Inventories $3,457,706 $2,996,435\n Prepaid expenses $1,141,000 $1,103,729\n Deferred income $218,252 $209,927\n Contract $690,142\n Deferred $691,365\n accrued $1,000,979 $40,392 $1,041,371\n Deferred income $114,385 $2 $117,362\n Retained $1,760,097 $1,802,699" +} +{ + "_id": "d1b2eb8cc", + "title": "", + "text": "Stock Compensation Expense\nThe following table shows total stock-based compensation expense and related tax benefits included in the Consolidated Statements of Operations for fiscal 2019, 2018 and 2017 (in thousands):\nAs a result of our acquisition of Rofin on November 7, 2016, we made a payment of $15.3 million due to the cancellation of options held by employees of Rofin. The payment was allocated between total estimated merger consideration of $11.1 million and post-merger stock-based compensation expense of $4.2 million, recorded in the first quarter of fiscal 2017, based on the portion of the total service period of the underlying options that have not been completed by the merger date.\nDuring fiscal 2019, $4.8 million of stock-based compensation cost was capitalized as part of inventory for all stock plans, $4.8 million was amortized into cost of sales and $1.5 million remained in inventory at September 28, 2019. During fiscal 2018, $4.7 million of stock-based compensation cost was capitalized as part of inventory for all stock plans, $4.4 million was amortized into cost of sales and $1.5 million remained in inventory at September 29, 2018.\nAt fiscal 2019 year-end, the total compensation cost related to unvested stock-based awards granted to employees under our stock plans but not yet recognized was approximately $33.1 million. We do not estimate forfeitures. This cost will be amortized on a straight-line basis over a weighted-average period of approximately 1.5 years.\n\n | | Fiscal | \n----------------------------------- | ------- | ------- | -------\n | 2019 | 2018 | 2017 \nCost of sales | $4,880 | $4,403 | $3,541 \nResearch and development | 2,990 | 3,247 | 2,973 \nSelling, general and administrative | 28,596 | 25,088 | 23,911 \nIncome tax benefit | (4,946) | (5,073) | (7,073)\n | $31,520 | $27,665 | $23,352\n\nStock Compensation Expense\n table shows stock-based compensation expense tax benefits Consolidated Statements Operations 2019 2018 2017\n acquisition Rofin 2016, $15. 3 million cancellation options employees. allocated between merger consideration $11. 1 million post-merger compensation expense $4. 2 million first quarter 2017.\n 2019 $4. 8 million compensation cost $4. 8 million amortized cost sales $1. 5 million remained inventory September. 2018 $4. 7 million $4. 4 million amortized sales $1. 5 million remained.\n fiscal 2019 year-end total compensation cost unvested stock-based awards $33. 1 million. amortized. 5 years.\n Cost sales $4,880 $4,403 $3,541\n Research development 2,990\n Selling general administrative 28,596 25,088\n Income tax benefit (4,946)\n $31,520 $27" +} +{ + "_id": "d1b38b20a", + "title": "", + "text": "Trading profit\nThe Group reported Trading profit of £128.5m in the year, growth of £5.5m, up +4.5% compared to 2017/18. Divisional contribution increased by £6.1m to £161.9m. The Grocery business recorded Divisional contribution growth of £8.3m to £138.3m while Sweet Treats Divisional contribution was £2.2m lower than the prior year at £23.6m. Group & corporate costs were £0.6m higher than the prior year.\nIn the first half of the year, Grocery Divisional contribution benefitted from previous changes in the promotional strategy of Ambrosia. The business reduced the depth of promotional deals it offered which resulted in lower volumes and revenue in the period but growth in Divisional contribution.\nAdditionally, Divisional contribution margins in the Grocery business grew 2.1 percentage points in the first half compared to the prior year. This is in line with margins two years ago, whereby margins in the prior year were impacted by a longer than expected process to recover input cost inflation seen across the Group’s categories.\n\n£m | 2018/19 | 2017/18 | Change\n------------------------ | ------- | ------- | ------\nDivisional contribution2 | | | \nGrocery | 138.3 | 130.0 | +6.3% \nSweet Treats | 23.6 | 25.8 | (8.4%)\nTotal | 161.9 | 155.8 | +3.9% \nGroup & corporate costs | (33.4) | (32.8) | (1.8%)\nTrading profit | 128.5 | 123.0 | +4.5% \n\n\n Group reported £128. 5m growth £5. 5m +4. 5% 2017/18. Divisional contribution increased £6. 1m to £161. 9m. Grocery business £8. 3m £138. 3m Sweet Treats contribution £2. 2m lower £23. 6m. Group corporate costs £0. 6m higher.\n Grocery benefitted promotional strategy. reduced promotional deals lower volumes revenue growth contribution.\n margins grew 2. impacted input cost inflation.\n Divisional\n Grocery 138. 130. +6. 3%\n Sweet Treats 23. 25. 4%\n Total 161. 155. +3. 9%\n Group corporate costs (33.\n Trading profit 128. 123. +4. 5%" +} +{ + "_id": "d1b384572", + "title": "", + "text": "Under Article 35 of our Articles of Association, our financial year extends from January 1 to December 31, which is the period end of each fiscal year. In 2019, the first quarter ended on March 30, the second quarter ended on June 29, the third quarter ended on September 28 and the fourth quarter ended on December 31.\nIn 2020, the first quarter will end on March 28, the second quarter will end on June 27, the third quarter will end on September 26 and the fourth quarter will end on December 31.\nBased on our fiscal calendar, the distribution of our revenues and expenses by quarter may be unbalanced due to a different number of days in the various quarters of the fiscal year and can also differ from equivalent prior years’ periods, as illustrated in the below table for the years 2018, 2019 and 2020.\n\n | Q1 | Q2 | Q3 | Q4 \n---- | ---- | ---- | ---- | ----\n | Days | Days | Days | Days\n2018 | 90 | 91 | 91 | 93 \n2019 | 89 | 91 | 91 | 94 \n2020 | 88 | 91 | 91 | 96 \n\nArticle 35 Articles Association financial year January 1 to December 31, fiscal year. 2019 first quarter March 30 second June 29, third September 28 fourth December 31.\n 2020 first quarter March 28, second June 27, third September 26 fourth December 31.\n distribution revenues expenses quarter unbalanced different number days quarters differ prior periods table 2018 2019 2020.\n Q1 Q2 Q3 Q4\n Days\n 2018 90 91 \n 2019 89 91\n 2020 88 91" +} +{ + "_id": "d1b363c1e", + "title": "", + "text": "Note 8. Goodwill and Intangible Assets, Net\nThe changes in goodwill by reportable segment are outlined below (in thousands):\nOn October 21, 2019, we acquired 85% of the issued and outstanding capital stock of OpenEye and recorded $41.4 million of goodwill in the Alarm.com segment. There were no impairments of goodwill recorded during the years ended December 31, 2019, 2018 or 2017. As of December 31, 2019, the accumulated balance of goodwill impairments was $4.8 million, which is related to our acquisition of EnergyHub in 2013.\n\n | Alarm.com | Other | Total \n------------------------------- | --------- | ----- | --------\nBalance as of January 1, 2018 | $63,591 | $— | $63,591 \nGoodwill acquired | — | — | — \nBalance as of December 31, 2018 | 63,591 | — | 63,591 \nGoodwill acquired | 41,372 | — | 41,372 \nBalance as of December 31, 2019 | $104,963 | $— | $104,963\n\n8. Goodwill Intangible Assets\n changes goodwill segment\n October 21, 2019 acquired 85% OpenEye recorded $41. 4 million goodwill Alarm. segment. no impairments December 31, 2019 2018 2017. accumulated balance $4. 8 million related acquisition EnergyHub 2013.\n.\n Balance January 1, 2018 $63,591\n Goodwill acquired\n Balance December 31, 2018\n 41,372\n Balance December 31, 2019 $104,963" +} +{ + "_id": "d1b39136c", + "title": "", + "text": "Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities\n(a) Cisco common stock is traded on the Nasdaq Global Select Market under the symbol CSCO. Information regarding quarterly cash dividends declared on Cisco’s common stock during fiscal 2019 and 2018 may be found in Supplementary Financial Data on page 106 of this report. There were 39,216 registered shareholders as of August 30, 2019.\n(b) Not applicable.\n(c) Issuer purchases of equity securities (in millions, except per-share amounts):\nOn September 13, 2001, we announced that our Board of Directors had authorized a stock repurchase program. On February 13, 2019, our Board of Directors authorized a $15 billion increase to the stock repurchase program. As of July 27, 2019, the remaining authorized amount for stock repurchases under this program, including the additional authorization, is approximately $13.5 billion with no termination date.\nFor the majority of restricted stock units granted, the number of shares issued on the date the restricted stock units vest is net of shares withheld to meet applicable tax withholding requirements. Although these withheld shares are not issued or considered common stock repurchases under our stock repurchase program and therefore are not included in the preceding table, they are treated as common stock repurchases in our financial statements as they reduce the number of shares that would have been issued upon vesting (see Note 14 to the Consolidated Financial Statements).\n\nPeriod | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs\n------------------------------ | -------------------------------- | ---------------------------- | -------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------\nApril 28, 2019 to May 25, 2019 | 42 | $54.33 | 42 | $15,700 \nMay 26, 2019 to June 22, 2019 | 22 | $55.07 | 22 | $14,465 \nJune 23, 2019 to July 27, 2019 | 18 | $56.46 | 18 | $13,460 \nTotal | 82 | $54.99 | 82 | \n\nItem 5. Market Registrant’s Common Equity Stockholder Matters Issuer Purchases Equity Securities\n Cisco common stock traded Nasdaq Global Select Market CSCO. quarterly cash dividends 2019 2018 Supplementary Financial Data page 106. 39,216 registered shareholders August 30, 2019.\n.\n Issuer purchases equity securities-share\n September 13, 2001, Board stock repurchase program. February 13, 2019 $15 billion increase. July 27, 2019 remaining $13. 5 billion no termination date.\n restricted stock units issued net shares withheld tax withholding. withheld shares shares vesting Note 14 Consolidated Financial Statements.\n Period Shares Purchased Average Price Paid Share Publicly Announced Plans Programs Approximate Dollar Value Shares Purchased\n April 28, 2019 May 25, 2019 $54. $15,700\n May 26, June 22, 2019 $55.$14,465\n June 23, July 27, $56. $13,460\n 82 $54." +} +{ + "_id": "d1b34e3dc", + "title": "", + "text": "The Company maintains liabilities for uncertain tax positions. These liabilities involve considerable judgment and estimation and are continuously monitored by management based on the best information available, including changes in tax regulations, the outcome of relevant court cases, and other information. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):\nThe unrecognized tax benefits relate primarily to federal and state research and development credits and intercompany profit on the transfer of certain IP rights to one of the Company’s foreign subsidiaries as part of the Company’s tax reorganization completed in 2015. The Company’s policy is to account for interest and penalties related to uncertain tax positions as a component of income tax expense. As of December 31, 2019, the Company accrued interest or penalties related to uncertain tax positions in the amount of $25,000. As of December 31, 2019, the total amount of unrecognized tax benefits that would affect the Company’s effective tax rate, if recognized, is $97,000.\nBecause the Company has net operating loss and credit carryforwards, there are open statutes of limitations in which federal, state and foreign taxing authorities may examine the Company’s tax returns for all years from 2000 through the current period.\n\n | | Years Ended December 31, | \n---------------------------------------------------------------------------- | ------ | ------------------------ | -------\n | 2019 | 2018 | 2017 \nBalance at beginning of year | $4,611 | $4,672 | $6,232 \nGross increases for tax positions of prior years | 394 | — | — \nGross decreases for federal tax rate change for tax positions of prior years | — | — | (1,670)\nGross increases for tax positions of current year | 34 | 45 | 110 \nLapse of statute of limitations | (213) | (106) | — \nBalance at end of year | $4,826 | 4,611 | 4,672 \n\nCompany maintains liabilities for uncertain tax positions. monitored by management tax regulations court cases. reconciliation unrecognized tax benefits\n relate to federal state research development credits profit transfer IP rights foreign tax reorganization 2015. interest penalties uncertain tax positions income tax expense. December 31, 2019 accrued interest penalties $25,000. total unrecognized tax benefits effective tax rate $97,000.\n operating loss credit carryforwards open statutes of limitations authorities tax returns 2000.\n Years Ended December 31,\n 2018 2017\n Balance year $4,611 $4,672 $6,232\n increases for tax positions prior years 394\n decreases federal tax rate change (1,670)\n increases positions current year 34 45\n Lapse statute of limitations\n Balance end of year $4,826 4,611 4,672" +} +{ + "_id": "d1b38e658", + "title": "", + "text": "15. Revenue from Contracts with Customers\nImpact of Adopting Topic 606\nThe Company adopted Topic 606 at the beginning of fiscal 2019 using the modified retrospective method. The new standard resulted in a change to the timing of revenue recognition for a significant portion of the Company's revenue, whereby revenue is recognized over time, as products are produced, as opposed to at a point in time based upon shipping terms. As a result of the adoption of Topic 606, the following adjustments were made to the opening balances of the Company's Consolidated Balance Sheets (in thousands):\nThe cumulative effect of applying the new guidance in Topic 606 resulted in the Company increasing its fiscal 2019 opening Retained earnings balance by$ 7.8 million due to certain customer contracts requiring revenue recognition over time. Contract assets in the amount of$ 76.4 million were recognized due to the recognition of revenue on an over time basis for some customers rather than at a specific point in time. Inventory declined $69.0 million primarily due to earlier recognition of costs related to the contracts for which revenue was recognized on an over time basis. The decline in other accrued liabilities is primarily due to the reclassification of deferred revenue to contract assets for prepayments associated with revenue recognized over time, partially offset by an increase in taxes payable associated with the increase in revenue recognized over time.\n\n | Balance at September 29, 2018 | Impacts due to adoption of Topic\n606 | Balance at September 30, 2018\n------------------------------------ | ------------------------------ | ------------------------------------ | -----------------------------\nASSETS | | | \n Contract assets | $— | $76,417 | $76,417 \n Inventories | 794,346 | (68,959) | 725,387 \nLIABILITIES AND SHAREHOLDERS' EQUITY | | | \n Other accrued liabilities | $68,163 | $(357) | $67,806 \n Retained earnings | 1,062,246 | 7,815 | 1,070,061 \n\n. Revenue Contracts\n Adopting Topic 606\n Company adopted Topic 606 2019 modified retrospective method. timing revenue recognition revenue recognized over time products produced. Topic 606 adjustments opening balances Consolidated Balance Sheets\n fiscal 2019 opening earnings balance$ 7. 8 million due customer contracts revenue recognition. Contract assets$ 76. 4 million recognized over. Inventory declined $69. 0 million due costs contracts. decline other accrued liabilities due reclassification deferred revenue contract assets prepayments offset increase taxes payable.\n Balance September 29, 2018 Impacts adoption Topic\n 606 Balance September 30, 2018\n Contract assets $76,417\n Inventories 794,346 (68,959) 725,387\n LIABILITIES SHAREHOLDERS' EQUITY\n Other accrued liabilities $68,163 $67,806\n Retained earnings 1,062,246 1,070,061" +} +{ + "_id": "d1a725d26", + "title": "", + "text": "Cost of revenues. Cost of revenues increased by 20% to RMB59,659 million for the fourth quarter of 2019 on a year-on-year basis. The increase was mainly due to greater costs of FinTech services, channel costs and content costs. As a percentage of revenues, cost of revenues decreased to 56% for the fourth quarter of 2019 from 59% for the fourth quarter of 2018. The following table sets forth our cost of revenues by line of business for the fourth quarter of 2019 and the fourth quarter of 2018:\nCost of revenues for VAS increased by 28% to RMB26,120 million for the fourth quarter of 2019 on a year-on-year basis. The increase mainly reflected greater channel costs for smart phone games due to increased revenues, including the channel costs attributable to Supercell, as well as higher content costs for services and products such as live broadcast services, online games and music streaming.\nCost of revenues for FinTech and Business Services increased by 32% to RMB21,520 million for the fourth quarter of 2019 on a year-on-year basis. The increase was primarily driven by scale expansion of our payment-related services and cloud business.\nCost of revenues for Online Advertising decreased by 14% to RMB9,241 million for the fourth quarter of 2019 on a year-on-year basis. The decrease was mainly due to lower content costs for video advertising as a result of fewer major content releases, and to cost management.\n\n | Unaudited | | | \n----------------------------- | ----------------------------------- | -------- | ---------------- | ----------\n | Three months ended | | | \n | 31 December 2019 | | 31 December 2018 | \n | | % of | | % of \n | | segment | | segment \n | Amount | revenues | Amount | revenues \n | | | (Restated) | (Restated)\n | (RMB in millions, unless specified) | | | \nVAS | 26,120 | 50% | 20,330 | 47% \nFinTech and Business Services | 21,520 | 72% | 16,310 | 76% \nOnline Advertising | 9,241 | 46% | 10,800 | 63% \nOthers | 2,778 | 84% | 2,304 | 88% \nTotal cost of revenues | 59,659 | | 49,744 | \n\nCost revenues. increased 20% to RMB59,659 million fourth quarter 2019. increase due to FinTech services channel costs content costs. percentage revenues decreased to 56% 2019 from 59% 2018. table cost revenues by line business 2019\n revenues VAS increased 28% to RMB26,120 million 2019. increase reflected greater channel costs smart phone games higher content costs live broadcast online games music streaming.\n FinTech Business Services increased 32% to RMB21,520 million. increase driven by expansion payment-related services cloud business.\n Online Advertising decreased 14% to RMB9,241 million. due to lower content costs video advertising fewer major content releases cost management.\n Three months\n 31 December 2019 December 2018\n %\n segment\n revenues\n in millions\n 26,120 50% 20,330 47%\nFinTech Services 21,520,310\n Online Advertising 9,241 46% 10,800 63%\n 2,778\n 59,659 49,744" +} +{ + "_id": "d1b3c71e2", + "title": "", + "text": "15. Net Income per Share\nThe following is a calculation of basic and diluted net income per share (in millions, except per share amounts):\nPotential shares from outstanding employee equity awards totaling 1 million, 1 million and 6 million for fiscal 2019, 2018 and 2017, respectively, were excluded from the diluted net income per share calculations as their inclusion would have been anti-dilutive.\n\n | | Year Ended | \n---------------------------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nNumerator: | | | \nNet income | $ 1,169 | $ 116 | $ 481 \nDenominator: | | | \nShares used in basic computation | 254 | 268 | 275 \nDilutive impact of employee equity award plans | 5 | 8 | 6 \nShares used in diluted computation | 259 | 276 | 281 \nNet Income per Share: | | | \nBasic | $ 4.60 | $ 0.43 | $ 1.75 \nDiluted | $ 4.51 | $ 0.42 | $ 1.71 \n\n. Net Income per Share\n calculation basic diluted income share millions\n shares employee equity awards 1 million 6 million 2019 2018 2017 excluded diluted income.\n April 26, 2019 2018 28, 2017\n Net income $ 1,169 $ 116 $ 481\n Shares basic computation 254 268\n Dilutive impact equity award plans\n diluted computation 259 276 281\n Net Income per Share\n $. $.\n Diluted $. 51." +} +{ + "_id": "d1b337dbc", + "title": "", + "text": "Note 24 Post-employment benefit plans\nPOST-EMPLOYMENT BENEFIT PLANS COST\nWe provide pension and other benefits for most of our employees. These include DB pension plans, DC pension plans and OPEBs.\nWe operate our DB and DC pension plans under applicable Canadian and provincial pension legislation, which prescribes minimum and maximum DB funding requirements. Plan assets are held in trust, and the oversight of governance of the plans, including investment decisions, contributions to DB plans and the selection of the DC plans investment options offered to plan participants, lies with the Pension Fund Committee, a committee of our board of directors.\nThe interest rate risk is managed using a liability matching approach, which reduces the exposure of the DB plans to a mismatch between investment growth and obligation growth.\nThe longevity risk is managed using a longevity swap, which reduces the exposure of the DB plans to an increase in life expectancy.\nCOMPONENTS OF POST-EMPLOYMENT BENEFIT PLANS SERVICE COST\n\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \n---------------------------------------------------------------------------- | ----- | -----\nDB pension | (193) | (213)\nDC pension | (110) | (106)\nOPEBs | (3) | (3) \nLess: | | \nCapitalized benefit plans cost | 59 | 56 \nTotal post-employment benefit plans service cost included in operating costs | (247) | (266)\nOther costs recognized in severance, acquisition and other costs | – | (4) \nTotal post-employment benefit plans service cost | (247) | (270)\n\nPost-employment benefit plans\n provide pension benefits employees. include DB DC OPEBs.\n operate DB DC Canadian provincial pension legislation minimum funding requirements. assets trust oversight investment decisions options Pension Fund Committee.\n interest rate risk managed liability matching mismatch investment obligation growth.\n longevity risk longevity swap life expectancy.\n POST-EMPLOYMENT BENEFIT PLANS SERVICE COST\n YEAR ENDED DECEMBER 31 2019\n DB pension (193) (213)\n DC pension (110) (106)\n OPEBs (3)\n Capitalized benefit plans cost 59 56\n Total cost operating costs (247) (266)\n Other costs severance acquisition\n (247)" +} +{ + "_id": "d1b320888", + "title": "", + "text": "Note 16. Share-Based Compensation\nShare-Based Compensation Expense\nThe following table presents the details of the Company's share-based compensation expense (in millions):\n(1) During the year ended March 31, 2019, $17.2 million of share-based compensation expense was capitalized to inventory, and $14.9 million of previously capitalized share-based compensation expense in inventory was sold. During the year ended March 31, 2018, $11.9 million of share-based compensation expense was capitalized to inventory and $13.8 million of previously capitalized share-based compensation expense in inventory that was sold. During the year ended March 31, 2017, $11.3 million of share-based compensation expense was capitalized to inventory. The amount of sharebased compensation included in cost of sales during fiscal 2017 included $14.5 million of previously capitalized sharebased compensation expense in inventory was sold and $4.2 million of share-based compensation expense related to the Company's acquisition of Atmel that was not previously capitalized into inventory.\nThe amount of unearned share-based compensation currently estimated to be expensed in the remainder of fiscal 2020 through fiscal 2024 related to unvested share-based payment awards at March 31, 2019 is $253.4 million. The weighted average period over which the unearned share-based compensation is expected to be recognized is approximately 1.88 years.\n\n | | Year Ended March 31, | \n--------------------------------------------- | ------ | -------------------- | -----\n | 2019 | 2018 | 2017 \nCost of sales (1) | $14.9 | $13.8 | $18.7\nResearch and development | 72.0 | 42.5 | 46.8 \nSelling, general and administrative | 62.3 | 36.9 | 62.6 \nSpecial (income) charges and other, net | 17.2 | — | — \nPre-tax effect of share-based compensation | 166.4 | 93.2 | 128.1\nIncome tax benefit | 35.5 | 28.3 | 44.2 \nNet income effect of share-based compensation | $130.9 | $64.9 | $83.9\n\n16. Share-Based Compensation\n table presents Company's share-based compensation expense\n year March 31, 2019 $17. 2 million capitalized $14. 9 million sold. March 31, 2018 $11. 9 million capitalized $13. 8 million sold. March 31, 2017 $11. 3 million capitalized. sales 2017 $14. 5 million $4. 2 million Atmel not capitalized.\n unearned share-based compensation estimated expensed fiscal 2020 through 2024 March 31, 2019 $253. 4 million. average period unearned compensation 1. 88 years.\n Year Ended March 31,\n Cost sales $14. $13. $18.\n Research development 72. 42. 46.\n Selling administrative 62. 36.\n Special (income) charges 17.\n Pre-tax effect share-based compensation 166. 93. 128.\n Income tax benefit 35. 28. 44.\ncompensation $130. $64. $83." +} +{ + "_id": "d1b31137e", + "title": "", + "text": "Cash Flows\nThe following table summarizes our cash flows from operating, investing and financing activities for the periods indicated.\nNet cash provided by/(used in) operating activities\nCash provided by operating activities decreased by $10.2 million to $106.5 million in 2019 compared to $116.7 million in 2018. The decrease was primarily due to:\n• lower contribution recognized from our participation in the Cool Pool due to lower utilization and a higher number of drydocking days for our vessels for the year ended December 31, 2019;\n• $24.9 million of drydocking costs as the majority of our fleet was scheduled for dry-dock during 2019;\n• $9.3 million in cash receipts in connection with arbitration proceedings with a former charterer of the Golar Tundra, compared to $50.7 million recovered in 2018; and\n• the reduction in the general timing of working capital in 2019 compared to the same period in 2018.\nThis was partially offset by receipts of $4.0 million in relation to a loss of hire insurance claim on the Golar Viking. There were no comparable receipts in 2018.\nCash provided by operating activities increased by $151.8 million to $116.7 million in 2018 compared to cash utilized of $35.1 million in 2017. The increase in cash utilized in 2018 was primarily due to: • higher contributions recognized from our participation in the Cool Pool as a result of improved utilization and daily hire rates from the Cool Pool vessels; • lower charterhire payments as a result of the expiry of the charter-back arrangement of the Golar Grand from Golar Partners in November 2017; • $50.7 million in cash receipts in connection with arbitration proceedings with a former charterer of the Golar Tundra; and • the improvement on the general timing of working capital in 2018 compared to the same period in 2017.\nNet cash used in investing activities\nNet cash used in investing activities of $264.4 million in 2019 comprised mainly of:\n• $376.3 million of payments made in respect of the conversion of the Gimi into a FLNG;\n• $21.0 million additional investments in Golar Power and Avenir; and\n• $24.4 million of payments predominately for the installation of the ballast water treatment systems on eight of our vessels.\nThis was partially offset by receipts of:\n• $115.2 million of proceeds from Keppel's initial subscription and subsequent cash calls in relation to its 30% equity interest in Gimi MS;\n• $29.2 million of dividends received from Golar Partners; and\n• $9.7 million of cash consideration received from Golar Partners in respect of the remaining net purchase price less working capital adjustments in connection with the Hilli acquisition.\nNet cash used in investing activities of $202.5 million in 2018 comprised mainly of:\n• the addition of $116.7 million to asset under development relating to payments made in respect of the conversion of the Hilli into a FLNG; and\n• additions of $95.5 million to investments in affiliates, which relates principally to capital contributions made to Golar Power of $55.0 million and our investment in Avenir of $24.8 million; and\n• additions to vessels and equipment of $33.1 million.\nThis was partially offset by: • receipt of $9.7 million from Golar Partners in relation to the Hilli Disposal; and • $33.2 million of dividends received from Golar Partners.\nNet cash (used in)/provided by financing activities\nNet cash used in financing activities is principally generated from funds from new debt, debt refinancings, debt repayments and cash dividends. Net cash used in financing activities of $136.0 million in 2019 arose primarily due to: • scheduled debt repayments of $443.1 million; • $100.0 million repayment of the Margin Loan following refinancing; • $9.1 million repayment upon the extension of the Golar Arctic facility; • payment of dividends of $65.0 million; • financing costs of $24.5 million predominately in relation to the Gimi debt facility; and • payment of $18.6 million in relation to the 1.5 million treasury shares repurchased on our equity swap in November 2019.\nThis was partially offset by debt proceeds drawn down of:\n• $100.0 million on the new Margin Loan facility;\n• $150.0 million on the term loan facility;\n• $130.0 million on the Gimi facility; and\n• $144.3 million in relation to our lessor VIE's.\nNet cash provided by financing activities of $177.4 million in 2018 arose primarily due to proceeds of $1.2 billion from our debt facilities, including:\n• $115.0 million further drawdown on the pre-delivery financing in relation to the conversion of the Hilli into a FLNG;\n• $960.0 million drawdown on the post-acceptance Hilli sale and leaseback financing in relation to the Hilli Facility; and\n• $101.0 million of debt proceeds drawn down by the lessor VIE, which owns the Golar Crystal, upon refinancing of its debt into a long-term loan facility. See note 5 \"Variable Interest Entities\" of our consolidated financial statements included herein.\nThis was partially offset by:\n• loan repayments of $994.9 million, which includes (i) the repayment of $640.0 million on the pre-delivery financing in relation to the conversion of the Hilli into a FLNG, (ii) payment of $105.0 million in connection with the refinancing of the Golar Crystal facility mentioned above, (iii) payments of $76.9 million in connection with the Golar Tundra financing arrangement and (iv) scheduled repayments on our remaining debt facilities; and\n• payment of dividends of $42.9 million.\n\n | 2019 | 2018 | 2017 \n--------------------------------------------------------------------- | ------- | ------- | -------\n(in millions of $) | | | \nNet cash provided by/(used in) operating activities | 106.5 | 116.7 | (35.1) \nNet cash used in investing activities | (264.4) | (202.5) | (419.9)\nNet cash (used in)/provided by financing activities | (136.0) | 177.4 | 427.4 \nNet (decrease) increase in cash, cash equivalents and restricted cash | (293.9) | 91.6 | (27.5) \nCash, cash equivalents and restricted cash at beginning of year | 704.3 | 612.7 | 640.2 \nCash, cash equivalents and restricted cash at end of year | 410.4 | 704.3 | 612.7 \n\nCash Flows\n table summarizes cash flows operating investing financing.\n cash\n decreased $10. 2 million to $106. 5 million 2019 $116. 7 million 2018. due to\n lower contribution Cool Pool drydocking\n $24. 9 million drydocking costs\n $9. 3 million cash receipts arbitration proceedings Golar Tundra $50. 7 million\n reduction general timing working capital 2019.\n offset by receipts $4. million loss hire insurance claim Golar Viking. no comparable receipts 2018.\n Cash activities increased $151. 8 million to $116. 7 million 2018 $35. 1 million 2017. increase due to higher contributions Cool Pool lower charterhire payments expiry charter-back Golar $50. 7 million receipts arbitration proceedings improvement general timing working capital.\n Net cash activities\n $264. 4 million 2019\n $376. 3 million payments conversion Gimi FLNG\n $21. million investments in Golar Power Avenir\n $24.4 million ballast water treatment eight vessels.\n offset\n $115. 2 million Keppel 30% equity Gimi MS\n $29. 2 million dividends Golar Partners\n $9. 7 million cash purchase price Hilli acquisition.\n $202. 5 million 2018\n $116. 7 million conversion Hilli FLNG\n $95. 5 million investments contributions Golar Power $55. 0 million Avenir $24. 8 million\n vessels equipment $33. 1 million.\n offset $9. 7 million Golar Partners Hilli $33. 2 million dividends.\n debt refinancings repayments dividends. $136. 0 million 2019 debt repayments $443. 1 million $100. million Margin Loan $9. 1 million extension Golar Arctic facility dividends $65. million financing costs $24. 5 million Gimi debt facility $18. 6 million 1. 5 million treasury shares equity swap 2019.\noffset by debt proceeds\n $100. million new Margin Loan\n $150. million term loan\n $130. million Gimi facility\n $144. 3 million lessor VIE's.\n Net cash financing $177. 4 million 2018 due $1. 2 billion debt facilities\n $115. million pre financing conversion Hilli FLNG\n $960. million post-acceptance Hilli sale leaseback financing\n $101. million debt proceeds lessor VIE Golar Crystal refinancing long-term loan.\n offset\n loan repayments $994. 9 million $640. million pre-delivery financing $105. million refinancing Golar Crystal $76. 9 million Golar Tundra financing scheduled repayments remaining debt facilities\n dividends $42. 9 million.\n Net cash operating activities 106. 5 116. 7 (35.\n investing (264. (202. (419.\n financing (136. 177. 427.\n cash equivalents restricted cash (293. 91. 6 (27. 5)\n 704. 3 612. 7 640.\n end 410. 4 704. 3 612." +} +{ + "_id": "d1b33e5e0", + "title": "", + "text": "Note 3: Recent Accounting Pronouncements\nRecently Adopted\nIn May 2014, the FASB released ASU 2014-09, “Revenue from Contracts with Customers,” to supersede nearly all existing revenue recognition guidance under GAAP. The FASB issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016, May 2016 and December 2016 within ASU 2015–14, ASU 2016–08, ASU 2016–10, ASU 2016–12 and ASU 2016–20, respectively; all of which in combination with ASU 2014-09 were codified as Accounting Standard Codification Topic 606 (“ASC 606”). The core principle of the standard is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The Company adopted ASC 606 on the first day of the current fiscal year, June 25, 2018, under the modified retrospective approach, applying the amendments to prospective reporting periods. Results for reporting periods beginning on or after June 25, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with the historic accounting under ASC 605. In connection with the adoption of ASC 606, the Company’s revenue recognition policy has been amended, refer to Note 2—Summary of Significant Accounting Policies for a description of the policy.\nThe cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as of June 25, 2018 for the adoption of ASC 606 to all contracts with customers that were not completed as of June 24, 2018 was recorded as an adjustment to retained earnings as of the adoption date as follows:\n\n | June 24, 2018 As Reported | Adjustments | Jun e25, 2018 As Adjusted\n-------------------- | ------------------------- | -------------- | -------------------------\n | | (in thousands) | \nTotal assets | $12,479,478 | $12,955 | $12,492,433 \nDeferred profit | $720,086 | $(160,695) | $559,391 \nTotal liabilities | $5,899,435 | $(126,400) | $5,773,035 \nStockholder’s equity | $6,501,851 | $139,355 | $6,641,206 \n\nRecent Accounting Pronouncements\n Adopted\n May 2014, FASB released ASU 2014-09 Contracts revenue guidance GAAP. issued amendments August March April May December 2016 ASU 2015–14 2016–08 2016–20 codified Accounting Standard Codification. revenues promised goods services transferred customers. Company adopted ASC 606 fiscal year June 25, 2018 modified retrospective approach amendments prospective reporting periods. Results periods June 25, 2018 presented ASC 606 prior amounts not adjusted accounting ASC 605. ASC 606 revenue recognition policy amended Note 2—Summary Accounting Policies.\n cumulative effect changes Consolidated Balance Sheet June 25, 2018 adoption ASC 606 contracts not completed June 24, 2018 retained earnings\n June 24, Adjustments Adjusted\n Total assets $12,479,478 $12,955 $12,492,433\n Deferred profit $720,086 $559,391\nliabilities $5,899,435\n equity $6,501,851 $139,355" +} +{ + "_id": "d1b32cbb0", + "title": "", + "text": "4. Income Taxes\nProvision for Income Taxes\nIncome (loss) before income tax expense is summarized below (in thousands):\n(1) Includes the elimination of intercompany foreign dividends paid to the U.S.\n\n | | Fiscal Year Ended August 31, | \n------------ | ---------- | ---------------------------- | ----------\n | 2019 | 2018 | 2017 \nDomestic (1) | $(415,707) | $(426,897) | $(373,690)\nForeign (1) | 866,411 | 800,298 | 629,923 \n | $450,704 | $373,401 | $256,233 \n\n. Income Taxes\n before expense summarized\n foreign dividends.\n Year Ended August 31,\n Domestic $(415,707) $(426,897) $(373,690\n Foreign 866,411 800,298 629,923\n $450,704 $373,401 $256,233" +} +{ + "_id": "d1a72aac4", + "title": "", + "text": "Discontinued Operations\nYear Ended December 31, 2019 Compared with the Years Ended December 31, 2018 and 2017\nOn December 31, 2018, we sold all of the Class A Common Units of Netsmart owned by the Company. Prior to the sale, Netsmart comprised a separate reportable segment, which due to its significance to our historical consolidated financial statements and results of operations, is now reported as a discontinued operation as a result of the sale for all periods presented. The loss from discontinued operations represents the net of losses incurred by Netsmart for the years ended December 31, 2018 and 2017 partly offset by earnings attributable to two solutions acquired during the fourth quarter of 2017 as part of the EIS Business that we no longer support effective as of March 31, 2018. Refer to Note 17, “Discontinued Operations” to our consolidated financial statements included in Part II, Item 8, “Financial Statements and Supplementary Data” of this Form 10-K for additional information regarding discontinued operations.\n\n | Year Ended December 31, | | | 2019 % | 2018 % \n------------------------------------------------------ | ----------------------- | --------- | --------- | ---------------- | ----------------\n(In thousands) | 2019 | 2018 | 2017 | Change from 2018 | Change from 2017\nLoss from discontinued operations | $ 0 | $(72,836) | $(11,915) | (100.0%) | NM \nGain on sale of Netsmart | $ 0 | 500,471 | 0 | (100.0%) | NM \nIncome tax effect on discontinued operations | $ 0 | (32,497) | 42,263 | (100.0%) | (176.9%) \nIncome (loss) from discontinued operations, net of tax | $ 0 | $395,138 | $30,348 | (100.0%) | NM \n\nDiscontinued Operations\n Year Ended December 31, 2019 December 2018 2017\n December 31, 2018 sold Class A Units Netsmart. Netsmart separate reportable segment discontinued operation. loss discontinued operations net losses December 31, 2018 2017 offset earnings two solutions acquired 2017 March 31, 2018. Note 17, “Discontinued Operations” consolidated financial statements Part II Item 8 Form 10-K information.\n Year Ended December 31, 2019 2018 %\n 2019 2018 2017\n Loss discontinued operations $ $(72,836) $(11,915) (100.\n Gain sale Netsmart $ 500,471.\n Income tax effect discontinued operations $ (32,497) 42,263 . 9%)\n Income (loss) discontinued operations net tax $395,138 $30,348." +} +{ + "_id": "d1b31f690", + "title": "", + "text": "Selected Current Liabilities\nCurrent liabilities reflected in our consolidated balance sheets include accounts payable and other current liabilities as follows:\nIncluded in accounts payable at December 31, 2019 and 2018, were (i) $106 million and $86 million, respectively, representing book overdrafts and (ii) $469 million and $434 million, respectively, associated with capital expenditures.\n\n | As of December 31, | \n------------------------------- | --------------------- | -----\n | 2019 | 2018 \n | (Dollars in millions) | \nAccounts payable | $1,724 | 1,933\nOther current liabilities: | | \nAccrued rent | $75 | 45 \nLegal contingencies | 88 | 30 \nOther | 223 | 282 \nTotal other current liabilities | $386 | 357 \n\nCurrent Liabilities\n balance sheets accounts payable\n December 31, 2019 2018 $106 million $86 million book overdrafts $469 million $434 million capital expenditures.\n December\n millions\n Accounts payable $1,724 1,933\n liabilities\n Accrued rent $75 45\n Legal contingencies\n 223 282\n liabilities $386" +} +{ + "_id": "d1b3adf26", + "title": "", + "text": "20. Borrowings and capital resources\nThe Group’s sources of borrowing for funding and liquidity purposes come from a range of committed bank facilities and through short-term and long-term issuances in the capital markets including bond and commercial paper issues and bank loans. We manage the basis on which we incur interest on debt between fixed interest rates and floating interest rates depending on market conditions using interest rate derivatives. The Group enters into foreign exchange contracts to mitigate the impact of exchange rate movements on certain monetary items.\nThis section includes an analysis of net debt, which is used to manage capital\nAccounting policies\nInterest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are recognised in accordance with policy (see note 21 “Capital and financial risk management”). Any difference between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing. Where bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal amounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at amortised cost using the effective interest rate method.\nNet debt\nAt 31 March 2019 net debt represented 58% of our market capitalisation (2018: 46%). Average net debt at month end accounting dates over the 12-month period ended 31 March 2019 was €30.9 billion and ranged between net debt of €27.0 billion and €34.1 billion. Our consolidated net debt position at 31 March was as follows:\nNotes: 1 Liabilities for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement are now separately disclosed in the consolidated statement of financial position and are no longer presented within short-term borrowings; gross short-term borrowings at 31 March 2018 have therefore been revised to exclude €1,838 million in respect of such liabilities.\n2 At 31 March 2019 the amount includes €2,011 million (2018: €1,070 million) in relation to cash received under collateral support agreements\n3 Includes €1,919 million (2018: €nil) of spectrum licence payables following the completion of recent auctions in Italy and Spain.\nThe fair value of the Group’s financial assets and financial liabilities held at amortised cost approximate to fair value with the exception of long-term bonds with a carrying value of €44,439 million (2018: €30,473 million) and a fair value of €43,616 million (2018: €29,724 million). Fair value is based on level 1 of the fair value hierarchy using quoted market prices.\n\n | 2019 €m | Restated1 2018 €m\n---------------------------------------------------------------------------------- | -------- | -----------------\nShort-term borrowings | | \nBonds | (53) | (3,477) \nCommercial paper | (873) | (2,712) \nBank loans | (1,220) | (1,159) \nOther short-term borrowings2 | (2,124) | (1,165) \n | (4,270) | (8,513) \nLong-term borrowings | | \nBonds | (44,439) | (30,473) \nBank loans | (1,780) | (2,157) \nOther long-term borrowings3 | (2,466) | (278) \n | (48,685) | (32,908) \nCash and cash equivalents | 13,637 | 4,674 \nOther financial instruments | | \nDerivative financial instruments included in trade and other receivables (note 14) | 3,634 | 2,629 \nDerivative financial instruments included in trade and other payables (note 15) | (2,444) | (2,383) \nShort-term investments (note 13) | 11,095 | 6,870 \n | 12,285 | 7,116 \nNet debt | (27,033) | (29,631) \n\n. Borrowings capital resources\n sources from bank facilities short long-term issuances capital markets bond commercial paper issues bank loans. manage interest debt fixed floating derivatives. enters foreign exchange contracts impact rate.\n analysis net debt capital\n Interest-bearing loans overdrafts measured fair value amortised cost effective interest rate. hedged adjustments recognised 21 financial risk. difference proceeds transaction costs due settlement redemption borrowings recognised over term borrowing. bonds conversion rights compound instruments measured fair value equity future coupons. measured amortised cost effective interest rate.\n 31 March 2019 58% market capitalisation (2018 46%). Average net debt 2019 €30. 9 billion between €27. 0 billion and €34. 1 billion. consolidated net debt position at 31 March\nLiabilities equity Kabel Deutschland AG domination profit transfer agreement disclosed short-term borrowings borrowings at 31 March 2018 revised exclude €1,838 million.\n 31 March 2019 includes €2,011 million (2018 €1,070 million cash collateral support agreements\n Includes €1,919 million spectrum licence payables auctions Italy Spain.\n fair financial assets liabilities approximate fair value exception long bonds €44,439 million (2018 €30,473 million €43,616 million (2018 €29,724 million. Fair value based level 1 hierarchy market prices.\n 2018\n Short-term borrowings\n Bonds\n Commercial paper\n Bank loans (1,220)\n Other (2,124\n Long-term borrowings\n Bonds (44,439) (30\n Bank loans (1,780\n Other\n Cash equivalents 13,637\n Other financial instruments\ninstruments (2,444\n investments 11,095,870\n 12,285 7,116\n debt (27,033) (29,631)" +} +{ + "_id": "d1b399c2e", + "title": "", + "text": "20. Geographic Information\nThe Group’s non-current operating assets by geographic regions are as follows:\nNon-current operating assets for this purpose consist of property and equipment, goodwill, intangible assets and other non-current assets.\n\n | Fiscal Year Ended June 30, | \n---------------------------- | -------------------------- | --------\n | 2019 | 2018 \n | (U.S. $ in thousands) | \nNon-current operating assets | | \nUnited States | $819,227 | $412,112\nAustralia | 18,842 | 16,730 \nIndia | 9,286 | — \n | $847,355 | $428,842\n\n. Geographic Information\n non-current assets regions\n property equipment goodwill intangible assets.\n Fiscal Year Ended June 30,\n 2018\n.\n-current assets\n United States $819,227 $412,112\n Australia 18,842\n India 9\n $847,355 $428,842" +} +{ + "_id": "d1b3a59ca", + "title": "", + "text": "Note 7 – Inventory\nAs of December 31, 2019 and 2018, inventory was comprised of the following:\nInventory reserves are established for estimated excess and obsolete inventory equal to the difference between the cost of the inventory and the estimated net realizable value of the inventory based on estimated reserve percentages, which consider historical usage, known trends, inventory age and market conditions. As of December 31, 2019 and 2018, our inventory reserve was $34.1 million and $30.0 million, respectively.\n\n(In thousands) | 2019 | 2018 \n-------------------- | ------- | -------\nRaw materials | $36,987 | $45,333\nWork in process | 1,085 | 1,638 \nFinished goods | 60,233 | 52,877 \nTotal Inventory, net | $98,305 | $99,848\n\nInventory\n December 31, 2019 2018\n reserves excess obsolete inventory difference cost value usage market conditions. December 31, 2019 2018 reserve $34. 1 million $30. 0 million.\n Raw materials $36,987 $45,333\n Work process 1,085 1,638\n Finished goods 60,233 52,877\n Total $98,305 $99,848" +} +{ + "_id": "d1b332c22", + "title": "", + "text": "2019 vs 2018\nNet revenue in Connected Home segment decreased for the year ended December 31, 2019 compared to the prior year. Net revenue from service provider customers fell $27.8 million compared with the prior year. In addition, the North American home WiFi market contracted in fiscal 2019 affecting net revenue from non-service provider customers. The lower revenue was primarily due to declined net revenue of our home wireless, mobile and broadband modem and gateway products. Within home wireless, we experienced declines in net revenue from AC router products, WiFi mesh systems and extenders, partially offset by net revenue generated from the introduction of WiFi 6 routers. On a geographic basis, we experience net revenue declines across all three regions.\nContribution income decreased for the year ended December 31, 2019 compared to the prior year, primarily due to lower net revenue and lower gross margin attainment. Contribution margin decreased for the year ended December 31, 2019 compare to the prior year primarily due to higher product acquisition costs resulting from the burden of Section 301 tariffs and inefficiencies associated with commencing manufacturing in new locations, increased channel promotion activities and foreign exchange headwinds due to the strengthening of the U.S. dollar.\n2018 vs 2017\n2018 vs 2017 Connected Home segment net revenue increased for the year ended December 31, 2018 compared to the prior year. The increase in Connected Home net revenue was primarily due to home wireless and broadband modem and modem gateway products, partially offset by decreased net revenue from mobile products. The growth in home wireless was experienced across both service provider and non-service provider channels, while the increase in broadband and gateway related solely to non-service provider customers. In total, net revenue from service provider customers fell $33.5 million compared to the prior year period. Geographically, net revenue increased in Americas and EMEA, but decreased in APAC.\nContribution income increased for the year ended December 31, 2018 compared to the prior year, primarily due to higher net revenue and gross margin attainment, mainly due to favorable product mix and lower warranty expense, partially offset by higher operating expenses as a proportion of net revenue.\n\n | | | Year Ended December 31, | | \n------------------------- | -------- | -------- | -------------------------------------- | -------- | --------\n | 2019 | % Change | 2018 | % Change | 2017 \n | | | (in thousands, except percentage data) | | \nNet revenue | $711,391 | (7.7)% | $771,060 | 0.4% | $768,261\nPercentage of net revenue | 71.2% | | 72.8% | | 73.9% \nContribution income | $67,775 | (29.7)% | $96,340 | 14.9% | $83,870 \nContribution margin | 9.5% | | 12.5% | | 10.9% \n\n2019 vs 2018\n revenue Connected Home decreased December 31, 2019. fell $27. 8 million. North American home WiFi market contracted revenue non-service provider. lower revenue due declined home wireless mobile broadband modem gateway products. declines AC router WiFi mesh systems extenders offset WiFi 6 routers. revenue declines three regions.\n Contribution income decreased December 2019 lower net revenue gross margin. higher product costs Section 301 tariffs channel promotion foreign exchange headwinds. dollar.\n 2018 vs 2017\n Connected Home net revenue increased. increase due home wireless broadband modem gateway offset decreased revenue mobile. growth home wireless service provider non channels increase broadband gateway non-service provider customers. net revenue fell $33. 5 million. revenue increased Americas EMEA decreased APAC.\n Contribution income increased December 31, 2018 due higher net revenue gross margin favorable product mix lower warranty expense higher operating expenses.\n\n 2019 2018 2017\n Net revenue $711,391.% $771,060. 4% $768,261\n revenue 71. 2% 72. 8%.\n Contribution income $67,775 (29. 7)% $96,340. $83,870\n margin 9. 5% 12. 5%." +} +{ + "_id": "d1b323164", + "title": "", + "text": "5. Software Development and Intellectual Property Licenses\nThe following table summarizes the components of our capitalized software development costs (amounts in millions):\nAs of both December 31, 2019 and December 31, 2018, capitalized intellectual property licenses were not material.\n\n | At December 31, | \n------------------------------------------------ | --------------- | ----\n | 2019 | 2018\nInternally-developed software costs | $345 | $291\nPayments made to third-party software developers | 31 | 38 \nTotal software development costs | $376 | $329\n\n. Software Development Intellectual Property Licenses\n table summarizes capitalized software costs\n December 2019 2018 intellectual property licenses material.\n Internally-developed software costs $345 $291\n Payments third-party\n costs $376 $329" +} +{ + "_id": "d1b35d6b6", + "title": "", + "text": "N. NET INCOME PER COMMON SHARE\nThe following table sets forth the computation of basic and diluted net income per common share:\n(1) Incremental shares from the assumed conversion of the convertible notes was calculated using the difference between the average Teradyne stock price for the period and the conversion price of $31.62, multiplied by 14.5 million shares. The result of this calculation, representing the total intrinsic value of the convertible debt, was divided by the average Teradyne stock price for the period.\n(2) Convertible notes hedge warrant shares were calculated using the difference between the average Teradyne stock price for the period and the warrant price of $39.68, multiplied by 14.5 million shares. The result of this calculation, representing the total intrinsic value of the warrant, was divided by the average Teradyne stock price for the period.\nThe computation of diluted net income per common share for 2018 excludes the effect of the potential exercise of stock options to purchase approximately 0.1 million shares and restricted stock units to purchase approximately 0.5 million shares because the effect would have been anti-dilutive.\nThe computation of diluted net income per common share for 2017 excludes the effect of the potential exercise of stock options to purchase approximately 0.1 million shares because the effect would have been antidilutive.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------------- | -------- | ---------------------------------------- | --------\n | | (in thousands, except per share amounts) | \nNet income for basic and diluted net income per share | $467,468 | $451,779 | $257,692\nWeighted average common shares-basic | 170,425 | 187,672 | 198,069 \nEffect of dilutive potential common shares: | | | \nIncremental shares from assumed conversion of convertible notes (1) | 4,909 | 2,749 | 1,298 \nConvertible note hedge warrant shares (2) | 2,698 | 485 | 112 \nRestricted stock units | 1,236 | 1,385 | 1,800 \nStock options | 178 | 278 | 335 \nEmployee stock purchase rights | 13 | 36 | 27 \nDilutive potential common shares | 9,034 | 4,933 | 3,572 \nWeighted average common shares-diluted | 179,459 | 192,605 | 201,641 \nNet income per common share-basic | $2.74 | $2.41 | $1.30 \nNet income per common share-diluted | $2.60 | $2.35 | $1.28 \n\n. NET INCOME PER COMMON SHARE\n table basic diluted net income per common share\n Incremental shares conversion convertible calculated Teradyne stock $31. 62 multiplied 14. 5 million shares. divided Teradyne stock price.\n Convertible notes hedge warrant shares calculated Teradyne stock warrant price $39. 68 multiplied 14. 5 million shares. Teradyne.\n diluted net income 2018 excludes stock options. 1 million restricted stock units. million.\n diluted income 2017 stock options. million.\n basic diluted income per share $467,468 $451,779 $257,692\n average common shares-basic 170,425 187,672 198,069\n Effect dilutive potential shares\n Incremental shares from conversion convertible notes 4,909 2,749 1,298\n Convertible note hedge warrant shares (2) 2,698 485\n Restricted stock units 1,236 1,385 1,800\nStock options 178 278 335\n Employee stock purchase rights 13 36 27\n common shares 9,034 3,572\n shares-diluted 179,459 192,605 201,641\n income share $2.\n." +} +{ + "_id": "d1b346902", + "title": "", + "text": "Cash and Cash Equivalents\nCash and cash equivalents consist of cash, checking accounts, money market accounts and temporary investments with maturities of three months or less when purchased. As of December 31, 2019 and 2018, the Company had no cash equivalents.\nRestricted Cash\nIn connection with certain transactions, the Company may be required to deposit assets, including cash or investment shares, in escrow accounts. The assets held in escrow are subject to various contingencies that may exist with respect to such transactions. Upon resolution of those contingencies or the expiration of the escrow period, some or all the escrow amounts may be used and the balance released to the Company. As of December 31, 2019 and 2018, the Company had $72,000 and $140,000, respectively, deposited in escrow as restricted cash for the Shoom acquisition, of which any amounts not subject to claims shall be released to the pre-acquisition stockholders of Shoom pro-rata on the next anniversary dates of the closing date of the Shoom acquisition. As of December 31, 2019 and 2018, $72,000 and $70,000, respectively, was current and included in Prepaid Assets and Other Current Assets on the consolidated balance sheets. As of December 31, 2019 and 2018, $0 and $70,000 was non-current and included in Other Assets on the consolidated balance sheet.\nThe following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the balance sheets that sum to the total of the same amounts show in the statement of cash flows.\n\n | For the Years Ended December 31, | \n----------------------------------------------------------------------- | -------------------------------- | ------\n(in thousands) | 2019 | 2018 \nCash and cash equivalents | $4,777 | $1,008\nRestricted cash | 72 | 70 \nRestricted cash included in other assets, noncurrent | -- | 70 \nTotal cash, cash equivalents, and restricted cash in the balance sheet | 4,849 | $1,148\n\nCash Equivalents\n checking accounts money market accounts temporary investments maturities three months or less. December 31, 2019 2018 Company no cash equivalents.\n Restricted Cash\n assets escrow accounts. assets escrow subject to contingencies. resolution expiration escrow period escrow amounts used balance released. December 31, 2019 2018 $72,000 $140,000 deposited escrow restricted cash for Shoom acquisition amounts not released to pre-acquisition stockholders closing. December 31, 2019 2018 $72,000 $70,000 current Prepaid Assets Other Current Assets. 2019 2018 $0 $70,000 non-current Other Assets.\n table reconciliation cash equivalents restricted cash sheets amounts statement cash flows.\n Years Ended December\n 2019 2018\n Cash equivalents $4,777 $1,008\n Restricted cash\n Total cash balance sheet 4,849 $1,148" +} +{ + "_id": "d1a731ff4", + "title": "", + "text": "3) Customer Support:\nCustomer support revenues consist of revenues from our customer support and maintenance agreements. These agreements allow our customers to receive technical support, enhancements and upgrades to new versions of our software products when and if available. Customer support revenues are generated from support and maintenance relating to current year sales of software products and from the renewal of existing maintenance agreements for software licenses sold in prior periods. Therefore, changes in Customer support revenues do not always correlate directly to the changes in license revenues from period to period. The terms of support and maintenance agreements are typically twelve months, and are renewable, generally on an annual basis, at the option of the customer. Our management reviews our Customer support renewal rates on a quarterly basis and we use these rates as a method of monitoring our customer service performance. For the quarter ended June 30, 2019, our Customer support renewal rate was approximately 91%, stable compared with the Customer support renewal rate during the quarter ended June 30, 2018.\nCost of Customer support revenues is comprised primarily of technical support personnel and related costs, as well as third party royalty costs.\nCustomer support revenues increased by $15.4 million or 1.3% during the year ended June 30, 2019 as compared to the prior fiscal year; up 3.1% after factoring the impact of $23.2 million of foreign exchange rate changes. Geographically, the overall change was attributable to an increase in Americas of $12.9 million, an increase in EMEA of $3.9 million, partially offset by a decrease in Asia Pacific of $1.5 million.\nCost of Customer support revenues decreased by $9.5 million during the year ended June 30, 2019 as compared to the prior fiscal year, due to a decrease in labour-related costs of approximately $9.9 million, partially offset by an increase in other miscellaneous costs of $0.4 million. Overall, the gross margin percentage on Customer support revenues increased to approximately 90% from approximately 89%.\nFor illustrative purposes only, had we accounted for revenues under proforma Topic 605, customer support revenues would have been $1,246.3 million for the year ended June 30, 2019, which would have been higher by approximately $13.8 million or 1.1% as compared to the prior fiscal year; and would have been up 3.0% after factoring the impact of $23.3 million of foreign exchange rate changes. Geographically, the overall change would have been attributable to an increase in Americas of $13.0 million and an increase in EMEA of $2.7 million, partially offset by a decrease in Asia Pacific of $1.9 million.\n\n | | | Year Ended June 30, | | \n------------------------------------------ | ---------- | -------------------------- | ------------------- | -------------------------- | --------\n(In thousands) | 2019 | Change increase (decrease) | 2018 | Change increase (decrease) | 2017 \nCustomer Support Revenues: | | | | | \nAmericas | $718,209 | $12,924 | $705,285 | $122,870 | $582,415\nEMEA | 427,712 | 3,939 | 423,773 | 103,145 | 320,628 \nAsia Pacific | 101,994 | (1,452) | 103,446 | 25,387 | 78,059 \nTotal Customer Support Revenues | 1,247,915 | 15,411 | 1,232,504 | 251,402 | 981,102 \nCost of Customer Support Revenues | 124,343 | (9,546) | 133,889 | 11,324 | 122,565 \nGAAP-based Customer Support Gross Profit | $1,123,572 | $24,957 | $1,098,615 | $240,078 | $858,537\nGAAP-based Customer Support Gross Margin % | 90.0% | | 89.1% | | 87.5% \n% Customer Support Revenues by Geography: | | | | | \nAmericas | 57.6% | | 57.2% | | 59.4% \nEMEA | 34.3% | | 34.4% | | 32.7% \nAsia Pacific | 8.1% | | 8.4% | | 7.9% \n\nCustomer Support\n revenues from maintenance agreements. technical support enhancements upgrades new software. generated from current sales renewal maintenance agreements. support revenues correlate license revenues. agreements twelve months renewable customer. management reviews support renewal rates quarterly service performance. quarter June 30, 2019 renewal rate 91% stable compared 2018.\n Cost technical support personnel related costs third party royalty costs.\n revenues increased $15. 4 million 1. 3% June 30, 2019 up 3. 1% after $23. 2 million foreign exchange rate changes. increase Americas $12. 9 million EMEA $3. 9 million decrease Asia Pacific $1. 5 million.\n revenues decreased by $9. 5 million June 30, 2019 decrease labour-related costs $9. 9 million offset increase other miscellaneous costs $0. 4 million. gross margin percentage revenues increased to 90% from 89%.\n revenues $1,246. 3 million 2019 higher $13. 8 million.compared prior fiscal year up 3. $23. million foreign exchange rate changes. change increase Americas $13. million EMEA $2. 7 million offset decrease Asia Pacific $1. 9 million.\n Ended June 30\n 2019\n Support Revenues\n Americas $718,209 $12,924 $705,285 $122,870 $582,415\n EMEA 427,712 423,773 103,145 320,628\n Asia Pacific 101,994 103,446 25,387 78,059\n Total Support Revenues 1,247,915 15 1,232,504 251,402 981,102\n Revenues 124,343 133,889 11\n Profit $1,123,572 $24,957 $1,098,615 $240,078 $858,537\n Gross Margin.\n Revenues Geography\n Americas 57. 6%. 2%.\n EMEA.\n Asia Pacific. 4%." +} +{ + "_id": "d1b3869bc", + "title": "", + "text": "(C.5) Income Taxes\nJudgments and Estimates\nWe are subject to changing tax laws in multiple jurisdictions within the countries in which we operate. Our ordinary business activities also include transactions where the ultimate tax outcome is uncertain due to different interpretations of tax laws, such as those involving revenue sharing and cost reimbursement arrangements between SAP Group entities. In addition, the amount of income taxes we pay is generally subject to ongoing audits by domestic and foreign tax authorities. In determining our worldwide income tax provisions, judgment is involved in assessing whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments and whether to reflect the respective effect of uncertainty based on the most likely amount or the expected value. In applying these judgments, we consider the nature and the individual facts and circumstances of each uncertain tax treatment as well as the specifics of the respective jurisdiction, including applicable tax laws and our interpretation thereof.\nThe assessment whether a deferred tax asset is impaired requires judgment, as we need to estimate future taxable profits to determine whether the utilization of the deferred tax asset is probable. In evaluating our ability to utilize our deferred tax assets, we consider all available positive and negative evidence, including the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are recoverable. Our judgment regarding future taxable income is based on assumptions about future market conditions and future profits of SAP.\nJudgment is also required in evaluating whether interest or penalties related to income taxes meet the definition of income taxes, and, if not, whether it is of financial nature. In this judgment, we particularly consider applicable local tax laws and interpretations on IFRS by national standard setters in the area of group financial reporting.\nTax Expense by Geographic Location\n\n€ millions | 2019 | 2018 | 2017 \n--------------------------- | ----- | ----- | -----\nCurrent tax expense | | | \nGermany | 625 | 733 | 935 \nForeign | 1,153 | 1,019 | 716 \nTotal current tax expense | 1,778 | 1,752 | 1,651\nDeferred tax expense/income | | | \nGermany | –3 | 57 | –584 \nForeign | –549 | –298 | –84 \nTotal deferred tax income | –552 | –241 | –668 \nTotal income tax expense | 1,226 | 1,511 | 983 \n\n. 5) Income Taxes\n Judgments Estimates\n subject to changing tax laws jurisdictions. business activities include transactions tax outcome uncertain revenue sharing cost reimbursement SAP Group entities. income taxes subject to audits domestic foreign tax. worldwide income tax provisions judgment uncertain tax treatment effect. consider nature facts circumstances uncertain tax treatment specifics jurisdiction tax laws interpretation.\n deferred tax asset requires judgment future taxable profits. consider positive evidence historical taxable income projections future taxable income. judgment future based on assumptions market conditions profits SAP.\n Judgment interest penalties income taxes definition financial nature. consider local tax laws interpretations IFRS national group financial reporting.\n Tax Expense by Geographic Location\n € millions 2019 2018 2017\n Current tax expense\n Germany 625 733 935\n Foreign 1,153 1,019 716\n Total current tax expense 1,778 | 1,752 1,651\nDeferred tax\n Germany 57\n Foreign\n deferred tax income –552 –241 –668\n income 1,226 1,511" +} +{ + "_id": "d1b35e62e", + "title": "", + "text": "14. DEFINED BENEFIT PLANS (Continued)\nThe information for plans with an accumulated benefit obligation in excess of plan assets is as follows (in thousands):\n\n | Fiscal year-end | \n------------------------------ | --------------- | -------\n | 2019 | 2018 \nProjected benefit obligation | $60,437 | $51,499\nAccumulated benefit obligation | 55,941 | 47,713 \nFair value of plan assets | 12,997 | 12,486 \n\n. BENEFIT PLANS\n accumulated benefit obligation\n year-end\n Projected benefit obligation $60,437 $51,499\n Accumulated obligation 55,941 47,713\n value assets 12,997,486" +} +{ + "_id": "d1b38eba8", + "title": "", + "text": "NantHealth, Inc\nConsolidated Statements of Comprehensive Loss\n(Dollars in thousands)\nThe accompanying notes are an integral part of these Consolidated Financial Statements.\n\nYear Ended December 31, | | \n------------------------------------------------------------------- | --------- | ----------\n | 2019 | 2018 \nNet loss | $(62,762) | (192,152) \nOther comprehensive income (loss) from foreign currency translation | 129 | (203) \nTotal other comprehensive income (loss) | 129 | (203) \nComprehensive loss | $(62,633) | $(192,355)\n\nNantHealth\n Consolidated Statements Loss\n notes Financial Statements.\n Ended December 31,\n 2018\n Net loss $(62,762) (192,152)\n income foreign currency\n income\n Comprehensive loss $(62,633) $(192,355)" +} +{ + "_id": "d1b315f0a", + "title": "", + "text": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated)\nContractual Obligations\nOur principal commitments consisted of obligations under our outstanding term loan and operating leases for office facilities. The following table summarizes our commitments to settle contractual obligations in cash as of December 31, 2019.\n(1) The principal balance of the term loan is repaid on a quarterly basis at an amortization rate of 0.25% per quarter, with the balance due at maturity\n(2) Variable interest payments on our term loan are calculated based on the interest rate as of December 31, 2019 and the scheduled maturity of the underlying term loan.\n(3) Amounts presented reflect a quarterly commitment fee rate of 0.375% per annum, and assume that the entire $100 million revolving loan facility is unused (the conditions that existed as of period end) for the duration of the agreement, which matures on March 29, 2023.\n(4) Our operating leases are for office space. Certain of these leases contain provisions for rent escalations and/or lease concessions. Rental payments, as well as any step rent provisions specified in the lease agreements, are aggregated and charged evenly to expense over the lease term. However, amounts included herein do not reflect this accounting treatment, as they represent the future contractual lease cash obligations.\nThe payments that we may be required to make under the TRA to the TRA Parties may be significant and are not reflected in the contractual obligations table set forth above. Refer to Part I, Item 1A \"Risk Factors–Risks Related to Our Organizational Structure\" and to Note 13 to the Notes to Consolidated Financial Statements in Item 8 for additional detail.\nThe payments that we may be required to make under the TRA to the TRA Parties may be significant and are not reflected in the contractual obligations table set forth above. Refer to Part I, Item 1A \"Risk Factors–Risks Related to Our Organizational Structure\" and to Note 13 to the Notes to Consolidated Financial Statements in Item 8 for additional detail.\n\n | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years\n--------------------------------- | -------- | ---------------- | --------- | --------- | -----------------\nTerm loan(1) | $393,000 | $4,000 | $8,000 | $8,000 | $373,000 \nInterest payments on term loan(2) | 100,382 | 19,575 | 38,550 | 37,750 | 4,507 \nRevolving loan facility fees(3) | 1,310 | 375 | 750 | 185 | — \nOperating leases(4) | 15,398 | 4,491 | 8,596 | 2,311 | — \nTotal contractual obligations | $510,090 | $28,441 | $55,896 | $48,246 | $377,507 \n\nITEM 7. MANAGEMENT DISCUSSION ANALYSIS FINANCIAL CONDITION RESULTS OPERATIONS States Dollars share\n Contractual Obligations\n principal commitments term loan operating leases office facilities. table summarizes commitments obligations cash December 31, 2019.\n principal balance term loan repaid quarterly amortization 0. 25% per quarter balance due maturity\n Variable interest payments calculated interest rate December 31, 2019 maturity.\n Amounts reflect quarterly commitment fee rate 0. 375% per annum entire $100 million loan unused matures March 29, 2023.\n operating leases office space. rent escalations lease concessions. Rental payments rent provisions charged evenly lease term. amounts represent future lease cash obligations.\n payments TRA TRA Parties not reflected obligations table. Part I Item 1A \"Risk Organizational Structure Note 13.\n payments TRA not reflected obligations table. Part I Item 1A Organizational Structure Note 13.\n 1-3 3-5 5\n Term $393,000 $4,000\n Interest payments 100,382 19,575 38,550 37,750\n Revolving loan 1,310\n Operating leases(4) 15,398 4,491 8,596 2,311\n contractual obligations $510,090 $28,441 $55,896 $48,246 $377,507" +} +{ + "_id": "d1b35eeda", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 8 — Costs Associated with Exit and Restructuring Activities\n2016 Plan\nIn June 2016, we announced plans to restructure operations by phasing out production at our Elkhart, IN facility and transitioning it into a research and development center supporting our global operations (\"June 2016 Plan\"). Additional organizational changes were also implemented in various other locations. In 2017, we revised this plan to include an additional $1,100 in planned costs related to the relocation of our corporate headquarters in Lisle, IL and our plant in Bolingbrook, IL, both of which have now been consolidated into a single facility. Restructuring charges under this plan, which is substantially complete, were $4,284, $4,559, and $4,139 during the years ended December 31, 2019, 2018, and 2017, respectively. The total restructuring liability related to the June 2016 Plan was $233 and $668 at December 31, 2019 and 2018, respectively. Any additional costs related to line movements, equipment charges, and other costs will be expensed as incurred.\nThe following table displays the restructuring charges associated with the June 2016 Plan as well as a summary of the actual costs incurred through December 31, 2019:\n(1) Other charges include the effects of currency translation, travel, legal and other charges.\n\nJune 2016 Plan | Planned Costs | Actual costs incurred through December 31, 2019\n--------------------------------- | ------------- | -----------------------------------------------\nWorkforce reduction | $3,075 | $3,340 \nBuilding and equipment relocation | 9,025 | 10,534 \nAsset impairment charge | — | 1,168 \nOther charges (1) | 1,300 | 988 \nRestructuring charges | $13,400 | $16,030 \n\nFINANCIAL STATEMENTS data\n NOTE 8 Costs Exit Restructuring Activities\n 2016 Plan\n June 2016, operations production Elkhart research development center. organizational changes implemented locations. 2017 revised plan $1,100 relocation headquarters Lisle plant Bolingbrook consolidated. Restructuring charges $4,284 $4,559 $4,139 2019 2018 2017. total restructuring liability $233 $668 December 31, 2019 2018. additional costs line equipment expensed incurred.\n table restructuring charges June 2016 Plan actual costs incurred December 31, 2019\n currency translation travel legal other charges.\n June 2016 Plan\n Workforce reduction $3,075 $3,340\n Building equipment relocation 9,025\n Asset impairment charge\n Other charges\n Restructuring charges $13,400 $16,030" +} +{ + "_id": "d1b3a9868", + "title": "", + "text": "General and Administrative Expenses\nGeneral and administrative expenses increased $38 million, or 36%, in 2019 compared to 2018. The overall increase was primarily due to increased employee compensation-related costs of $15 million, driven by headcount growth, and a one-time termination-related charge of $3 million during 2019. The overall increase was also driven by costs associated with our acquisition of Smooch in 2019 including transaction costs of $3 million and a one-time share-based compensation charge of $3 million related to accelerated stock options of Smooch. Further contributing to the overall increase was an increase in allocated shared costs of $3 million\nGeneral and administrative expenses increased $22 million, or 27%, in 2018 compared to 2017. The overall increase was primarily due to increased employee compensation-related costs of $15 million, driven by headcount growth, and increased allocated shared costs of $3 million.\n\n | | Year Ended December 31 | | | \n-------------------------- | --------- | ---------------------- | ---------------------------------- | --------------------- | ---------------------\n | 2019 | 2018 | | 2018 to 2019 % change | 2017 to 2018 % change\n | | | (In thousands, except percentages) | | \nGeneral and Administrative | $ 141,076 | $ 103,491 | $ 81,680 | 36% | 27% \n\nAdministrative Expenses\n increased $38 million 36% 2019 2018. employee compensation costs $15 million headcount growth one-time termination charge $3 million. acquisition Smooch $3 million share compensation charge $3 million accelerated stock options. allocated shared costs $3 million\n increased $22 million 27%, 2018 2017. employee compensation costs $15 million headcount growth shared costs $3 million.\n Ended December 31\n % change 2017 2018 % change\n General Administrative $ 141,076 $ 103,491 $ 81,680 36% 27%" +} +{ + "_id": "d1b2f0c14", + "title": "", + "text": "Outstanding Indebtedness\nAt December 31, 2019 and 2018, our total debt outstanding consisted of the amounts set forth in the following table.\n(1) Amounts are net of unamortized discounts and debt issuance costs of $25 million and $24 million as of December 31, 2019 and 2018, respectively. See Note 14, “Debt and Credit Facilities,” of the Notes to Consolidated Financial Statements for further details.\n\n | December 31, | \n--------------------------------------------- | ------------ | ---------\n(In millions) | 2019 | 2018 \nShort-term borrowings | $ 98.9 | $ 232.8 \nCurrent portion of long-term debt | 16.7 | 4.9 \nTotal current debt | 115.6 | 237.7 \nTotal long-term debt, less current portion(1) | 3,698.6 | 3,236.5 \nTotal debt | 3,814.2 | 3,474.2 \nLess: Cash and cash equivalents | (262.4) | (271.7) \nNet debt | $ 3,551.8 | $ 3,202.5\n\nIndebtedness\n December 31, 2019 2018 debt.\n unamortized discounts issuance costs $25 million $24 million. Note 14 Credit Facilities Financial Statements.\n Short-term borrowings $ 98. $ 232.\n long-term debt 16. 4.\n debt 115. 237.\n long-term debt 3,698. 6 3,236.\n 3,814. 3,474.\n Cash equivalents (262. (271.\n Net debt $ 3,551. $ 3,202." +} +{ + "_id": "d1b2f3d88", + "title": "", + "text": "Property and Equipment\nProperty and equipment are as follows (in thousands):\n(1) In the fourth quarter 2019, the Company announced its decision to exit the San Jose California facility (“SJ Facility”) by March 31, 2020. The Company accelerated the amortization of its SJ Facility leasehold improvements over the remaining estimated life which is estimated to be through March 31, 2020. As of December 31, 2019, the net book value of the SJ Facility leasehold improvements was $0.9 million and will be fully amortized by March 31, 2020.\n\nDecember 31, | | \n-------------------------------------------------- | ------- | -------\n | 2019 | 2018 \nComputer equipment and purchased software | $3,011 | $3,167 \nMachinery and equipment | 699 | 821 \nFurniture and fixtures | 1,115 | 1,113 \nLeasehold improvements (1) | 3,897 | 3,897 \nTotal | 8,722 | 8,998 \nLess accumulated depreciation and amortization (1) | (7,496) | (6,655)\nProperty and equipment, net | $1,226 | $2,343 \n\nProperty Equipment\n fourth quarter 2019 Company San Jose California facility March 31, 2020. accelerated amortization leasehold improvements March 31, 2020. net value $0. 9 million amortized March 31, 2020.\n Computer equipment software $3,011 $3,167\n Machinery equipment 699\n Furniture fixtures 1,115\n Leasehold improvements 3,897\n 8,722\n Less accumulated depreciation amortization (7,496)\n Property equipment $1,226 $2,343" +} +{ + "_id": "d1b3983ba", + "title": "", + "text": "Item 6. Selected Financial and Other Data\nThe following table sets forth selected historical consolidated financial data as of the dates and for the periods indicated. The selected consolidated statement of operations data for the years ended December 31, 2019, 2018 and 2017, and selected consolidated balance sheet data as of December 31, 2019 and 2018 have been derived from our audited consolidated financial statements and related notes appearing elsewhere in this Form 10-K. The selected consolidated statement of operations data for the years ended December 31, 2016 and 2015 and selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 have been derived from our audited consolidated financial statements, which are not included in this annual report on Form 10-K.\nThe results of operations for any period are not necessarily indicative of the results to be expected for any future period. The audited consolidated financial statements, from which the historical financial information for the periods set forth below have been derived, were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The selected historical consolidated financial data set forth below should be read in conjunction with, and are qualified by reference to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our audited consolidated financial statements and related notes thereto appearing elsewhere in this annual report on Form 10-K.\n(1) Loss for the year ended December 31, 2019 included $1,004 million in impairment charges associated with our Connect reporting unit, a non-cash expense of $170 for the settlement of certain pension plans and $80 million in restructuring charges. See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Goodwill and Indefinite-Lived Intangible Asset”. See Note 11 “Pensions and Other Post-Retirement Benefits” for further discussion on the pension settlement charge.\n(2) Loss for the year ended December 31, 2018 included $1,411 million in impairment charges associated with our Connect reporting unit and $139 million in restructuring charges. See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Goodwill and Indefinite- Lived Intangible Assets”.\n(3) Income for the year ended December 31, 2017 included $80 million in restructuring charges.\n(4) Income for the year ended December 31, 2016 included $105 million in restructuring charges.\n(5) Income for the year ended December 31, 2015 included $51 million in restructuring charges, a gain of $158 million recorded from the step acquisition of Nielsen Catalina Solutions and an $8 million charge associated with the change to the Venezuelan currency exchange rate mechanism.\n(6) Depreciation and amortization expense included charges for the depreciation and amortization of tangible and intangible assets acquired in business combinations of $205 million, $220 million, $219 million, $210 million and $205 million for the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively.\n\n(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) | Year Ended December 31, | | | | \n------------------------------------------------------------------- | ----------------------- | ------- | ------- | ------- | -------\n | 2019(1) | 2018(2) | 2017(3) | 2016(4) | 2015(5)\nStatement of Operations Data: | | | | | \nRevenues | $6,498 | $6,515 | $6,572 | $6,309 | $6,172 \nDepreciation and amortization(6) | 756 | 675 | 640 | 603 | 574 \nOperating income/(loss) | (93) | (475) | 1,214 | 1,130 | 1,098 \nInterest expense | 397 | 394 | 374 | 333 | 311 \nIncome/(loss) from continuing operations | (403) | (700) | 440 | 507 | 575 \nIncome/(loss) from continuing operations per common share (basic) | (1.17) | (2.00) | 1.20 | 1.40 | 1.55 \nIncome/(loss) from continuing operations per common share (diluted) | (1.17) | (2.00) | 1.20 | 1.39 | 1.54 \nCash dividends declared per common share | 1.11 | 1.39 | 1.33 | 1.21 | 1.09 \n | December 31, | | | | \n(IN MILLIONS) | 2019 | 2018 | 2017 | 2016 | 2015 \nBalance Sheet Data: | | | | | \nTotal assets | $14,319 | $15,179 | $16,866 | $15,730 | $15,303\nLong-term debt including finance leases | 8,309 | 8,387 | 8,441 | 7,926 | 7,338 \n\nItem 6. Selected Financial Data\n table historical consolidated financial data periods. operations data years December 31, 2019 2018 2017 balance sheet data derived from audited financial statements Form 10-K. December 31, 2016 2015 balance sheet data derived from not included annual report Form 10-K.\n results operations not indicative results future. audited financial statements prepared U. S. accounting principles (“GAAP”). data read “Management’s Discussion Analysis Financial Condition Results Operations” audited financial statements notes annual report Form 10-K.\n Loss year ended December 31, 2019 included $1,004 million impairment charges non expense $170 settlement pension plans $80 million restructuring charges. Item 7. Analysis Financial Condition. Note 11 “Pensions Post-Retirement Benefits” pension settlement.\n Loss year ended December 31, 2018 included $1,411 million impairment charges Connect $139 million restructuring charges. Item 7. Analysis Financial Condition.\nIncome December 2017 $80 million restructuring charges.\n 2016 $105 million restructuring charges.\n 2015 $51 million restructuring charges gain $158 million acquisition Nielsen Catalina Solutions $8 million charge Venezuelan currency exchange rate.\n Depreciation amortization expense tangible assets acquired $205 million $220 million $219 million $210 million $205 million years December 2019 2018 2017 2016 2015,.\n MILLIONS Year Ended December\n 2015(5)\n Operations Data\n Revenues $6,498 $6,515 $6,572 $6,309,172\n Depreciation amortization(6) 756 675 640 603 574\n Operating income(loss (93) (475) 1,214 1,130 1,098\n Interest expense 397 394 374 333 311\n Income(loss continuing operations (403) (700 440 507 575\n common share.\n share.\n Cash dividends share. 11. 39. 33. 21.\n December\n MILLIONS) 2019\n assets $14,319 $15,179 $16,866 $15,730\n Long-term debt finance leases 8,309 8,387 8,441 7" +} +{ + "_id": "d1b3579be", + "title": "", + "text": "Deferred contract costs are classified as current or non-current within prepaid expenses and other, and other assets – net, respectively. The balances of deferred contract costs as of December 31, 2019 and 2018, included in the balance sheet were as follows:\nFor the years ended December 31, 2019 and 2018, the Partnership recognized expense of $3,757 and $2,740, respectively associated with the amortization of deferred contract costs, primarily within selling, general and administrative expenses in the statements of income.\nDeferred contract costs are assessed for impairment on an annual basis. An impairment charge is recognized to the extent the carrying amount of a deferred cost exceeds the remaining amount of consideration expected to be received in exchange for the goods and services related to the cost, less the expected costs related directly to providing those goods and services that have not yet been recognized as expenses. There have been no impairment charges recognized for the year ended December 31, 2019 and 2018.\n\n | 2019 | 2018 \n-------------------------- | ------- | -------\nAssets | | \nPrepaid expenses and other | $ 3,481 | $ 2,921\nOther assets - net | 2,016 | 2,193 \nTotal | $ 5,497 | $ 5,114\n\nDeferred contract costs classified current non prepaid expenses assets net. balances December 31, 2019 2018\n December 31, 2019 2018 Partnership recognized expense $3,757 $2,740 amortization deferred contract costs selling general administrative expenses statements income.\n assessed for impairment annual. impairment charge exceeds services less. no impairment charges recognized December 31, 2019 2018.\n Assets\n Prepaid expenses other $ 3,481 $ 2,921\n Other assets - net 2,016 2,193\n Total $ 5,497 $ 5,114" +} +{ + "_id": "d1b395822", + "title": "", + "text": "7. ACCRUED LIABILITIES\nOther accrued expenses consisted of the following at December 31, 2019 and 2018 (in thousands):\nAdvances are amounts received from litigation counsel as advanced reimbursement of out-of-pocket expenses expected to be incurred by us. Board compensation of $0.4 million at December 31, 2019 and 2018 represents accrued and unpaid board and committee fees from prior periods. In the first quarter of 2020, current and prior board members agreed to waive unpaid cash fees in exchange for share-based compensation awards with an aggregate grant-date fair value of approximately $0.1 million (see Note 18).\n\n | 2019 | 2018\n---------------------- | ------ | ----\nAdvances | 500 | - \nBoard compensation | 413 | 413 \nOther accrued expenses | 168 | 150 \n | $1,081 | $563\n\n. ACCRUED LIABILITIES\n expenses December 31, 2019 2018\n Advances counsel reimbursement out-of-pocket expenses. Board compensation $0. 4 million December 2019 accrued unpaid board committee fees. first quarter 2020 waive unpaid cash fees share compensation value $0. 1 million.\n Advances\n Board compensation\n accrued expenses 168\n $1,081" +} +{ + "_id": "d1b2e225e", + "title": "", + "text": "Year Ended December 31, 2019 Compared to Year Ended December 31, 2018\nOperating revenues. Operating revenues decreased by 2.0% from NT$151,253 million in 2018 to NT$148,202 million (US$4,955 million) in\n2019, primarily due to decreased other operating revenues, decreased foundry wafer sale, and 2.5% depreciation of the NTD in 2019 from 2018. The decreased foundry wafer sale came from a decline of 2.9% in average selling price from 2018 to 2019, partially offset by a 1.1% increase in foundry wafer shipment from 7,108 thousand 8-inch equivalent wafers in 2018 to 7,189 thousand 8-inch equivalent wafers in 2019.\nOperating costs. Operating costs decreased by 1.2% from NT$128,413 million in 2018 to NT$126,887 million (US$4,242 million) in 2019, primarily due to the decreased depreciation expense and other operating costs, which was partially offset by the increased direct material costs.\nGross profit and gross margin. Gross profit decreased from NT$22,840 million in 2018 to NT$21,315 million (US$713 million) in 2019. Our gross margin decreased from 15.1% in 2018 to 14.4% in 2019, primarily due to an annual decline of 2.9% in average selling price.\n\n | | Years Ended December 31, | \n--------------------------------------------------- | ------ | ------------------------ | ------\n | 2017 | 2018 | 2019 \n | % | % | % \nOperating revenues | 100.0 | 100.0 | 100.0 \nOperating costs | (81.9) | (84.9) | (85.6)\nGross profit | 18.1 | 15.1 | 14.4 \nOperating expenses | | | \nSales and marketing | (2.8) | (2.6) | (2.6) \nGeneral and administrative | (2.8) | (3.2) | (3.6) \nResearch and development | (9.2) | (8.6) | (8.0) \nExpected credit losses | — | (0.3) | (0.4) \nSubtotal | (14.8) | (14.7) | (14.6)\nNet other operating income and expenses | 1.1 | 3.4 | 3.5 \nOperating income | 4.4 | 3.8 | 3.3 \nNon-operating income and expenses | 0.7 | (2.4) | (0.1) \nIncome from continuing operations before income tax | 5.1 | 1.4 | 3.2 \nIncome tax benefit (expense) | (0.6) | 0.7 | (0.1) \nNet income | 4.5 | 2.1 | 3.1 \nTotal other comprehensive income (loss), net of tax | (3.2) | 0.6 | 1.9 \nTotal comprehensive income | 1.3 | 2.7 | 5.0 \nNet income attributable to: | | | \nStockholders of the parent | 6.5 | 5.1 | 5.5 \nNon-controlling interests | (2.0) | (3.0) | (2.4) \nTotal comprehensive income attributable to: | | | \nStockholders of the parent | 3.3 | 5.7 | 7.4 \nNon-controlling interests | (2.0) | (3.0) | (2.4) \n\nDecember 31, 2019\n Operating revenues. decreased 2. 0% NT$151,253 million 2018 to NT$148,202 million$4,955 million\n due decreased revenues foundry wafer sale 2. 5% depreciation NTD. decreased foundry wafer sale. 9% average selling price offset 1. 1% increase wafer shipment 7,108.\n Operating costs. decreased 1. 2% NT$128,413 million 2018 to NT$126,887 million (US$4,242 million 2019 due decreased depreciation offset increased direct material costs.\n Gross profit margin. decreased NT$22,840 million 2018 to NT$21,315 million (US$713 million 2019. margin decreased. 1% 2018 to 14. 4% 2019 decline 2. average selling price.\n Operating revenues.\n costs.\n Gross profit.\n Operating expenses\n Sales marketing.\n General administrative.\n Research development.\n Expected credit losses.\nSubtotal (14. 8). 7). 6)\n operating income expenses. 1 3. 4. 5\n Operating 4. 4. 8.\n Non-operating income expenses. 7. 4).\n operations income tax 5. 1. 4.\n tax benefit. 6). 7.\n 4. 5. 3.\n income tax (3. 6. 9\n. 3. 7.\n Stockholders 6. 5.\n Non-controlling interests (2. (3. 4)\n income\n Stockholders 3. 3 5. 7. 4\n Non-controlling interests (2. (3." +} +{ + "_id": "d1b36a6ae", + "title": "", + "text": "(a) Revenue and Gross Margin by Segment\nWe conduct business globally and are managed on a geographic basis consisting of three segments: the Americas, EMEA, and APJC. Our management makes financial decisions and allocates resources based on the information it receives from our internal management system. Sales are attributed to a segment based on the ordering location of the customer. We do not allocate research and development, sales and marketing, or general and administrative expenses to our segments in this internal management system because management does not include the information in our measurement of the performance of the operating segments. In addition, we do not allocate amortization and impairment of acquisition-related intangible assets, sharebased compensation expense, significant litigation settlements and other contingencies, charges related to asset impairments and restructurings, and certain other charges to the gross margin for each segment because management does not include this information in our measurement of the performance of the operating segments.\nSummarized financial information by segment for fiscal 2019, 2018, and 2017, based on our internal management system and as utilized by our Chief Operating Decision Maker (CODM), is as follows (in millions):\nAmounts may not sum and percentages may not recalculate due to rounding.\nRevenue in the United States was $27.4 billion, $25.5 billion, and $25.0 billion for fiscal 2019, 2018, and 2017, respectively.\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n----------------------------- | ------------- | ------------- | -------------\nRevenue: | | | \nAmericas . | $30,927 | $29,070 | $28,351 \nEMEA . | 13,100 | 12,425 | 12,004 \nAPJC . | 7,877 | 7,834 | 7,650 \nTotal | $51,904 | $49,330 | $48,005 \nGross margin: | | | \nAmericas . | $20,338 | $18,792 | $18,284 \nEMEA . | 8,457 | 7,945 | 7,855 \nAPJC . | 4,683 | 4,726 | 4,741 \nSegment total . | 33,479 | 31,463 | 30,880 \nUnallocated corporate items . | (813) | (857) | (656) \nTotal | $32,666 | $30,606 | $30,224 \n\nRevenue Gross Margin Segment\n business globally three segments Americas EMEA APJC. management decisions allocates resources internal management system. Sales attributed segment ordering location. allocate research development sales marketing administrative expenses. allocate amortization impairment acquisition assets sharebased compensation settlements contingencies impairments restructurings gross margin.\n Summarized financial information segment fiscal 2019 2018 2017\n Amounts recalculate.\n Revenue United States $27. 4 billion $25. 5 billion $25. 0 billion 2019 2018 2017.\n July 27, 2019\n Revenue\n Americas. $30,927 $29,070 $28,351\n EMEA. 13,100 12,425,004\n APJC. 7,877 7,834 7,650\n Total $51,904 $49,330 $48,005\n Gross margin\n Americas. $20,338 $18,792 $18,284\n EMEA. 8,457 7,945 7,855\nAPJC. 4,683\n. 33,479 31,463 30,880\n. (813) (656)\n $32,666,606" +} +{ + "_id": "d1b30edb8", + "title": "", + "text": "By region of shipment, in the 2019 fourth quarter, Asia Pacific revenues grew sequentially by 10.6%, principally in Imaging, Analog and Microcontrollers, Americas was up by 10.5%, mainly driven by Digital and Power Discrete, and EMEA decreased by 2.0%.\nOn a year-over-year basis, revenues grew 9.9% in Asia Pacific, mainly due to Analog, Microcontrollers and Imaging. In Americas, revenues grew 5.4%, mainly driven by Digital and Power Discrete, while it decreased by 12.8% in EMEA, mainly due to lower sales in Automotive, Power Discrete and  analog.\n\n | | Three Months Ended | | % Variation | \n------------ | ----------------- | ------------------ | ------------------------ | ----------- | --------------\n | December 31, 2019 | September 29, 2019 | December 31, 2018 | Sequential | Year-Over-Year\n | | | (Unaudited, in millions) | | \nEMEA | $538 | $549 | $617 | (2.0)% | (12.8)% \nAmericas | 360 | 326 | 342 | 10.5 | 5.4 \nAsia Pacific | 1,856 | 1,678 | 1,689 | 10.6 | 9.9 \nTotal | $2,754 | $2,553 | $2,648 | 7.9% | 4.0% \n\n2019 fourth quarter Asia Pacific revenues grew. 6% Imaging Analog Microcontrollers Americas. 5% Digital Power Discrete EMEA decreased. 0%.\n year-over-year revenues grew. 9% Asia Pacific Analog Microcontrollers Imaging. Americas revenues grew. 4% Digital Power Discrete decreased. 8% EMEA lower sales Automotive Power Discrete analog.\n Variation\n December 31, 2019 Year-Over-Year\n EMEA $538 $549 $617.\n Americas 360 342.\n Asia Pacific 1,856 1,678.\n Total $2,754 $2,553 7. 9%." +} +{ + "_id": "d1b35f150", + "title": "", + "text": "Note 18 Other Post-Employment Benefits and Other Employee Benefit Plans\nIn addition to providing pension benefits, we maintain two Other Post-Employment Benefit Plans which provide a portion of healthcare, dental, vision and life insurance benefits for certain retired legacy employees. These plans are in the U.S. and Canada. Covered employees who retired on or after attaining age 55 and who had rendered at least 10 years of service were entitled to post-retirement healthcare, dental and life insurance benefits. These benefits are subject to deductibles, co-payment provisions and other limitations. The information below relates to these two plans.\nContributions made by us, net of Medicare Part D subsidies received in the U.S., are reported below as benefits paid. We may change the benefits at any time. The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows:\n\n | December 31, | \n---------------------------------------------------------------------- | ------------ | --------\n(In millions) | 2019 | 2018 \nChange in benefit obligations: | | \nBenefit obligation at beginning of period | $ 46.4 | $ 51.3 \nService cost | — | 0.1 \nInterest cost | 1.6 | 1.4 \nActuarial (gain) loss | (1.2) | (1.7) \nBenefits paid, net | (3.3) | (4.5) \nPlan amendments | — | (0.2) \nBenefit obligation at end of period | $ 43.5 | $ 46.4 \nChange in plan assets: | | \nFair value of plan assets at beginning of period | $ — | $ — \nEmployer contribution | 3.3 | 4.5 \nBenefits paid, net | (3.3) | (4.5) \nFair value of plan assets at end of period | $ — | $ — \nNet amount recognized: | | \nUnderfunded status | $ (43.5) | $ (46.4)\nAccumulated benefit obligation at end of year | $ 43.5 | $ 46.4 \nNet amount recognized in consolidated balance sheets consists of: | | \nCurrent liability | $ (5.3) | $ (5.3) \nNon-current liability | (38.2) | (41.1) \nNet amount recognized | $ (43.5) | $ (46.4)\nAmounts recognized in accumulated other comprehensive loss consist of: | | \nNet actuarial (gain) loss | $ (0.6) | $ 0.4 \nPrior service credit | (2.6) | (3.0) \nTotal | $ (3.2) | $ (2.6) \n\nPost-Employment Benefits\n pension two Post-Employment Benefit Plans healthcare dental vision life insurance retired employees. plans U. S. Canada. employees retired 55 10 years service entitled post-retirement healthcare dental life insurance benefits. subject deductibles co provisions limitations. information relates plans.\n Contributions Medicare Part D subsidies. benefits paid. change benefits. status plans reconciliation obligations assets funded status\n December 31,\n 2019 2018\n Change benefit obligations\n obligation $ 46. $ 51.\n Service cost.\n Interest cost.\n Actuarial (gain loss.\n Benefits paid.\n Plan amendments.\n Benefit obligation end period $ 43. 5 $ 46.\n Change plan assets\n value beginning period $\n Employer contribution.\n Benefits paid.\n end period\n Net amount\n Underfunded status (43.\n Accumulated benefit obligation end year $ 43.46.\n balance sheets\n Current liability (5. 3).\n Non-current liability (38. 2) (41.\n (43. 5) (46. 4)\n Amounts loss\n actuarial (gain loss. 6).\n service credit (2. 6) (3.\n." +} +{ + "_id": "d1b354f66", + "title": "", + "text": "DEVELOPMENT OF EMPLOYEE NUMBERS BY SEGMENTS\nBy headcount1 as of closing date of 30/9\n1 Excluding METRO China.\n\n | 2018 | 2019 \n----------------------------------- | ------- | ------\nMETRO | 92,603 | 89,574\nMETRO Germany | 13,711 | 13,606\nMETRO Western Europe (excl.Germany) | 27,207 | 27,227\nMETRO Russia | 13,960 | 12,357\nMETRO Eastern Europe (excl.Russia) | 29,060 | 28,375\nMETRO Asia | 8,665 | 8,009 \nOthers | 7,008 | 7,152 \nMETROAG | 909 | 880 \nTotal | 100,520 | 97,606\n\nEMPLOYEE NUMBERS SEGMENTS\n closing 30/9\n Excluding METRO China.\n 92,603 89,574\n Germany 13,711\n Western Europe. 27,207\n Russia 13,960,357\n Eastern Europe. 29,060 28,375\n Asia 8,665,009\n 7,008,152\n 100,520 97,606" +} +{ + "_id": "d1b35728e", + "title": "", + "text": "29. Related party transactions\nThe Group has a number of related parties including joint arrangements and associates, pension schemes and Directors and Executive Committee members (see note 12 “Investments in associates and joint arrangements”, note 24 “Post employment benefits” and note 22 “Directors and key management compensation”).\nTransactions with joint arrangements and associates\nRelated party transactions with the Group’s joint arrangements and associates primarily comprise fees for the use of products and services including network airtime and access charges, fees for the provision of network infrastructure and cash pooling arrangements.\nNo related party transactions have been entered into during the year which might reasonably affect any decisions made by the users of these consolidated financial statements except as disclosed below.\nNote: 1 Amounts arise primarily through VodafoneZiggo, Vodafone Idea, Vodafone Hutchison Australia and Cornerstone Telecommunications Infrastructure Limited. Interest is paid in line with market rates.\nDividends received from associates and joint ventures are disclosed in the consolidated statement of cash flows.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------- | ---- | ----- | -----\n | €m | €m | €m \nSales of goods and services to associates | 27 | 19 | 37 \nPurchase of goods and services from associates | 3 | 1 | 90 \nSales of goods and services to joint arrangements | 242 | 194 | 19 \nPurchase of goods and services from joint arrangements | 192 | 199 | 183 \nNet interest income receivable from joint arrangements1 | 96 | 120 | 87 \nTrade balances owed: | | | \nby associates | 1 | 4 | – \nto associates | 3 | 2 | 1 \nby joint arrangements | 193 | 107 | 158 \nto joint arrangements | 25 | 28 | 15 \nOther balances owed by joint arrangements1 | 997 | 1,328 | 1,209\nOther balances owed to joint arrangements1 | 169 | 150 | 127 \n\n. Related party transactions\n Group has joint arrangements associates pension schemes Directors Executive Committee members 12 “Investments associates joint 24 employment 22 “Directors key management compensation”).\n Transactions with joint arrangements associates\n fees products services network airtime access charges network infrastructure cash pooling arrangements.\n No transactions affect decisions consolidated financial statements except.\n Amounts through VodafoneZiggo Vodafone Idea Vodafone Hutchison Australia Cornerstone Telecommunications Infrastructure Limited. Interest paid market rates.\n Dividends from associates joint ventures disclosed in consolidated statement cash flows.\n 2018\n Sales goods services to associates 27 19\n Purchase associates\n 242 194\n 192 199 183\n Net interest income from joint 96 120 87\n Trade balances owed\n associates\n 193 107\n balances owed 1,328 1,209\n 169 150" +} +{ + "_id": "d1b387d08", + "title": "", + "text": "Comparison of Years Ended December 31, 2019 to December 31, 2018\nThe following tables in this section set forth our selected consolidated statements of operations (in thousands), data for the percentage change and data as a percentage of revenue for the years ended December 31, 2019 and 2018. Certain previously reported amounts in the consolidated statements of operations for the year ended December 31, 2018 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.\nRevenue\nThe $81.9 million increase in total revenue in 2019 as compared to 2018 was the result of a $46.3 million, or 16%, increase in our SaaS and license revenue and a $35.6 million, or 27%, increase in our hardware and other revenue. Our software license revenue included within SaaS and license revenue increased $2.1 million to $43.4 million in 2019 as compared to $41.3 million during 2018. The increase in our Alarm.com segment SaaS and license revenue in 2019 was primarily due to growth in our subscriber base, including the revenue impact from subscribers we added in 2018. To a lesser extent, SaaS and license revenue increased in the period due to an increase in license fees. The increase in hardware and other revenue in 2019 compared to 2018 was due to an increase in the volume of video cameras sold. Our Other segment contributed 15% of the increase in SaaS and license revenue in 2019 as compared to 2018. The increase in SaaS and license revenue for our Other segment in 2019 as compared to 2018 was due to an increase in sales of our energy management and demand response solutions and our property management and HVAC solutions. Hardware and other revenue in our Other segment decreased 13% in 2019 as compared to 2018, primarily due to the timing of sales related to our remote access management solution.\n\n | | Year Ended December 31, | \n-------------------------- | -------- | ----------------------- | -------------\nRevenue: | | | % Change \n | 2019 | 2018 | 2019 vs. 2018\nSaaS and license revenue | $337,375 | $291,072 | 16% \nHardware and other revenue | 164,988 | 129,422 | 27% \nTotal revenue | $502,363 | $420,494 | 19% \n\nComparison Years Ended December 31, 2019 to 2018\n tables consolidated statements operations percentage change revenue 2019 2018. amounts reclassified interest income separate.\n $81. 9 million increase total revenue 2019 2018 $46. 3 million 16% increase SaaS license revenue $35. 6 million 27%, increase hardware other revenue. software license revenue increased $2. 1 million to $43. 4 million 2019 $41. 3 million 2018. increase Alarm. segment revenue due growth subscriber base. revenue increased increase license fees. increase hardware revenue due video cameras sold. Other segment contributed 15% increase SaaS license revenue. increase revenue due sales energy management solutions property management HVAC solutions. Hardware revenue Other segment decreased 13% due timing sales remote access management solution.\n Year Ended December 31,\n Revenue % Change\n 2019 2018.\n SaaS license revenue $337,375 $291,072 16%\n Hardware other revenue 164,988 129,422 27%\n$502,363 $420,494" +} +{ + "_id": "d1b3682d2", + "title": "", + "text": "Item 6. Selected Financial Data\nWe have derived the consolidated statement of operations data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 from our audited consolidated financial statements that are included in this Form 10-K. The following selected consolidated statement of operations data for the years ended December 31, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 are derived from our audited consolidated financial statements that are not included in this report\nOur historical operating results are not necessarily indicative of future operating results, these selected consolidated financial data should be read in conjunction with the consolidated financial statements and accompanying notes in Part II, Item 8, and Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 included in this report\nThe amounts as of and for the years ended December 31, 2019 and 2018 have been prepared based on our adoption of Accounting Standards Codification (‘‘ASC’’) No. 606, Contracts with Customers. We elected to adopt this accounting standard on a modified retrospective basis which resulted in the impact of adoption being recorded as of January 1, 2018. The amounts in all other years, other than 2019 and 2018, in the tables below have been prepared on the previously outstanding guidance on revenue recognition. We have disclosed the ASC 606 adoption impact on our revenue recognition in Note 2 of the audited consolidated financial statements included in Part II, Item 8 of this report\nThe amounts as of and for the years ended December 31, 2019 and 2018 have been prepared based on our adoption of Accounting Standards Codification (‘‘ASC’’) No. 606, Contracts with Customers. We elected to adopt this accounting standard on a modified retrospective basis which resulted in the impact of adoption being recorded as of January 1, 2018. The amounts in all other years, other than 2019 and 2018, in the tables below have been prepared on the previously outstanding guidance on revenue recognition. We have disclosed the ASC 606 adoption impact on our revenue recognition in Note 2 of the audited consolidated financial statements included in Part II, Item 8 of this report\n\n | | Years Ended December 31, | | | \n----------------------------------------------- | --------- | ------------------------ | --------- | --------- | ---------\n(in thousands, except per share amounts) | 2019 | 2018 | 2017 | 2016 | 2015 \nConsolidated Statement of Operations Data | | | | | \nRevenue | $212,628 | $232,223 | $235,429 | $227,297 | $196,285 \nCost of revenue | $48,881 | $51,896 | $53,318 | $54,413 | $48,402 \nGross profit | $163,747 | $180,327 | $182,111 | $172,884 | $147,883 \nLoss from operations | $(17,094) | $(27,679) | $(10,372) | $(20,570) | $(40,309)\nNet loss | $(17,819) | $(27,617) | $(10,751) | $(22,391) | $(41,897)\nNet loss per share: basic and diluted | $(0.23) | $(0.38) | $(0.15) | $(0.34) | $(0.67) \nWeighted-average shares used in computing net | | | | | \nloss per share: basic and diluted | 76,080 | 72,882 | 70,053 | 65,701 | 62,428 \nConsolidated Balance Sheet Data: | | | | | \nCash,cash equivalents and marketable securities | $129,922 | $128,375 | $131,134 | $114,347 | $98,117 \nWorking capital | $123,358 | $117,572 | $111,076 | $95,285 | $89,550 \nTotal assets | $274,053 | $235,876 | $224,858 | $216,733 | $189,892 \nDeferred revenue(current and non-current) | $101,164 | $97,966 | $94,637 | $91,617 | $72,008 \nTotal stockholders’ equity | $108,787 | $103,883 | $98,386 | $82,752 | $78,205 \n\n6. Selected Financial Data\n derived consolidated operations data years December 31, 2019 2018 2017 balance sheet data from audited financial statements Form 10-K. December 31, 2016 2015 balance sheet data derived from statements not report\n historical results not indicative future results read with financial statements notes Part II, Item 8 Management’s Discussion Analysis Financial Condition Results Operations Part II, Item 7\n amounts years December 31, 2019 2018 prepared Accounting Standards Codification No. 606, Contracts Customers. recorded January 1, 2018. amounts other years prepared guidance revenue recognition. disclosed ASC 606 adoption impact revenue in Note 2 financial statements Part II, Item 8\n amounts years December 31, 2019 2018 Accounting Standards Codification No. 606, Contracts Customers. recorded January 1, 2018. amounts other years prepared previously outstanding guidance revenue recognition. disclosed ASC 606 adoption impact revenue recognition in Note 2 financial statements Part II, Item 8\nYears Ended December 31,\n 2019 2015\n Statement Operations\n Revenue $212,628 $232,223 $235,429 $227,297 $196,285\n Cost revenue $48,881 $51,896 $53,318 $54,413\n Gross profit $163,747 $180,327 $182,111 $172,884 $147,883\n Loss $(17,094) $(27,679),372,309)\n Net loss $(17,819),751)\n loss share.\n share 76,080 65,701\n Balance Sheet\n Cash equivalents securities $129,922 $128,375 $131,134 $114,347 $98,117\n Working capital $123,358 $117,572 $111,076 $95,285\n Total assets $274,053 $235,876 $224,858 $216,733 $189,892\nrevenue $101,164 $97,966,637\n equity $108,787 $103,883 $98,386,752,205" +} +{ + "_id": "d1b30755e", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe selected consolidated statements of operations data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included elsewhere in this Annual Report. The selected consolidated statements of operations data for the years ended December 31, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 are derived from our audited consolidated financial statements not included in this Annual Report. Our historical results are not necessarily indicative of the results to be expected in the future. The selected financial data should be read together with Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations\" and in conjunction with our consolidated financial statements, related notes, and other financial information included elsewhere in this Annual Report. The following tables set forth our selected consolidated financial and other data for the years ended and as of December 31, 2019, 2018, 2017, 2016 and 2015 (in thousands, except share and per share data).\nInformation about prior period acquisitions that may affect the comparability of the selected financial information presented below is included in Item 1. Business. Information about the $28.0 million expense recorded in general and administrative expense in 2018, which relates to the agreement reached to settle the legal matter alleging violations of the Telephone Consumer Protection Act, or TCPA, and may affect the comparability of the selected financial information presented below, is disclosed in Item 3. “Legal Proceedings.” Information about the $1.7 million of interest recorded within interest income and the $6.9 million of gain recorded within other income, net, in 2019, which relates to promissory note proceeds received from one of our hardware suppliers and proceeds from an acquired promissory note, and may affect the comparability of the selected financial information presented below, is disclosed in Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations.\"\nCertain previously reported amounts in the consolidated statements of operations for the years ended December 31, 2018, 2017, 2016 and 2015 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.\n\n | | | As of December 31, | | \n----------------------------- | -------- | -------- | ------------------ | -------- | --------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nBalance sheet and other data: | | | | | \nCash and cash equivalents | $119,629 | $146,061 | $96,329 | $140,634 | $128,358\nWorking capital | 167,879 | 152,793 | 119,433 | 150,485 | 131,971 \nTotal assets | 557,799 | 440,985 | 371,641 | 261,245 | 226,095 \nTotal long-term obligations | 115,143 | 88,126 | 94,311 | 30,297 | 26,885 \nTotal stockholders' equity | 355,651 | 277,589 | 232,827 | 191,249 | 170,131 \n\nITEM 6. SELECTED FINANCIAL DATA\n consolidated statements December 31, 2019 2018 2017 balance sheet data derived from audited financial statements Annual Report. December 2016 2015 balance sheet derived from statements not. historical results not indicative future. data read with Item 7. \"Management’s Discussion Analysis Financial Condition Results Operations consolidated financial statements notes other information. tables selected consolidated financial data years December 31, 2019 2018 2017 2016 2015 thousands except share per share data.\n Information prior period Item 1. Business. $28. 0 million expense general administrative expense 2018 agreement legal matter violations Telephone Consumer Protection Act disclosed Item 3. “Legal Proceedings. Information $1. 7 million interest interest income $6. 9 million gain other income 2019 promissory note proceeds acquired note disclosed Item 7. \"Management’s Discussion Analysis Financial Condition Results Operations.\nreported amounts 2017 2016 2015 reclassified interest income.\n December\n 2019 2018 2016 2015\n Cash equivalents $119,629 $146,061 $96,329 $140,634,358\n Working capital 167,879 152,793 119,433 150,485 131,971\n assets 557,799 440,985 371,641 261,245 226,095\n long-term obligations 115,143 88,126 94,311 30,297 26,885\n stockholders' equity,651 277,589 232,827 191,249 170" +} +{ + "_id": "d1b3170d0", + "title": "", + "text": "We continue to experience challenging trends in both the high-end smartphone market and in the broadband market. However, with leading mobile and fixed networks, improving customer experience, three strong brands and further enhancements to BT Plus, with 5G coming imminently, we are well placed for the future.\nAdjusteda revenue growth of 3% for the year was driven by the continued increase in handset costs for customers, growth in the SIMonly base across all brands and the impact of price increases, partially offset by solus voice price reductions.\nAdjusteda EBITDA grew 7% for the year as the revenue growth was partially offset by increased trading costs.\nCapital expenditure growth of 8% was driven by increased network spend as preparations were made for the EE 5G launch in 2019. Normalised free cash flowb was £1,323m, down 5% on last year as the increase in EBITDA was offset by the settlement at the start of the year of the Phones4U dispute relating to the retail trading agreement, and increased capital expenditure.\nMobile churnc was stable at 1.2% for the year, whilst fixed churnc was up from 1.3% to 1.4% reflecting the impact of price increases in the year.\na Adjusted measures exclude specific items, as explained in the Additional Information on page 185. b Free cash flow after net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items.\n\nConsumer | | | | \n--------------------------- | -------------- | ---------------------------------- | ------ | --\nAdjusteda revenue £10,695m | | Adjusteda operating profit £1,510m | | \n | 2019 (IFRS 15) | 2018 (IAS 18) | Change | \nYear to 31 March | £m | £m | £m | % \nAdjusteda revenue | 10,695 | 10,360 | 335 | 3 \nAdjusteda operating costs | 8,161 | 7,984 | 177 | 2 \nAdjusteda EBITDA | 2,534 | 2,376 | 158 | 7 \nDepreciation & amortisation | 1,024 | 992 | 32 | 3 \nAdjusted a operating profit | 1,510 | 1,384 | 126 | 9 \nCapital expenditure | 994 | 919 | 75 | 8 \nNormalised free cash flowb | 1,323 | 1,389 | (66) | (5\n\nchallenging trends high-end smartphone broadband market. leading mobile fixed networks improving customer experience three strong brands enhancements BT Plus 5G coming well placed future.\n Adjusteda revenue growth 3% driven handset costs SIMonly base price increases offset voice price reductions.\n EBITDA grew 7% increased trading costs.\n Capital expenditure growth 8% increased network spend EE 5G launch 2019. free cash £1,323m down 5% offset settlement Phones4U dispute increased capital expenditure.\n Mobile churnc stable 1. 2% fixed churnc up. 3% to. 4% price increases.\n Adjusted measures exclude specific items. Free cash flow interest pension deficit payments.\n revenue £10,695m operating profit £1,510m\n 2019 15 2018 18\n revenue 10\n operating costs 8,161\n EBITDA 2,534 2,376\nDepreciation amortisation 1,024 992\n profit 1,510 1,384\n Capital expenditure 994 919 75\n cash 1,323,389" +} +{ + "_id": "d1b301a6e", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 10 — Contingencies\nCertain processes in the manufacture of our current and past products create by-products classified as hazardous waste. We have been notified by the U.S. Environmental Protection Agency, state environmental agencies, and in some cases, groups of potentially responsible parties, that we may be potentially liable for environmental contamination at several sites currently and formerly owned or operated by us. Two of those sites, Asheville, North Carolina and Mountain View, California, are designated National Priorities List sites under the U.S. Environmental Protection Agency’s Superfund program. We accrue a liability for probable remediation activities, claims and proceedings against us with respect to environmental matters if the amount can be reasonably estimated, and provide disclosures including the nature of a loss whenever it is probable or reasonably possible that a potentially material loss may have occurred but cannot be estimated. We record contingent loss accruals on an undiscounted basis.\nA roll-forward of remediation reserves included in accrued expenses and other liabilities in the Consolidated Balance Sheets is comprised of the following:\n(1) Other activity includes currency translation adjustments not recorded through remediation expense\nUnrelated to the environmental claims described above, certain other legal claims are pending against us with respect to matters arising out of the ordinary conduct of our business.\nWe provide product warranties when we sell our products and accrue for estimated liabilities at the time of sale. Warranty estimates are forecasts based on the best available information and historical claims experience. We accrue for specific warranty claims if we believe that the facts of a specific claim make it probable that a liability in excess of our historical experience has been incurred, and provide disclosures for specific claims whenever it is reasonably possible that a material loss may be incurred which cannot be estimated. We have an outstanding warranty claim for which we have not yet determined the root cause of a product performance issue. Testing is ongoing. We are not able to quantify the potential impact on our operations, if any, because we have not yet determined the root cause.\nWe cannot provide assurance that the ultimate disposition of environmental, legal, and product warranty claims will not materially exceed the amount of our accrued losses and adversely impact our consolidated financial position, results of operations, or cash flows. Our accrued liabilities and disclosures will be adjusted accordingly if additional information becomes available in the future.\n\n | | Years Ended December 31, | \n------------------------------ | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nBalance at beginning of period | $11,274 | $17,067 | $18,176\nRemediation expense | 2,602 | 1,182 | 307 \nRemediation payments | (2,455) | (6,967) | (1,416)\nOther activity (1) | 23 | (8) | — \nBalance at end of the period | $11,444 | $11,274 | $17,067\n\nNOTES CONSOLIDATED FINANCIAL STATEMENTS thousands share data\n NOTE 10 Contingencies\n processes manufacture create-products hazardous waste. notified by U. S. Environmental Protection Agency state agencies responsible parties liable for environmental contamination at sites owned. Asheville North Carolina Mountain View California National Priorities List sites. Environmental Protection Superfund program. accrue liability for remediation activities claims proceedings if estimated provide disclosures nature loss loss. record contingent loss accruals undiscounted basis.\n roll-forward of remediation reserves expenses liabilities Balance Sheets\n Other activity includes currency translation adjustments not\n other legal claims ordinary conduct business.\n provide product warranties accrue for estimated liabilities time sale. Warranty estimates information historical experience. accrue for specific warranty claims if probable liability provide disclosures material loss. outstanding warranty claim determined root cause product performance issue. Testing ongoing. quantify potential impact operations root.\nenvironmental legal warranty claims exceed accrued losses financial position cash flows. accrued liabilities disclosures adjusted information.\n Ended December 31,\n 2018 2017\n $11,274 $17,067 $18,176\n Remediation expense 2,602 1,182 307\n payments (2,455) (6,967) (1,416)\n Other activity\n period $11,444 $11,274 $17,067" +} +{ + "_id": "d1b2e63f4", + "title": "", + "text": "Interest and Other\nInterest income decreased by $1.9 million from 2018 to 2019 due primarily to lower cash and marketable securities balances in 2019. Interest expense decreased by $8.2 million from 2018 to 2019 due primarily to unrealized losses on equity marketable securities recognized in 2018. Other (income) expense, net increased by $28.1 million from 2018 to 2019 due primarily to a $15.0 million charge for the impairment of the investment in RealWear and an $11.5 million change in pension actuarial (gains) losses from a $3.3 million gain in 2018 to an $8.2 million loss in 2019.\n\n | 2019 | 2018 | 2018-2019 Change\n--------------------------- | ------- | ------------- | ----------------\n | | (in millions) | \nInterest income | $(24.8) | $(26.7) | $1.9 \nInterest expense | 23.1 | 31.3 | (8.2) \nOther (income) expense, net | 29.5 | 1.4 | 28.1 \n\n\n income decreased $1. million 2018 2019 lower cash securities balances. expense decreased $8. 2 million due unrealized losses equity securities. expense increased $28. 1 million due $15. million charge investment RealWear $11. 5 million change pension $3. 3 million gain 2018 $8. 2 million loss.\n income $(24. 8) $(26. 7) $1.\n expense 23. 31.\n expense 29." +} +{ + "_id": "d1b3472e4", + "title": "", + "text": "Non-current provisions\nNon-current provisions consisted of the following:\nThe non-current provision for employee benefits includes long service leave as described above.\nThe dilapidation provision relates to certain lease arrangements for office space entered into by the Group. These lease arrangements require the Group to restore each premises to its original condition upon lease termination. Accordingly, the Group records a provision for the present value of the estimated future costs to retire long-lived assets at the expiration of these leases.\n\n | As of June 30, | \n---------------------- | --------------------- | ------\n | 2019 | 2018 \n | (U.S. $ in thousands) | \nEmployee benefits | $3,323 | $2,094\nDilapidation provision | 2,759 | 2,269 \n | $6,082 | $4,363\n\nNon-current provisions\n employee benefits long service leave.\n dilapidation provision lease arrangements office space. restore premises original condition lease termination. records provision future costs assets expiration leases.\n June 30\n. thousands\n Employee benefits $3,323 $2,094\n Dilapidation provision 2,759 2,269\n $6,082 $4,363" +} +{ + "_id": "d1b2f81f8", + "title": "", + "text": "Contractual Obligations\nThe following table summarizes contractual obligations and commitments, as of April 27, 2019:\n(1) Assumes the outstanding borrowings under the revolving credit facility will be repaid upon maturity of the credit agreement in September 2023.\n(2) Amounts represent estimated contractual interest payments on outstanding debt. Interest rates in effect as of April 27, 2019 are used for floating-rate debt.\nWe enter into agreements with suppliers to assist us in meeting our customers' production needs. These agreements vary as to duration and quantity commitments. Historically, most have been short-term agreements, which do not provide for minimum purchases, or are requirements-based contracts.\n\n | | | Payments Due By Period | | \n------------------------------ | ------ | ---------------- | ---------------------- | --------- | -----------------\n(Dollars in Millions) | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years\nCapital Leases | $1.7 | $0.6 | $0.9 | $0.2 | $— \nOperating Leases | 34.2 | 7.8 | 10.5 | 7.5 | 8.4 \nDebt (1) | 295.5 | 15.7 | 28.8 | 247.7 | 3.3 \nEstimated Interest on Debt (2) | 46.8 | 11.7 | 20.7 | 14.2 | 0.2 \nDeferred Compensation | 8.5 | 1.2 | 3.2 | 1.6 | 2.5 \nTotal | $386.7 | $37.0 | $64.1 | $271.2 | $14.4 \n\nContractual Obligations\n table summarizes obligations commitments April 27, 2019\n outstanding borrowings revolving credit facility repaid maturity September 2023.\n estimated interest payments debt. Interest rates April 27, 2019 floating-rate debt.\n agreements suppliers production needs. agreements vary duration quantity. short-term minimum purchases requirements-based contracts.\n Payments Due Period\n Less than 1 year 1-3 years 3-5 years More 5 years\n Capital Leases $1.\n Operating Leases 34. 7. 10.\n 295. 15. 28. 247. 3.\n Estimated Interest Debt 46. 11. 20. 14.\n Deferred Compensation 8. 3.\n $386. $37. $64. $271. $14." +} +{ + "_id": "d1b314a74", + "title": "", + "text": "13. Net Loss Per Share\nBasic net loss per share is computed using the weighted average number of shares of common stock outstanding for the period, excluding stock options and restricted stock units. Diluted net loss per share is based upon the weighted average number of shares of common stock outstanding for the period and potentially dilutive common shares, including the effect of stock options and restricted stock units under the treasury stock method. The following table sets forth the computation of the numerators and denominators used in the basic and diluted net loss per share amounts:\n(1) The effect of dilutive securities of 3.1 million, 4.5 million, and 4.6 million shares for the fiscal years ended January 31, 2019, 2018, and 2017, respectively, have been excluded from the calculation of diluted net loss per share as those shares would have been anti-dilutive due to the net loss incurred during those fiscal years.\nThe computation of diluted net loss per share does not include shares that are anti-dilutive under the treasury stock method because their exercise prices are higher than the average market value of Autodesk’s stock during the fiscal year. The effect of 0.5 million, 0.5 million, and 0.1 million potentially anti-dilutive shares were excluded from the computation of net loss per share for the fiscal years ended January 31, 2019, 2018, and 2017, respectively.\n\n | | Fiscal Year Ended January 31, | \n---------------------------------------------------------------- | ------- | ----------------------------- | --------\n | 2019 | 2018 | 2017 \nNumerator: | | | \nNet loss | $(80.8) | $(566.9) | $(582.1)\nDenominator: | | | \nDenominator for basic net loss per share—weighted average shares | 218.9 | 219.5 | 222.7 \nEffect of dilutive securities (1) | — | — | — \nDenominator for dilutive net loss per share | 218.9 | 219.5 | 222.7 \nBasic net loss per share | $(0.37) | $(2.58) | $(2.61) \nDiluted net loss per share | $(0.37) | $(2.58) | $(2.61) \n\n. Net Loss Per Share\n Basic computed weighted average common stock excluding stock options restricted stock units. Diluted loss based weighted average potentially dilutive shares including stock options restricted stock units treasury stock method. table numerators basic diluted net loss\n effect dilutive securities 3. 1 million 4. 5 million. 6 million shares 2019 2018 2017 excluded from loss anti.\n include shares anti-dilutive under treasury stock method prices higher than average market value Autodesk’s stock. 5 million. 5 million. 1 million anti-dilutive shares excluded from years 2019 2018 2017.\n Fiscal Year January\n Numerator\n Net loss $(80. 8) $(566. 9) $(582.\n Denominator\n basic net loss per average 218. 9 219. 5 222.\n Effect dilutive securities\n dilutive net loss per share.\n loss $(0. 37) $(2.\n net loss per share. 37). 58)" +} +{ + "_id": "d1b370946", + "title": "", + "text": "Discontinued Operations\nOn October 27, 2017, we entered into a purchase agreement to sell the Compute business. In consideration for the transfer and sale of the Compute business, we received an equity interest in the buyer valued at approximately $36.5 million, representing the carrying value of the assets divested and representing less than 20.0% of the buyer's total outstanding equity. The operations of the Compute business were accounted for as discontinued operations through the date of divestiture.\nWe also entered into a transition services agreement (the \"Compute TSA\"), pursuant to which we agreed to perform certain primarily general and administrative functions on the buyer's behalf during a migration period and for which we are reimbursed for costs incurred.\nDuring the fiscal year 2019, we received $0.1 million of reimbursements under the Compute TSA, which was recorded as a reduction of our general and administrative expenses. During the fiscal year 2018, we received $3.6 million of reimbursements under the Compute TSA, which was recorded as a reduction of our general and administrative expenses.\nIn August of fiscal year 2015, we sold our Automotive business, as the Automotive business was not consistent with our long-term strategic vision from both a growth and profitability perspective.\nAdditionally, we entered into a Consulting Agreement with the buyer pursuant to which we were to provide the buyer with certain non-design advisory services for a period of two years following the closing of the transaction for up to $15.0 million, from which we have recorded $7.5 million as other income during both fiscal years 2017 and 2016. No income was recognized during fiscal years 2019 or 2018. During fiscal year 2017, we received $18.0 million, the full amount of the indemnification escrow.\nThe accompanying Consolidated Statements of Operations includes the following operating results related to these discontinued operations (in thousands):\n(1) Amounts are associated with the Compute business. (2) Amounts are associated with the Automotive business.\n\n | Fiscal Years | \n------------------------------------------ | ------------ | --------\n | 2018 | 2017 \nRevenue (1) | $— | $660 \nCost of revenue (1) | (596) | 2,252 \nGross profit (loss) | 596 | (1,592) \nOperating expenses: | | \nResearch and development (1) | 5,251 | 29,167 \nSelling, general and administrative (1) | 1,560 | 13,840 \nTotal operating expenses | 6,811 | 43,007 \nLoss from discontinued operations (1) | (6,215) | (44,599)\nOther income (2) | — | 7,500 \nGain on sale (2) | — | 18,022 \nLoss income before income taxes | (6,215) | (19,077)\nIncome tax provision (benefit) | — | — \nLoss income from discontinued operations | (6,215) | (19,077)\nCash flow used in Operating Activities (1) | (10,734) | (42,776)\nCash flow from Investing Activities (2) | — | 25,522 \n\nDiscontinued Operations\n October 27, 2017 purchase sell Compute business. received equity interest buyer $36. 5 million assets divested less than. 0% buyer's equity. operations discontinued through divestiture.\n transition services agreement perform general administrative functions buyer migration reimbursed costs incurred.\n fiscal year 2019 received $0. 1 million reimbursements TSA reduction general administrative expenses. year 2018 received $3. 6 million reduction administrative expenses.\n 2015, sold Automotive business not consistent strategic vision growth profitability.\n Consulting Agreement buyer non-design advisory services two years $15. 0 million recorded $7. 5 million other income fiscal years 2017 2016. No income years 2019 2018. 2017 received $18. 0 million full indemnification escrow.\n Consolidated Statements of Operations operating results discontinued operations\n associated Compute business. Automotive business.\n Fiscal Years\n 2018\nRevenue\n 2,252\n Gross profit\n Operating expenses\n Research development 5,251 29,167\n Selling administrative 13,840\n expenses 43,007\n Loss discontinued (6,215) (44,599)\n Other income 7,500\n Gain sale 18,022\n Loss taxes (19,077)\n Income tax provision\n Loss\n Cash flow Activities (10,734 (42,776\n Cash flow Investing Activities 25,522" +} +{ + "_id": "d1b36367e", + "title": "", + "text": "The following table summarizes the activity related to stock options during the year ended December 31, 2019\nAs of December 31, 2019, the Company had $1,641 of unrecognized stock-based compensation expense related to the stock options. This cost is expected to be recognized over a weighted-average period of 2.5 years.\n(Dollars in thousands, except per share amounts)\n\n | Number of Shares | Weighted-Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | Aggregated Intrinsic Value (in thousands)\n--------------------------------------------- | ---------------- | ------------------------------- | ------------------------------------------------------ | -----------------------------------------\nStock options outstanding - December 31, 2018 | - | - - | | \nGranted | 5,835,724 | $0.56 | | \nForfeited or expired | (20,000) | $0.55 | | \nStock options outstanding - December 31, 2019 | 5,815,724 | $0.56 | 9.6 years | $2,725 \nStock options exercisable - December 31, 2019 | 137,500 | $0.55 | 9.6 years | $66 \n\ntable summarizes activity stock options December 31, 2019\n Company had $1,641 unrecognized stock-based compensation expense. expected 2. 5 years.\n share\n Number Shares Weighted-Average Exercise Price Contractual Life Aggregated Intrinsic Value\n Stock options outstanding December 31, 2018\n 5,835,724 $0.\n Forfeited expired.\n December 31, 2019 5,815,724. 6 years $2,725\n December 31, 2019 137,500. 6 years $66" +} +{ + "_id": "d1b34300e", + "title": "", + "text": "Income Tax Provision Reconciliation\nThe difference between the income tax benefit (provision) and income taxes computed using the U.S. federal income tax rate was as follows for the years ended September 30, 2019, 2018, and 2017 (amounts shown in thousands):\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------- | ------ | -------- | --------\nAmount computed using statutory rate | $841 | $2,122 | $(1,078)\nNet change in valuation allowance for net deferred tax assets | (459) | (367) | 10,058 \nAMT and other | — | (191) | 20 \nForeign rate differential | 664 | 22 | (169) \nNon-deductible items | (151) | (276) | (370) \nState income tax | (370) | 50 | (34) \nImpact of tax reform on deferred taxes | — | (4,901) | — \nResearch and development credits | 1,694 | 475 | 2,494 \nForeign income tax | (494) | — | — \nStock compensation, net | 1,539 | — | — \nIncome tax benefit (provision) | $3,264 | $(3,066) | $10,921 \n\nIncome Tax Provision Reconciliation\n difference benefit. federal rate 30 2019 2018 2017\n statutory rate $841 $2,122 $(1,078)\n change valuation deferred tax assets (459) (367) 10,058\n Foreign rate differential\n Non-deductible items (151) (276)\n State income tax\n Impact tax reform deferred taxes\n Research development credits 1,694\n Foreign income tax\n Stock compensation 1,539\n Income tax benefit $3,264 $(3,066) $10,921" +} +{ + "_id": "d1a721b22", + "title": "", + "text": "Note 3 – Revenue\nThe following table disaggregates our revenue by major source for the year ended December 31, 2019:\n(1) Subscriber Solutions & Experience was formerly reported as Customer Devices. With the increasing focus on enhancing the customer experience for both our business and consumer broadband customers and the addition of SmartRG during the fourth quarter of 2018, Subscriber Solutions & Experience more accurately represents this revenue category.\n\n(In thousands) | Network Solutions | Services & Support | Total \n------------------------------------- | ----------------- | ------------------ | --------\nAccess & Aggregation | $289,980 | $58,894 | $348,874\nSubscriber Solutions & Experience (1) | 144,651 | 8,269 | 152,920 \nTraditional & Other Products | 20,595 | 7,672 | 28,267 \nTotal | $455,226 | $74,835 | $530,061\n\nRevenue\n table source December 31, 2019\n Subscriber Solutions Experience Customer Devices. experience SmartRG Subscriber Solutions Experience represents revenue category.\n Network Solutions Services Support\n Access Aggregation $289,980 $58,894 $348,874\n Subscriber Solutions Experience 144,651 8,269 152,920\n Traditional Products 20,595 7,672 28,267\n $455,226 $74,835 $530,061" +} +{ + "_id": "d1b2f7fd2", + "title": "", + "text": "Capital management\nThe Group considers capital to be net debt plus total equity. Net debt is calculated as total bank debt and lease financing, less unamortised debt fees and cash and cash equivalents as shown in note 32. Total equity is as shown in the Consolidated balance sheet.\nThe calculation of total capital is shown in the table below:\nFollowing the application of IFRS 16, total capital for the year ended 31 March 2018 has been restated (note 2).\nThe objectives for managing capital are to safeguard the Group’s ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders and to maintain an efficient capital structure to optimise the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or take other steps to increase share capital and reduce or increase debt facilities.\nAs at 31 March 2019, the Group had borrowings of £313.0m (2018: £343.0m) through its Syndicated revolving credit facility (2018: Syndicated Term Loan). Interest is payable on this facility at a rate of LIBOR plus a margin of between 1.2% and 2.1% depending on the consolidated leverage ratio of Auto Trader Group plc and its subsidiaries, which is calculated and reviewed on a biannual basis. The Group remains in compliance with its banking covenants.\n\n | 2019 | (Restated) 2018\n-------------- | ----- | ---------------\n | £m | £m \nTotal net debt | 321.0 | 355.2 \nTotal equity | 59.0 | 5.6 \nTotal capital | 380.0 | 360.8 \n\nCapital management\n Group considers capital net debt plus equity. debt calculated bank debt lease financing less unamortised debt fees cash equivalents note 32. equity Consolidated balance sheet.\n calculation capital table\n IFRS 16 capital year 31 March 2018 restated.\n objectives safeguard provide returns benefits maintain efficient capital structure cost. dividends return capital issue new shares increase share capital reduce debt.\n 31 March 2019 Group borrowings £313. 0m (2018 £343. Syndicated revolving credit facility. Interest payable LIBOR plus margin 1. 2% 2. 1% consolidated leverage ratio Auto Trader Group biannual. banking covenants.\n net debt 321. 355.\n equity 59.\n capital 380. 360." +} +{ + "_id": "d1b396074", + "title": "", + "text": "The Group’s measure of segment profit, adjusted EBITDA, excludes depreciation, amortisation, impairment loss, restructuring costs, loss on disposal of fixed assets, the Group’s share of results in associates and joint ventures and other income and expense. A reconciliation of adjusted EBITDA to operating profit is shown below. For a reconciliation of operating profit to profit for the financial year, see the Consolidated income statement on page 111.\nNote: 1 Share of adjusted results in equity accounted associates and joint ventures excludes amortisation of acquired customer bases and brand intangible assets, restructuring costs and other costs of €0.6 billion (2018: €0.4 billion, 2017: €0.1 billion) which are included in amortisation of acquired customer base and brand intangible assets, restructuring costs and other income and expense respectively\n2 See note 31 “IAS 18 basis primary statements” for further details.\n\n | 2019 €m | 2018 €m | 2017 €m \n---------------------------------------------------------------------------- | ------- | ------- | --------\nAdjusted EBITDA | 14,139 | 14,737 | 14,149 \nDepreciation, amortisation and loss on disposal of fixed assets | (9,665) | (9,910) | (10,179)\nShare of adjusted results in equity accounted associates and joint ventures1 | (291) | 389 | 164 \nAdjusted operating profit | 4,183 | 5,216 | 4,134 \nImpairment losses | (3,119) | – | – \nRestructuring costs | (486) | (156) | (415) \nAmortisation of acquired customer based and brand intangible assets | (583) | (974) | (1,046) \nOther (expense)/income | (262) | 213 | 1,052 \nOperating (loss)/profit (IAS 18 basis) | (267) | 4,299 | 3,725 \nImpact of adoption of IFRS 152 | (684) | | \nOperating loss (IFRS 15 basis) | (951) | | \n\nGroup’s profit excludes depreciation amortisation loss restructuring costs disposal fixed assets results associates joint ventures income expense. reconciliation EBITDA profit. Consolidated income statement page 111.\n adjusted results equity associates joint ventures excludes amortisation brand assets restructuring costs. 6 billion (2018. 4 billion. 1 billion\n note 31 “IAS 18.\n 2019 2018 2017\n Adjusted EBITDA 14,139\n Depreciation amortisation loss disposal fixed assets (9,665)\n results equity associates joint\n Adjusted operating profit 4,183 5,216\n Impairment losses (3,119\n Restructuring costs (486)\n Amortisation acquired intangible assets (583)\n Other (262)\n Operating (loss/profit (IAS 18 4,299\n Impact IFRS 152 (684\n Operating loss (IFRS 15 (951)" +} +{ + "_id": "d1b350a7e", + "title": "", + "text": "Revenue\nIn 2019, we saw another strong year of revenue growth at 8%, climbing to £355.1m (2018: £330.1m), predominantly through Trade revenue, and more specifically Retailer revenue, as our core business continued to grow.\nTrade revenue – comprising Retailers, Home Traders and other revenue – increased by 8% to £304.6m (2018: £281.2m). Retailer revenue grew 9% to £293.0m (2018: £268.7m), driven by the launch of new products, our annual pricing event and further penetration of higher yielding advertising packages. Average Revenue Per Retailer (‘ARPR’) improved by £149 to £1,844 per month (2018: £1,695). Average retailer forecourts were stable, with a marginal increase in the year to 13,240 (2018: 13,213). Trade revenue – comprising Retailers, Home Traders and other revenue – increased by 8% to £304.6m (2018: £281.2m). Retailer revenue grew 9% to £293.0m (2018: £268.7m), driven by the launch of new products, our annual pricing event and further penetration of higher yielding advertising packages. Average Revenue Per Retailer (‘ARPR’) improved by £149 to £1,844 per month (2018: £1,695). Average retailer forecourts were stable, with a marginal increase in the year to 13,240 (2018: 13,213).\nARPR growth of £149 per month was broken down as follows into our three levers: price, stock and product.\n——Price: Our price lever contributed £50 (2018: £43) and 34% (2018: 29%) of total ARPR growth. We executed our annual event for the vast majority of customers on 1 April 2018 which included a like-for-like price increase.\n——Stock: A small contraction in stock had a negative effect on ARPR growth of £22 (2018: positive effect of £20) and was -15% (2018: +13%) of total ARPR growth. A reduction in the number of new cars registered, lower volumes of preregistration and some consumer uncertainty led to a lack of used car supply in the market during the first half of the year. Retailer stock has seen some level of recovery through the second half of the year although the market is still challenging.\n——Product: Our product lever contributed £121 (2018: £86) and 81% (2018: 58%) of total ARPR growth. Our annual event allowed us to introduce two new products, stock exports and profile pages, into all package levels and we also monetised our Dealer Finance product following a trial period. Since 1 April 2018, over 5,000 retailers have opted to pay for the opportunity to advertise their finance offers against their cars, representing 70% of all eligible retailers. In addition, the penetration of our higher yielding Advanced and Premium advertising packages has continued to grow as retailers recognise the value of receiving greater prominence within our search listings. At the end of March, 19% of retailer cars advertised were on one of these levels (March 2018: 12%). There was also a small contribution from our Managing products, which despite re-platforming and continued development in the year, still saw growth to 3,200 customers (2018: 3,000).\nRevenue £355.1m +8% (2018: £330.1m)\nOperating profit £243.7m +10% (2018 restated: £221.3m)\nCash generated from operations £258.5m +13% (2018 restated: £228.4m)\nCash returned to shareholders £151.1m (2018: £148.4m)\n\n | 2019 | 2018 | \n----------------------- | ----- | ----- | ------\nRevenue | £m | £m | Change\nRetailer | 293.0 | 268.7 | 9% \nHome trader | 10.2 | 11.4 | (11%) \nOther | 1.4 | 1.1 | 27% \nTrade | 304.6 | 281.2 | 8% \nConsumer Services | 28.0 | 29.8 | (6%) \nManufacturer and Agency | 22.5 | 19.1 | 18% \nTotal | 355.1 | 330.1 | 8% \n\n\n 2019 growth 8% £355. 1m (2018 £330. Trade Retailer.\n Trade revenue increased 8% £304. 6m £281. 2m. Retailer revenue grew £293. £268. new products annual pricing event higher yielding advertising packages. Average Revenue Retailer £149 £1,844 per month. retailer forecourts stable marginal increase 13,240. Trade revenue increased 8% £304. 6m £281. 2m. Retailer revenue grew £293. £268. new products annual pricing event higher yielding advertising. improved £149 £1,844. forecourts stable marginal increase 13,240.\n growth levers price stock product.\n contributed £50 34% 29%) ARPR growth. annual event 1 April 2018 like-like price increase.\n contraction ARPR growth £22 £20) -15% (2018 +13%) ARPR growth.reduction new cars lower preregistration consumer uncertainty lack used car supply first half. Retailer stock recovery second half market challenging.\n lever contributed £121 81% 58%) ARPR growth. annual event new products stock exports profile pages monetised Dealer Finance product. Since 1 April 2018 retailers finance cars 70% eligible retailers. Advanced Premium advertising packages. end March 19% retailer cars advertised 12%. small contribution Managing products growth 3,200 customers (2018.\n Revenue £355. 1m +8% £330.\n Operating profit £243. 7m +10% £221. 3m\n Cash operations £258. 5m +13% £228. 4m\n Cash returned shareholders £151. 1m £148. 4m\n Revenue\n Retailer 293. 268. 9%\n Home trader. (11%)\n Other. 27%\n Trade 304. 8%\n Consumer Services. (6%\n Manufacturer Agency 22.19. 18%\n. 330. 8%" +} +{ + "_id": "d1b3992ba", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\nVessels under construction represent scheduled advance payments to the shipyards as well as certain capitalized expenditures. As of December 31, 2019, the Group has paid to the shipyard $197,637 for the vessels that are under construction and expects to pay the remaining installments as they come due upon each vessel’s keel laying, launching and delivery (Note 23(a)).\nThe vessels under construction costs as of December 31, 2018 and 2019 are comprised of:\n\n | As of December 31, | \n------------------------------------------------------------------ | ------------------- | -------\n | 2018 | 2019 \nProgress shipyard installments | 152,075 | 197,637\nOnsite supervision costs | 5,766 | 3,879 \nCritical spare parts, equipment and other vessel delivery expenses | 1,434 | 1,807 \nTotal | 159,275 | 203,323\n\nGasLog Ltd. Subsidiaries\n consolidated financial statements\n years December 2017 2018 2019\n amounts. Dollars\n Vessels construction payments capitalized expenditures. December 31, 2019 Group paid $197,637 vessels expects remaining installments laying launching delivery.\n vessels construction costs 2019\n shipyard installments 152,075 197,637\n Onsite supervision costs 5,766 3,879\n spare parts equipment delivery expenses 1,434\n 159,275 203,323" +} +{ + "_id": "d1b2f89dc", + "title": "", + "text": "The Corporation is also exposed to credit risk in relation to its trade accounts receivable. To mitigate such risk, the Corporation continuously monitors the financial condition of its customers and reviews the credit history or worthiness of each new large customer. The Corporation establishes an allowance for lifetime expected credit losses related to doubtful accounts. The doubtful accounts allowance is calculated on a specific-identification basis for larger customer accounts receivable and on a statistically derived basis for the remainder.\nFactors such as the current economic conditions, forward-looking macroeconomic data and historical information (number of overdue days of the customer’s balance outstanding as well as the customer’s collection history) are examined. The Corporation believes that its allowance for doubtful accounts is sufficient to cover the related credit risk.\nThe Corporation has credit policies in place and has established various credit controls, including credit checks, deposits on accounts and advance billing, and has also established procedures to suspend the availability of services when customers have fully utilized approved credit limits or have violated existing payment terms. Since the Corporation has a large and diversified clientele dispersed throughout its market areas in Canada and the United States, there is no significant concentration of credit risk.\nThe following table provides further details on trade and other receivables, net of allowance for doubtful accounts:\n\nAt August 31, | 2019 | 2018 \n---------------------------------- | ------- | -------\n(In thousands of Canadian dollars) | $ | $ \nTrade accounts receivable | 74,021 | 95,541 \nAllowance for doubtful accounts | (6,759) | (6,497)\n | 67,262 | 89,044 \nOther accounts receivable | 8,390 | 8,250 \n | 75,652 | 97,294 \n\nCorporation exposed to credit risk trade accounts. monitors financial condition reviews credit history. establishes allowance for lifetime credit losses doubtful accounts. allowance calculated specific-identification larger accounts statistically derived remainder.\n current economic conditions macroeconomic data historical information collection history examined. believes allowance accounts credit risk.\n credit policies credit controls checks procedures services credit limits payment terms. large clientele Canada United States no significant concentration credit risk.\n table details trade receivables allowance doubtful accounts\n August 31, 2019 2018\n Trade accounts receivable 74,021 95,541\n Allowance for doubtful accounts (6,759) (6,497)\n 67,262 89,044\n Other accounts receivable 8,390 8,250\n 75,652 97,294" +} +{ + "_id": "d1b3c278c", + "title": "", + "text": "The following table shows the fair value of the DB pension plan assets for each category.\nEquity securities included approximately $15 million of BCE common shares, or 0.06% of total plan assets, at December 31, 2019 and approximately $8 million of BCE common shares, or 0.03% of total plan assets, at December 31, 2018.\nDebt securities included approximately $53 million of Bell Canada debentures, or 0.21% of total plan assets, at December 31, 2019 and approximately $68 million of Bell Canada debentures, or 0.30% of total plan assets, at December 31, 2018.\nAlternative investments included an investment in MLSE of $135 million, or 0.53% of total plan assets, at December 31, 2019 and $135 million, or 0.59% of total plan assets, at December 31, 2018.\nThe Bell Canada pension plan has an investment arrangement which hedges part of its exposure to potential increases in longevity, which covers approximately $4 billion of post-employment benefit obligations.\nThe fair value of the arrangement is included within other alternative investments. As a hedging arrangement of the pension plan, the transaction requires no cash contributions from BCE.\n\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \n------------------------------ | ------ | ------\nObservable markets data | | \nEquity securities | | \nCanadian | 1,017 | 844 \nForeign | 4,534 | 3,770 \nDebt securities | | \nCanadian | 13,216 | 12,457\nForeign | 2,385 | 2,004 \nMoney market | 219 | 327 \nNon-observable markets inputs | | \nAlternative investments | | \nPrivate equities | 2,119 | 1,804 \nHedge funds | 1,001 | 1,014 \nReal estate | 948 | 758 \nOther | 91 | 93 \nTotal | 25,530 | 23,071\n\ntable shows value DB pension plan assets category.\n Equity securities $15 million BCE common shares. 06% December 31, 2019 $8 million. 03% 2018.\n Debt securities $53 million Bell Canada debentures. 21% $68 million. 30%.\n Alternative investments $135 million. 53% assets $135 million. 59% 31, 2018.\n Bell Canada pension plan hedges longevity covers $4 billion post-employment benefit obligations.\n value investments. no cash contributions BCE.\n DECEMBER 31\n Observable markets data\n Equity securities\n Canadian 1,017\n Foreign 4,534 3,770\n Debt securities\n 12,457\n Money market\n Non-observable markets\n Alternative investments\n Private equities 2,119 1,804\n Hedge funds\n Real estate\n Other\n Total 25,530" +} +{ + "_id": "d1a732f9e", + "title": "", + "text": "ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS\nSecurities Authorized for Issuance under Equity Compensation Plans\nThe following table sets forth, as of August 31, 2019, certain information related to our compensation plans under which Accenture plc Class A ordinary shares may be issued\n(1) Consists of 68,253 restricted share units\n(2) Consists of 19,464,437 restricted share units, with performance-based awards assuming maximum performance, and 3,751 stock options\n(3) Does not reflect restricted stock units because these awards have no exercise price.\nThe remaining information called for by Item 12 will be included in the section captioned “Beneficial Ownership” included in the definitive proxy statement relating to the 2020 Annual General Meeting of Shareholders of Accenture plc to be held on January 30, 2020 and is incorporated herein by reference. Accenture plc will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of our 2019 fiscal year covered by this Form 10-K.\n\nPlan Category | Number of Shares to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (3) | Number of shares Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in 1st Column)\n------------------------------------------------------ | --------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------\nEquity compensation plans approved by shareholders | | | \n2001 Share Incentive Plan | 68,253 | --- | --- \nAmended and Restated 2010 Share Incentive Plan | 19,468,186 | 48.105 | 16,684,906 \nAmended and Restated 2010 Employee Share Purchase Plan | --- | N/A | 30,454,275 \nEquity compensation plans not approved by shareholders | --- | N/A | --- \nTotal | 19,536,441 | | 47,139,181 \n\n. SECURITY OWNERSHIP BENEFICIAL OWNERS MANAGEMENT SHAREHOLDER MATTERS\n Securities Equity Compensation Plans\n table August 31, 2019 compensation plans Accenture plc Class A shares\n 68,253 units\n 19,464,437 units performance 3,751 stock options\n exercise price.\n remaining information proxy statement 2020 Annual General Meeting Shareholders Accenture plc January 30, 2020. Accenture proxy statement SEC Regulation 14A 120 days 2019 fiscal year Form 10-K.\n Plan Category Shares Options Warrants Rights Weighted-Average Exercise Price shares Future Issuance Equity Compensation Plans Securities\n Equity compensation plans\n 2001 Share Incentive Plan 68,253\n 2010 Share Incentive Plan 19,468,186. 16,684,906\n 2010 Employee Share Purchase Plan 30,454,275\nEquity compensation plans\n 19,536,441 47,139,181" +} +{ + "_id": "d1b31ae60", + "title": "", + "text": "10. Debt\nOn March 31, 2017, the Company entered into a\nOn March 31, 2017, the Company entered into a $400.0 million syndicated credit facility (“Credit Agreement”) that extends to March 2022. Interest on the borrowings under the Credit Agreement accrue at variable rates, based upon LIBOR or a defined “Base Rate,” both determined based upon the rating of the Company’s senior unsecured long-term debt (the “Debt Rating”). The applicable margin to be added to LIBOR ranges from 1.00% to 1.75% (1.25% as of June 30, 2019), and for Base Rate-determined loans, from 0.00% to 0.75% (0.25% as of June 30, 2019). The Company also pays a quarterly commitment fee ranging from 0.125% to 0.400% (0.20% as of June 30, 2019), determined based upon the Debt Rating, of the unused portion of the $400.0 million commitment under the Credit Agreement. In addition, the Company must pay certain letter of credit fees, ranging from 1.00% to 1.75% (1.25% as of June 30, 2019), with respect to letters of credit issued under the Credit Agreement. The Company has the right to voluntarily prepay and re-borrow loans and to terminate or reduce the commitments under the facility. As of June 30, 2019, the Company had $6.0 million of issued letters of credit under the Credit Agreement and $19.7 million of short-term borrowings, with the balance of $374.3 million available to the Company. As of June 30, 2019, the borrowing rate for the Credit Agreement was 3.90%.\nThe Company is subject to certain financial and restrictive covenants under the Credit Agreement, which, among other things, require the maintenance of a minimum interest coverage ratio of 3.50 to 1.00. The interest coverage ratio is defined in the Credit Agreement as, for any period, the ratio of consolidated earnings before interest, taxes, depreciation and amortization and non-cash net pension expense (“EBITDA”) to consolidated interest expense for such period. The Credit Agreement also requires the Company to maintain a debt to capital ratio of less than 55 percent. The debt to capital ratio is defined in the Credit Agreement as the ratio of consolidated indebtedness, as defined therein, to consolidated capitalization, as defined therein. As of June 30, 2019, the Company was in compliance with all of the covenants of the Credit Agreement.\nLong-term debt outstanding as of June 30, 2019 and 2018 consisted of the following:\nAggregate maturities of long-term debt for the five years subsequent to June 30, 2019, are $0.0 million in fiscal years 2020, 2021, $250.0 million in 2022, $300.0 million in 2023 and $0.0 million in 2024.\nFor the years ended June 30, 2019, 2018 and 2017, interest costs totaled $31.1 million, $31.1 million and $31.1 million, respectively, of which $5.1 million, $2.8 million and $1.3 million, respectively, were capitalized as part of the cost of property, plant, equipment and software.\n\n | June 30, | \n----------------------------------------------------------------------------------------------------- | -------- | ------\n($ in millions) | 2019 | 2018 \nSenior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at June 30, 2019 and 2018) | $251.2 | $246.6\nSenior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at June 30, 2019 and 2018) | 299.4 | 299.1 \nTotal | 550.6 | 545.7 \nLess: amounts due within one year | — | — \nLong-term debt, net of current portion | $550.6 | $545.7\n\n.\n March 31, 2017 Company entered\n $400. million syndicated credit facility extends March 2022. Interest borrowings accrue variable rates LIBOR “Base Rate rating senior unsecured long-term debt. margin LIBOR ranges 1. 00% to 1. 75%. Base Rate-determined loans 0. 00% to. 75%. pays quarterly commitment fee. 125% to 0. 400%. Debt Rating unused portion $400. million commitment. pay letter of credit fees 1. 00% to 1. 75%. prepay re-borrow loans terminate reduce commitments. June 30, 2019 $6. million issued letters of credit $19. 7 million short-term borrowings balance $374. 3 million available. 2019 borrowing rate 3. 90%.\n subject financial restrictive covenants minimum interest coverage ratio 3. 50 to 1. 00. ratio consolidated earnings before interest taxes depreciation amortization pension expense interest. debt to capital ratio less than 55 percent.debt to capital ratio defined Credit Agreement consolidated indebtedness capitalization. June 30, 2019 Company with covenants Agreement.\n Long-term debt 30 2018\n maturities 2019 $0. million 2020 2021 $250. 2022 $300. 2023 $0. 2024.\n years 30 2019 2018 2017 interest costs totaled $31. million $31. $31. 1 million $5. 1 million $2. 8 million $1. 3 million capitalized cost property plant equipment software.\n unsecured notes 5. 20% due July 2021 $250. million.\n. 45% due March 2023 $300. million.\n. 545.\n due one year\n Long-term debt current portion $550. $545." +} +{ + "_id": "d1a7324d6", + "title": "", + "text": "RESULTS FROM VESSEL OPERATIONS\nDuring the year ended December 31, 2019, shipping revenues decreased by $10,616 or 2.9% compared to 2018. The decrease primarily resulted from three fewer vessels in operation during most of 2019 compared to 2018 and one less Government of Israel voyage in 2019 compared to 2018. This decrease was partially offset by the addition of two new vessels to our fleet at the beginning of the fourth quarter of 2019.\nReconciliations of TCE revenues, a non-GAAP measure, to shipping revenues as reported in the consolidated statements of operations follows:\nConsistent with general practice in the shipping industry, we use TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter.\nTCE revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists management in decisions regarding the deployment and use of our vessels and in evaluating their financial performance.\n\n | Years Ended December 31, | \n-------------------------------- | ------------------------ | --------\n | 2019 | 2018 \nTime charter equivalent revenues | $335,133 | $326,707\nAdd: Voyage expenses | 20,414 | 39,456 \nShipping revenues | $355,547 | $366,163\n\nOPERATIONS\n December 31, 2019 shipping revenues decreased $10,616 2. 9% compared to 2018. decrease three fewer vessels one less Government of Israel voyage. decrease offset by addition two new vessels fourth quarter 2019.\n Reconciliations TCE revenues to shipping revenues\n TCE revenues voyage charter time charter.\n provides information assists management decisions deployment financial performance.\n Years Ended December 31,\n 2019 2018\n Time charter revenues $335,133 $326,707\n Voyage expenses 20,414 39,456\n Shipping revenues $355,547 $366,163" +} +{ + "_id": "d1a721fa0", + "title": "", + "text": "5. Receivables, net\nThe allowance for doubtful accounts includes all specific accounts receivable which we believe are likely not collectable based on known information. The reduction for the unpaid portion of deferred revenue represents future customer service or maintenance obligations which have been billed to customers, but remain unpaid as of the respective balance sheet dates. Deferred revenue on our consolidated balance sheets represents future customer service or maintenance obligations which have been billed and collected as of the respective balance sheet dates.\nThe note receivable represents the remaining outstanding balance of an original note related to the sale of a product line in 2005 in the amount of $540 thousand. This was fully reserved at the time of the sale as the note’s collectability was not assured. The note receivable is fully reserved at December 31, 2019 and 2018.\n\n(In thousands) | December 31, | \n------------------------------------------- | ------------ | ---------\n | 2019 | 2018 \nGross accounts receivables | $ 21,193 | $ 14,135 \nAllowance for returns and doubtful accounts | (265 ) | (277 ) \nUnpaid portion of deferred revenue | (10,847 ) | (10,670 )\nNote receivable | 458 | 458 \nAllowance for note receivable | (458 ) | (458 ) \nReceivables, net | $ 10,081 | $ 3,188 \n\n. Receivables net\n allowance doubtful accounts includes likely not collectable. reduction unpaid deferred revenue future obligations billed unpaid balance dates. Deferred revenue consolidated sheets future obligations billed collected.\n note receivable balance original note sale product 2005 $540 thousand. reserved sale collectability assured. reserved December 31, 2019 2018.\n Gross accounts receivables $ 21,193 $ 14,135\n Allowance returns doubtful accounts (265\n Unpaid deferred revenue (10,847,670\n Note receivable\n Receivables net $ 10,081 $ 3,188" +} +{ + "_id": "d1b3adc10", + "title": "", + "text": "5. Net Income (Loss) per Share\nThe Company calculates basic earnings per share by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. The diluted earnings per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period using the treasury stock method. For purposes of this calculation, options to purchase common stock, stock awards, and the Convertible Senior Notes are considered to be common stock equivalents.\nSince the Company has the intent and ability to settle the principal amount of the Convertible Senior Notes in cash and any excess in shares of the Company’s common stock, the Company uses the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted net income per share, if applicable.\nThe conversion spread will have a dilutive impact on net income (loss) per share of common stock when the average market price of the Company’s common stock for a given period exceeds the conversion price of $113.75 per share for the Convertible Senior Notes. During the fiscal years ended July 31, 2019 and 2018, the Company’s weighted average common stock price was below the conversion price of the Convertible Senior Notes.\nThe following table sets forth the computation of the Company’s basic and diluted net income per share for the years endedJ uly 31, 2019, 2018 and 2017 (in thousands, except share and per share amounts):\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------------------------- | ---------- | ---------- | ----------\nNumerator: | | | \nNet income (loss) | $20,732 | $(26,743) | $18,072 \nNet income (loss) per share: | | | \nBasic | $0.25 | $(0.34) | $0.24 \nDiluted | $0.25 | $(0.34) | $0.24 \nDenominator: | | | \nWeighted average shares used in computing net income (loss) per share: | | | \nBasic | 81,447,998 | 77,709,592 | 73,994,577\nWeighted average effect of diluted stock options | 229,035 | — | 544,520 \nWeighted average effect of diluted stock awards | 1,004,181 | — | 789,246 \nDiluted | 82,681,214 | 77,709,592 | 75,328,343\n\n. Net Income (Loss) per Share\n Company calculates earnings per net income (loss by average shares common stock. diluted earnings per share computed common stock equivalents treasury stock method. options purchase common stock stock awards Convertible Senior Notes common stock equivalents.\n Company settle Convertible Senior Notes cash excess uses treasury stock method dilutive effect conversion spread net income per share.\n conversion spread net income average market price stock exceeds conversion price $113. 75 per share Convertible Senior Notes. years July 31, 2019 2018 average common stock price below conversion price Convertible Senior Notes.\n table basic diluted net income per share years 31, 2019 2018 2017\n Net income (loss $20,732 $(26,743) $18,072\n per\n.\n.\n Weighted average shares net income (loss) per share\n81,447,998 77,709,592,994,577\n options 229,035 544,520\n awards 1,004,181 789,246\n 82,681,214 77,709,592" +} +{ + "_id": "d1b3bf01e", + "title": "", + "text": "Segment assets and a reconciliation of segment assets to total assets were as follows:\n(1) Segment assets are composed of accounts receivable, inventories, and net property, plant, and equipment.\n\n | | Segment Assets | \n------------------------ | -------- | --------------- | --------\n | | Fiscal Year End | \n | 2019 | 2018 | 2017 \n | | (in millions) | \nTransportation Solutions | $ 4,781 | $ 4,707 | $ 4,084 \nIndustrial Solutions | 2,100 | 2,049 | 1,909 \nCommunications Solutions | 849 | 959 | 951 \nTotal segment assets(1) | 7,730 | 7,715 | 6,944 \nOther current assets | 1,398 | 1,981 | 2,141 \nOther non-current assets | 10,566 | 10,690 | 10,318 \nTotal assets | $ 19,694 | $ 20,386 | $ 19,403\n\nreconciliation\n accounts receivable inventories property plant equipment.\n Fiscal Year\n millions\n Transportation Solutions 4,781 4,707 4,084\n Industrial Solutions 2,100 2,049\n Communications Solutions 849 959 951\n 6,944\n current 1,398 1,981 2,141\n non-current assets 10,566 10,690 10,318\n Total $ 19,694 $ 20,386 19,403" +} +{ + "_id": "d1b39dfc2", + "title": "", + "text": "Share Repurchase\nOn December 18, 2019, the Board of Directors authorized to remove the expiration date to the Company’s common stock share repurchase program and increase the authorized amount by $25.1 million increasing the authorization to repurchase shares up to a total of $50.0 million. As of December 31, 2019, a total of $50.0 million remained available for future share repurchases. We repurchased 1.7 million shares for $95.1 million and 0.4 million shares for $30.0 million in fiscal 2018 and 2017, respectively. There were no shares repurchased in fiscal 2019. CASH FLOWS\nA summary of our cash provided by and used in operating, investing, and financing activities is as follows (in thousands):\n\n | Years Ended December 31, | \n-------------------------------------------------------------------------------- | ------------------------ | ---------\n | 2019 | 2018 \nNet cash provided by (used in) operating activities from continuing operations | $47,899 | $151,427 \nNet cash provided by (used in) operating activities from discontinued operations | 493 | (156) \nNet cash provided by (used in) operating activities | 48,392 | 151,271 \nNet cash provided by (used in) investing activities from continuing operations | (393,847) | (113,592)\nNet cash provided by (used in) financing activities from continuing operations | 338,840 | (97,134) \nEFFECT OF CURRENCY TRANSLATION ON CASH | (1,496) | (1,030) \nINCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (8,111) | (60,485) \nCASH AND CASH EQUIVALENTS, beginning of period | 354,552 | 415,037 \nCASH AND CASH EQUIVALENTS, end of period | 346,441 | 354,552 \nLess cash and cash equivalents from discontinued operations | — | 5,251 \nCASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, end of period | $346,441 | $349,301 \n\nShare Repurchase\n December 18, 2019 Board Directors expiration date common stock repurchase program $25. 1 million $50. million. December 31, 2019 $50. 0 million future repurchases. repurchased 1. 7 million shares $95. 1 million. 4 million $30. million fiscal 2018 2017. no shares repurchased 2019. CASH FLOWS\n cash operating investing financing activities\n Years Ended December 31,\n cash operating $47,899 $151,427\n 48,392 151,271\n investing (393,847) (113,592)\n financing,840 (97,134\n CURRENCY TRANSLATION CASH (1,496)\n INCREASE CASH EQUIVALENTS (8,111) (60,485\n 354,552 415,037\n end 346,441 354,552\n Less cash equivalents discontinued operations 5,251\nEQUIVALENTS $346,441 $349,301" +} +{ + "_id": "d1b30268a", + "title": "", + "text": "Principal Accountant Fees and Services\nWe regularly review the services and fees from our independent registered public accounting firm, KPMG. These services and fees are also reviewed with the Audit Committee annually. In accordance with standard policy, KPMG periodically rotates the individuals who are responsible for our audit. Our Audit Committee has determined that the providing of certain non-audit services, as described below, is compatible with maintaining the independence of KPMG.\nIn addition to performing the audit of our consolidated financial statements, KPMG provided various other services during fiscal years 2019 and 2018. Our Audit Committee has determined that KPMG’s provisioning of these services, which are described below, does not impair KPMG’s independence from NortonLifeLock. The aggregate fees billed for fiscal years 2019 and 2018 for each of the following categories of services are as follows:\nThe categories in the above table have the definitions assigned under Item 9 of Schedule 14A promulgated under the Exchange Act, and these categories include in particular the following components:\n(1) ‘‘Audit fees’’ include fees for audit services principally related to the year-end examination and the quarterly reviews of our consolidated financial statements, consultation on matters that arise during a review or audit, review of SEC filings, audit services performed in connection with our acquisitions and divestitures and statutory audit fees.\n(2) ‘‘Audit related fees’’ include fees which are for assurance and related services other than those included in Audit fees.\n(3) ‘‘Tax fees’’ include fees for tax compliance and advice.\n(4) ‘‘All other fees’’ include fees for all other non-audit services, principally for services in relation to certain information technology audits.\nAn accounting firm other than KPMG performs supplemental internal audit services for NortonLifeLock. Another accounting firm provides the majority of NortonLifeLock’s outside tax services..\n\nFees Billed to NortonLifeLock | FY19 | FY18 \n----------------------------- | ----------- | -----------\nAudit fees(1) | $12,464,329 | $11,370,525\nAudit related fees(2) | 1,142,383 | 753,689 \nTax fees(3) | 161,685 | 469,449 \nAll other fees(4) | 0 | 311,000 \nTotal fees | $13,768,398 | $12,904,663\n\nAccountant Fees Services\n review services KPMG. reviewed Audit Committee annually. KPMG rotates audit. Audit Committee non-audit services with independence KPMG.\n KPMG provided other services years 2019 2018. Committee impair independence from NortonLifeLock. fees 2019 2018 categories services\n categories definitions Item 9 Schedule 14A Exchange Act\n ‘‘Audit year-end examination quarterly reviews financial statements consultation SEC filings acquisitions divestitures statutory audit fees.\n related assurance related services.\n ‘‘Tax tax compliance advice.\n other non-audit services information technology audits.\n accounting firm KPMG performs supplemental internal audit services for NortonLifeLock. accounting firm provides majority NortonLifeLock’s outside tax services.\n Fees Billed NortonLifeLock FY19 FY18\n Audit fees(1) $12,464,329 $11,370,525\n Audit related fees(2) 1,142,383 753,689\n Tax fees(3) 161,685 469,449\n\n $13,768,398 $12,904,663" +} +{ + "_id": "d1b318cf0", + "title": "", + "text": "Capital structure\nThe Group seeks to enhance shareholder value both by investing in the business so as to improve the return on investment and by managing the capital structure. The capital of the Group consists of equity, debt and a compound financial instrument. The Group aims to access both debt and equity capital markets with maximum efficiency and flexibility.\nThe key metrics used to monitor the capital structure of the Group are net external debt, debt to assets ratio and interest cover. The Group’s stated medium to long-term preference is for the debt to assets ratio to be within the 40–50 per cent range and interest cover to be greater than 1.60x. The debt to assets ratio has increased to 67.8 per cent in the year due to the deficit on property revaluation. As part of the revised strategy, the Group is looking to reduce net external debt as well as reduce the debt to assets ratio to below 50 per cent. Additional information on the Group’s revised strategy is provided in the chief executive’s review on pages 6 to 8. The interest cover ratio continues to be above the preferred level.\nAs the Group’s debt is sometimes secured on its interests in joint ventures, these metrics are monitored for the Group including share of joint ventures. Additional information including reconciliations from the relevant IFRS amounts to those including the Group’s share of joint ventures as presented below is provided in presentation of information on pages 157 to 161.\n– net external debt\n\n£m – including Group’s share of joint ventures | Group 2019 | Group 2018\n---------------------------------------------- | ---------- | ----------\nTotal borrowings | 4,916.8 | 5,331.0 \nCash and cash equivalents | (223.0) | (274.3) \nNet debt | 4,693.8 | 5,056.7 \nLess Metrocentre compound financial instrument | (195.4) | (189.5) \nNet external debt | 4,498.4 | 4,867.2 \nAnalysed as: | | \nDebt including Group’s share of joint ventures | 4,721.4 | 5,141.5 \nCash including Group’s share of joint ventures | (223.0) | (274.3) \nNet external debt | 4,498.4 | 4,867.2 \n\n\n Group shareholder value return capital structure. equity debt compound financial instrument. debt equity capital markets efficiency flexibility.\n key metrics net external debt debt to assets ratio interest cover. preference debt to assets ratio 40–50 per cent interest cover greater than 1. 60x. debt to assets ratio increased 67. per cent due deficit property revaluation. revised strategy net external debt debt to assets ratio below 50 per cent. information chief executive’s review pages 6 to 8. interest cover ratio above preferred level.\n debt secured interests joint ventures metrics monitored. information pages 157 to 161.\n external debt\n Total borrowings. 8 5,331.\n Cash equivalents (223. (274.\n Net debt. 8 5,056. 7\n Metrocentre compound financial instrument (195. (189.\n Net external debt 4,498. 4,867. 2\n share joint ventures. 5,141.\n (223.\n debt 4,498.,867." +} +{ + "_id": "d1b373f4c", + "title": "", + "text": "Stock-based compensation expense categorized by various equity components for the years ended December 31, 2019, 2018 and 2017 is summarized in the table below (in thousands):\nDuring the years ended December 31, 2019, 2018 and 2017, the Company granted stock options covering zero, zero and 70,000 shares, respectively. The 2017 estimated per share fair value of the grant was $4.62 before estimated forfeitures.\nThe total fair value of restricted stock awards and units vested during the years ended December 31, 2019, 2018 and 2017 was $30.1 million, $30.4 million and $22.7 million, respectively.\nThe total intrinsic value of options exercised during the years ended December 31, 2019, 2018 and 2017 was $0.2 million, $1.0 million and $5.5 million, respectively. The intrinsic value is calculated as the difference between the market value on the date of exercise and the exercise price of the shares.\nAs of December 31, 2019, the unrecognized stock-based compensation balance after estimated forfeitures consisted of $0.1 million related to unvested stock options, to be recognized over an estimated weighted average amortization period of 1.5 years, and $40.3 million related to restricted stock awards and units, including performance-based awards and units, to be recognized over an estimated weighted average amortization period of 2.3 years.\nAs of December 31, 2018, the unrecognized stock-based compensation balance after estimated forfeitures related to unvested stock options was $0.3 million to be recognized over an estimated weighted average amortization period of 2.0 years and $40.6 million related to restricted stock awards and units, including performance-based awards and units, to be recognized over an estimated weighted average amortization period of 2.2 years.\n\n | | Years Ended December 31, | \n-------------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nEmployee stock options | $219 | $438 | $1,980 \nRestricted stock awards and units | 29,031 | 27,974 | 28,909 \nEmployee stock purchase plan | 2,304 | 2,599 | 2,573 \nTotal stock-based compensation expense | $31,554 | $31,011 | $33,462\n\nStock compensation expense equity December 2019 2018 2017 summarized table\n 2019 Company granted stock options shares. 2017 per share value $4. 62 before forfeitures.\n total value restricted stock awards units 2019 2018 2017 $30. 1 million $30. 4 million $22. 7 million.\n intrinsic value options $0. 2 million $1. million $5. 5 million. calculated difference market value price shares.\n December 31, 2019 unrecognized stock-based compensation balance after forfeitures $0. 1 million unvested stock options 1. 5 years $40. 3 million restricted stock awards units 2. 3 years.\n December 31, 2018 unrecognized compensation balance after forfeitures options $0. 3 million 2. $40. 6 million restricted stock awards units 2.\n Employee stock options $219 $438 $1,980\nstock awards units 29,031 27,974 28,909\n Employee stock\n compensation $31,554" +} +{ + "_id": "d1a739b32", + "title": "", + "text": "(b) Credit Quality of Financing Receivables\nGross receivables, excluding residual value, less unearned income categorized by our internal credit risk rating as of July 27, 2019 and July 28, 2018 are summarized as follows (in millions):\nWe determine the adequacy of our allowance for credit loss by assessing the risks and losses inherent in our financing receivables by portfolio segment. The portfolio segment is based on the types of financing offered by us to our customers, which consist of the following: lease receivables, loan receivables, and financed service contracts.\nOur internal credit risk ratings of 1 through 4 correspond to investment-grade ratings, while credit risk ratings of 5 and 6 correspond to non-investment grade ratings. Credit risk ratings of 7 and higher correspond to substandard ratings.\n\n | | | INTERNAL CREDIT RISK RATING | \n-------------------------- | ------ | ------ | --------------------------- | -------\nJuly 27, 2019 | 1 to 4 | 5 to 6 | 7 and Higher | Total \nLease receivables | $1,204 | $991 | $35 | $2,230 \nLoan receivables | 3,367 | 1,920 | 151 | 5,438 \nFinanced service contracts | 1,413 | 939 | 17 | 2,369 \nTotal | $5,984 | $3,850 | $203 | $10,037\n\nCredit Quality Financing Receivables\n unearned income credit risk July 27, 2019 July 28, 2018 summarized\n credit loss risks losses financing receivables portfolio segment. financing lease loan financed service contracts.\n risk ratings 1 4 investment-grade 5 6 non-investment. 7 higher substandard.\n INTERNAL CREDIT RISK RATING\n July 27, 2019 1 4 5 6 7 Higher\n Lease receivables $1,204 $991 $35 $2,230\n Loan receivables 3,367 1,920\n Financed service contracts 1,413 2,369\n $5,984 $3,850" +} +{ + "_id": "d1b3b55fa", + "title": "", + "text": "Net Loss Per Ordinary Share\nThe Company calculates basic and diluted net loss per ordinary share by dividing net loss by the weighted-average number of ordinary shares outstanding during the period. The Company has excluded other potentially dilutive shares, which include outstanding options to purchase ordinary shares and unvested restricted share units (RSUs), from the weighted-average number of ordinary shares outstanding as their inclusion in the computation for all periods would be anti-dilutive due to net losses incurred.\nThe following potentially dilutive ordinary share equivalents have been excluded from the calculation of diluted weighted-average shares outstanding for the years ended March 31, 2019, 2018 and 2017 as their effect would have been anti-dilutive for the periods presented (in thousands):\n\n | | Year Ended March 31, | \n------------------------- | ----- | -------------------- | -----\n | 2019 | 2018 | 2017 \nShare options outstanding | 6,209 | 6,230 | 8,681\nUnvested RSUs | 550 | 33 | 28 \n\nNet Loss Per Ordinary Share\n Company calculates net loss shares. excluded dilutive shares options unvested restricted share units from anti-dilutive due losses.\n potentially dilutive share equivalents excluded from shares years ended March 31, 2019 2018 2017 anti-dilutive\n Year Ended March 31,\n 2019 2018 2017\n Share options outstanding 6,209 6,230 8,681\n Unvested RSUs 550 33 28" +} +{ + "_id": "d1b3a6fa0", + "title": "", + "text": "Note 6: Other Expense, Net\nThe significant components of other expense, net, were as follows:\nInterest income in the year ended June 30, 2019, increased compared to the years ended June 24, 2018, and June 25, 2017, primarily as a result of higher yield. Interest expense in the year ended June 30, 2019, increased compared to the year ended June 24, 2018, primarily due to issuance of the $2.5 billion of senior notes. Interest expense in the year ended June 24, 2018, decreased compared to the year ended June 25, 2017, primarily due to the conversions of 2018 and 2041 Convertible Notes as well as the retirement of the 2018 Convertible Notes in May 2018.\nThe gain on deferred compensation plan related assets in fiscal years 2019, 2018 and 2017 was driven by an improvement in the fair market value of the underlying funds.\nThe loss on impairment of investments in the year ended June 24, 2018 was the result of a decision to sell selected investments held in foreign jurisdictions in connection with the Company’s cash repatriation strategy following the December 2017 U.S. tax reform.\nNet loss on extinguishment of debt realized in the year ended June 25, 2017, was primarily a result of the special mandatory redemption of the Senior Notes due 2023 and 2026, as well as the termination of the Term Loan Agreement.\n\n | June 30, 2019 | June 24, 2018 | June 25, 2017\n------------------------------------------------------- | ------------- | -------------- | -------------\n | | (in thousands) | \nInterest income | $98,771 | $85,813 | $57,858 \nInterest expense | (117,263) | (97,387) | (117,734) \nGains on deferred compensation plan related assets, net | 10,464 | 14,692 | 17,880 \nLoss on impairment of investments | — | (42,456) | — \nGains (losses) on extinguishment of debt, net | 118 | 542 | (36,252) \nForeign exchange gains (losses), net | 826 | (3,382) | (569) \nOther, net | (11,077) | (19,332) | (11,642) \n | $(18,161) | $(61,510) | $(90,459) \n\nExpense Net\n Interest income June 30 2019 increased 2018 2017 higher yield. Interest expense 2019 increased due $2. 5 billion senior notes. 24 2018 decreased 2017 due conversions 2018 2041 Convertible Notes retirement 2018 Convertible Notes 2018.\n gain deferred compensation plan assets 2019 fair market value underlying funds.\n loss impairment investments 2018 investments foreign cash repatriation 2017. tax reform.\n loss extinguishment debt June 25 2017 redemption Senior Notes 2023 2026 termination Term Loan Agreement.\n 2019 24 2018 25 2017\n Interest income $98,771 $85,813 $57,858\n Interest expense (117,263) (97,387 (117,734)\n Gains deferred compensation plan assets 10,464 14,692 17,880\n Loss impairment investments (42,456\n extinguishment debt 118 542 (36,252)\nexchange gains 826 (3,382) (569)\n (11,077) (19,332,642\n,161,459" +} +{ + "_id": "d1b3125e4", + "title": "", + "text": "The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be “more likely than not” of being sustained upon examination based on the technical merits of the positions. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:\nThe total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $68.2. Interest and penalties related to unrecognized tax benefits were $1.8 in 2019 and are classified as a component of income tax expense. Accrued interest and penalties were $8.7 at December 31, 2019 and $6.9 at December 31, 2018. During the next twelve months, it is reasonably possible that the unrecognized tax benefits may decrease by a net $6.3, mainly due to anticipated statute of limitations lapses in various jurisdictions.\nThe Company and its subsidiaries are subject to examinations for U.S. federal income tax as well as income tax in various state, city and foreign jurisdictions. The Company’s federal income tax returns for 2016 through the current period remain open to examination and the relevant state, city and foreign statutes vary. The Company does not expect the assessment of any significant additional tax in excess of amounts reserved.\nThe Tax Act was signed into U.S. law on December 22, 2017. The Tax Act contains provisions which impact the Company’s income taxes including a reduction in the U.S. federal corporate income tax rate from 35% to 21%, a one-time deemed mandatory repatria- tion tax imposed on all undistributed foreign earnings, and the introduction of a modified territorial taxation system.\nThe SEC released Staff Accounting Bulletin No. 118 (“SAB 118”) on December 22, 2017 to provide guidance where the accounting under ASC 740, Income Taxes, is incomplete for certain income tax effects of the Tax Act upon issuance of financial statements for the reporting period in which the Tax Act was enacted. SAB 118 provides that if a company could determine a reasonable estimate, that estimate should be reported as a provisional amount and adjusted during a measurement period. If a company is unable to determine a reasonable estimate, no related provisional amounts would be recorded until a reasonable estimate can be determined, within the measurement period. The measurement period extends until all necessary information has been obtained, prepared, and analyzed, but no longer than 12-months from the date of enactment of the Tax Act.\nThe Company intends to distribute all historical unremitted foreign earnings up to the amount of excess foreign cash, as well as all future foreign earnings that can be repatriated without incremental U.S. federal tax cost. Any remaining outside basis differences relating to the Company’s investments in foreign subsidiaries are no longer expected to be material and will be indefinitely reinvested.\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------------------------- | ------ | ------ | ------\nBeginning balance | $ 63.6 | $ 52.2 | $ 38.7\nAdditions for tax positions of prior periods | 2.9 | 2.4 | 24.8 \nAdditions for tax positions of the current period | 4.2 | 6.9 | 4.2 \nAdditions due to acquisitions | 1.9 | 4.4 | — \nReductions for tax positions of prior periods | (0.3) | (0.4) | (11.2)\nReductions attributable to settlements with taxing authorities | — | — | (1.5) \nReductions attributable to lapses of applicable statute of limitations | (2.5) | (1.9) | (2.8) \nEnding balance | $ 69.8 | $ 63.6 | $ 52.2\n\nCompany recognizes Financial Statements tax positions likely. reconciliation unrecognized tax benefits\n total tax benefits effective tax rate $68. 2. Interest penalties were $1. 8 2019 income tax expense. Accrued interest penalties were $8. 7 December 31, 2019 $6. 9 December 31, 2018. next twelve months unrecognized tax benefits may decrease $6. 3 due statute limitations lapses jurisdictions.\n Company subsidiaries subject examinations. federal income tax state city foreign jurisdictions. federal income tax returns 2016 open examination statutes vary. additional tax.\n Tax Act signed. law December 22, 2017. income taxes reduction. federal corporate income tax rate 35% to 21% mandatory repatria tion tax foreign earnings modified territorial taxation system.\n SEC released Staff Accounting Bulletin No. 118 December 22, 2017 accounting ASC tax effects. estimate reported provisional adjusted measurement period.company determine estimate no provisional amounts recorded until estimate measurement period. extends until necessary information obtained analyzed no longer 12-months from enactment Tax Act.\n Company distribute historical unremitted foreign earnings excess cash future earnings without. federal tax cost. remaining differences investments foreign subsidiaries indefinitely reinvested.\n Beginning balance $ 63. 6 $ 52. 2 $ 38.\n Additions tax positions prior periods 2. 24.\n current 4. 6.\n Additions acquisitions.\n Reductions tax positions prior periods.\n Reductions settlements taxing authorities.\n lapses statute limitations.\n Ending balance $ 69. 8 $ 63. 6 $ 52." +} +{ + "_id": "d1b381688", + "title": "", + "text": "Note 19 Goodwill\nThe following table provides details about the changes in the carrying amounts of goodwill for the years ended December 31, 2019 and 2018. BCE’s groups of CGUs correspond to our reporting segments.\n\n | BELL WIRELESS | BELL WIRELINE | BELL MEDIA | BCE \n---------------------------- | ------------- | -------------- | ----------- | ------\nBalance at January 1, 2018 | 3,032 | 4,497 | 2,899 | 10,428\nAcquisitions and other | 16 | 182 | 32 | 230 \nBalance at December 31, 2018 | 3,048 | 4,679 | 2,931 | 10,658\nAcquisitions and other | – | (6) | 15 | 9 \nBalance at December 31, 2019 | 3,048 | 4,673 | 2,946 | 10,667\n\nGoodwill\n table carrying amounts goodwill 2019 2018. BCE’s CGUs reporting segments.\n WIRELESS\n Balance January 1, 2018 3,032 4,497 2,899 10,428\n Balance December 31, 2018 3,048 4,679 2,931 10,658\n December 31, 2019 3,048 4,673 2,946 10,667" +} +{ + "_id": "d1b399788", + "title": "", + "text": "Restricted Stock Units\nA summary of the Company’s restricted stock unit activity is as follows:\nPerformance-Based Restricted Stock Units\nPerformance-based restricted stock units are eligible to vest at the end of each fiscal year in a three-year performance period based on the Company’s annual growth rate in net sales and non-GAAP diluted earnings per share (subject to certain adjustments) over a multiple of four times the related results for the fourth quarter of 2018 relative to the growth rates for a peer group of companies for the same metrics and periods.\nFor the performance-based restricted stock units granted in 2019, 60% of each performance-based award is subject to the net sales metric for the performance period and 40% is subject to the non-GAAP diluted earnings per share metric for the performance period. The maximum percentage for a particular metric is2 50% of the target number of units subject to the award related to that metric, however, vesting of the performance stock units is capped at 30% and 100%, respectively, of the target number of units subject to the award in years one and two, respectively, of the three-year performance period.\nAs of December 31, 2019, the Company believes that it is probable that the Company will achieve performance metrics specified in the award agreement based on its expected revenue and non-GAAP diluted EPS results over the performance period and calculated growth rates relative to its peers’ expected results based on data available, as defined in the award agreement.\n\n | Number of Shares | Weighted-Average Grant-Date\n-------------------------------- | ---------------- | ---------------------------\n | (in thousands) | Fair Value per Share \nOutstanding at December 31, 2018 | 3,263 | $20.23 \nGranted | 1,580 | 23.23 \nVested | (1,541) | 20.16 \nCanceled | (378) | 21.52 \nOutstanding at December 31, 2019 | 2,924 | 21.72 \n\nRestricted Stock Units\n activity\n Performance-Based Restricted Stock Units\n eligible vest end fiscal year three-year period based annual growth rate net sales non-GAAP diluted earnings per share multiple four times results fourth quarter 2018 peer group.\n performance-based stock units granted 2019 60% subject net sales 40% non diluted earnings per share. maximum percentage 50% target units vesting capped 30% 100% target units years one two.\n December 31, 2019 Company believes probable achieve performance metrics expected revenue non-GAAP diluted EPS results growth rates peers’ results.\n Number Shares Weighted-Average Grant-Date\n Fair Value per Share\n December 31, 2018 3,263 $20. 23\n Granted 1,580 23.\n Vested 20. 16\n Canceled 21. 52\n December 31, 2019 2,924." +} +{ + "_id": "d1b3babf4", + "title": "", + "text": "11. INCOME TAX\nThe following table summarizes our U.S. and foreign components of income (loss) from continuing operations before income taxes (in millions):\n\n | | Year Ended December 31 | \n------------- | ----- | ---------------------- | -----\n | 2019 | 2018 | 2017 \nUnited States | $65.8 | $62.8 | $45.6\nForeign | 0.3 | 0.1 | (0.1)\nTotal | $66.1 | $62.9 | $45.5\n\n. INCOME TAX\n table summarizes. foreign components income operations before taxes\n Ended December 31\n 2019 2018 2017\n United States $65. 8 $62. $45.\n.\n $66. $62. $45." +} +{ + "_id": "d1b362d1e", + "title": "", + "text": "Review of operations\nThe Group’s operating performance for the fiscal year compared to last year is as follows:\n1. The Directors believe the information additional to IFRS measures included in the report is relevant and useful in measuring the financial performance of the Group. These include: EBITDA, NPATA and EPSa. These measures have been defined in the Chairperson and Chief Executive Officer’s Joint Report on page 2.\nIn 2019 the business continued to deliver strong results after the record 2018 year. Revenues and EBITDA were in line with guidance. Further details on the Group’s results are outlined in the Chairperson and Chief Executive Officer’s Joint Report on page 2.\nOn 1 June 2019, Hansen acquired the Sigma Systems business (Sigma) and one month of these results are included in the FY19 result. Also included in the results are the transaction and other restructuring costs related to the acquisition, which we have identified as separately disclosed items in our results.\nThis acquisition has also resulted in the re-balancing of the Group’s market portfolio which, post the acquisition of Enoro in FY18, was initially weighted towards the Utilities sector. With Sigma’s revenues concentrated in the Communications sector, the Group’s revenue portfolio is now re-balanced to ensure greater diversification across multiple industries, regions and clients.\nThe Group has generated operating cash flows of $39.7 million, which has been used to retire external debt and fund dividends of $12.6 million during the financial year. With the introduction of a higher level of debt in June 2019 to fund the Sigma acquisition, the Group has, for the first time, used the strength of the Group’s balance sheet to fund 100% of an acquisition. With the Group’s strong cash generation, Hansen is well placed to service and retire the debt over the coming years.\n\n | 2019 | 2018 | \n-------------------------------------- | ---------- | ---------- | ----------\n | A$ Million | A$ Million | Variance %\nOperating revenue | 231.3 | 230.8 | 0.2% \nEBITDA1 | 53.0 | 59.3 | (10.6%) \nNPAT | 21.5 | 28.9 | (25.6%) \nNPATA1 | 31.2 | 38.0 | (17.9%) \nBasic earnings per share (EPS) (cents) | 10.9 | 14.8 | (26.4%) \nBasic EPSa1 (cents) | 15.8 | 19.4 | (18.6%) \n\nReview operations\n performance fiscal year compared last year\n. Directors believe information additional IFRS measures relevant financial performance. include EBITDA EPSa. measures defined Chairperson Chief Executive Officer’s Joint Report page 2.\n 2019 business strong results record 2018 year. Revenues EBITDA line guidance. details Joint Report page 2.\n 1 June 2019 Hansen acquired Sigma Systems business results included FY19 result. transaction restructuring costs acquisition separately disclosed.\n acquisition re-balancing market portfolio weighted Utilities sector. revenues Communications sector revenue portfolio re-balanced diversification industries regions clients.\n generated operating cash flows $39. 7 million retire external debt fund dividends $12. 6 million. higher level debt June 2019 Sigma acquisition used balance fund 100% acquisition. strong cash generation Hansen service retire debt years.\n Operating revenue 231.\n EBITDA1 53. 6%\n21. 28. (25. 6%\n 31. 38. 9%)\n earnings 10. 14. (26. 4%\n 15. 19. (18. 6%" +} +{ + "_id": "d1b307c48", + "title": "", + "text": "Note 10. Prepaid Expenses\nPrepaid expenses consisted of the following (in thousands):\n\n | December 31, | \n------------------- | ------------ | -------\n | 2019 | 2018 \nPrepaid maintenance | $6,218 | $5,888 \nPrepaid insurance | 5,321 | 4,500 \nPrepaid software | 4,236 | 3,499 \nPrepaid rent | 421 | 3,471 \nPrepaid other | 4,672 | 6,396 \n | $20,868 | $23,754\n\n. Prepaid Expenses\n December 31,\n maintenance $6,218 $5,888\n insurance 5,321 4,500\n software 4,236\n rent 3,471\n 4,672 6,396\n $20,868 $23,754" +} +{ + "_id": "d1b3c4514", + "title": "", + "text": "Fiscal 2017 Restructuring Plan\nDuring Fiscal 2017 and in the context of acquisitions made in Fiscal 2017, we began to implement restructuring activities to streamline our operations (collectively referred to as the Fiscal 2017 Restructuring Plan). The Fiscal 2017 Restructuring Plan charges relate to workforce reductions and facility consolidations. These charges require management to make certain judgments and estimates regarding the amount and timing of restructuring charges or recoveries. Our estimated liability could change subsequent to its recognition, requiring adjustments to the expense and the liability recorded. On a quarterly basis, we conduct an evaluation of the related liabilities and expenses and revise our assumptions and estimates as appropriate.\nSince the inception of the plan, $41.9 million has been recorded within \"Special charges (recoveries)\". We do not expect to incur any further significant charges relating to this plan.\nA reconciliation of the beginning and ending liability for the year ended June 30, 2019 and 2018 is shown below.\n\nFiscal 2017 Restructuring Plan | Workforce reduction | Facility costs | Total \n----------------------------------------------- | ------------------- | -------------- | --------\nBalance payable as at June 30, 2017 | $10,045 | $1,369 | $11,414 \nAccruals and adjustments | 3,432 | 3,775 | 7,207 \nCash payments | (12,342) | (1,627) | (13,969)\nForeign exchange and other non-cash adjustments | 455 | (86) | 369 \nBalance payable as at June 30, 2018 | $1,590 | $3,431 | $5,021 \nAccruals and adjustments | (254) | 1,152 | 898 \nCash payments | (213) | (1,290) | (1,503) \nForeign exchange and other non-cash adjustments | (77) | (344) | (421) \nBalance payable as at June 30, 2019 | $1,046 | $2,949 | $3,995 \n\nFiscal 2017 Restructuring Plan\n restructuring activities. workforce reductions facility consolidations. judgments. liability adjustments. quarterly revise assumptions estimates.\n $41. 9 million recorded charges. further charges.\n reconciliation liability June 30 2019 2018.\n Fiscal 2017 Restructuring Plan Workforce reduction Facility costs\n Balance June 30, 2017 $10,045 $1,369 $11,414\n Accruals adjustments 7\n Cash payments (12,342 (1,627) (13,969\n Foreign exchange non-cash adjustments 455\n Balance June 30, 2018 $1,590 $3,431 $5,021\n Accruals adjustments (254) 1,152 898\n Cash payments (213) (1,290) (1,503)\n Foreign exchange non-cash adjustments (77) (344) (421)\n June 30, 2019 $1,046 $2,949 $3,995" +} +{ + "_id": "d1b2ef5c6", + "title": "", + "text": "22 Trade and Other Payables\nTrade payables are non interest-bearing and are normally settled on 30-day terms or as otherwise agreed with suppliers.\n\n | 31 March 2019 | 31 March 2018\n------------------------------------------ | ------------- | -------------\n | $M | $M \nCurrent | | \nTrade payables | 35.8 | 39.6 \nAccruals | 46.6 | 68.4 \nSocial security and other taxes | 12.7 | 14.9 \nOther payables | 7.1 | 11.2 \nTotal current trade and other payables | 102.2 | 134.1 \nNon-Current | | \nOther payables | 10.1 | 8.2 \nTotal non-current trade and other payables | 10.1 | 8.2 \n\nTrade Payables\n non interest-bearing settled 30-day terms suppliers.\n 31 March 2019 2018\n $M\n 35. 8 39. 6\n 46. 6 68.\n Social security taxes 12. 7 14.\n 7. 11.\n trade 102. 134.\n Non-Current\n 10. 8.\n non-current trade 10. 8" +} +{ + "_id": "d1b396fce", + "title": "", + "text": "Orders and revenue showed strong and similar development in fiscal 2019: clear growth; increases in all businesses led by the imaging business, and growth in all three reporting regions, notably including in China and in the U. S. which benefited from positive currency translation effects.\nAdjusted EBITA was clearly up compared to fiscal 2018, with increases in the imaging and advance therapies businesses. The diagnostics business recorded lower Adjusted EBITA year-over-year due mainly to Combined Management Report 13 increases in costs related to its Atellica Solution platform. Severance charges were € 57 million in fiscal 2019 and € 96 million in fiscal 2018. The order backlog for Siemens Healthineers was € 18 billion at the end of the fiscal year, of which € 6 billion are\nexpected to be converted into revenue in fiscal 2020.\nWhile demand in the markets served by Siemens Healthineers continued to grow in fiscal 2019, these markets also showed price pressure on new purchases and increased utilization rates for installed systems. All major served markets were in a healthy state, which contributed to a slightly higher market growth in Europe, C. I. S., Africa, Middle East and the Americas, most notably in the imaging and advanced therapies markets. The markets in Asia, Australia grew moderately. Markets in the U. S. showed slight growth in the imaging and clear growth in the advanced therapies\nbusiness, with continued moderate market growth in diagnostics.\nStill, the U. S. market environment remained challenging\nas pressure on reimbursement systems and the focus on more\nextended utilization of equipment at customers’ sites persist.\nGovernment initiatives and programs, together with a growing private market segment contributed to the re-stabilization and growth of markets in China. For the healthcare industry as a whole, the trend towards consolidation continued in fiscal 2019,\nleading to higher utilization rates at customers’ sites, which are counterbalancing procedure volume growth in developed markets. Competition among the leading healthcare companies remained at a high level. For fiscal 2020, Siemens Healthineers expects the imaging and advanced therapies equipment markets to stay on a moderate growth path, while the diagnostics market is expected to grow clearly. Siemens Healthineers’ markets will continue to benefit from the long-term trends mentioned above, but are restricted by public spending constraints and by consolidation among healthcare providers.\nOn a geographic basis,\nSiemens Healthineers expects markets in the region Asia, Australia to be the major growth driver. For China, Siemens Healthineers expects continuing strong growth due to rising government spending on healthcare, promotion of the private segment and wider access to healthcare services nationwide, pronounced effects of an aging population, and a growing incidence of chronic diseases. Growth in the U. S. is expected to be held back by continued pressure to increase utilization of existing equipment, reduced reimbursement rates and uncertainty about policies. For Europe, Siemens Healthineers expects slight growth, with a likely increased emphasis on equipment replacement and business with large customers such as hospital chains.\n\n | | Fiscal year | | % Change\n--------------------- | ------ | ----------- | ------ | --------\n(in millions of €) | 2019 | 2018 | Actual | Comp. \nOrders | 15,853 | 14,506 | 9 % | 7 % \nRevenue | 14,517 | 13,425 | 8 % | 6 % \nAdjusted EBITA | 2,461 | 2,221 | 11 % | \nAdjusted EBITA margin | 17.0 % | 16.5 % | | \n\nOrders revenue 2019 growth increases imaging regions China U. S. currency translation.\n Adjusted EBITA up 2018 increases imaging therapies. diagnostics lower Combined Management Report increases costs Atellica Solution platform. Severance charges € 57 million 2019 € 96 million 2018. order backlog Siemens Healthineers € 18 billion € 6 billion\n converted revenue 2020.\n demand markets Siemens Healthineers price pressure purchases increased utilization rates. markets healthy higher growth Europe. S. Africa Middle East Americas imaging advanced. Asia Australia grew moderately. U. S. slight growth imaging advanced therapies\n moderate growth diagnostics.\n U. S. market environment challenging\n pressure reimbursement\n extended utilization.\n Government initiatives programs growing private market segment re-stabilization growth China. consolidation\n higher utilization rates counterbalancing volume growth markets. Competition high. 2020 Siemens Healthineers imaging advanced moderate growth diagnostics market grow.Siemens Healthineers’ markets trends restricted by public spending consolidation healthcare providers.\n expects Asia Australia major growth. China growth government spending private segment aging population chronic diseases. Growth U. S. equipment reduced reimbursement rates uncertainty policies. Europe slight growth emphasis equipment replacement business hospital chains.\n Fiscal year %\n millions 2019 2018.\n Orders 15,853 14,506 9 % 7 %\n Revenue 14,517 13,425 8 % 6 %\n Adjusted EBITA 2,461 2,221 11 %\n margin 17. %. 5 %" +} +{ + "_id": "d1a73dc6e", + "title": "", + "text": "Consolidated income statement\nFor the year ended 31 March 2019\n1 The Group has adopted IFRS 9 ‘Financial Instruments’, IFRS 15 ‘Revenue from Contracts with Customers’, and IFRS 16 ‘Leases’ from 1 April 2018. The year ended 31 March 2018 has been restated for IFRS 16 which was implemented using the fully retrospective method. For further information on the impact of the change in accounting policies, see note 2 of these consolidated financial statements.\n\n | Note | 2019 | (Restated)1 2018\n---------------------------------------------------------------- | ---- | ------- | ----------------\n | | £m | £m \nRevenue | 5 | 355.1 | 330.1 \nAdministrative expenses | | (112.3) | (108.8) \nShare of profit from joint ventures | 16 | 0.9 | – \nOperating profit | 6 | 243.7 | 221.3 \nFinance costs | 9 | (10.2) | (10.6) \nProfit on the sale of subsidiary | 10 | 8.7 | – \nProfit before taxation | | 242.2 | 210.7 \nTaxation | 11 | (44.5) | (39.6) \nProfit for the year attributable to equity holders of the parent | | 197.7 | 171.1 \nBasic earnings per share | 12 | | \nFrom profit for the year (pence per share) | | 21.00 | 17.74 \nDiluted earnings per share | 12 | | \nFrom profit for the year (pence per share) | | 20.94 | 17.68 \n\nConsolidated income statement\n year ended 31 March 2019\n Group adopted IFRS 9 15 Contracts IFRS 16 1 April 2018. year ended 31 March 2018 restated IFRS 16 retrospective method. impact change accounting policies note 2 consolidated financial statements.\n 2019 2018\n Revenue 355. 330.\n Administrative expenses (112. (108.\n profit joint ventures.\n Operating profit 243. 221.\n Finance costs.\n Profit sale subsidiary.\n Profit before taxation 242. 210.\n Taxation (44.\n Profit year equity holders parent 197. 171.\n Basic earnings per share\n profit per 21.\n Diluted earnings per share\n profit." +} +{ + "_id": "d1b2f6402", + "title": "", + "text": "Liquidity risk\nLiquidity risk is managed to enable the Group to meet future payment obligations when financial liabilities fall due. Liquidity analysis is conducted to determine that sufficient headroom is available to meet the Group’s operational requirements and committed investments. The Group treasury policy aims to meet this objective by maintaining adequate cash, marketable securities and committed facilities. Undrawn borrowing facilities are detailed in note 23. The Group’s policy is to seek to optimise its exposure to liquidity risk by balancing its exposure to interest rate risk and to refinancing risk. In effect the Group seeks to borrow for as long as possible at the lowest acceptable cost.\nGroup policy is to maintain a weighted average debt maturity of over five years. At 31 December 2019, the maturity profile of Group debt showed an average maturity of five years (2018: six years). The Group regularly reviews the maturity profile of its borrowings and seeks to avoid concentration of maturities through the regular replacement of facilities and by arranging a selection of maturity dates. Refinancing risk may be reduced by doing so prior to the contracted maturity date. The change in valuation of an asset used as security for a debt facility may impact the Group’s ability to refinance that debt facility at the same quantum as currently outstanding.\nThe Group does not use supplier financing arrangements to manage liquidity risk.\nThe tables below set out the maturity analysis of the Group’s financial liabilities based on the undiscounted contractual obligations to make payments of interest and to repay principal. Where interest payment obligations are based on a floating rate, the rates used are those implied by the par yield curve for the relevant currency. Where payment obligations are in foreign currencies, the spot exchange rate at the balance sheet date is used.\n\n | | | | | 2019 \n------------------------------- | ------------- | --------- | --------- | ------------ | ---------\n£m | Within 1 year | 1–2 years | 2–5 years | Over 5 years | Total \nBorrowings (including interest) | (249.5) | (1,091.3) | (2,600.9) | (1,716.1) | (5,657.8)\nFinance lease obligations | (5.3) | (5.3) | (14.3) | (104.8) | (129.7) \nOther financial liabilities | (15.4) | – | – | (1.2) | (16.6) \nNet derivative payments | (34.3) | (28.8) | (78.4) | (222.9) | (364.4) \n | (304.5) | (1,125.4) | (2,693.6) | (2,045.0) | (6,168.5)\n | | | | | \n | | | | | 2018 \n£m | Within 1 year | 1–2 years | 2–5 years | Over 5 years | Total \nBorrowings (including interest) | (237.8) | (245.2) | (3,259.1) | (2,408.0) | (6,150.1)\nFinance lease obligations | (4.4) | (4.4) | (13.4) | (104.8) | (127.0) \nOther financial liabilities | (6.1) | (1.2) | – | – | (7.3) \nNet derivative payments | (37.2) | (33.5) | (74.0) | (248.2) | (392.9) \n | (285.5) | (284.3) | (3,346.5) | (2,761.0) | (6,677.3)\n | | | | | \n\nLiquidity risk\n managed future obligations. analysis sufficient headroom operational requirements investments. treasury policy adequate cash marketable securities facilities. Undrawn borrowing facilities detailed in note 23. liquidity risk interest rate refinancing risk. lowest cost.\n average debt maturity over five years. 31 December 2019 debt average maturity five years (2018 six years. reviews maturity concentration replacement facilities arranging maturity dates. Refinancing risk prior contracted maturity date. change valuation debt impact.\n supplier financing liquidity risk.\n tables maturity analysis financial liabilities contractual obligations interest repay principal. obligations floating rate rates implied par yield curve currency. foreign currencies spot exchange rate balance sheet date used.\n 2019\n Within 1 year 1–2 years 2–5 years Over 5 years Total\n Borrowings (including interest) (249. 5) (1,091. 3) (2,600. 9) (1,716.(5,657.\n Finance lease obligations (5. (14. (104. (129.\n liabilities (15. (1. (16.\n derivative payments (34. (28. (78. (222. (364.\n (304. (1,125. (6,168.\n 2018\n 1 1–2 years 2–5 5\n Borrowings interest (237. (245. (3,259. (2,408. (6,150.\n Finance lease obligations (4. (13. (104. (127.\n financial liabilities (6. (1. (7.\n derivative payments (37. (74. (392.\n. (284. (3,346. (2,761. (6,677.\n" +} +{ + "_id": "d1b3bdcf0", + "title": "", + "text": "21. Segment and Geographical Information\nThe Company has determined that it operates in a single operating and reportable segment.\nThe following table presents total external revenues by geographic location, based on the location of the Company’s merchants:\nExpressed in US $000's except share and per share amounts\n\n | Years ended | | | \n-------------- | ----------------- | ------ | ----------------- | ------\n | December 31, 2019 | | December 31, 2018 | \n | $ | % | $ | % \nCanada | 96,168 | 6.1% | 70,774 | 6.6% \nUnited States | 1,079,520 | 68.4% | 755,454 | 70.4% \nUnited Kingdom | 103,498 | 6.6% | 69,596 | 6.5% \nAustralia | 68,571 | 4.3% | 47,937 | 4.5% \nRest of World | 230,416 | 14.6% | 129,468 | 12.0% \n | 1,578,173 | 100.0% | 1,073,229 | 100.0%\n\n. Segment Geographical Information\n Company single segment.\n table presents external revenues geographic location merchants\n US $000 amounts\n Years\n December 31, 2019 December 31, 2018\n Canada 96,168. 1% 70,774.\n United States 1,079,520. 4%,454.\n United Kingdom 103,498. 69,596.\n Australia 68,571 4. 3% 47,937.\n World 230,416. 6% 129,468.\n 1,578,173. 1,073,229." +} +{ + "_id": "d1b3922ee", + "title": "", + "text": "RSUs/PSUs\nRSUs/PSUs are granted to executives and other eligible employees. The value of an RSU/PSU at the grant date is equal to the value of one BCE common share. Dividends in the form of additional RSUs/PSUs are credited to the participant’s account on each dividend payment date and are equivalent in value to the dividend paid on BCE common shares. Executives and other eligible employees are granted a specific number of RSUs/PSUs for a given performance period based on their position and level of contribution. RSUs/PSUs vest fully after three years of continuous employment from the date of grant and, in certain cases, if performance objectives are met, as determined by the board of directors.\nThe following table summarizes outstanding RSUs/PSUs at December 31, 2019 and 2018.\n(1) The weighted average fair value of the RSUs/PSUs granted was $58 in 2019 and $57 in 2018\n(2) The RSUs/PSUs vested on December 31, 2019 were fully settled in February 2020 with BCE common shares and/or DSUs.\n\nNUMBER OF RSUs/PSUs | 2019 | 2018 \n------------------------ | --------- | -----------\nOutstanding, January 1 | 2,812,697 | 2,740,392 \nGranted (1) | 975,348 | 1,006,586 \nDividends credited | 149,648 | 149,258 \nSettled | (932,133) | (1,027,321)\nForfeited | (90,442) | (56,218) \nOutstanding, December 31 | 2,915,118 | 2,812,697 \nVested, December 31 (2) | 904,266 | 880,903 \n\nRSUs/PSUs\n granted executives employees. equal BCE common share. Dividends RSUs credited equivalent BCE common shares. granted position contribution. vest after three years employment performance objectives board.\n table summarizes RSUs/PSUs December 31, 2019 2018.\n average value $58 2019 $57 2018\n vested December 31, 2019 settled February 2020 BCE common shares DSUs.\n RSUs/PSUs 2019 2018\n January 1 2,812,697 2,740,392\n Granted 975,348 1,006,586\n Dividends 149,648\n Settled (932,133 (1,027,321\n Forfeited,218)\n December 31 2,915,118 2,812,697\n Vested 904,266 880,903" +} +{ + "_id": "d1b3408c2", + "title": "", + "text": "Pro forma consolidated results of operations\nThe following unaudited pro forma financial information presents combined results of operations for each of the periods presented as if the acquisitions of MOI and GP had been completed on January 1, 2018. The pro forma information includes adjustments to depreciation expense for property and equipment acquired and amortization expense for the intangible assets acquired and the elimination of transaction expenses recognized in each period. Transaction-related expenses associated with the acquisition and excluded from pro forma income from continuing operations were $1.0 million for the year ended December 31, 2019. There were no transaction-related expenses associated with the acquisition for the year ended December 31, 2018. The pro forma data are for informational purposes only and are not necessarily indicative of the consolidated results of operations or the combined business had the acquisitions of MOI and GP occurred on January 1, 2018, or the results of future operations of the combined business. For instance, planned or expected operational synergies following the acquisition are not reflected in the pro forma information. Consequently, actual results will differ from the unaudited pro forma information presented below.\n\n | Years Ended December 31, | \n--------------------------------- | ------------------------ | -----------\n | 2019 | 2018 \n | (unaudited) | (unaudited)\nRevenue | $72,576,902 | $60,249,896\nIncome from continuing operations | $6,912,802 | $1,559,008 \n\nconsolidated results\n unaudited financial information presents combined results acquisitions MOI GP completed January 1, 2018. includes adjustments depreciation property equipment amortization intangible assets elimination transaction expenses. Transaction-related expenses acquisition excluded were $1. 0 million year December 31, 2019. no expenses year December 31, 2018. data informational not indicative consolidated results future operations. operational synergies not reflected. actual results differ unaudited information.\n Years Ended December 31,\n 2019 2018\n Revenue $72,576,902 $60,249,896\n Income continuing operations $6,912,802 $1,559,008" +} +{ + "_id": "d1b3b10cc", + "title": "", + "text": "Note 15. Deferred Charges and Other Assets\nDeferred charges and other assets consisted of the following (in thousands):\n\n | December 31, | \n--------------------------------------------------- | ------------ | -------\n | 2019 | 2018 \nTrade accounts receivable, net, noncurrent (Note 2) | $26,496 | $15,948\nEquity method investments (Note 1) | 9,254 | 9,702 \nNet deferred tax assets, noncurrent (Note 20) | 6,774 | 5,797 \nRent and other deposits | 6,106 | 5,687 \nValue added tax receivables, net, noncurrent | 592 | 519 \nOther | 6,723 | 5,711 \n | $55,945 | $43,364\n\n. Deferred Charges Assets\n December 31,\n Trade accounts receivable noncurrent $26,496 $15,948\n Equity investments 9,254\n deferred tax assets 6,774 5,797\n Rent deposits 6,106 5,687\n Value added tax receivables noncurrent\n $55,945 $43,364" +} +{ + "_id": "d1b327b92", + "title": "", + "text": "2019 Compared to 2018\nNet Sales. Net sales increased 9%, or $651 million, in 2019 compared to 2018. Net sales of products (hardware and software) increased 8% and net sales of services increased 20% in 2019 compared to 2018. Our net sales by operating segment for 2019 and 2018 were as follows (dollars in thousands):\n\n | 2019 | 2018 | %Change\n------------ | ---------- | ---------- | -------\nNorthAmerica | $6,024,305 | $5,362,981 | 12% \nEMEA | 1,526,644 | 1,530,241 | — \nAPAC | 180,241 | 186,914 | (4%) \nConsolidated | $7,731,190 | $7,080,136 | 9% \n\n2019\n. increased 9% $651 million. products 8% services 20%. sales operating segment 2019\n 2018\n NorthAmerica $6,024,305 $5,362,981 12%\n EMEA 1,526,644 1,530,241 \n APAC 180,241 186,914 (4%\n Consolidated $7,731,190 $7,080,136" +} +{ + "_id": "d1b33dc58", + "title": "", + "text": "The amortized cost and fair value of cash equivalents, investments, and restricted investments with contractual maturities as of June 30, 2019, are as follows:\nThe Company has the ability, if necessary, to liquidate its investments in order to meet the Company’s liquidity needs in the next 12 months. Accordingly, those investments with contractual maturities greater than 12 months from the date of purchase nonetheless are classified as short-term on the accompanying Consolidated Balance Sheets.\n\n | Cost | Fair Value \n------------------------------------- | ---------- | --------------\n | | (in thousands)\nDue in one year or less | $4,842,996 | $4,844,145 \nDue after one year through five years | 331,707 | 333,019 \nDue in more than five years | 41,612 | 41,756 \n | $5,216,315 | $5,218,920 \n\namortized cost value cash equivalents maturities June 30, 2019\n Company investments liquidity 12 months. investments maturities 12 months short-term Consolidated Balance Sheets.\n Value\n Due one year less $4,842,996 $4,844,145\n after five 331,707 333,019\n more five years 41,612 41,756\n $5,216,315 $5,218,920" +} +{ + "_id": "d1b38b426", + "title": "", + "text": "Depreciation and Amortization\nDepreciation and amortization includes the following (in millions):\nComputer software amortization for the year ended December 31, 2018 includes accelerated amortization of $1.7 million related to certain internally developed software. Deferred contract costs amortization for the years ended December 31, 2019, 2018 and 2017 includes accelerated amortization of $6.2 million, $3.4 million and $3.3 million, respectively.\n\n | | Year ended December 31, | \n----------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nComputer software | $97.3 | $94.5 | $84.0 \nOther intangible assets | 59.3 | 57.2 | 67.8 \nDeferred contract costs | 42.9 | 32.9 | 25.7 \nProperty and equipment | 36.7 | 32.4 | 29.0 \nTotal | $236.2 | $217.0 | $206.5\n\nDepreciation Amortization\n Computer software December 31, 2018 $1. 7 million. Deferred contract costs 2019 2018 2017 $6. 2 million $3. 4 million $3. 3 million.\n Computer software $97. $94. $84.\n intangible assets 59. 57. 67.\n Deferred contract costs 42. 32. 25.\n Property equipment 36. 32. 29.\n $236. $217. $206." +} +{ + "_id": "d1b3b0e1a", + "title": "", + "text": "NOTE 13 - TAXES ON INCOME\nB. Deferred income taxes:\nDeferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets are as follows:\nAs of December 31, 2019, the Company has provided a full valuation allowances of $19,911 in respect of deferred tax assets resulting from tax loss carryforward and other temporary differences. Management currently believes that because the Company has a history of losses, it is more likely than not that the deferred tax regarding the loss carryforward and other temporary differences will not be realized in the foreseeable future.\n\n | December 31 | \n------------------------------------------------- | ------------------- | --------\n | 2019 | 2 0 1 8 \n | U.S. $ in thousands | \nOperating loss carryforward | 73,260 | 57,768 \nNet deferred tax asset before valuation allowance | 19,911 | 15,916 \nValuation allowance | (19,911) | (15,916)\nNet deferred tax asset | 795 | 772 \n\n13 TAXES INCOME\n. Deferred income taxes\n reflect tax differences assets liabilities financial income tax. Company deferred tax assets\n December 31, 2019 full valuation allowances $19,911 deferred tax assets tax loss carryforward temporary differences. believes history losses deferred tax.\n December 31\n 2019\n. $ thousands\n Operating loss carryforward 73,260 57,768\n Net deferred tax asset before valuation allowance 19,911 15,916\n Net deferred tax asset 795 772" +} +{ + "_id": "d1b32a6d0", + "title": "", + "text": "In 2019, Global Financing delivered external revenue of $1,400 million and total revenue of $2,632 million, with a decrease in gross margin of 2.7 points to 58.8 percent. Total pre-tax income of $1,055 million decreased 22.5 percent compared to 2018 and return on equity decreased 5.0 points to 25.8 percent.\nGlobal Financing total revenue decreased 17.8 percent compared to the prior year. This was due to a decrease in internal revenue of 23.5 percent, driven by decreases in internal used equipment sales (down 27.4 percent to $862 million) and internal financing (down 12.6 percent to $370 million). External revenue declined 11.9 percent due to decreases in external financing (down 8.5 percent to $1,120 million) and external used equipment sales (down 23.4 percent to $281 million).\nThe decrease in internal financing revenue was due to lower average asset balances, partially offset by higher asset yields. The decrease in external financing revenue reflects the wind down of the OEM IT commercial financing operations.\nSales of used equipment represented 43.4 percent and 48.5 percent of Global Financing’s revenue for the years ended December 31, 2019 and 2018, respectively. The decrease in 2019 was due to a lower volume of internal used equipment sales. The gross profit margin on used sales was 52.2 percent and 54.2 percent for the years ended December 31, 2019 and 2018, respectively. The decrease in the gross profit margin was driven by lower margins on internal used equipment sales.\nGlobal Financing pre-tax income decreased 22.5 percent year to year primarily driven by a decrease in gross profit ($422 million), partially offset by a decrease in total expense ($115 million), which was mainly driven by a decline in IBM shared expenses in line with the segment’s performance, a lower provision for credit losses and a gain from the sale of certain commercial financing capabilities in the first quarter of 2019.\nThe decrease in return on equity from 2018 to 2019 was primarily due to lower net income. Refer to page 45 for the details of the after-tax income and return on equity calculations.\n\n($ in millions) | | | \n------------------------------- | ------ | ------ | -------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change\nExternal revenue | $1,400 | $1,590 | (11.9) % \nInternal revenue | 1,232 | 1,610 | (23.5) \nTotal revenue | $2,632 | $3,200 | (17.8) % \nPre-tax income | $1,055 | $1,361 | (22.5) % \n\n2019 Global Financing $1,400 million $2,632 million gross margin 2. 58. 8 percent. pre-tax income $1,055 million decreased 22. 5 percent 2018 return equity decreased 5. 25. 8 percent.\n Financing revenue decreased 17. 8 percent. internal revenue 23. 5 percent used equipment sales 27. 4 percent $862 million financing. 6 percent $370 million. External revenue declined 11. 9 percent financing. 5 percent $1,120 million used equipment sales. 4 percent $281 million.\n internal financing lower balances higher yields. external financing OEM financing.\n used equipment 43. 4 percent 48. 5 percent revenue. lower volume sales. gross profit margin sales 52. 2 percent 54. 2 percent. lower.\n Financing pre-tax income decreased 22. 5 percent gross profit$422 total expense$115 shared expenses lower provision credit losses sale commercial financing.\n return equity lower net income. after-tax income return equity.\n\n year December 31 2019.\n External revenue $1,400 $1,590 (11.\n Internal 1,232 1,610.\n $2,632 $3,200.\n Pre-tax income $1,055 $1,361." +} +{ + "_id": "d1b32ff9a", + "title": "", + "text": "H. Net Income Per Share\nBasic net income per share is computed by dividing net income by the weighted-average number of common stock outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average number of common stock outstanding and potentially dilutive securities outstanding during the period, as calculated using the treasury stock method. Potentially dilutive securities primarily include unvested restricted stock units (“RSUs”), including PSU awards, and stock options, including purchase options under VMware’s employee stock purchase plan, which included Pivotal’s employee stock purchase plan through the date of acquisition. Securities are excluded from the computation of diluted net income per share if their effect would be anti-dilutive. VMware uses the two-class method to calculate net income per share as both classes share the same rights in dividends; therefore, basic and diluted earnings per share are the same for both classes.\nThe following table sets forth the weighted-average common share equivalents of Class A common stock that were excluded from the diluted net income per share calculations during the periods presented because their effect would have been anti-dilutive (shares in thousands):\n\n | For the Year Ended | | \n------------------------- | ------------------ | ---------------- | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nAnti-dilutive securities: | | | \nEmployee stock options | 34 | 50 | 51 \nRestricted stock units | 315 | 255 | 140 \nTotal | 349 | 305 | 191 \n\n. Net Income Per Share\n computed weighted-average common stock. Diluted income stock potentially dilutive securities treasury stock method. dilutive securities include unvested restricted stock units stock options VMware’s employee stock purchase plan. Securities excluded diluted if anti-dilutive. VMware uses two-class method basic diluted earnings same.\n table weighted-average share equivalents Class A common stock excluded diluted income anti-dilutive (shares\n Year\n January 31, 2020 February 1, 2019 February 2, 2018\n Anti-dilutive securities\n Employee stock options 34 50 51\n Restricted stock units 315 255 140\n Total 349 305 191" +} +{ + "_id": "d1b32424e", + "title": "", + "text": "Geographic Information\nThe following table is a summary of our long-lived assets which include property and equipment, net and right of use assets based on the physical location of the assets (in thousands):\n\n | December 31, | December 31,\n------------- | ------------ | ------------\n | 2019 | 2018 \nUnited States | $35,964 | $5,525 \nJapan | 2,689 | 1,108 \nOther | 2,017 | 629 \nTotal | $40,670 | $7,262 \n\n\n long-lived assets property equipment right use physical location\n December 31,\n United States $35,964 $5,525\n Japan 2,689 1,108\n Other 2,017\n Total $40,670 $7,262" +} +{ + "_id": "d1b391948", + "title": "", + "text": "The Credit Agreement and 2026 Notes contain certain customary affirmative covenants and negative covenants that limit or restrict, subject to certain exceptions, the incurrence of liens, indebtedness of subsidiaries, mergers, advances, investments, acquisitions, transactions with affiliates, change in nature of business, and the sale of the assets. In addition, the Credit Agreement and 2026 Notes contain certain customary mandatory prepayment provisions. The Company is also required to maintain a consolidated leverage ratio at or below a specified amount and an interest coverage ratio at or above a specified amount. As specified in the Credit Agreement and 2026 Notes agreement, if certain events occur and continue, the Company may be required to repay all amounts outstanding under the Credit Facility and 2026 Notes. As of December 31, 2019, and at all times during the period, the Company was in compliance with its financial debt covenants.\nTotal debt is comprised of the following (in thousands):\n\n | December 31, | \n-------------------------------------------- | ------------ | ---------\n | 2019 | 2018 \nTerm loans | $756,060 | $284,959 \nRevolving credit facility | 239,000 | — \n5.750% Senior Notes, due August 2026 | 400,000 | 400,000 \nDebt issuance costs | (21,905 ) | (13,203 )\nTotal debt | 1,373,155 | 671,756 \nLess current portion of term credit facility | 38,950 | 23,747 \nLess current portion of debt issuance costs | (4,802 ) | (2,980 ) \nTotal long-term debt | $1,339,007 | $650,989 \n\nCredit Agreement 2026 Notes incurrence liens indebtedness subsidiaries mergers advances investments transactions business sale assets. mandatory prepayment provisions. Company maintain consolidated leverage ratio interest coverage ratio. events repay amounts outstanding. December 31, 2019 Company compliance with financial debt covenants.\n Total debt\n December 31,\n Term loans $756,060 $284,959\n Revolving credit facility 239,000\n. 750% Senior Notes due August 2026 400,000\n Debt issuance costs (21,905 (13,203\n Total debt 1,373,155 671,756\n term credit facility 38,950 23,747\n (4,802 (2,980\n Total long-term debt $1,339,007 $650,989" +} +{ + "_id": "d1b31523a", + "title": "", + "text": "Exposures The maximum credit risk exposure of the group’s financial assets at the balance sheet date is as follows:\nThe carrying amount excludes £445m (2017/18: £317m, 2016/17: £360m) of non-current trade and other receivables which relate to non-financial assets, and £1,456m (2017/18: £1,496m, 2016/17: £1,106m) of prepayments, deferred contract costs and other receivables.\n\n | Notes | 2019 | 2018 | 2017 \n----------------------------- | ----- | ----- | ----- | -----\nAt 31 March Notes | | £m | £m | £m \nDerivative financial assets | | 1,592 | 1,509 | 2,246\nInvestments | 23 | 3,268 | 3,075 | 1,564\nTrade and other receivables a | 17 | 1,766 | 2,518 | 2,729\nContract assets | 6 | 1,602 | – | – \nCash and cash equivalents | 24 | 1,666 | 528 | 528 \n | | 9,894 | 7,630 | 7,067\n\nmaximum credit risk financial assets balance sheet\n excludes £445m 2016/17 non-current trade £1,456m 2016/17 prepayments deferred contract costs receivables.\n 2019 2018 2017\n 31 March\n financial assets 1,592 1,509 2,246\n Investments 23 3,268 1,564\n Trade receivables 17 1,766 2,518 2,729\n Contract assets 6 1,602\n Cash equivalents 24 1,666 528\n 9,894 7,067" +} +{ + "_id": "d1b2edd52", + "title": "", + "text": "4. Debtors\nAmounts owed by Group undertakings are non-interest-bearing, unsecured and have no fixed date of repayment.\n\n | 2019 | 2018 \n---------------------------------- | ----- | -----\n | £m | £m \nAmounts owed by Group undertakings | 414.7 | 439.9\nDeferred tax asset | 1.2 | 0.8 \nTotal | 415.9 | 440.7\n\n. Debtors\n Amounts Group undertakings non-bearing unsecured no fixed date repayment.\n £m\n Amounts undertakings 414.\n Deferred tax.\n 415. 440." +} +{ + "_id": "d1b33a76a", + "title": "", + "text": "NOTE 13—GUARANTEES AND CONTINGENCIES\nWe have entered into the following contractual obligations with minimum payments for the indicated fiscal periods as follows:\n(1) Includes interest up to maturity and principal payments. Please see note 10 \"Long-Term Debt\" for more details\n(2) Net of $30.7 million of sublease income to be received from properties which we have subleased to third parties.\n\n | | | Payments due between | | \n------------------------------- | ---------- | --------------------------- | --------------------------- | --------------------------- | -----------------------\n | Total | July 1, 2019— June 30, 2020 | July 1, 2020— June 30, 2022 | July 1, 2022— June 30, 2024 | July 1, 2024 and beyond\nLong-term debt obligations (1) | $3,408,565 | $147,059 | $292,156 | $1,045,567 | $1,923,783 \nOperating lease obligations (2) | 318,851 | 72,853 | 106,394 | 59,441 | 80,163 \nPurchase obligations | 11,280 | 8,364 | 2,747 | 169 | — \n | $3,738,696 | $228,276 | $401,297 | $1,105,177 | $2,003,946 \n\nCONTINGENCIES\n entered obligations minimum payments\n Includes interest principal payments. 10-Term Debt\n $30. 7 million sublease income properties subleased.\n Payments\n July 1 June 30, 2020\n Long-term debt obligations $3,408,565 $147,059 $292,156 $1,045,567 $1,923,783\n Operating lease obligations 318,851 72,853 106,394 59,441 80,163\n Purchase obligations 11,280 8,364 2,747\n $3,738,696 $228,276 $401,297 $1,105,177 $2,003,946" +} +{ + "_id": "d1b370770", + "title": "", + "text": "The following table shows the activity of our U.S. and international plan assets, which are measured at fair value using Level 3 inputs.\n(1) Balances as of December 31, 2018 have been revised from our 2018 Form 10-K filing to reflect changes in leveling classification of specific funds. These reclassifications did not impact the fair value of any of our pension plan assets.\n(2) Purchases of Level 3 assets in 2018 primarily represent the purchase of bulk annuity contracts (buy-ins) in some of our international plans.\n\n | December 31, | \n-------------------------------------------------- | ------------ | -------\n(In millions) | 2019 | 2018 \nBalance at beginning of period(1) | $ 150.1 | $ 71.5 \nGains (losses) on assets still held at end of year | 16.8 | (16.0) \nPurchases, sales, issuance, and settlements(2) | 8.3 | 103.7 \nTransfers in and/or out of Level 3 | — | 1.0 \nForeign exchange gain (loss) | 5.0 | (10.1) \nBalance at end of period(1) | $ 180.2 | $ 150.1\n\ntable shows activity. international plan assets measured Level 3 inputs.\n Balances December 31, 2018 revised Form 10-K changes leveling classification funds. reclassifications impact fair value pension plan assets.\n Purchases Level 3 assets 2018 bulk annuity contracts international plans.\n Balance $ 150. $ 71.\n Gains assets end year 16.\n Purchases sales. 103.\n Transfers Level 3.\n Foreign exchange gain (loss) 5. (10.\n Balance end $ 180. $ 150." +} +{ + "_id": "d1b32f496", + "title": "", + "text": "REVENUE\n(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.\nFiscal 2019 fourth-quarter revenue increased by 3.1% (2.7% in constant currency) resulting from: • growth in the American broadband services segment mainly due to strong organic growth and the FiberLight acquisition. • stable revenue in the Canadian broadband services segment mainly as a result of: ◦ rate increases; partly offset by ◦ decreases in video and telephony services customers compared to the same period of the prior year primarily due to issues resulting from the implementation of a new customer management system in the second half of fiscal 2018.\n\nThree months ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)\n--------------------------------------------- | -------- | -------- | ------ | ------------------------------- | ---------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ $ \nCanadian broadband services | 319,935 | 319,741 | 0.1 | 0.1 | - \nAmerican broadband services | 263,738 | 246,443 | 7.0 | 6.0 | 2,427 \n | 583,673 | 566,184 | 3.1 | 2.7 | 2,427 \n\n\n three-month period August 31, 2019 average foreign exchange rate translation. 3222 USD/CDN.\n Fiscal 2018 restated IFRS 15 change accounting policy reclassify results Cogeco Peer 1 discontinued operations. consult \"Accounting policies \"Discontinued operations sections.\n Fiscal 2019 translated average foreign exchange rate 1. 3100 USD/CDN.\n 2019 fourth-quarter revenue increased. 1% (2. 7% constant currency growth American broadband services FiberLight acquisition. stable revenue Canadian broadband services rate increases decreases video telephony services new customer management system 2018.\n Three months August 31, 2019 constant currency Foreign exchange impact\n Canadian broadband services 319,935 319,741.\n American broadband services 263,738 246,443.\n 583,673 566,184." +} +{ + "_id": "d1b33c038", + "title": "", + "text": "Volatility in average selling prices for our semiconductor memory and storage products may adversely affect our business.\nWe have experienced significant volatility in our average selling prices, including dramatic declines as noted in the table below, and may continue to experience such volatility in the future. In some prior periods, average selling prices for our products have been below our manufacturing costs and we may experience such circumstances in the future. Average selling prices for our products that decline faster than our costs could have a material adverse effect on our business, results of operations, or financial condition.\n\n | DRAM | NAND \n-------------- | --------------------------------------------- | -----\n | (percentage change in average selling prices) | \n2019 from 2018 | (30)% | (44)%\n2018 from 2017 | 37% | (8)% \n2017 from 2016 | 19% | (7)% \n2016 from 2015 | (35)% | (19)%\n2015 from 2014 | (11)% | (15)%\n\nVolatility prices semiconductor memory storage products affect business.\n experienced volatility declines may. prices below manufacturing costs may. faster business financial condition.\n (percentage change selling prices\n 2019 from 2018 (30)% (44)%\n 2018 from 2017 37% (8)%\n 2017 from 2016 19% (7)%\n 2016 from 2015 (35)% (19)%\n 2015 from 2014 (11)% (15)%" +} +{ + "_id": "d1b32d916", + "title": "", + "text": "As described in Note 7, the acquisition of Norstel resulted in the recognition of $43 million in goodwill which has been included in the ADG segment to align the goodwill of the acquired Company with the segment under which the related activities will be reported.\nAs of the end of the third quarters of 2019 and 2018, the Company performed its annual impairment test. The Company did not elect to perform a qualitative assessment. The impairment test was conducted following a two-step process. In the first step, the Company compared the fair value of the reporting units tested to their carrying value. Based upon the first step of the goodwill impairment test, no impairment was recorded since the fair value of the reporting units exceeded their carrying value.\nGoodwill as at December 31, 2019 and 2018 is net of accumulated impairment losses of $102 million, of which $96 million relates to the MDG segment and $6 million to Others. In 2019, 2018 and 2017, no impairment loss was recorded by the Company.\n\n | Automotive and Discrete Group (ADG) | Microcontrollers and Digital ICs Group (MDG) | Analog, MEMS & Sensors Group AMS) | Total\n---------------------------- | ----------------------------------- | -------------------------------------------- | --------------------------------- | -----\nDecember 31, 2017 | — | 121 | 2 | 123 \nForeign currency translation | — | (2) | — | (2) \nDecember 31, 2018 | — | 119 | 2 | 121 \nBusiness combination | 43 | — | — | 43 \nForeign currency translation | — | (2) | — | (2) \nDecember 31, 2019 | 43 | 117 | 2 | 162 \n\nacquisition Norstel $43 million goodwill included ADG segment.\n third quarters 2019 2018 Company performed annual impairment test. qualitative assessment. two-step process. compared fair value reporting units carrying value. no impairment recorded fair value exceeded carrying value.\n Goodwill December 31, 2019 2018 net impairment losses $102 million $96 million MDG segment $6 million Others. 2019 2018 2017 no impairment loss recorded.\n Automotive Discrete Group Microcontrollers Digital ICs Group Analog, MEMS & Sensors Group\n December 31, 2017 121 2 123\n Foreign currency translation\n December 31, 2018 119\n Business combination\n Foreign currency translation\n December 31, 2019 117 2 162" +} +{ + "_id": "d1b319038", + "title": "", + "text": "Total Shareholder Return Awards\nDuring the years ended December 31, 2019, 2018, and 2017, pursuant to the 2016 Incentive Plan, the Company granted total shareholder return awards (“TSRs”). TSRs are performance shares that are earned, if at all, based upon the Company’s total shareholder return as compared to a group of peer companies over a three-year performance period. The award payout can range from 0% to 200%. To determine the grant date fair value of the TSRs, a Monte Carlo simulation model is used. The Company recognizes compensation expense for the TSRs over a three-year performance period based on the grant date fair value.\nThe grant date fair value of the TSRs was estimated using the following weighted-average assumptions:\n\n | | Years Ended December 31, | \n----------------------- | ----- | ------------------------ | -----\n | 2019 | 2018 | 2017 \nExpected life (years) | 2.8 | 2.9 | 2.9 \nInterest rate | 2.5% | 2.4% | 1.5% \nVolatility | 29.3% | 28.0% | 26.5%\nExpected dividend yield | — | — | — \n\nShareholder Return Awards\n December 2019 2018 2017 Company granted shareholder return awards. performance shares earned shareholder return peer companies three-year. award payout 0% to 200%. Monte Carlo simulation model. recognizes compensation expense TSRs grant date value.\n estimated weighted-average assumptions\n Years Ended December 31,\n Expected life (years 2. 8. 9.\n Interest rate 2. 5%. 4%.\n Volatility 29. 3% 28. 0% 26. 5%\n Expected dividend yield" +} +{ + "_id": "d1b3a41c4", + "title": "", + "text": "21. Subsidiaries\nThe advances given to subsidiaries were interest-free and unsecured with settlement neither planned nor likely to occur in the foreseeable future.\nThe deemed investment in a subsidiary, Singtel Group Treasury Pte. Ltd. (“SGT”), arose from financial guarantees provided by the Company for loans drawn down by SGT prior to 1 April 2010.\nThe significant subsidiaries of the Group are set out in Note 44.1 to Note 44.3.\n\n | | Company | \n------------------------------------- | ------------- | ------------- | ------------\n | 31 March 2019 | 31 March 2018 | 1 April 2017\n | S$ Mil | S$ Mil | S$ Mil \nUnquoted equity shares, at cost | 14,259.7 | 13,676.4 | 11,001.2 \nShareholders' advances | 5,733.0 | 5,733.0 | 6,423.3 \nDeemed investment in a subsidiary | 32.5 | 32.5 | 32.5 \n | 20,025.2 | 19,441.9 | 17,457.0 \nLess: Allowance for impairment losses | (16.0) | (16.0) | (16.0) \n | 20,009.2 | 19,425.9 | 17,441.0 \n\n. Subsidiaries\n advances interest-free unsecured settlement.\n investment subsidiary Singtel Group Treasury. guarantees loans 1 April 2010.\n subsidiaries Note 44. 1. 3.\n 31 March 2019 2018 1 April 2017\n Unquoted equity shares 14,259. 7 13,676. 4 11,001.\n Shareholders' advances 5,733. 5,733. 6,423. 3\n investment subsidiary 32.\n 20,025. 19,441. 17,457.\n Allowance impairment losses (16.\n 20,009. 19,425. 17,441." +} +{ + "_id": "d1b2f0e94", + "title": "", + "text": "INTEREST EXPENSE\nThe components of interest expense are as follows:\nInterest expense, including administrative and other fees, was $25,633 for 2019 compared with $30,890 in 2018. The decrease in interest expense was primarily associated with the impact of the refinancing of our term loan at the end of 2018 and interest capitalized during 2019 due to vessels under construction.\n\n | Years Ended December 31, | \n-------------------------------------------- | ------------------------ | -------\n | 2019 | 2018 \nInterest before impact of interest rate caps | $25,633 | $30,709\nImpact of interest rate caps | — | 181 \nInterest expense | $25,633 | $30,890\n\nINTEREST EXPENSE\n components\n $25,633 2019 $30,890 2018. decrease refinancing term loan 2018 capitalized 2019 vessels construction.\n Years Ended December 31,\n 2019 2018\n before interest rate caps $25,633 $30,709\n Interest expense $25,633 $30,890" +} +{ + "_id": "d1b33f3be", + "title": "", + "text": "Comparison of Fiscal Year Ended September 27, 2019 to Fiscal Year Ended September 28, 2018\nRevenue. In fiscal year 2019, our revenue decreased by $70.7 million, or 12.4%, to $499.7 million from $570.4 million for fiscal year 2018. Revenue from our primary markets, the percentage of change between the years and revenue by primary markets expressed as a percentage of total revenue were (in thousands, except percentages):\nIn fiscal year 2019, our Telecom market revenue decreased by $42.0 million, or 18.8%, compared to fiscal year 2018. The decrease was primarily due to the full year effect of our May 2018 sale of the Japan-based long-range optical subassembly business (the \"LR4 Business\"), lower sales of carrier-based optical semiconductor products to our Asia customer base, as well as lower sales of products targeting fiber to the home applications.\nIn fiscal year 2019, our Data Center market revenue decreased by $48.0 million, or 29.6%, compared to fiscal year 2018. The decrease was primarily due to lower revenue related to sales of legacy optical products and lasers, partially offset by the recognition of $7.0 million of licensing revenue during the fiscal year ended September 27, 2019.\nIn fiscal year 2019, our I&D market revenues increased by $19.3 million, or 10.4%, compared to fiscal year 2018. The increase was related to higher revenue from sales across the product portfolio.\n\n | Fiscal Years | | \n-------------------- | ------------ | --------- | --------\n | 2019 | 2018 | % Change\nTelecom | $180,938 | $ 222,940 | (18.8)% \nData Center | 114,132 | 162,098 | (29.6)% \nIndustrial & Defense | 204,638 | 185,360 | 10.4 % \nTotal | $499,708 | $ 570,398 | (12.4)% \nTelecom | 36.2% | 39.1% | \nData Center | 22.8% | 28.4% | \nIndustrial & Defense | 41.0% | 32.5% | \n Total | 100.0% | 100.0% | \n\nFiscal Year September 27, 2019 28, 2018\n. 2019 decreased $70. 7 million. 4% $499. million $570. 4 million 2018. primary markets\n 2019 Telecom market revenue decreased $42. million. 8% 2018. due May 2018 sale Japan long-range optical subassembly business lower sales optical semiconductor products fiber home applications.\n Data Center market revenue decreased $48. million 29. 6%. due lower revenue optical products lasers offset $7. million licensing revenue.\n I&D market revenues increased $19. 3 million. 4%. increase higher revenue sales product portfolio.\n Years\n Telecom $180,938 $ 222,940 (18.\n Data Center 114,132 162,098 (29.\n Industrial Defense 204,638 185,360. 4\n Total $499,708 570,398.\n 36. 2% 39. 1%\n 22. 8% 28. 4%\n Defense 41. 0% 32. 5%\n 100." +} +{ + "_id": "d1a71ec9c", + "title": "", + "text": "10.2. Assets held for sale\nOn 21 December 2018, the Group entered into an agreement for the divestment of a component of freehold investment property in Melbourne, Victoria for $1m. This has been included within fair value adjustments in the statement of profit or loss. This transaction settled on 15 January 2019.\nOn 28 June 2019, the Group entered into an agreement for the sale of commercial investment property in Dunedin, New Zealand for NZD $1.3m less cost of sale of NZD $0.1m (AUD $1.2m less cost of sale of $0.1m). This has resulted in an unrealised gain of NZD $1.2m (AUD $1.1m) on the asset’s carrying value. This has been included within fair value adjustments in the statement of profit or loss.\nAs at 1 July 2018, the Group held a contractual agreement for the sale of the land and buildings of the Croydon self-storage centre for $5.8m, less cost of sale of $0.1m. This resulted in this asset being classified as held for sale. Due to unforeseen circumstances outside of the Group’s control this transaction did not proceed. At 30 June 2019 the asset has been classified as freehold investment property and is no longer held for sale.\n\n | | 2019 | 2018 \n--------------------------------------------------- | ----- | ------- | -------\n | Notes | $'000 | $'000 \nCurrent assets | | | \nOpening balance at 1 July | | 5,713 | 5,713 \nItem reclassified from freehold investment property | 10.4 | 2,068 | 4,400 \nItem reclassified to freehold investment property | 10.4 | (5,713) | \nDisposals during the year | | (961) | (4,400)\nTotal assets held for sale | | 1,107 | 5,713 \n\n. Assets sale\n 21 December 2018 Group divestment freehold property Melbourne Victoria $1m. included fair value adjustments profit loss. transaction settled 15 January 2019.\n 28 June 2019 sale commercial investment property Dunedin New Zealand NZD $1. 3m less cost sale. 1m. unrealised gain NZD $1. 2m $1. 1m carrying value. included fair value adjustments statement profit loss.\n 1 July 2018 agreement sale land buildings Croydon self-storage centre $5. 8m less cost sale. 1m. asset classified held sale. unforeseen circumstances transaction proceed. 30 June 2019 asset classified freehold no longer sale.\n Current assets\n balance 1 July 5,713\n reclassified freehold.\n.\n Disposals\n Total assets sale 1,107" +} +{ + "_id": "d1b2e707e", + "title": "", + "text": "ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\nSee Note 3 of our Notes to Consolidated Financial Statements for a discussion of 2019 and 2018 acquisitions.\nResults of Operations\nRevenues increased $9.0 million, or 61%, in 2019 compared to the prior year, with overall growth supported by the acquisition of Golden Ridge in November 2018, and MGI Grain in April 2019. Food product revenues increased 97% year over year, primarily due to the addition of new products for human consumption from Golden Ridge and MGI Grain. Animal feed product revenues increased 10%. Animal feed product growth was primarily due to increased buying from our existing SRB customer base.\nGross profit percentage decreased 23.8 percentage points to negative 3.6% in 2019 from 20.2% in the prior year. The decrease in gross profit was primarily attributable to operating losses at Golden Ridge due to an unfavorable contract to sell medium grain rice entered into by the seller of the mill and low levels of plant utilization in the latter half of the year while the mill was going through a planned upgrade cycle. With this project completed in early January 2020, we expect to see improved productivity and a positive contribution margin from Golden Ridge in 2020.\nSelling, general and administrative (SG&A) expenses were $13.7 million in 2019, compared to $11.2 million in 2018, an increase of $2.5 million, or 22.4%. Outside services increased $1.1 million in 2019, compared to the prior year, primarily as a result of higher outside accounting, legal and professional fees associated with the acquisition of Golden Ridge and MGI Grain. Salary, wages and benefit related expenses increased $1.1 million in 2019, compared to the prior year, driven substantially by equity grants and outside labor costs. Bad debt expense increased $0.2 million and rent expense increased $0.1 million in 2019, compared to the prior year.\nOther, net was $0.9 million for 2019 compared to $0.2 million in 2018. This increase was primarily related to the settlement of a net working capital dispute and other issues with the seller of Golden Ridge.\n\n | Years Ended December 31 | | Change \n-------------------------------------------- | ----------------------- | -------- | -------\n | 2019 | 2018 | % \n | (in thousands) | | \nRevenues | $23,713 | $14,762 | 60.6 \nCost of goods sold | 24,574 | 11,780 | (108.6)\nGross profit (loss) | (861) | 2,982 | \nGross profit % | -3.6% | 20.2% | \nSelling, general and administrative expenses | 13,696 | 11,194 | (22.4) \nLoss from operations | (14,557) | (8,212) | (77.3) \nOther income (expense): | (96) | (12) | \nInterest expense | 50 | - | \nOther, net | 868 | 168 | \nTotal other (expense) income | 822 | 156 | \nLoss before income taxes | $(13,735) | $(8,056) | \n\n. FINANCIAL CONDITION RESULTS\n Note 3 Financial Statements 2019 2018 acquisitions.\n Revenues increased $9. million 61% 2019 Golden Ridge MGI Grain. Food revenues increased 97% products Golden Ridge MGI Grain. Animal feed revenues increased 10%. increased buying SRB base.\n Gross profit decreased. 3. 6% 2019. 2%. operating losses Golden Ridge unfavorable contract low plant utilization. 2020 improved productivity positive contribution margin Golden Ridge 2020.\n Selling administrative expenses $13. 7 million 2019 $11. 2 million 2018 increase $2. 5 million. 4%. Outside services increased $1. 1 million higher accounting legal professional fees Golden Ridge MGI Grain. Salary wages benefit expenses increased $1. 1 million equity grants labor costs. Bad debt increased $0. 2 million rent $0. 1 million.\n net $0. 9 million. settlement working capital dispute seller Golden Ridge.\nYears Ended December 31\n 2019 2018\n Revenues $23,713 $14,762.\n Cost goods 24,574 11,780.\n Gross profit (861 2,982\n -3. 6%.\n Selling administrative expenses 13,696 11,194.\n Loss operations (14,557 (8,212).\n Other income\n Interest expense\n 868\n income 822\n Loss before taxes $(13,735)(8,056)" +} +{ + "_id": "d1b2eab2a", + "title": "", + "text": "Item 10. Directors, Executive Officers and Corporate Governance.\nExecutive Officers and Directors\nThe following sets forth certain information with respect to our executive officers and directors..\nGaro H. Armen, PhD, Executive Chairman, is one of our founders and joined us in September 2004. Garo H. Armen is Chairman and Chief Executive Officer of Agenus\nInc., a biotechnology company he co-founded in 1994. From mid-2002 through 2004, he also served as Chairman of the Board of the biopharmaceutical company Elan\nCorporation, plc, which he successfully restructured. Prior to Agenus Inc., Dr. Armen established Armen Partners, a money management firm specializing in biotechnology and\npharmaceutical companies and was the architect of the widely publicized creation of the Immunex Lederle oncology business in 1993. Earlier, he was a senior vice president of\nresearch at Dean Witter Reynolds, having begun his career on Wall Street as an analyst and investment banker at EF Hutton. In 2002, Dr. Armen founded the Children of\nArmenia Fund, a nonprofit organization dedicated to significantly rebuilding and revitalizing impoverished rural Armenian towns to provide immediate and sustainable benefits\nto children and youth. He received the Ellis Island Medal of Honor in 2004 for his humanitarian efforts, and received the Sabin Humanitarian Award from the Sabin Vaccine\nInstitute in 2006 for his achievements in biotechnology and progressing medical research. Dr. Armen was also the Ernst & Young 2002 New York City Biotechnology\nEntrepreneur of the Year, and received a Wings of Hope Award in 2005 from The Melanoma Research Foundation for his ongoing commitment to the melanoma community. Dr.\nArmen received a PhD in physical chemistry from the Graduate Center, City University of New York, after which he worked as a research fellow at Brookhaven National\nLaboratories in Long Island, NY. Dr. Armen brings to our Board a deep historical and practical knowledge of the business of the Company and its technologies, as well as\nyears of expertise in the financial and biopharmaceutical arenas.\n\nName | Age | Position (s) \n------------------ | --- | --------------------------------------------\nGaro H. Armen | 67 | Executive Chairman of the Board of Directors\nAlexander K. Arrow | 49 | Chief Financial Officer \nRobert B. Stein | 69 | Director \nKhalil Barrage | 55 | Director \nBrian J. Corvese | 62 | Director \nJosh Silverman | 49 | Director \n\n10. Directors Officers Corporate Governance.\n executive officers directors.\n Garo H. Armen PhD Executive Chairman joined September 2004. Chairman Chief Executive Officer Agenus\n. biotechnology co-founded 1994. Chairman Board Elan\n Corporation restructured. established Armen Partners money management firm biotechnology\n companies architect Immunex Lederle oncology business 1993. senior vice president\n Dean Witter Reynolds analyst investment banker EF Hutton. 2002. founded Children\n Armenia Fund nonprofit rebuilding revitalizing rural Armenian towns\n. received Ellis Island Medal of Honor 2004 Sabin Humanitarian Award\n 2006 biotechnology medical research. Ernst & Young 2002 New York City Biotechnology\n Entrepreneur Year Wings of Hope Award 2005 Melanoma Research Foundation melanoma community.\n PhD physical chemistry research fellow Brookhaven National\n Laboratories. Board historical knowledge technologies\n expertise financial biopharmaceutical.\n Name Age Position\n. Armen 67 Executive Chairman Board\n. Arrow Chief Financial Officer\n Robert. Stein\n Khalil Barrage\n. Corvese\n Silverman" +} +{ + "_id": "d1b390c64", + "title": "", + "text": "13. Other investments\nThe Group holds a number of other listed and unlisted investments, mainly comprising managed funds, loan notes, deposits and government bonds.\nAccounting policies\nOther investments comprising debt and equity instruments are recognised and derecognised on a trade date where a purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, including transaction costs.\nDebt securities that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost using the effective interest method, less any impairment. Debt securities that do not meet the criteria for amortised cost are measured at fair value through profit and loss.\nEquity securities are classified and measured at fair value through other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss following derecognition of the investment. See note 1 “Basis of preparation” for previous measurement categories applicable to the comparative balances at 31 March 2018\nDebt securities include loan notes of US$nil (2018: US$2.5 billion (€2.0 billion) issued by Verizon Communications Inc. as part of the Group’s disposal of its interest in Verizon Wireless all of which is recorded within non-current assets and €0.8 billion (2018: €0.9 billion) issued by VodafoneZiggo Holding B.V.\n1  Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.\n2  Items are measured at amortised cost and the carrying amount approximates fair value.\n\n | 2019 | 2018 \n----------------------------------- | ---- | -----\n | €m | €m \nIncluded within non-current assets: | | \nEquity securities1 | 48 | 47 \nDebt securities2 | 822 | 3,157\n | 870 | 3,204\n\n. investments\n Group holds listed unlisted investments managed funds loan notes deposits government bonds.\n investments debt equity instruments recognised derecognised trade date purchase sale market measured at fair value transaction costs.\n Debt securities for contractual cash flows principal interest measured at amortised cost interest method less impairment. securities measured fair value profit loss.\n Equity securities classified measured fair value income no reclassification losses derecognition. note 1 measurement categories balances 31 March 2018\n Debt securities include loan notes US. billion. Verizon Communications. non-current assets €0. 8 billion. VodafoneZiggo Holding.\n Items measured at fair value valuation basis level 2 classification determined inputs prices.\n Items measured at amortised cost carrying amount approximates fair value.\n non-current assets\n Equity securities1 48\n Debt securities2 822 3,157\n" +} +{ + "_id": "d1b335116", + "title": "", + "text": "Equity Compensation Plan Information\nThe following table summarizes share and exercise price information for our equity compensation plans as of December 31, 2019.\n(1) Includes 105,000 shares of our common stock issuable upon exercise of outstanding stock options and 340,000 shares issuable upon vesting of outstanding restricted stock units.\n(2) Represents an individual option grant to our Chairman and Chief Executive Officer outside of, and prior to the establishment of, the 2013 Stock Incentive Plan in October 2013 referred to in the above table. The option agreement pertaining to such option grant contain customary anti-dilution provisions.\n(3) Does not take into account outstanding restricted stock units as these awards have no exercise price.\nOur 2013 Stock Incentive Plan (“2013 Plan”) provides for the grant of any or all of the following types of awards: (a) stock options, (b) restricted stock, (c) deferred stock, (d) stock appreciation rights, and (e) other stock-based awards including restricted stock units. Awards under the 2013 Plan may be granted singly, in combination, or in tandem. Subject to standard anti-dilution adjustments as provided in the 2013 Plan, the 2013 Plan provides for an aggregate of 2,600,000 shares of our common stock to be available for distribution pursuant to the 2013 Plan. The Compensation Committee (or the Board of Directors) will generally have the authority to administer the 2013 Plan, determine participants who will be granted awards under the 2013 Plan, the size and types of awards, the terms and conditions of awards and the form and content of the award agreements representing awards. Awards under the 2013 Plan may be granted to our employees, directors and consultants. As of December 31, 2019, there were options to purchase an aggregate of 605,000 shares of common stock outstanding and 340,000 shares issuable upon vesting of outstanding restricted stock units granted under the 2013 Plan, and a balance of 1,780,505 shares of common stock are reserved for issuance under the 2013 Plan.\n\n | Number of securities to be issued upon exercise of outstanding options and rights | Weighted-average exercise price of outstanding options and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column(a))\n---------------------------------------------------------- | --------------------------------------------------------------------------------- | ----------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------\n | (a) | (b) | (c) \nEquity compensation plans approved by security holders | 445,000(1) | $2.34(3) | 1,780,505 \nEquity compensation plans not approved by security holders | 500,000(2) | $1.19 | — \nTotal | 945,000 | $1.39(3) | 1,780,505 \n\nEquity Compensation Plan Information\n table summarizes share exercise price information equity compensation plans December 31, 2019.\n Includes 105,000 shares common stock stock options 340,000 shares vesting restricted stock units.\n Represents individual option grant Chairman Chief Executive Officer outside 2013 Stock Incentive Plan 2013. option agreement anti-dilution provisions.\n restricted stock units no exercise price.\n 2013 Stock Incentive Plan provides awards stock options restricted stock deferred stock stock appreciation rights other stock-based awards. singly combination tandem. provides 2,600,000 shares common stock distribution. Compensation Committee Board 2013 Plan awards size types terms conditions form agreements. Awards employees directors consultants. December 31, 2019 options purchase 605,000 shares common stock 340,000 shares issuable vesting restricted stock units 1,780,505 shares reserved issuance 2013 Plan.\nsecurities issued options Weighted-average exercise price securities future plans column(a\n (a)\n Equity compensation plans approved 445,000(1) $2. 34(3) 1,780,505\n not 500,000(2) $1. 19\n Total 945,000 $1. 39(3) 1,780,505" +} +{ + "_id": "d1b33959a", + "title": "", + "text": "Cash used in investing activities\nDetail of the cash used in investing activities is included below for each year (dollars in millions).\n2019 vs. 2018. The $8.8 million higher spend on investing activities during 2019 compared to 2018 was primarily related to an increase in capitalized costs associated with various internally-developed software projects, such as mobile application development and transaction processing, an increase in hardware costs primarily associated with our growing infrastructure needs and an increase in leasehold improvements associated with security build outs of expanded office space.\n2018 vs. 2017. We had net cash used in investing activities of $6.6 million during 2018 compared to $4.1 million during 2017. The higher spend in 2018 was primarily related to an increase in software expenditures, most of which were capitalized costs related to internally-developed software, which consisted primarily of merchant experience enhancements and mobile application development. This activity was partially offset by lower infrastructure expenditures in 2018 compared to 2017, as we did not have any material changes to our leased premises during 2018.\n\n | | Year Ended December 31, | \n--------------------------------------------- | ----- | ----------------------- | ----\n | 2019 | 2018 | 2017\nSoftware | $12.7 | $5.4 | $2.3\nComputer hardware | 1.2 | 0.8 | 0.8 \nLeasehold improvements | 0.9 | 0.2 | 0.5 \nFurniture | 0.6 | 0.2 | 0.5 \nPurchases of property, equipment and software | $15.4 | $6.6 | $4.1\n\nCash investing activities\n each year millions.\n 2019 vs. 2018. $8. million higher spend 2019 related capitalized costs internally-developed software projects mobile application hardware costs infrastructure leasehold improvements security expanded office space.\n 2018. 2017. net cash $6. million 2018 $4. 1 million 2017. higher spend 2018 software expenditures capitalized internally-developed merchant experience enhancements mobile application development. offset by lower infrastructure expenditures material changes leased premises 2018.\n Year Ended December 31,\n 2019\n Software $12. $5. $2.\n Computer hardware.\n Leasehold improvements.\n Furniture.\n Purchases property equipment software $15. $6. $4." +} +{ + "_id": "d1b3935fe", + "title": "", + "text": "NET DEBT\nThe term net debt does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.\nWe define net debt as debt due within one year plus long-term debt and 50% of preferred shares, less cash and cash equivalents, as shown in BCE’s consolidated statements of financial position. We include 50% of outstanding preferred shares in our net debt as it is consistent with the treatment by certain credit rating agencies.\nWe consider net debt to be an important indicator of the company’s financial leverage because it represents the amount of debt that is not covered by available cash and cash equivalents. We believe that certain investors and analysts use net debt to determine a company’s financial leverage.\nNet debt has no directly comparable IFRS financial measure, but rather is calculated using several asset and liability categories from the statements of financial position, as shown in the following table.\n\n | 2019 | 2018 \n----------------------------------- | ------ | ------\nDebt due within one year | 3,881 | 4,645 \nLong-term debt | 22,415 | 19,760\n50% of outstanding preferred shares | 2,002 | 2,002 \nCash and cash equivalents | (145) | (425) \nNet debt | 28,153 | 25,982\n\n\n standardized meaning IFRS. unlikely comparable issuers.\n debt due one year long-term debt 50% preferred shares less cash equivalents BCE’s statements financial. 50% preferred shares debt consistent credit rating agencies.\n debt important indicator financial leverage debt not covered cash equivalents. investors analysts use financial leverage.\n comparable IFRS calculated asset liability categories.\n Debt due one year 3,881 4,645\n Long-term debt 22,415 19,760\n 50% preferred shares 2,002\n Cash equivalents (145)\n Net debt 28,153 25,982" +} +{ + "_id": "d1b38404a", + "title": "", + "text": "6. Called up share capital\nAccounting policies\nEquity instruments issued by the Company are recorded at the amount of the proceeds received, net of direct issuance costs.\nNotes: 1 At 31 March 2019 there were 50,000 (2018: 50,000) 7% cumulative fixed rate shares of £1 each in issue\n2 At 31 March 2019 the Group held 1,584,882,610 (2018: 2,139,038,029) treasury shares with a nominal value of €264 million (2018: €356 million). The market value of shares held was €2,566 million (2018: €4,738 million). During the year, 45,657,750 (2018: 53,026,317) treasury shares were reissued under Group share schemes. On 25 August 2017, 729,077,001 treasury shares were issued in settlement of tranche 1 of a maturing subordinated mandatory convertible bond issued on 19 February 2016. On 25 February 2019, 799,067,749 treasury shares were issued in settlement of tranche 2 of the maturing subordinated mandatory convertible bond. On 5 March 2019 the Group announced the placing of subordinated mandatory convertible bonds totalling £1.72 billion with a 2 year maturity date in 2021 and £1.72 billion with a 3 year maturity date due in 2022. The bonds are convertible into a total of 2,547,204,739 ordinary shares with a conversion price of £1.3505 per share. For further details see note 20 “Borrowings and capital resources” in the consolidated financial statements.\n3 Represents US share awards and option scheme awards.\n\n | | 2019 | | 2018 \n----------------------------------------------------------------------------- | -------------- | ----- | -------------- | -----\n | Number | €m | Number | €m \nOrdinary shares of 2020⁄21 US cents each allotted, issued and fully paid:1, 2 | | | | \n1 April | 28,814,803,308 | 4,796 | 28,814,142,848 | 4,796\nAllotted during the year3 | 454,870 | – | 660,460 | – \n31 March | 28,815,258,178 | 4,796 | 28,814,803,308 | 4,796\n\n. share capital\n Equity instruments proceeds issuance costs.\n 31 March 2019 50,000 7% fixed rate shares £1\n 31 March 2019 Group held 1,584,882,610 (2018 2,139,038,029) treasury shares €264 million €356 million. market value €2,566 million €4,738 million. 45,657,750 (2018 53,026,317) shares reissued schemes. 25 August 2017 729,077,001 shares issued bond 2016. 25 February 2019,067,749. 5 March 2019 convertible bonds £1. 72 billion 2 year maturity 2021 £1. 72 billion 3 year maturity 2022. bonds convertible 2,547,204,739 ordinary shares price £1. 3505 per share. note 20 capital financial statements.\n share awards option scheme awards.\n shares allotted issued\n 28,814,803\nAllotted 454,870 660,460\n 31 March 28,815,258,178,308" +} +{ + "_id": "d1b32fb4e", + "title": "", + "text": "The $252.5 million of valuation allowance as of September 27, 2019 relates primarily to federal and state NOLs, tax credit carryforwards and a partial valuation allowance on tax credits in Canada of $19.0 million whose recovery is not considered more likely than not. The$243.1 million of valuation allowance as of September 28, 2018 related primarily to federal and state NOLs, tax credit carryforwards and a partial valuation allowance on tax credits in Canada of$13.6 million whose recovery is not considered more likely than not. The change during the fiscal year endedSeptember 27, 2019 of $9.4 million primarily relates to the reduction of our NOLs due to section 382 limitations, the changes in our temporary differences, and the lower U.S federal tax rate.\nOur effective tax rates differ from the federal and statutory rate as follows:\nFor fiscal years 2019, 2018 and 2017, the effective tax rates on $423.2 million, $155.2 million and $49.5 million, respectively, of pre-tax loss from continuing operations were 9.3%, 13.8% and (203.8)%, respectively.\nFor fiscal year 2019, the effective tax rate was primarily impacted by a change in our NOL carryforward due to an adjustment in our Section 382 limitation from a prior period acquisition and the immediate recognition of the current and deferred income tax effects totaling $39.8 million from an intra-entity transfer of a license for intellectual property to a higher taxed jurisdiction that received a tax basis step-up.\nFor fiscal year 2018, the effective tax rate was primarily impacted by the Tax Cuts and Jobs Act (the \"Tax Act\"). The effective income tax rates for fiscal years 2019, 2018 and 2017 were also impacted by a lower income tax rate in many foreign jurisdictions in which our foreign subsidiaries operate, changes in valuation allowance, research and development tax credits, and a fair market value adjustment of warrant liabilities.\nAll earnings of foreign subsidiaries, other than our M/A-COM Technology Solutions International Limited Cayman Islands subsidiary (\"Cayman Islands subsidiary\"), are considered indefinitely reinvested for the periods presented. During fiscal year 2019 we changed our position for our Cayman Islands subsidiary to no longer have its earnings permanently reinvested.\nAlthough a foreign subsidiary would typically have to accrue for foreign withholding tax liabilities associated with undistributed earnings, Cayman Islands has no withholding tax under domestic law, therefore, we did not accrue for foreign withholding tax.\nDuring fiscal year 2019 we finalized our calculation of the one-time deemed repatriation of gross foreign earnings and profits, totaling $156.8 million, which resulted in approximately $86.7 million in U.S. taxable income for the year ended September 28, 2018 with Grand Cayman and Ireland accounting for$ 59.7 million and $25.6 million, respectively. Due to the fact that we are in a full U.S. valuation allowance, this one-time deemed repatriation had no impact on our tax expense for fiscal year 2018.\nOur fiscal year 2019 tax provision incorporated changes required by the Tax Act. Some of these changes include a new limitation on the deductible interest expense, inclusion of Global Intangible Low Taxed Income earned by controlled foreign corporations, computation of the new base erosion anti-abuse minimum tax, repealing the performance-based compensation exception to section 162(m) and revising the definition of a covered employee.\n\n | | Fiscal Years | \n---------------------------------- | ------ | ------------ | --------\n | 2019 | 2018 | 2017 \nFederal statutory rate | 21.0% | 24.5% | 35.0% \nForeign rate differential | 1.6 | 5.1 | 31.9 \nState taxes net of federal benefit | 0.9 | 0.8 | 0.2 \nWarrant liabilities | — | 4.4 | (1.8) \nChange in valuation allowance | (2.4) | 34.0 | (270.0) \nResearch and development credits | 1.4 | 9.0 | 12.8 \nProvision to return adjustments | 0.3 | 8.3 | (4.0) \nSection 382 adjustment | (19.3) | — | — \nNondeductible compensation expense | (0.6) | 1.4 | (4.1) \nGlobal Intangible Low Taxed Income | (2.9) | — | — \nNondeductible legal fees | — | 0.9 | (3.9) \n2017 tax reform | — | (73.7) | — \nIntra-entity license transfer | 9.4 | — | — \nOther permanent differences | (0.1) | (0.9) | 0.1 \nEffective income tax rate | 9.3% | 13.8% | (203.8)%\n\n$252. 5 million valuation allowance September 27, 2019 federal state NOLs tax credit carryforwards partial Canada $19. million recovery.$243. 1 million September 28, 2018 NOLs carryforwards Canada$13. 6 million recovery. change 2019 $9. 4 million reduction NOLs section 382 limitations temporary differences lower U. S federal tax rate.\n effective tax rates differ\n 2019 2018 2017 tax rates $423. 2 million $155. 2 million $49. 5 million 9. 3% 13. 8% (203. 8)%,.\n 2019 impacted NOL carryforward Section 382 current deferred income tax effects $39. 8 million transfer license higher taxed jurisdiction.\n 2018 impacted Tax Cuts Jobs Act. impacted lower income tax rate foreign jurisdictions changes valuation allowance research development tax credits fair market value adjustment warrant liabilities.\n earnings foreign subsidiaries-COM Technology Solutions Islands indefinitely reinvested.fiscal year 2019 changed position Cayman Islands subsidiary earnings reinvested.\n foreign subsidiary Cayman Islands no tax.\n 2019 finalized calculation one repatriation foreign earnings profits $156. 8 million $86. 7 million U. S. taxable income year September 28, 2018 Grand Cayman Ireland accounting$ 59. 7 million $25. 6 million. full U. S. valuation allowance repatriation impact tax expense 2018.\n 2019 tax provision incorporated changes Tax Act. limitation deductible interest expense Global Intangible Low Taxed Income new base erosion anti-abuse minimum tax performance-based compensation exception revising definition covered employee.\n Fiscal Years\n Federal statutory rate.\n Foreign rate differential.\n State taxes federal benefit.\n Warrant liabilities.\n Change valuation allowance.\n Research development credits.\n Provision return adjustments.\n Section 382 adjustment.\n Nondeductible compensation. 6). 4.\n Low Taxed Income. 9)\n Nondeductible legal fees.\n 2017 tax reform. 7)\n Intra-entity license transfer. 4\n differences. 9).\n income tax rate. 3%. 8%." +} +{ + "_id": "d1b3a7932", + "title": "", + "text": "Cash Flows\nThe following table summarizes our cash flows for the periods indicated:\nOperating Activities\nOur primary source of cash from operating activities has been cash collections from our customers. We expect cash inflows from operating activities to be primarily affected by increases in total bookings. Our primary uses of cash from operating activities have been for domain registration costs paid to registries, software licensing fees related to third-party email and productivity solutions, personnel costs, discretionary marketing and advertising costs, technology and development costs and interest payments. We expect cash outflows from operating activities to be affected by the timing of payments we make to registries and increases in personnel and other operating costs as we continue to grow our business and increase our international presence.\nNet cash provided by operating activities increased $163.6 million from $559.8 million in 2018 to $723.4 million in 2019, primarily driven by our bookings growth as well as increased interest income.\nInvesting Activities\nOur investing activities primarily consist of strategic acquisitions and purchases of property and equipment to support the overall growth of our business and our increased international presence. We expect our investing cash flows to be affected by the timing of payments we make for capital expenditures and the strategic acquisition or other growth opportunities we decide to pursue.\nNet cash used in investing activities decreased $119.5 million from $254.8 million in 2018 to $135.3 million in 2019, primarily due to a $106.9 million decrease in business acquisitions.\nFinancing Activities\nOur financing activities primarily consist of long-term debt borrowings, the repayment of principal on long-term debt, stock option exercises and share repurchases.\nNet cash from financing activities decreased $503.9 million from $47.0 million provided in 2018 to $456.9 million used in 2019, primarily resulting from $458.6 million of share repurchases in 2019, a $44.4 million increase in acquisition contingent consideration payments and $13.2 million of financing-related costs paid in 2019.\n\n | Year Ended December 31, | | \n------------------------------------------------------------ | ----------------------- | ------- | ---------\n | 2019 | 2018 | 2017 \nNet cash provided by operating activities | $723.4 | $559.8 | $475.6 \nNet cash used in investing activities | (135.3) | (254.8) | (1,570.1)\nNet cash provided by (used in) financing activities | (456.9) | 47.0 | 1,107.5 \nEffect of exchange rate changes on cash and cash equivalents | (0.8) | (2.3) | 3.6 \nNet increase in cash and cash equivalents | $130.4 | $349.7 | $16.6 \n\nCash Flows\n table summarizes cash flows\n Operating Activities\n primary source collections. inflows affected by bookings. uses domain registration software licensing personnel marketing advertising technology development interest payments. outflows by timing payments personnel costs.\n Net cash increased $163. 6 million from $559. 8 million 2018 to $723. 4 million 2019 driven bookings growth interest income.\n Investing Activities\n purchases. cash flows timing capital expenditures.\n Net cash decreased $119. 5 million from $254. 8 million 2018 to $135. 3 million 2019 $106. 9 million decrease acquisitions.\n Financing Activities\n-term debt borrowings repayment stock option exercises share repurchases.\n Net cash decreased $503. 9 million from $47. million 2018 to $456. 9 million 2019 $458. 6 million share repurchases $44. 4 million acquisition contingent payments $13. 2 million financing costs.\n December\n2019 2017\n operating $723. $559. $475.\n investing (135. (254. (1,570.\n financing (456. 47. 1,107.\n exchange rate changes cash equivalents (0. (2. 3.\n increase $130. $349. $16." +} +{ + "_id": "d1b3907e6", + "title": "", + "text": "The following table provides a reconciliation from U.S. GAAP Net income to non-GAAP Adjusted net income (amounts in thousands):\n(1) Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n(2) $0.9 million in costs incurred during fiscal year 2018 related to the relocation of the Company's tantalum powder facility equipment from Carson City, Nevada to its existing Matamoros, Mexico plant were reclassified from “Plant start-up costs” to “Restructuring charges” during fiscal year 2019.\n\n | | Fiscal Years Ended March 31, | \n----------------------------------------------------------- | -------- | ---------------------------- | --------\n | 2019 | 2018 | 2017 \nNet income (GAAP) (1) | $206,587 | $254,127 | $47,157 \nNon-GAAP adjustments: | | | \nEquity (income) loss from equity method investments | 3,304 | (76,192) | (41,643)\nAcquisition (gain) loss | — | (130,880) | — \nChange in value of TOKIN options | — | — | (10,700)\n(Gain) loss on write down and disposal of long-lived assets | 1,660 | (992) | 10,671 \nRestructuring charges (2) | 8,779 | 14,843 | 5,404 \nR&D grant reimbursements and grant income | (4,559) | — | — \nERP integration costs/IT transition costs | 8,813 | 80 | 7,045 \nStock-based compensation | 12,866 | 7,657 | 4,720 \nLegal expenses/fines related to antitrust class actions | 11,896 | 16,636 | 2,640 \nNet foreign exchange (gain) loss | (7,230) | 13,145 | (3,758) \nTOKIN investment-related expenses | — | — | 1,101 \nPlant start-up costs (2) | (927) | 929 | 427 \nAmortization included in interest expense | 1,872 | 2,467 | 761 \nIncome tax effect of non-GAAP adjustments | (50,012) | (30) | (741) \nLoss on early extinguishment of debt | 15,946 | 486 | — \nAdjusted net income (non-GAAP) (1) | $208,995 | $102,276 | $23,084 \n\ntable. GAAP non-GAAP income\n Fiscal years 2018 2017 adjusted ASC 606.\n. 9 million costs relocation tantalum powder equipment Carson City Nevada Matamoros Mexico reclassified start-up 2019.\n Years Ended March\n 2017\n Net income (GAAP $206,587 $254,127 $47,157\n Non-GAAP adjustments\n Equity loss investments 3,304 (76,192) (41,643)\n Acquisition) loss,880\n Change value TOKIN options,700\n loss write down disposal long-lived assets 1,660\n Restructuring charges 8,779 14,843 5\n R&D grant reimbursements income\n ERP integration transition costs\n Stock-based compensation,866\n Legal expenses antitrust class actions 11,896\n foreign exchange loss (7,230\n TOKIN investment-related expenses\n Plant start-up costs\n1,872 2,467\n Income tax non-GAAP (50,012)\n Loss extinguishment debt 15,946 486\n Adjusted income $208,995 $102,276" +} +{ + "_id": "d1a7290b6", + "title": "", + "text": "Note 8 Property and Equipment, net\nThe following table details our property and equipment, net.\n(1) Upon adoption of ASU 2016-02, $28.3 million of assets that were included in property and equipment, net as of December 31, 2018 are now included in other non-current assets on our Consolidated Balance Sheets as of December 31, 2019. These assets were related to capital leases, primarily for warehouse, office and small manufacturing facilities, IT equipment and automobiles, which are now ROU assets. Refer to Note 4, “Leases,” of the Notes to Consolidated Financial Statements for additional information on our ROU assets.\n\nDecember 31, | | \n----------------------------------------- | --------- | ---------\n(In millions) | 2019 | 2018(1) \nLand and improvements | $ 50.7 | $ 41.2 \nBuildings | 747.0 | 728.6 \nMachinery and equipment | 2,453.2 | 2,325.7 \nOther property and equipment | 141.3 | 135.6 \nConstruction-in-progress | 127.9 | 155.1 \nProperty and equipment, gross | 3,520.1 | 3,386.2 \nAccumulated depreciation and amortization | (2,378.2) | (2,350.0)\nProperty and equipment, net | $ 1,141.9 | $ 1,036.2\n\nProperty Equipment\n table details.\n ASU 2016-02. 3 million assets 2018 non Consolidated Balance Sheets 2019. capital leases warehouse office manufacturing facilities IT equipment automobiles ROU. Note 4 Financial Statements information ROU assets.\n Land improvements $ 50. $ 41.\n Buildings 747. 728.\n Machinery equipment 2,453. 2,325.\n property 141. 135.\n Construction-in-progress 127. 155.\n Property equipment 3,520. 3,386.\n Accumulated depreciation amortization (2,378.,350.\n $ 1,141. $ 1,036." +} +{ + "_id": "d1b3a2270", + "title": "", + "text": "Note A: Beginning from June 2015, the Company accounts for its investment in FARADAY as an associate given the fact that the Company obtained the ability to exercise significant influence over FARADAY through representation on its Board of Directors.\nNote B: WINAICO SOLAR PROJEKT 1 GMBH and WINAICO IMMOBILIEN GMBH are joint ventures to the Company.\nNote C: The Company follows international accounting practices in equity accounting for limited partnerships and uses the equity method to account for these investees.\nThe carrying amount of investments accounted for using the equity method for which there are published price quotations amounted to NT$1,733 million and NT$1,750 million, as of December 31, 2018 and 2019, respectively. The fair value of these investments were NT$1,621 million and NT$2,244 million, as of December 31, 2018 and 2019, respectively.\n\nAs of December 31, | | | | \n------------------------------------------- | ------------------ | ---------------------------------------- | ------------------ | ----------------------------------------\n | 2018 | | 2019 | \nInvestee companies | Amount | Percentage of ownership or voting rights | Amount | Percentage of ownership or voting rights\n | NT$ (In Thousands) | | NT$ (In Thousands) | \nListed companies | | | | \nCLIENTRON CORP. | $249,663 | 22.39 | $276,515 | 21.90 \nFARADAY TECHNOLOGY CORP. (FARADAY) (Note A) | 1,483,111 | 13.78 | 1,473,028 | 13.78 \nUnlisted companies | | | | \nMTIC HOLDINGS PTE. LTD. | 3,026 | 45.44 | 18,157 | 45.44 \nWINAICO IMMOBILIEN GMBH (Note B) | — | 44.78 | — | 44.78 \nPURIUMFIL INC. | — | — | 7,164 | 44.45 \nUNITECH CAPITAL INC. | 568,005 | 42.00 | 642,660 | 42.00 \nTRIKNIGHT CAPITAL CORPORATION | 1,520,575 | 40.00 | 2,281,631 | 40.00 \nHSUN CHIEH INVESTMENT CO., LTD. | 1,608,551 | 36.49 | 1,686,502 | 36.49 \nYANN YUAN INVESTMENT CO., LTD. | 2,032,013 | 30.87 | 2,761,821 | 30.87 \nHSUN CHIEH CAPITAL CORP. | 161,319 | 30.00 | 122,060 | 30.00 \nVSENSE CO., LTD. | 31,544 | 26.89 | 592 | 25.90 \nUNITED LED CORPORATION HONG KONG LIMITED | 167,953 | 25.14 | 121,973 | 25.14 \nTRANSLINK CAPITAL PARTNERS I, L.P. (Note C) | 120,440 | 10.38 | 172,414 | 10.38 \nWINAICO SOLAR PROJEKT 1 GMBH (Note B) | — | 50.00 | — | — \nYUNG LI INVESTMENTS, INC. | 2,213 | 45.16 | — | — \nTotal | $7,948,413 | | $9,564,517 | \n\nJune 2015, Company accounts investment FARADAY associate influence FARADAY Board Directors.\n WINAICO SOLAR PROJEKT 1 WINAICO IMMOBILIEN GMBH joint ventures.\n follows international practices equity uses equity method.\n investments equity method NT$1,733 million NT$1,750 million December 31, 2018 2019. fair value NT$1,621 million NT$2,244 million December 31, 2018 2019.\n companies Percentage ownership voting rights\n Thousands\n Listed companies\n CLIENTRON CORP. $249,663 . $276,515.\n FARADAY TECHNOLOGY CORP. 1,483,111. 1,473,028.\n Unlisted companies\n MTIC HOLDINGS PTE. LTD. 3,026. 18,157.\n WINAICO IMMOBILIEN GMBH.\n PURIUMFIL INC. 7,164.\n UNITECH CAPITAL INC. 568,005.642,660.\n TRIKNIGHT CAPITAL 1,520,575. 2,281,631.\n HSUN CHIEH INVESTMENT. 1,608,551. 1,686,502.\n YANN YUAN INVESTMENT. 2,032,013. 2,761,821.\n CHIEH CAPITAL. 161,319. 122,060.\n.\n UNITED LED CORPORATION HONG 167,953. 121,973.\n TRANSLINK CAPITAL PARTNERS. 120,440. 172,414.\n WINAICO SOLAR PROJEKT.\n YUNG LI INVESTMENTS.\n $7,948,413 $9,564,517" +} +{ + "_id": "d1b348478", + "title": "", + "text": "Item 6. SELECTED FINANCIAL DATA\nYou should read the following selected consolidated financial data for the five-year period ended March 31, 2019 in conjunction with our consolidated financial statements and notes thereto and \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" included in Items 7 and 8 of this Form 10-K. Our consolidated statements of income data for each of the years in the three-year period ended March 31, 2019, and the balance sheet data as of March 31, 2019 and 2018, are derived from our audited consolidated financial statements, included in Item 8 of this Form 10-K. The statement of income data for the years ended March 31, 2016 and 2015 and balance sheet data as of March 31, 2017, 2016 and 2015 have been derived from our audited consolidated financial statements not included herein (in the tables below all amounts are in millions, except per share data).\n(1) Refer to Note 2 to our consolidated financial statements for an explanation of our material business combinations during fiscal 2019 and fiscal 2017.\n(2) Refer to Note 4 to our consolidated financial statements for a discussion of the special charges and other, net.\n(3) Refer to Note 12 Debt and Credit Facility for further discussion.\n\n | | | Year ended March 31, | | \n----------------------------------------------------------------------------- | --------- | --------- | -------------------- | --------- | ---------\n | 2019 (1) | 2018 | 2017 (1) | 2016 | 2015 \nConsolidated Statements of Income data: | | | | | \nNet sales | $5,349.5 | $3,980.8 | $3,407.8 | $2,173.3 | $2,147.0 \nSpecial charges and other, net (2) | $33.7 | $17.5 | $98.6 | $4.0 | $2.8 \nLoss on settlement of debt (3) | $(12.6) | $(16.0) | $(43.9) | $— | $(50.6) \nNet income from continuing operations | $355.9 | $255.4 | $170.6 | $323.9 | $365.3 \nBasic net income per common share from continuing operations | $1.51 | $1.10 | $0.79 | $1.59 | $1.84 \nDiluted net income per common share from continuing operations | $1.42 | $1.03 | $0.73 | $1.49 | $1.65 \nDividends declared per common share | $1.457 | $1.449 | $1.441 | $1.433 | $1.425 \nConsolidated Balance Sheets data: | | | | | \nTotal assets | $18,350.0 | $8,257.2 | $7,686.9 | $5,537.9 | $4,780.7 \nNet long-term debt and capital lease obligations, less current maturities (3) | $8,956.0 | $1,769.1 | $2,912.1 | $2,465.8 | $1,840.0 \nMicrochip Technology stockholders' equity | $ 5,287.5 | $ 3,279.8 | $3,270.7 | $ 2,150.9 | $ 2,044.7\n\n6. SELECTED FINANCIAL DATA\n read consolidated financial data five-year period March 31, 2019 financial statements notes \"Management's Discussion Analysis Financial Condition Results Operations Items 7 8 Form 10-K. consolidated income March 31, 2019 balance sheet data March 31, 2018 derived audited financial statements Item 8 Form 10-K. income years March 31, 2016 2015 balance sheet data derived statements amounts millions share.\n Refer Note 2 business combinations fiscal 2019 2017.\n Note 4 special charges.\n Note 12 Debt Credit Facility discussion.\n Year ended March 31,\n 2019 2018 2017 2015\n Consolidated Statements Income\n Net sales $5,349. $3,980. $3,407. $2,173. $2,147.\n Special charges $33. $17. $98. $4. $2.\n Loss settlement debt.(43.\n Net income operations $355. $255. $170. $323. $365.\nincome share. 51. 79. 59.\n income. 42. 73. 49.\n Dividends share. 457. 449. 433. 425\n Balance Sheets\n assets $18,350. $8,257. $7,686. $5,537. $4,780.\n long-term debt capital lease obligations maturities $8,956. $1,769. $2,912. $2,465. $1,840.\n Microchip stockholders equity 5,287. 3,279. $3,270. 2,150. 2,044." +} +{ + "_id": "d1b3931c6", + "title": "", + "text": "Results of Continuing Operations\nThe following table sets forth certain operational data as a percentage of net sales for the fiscal years indicated:\n\n | | Year Ended March 31, | \n------------------------------------------ | ------ | -------------------- | ------\n | 2019 | 2018 | 2017 \nNet sales | 100.0% | 100.0% | 100.0%\nCost of sales | 45.2 | 39.2 | 48.4 \nGross profit | 54.8 | 60.8 | 51.6 \nResearch and development | 15.4 | 13.3 | 16.0 \nSelling, general and administrative | 12.8 | 11.4 | 14.7 \nAmortization of acquired intangible assets | 12.6 | 12.2 | 9.9 \nSpecial charges and other, net | 0.6 | 0.4 | 2.9 \nOperating income | 13.4% | 23.5% | 8.1% \n\nOperations\n table operational data net sales fiscal years\n Ended March 31,\n 2019 2018 2017\n Net sales 100.\n Cost sales 45. 39. 48.\n profit 54. 60. 51.\n Research development 15. 13. 16.\n Selling 12. 11. 14.\n Amortization intangible assets 12. 9.\n charges.\n Operating income 13. 4% 23. 5% 8." +} +{ + "_id": "d1b318516", + "title": "", + "text": "Net Sales\nThe following table presents our net sales and the percentage of total net sales by segment:\n\n | | Fiscal | | \n------------------------ | -------- | --------------- | -------- | -----\n | 2019 | | 2018 | \n | | ($ in millions) | | \nTransportation Solutions | $ 7,821 | 58 % | $ 8,290 | 59 % \nIndustrial Solutions | 3,954 | 30 | 3,856 | 28 \nCommunications Solutions | 1,673 | 12 | 1,842 | 13 \nTotal | $ 13,448 | 100 % | $ 13,988 | 100 %\n\nNet Sales\n table presents percentage segment\n 2019 2018\n$ millions\n Transportation Solutions $ 7,821 58 % 8,290 59 %\n Industrial Solutions 3,954\n Communications Solutions 1,673 1,842\n $ 13,448 100 % 13,988" +} +{ + "_id": "d1a73ee34", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n2018 Transactions\nDuring the year ended December 31, 2019, the allocation of the final purchase price for the acquisition of Idea Cellular Infrastructure Services Limited was finalized with no material post-closing adjustments. During the year ended December 31, 2019, there were no material post-closing adjustments that impacted other 2018 acquisitions.\nPro Forma Consolidated Results (Unaudited)\nThe following table presents the unaudited pro forma financial results as if the 2019 acquisitions had occurred on January 1, 2018 and the 2018 acquisitions had occurred on January 1, 2017. The pro forma results do not include any anticipated cost synergies, costs or other integration impacts. Accordingly, such pro forma amounts are not necessarily indicative of the results that actually would have occurred had the transactions been completed on the dates indicated, nor are they indicative of the future operating results of the Company.\n\n | Year Ended December 31, | \n----------------------------------------------------------------------------------- | ----------------------- | --------\n | 2019 | 2018 \nPro forma revenues | $7,904.2 | $7,936.0\nPro forma net income attributable to American Tower Corporation common stockholders | $1,844.9 | $1,122.6\nPro forma net income per common share amounts: | | \nBasic net income attributable to American Tower Corporation common stockholders | $4.17 | $2.55 \nDiluted net income attributable to American Tower Corporation common stockholders | $4.14 | $2.53 \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n 2018 Transactions\n December 31, 2019 final purchase price Idea Cellular Infrastructure Services no-closing adjustments. no adjustments 2018 acquisitions.\n Pro Forma Consolidated Results\n unaudited financial results 2019 acquisitions January 1, 2018 2018 January 1, 2017. results include anticipated cost synergies integration impacts. not indicative results future results.\n Year Ended December 31,\n 2018\n Pro forma revenues $7,904. $7,936.\n net income American Tower Corporation stockholders $1,844. $1,122.\n income common share\n income $4. 17 $2.\n income $4. 14 $2." +} +{ + "_id": "d1b32f57c", + "title": "", + "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nThe following table reflects the impact of consolidation of GS Holdings into the Consolidated Statements of Operations for the years indicated.\n\n | Year Ended December 31, | \n--------------------------------- | ----------------------- | --------\n | 2019 | 2018 \nTotal revenue | $529,646 | $414,673\nTotal costs and expenses | 408,693 | 261,883 \nOperating profit | 120,953 | 152,790 \nTotal other income (expense), net | (22,297) | (19,276)\nNet income | $98,656 | $133,514\n\nGreenSky. CONSOLIDATED FINANCIAL STATEMENTS States Dollars\n consolidation GS Holdings Statements Operations.\n Ended December 31,\n revenue $529,646 $414,673\n costs expenses,693 261,883\n profit 120,953 152,790\n income (22,297 (19,276)\n income $98,656 $133,514" +} +{ + "_id": "d1b31cc4c", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nThe following table summarizes the estimated preliminary fair values of the assets acquired and liabilities assumed from the acquisition in 2019:\n\n | Preliminary: September 10, 2019 | Measurement Period Adjustments | Preliminary: December 31, 2019\n--------------------------------------- | ------------------------------- | ------------------------------ | ------------------------------\nAccounts and other receivable, net | $ 128,221 | $ - | $ 128,221 \nInventories | 140,678 | (900) | 139,778 \nProperty and equipment | 65,016 | (1,984) | 63,032 \nOperating lease right-of-use assets | 60,217 | (144) | 60,073 \nGoodwill | 143,262 | (30,222) | 113,040 \nIntangible assets | 125,000 | (1,000) | 124,000 \nDeferred income tax assets | 14,767 | (14,767) | — \nOther assets | 61,511 | 2,507 | 64,018 \nTotal assets acquired | 738,672 | (46,510) | 692,162 \nAccounts payable | 144,652 | 50 | 144,702 \nOperating lease liability | 59,634 | 477 | 60,111 \nPension liability | 48,494 | 192 | 48,686 \nDeferred income tax liabilities | 37,218 | (31,372) | 5,846 \nOther liabilities | 80,876 | (9,312) | 71,564 \nTotal liabilities assumed | 370,874 | (39,965) | 330,909 \nTotal fair value of net assets acquired | $367,798 | $ (6,545) | $361,253 \n\nADVANCED ENERGY INDUSTRIES. FINANCIAL STATEMENTS share\n table summarizes values assets liabilities assumed 2019\n September 10 December 31, 2019\n Accounts receivable $ 128,221\n Inventories 140,678 139,778\n Property equipment 65,016\n lease right-of-use assets 60,217\n Goodwill 143,262 113,040\n Intangible assets 125,000\n Deferred income tax assets 14,767\n Other assets 61,511\n assets acquired 738,672 692,162\n Accounts payable 144,652\n Operating lease 59,634\n Pension 48,494\n Deferred income tax liabilities 37,218\n Other liabilities 80,876 71,564\n liabilities assumed 370,874 330,909\n assets acquired $367,798,253" +} +{ + "_id": "d1b3254a0", + "title": "", + "text": "Non-Operating Income, net: Non-operating income, net consists primarily of interest income, net foreign currency exchange losses, the noncontrolling interests in the net profits of our majority-owned subsidiaries (primarily Oracle Financial Services Software Limited and Oracle Corporation Japan) and net other income, including net recognized gains and losses related to all of our investments, net unrealized gains and losses related to the small portion of our investment portfolio related to our deferred compensation plan, net unrealized gains and losses related to certain equity securities and non-service net periodic pension income (losses).\nOn a constant currency basis, our non-operating income, net decreased in fiscal 2019 compared to fiscal 2018 primarily due to decreases in other income, net in fiscal 2019 , which was primarily attributable to realized gains on the sale of certa in marketable securities during fiscal 2018 , and lower interest income in fiscal 2019 primarily due to lower average cash, cash equivalent and marketable securities balances during fiscal 2019 .\n\n | | | Year Ended May 31, | \n---------------------------------- | ------ | ------ | ------------------ | ------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nInterest income | $1,092 | -9% | -9% | $1,203\nForeign currency losses, net | (111) | 50% | 62% | (74) \nNoncontrolling interests in income | (152) | 12% | 12% | (135) \nOther income, net | (14) | -107% | -42% | 191 \nTotal non-operating income, net | $815 | -31% | -31% | $1,185\n\nNon-Operating Income interest foreign currency exchange losses noncontrolling interests profits subsidiaries Oracle Financial Services Software Oracle Corporation Japan other income recognized gains losses investments unrealized gains deferred compensation plan equity securities pension income.\n non-operating income decreased 2019 due decreases income gains sale securities lower interest income lower cash equivalent marketable securities balances.\n Year Ended May 31,\n Percent Change\n millions 2019\n Interest income $1,092 -9% $1,203\n Foreign currency losses (111) 50% 62% (74)\n Noncontrolling interests (152) 12%\n Other income net (14) -107% -42% 191\n Total non-operating income net $815 -31% $1,185" +} +{ + "_id": "d1b30928c", + "title": "", + "text": "Unrecognized Tax Benefits\nCurrent accounting guidance contains a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement.\nA reconciliation of the beginning and ending amounts of unrecognized tax benefits during fiscal 2019, 2018, and 2017 is as follows:\nIncluded in the unrecognized tax benefits at fiscal 2019 and 2018 is $38.2 million and $36.7 million, respectively, that if recognized, would result in a reduction of our effective tax rate. The amounts differ from the long-term liability recorded of $20.1 million and $16.8 million as of fiscal 2019 and 2018, respectively, due to accrued interest and penalties, as well as unrecognized tax benefits of French and Italian entities that are recorded against deferred tax asset balances without valuation allowance.\nWe believe that events that could occur in the next 12 months and cause a change in unrecognized tax benefits include, but are not limited to, the following: • commencement, continuation or completion of examinations of our tax returns by the U.S. or foreign taxing authorities; and • expiration of statutes of limitation on our tax returns.\nThe calculation of unrecognized tax benefits involves dealing with uncertainties in the application of complex global tax regulations. Uncertainties include, but are not limited to, the impact of legislative, regulatory and judicial developments, transfer pricing and the application of withholding taxes. We regularly assess our tax positions in light of legislative, bilateral tax treaty, regulatory and judicial developments in the countries in which we do business. We determined that an estimate of the range of reasonably possible change in the amounts of unrecognized tax benefits within the next 12 months cannot be made.\n\n | | Fiscal Year | \n-------------------------------------------------------------------------------- | ----------------- | ----------------- | -----------------\n(In thousands) | December 29, 2019 | December 30, 2018 | December 31, 2017\nBalance, beginning of year | $103,884 | $105,959 | $82,253 \nAdditions for tax positions related to the current year | 2,517 | 2,404 | 2,478 \nAdditions for tax positions from prior years | 1,624 | 451 | 22,151 \nReductions for tax positions from prior years/statute of limitations expirations | (416) | (2,468) | (1,460) \nForeign exchange (gain) loss | (668) | (2,462) | 537 \nBalance at the end of the period | $106,941 | $103,884 | $105,959 \n\nUnrecognized Tax Benefits\n accounting guidance two-step approach uncertain tax positions. first tax position for recognition sustained audit appeals. second step measure tax benefit largest amount 50% likely settlement.\n reconciliation unrecognized tax benefits fiscal 2019 2018 2017\n tax benefits fiscal 2019 2018 $38. 2 million $36. 7 million recognized reduction effective tax rate. amounts differ from long-term liability $20. 1 million $16. 8 million 2019 2018 due accrued interest penalties unrecognized tax benefits French Italian entities recorded against deferred tax balances.\n events next 12 months unrecognized tax benefits include examinations tax. foreign expiration statutes of limitation.\n calculation unrecognized tax benefits involves uncertainties global tax regulations. legislative regulatory judicial developments transfer pricing withholding taxes. assess tax positions legislative developments. estimate change unrecognized tax benefits next 12 months.\n\n December 29, 2019 30, 2018 31, 2017\n $103,884 $105,959 $82,253\n Additions 2,517 2,404 2,478\n prior 1,624 22,151\n Reductions (416) (2,468\n Foreign exchange loss (668) (2,462 537\n end $106,941 $103,884 $105,959" +} +{ + "_id": "d1b365e2e", + "title": "", + "text": "Comparison of 2019 and 2018\nRevenue\nWe generate substantially all of our revenue from sales of subscriptions, including domain registrations and renewals, hosting and presence products and business applications. Our subscription terms average one year, but can range from monthly terms to multi-annual terms of up to ten years depending on the product. We generally collect the full amount of subscription fees at the time of sale, while revenue is recognized over the period in which the performance obligations are satisfied, which is generally over the contract term. Revenue is presented net of refunds, and we maintain a reserve to provide for refunds granted to customers\nDomains revenue primarily consists of revenue from the sale of domain registration subscriptions, domain add-ons and aftermarket domain sales. Domain registrations provide a customer with the exclusive use of a domain during the applicable contract term. After the contract term expires, unless renewed, the customer can no longer access the domain.\nHosting and presence revenue primarily consists of revenue from the sale of subscriptions for our website hosting products, website building products, website security products and online visibility products.\nBusiness applications revenue primarily consists of revenue from the sale of subscriptions for third-party productivity applications, email accounts, email marketing tools and telephony solutions.\nThe following table presents our revenue for the periods indicated:\nThe 12.3% increase in total revenue was driven by growth in total customers and ARPU as well as having a full year of revenue from MSH in 2019, partially offset by the impact of movements in foreign currency exchange rates. The increase in customers impacted each of our revenue lines, as the additional customers purchased subscriptions across our product portfolio.\nDomains. The 10.8% increase in domains revenue was primarily driven by the increase in domains under management from 77.6 million as of December 31, 2018 to 79.6 million as of December 31, 2019, increased aftermarket domain sales and international growth\nHosting and presence. The 10.7% increase in hosting and presence revenue was primarily driven by increased revenue from our website building and website security products as well as our acquisition of MSH.\nBusiness applications. The 20.8% increase in business applications was primarily driven by increased customer adoption of our email, productivity and telephony solutions.\n\n | Year Ended December 31, | | | 2019 to 2018 | | 2018 to 2017 | \n--------------------- | ----------------------- | --------- | --------- | ------------ | -------- | ------------ | --------\n | 2019 | 2018 | 2017 | $ change | % change | $ change | % change\nDomains | $ 1,351.6 | $ 1,220.3 | $ 1,057.2 | $ 131.3 | 11 % | $ 163.1 | 15 % \nHosting and presence | 1,126.5 | 1,017.6 | 847.9 | 108.9 | 11 % | 169.7 | 20 % \nBusiness applications | 510.0 | 422.2 | 326.8 | 87.8 | 21 % | 95.4 | 29 % \nTotal revenue | $ 2,988.1 | $ 2,660.1 | $ 2,231.9 | $ 328.0 | 12 % | $ 428.2 | 19 % \n\n2019 2018\n Revenue\n subscriptions domain registrations renewals hosting business applications. subscription terms average year range monthly ten years. collect subscription fees sale revenue recognized over performance obligations contract term. Revenue net refunds reserve refunds\n Domains revenue domain subscriptions add-ons aftermarket sales. registrations exclusive use contract term. After contract term expires access domain.\n Hosting presence revenue website hosting building security online visibility.\n Business applications revenue subscriptions third-party productivity applications email accounts marketing tools telephony solutions.\n table revenue\n 12. 3% increase total revenue driven growth customers ARPU full year revenue MSH 2019 offset foreign currency rates. increase customers revenue customers purchased subscriptions.\n. 10. 8% increase revenue driven increase domains. to 79. million 2019 increased aftermarket domain sales international growth\n Hosting presence. 10. 7% increase driven website building security acquisition MSH.\n Business applications. 20. 8% increase increased adoption email productivity telephony solutions.\nYear Ended December 31, 2019 2018 2017\n Domains $ 1,351. 1,220. 1,057. 131. 163. 15 %\n Hosting 1,126. 1,017. 847. 108. 11 % 169. 20 %\n Business applications 510. 422. 326. 87. 21 % 95. 29 %\n revenue $ 2,988. $ 2,660. 2,231. $ 328. 12 % $ 428. 19 %" +} +{ + "_id": "d1b345520", + "title": "", + "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nDetails of the Company’s deferred tax assets and liabilities are as follows:\nAs of December 31, 2019, the Company had net operating loss carryforwards (“NOLs”) of $4.7 million, of which approximately $3.9 million have an indefinite life. NOLs of $0.8 million will begin to expire in 2030. As of December 31, 2019, the Company had federal and state tax credit carryforwards of $0.2 million and $0.5 million, respectively, which will begin to expire in 2028 and 2038. The Company believes as of December 31, 2019, it is more likely than not that the results of future operations will generate sufficient taxable income to realize the NOLs and tax credits and, as such, no valuation allowance was recorded.\n\n | Year Ended December 31, | \n------------------------------------------------ | ----------------------- | --------\n | 2019 | 2018 \nDeferred tax assets: | | \nInvestment in partnership | $358,024 | $299,466\nNet operating loss carryforwards and tax credits | 5,160 | 5,634 \nOther | 1,657 | 1,879 \nTotal | 364,841 | 306,979 \nValuation allowance | — | — \nTotal deferred tax assets | 364,841 | 306,979 \nTotal deferred tax liabilities | — | — \nDeferred tax assets, net | $364,841 | $306,979\n\nGreenSky. FINANCIAL STATEMENTS States Dollars\n deferred tax assets liabilities\n December 31, 2019 net operating loss carryforwards $4. 7 million $3. 9 million indefinite life. $0. 8 million expire 2030. federal state tax credit carryforwards $0. 2 million $0. 5 million 2028 2038. future operations taxable income NOLs credits no valuation allowance.\n December 31,\n Deferred tax assets\n Investment $358,024 $299,466\n Net operating loss carryforwards tax credits 5\n 364,841 306,979\n deferred tax assets 364,841 306,979\n deferred tax liabilities\n $364,841 $306,979" +} +{ + "_id": "d1b3b9d80", + "title": "", + "text": "Contractual Obligations\nThe following table summarizes, as of December 31, 2019, our contractual obligations over the next five years for the property lease entered into during the year ended 2018, the VPN arrangement with Avira and the asset purchase from IBM:\n\n | | Payments due by Period (In thousands) | \n------------------------------- | ---------------- | ------------------------------------- | ------\nContractual Obligations | Less Than 1 Year | 2-5 Years | Total \nOperating Lease Obligations: | $773 | $2,055 | $2,828\nOther Long-Term Liabilities: | | | \nFinjan Mobile future commitment | 650 | — | 650 \nFinjan Blue future commitment | 2,000 | 2,000 | 4,000 \nTotal | $3,423 | $4,055 | $7,478\n\nObligations\n table summarizes December 31, 2019 obligations five years property lease VPN arrangement Avira asset purchase IBM\n Payments due\n Obligations Less 1 Year 2-5 Years\n Lease Obligations $773 $2,055 $2,828\n Long-Term Liabilities\n Finjan Mobile\n $3,423 $4,055 $7,478" +} +{ + "_id": "d1b3ae7be", + "title": "", + "text": "Employee Share Ownership Plan\nUK employees are eligible to participate in the Employee Share Ownership Plan (ESOP). The aim of the ESOP is to encourage increased shareholding in the Company by all UK employees and so there are no performance conditions. Employees are invited to join the ESOP when an offer is made each year. Individuals save for 12 months during the accumulation period and subscribe for shares at the lower of the price at the beginning and the end of the accumulation period under HMRC rules. The Company provides a matching share for each share purchased by the individual.\nShares issued under the ESOP have been measured using the Present Economic Value (PEV) valuation methodology. The relevant disclosures in respect of the Employee Share Ownership Plans are set out below.\nThe accumulation period for the 2019 ESOP ends in September 2020, therefore some figures are projections.\n\n | 2015 Grant | 2016 Grant | 2017 Grant | 2018 Grant | 2019 Grant \n----------------------- | ----------- | ----------- | ----------- | ----------- | -----------\nGrant date | 1st October | 1st October | 1st October | 1st October | 1st October\nExercise price | 2,797.0p | 4,477.3p | 5,496.7p | 7,240.0p | 7,835.0p \nNumber of employees | 1,038 | 1,040 | 1,229 | 1,294 | 1,318 \nShares under scheme | 34,449 | 22,173 | 22,411 | 16,687 | 16,820 \nVesting period | 3 years | 3 years | 3 years | 3 years | 3 years \nExpected volatility | 21% | 21% | 21% | 19% | 21% \nRisk free interest rate | 0.4% | 0.1% | 0.4% | 0.8% | 0.5% \nExpected dividend yield | 2.5% | 2.5% | 2.3% | 2.0% | 1.8% \nFair value | 2,931.3p | 4,696.7p | 5,799.0p | 7,623.7p | 8,305.1p \n\nShare Ownership\n UK employees eligible. increased shareholding no performance conditions. join offer. save 12 months subscribe shares lower price HMRC rules. Company provides matching share each purchased.\n Shares measured Present Economic Value) valuation methodology. disclosures.\n accumulation period 2019 ESOP ends September 2020 figures projections.\n 2015 2016 2017 2018 2019\n Grant date 1st October\n Exercise price 2,797. 4,477. 3p 5,496. 7p 7,240. 7,835.\n employees 1,038 1,229 1,294 1,318\n Shares scheme 34,449 22,173 22,411 16,687 16,820\n Vesting period 3 years\n Expected volatility 21%\n Risk free interest rate 0. 4%. 1%. 8%.\n Expected dividend yield 2. 5%. 5%. 3%. 0%. 8%\n Fair value 2,931. 3p 4,696.5,799. 7,623 8,305." +} +{ + "_id": "d1b2f9bf2", + "title": "", + "text": "NOTE 3 - SHORT TERM INVESTMENTS\nThe Company's short term investments are classified as below with maturities of twelve months or less, unrealized gains and losses were immaterial for the periods presented:\n\n | December 31 | \n------------ | -------------- | -------\n | 2019 | 2018 \n | (in thousands) | \nGovernment | $1,012 | $— \nAsset Backed | 4,854 | 1,786 \nIndustrial | 5,034 | 2,381 \nFinancial | 6,879 | 7,136 \n | $17,779 | $11,303\n\nSHORT TERM INVESTMENTS\n maturities twelve months unrealized gains losses immaterial\n 31\n Government $1,012\n Asset Backed 4,854 1,786\n Industrial 5,381\n Financial 6,879 7\n $17,779 $11,303" +} +{ + "_id": "d1b3172c4", + "title": "", + "text": "Selling, General and Administrative Expense\nNM—Not meaningful\nTotal selling, general and administrative (SG&A) expense increased 6.4 percent in 2019 versus 2018, driven primarily by the following factors: • Higher spending (5 points) driven by Red Hat spending (5 points); and • Higher acquisition-related charges and amortization of acquired intangible assets associated with the Red Hat acquisition (3 points); partially offset by • The effects of currency (2 points).\nOperating (non-GAAP) expense increased 3.4 percent year to year primarily driven by the same factors excluding the acquisition-related charges and amortization of acquired intangible assets associated with the Red Hat transaction.\n\n($ in millions) | | | \n---------------------------------------------------------------- | ------- | ------- | -------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change\nSelling, general and administrative expense | | | \nSelling, general and administrative—other | $17,099 | $16,438 | 4.0% \nAdvertising and promotional expense | 1,647 | 1,466 | 12.3 \nWorkforce rebalancing charges | 555 | 598 | (7.2) \nAmortization of acquired intangible assets | 762 | 435 | 74.9 \nStock-based compensation | 453 | 361 | 25.2 \nBad debt expense | 89 | 67 | 32.5 \nTotal consolidated selling, general and administrative expense | $20,604 | $19,366 | 6.4% \nNon-operating adjustments | | | \nAmortization of acquired intangible assets | (762) | (435) | 74.9 \nAcquisition-related charges | (282) | (15) | NM \nOperating (non-GAAP) selling, general and administrative expense | $19,560 | $18,915 | 3.4% \n\nSelling General Administrative Expense\n increased. 4 percent 2019 versus 2018 driven Higher spending Red Hat Higher acquisition-related charges amortization Red Hat offset currency.\n Operating (non-GAAP expense increased. 4 percent factors excluding charges amortization Red Hat.\n millions\n year December 31 2019 2018. Percent Change\n Selling administrative expense\n $17,099 $16,438.\n Advertising promotional expense 1,647 1,466.\n Workforce rebalancing charges.\n Amortization intangible assets 762.\n Stock-based compensation.\n Bad debt expense.\n consolidated selling administrative expense $20,604 $19,366. 4%\n Non-operating adjustments\n Amortization acquired intangible assets (762.\n Acquisition-related charges\n Operating (non-GAAP expense $19,560 $18,915." +} +{ + "_id": "d1b2eb728", + "title": "", + "text": "Foreign Sales\nRevenues in each of the Company’s segments include sales to foreign governments or to companies located in foreign countries. For the years ended April 30, 2019 and 2018, revenues, based on the location of the procurement entity and excluding intersegment sales, were derived from the following countries (in thousands):\n\n | 2019 | 2018 \n----------- | ------ | -------\nBelgium | $49 | $64 \nFrance | 40 | 154 \nChina | 359 | 512 \nRussia | 2 | 302 \nGermany | 36 | 143 \nItaly | 159 | 110 \nSouth Korea | - | 314 \nSingapore | 215 | 376 \nOther | 525 | 469 \n | $1,361 | $ 2,444\n\nForeign Sales\n Revenues segments include governments companies countries. years April 30 2019 2018 revenues procurement derived countries\n 2018\n Belgium $49 $64\n France 154\n China 512\n Russia 302\n Germany 143\n Italy 110\n South Korea 314\n Singapore 376\n $1,361 2,444" +} +{ + "_id": "d1b32e01e", + "title": "", + "text": "Results of Operations\nThe following table sets forth, as a percentage of total revenues, the results from our operations for the periods indicated.\n\n | 2019 | 2018 \n-------------------------- | ------ | ------\nRevenues | 100.0% | 100.0%\nCost of revenues | 10.6 | 11.0 \nGross profit | 89.4 | 89.0 \nOperating expenses: | | \nSales and marketing | 54.2 | 52.6 \nProduct development | 6.2 | 8.1 \nGeneral and administrative | 20.5 | 20.9 \nTotal operating expenses | 80.9 | 81.6 \nIncome from operations | 8.5 | 7.4 \nOther income (loss), net | (0.5) | — \nIncome before income taxes | 8.0 | 7.4 \nIncome tax expense | 4.3 | 3.2 \nNet income | 3.7% | 4.2% \n\nOperations\n table percentage revenues periods.\n 2019 2018\n Revenues 100. 0%\n revenues 10. 11.\n profit 89.\n Operating expenses\n Sales marketing 54. 52.\n Product development 6. 8.\n 20.\n operating expenses 80. 81.\n Income operations 8. 5 7.\n income.\n Income taxes 8. 7.\n tax expense 4. 3 3\n Net income. 7%." +} +{ + "_id": "d1b3bb180", + "title": "", + "text": "Cost of Revenue, Gross Profit and Gross Margin\nCost of revenue\nCost of products revenue is primarily comprised of cost of third-party manufacturing services and cost of inventory for the hardware component of our products. Cost of products revenue also includes warehouse personnel costs, shipping costs, inventory write-downs, certain allocated facilities and information technology infrastructure costs, and expenses associated with logistics and quality control.\nCost of services revenue is primarily comprised of personnel costs for our technical support, training and professional service teams. Cost of services revenue also includes the costs of inventory used to provide hardware replacements to end- customers under PCS contracts and certain allocated facilities and information technology infrastructure costs.\nA summary of our cost of revenue is as follows (dollars in thousands):\n\n | Years Ended December 31, | | Increase (Decrease) | \n--------------------- | ------------------------ | ------- | ------------------- | -------\n | 2019 | 2018 | Amount | Percent\nCost of revenue: | | | | \nProducts | $29,816 | $34,066 | $(4,250) | (12)% \nServices | 19,065 | 17,830 | 1,235 | 7% \nTotal cost of revenue | $48,881 | $51,896 | $(3,015) | (6)% \n\nCost Revenue Gross Profit Margin\n third-party manufacturing services inventory hardware. warehouse personnel shipping inventory write-downs facilities infrastructure logistics quality control.\n services personnel technical support training service. inventory hardware replacements facilities information technology infrastructure.\n summary cost revenue\n Years Ended December 31, Increase\n 2019 2018 Amount Percent\n Cost\n Products $29,816 $34,066 $(4,250) (12)%\n Services 19,065 17,830 1,235 7%\n Total cost revenue $48,881 $51,896 $(3,015) (6)%" +} +{ + "_id": "d1b3bfe6a", + "title": "", + "text": "The number of options outstanding and exercisable as at 31 March was as follows:\nThe weighted average market value per ordinary share for PSP options exercised in 2019 was 445.0p (2018: n/a). The PSP awards outstanding at 31 March 2019 have a weighted average remaining vesting period of 0.8 years (2018: 1.2 years) and a weighted average contractual life of 7.6 years (2018: 8.2 years).\n\n | 2019 | 2018 \n----------------------------- | --------- | ---------\n | Number | Number \nOutstanding at 1 April | 3,104,563 | 2,682,738\nOptions granted in the year | 452,695 | 1,188,149\nDividend shares awarded | 9,749 | – \nOptions forfeited in the year | (105,213) | (766,324)\nOptions exercised in the year | (483,316) | – \nOutstanding at 31 March | 2.978,478 | 3,104,563\nExercisable at 31 March | 721,269 | – \n\noptions 31 March\n market value share PSP 445. n/a. PSP awards 31 March vesting period. 8 years. contractual life. 6 years.\n Outstanding 1 April 3,104,563 2,682,738\n Options granted,695 1,188,149\n Dividend shares awarded 9,749\n forfeited (105,213) (766,324)\n exercised (483,316)\n 31 March. 978,478 3,104,563\n Exercisable 31 March 721,269" +} +{ + "_id": "d1b33ba66", + "title": "", + "text": "Note 9 – Debt Obligations\nDebt obligations as of December 27, 2019 and December 28, 2018 consisted of the following:\nSenior Secured Term Loan Credit Facility\nOn June 22, 2016, the Company refinanced its debt structure by entering into a credit agreement (the “Term Loan Credit Agreement”) with a group of lenders for which Jefferies Finance LLC acts as administrative agent and collateral agent. The Term Loan Credit Agreement provides for a senior secured term loan B facility (the “Term Loan Facility”) in an aggregate amount of $305,000 (the loans outstanding under the Term Loan Facility, the “Term Loans”) maturing on June 22, 2022. Additionally, the Term Loan Facility includes an accordion which permits the Company to request that the lenders extend additional Term Loans in an aggregate principal amount of up to $50,000 (less the aggregate amount of certain indebtedness incurred to finance acquisitions) plus an unlimited amount subject to the Company’s Total Leverage Ratio not exceeding 4.90:1.00 on a pro forma basis. Borrowings were used to repay the Company’s senior secured notes, as well as the prior term loan and revolving credit facility. Remaining funds were used for capital expenditures, permitted acquisitions, working capital and general corporate purposes of the Company.\nOn December 13, 2017, the Company completed a repricing of the Term Loan Facility to reduce Applicable Rate (as defined in the Term Loan Credit Agreement) from 475 basis points to 400 basis points over the London Inter-bank Offered Rate (“LIBOR”). In connection with the repricing, the Company paid debt financing costs of $761 which were capitalized as deferred financing charges.\nOn July 6, 2018, the Company made a $47,100 prepayment and is no longer required to make quarterly amortization payments on the Term Loans. On November 16, 2018, the Company completed a repricing of the Term Loan Facility to reduce the Applicable Rate from 400 basis points to 350 basis points over LIBOR. In connection with the repricing, the Company paid debt financing costs of $626 which were capitalized as deferred financing charges. The Company wrote off unamortized deferred financing fees of $1,081 as a result of this repricing.\nThe interest charged on the Term Loans, will be equal to a spread plus, at the Company’s option, either the Base Rate (as defined in the Term Loan Credit Agreement) or LIBOR for one, two, three, six or (if consented to by the lenders) twelve-month interest periods chosen by the Company. The interest rate on the Term Loans at December 27, 2019 was 5.2%.\nThe Term Loan Facility contains customary affirmative covenants, negative covenants (including restrictions, subject to customary exceptions, on incurring debt or liens, paying dividends, repaying payment subordinated and junior lien debt, disposing assets, and making investments and acquisitions), and events of default for a term loan B facility of this type, as more particularly described in the Term Loan Credit Agreement. As of December 27, 2019, the Company was in compliance with all debt covenants under the Term Loan Credit Agreement.\nAsset-Based Loan Facility\nOn June 29, 2018, the Company entered into a credit agreement (the “ABL Credit Agreement”) with a group of lenders for which BMO Harris Bank, N.A. acts as administrative agent. The ABL Credit Agreement provides for an asset-based loan facility (the “ABL”) in the aggregate amount of up to $150,000. Borrowings under the ABL will be used, and are expected to be used, for capital expenditures, permitted acquisitions, working capital and general corporate purposes of the Company. Availability under the ABL will be limited to a borrowing base equal to the lesser of: (i) the aggregate amount of commitments or (ii) the sum of specified percentages of eligible receivables and eligible inventory, minus certain availability reserves. The co-borrowers under the ABL are entitled on one or more occasions, subject to the satisfaction of certain conditions, to request an increase in the commitments under the ABL in an aggregate principal amount of up to $25,000. The ABL matures on the earlier of June 29, 2023 and 90 days prior to the maturity date of the Company’s Term Loan Facility.\nThe interest rate charged on borrowing under the ABL is equal to a spread plus, at the Company’s option, either the Base Rate (as defined in the ABL Credit Agreement) or LIBOR (except for swingline loans) for one, two, three, six or (if consented to by the lenders) twelve-month, interest periods chosen by the Company. The Company will pay certain recurring fees with respect to the ABL, including fees on unused lender commitments.\nThe ABL Credit Agreement contains customary affirmative covenants, negative covenants and events of default as more particularly described in the ABL Credit Agreement. The Company is required to comply with a minimum consolidated fixed charge coverage ratio of 1:1 if the amount of availability under the ABL falls below $10,000 or 10% of the borrowing base.\nThe Company incurred transaction costs of $877 which were capitalized as deferred financing fees to be amortized over the term of the ABL. On July 6, 2018, the Company borrowed $47,100 under the ABL and made an equivalent prepayment on its Term Loans. On November 22, 2019, the Company fully paid all borrowings outstanding under the ABL and there was no balance outstanding as of December 27, 2019. The weighted average interest rate on our ABL borrowings was approximately 3.7% during fiscal 2019.\nAs of December 27, 2019, the Company was in compliance with all debt covenants and the Company had reserved $16,641 of the ABL for the issuance of letters of credit. As of December 27, 2019, funds totaling $133,359 were available for borrowing under the ABL.\nConvertible Senior Notes\nOn November 22, 2019, the Company issued $150,000 aggregate principal amount of 1.875% Convertible Senior Notes (the “Senior Notes”). The Senior Notes were issued pursuant to an indenture, dated as of November 22, 2019 (the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. Approximately $43,225 of the net proceeds were used to repay all outstanding borrowings under the ABL and the Company intends to use the remainder for working capital and general corporate purposes, which may include future acquisitions.\nThe Senior Notes bear interest of 1.875% per annum payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2020. At any time before the close of business on the scheduled trading day immediately before the maturity date, the Senior Notes will be convertible at the option of holders into shares of the Company’s common stock, together with cash in lieu of any fractional share, at an initial conversion price of approximately $44.20 per share. The conversion price is subject to adjustments upon the occurrence of certain events. The Senior Notes will mature on December 1, 2024, unless earlier converted or repurchased in accordance with their terms.\nThe Company may not redeem the Senior Notes at its option prior to maturity. In addition, if the Company undergoes a fundamental change, as described in the Indenture, holders may require the Company to repurchase for cash all or part of their Senior Notes at a repurchase price equal to 100% of the principal amount of the Senior Notes to be repurchased, plus accrued and unpaid interest up to, but excluding, the required repurchase date.\nThe Company incurred transaction costs of approximately $5,082 which were capitalized as deferred financing fees to be amortized over the term of the Senior Notes.\nConvertible Unsecured Note\nOn February 25, 2019, the Company issued a $4,000 convertible unsecured note (the “Unsecured Note”), maturing on June 29, 2023, to Bassian Farms, Inc. (the “Holder”) as partial consideration in the Bassian acquisition. The interest rate charged on the Unsecured Note is 4.5% per annum and increases to 5.0% after the two-year anniversary of the closing date. The Company may, in certain instances beginning eighteen months after issuance of the Unsecured Note, redeem the Unsecured Note in whole or in part for cash or convert the Unsecured Note into shares of the Company’s common stock at the conversion price of $43.93 per share. After the two-year anniversary of the closing date, the Holder may convert the Unsecured Note into shares of the Company’s common stock at the conversion price. Upon a change of control event, the Holder may convert the Unsecured Note into shares of the Company’s common stock at the conversion price or redeem the Unsecured Note for cash.\n\n | December 27, 2019 | December 28, 2018\n----------------------------------------------------- | ------------------ | -----------------\nSenior secured term loan | $238,129 | $239,745 \nConvertible senior notes | 150,000 | — \nConvertible unsecured note | 4,000 | — \nFinance lease and other financing obligations | 3,905 | 193 \nAsset-based loan facility | — | 44,185 \nDeferred finance fees and original issue discount | (9,207) | (5,893) \nTotal debt obligations | 386,827 | 278,230 \nLess: current installments | (721) | (61) \nTotal debt obligations excluding current installments | $386,106 | $278,169 \n\nDebt Obligations\n December 27, 2019 28, 2018\n Senior Secured Term Loan Credit Facility\n June 22, 2016, Company refinanced debt structure Jefferies Finance LLC administrative collateral agent. senior secured term loan facility $305,000 maturing June 22, 2022. accordion additional Term Loans $50,000 indebtedness unlimited amount Total Leverage Ratio not 4. 90:1. Borrowings senior secured notes prior term loan revolving credit facility. Remaining funds capital expenditures acquisitions working capital general corporate purposes.\n December 13, 2017 Term Loan Facility Applicable Rate 475 to 400 points London Inter-bank Offered Rate. paid financing costs $761 deferred financing charges.\n July 6, 2018 $47,100 prepayment quarterly amortization payments Term Loans. November 16, 2018 repricing Applicable Rate 400 to 350 over LIBOR. paid financing costs $626 deferred financing charges.Company wrote off unamortized deferred financing fees $1,081 repricing.\n interest Term Loans equal spread plus Base Rate or LIBOR one three six twelve-month interest periods. interest rate Term Loans at December 27, 2019 was 5. 2%.\n Term Loan Facility contains affirmative covenants negative covenants restrictions incurring debt liens paying dividends repaying debt disposing assets investments events default. December 27, 2019 Company compliance with debt covenants.\n June 29, 2018 entered credit agreement BMO Harris Bank. administrative agent. provides asset-based loan facility up to $150,000. Borrowings used for capital expenditures acquisitions working capital general corporate purposes. Availability limited borrowing base equal lesser amount commitments or eligible receivables inventory minus reserves. co-borrowers request increase commitments up to $25,000.ABL matures June 29, 2023 90 days prior maturity Company’s Term Loan Facility.\n interest rate borrowing equal spread plus Base Rate or LIBOR one two three six twelve-month interest periods. recurring fees unused commitments.\n ABL Credit Agreement contains affirmative covenants negative covenants events default. fixed charge coverage ratio 1:1 if availability below $10,000 10% borrowing base.\n transaction costs $877 deferred financing fees amortized. July 6, 2018 borrowed $47,100 prepayment Term Loans. November 22, 2019 paid borrowings no balance outstanding December 27, 2019. average interest rate ABL borrowings 3. 7% 2019.\n debt covenants reserved $16,641 ABL for letters of credit. funds $133,359 available for borrowing ABL.\n November 2019 issued $150,000 1. 875% Convertible Senior Notes. indenture Bank of New York Mellon Trust Company.$43,225 net proceeds borrowings intends remainder working capital corporate purposes future acquisitions.\n Senior Notes bear interest 1. 875% per annum payable semiannually June 1 December 1 beginning June 1, 2020. maturity Notes convertible into common stock initial conversion price $44. 20 per share. conversion price subject adjustments. Notes mature December 1, 2024 unless converted repurchased.\n redeem Senior Notes maturity. fundamental change repurchase cash Notes price 100% principal amount plus accrued unpaid interest.\n incurred transaction costs $5,082 deferred financing fees amortized term Senior Notes.\n February 2019 issued $4,000 convertible unsecured note maturing June 29, 2023 Bassian Farms. consideration Bassian acquisition. interest rate 4. 5% per annum increases 5. 0% after two-year anniversary closing.Company eighteen months after redeem convert shares common stock $43. 93 per share. After two-year anniversary convert. change control convert cash.\n December 27, 2019 December 28, 2018\n Senior secured term loan $238,129 $239,745\n Convertible senior notes 150,000\n unsecured note 4,000\n Finance lease obligations 3,905\n Asset-based loan facility 44,185\n Deferred finance fees issue discount (9,207) (5,893)\n Total debt obligations 386,827 278,230\n current installments (721)\n $386,106 $278,169" +} +{ + "_id": "d1b2f91d4", + "title": "", + "text": "Acquisition of AFP\nOn August 1, 2018, the Company acquired AFP, Inc., a privately held fabricator of foam, corrugated, molded pulp and wood packaging solutions, to join its Product Care division. This acquisition expands our protective packaging offerings in the electronic, transportation and industrial markets with custom engineered applications. We acquired 100% of AFP shares for an estimated consideration of $74.1 million, excluding $3.3 million of cash acquired.\nThe following table summarizes the consideration transferred to acquire AFP and the final allocation of the purchase price among the assets acquired and liabilities assumed.\n\n | Preliminary | Measurement | \n----------------------------------------- | -------------------- | ----------- | ------------------------\n | Allocation | Period | Final Allocation \n(In millions) | As of August 1, 2018 | Adjustments | As of September 30, 2019\nTotal consideration transferred | $ 70.8 | $ 3.3 | $ 74.1 \nAssets: | | | \nCash and cash equivalents | 2.9 | 0.4 | 3.3 \nTrade receivables, net | 30.8 | — | 30.8 \nInventories, net | 7.1 | — | 7.1 \nPrepaid expenses and other current assets | 0.7 | — | 0.7 \nProperty and equipment, net | 3.5 | (0.4) | 3.1 \nIdentifiable intangible assets, net | 18.6 | 0.7 | 19.3 \nGoodwill | 21.6 | 1.0 | 22.6 \nOther non-current assets | 0.7 | (0.4) | 0.3 \nTotal assets | $ 85.9 | $ 1.3 | $ 87.2 \nLiabilities: | | | \nCurrent portion of long-term debt | — | 0.1 | 0.1 \nAccounts payable | 13.8 | (2.2) | 11.6 \nOther current liabilities | 1.3 | (0.1) | 1.2 \nLong-term debt, less current portion | — | 0.2 | 0.2 \nTotal liabilities | $ 15.1 | $ (2.0) | $ 13.1 \n\nAcquisition\n August 1, 2018 Company acquired AFP. fabricator foam corrugated molded pulp wood packaging solutions Product Care division. acquisition expands protective packaging electronic transportation industrial markets applications. acquired 100% AFP shares estimated $74. 1 million excluding $3. 3 million cash.\n table summarizes consideration transferred AFP final allocation purchase price assets acquired liabilities assumed.\n Allocation Final Allocation\n August 1 2018 Adjustments September 30, 2019\n Total consideration transferred $ 70. 8 $ 3. 74.\n Assets\n Cash cash equivalents.\n Trade receivables 30.\n Inventories.\n Prepaid expenses current assets.\n Property equipment.\n intangible assets 18.\n Goodwill.\n non-current assets.\n assets $ 85. 87.\n Liabilities\n long-term debt.\n Accounts payable.\n current liabilities.\n Long-term debt less current. 2.\n liabilities $ 15. 13." +} +{ + "_id": "d1b303f6c", + "title": "", + "text": "Free Cash Flow. We define free cash flow (\"FCF\"), a non-GAAP financial measure, as cash flow provided by operations less capital expenditures. FCF was$ 24.7 million for fiscal 2019 compared to $4.0 million for fiscal 2018, an increase of $20.7 million.\nNon-GAAP financial measures, including FCF, are used for internal management assessments because such measures provide additional insight to investors into ongoing financial performance. In particular, we provide FCF because we believe it offers insight into the metrics that are driving management decisions. We view FCF as an important financial metric as it demonstrates our ability to generate cash and can allow us to pursue opportunities that enhance shareholder value. FCF is a non-GAAP financial measure that should be considered in addition to, not as a substitute for, measures of our financial performance prepared in accordance with GAAP.\nA reconciliation of FCF to our financial statements that were prepared using GAAP follows (in millions):\n\n | 2019 | 2018 \n------------------------------------------- | ------ | ------\nCash flows provided by operating activities | $115.3 | $66.8 \nPayments for property, plant and equipment | (90.6) | (62.8)\nFree cash flow | 24.7 | 4.0 \n\nFree Cash Flow. non-GAAP operations less capital expenditures. FCF$ 24. 7 million 2019 $4. 0 million 2018 increase $20. 7 million.\n Non-GAAP measures including FCF internal management assessments insight financial performance. FCF insight management decisions. important generate cash shareholder value. financial performance GAAP.\n reconciliation FCF financial statements GAAP\n 2019 2018\n Cash flows operating activities $115. 3 $66. 8\n Payments property plant equipment (90. 6) (62. 8)\n Free cash flow 24. 7 4." +} +{ + "_id": "d1b360a78", + "title": "", + "text": "Note 9. Receivables, Net\nReceivables, net consisted of the following (in thousands):\n\n | December 31, | \n---------------------------------------------------------------------------------- | ------------ | --------\n | 2019 | 2018 \nTrade accounts receivable, current | $378,616 | $338,473\nIncome taxes receivable | 1,571 | 916 \nOther | 13,440 | 11,132 \nReceivables, gross | 393,627 | 350,521 \nLess: Allowance for doubtful accounts | 3,480 | 3,096 \nReceivables,net | $390,147 | $347,425\nAllowance for doubtful accounts as a percent of trade accounts receivable, current | 0.9% | 0.9% \n\n9. Receivables\n December 31,\n 2019 2018\n Trade accounts receivable $378,616 $338,473\n Income taxes 1,571 916\n 13,440 11,132\n 393,627 350,521\n Allowance doubtful accounts 3,480\n $390,147 $347,425\n trade accounts." +} +{ + "_id": "d1b36fa96", + "title": "", + "text": "Cash Flows\nThe following table summarizes key cash flow activity for the years ended December 31, 2019, 2018, and 2017 (in thousands):\nOperating Activities\nThe increase in net cash provided by operating activities during 2019 was primarily driven by higher cash proceeds from sales of systems projects, including the Sunshine Valley, Sun Streams, and California Flats projects, and advance payments received for sales of solar modules prior to the step down in the U.S. investment tax credit as discussed above. These increases were partially offset by operating expenditures associated with initial ramp of certain Series 6 manufacturing lines and expenditures for the construction of certain projects.\nInvesting Activities\nThe decrease in net cash used in investing activities during 2019 was primarily due to higher net sales of marketable securities and restricted investments, partially offset by proceeds associated with the sale of our interests in 8point3 and its subsidiaries in 2018.\nFinancing Activities\nThe decrease in net cash provided by financing activities during 2019 was primarily the result of lower net proceeds from borrowings under project specific debt financings associated with the construction of certain projects in Australia, Japan, and India.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------------------------ | ---------- | ---------- | ----------\nNet cash provided by (used in) operating activities | $174,201 | $(326,809) | $1,340,677\nNet cash used in investing activities | (362,298) | (682,714) | (626,802) \nNet cash provided by financing activities | 74,943 | 255,228 | 192,045 \nEffect of exchange rate changes on cash, cash equivalents and restricted cash. | (2,959) | (13,558) | 8,866 \nNet (decrease) increase in cash, cash equivalents and restricted cash | $(116,113) | $(767,853) | $914,786 \n\nCash\n table summarizes cash flow 2019 2018 2017\n Operating Activities\n increase net cash 2019 driven sales Sunshine Valley California advance payments solar modules U. investment tax credit. offset expenditures Series 6 manufacturing lines construction projects.\n Investing Activities\n decrease cash higher sales securities restricted investments offset sale 8point3 subsidiaries 2018.\n Financing Activities\n decrease lower proceeds borrowings debt financings Australia Japan India.\n cash operating activities $174,201 $(326,809) $1,340,677\n investing activities (362,298) (682,714) (626,802)\n financing 74,943 255,228 192,045\n Effect exchange rate changes cash equivalents restricted cash. (2,959) (13,558) 8,866\n increase cash equivalents $(116,113) $(767,853) $914,786" +} +{ + "_id": "d1b2fa7be", + "title": "", + "text": "Fiscal 2019 compared to fiscal 2018\nThe following table sets forth our Consolidated Statements of Operations data as a percentage of net revenues for the periods indicated:\nNote: The percentages may not add due to rounding.\n\n | Fiscal Year | \n-------------------------------------------------------- | ----------- | ----\n | 2019 | 2018\nNet revenues | 100% | 100%\nCost of revenues | 22 | 21 \nGross profit | 78 | 79 \nOperating expenses: | | \nSales and marketing | 32 | 33 \nResearch and development | 19 | 20 \nGeneral and administrative | 9 | 12 \nAmortization of intangible assets | 4 | 5 \nRestructuring, transition and other costs | 5 | 8 \nTotal operating expenses | 70 | 78 \nOperating income | 8 | 1 \nInterest expense | (4) | (5) \nGain on divestiture | — | 14 \nOther expense, net | (1) | — \nIncome from continuing operations before income taxes | 2 | 9 \nIncome tax expense (benefit) | 2 | (14)\nIncome from continuing operations | — | 23 \nIncome from discontinued operations, net of income taxes | — | — \nNet income | 1% | 24% \n\n2019 2018\n table Consolidated Statements Operations percentage net revenues\n percentages add rounding.\n Net revenues 100%\n Cost revenues 22\n Gross profit 78 79\n Operating expenses\n Sales marketing 32 33\n Research development 19\n General administrative\n Amortization intangible assets\n Restructuring transition costs\n Total operating expenses 70 78\n Operating income 8\n Interest expense\n Gain divestiture\n expense\n Income continuing operations before income taxes\n tax expense\n Income\n discontinued operations taxes\n income 1% 24%" +} +{ + "_id": "d1b3bacc6", + "title": "", + "text": "Interest Expense:\nInterest expense increased in fiscal 2019 compared to fiscal 2018 primarily due to higher average borrowings resulting from our issuance of $10.0 billion of senior notes in November 2017, which was partially offset by a reduction in interest expense resulting primarily from the maturities and repayments of $2.0 billion of senior notes during fiscal 2019 and $6.0 billion of senior notes during fiscal 2018.\n\nYear Ended May 31, | | | | \n--------------------- | ------ | ------ | -------------- | ------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nInterest expense | $2,082 | 3% | 3% | $2,025\n\nInterest Expense\n increased 2019 2018 due higher borrowings issuance $10. billion senior notes 2017 offset reduction maturities repayments $2. billion 2019 $6. billion 2018.\n Year Ended May 31,\n Percent Change\n millions 2019 2018\n Interest expense $2,082 3% $2,025" +} +{ + "_id": "d1b2f5e76", + "title": "", + "text": "Notes to Consolidated Financial Statements (continued)\nReconciliations of total segment net revenues and total segment operating income to consolidated net revenues and consolidated income before income tax expense are presented in the table below (amounts in millions):\n(1) Includes other income and expenses from operating segments managed outside the reportable segments, including our Distribution business. Also includes unallocated corporate income and expenses.\n(2) Reflects the net effect from recognition (deferral) of deferred net revenues, along with related cost of revenues, on certain of our online-enabled products.\n(3) Intersegment revenues reflect licensing and service fees charged between segments.\n(4) Reflects fees and other expenses, such as legal, banking, and professional services fees, related to the acquisition of King and associated integration activities, including related debt financings.\n(5) Reflects restructuring initiatives, which include severance and other restructuring-related costs.\n(6) Reflects a non-cash accounting charge to reclassify certain cumulative translation gains (losses) into earnings due to the substantial liquidation of certain of our foreign entities.\n(7) Reflects the impact of other unusual or unique tax-related items and activities.\n\n | | Years Ended December 31, | \n------------------------------------------------------------------------------------------------ | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nReconciliation to consolidated net revenues: | | | \nSegment net revenues | $5,969 | $6,835 | $6,765\nRevenues from non-reportable segments (1) | 462 | 480 | 410 \nNet effect from recognition (deferral) of deferred net revenues (2) | 101 | 238 | (139) \nElimination of intersegment revenues (3) | (43) | (53) | (19) \nConsolidated net revenues | $6,489 | $7,500 | $7,017\nReconciliation to consolidated income before income tax expense: | | | \nSegment operating income | $2,054 | $2,446 | $2,417\nOperating income (loss) from non-reportable segments (1) | 24 | 31 | (19) \nNet effect from recognition (deferral) of deferred net revenues and related cost of revenues (2) | 52 | 100 | (71) \nShare-based compensation expense | (166) | (209) | (178) \nAmortization of intangible assets | (203) | (370) | (757) \nFees and other expenses related to the acquisition of King (4) | — | — | (15) \nRestructuring costs (5) | (137) | (10) | (15) \nOther non-cash charges (6) | — | — | (14) \nDiscrete tax-related items (7) | (17) | — | (39) \nConsolidated operating income | 1,607 | 1,988 | 1,309 \nInterest and other expense (income), net | (26) | 71 | 146 \nLoss on extinguishment of debt | — | 40 | 12 \nConsolidated income before income tax expense | $1,633 | $1,877 | $1,151\n\nConsolidated Financial Statements\n Reconciliations revenues operating income before tax expense table\n Includes income expenses Distribution business. unallocated corporate income expenses.\n Reflects deferred revenues online-enabled products.\n Intersegment revenues reflect licensing service fees between segments.\n Reflects acquisition King integration debt financings.\n restructuring initiatives severance costs.\n non-cash accounting charge gains liquidation foreign entities.\n impact tax-related items activities.\n Years Ended December 31,\n Reconciliation to consolidated net revenues\n Segment net revenues $5,969 $6,835 $6,765\n Revenues from non-reportable segments 462\n Net effect deferred revenues\n Elimination intersegment revenues\n Consolidated net revenues $6,489 $7,500,017\n Reconciliation to consolidated income before tax expense\n operating income $2,054 $2,446 $2,417\nincome non-reportable segments 24 31\n 52 (71)\n Share-based compensation expense (166) (209) (178)\n Amortization intangible assets (203) (370) (757)\n Fees expenses acquisition King\n Restructuring costs (137)\n non-cash charges\n tax items\n Consolidated operating income 1,607 1,988 1,309\n Interest expense (26) 146\n Loss extinguishment debt\n Consolidated income tax $1,633 $1,877" +} +{ + "_id": "d1b305948", + "title": "", + "text": "Allocation of Goodwill to Reporting Segment\nThe following table shows our goodwill balances by reportable segment:\nAs noted above, it was determined under a quantitative assessment that there was no impairment of goodwill. However, if we become aware of indicators of impairment in future periods, we may be required to perform an interim assessment for some or all of our reporting units before the next annual assessment. Examples of such indicators may include a decrease in expected net earnings, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or business climates, an adverse action or assessment by a regulator, unanticipated competition, strategic decisions made in response to economic or competitive conditions, or a more likely than not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of. In the event of significant adverse changes of the nature described above, we may have to recognize a non-cash impairment of goodwill, which could have a material adverse effect on our consolidated financial condition and results of operations.\n\n(In millions) | Food Care | Product Care | Total \n------------------------------------------------- | --------- | ------------ | ---------\nGross Carrying Value at December 31, 2017 | $ 576.5 | $ 1,554.1 | $ 2,130.6\nAccumulated impairment | (49.6 ) | (141.2) | (190.8) \nCarrying Value at December 31, 2017 | $ 526.9 | $ 1,412.9 | $ 1,939.8\nAcquisition, purchase price and other adjustments | (0.6 ) | 18.2 | 17.6 \nCurrency translation | (6.6 ) | (3.2) | (9.8) \nGross Carrying Value at December 31, 2018 | $ 568.9 | $ 1,568.9 | $ 2,137.8\nAccumulated impairment | (49.2 ) | (141.0) | (190.2) \nCarrying Value at December 31, 2018 | $ 519.7 | $ 1,427.9 | $ 1,947.6\nAcquisition, purchase price and other adjustments | 6.3 | 257.0 | 263.3 \nCurrency translation | 2.0 | 4.1 | 6.1 \nGross Carrying Value at December 31, 2019 | $ 577.2 | $ 1,830.0 | $ 2,407.2\nAccumulated impairment | (49.3 ) | (141.0) | (190.3) \nCarrying Value at December 31, 2019 | $ 527.9 | $ 1,689.0 | $ 2,216.9\n\nAllocation Goodwill Reporting Segment\n table shows goodwill balances by segment\n no impairment goodwill. indicators impairment interim assessment units before annual assessment. net earnings adverse equity market conditions market multiples common stock price legal factors business climates adverse action unanticipated competition decisions sold. significant adverse changes non impairment goodwill financial condition results operations.\n Product Care\n Gross Carrying Value December 31, 2017 $ 576. $ 1,554. $ 2,130.\n Accumulated impairment (49. (141. (190.\n Carrying Value December 31, 2017 $ 526. $ 1,412. $ 1,939.\n Acquisition purchase adjustments. 18.\n Currency.\n Gross Carrying Value December 31, 2018 $ 568. $ 1,568. $ 2,137.\n Accumulated impairment (49. (141. (190.\n Carrying Value December 31, 2018 $ 519. $ 1,427.$ 1,947.\n adjustments 6. 257. 263.\n 2. 4. 6.\n Carrying Value December 31, 2019 $ 577. 1,830. 2,407.\n (49.\n Value December $ 527. 1,689. 2,216." +} +{ + "_id": "d1b3c0a5e", + "title": "", + "text": "Item 6. Selected Financial Data\nThe following selected financial data should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and related notes included elsewhere in this report.\nThe Consolidated Statements of Income data for fiscal 2019, fiscal 2018 and fiscal 2017, and the Consolidated Balance Sheets data as of April 27, 2019 and April 28, 2018, are derived from, and are qualified by reference to, our audited consolidated financial statements included elsewhere in this report. The Consolidated Statements of Income data for fiscal 2016 and fiscal 2015, and the Consolidated Balance Sheets data as of April 29, 2017, April 30, 2016 and May 2, 2015 are derived from audited consolidated financial statements not included in this report.\n(1) Fiscal 2019 includes $3.5 million of pre-tax legal expense relating to the Hetronic litigation. See Note 9, \"Commitments and Contingencies,\" in our consolidated financial statements for more information. During Fiscal 2019, we engaged in initiatives to reduce overall costs and improve operational profitability, which increased costs during the period by $6.9 million.\nFiscal 2019 also includes pre-tax acquisition expenses of $15.4 million related to the acquisition of Grakon, income of $5.8 million for an international government grant for maintaining certain employment levels during the period and $7.4 million of stock-based compensation expense related to the re-estimation of RSA compensation expense based upon target levels of performance.\nThe results for fiscal 2019 also include a discrete tax benefit from the re-measurement of the deemed repatriated foreign earnings associated with the Tax Cuts and Jobs Act (\"U.S. Tax Reform\") of $4.8 million and a tax benefit of $2.0 million for foreign investment tax credits. In addition, fiscal 2019 includes net tariff expense on imported Chinese goods of $2.3 million.\n(2) Fiscal 2018 includes $8.1 million of pre-tax legal expense relating to the Hetronic litigation. Fiscal 2018 also includes pre-tax acquisition expenses of $6.8 million related to the acquisitions of Procoplast and Pacific Insight, income of $7.3 million for an international government grant for maintaining certain employment levels during the period and a $6.0 million stock-based compensation expense reversal related to the re-estimation of RSA compensation expense based upon threshold levels of performance.\nThe results for fiscal 2018 also includes a provisional estimated tax charge of $53.7 million as a result of U.S. Tax Reform and a tax benefit of $9.8 million for foreign investment tax credits.\n(3) Fiscal 2017 includes $11.0 million of pre-tax legal expense relating to the Hetronic litigation. Fiscal 2017 also includes pre-tax exit costs for two reporting units of $2.3 million, pre-tax acquisition expenses of $1.5 million, primarily related to a potential acquisition we elected not to undertake, and income of $4.5 million for an international government grant for maintaining certain employment levels during the period.\nThe results for fiscal 2017 include a tax benefit of $4.0 million for foreign investment tax credits, partially offset by a tax expense of $1.7 million on a dividend between foreign entities. (4) Fiscal 2016 includes $9.9 million of pre-tax legal expense relating to the Hetronic litigation.\n(5) Fiscal 2015 includes a goodwill pre-tax impairment charge of $11.1 million, a pre-tax gain on the sale of a business of $7.7 million and $3.1 million of pre-tax legal expense relating to the Hetronic litigation. Fiscal 2015 also includes a $5.0 million tax benefit related to the release of a valuation allowance against deferred tax assets in Malta.\n\n | | | Fiscal Year Ended | | \n------------------------------------------------------- | ------------------ | ------------------ | ------------------ | ------------------ | ---------------\n(In Millions, Except Percentages and Per Share Amounts) | April 27, 2019 (1) | April 28, 2018 (2) | April 29, 2017 (3) | April 30, 2016 (4) | May 2, 2015 (5)\nIncome Statement Data: | | | | | \nNet Sales | $1,000.3 | $908.3 | $816.5 | $809.1 | $881.1 \nIncome before Income Taxes | 103.6 | 123.8 | 115.9 | 110.9 | 120.8 \nIncome Tax Expense | 12.0 | 66.6 | 23.0 | 26.3 | 19.8 \nNet Income | 91.6 | 57.2 | 92.9 | 84.6 | 101.1 \nPer Common Share Data: | | | | | \nBasic Net Income | 2.45 | 1.54 | 2.49 | 2.21 | 2.61 \nDiluted Net Income | 2.43 | 1.52 | 2.48 | 2.20 | 2.58 \nDividends | 0.44 | 0.40 | 0.36 | 0.36 | 0.36 \nBook Value | 18.43 | 16.82 | 14.53 | 12.61 | 11.82 \nBalance Sheet Data: | | | | | \nTotal Debt | 292.6 | 57.8 | 27.0 | 57.0 | 5.0 \nRetained Earnings | 545.2 | 472.0 | 427.0 | 358.6 | 356.5 \nFixed Assets, Net | 191.9 | 162.2 | 90.6 | 93.0 | 93.3 \nTotal Equity | 689.7 | 630.0 | 541.1 | 470.1 | 459.0 \nTotal Assets | 1,231.7 | 915.9 | 704.0 | 655.9 | 605.8 \nOther Financial Data: | | | | | \nReturn on Average Equity | 13.9% | 9.8% | 18.6% | 18.2% | 23.5% \nPre-tax Income as a Percentage of Sales | 10.4% | 13.6% | 14.2% | 13.7% | 13.7% \nNet Income as a Percentage of Sales | 9.2% | 6.3% | 11.4% | 10.5% | 11.5% \n\nItem 6. Selected Financial Data\n Item 7 Discussion Analysis Financial Condition Results consolidated financial statements notes.\n Consolidated Statements Income 2019 2017 Balance Sheets April 27, 28, derived statements. 2016 2015, Balance Sheets April 2 derived.\n Fiscal 2019 $3. 5 million pre-tax legal expense Hetronic. Note 9 Contingencies. reduce costs improve profitability increased costs $6. 9 million.\n pre-tax acquisition expenses $15. 4 million Grakon income $5. 8 million government grant $7. 4 million stock-based compensation expense re-estimation compensation.\n tax benefit repatriated foreign earnings Tax Cuts Jobs Act. $4. 8 million tax benefit $2. 0 million foreign investment tax credits. net tariff expense imported Chinese goods $2. 3 million.\n Fiscal 2018 $8. 1 million pre-tax legal expense Hetronic litigation. pre-tax acquisition expenses $6. 8 million Procoplast Pacific Insight income $7.international government grant employment $6. million stock compensation expense reversal RSA.\n 2018 tax charge $53. 7 million. Tax Reform tax benefit $9. 8 million foreign investment tax credits.\n 2017 $11. million pre-tax expense Hetronic litigation. pre-tax exit costs $2. 3 million acquisition expenses $1. 5 million $4. 5 million grant.\n tax benefit $4. million foreign investment tax credits offset tax expense $1. 7 million dividend entities. 2016 $9. million pre-tax legal expense Hetronic.\n 2015 goodwill pre-tax impairment charge $11. 1 million-tax gain sale business $7. 7 million $3. 1 million-tax legal expense Hetronic litigation. $5. million tax benefit valuation allowance deferred tax assets Malta.\n Fiscal Year\n April 27, 2019 28, 2018 2017 2016 2 2015\n Income Statement\n Net Sales $1,000. $908.\nIncome Taxes 103. 123. 115. 110. 120.\n Tax Expense 12. 66. 23. 26. 19.\n Income 91. 57. 92. 84. 101.\n Share Data\n Income 2. 45. 54. 49. 21. 61\n Income. 52. 58\n. 44. 36.\n 18. 43 16. 82 14. 53 12. 61 11.\n Balance Sheet Data\n Total Debt 292. 57. 27. 57. 5.\n Earnings 545. 472. 427. 358. 356.\n Fixed Assets 191. 162. 90. 93. 93.\n Total Equity 689. 630. 541. 470. 459.\n Assets 1,231. 915. 704. 655. 605.\n Financial Data\n Average Equity 13. 9. 18. 23.\n Pre-tax Income Percentage 10. 13. 14. 13.\n Income Percentage.2%. 3% 11. 5%." +} +{ + "_id": "d1b323c72", + "title": "", + "text": "Note 22. Supplemental Financial Information\nCash paid for income taxes amounted to $77.6 million, $25.9 million and $48.4 million during fiscal 2019, 2018 and 2017, respectively. Cash paid for interest on borrowings amounted to $347.9 million, $85.3 million and $82.5 million during fiscal 2019, 2018 and 2017, respectively.\nA summary of additions and deductions related to the valuation allowance for deferred tax asset accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions):\n\n | Balance at Beginning of Year | Additions Charged to Costs and Expenses | Additions Charged to Other Accounts | Deductions | Balance at End of Year\n-------------------------------------------- | ---------------------------- | --------------------------------------- | ----------------------------------- | ---------- | ----------------------\nValuation allowance for deferred tax assets: | | | | | \nFiscal 2019 | $204.5 | $16.2 | $175.8 | $(64.4) | $332.1 \nFiscal 2018 | $210.1 | $36.2 | $— | $(41.8) | $204.5 \nFiscal 2017 | $161.8 | $15.2 | $37.6 | $(4.5) | $210.1 \n\n. Information\n Cash income taxes $77. 6 million $25. 9 million $48. 4 million 2019 2018 2017. interest borrowings $347. 9 million $85. 3 million $82. 5 million 2019 2017.\n summary additions deductions valuation deferred tax accounts March 2019 2018 2017\n Balance Additions Costs Expenses End\n Valuation allowance deferred tax assets\n 2019 $204. $16. $175. $332.\n 2018 $210. $36. $204.\n 2017 $161. $15. $37. $210." +} +{ + "_id": "d1b3bc1a2", + "title": "", + "text": "The Group has assumed that mortality will be in line with nationally published mortality table S2NA with CMI 2018 projections related to members’ years of birth with long-term rate of improvement of 1.5% per annum. These tables translate into an average life expectancy for a pensioner retiring at age 65 as follows:\nIt is assumed that 50% of non-retired members of the Scheme will commute the maximum amount of cash at retirement (2018: 50% of\nnon-retired members of the Scheme will commute the maximum amount of cash at retirement).\n\n | 2019 | | 2018 | \n------------------------------------------ | ----- | ----- | ----- | -----\n | Men | Women | Men | Women\n | Years | Years | Years | Years\nMember aged 65 (current life expectancy) | 86.8 | 88.9 | 87.3 | 89.3 \nMember aged 45 (life expectancy at age 65) | 88.5 | 90.7 | 89.0 | 91.1 \n\nGroup assumed mortality mortality table S2NA CMI 2018 projections years birth long-term improvement 1. 5% per annum. tables translate average life expectancy pensioner retiring 65\n 50% non-retired members commute maximum cash retirement\n cash.\n Women\n Member aged 65 life expectancy 86. 8 88. 9 87. 3 89. 3\n 45 expectancy 65 88. 5 90. 7 89. 91." +} +{ + "_id": "d1b325a7c", + "title": "", + "text": "Key Performance Indicators\nKey performance indicators, which we do not consider to be non-GAAP measures, that we use to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions include Monthly Recurring Revenue (\"MRR\") and Gross Merchandise Volume (\"GMV\"). Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies.\nThe following table shows MRR and GMV for the years ended December 31, 2019 and 2018.\n\n | Years ended December 31, | \n------------------------- | ------------------------ | -----------\n | 2019 | 2018 \n | (in thousands) | \nMonthly Recurring Revenue | $53,898 | $40,932 \nGross Merchandise Volume | $61,138,457 | $41,103,238\n\nKey Performance Indicators\n non-GAAP business performance trends financial projections strategic decisions include Monthly Recurring Revenue Gross Merchandise Volume. different.\n table shows MRR GMV years ended December 31, 2019 2018.\n thousands\n Monthly Recurring Revenue $53,898 $40,932\n Gross Merchandise Volume $61,138,457 $41,103,238" +} +{ + "_id": "d1b35313e", + "title": "", + "text": "FLNG segment\nTotal operating revenues: On May 31, 2018, the Hilli was accepted by the customer and, accordingly, commenced operations. The Hilli generated $218.1 million of total operating revenues, as a result of a full year of operations during 2019, in relation to her liquefaction services, compared to $127.6 million in 2018.\nVessel operating expenses: The Hilli incurred $53.7 million of vessel operating expenses for the year ended December 31, 2019, as a result of a full year of operations in 2019, compared to $26.3 million in 2018 following commencement of operations on May 31, 2018.\nVoyage, charterhire and commission expenses: The decrease in voyage, charterhire and commission expenses of $0.9 million to $0.5 million for the year ended December 31, 2019 compared to $1.4 million in 2018, is due to lower bunker consumption as a result of the Hilli undergoing commissioning in preparation for her commercial readiness in 2018.\nAdministrative expenses: Administrative expenses increased by $1.5 million to $1.4 million for the year ended December 31, 2019 compared to a credit $0.2 million in 2018, principally due to an increase in corporate expenses, salaries and employee benefits following the full year of operation of the Hilli, compared to seven months in 2018.\nProject development expenses: This relates to non-capitalized project-related expenses comprising of legal, professional and consultancy costs. The decrease was due to the commencement of capitalization of engineering consultation fees in relation to the Gimi GTA Project following the Gimi entering Keppel's shipyard for her conversion into a FLNG in December 2018.\nDepreciation and amortization: Following the Hilli's commencement of operations on May 31, 2018, depreciation and amortization of the vessel was recognized. A full year of depreciation was recognized for the year ended December 31, 2019 compared to the seven months of depreciation in 2018.\nOther operating (losses)/gains: Included in other operating (losses)/gains are: • realized gain on the oil derivative instrument, based on monthly billings above the base tolling fee under the LTA of $13.1 million for the year ended December 31, 2019 compared to $26.7 million in 2018; • unrealized loss on the oil derivative instrument, due to changes in oil prices above a contractual floor price over term of the LTA of $39.1 million for the year ended December 31, 2019 compared to unrealized loss of $10.0 million in 2018; and • write-off of $3.0 million and $12.7 million of unrecoverable receivables relating to OneLNG for the year ended December 31, 2019 and 2018, respectively.\nEquity in net losses of affiliates: In April 2018, we and Schlumberger decided to wind down OneLNG and work on FLNG projects on a case-by-case basis.\n\n | | December 31, | | \n----------------------------------------------------- | -------- | ------------ | -------- | --------\n(in thousands of $) | 2019 | 2018 | Change | % Change\nTotal operating revenues | 218,096 | 127,625 | 90,471 | 71% \nVessel operating expenses | (53,689) | (26,317) | (27,372) | 104% \nVoyage expenses, charter-hire and commission expenses | (460) | (1,363) | 903 | (66)% \nAdministrative expenses | (1,371) | 175 | (1,546) | (883)% \nProject development expenses | (2,939) | (16,526) | 13,587 | (82)% \nDepreciation and amortization | (48,088) | (28,193) | (19,895) | 71% \nOther operating (losses)/gains | (28,963) | 2,749 | (31,712) | (1,154)%\nOperating income | 82,586 | 58,150 | 24,436 | 42% \nEquity in net losses of affiliates | — | (2,047) | 2,047 | (100)% \n\nFLNG segment\n revenues May 31, 2018 Hilli accepted commenced operations. generated $218. 1 million revenues full year operations 2019 $127. 6 million 2018.\n Vessel operating expenses Hilli incurred $53. 7 million December 31, 2019 $26. 3 million 2018.\n Voyage charterhire commission expenses decrease $0. 9 million $0. 5 million 2019 $1. 4 million 2018 lower bunker consumption commissioning commercial readiness.\n Administrative expenses increased $1. 5 million $1. 4 million 2019 $0. 2 million 2018 corporate expenses salaries employee benefits.\n Project development expenses legal professional consultancy costs. engineering consultation fees Gimi GTA Project conversion FLNG 2018.\n Depreciation amortization operations May 31, 2018 recognized. full year depreciation December 31, 2019 seven months 2018.\n operating (losses/gains realized gain oil derivative instrument billings base tolling fee $13.million December 2019 $26. 7 million 2018 unrealized loss oil derivative instrument prices $39. 1 million $10. 0 million 2018 write-off $3. 0 million $12. 7 million unrecoverable receivables OneLNG 2019 2018.\n net losses April 2018 OneLNG FLNG projects case-by-case.\n 2019 2018\n revenues 218,096 127,625 90,471 71%\n Vessel operating expenses (53,689) (26,317) (27,372 104%\n Voyage charter-hire commission\n Administrative expenses (1,371\n Project development expenses (2,939) (16,526)\n Depreciation amortization (48,088) (28,193) 71%\n Other operating/gains (28,963)\n Operating income 82,586 58,150 24,436 42%\n Equity net losses affiliates" +} +{ + "_id": "d1b36cd96", + "title": "", + "text": "The reconciliation of income tax computed at the U.S. federal statutory tax rate to income tax expense is as follows:\n(1) In 2018, we recorded $3.5 million of tax expense related to foreign earnings which were not permanently reinvested prior to the enactment of the U.S. Tax Act. After enactment, certain foreign earnings are taxed at higher statutory rates than the U.S. which results in $2.1 million of incremental tax expense in 2019. In 2017, we provided for deferred taxes on all cumulative unremitted foreign earnings, as the earnings were no longer considered permanently reinvested resulting in a charge of $9.5 million.\n\n | | Years Ended September 30, | \n------------------------------------------------ | --------- | ------------------------- | ----------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nTax expense at U.S. statutory rate | $ 10,992 | $ 3,124 | $ (3,877)\nState income taxes, net of federal tax effect | 1,416 | (237) | (923) \nNondeductible expenses | 1,720 | 1,186 | (185) \nChange in reserve for tax contingencies | (1,468) | (1,047) | (4,435) \nChange in deferred tax asset valuation allowance | (10,007) | 8,784 | 17,374 \nForeign rate differential (1) | 2,149 | 5,684 | 9,912 \nTax credits | (4,767) | (2,656) | (3,459) \nImpact of U.S. Tax Reform | — | (7,053) | — \nGlobal Intangible Low-Tax Income | 8,182 | — | — \nStock Based Compensation | (448) | 59 | 16 \nNon-controlling interest in equity arrangements | 1,802 | 99 | — \nOther | 1,469 | (850) | 235 \nProvision for income taxes | $ 11,040 | $ 7,093 | $ 14,658 \n\nreconciliation income tax. federal tax rate\n 2018 recorded $3. million tax expense foreign earnings not reinvested. Tax Act. foreign earnings taxed higher rates. $2. 1 million tax expense 2019. 2017 deferred taxes unremitted foreign earnings $9. 5 million.\n Ended September 30\n 2018\n Tax expense. statutory rate $ 10,992 $ 3,124,877\n State income taxes federal tax effect 1,416\n Nondeductible expenses 1,720\n Change reserve tax contingencies (1,468)\n deferred tax asset valuation allowance\n Foreign rate differential 2,149\n Tax credits (4,767)\n Impact. Tax Reform\n Intangible Low-Tax Income 8,182\n Stock Based Compensation\n Non-controlling interest equity arrangements 1,802\n Provision income taxes $ 11,040 $ 7,093 14" +} +{ + "_id": "d1b392d3e", + "title": "", + "text": "(1) For a description and reconciliation of non-GAAP financial measures presented in this document, please see the Non-GAAP Financial Measures page, or visit the Black Knight Investor Relations website at https://investor.blackknightinc.com.\n(2) In 2019, the effect of our indirect investment in The Dun and Bradstreet Corporation was a reduction of Net earnings of $73.9 million primarily due to the effect of its purchase accounting adjustments, restructuring charges and other non-operating charges. In 2017, Net earnings includes a one-time, non-cash net tax benefit of $110.9 million related to the revaluation of our deferred income tax assets and liabilities as a result of the Tax Cuts and Jobs Act of 2017 (the “Tax Reform Act”).\n\n(in millions, except per share data) | 2019 | 2018 | 2017 \n------------------------------------------------------------- | -------- | -------- | --------\nRevenues | $1,177.2 | $1,114.0 | $1,051.6\nAdjusted Revenues(1) | $1,177.7 | $1,116.5 | $1,056.1\nEarnings before equity in losses of unconsolidated affiliates | $182.8 | $168.5 | $254.2 \nNet earnings(2) | $108.8 | $168.5 | $254.2 \nNet earnings margin | 9.2% | 15.1% | 24.2% \nNet earnings attributable to Black Knight | $108.8 | $168.5 | $182.3 \nNet earnings attributable to Black Knight, per diluted share | $0.73 | $1.14 | $1.47 \nAdjusted Net Earnings(1) | $295.4 | $277.9 | $209.6 \nAdjusted EPS(1) | $1.99 | $1.87 | $1.38 \nAdjusted EBITDA(1) | $583.4 | $542.5 | $505.8 \nAdjusted EBITDA Margin(1) | 49.5% | 48.6% | 47.9% \n\nnon-GAAP financial measures Black Knight Investor Relations website.\n 2019 investment Dun and Bradstreet Corporation Net earnings $73. million purchase accounting adjustments restructuring charges non-operating charges. 2017-time non tax benefit $110. 9 million revaluation deferred income tax assets liabilities Tax Cuts Jobs Act 2017.\n Revenues $1,177. $1,114. $1,051.\n Adjusted $1,177. $1,116. $1,056.\n Earnings equity losses unconsolidated affiliates $182. $168. $254.\n $108. $168. $254.\n 9. 24.\n earnings Black Knight $108. $168. $182.\n earnings share $0. $1. $1.\n Adjusted Net $295. $277. $209.\n $1. $1. $1.\n $583. $542. $505.\n 49. 5% 48. 6% 47." +} +{ + "_id": "d1a72991c", + "title": "", + "text": "Goodwill Impairment and Restructuring Charges\nA goodwill impairment charge of $9.2 million was recorded in 2018 and a $8.4 million goodwill impairment charge was recorded in 2017, both of which related to our Brazilian operations (see Note 7 of the notes to our consolidated financial statements). There were no restructuring charges incurred in the year ended December 31, 2018, compared to $0.8 million incurred in the year ended December 31, 2017. We incurred restructuring charges in the third quarter of 2017 associated with the closure of our Overland Park office, including termination benefits and other reorganization costs, primarily associated with integrating operations.\n\n | For the Year Ended December 31, | | Change Amount\n--------------------------------------------------- | ------------------------------- | ------ | -------------\n | 2018 | 2017 | \n | (dollars in thousands) | | \nGoodwill impairment and restructuring charges: | | | \nRestructuring charges | $ - | $752 | $(752) \nGoodwill impairment | 9,174 | 8,418 | 756 \nTotal goodwill impairment and restructuring charges | $9,174 | $9,170 | $4 \n\nGoodwill Impairment Restructuring Charges\n $9. 2 million 2018 $8. 4 million 2017 Brazilian operations Note 7. no restructuring charges December 31, 2018 $0. 8 million 2017. incurred restructuring charges third quarter 2017 closure Overland Park office termination benefits reorganization costs integrating operations.\n Year Ended December Change Amount\n 2018 2017\n thousands\n Goodwill impairment restructuring charges\n $752\n 9,174 8,418\n $9,174 $9,170 $4" +} +{ + "_id": "d1b3a197e", + "title": "", + "text": "Cost of Revenues and Gross Margins\nCost of revenues consists primarily of manufacturing materials, payroll, shipping and handling costs, manufacturing-related overhead and amortization of certain intangible assets. Our manufacturing operations rely on a limited number of suppliers to provide key components and materials for our products, some of which are a sole source. We order materials and supplies based on backlog and forecasted customer orders.\nTooling and setup costs related to changing manufacturing lots at our suppliers are also included in the cost of revenues. We expense all warranty costs, inventory provisions and amortization of certain intangible assets as cost of revenues. Gross profit and gross margin by segment were as follows (dollars in thousands):\nProbe Cards Gross profit in the Probe Cards segment increased in fiscal 2019 compared to fiscal 2018 primarily due to increased sales, offset by higher variable costs and by less favorable product mix.\nSystems Gross profit and gross margin in the Systems segment increased in fiscal 2019 compared to fiscal 2018 due to increased sales.\nCorporate and Other Corporate and Other includes unallocated expenses relating to amortization of intangible assets, share-based compensation, restructuring charges, net, and acquisition-related costs, including charges related to inventory stepped up to fair value and other costs, which are not used in evaluating the results of, or in allocating resources to, our reportable segments.\nOverall Gross profit and gross margin fluctuate with revenue levels, product mix, selling prices, factory loading and material costs. For fiscal 2019 compared to fiscal 2018, gross profit increased due to increased sales while gross margins remained relatively consistent with fluctuations in product mix.\nStock-based compensation expense included in gross profit for fiscal 2019 and 2018 was $4.1 million and $3.5 million, respectively.\n\n | | Fiscal 2019 | | \n------------ | ----------- | ----------- | ------------------- | --------\n | Probe Cards | Systems | Corporate and Other | Total \nGross profit | $211,382 | $50,927 | $(24,813) | $237,496\nGross margin | 43.0 % | 51.9 % | — % | 40.3 % \nFiscal 2018 | | | | \n | Probe Cards | Systems | Corporate and Other | Total \nGross profit | $187,320 | $47,074 | $(24,055) | $210,339\nGross margin | 43.1 % | 49.3 % | — % | 39.7 % \nFiscal 2017 | | | | \n | Probe Cards | Systems | Corporate and Other | Total \nGross profit | $195,903 | $46,647 | $(26,953) | $215,597\nGross margin | 43.1 % | 49.8 % | — % | 39.3 % \n\nCost Revenues Gross Margins\n manufacturing materials payroll shipping handling costs overhead amortization intangible assets. operations rely on limited suppliers components materials sole source. order based on backlog customer orders.\n Tooling setup costs included. expense warranty costs inventory provisions amortization intangible assets. Gross profit margin by segment\n Probe Cards Gross profit increased 2019 increased sales higher variable costs less product mix.\n Systems increased increased sales.\n Corporate Other includes unallocated expenses amortization intangible assets share-based compensation restructuring charges acquisition-related costs inventory value not used.\n Gross profit margin fluctuate with revenue product mix selling prices factory loading material costs. 2019 profit increased sales margins consistent.\n Stock-based compensation expense profit $4. 1 million $3. 5 million.\n Gross profit $211,382 $50,927 $(24,813) $237,496\n Gross margin 43. 9 %.%\n 2018\n profit $187,320 $47,074(24,055 $210,339\n 43. 1 % 49. 3 %. 7 %\n 2017\n profit $195,903 $46,647 $(26,953) $215,597\n 43. 1 % 49. 8 %. 3" +} +{ + "_id": "d1b3166f8", + "title": "", + "text": "Manoj Shetty\n(1) Represents accelerated vesting of 20,687 stock options. Pursuant to Mr. Shetty's stock option agreement (January 17, 2019), if Mr.\nShetty’s employment is terminated without cause or for good reason within six months following a “change in control”, he will become\nimmediately vested in all outstanding unvested stock options, and all of Mr. Shetty’s outstanding options shall remain exercisable in\naccordance with their terms, but in no event for less than 90 days after such termination\n(2) Represents accelerated vesting of 8,107 unvested performance restricted stock units. Pursuant to Mr. Shetty's performance restricted\nstock unit agreement (dated January 17, 2019), if Mr. Shetty’s employment is terminated without cause or for good reason within six\nmonths following a “change in control” or if Mr. Shetty's employment is terminated due to death or total disability, all non-vested units\nshall accelerate and be vested as of the date of termination.\n\nType of Payment | Termination by Systemax without “Cause” or Resignation by Employee for “good reason” ($) | Termination Due to Death or Total Disability ($) Termination Due to Death or Total Disability ($) Termination Due to Death or Total Disability ($) | Change In Control Only ($) | Termination by Systemax without “Cause” or Resignation by Employee for “good reason” within a certain period of time following a Change in Control ($)\n-------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------\nCash Compensation (Salary & Non-Equity Incentive Compensation Cash Compensation (Salary & Non-Equity Incentive | - | - | - | - \nValue of Accelerated Vesting of Stock Option Awards | - | - | - | 74,100 (1) \nValue of Accelerated Vesting of Restricted Stock Unit Awards | - | - | - | - \nValue of Accelerated Vesting of Performance Restricted Stock Unit Awards | - - | 204,000 (2) | - | 204,000 (2) \nMedical and Other Benefits | - | - | - | - \nTotal | - | 204,000 | - | 278,100 \n\nManoj Shetty\n Represents accelerated vesting 20,687 stock options. agreement (January 17, if.\n employment terminated within six months\n immediately vested in all outstanding unvested stock options. remain exercisable\n less than 90 days after termination\n Represents accelerated vesting 8,107 unvested performance restricted stock units.\n agreement January 17, if. employment terminated within six\n months or. due death total disability all non-vested units\n accelerate vested date termination.\n Type Payment Termination by Systemax without or Resignation Due to Death or Total Disability Change In Control Only$ Termination Systemax without Resignation Control\n Cash Compensation (Salary Non-Equity Incentive\n Value Accelerated Vesting Stock Option Awards 74,100 (1)\nValue Accelerated Vesting Restricted Stock Unit Awards\n Performance Stock Unit Awards 204,000 (2)\n Medical Other Benefits\n Total 204,000 278,100" +} +{ + "_id": "d1b2fdda6", + "title": "", + "text": "9 Profit / (loss) on Ordinary Activities\nThe profit (2018: loss) on ordinary activities before taxation is stated after charging:\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2\n--------------------------------------------- | ------------------------ | --------------------------------------------\n | $M | $M \nDepreciation of property, plant and equipment | 11.8 | 11.6 \nAmortisation of intangible assets | 16.9 | 25.2 \nResearch and development expenditure | (143.9) | (140.3) \nOperating lease rentals: | | \nProperty | 14.0 | 12.5 \nOther | 1.6 | 1.6 \nPension scheme contributions | 8.9 | 8.4 \nImpairment of trade receivables | 0.6 | 0.6 \nNet foreign currency differences | (1.5) | 6.9 \n\nProfit Ordinary Activities\n profit before taxation\n Year-ended 31 March 2019 March 2018\n Depreciation property plant equipment 11.\n Amortisation intangible assets 16. 25.\n Research development expenditure (143. (140.\n Operating lease rentals\n 14. 12.\n.\n Pension scheme contributions 8.\n Impairment trade receivables.\n foreign currency differences." +} +{ + "_id": "d1b3c5d24", + "title": "", + "text": "Gross profit\nThe recent shift in our revenue mix toward cloud arrangements has resulted in slower total gross profit growth as our cloud business continues to grow and scale. Revenue from cloud arrangements is generally recognized over the service period, while revenue from term and perpetual license arrangements is generally recognized upfront when the license rights become effective.\nGross profit\nThe increase in total gross profit in 2019 was primarily due to increases in cloud and maintenance revenue.\nGross profit percent\nThe decrease in cloud gross profit percent in 2019 was driven by an increase in costs as we accelerated our investments in cloud infrastructure and service delivery to support future growth. The decrease in consulting gross profit percent in 2019 was driven by a decrease in billable hours as consulting resources were transitioning to new projects after completing a large project and an increase in consulting resource availability as we continue growing and leveraging our partner network.\n\n(Dollars in thousands) | 2019 | | 2018 | | Change | \n---------------------- | -------- | --- | -------- | --- | -------- | -----\nSoftware license | $275,792 | 99% | $282,950 | 98% | $(7,158) | (3)% \nMaintenance | 254,924 | 91% | 239,310 | 91% | 15,614 | 7% \nCloud | 67,918 | 51% | 45,218 | 55% | 22,700 | 50% \nConsulting | 2,727 | 1% | 22,338 | 9% | (19,611) | (88)%\n | $601,361 | 66% | $589,816 | 66% | $11,545 | 2% \n\n\n shift revenue toward cloud profit growth business. Revenue from cloud recognized over service period term perpetual license recognized upfront when license rights effective.\n increase 2019 due to cloud maintenance revenue.\n decrease cloud profit 2019 driven by increase costs cloud infrastructure. decrease consulting decrease billable hours increase availability partner network.\n 2019 2018 Change\n Software license $275,792 99% $282,950 $(7,158) (3)%\n Maintenance 254,924 91% 239,310 7%\n Cloud 67,918 51% 45,218 55% 22,700 50%\n Consulting 2,727 1% 22,338 (19,611)\n $601,361 66% $589,816 $11,545 2%" +} +{ + "_id": "d1b3a8990", + "title": "", + "text": "The breakout of product and service gross profit was as follows:\nWe assess the carrying value of our inventory on a quarterly basis by estimating future demand and comparing that demand against on-hand and on-order inventory positions. Forecasted revenues information is obtained from the sales and marketing groups and incorporates factors such as backlog and future consolidated revenues. This quarterly process identifies obsolete and excess inventory. Obsolete inventory, which represents items for which there is no demand, is fully reserved. Excess inventory, which represents inventory items that are not expected to be consumed during the next twelve quarters for our Semiconductor Test, Industrial Automation and System Test segments and next four quarters for our Wireless Test segment, is written-down to estimated net realizable value.\nDuring the year ended December 31, 2019, we recorded an inventory provision of $15.2 million included in cost of revenues, primarily due to downward revisions to previously forecasted demand levels for certain products. Of the $15.2 million of total excess and obsolete provisions, $8.7 million was related to Semiconductor Test, $4.0 million was related to Wireless Test, $2.0 million was related to System Test, and $0.5 million was related to Industrial Automation.\nDuring the year ended December 31, 2018, we recorded an inventory provision of $11.2 million included in cost of revenues, primarily due to downward revisions to previously forecasted demand levels for certain products. Of the $11.2 million of total excess and obsolete provisions, $6.8 million was related to Semiconductor Test, $2.5 million was related to Wireless Test, $1.2 million was related to System Test, and $0.7 million was related to Industrial Automation.\nDuring the years ended December 31, 2019 and 2018, we scrapped $9.2 million and $7.0 million of inventory, respectively, and sold $3.2 million and $6.7 million of previously written-down or written-off inventory, respectively. As of December 31, 2019, we had inventory related reserves for amounts which had been written-down or written-off totaling $103.6 million. We have no pre-determined timeline to scrap the remaining inventory.\n\n | 2019 | 2018 | 2018-2019 Dollar/Point Change\n--------------------------- | -------- | --------------------- | -----------------------------\n | | (dollars in millions) | \nProduct gross profit | $1,105.6 | $1,002.5 | $103.1 \nPercent of product revenues | 58.6% | 58.0% | 0.6 \nService gross profit | $234.2 | $217.9 | $16.3 \nPercent of service revenues | 57.5% | 58.7% | (1.2) \n\nbreakout product service profit\n carrying value inventory quarterly future demand inventory. Forecasted revenues sales marketing backlog future consolidated revenues. obsolete excess inventory. Obsolete inventory no demand reserved. Excess inventory twelve Semiconductor Industrial Wireless written-down net realizable value.\n December 31, 2019 inventory provision $15. 2 million due revisions demand. $8. 7 million Semiconductor Test $4. million Wireless Test $2. million System Test $0. 5 million Industrial Automation.\n December 2018 inventory provision $11. 2 million revisions demand. million $6. 8 million Semiconductor Test $2. 5 million Wireless Test $1. 2 million System Test $0. 7 million Industrial Automation.\n December 31, 2019 2018 scrapped $9. 2 million $7. million inventory sold $3. 2 million $6. 7 million written-down inventory. December 31, 2019 inventory reserves $103. 6 million.no timeline remaining inventory.\n Dollar/Point Change\n Product profit $1,105. $1,002. 5 $103.\n revenues 58. 6%. 0%.\n Service profit $234. $217. 9 $16.\n revenues 57. 5% 58. 7%." +} +{ + "_id": "d1a7270c2", + "title": "", + "text": "Contractual Obligations\nThe following table sets forth our future payments due under contractual obligations as of December 31, 2019 (in thousands):\n(1) Our debt obligations consist of principal and interest repayments due on our Credit Facility based on current interest rates.\n(2) Amounts represent the minimum contractual cash commitments, including the effects of fixed rental escalation clauses and deferred rent, exclusive of certain contingent rents that are not determinable for future periods.\n(3) Our purchase obligations consist of purchase commitments with various manufacturing suppliers to ensure the availability of components.\n(4) Income tax obligations are a result of the Tax Act and include a transition tax on unremitted foreign earnings and profits, of which we have elected to pay the estimated amount over an eight-year period.\n(5) Our pension funding commitments represent the amounts that we are required to pay to fund our pension plans.\n\n | Total | 1 year | Less than 1-3 years | 3-5 years | More than 5 years\n----------------------------------------------------- | -------- | --------- | ------------------- | --------- | -----------------\nDebt obligations(1) | $341,250 | $17,500 | 35,000 | 288,750 | — \nInterest payments associated with debt obligations(1) | 36,555 | 8,532 | 15,726 | 12,297 | — \nOperating lease obligations(2) | 152,778 | 22,727 | 33,275 | 20,387 | 76,389 \nPurchase obligations(3) | 192,981 | 192,803 | 178 | — | — \nIncome tax obligations(4) | 11,724 | 1,117 | 2,234 | 4,884 | 3,489 \nPension funding commitment(5) | 173,830 | 6,113 | 12,712 | 20,203 | 134,802 \nTotal | $909,118 | $ 248,792 | $ 99,125 | $ 346,521 | $ 214,680 \n\nContractual Obligations\n future payments December 31, 2019\n debt obligations principal interest repayments Credit Facility interest rates.\n minimum cash commitments rental deferred rent contingent rents.\n purchase obligations suppliers.\n Income tax obligations Tax Act transition tax foreign earnings profits eight-year period.\n pension funding commitments plans.\n 1 3-5 5\n Debt obligations(1) $341,250 $17,500 35,000 288,750\n Interest payments 36,555 8,532 15,726 12,297\n Operating lease 152,778 22,727 33,275 20,387\n Purchase obligations(3) 192,981 192,803\n Income tax obligations(4) 11,724 1,117 2,234 4,884\n Pension funding 173,830 6,113 12,712 20,203\n $909,118 $ 248,792 99,125 346,521" +} +{ + "_id": "d1a738fb6", + "title": "", + "text": "14. Income Taxes\nThe provision for income taxes consists of the following (in millions):\n\n | | Year Ended | \n-------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nCurrent: | | | \nFederal | $ 26 | $ 764 | $ 22 \nState | 27 | 10 | 3 \nForeign | 49 | 39 | 41 \nTotal current | 102 | 813 | 66 \nDeferred: | | | \nFederal | 35 | 239 | 61 \nState | (6 ) | 27 | 17 \nForeign | (32 ) | 4 | (4 ) \nTotal deferred | (3 ) | 270 | 74 \nProvision for income taxes | $ 99 | $ 1,083 | $ 140 \n\n. Income Taxes\n Ended\n April 26, 2019 April 27, 2018 28, 2017\n Current\n Federal $ 26 $ 764 $ 22\n State\n Foreign 49 39\n 102 813 66\n Deferred\n Federal 35 239 61\n State 17\n Foreign\n deferred 270 74\n income taxes $ 99 $ 1,083 $ 140" +} +{ + "_id": "d1a71479c", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nNOTE 5. INCOME TAXES\nThe geographic distribution of pretax income from continuing operations is as follows:\n\n | | Years Ended December 31, | \n-------- | --------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nDomestic | $(20,597) | $22,325 | $29,088 \nForeign | 87,791 | 150,051 | 169,103 \nTotal | $67,194 | $172,376 | $198,191\n\n. FINANCIAL STATEMENTS share\n. INCOME TAXES\n geographic distribution pretax income\n Ended December 31,\n Domestic $(20,597) $22,325 $29,088\n Foreign 87,791 150,051 169,103\n $67,194 $172,376 $198,191" +} +{ + "_id": "d1b3862b4", + "title": "", + "text": "Revenue\nRevenue was $5,517.9 million and $5,878.3 million for 2019 and 2018, respectively. The decrease of $360.4 million, or 6.1% was primarily attributable to an 8.2%, 4.8% and 1.5% decrease in revenue in PSG, ASG and ISG, respectively, which is further explained below. Revenue by reportable segment for each were as follows (dollars in millions):\n(1) Certain of the amounts may not total due to rounding of individual amounts.\nRevenue from PSG\nRevenue from PSG decreased by $249.9 million, or approximately 8%, which was due to a combination of a decrease in volume of products sold and a competitive pricing environment. The revenue in our Protection and Signal Division, Integrated Circuits Division, and High Power Division, decreased by $106.5 million, $96.6 million and $91.5 million, respectively. This was partially offset by an increase in revenue of $30.1 million and $15.0 million from our Foundry Services and Power Mosfet Division, respectively.\nRevenue from ASG\nRevenue from ASG decreased by $98.9 million, or approximately 5%, which was also due to a combination of a decrease in volume of products sold and a competitive pricing environment. The revenue in our Industrial and Offline Power Division and our Signal Processing, Wireless and Medical Division, decreased by $100.5 million and $56.4 million, respectively. This was partially offset by $84.8 million of revenue from Quantenna, which was acquired during 2019.\nRevenue from ISG\nRevenue from ISG decreased by $11.6 million, or 1.5%, which was due to a decrease in our Industrial Sensing Division revenue of $20.8 million, primarily due to decreased demand, which was partially offset by an increase in revenue in other divisions.\n\n | 2019 | As a % of Revenue (1) | 2018 | As a % of Revenue (1)\n------------- | --------- | --------------------- | --------- | ---------------------\nPSG | $ 2,788.3 | 50.5 % | $ 3,038.2 | 51.7 % \nASG | 1,972.3 | 35.7 % | 2,071.2 | 35.2 % \nISG | 757.3 | 13.7 % | 768.9 | 13.1 % \nTotal revenue | $ 5,517.9 | | $ 5,878.3 | \n\n\n $5,517. 9 million $5,878. 3 million 2019 2018. decrease $360. 4 million. 1% 8. 2% 4. 8% 1. 5% decrease PSG ASG ISG. segment\n.\n PSG\n decreased $249. 9 million 8% volume competitive pricing. Protection Signal Integrated Circuits High Power decreased $106. 5 million $96. 6 million $91. 5 million. offset $30. 1 million $15. 0 million Foundry Services Power Mosfet Division.\n decreased $98. 9 million 5% competitive pricing. Industrial Offline Power Signal Processing Wireless Medical Division decreased $100. 5 million $56. 4 million. offset $84. 8 million revenue Quantenna acquired 2019.\n decreased $11. 6 million. 5% Industrial Sensing Division revenue $20. 8 million decreased demand offset increase divisions.\n PSG $ 2,788. 5 % 3,038. 7 %\n ASG 1,972.35. 7 % 2,071.\n. 13. 7 %. %\n revenue $ 5,517. 5,878." +} +{ + "_id": "d1b348586", + "title": "", + "text": "Item 2. Properties\nThe Company operates out of several facilities located around the world. Each facility is used for manufacturing its products and for administrative activities. The following table presents the location, size and terms of ownership/occupation:\nThe Company’s facility located in Mitchel Field, Long Island, New York, is part of the building that the Company constructed in 1981 and expanded in 1988 on land leased from Nassau County. In January 1998, the Company sold this building and the related land lease to Reckson Associates Realty Corp. (“Reckson”), leasing back the space that it presently occupies.\nThe Company leased its manufacturing and office space from Reckson under an initial 11-year lease followed by two five-year renewal periods which ended in January 2019. On July 25, 2018, the Company signed an amendment to the lease with RA 55 CLB LLC (as successor-in-interest to Reckson) which extended the current lease terms ten years and eight months through September 30, 2029. Pursuant to the amendment to the lease agreement, the Company shall pay a gradually increasing annual rent of $1,046,810 in 2019 to $1,276,056 in 2029. The Company believes the leased space is adequate to meet the Company’s domestic operational needs which encompass the principal operations of the FEI-NY segment and also serves as the Company’s world-wide corporate headquarters.\nThe Garden Grove, California facility is leased by the Company’s subsidiary, FEI-Zyfer. The facility consists of a combination office and manufacturing space. The Company has signed a second amendment to the lease, which extends the lease an additional 88 months, beginning October 1, 2017 and expiring January 31, 2025. The average annual rent over the period of the amendment is approximately $312,000. The Company believes the leased space is adequate to meet FEI-Zyfer’s operational needs.\nThe Tianjin, China facility is the location of the Company’s wholly-owned subsidiary, FEI-Asia. The subsidiary’s office and manufacturing facility is located in the Tianjin Free-Trade Zone. The lease was renewable annually with monthly rent of $8,500 through August 2019. As mentioned in Footnote 3, below, FEI-Asia was sold on May 21, 2019 and as a result the lease commitment transferred with the sale.\nFEI-Elcom entered into a new lease agreement on February 1, 2018 regarding its Northvale, New Jersey facility. The facility consists of a combination office and manufacturing space. The lease, which expires in January 31, 2021, requires monthly payments of $9,673. The Company believes the leased space is adequate to meet FEI-Elcom’s operational needs.\n\nLocation | Size (sq. ft.) | Own or Lease\n---------------- | -------------- | ------------\nLong Island, NY | 93,000 | Lease \nGarden Grove, CA | 27,850 | Lease \nTianjin, China | 28,000 | Lease \nNorthvale, NJ | 9,000 | Lease \n\n. Properties\n Company operates facilities. manufacturing administrative activities. table location size ownership\n facility Mitchel Field Long Island New York constructed 1981 expanded 1988 Nassau County. 1998 sold building land to Reckson Realty Corp.\n leased manufacturing office space Reckson 11-year lease two five-year renewal periods ended January 2019. July 25, 2018 amendment lease RA 55 CLB LLC extended lease ten years eight months September 30, 2029. annual rent $1,046,810 2019 to $1,276,056 2029. leased space operational needs world-wide corporate headquarters.\n Garden Grove California facility leased subsidiary FEI-Zyfer. office manufacturing. second amendment 88 months October 1, 2017 expiring January 31, 2025. average annual rent $312,000. space needs.\n Tianjin China facility subsidiary FEI-Asia. manufacturing Tianjin Free-Trade Zone.lease renewable annually monthly rent $8,500 August 2019. FEI-Asia sold May 21, 2019 lease transferred.\n FEI-Elcom new lease February 1 2018 Northvale New Jersey. office manufacturing. expires January 31, 2021 monthly $9,673. space needs.\n.\n Long Island NY 93,000\n Garden Grove CA 27,850\n Tianjin 28,000\n Northvale" +} +{ + "_id": "d1b3ac11c", + "title": "", + "text": "Contract Costs\nThe following table provides changes in our contract acquisition costs and fulfillment costs:\nAcquisition costs include commission fees paid to employees as a result of obtaining contracts. Fulfillment costs include third party and internal costs associated with the provision, installation and activation of telecommunications services to customers, including labor and materials consumed for these activities.\nDeferred acquisition and fulfillment costs are amortized based on the transfer of services on a straight-line basis over the average customer life of 30 months for consumer customers and 12 to 60 months for business customers and amortized fulfillment costs are included in cost of services and products and amortized acquisition costs are included in selling, general and administrative expenses in our consolidated statements of operations. The amount of these deferred costs that are anticipated to be amortized in the next twelve months are included in other current assets on our consolidated balance sheets. The amount of deferred costs expected to be amortized beyond the next twelve months is included in other non-current assets on our consolidated balance sheets. Deferred acquisition and fulfillment costs are assessed for impairment on an annual basis.\n\n | Year Ended December 31, 2019 | \n--------------------------- | ---------------------------- | -----------------\n | Acquisition Costs | Fulfillment Costs\n | (Dollars in millions) | \nBeginning of period balance | $322 | 187 \nCosts incurred | 208 | 158 \nAmortization | (204) | (124) \nEnd of period balance | $326 | 221 \n\nContract Costs\n table changes acquisition fulfillment costs\n Acquisition costs include commission fees. Fulfillment costs third party internal costs telecommunications services labor materials.\n Deferred acquisition fulfillment costs amortized 30 months 12 to 60 months business services products selling administrative expenses consolidated statements operations. deferred costs amortized twelve months included current assets. amortized beyond included non-current assets. Deferred acquisition costs assessed impairment annual.\n Year Ended December 31, 2019\n Acquisition Fulfillment Costs\n millions\n Beginning period balance $322 187\n Costs incurred 208 158\n Amortization (204)\n End balance $326" +} +{ + "_id": "d1b374154", + "title": "", + "text": "Realized and unrealized (losses) gains on non-designated derivative instruments. Realized and unrealized (losses) gains related to derivative instruments that are not designated as hedges for accounting purposes are included as a separate line item in the consolidated statements of loss. Net realized and unrealized losses on non-designated derivatives were $13.7 million for 2019, compared to $14.9 million for 2018, as detailed in the table below:\nThe realized losses relate to amounts we actually realized for settlements related to these derivative instruments in normal course and amounts paid to terminate interest rate swap agreement terminations.\nDuring 2019 and 2018, we had interest rate swap agreements with aggregate average net outstanding notional amounts of approximately $1.1 billion and $1.3 billion, respectively, with average fixed rates of approximately 3.0% and 2.9%, respectively. Short-term variable benchmark interest rates during these periods were generally less than 3.0% and, as such, we incurred realized losses of $8.3 million and $13.9 million during 2019 and 2018, respectively, under the interest rate swap agreements.\nWe did not incur any realized losses related to the termination of interest rate swaps in 2019, compared to realized losses of $13.7 million during 2018. Primarily as a result of significant changes in long-term benchmark interest rates during 2019 and 2018, we recognized unrealized losses of $7.9 million in 2019 compared to unrealized gains of $33.7 million in 2018 under the interest rate swap agreements.\nDuring the year ended December 31, 2019, we recognized a reversal of previously unrealized losses of $26.9 million on all the warrants held by Teekay to purchase common units of Altera (or the Warrants) as a result of the sale of the Warrants to Brookfield, and we concurrently recognized a realized loss of $25.6 million during the same period. During the year ended December 31, 2018, we recognized unrealized losses of $21.1 million on the Warrants. Please read “Item 18 – Financial Statements: Note 12 – Fair Value Measurements and Financial Instruments.”\n\n | Year Ended | Year Ended \n-------------------------------------------------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\n | $ | $ \nRealized (losses) gains relating to: | | \nInterest rate swap agreements | (8,296) | (13,898) \nInterest rate swap agreement terminations | — | (13,681) \nForeign currency forward contracts | (147) | — \nStock purchase warrants | (25,559) | — \nForward freight agreements | 1,490 | 137 \n | (32,512) | (27,442) \nUnrealized (losses) gains relating to: | | \nInterest rate swap agreements | (7,878) | 33,700 \nForeign currency forward contracts | (200) | — \nStock purchase warrants | 26,900 | (21,053) \nForward freight agreements | (29) | (57) \n | 18,793 | 12,590 \nTotal realized and unrealized losses on derivative instruments | (13,719) | (14,852) \n\nunrealized gains non-designated derivative instruments. separate statements loss. losses $13. 7 million 2019 $14. 9 million 2018\n losses relate settlements interest rate swap terminations.\n 2019 2018 interest swap agreements net amounts $1. 1 billion $1. 3 billion fixed rates 3. 0% 2. 9%. Short-term variable interest rates less than 3. 0% incurred losses $8. 3 million $13. 9 million 2019 2018.\n losses termination interest rate swaps 2019 losses $13. 7 million 2018. changes long-term interest rates recognized unrealized losses $7. 9 million 2019 gains $33. 7 million 2018.\n December 2019 recognized reversal unrealized losses $26. 9 million warrants Teekay Altera recognized loss $25. 6 million. 2018 unrealized losses $21. 1 million Warrants. 18 Financial Statements Note 12 Fair Value Measurements Financial Instruments.\nYear Ended\n December 31, 2019 2018\n gains\n Interest rate swap agreements (8,296 (13,898\n Foreign currency contracts\n Stock warrants (25,559\n freight agreements\n (27,442\n Unrealized gains\n swap agreements (7,878) 33\n Foreign currency contracts\n Stock warrants 26,900 (21,053)\n freight agreements\n 18,793\n losses derivative instruments (13,719)" +} +{ + "_id": "d1b371ef4", + "title": "", + "text": "3. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES\nCash and cash equivalents primarily consist of deposits held at major banks, Tier-1 commercial paper debt securities and other securities with original maturities of 90 days or less. Marketable securities consist of Tier-1 commercial paper debt securities, corporate debt securities and certain other securities.\nThe amortized principal amounts of our cash, cash equivalents and marketable securities approximated their fair values at May 31, 2019 and 2018. We use the specific identification method to determine any realized gains or losses from the sale of our marketable securities classified as available-for-sale. Such realized gains and losses were insignificant for fiscal 2019, 2018 and 2017. The following table summarizes the components of our cash equivalents and marketable securities held, substantially all of which were classified as available-for-sale:\nAs of May 31, 2019 and 2018, approximately 33% and 26%, respectively, of our marketable securities investments mature within one year and 67% and 74%, respectively, mature within one to four years. Our investment portfolio is subject to market risk due to changes in interest rates. As described above, we limit purchases of marketable debt securities to investment-grade securities, which have high credit ratings and also limit the amount of credit exposure to any one issuer. As stated in our investment policy, we are averse to principal loss and seek to preserve our invested funds by limiting default risk and market risk.\nRestricted cash that was included within cash and cash equivalents as presented within our consolidated balance sheets as of May 31, 2019 and 2018 and our consolidated statements of cash flows for the years ended May 31, 2019, 2018 and 2017 was nominal.\n\n | May 31, | \n----------------------------------------------- | ------- | -------\n(in millions) | 2019 | 2018 \nCorporate debt securities and other | $22,242 | $44,302\nCommercial paper debt securities | — | 1,647 \nMoney market funds | 5,700 | 6,500 \nTotal investments | $27,942 | $52,449\nInvestments classified as cash equivalents | $10,629 | $6,808 \nInvestments classified as marketable securities | $17,313 | $45,641\n\n. CASH EQUIVALENTS MARKETABLE SECURITIES\n equivalents deposits banks Tier-1 commercial debt securities maturities 90 days or less. Marketable securities Tier-1 commercial corporate.\n amortized cash equivalents securities fair values May 31, 2019 2018. identification gains losses sale-for-sale. insignificant 2019 2018 2017. table summarizes cash equivalents marketable securities available-for-sale\n May 31, 2019 2018 33% 26%, marketable securities investments mature one year 67% 74% one to four years. portfolio market risk interest rates. limit purchases investment-grade high credit ratings credit exposure issuer. averse to principal loss default risk market risk.\n Restricted cash cash equivalents balance sheets nominal.\n Corporate debt securities $22,242 $44,302\n Commercial paper debt securities 1,647\n Money market funds 5,700 6,500\n Total investments $27,942 $52,449\ncash $10,629 $6,808\n securities $17,313,641" +} +{ + "_id": "d1b3520ea", + "title": "", + "text": "During 2019, 2018 and 2017, no income tax benefit or expense was recorded for stock options exercised as an adjustment to equity.\nThe change in the unrecognized income tax benefits for the years ended December 31, 2019, 2018 and 2017 is reconciled below:\nAs of December 31, 2019, 2018 and 2017, our total liability for unrecognized tax benefits was $1.5 million, $1.9 million and $2.4 million, respectively, of which $1.4 million, $1.7 million and $2.2 million, respectively, would reduce our effective tax rate if we were successful in upholding all of the uncertain positions and recognized the amounts recorded. We classify interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. As of December 31, 2019, 2018 and 2017, the balances of accrued interest and penalties were $0.5 million, $0.7 million and $0.8 million, respectively.\nWe do not anticipate a single tax position generating a significant increase or decrease in our liability for unrecognized tax benefits within 12 months of this reporting date. We file income tax returns in the U.S. for federal and various state jurisdictions and several foreign jurisdictions. We are not currently under audit by the Internal Revenue Service. Generally, we are not subject to changes in income taxes by any taxing jurisdiction for the years prior to 2016.\n\n(In thousands) | 2019 | 2018 | 2017 \n----------------------------------------------- | ------ | ------ | ------\nBalance at beginning of period | $1,868 | $2,366 | $2,226\nIncreases for tax position related to: | | | \nPrior years | — | 3 | 465 \nCurrent year | 161 | 254 | 285 \nDecreases for tax positions related to: | | | \nPrior years | (71) | — | (14) \nExpiration of applicable statute of limitations | (471) | (755) | (596) \nBalance at end of period | $1,487 | $1,868 | $2,366\n\n2019 2018 2017 no income tax benefit expense recorded for stock options equity.\n change in unrecognized income tax benefits 2019 reconciled\n total liability for tax benefits $1. 5 million $1. 9 million $2. 4 million. reduce effective tax rate uncertain positions. classify interest penalties as income tax expense. balances accrued interest penalties $0. 5 million $0. 7 million $0. 8 million.\n anticipate single tax position increase decrease liability tax benefits 12 months. file income tax returns. federal state jurisdictions foreign jurisdictions. not under audit Internal Revenue Service. not subject to changes income taxes years prior to 2016.\n Balance period $1,868 $2,366 $2,226\n Increases tax position\n years\n Decreases tax positions\n statute limitations\n Balance end period $1,487 $1,868 $2,366" +} +{ + "_id": "d1b36014a", + "title": "", + "text": "Issuer Purchases of Equity Securities\n(i) Includes 3,416 shares that have been withheld by the Company to satisfy its tax withholding and remittance obligations in connection with the vesting of restricted stock awards. In addition, the Company exercised a pro-rata portion of the 2022 convertible note hedges (described in Note 12, Indebtedness, of the Notes to the Consolidated Financial Statements) to offset the shares of the Company’s Class A common stock issued to settle the conversion of certain 2022 Notes. The note hedges were net share settled and the Company received 3,643,165 shares of the Company’s Class A common stock from the counterparties in October of 2018.\n(ii) Excludes the shares received through the exercise of the note hedges.\n(iii) The Company exercised a pro-rata portion of the 2022 convertible note hedges to offset the shares of the Company’s Class A common stock issued to settle the conversion of certain 2022 Notes. The note hedges were net share settled and the Company received 1,096,773 shares of the Company’s Class A common stock from the counterparties in November of 2018.\n\nPeriod | Total number of Shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs\n------------------------- | -------------------------------- | ---------------------------- | -------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------\nOctober 1 to October 31 | 3,646,581 (i) | 97.28 (ii) | — | — \nNovember 1 to November 30 | 1,096,773 (iii) | — (ii) | — | — \nDecember 1 to December 31 | — | — | — | — \nTotal | 4,743,354 | 97.28 (ii) | — | — \n\nIssuer Purchases Equity Securities\n Includes 3,416 shares withheld Company tax withholding remittance obligations vesting restricted stock awards. Company exercised pro-rata 2022 convertible note hedges Note 12 Indebtedness Consolidated Financial Statements offset Class A common stock. net share settled received 3,643,165 shares common stock October 2018.\n Excludes shares received note hedges.\n exercised 2022 convertible note hedges offset Class A common stock. net share settled received 1,096,773 shares A common stock November 2018.\n Period Total Shares purchased Average price paid per share shares purchased plans programs Maximum value shares purchased\n October 1 to 31 3,646,581.\n November 1 to 30 1,096,773\n December 1 to 31\n Total 4,743,354." +} +{ + "_id": "d1b34e97c", + "title": "", + "text": "18. Business Segments\nWe primarily derive our revenues from sales of our proprietary software (either as a direct license sale or under a subscription delivery model), which also serves as the basis for our recurring service contracts for software support and maintenance and certain transaction-related services. In addition, we provide various other client services, including installation, and managed services such as outsourcing, private cloud hosting and revenue cycle management.\nDuring the first quarter of 2019, we realigned our reporting structure as a result of the divestiture of our investment in Netsmart on December 31, 2018, the evolution of the healthcare IT industry and our increased focus on the payer and life sciences market. As a result, we changed the presentation of our reportable segments to Provider and Veradigm. The new Provider segment is comprised of our core integrated clinical software applications, financial management and patient engagement solutions targeted at clients across the entire continuum of care. The new Veradigm segment primarily focuses on the payer and life sciences market. These changes to our reportable segments had no impact on operating segments. The segment disclosures below for the years ended December 31, 2018 and 2017 have been revised to our current presentation.\nWe sold all of our investment in Netsmart on December 31, 2018. Prior to the sale, Netsmart comprised a separate reportable segment, which due to its significance to our historical consolidated financial statements and results of operations, is reported as a discontinued operation as a result of the sale. In addition, the results of operations related to two of the product offerings acquired with the EIS Business (Horizon Clinicals and Series2000) are also presented throughout these financial statements as discontinued operations and are included within the Provider reportable segment, except for acquisition-related deferred revenue adjustments, which are included in “Unallocated Amounts”. Refer to Note 17, “Discontinued Operations.”\nAs a result of the above changes, as of December 31, 2019, we had eight operating segments, which are aggregated into two reportable segments. The Provider reportable segment includes the Hospitals and Health Systems, Ambulatory, CarePort, FollowMyHealth®, EPSiTM, EIS-Classics and 2bPrecise strategic business units, each of which represents a separate operating segment. This reportable segment derives its revenue from the sale of integrated clinical software applications, financial management and patient engagement solutions, which primarily include EHR-related software, connectivity and coordinated care solutions, financial and practice management software, related installation, support and maintenance, outsourcing, private cloud hosting, revenue cycle management, training and electronic claims administration services. The Veradigm reportable segment is comprised of the Veradigm business unit, which represents a separate operating segment. This reportable segment provides data-driven clinical insights with actionable tools for clinical workflow, research, analytics and media. Its solutions, targeted at key healthcare stakeholders, help improve the quality, efficiency and value of healthcare delivery.\nOur Chief Operating Decision Maker (“CODM”) uses segment revenues, gross profit and income from operations as measures of performance and to make decisions about the allocation of resources. In determining these performance measures, we do not include in revenue the amortization of acquisition- related deferred revenue adjustments, which reflect the fair value adjustments to deferred revenue acquired in a business combination. We also exclude the amortization of intangible assets, stock-based compensation expense, non-recurring expenses and transaction-related costs, and non-cash asset impairment charges from the operating segment data provided to our CODM. Non-recurring expenses relate to certain severance, product consolidation, legal, consulting and other charges incurred in connection with activities that are considered one-time. Accordingly, these amounts are not included in our reportable segment results and are included in an “Unallocated Amounts” category within our segment disclosure. The “Unallocated Amounts” category also includes (i) corporate general and administrative expenses (including marketing expenses) and certain research and development expenses related to common solutions and resources that benefit all of our business units (refer to discussion above), all of which are centrally managed and (ii) revenue and the associated cost from the resale of certain ancillary products, primarily hardware. We do not track our assets by segment.\n\n | | Year Ended December 31, | \n----------------------------------- | ---------- | ----------------------- | ----------\n(In thousands) | 2019 | 2018 | 2017 \nRevenue: | | | \nProvider | $1,597,115 | $1,616,022 | $1,441,212\nVeradigm | 161,216 | 140,326 | 69,879 \nUnallocated Amounts | 13,346 | (6,386) | (13,383) \nTotal revenue | $1,771,677 | $1,749,962 | $1,497,708\nGross profit: | | | \nProvider | $672,206 | $710,063 | $674,112 \nVeradigm | 104,896 | 100,708 | 43,817 \nUnallocated Amounts | (63,522) | (86,228) | (85,130) \nTotal gross profit | $713,580 | $724,543 | $632,799 \nIncome (loss) from operations: | | | \nProvider | $ 396,724 | $402,544 | $426,099 \nVeradigm | 43,996 | 43,641 | 23,816 \nUnallocated Amounts | (465,176) | (539,237) | (437,431) \nTotal income (loss) from operations | $(24,456) | $(93,052) | $12,484 \n\n. Business Segments\n derive revenues from sales proprietary software license subscription basis for recurring service contracts software support maintenance transaction-related services. provide client services installation outsourcing private cloud hosting revenue cycle management.\n 2019 realigned reporting structure divestiture investment Netsmart 2018 evolution healthcare IT industry increased focus payer life sciences market. changed reportable segments to Provider Veradigm. Provider segment clinical software financial management patient engagement solutions. Veradigm segment focuses payer life sciences market. changes no impact operating segments. segment disclosures December 31, 2018 2017 revised current presentation.\n sold investment Netsmart December 31, 2018. discontinued operation. (Horizon Clinicals Series2000 discontinued included Provider segment except acquisition-related deferred revenue adjustments “Unallocated Amounts”. Note 17, Operations.\n December 31, 2019 eight operating segments aggregated into two reportable segments.Provider segment includes Hospitals Health Systems Ambulatory CarePort FollowMyHealth® EPSiTM EIS-Classics 2bPrecise units separate. revenue from clinical software financial management patient engagement solutions EHR connectivity care financial practice management installation support outsourcing cloud hosting revenue cycle management training electronic claims administration. Veradigm business unit separate. provides data clinical insights tools workflow research media. solutions improve quality efficiency value healthcare delivery.\n Chief Operating Decision Maker uses revenues gross profit income performance allocation. amortization acquisition deferred revenue adjustments. amortization intangible assets stock-based compensation non expenses transaction-related costs non-cash asset impairment charges. Non-recurring expenses severance product consolidation legal consulting charges. not “Unallocated Amounts”.corporate expenses research development resale ancillary products. assets segment.\n Ended December 31,\n Revenue\n $1,597,115 $1,616,022 $1,441,212\n Veradigm 161,216 140,326 69\n Unallocated Amounts 13,346 (6,386\n revenue $1,771,677 $1,749,962 $1,497,708\n profit\n $672,206 $710,063 $674,112\n Veradigm 104,896 100,708 43,817\n Unallocated Amounts (63,522) (86,228,130\n profit $713,580 $724,543 $632,799\n operations\n 396,724 $402,544 $426,099\n 43,996,641\n Unallocated Amounts (465,176 (539,237) (437,431\n $(24,456) $(93,052) $12,484" +} +{ + "_id": "d1b3abcb2", + "title": "", + "text": "Cash Flows\nThe following table provides a summary of cash flows from operating, investing and financing activities (in millions):\nOperating Activities\nThe $57.2 million decrease in cash provided by operating activities in 2019 compared to 2018 is primarily related to the timing and amount of cash receipts for Trade receivables, net, higher payments primarily related to income taxes and incentive bonus, and the timing of payments for Trade accounts payable and other accrued liabilities. The $84.4 million increase in cash provided by operating activities in 2018 compared to 2017 was primarily related to increased earnings excluding the prior year effect of the Tax Reform Act and the timing and amount of cash receipts for Trade receivables, net.\nInvesting Activities\nThe $406.9 million increase in cash used in investing activities in 2019 compared to 2018 is primarily related to our D&B Investment and our acquisition of Compass Analytics. The $59.4 million increase in cash used in investing activities in 2018 compared to 2017 was primarily related to the HeavyWater and Ernst acquisitions and higher capital expenditures in 2018.\nFinancing Activities\nThe $455.1 million increase in cash provided by financing activities in 2019 compared to 2018 is primarily related to an incremental borrowing to fund our D&B Investment as well as fewer share repurchases. The $96.8 million decrease in cash used in financing activities in 2018 compared to 2017 was primarily related to tax distributions to BKFS LLC members and the senior notes redemption fee in 2017.\n\n | Year ended December 31, | | | Variance | \n----------------------------------------------------- | ----------------------- | ------- | -------- | ------------ | ------------\n | 2019 | 2018 | 2017 | 2019 v. 2018 | 2018 v. 2017\nCash flows provided by operating activities | $378.3 | $435.5 | $351.1 | $(57.2) | $84.4 \nCash flows used in investing activities | (551.0) | (144.1) | (84.7) | (406.9) | (59.4) \nCash flows provided by (used in) financing activities | 167.8 | (287.3) | (384.1) | 455.1 | 96.8 \nNet (decrease) increase in cash and cash equivalents | $(4.9) | $4.1 | $(117.7) | $(9.0) | $121.8 \n\nCash Flows\n table cash flows operating investing financing activities\n Operating Activities\n $57. 2 million decrease cash 2019 related timing cash receipts Trade receivables income taxes incentive bonus Trade accounts accrued liabilities. $84. 4 million increase cash 2018 increased earnings Tax Reform Act timing cash receipts Trade receivables.\n Investing Activities\n $406. 9 million increase cash D&B Investment Compass Analytics. $59. 4 million increase cash HeavyWater Ernst acquisitions higher capital expenditures.\n Financing Activities\n $455. 1 million increase cash incremental borrowing D&B Investment fewer share repurchases. $96. 8 million decrease cash financing tax distributions BKFS LLC senior notes redemption fee.\n December\n.\n Cash flows operating activities $378. 3 $435. 5 $351. $84.\n flows investing activities (551. (144. (84. (406. (59.\nCash financing 167. 8 (287. 3). 455. 96.\n cash equivalents. 9) $4. 1. 7). $121." +} +{ + "_id": "d1b304246", + "title": "", + "text": "Billings\nGroup reported billings decreased by $8.3 million or 1.1 per cent to $760.3 million in the year-ended 31 March 2019. This represented a 0.1 per cent decrease on a constant currency (“CC”) basis.\nBillings by region\nAmericas Billings attributable to the Americas decreased by $2.2 million to $267.8 million in the period, representing a 0.8 per cent reduction on a reported basis and 0.7 per cent on a constant currency basis; this decrease largely driven by a decline in Enduser products due to the stronger performance in the prior-year compare as a consequence of the impact of the WannaCry ransomware outbreak and the launch of Intercept X, the Group’s next-gen endpoint product, partially offset by an improved performance in UTM sales.\nEMEA Billings attributable to EMEA increased by $0.2 million to $395.3 million in the period, representing 0.1 per cent growth on a reported basis and 0.9 per cent growth on a constant currency basis. An increase in sales of Server products being partially offset by a reduction in endpoint and email products.\nAPJ Billings attributable to APJ decreased by $6.3 million to $97.2 million in the period, representing 6.1 per cent on a reported basis and 2.8 per cent on a constant currency basis. As in the Americas, growth was negatively impacted by the stronger performance in the prior-year compare compounded by a legacy Network product transition in the first-half of the year partially offset by an improvement in sales of Server products.\n\n | FY19 | FY18 | Growth % | Growth %\n-------------------- | ------------- | ------------- | ---------- | --------\n | $m (Reported) | $m (Reported) | (Reported) | (CC) \nBillings by Region: | | | | \n- Americas | 267.8 | 270.0 | (0.8) | (0.7) \n- EMEA | 395.3 | 395.1 | 0.1 | 0.9 \n- APJ | 97.2 | 103.5 | (6.1) | (2.8) \n | 760.3 | 768.6 | (1.1) | (0.1) \nBillings by Product: | | | | \n– Network | 345.9 | 353.4 | (2.1) | (1.1) \n– Enduser | 377.1 | 383.2 | (1.6) | (0.7) \n– Other | 37.3 | 32.0 | 16.6 | 17.1 \n | 760.3 | 768.6 | (1.1) | (0.1) \nBillings by Type: | | | | \n– Subscription | 644.6 | 644.2 | 0.1 | 1.0 \n– Hardware | 105.7 | 113.7 | (7.0) | (6.1) \n– Other | 10.0 | 10.7 | (6.5) | (4.6) \n | 760.3 | 768.6 | (1.1) | (0.1) \n\n\n Group decreased $8. 3 million. to $760. 3 million year-ended 31 March 2019. 1 per cent decrease constant currency.\n Americas decreased $2. 2 million to $267. 8 million. 8 per cent reduction. 7 per cent constant currency driven decline Enduser products WannaCry ransomware launch Intercept X offset improved UTM sales.\n EMEA increased $0. 2 million to $395. 3 million. 1 per cent growth. 9 per cent growth constant currency. increase sales Server products offset reduction endpoint email products.\n APJ Billings decreased $6. 3 million to $97. 2 million 6. 1 per cent reported 2. 8 per cent constant currency. growth impacted stronger performance Network product transition improvement sales Server products.\n Growth %\n Billings Region\n Americas 267. 8 270.\n EMEA 395.\nAPJ 97. 2 103. 5 (6. (2.\n 760. 768. 6 (1.\n Billings Product\n Network 345. 9 353. 4 (2.\n 377. 383. 2.\n 37. 3 32. 16. 17.\n 760. 3 768. 6.\n Billings Type\n Subscription 644. 6 644. 2.\n 105. 7 113. (7.\n 10. 7 (6. 5).\n 760. 3 768. 6 (1." +} +{ + "_id": "d1b2eaec2", + "title": "", + "text": "Reconciliations of total segment net revenues and total segment operating income to consolidated net revenues and consolidated income before income tax expense are presented in the table below (amounts in millions):\n(1) Includes other income and expenses from operating segments managed outside the reportable segments, including our Distribution business. Also includes unallocated corporate income and expenses.\n(2) Since certain of our games are hosted online or include significant online functionality that represents a separate performance obligation, we defer the transaction price allocable to the online functionality from the sale of these games and then recognize the attributable revenues over the relevant estimated service periods, which are generally less than a year. The related cost of revenues is deferred and recognized as an expense as the related revenues are recognized. This table reflects the net effect from the deferrals of revenues and recognition of deferred revenues, along with the related cost of revenues, on certain of our online enabled products.\n(3) Intersegment revenues reflect licensing and service fees charged between segments.\n(4) Reflects restructuring initiatives, which include severance and other restructuring-related costs.\n(5) Reflects the impact of other unusual or unique tax‑related items and activities.\n\n | For the Years Ended December 31, | \n------------------------------------------------------------------------------------------------ | -------------------------------- | ------\n | 2019 | 2018 \nReconciliation to consolidated net revenues: | | \nSegment net revenues | $5,969 | $6,835\nRevenues from non-reportable segments (1) | 462 | 480 \nNet effect from recognition (deferral) of deferred net revenues (2) | 101 | 238 \nElimination of intersegment revenues (3) | (43) | (53) \nConsolidated net revenues | $6,489 | $7,500\nReconciliation to consolidated income before income tax expense: | | \nSegment operating income | $2,054 | $2,446\nOperating income (loss) from non-reportable segments (1) | 24 | 31 \nNet effect from recognition (deferral) of deferred net revenues and related cost of revenues (2) | 52 | 100 \nShare-based compensation expense | (166) | (209) \nAmortization of intangible assets | (203) | (370) \nRestructuring and related costs (4) | (137) | (10) \nDiscrete tax-related items (5) | (17) | — \nConsolidated operating income | 1,607 | 1,988 \nInterest and other expense (income), net | (26) | 71 \nLoss on extinguishment of debt | — | 40 \nConsolidated income before income tax expense | $1,633 | $1,877\n\nReconciliations segment net revenues operating income consolidated before tax expense table\n Includes income expenses outside Distribution business. unallocated corporate income expenses.\n games online defer transaction price recognize revenues service periods less than year. related cost revenues deferred recognized expense. reflects net effect deferrals online products.\n Intersegment revenues reflect licensing service fees.\n Reflects restructuring initiatives severance costs.\n Reflects impact unusual tax‐related items activities.\n Years December\n Reconciliation to consolidated net revenues\n net revenues $5,969 $6,835\n Revenues from non-reportable segments\n Net effect deferred revenues\n Elimination intersegment revenues\n Consolidated net revenues $6,489 $7,500\n Reconciliation consolidated income before tax expense\n operating income $2,054 $2,446\n (loss) from non-reportable segments\n\n Share-based compensation (166) (209)\n Amortization intangible assets (203) (370)\n Restructuring costs (137)\n tax items\n Consolidated operating income 1,607 1,988\n Interest expense\n Loss extinguishment debt\n income tax $1,633 $1,877" +} +{ + "_id": "d1b309a8e", + "title": "", + "text": "34. Share-based payment continued\n3.8 million share incentives were granted during 2019 (2018 2.7 million). The fair value of share incentives has been estimated as at the date of grant using the Black-Scholes binomial model. The following table gives the assumptions made in arriving at the share-based payment charge and the fair value:\nThe expected volatility was determined by calculating the historical volatility of the Company’s share price over the previous two years which management considers to be the period which is likely to be most representative of future volatility. The risk free rate is calculated by reference to UK government bonds.\n\n | 2019 | 2018 \n--------------------------------------- | --------- | -----\nWeighted average share price (pence) | 163.1 | 112.9\nWeighted average exercise price (pence) | 0.0 | 0.0 \nWeighted average fair value (pence) | 141.1 | 95.1 \nExpected volatility (%) | 31.6–32.8 | 30.6 \nOption life (years): | | \n– Performance Shares | 3.0 | 3.0 \n– Options and SARs | 10.0 | 10.0 \nRisk free rate (%) | 0.48-0.72 | 0.88 \nDividend yield (%) | 2.5–3.0 | 3.0 \n\n. Share-based payment\n. 8 million incentives granted 2019. 7 million. fair value estimated date grant Black-Scholes binomial model. table assumptions-based payment charge fair value\n expected volatility determined historical volatility share price future volatility. risk free rate UK government bonds.\n average share price 163. 112.\n exercise price.\n fair value 141. 95.\n Expected volatility (%) 31. 6–32. 30.\n Option life\n Performance Shares 3.\n Options SARs 10.\n Risk free rate.\n Dividend yield (%) 2. 5–3." +} +{ + "_id": "d1b2fae26", + "title": "", + "text": "GWL Corporate Free Cash Flow(1)\nFollowing the reorganization of Choice Properties to GWL, management evaluates the cash generating capabilities of GWL Corporate(2) based on the various cash flow streams it receives from its operating subsidiaries. As a result, the GWL Corporate free cash flow(1) is based on the dividends received from Loblaw, distributions received from Choice Properties and net cash flow contributions received from Weston Foods less corporate expenses, interest and income taxes paid. Lease payments are excluded from the calculation of GWL Corporate free cash flow(1) to normalize for the impact of the implementation of IFRS 16.\n(i) Included in Other and Intersegment, GWL Corporate includes all other company level activities that are not allocated to the reportable operating segments, such as net interest expense, corporate activities and administrative costs. Also included are preferred share dividends paid.\n\nFor the quarters and years ended December 31 | Quarters ended | | Yeas ended | \n----------------------------------------------------- | -------------- | ---- | ---------- | -----\n($ millions) | 2019 | 2018 | 2019 | 2018 \nWeston Foods adjusted EBITDA(1) | 56 | 59 | 223 | 233 \nWeston Foods capital expenditures | (70) | (91) | (194) | (212)\nDistributions from Choice Properties | 82 | 43 | 325 | 43 \nDividends from Loblaw | – | – | 233 | 212 \nWeston Foods income taxes paid | – | (2) | (7) | (32) \nOther | 64 | 21 | (41) | (23) \nGWL Corporate cash flow from operating businesses (1) | 132 | 30 | 539 | 221 \nGWL Corporate and financing costs (i) | (24) | (33) | (109) | (108)\nIncome taxes paid | (4) | (2) | (19) | (14) \nGWL Corporate free cash flow (1) | 104 | (5) | 411 | 99 \n\nGWL Corporate Free Cash Flow(1)\n reorganization Choice Properties GWL management evaluates cash generating GWL cash flow subsidiaries. GWL Corporate free cash based dividends Loblaw distributions Choice Properties cash Weston Foods less corporate expenses interest income taxes. Lease payments excluded IFRS 16.\n GWL Corporate includes company activities net interest expense corporate activities administrative costs. preferred share dividends.\n quarters years ended December 31\n$ millions 2019\n Weston Foods EBITDA(1) 56 223 233\n capital expenditures (70) (194)\n Distributions Choice Properties\n Dividends from Loblaw\n Weston Foods income taxes paid\n GWL Corporate cash flow from operating businesses 132 30 539 221\n GWL Corporate financing costs (24)\n Income taxes paid\n Corporate free cash flow 411" +} +{ + "_id": "d1a7122a8", + "title": "", + "text": "NOTE 26 – EARNINGS PER SHARE AND DIVIDEND PER SHARE\nWhen calculating diluted earnings per share for 2018 and 2017, RSUs have been omitted as they are out-of-the-money and thus anti-dilutive, but the RSUs may potentially dilute earnings per share in the future. Please refer to note 3 for information on the RSU share options.\n\n | 2019 | 2018 | 2017\n------------------------------------------------------------------------------------ | ----- | ----- | ----\nEARNINGS PER SHARE | | | \nNet profit/(loss) for the year (USDm) | 166.0 | -34.8 | 2.4 \nMillion shares | | | \nWeighted average number of shares | 74.3 | 73.4 | 62.3\nWeighted average number of treasury shares | -0.3 | -0.3 | -0.3\nWeighted average number of shares outstanding | 74.0 | 73.1 | 62.0\nDilutive effect of outstanding share options | 0.0 | - | - \nWeighted average number of shares outstanding incl. dilutive effect of share options | 74.0 | 73.1 | 62.0\nBasic earnings/(loss) per share (USD) | 2.24 | -0.48 | 0.04\nDiluted earnings/(loss) per share (USD) | 2.24 | -0.48 | 0.04\n\nNOTE 26 PER SHARE DIVIDEND\n calculating diluted earnings 2018 2017 RSUs omitted out-of-money anti-dilutive dilute earnings. note 3 RSU share options.\n 2018 2017\n EARNINGS PER SHARE\n Net profit/(loss) year (USDm) 166. 8 2. 4\n Weighted average shares 74. 3 73. 4 62. 3\n treasury shares.\n shares 74. 73. 1 62.\n Dilutive effect share options.\n. 74. 73. 62.\n earnings/(loss) per share (USD 2. 24. 48.\n Diluted earnings(loss 2. 24." +} +{ + "_id": "d1b309d04", + "title": "", + "text": "Operating Expenses\nThe following table highlights our operating expenses and operating loss as a percentage of net revenues:\n\n | | Year Ended | \n----------------------------------------------------------------- | ------------- | ------------ | -------------\n | June 30,\n2019 | June 30,2018 | June 30,\n2017\nResearch and development | 21.1% | 18.7% | 15.4% \nSales and marketing | 28.7% | 27.2% | 26.8% \nGeneral and administrative | 5.6% | 5.2% | 6.2% \nAcquisition and integration costs, net of bargain purchase gain | 0.3% | 5.5% | 2.2% \nRestructuring charges, net of reversals | 0.5% | 0.8% | 1.5% \nAmortization of intangibles | 0.6% | 0.9% | 1.4% \nTotal operating expenses | 56.8% | 58.3% | 53.5% \nOperating (loss) income | (1.5)% | (3.9)% | 1.0% \n\n\n table loss revenues\n 30\n 2019\n Research development 21. 1% 18. 7% 15.\n Sales marketing 28. 7% 27. 2% 26. 8%\n 5. 6%. 6. 2%\n Acquisition integration costs bargain purchase gain.\n Restructuring charges reversals.\n Amortization intangibles.\n operating expenses 56. 8% 58. 3% 53. 5%\n Operating (loss income. 5)% (3. 9)." +} +{ + "_id": "d1b3187c8", + "title": "", + "text": "7 Employee benefits\nPension plans\nThe Company is accounting for pension costs in accordance with International Accounting Standard 19.\nThe disclosures shown here are in respect of the Company’s defined benefit obligations. Other plans operated by the Company were defined contribution plans.\nThe total expense relating to the Company’s defined contribution pension plans in the current year was £0.7m (2018: £0.6m).\nAt 31st December 2019 the post-retirement mortality assumptions in respect of the Company Defined Benefit Scheme follows 85%/96% (male/female) of SAPS S2, CMI 2017 projections with a long term trend of 1.25% p.a. At 31st December 2018 the postretirement mortality assumptions in respect of the Company Defined Benefit Scheme follows 85% of SAPS S2 Light base table for males and 96% of SAPS S2 base table for females with CMI Core Projection Model 2016 improvements commencing in 2007, subject to a 1.25% p.a. long-term trend. These assumptions are regularly reviewed in light of scheme-specific experience and more widely available statistics.\nThe financial assumptions used at 31st December were:\nThe assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions, which due to the timescale covered, may not necessarily be borne out in practice.\n\n | Weighted-average assumptions used to define the benefit obligations | \n---------------------------- | ------------------------------------------------------------------- | ----\n | 2019 | 2018\n | % | % \nRate of increase in salaries | 2.4 | 2.7 \nRate of increase in pensions | 2.8 | 2.9 \nRate of price inflation | 2.9 | 3.2 \nDiscount rate | 2.1 | 2.7 \n\nEmployee benefits\n Pension plans\n Company accounting pension costs International Accounting Standard 19.\n disclosures defined benefit obligations. defined contribution plans.\n total expense contribution pension plans current year £0. 7m (2018 £0. 6m.\n 31st December 2019 post mortality assumptions 85%/96% SAPS S2 CMI 2017 projections long term trend 1. 25%. 31st December 2018 postretirement mortality assumptions 85% SAPS S2 96% females CMI Core Projection Model 2016 improvements 1. 25%. long-term trend. assumptions reviewed scheme-specific experience statistics.\n financial assumptions 31st December\n best estimates.\n Weighted-average assumptions benefit obligations\n increase salaries.\n increase pensions.\n price inflation.\n Discount." +} +{ + "_id": "d1b32401e", + "title": "", + "text": "Contract balances\nThe following table provides information about receivables, contract assets and contract liabilities from contracts with customers.\nAccrued income relates to the Group’s rights to consideration for services provided but not invoiced at the reporting date. Accrued income is transferred to receivables when invoiced.\nDeferred income relates to advanced consideration received for which revenue is recognised as or when services are provided. Included within deferred income is £11.2m (2018: £nil) relating to consideration received from Auto Trader Auto Stock Limited (which forms part of the Group’s joint venture) for the provision of data services (note 16). Revenue relating to this service is recognised on a straight-line basis over a period of 20 years.\n\n | 2019 | 2018 \n-------------------------------------------------------------- | ------ | -----\n | £m | £m \nReceivables, which are included in trade and other receivables | 27.0 | 28.8 \nAccrued income | 28.0 | 26.7 \nDeferred income | (13.2) | (1.8)\n\nContract balances\n table receivables assets liabilities contracts customers.\n Accrued income Group’s rights services not invoiced reporting date. transferred to receivables when invoiced.\n Deferred income advanced consideration revenue recognised. £11. 2m (2018 £nil) Auto Trader Auto Stock Limited joint venture data services. Revenue recognised straight-line 20 years.\n Receivables 27. 28.\n Accrued income. 26. 7\n Deferred income (13." +} +{ + "_id": "d1b3799ec", + "title": "", + "text": "Options outstanding that are exercisable and that have vested and are expected to vest as of January 31, 2020 were as follows (outstanding options in thousands, aggregate intrinsic value in in millions):\n(1) The aggregate intrinsic values represent the total pre-tax intrinsic values based on VMware's closing stock price of $148.06 as of January 31, 2020, which would have been received by the option holders had all in-the-money options been exercised as of that date.\nThe total fair value of VMware stock options that vested during the years ended January 31, 2020, February 1, 2019 and February 2, 2018 was $64 million, $35 million and $32 million, respectively. Total fair value of Pivotal stock options that vested during the years ended January 31, 2020, February 1, 2019 and February 2, 2018 was $27 million, $41 million and $23 million, respectively.\nThe VMware stock options exercised during the years ended January 31, 2020, February 1, 2019 and February 2, 2018 had a pre-tax intrinsic value of $103 million, $56 million, and $62 million, respectively. The Pivotal options exercised during the years ended January 31, 2020 and February 1, 2019 had a pre-tax intrinsic value of $278 million and $97 million, respectively, and was not material during the year ended February 2, 2018. The pre-tax intrinsic value of Pivotal options exercised during the year ended January 31, 2020 includes vested options that were settled in cash as part of the Pivotal acquisition.\n\n | | VMware Stock Options | | \n--------------------------- | ------------------- | -------------------- | ------------------------------------------------------- | ----------------------------\n | Outstanding Options | Exercise Price | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value(1)\nExercisable | 945 | $47.24 | 3.81 | $95 \nVested and expected to vest | 2,589 | 56.13 | 6.41 | 238 \n\nOptions exercisable vested expected vest January 31, 2020 thousands aggregate value\n aggregate intrinsic values pre-tax VMware's closing stock price $148. 06 January 31, 2020 received options exercised.\n total fair value VMware stock options January 31, 2020 February 2019 2018 $64 million $35 million $32 million. Pivotal stock options $27 million $41 million $23 million.\n VMware stock options pre-tax intrinsic value $103 million $56 million $62 million. Pivotal options $278 million $97 million not material February 2 2018. value Pivotal options includes vested options settled cash acquisition.\n VMware Stock Options\n Outstanding Options Exercise Price Weighted- Average Contractual Term years Aggregate Intrinsic\n Exercisable 945 $47. 24 3. 81 $95\n Vested expected vest 2,589. 238" +} +{ + "_id": "d1b31607c", + "title": "", + "text": "EBITDA: TORM defines EBITDA as earnings before financial income and expenses, depreciation, impairment, amortization and taxes. The computation of EBITDA refers to financial income and expenses which the Company deems to be equivalent to “interest” for purposes of presenting EBITDA. Financial expenses consist of interest on borrowings, losses on foreign exchange transactions and bank charges. Financial income consists of interest income and gains on foreign exchange transactions.\nEBITDA is used as a supplemental financial measure by Management and external users of financial statements, such as lenders, to assess TORM's operating performance as well as compliance with the financial covenants and restrictions contained in the Company's financing agreements. TORM believes that EBITDA assists Management and investors by increasing comparability of the Company's performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects of interest, depreciation, impairment, amortization and taxes. These are items that could be affected by various changing financing methods and capital structure and which may significantly affect profit/(loss) between periods. Including EBITDA as a measure benefits investors in selecting between investment alternatives.\nEBITDA excludes some, but not all, items that affect profit/(loss), and these measures may vary among other companies and not be directly comparable. The following table reconciles EBITDA to net profit/ (loss), the most directly comparable IFRS financial measure, for the periods presented:\n\nUSDm | 2019 | 2018 | 2017 \n----------------------------------------------- | ------ | ----- | -----\nReconciliation to net profit/(loss) | | | \nNet profit/(loss) for the year | 166.0 | -34.8 | 2.4 \nTax | 0.8 | 1.6 | 0.8 \nFinancial expenses | 41.9 | 39.3 | 40.6 \nFinancial income | -2.8 | -3.3 | -4.3 \nDepreciation | 110.1 | 114.5 | 114.5\nImpairment (reversal)/losses on tangible assets | -114.0 | 3.2 | 3.6 \nEBITDA | 202.0 | 120.5 | 157.6\n\nTORM defines earnings before financial income expenses depreciation impairment amortization taxes. computation refers financial income expenses equivalent to. expenses interest borrowings losses foreign exchange transactions bank charges. Financial income interest gains foreign exchange transactions.\n EBITDA supplemental financial measure TORM operating performance compliance financial covenants restrictions financing agreements. assists comparability performance. excluding interest depreciation impairment amortization taxes. affected financing methods capital structure affect profit/(loss) between periods. EBITDA benefits investors investment alternatives.\n excludes not items profit/ vary. table reconciles EBITDA to net profit periods\n 2019 2018 2017\n Reconciliation to net profit/(loss)\n 166. 2.\n Tax. 1.\n Financial expenses 41. 39. 40.\n Financial income -2. -3. -4.\n Depreciation 110. 114.\ntangible assets -114. 3. 2.\n 202. 120. 5 157." +} +{ + "_id": "d1b356550", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\nCredit risk\nCredit risk is the risk that a counterparty will fail to discharge its obligations and cause a financial loss and arises from cash and cash equivalents, short-term investments, favorable derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to customers, including trade and other receivables, dividends receivable and other amounts due from related parties. The Group is exposed to credit risk in the event of non-performance by any of its counterparties. To limit this risk, the Group currently deals primarily with financial institutions and customers with high credit ratings.\nFor the year ended December 31, 2019, 70.0% of the Group’s revenue was earned from Shell (December 31, 2018 and December 31, 2017, 74.2% and 92.6%, respectively) and accounts receivable were not collateralized; however, management believes that the credit risk is partially offset by the creditworthiness of the Group’s counterparties. BG Group was acquired by Shell on February 15, 2016. This acquisition does not impact the contractual obligations under the existing charter party agreements. The Group did not experience significant credit losses on its accounts receivable portfolio during the three years ended December 31, 2019. The carrying amount of financial assets recorded in the consolidated financial statements represents the Group’s maximum exposure to credit risk. Management monitors exposure to credit risk, and they believe that there is no substantial credit risk arising from the Group’s counterparties.\nThe credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies.\n\n | As of December 31, | \n--------------------------------------------------------------- | ------------------ | -------\n | 2018 | 2019 \nCash and cash equivalents | 342,594 | 263,747\nShort-term investments | 25,000 | 4,500 \nTrade and other receivables | 20,244 | 24,900 \nDividends receivable and other amounts due from related parties | 33,395 | 573 \nDerivative financial instruments | 15,188 | 4,001 \n\nGasLog Ltd. Subsidiaries\n consolidated financial statements\n years December 31, 2017 2018 2019\n amounts U. S. Dollars except\n Credit risk\n counterparty loss cash equivalents short-term investments derivative financial instruments deposits banks credit exposures receivables dividends. Group exposed credit risk non-performance. deals financial institutions customers high credit ratings.\n December 31, 2019 70. 0% revenue Shell 2018 2017 74. 2% 92. 6% accounts receivable not collateralized credit risk offset creditworthiness counterparties. BG Group acquired Shell February 15, 2016. obligations. credit losses receivable years 2019. financial assets maximum exposure credit risk. monitors no substantial credit risk counterparties.\n credit risk liquid funds derivative instruments limited counterparties banks high credit ratings.\n December\n 2019\n Cash equivalents 342,594 263,747\n Short-term investments 25,000 4,500\nreceivables 20,244 24,900\n Dividends 33,395\n instruments 15,188 4" +} +{ + "_id": "d1b3a02e0", + "title": "", + "text": "A reconciliation of the combined Canadian federal and provincial income tax rate with our effective income tax rate is as follows:\nIn Fiscal 2019, 2018 and 2017, respectively, substantially all the tax rate differential for international jurisdictions was driven by earnings in the United States.\nThe effective tax rate decreased to a provision of 35.2% for the year ended June 30, 2019, compared to 37.2% for the year ended June 30, 2018. The increase in tax expense of $11.1 million was primarily due to the increase in net income taxed at foreign rates of $10.7 million, an increase of $26.4 million in reserves for unrecognized tax benefits, an increase of $16.1 million arising on the introduction of BEAT in Fiscal 2019, and an increase of $16.3 million relating to the tax impact of internal reorganizations of subsidiaries, partially offset by a the reversal of accruals for undistributed United States earnings of $14.8 million, the Fiscal 2018 impact of United States tax reform of $19.0 million which did not recur in Fiscal 2019, an increase in tax credits for research and development of $9.7 million, an increase of $6.8 million in the release of valuation allowance, a decrease of $5.8 million in the impact of withholding taxes in Fiscal 2019. The remainder of the difference was due to normal course movements and non-material items.\nIn July 2016, we implemented a reorganization of our subsidiaries worldwide with the view to continuing to enhance operational and administrative efficiencies through further consolidated ownership, management, and development of our intellectual property (IP) in Canada, continuing to reduce the number of entities in our group and working towards our objective of having a single operating legal entity in each jurisdiction. A significant tax benefit of $876.1 million, associated primarily with the recognition of a net deferred tax asset arising from the entry of the IP into Canada, was recognized in the first quarter of Fiscal 2017. For more information relating to this, please refer to our Annual Report on Form 10-K for the year ended June 30, 2017.\nAs of June 30, 2019, we have approximately $242.3 million of domestic non-capital loss carryforwards. In addition, we have $387.6 million of foreign non-capital loss carryforwards of which $53.8 million have no expiry date. The remainder of the domestic and foreign losses expires between 2020 and 2039. In addition, investment tax credits of $58.6 million will expire between 2020 and 2039.\n\n | | Year Ended June 30, | \n-------------------------------------------------- | -------- | ------------------- | ----------\n | 2019 | 2018 | 2017 \nExpected statutory rate | 26.5% | 26.5% | 26.5% \nExpected provision for income taxes | $116,752 | $102,323 | $66,131 \nEffect of foreign tax rate differences | (1,344) | 2,352 | 8,647 \nChange in valuation allowance | (5,045) | 1,779 | 520 \nAmortization of deferred charges | — | 4,242 | 6,298 \nEffect of permanent differences | (577) | 4,332 | 3,673 \nEffect of changes in unrecognized tax benefits | 31,992 | 5,543 | 14,427 \nEffect of withholding taxes | 2,097 | 7,927 | 3,845 \nDifference in tax filings from provision | (250) | 1,321 | (7,836) \nEffect of U.S. tax reform | — | 19,037 | — \nEffect of tax credits for research and development | (13,550) | (3,875) | (2,643) \nEffect of accrual for undistributed earnings | (13,112) | (1,154) | 5,613 \nEffect of Base Erosion and Anti-Abuse Tax (BEAT) | 16,030 | — | — \nOther Items | 5,473 | (1) | 1,075 \nImpact of internal reorganization of subsidiaries | 16,471 | — | (876,114) \n | 154,937 | $143,826 | $(776,364)\n\nCanadian\n 2019 2018 2017 tax rate differential international driven earnings United States.\n effective tax rate decreased 35. 2% June 2019 37. 2% 2018. increase tax expense $11. 1 million due net income foreign rates $10. 7 million $26. 4 million reserves tax benefits $16. 1 million BEAT 2019 $16. 3 million reorganizations offset reversal accruals United States earnings $14. 8 million 2018 tax reform $19. 0 million increase tax credits research development $9. 7 million $6. 8 million valuation allowance decrease $5. 8 million withholding taxes. difference normal course movements non-material items.\n July 2016, reorganization subsidiaries efficiencies consolidated ownership intellectual property entities single entity each jurisdiction. tax benefit $876. 1 million net deferred tax IP recognized Fiscal 2017. Annual Report Form 10-K June 30 2017.\n June 30 2019 $242. 3 million domestic non-capital loss carryforwards.$387. 6 million foreign non-capital loss carryforwards $53. 8 million no expiry. remainder expires 2020 2039. investment tax credits $58. 6 million expire 2020 2039.\n Ended June 30\n statutory rate 26. 5%.\n income taxes $116,752 $102,323 $66,131\n foreign tax rate differences (1,344\n valuation allowance (5,045) 1,779\n Amortization deferred charges 4,242 6,298\n permanent differences 4,332 3,673\n unrecognized tax benefits 31,992 5,543 14,427\n withholding taxes 2,097 7,927 3,845\n tax filings 1,321\n. tax reform\n tax credits research development\n undistributed earnings\n Base Erosion Anti-Abuse Tax 16,030\n reorganization subsidiaries\n $143,826" +} +{ + "_id": "d1b38049a", + "title": "", + "text": "IFRS balance sheet items\nOur total investment in joint ventures was £524.1 million at 31 December 2019 (which includes investments in joint ventures of £326.6 million and loans to joint ventures £197.5 million), a decrease of £299.8 million from 31 December 2018. The key driver in the year related to the share of loss of joint ventures of £158.9 million, which primarily included underlying earnings of £27.9 million and a property revaluation deficit of £182.9 million, a £200.7 million transfer of intu Puerto Venecia and intu Asturias to held for sale, partially offset by the residual interest in intu Derby of £93.9 million being classified as a joint venture.\nWe are exposed to foreign exchange movements on our overseas investments. At 31 December 2019 the exposure was 24 per cent of net assets attributable to shareholders, the increase from the 31 December 2018 exposure of 15 per cent being due to the property revaluation deficit in the UK. Adjusted for the disposals in intu Puerto Venecia and intu Asturias, this exposure would be reduced to 15 per cent.\n1 A reconciliation from the IFRS consolidated balance sheet to the amounts presented above is provided in the presentation of information on page 159. A further reconciliation of EPRA NAV to IFRS net assets attributable to owners of intu properties plc is provided within EPRA measures on page 169.\n2 Other assets and liabilities includes property, plant and equipment, other non-current assets, trade and other receivables, trade and other payables, current tax liabilities, deferred tax liabilities and other payables.\n3 Relates primarily to our partner’s 40 per cent stake in intu Metrocentre. The amount is considered to be recoverable in view of the £195.4 million owed to the non-controlling interest (which is included in the Group’s borrowings in note 23).\n4 Other adjustments relate to fair value of derivative financial instruments, fair value of convertible bonds, deferred tax on investment and development property, share of joint ventures’ adjusted items and non-controlling interest recoverable balance not recognised in EPRA NAV.\nThe key drivers in the decrease in IFRS net assets attributable to owners of intu properties plc of £1,907.5 million as well as the decrease in EPRA NAV of £1,969.8 million and EPRA NAV per share of 146 pence in the year are discussed below.\nA Investment and development property\nInvestment and development property has decreased by £2,534.1 million:\n—deficit on revaluation of £1,979.7 million (see E above within the income statement section)\n—disposals in the year, including the part disposal of intu Derby in July 2019, transfer of intu Puerto Venecia and intu Asturias to assets held for sale (see B below) and sundry asset disposals\n—capital expenditure of £129.2 million on projects enhancing the value and appeal of our centres, including £44.5 million on the Primark anchored intu Trafford Centre’s Barton Square extension, £14.5 million on the redevelopment of intu Broadmarsh and £11.2 million on the now completed leisure extension at intu Lakeside\nB Joint ventures and other assets classified as held for sale\nintu Puerto Venecia and intu Asturias were classified as joint ventures held for sale at 31 December 2019 and recognised at their expected net proceeds.\nintu Puerto Venecia\nIn December 2019 the Group announced the disposal of its joint venture interest in intu Puerto Venecia to Generali Shopping Centre Fund S.C.S. SICAV-SIF and Union Investment Real Estate GMBH for €475.3 million (intu share €237.7 million), an 11 per cent discount to the June 2019 valuation. This is expected to complete in early April and deliver net proceeds to intu of around £95.4 million after repaying asset-level debt, working capital adjustments, fees and taxation.\n\n£m | Notes | 2019 | 2018 | Change \n------------------------------------------------------------- | ----- | --------- | --------- | ---------\nInvestment and development property | A | 6,721.6 | 9,255.7 | (2,534.1)\nJoint ventures and other assets classified as held for sale | B | 163.7 | – | 163.7 \nInvestment in associates | C | 53.7 | 65.6 | (11.9) \nNet external debt | D | (4,498.4) | (4,867.2) | 368.8 \nDerivative financial instruments | E | (286.9) | (284.0) | (2.9) \nOther assets and liabilities2 | | (307.7) | (342.0) | 34.3 \nNet assets | | 1,846.0 | 3,828.1 | (1,982.1)\nNon-controlling interest3 | | 58.2 | (16.4) | 74.6 \nIFRS net assets attributable to owners of intu properties plc | | 1,904.2 | 3,811.7 | (1,907.5)\nOther adjustments4 | | 73.1 | 135.4 | (62.3) \nEPRA NAV | | 1,977.3 | 3,947.1 | (1,969.8)\nEPRA NAV per share (pence) | F | 147p | 293p | (146)p \n\nIFRS\n investment joint ventures £524. 1 million 31 December 2019 £326. 6 million loans £197. 5 decrease £299. 8 million 2018. loss £158. 9 million earnings £27. 9 million property revaluation deficit £182. 9 million £200. 7 million transfer intu Puerto Venecia Asturias residual interest intu Derby £93. 9 million.\n exposed foreign exchange overseas investments. 31 December 2019 exposure 24 per cent net assets increase 2018 15 per cent property revaluation deficit. disposals Puerto Venecia Asturias 15 per cent.\n reconciliation page 159. page 169.\n property plant equipment non assets trade receivables payables tax liabilities deferred tax liabilities.\n partner’s 40 per cent stake intu Metrocentre. recoverable £195. 4 million non-controlling interest.\n adjustments value derivative instruments convertible bonds deferred tax property joint non-controlling interest recoverable balance.\nIFRS assets intu properties £1,907. 5 million EPRA NAV £1,969. 8 million per share 146 pence.\n Investment development property\n decreased £2,534. 1 million\n revaluation £1,979. 7 million\n intu Derby transfer intu Puerto Venecia Asturias assets\n expenditure £129. 2 million projects enhancing £44. 5 million Trafford Barton Square extension £14. 5 million redevelopment Broadmarsh £11. 2 million leisure extension Lakeside\n Joint ventures\n intu Puerto Venecia Asturias 31 December 2019 proceeds.\n disposal joint venture interest Puerto Venecia Generali Shopping Centre Fund. Union Investment Real Estate €475. 3 million share €237. 7 11 per cent discount June 2019 valuation. expected complete early April net proceeds £95. 4 million after repaying debt capital adjustments fees taxation.\n Investment development property.\n Joint ventures assets.163.\n Investment associates 53. 65. (11.\n debt (4,498. (4,867. 368. 8\n financial instruments (286. (284. (2.\n assets (307. (342. 34. 3\n assets 1,846. 3,828. (1,982.\n Non-controlling 58. (16. 74.\n IFRS assets properties 1,904. 3,811. (1,907.\n 73. 135.\n EPRA NAV 1,977. (1,969. 8)\n NAV share" +} +{ + "_id": "d1b363192", + "title": "", + "text": "Restricted Stock Units (RSUs): RSUs represent the right to receive one share of NortonLifeLock common stock for each vested RSU upon the settlement date, subject to continued employment through each vesting date.\n(1) Mr. Clark did not receive an RSU award for FY19.\n(2) In FY19, Messrs. Taylor and Noviello, as FY18 NEOs, were granted a mix of PRUs and RSUs at 70% and 30%, respectively. All other executives, other than Mr. Clark, received a mix of PRUs and RSUs at 50% and 50%, respectively.\n\nNEO | FY19 RSU Award Amount (#)(2) | Grant Date Value ($)\n----------------------- | ---------------------------- | --------------------\nGregory S. Clark(1) | 0 | 0 \nNicholas R. Noviello | 95,416 | 2,106,785 \nAmy L. Cappellanti-Wolf | 78,620 | 1,683,254 \nSamir Kapuria | 238,243 | 5,100,783 \nScott C. Taylor | 61,339 | 1,354,365 \n\nStock Units right share NortonLifeLock stock employment.\n. Clark RSU award FY19.\n. Taylor Noviello granted PRUs RSUs 70% 30%. executives. RSUs 50%.\n FY19 RSU Award Amount Grant Value\n Gregory.\n Nicholas. Noviello 95,416 2,106,785\n. Cappellanti-Wolf 78,620 1,683,254\n Samir Kapuria 238,243 5,100,783\n Scott. Taylor 61,339 1,354,365" +} +{ + "_id": "d1b373268", + "title": "", + "text": "Adoption of ASC 606\nOn January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers, applying the modified retrospective method to all contracts not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period.\nThe impact of adopting the standard primarily related to a change in the timing of revenue recognition for voyage charter contracts. In the past, the Company recognized revenue from voyage charters ratably over the estimated length of each voyage, calculated on a discharge-to-discharge basis.\nUnder the new standard, the Company recognizes revenue from voyage charters ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. In addition, the adoption of ASC 606 resulted in a corresponding change in the timing of recognition of voyage expenses for voyage charter contracts.\nThe cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606 was as follows:\nFor the year ended December 31, 2018, revenues increased by $1,418, net income increased by $1,101 and basic and diluted net income per share increased by $0.01 as a result of applying ASC 606.\n\n | Balance at December 31, 2017 | Adjustments Due to ASC 606 | Balance at January 1, 2018\n--------------------- | ---------------------------- | -------------------------- | --------------------------\nAssets | | | \nVoyage receivables | $24,209 | $1,336 | $25,545 \nLiabilities | | | \nDeferred income taxes | 83,671 | (108) | 83,563 \nEquity | | | \nAccumulated deficit | (265,758) | (1,228) | (266,986) \n\nAdoption ASC 606\n January 1 2018 Company adopted ASC 606 Revenue Contracts modified retrospective method contracts not completed. Results presented ASC 606 prior amounts not adjusted accounting standards.\n impact revenue recognition voyage charter contracts. recognized revenue.\n new standard recognizes-to-discharge. ASC 606 timing voyage expenses.\n cumulative effect changes consolidated January 1, 2018 balance sheet ASC\n year December 31, 2018 revenues increased $1,418 net income $1,101 net income per share increased $0. 01 ASC 606.\n Balance December 31, 2017 Adjustments Due ASC 606 Balance January 1, 2018\n Assets\n Voyage receivables $24,209 $1,336 $25,545\n Liabilities\n Deferred income taxes 83,671 83,563\n Equity\n Accumulated deficit (265,758)" +} +{ + "_id": "d1b376800", + "title": "", + "text": "The determination of which country a particular sale is allocated to is based on the destination of the product shipment. No other individual country accounted for more than 10% of net revenue during these periods. Although a large percentage of the Company’s products is shipped to Asia, and in particular, China, the Company believes that a significant number of the systems designed by customers and incorporating the Company’s semiconductor products are subsequently sold outside Asia to Europe, Middle East, and Africa, or EMEA markets and North American markets.\nLong-lived assets, which consists of property and equipment, net, leased right-of-use assets, intangible assets, net, and goodwill, by geographic area are as follows (in thousands):\n(1) Amounts do not include leased right-of-use assets in the prior period due to the adoption of ASC 842 under the modified retrospective method with a cumulative effect adjustment to accumulated deficit as of January 1, 2019.\n\n | As of December 31, | | | \n------------- | ------------------ | ---------- | -------- | ----------\n | 2019 | | 2018(1) | \n | Amount | % of total | Amount | % of total\nUnited States | $385,302 | 85% | $426,321 | 85% \nSingapore | 63,556 | 14% | 71,945 | 14% \nRest of world | 5,034 | 1% | 3,368 | 1% \nTotal | $453,892 | 100% | $501,634 | 100% \n\ndetermination country sale destination product shipment. No country 10% net revenue. percentage products shipped to Asia China significant systems sold outside Asia Europe Middle East Africa EMEA North American markets.\n Long-lived assets property equipment net leased right-of-use assets intangible assets goodwill by geographic area\n Amounts include leased right-of-use assets ASC 842 modified retrospective method cumulative adjustment deficit as January 1, 2019.\n December 31,\n % of total\n United States $385,302 85% $426,321\n Singapore 63,556 14%\n Rest of world 5,034 1%\n Total $453,892 100% $501,634" +} +{ + "_id": "d1b3a26b2", + "title": "", + "text": "NOTE 10 – FREIGHT RECEIVABLES\nAs of 31 December 2019, freight receivables included receivables at a value of USD 0.0m (2018: USD 0.0m 2017: USD 0.0m) that are individually determined to be impaired to a value of USD 0.0m (2018: USD 0.0m, 2017: USD 0.0m).\nManagement makes allowance for expected credit loss based on the simplified approach to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. Expected credit loss for receivables overdue more than 180 days is 25%-100%, depending on category. Expected credit loss for receivables overdue more than one year is 100%.\n\nUSDm | 2019 | 2018 | 2017\n-------------------------------------------------- | ---- | ---- | ----\nAnalysis as of 31 December of freight receivables: | | | \nGross freight receivables: | | | \nNot yet due | 39.8 | 44.0 | 25.5\nDue < 30 days | 22.5 | 18.8 | 26.0\nDue between 30 and 180 days | 25.3 | 20.5 | 18.4\nDue > 180 days | 6.0 | 4.4 | 2.7 \nTotal gross | 93.6 | 87.7 | 72.6\nAllowance for expected credit loss | 3.7 | 1.7 | 1.3 \nTotal net | 89.9 | 86.0 | 71.3\n\n10 FREIGHT RECEIVABLES\n 31 December 2019 freight receivables USD 0. impaired USD 0.\n Management expected credit loss lifetime loss trade receivables. loss receivables overdue more 180 days 25%-100% depending category. overdue one year 100%.\n 2019 2018 2017\n Analysis 31 December freight receivables\n freight receivables\n 39. 8 44. 25.\n Due < 30 days 22. 18. 26.\n between 30 180 days 25. 20. 18.\n > 180 days 6. 4. 2.\n 93. 87. 72.\n Allowance expected credit loss 3. 1. 1.\n 89. 86. 71." +} +{ + "_id": "d1b3afaba", + "title": "", + "text": "Note 9 Earnings per share\nThe following table shows the components used in the calculation of basic and diluted earnings per common share for earnings attributable to common shareholders.\n(1) The calculation of the assumed exercise of stock options includes the effect of the average unrecognized future compensation cost of dilutive options. It excludes options for which the exercise price is higher than the average market value of a BCE common share. The number of excluded options was 61,170 in 2019 and 12,252,594 in 2018.\n\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \n---------------------------------------------------------------------------- | ----- | -----\nNet earnings attributable to common shareholders – basic | 3,040 | 2,785\nDividends declared per common share (in dollars) | 3.17 | 3.02 \nWeighted average number of common shares outstanding (in millions) | | \nWeighted average number of common shares outstanding – basic | 900.8 | 898.6\nAssumed exercise of stock options (1) | 0.6 | 0.3 \nWeighted average number of common shares outstanding – diluted (in millions) | 901.4 | 898.9\n\nEarnings per share\n table shows components basic diluted earnings common share.\n calculation includes future compensation cost dilutive options. excludes options price higher average market value common share. excluded options 61,170 2019 12,252,594 2018.\n YEAR ENDED DECEMBER 31 2019\n Net earnings shareholders 2,785\n Dividends per common share dollars 3. 17.\n Weighted average shares outstanding millions\n 900. 898.\n Assumed stock options.\n diluted 901. 4 898." +} +{ + "_id": "d1b34118c", + "title": "", + "text": "Note 5: Income Taxes\nOn December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act includes significant changes to the U.S. corporate income tax system including: a federal corporate rate reduction from 35% to 21%; limitations on the deductibility of interest expense and executive compensation; creation of the base erosion anti-abuse tax (“BEAT”), a new minimum tax; and the transition of U.S. international taxation from a worldwide tax system to a modified territorial tax system. The change to a modified territorial tax system resulted in a one-time U.S. tax liability on those earnings which have not previously been repatriated to the U.S. (the “Transition Tax”), with future distributions not subject to U.S. federal income tax when repatriated. A majority of the provisions in the Tax Act are effective January 1, 2018.\nIn response to the Tax Act, the SEC staff issued guidance on accounting for the tax effects of the Tax Act. The guidance provides a one-year measurement period for companies to complete the accounting. The Company reflected the income tax effects of those aspects of the Tax Act for which the accounting is complete. To the extent a company's accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, a company should record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act.\nIn connection with the Company's initial analysis of the impact of the Tax Act, the Company has recorded a provisional estimate of discrete net tax expense of $508,000 for the period ended December 31, 2017. This discrete expense consists of provisional estimates of zero expense for the Transition Tax, $173,000 net benefit for the decrease in the Company's deferred tax liability on unremitted foreign earnings, and $681,000 net expense for remeasurement of the Company's deferred tax assets and liabilities for the corporate rate reduction.\nDuring the year ended December 31, 2018, we completed our accounting for the income tax effects of the Tax Act. We did not recognize any additional discrete net tax expense in addition to the provisional amounts recorded at December 31, 2017 for the enactment-date effects of the Tax Act, for a total of $508,000 of discrete net tax expense.\nAs of December 31, 2019, the Company is permanently reinvested in certain Non-U.S. subsidiaries and does not have a deferred tax liability related to its undistributed foreign earnings. The estimated amount of the unrecognized deferred tax liability attributed to future withholding taxes on dividend distributions of undistributed earnings for certain non-U.S. subsidiaries, which the Company intends to reinvest the related earnings indefinitely in its operations outside the U.S., is approximately $484,000 at December 31, 2019\nThe components of income before income tax expense are as follows (in thousands):\n\nYear Ended December 31, | | \n----------------------- | ------- | ------\n | 2019 | 2018 \nU.S. | $11,553 | $8,677\nForeign | (2,604) | (391) \n | $8,949 | $8,286\n\n5 Income Taxes\n December 22, 2017. government enacted Tax Cuts and Jobs Act. includes changes. corporate income tax system federal corporate rate reduction 35% to 21% limitations deductibility interest expense executive compensation base erosion anti-abuse tax new minimum tax transition. taxation worldwide to modified territorial tax system. one-time. tax liability earnings not repatriated. “Transition future distributions not subject. tax repatriated. provisions Act effective January 1, 2018.\n SEC staff issued guidance accounting tax effects. one-year measurement period accounting. tax effects. accounting incomplete record provisional estimate financial statements. If tax laws before Act.\n Company recorded provisional estimate discrete net tax expense $508,000 period ended December 31, 2017. zero expense Transition Tax $173,000 net benefit decrease deferred tax liability unremitted foreign earnings $681,000 expense remeasurement deferred tax assets liabilities corporate rate reduction.\nyear ended December 31, 2018 completed accounting income tax Tax Act. additional net tax expense December 31, 2017 total $508,000 tax expense.\n December 31, 2019 Company reinvested Non-U. S. subsidiaries deferred tax liability undistributed foreign earnings. estimated unrecognized deferred tax liability future taxes dividend distributions. approximately $484,000 December 31, 2019\n components income tax expense\n Year Ended December 31,\n U. S. $11,553 $8,677\n Foreign\n $8,949 $8,286" +} +{ + "_id": "d1b38ded8", + "title": "", + "text": "During the year ended 31 December 2019, the Company repurchased 3,486,700 shares on the Stock Exchange for an aggregate consideration of approximately HKD1.16 billion before expenses. The repurchased shares were subsequently cancelled. The repurchase was effected by the Board for the enhancement of shareholder value in the long term. Details of the shares repurchased are as follows:\nSave as disclosed above and in Note 32 to the consolidated financial statements, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s shares during the year ended 31 December 2019.\n\n | Purchase consideration per share | | | \n------------------------- | -------------------------------- | ---------- | ---------- | -------------\n | | | | Aggregate \n | No. of shares | Highest | Lowest | consideration\nMonth of purchase in 2019 | purchased | price paid | price paid | paid \n | | HKD | HKD | HKD \nAugust | 362,200 | 327.00 | 312.40 | 116,330,916 \nSeptember | 2,294,500 | 351.00 | 323.60 | 776,104,729 \nOctober | 830,000 | 327.80 | 317.40 | 268,272,462 \nTotal: | 3,486,700 | | | 1,160,708,107\n\n31 December 2019 Company repurchased 3,486,700 shares Stock Exchange HKD1. 16 billion before. repurchased shares cancelled. repurchase Board enhancement shareholder value. shares repurchased\n neither Company subsidiaries purchased sold redeemed shares 31 December 2019.\n Purchase consideration per share\n No. shares Highest Lowest\n Month purchase 2019 price paid\n HKD\n August 362,200 327. 116,330,916\n September 2,294,500. 776,104,729\n October 830,000 327. 317. 268,272,462\n Total 3,486,700 1,160,708,107" +} +{ + "_id": "d1b2f109c", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nThe following table presents our unaudited pro forma results for the acquisitions of Artesyn and LumaSense:\nThe unaudited pro forma results for all periods presented include adjustments made to account for certain costs and transactions that would have been incurred had the acquisitions been completed at the beginning of the year prior to the year of acquisition. These include adjustments to amortization charges for acquired intangible assets, interest and financing expenses, transaction costs, amortization of purchased gross profit and the alignment of various accounting policies. These adjustments are net of any applicable tax impact and were included to arrive at the pro forma results above.\nArtesyn’s operating results have been included in the Advanced Energy’s operating results for the periods subsequent to the completion of the acquisition on September 10, 2019. During the year ended December 31, 2019, Artesyn contributed total sales of $220.3 million and net income of $7.1 million, including interest and other expense associated with the financing of the transaction.\n\n | | | Year Ended December 31, | \n----------------------------------------------------------- | ----------- | ---------- | ----------------------- | ----------\n | 2019 | | 2018 | \n | As Reported | Pro Forma | As Reported | Pro Forma \nTotal sales | $788,948 | $1,202,790 | $718,892 | $1,350,037\nNet income attributable to Advanced Energy Industries, Inc. | $64,941 | $83,104 | $147,025 | $158,422 \nEarnings per share: | | | | \nBasic earnings per share | $1.70 | $2.17 | $3.76 | $4.05 \nDiluted earnings per share | $ 1.69 | $ 2.16 | $ 3.74 | $ 4.03 \n\nADVANCED INDUSTRIES. FINANCIAL STATEMENTS share amounts\n table presents unaudited pro forma results acquisitions Artesyn LumaSense\n results include adjustments costs transactions. amortization assets interest financing expenses transaction costs amortization gross profit accounting policies. adjustments net tax impact forma results.\n Artesyn’s operating results included acquisition September 10, 2019. December 31, 2019 contributed sales $220. million net income $7. 1 million including interest financing.\n December\n Total sales $788,948 $1,202,790 $718,892 $1,350,037\n Net income Advanced Energy Industries. $64,941 $83,104 $147,025 $158,422\n Earnings per share\n Basic earnings $1. $2. 17 $3. 76 $4.\n Diluted earnings $ 1. 69 2. 16 3. 74." +} +{ + "_id": "d1b39b222", + "title": "", + "text": "Research and Development\nResearch and development expenses increased $24.2 million, or 31%, in 2019 as compared to 2018. The increase was principally due to the 2018 Reallocation of headcount from sales and marketing to research and development, as well as investments to maintain and improve the functionality of our products. As a result, we incurred increased employee-related costs of $16.3 million and increased overhead costs of $3.4 million.\nResearch and development expenses increased $15.0 million, or 24%, in 2018 as compared to 2017. The increase was principally due to the 2018 Reallocation of headcount from sales and marketing to research and development, as well as investments to maintain and improve the functionality of our products. As a result, we incurred increased employee-related costs of $12.1 million.\n\n | | Year Ended December 31, | \n------------------------ | -------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \n | | (dollars in thousands) | \nResearch and development | $101,151 | $76,981 | $61,975\nPercent of revenue | 17.5% | 14.3% | 12.9% \n\nResearch Development\n expenses increased $24. 2 million 31%, 2019 2018. due 2018 Reallocation headcount investments. employee-related costs $16. 3 million overhead costs $3. 4 million.\n expenses increased $15. million 24%, 2018 2017. due 2018 Reallocation investments. increased employee-related costs $12. 1 million.\n Ended December 31,\n 2019 2018\n Research development $101,151 $76,981 $61,975\n Percent revenue 17. 5% 14. 3% 12. 9%" +} +{ + "_id": "d1b3bd598", + "title": "", + "text": "Property, Plant and Equipment.\nProperty, plant and equipment is stated at cost. Maintenance and repair costs are expensed as incurred. Depreciation is calculated using the straight-line method using estimated useful lives of 5 to 40 years for buildings and building improvements and 3 to 15 years for machinery and equipment. A summary of property, plant and equipment is shown below:\nDepreciation expense was $27.2 million, $22.5 million and $22.0 million in fiscal 2019, fiscal 2018 and fiscal 2017, respectively. As of April 27, 2019 and April 28, 2018, capital expenditures recorded in accounts payable totaled $6.4 million and $9.0 million, respectively.\n\n(Dollars in Millions) | April 27, 2019 | April 28, 2018\n------------------------------------------ | -------------- | --------------\nLand | $3.7 | $0.8 \nBuildings and Building Improvements | 81.2 | 69.2 \nMachinery and Equipment | 390.7 | 364.7 \nTotal Property, Plant and Equipment, Gross | 475.6 | 434.7 \nLess: Accumulated Depreciation | 283.7 | 272.5 \nProperty, Plant and Equipment, Net | $191.9 | $162.2 \n\nProperty Plant Equipment.\n. Maintenance repair. Depreciation calculated straight-line method lives 5 40 years buildings improvements 3 15 years machinery. summary\n Depreciation $27. 2 million $22. 5 $22. million 2019 2018 2017. April 27, 2019 28, 2018 capital expenditures $6. 4 million $9. million.\n Land $3. $0.\n Buildings Improvements. 69.\n Machinery Equipment 390. 364.\n Equipment 475. 434.\n Accumulated Depreciation 283. 272.\n $191. $162." +} +{ + "_id": "d1b33ec7a", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe selected consolidated statements of operations data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included elsewhere in this Annual Report. The selected consolidated statements of operations data for the years ended December 31, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 are derived from our audited consolidated financial statements not included in this Annual Report. Our historical results are not necessarily indicative of the results to be expected in the future. The selected financial data should be read together with Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations\" and in conjunction with our consolidated financial statements, related notes, and other financial information included elsewhere in this Annual Report. The following tables set forth our selected consolidated financial and other data for the years ended and as of December 31, 2019, 2018, 2017, 2016 and 2015 (in thousands, except share and per share data).\nInformation about prior period acquisitions that may affect the comparability of the selected financial information presented below is included in Item 1. Business. Information about the $28.0 million expense recorded in general and administrative expense in 2018, which relates to the agreement reached to settle the legal matter alleging violations of the Telephone Consumer Protection Act, or TCPA, and may affect the comparability of the selected financial information presented below, is disclosed in Item 3. “Legal Proceedings.” Information about the $1.7 million of interest recorded within interest income and the $6.9 million of gain recorded within other income, net, in 2019, which relates to promissory note proceeds received from one of our hardware suppliers and proceeds from an acquired promissory note, and may affect the comparability of the selected financial information presented below, is disclosed in Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations.\"\nCertain previously reported amounts in the consolidated statements of operations for the years ended December 31, 2018, 2017, 2016 and 2015 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.\n\n | | | Year Ended December 31, | | \n-------------------------------------- | ------- | ------- | ----------------------- | ------ | ------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nStock-based compensation expense data: | | | | | \nSales and marketing | $2,075 | $1,196 | $561 | $536 | $372 \nGeneral and administrative | 6,474 | 4,901 | 2,638 | 1,430 | 2,486 \nResearch and development | 12,054 | 7,332 | 4,214 | 2,035 | 1,266 \nTotal stock-based compensation expense | $20,603 | $13,429 | $7,413 | $4,001 | $4,124\n\nITEM 6. SELECTED FINANCIAL DATA\n consolidated statements December 31, 2019 2018 2017 balance sheet data derived from audited financial statements Annual Report. December 2016 2015 balance sheet derived from statements not. historical results not indicative future. data read with Item 7. \"Management’s Discussion Analysis Financial Condition Results Operations consolidated financial statements notes other information. tables selected consolidated financial data years December 31, 2019 2018 2017 2016 2015 thousands except share per share data.\n Information prior period Item 1. Business. $28. 0 million expense general administrative expense 2018 agreement legal matter violations Telephone Consumer Protection Act disclosed Item 3. “Legal Proceedings. Information $1. 7 million interest interest income $6. 9 million gain other income 2019 promissory note proceeds acquired note disclosed Item 7. \"Management’s Discussion Analysis Financial Condition Results Operations.\nreported amounts 2018 2017 2016 2015 reclassified interest income.\n Ended December\n 2018 2017 2016 2015\n Stock-based compensation expense\n Sales marketing $2,075 $1,196 $561\n General administrative 6,474 4,901 2,638 1,430\n Research development 12,054 7,332 4,214 2,035 1,266\n stock-based compensation expense $20,603 $13,429 $7,413 $4,001 $4,124" +} +{ + "_id": "d1b30716c", + "title": "", + "text": "Share Repurchase Program\nIn both fiscal 2019 and 2018, our board of directors authorized increases of $1.5 billion in our share repurchase program. Common shares repurchased under the share repurchase program were as follows:\nAt fiscal year end 2019, we had $1.5 billion of availability remaining under our share repurchase authorization.\n\n | | Fiscal | \n----------------------------------- | ------- | ------------- | -----\n | 2019 | 2018 | 2017 \n | | (in millions) | \nNumber of common shares repurchased | 12 | 10 | 8 \nRepurchase value | $ 1,014 | $ 966 | $ 621\n\nShare Repurchase Program\n 2019 2018 board directors authorized increases $1. 5 billion repurchase program. shares repurchased\n 2019 $1. 5 billion remaining repurchase authorization.\n 2018\n millions\n shares repurchased 12\n Repurchase value $ 1,014 $ 621" +} +{ + "_id": "d1b33e8e2", + "title": "", + "text": "13. Intangible assets continued\nGoodwill has been allocated to three CGUs, which align with the reportable operating segments, as follows:\n\n | 2019 | 2018 \n--------------------------- | --------- | ---------\n | $ million | $ million\nNetworks & Security | 73.4 | 72.0 \nLifecycle Service Assurance | 37.6 | 37.6 \nConnected Devices | 46.1 | 46.1 \n | 157.1 | 155.7 \n\n. Intangible assets\n Goodwill allocated three CGUs segments\n 2019 $ million\n Networks Security 73. 4 72.\n Lifecycle Service Assurance 37.\n Connected Devices 46.\n 157. 155." +} +{ + "_id": "d1b34bc0e", + "title": "", + "text": "18. Trade and other receivables\nFollowing the application of IFRS 16, trade and other receivables have been restated (note 2).\nTrade receivables are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional and has been invoiced at the reporting date. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.\nAccrued income relates to the Group’s rights to consideration for services provided but not invoiced at the reporting date. Accrued income is transferred to receivables when invoiced. Other receivables include £0.1m due from Auto Trader Auto Stock Limited, a related party (note 34).\nExposure credit risk and expected credit losses relating to trade and other receivables are disclosed in note 31.\n\n | 2019 | (Restated) 2018\n--------------------------------------------------- | ----- | ---------------\n | £m | £m \nTrade receivables | 27.0 | 28.8 \nLess: provision for impairment of trade receivables | (2.1) | (3.4) \nNet trade receivables | 24.9 | 25.4 \nAccrued income | 28.0 | 26.7 \nPrepayments | 2.9 | 2.7 \nOther receivables | 0.3 | 0.1 \nTotal | 56.1 | 54.9 \n\n. Trade receivables\n IFRS 16 restated.\n due customers services. due settlement within 30 days current. recognised unconditional invoiced reporting date. Group holds receivables collect contractual cash flows measures amortised cost effective interest method.\n Accrued income rights not invoiced reporting date. transferred to receivables when invoiced. receivables include £0. 1m due Auto Trader Stock Limited.\n credit risk credit losses disclosed note 31.\n (Restated 2018\n Trade receivables 27. 28.\n impairment receivables.\n Net trade receivables 24. 25.\n Accrued income 28. 26.\n Prepayments.\n Other receivables.\n 56. 54." +} +{ + "_id": "d1b3b17e8", + "title": "", + "text": "The following table presents total stock-based compensation cost included in income from continuing operations.\nTotal unrecognized compensation cost related to non-vested awards at December 31, 2019 was $1.2 billion and is expected to be recognized over a weighted-average period of approximately 2.5 years.\nCapitalized stock-based compensation cost was not material at December 31, 2019, 2018 and 2017.\n\n($ in millions) | | | \n------------------------------------- | ----- | ----- | -----\nFor the year ended December 31: | 2019 | 2018 | 2017 \nCost | $100 | $82 | $91 \nSelling, general and administrative | 453 | 361 | 384 \nResearch, development and engineering | 126 | 67 | 59 \nPre-tax stock-based compensation cost | 679 | 510 | 534 \nIncome tax benefits | (155) | (116) | (131)\nNet stock-based compensation cost | $524 | $393 | $403 \n\ntable stock-based compensation cost.\n unrecognized cost non-vested awards December 31, 2019 $1. 2 billion expected. years.\n Capitalized stock compensation cost December 2019 2018 2017.\n 2019 2018\n $100 $82 $91\n Selling administrative 453\n Research development engineering\n Pre-tax stock compensation cost 510 534\n tax benefits\n Net stock-based compensation cost $524 $393" +} +{ + "_id": "d1b3b1c3e", + "title": "", + "text": "Goodwill activity for each period was as follows:\nDuring the third quarter of 2018, we made an organizational change to combine our AI investments in edge computing with IOTG; accordingly, approximately $480 million of goodwill was reallocated from “all other” to the IOTG operating segment.\nDuring the fourth quarters of 2019 and 2018, we completed our annual impairment assessments and we concluded that goodwill was not impaired in either of these years. The accumulated impairment loss as of December 28, 2019 was $719 million: $365 million associated with CCG, $275 million associated with DCG, and $79 million associated with IOTG.\n\n(In Millions) | Dec 29, 2018 | Acquisitions | Transfers | Other | Dec 28, 2019\n---------------------------- | ------------ | ------------ | --------- | ----- | ------------\nData Center Group | $5,424 | $1,758 | $— | $— | $7,155 \nInternet of Things Group | 1,579 | — | — | — | 1,579 \nMobileye | 10,290 | — | — | — | 10,290 \nProgrammable Solutions Group | 2,579 | 67 | — | 8 | 2,681 \nClient Computing Group | 4,403 | — | — | (70) | 4,333 \nAll other | 238 | — | — | — | 238 \nTotal | $24,513 | $1,825 | $— | $(62) | $26,276 \n(In Millions) | Dec 30, 2017 | Acquisitions | Transfers | Other | Dec 29, 2018\nData Center Group | $5,421 | $3 | $— | $— | $5,424 \nInternet of Things Group | 1,126 | 16 | 480 | (43) | 1,579 \nMobileye | 10,278 | 7 | — | 5 | 10,290 \nProgrammable Solutions Group | 2,490 | 89 | — | — | 2,579 \nClient Computing Group | 4,356 | 47 | — | — | 4,403 \nAll other | 718 | — | (480) | — | 238 \nTotal | $24,389 | $162 | $— | $(38) | $24,513 \n\nGoodwill activity period\n third quarter 2018 AI investments IOTG $480 million goodwill reallocated IOTG.\n fourth quarters 2019 2018 annual impairment assessments goodwill not impaired. accumulated impairment loss December 28, 2019 $719 million $365 million CCG $275 million DCG $79 million IOTG.\n Dec 29, 2018 Acquisitions Transfers\n Data Center Group $5,424 $1,758 $7,155\n Internet of Things Group 1,579\n 10,290\n Programmable Solutions Group 2,579 2,681\n Client Computing Group 4,403\n $24,513 $1,825 $26,276\n 30 2017 Acquisitions Transfers Dec 29, 2018\n Data Center Group $5,421\n Internet of Things Group 1,126 1,579\n 10,278\n Programmable Solutions Group 2,490 2,579\nComputing Group 4,356 47 4,403\n 718 (480) 238\n $24,389 $162 $24,513" +} +{ + "_id": "d1b3352d8", + "title": "", + "text": "18. Geographic Information\nRevenue by geography is based on the customer's billing address, and was as follows:\nNo individual international country represented more than 10% of total revenue in any period presented.\n\n | Year Ended December 31, | | \n------------- | ----------------------- | -------- | --------\n | 2019 | 2018 | 2017 \nU.S. | $1,979.6 | $1,723.9 | 1,504.5 \nInternational | 1,008.5 | 936.2 | 727.4 \n | $2,988.1 | $2,660.1 | $2,231.9\n\n. Information\n Revenue based customer billing address\n No country 10% revenue.\n Ended December 31,\n 2019 2018\n. $1,979. $1,723. 1,504.\n 1,008. 936. 727.\n $2,988. $2,660. $2,231." +} +{ + "_id": "d1b3a557e", + "title": "", + "text": "Goodwill and Other Intangibles\nIn accordance with ASC 350, Intangibles – Goodwill and Other, the Company assesses goodwill for impairment annually during the fourth quarter of its fiscal year using October 1 balances or when there is evidence that events or changes in circumstances indicate that the carrying amount of the asset may not be recovered. The Company evaluates goodwill at the reporting unit level using the discounted cash flow valuation model and allocates goodwill to these reporting units using a relative fair value approach. During this assessment, management relies on a number of factors, including operating results, business plans, and anticipated future cash flows. The Company has identified its reportable segments, ACI On Premise and ACI On Demand, as the reporting units.\nThe key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, cash flow projections and terminal value rates. Discount rates, growth rates, and cash flow projections are the most sensitive and susceptible to change, as they require significant management judgment. Discount rates are determined by using a weighted average cost of capital (“WACC”). The WACC considers market and industry data as well as company-specific risk factors. Operational management, considering industry and company-specific historical and projected data, develops growth rates and cash flow projections for each  flow estimates beyond the last projected period, assuming a constant WACC and low, long-term growth rates. If the recoverability test indicates potential impairment, the Company calculates an implied fair value of goodwill for the reporting unit. The implied fair value of goodwill is determined in a manner similar to how goodwill is calculated in a business combination. If the implied fair value of goodwill exceeds the carrying value of goodwill assigned to the reporting unit, there is no impairment. If the carrying value of goodwill assigned to the reporting unit exceeds the implied fair value of the goodwill, an impairment charge is recorded to write down the carrying value. The calculated fair value substantially exceeded the current carrying value for all reporting units for all periods.\nChanges in the carrying amount of goodwill attributable to each reporting unit during the year ended December 31, 2019, were as follows (in thousands):\n(1) Goodwill from acquisitions relates to the goodwill recorded for the acquisition of E Commerce Group Products, Inc. (\"ECG\"), along with ECG's subsidiary, Speedpay, Inc. (collectively referred to as \"Speedpay\") and Walletron, Inc. (\"Walletron\"), as discussed in Note 3, Acquisition. The purchase price allocations for Speedpay and Walletron are preliminary as of December 31, 2019, and are subject to future changes during the maximum one-year measurement period.\nOther intangible assets, which include customer relationships and trademarks and trade names, are amortized using the straight-line method over periods ranging from three years to 20 years. The Company reviews its other intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.\n\n | ACI On Demand | ACI On Premise | Total \n------------------------------------------- | ------------- | -------------- | ----------\nGross Balance, prior to December 31, 2018 | $ 183,783 | $ 773,340 | $ 957,123 \nTotal impairment prior to December 31, 2018 | — | (47,432) | (47,432 ) \nBalance, December 31, 2018 | 183,783 | 725,908 | 909,691 \nGoodwill from acquisitions (1) | 370,834 | — | 370,834 \nBalance, December 31, 2019 | $554,617 | $725,908 | $1,280,525\n\nGoodwill Intangibles\n ASC 350 Company assesses goodwill impairment annually fourth quarter fiscal year October 1 balances. evaluates goodwill unit level discounted cash flow valuation model allocates relative fair value approach. relies factors operating results business plans future cash flows. reportable segments ACI On Premise ACI On Demand units.\n assumptions discounted cash flow valuation model discount rates growth rates cash flow projections terminal value rates. Discount rates growth cash flow projections sensitive change management judgment. Discount rates determined weighted average cost capital. considers market industry data company-specific risk factors. management develops growth rates cash flow projections constant WACC low long-term growth rates. recoverability test impairment calculates implied fair value goodwill. exceeds value no impairment. impairment charge recorded. calculated fair value exceeded current carrying value all reporting units periods.\nChanges goodwill unit December 31, 2019\n Goodwill from acquisitions E Commerce Group Products. Speedpay. Walletron. Note. purchase price allocations Walletron preliminary December 31, 2019 subject to changes.\n intangible assets customer relationships trademarks names amortized three to 20 years. Company reviews intangible assets for impairment amount.\n Demand Premise\n Gross Balance December 31, 2018 $ 183,783 $ 773,340 $ 957,123\n Total impairment 2018\n Balance December 183,783 725,908 909,691\n Goodwill from acquisitions 370,834\n Balance December 31, 2019 $554,617 $725,908 $1,280,525" +} +{ + "_id": "d1b32a40a", + "title": "", + "text": "Dell purchases our products and services directly from us, as well as through our channel partners. Information about our revenue and receipts, and unearned revenue from such arrangements, for the periods presented consisted of the following (table in millions):\nSales through Dell as a distributor, which is included in reseller revenue, continues to grow rapidly.\nCustomer deposits resulting from transactions with Dell were $194 million and $85 million as of January 31, 2020 and February 1, 2019, respectively.\n\n | | Revenue and Receipts | | Unearned Revenue | \n----------------------------------------- | ---------------- | ------------------------ | ---------------- | ---------------- | ----------------\n | | For the Year Ended As of | | As of | \n | January 31, 2020 | February 1, 2019 | February 2, 2018 | January 31, 2020 | February 1, 2019\nReseller revenue | $3,288 | $2,355 | $1,464 | $3,787 | $2,554 \nInternal-use revenue | 82 | 41 | 46 | 57 | 29 \nCollaborative technology project receipts | 10 | 4 | — | n/a | n/a \n\nDell purchases products services channel partners. revenue receipts unearned revenue\n Sales Dell distributor rapidly.\n Customer deposits $194 million $85 million January 31, 2020 February 1, 2019.\n Revenue Receipts Unearned Revenue\n January 31, 2020 February 1, 2019\n Reseller revenue $3,288 $2,355 $1,464 $3,787 $2,554\n Internal-use revenue 82 41 | 46 | 57 29\n Collaborative technology project receipts 10 4" +} +{ + "_id": "d1b30964c", + "title": "", + "text": "Note 15. Stock-Based Compensation\nStock-based compensation expense is included in the following line items in the consolidated statements of operations (in thousands):\n\n | | Year Ended December 31, | \n-------------------------------------- | ------- | ----------------------- | ------\nStock-based compensation expense data: | 2019 | 2018 | 2017 \nSales and marketing | $2,075 | $1,196 | $561 \nGeneral and administrative | 6,474 | 4,901 | 2,638 \nResearch and development | 12,054 | 7,332 | 4,214 \nTotal stock-based compensation expense | $20,603 | $13,429 | $7,413\n\n. Stock-Based Compensation\n statements\n Ended December 31,\n 2019 2017\n Sales marketing $2,075 $1,196 $561\n General administrative 6,474 4,901 2,638\n Research development 12,054 7,332 4,214\n $20,603 $13,429 $7,413" +} +{ + "_id": "d1b392e92", + "title": "", + "text": "Balance sheet\nUnder IAS 12 Income Taxes, provision is made for the deferred tax assets and liabilities associated with the revaluation of assets and liabilities at the corporate tax rate expected to apply to the Group at the time the temporary differences are expected to reverse. For those UK assets and liabilities benefiting from REIT exemption the relevant tax rate will be 0 per cent (2018: 0 per cent), and for other UK assets and liabilities the relevant rate will be 19 per cent if the temporary difference is expected to be realised before 1 April 2020 and 17 per cent if it is expected to be realised on or after 1 April 2020 (2018: 19 per cent before 1 April 2020, 17 per cent thereafter). For Spanish assets and liabilities the relevant tax rate will be 25 per cent (2018: 25 per cent).\nMovements in the provision for deferred tax:\nThe net deferred tax provision of £0.9 million predominantly arises in respect of the revaluation of development property at intu Costa del Sol, partially offset by associated tax losses.\n\n£m | Investment and development property | Other temporary differences | Total \n---------------------------------------- | ----------------------------------- | --------------------------- | ------\nProvided deferred tax provision/(asset): | | | \nAt 1 January 2018 | 24.6 | (0.9) | 23.7 \nRecognised in the income statement | (5.5) | (0.3) | (5.8) \nForeign exchange movements | 0.1 | – | 0.1 \nAt 31 December 2018 | 19.2 | (1.2) | 18.0 \nRecognised in the income statement | (16.4) | (0.2) | (16.6)\nForeign exchange movements | (0.5) | – | (0.5) \nAt 31 December 2019 | 2.3 | (1.4) | 0.9 \n\nBalance sheet\n IAS 12 Income Taxes provision deferred tax assets liabilities revaluation corporate tax rate temporary differences. UK assets liabilities REIT exemption tax rate 0 per cent other 19 per cent realised before 1 April 2020 17 per cent after 1 April 2020 17 thereafter. Spanish assets liabilities tax rate 25 per cent.\n deferred tax\n net deferred tax provision £0. 9 million revaluation development property Costa del Sol offset tax losses.\n Investment development property temporary differences\n deferred tax provision\n 1 January 2018 24. 6 (0. 9) 23. 7\n (5. 5).\n exchange.\n 31 December 2018 19. 2 (1. 2) 18.\n (16. 4).\n.\n 31 December 2019 2. 3 (1. 4)." +} +{ + "_id": "d1b307b12", + "title": "", + "text": "Note 14 Debt and Credit Facilities\nOur total debt outstanding consisted of the amounts set forth on the following table:\n(1) Short-term borrowings of $98.9 million at December 31, 2019 were comprised of $89.0 million under our revolving credit facility and $9.9 million of short-term borrowings from various lines of credit. Short-term borrowings of $232.8 million at December 31, 2018 were comprised of $140.0 million under our revolving credit facility, $83.9 million under our European securitization program and $8.9 million of short-term borrowings from various lines of credit.\n(2) The Current portion of long-term debt includes finance lease liabilities of $10.4 million as of December 31, 2019. The Other debt balance includes $28.7 million for long-term liabilities associated with our finance leases as of December 31, 2019. See Note 4, \"Leases,\" of the Notes to Condensed Consolidated Financial Statements for additional information on finance and operating lease liabilities.\n(3) Amounts are net of unamortized discounts and issuance costs of $24.6 million and $24.3 million as of December 31, 2019 and 2018, respectively.\n(4) As of December 31, 2019, our weighted average interest rate on our short-term borrowings outstanding was 5.0% and on our long-term debt outstanding was 4.8%. As of December 31, 2018, our weighted average interest rate on our short-term borrowings outstanding was 2.8% and on our long-term debt outstanding was 5.4%.\n\n | December 31, | \n--------------------------------------------- | ------------ | ---------\n(In millions) | 2019 | 2018 \nShort-term borrowings (1) | $ 98.9 | $ 232.8 \nCurrent portion of long-term debt(2) | 16.7 | 4.9 \nTotal current debt | 115.6 | 237.7 \nTerm Loan A due July 2022 | 474.6 | — \nTerm Loan A due July 2023 | 218.2 | 222.2 \n6.50% Senior Notes due December 2020 | — | 424.0 \n4.875% Senior Notes due December 2022 | 421.9 | 421.1 \n5.25% Senior Notes due April 2023 | 422.0 | 421.2 \n4.50% Senior Notes due September 2023 | 445.6 | 454.9 \n5.125% Senior Notes due December 2024 | 421.9 | 421.3 \n5.50% Senior Notes due September 2025 | 397.4 | 397.1 \n4.00% Senior Notes due December 2027 | 420.4 | — \n6.875% Senior Notes due July 2033 | 445.7 | 445.5 \nOther(2) | 30.9 | 29.2 \nTotal long-term debt, less current portion(3) | 3,698.6 | 3,236.5 \nTotal debt(4) | $ 3,814.2 | $ 3,474.2\n\nDebt Facilities\n total debt\n Short-term borrowings $98. 9 million December 31, 2019 $89. million revolving credit facility $9. million lines.-term borrowings $232. 8 million December 31, 2018 $140. million revolving credit $83. 9 million European securitization program $8. million lines.\n long-term debt finance lease liabilities $10. 4 million December 31, 2019. Other debt $28. 7 million long-term liabilities finance leases. Note 4 Financial Statements liabilities.\n unamortized discounts issuance costs $24. 6 million $24. 3 million December 31, 2019 2018.\n average interest rate short borrowings. 0% long-term debt 4. 8%. December 31, 2018 2. 8% long-term debt. 4%.\n Short-term borrowings $ 98. 232.\n long-term.\n 115.\n Term Loan July 2022.\n 2023.\n. Notes December 2020.\n.875% December 2022 421.\n. 25% April 2023 422. 421.\n. September 2023 445. 454\n. 125% December 2024 421.\n. 50% September 2025 397.\n. December 2027 420.\n. 875% July 2033 445. 445. 5\n. 29\n long-term debt 3,698. 3,236. 5\n 3,814. 3,474." +} +{ + "_id": "d1b333b86", + "title": "", + "text": "A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):\nAs of April 26, 2019, we had $296 million of gross unrecognized tax benefits, of which $252 million has been recorded in other long-term liabilities. Unrecognized tax benefits of $246 million, including penalties, interest and indirect benefits, would affect our provision for income taxes if recognized. As a result of U.S. tax reform, we recorded provisional gross unrecognized tax benefits of $114 million during fiscal 2018.\nWe recognized a benefit for adjustments to accrued interest and penalties related to unrecognized tax benefits in the income tax provision of approximately $4 million in fiscal 2019 and expense of $5 million in each of fiscal 2018 and 2017. Accrued interest and penalties of $18 million and $22 million were recorded in the consolidated balance sheets as of April 26, 2019 and April 27, 2018, respectively.\n\n | | Year Ended | \n------------------------------------------------------------ | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nBalance at beginning of period | $ 348 | $ 218 | $ 216 \nAdditions based on tax positions related to the current year | 11 | 131 | 7 \nAdditions for tax positions of prior years | 26 | — | 7 \nDecreases for tax positions of prior years | (35 ) | (1 ) | — \nSettlements | (54 ) | — | (12 ) \nBalance at end of period | $ 296 | $ 348 | $ 218 \n\nreconciliation unrecognized tax benefits\n April 26, 2019 $296 million unrecognized tax benefits $252 million long-term liabilities. benefits $246 million affect income taxes. tax reform recorded unrecognized tax benefits $114 million 2018.\n recognized adjustments accrued interest penalties $4 million 2019 $5 million 2018 2017. Accrued interest penalties $18 million $22 million recorded balance sheets April 26, 2019 April 27, 2018.\n April 26, 2019 27, 2018 April 28, 2017\n Balance period $ 348 $ 218 $ 216\n Additions tax positions\n Additions prior\n Decreases\n Settlements\n Balance end period $ 296 $ $ 218" +} +{ + "_id": "d1b3b2ad0", + "title": "", + "text": "Stock Awards\nWe have granted RSUs to our employees, consultants and members of our Board of Directors, and PSUs to certain executives\nIn February 2016, we granted 547,000 PSUs with certain financial and operational targets. Actual performance,\nas measured at the time and prior to the restatement of the 2016 financial statements, resulted in participants\nachieving 80% of target. Given the PSUs did not contain explicit or implicit claw back rights, there was no change\nto stock-based compensation expense for the impact of the previously disclosed restatement of the 2016 consolidated\nfinancial statements. As of December 31, 2019, 253,203 shares had vested, 200,297 shares had been forfeited, and\nthe remaining 93,500 shares will vest (as to 80%) in annual tranches through February 2020 subject to continued\nservice vesting requirements\nIn October 2018, we granted 464,888 PSUs with certain financial targets. These PSUs will become eligible to\nvest at 75% upon the achievement of the performance targets by December 31, 2020, and are subject to service\ncondition vesting requirements. The remaining 25% of these PSUs will become eligible to vest on the first\nanniversary of the initial vesting date. None of these PSUs were vested as of December 31, 2019.\nIn April 2019, we granted 346,453 PSUs with certain financial targets. These PSUs will become eligible to vest at 75% on the second month following achievement of certain performance targets by December 31, 2021, with the remaining 25% of the PSUs to vest on the first anniversary of the initial vesting date, subject to continued service vesting requirements. None of these PSUs were vested as of December 31, 2019 In April 2019, we granted 346,453 PSUs with certain financial targets. These PSUs will become eligible to vest at 75% on the second month following achievement of certain performance targets by December 31, 2021, with the remaining 25% of the PSUs to vest on the first anniversary of the initial vesting date, subject to continued service vesting requirements. None of these PSUs were vested as of December 31, 2019\nIn December 2019, we granted 375,000 PSUs with certain market performance-based targets to be achieved\nbetween December 2019 and December 2023. One-third of each tranche of these PSUs will become eligible to vest\non each of the three anniversaries of the date the performance-based target is achieved, subject to continued service\nvesting requirements. The grant date fair values of each tranche of these PSUs were estimated to be $4.59, $4.06 and\n$3.59 and determined using the Monte Carlo simulation model with the following assumptions: expected term of\n4.0 years, expected volatility of 38.45%, risk-free interest rate of 1.7% and expected dividend yield of 0.0%. None\nof these PSUs were vested as of December 31, 2019\nThe following table summarizes our stock award activities and related information:\n\n | Number of Shares (thousands) | | Weighted-Average Remaining Vesting Term (years)\n--------------------------------- | ---------------------------- | ----- | -----------------------------------------------\nNonvested as of December 31, 2018 | 5,974 | $6.51 | \nGranted | 3,288 | $6.74 | \nReleased | (1,774) | $6.60 | \nCanceled | (1,340) | $6.57 | \nNonvested as of December 31, 2019 | 6,148 | $6.59 | 1.81 \n\n\n granted RSUs employees consultants Board Directors executives\n February 2016, granted 547,000 PSUs financial operational targets. performance\n 80% target. PSUs claw back rights no change\n stock-based compensation expense 2016\n financial statements. December 31, 2019 253,203 shares vested 200,297 shares forfeited\n remaining 93,500 shares vest 80% through February 2020\n service vesting requirements\n October 2018 granted,888 PSUs financial targets.\n vest 75% December 31, 2020 subject service\n vesting requirements. remaining 25% vest first\n anniversary vesting. None vested December 31, 2019.\n April 2019 granted 346,453 PSUs targets. vest 75% second month December 31, 2021 remaining 25% vest first anniversary vesting. None vested granted 346,453. vest 75% second month December 31, 2021 remaining 25% vest first anniversary vesting vesting requirements. None vested December 31, 2019\ngranted 375,000 PSUs performance targets\n 2023. One-third eligible\n vesting requirements. grant values estimated $4. 59 $4. 06\n $3. 59 Monte Carlo simulation model term\n 4. years volatility 38. 45% risk-free interest rate. 7% dividend yield. 0%.\n PSUs vested December 31, 2019\n table summarizes stock award activities\n Shares Weighted-Average Vesting Term\n Nonvested December 31, 2018 $6. 51\n Granted 3,288 $6. 74\n Released.\n Canceled,340.\n Nonvested December 31, 2019 6,148 $6." +} +{ + "_id": "d1b332ace", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries Notes to the consolidated financial statements (Continued) For the years ended December 31, 2017, 2018 and 2019 (All amounts expressed in thousands of U.S. Dollars, except share and per share data)    6. Tangible Fixed Assets and Vessels Under Construction\nThe movements in tangible fixed assets and vessels under construction are reported in the following table:\nVessels with an aggregate carrying amount of $4,407,156 as of December 31, 2019 (December 31, 2018: $4,304,252) have been pledged as collateral under the terms of the Group’s loan agreements (Note 13).\nAs of December 31, 2019, a number of increasingly strong negative indicators such as the difference between ship broker estimates of the fair market values and the carrying values of the Group’s Steam vessels, the lack of liquidity in the market for term employment for Steam vessels and reduced expectations for the estimated rates at which such term employment could be secured, together with the continued addition of modern, larger and more fuel efficient LNG carriers to the global fleet, prompted the Group to perform an impairment assessment of its vessels in accordance with the\n\n | Vessels | Office property and other tangible assets | Total tangible fixed assets | Vessels under construction\n------------------------------------------- | --------- | ----------------------------------------- | --------------------------- | --------------------------\nCost | | | | \nAs of January 1, 2018 | 4,217,866 | 19,224 | 4,237,090 | 166,655 \nAdditions | 49,036 | 4,678 | 53,714 | 637,046 \nTransfer from vessels under construction | 642,776 | — | 642,776 | (642,776) \nTransfer under ‘‘Other non-current assets’’ | — | — | — | (1,650) \nFully amortized fixed assets | (10,000) | (192) | (10,192) | — \nAs of December 31, 2018 | 4,899,678 | 23,710 | 4,923,388 | 159,275 \nAdditions | 26,233 | 1,454 | 27,687 | 450,918 \nReturn of capital expenditures | (11,224) | — | (11,224) | — \nTransfer from vessels under construction | 406,870 | — | 406,870 | (406,870) \nFully amortized fixed assets | (7,209) | — | (7,209) | — \nAs of December 31, 2019 | 5,314,348 | 25,164 | 5,339,512 | 203,323 \nAccumulated depreciation | | | | \nAs of January 1, 2018 | 460,815 | 3,709 | 464,524 | — \nDepreciation | 144,611 | 863 | 145,474 | — \nFully amortized fixed assets | (10,000) | (192) | (10,192) | — \nAs of December 31, 2018 | 595,426 | 4,380 | 599,806 | — \nDepreciation | 156,826 | 875 | 157,701 | — \nImpairment loss on vessels | 162,149 | — | 162,149 | — \nFully amortized fixed assets | (7,209) | — | (7,209) | — \nAs of December 31, 2019 | 907,192 | 5,255 | 912,447 | — \nNet book value | | | | \nAs of December 31, 2018 | 4,304,252 | 19,330 | 4,323,582 | 159,275 \nAs of December 31, 2019 | 4,407,156 | 19,909 | 4,427,065 | 203,323 \n\nGasLog Ltd. Subsidiaries consolidated financial statements years December 31, 2017 2018 2019 amounts U. S. Dollars except share data. Tangible Fixed Assets Vessels Construction\n movements assets vessels construction table\n Vessels carrying amount $4,407,156 December 31, 2019 2018: $4,304,252) pledged collateral loan agreements.\n negative indicators difference values lack liquidity term employment reduced expectations rates addition modern fuel efficient LNG carriers Group impairment assessment vessels\n Office property tangible assets Vessels construction\n January 1, 2018 4,217,866 19,224 4,237,090 166,655\n Additions 49,036 4,678 53,714 637,046\n Transfer vessels construction 642,776\n non-current\n Fully amortized fixed assets\n December 31, 2018 4,899,678 23,710 4,923,388 159,275\nAdditions 26,233 27,687 450,918\n capital expenditures (11,224)\n Transfer vessels 406,870\n amortized assets\n December 31, 2019 5,314,348\n depreciation\n January 1 2018 460,815 3,709 464,524\n 144,611,474\n amortized assets\n December 31, 2018 595,426 4,380 599,806\n Depreciation 156,826 157,701\n Impairment loss vessels 162,149\n amortized assets\n December 31, 2019 907,192 5,255 912,447\n Net book value\n December 31, 2018 4,304,252 19,330,323,582 159,275\n December 2019 4,407,156,065 203" +} +{ + "_id": "d1a711c7c", + "title": "", + "text": "The primary components of the deferred tax assets and liabilities are as follows, for the periods indicated below:\nWe believe that sufficient uncertainty exists regarding the realization of certain deferred tax assets that a valuation allowance is required. We continue to evaluate our taxable position quarterly and consider factors by taxing jurisdiction, including but not limited to factors such as estimated taxable income, any historical experience of losses for tax purposes and the future growth of OpenText.\n\n | June 30, | \n------------------------------------------------------- | ---------- | ----------\n | 2019 | 2018 \nDeferred tax assets | | \nNon-capital loss carryforwards | $161,119 | $129,436 \nCapital loss carryforwards | 155 | 417 \nUndeducted scientific research and development expenses | 137,253 | 123,114 \nDepreciation and amortization | 683,777 | 829,369 \nRestructuring costs and other reserves | 17,845 | 17,202 \nDeferred revenue | 53,254 | 62,726 \nOther | 59,584 | 57,461 \nTotal deferred tax asset | $1,112,987 | $1,219,725\nValuation Allowance | $(77,328) | $(80,924) \nDeferred tax liabilities | | \nScientific research and development tax credits | $(14,482) | $(13,342) \nOther | (72,599) | (82,668) \nDeferred tax liabilities | $(87,081) | $(96,010) \nNet deferred tax asset | $948,578 | $1,042,791\nComprised of: | | \nLong-term assets | 1,004,450 | 1,122,729 \nLong-term liabilities | (55,872) | (79,938) \n | $948,578 | $1,042,791\n\ndeferred tax assets liabilities\n uncertainty valuation allowance. taxable position estimated income future growth OpenText.\n June 30\n Deferred tax assets\n Non-capital loss carryforwards $161,119 $129,436\n Capital loss carryforwards\n Undeducted scientific research expenses 137,253 123,114\n Depreciation amortization 683,777 829,369\n Restructuring costs reserves 17,845\n Deferred revenue 53,254 62,726\n deferred tax asset $1,112,987 $1,219,725\n Valuation Allowance(77,328)(80,924)\n Scientific research development tax credits $(14,482)(13,342\n,081),010\n Net deferred tax asset $948,578 $1,042,791\n Long-term assets 1,004,450 1,122,729\n liabilities\n" +} +{ + "_id": "d1a73b824", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 12 — Debt\nLong-term debt was comprised of the following:\nOn February 12, 2019, we entered into an amended and restated five-year Credit Agreement with a group of banks (the \"Credit Agreement\") to extend the term of the facility. The Credit Agreement provides for a revolving credit facility of $300,000, which may be increased by $150,000 at the request of the Company, subject to the administrative agent's approval. This new unsecured credit facility replaces the prior $300,000 unsecured credit facility, which would have expired August 10, 2020. Borrowings of $50,000 under the prior credit agreement were refinanced into the Credit Agreement. The prior agreement was terminated as of February 12, 2019.\nThe Revolving Credit Facility includes a swing line sublimit of $15,000 and a letter of credit sublimit of $10,000. Borrowings under the Revolving Credit Facility bear interest at the base rate defined in the Credit Agreement. We also pay a quarterly commitment fee on the unused portion of the Revolving Credit Facility. The commitment fee ranges from 0.20% to 0.30% based on our total leverage ratio.\nThe Revolving Credit Facility requires, among other things, that we comply with a maximum total leverage ratio and a minimum fixed charge coverage ratio. Failure to comply with these covenants could reduce the borrowing availability under the Revolving Credit Facility. We were in compliance with all debt covenants at December 31, 2019. The Revolving Credit Facility requires that we deliver quarterly financial statements, annual financial statements, auditor certifications, and compliance certificates within a specified number of days after the end of a quarter and year. Additionally, the Revolving Credit Facility contains restrictions limiting our ability to: dispose of assets; incur certain additional debt; repay other debt or amend subordinated debt instruments; create liens on assets; make investments, loans or advances; make acquisitions or engage in mergers or consolidations; engage in certain transactions with our subsidiaries and affiliates; and make stock repurchases and dividend payments. Interest rates on the Revolving Credit Facility fluctuate based upon the LIBOR and the Company’s quarterly total leverage ratio.\nWe have debt issuance costs related to our long-term debt that are being amortized using the straight-line method over the life of the debt. Amortization expense for the twelve months ended December 31, 2019 was approximately $163 and $185 in 2018 and 2017. These costs are included in interest expense in our Consolidated Statement of Earnings.\nWe use interest rate swaps to convert the revolving credit facility's variable rate of interest into a fixed rate on a portion of the debt as described more fully in Note 13 \"Derivatives.\" These swaps are treated as cash flow hedges and consequently, the changes in fair value were recorded in other comprehensive earnings.\n\n | As of December 31 | \n----------------------------------- | ----------------- | --------\n | 2019 | 2018 \nTotal credit facility | $300,000 | $300,000\nBalance outstanding | $99,700 | $50,000 \nStandby letters of credit | $1,800 | $1,940 \nAmount available | $198,500 | $248,060\nWeighted-average interest rate | 3.25% | 3.10% \nCommitment fee percentage per annum | 0.23% | 0.20% \n\nFINANCIAL STATEMENTS thousands share data\n NOTE 12 Debt\n Long-term debt\n February 12, 2019 five-year Credit Agreement banks extend term facility. revolving credit facility $300,000 increased $150,000 approval. replaces prior $300,000 expired August 10, 2020. Borrowings $50,000 refinanced. terminated February 12, 2019.\n Revolving Credit Facility includes swing line sublimit $15,000 letter of credit sublimit $10,000. Borrowings bear interest base rate. quarterly commitment fee. fee ranges 0. 20% to. 30% leverage ratio.\n requires maximum leverage ratio minimum fixed charge coverage ratio. Failure borrowing availability. compliance debt covenants December 31, 2019. quarterly financial statements annual statements auditor certifications compliance certificates end quarter year. restrictions dispose assets incur additional debt repay amend instruments create liens investments loans advances mergers consolidations transactions stock repurchases dividend payments.Interest rates Revolving Credit Facility fluctuate LIBOR quarterly leverage ratio.\n debt issuance costs long-term amortized straight-line. Amortization expense twelve months 2019 $163 $185 2018 2017. included Consolidated Statement Earnings.\n interest rate swaps convert variable fixed 13. swaps cash flow hedges changes value recorded earnings.\n December 31\n credit facility $300,000\n Balance $99,700\n Standby letters credit $1,800\n $198,500 $248,060\n Weighted-average interest rate. 25%.\n Commitment fee percentage." +} +{ + "_id": "d1b31297c", + "title": "", + "text": "Performance Share Awards\nIn accordance with stockholder-approved equity incentive plans, we grant performance shares to selected executives and other key employees with vesting contingent upon meeting various Company-wide performance goals. The performance goal for one-third of the target number of performance shares for the three-year performance period ending in fiscal 2019 (the \"2019 performance period\") is based on our fiscal 2017 EBITDA return on capital, subject to certain adjustments. The fiscal 2017 EBITDA return on capital target, when set, excluded the results of Lamb Weston. The performance goal for the final two-thirds of the target number of performance shares granted for the 2019 performance period is based on our diluted EPS compound annual growth rate (\"CAGR\"), subject to certain adjustments, measured over the two-year period ending in fiscal 2019. In addition, for certain participants, all performance shares for the 2019 performance period are subject to an overarching EPS goal that must be met in each fiscal year of the 2019 performance period before any payout on the performance shares can be made to such participants. The awards actually earned for the 2019 performance period will range from zero to two hundred percent of the targeted number of performance shares for that period.\nThe performance goal for each of the three-year performance period ending in fiscal 2020 (the \"2020 performance period\") and the three-year performance period ending in 2021 (\"2021 performance period\") is based on our diluted EPS CAGR, subject to certain adjustments, measured over the defined performance period. In addition, for certain participants, all performance shares for the 2020 performance period are subject to an overarching EPS goal that must be met in each fiscal year of the 2020 performance period before any payout on the performance shares can be made to such participants. For each of the 2020 performance period and the 2021 performance period, the awards actually earned will range from zero to two hundred percent of the targeted number of performance shares for such performance period.\nAwards, if earned, will be paid in shares of our common stock. Subject to limited exceptions set forth in our performance share plan, any shares earned will be distributed after the end of the performance period, and only if the participant continues to be employed with the Company through the date of distribution. For awards where performance against the performance target has not been certified, the value of the performance shares is adjusted based upon the market price of our common stock and current forecasted performance against the performance targets at the end of each reporting period and amortized as compensation expense over the vesting period. Forfeitures are accounted for as they occur.\nA summary of the activity for performance share awards as of May 26, 2019 and changes during the fiscal year then ended is presented below:\nThe compensation expense for our performance share awards totaled $8.2 million, $11.8 million, and $13.3 million for fiscal 2019, 2018, and 2017, respectively. The tax benefit related to the compensation expense for fiscal 2019, 2018, and 2017 was $2.1 million, $3.9 million, and $5.1 million, respectively.\nThe total intrinsic value of performance shares vested (including shares paid in lieu of dividends) during fiscal 2019, 2018, and 2017 was $15.7 million, $11.2 million, and $2.8 million, respectively.\nBased on estimates at May 26, 2019, we had $13.2 million of total unrecognized compensation expense related to performance shares that will be recognized over a weighted average period of 1.7 years.\n\nPerformance Shares | Share Units (in Millions) | Weighted Average Grant-Date Fair Value\n--------------------------------------------------------------------- | ------------------------- | --------------------------------------\nNonvested performance shares at May 27, 2018 | 1.00 | $33.40 \nGranted | 0.45 | $35.96 \nAdjustments for performance results attained and dividend equivalents | 0.18 | $31.03 \nVested/Issued . | (0.43) | $31.03 \nForfeited . | (0.05) | $34.54 \nNonvested performance shares at May 26, 2019 | 1.15 | $34.89 \n\nPerformance Share Awards\n equity incentive plans grant performance shares to executives key employees vesting meeting Company-wide performance goals. performance goal for one-third target performance shares three-year period 2019 based on fiscal 2017 EBITDA return on capital. excluded results Lamb Weston. performance goal for final two-thirds performance shares 2019 based on diluted EPS compound annual growth rate two-year period 2019. certain participants performance shares subject to overarching EPS goal met each fiscal year before payout. awards earned range zero to two hundred percent of targeted performance shares.\n performance goal for three-year period 2020 2021 based on diluted EPS CAGR. certain performance shares subject to overarching EPS goal met each fiscal year before payout. awards earned range zero to two hundred percent of targeted performance shares.\n Awards earned paid in shares common stock. shares earned distributed after end performance period if participant with Company through date distribution.performance certified value adjusted market price stock performance amortized compensation expense vesting period. Forfeitures accounted.\n summary activity performance share awards May 26, 2019 changes\n compensation expense totaled $8. 2 million $11. 8 million $13. 3 million 2019 2018 2017. tax benefit $2. 1 million $3. 9 million $5. 1 million.\n total intrinsic value shares vested $15. 7 million $11. 2 million $2. 8 million.\n estimates May 26, 2019 $13. 2 million unrecognized compensation expense recognized 1. 7 years.\n Shares Units\n Nonvested shares May 27, 2018. $33.\n. $35.\n Adjustments performance results dividend equivalents. $31.\n Vested.\n Forfeited. $34.\n Nonvested shares May 26, 2019." +} +{ + "_id": "d1b3052cc", + "title": "", + "text": "7. ACCOUNTS RECEIVABLES ALLOWANCES\nSummarized below is the activity in our accounts receivable allowances including compensation credits and doubtful accounts as follows (in thousands):\nThe balances at the end of fiscal years 2019, 2018 and 2017 are comprised primarily of compensation credits of $4.5 million, $6.3 million and $8.9 million, respectively.\n\n | | Fiscal Year | \n--------------------------- | -------- | ----------- | --------\n | 2019 | 2018 | 2017 \nBalance - beginning of year | $6,795 | $9,410 | $3,279 \nProvision, net | 11,989 | 15,465 | 29,512 \nCharge-offs | (13,737) | (18,080) | (23,381)\nBalance - end of year | $5,047 | 6,795 | 9,410 \n\n. ACCOUNTS\n activity compensation credits doubtful accounts\n balances 2019 2018 2017 compensation credits $4. 5 million $6. 3 million $8. 9 million.\n $6,795 $9,410 $3,279\n 11,989 15,465 29,512\n Charge-offs (13,737 (23,381\n end year $5,047 6,795 9,410" +} +{ + "_id": "d1b3668c4", + "title": "", + "text": "(10) Goodwill\nGoodwill consists of the following (in millions):\nThe increase in Goodwill related to our Compass Analytics acquisition is deductible for tax purposes. For the 2018 increase in Goodwill, $19.7 million is deductible for tax purposes and $3.2 million is not deductible for tax purposes.\n\n | Software Solutions | Data and Analytics | Corporate and Other | Total \n------------------------------------------ | ------------------ | ------------------ | ------------------- | --------\nBalance, December 31, 2017 | $2,134.7 | $172.1 | $— | $2,306.8\nHeavyWater and Ernst acquisitions (Note 3) | 22.9 | — | — | 22.9 \nBalance, December 31, 2018 | 2,157.6 | 172.1 | — | 2,329.7 \nCompass Analytics acquisition (Note 3) | 31.7 | — | — | 31.7 \nBalance, December 31, 2019 | $2,189.3 | $172.1 | $— | $2,361.4\n\nGoodwill\n increase Compass Analytics acquisition deductible tax. 2018 increase $19. 7 million deductible $3. 2 million not deductible.\n Software Data Analytics Corporate\n Balance December 31, 2017 $2,134. $172. $2,306.\n HeavyWater Ernst acquisitions.\n December 31, 2018 2,157. 172. 2,329.\n Compass Analytics acquisition 31.\n December 31, 2019 $2,189. $172. $2,361." +} +{ + "_id": "d1b333a28", + "title": "", + "text": "The types of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities are as follows (in thousands):\nOn December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, the transition of U.S. international taxation from a worldwide tax system to a territorial system, and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017.\nIn connection with the acquisition of Connect First on January 14, 2019, a net deferred tax liability of $3.2 million was established, the most significant component of which is related to the book/tax basis differences associated with the acquired technology and customer relationships. The net deferred tax liability from this acquisition created an additional source of income to realize deferred tax assets. As the Company continues to maintain a full valuation allowance against its deferred tax assets, this additional source of income resulted in the release of the Company’s previously recorded valuation allowance against deferred assets. Consistent with the applicable guidance the release of the valuation allowance of $3.2 million caused by the acquisition was recorded in the consolidated financial statements outside of acquisition accounting as a tax benefit to the Consolidated Statements of Operations.\nAs of December 31, 2019, the Company has federal net operating loss carryforwards of approximately $782.7 million, of which approximately $272.9 million expire between 2023 and 2037 and the remainder do not expire. As of December 31, 2019, the Company had state net operating loss carryforwards of approximately $675.6 million which will begin to expire in 2021. The Company also has research credit carryforwards for federal and California tax purposes of approximately $20.2 million and $15.7 million, respectively, available to reduce future income subject to income taxes. The federal research credit carryforwards will begin to expire in 2028 and the California research credits carry forward indefinitely\nThe Internal Revenue Code of 1986, as amended, imposes restrictions on the utilization of net operating losses in the event of an “ownership change” of a corporation. Accordingly, a company’s ability to use net operating losses may be limited as prescribed under Internal Revenue Code Section 382 (“IRC Section 382”). Events which may cause limitations in the amount of the net operating losses that the Company may use in any one year include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period. Utilization of the federal and state net operating losses may be subject to substantial annual limitation due to the ownership change limitations provided by the IRC Section 382 and similar state provisions\nThe Company’s management believes that, based on a number of factors, it is more likely than not, that all or some portion of the deferred tax assets will not be realized; and accordingly, for the year ended December 31, 2019, the Company has provided a valuation allowance against the Company’s U.S. net deferred tax assets. The net change in the valuation allowance for the years ended December 31, 2019 and 2018 was an increase of $86.0 million, $18.2 million, respectively\n\n | | Year ended December 31,\n-------------------------------------------- | --------- | -----------------------\n | 2019 | 2018 \nDeferred tax assets | | \nNet operating loss and credit carry-forwards | $196,930 | $109,812 \nResearch and development credits | 24,452 | 16,380 \nSales tax liability | 157 | 258 \nShare-based compensation | 5,937 | 5,435 \nAccrued liabilities | 6,612 | 5,135 \nGross deferred tax assets | 234,088 | 137,020 \nValuation allowance | (180,090) | (94,118) \nTotal deferred tax assets | 53,998 | 42,902 \nDeferred tax liabilities | | \nConvertible debt discount | (16,701) | (21,035) \nDeferred sales commissions | (28,601) | (18,253) \nAcquired intangibles | (3,857) | (2,670) \nProperty and equipment | (6,731) | (3,573) \nNet deferred tax (liabilities) assets | $(1,892) | (2,629) \n\ntemporary differences deferred tax assets liabilities\n December 22, 2017 Tax Cuts and Jobs Act 2017 law Internal Revenue Code. corporate tax rate 35% to 21% December 31, 2017 transition. international taxation one-time transition tax repatriation foreign earnings December 31, 2017.\n acquisition Connect First January 14, 2019 net deferred tax liability $3. 2 million book/tax basis differences acquired technology customer relationships. additional income deferred tax assets. valuation allowance tax assets release valuation allowance. allowance $3. 2 million recorded financial statements tax benefit.\n December 31, 2019 federal net operating loss carryforwards $782. 7 million $272. 9 million expire 2023 2037 remainder. state net operating loss carryforwards $675. 6 million 2021. research credit carryforwards federal California tax $20. 2 million $15. 7 million future income. federal carryforwards expire 2028 California credits carry indefinitely\nInternal Revenue Code 1986 restrictions net operating losses “ownership. losses Section 382. limitations ownership change 50% three-year period. Utilization federal state net losses ownership change limitations Section 382\n management believes deferred tax assets realized 2019 provided valuation allowance against. net deferred tax assets. net change valuation allowance 2018 increase $86. 0 million, $18. 2 million\n Deferred tax assets\n Net operating loss credit carry-forwards $196,930 $109,812\n Research development credits 24,452,380\n Sales tax liability\n Share-based compensation 5,937\n Accrued liabilities 6,612\n Gross deferred tax assets 234,088 137,020\n Valuation allowance (180,090)\n Total deferred tax assets 53,998 42,902\n liabilities\n Convertible debt discount (16,701) (21,035)\n Deferred sales commissions (28,601) (18,253)\nintangibles (3,857)\n Property (6,731) (3,573\n deferred tax" +} +{ + "_id": "d1b358382", + "title": "", + "text": "NOTE 9 – OTHER ASSETS\nOther assets consist of the following (in thousands):\nWe have a non-qualified deferred compensation plan in which certain members of management and all nonemployee\ndirectors are eligible to participate. Participants may defer a portion of their compensation until retirement\nor another date specified by them in accordance with the plan. We are funding the plan obligations through cash\ndeposits to a Rabbi Trust that are invested in various equity, bond and money market mutual funds in generally the\nsame proportion as investment elections made by the participants. The deferred compensation plan liability is included\nin Other Non-Current Liabilities in the accompanying consolidated balance sheets.\nOur investment in international licensees at February 28, 2019 consists principally of a 12.5% equity interest in\na Mexican licensee of $1.7 million, which became a wholly-owned subsidiary as of March 19, 2019 (see Note 2), as\nwell as other smaller interests in Benelux and French licensees. Generally, the investments in international licensees\nare accounted for using the cost method of accounting and carried at cost as we do not exercise significant influence\nover these investees. We have received dividends from our investment in the Mexican licensee in the amount of $0.3\nmillion, $0.3 million and $0.2 million for fiscal years ended February 28, 2019, 2018 and 2017, respectively.\nIn September 2015, we invested £1,400,000 or approximately $2.2 million for a 49% minority ownership\ninterest in Smart Driver Club Limited (“Smart Driver Club”), a technology and insurance startup company located in\nthe United Kingdom. This investment has been accounted for under the equity method since we have significant\ninfluence over the investee. As of February 28, 2019, we had made loans aggregating £5,700,000 or approximately\n$7.6 million to Smart Driver Club bearing interest at an annual interest rate of 8%, with all principal and all unpaid\ninterest due in 2021. Our equity in the net loss of Smart Driver Club amounted to $1.8 million, $1.4 million and $1.3\nmillion in fiscal years ended February 28, 2019, 2018 and 2017, respectively. As of February 28, 2019, we determined\nthat this equity method investment was subject to other than temporary impairment. This decision was dictated by the\ncontinuing operating losses and deteriorating liquidity position of Smart Driver Club. Accordingly, we recorded an\nimpairment charge of $5.0 million in the impairment loss and equity in net loss within our consolidated statement of\ncomprehensive income (loss). Smart Driver Club drew an additional £400,000 of debt on March 26, 2019 under a\nfourth amendment to the original agreement dated March 14, 2019\nEffective August 24, 2017, we acquired an ownership interest valued at $1.4 million in ThinxNet GmbH, a\ncompany headquartered in Munich, Germany (“ThinxNet”). ThinxNet is an early stage company focused on\ncommercializing cloud-based mobile device and applications in the automotive sector throughout Europe. This\nrepresents a cost basis investment as we cannot exercise significant influence over the investee. Contemporaneously,\nwe executed an unsecured convertible note receivable for $1.27 million with an interest rate of 6%, which has a fixed\nterm of 12 months, after which the loan can be converted into equity in ThinxNet or a loan due on demand at our\noption. The equity investment and note receivable were consideration we received in exchange for our outstanding\naccounts receivable from ThinxNet. No gain or loss was recorded on this exchange. The assets received in this\nexchange are included in Other Assets in the consolidated balance sheet as of February 28, 2019 and 2018.\nIn August 2018, ThinxNet commenced a subsequent financing transaction to raise additional funds for working capital purposes. In connection with this transaction, we converted approximately $300,000 of outstanding accounts receivable due from ThinxNet into additional ownership interest in an in-kind exchange of assets. Based on the fair value of ThinxNet at the time of conversion, we revalued the initial ownership interest and recorded an impairment charge of $326,000, which is netted within Investment Income in our consolidated statement of comprehensive income (loss). Effective March 2019, we notified ThinxNet that we expect the outstanding loan to be repaid in June 2019.\n\n | | February 28,\n-------------------------------------------------- | ------- | ------------\n | 2019 | 2018 \nDeferred compensation plan assets | $6,413 | $5,641 \nInvestment in international licensees | 2,263 | 2,349 \nEquity investment in and loan to ThinxNet GmbH | 2,650 | 2,674 \nEquity investment in and loan to Smart Driver Club | - | 3,814 \nDeferred product cost | 10,094 | 3,523 \nOther | 1,090 | 828 \n | $22,510 | $18,829 \n\n9 ASSETS\n non-qualified deferred compensation plan management\n directors. defer compensation until retirement\n. funding cash\n deposits Rabbi Trust equity bond mutual funds\n elections. deferred compensation plan liability\n Non-Current Liabilities balance sheets.\n investment international licensees 12. 5% equity interest\n Mexican licensee $1. 7 million wholly-owned subsidiary March 19, 2019\n interests Benelux French licensees. investments\n accounted cost\n. received dividends Mexican licensee $0. 3\n million. 3 million. 2 million years 2019 2018 2017.\n September 2015, invested £1,400,000 $2. 2 million 49% minority ownership\n Smart Driver Club technology insurance startup\n. accounted equity method\n. loans £5,700,000\n $7. 6 million Smart Driver Club annual interest rate 8% unpaid\n due 2021. equity net loss Smart Driver Club $1. 8 million $1. 4 million $1. 3\n million fiscal years 2019 2018 2017.\nequity investment subject impairment. decision dictated by\n losses deteriorating liquidity Smart Driver Club. recorded\n impairment charge $5. 0 million loss net loss\n. Smart Driver Club drew additional £400,000 debt March 26, 2019\n fourth amendment agreement\n August 24, 2017 acquired ownership interest $1. 4 million ThinxNet GmbH\n Munich. early stage\n cloud-based mobile device applications automotive.\n cost basis investment investee.\n executed unsecured convertible note receivable $1. 27 million interest rate 6% fixed\n term 12 months converted into equity ThinxNet demand\n. equity investment receivable\n accounts receivable ThinxNet. No gain loss. assets\n included balance sheet February 28, 2019.\n August 2018 ThinxNet financing transaction capital. converted $300,000 accounts receivable into ownership interest exchange. revalued interest recorded impairment charge $326,000. ThinxNet outstanding loan repaid June 2019.\n\n Deferred compensation plan $6,413 $5,641\n licensees 2,263 2,349\n ThinxNet 2,650\n Smart Driver Club\n Deferred product cost 10,094 3,523\n $22,510 $18,829" +} +{ + "_id": "d1b3a581c", + "title": "", + "text": "VMware and Pivotal Stock Options\nThe following table summarizes stock option activity for VMware and Pivotal since February 3, 2017 (shares in thousands):\n(1) The weighted-average exercise price of options outstanding as of February 1, 2019 reflects the adjustments to the options as a result of the Special Dividend.\n(2) Stock option granted under the VMware equity plan includes 0.6 million options issued for unvested options assumed as part of the Pivotal acquisition.\n(3) Stock options forfeited under the Pivotal equity plan includes 6.2 million options converted to VMware options as part of the Pivotal acquisition, using a conversion ratio of 0.1.\n(4) Stock options exercised under the Pivotal equity plan includes 22.4 million of vested options that were settled in cash as part of the Pivotal acquisition.\nThe above table includes stock options granted in conjunction with unvested stock options assumed in business combinations. As a result, the weighted-average exercise price per share may vary from the VMware stock price at time of grant\nThe stock options outstanding as of January 31, 2020 had an aggregate intrinsic value of $239 million based on VMware’s closing stock price as of January 31, 2020.\n\n | | VMware Stock Options | | Pivotal Stock Options \n-------------------------------- | ---------------- | ------------------------------------------- | ---------------- | -------------------------------------------\n | Number of Shares | Weighted-Average Exercise Price (per share) | Number of Shares | Weighted-Average Exercise Price (per share)\nOutstanding, February 3, 2017 | 1,991 | $69.38 | 39,361 | $6.72 \nGranted | 745 | 13.79 | 20,323 | 9.73 \nForfeited | (36) | 55.44 | (2,380) | 8.13 \nExpired | (3) | 93.87 | (1,290) | 6.24 \nExercised | (1,050) | 53.50 | (1,626) | 5.99 \nOutstanding, February 2, 2018 | 1,647 | 54.63 | 54,388 | 7.82 \nGranted | 574 | 16.07 | 2,832 | 14.03 \nSpecial Dividend adjustment | 348 | n/a | n/a | n/a \nForfeited | (31) | 24.44 | (2,028) | 9.35 \nExpired | — | — | (273) | 7.02 \nExercised | (569) | 46.73 | (9,018) | 6.89 \nOutstanding, February 1, 2019(1) | 1,969 | 36.50 | 45,901 | 8.31 \nGranted(2) | 1,571 | 73.19 | — | — \nForfeited(3) | (149) | 52.83 | (10,822) | 10.65 \nExpired | — | — | (128) | 10.10 \nExercised(4) | (776) | 39.94 | (34,951) | 7.59 \nOutstanding, January 31, 2020 | 2,615 | 56.58 | — | — \n\nVMware Pivotal Stock Options\n table summarizes option activity since February 3 2017\n weighted-average price options February 1, 2019 reflects adjustments Special Dividend.\n Stock option granted VMware equity plan includes. 6 million options unvested.\n Stock options forfeited. 2 million options converted to VMware conversion ratio. 1.\n. 4 million vested options settled cash.\n includes options granted unvested stock options business combinations. weighted-average exercise price per share may vary VMware stock price grant\n stock options outstanding January 31, 2020 value $239 million closing stock price.\n VMware Pivotal Stock Options\n Weighted-Average Price\n February 3, 2017 1,991 $69. 39,361. 72\n Granted 13. 20.\n Forfeited 55. (2,380).\n Expired.\n Exercised 53.\n February 2, 2018 1,647 54.63 54,388. 82\n Granted 16. 2,832 14.\n Dividend adjustment\n Forfeited 24. 44 (2,028).\n Expired.\n Exercised. 73 (9,018.\n Outstanding February 1, 1,969 36. 50 45,901.\n 1,571 73. 19\n. 83 (10,822).\n Expired.\n (776). 94 (34,951).\n Outstanding January 31, 2020 2,615 56. 58" +} +{ + "_id": "d1b39690c", + "title": "", + "text": "ADJUSTED EBITDA\n(1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN.\nFiscal 2019 adjusted EBITDA increased by 10.0% (8.5% in constant currency) as a result of: • an increase in the American broadband services segment mainly as a result of strong organic growth combined with the impact of the MetroCast and FiberLight acquisitions; and • an increase in the Canadian broadband services segment resulting mainly from a decline in operating expenses.\nFor further details on the Corporation’s adjusted EBITDA, please refer to the \"Segmented operating and financial results\" section.\n\nYears ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)\n--------------------------------------------- | --------- | --------- | ------ | ------------------------------- | ---------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ \nCanadian broadband services | 688,681 | 681,020 | 1.1 | 1.3 | (1,102) \nAmerican broadband services | 465,645 | 369,200 | 26.1 | 21.5 | 16,911 \nInter-segment eliminations and other | (46,386) | (43,402) | 6.9 | 6.8 | (12) \n | 1,107,940 | 1,006,818 | 10.0 | 8.5 | 15,797 \n\nADJUSTED EBITDA\n Fiscal 2019 average foreign exchange rate. 3255 USD/CDN.\n Fiscal 2018 restated IFRS 15 change accounting policy reclassify Cogeco Peer 1 discontinued operations. consult \"Accounting policies \"Discontinued operations sections.\n Fiscal 2019 translated average foreign exchange rate. 2773 USD/CDN.\n 2019 EBITDA increased 10. 0%. 5% constant currency increase American broadband services growth MetroCast FiberLight acquisitions Canadian broadband services decline operating expenses.\n \"Segmented operating financial results section.\n Years ended August 31, 2019 2018 constant currency Foreign exchange impact\n thousands\n Canadian broadband services,681 681,020.\n American broadband services 465,645 369,200.\n Inter-segment eliminations (46,386.\n 1,107,940 1,006,818." +} +{ + "_id": "d1b35aae2", + "title": "", + "text": "NOTE 13 – INCOME TAX\nThe domestic and foreign components of loss before income taxes from operations for the years ended December 31, 2019, 2018 and 2017 are as follows:\n\n | | For the Years Ended December 31, | \n-------- | --------- | -------------------------------- | -------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nDomestic | $(22,708) | $29,110 | $17,120\nForeign | — | (320) | (469) \n | $(22,708) | $28,790 | $16,651\n\n13 INCOME TAX\n domestic foreign components loss taxes December 31, 2019 2018 2017\n 2019 2018\n thousands\n Domestic $(22,708 $29,110 $17,120\n Foreign\n(22,708 $28,790 $16,651" +} +{ + "_id": "d1b2f0156", + "title": "", + "text": "Recently Adopted Accounting Guidance\nOn May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, Topic 606, requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. Topic 606 also includes Subtopic 340-40, Other Assets and Deferred Costs - Contracts with Customers, which requires the capitalization of incremental costs to obtain a contract with a customer. The new revenue standard replaces most existing revenue recognition guidance in GAAP and permits the use of either the full retrospective or modified retrospective transition method.\nOn December 1, 2018, the beginning of our fiscal year 2019, we adopted the requirements of the new revenue standard utilizing the modified retrospective method of transition. Prior period information has not been restated and continues to be reported under the accounting standard in effect for those periods. We applied the new revenue standard to contracts that were not completed as of the adoption date, consistent with the transition guidance. Further, adoption of the new revenue standard resulted in changes to our accounting policies for revenue recognition and sales commissions as detailed below.\nWe recognized the following cumulative effects of initially applying the new revenue standard as of December 1, 2018\nBelow is a summary of the adoption impacts of the new revenue standard:\nWe capitalized $413.2 million of contract acquisition costs comprised of sales and partner commission costs at adoption date (included in prepaid expenses and other current assets for the current portion and other assets for the long-term portion), with a corresponding adjustment to retained earnings. We are amortizing these costs over their respective expected period of benefit.\nRevenue for certain contracts that were previously deferred would have been recognized in periods prior to adoption under the new standard. Upon adoption, we recorded the following adjustments to our beginning balances to reflect the amount of revenue that will no longer be recognized in future periods for such contracts: an increase in unbilled receivables (included in trade receivables, net) of $24.8 million, an increase in contract assets (included in prepaid expenses and other current assets for the current portion and other assets for the long-term portion) of $46.4 million and a decrease in deferred revenue of $52.8 million, with corresponding adjustments to retained earnings.\nWe recorded an increase to our opening deferred income tax liability of $82.8 million, with a corresponding adjustment to retained earnings, to record the tax effect of the above adjustments.\nFurther, we had other impacts to various accounts which resulted to an immaterial net reduction to our retained earnings.\n\n(in thousands) | As of November 30, 2018 | Topic 606 Adoption Adjustments | As of December 1, 2018\n---------------------------------------------------------- | ----------------------- | ------------------------------ | ----------------------\nAssets | | | \nTrade receivables, net of allowances for doubtful accounts | $1,315,578 | $43,028 | $1,358,606 \nPrepaid expenses and other current assets | 312,499 | 186,220 | 498,719 \nOther assets | 186,522 | 273,421 | 459,943 \nLiabilities and Stockholders’ Equity | | | \nAccrued expenses | 1,163,185 | 30,358 | 1,193,543 \nDeferred revenue, current | 2,915,974 | (52,842) | 2,863,132 \nDeferred income taxes | 46,702 | 82,834 | 129,536 \nRetained earnings | $11,815,597 | $442,319 | $12,257,916 \n\nAdopted Accounting Guidance\n May 28, 2014, Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09 Revenue Contracts Customers Topic 606 recognize revenue transfer promised goods services customers. Topic 606 includes Subtopic 340-40 Other Assets Deferred Costs Contracts Customers capitalization incremental costs contract. new revenue standard replaces revenue recognition guidance GAAP permits full retrospective or modified retrospective transition method.\n December 1, 2018 2019 adopted new revenue standard modified retrospective. Prior information not restated reported accounting standard. applied new revenue standard contracts not completed. changes accounting policies revenue recognition sales commissions.\n recognized cumulative effects new revenue standard December 1, 2018\n adoption impacts\n capitalized $413. 2 million contract acquisition costs retained earnings. amortizing costs expected period benefit.\n Revenue contracts deferred recognized. recorded adjustments balances increase unbilled receivables $24.contract assets $46. 4 million decrease deferred revenue $52. 8 million adjustments earnings.\n deferred income tax liability $82. 8 million earnings.\n impacts reduction retained earnings.\n November 30 2018 Adjustments December 1, 2018\n Trade receivables $1,315,578 $43,028 $1,358,606\n Prepaid expenses assets 312,499 186,220\n Other assets 186,522 273,421 459,943\n Liabilities Stockholders’ Equity\n Accrued expenses 1,163,185 1,193,543\n Deferred revenue 2,915,974\n Deferred income taxes 46,702,834\n Retained earnings $11,815,597 $442,319,257,916" +} +{ + "_id": "d1b33e04a", + "title": "", + "text": "4. Profit before tax\nThe following items have been charged in arriving at profit before tax:\n\n | | 2019 | 2018 \n--------------------------------------------------------------------- | ----- | --------- | ---------\n | Notes | $ million | $ million\nEmployee benefit costs | 8 | 220.5 | 208.9 \nCosts of inventories recognised as an expense | | 81.6 | 79.8 \nWrite-down of inventories to net realisable value | 19 | 1.6 | 0.1 \nAmortisation of intangible assets | 13 | 2.1 | 4.3 \nDepreciation of property, plant and equipment | 14 | 14.7 | 16.5 \nDepreciation of right-of-use assets | 15 | 7.5 | – \nAmortisation of assets recognised from costs to obtain a contract | 21 | 0.5 | 0.6 \nOperating leases – minimum lease payments | | – | 8.5 \nExpenses relating to short-term leases and leases of low-value assets | 26 | 0.3 | – \nProduct development costs | | 96.5 | 96.9 \nNet foreign exchange loss | | 0.6 | 0.6 \n\n. Profit before tax\n items charged\n 2019 2018\n $ million\n Employee benefit costs 220. 208.\n Costs inventories 81. 79.\n Write-down inventories net realisable value 19.\n Amortisation intangible assets 13.\n Depreciation property plant equipment 14.\n Depreciation right-of-use assets.\n Amortisation assets contract 21.\n Operating leases minimum lease payments.\n Expenses short-term leases low assets 26.\n Product development costs 96. 96.\n Net foreign exchange loss. 6." +} +{ + "_id": "d1b353ec2", + "title": "", + "text": "The pre-tax discount rate used within the recoverable amount calculations was 8.5% (2018: 8.0%) and is based upon the weighted average cost of capital reflecting specific principal risks and uncertainties. The discount rate takes into account the risk-free rate of return, the market risk premium and beta factor reflecting the average beta for the Group and comparator companies which are used in deriving the cost of equity.\nThe same discount rate has been applied to both CGUs as the principal risks and uncertainties associated with the Group, as highlighted on pages 30 to 33, would also impact each CGU in a similar manner. The Board acknowledges that there are additional factors that could impact the risk profile of each CGU, which have been considered by way of sensitivity analysis performed as part of the annual impairment tests.\nKey drivers to future growth rates are dependent on the Group’s ability to maintain and grow income streams whilst effectively managing operating costs. The level of headroom may change if different growth rate assumptions or a different pre-tax discount rate were used in the cash flow projections. Where the value-in-use calculations suggest an impairment, the Board would consider alternative use values prior to realising any impairment, being the fair value less costs to dispose.\nThe key assumptions used for value-in-use calculations are as follows:\nHaving completed the 2019 impairment review, no impairment has been recognised in relation to the CGUs (2018: no impairment). Sensitivity\nanalysis has been performed in assessing the recoverable amounts of goodwill. There are no changes to the key assumptions of growth rate or\ndiscount rate that are considered by the Directors to be reasonably possible, which give rise to an impairment of goodwill relating to the CGUs.\n\n | 2019 | 2018\n-------------------------------------- | ---- | ----\nAnnual growth rate (after plan period) | 3.0% | 3.0%\nRisk free rate of return | 3.0% | 3.0%\nMarket risk premium | 5.0% | 4.9%\nBeta factor | 0.83 | 0.79\nCost of debt | 3.3% | 3.3%\n\npre-tax discount rate recoverable calculations 8. 5% (2018. 0% based weighted average cost capital principal risks uncertainties. discount rate risk-free rate return market risk premium beta factor Group comparator companies.\n same discount rate applied CGUs principal risks uncertainties 30 to 33 impact CGU. Board additional factors risk profile considered analysis annual impairment tests.\n future growth rates income operating costs. headroom may change different growth rate assumptions pre-tax discount rate cash flow projections. value-in-use calculations suggest impairment Board alternative use values impairment fair.\n key assumptions\n 2019 impairment review no impairment recognised CGUs (2018. Sensitivity\n analysis recoverable goodwill. no changes assumptions growth rate\n discount rate impairment goodwill CGUs.\n Annual growth rate period 3. 0%.\n Risk free rate return.\n Market risk premium.\n Beta factor.\n Cost of debt. 3%." +} +{ + "_id": "d1b308256", + "title": "", + "text": "NOTE 5 – PROPERTY AND EQUIPMENT\nThe Company owned equipment recorded at cost, which consisted of the following as of December 31, 2019 and 2018:\nDepreciation expense was $80,206 and $58,423 for the years ended December 31, 2019 and 2018, respectively\n\n | 2019 | 2018 \n----------------------------- | -------- | --------\nComputer equipment | $137,763 | $94,384 \nFurniture and fixtures | 187,167 | 159,648 \nSubtotal | 324,930 | 254,032 \nLess accumulated depreciation | 148,916 | 104,702 \nProperty and equipment, net | $176,014 | $149,330\n\nPROPERTY EQUIPMENT\n Company owned equipment 2019\n Depreciation $80,206 $58,423\n Computer equipment $137,763 $94,384\n Furniture fixtures 187,167 159,648\n 324,930 254,032\n accumulated depreciation 148,916 104,702\n $176,014 $149,330" +} +{ + "_id": "d1b3b0582", + "title": "", + "text": "Restricted Stock Units\nThe following table summarizes RSU activity in the fiscal years ended September 30, 2019, 2018, and 2017:\nThe cost of RSUs is determined using the fair value of the Company’s Common Stock on the award date, and the compensation expense is recognized ratably over the vesting period. The Company recognized $6.8 million, $5.9 million, and $4.0 million in stock-based compensation expense related to outstanding RSUs in the fiscal years ended September 30, 2019, 2018, and 2017, respectively. As of September 30, 2019, the Company had approximately $12.2 million of unrecognized compensation expense related to outstanding RSUs expected to be recognized over a weighted-average period of approximately 2.3 years.\n\n | Number of Shares | Fair Value Per Share\n--------------------------------- | ---------------- | --------------------\nOutstanding at September 30, 2016 | 2,046,169 | $4.90 \nGranted | 1,249,224 | $6.61 \nSettled | (707,174) | $4.81 \nCanceled | (231,198) | $4.93 \nOutstanding at September 30, 2017 | 2,357,021 | $5.65 \nGranted | 1,184,906 | $8.54 \nSettled | (745,197) | $5.26 \nCanceled | (216,554) | $7.39 \nOutstanding at September 30, 2018 | 2,580,176 | $6.92 \nGranted | 1,147,976 | $9.67 \nSettled | (881,420) | $6.53 \nCanceled | (494,245) | $7.70 \nOutstanding at September 30, 2019 | 2,352,487 | 8.26 \n\nStock Units\n table summarizes RSU activity years 2018\n cost determined fair value Common Stock compensation expense recognized vesting period. recognized $6. million $5. 9 million $4. million stock-based compensation expense RSUs 2018 2017. 30 2019 $12. 2 million unrecognized compensation expense 2. years.\n Fair Value Per Share\n 30 2016 2,046,169 $4.\n 1,249,224 $6. 61\n $4.\n $4.\n 2017 2,357,021 $5.\n 1,184,906 $8. 54\n $5.\n $7.\n 2018 2,580,176 $6.\n 1,147,976 $9. 67\n $6.\n $7.\n 30 2019 2,352,487." +} +{ + "_id": "d1b3a75ea", + "title": "", + "text": "2 Alternative performance measures continued\nCash generation\nCash generation is one of the Group’s key performance indicators used by the Board to monitor the performance of the Group and measure the successful implementation of our strategy. It is one of three financial measures on which Executive Directors’ variable remuneration is based.\nCash generation is adjusted operating profit after adding back depreciation and amortisation (excluding IFRS 16 depreciation), less cash payments to pension schemes in excess of the charge to operating profit, equity settled share plans and working capital changes.\n\n | 2019 | 2018 \n------------------------------------------------------------- | ------ | ------\n | £m | £m \nAdjusted operating profit | 282.7 | 264.9 \nDepreciation and amortisation (excluding IFRS16 depreciation) | 34.3 | 32.9 \nCash payments to pension schemes in excess of charge to P&L | (5.2) | (4.6) \nEquity settled share plans | 6.2 | 5.7 \nWorking capital changes | (21.4) | (22.5)\nCash generation | 296.6 | 276.4 \n\nperformance measures\n Cash generation\n key performance. three financial measures Executive Directors’ variable remuneration.\n adjusted operating profit depreciation amortisation less cash payments pension schemes equity settled share plans working capital changes.\n Adjusted operating profit 282. 264.\n Depreciation amortisation 34. 32.\n Cash payments pension schemes (5.\n Equity settled share plans 6. 5\n Working capital changes (21. (22.\n Cash generation 296. 276." +} +{ + "_id": "d1b383190", + "title": "", + "text": "The Company’s contractual obligations as of December 31, 2019, consist of our obligations as borrower under our 2019 Senior Secured Credit Facility, our obligations related to financing of our three 2018 Newbuildings.\nThe following table sets out financial, commercial and other obligations outstanding as of December 31, 2019.\nNotes:\n(1) Refers to obligation to repay indebtedness outstanding as of December 31, 2019.\n(2) Refers to estimated interest payments over the term of the indebtedness outstanding as of December 31, 2019. Estimate based on applicable interest rate and drawn amount as of December 31, 2019.\n(3) Refers to obligation to repay indebtedness outstanding as of December 31, 2019 for three 2018 Newbuildings.\n(4) Refers to estimated interest payments over the term of the indebtedness outstanding as of December 31, 2019. Estimate based on applicable interest as of December 31, 2019 for the financing of the three 2018 Newbuildings.\n(5) Refers to the future obligation as of December 31, 2019 to pay for operating lease liabilities at nominal values.\n*The new five-year senior secured credit facility for $306.1 million is amortizing with a twenty-year maturity profile, carries a floating LIBOR interest rate plus a margin and matures in February 2024. Further, the agreement contains a discretionary excess cash amortization mechanism for the lender that equals 50% of the net earnings from the collateral vessels, less capex provision and fixed amortization.\n\nContractual Obligations in $’000s | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years\n--------------------------------------- | ------- | ------------------ | ----------- | ----------- | -----------------\nSenior Secured Credit Facility (1)* | 291,798 | 18,749 | 30,610 | 242,439 | - \nInterest Payments (2) | 82,255 | 21,690 | 39,624 | 20,941 | - \nFinancing of 2018 Newbuildings (3) | 119,867 | 7,630 | 16,287 | 17,849 | 78,101 \nInterest Payments 2018 Newbuildings (4) | 47,517 | 7,674 | 13,739 | 11,526 | 14,578 \nOperating Lease Liabilities (5) | 1,937 | 500 | 638 | 587 | 212 \nTotal | 543,374 | 56,243 | 100,898 | 293,342 | 92,891 \n\ncontractual obligations December 31, 2019 2019 Senior Secured Credit Facility financing three 2018 Newbuildings.\n table financial commercial obligations 2019.\n repay indebtedness.\n estimated interest payments.\n 2018 Newbuildings.\n (4) interest payments.\n (5) future obligation operating lease liabilities.\n five-year senior secured credit facility $306. 1 million amortizing twenty-year maturity floating LIBOR interest rate margin matures February 2024. agreement excess cash amortization 50% net earnings collateral capex provision fixed amortization.\n Contractual Obligations $’000s Less 1 year 1-3 years 3-5 years More 5 years\n Senior Secured Credit Facility (1) 291,798 18,749 30,610 242,439\n Interest Payments (2) 82,255 21,690 39,624 20,941\n Financing 2018 Newbuildings (3) 119,867 16,287 17,849 78,101\nNewbuildings 47,517 7,674 13,739 11,526\n Lease Liabilities 1,937\n,374 56,243 100,898 293,342" +} +{ + "_id": "d1a712ba4", + "title": "", + "text": "3.3 Fair value estimation The table below analyses the Group’s financial instruments carried at fair value as at 31 December 2019 by level of the inputs to valuation techniques used to measure fair value. Such inputs are categorised into three levels within a fair value hierarchy as follows:\nQuoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);\nInputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2); and\nInputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).\nThe fair value of financial instruments traded in active markets is determined with reference to quoted market prices at the end of the reporting period. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. These instruments are included in level 1.\nThe fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required for evaluating the fair value of a financial instrument are observable, the instrument is included in level 2.\nIf one or more of the significant inputs are not based on observable market data, the instrument is included in level 3.\nSpecific valuation techniques used to value financial instruments mainly include: • Dealer quotes for similar instruments; • The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves; and • Other techniques, such as discounted cash flow analysis, are used to determine fair value for financial instruments.\n\n | Level 1 | Level 2 | Level 3 | Total \n--------------------------- | ----------- | ----------- | ----------- | -----------\n | RMB’Million | RMB’Million | RMB’Million | RMB’Million\nAs at 31 December 2019 | | | | \nFVPL | 14,766 | 5,091 | 116,079 | 135,936 \nFVOCI | 74,707 | – | 7,014 | 81,721 \nOFA | – | 375 | – | 375 \nOther financial liabilities | – | 523 | 1,873 | 2,396 \nAs at 31 December 2018 | | | | \nFVPL | 10,875 | 5,009 | 81,993 | 97,877 \nFVOCI | 41,578 | – | 1,941 | 43,519 \nOFA | – | 2,032 | – | 2,032 \nOther financial liabilities | – | 40 | 4,466 | 4,506 \n\n. Fair value estimation table analyses Group’s financial instruments fair value 31 December 2019 by inputs valuation techniques. inputs categorised into three levels\n Quoted prices in active markets for (level\n Inputs other (level\n Inputs not unobservable (level 3).\n fair value of financial instruments traded in active markets determined quoted market prices reporting period. market active if quoted prices available represent actual market transactions. instruments included in level 1.\n fair value of instruments not traded in active market determined valuation techniques. maximise observable market data rely little on entity specific estimates. If all inputs observable included in level 2.\n If not included in level 3.\n valuation techniques include Dealer quotes for instruments fair value of interest rate swaps calculated as value estimated future cash flows yield curves Other techniques discounted cash flow analysis.\n Level 1 2 3\nRMB’Million\n 31 December 2019\n 14,766 5,091 116,079 135,936\n FVOCI 74,707 7,014 81,721\n 375\n liabilities 1,873 2,396\n 31 December 2018\n 10,875 5,009 81,993 97,877\n FVOCI 41,578 1,941 43,519\n 2,032\n financial liabilities 4,466" +} +{ + "_id": "d1b349094", + "title": "", + "text": "Property and equipment consisted of the following:\nDepreciation and amortization expense related to property and equipment was $86.5 million, $97.4 million and $88.8 million during 2019, 2018 and 2017, respectively.\nProperty and Equipment\nProperty and equipment is stated at cost. Depreciation is recorded over the shorter of the estimated useful life or the lease term of the applicable assets using the straight-line method beginning on the date an asset is placed in service. We regularly evaluate the estimated remaining useful lives of our property and equipment to determine whether events or changes in circumstances warrant a revision to the remaining period of depreciation. Maintenance and repairs are charged to expense as incurred.\n\n | Estimated Useful Lives | December 31, | \n----------------------------------------------- | --------------------------------------------- | ------------ | -------\n | | 2019 | 2018 \nComputer equipment | 3 years | $ 434.8 | $ 417.6\nSoftware | 3 years | 55.9 | 40.5 \nLand | Indefinite | 9.0 | 9.0 \nBuildings, including improvements | 5-40 years | 145.5 | 175.0 \nLeasehold improvements | Lesser of useful life or remaining lease term | 99.4 | 70.8 \nOther | 1-20 years | 25.7 | 27.0 \nTotal property and equipment | | 770.3 | 739.9 \nLess: accumulated depreciation and amortization | | (511.7) | (440.9)\nProperty and equipment, net | | $ 258.6 | $ 299.0\n\nProperty equipment\n Depreciation amortization $86. 5 million $97. 4 million $88. 8 million 2019 2018 2017.\n cost. Depreciation recorded shorter estimated useful life lease term straight-line method service. evaluate lives revision. Maintenance repairs charged.\n Estimated Lives December 31,\n 2019\n Computer equipment 3 years $. $ 417.\n 3 55. 40.\n Indefinite 9.\n Buildings improvements 5-40 years 145. 175.\n Leasehold improvements life lease term 99. 70.\n 1-20 years 25. 27.\n property equipment 770. 739.\n accumulated depreciation amortization (511. (440.\n equipment $ 258. $ 299." +} +{ + "_id": "d1a71a4e4", + "title": "", + "text": "Film and Electrolytic\nThe table below sets forth net sales, operating income (loss) and operating income (loss) as a percentage of net sales for our Film and Electrolytic reportable segment for the fiscal years 2018 and 2017 (amounts in thousands, except percentages):\n(1) Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606\nNet Sales\nFilm and Electrolytic net sales of $202.0 million in fiscal year 2018 increased $19.7 million or 10.8% from $182.2 million in fiscal year 2017. The increase in net sales was primarily driven by an increase in net sales in the distributor channel across all the APAC and EMEA regions of $13.7 million, a $3.3 million increase in net sales in the OEM channel of the EMEA region and a $4.2 million increase in the EMS channel across the Americas, EMEA, and APAC regions. These increases were partially offset by a decrease in net sales of $1.2 million in the OEM channel across the Americas, APAC, and JPKO regions. In addition, there was a favorable impact of $7.6 million from foreign currency exchange primarily due to the change in the value of the Euro compared to the U.S. dollar.\nReportable Segment Operating Income (Loss)\nSegment operating income of $3.6 million in fiscal year 2018 improved $12.7 million from $9.0 million of operating loss in fiscal year 2017. The improvement was primarily attributable to a $4.3 million increase in gross margin driven by higher net sales, as well as the benefit of completed restructuring activities. The increase was also attributed to an $11.7 million improvement in (gain) loss on the write down and disposal of long-lived assets. These improvements were partially offset by a $2.1 million increase in restructuring charges, a $0.7 million increase in SG&A expenses, and a $0.6 million increase in R&D expenses.\n\n | For the Fiscal Years Ended | | | \n----------------------------------- | -------------------------- | -------------- | -------------- | --------------\n | March 31, 2018 | | March 31, 2017 | \n | Amount | % to Net Sales | Amount | % to Net Sales\nNet sales (1) | $201,977 | | $182,228 | \nSegment operating income (loss) (1) | 3,622 | 1.8% | (9,028) | (5.0)% \n\nFilm Electrolytic\n table net sales operating income years 2018 2017\n years 2018 2017 adjusted ASC 606\n $202. 0 million 2018 increased $19. 7 million. 8% from $182. 2 million 2017. increase driven distributor channel APAC EMEA $13. 7 million $3. 3 million increase OEM $4. 2 million EMS channel. offset decrease $1. 2 million OEM channel Americas APAC JPKO. favorable impact $7. 6 million foreign currency exchange change Euro. dollar.\n Segment Operating Income\n $3. 6 million 2018 improved $12. 7 million from $9. million 2017. $4. 3 million increase gross margin sales restructuring activities. $11. 7 million improvement loss write down disposal long-lived assets. offset by $2. 1 million increase restructuring charges $0. 7 million SG&A expenses $0. 6 million R&D expenses.\n Fiscal Years\n March 31, 2018 2017\n% Net Sales\n $201,977 $182,228\n Segment operating income (loss 3,622. 8% (9,028)." +} +{ + "_id": "d1b33bb60", + "title": "", + "text": "Financials\n1. EBITDA is a non-IFRS term, defined as earnings before interest, tax, depreciation and amortisation, and excluding net foreign exchange gains (losses).\n2. NPATA is a non-IFRS term, defined as net profit after tax, excluding tax-effected amortisation of acquired intangibles. This is used to determine EPSa as disclosed here and in the audited Remuneration Report.\n3. Underlying EBITDA, underlying NPAT and underlying NPATA exclude separately disclosed items, which represent the transaction and other restructuring costs associated with the Sigma acquisition (2018: Enoro acquisition) and the exiting of a premises lease in the Americas. Further details of the separately disclosed items are outlined in Note 4 to the Financial Report.\nOperating revenue for FY19 was $231.3 million, $0.5 million up on FY18. With Sigma contributing $5.0 million of revenue in June (the first month since acquisition), revenues for the remainder of Hansen excluding Sigma were $4.5 million lower. This decline was a result of lower non-recurring revenues, due primarily to both lower one-off licence fees and reduced project work following the large body of work completed in the first half of FY18 associated with implementing Power of Choice in Australia. Conversely, recurring revenues grew to represent 63% of total operating revenue.\nUnderlying EBITDA for the year was $55.8 million, 7.0% down on the $60.0 million in FY18. This resulted in an underlying EBITDA margin decline to 24.1% from 26.0% in FY18. Sigma only contributed a modest $0.1 million of EBITDA in June, which we do not see as representative of the business going forward. Excluding Sigma, the underlying EBITDA margin was 24.6%. This reduced margin was the direct result of the lower non-recurring revenue, as we were able to maintain operating expenses at the same level as FY18, even after the investment in the Vietnam Development Centre.\n\nA$ Million | FY19 | FY18 | Variance %\n--------------------------------------------- | ----- | ----- | ----------\nOperating revenue | 231.3 | 230.8 | 0.2% \nUnderlying EBITDA 1, 3 | 55.8 | 60.0 | (7.0%) \nUnderlying NPAT 3 | 24.0 | 29.5 | (18.7%) \nUnderlying NPATA 2, 3 | 33.7 | 38.7 | (12.9%) \nBasic EPS based on underlying NPATA (cents) 2 | 17.1 | 19.8 | (13.6%) \n\n\n. EBITDA non-IFRS earnings before interest tax depreciation amortisation foreign exchange gains.\n. NPATA non-IFRS net profit after tax amortisation intangibles. EPSa Remuneration Report.\n. EBITDA NPAT exclude items transaction restructuring costs Sigma acquisition exiting premises lease Americas. Note 4.\n Operating revenue FY19 $231. 3 million $0. 5 million up FY18. Sigma $5. 0 million June $4. 5 million lower. lower non revenues lower licence fees reduced project work Choice. recurring revenues 63% operating revenue.\n EBITDA $55. 8 million. 0% $60. million FY18. EBITDA margin 24. 1% 26. 0%. Sigma contributed $0. 1 million EBITDA June. Excluding Sigma EBITDA margin 24. 6%. lower non-recurring revenue operating expenses FY18 Vietnam Development Centre.\nMillion FY19 FY18 Variance %\n Operating revenue 231. 230. 2%\n EBITDA 55. 60. (7. 0%\n NPAT 24. 29. 7%\n NPATA 33. 38. 9%)\n EPS 17. 19. 6%" +} +{ + "_id": "d1b395b9c", + "title": "", + "text": "Proofpoint, Inc. Notes to Consolidated Financial Statements (Continued) (dollars and share amounts in thousands, except per share amounts)\nof the transaction price to each performance obligation based on a relative standalone selling price, or SSP, basis.\n• Recognition of revenue when, or as, the Company satisfies a performance obligation - The Company recognizes revenue when control of the services or products are transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or products. The Company records its revenue net of any value added or sales tax.\nThe Company generates sales directly through its sales team and, to a growing extent, through its channel partners. Sales to channel partners are made at a discount and revenues are recorded at this discounted\n\nThe Company generates sales directly through its sales team and, to a growing extent, through its channel partners. Sales to channel partners are made at a discount and revenues are recorded at this discounted price once all revenue recognition criteria are met. Channel partners generally receive an order from an end-customer prior to placing an order with the Company, and these partners do not carry any inventory of the Company’s products or solutions. Payment from channel partners is not contingent on the partner’s success in sales to end-customers. In the event that the Company offers rebates, joint marketing funds, or other incentive programs to a partner, recorded revenues are reduced by these amounts accordingly.\nPayment terms on invoiced amounts are typically 30 to 45 days.\nDisaggregation of Revenue Disaggregation of Revenue\nThe Company derives its revenue primarily from: (1) subscription service revenue; (2) subscription software revenue, and (3) hardware and services, which include professional service and training revenue provided to customers related to their use of the platform.\nThe following table presents the Company’s revenue disaggregation:\nSubscription service revenue\nSubscription service revenue is derived from a subscription-based enterprise licensing model with contract terms typically ranging from one to three years, and consists of (1) subscription fees from the licensing of the Company’s security-as-a-service platform and it’s various components, (2) subscription fees for software with support and related future updates where the software updates are critical to the customers’ ability to derive benefit from the software due to the fast changing nature of the technology. These function together as one performance obligation, and (3) subscription fees for the right to access the Company’s customer support services for software with significant standalone functionality and support services for hardware. The hosted on-demand service arrangements do not provide customers with the right to take possession of the software supporting the hosted services. Support revenue is derived from ongoing security updates, upgrades, bug fixes, and maintenance. A time-elapsed method is used to measure progress because the Company transfers control evenly over the contractual period. Accordingly, the fixed consideration related to subscription service revenue is generally recognized on a straight-line basis over the contract term beginning on the date access is provided, as long as other revenue recognition criteria have been met. Most of the Company’s contracts are non-inate their contract for cause if the \n\nSubscription service revenue is derived from a subscription-based enterprise licensing model with contract terms typically ranging from one to three years, and consists of (1) subscription fees from the licensing of the Company’s security-as-a-service platform and it’s various components, (2) subscription fees for software with support and related future updates where the software updates are critical to the customers’ ability to derive benefit from the software due to the fast changing nature of the technology. These function together as one performance obligation, and (3) subscription fees for the right to access the Company’s customer support services for software with significant standalone functionality and support services for hardware. The hosted on-demand service arrangements do not provide customers with the right to take possession of the software supporting the hosted services. Support revenue is derived from ongoing security updates, upgrades, bug fixes, and maintenance. A time-elapsed method is used to measure progress because the Company transfers control evenly over the contractual period. Accordingly, the fixed consideration related to subscription service revenue is generally recognized on a straight-line basis over the contract term beginning on the date access is provided, as long as other revenue recognition criteria have been met. Most of the Company’s contracts are non-cancelable over the contract term. Customers typically have the right to terminate their contract for cause if the Company fails to perform in accordance with the contractual terms. Some of the Company’s customers have the option to purchase additional subscription services at a stated price. These options are evaluated on a case-by-case basis but generally do not provide a material right as they are priced at or above the Company’s SSP and, as such, would not result in a separate performance obligation.\n\n | Year Ended December 31, | | \n----------------------------- | ----------------------- | -------- | --------\n | 2019 | 2018 | 2017 \nSubscription service revenue | $849,267 | $681,138 | $489,274\nSubscription software revenue | 25,739 | 23,262 | 17,081 \nHardware and services | 13,184 | 12,594 | 13,326 \nTotal revenue | $888,190 | $716,994 | $519,681\n\nProofpoint, Inc. Notes Consolidated Financial Statements (dollars share amounts thousands per share\n transaction price each performance obligation standalone selling price.\n Recognition revenue Company satisfies performance obligation recognizes revenue control services products transferred to customers consideration. records revenue net value added sales tax.\n generates sales directly team channel partners. Sales partners discount revenues recorded discounted\n. discount revenues recorded revenue recognition criteria met. Channel partners receive order carry inventory products solutions. Payment not contingent on success. Company offers rebates joint marketing funds incentive programs revenues reduced.\n Payment terms invoiced amounts 30 to 45 days.\n Disaggregation of Revenue\n derives revenue from subscription service revenue software revenue hardware services professional service training.\n table revenue disaggregation\n Subscription service revenue\nSubscription service revenue from subscription-based enterprise licensing model contract terms one to three years subscription fees security platform subscription fees for software with support future updates. performance obligation (3) subscription fees for access customer support services for software standalone functionality hardware. hosted on-demand service arrangements provide right possession software. Support revenue derived from security updates upgrades bug fixes maintenance. time-elapsed method progress transfers control. fixed consideration revenue recognized straight-line over contract term date access provided revenue recognition criteria met. contracts non-inate\n Subscription service revenue contract terms one to three years subscription fees subscription fees for software with support future updates. performance obligation (3) subscription fees for right access customer support services for software standalone functionality hardware. hosted on-demand service arrangements provide right possession software. Support revenue derived from security updates upgrades bug fixes maintenance. time-elapsed method progress transfers control.fixed subscription service revenue recognized contract term criteria met. contracts non-cancelable. Customers terminate contract if fails. purchase additional services stated price. options evaluated case-by-case provide material right priced SSP separate performance obligation.\n Year Ended December 31,\n 2019 2018 2017\n Subscription service revenue $849,267 $681,138 $489,274\n Subscription software revenue 25,739 23,262 17,081\n Hardware services 13,184 12,594\n Total revenue $888,190 $716,994 $519,681" +} +{ + "_id": "d1b3b9c72", + "title": "", + "text": "Stock Options with Market-based Vesting Criteria\nWe grant NQs that are subject to vesting only upon the market price of our underlying public stock closing above a certain price target withins even years of the date of grant. Share-based compensation expense is recognized regardless of the number of awards that are earned based on the market condition and is recognized on a straight-line basis over the estimated service period of approximately three years.\nIf the required service period is not met for these options, then the share-based compensation expense would be reversed. In the event that our common stock achieves the target price per share based on a 30-day trailing average prior to the end of the estimated service period, any remaining unamortized compensation cost will be recognized.\nStock options with market-based vesting criteria granted for fiscal years 2019, 2018 and 2017 were 585,000, 325,000 and 320,000, respectively, at weighted average grant date fair values of $7.47, $15.52 and $13.18 per share, or total grant date fair value $2.4 million, $5.0 million and $4.3 million, respectively.\nThese NQs with market-based vesting criteria were valued using a Monte Carlo simulation model. The weighted average Monte Carlo input assumptions used for calculating the fair value of these market-based stock options are as follows:\nDuring our fiscal first quarter of 2019, we canceled 1,122,500 performance-based stock options with a concurrent grant of 748,328 PRSUs for 13 employees, which was accounted for as a modification. The incremental compensation cost resulting from the modification was $8.2 million, and was being recognized as share-based compensation expense over the requisite service period of three years for the new PRSU awards.\nAs a result of subsequent actions that resulted in forfeitures, the remaining compensation expense associated with this modification as of September 27, 2019 is $2.8 million.\n\n | | Fiscal Years | \n----------------------- | ------ | ------------ | ------\n | 2019 | 2018 | 2017 \nRisk-free interest rate | 2.8% | 2.3% | 1.9% \nExpected term (years) | 3.9 | 3.4 | 7.0 \nExpected volatility | 51.9% | 45.8% | 32.3% \nTarget price | $53.87 | $98.99 | $67.39\n\nStock Options Market-based Vesting Criteria\n grant NQs market price public stock above target grant. Share-based compensation expense recognized awards estimated service period three years.\n If compensation expense reversed. common stock achieves target price remaining unamortized compensation cost recognized.\n Stock options granted 2019 2018 2017 585,000 325,000 320,000 grant date fair values $7. 47 $15. 52 $13. 18 per share total grant date fair value $2. 4 million $5. 0 million $4. 3 million.\n NQs valued Monte Carlo simulation model. assumptions\n 2019 canceled 1,122,500 performance-based stock options 748,328 PRSUs for 13 employees. incremental compensation cost $8. 2 million recognized share-based compensation expense three years awards.\n remaining compensation expense September 27, 2019 $2. 8 million.\n Fiscal Years\n Risk-free interest rate. 8%. 3%.\nterm 3. 7.\n volatility 51. 45. 3%\n price $53. $98. $67." +} +{ + "_id": "d1b33b16a", + "title": "", + "text": "ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES\n(a) 1. Financial Statements\nReference is made to Item 8 for a list of all financial statements and schedules filed as a part of this Report.\n2. Financial Statement Schedules\nQuickLogic Corporation\nValuation and Qualifying Accounts\n(in thousands)\nAll other schedules not listed above have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or notes hereto.\n\n | Balance at Beginning of Period | Charged to Costs and Expenses | Write-offs | Balance at End of Period\n---------------------------------- | ------------------------------ | ----------------------------- | ---------- | ------------------------\nAllowance for Doubtful Accounts: | | | | \nFiscal Year 2019 | $— | $— | $5 | $— \nFiscal Year 2018 | $— | $— | $— | $— \nFiscal Year 2017 | $— | $— | $— | $— \nAllowance for Deferred Tax Assets: | | | | \nFiscal Year 2019 | $54,913 | $3,227 | $— | $58,140 \nFiscal Year 2018 | $55,931 | $— | $(1,018) | $54,913 \nFiscal Year 2017 | $79,150 | $— | $(23,219) | $55,931 \n\nITEM 15. EXHIBITS FINANCIAL STATEMENT SCHEDULES\n. Financial Statements\n Reference Item 8 financial statements schedules Report.\n. Financial Statement Schedules\n QuickLogic Corporation\n Valuation Qualifying Accounts\n other schedules omitted not applicable financial statements.\n Balance Beginning Period Costs Expenses Write-offs End Period\n Allowance Doubtful Accounts\n Fiscal Year 2019\n Fiscal Year 2018\n Year 2017\n Allowance Deferred Tax Assets\n Fiscal Year 2019 $54,913 $3,227\n Fiscal Year 2018 $55,931\n Year 2017 $79,150" +} +{ + "_id": "d1b305740", + "title": "", + "text": "M. Property and Equipment, Net\nProperty and equipment, net, as of the periods presented consisted of the following (table in millions):\nAs of January 31, 2020, construction in progress primarily represented various buildings and site improvements that had not yet been placed into service.\nDepreciation expense was $234 million, $211 million and $206 million during the years ended January 31, 2020, February 1, 2019 and February 2, 2018, respectively.\n\n | January 31, 2020 | February 1, 2019\n--------------------------------- | ---------------- | ----------------\nEquipment and software | $1,404 | $1,448 \nBuildings and improvements | 1,088 | 991 \nFurniture and fixtures | 120 | 116 \nConstruction in progress | 106 | 56 \nTotal property and equipment | 2,718 | 2,611 \nAccumulated depreciation | (1,438) | (1,449) \nTotal property and equipment, net | $1,280 | $1,162 \n\n. Property Equipment\n January 31, 2020 construction buildings improvements.\n Depreciation expense $234 million $211 million $206 million January 31, 2020 February 1 2019 2 2018.\n Equipment software $1,404 $1,448\n Buildings improvements 1,088\n Furniture fixtures\n Construction progress 106\n property equipment 2,718 2,611\n Accumulated depreciation (1,438)\n $1,280 $1" +} +{ + "_id": "d1b3abe92", + "title": "", + "text": "Income Taxes\nnm - not meaningful\nFor fiscal 2018, the effective tax rate was different than the statutory rate due primarily to the impact of the Tax Act reform. The Company recorded a benefit of approximately $3.3 million resulting from the effect of a reduction in the deferred rate and the ability to offset indefinite lived deferred tax liabilities with certain deferred tax assets, recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, certain foreign and state tax effects including a benefit of $0.4 million related to a settlement with the California Franchise Tax Board and other U.S. permanent book to tax differences. At March 31, 2018, we had $198.7 million of a federal net operating loss carryforward that expires, if unused, in fiscal years 2031 to 2038.\nFor fiscal 2017, the effective tax rate was different than the statutory rate due primarily to the recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, state taxes and other U.S. permanent book to tax differences.\nAlthough the timing and outcome of tax settlements are uncertain, it is reasonably possible that during the next 12 months a reduction in unrecognized tax benefits may occur in the range of zero to $0.1 million of tax and zero to $0.2 million of interest based on the outcome of tax examinations and as a result of the expiration of various statutes of limitations. We are routinely audited; due to the ongoing nature of current examinations in multiple jurisdictions, other changes could occur in the amount of gross unrecognized tax benefits during the next 12 months which cannot be estimated at this time.\nBecause of our losses in prior periods, we have recorded a valuation allowance offsetting substantially all of our deferred tax assets. The ultimate realization of deferred tax assets generated prior to Tax Act reform depends on the generation of future taxable income during the periods in which those temporary differences are deductible. Because of our losses in prior periods, management believes that it is more-likely-than-not that we will not realize the benefits of these deductible differences.\n\n | Year ended March 31, | | (Unfavorable) favorable | \n---------------------------- | -------------------- | ------ | ----------------------- | --\n(Dollars in thousands) | 2018 | 2017 | $ | % \nIncome tax (benefit) expense | $ (3,251) | $ 236 | $ 3,487 | nm\nEffective tax rate | (28.0)% | (2.1)% | | \n\nIncome Taxes\n fiscal 2018 effective tax rate different Tax Act reform. Company recorded benefit $3. 3 million reduction deferred rate deferred tax liabilities net operating losses deferred tax assets offset valuation allowance foreign state tax effects benefit $0. 4 million settlement California Franchise Tax Board. tax differences. March 31, 2018 $198. 7 million federal net operating loss carryforward expires 2031 to 2038.\n 2017 effective tax rate different net operating losses deferred tax assets offset valuation allowance state taxes. tax differences.\n tax settlements uncertain reduction unrecognized tax benefits zero to $0. 1 million tax zero to $0. 2 million interest tax examinations expiration statutes of limitations. routinely audited changes unrecognized tax benefits.\n valuation allowance deferred tax assets. realization deferred tax assets reform depends future taxable income.losses management believes realize benefits deductible differences.\n Year ended March 31, favorable\n thousands 2018 2017\n Income tax expense $ (3,251) 3,487\n Effective tax rate (28.)% (2. 1)%" +} +{ + "_id": "d1b325e28", + "title": "", + "text": "7 Revenue\nRevenue recognised in the Consolidated Statement of Profit or Loss is analysed as follows:\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2\n------------------- | ------------------------ | --------------------------------------------\nRevenue by Product: | $M | $M \nNetwork | 328.5 | 316.5 \nEnduser | 348.4 | 291.8 \nOther | 33.7 | 30.7 \nTotal | 710.6 | 639.0 \n\nRevenue\n Consolidated Statement Profit Loss\n-ended 31 March 2019 March 2018\n Revenue Product\n 328. 5 316.\n 348. 4 291. 8\n 33. 7 30.\n 710. 6 639." +} +{ + "_id": "d1b3ae8fe", + "title": "", + "text": "COHERENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands)\n(1) Reclassification adjustments were not significant during fiscal 2019, 2018 and 2017.\n(2) Tax benefits of $(5,161), $0 and $(326) were provided on translation adjustments during fiscal 2019, 2018 and 2017, respectively.\n(3) Tax benefits of $0, $(2) and $(1,876) were provided on changes in unrealized losses on available-for-sale securities during fiscal 2019, 2018 and 2017, respectively.\n(4) Tax expenses (benefits) of $(2,371), $202 and $1,747 were provided on changes in defined benefit pension plans during fiscal 2019, 2018 and 2017, respectively.\n\n | | Year Ended | \n------------------------------------------------------------------------------ | ----------------- | ----------------- | -----------------\n | September 28,2019 | September 29,2018 | September 30,2017\nNet income | $53,825 | $247,358 | $207,122 \nOther comprehensive income (loss):(1) | | | \nTranslation adjustment, net of taxes(2) | (32,609) | (18,065) | 24,923 \nChanges in unrealized losses on available-for-sale securities, net of taxes(3) | — | (4) | (3,330) \nDefined benefit pension plans, net of taxes(4) | (6,560) | 996 | 3,613 \nOther comprehensive income (loss), net of tax | (39,169) | (17,073) | 25,206 \nComprehensive income | $14,656 | $230,285 | $232,328 \n\n. STATEMENTS COMPREHENSIVE INCOME\n Reclassification adjustments 2019 2018.\n Tax benefits $(5 $0 $(326) translation adjustments.\n Tax benefits $0 $(2) $(1,876) unrealized losses securities.\n Tax expenses $(2 $202 $1,747 defined benefit pension plans.\n September 28,2019 29,2018 30,2017\n Net income $53,825 $247,358 $207,122\n comprehensive income\n Translation adjustment net (32,609) (18,065) 24,923\n unrealized losses securities\n Defined benefit pension plans\n income net tax (39,169 (17 25\n Comprehensive income $14,656 $230,285 $232,328" +} +{ + "_id": "d1b31aa78", + "title": "", + "text": "The following table sets forth information known to us with respect to the beneficial ownership of our common shares as of (i) April 12, 2020, our most recent record date, and (ii) as of certain record dates in each of the preceding three years, for (1) the stockholders known by us to beneficially own more than 2% of our common shares and (2) all directors and executive officers as a group. Beneficial ownership is determined in accordance with SEC rules.\n(1) 36.49% owned by United Microelectronics Corporation as of March 31, 2020.\nNone of our major stockholders have different voting rights from those of our other stockholders. To the best of our knowledge, we are not directly or indirectly controlled by another corporation, by any foreign government or by any other natural or legal person severally or jointly.\nFor information regarding our common shares held or beneficially owned by persons in the United States, see “Item 9. The Offer and Listing—A. Offer and Listing Details—Market Price Information for Our American Depositary Shares” in this annual report.\n\n | As of April 14, 2018 | As of April 14, 2019 | As of April 12, 2020 | As of April 12, 2020 \n------------------------------------------- | ------------------------------------------ | ------------------------------------------ | ------------------------------------------ | ------------------------------------------\n | Number of common shares beneficially owned | Number of common shares beneficially owned | Number of common shares beneficially owned | Number of common shares beneficially owned\nName of Beneficial Owner | | | | \nHsun Chieh Investment Co., Ltd. (1) | 3.50% | 3.64% | 441,371,000 | 3.75% \nSilicon Integrated Systems Corp. | 2.50% | 2.35% | 285,380,424 | 2.42% \nDirectors and executive officers as a group | 6.32% | 6.67% | 832,664,416 | 7.07% \n\ntable information beneficial ownership common shares April 12, 2020 preceding three years stockholders 2% shares directors executive officers. Beneficial ownership determined SEC rules.\n 36. 49% owned United Microelectronics Corporation March 31, 2020.\n major stockholders different voting rights. not controlled by corporation foreign government.\n information common shares “Item 9. Offer. Price Information American Depositary Shares” annual report.\n April 14, 2018 April 14 2019 April 12, 2020\n Number common shares beneficially owned\n Name Beneficial Owner\n Hsun Chieh Investment Co. 3. 50% 3. 64% 441,371,000 3. 75%\n Silicon Integrated Systems Corp. 2. 50%. 35% 285,380,424 2. 42%\n Directors executive officers 6. 32% 6. 67% 832,664,416 7. 07%" +} +{ + "_id": "d1b30fa1a", + "title": "", + "text": "28. Contingent liabilities and legal proceedings\nContingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote, but is not considered probable or cannot be measured reliably.\nNotes: 1 Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it under the terms of any related contracts or commercial arrangements\n2 Other guarantees principally comprise Vodafone Group Plc’s guarantee of the Group’s 50% share of an AUD1.7 billion loan facility and a US$3.5 billion loan facility of its joint venture, Vodafone Hutchison Australia Pty Limited. The Group’s share of these loan balances is included in the net investment in joint venture (see note 12 “Investments in associates and joint arrangements”).\n\n | 2019 | 2018 \n-------------------------------------------- | ----- | -----\n | €m | €m \nPerformance bonds1 | 337 | 993 \nOther guarantees and contingent liabilities2 | 2,943 | 4,036\n\n. Contingent liabilities legal proceedings\n potential future cash outflows likelihood payment not probable.\n Performance bonds require Group payments third parties contracts\n guarantees Vodafone Group Plc’s guarantee 50% share AUD1. 7 billion US$3. 5 billion Vodafone Hutchison Australia Pty Limited. net investment joint venture 12.\n 2019 2018\n Performance bonds1 337 993\n Other guarantees contingent liabilities2 2,943 4,036" +} +{ + "_id": "d1b30d274", + "title": "", + "text": "In the Communications Solutions segment, operating income decreased $79 million in fiscal 2019 as compared to fiscal 2018. The Communications Solutions segment’s operating income included the following:\nExcluding these items, operating income decreased in fiscal 2019 due primarily to lower volume.\n\n | | Fiscal \n------------------------------------ | ----- | -------------\n | 2019 | 2018 \n | | (in millions)\nRestructuring and other charges, net | $ 48 | $ 13 \nOther items | 1 | — \nTotal | $ 49 | $ 13 \n\nCommunications Solutions segment operating income decreased $79 million 2019 2018. included\n decreased lower volume.\n 2018\n millions\n Restructuring charges net $ 48 $ 13\n Other items\n $ 49 $ 13" +} +{ + "_id": "d1b37b0da", + "title": "", + "text": "Pro Forma Results\nThe following table summarizes, on a pro forma basis, the combined results of operations of the Company and TOKIN as though the acquisition and the Sale of EMD had occurred as of April 1, 2016. The pro forma amounts presented are not necessarily indicative of either the actual consolidated results had the acquisition occurred as of April 1, 2016, or of future consolidated operating results (amounts in thousands, except per share data):\n(1) The net income for the fiscal year ended March 31, 2018 excludes the following: 34% of the gain on sale of the EMD business of $75.2 million, the gain related to the fair value of KEMET’s previous 34% interest in TOKIN of $68.7 million, and the bargain gain on the acquisition of TOKIN of $62.2 million.\n(2) The net income for the fiscal year ended March 31, 2017 includes the following: 34% of the gain on sale of the EMD business of $123.4 million (which includes the release of a valuation allowance that was recorded in the fourth quarter of fiscal year 2017 and the use of the deferred tax asset which was recorded in the first quarter of fiscal year 2018), the gain related to the fair value of KEMET’s previous 34% interest in TOKIN of $66.7 million, and the bargain gain on the acquisition of TOKIN of $60.3 million.\n(3) Fiscal years ended March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n\n | Fiscal Years Ended March 31, | \n------------------------------------------------------------------------------------ | ---------------------------- | ----------\n | 2018 (1) | 2017 (2) \nPro forma revenues (3) | $1,217,655 | $1,060,777\nPro forma net income from continuing operations available to common stockholders (3) | 51,975 | 226,086 \nPro forma earnings per common share - basic (3) | 0.98 | 4.86 \nPro forma earnings per common share - diluted (3) | 0.89 | 4.08 \nPro forma common shares - basic | 52,798 | 46,552 \nPro forma common shares - diluted | 58,640 | 55,389 \n\nPro Forma Results\n table summarizes combined results Company TOKIN acquisition Sale EMD April 1, 2016. pro forma amounts not indicative results future results\n net income fiscal year March 31, 2018 excludes 34% gain sale EMD $75. 2 million gain previous 34% interest TOKIN $68. 7 million bargain gain acquisition $62. 2 million.\n net income March 31, 2017 includes 34% gain sale EMD $123. 4 million valuation allowance quarter deferred tax asset first quarter 2018) gain 34% interest TOKIN $66. 7 million bargain gain acquisition $60. 3 million.\n Fiscal years March 31, 2018 2017 adjusted ASC 606.\n 2017\n Pro forma revenues $1,217,655 $1,060,777\n net income operations common stockholders 51,975 226,086\n earnings per common share.\n diluted.\n common shares basic 52,798 46,552\n diluted 58,640 55,389" +} +{ + "_id": "d1b3640ce", + "title": "", + "text": "3. Inventories\nInventories consist of the following (in thousands):\n\n | August 31,2019 | August 31,2018\n----------------------------------------- | -------------- | --------------\nRaw materials | $2,310,081 | $2,070,569 \nWork in process | 468,217 | 788,742 \nFinished goods | 314,258 | 659,335 \nReserve for excess and obsolete inventory | (69,553) | (60,940) \nInventories, net | $3,023,003 | $3,457,706 \n\n. Inventories\n August 31,2019\n Raw materials $2,310,081 $2,070,569\n 468,217 788,742\n Finished goods 314,258,335\n (69,553)\n $3,023,003 $3,457,706" +} +{ + "_id": "d1b3c492e", + "title": "", + "text": "Supplementary Financial Data (Unaudited)\n(in millions, except per-share amounts)\n(1) In the fourth quarter of fiscal 2019, we recorded an $872 million charge which was the reversal of the previously recorded benefit associated with the U.S. taxation of deemed foreign dividends recorded in fiscal 2018 as a result of a retroactive final U.S. Treasury regulation issued during the quarter.\n\nQuarters Ended | July 27, 2019 (1) | April 27, 2019 | January 26, 2019 | October 27, 2018\n------------------------------------------- | ----------------- | -------------- | ---------------- | ----------------\nRevenue . | $13,428 | $12,958 | $12,446 | $13,072 \nGross margin | $8,574 | $8,173 | $7,773 | $8,146 \nOperating income | $3,690 | $3,513 | $3,211 | $3,805 \nNet income | $2,206 | $3,044 | $2,822 | $3,549 \nNet income per share - basic | $0.52 | $0.70 | $0.63 | $0.78 \nNet income per share - diluted | $0.51 | $0.69 | $0.63 | $0.77 \nCash dividends declared per common share . | $0.35 | $0.35 | $0.33 | $0.33 \nCash and cash equivalents and investments . | $33,413 | $34,643 | $40,383 | $42,593 \n\nFinancial Data\n millions per-share amounts\n fourth quarter 2019 recorded $872 million charge reversal benefit. taxation foreign dividends retroactive. Treasury regulation.\n Quarters Ended July 27, April 27, January 26, October 27,\n Revenue. $13,428 $12,958\n Gross margin $8,574 $8,173\n Operating income $3,690 $3,513 $3,211 $3,805\n Net income $2,206 $3,044 $2,822 $3,549\n Net income share basic.\n diluted.\n Cash dividends common share.\n Cash equivalents investments. $33,413 $34,643 $40,383 $42,593" +} +{ + "_id": "d1b3a38e6", + "title": "", + "text": "29. Contract balances\nThe following table provides information about receivables and contract liabilities from contracts with customers. The Group does not have any contract assets.\nThere was no revenue recognised in 2019, 2018 or 2017 from performance obligations satisfied in previous periods.\nThe timing of revenue recognition, invoicing and cash collections results in trade receivables, deferred income and advance customer payments received on account on the balance sheet.\nThe Group receives payments from customers based on a billing schedule, as established in the contract. Trade receivables are recognised when the right to consideration becomes unconditional. Contract liabilities are recognised as revenue as (or when) the Group performs under the contract.\nThe Group also recognises incremental costs incurred to obtain a contract as an asset if it expects to recover those costs. Such costs are presented in the balance sheet as assets recognised from costs to obtain a contract and disclosed in note 21.\n\n | | 2019 | 2018 | 2017 \n------------------------------------------------------------------------------------------------------------- | ----- | --------- | --------- | ---------\n | Notes | $ million | $ million | $ million\nTrade receivables | 20 | 128.7 | 123.4 | 113.8 \nContract liabilities | | | | \nPayments received on account | 23 | 2.3 | 1.0 | 3.8 \nDeferred income | 25 | 66.8 | 69.6 | 72.7 \n | | 69.1 | 70.6 | 76.5 \nRevenue recognised in the period from amounts included in contract liabilities at the beginning of the period | | 56.2 | 65.5 | 62.1 \n\n. Contract balances\n table receivables contract liabilities contracts. Group contract assets.\n no revenue recognised 2019 2018 2017 from obligations previous periods.\n timing revenue recognition invoicing cash collections results in trade receivables deferred income advance customer payments.\n Group receives payments billing schedule. receivables recognised when right consideration unconditional. Contract liabilities recognised as revenue contract.\n recognises incremental costs contract. costs presented balance as assets disclosed in note 21.\n Trade receivables 128. 123. 113.\n Contract liabilities\n Payments received account.\n Deferred income 66. 69. 72.\n. 70. 76.\n Revenue recognised from contract liabilities beginning 56. 65. 62." +} +{ + "_id": "d1b3a6d3e", + "title": "", + "text": "NOTE 2 — EARNINGS PER SHARE\nBasic earnings per share (“EPS”) is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock awards.\nThe components of basic and diluted EPS were as follows:\nAnti-dilutive stock-based awards excluded from the calculations of diluted EPS were immaterial during the periods presented.\n\n(In millions, except earnings per share) | | | \n------------------------------------------------------- | --------- | --------- | ---------\nYear Ended June 30, | 2019 | 2018 | 2017 \nNet income available for common shareholders (A) | $ 39,240 | $ 16,571 | $ 25,489\nWeighted average outstanding shares of common stock (B) | 7,673 | 7,700 | 7,746 \nDilutive effect of stock-based awards | 80 | 94 | 86 \nCommon stock and common stock equivalents (C) | 7,753 | 7,794 | 7,832 \nEarnings Per Share | | | \nBasic (A/B) | $ 5.11 | $ 2.15 | $ 3.29 \nDiluted (A/C) | $ 5.06 | $ 2.13 | $ 3.25 \n\nEARNINGS PER SHARE\n Basic computed average common stock. Diluted EPS dilutive potential shares treasury stock method. include stock options awards.\n components basic diluted EPS\n Anti-dilutive stock-based awards excluded immaterial.\n Ended June 30 2019 2018\n Net income common shareholders $ 39,240 $ 16,571 $ 25,489\n Weighted average shares common stock 7,673 7,700 7,746\n Dilutive effect stock-based awards 80\n Common stock equivalents 7,753 7,794\n Earnings Per Share\n Basic $ 5. 11 $.\n Diluted $ 5. $." +} +{ + "_id": "d1b3c7ed0", + "title": "", + "text": "(5) GOODWILL AND OTHER INTANGIBLE ASSETS\nThe carrying value of goodwill by segment was as follows:\nReclassifications and other during the year ended December 31, 2019 were due primarily to tax adjustments for acquisitions in 2019 and 2018. See Note 2 for information regarding acquisitions.\n\n | Application Software | Network Software & Systems | Measurement & Analytical Solutions | Process Technologies | Total \n---------------------------------------- | -------------------- | -------------------------- | ---------------------------------- | -------------------- | ------------\nBalances at December 31, 2017 | $ 4,565.4 | $ 2,591.3 | $ 1,345.4 | $ 318.2 | $ 8,820.3\nGoodwill acquired | 684.4 | 33.1 | — | — | 717.5 \nGoodwill related to assets held for sale | — | — | (156.2) | — | (156.2) \nCurrency translation adjustments | (17.0) | (2.3) | (14.5) | (5.9) | (39.7) \nReclassifications and other | 3.3 | 1.6 | — | — | 4.9 \nBalances at December 31, 2018 | $ 5,236.1 | $ 2,623.7 | $ 1,174.7 | $312.3 | $ 9,346.8 \nGoodwill acquired | 143.4 | 1,303.6 | — | — | 1,447.0 \nCurrency translation adjustments | 8.3 | 8.8 | 3.3 | 2.2 | 22.6 \nReclassifications and other | 1.6 | (2.6) | — | — | (1.0) \nBalances at December 31, 2019 | $ 5,389.4 | $ 3,933.5 | $ 1,178.0 | $ 314.5 | $ 10,815.4 \n\nGOODWILL ASSETS\n carrying value segment\n Reclassifications 2019 due tax adjustments acquisitions 2019 2018. See Note 2 acquisitions.\n Application Software Network Software Systems Measurement Analytical Solutions Process Technologies\n Balances December 31, 2017 $ 4,565. $ 2,591. $ 1,345. $ 318. $ 8,820.\n Goodwill acquired 684. 33. 717.\n Goodwill assets sale (156.\n.\n Reclassifications 3.\n Balances December 31, 2018 $ 5,236. $ 2,623. $ 1,174. $312. $ 9,346.\n Goodwill acquired 143. 1,303. 1,447.\n 8. 22.\n Reclassifications. (2.\n Balances December 31, 2019 $ 5,389. $ 3,933. $ 1,178. 314. $ 10,815." +} +{ + "_id": "d1b3bc7f6", + "title": "", + "text": "Cash Flow Hedges\nFor derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings or it becomes probable the forecasted transactions will not occur. The following is a summary of the gains (losses) related to cash flow hedges recognized during the years ended June 30, 2019, 2018 and 2017:\n\n | | Amount of Gain (Loss) Recognized in AOCI on Derivatives | \n---------------------------------------------- | ----- | ------------------------------------------------------- | -----\n | | Years Ended June 30, | \n($ in millions) | 2019 | 2018 | 2017 \nDerivatives in Cash Flow Hedging Relationship: | | | \nCommodity contracts | $45.4 | $41.4 | $9.4 \nForeign exchange contracts | (0.9) | (0.4) | (0.1)\nTotal | $44.5 | $41.0 | $9.3 \n\nCash Flow Hedges\n derivative instruments hedges gain loss reported AOCI reclassified earnings transactions affect earnings. summary gains (losses cash flow hedges June 30 2019 2018 2017:\n Gain (Loss AOCI Derivatives\n Years Ended June 30\n millions 2019 2018 2017\n Derivatives Cash Flow Hedging Relationship\n Commodity contracts $45. 4 $41. $9.\n Foreign exchange contracts.\n $44. 5 $41. $9." +} +{ + "_id": "d1b372476", + "title": "", + "text": "Adjusted EBITDA is defined as Earnings before Interest Expense, Taxes, Depreciation and Amortization, adjusted to exclude the impact of Special Items. Management uses Adjusted EBITDA as one of many measures to assess the performance of the business. Additionally, Adjusted EBITDA is the performance metric used by the Company's chief operating decision maker to evaluate performance of our reportable segments. Adjusted EBITDA is also a metric used to determine performance in the Company's Annual Incentive Plan. We do not believe there are estimates underlying the calculation of Adjusted EBITDA, other than those inherent in our U.S. GAAP results of operations, which would render the use and presentation of Adjusted EBITDA misleading. While the nature and amount of individual Special Items vary from period to period, we believe our calculation of Adjusted EBITDA is applied consistently to all periods and, in conjunction with other U.S. GAAP and non- U.S. GAAP measures, provides a useful and consistent comparison of our Company's performance to other periods. In our evaluation of Adjusted EBITDA, management assumes that gain/losses related to Special Items may not be reflective of our core operating results.\n(1) Includes depreciation and amortization adjustments of $(0.8) million and $(2.4) million for the years ended December 31, 2019 and 2018, respectively.\n(2) Other Special Items for the years ended December 31, 2019 and 2018, primarily included fees related to professional services, mainly legal fees, directly associated with Special Items or events that are considered one-time or infrequent in nature.\nThe Company may also assess performance using Adjusted EBITDA Margin. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net trade sales. We believe that Adjusted EBITDA Margin is one useful measure to assess the profitability of sales made to third parties and the efficiency of our core operations.\nThe following table shows a reconciliation of U.S. GAAP Net Earnings from continuing operations to non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations:\n\n | | Year Ended December 31, | \n---------------------------------------------------------------------- | ------- | ----------------------- | -------\n(In millions) | 2019 | 2018 | 2017 \nNet earnings from continuing operations | $ 293.7 | $ 150.3 | $ 62.8 \nInterest expense, net | 184.1 | 177.9 | 184.2 \nIncome tax provision | 76.6 | 307.5 | 330.5 \nDepreciation and amortization, net of adjustments(1) | 184.5 | 159.0 | 158.3 \nSpecial Items: | | | \nRestructuring charges | 41.9 | 47.8 | 12.1 \nOther restructuring associated costs | 60.3 | 15.8 | 14.3 \nForeign currency exchange loss due to highly inflationary economies | 4.6 | 2.5 | — \nLoss on debt redemption and refinancing activities | 16.1 | 1.9 | — \nCharges related to acquisition and divestiture activity | 14.9 | 34.2 | 84.1 \nCharges related to the Novipax settlement agreement | 59.0 | — | — \nGain from class-action litigation settlement | — | (14.9) | — \nCurtailment related to retained Diversey retirement plans | — | — | (13.5) \nOther Special Items(2) | 29.1 | 7.5 | 0.5 \nPre-tax impact of Special Items | 225.9 | 94.8 | 97.5 \nNon-U.S. GAAP Total Company Adjusted EBITDA from continuing operations | $ 964.8 | $ 889.5 | $ 833.3\n\nAdjusted EBITDA defined as Earnings before Interest Expense Taxes Depreciation Amortization Special Items. Management uses performance business. performance metric Company chief decision. performance Annual Incentive Plan. estimates underlying. results misleading. Special Items vary calculation applied to all periods. provides comparison performance. assumes gain/losses to Special Items may not reflective of core operating results.\n Includes depreciation amortization adjustments of $(0. 8) million $(2. 4) million years ended December 31, 2019 2018.\n Other Special Items fees professional services legal fees associated with Special Items events one-time infrequent.\n performance using Adjusted EBITDA Margin. calculated as divided by net trade sales. profitability of sales to third parties efficiency core operations.\n table shows reconciliation of U. GAAP Net Earnings from operations to non-U.GAAP Company Adjusted EBITDA operations\n December 31,\n 2019\n Net earnings operations $ 293. $ 150. 62.\n Interest expense 184. 177.\n Income tax provision 76. 307. 330.\n Depreciation amortization 184. 159. 158.\n Special Items\n Restructuring 41. 47.\n restructuring costs 60. 15.\n Foreign currency exchange loss inflationary economies.\n Loss debt redemption refinancing 16.\n Charges acquisition divestiture 14.\n Novipax settlement agreement 59.\n class-action litigation settlement.\n retirement plans.\n Special 29. 7.\n Pre-tax impact Special Items 225. 94. 97.\n. GAAP Company Adjusted EBITDA operations $ 964. $ 889. $ 833." +} +{ + "_id": "d1b361590", + "title": "", + "text": "Management makes allowance for expected credit loss based on the simplified approach to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. Expected credit loss for receivables overdue more than 180 days is 25%-100%, depending on category. Expected credit loss for receivables overdue more than one year is 100%.\nMovements in provisions for impairment of freight receivables during the year are as follows:\nAllowance for expected credit loss of freight receivables have been recognized in the income statement under \"Port expenses, bunkers and commissions\".\nAllowance for expected credit loss of freight receivables is calculated using an ageing factor as well as a specific customer knowledge and is based on a provision matrix on days past due.\n\nUSDm | 2019 | 2018 | 2017\n----------------------------------- | ---- | ---- | ----\nAllowance for expected credit loss | | | \nBalance as of 1 January | 1.7 | 1.3 | 2.6 \nAdjustment to prior years | 1.5 | - | - \nProvisions for the year | 2.4 | 1.7 | 0.6 \nProvisions reversed during the year | -1.9 | -1.0 | -1.9\nProvisions utilized during the year | - | -0.3 | - \nBalance as of 31 December | 3.7 | 1.7 | 1.3 \n\nManagement allowance expected credit loss simplified approach lifetime provision trade receivables. receivables overdue 180 days 25%-100% depending category. receivables overdue one year 100%.\n Movements provisions freight receivables\n Allowance credit loss recognized income statement \"Port expenses bunkers commissions.\n calculated ageing factor customer knowledge based provision matrix days past due.\n 2019 2018\n Allowance credit loss\n Balance 1 January 1. 7 1. 3 2. 6\n Adjustment prior years 1. 5\n Provisions 2. 4 1.\n -1. 9.\n.\n Balance 31 December 3. 7 1." +} +{ + "_id": "d1b34a6a6", + "title": "", + "text": "Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the difference between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.\nAt December 31, 2019, the Company had net operating loss carry-forwards of approximately $21.6 million that may be offset against future taxable income indefinitely. No tax benefit has been reported in the 2019 financial statements, since the potential tax benefit is offset by a valuation allowance of the same amount.\nNet deferred tax assets consist of the following components as of December 31, 2019 and 2018:\nDue to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry-forwards for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry-forwards may be limited as to use in future years.\n\n | 2019 | 2018 \n---------------------------------- | ------- | -------\nDeferred tax assets (liabilities): | | \nNOL carryover | $5,910 | $3,370 \nR&D carryover | 173 | 173 \nOther | 236 | 239 \nDepreciation | 42 | 61 \n | 6,361 | 3,843 \nLess valuation allowance | (6,361) | (3,843)\nNet deferred tax asset | $- | $- \n\nDeferred taxes assets recognized deductible differences operating loss tax credit carry temporary differences. differences reported assets tax bases. assets reduced by valuation allowance. adjusted tax laws rates enactment.\n December 31, 2019 Company net operating loss carry-forwards $21. 6 million offset against future taxable income. No tax benefit reported 2019 financial statements potential offset valuation allowance.\n Net deferred tax assets 2019\n change ownership Tax Reform Act 1986 net operating loss carry-forwards subject annual limitations. change ownership carry-forwards limited future years.\n Deferred tax assets\n NOL carryover $5,910 $3,370\n R&D carryover 173\n 236\n Depreciation 42\n 6,361 3,843\n Less valuation allowance\n Net deferred tax asset" +} +{ + "_id": "d1b2e5f26", + "title": "", + "text": "Other Current Assets\nThe following table presents details of other current assets in our consolidated balance sheets:\n\n | As of December 31, | \n--------------------------------- | --------------------- | ----\n | 2019 | 2018\n | (Dollars in millions) | \nPrepaid expenses | $274 | 307 \nIncome tax receivable | 35 | 82 \nMaterials, supplies and inventory | 105 | 120 \nContract assets | 42 | 52 \nContract acquisition costs | 178 | 167 \nContract fulfillment costs | 115 | 82 \nOther | 59 | 108 \nTotal other current assets | $808 | 918 \n\nAssets\n table balance sheets\n December 31,\n Prepaid expenses $274 307\n Income tax receivable 35\n Materials supplies inventory 105 120\n Contract assets 42\n acquisition costs 178 167\n fulfillment costs 115\n 59 108\n assets $808" +} +{ + "_id": "d1a71aebc", + "title": "", + "text": "13. CONTRIBUTED EQUITY\nCapital raise On 4 September 2018, the Group undertook a fully underwritten $175.4m equity raising. This resulted in the issue of 105,677,937 new stapled securities (2018: $59.5m equity raising resulting in the issue of 39,712,882 stapled securities).\nOn 25 June 2019, the Group announced a fully underwritten $170m equity raising. On 28 June 2019, the Group received proceeds for this raising. This has been recognised as a contract for future issue of equity under AASB 132 and has been recognised as contributed equity within the statement of financial position. This resulted in the issue of 99,415,205 new stapled securities on 1 July 2019. These securities are not reflected in the securities on issue above as they were issued subsequent to the year end.\nOn 25 June 2019, the Group also announced a non-underwritten security purchase plan. This completed on 30 July 2019, raising $13.5m and resulted in the issue of 7,917,735 new stapled securities.\nDistribution reinvestment plan During the year, 9,143,772 (2018: 6,480,246) stapled securities were issued to securityholders participating in the Group’s Distribution Reinvestment Plan for consideration of $16.2m (2018: $9.6m). The stapled securities were issued at the volume weighted average market price of the Group's stapled securities over a period of ten trading days, less a 2% discount.\n\n | 2019 | 2018 \n------------------------------------- | ----------- | -----------\n | $'000 | $'000 \nIssued and paid up capital | 83,692 | 66,128 \nContract for future issue of equity | 16,451 | - \nTotal contributed equity | 100,143 | 66,128 \nNumber of stapled securities on Issue | 2019 | 2018 \nOpening balance at 1 July | 559,107,042 | 512,913,914\nInstitutional and retail placement | 105,677,937 | 39,712,882 \nDistribution reinvestment plan | 9,143,772 | 6,480,246 \nClosing balance at 30 June | 673,928,751 | 559,107,042\n\n. CONTRIBUTED EQUITY\n September 2018 Group $175. 4m equity raising. 105,677,937 securities $59. 5m 39,712,882.\n 25 June 2019 $170m equity raising. 28 June 2019 received proceeds. future issue equity AASB 132 contributed equity. 99,415,205 securities 1 July 2019. not reflected.\n 25 June 2019 non-underwritten security purchase plan. 30 July 2019 $13. 5m,735 securities.\n reinvestment 9,143,772 (2018 6,480,246) securities issued $16. 2m (2018 $9. 6m. volume average market price ten trading days 2% discount.\n Issued capital 83,692 66,128\n future issue equity 16\n contributed equity 100,143 66,128\n securities\n balance 1 July,107,042 512,913,914\n Institutional retail placement 105,677,937 39,712,882\n9,143,772 6,480,246\n 673,928,751,107,042" +} +{ + "_id": "d1b3238b2", + "title": "", + "text": "ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT\nThe acquisitions of property, plant and equipment as well as the capital intensity per operating segment are as follows:\n(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy. For further details, please consult the \"Accounting policies\" section. (2) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.\nFiscal 2019 fourth-quarter acquisitions of property, plant and equipment decreased by 10.6% (11.2% in constant currency) mainly due to lower capital expenditures in the Canadian and American broadband services segments. Fiscal 2019 fourth-quarter capital intensity reached 24.9% compared to 28.7% for the same period of the prior year mainly as a result of lower capital capital expenditures combined with higher revenue.\n\nThree months ended August 31, | 2019 | 2018 | Change | Change in constant currency(2)\n--------------------------------------------- | ------- | ------- | ------ | ------------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % \nCanadian broadband services | 79,132 | 89,405 | (11.5) | (11.7) \nCapital intensity | 24.7% | 28.0% | | \nAmerican broadband services | 65,967 | 72,914 | (9.5) | (10.5) \nCapital intensity | 25.0% | 29.6% | | \nConsolidated | 145,099 | 162,319 | (10.6) | (11.2) \nCapital intensity | 24.9% | 28.7% | | \n\nACQUISITIONS PROPERTY PLANT EQUIPMENT\n capital intensity per segment\n Fiscal 2018 restated IFRS 15 change accounting policy. policies. Fiscal 2019 translated average foreign exchange rate 1. 3100 USD/CDN.\n 2019 fourth-quarter acquisitions decreased 10. 6% (11. 2% lower capital expenditures Canadian American broadband services segments. capital intensity 24. 9% 28. 7% prior year lower expenditures higher revenue.\n Three months ended August 31,\n Canadian broadband services 79,132 89,405.\n 24. 7% 28. 0%\n American broadband services 65,967 72,914.\n 25. 0% 29. 6%\n Consolidated 145,099 162,319.\n 24. 9% 28. 7%" +} +{ + "_id": "d1b2ffdae", + "title": "", + "text": "The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition.\nThe amount recorded for developed technology represents the estimated fair value of Trello’s project management and organization technology. The amount recorded for customer relationships represents the fair values of the underlying relationship with Trello customers.\n\n | Fair Value | Useful Life\n----------------------------------------------- | --------------------- | -----------\n | (U.S. $ in thousands) | (years) \nDeveloped technology | $50,600 | 3 \nCustomer relationships | 56,900 | 2 \nTrade names | 19,900 | 3 \nTotal intangible assets subject to amortization | $127,400 | \n\ntable intangible assets acquired estimated lives date acquisition.\n developed technology project management organization. customer relationships values Trello customers.\n Value Useful Life\n. thousands\n Developed technology $50,600\n Customer relationships 56,900\n Trade names 19,900\n Total intangible assets amortization $127,400" +} +{ + "_id": "d1b39d180", + "title": "", + "text": "During the three months ended June 30, 2018, the Company adopted ASU 2016-18-Statement of Cash Flows: Restricted Cash. This standard requires that the statement of cash flows explain the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard has been applied using a retrospective transition method to each period presented. The adoption of this standard did not have a material impact on the Company's financial statements.\nThe following table summarizes the opening balance sheet adjustments related to the adoption of the New Revenue Standard, ASU 2016-01-Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, and ASU 2016-16-Intra-Entity Transfers of Assets Other Than Inventory (in millions):\n\n | Balance as of | | Adjustments from | | Balance as of\n-------------------------------------------- | -------------- | -------- | ---------------- | ----------- | -------------\n | March 31, 2018 | ASC 606 | ASU 2016-01 | ASU 2016-16 | April 1, 2018\nASSETS | | | | | \nAccounts receivable, net | $563.7 | $340.1 | $— | $— | $903.8 \nInventories | $476.2 | $(5.1) | $— | $— | $471.1 \nOther current assets | $119.8 | $17.2 | $— | $— | $137.0 \nLong-term deferred tax assets | $100.2 | $(23.1) | $— | $1,579.4 | $1,656.5 \nOther assets | $71.8 | $— | $— | $(24.1) | $47.7 \nLIABILITIES | | | | | \nAccrued liabilities | $229.6 | $404.2 | $— | $— | $633.8 \nDeferred income on shipments to distributors | $333.8 | $(333.8) | $— | $— | $— \nLong-term deferred tax liability | $205.8 | $16.8 | $— | $(1.1) | $221.5 \nOther long-term liabilities | $240.9 | $— | $— | $(1.7) | $239.2 \nSTOCKHOLDERS' EQUITY | | | | | \nAccumulated other comprehensive loss | $(17.6) | $— | $(1.7) | $— | $(19.3) \nRetained earnings | $1,397.3 | $241.9 | $1.7 | $1,558.1 | $3,199.0 \n\nmonths June 30, 2018 Company adopted ASU 2016-18-Statement Cash Flows Restricted Cash. standard requires change total cash cash equivalents restricted. reconciling end-period amounts. standard retrospective transition method. financial statements.\n table summarizes balance sheet adjustments New Revenue Standard ASU 2016-01-Financial Instruments Overall (Subtopic 825-10): Recognition Measurement Financial Assets Financial Liabilities ASU 2016-16-Intra-Entity Transfers of Assets Other Than Inventory millions):\n Balance Adjustments\n March 31, 2018 ASU 2016-01 ASU 2016-16 April 1, 2018\n Accounts receivable net $563. $340. $903.\n Inventories $476. $471.\n current assets $119. $17. $137.\n Long-term deferred tax assets $100. $1,579. $1,656.\n assets $71.(24. $47.\nLIABILITIES\n Accrued liabilities $229. $404. $633.\n Deferred income shipments $333.(333.\n-term deferred tax liability $205. $16. $221.\n long-term liabilities $240. 9. $239.\n STOCKHOLDERS' EQUITY\n loss $(17. 6).\n Retained earnings $1,397. $241. $1. $1,558. $3,199." +} +{ + "_id": "d1b3c6f44", + "title": "", + "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nThe following table presents activities associated with our loan receivable sales and servicing activities during the periods indicated.\n\n | | Year Ended December 31, | \n-------------------------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nGain (loss) on sold loan receivables held for sale | $— | $— | $(500) \nCash Flows | | | \nSales of loans | $91,946 | $139,026 | $72,071\nServicing fees | 3,901 | 2,321 | 2,821 \n\nGreenSky. FINANCIAL STATEMENTS States Dollars thousands share data\n table presents loan receivable sales servicing.\n Ended December 31,\n 2018 2017\n Gain sold loan receivables\n Cash Flows\n Sales loans $91,946 $139,026 $72,071\n Servicing fees 3,901" +} +{ + "_id": "d1b3b12e8", + "title": "", + "text": "Cash flow measures and capital additions\nIn presenting and discussing our reported results, free cash flow (pre-spectrum), free cash flow, capital additions and operating free cash flow are calculated and presented even though these measures are not recognised within IFRS. We believe that it is both useful and necessary to communicate free cash flow to investors and other interested parties, for the following reasons:\nFree cash flow (pre-spectrum) and free cash flow allows us and external parties to evaluate our liquidity and the cash generated by our operations. Free cash flow (pre-spectrum) and capital additions do not include payments for licences and spectrum included within intangible assets, items determined independently of the ongoing business, such as the level of dividends, and items which are deemed discretionary, such as cash flows relating to acquisitions and disposals or financing activities. In addition, it does not necessarily reflect the amounts which we have an obligation to incur. However, it does reflect the cash available for such discretionary activities, to strengthen the consolidated statement of financial position or to provide returns to shareholders in the form of dividends or share purchases;\n– Free cash flow facilitates comparability of results with other companies, although our measure of free cash flow may not be directly comparable to similarly titled measures used by other companies;\n– These measures are used by management for planning, reporting and incentive purposes; and\nThese measures are useful in connection with discussion with the investment analyst community and debt rating agencies.\nA reconciliation of cash generated by operations, the closest equivalent GAAP measure, to operating free cash flow and free cash flow, is provided below.\n\n | 2019 | 2018 | 2017 \n-------------------------------------------------------------- | ------- | ------- | -------\n | €m | €m | €m \nCash generated by operations (refer to note 18) | 14,182 | 13,860 | 13,781 \nCapital additions | (7,227) | (7,321) | (7,675)\nWorking capital movement in respect of capital additions | (89) | 171 | (822) \nDisposal of property, plant and equipment | 45 | 41 | 43 \nRestructuring payments | 195 | 250 | 266 \nOther | (35) | – | 34 \nOperating free cash flow | 7,071 | 7,001 | 5,627 \nTaxation | (1,040) | (1,010) | (761) \nDividends received from associates and investments | 498 | 489 | 433 \nDividends paid to non-controlling shareholders in subsidiaries | (584) | (310) | (413) \nInterest received and paid | (502) | (753) | (830) \nFree cash flow (pre-spectrum) | 5,443 | 5,417 | 4,056 \nLicence and spectrum payments | (837) | (1,123) | (474) \nRestructuring payments | (195) | (250) | (266) \nFree cash flow | 4,411 | 4,044 | 3,316 \n\nCash flow measures capital additions\n results free cash flow capital additions operating free cash flow calculated not recognised IFRS. communicate free cash flow investors\n Free cash allows evaluate liquidity cash operations. include payments for licences intangible assets items dividends items discretionary acquisitions disposals financing. reflect amounts obligation incur. cash for discretionary activities financial position returns dividends share purchases\n Free cash flow facilitates comparability results\n measures used management for planning reporting incentive purposes\n useful discussion investment community debt rating agencies.\n reconciliation of cash generated operations operating free cash flow provided below.\n 2019 2018 2017\n Cash generated operations 18) 14,182 | 13,860 13,781\n Capital additions (7,227) (7,321) (7,675)\n Working capital movement capital additions (89) 171 | (822)\nproperty plant equipment 45\n Restructuring payments 266\n free cash flow 7,071\n Taxation (1,040)\n Dividends\n non-controlling shareholders (584 (310)\n Interest (502)\n cash flow 5,443 5,417 4,056\n Licence spectrum payments (1,123 (474)\n Restructuring payments (195) (250\n cash flow 4,411 4,044 3" +} +{ + "_id": "d1b38346a", + "title": "", + "text": "Net finance cost was £47.2m for the year; a decrease of £1.2m on 2017/18. Net regular interest in the year was £40.5m, a decrease of £3.9m compared to the prior year. Consistent with recent years, the largest component of finance costs in the year was interest due to holders of the Group’s senior secured notes, which was £31.7m.\nThe interest on the senior secured notes was £0.5m lower compared to the prior year following the re-financing of the June 2021 £325m fixed rate notes at a coupon of 6.5% to the October 2023 £300m fixed rate notes to the slightly lower coupon of 6.25%. Bank debt interest of £5.1m was £2.1m lower in the year due to lower levels of average debt and a lower margin on the revolving credit facility following the refinancing completed in May 2018. Amortisation of debt issuance costs was £3.7m, £1.3m lower than the prior year due to lower transaction costs associated with the issue of the £300m 6.25% Fixed rate notes compared with the retired £325m 6.5% Fixed rate notes.\nWrite-off of financing costs and early redemption fees of £11.3m include a £5.7m fee related to the write-off of transaction costs associated with the senior secured fixed rate notes due March 2021, which were repaid during the year, and a £5.6m redemption fee associated with the early call of the March 2021 bond.\nIn the prior year, a £0.4m discount unwind credit relating to long-term property provisions held by the Group due to an increase in gilt yields was reflected in reported Net finance cost. In 2018/19, a discount unwind charge of £3.0m was included in the Net finance cost of £47.2m. Other interest income of £7.6m in the year relates to monies received from the Group’s associate Hovis Holdings Limited ('Hovis') and reflects the reversal of a previous impairment.\n\n£m | 2018/19 | 2017/18 | Change\n----------------------------------------------------------- | ------- | ------- | ------\nSenior secured notes interest | 31.7 | 32.2 | 0.5 \nBank debt interest | 5.1 | 7.2 | 2.1 \n | 36.8 | 39.4 | 2.6 \nAmortisation of debt issuance costs | 3.7 | 5.0 | 1.3 \nNet regular interest5 | 40.5 | 44.4 | 3.9 \nFair value movements on interest rate financial instruments | – | (0.4) | (0.4) \nWrite-off of financing costs and early redemption fees | 11.3 | 4.0 | (7.3) \nDiscount unwind | 3.0 | (0.4) | (3.4) \nOther finance income | (7.6) | – | 7.6 \nOther interest cost | – | 0.8 | 0.8 \nNet finance cost | 47.2 | 48.4 | 1.2 \n\nfinance cost £47. 2m decrease £1. 2m 2017/18. interest £40. 5m decrease £3. 9m. largest senior secured notes £31. 7m.\n £0. 5m lower re-financing June 2021 £325m 6. 5% October 2023 £300m 6. 25%. Bank debt interest £5. 1m £2. 1m lower lower average debt lower margin revolving credit refinancing 2018. debt issuance costs £3. 7m £1. 3m lower lower transaction costs £300m 6. 25% £325m 6. 5%.\n financing costs redemption fees £11. 3m £5. 7m fee £5. 6m redemption fee 2021.\n £0. 4m discount unwind credit long-term property provisions gilt yields finance cost. 2018/19 discount unwind charge £3. 0m finance cost £47. 2m. interest income £7. 6m Hovis Holdings Limited reversal previous impairment.\nsecured notes interest 31. 7 32.\n Bank debt interest 5. 7.\n 36. 39.\n Amortisation debt issuance costs 3. 7 5.\n 40. 44.\n movements interest rate instruments. 4)\n Write-off financing costs redemption fees 11. 3.\n Discount 3.\n finance income. 6).\n interest cost. 8.\n finance cost 47. 48. 4." +} +{ + "_id": "d1b359e3a", + "title": "", + "text": "10. Debt\nA summary of debt is shown below:\nRevolving Credit Facility/Term Loan\nOn September 12, 2018, the Company entered into five-year Amended and Restated Credit Agreement (“Credit Agreement”) with Bank of America, N.A., as Administrative Agent, and Wells Fargo Bank, N.A. The Credit Agreement amends and restates the credit agreement, dated November 18, 2016, among the Company, Bank of America, N.A. and Wells Fargo Bank, N.A. The Credit Agreement consists of a senior unsecured revolving credit facility (“Revolving Credit Facility”) of $200.0 million and a senior unsecured term loan (“Term Loan”) of $250.0 million. In addition, the Company has an option to increase the size of the Revolving Credit Facility and Term Loan by up to an additional $200.0 million. The Credit Agreement is guaranteed by the Company’s wholly-owned U.S. subsidiaries. For the Term Loan, the Company is required to make quarterly principal payments of 1.25% of the original Term Loan ($3.1 million) through maturity, with the remaining balance due on September 12, 2023.\nOutstanding borrowings under the Credit Agreement bear interest at variable rates based on the type of borrowing and the Company’s debt to EBITDA financial ratio, as defined. The interest rate on outstanding borrowings under the Credit Agreement was 3.98% at April 27, 2019. The Credit Agreement contains customary representations and warranties, financial covenants, restrictive covenants and events of default. As of April 27, 2019, the Company was in compliance with all the covenants in the Credit Agreement. The fair value of borrowings under the Credit Agreement approximates book value because the interest rate is variable.\nSubsidiary Credit Facility\nThe Company’s subsidiary, Pacific Insight, is a party to a credit agreement with the Bank of Montreal which provides a credit facility in the maximum principal amount of C$10.0 million, with an option to increase the principal amount by up to an additional C$5.0 million. Availability under the facility is based on a percentage of eligible accounts receivable and finished goods inventory balances. Interest is calculated at a base rate plus margin, as defined. In addition, Pacific Insight was a party to a credit agreement with Roynat which was terminated during the second quarter of fiscal 2019. Total repayments under the credit agreement with Roynat were $3.8 million in fiscal 2019, including a prepayment fee of $0.1 million.\nOther Debt\nThe Company’s subsidiary, Procoplast, has debt that consists of eighteen notes with maturities ranging from 2019 to 2031. The weighted-average interest rate was approximately 1.5% at April 27, 2019 and $3.2 million of the debt was classified as short-term. The fair value of other debt was $16.3 million at April 27, 2019 and was based on Level 2 inputs on a nonrecurring basis.\nUnamortized Debt Issuance Costs\nThe Company paid debt issuance costs of $3.1 million on September 12, 2018 in connection with the Credit Agreement. The debt issuance costs are being amortized over the five-year term of the Credit Agreement.\n\n(Dollars in Millions) | April 27, 2019 | April 28, 2018\n------------------------------- | -------------- | --------------\nRevolving Credit Facility | $35.0 | $30.0 \nTerm Loan | 243.7 | — \nSubsidiary Credit Facility | — | 3.6 \nOther Debt | 16.8 | 24.2 \nUnamortized Debt Issuance Costs | (2.9) | — \nTotal Debt | 292.6 | 57.8 \nLess: Current Maturities | (15.7) | (4.4) \nTotal Long-term Debt | $276.9 | $53.4 \n\n. Debt\n Revolving Credit Facility/Term Loan\n September 12, 2018 Company five-year Credit Agreement Bank of America. Wells Fargo Bank. amends restates November 18, 2016,. senior unsecured revolving credit facility $200. million unsecured term loan $250. million. option increase $200. 0 million. guaranteed wholly-owned U. S. subsidiaries. quarterly principal payments. 25% original Loan ($3. 1 million) maturity remaining balance due September 12, 2023.\n borrowings variable rates debt EBITDA ratio. interest rate 3. 98% April 27, 2019. contains representations warranties financial covenants restrictive covenants events default. compliance covenants. fair value approximates book value interest rate variable.\n Subsidiary Credit Facility\n Pacific Insight credit agreement Bank of Montreal maximum principal C$10. 0 million option increase C$5. 0 million. Availability based eligible accounts receivable finished goods inventory balances.Interest calculated base rate plus margin. Pacific Insight credit agreement Roynat terminated quarter 2019. repayments $3. 8 million prepayment fee $0. 1 million.\n Procoplast eighteen notes maturities 2019 to 2031.-average interest rate 1. 5% April 27, 2019 $3. 2 million short-term. fair value debt $16. 3 million Level 2 inputs nonrecurring.\n Unamortized Debt Issuance\n paid costs $3. 1 million September 12 2018. amortized five-year term.\n April 27, 2019\n Revolving Credit Facility.\n Term Loan.\n Subsidiary Credit Facility.\n Debt.\n Unamortized Debt Issuance Costs.\n Debt.\n.\n Long-term Debt $276." +} +{ + "_id": "d1b2ed74e", + "title": "", + "text": "During the fourth and third quarters of 2019 and the fourth quarter of 2018, we recorded an income tax expense of $62 million, $28 million and $28 million, respectively, reflecting (i) in the third quarter of 2019 the estimated annual effective tax rate in each of our jurisdictions, applied to the consolidated results before taxes in the third quarter of 2019 and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions. and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions. and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions.\nIncome tax expense\n\n | | Three Months Ended | \n------------------ | ----------------- | ------------------------ | -----------------\n | December 31, 2019 | September 29, 2019 | December 31, 2018\n | | (Unaudited, in millions) | \nIncome tax expense | $(62) | $(28) | $(28) \n\nfourth third quarters 2019 2018 recorded income tax expense $62 million $28 million $28 million reflecting third quarter 2019 estimated annual effective tax rate jurisdictions consolidated results taxes both fourth quarters actual tax charges benefits jurisdiction true-up tax provisions updated visibility open matters. quarters tax charges benefits true-up provisions. tax charges benefits true-up tax provisions.\n Income tax expense\n Three Months Ended\n December 31, 2019 September 29, 2019 December 31, 2018\n (Unaudited millions\n Income tax expense $(62) $(28) $" +} +{ + "_id": "d1b3425f0", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nThe Company expects the unrecognized tax benefits to change over the next 12 months if certain tax matters ultimately settle with the applicable taxing jurisdiction during this timeframe, or if the applicable statute of limitations lapses. The impact of the amount of such changes to previously recorded uncertain tax positions could range from zero to $53.0 million.\nA reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows:\nDuring the years ended December 31, 2019, 2018 and 2017, the statute of limitations on certain unrecognized tax benefits lapsed and certain positions were effectively settled, which resulted in a decrease of $2.5 million, $9.3 million and $0.4 million, respectively, in the liability for uncertain tax benefits.\nThe Company recorded penalties and tax-related interest expense to the tax provision of $10.3 million, $8.0 million and $5.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. In addition, due to the expiration of the statute of limitations in certain jurisdictions and certain positions that were effectively settled, the Company reduced its liability for penalties and income tax-related interest expense related to uncertain tax positions during the years ended December 31, 2019, 2018 and 2017 by $2.7 million, $16.2 million and $0.6 million, respectively.\nAs of December 31, 2019 and 2018, the total amount of accrued income tax-related interest and penalties included in the consolidated balance sheets were $26.6 million and $19.1 million, respectively.\nThe Company has filed for prior taxable years, and for its taxable year ended December 31, 2019 will file, numerous consolidated and separate income tax returns, including U.S. federal and state tax returns and foreign tax returns. The Company is subject to examination in the U.S. and various state and foreign jurisdictions for certain tax years. As a result of the Company’s ability to carryforward federal, state and foreign NOLs, the applicable tax years generally remain open to examination several years after the applicable loss carryforwards have been used or have expired. The Company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions resulting from these examinations. The Company believes that adequate provisions have been made for income taxes for all periods through December 31, 2019.\n\n | | Year Ended December 31, | \n------------------------------------------------------------ | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nBalance at January 1 | $107.7 | $116.7 | $107.6\nAdditions based on tax positions related to the current year | 33.3 | 8.1 | 7.6 \nAdditions and reductions for tax positions of prior years | 37.5 | 0.3 | — \nForeign currency | (1.6) | (8.1) | 1.9 \nReduction as a result of the lapse of statute of limitations | (1.3) | (2.6) | (0.4) \nReduction as a result of effective settlements | — | (6.7) | — \nBalance at December 31 | $175.6 | $107.7 | $116.7\n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n expects unrecognized tax benefits change 12 months tax matters statute limitations lapses. impact zero to $53. million.\n reconciliation unrecognized tax benefits\n December 31, 2019 2018 2017 statute limitations lapsed positions settled $2. 5 million $9. 3 million $0. 4 million liability.\n recorded penalties tax-related interest expense $10. 3 million $8. million $5. million 2019 2018 2017. expiration statute limitations positions settled reduced liability penalties interest positions $2. 7 million $16. 2 million $0. 6 million.\n December 31, 2019 2018 total accrued income tax-related interest penalties consolidated balance sheets $26. 6 million $19. 1 million.\n Company filed consolidated income tax returns. federal state foreign. subject examination U. state foreign jurisdictions.Company’s carryforward federal state foreign NOLs tax years open after. assesses additional assessments tax. adequate provisions income taxes through December 31, 2019.\n Ended December 31,\n Balance January 1 $107. 7 $116. $107.\n Additions tax positions current 33. 3 8. 7.\n Additions reductions prior years 37. 5 0. 3\n Foreign currency (1. (8. 1.\n Reduction lapse statute limitations (1. (2.\n Reduction settlements (6.\n Balance December 31 $175. 6 $107. 7 $116." +} +{ + "_id": "d1b2e9ab8", + "title": "", + "text": "NOTE 14. PROVISION FOR WARRANTY\nThe changes in the amount of provision for warranty are as follows:\nCosts of warranty include the cost of labor and materials to repair a product during the warranty period. The main term of the warranty period is one year. The Company accrues for the estimated cost of the warranty on its products shipped in the provision for warranty, upon recognition of the sale of the product. The costs are estimated based on actual historical expenses incurred and on estimated future expenses related to current sales, and are updated periodically. Actual warranty costs are charged against the provision for warranty.\n\n | December 31, | \n----------------------------------- | ------------ | --------\n | 2018 | 2019 \nBalance January 1 | 6,562 | 7,955 \nCharged to cost of sales | 18,408 | 26,301 \nDeductions | (8,985) | (12,232)\nReleases of expired warranty | (8,214) | (5,684) \nForeign currency translation effect | 184 | 84 \nBalance December 31 | 7,955 | 16,424 \n\n14. PROVISION WARRANTY\n changes\n Costs include labor materials. one year. Company accrues estimated cost warranty products sale. costs estimated future expenses updated periodically. warranty costs charged against.\n December\n Balance January 1 6,562 7,955\n cost sales 18,408 26,301\n Deductions (8,985) (12,232)\n expired warranty (8,214) (5,684)\n Foreign currency translation effect 184\n Balance December 31 7,955 16,424" +} +{ + "_id": "d1a723f4e", + "title": "", + "text": "5. CASH FLOW ANALYSIS\n(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(2) For further details on the Corporation's cash flow attributable to discontinued operations, please consult the \"Discontinued operations\" section.\nFiscal 2019 cash flow from operating activities increased by 39.9% compared to the prior year mainly from: • higher adjusted EBITDA; • the decreases in income taxes paid and in financial expense paid; and • the decrease in integration, restructuring and acquisitions costs.\nFiscal 2019 investing activities decreased by 78.5% compared to the prior year mainly due to the MetroCast acquisition of $1.76 billion in the second quarter of fiscal 2018.\n\nYears ended August 31, | 2019 | 2018 (1) | Change\n---------------------------------------------------------------------------------------------- | --------- | ----------- | ------\n(in thousands of dollars, except percentages) | $ | $ | % \nCash flow from operating activities | 868,711 | 620,748 | 39.9 \nCash flow from investing activities | (471,078) | (2,191,666) | (78.5)\nCash flow from financing activities | (659,222) | 1,426,136 | — \nEffect of exchange rate changes on cash and cash equivalents denominated in a foreign currency | (439) | 1,989 | — \nNet change in cash and cash equivalents from continuing operations | (262,028) | (142,793) | 83.5 \nNet change in cash and cash equivalent from discontinued operations(2) | 733,807 | 16,333 | — \nCash and cash equivalents, beginning of the year | 84,725 | 211,185 | (59.9)\nCash and cash equivalents, end of the year | 556,504 | 84,725 | — \n\n. CASH FLOW ANALYSIS\n Fiscal 2018 IFRS 15 change accounting policy results Cogeco Peer 1 discontinued operations. consult \"Accounting policies \"Discontinued operations sections.\n cash flow discontinued operations section.\n Fiscal 2019 cash flow increased. 9% higher EBITDA decreases income taxes financial expense integration restructuring acquisitions costs.\n investing activities decreased. 5% MetroCast acquisition $1. 76 billion.\n August 31,\n Cash flow operating activities 868,711 620,748.\n investing activities (471,078) (2,191,666).\n financing activities (659,222) 1,426,136\n Effect exchange rate changes cash equivalents foreign currency (439) 1,989\n Net change cash continuing operations (262,028) (142,793).\n discontinued 733,807 16,333\n equivalents 84,725 211,185.\n end year 556,504 84,725" +} +{ + "_id": "d1b32baee", + "title": "", + "text": "Net revenue: Net revenue from our Energy segment for the year ended December 31, 2019 increased $18.3 million to $39.0 million from $20.7 million for the year ended December 31, 2018. The increase was primarily driven by the AFTC related to the 2018 and 2019 CNG sales that was recognized in the fourth quarter of 2019, inclusive of prior period AFTC at the acquired ampCNG stations which was also recognized in 2019. The increase was also driven by higher volume-related revenues from the recent acquisition of the ampCNG stations and growth in CNG sales volumes.\nCost of revenue: Cost of revenue from our Energy segment for the year ended December 31, 2019 increased $5.9 million to $17.1 million from $11.2 million for the year ended December 31, 2018. The increase was due to overall growth in volumes of gasoline gallons delivered and higher commodity and utility costs driven by the acquisition of ampCNG stations.\nSelling, general and administrative: Selling, general and administrative expenses from our Energy segment for the year ended December 31, 2019 increased $0.9 million to $4.9 million from $4.0 million for the year ended December 31, 2018. The increase was driven by an increase in salaries and benefits largely due to the of the acquisition of ampCNG stations, which were acquired late in the second quarter of 2019, partially offset by a one-time expense in the prior year related to the abandonment of a station development project.\nDepreciation and amortization from our Energy segment for the year ended December 31, 2019 increased $1.4 million to $6.9 million from $5.5 million for the year ended December 31, 2018. The increase was due to additional depreciation and amortization from the recent acquisition of ampCNG stations.\nOther operating expense from our Energy segment was a loss of $0.5 million for the year ended December 31, 2018, driven by impairment of certain stations during the fourth quarter of 2018.\n\n | | Years Ended December 31, | \n----------------------------------- | ----- | ------------------------ | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nNet revenue | $39.0 | $20.7 | $18.3 \nCost of revenue | 17.1 | 11.2 | 5.9 \nSelling, general and administrative | 4.9 | 4.0 | 0.9 \nDepreciation and amortization | 6.9 | 5.5 | 1.4 \nOther operating expense | — | 0.5 | (0.5) \nIncome (loss) from operations | 10.1 | $(0.5) | $10.6 \n\nNet revenue Energy segment 2019 increased $18. 3 million to $39. 0 million from $20. 7 million 2018. driven AFTC 2018 2019 CNG sales recognized fourth quarter 2019 ampCNG stations. volume revenues acquisition ampCNG stations growth CNG sales volumes.\n Cost revenue Energy segment increased $5. 9 million to $17. 1 million from $11. 2 million 2018. growth gasoline gallons higher commodity utility costs ampCNG stations.\n Selling administrative expenses Energy segment increased $0. 9 million to $4. 9 million $4. 0 million. salaries benefits acquisition ampCNG stations offset one-time expense abandonment station development project.\n Depreciation amortization Energy segment increased $1. 4 million to $6. 9 million from $5. 5 million 2018. acquisition ampCNG stations.\n operating expense loss $0. 5 million 2018 impairment stations fourth quarter 2018.\n Net revenue $39.$18.\n revenue 17. 11.\n Selling administrative 4. 9.\n Depreciation amortization 6. 9 5. 5.\n operating expense. 5.\n Income operations 10. $10." +} +{ + "_id": "d1b35b99c", + "title": "", + "text": "The Company’s estimated future benefit payments as of December 31, 2019 are as follows:\nThe Company has certain defined contribution plans, which accrue benefits for employees on a pro-rata basis during their employment period based on their individual salaries. The Company’s accrued benefits related to defined contribution pension plans of $20 million as of December 31, 2019 and $18 million as of December 31, 2018. The annual cost of these plans amounted to approximately $86 million in 2019, $84 million in 2018 and $77 million in 2017.\n\nYears | Pension Benefits | Other Long Term Benefits\n----------------- | ---------------- | ------------------------\n2020 | 32 | 7 \n2021 | 29 | 7 \n2022 | 32 | 5 \n2023 | 41 | 6 \n2024 | 51 | 9 \nFrom 2025 to 2029 | 272 | 35 \n\nestimated future benefit payments December 31, 2019\n defined contribution plans accrue benefits salaries. accrued benefits $20 million 2019 $18 million 2018. annual cost $86 million 2019 $84 million 2018 $77 million 2017.\n Pension Benefits Long Term Benefits\n 2020\n 2021\n 2022\n 2023\n 2024\n 2025 to 2029 272" +} +{ + "_id": "d1b37721e", + "title": "", + "text": "Interest and Other Income (Expense)\nInterest and other income (expense), net changed by $3.3 million from a net expense of $13.8 million in the year ended December 31, 2018 to a net expense of $10.4 million for the year ended December 31, 2019. The change in interest and other income (expense), net was primarily due to a decrease in interest expense pertaining to a lower average balance of debt outstanding under our term loan facility during the year.\n\n | Year Ended December 31, | | % Change\n---------------------------------------- | ----------------------- | ---------------------- | --------\n | 2019 | 2018 | 2019 \n | | (dollars in thousands) | \nInterest and other income (expense), net | $(10,427) | $(13,755) | (24)% \n% of net revenue | (3)% | (4)% | \n\nInterest Income (Expense\n changed $3. 3 million $13. 8 million 31, 2018 to $10. 4 million 2019. due decrease interest expense lower average balance debt term loan.\n Year Ended December 31, % Change\n 2019\n (dollars thousands)\n Interest income net $(10,427) $(13,755) (24)%\n net revenue (4)%" +} +{ + "_id": "d1b32bcd8", + "title": "", + "text": "Teradyne determined the stock options’ expected life based upon historical exercise data for executive officers, the age of the executive officers and the terms of the stock option grant. Volatility was determined using historical volatility for a period equal to the expected life. The risk-free interest rate was determined using the U.S. Treasury yield curve in effect at the time of grant. Dividend yield was based upon an estimated annual dividend amount of $0.36 per share divided by Teradyne’s stock price on the grant date of $37.95 for the 2019 grants, $47.70 for the 2018 grants and $28.56 for the 2017 grants.\nStock compensation plan activity for the years 2019, 2018, and 2017, is as follows:\n\n | 2019 | 2018 | 2017 \n------------------------------------------ | ------- | -------------- | -------\n | | (in thousands) | \nRestricted Stock Units: | | | \nNon-vested at January 1 | 2,454 | 3,174 | 3,778 \nAwarded | 1,139 | 790 | 939 \nVested | (1,237) | (1,382) | (1,434)\nForfeited | (87) | (128) | (109) \nNon-vested at December31 | 2,269 | 2,454 | 3,174 \nStock Options: | | | \nOutstanding at January 1 | 506 | 531 | 926 \nGranted | 102 | 69 | 111 \nExercised | (280) | (94) | (501) \nForfeited | (7) | — | — \nExpired | (2) | — | (5) \nOutstanding at December 31 | 319 | 506 | 531 \nVested and expected to vest at December 31 | 319 | 506 | 531 \nExercisable at December 31 | 85 | 256 | 233 \n\nTeradyne determined stock life exercise data age terms option grant. Volatility determined historical volatility equal life. risk-free interest rate determined U. Treasury yield curve. Dividend yield estimated annual dividend $0. 36 per share divided Teradyne’s stock price grant date $37. 95 2019 $47. 70 2018 $28. 56 2017.\n Stock compensation plan activity 2019 2018 2017\n Restricted Stock Units\n Non-vested January 1 2,454 3,174\n Awarded 1,139\n Vested\n Forfeited\n Non-vested December31 2,269 2,454 3,174\n Stock Options\n Outstanding January 1 506 531\n Granted\n Exercised\n Forfeited\n Expired\n Outstanding December 31 319 506\n Vested expected vest\n Exercisable" +} +{ + "_id": "d1b306604", + "title": "", + "text": "Stock options\nThe following tables summarize our stock option activities and related information:\n(1) The aggregate intrinsic value represents the excess of the closing price of our common stock of $6.87 as of December 31, 2019 over theexercise price of the outstanding in-the-money options.\n\n | Number of Shares (thousands) | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (years) | Aggregate Intrinsic Value(1) (thousands)\n---------------------------------------------- | ---------------------------- | ------------------------------- | --------------------------------------------------- | ----------------------------------------\nOutstanding as of December 31, 2018 | 4,674 | $5.19 | | \nGranted | — | $ — | | \nExercised | (842) | $2.84 | | \nCanceled | (130) | $9.41 | | \nOutstanding as of December 31, 2019 | 3,702 | $5.57 | 3.52 | $6,395 \nVested and exercisable as of December 31, 2019 | 3,427 | $5.49 | 3.56 | $6,210 \n\nStock options\n tables summarize stock option activities information\n aggregate intrinsic value excess closing price common stock $6. 87 December 31, 2019 over price options.\n Shares Exercise Price Contractual Term Intrinsic\n December 31, 2018 $5. 19\n Granted\n Exercised $2. 84\n Canceled $9. 41\n December 31, 2019 3,702 $5. $6,395\n Vested exercisable $5. $6,210" +} +{ + "_id": "d1b364d08", + "title": "", + "text": "The fair value of options granted in the respective fiscal years are estimated on the date of grant using the Black-Scholes optionpricing model, acceptable under ASC 718, with the following weighted average assumptions:\nExpected volatilities are based on the Company’s historical common stock volatility, derived from historical stock price data for periods commensurate with the options’ expected life. The expected life of options granted represents the period of time options are expected to be outstanding, based primarily on historical employee option exercise behavior. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero coupon bonds issued with a term equal to the expected life at the date of grant of the options. The expected dividend yield is zero, as the Company has historically paid no dividends and does not anticipate dividends to be paid in the future.\n\n | Years Ended December 31, | \n----------------------- | ------------------------ | -----\n | 2018 | 2017 \nExpected life (years) | 5.6 | 5.6 \nRisk-free interest rate | 2.7% | 1.9% \nExpected volatility | 26.4% | 29.4%\nExpected dividend yield | — | — \n\nfair value options granted estimated Black-Scholes optionpricing model ASC 718 weighted average assumptions\n Expected volatilities based historical common stock volatility data life. life options employee behavior. risk-free interest rate based implied yield U. S. Treasury zero coupon bonds life. expected dividend yield zero Company no dividends.\n Years Ended December 31,\n Expected life (years 5. 6.\n Risk-free interest rate 2. 7% 1. 9%\n Expected volatility 26. 4% 29.\n Expected dividend yield" +} +{ + "_id": "d1a735c44", + "title": "", + "text": "Issuer Purchases of Equity Securities\n(a) During the fourth quarter of 2015, Lifeway publicly announced a share repurchase program. On November 1, 2017, the our Board of Directors amended the 2015 stock repurchase program (the “2017 amendment”), by adding to (i.e., exclusive of the shares previously authorized under the 2015 stock program repurchase) the authorization the lesser of $5,185 or 625 shares. The program has no expiration date.\n\nPeriod | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of a publicly announced program (a) | Approximate Dollar Value of Shares that may yet be Purchased under the Plans or Programs ($ in thousands)\n--------------------- | -------------------------------- | ---------------------------- | ---------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------\n1/1/2018 to 1/31/2018 | 106,441 | $ 8.22 | 106,441 | $ 5,007 \n2/1/2018 to 2/28/2018 | 24,486 | $ 7.21 | 24,486 | $ 4,830 \n4/1/2018 to 4/30/2018 | 15,433 | $ 6.09 | 15,433 | $ 4,736 \n6/1/2018 to 6/30/2018 | 4,143 | $ 5.46 | 4,143 | $ 4,714 \n8/1/2018 to 8/31/2018 | 1,332 | $ 3.96 | 1,332 | $ 4,709 \n9/1/2018 to 9/30/18 | 40,364 | $ 3.35 | 40,364 | $ 4,573 \n11/1/2018 to 11/30/18 | 17,228 | $ 2.99 | 17,228 | $ 4,522 \n12/1/2018 to 12/31/18 | 8,305 | $ 2.25 | 8,305 | $ 4,503 \nFiscal Year 2018 | 217,732 | $ 6.33 | 217,732 | $ 4,503 \n1/1/2019 to 1/31/2019 | 46,743 | $ 2.54 | 46,743 | $ 4,384 \n2/1/2019 to 2/28/2019 | 9,100 | $ 2.75 | 9,100 | $ 4,358 \n3/1/2019 to 3/31/2019 | 26,932 | $ 2.24 | 26,932 | $ 4,298 \n4/1/2019 to 4/30/2019 | 4,300 | $ 2.24 | 4,300 | $ 4,288 \n5/1/2019 to 5/31/2019 | 57,817 | $ 2.49 | 57,817 | $ 4,145 \n6/1/2019 to 6/30/2019 | 11,146 | $ 2.32 | 11,146 | $ 4,119 \n8/1/2019 to 8/31/2019 | 37,567 | $ 2.69 | 37,567 | $ 4,018 \n9/1/2019 to 9/30/2019 | 17,531 | $ 2.98 | 17,531 | $ 3,965 \nFiscal Year 2019 | 211,136 | $ 2.55 | 211,136 | $ 3,965 \n\nPurchases Equity Securities\n fourth quarter 2015, Lifeway announced share repurchase program. November 1, 2017 Board Directors amended 2015 stock repurchase program adding. $5,185 625 shares. no expiration date.\n Total shares purchased Average price paid per share Approximate Dollar Value Shares\n 1/1/2018 to 1/31/2018 106,441 $ 8.\n 2/1/2018 to 2/28/2018 24,486 $.\n 4/1/2018 4/30/2018 15,433.\n 6/1/2018 6/30/2018 4,143.\n 8/1/2018 8/31/2018 1,332 $.\n 9/1/2018 to 9/30/18 40,364.\n 11/1/2018 11/30/18 17,228.\n 12/1/2018 12/31/18 8,305 $.\n 2018 217,732.\n 1/1/2019 to 1/31/2019 46,743.46,743 4,384\n 2/1/2019 9,100. 4,358\n 3/1/2019 26,932. 4,298\n 4/1/2019 4/30/2019 4,300.\n 5/1/2019 5/31/2019 57,817.\n 6/1/2019 6/30/2019 11,146.\n 8/1/2019 8/31/2019 37,567. 4,018\n 9/1/2019 9/30/2019 17,531. 3,965\n 2019 211,136. 3" +} +{ + "_id": "d1b36e088", + "title": "", + "text": "Other Expense, Net\nOther expense, net decreased by $4.3 million in 2018 compared to 2017 as a result of an increase in interest expense of $5.7 million related to interest expense due under our convertible senior notes. This increase was offset by an increase of $1.4 million of interest income earned on our short-term investments.\n\n | Year Ended December 31, | | Change | \n------------------ | ----------------------- | ---------------------- | ------- | -------\n | 2018 | 2017 | $ | % \n | | (dollars in thousands) | | \nOther expense, net | $ 4,628 | $ 302 | $ 4,326 | 1432.5%\n% of revenue | 3% | 0% | | \n\nExpense Net\n decreased $4. million 2018 2017 interest expense $5. 7 million convertible senior notes. offset $1. 4 million interest income short-term investments.\n Ended December 31,\n 2018 2017 %\n thousands\n expense net $ $ 4,326. 5%\n revenue 3% 0%" +} +{ + "_id": "d1b37ca84", + "title": "", + "text": "Backlog\nAs reflected in the table above, total backlog decreased $663.5 million from September 30, 2018 to September 30, 2019. The decrease in backlog is primarily due to progression of work in 2019 on four large contracts awarded to CTS in fiscal 2018. In addition, we recorded a net decrease to backlog of $104.5 million on October 1, 2018 for the impact of the adoption of ASC 606. Changes in exchange rates between the prevailing currency in our foreign operations and the U.S. dollar as of September 30, 2019 decreased backlog by $79.7 million compared to September 30, 2018.\n\n | September 30, | September 30, \n---------------------------- | ---------------- | -----------------\n | 2019 | 2018 \n | | (in millions) \nTotal backlog | | \nCubic Transportation Systems | $ 2,953.3 | $ 3,544.9 \nCubic Mission Solutions | 103.7 | 77.0 \nCubic Global Defense | 344.0 | 442.6 \nTotal | $ 3,401.0 | $ 4,064.5 \n\n\n backlog decreased $663. 5 million September 30 2018 to 2019. due four contracts CTS. net decrease backlog $104. 5 million October 1, 2018 ASC 606. Changes exchange rates foreign. dollar September 30 2019 decreased backlog $79. 7 million 2018.\n millions\n Total backlog\n Transportation Systems $ 2,953. $ 3,544.\n Mission Solutions.\n Global Defense 344. 442.\n $ 3,401. $ 4,064." +} +{ + "_id": "d1a724e76", + "title": "", + "text": "Cash Flow\nCash flow provided by operating activities. Cash flows provided by operating activities were $7.2 million in fiscal 2019. The provision of cash was due primarily to our operating loss of $13.2 million adjusted for $22.4 million in non-cash expense including depreciation, amortization, and share based compensation and an increase of approximately $2 million in net operating assets and liabilities.\nCash flows provided by operating activities were $6.9 million in fiscal 2018. The provision of cash was due primarily to our operating loss of $12.1 million adjusted for $19.2 million in non-cash expense including depreciation, amortization, and share based compensation.\nCash flows provided by operating activities were $3.4 million in fiscal 2017. The provision of cash included $6.4 million in increased collections on accounts receivable.\nCash flow used in investing activities. Cash flows used in investing activities in fiscal 2019 were $5.5 million. This is primarily attributed to $2.2 million in development of proprietary software and $3.3 million for purchase of property and equipment, including internal use software.\nCash flows used in investing activities in fiscal 2018 were $15.1 million. This is primarily attributed to $8.9 million in development of proprietary software and $6.1 million for purchase of property and equipment, including internal use software.\nCash flows used in investing activities in fiscal 2017 were $13.9 million. This is primarily attributed to $11.9 million in development of proprietary software and $4.2 million for purchase of property and equipment, including internal use software offset by $2.2 million in proceeds from corporate owned life insurance policies.\nCash flow used in financing activities. Respectively, in fiscal 2019, 2018, and 2017, the $0.8 million, $1.3 million, and $0.8 million cash flows used in financing activities were primarily comprised of the repurchase of shares to satisfy employee tax withholding and to cover the exercise price of the options, and payments on capital lease obligations.\n\n | | Year ended March 31, | \n------------------------------------------- | ------- | -------------------- | ---------\n(In thousands) | 2019 | 2018 | 2017 \nNet cash provided by (used in): | | | \nOperating activities | $7,241 | $6,874 | $3,433 \nInvesting activities | (5,534) | (15,085) | (13,865) \nFinancing activities | (767) | (1,295) | (847) \nEffect of exchange rate changes on cash | (112) | 194 | (74) \nCash flows provided by (used in) operations | $828 | $(9,312) | $(11,353)\n\n\n operating activities. $7. 2 million fiscal 2019. due operating loss $13. 2 million $22. 4 million non-cash expense depreciation amortization compensation increase $2 million net operating assets liabilities.\n $6. 9 million 2018. due loss $12. 1 million $19. 2 million non expense depreciation amortization compensation.\n $3. 4 million 2017. $6. 4 million increased collections accounts receivable.\n investing. 2019 $5. 5 million. $2. 2 million development software $3. 3 million purchase property equipment.\n 2018 $15. 1 million. $8. 9 million development software $6. 1 million purchase property.\n 2017 $13. 9 million. $11. 9 million development software $4. 2 million purchase property $2. 2 million proceeds corporate life insurance policies.\n financing. $0. 8 million $1. 3 million. repurchase shares payments capital lease obligations.\n March\n2019\n Net cash\n Operating $7,241 $6,874 $3,433\n Investing (5,534) (15,085),865\n Financing (767) (1,295)\n Effect exchange rate cash\n Cash flows $828(9,312),353" +} +{ + "_id": "d1b34890a", + "title": "", + "text": "Applying the German group tax rate to the reported pre-tax result would result in an income tax expense of €216 million (2017/18: €176 million). The deviation of €81 million (2017/18: €40 million) from the reported tax expense of €298 million (2017/18: €216 million) can be reconciled as follows:\n1 Adjustment of previous year according to explanation in notes.\nThe item ‘effects of differing national tax rates’ includes a deferred tax revenue of €6 million (2017/18: €23 million) from tax rate changes.\nTax expenses and income relating to other periods of the previous year include a repayment of approximately €20 million because of a retrospective change in foreign law in 2018.\nTax holidays for the current year include effects from real estate transactions in the amount of €30 million (2017/18: €2 million).\n\n€ million | 2017/2018 | 2018/2019\n----------------------------------------------------- | --------- | ---------\nEBT (earnings before taxes) | 576 | 709 \nExpected income tax expenses (30.53%) | 176 | 216 \nEffects of differing national tax rates | −58 | −62 \nTax expenses and income relating to other periods | −21 | −6 \nNon-deductible business expenses for tax purposes | 41 | 51 \nEffects of not recognised or impaired deferred taxes | 79 | 114 \nAdditions and reductions for local taxes | 11 | 13 \nTax holidays | −14 | −39 \nOther deviations | 3 | 5 \nIncome tax expenses according to the income statement | 216 | 298 \nGroup tax rate | 37.6% | 42.0% \n\nGerman group tax rate income tax expense €216 million (2017/18 €176 million. deviation €81 million €40 tax expense €298 million reconciled\n Adjustment previous year.\n differing national tax deferred tax revenue €6 million €23 million tax rate changes.\n repayment €20 million retrospective change foreign law 2018.\n Tax holidays real estate transactions €30 million (2017/18 €2 million.\n 2018/2019\n income tax expenses (30. 53%)\n Effects differing national tax rates\n expenses\n Non-deductible business expenses\n Effects deferred taxes\n Additions reductions local taxes\n Tax holidays\n Other deviations\n Income tax expenses\n Group tax rate. 6%." +} +{ + "_id": "d1b36c60c", + "title": "", + "text": "Our net sales by market sector for the indicated fiscal years were as follows (in millions):\nHealthcare/Life Sciences. Net sales for fiscal 2019 in the Healthcare/Life Sciences sector increased $180.1 million, or 17.3%, as compared to fiscal 2018. The increase was driven by overall net increased customer end-market demand, a $32.7 million increase in production ramps of new products for existing customers and a $26.9 million increase in production ramps for new customers.\nIndustrial/Commercial. Net sales for fiscal 2019 in the Industrial/Commercial sector increased $63.5 million, or 6.9%, as compared to fiscal 2018. The increase was driven by a $64.8 million increase in production ramps of new products for existing customers and a $33.2 million increase in production ramps for new customers. The increase was partially offset by a $7.3 million decrease due to end-of-life products, a $4.2 million decrease due to a disengagement with a customer and overall net decreased customer end-market demand.\nAerospace/Defense. Net sales for fiscal 2019 in the Aerospace/Defense sector increased $143.5 million, or 32.2%, as compared to fiscal 2018. The increase was driven by a $120.2 million increase in production ramps of new products for existing customers, a $9.9 million increase in production ramps for new customers and overall net increased customer end-market demand.\nCommunications. Net sales for fiscal 2019 in the Communications sector decreased $96.2 million, or 20.4%, as compared to fiscal 2018. The decrease was driven by a $37.3 million reduction due to disengagements with customers, a $15.3 million decrease due to end-of-life products and overall net decreased customer endmarket demand. The decrease was partially offset by an $18.1 million increase in production ramps of new products for existing customers and a $4.5 million increase in production ramps for new customers.\n\nMarket Sector | 2019 | 2018 \n------------------------- | -------- | --------\nHealthcare/Life Sciences | $1,220.0 | $1,039.9\nIndustrial/Commercial | 981.2 | 917.7 \nAerospace/Defense | 588.6 | 445.1 \nCommunications | 374.6 | 470.8 \nTotal net sales | 3,164.4 | 2,873.5 \n\nnet sales market sector\n Healthcare/Life Sciences. increased $180. 1 million 17. 3% 2018. driven increased customer end-market demand $32. 7 million $26. 9 million increase.\n Industrial/Commercial. increased $63. 5 million 6. driven $64. 8 million increase ramps $33. 2 million increase new. offset $7. 3 million decrease end-life products $4. 2 million decrease disengagement decreased end-market demand.\n Aerospace/Defense. increased $143. 5 million 32. 2%. $120. 2 million increase ramps $9. 9 million increase increased end-market demand.\n Communications. decreased $96. 2 million 20. 4%. $37. 3 million reduction disengagements $15. 3 million decrease end-of-life products decreased endmarket demand. offset $18. 1 million increase ramps $4. 5 million increase ramps new customers.\n Healthcare/Life Sciences $1,220. $1,039.\n Industrial/Commercial.\nAerospace. 445.\n Communications. 470.\n 3,164. 2,873." +} +{ + "_id": "d1b35a29a", + "title": "", + "text": "Supplemental balance sheet information related to operating and finance leases as of the period presented was as follows (table in millions):\n(1) ROU assets for operating leases are included in other assets and ROU assets for finance leases are included in property and equipment, net on the consolidated balance sheets\n(2) Current lease liabilities are included primarily in accrued expenses and other on the consolidated balance sheets. An immaterial amount is presented in due from related parties, net on the consolidated balance sheets.\n(3) Operating lease liabilities are presented as operating lease liabilities on the consolidated balance sheets. Finance lease liabilities are included in other liabilities on the consolidated balance sheets.\n\n | January 31, 2020 | \n---------------------------------- | ---------------- | --------------\n | Operating Leases | Finance Leases\nROU assets, non-current (1) | $886 | $58 \nLease liabilities, current (2) | $109 | $4 \nLease liabilities, non-current (3) | 746 | 55 \nTotal lease liabilities | $855 | $59 \n\nbalance sheet information operating finance leases\n ROU assets finance leases property equipment sheets\n Current lease liabilities accrued expenses balance sheets. immaterial amount due related parties.\n Operating lease liabilities. Finance lease liabilities.\n January 31, 2020\n Operating Finance Leases\n ROU assets non-current $886 $58\n Lease liabilities current $109 $4\n Lease liabilities non-current 746 55\n Total lease liabilities $855 $59" +} +{ + "_id": "d1b352d74", + "title": "", + "text": "A.3.8 Financial Services\nFinancial Services supports its customers’ investments with leasing solutions and equipment, project and structured financing in the form of debt and equity investments. Based on its comprehensive financing know-how and specialist technology expertise in\nthe areas of Siemens businesses, Financial Services provides financial\nsolutions for Siemens customers as well as other companies.\nFinancial Services again delivered strong earnings before taxes. While the equity business recorded higher results, the result from the debt business declined, amongst others due to higher credit hits. Total assets increased along with a growth in debt business and in part due to positive currency translation effects.\nFinancial Services is geared to Siemens’ industrial businesses and its markets. As such Financial Services is influenced by the business development of the markets served by our industrial businesses, among other factors. Financial Services will continue to focus its business scope on areas of intense domain know-how.\n\n | | Fiscal year\n--------------------------- | ------ | -----------\n(in millions of €) | 2019 | 2018 \nEarnings before taxes (EBT) | 632 | 633 \nROE (after taxes) | 19.1 % | 19.7 % \n | | Sep 30, \n(in millions of €) | 2019 | 2018 \nTotal assets | 29,901 | 27,628 \n\n. Financial Services\n supports investments leasing equipment project structured financing debt equity investments. comprehensive financing know-how technology expertise\n Siemens provides\n solutions Siemens customers companies.\n strong earnings before taxes. equity business higher results debt business declined higher credit hits. assets increased growth debt positive currency translation.\n Services industrial businesses. influenced by business development. domain know-how.\n Fiscal year\n millions € 2019\n Earnings before taxes 633\n ROE taxes 19. 1 %. 7 %\n Total assets 29,901 27,628" +} +{ + "_id": "d1b306974", + "title": "", + "text": "Capital stock 2019\nCapital stock at December 31, 2019, consisted of the following:\nThe capital stock of the Parent Company is divided into two classes: Class A shares (quota value SEK 5.00) and Class B shares (quota value SEK 5.00). Both classes have the same rights of participation in the net assets and earnings.Class A shares, however, are entitled to one vote per share while Class B shares are entitled to one tenth of one vote per share.\nAt December 31, 2019, the total number of treasury shares was 19,853,247 (37,057,039 in 2018 and 50,265,499 in 2017) Class B shares.\n\nCapital stock | | \n-------------- | ---------------- | ---------------------------\nParent Company | Number of shares | Capital stock (SEK million)\nClass A shares | 261,755,983 | 1,309 \nClass B shares | 3,072,395,752 | 15,363 \nTotal | 3,334,151,735 | 16,672 \n\nCapital stock 2019\n December 31, 2019\n Parent Company divided A. B. net assets earnings. A one vote per share B one tenth vote per share.\n December 31, total treasury shares 19,853,247 (37,057,039 2018 50,265,499 2017) B.\n Company million\n A shares 261,755,983 1,309\n B shares,395,752 15\n Total 3,334,151,735 16,672" +} +{ + "_id": "d1b3aefe8", + "title": "", + "text": "Restricted Stock Awards\nWe present below a summary of changes in unvested units of restricted stock during 2019:\nThe Company recorded equity-based compensation expense related to restricted stock and RSUs (collectively “restricted stock awards”) of $31.8 million, $19.9 million, and $16.2 million in 2019, 2018 and 2017, respectively. The total fair value of restricted stock awards vested in 2019, 2018 and 2017, based on market value at the vesting dates was $18.2 million, $18.1 million, and $18.8 million, respectively. The weighted average grant-date fair value of RSUs granted during fiscal year 2019, 2018 and 2017 was $49.48, $51.72 and $49.01, respectively. As of December 31, 2019, unrecognized compensation cost related to unvested RSU totaled $47.5 million and is expected to be recognized over a weighted average period of approximately 2.5 years. In January 2017, we elected to recognize forfeitures of equity-based payments as they occur.\nawards”) of $31.8 million, $19.9 million, and $16.2 million in 2019, 2018 and 2017, respectively. The total fair value of restricted\nstock awards vested in 2019, 2018 and 2017, based on market value at the vesting dates was $18.2 million, $18.1 million, and $18.8\nmillion, respectively. The weighted average grant-date fair value of RSUs granted during fiscal year 2019, 2018 and 2017 was $49.48,\n$51.72 and $49.01, respectively. As of December 31, 2019, unrecognized compensation cost related to unvested RSU totaled $47.5\nmillion and is expected to be recognized over a weighted average period of approximately 2.5 years. In January 2017, we elected to\nrecognize forfeitures of equity-based payments as they occur.\nIncluded in RSU grants for the year ended December 31, 2019 are 282,327 units that have performance-based vesting criteria. The\nperformance criteria are tied to our financial performance. As of December 31, 2019, the associated equity-based compensation\nexpense has been recognized for the portion of the award attributable to the 2019 performance criteria.\n\n | Number of Units | Grant Date Fair Value\n----------------------------------- | --------------- | ---------------------\nOutstanding at January 1, 2019 | 997,173 | $52.22 \nGranted | 945,159 | 49.48 \nVested | (386,060) | 51.79 \nForfeited | (59,579) | 50.56 \nOutstanding at December 31, 2019 | 1,496,693 | $50.67 \n\nRestricted Stock Awards\n changes unvested units 2019\n recorded equity compensation expense $31. million $19. 9 million $16. 2 million 2019 2018 2017. total fair value $18. 2 million. 1 $18 8 million. average grant-date value $49. 48 $51. $49. December 31, 2019 unrecognized compensation cost $47. 5 million recognized 2. 5 years. January 2017 forfeitures equity-based payments.\n $31. 8 million $19. 9 million $16. 2 million 2019. total fair value\n awards $18. 2 million $18.\n. average grant-date fair value $49. 48\n $51. 72 $49. December 31, 2019 unrecognized compensation cost $47.\n million recognized 2. 5 years. January 2017\n forfeitures equity-based payments.\n RSU grants 2019 282,327 units performance-based vesting criteria.\n financial performance.December 2019 equity compensation\n recognized performance criteria.\n Units\n January 1 2019 997,173 $52. 22\n 945,159 49. 48\n,060 51. 79\n Forfeited 50.\n December 31, 2019 1,496,693 $50." +} +{ + "_id": "d1b3bc35a", + "title": "", + "text": "4. Other Current Assets\nOther current assets consist of (in thousands):\n\n | December 31, | \n----------------------------------------------------------------------- | ------------ | ------\n | 2019 | 2018 \nIndemnification receivable from SSL for pre-closing taxes (see Note 13) | $598 | $2,410\nDue from affiliates | 186 | 161 \nPrepaid expenses | 164 | 151 \nOther | 374 | 510 \n | $1,322 | $3,232\n\n. Assets\n December 31,\n Indemnification SSL pre-closing taxes 13 $598 $2,410\n affiliates 186 161\n Prepaid expenses 164\n 510\n $1,322 $3,232" +} +{ + "_id": "d1b2e24e8", + "title": "", + "text": "On a sequential basis, ADG revenues were up 3.3%, driven by an increase in volumes of approximately 8%, partially offset by a decrease in average selling prices of approximately 5%, mostly attributable to product mix.\nAMS revenues increased 12.1% driven by Analog and Imaging products. AMS increase was due to an increase of approximately 5% in average selling prices, entirely due to product mix, and to higher volumes of approximately of 7%.\nMDG revenues increased by 7.9%, mainly driven by Microcontrollers, due to both higher average selling prices of approximately 6%, entirely due to product mix, and higher volumes of approximately 2%.\nOn a year-over-year basis, fourth quarter net revenues increased by 4.0%. ADG revenues decreased 4.5% compared to the year-ago quarter on lower revenues in both Automotive and Power Discrete. The decrease was entirely due to lower average selling prices of approximately 4%, while volumes remained substantially flat. The decrease in average selling prices was a combination of less favorable product mix and lower selling prices.\nAMS fourth quarter revenues grew 9.9% year-over-year, mainly driven by Analog and Imaging. The increase was entirely due to higher average selling prices of approximately 18%, entirely attributable to product mix,\npartially offset by lower volumes of approximately 8%. MDG fourth quarter revenues increased by 7.6%, mainly driven by Microcontrollers. The increase was due to higher average selling prices of approximately 9%,\nentirely due to improved product mix.\n\n | | Three Months Ended | | % Variation | \n-------------------------------------------- | ----------------- | ------------------ | ------------------------ | ----------- | --------------\n | December 31, 2019 | September 29, 2019 | December 31, 2018 | Sequential | Year-Over-Year\n | | | (Unaudited, in millions) | | \nAutomotive and Discrete Group (ADG) | $924 | $894 | $967 | 3.3% | (4.5)% \nAnalog, MEMS and Sensors Group (AMS) | 1,085 | 968 | 988 | 12.1 | 9.9 \nMicrocontrollers and Digital ICs Group (MDG) | 742 | 688 | 689 | 7.9 | 7.6 \nOthers | 3 | 3 | 4 | — | — \nTotal consolidated net revenues | $2,754 | $2,553 | $2,648 | 7.9% | 4.0% \n\nADG revenues up 3. 3% increase volumes 8% offset decrease selling prices 5% product mix.\n AMS revenues increased. 1% Analog Imaging. due 5% selling prices product higher volumes 7%.\n MDG revenues increased 7. 9% Microcontrollers higher selling prices 6% higher volumes 2%.\n year-over-year fourth quarter net revenues increased 4. 0%. ADG revenues decreased 4. 5%. due lower selling prices 4% volumes flat. less product mix lower.\n AMS revenues grew 9. 9% Analog Imaging. higher selling prices 18%\n offset lower volumes 8%. MDG revenues increased 7. 6% Microcontrollers. higher average selling prices\n improved product mix.\n Variation\n December 31, 2019 31, 2018 Year-Over-Year\n Automotive Discrete Group $924 $894 $967 3. 3%.\nAnalog MEMS Sensors Group 1,085 968 988 12.\n Microcontrollers Digital ICs Group 742 689.\n 3\n revenues $2,754 $2,553 $2,648 7. 4." +} +{ + "_id": "d1b31f906", + "title": "", + "text": "Construction: Net income from our Construction segment for the year ended December 31, 2019 decreased $3.0 million to $24.7 million from $27.7 million for the year ended December 31, 2018. Adjusted EBITDA from our Construction segment for the year ended December 31, 2019 increased $14.8 million to $75.7 million from $60.9 million for the year ended December 31, 2018. The increase in Adjusted EBITDA was driven by the acquisition of GrayWolf.\nMarine Services: Net income (loss) from our Marine Services segment for the year ended December 31, 2019 decreased $2.9 million to a loss of $2.6 million from income of $0.3 million for the year ended December 31, 2018. Adjusted EBITDA from our Marine Services segment for the year ended December 31, 2019 decreased $2.0 million to $30.7 million from $32.7 million for the year ended December 31, 2018.\nThe decrease in Adjusted EBITDA was driven by a decline in income from equity method investees, due to HMN driven by lower revenues on large turnkey projects underway than in the comparable period, and losses at SBSS from a loss contingency related to ongoing legal disputes and lower vessel utilization.\nLargely offsetting these losses was higher gross profit as a result of improved profitability from telecom maintenance zones and project work in the offshore power and offshore renewables end markets, as well as the benefit of improved vessel utilization. Additionally, the comparable period was impacted by higher than expected costs on a certain offshore power construction project that were not repeated in the current period.\nEnergy: Net income (loss) from our Energy segment for the year ended December 31, 2019 increased by $5.1 million to income of $4.2 million from a loss of $0.9 million for the year ended December 31, 2018. Adjusted EBITDA from our Energy segment for the year ended December 31, 2019 increased $11.5 million to $17.0 million from $5.5 million for the year ended December 31, 2018.\nThe increase in Adjusted EBITDA was primarily driven by the AFTC recognized in the fourth quarter of 2019 attributable to 2018 and 2019 and higher volume-related revenues from the recent acquisition of the ampCNG stations and growth in CNG sales volumes. The increase was also driven by Partially offsetting these increases were higher selling, general and administrative expenses as a result of the acquisition of the ampCNG stations.\nTelecommunications: Net income (loss) from our Telecommunications segment for the year ended December 31, 2019 decreased by $6.0 million to a loss of $1.4 million from income of $4.6 million for the year ended December 31, 2018. Adjusted EBITDA from our Telecommunications segment for the year ended December 31, 2019 decreased $1.9 million to $3.4 million from $5.3 million for the year ended December 31, 2018.\nThe decrease in Adjusted EBITDA was primarily due to both a decline in revenue and the contracting of call termination margin as a result of the continued decline in the international long distance market, partially offset by a decrease in compensation expense due to headcount decreases and reductions in bad debt expense.\nLife Sciences: Net income (loss) from our Life Sciences segment for the year ended December 31, 2019 decreased $65.4 million to a loss of $0.2 million from income of $65.2 million for the year ended December 31, 2018. Adjusted EBITDA loss from our Life Sciences segment for the year ended December 31, 2019 decreased $3.1 million to $11.8 million from $14.9 million for the year ended December 31, 2018.\nThe decrease in Adjusted EBITDA loss was primarily driven by comparably fewer expenses at the Pansend holding company, which incurred additional compensation expense in the prior period related to the performance of the segment. The decrease was also due to a reduction in costs associated BeneVir, which was sold in the second quarter of 2018.\nBroadcasting: Net loss from our Broadcasting segment for the year ended December 31, 2019 decreased $16.0 million to $18.5 million from $34.5 million for the year ended December 31, 2018. Adjusted EBITDA loss from our Broadcasting segment for the year ended December 31, 2019 decreased $10.6 million to $6.3 million from $16.9 million for the year ended December 31, 2018.\nThe decrease in Adjusted EBITDA loss was primarily driven by the reduction in costs as the segment exited certain local markets which were unprofitable at Network, partially offset by higher overhead expenses associated with the growth of the Broadcast stations subsequent to the prior year.\nNon-operating Corporate: Net loss from our Non-operating Corporate segment for the year ended December 31, 2019 increased $5.7 million to $87.6 million from $81.9 million for the year ended December 31, 2018. Adjusted EBITDA loss from our Non-operating Corporate segment for the year ended December 31, 2019 decreased $8.0 million to $17.9 million from $25.9 million for the year ended December 31, 2018.\nThe decrease in Adjusted EBITDA loss was primarily attributable to reductions in bonus expense and other general and administrative expenses as previously described.\n\n(in millions): | | Year ended December 31, | \n--------------------------------- | ------ | ----------------------- | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nConstruction | $ 75.7 | $ 60.9 | $ 14.8 \nMarine Services | 30.7 | 32.7 | (2.0) \nEnergy | 17.0 | 5.5 | 11.5 \nTelecommunications | 3.4 | 5.3 | (1.9) \nTotal Core Operating Subsidiaries | 126.8 | 104.4 | 22.4 \nLife Sciences | (11.8) | (14.9) | 3.1 \nBroadcasting | (6.3) | (16.9) | 10.6 \nOther and Eliminations | — | (2.2) | 2.2 \nTotal Early Stage and Other | (18.1) | (34.0) | 15.9 \nNon-Operating Corporate | (17.9) | (25.9) | 8.0 \nAdjusted EBITDA | $ 90.8 | $ 44.5 | $ 46.3 \n\nNet income 2019 decreased $3. 0 million to $24. 7 million from $27. 7 million 2018. Adjusted EBITDA increased $14. 8 million to $75. 7 million $60. 9 million. acquisition GrayWolf.\n Marine Services decreased $2. 9 million loss $2. 6 million $0. 3 million. Adjusted EBITDA decreased $2. 0 million $30. 7 million $32. 7 million.\n driven decline income equity investees lower revenues projects losses SBSS legal disputes lower vessel utilization.\n higher gross profit improved profitability maintenance offshore power renewables improved vessel utilization. impacted higher costs offshore power construction project.\n Energy Net income 2019 increased $5. 1 million $4. 2 million loss $0. 9 million 2018. Adjusted EBITDA increased $11. 5 million to $17. 0 million from $5. 5 million.\nincrease Adjusted EBITDA driven by AFTC fourth quarter 2019 higher revenues acquisition ampCNG stations growth CNG sales. higher selling administrative expenses ampCNG.\n Telecommunications Net income 2019 decreased $6. 0 million $1. 4 million from $4. 6 million. Adjusted EBITDA decreased $1. 9 million to $3. 4 million from $5. 3 million.\n due decline revenue contracting call termination margin international long distance market offset decrease compensation expense headcount decreases reductions bad debt expense.\n Life Sciences Net income decreased $65. 4 million $0. 2 million $65. 2 million. Adjusted EBITDA loss decreased $3. 1 million to $11. 8 million from $14. 9 million.\n fewer expenses Pansend holding company. reduction costs BeneVir sold 2018.\n Broadcasting Net loss decreased $16. 0 million to $18. 5 million from $34. 5 million.EBITDA loss Broadcasting segment December 31, 2019 decreased $10. 6 million to $6. 3 million from $16. 9 million.\n driven reduction costs exited local markets offset higher overhead expenses growth Broadcast stations.\n Net loss December 31, 2019 increased $5. 7 million to $87. 6 million from $81. 9 million. EBITDA loss Corporate segment decreased $8. 0 million to $17. 9 million from $25. 9 million.\n attributable reductions bonus expense general administrative expenses.\n December 2019\n Construction $ 75. $ 60. 14.\n Marine Services 30. 32.\n Energy 17.\n Telecommunications.\n Core Operating Subsidiaries 126. 104. 22.\n Life Sciences.\n Broadcasting (6. 10\n.\n Early Stage (18. 15.\n Non-Operating Corporate (17. (25. 8\n Adjusted EBITDA $ 90. $ 44.46." +} +{ + "_id": "d1b34aebc", + "title": "", + "text": "B. Liquidity and Capital Resources\nOur operations and strategic objectives require continuing capital investment, and our resources include cash on hand and cash provided by operations, as well as access to capital from bank borrowings and access to capital markets. Management believes that cash generated by or available to us should be sufficient to fund our capital and liquidity needs for at least the next 12 months.\nOur future financial and operating performance, ability to service or refinance debt and ability to comply with covenants and restrictions contained in our debt agreements will be subject to future economic conditions, the financial health of our customers and suppliers and to financial, business and other factors, many of which are beyond our control. Furthermore, management believes that working capital is sufficient for our present requirements.\n(*) including trade receivables classified as current asset based on operating cycle of two years.\nThe decrease in working capital as at March 31, 2019 as compared to March 31, 2018 was primarily the result of an increase in short-term borrowings amounting to $208.9 million as at March 31, 2019 from $152 million as at March 31, 2018 due to overdraft against restricted deposits and loan installments due within 12 months.\nFor additional information, please see Note 2(a) and Note 32 to our audited Consolidated Financial Statements appearing elsewhere in this annual report.\n\n | | Year ended March 31, | \n------------------- | -------- | -------------------- | --------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nCurrent assets(*) | $351,597 | $339,562 | $362,477\nCurrent liabilities | 318,672 | 239,327 | 316,101 \nWorking capital | $32,925 | $100,235 | $46,376 \n\n. Liquidity Capital Resources\n operations objectives require capital investment resources include cash bank borrowings capital markets. believes cash capital liquidity needs next 12 months.\n future financial performance debt agreements subject to future economic conditions financial health business factors beyond control. working capital present requirements.\n including trade receivables current asset.\n decrease working capital March 31, 2019 increase short borrowings $208. 9 million from $152 million 2018 due overdraft restricted deposits loan installments due 12 months.\n Note 2(a Note 32 audited Consolidated Financial Statements.\n Year ended March 31,\n Current $351,597 $339,562 $362,477\n Current liabilities 318,672 239,327 316,101\n Working capital $32,925 $100,235 $46,376" +} +{ + "_id": "d1b38fc38", + "title": "", + "text": "Foreign Currencies\nAs a multinational business, the Company's transactions are denominated in a variety of currencies. When appropriate, the Company uses forward foreign currency contracts to reduce its overall exposure to the effects of currency fluctuations on its results of operations and cash flows. The Company's policy prohibits trading in currencies for which there are no underlying exposures and entering into trades for any currency to intentionally increase the underlying exposure.\nThe Company primarily hedges existing assets and liabilities associated with transactions currently on its balance sheet, which are undesignated hedges for accounting purposes.\nAs of December 31, 2019 and 2018, the Company had net outstanding foreign exchange contracts with net notional amounts of $183.3 million and $157.3 million, respectively. Such contracts were obtained through financial institutions and were scheduled to mature within one to three months from the time of purchase.\nManagement believes that these financial instruments should not subject the Company to increased risks from foreign exchange movements because gains and losses on these contracts should offset losses and gains on the underlying assets, liabilities and transactions to which they are related.\nThe following schedule summarizes the Company's net foreign exchange positions in U.S. dollars (in millions):\nAmounts receivable or payable under the contracts are included in other current assets or accrued expenses in the accompanying Consolidated Balance Sheets. For the years ended December 31, 2019, 2018 and 2017, realized and unrealized foreign currency transactions totaled a loss of $5.0 million, $8.0 million and $6.3 million, respectively. The realized and unrealized foreign currency transactions are included in other income and expenses in the Company's Consolidated Statements of Operations and Comprehensive Income.\n\n | | As of December 31, | | \n----------------------- | ---------- | ------------------ | ---------- | ----------------\n | 2019 | | 2018 | \n | Buy (Sell) | Notional Amount | Buy (Sell) | Notional Amount\nJapanese Yen | $49.8 | $49.8 | $29.9 | $29.9 \nPhilippine Peso | 36.4 | 36.4 | 30.1 | 30.1 \nMalaysian Ringgit | 20.4 | 20.4 | — | — \nChinese Yuan | 20.2 | 20.2 | 20.4 | 20.4 \nKorean Won | 18.1 | 18.1 | 20.8 | 20.8 \nCzech Koruna | 11.9 | 11.9 | 9.2 | 9.2 \nEuro | — | — | 13.1 | 13.1 \nOther currencies - Buy | 21.9 | 21.9 | 26.3 | 26.3 \nOther currencies - Sell | (4.6) | 4.6 | (7.5) | 7.5 \n | $174.1 | $183.3 | $142.3 | $157.3 \n\nForeign Currencies\n multinational Company transactions currencies. uses currency contracts reduce currency fluctuations. policy prohibits trading currencies no underlying exposures.\n hedges assets liabilities undesignated hedges accounting.\n December 31, 2019 2018 foreign exchange contracts amounts $183. 3 million $157. 3 million. contracts obtained financial institutions scheduled mature three months purchase.\n believes risks foreign exchange gains losses offset assets liabilities transactions.\n summarizes net foreign exchange positions U. S. dollars\n Amounts receivable payable contracts included assets accrued expenses Consolidated Balance Sheets. December 31, 2019 2018 2017 realized unrealized foreign currency transactions totaled loss $5. 0 million $8. 0 million $6. 3 million. included income expenses Consolidated Statements of Operations Comprehensive Income.\n December 31,\n 2019 2018\n Buy\n Japanese Yen $49.$29.\n Philippine Peso 36. 4. 30. 30.\n Malaysian 20. 20.\n Chinese Yuan 20.\n Korean 18. 18. 20. 8.\n Koruna 11. 9.\n Euro 13. 13.\n currencies 21. 21. 26. 26.\n currencies (4. 4. 6 (7. 7.\n $174. $183. $142. $157." +} +{ + "_id": "d1b35d51c", + "title": "", + "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 18. Quarterly Consolidated Results of Operations Data (Unaudited)\nThe following table sets forth our quarterly consolidated results of operations data for each of the eight quarters in the period ended December 31, 2019. GS Holdings is our predecessor for accounting purposes and, accordingly, amounts prior to the Reorganization Transactions and IPO represent the historical consolidated operations of GS Holdings and its subsidiaries. The amounts during the period from May 24, 2018 through December 31, 2018 represent those of consolidated GreenSky, Inc. and its subsidiaries. Basic and diluted earnings per share of Class A common stock is applicable only for the period from May 24, 2018 through December 31, 2018, which is the period following the Reorganization Transactions and IPO. Prior to the Reorganization Transactions and IPO, GreenSky, Inc. did not engage in any business or other activities except in connection with its formation and initial capitalization. See Note 1 for further information on our organization and see Note 2 for further information on our earnings per share.\n(1) Year-to-date results may not agree to the sum of individual quarterly results due to rounding.\n\n | | | Year Ended December 31, 2018 | | \n------------------------------------------------------------ | ------------- | -------------- | ---------------------------- | -------------- | --------\n | First\nQuarter | Second\nQuarter | Third Quarter | Fourth\nQuarter | Total \nTotal revenue | $85,326 | $105,704 | $113,912 | $109,731 | $414,673\nCost of revenue (exclusive of depreciation\nand amortization) | 36,130 | 33,765 | 35,374 | 55,170 | 160,439 \nTotal costs and expenses | 61,749 | 58,896 | 59,655 | 81,583 | 261,883 \nOperating profit | 23,577 | 46,808 | 54,257 | 28,148 | 152,790 \nTotal other income (expense), net | (4,973) | (4,398) | (5,170) | (4,735) | (19,276)\nIncome before income tax expense (benefit) | 18,604 | 42,410 | 49,087 | 23,413 | 133,514 \nNet income | 18,604 | 40,816 | 45,712 | 22,848 | 127,980 \nLess: Net income attributable to\nnoncontrolling interests | 18,604 | 35,266 | 33,711 | 16,143 | 103,724 \nNet income attributable to GreenSky, Inc. | N/A | 5,550 | 12,001 | 6,705 | 24,256 \nEarnings per share of Class A common stock: | | | | | \nBasic | N/A | $0.10 | $0.21 | $0.12 | $0.43 \nDiluted(1) | N/A | $0.09 | $0.20 | $0.11 | $0.41 \n\nGreenSky Inc. FINANCIAL STATEMENTS States Dollars share\n Note 18. Quarterly Consolidated Results Operations\n quarterly consolidated results eight quarters December 31, 2019. GS Holdings predecessor Reorganization operations. May 24 2018 December 31, 2018 consolidated GreenSky. subsidiaries. diluted earnings per share Class A common stock May 24, 2018 December 31, 2018 Reorganization Transactions IPO. GreenSky. formation initial capitalization. Note 1 organization Note 2 earnings share.\n Year-to-date results quarterly results.\n Ended December 31, 2018\n Third Fourth\n revenue $85,326 $105,704 $113,912 $109,731 $414,673\n Cost revenue depreciation\n amortization 36,130 33,765 35,374 55,170 160,439\n costs expenses 61,749 58,896 59,655 81,583 261,883\nprofit 23,577 46,808 54,257 28,148 152,790\n (4,973,398 (5,170 (4,735) (19,276)\n 18,604 42,410 49,087 23,413 133,514\n 18,604 40,816 45,712 22,848 127,980\n noncontrolling interests 18,604 35,266 33,711 16,143 103,724\n GreenSky. 5,550 12,001 6,705 24,256\n Earnings share Class A common stock\n N/A.\n/A." +} +{ + "_id": "d1a72ad94", + "title": "", + "text": "17. SEGMENT AND GEOGRAPHIC INFORMATION (Continued)\nSales to unaffiliated customers are as follows (in thousands):\n\n | | Fiscal | \n----------------------------- | ---------- | ---------- | ----------\nSALES | 2019 | 2018 | 2017 \nUnited States | $339,585 | $309,495 | $297,699 \nForeign countries: | | | \nSouth Korea | 313,461 | 652,313 | 628,369 \nChina | 194,653 | 235,568 | 162,316 \nJapan | 138,028 | 180,223 | 154,985 \nAsia-Pacific, other | 93,389 | 124,733 | 107,713 \nGermany | 145,285 | 166,926 | 145,835 \nEurope, other | 148,680 | 171,936 | 162,162 \nRest of World | 57,559 | 61,379 | 64,232 \nTotal foreign countries sales | 1,091,055 | 1,593,078 | 1,425,612 \nTotal sales | $1,430,640 | $1,902,573 | $1,723,311\n\n.\n Sales unaffiliated customers\n United States $339,585 $309,495 $297,699\n countries\n South Korea 652,313\n China 194,653 235,568\n Japan 138,028 180\n Asia-Pacific,389 124,733\n Germany\n Europe 148,680 171,936 162\n World 57,559 61,379 64\n foreign countries 1,091,055 1,593,078 1,425,612\n $1,430,640 $1,902,573 $1,723,311" +} +{ + "_id": "d1b30c658", + "title": "", + "text": "17. Earnings Per Share\nBasic earnings per share is computed by dividing the net income attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings per share is computed by giving effect to all potential weighted-average dilutive shares. The dilutive effect of outstanding awards is reflected in diluted earnings per share by application of the treasury stock method.\nA reconciliation of the calculation of basic and diluted loss per share is as follows:\n* As adjusted to reflect the impact of the full retrospective adoption of IFRS 15. See Note 2 for further details.\nFor fiscal years ended June 30, 2019, 2018 and 2017 , 9.6 million, 12.8 million and 13.8 million, respectively of potentially anti-dilutive shares were excluded from the computation of net loss per share.\n\n | Fiscal Year Ended June 30, | | \n--------------------------------------------------------- | -------------------------- | -------------------------------------------- | ------------\n | 2019 | 2018 | 2017 \n | | (U.S. $ in thousands, except per share data) | \n | | *As Adjusted | *As Adjusted\nNumerator: | | | \nNet loss attributable to ordinary shareholders | $(637,621) | $(113,432) | $(37,449) \nDenominator: | | | \nWeighted-average ordinary shares outstanding—basic | 238,611 | 231,184 | 222,224 \nWeighted-average ordinary shares outstanding—diluted | 238,611 | 231,184 | 222,224 \nNet loss per share attributable to ordinary shareholders: | | | \nBasic net loss per share | $(2.67) | $(0.49) | $(0.17) \nDiluted net loss per share | $(2.67) | $(0.49) | $(0.17) \n\n. Earnings Per Share\n computed net income by weighted-average shares. Diluted earnings dilutive shares. dilutive effect awards reflected earnings treasury stock method.\n reconciliation basic diluted loss per share\n adjusted impact retrospective adoption IFRS 15. See Note 2 details.\n fiscal years June 2019 2018 2017 9. 6 million 12. 8 million 13. 8 million anti-dilutive shares excluded from net loss per share.\n Fiscal Year Ended June 30\n 2018\n.\n Adjusted\n Net loss ordinary shareholders $(637,621) $(113,432) $(37,449)\n Weighted-average ordinary shares 238,611 231,184 222,224\n Net loss per share\n Basic net loss per share.\n Diluted net loss per share." +} +{ + "_id": "d1b379906", + "title": "", + "text": "Gross Profit and Gross Margin (exclusive of amortization of acquisition-related intangible assets described below)\nOur gross profit by reportable segment was as follows (dollars in millions):\n(1) Certain of the amounts may not total due to rounding of individual amounts. (2) Unallocated manufacturing costs are presented as a percentage of total revenue (includes expensing of the fair market value step-up of inventory of $19.6 million during 2019 and $1.0 million during 2018).\nThe decrease in gross profit of $265.1 million, or approximately 12%, was primarily due to the impact of the decrease in sales volume, higher fixed costs due to the expansion in our manufacturing capacity as well as the expensing of $19.6 million excess over book value of inventory, commonly referred to as the fair market value step-up, from the Quantenna acquisition.\nGross margin decreased to 35.8% during 2019 compared to 38.1% during 2018. The decrease was due to a competitive pricing environment resulting in a decline in average selling prices, higher demand for lower margin products, increased manufacturing costs due to a higher mix of external manufacturing and decreased demand for our products, as explained in the revenue section.\n\n | 2019 | As a % of Segment Revenue (1) | 2018 | As a % of Segment Revenue (1)\n----------------------------------- | --------- | ----------------------------- | --------- | -----------------------------\nPSG | $976.0 | 35.0 % | $ 1,110.1 | 36.5 % \nASG | 794.8 | 40.3 % | 878.3 | 42.4 % \nISG | 275.4 | 36.4 % | 317.1 | 41.2 % \nGross profit for all segments | $ 2,046.2 | | $ 2,305.5 | \nUnallocated manufacturing costs (2) | (72.6) | (1.3) % | (66.8) | (1.1) % \nTotal gross profit | $ 1,973.6 | 35.8 % | $ 2,238.7 | 38.1 % \n\nGross Profit Margin amortization assets\n profit segment\n. Unallocated manufacturing costs percentage revenue expensing fair market value step-up inventory $19. 6 million 2019 $1. 0 million 2018).\n decrease profit $265. 1 million 12% due sales volume higher fixed costs manufacturing capacity expensing $19. 6 million excess book value inventory Quantenna acquisition.\n margin decreased 35. 8% 2019 38. 1% 2018. competitive pricing selling prices higher demand lower margin increased manufacturing costs decreased demand.\n $976. 35. $ 1,110. 36. 5 %\n 794. 3 878. 42. 4\n 275. 317. 41. 2\n Gross profit all segments $ 2,046. $ 2,305. 5\n Unallocated manufacturing costs (72. (1. (66.\n Total gross profit $ 1,973. 6 35. 8 % $ 2,238. 38. 1" +} +{ + "_id": "d1b3188ea", + "title": "", + "text": "14. Share-based Compensation\nWe may grant non-qualified stock options, incentive stock options, SSARs, restricted shares, and restricted share units under our shareholder-approved 2016 Stock Incentive Plan (the 2016 Plan) for up to 2.0 million common shares, plus 957,575 common shares, the number of shares that were remaining for grant under the 2011 Stock Incentive Plan (the 2011 Plan) as of the effective date of the 2016 Plan, plus the number of shares remaining for grant under the 2011 Plan that are forfeited, settled in cash, canceled or expired.\nThe maximum aggregate number of restricted shares or restricted share units that may be granted under the 2016 Plan is 1.25 million. We may distribute authorized but unissued shares or treasury shares to satisfy share option and appreciation right exercises or restricted share and performance share awards.\nFor stock options and SSARs, the exercise price must be set at least equal to the closing market price of our common shares on the date of grant. For stock options and SSARs, the exercise price must be stock options and SSARs. The maximum term of stock option and SSAR awards is seven years from the date of grant. Stock option and SSARs awards vest over a period established by the Compensation Committee of the Board of Directors.\nSSARs may be granted in conjunction with, or independently from, stock option grants. SSARs granted in connection with a stock option are exercisable only to the extent that the stock option to which it relates is exercisable and the SSARs terminate upon the termination or exercise of the related stock option grants.\nRestricted shares and restricted share units, whether time-vested or performance-based, may be issued at no cost or at a purchase price that may be below their fair market value, but are subject to forfeiture and restrictions on their sale or other transfer. Performance-based awards may be conditioned upon the attainment of specified performance objectives and other conditions, restrictions, and contingencies.\nRestricted shares and restricted share units have the right to receive dividends, or dividend equivalents in the case of restricted share units, if any, upon vesting, subject to the same forfeiture provisions that apply to the underlying awards. Subject to certain exceptions set forth in the 2016 Plan, for awards to employees, no performance-based restricted shares or restricted share units shall be based on a restriction period of less than one year, and any time-based restricted shares or restricted share units shall have a minimum restriction period of three years.\nWe record compensation expense related to stock options, stock-settled stock appreciation rights, restricted shares, and performance shares granted to certain employees and non-employee directors based on the fair value of the awards on the grant date. The fair value of restricted share and performance share awards is based on the closing price of our common shares on the grant date.\nThe fair value of stock option and stock-settled appreciation right awards is estimated on the grant date using the Black-Scholes-Merton option pricing model, which includes assumptions regarding the risk-free interest rate, dividend yield, life of the award, and the volatility of our common shares.\nThe following table summarizes the share-based compensation expense for options, SSARs, restricted and performance awards included in the Consolidated Statements of Operations for fiscal 2019, 2018 and 2017:\n\n | | Year ended March 31, | \n-------------------------------------- | ------ | -------------------- | ------\n(In thousands) | 2019 | 2018 | 2017 \nProduct development | $1,478 | $1,306 | $1,545\nSales and marketing | 469 | 371 | 360 \nGeneral and administrative | 2,429 | 3,011 | 522 \nTotal share-based compensation expense | $4,376 | $4,688 | $2,427\n\n. Share-based Compensation\n grant non-qualified stock options incentive options SSARs restricted shares units 2016 Stock Incentive Plan 2. 0 million common shares plus 957,575 remaining 2011 Stock Incentive Plan forfeited settled canceled expired.\n maximum restricted shares 2016 Plan 1. 25 million. distribute authorized unissued shares treasury shares share option appreciation right exercises restricted share performance share awards.\n stock options SSARs exercise price equal to closing market price shares grant. maximum term awards seven years grant. vest Compensation Committee Board Directors.\n SSARs granted with stock option grants. exercisable terminate option grants.\n Restricted shares units time-vested performance-based issued at no cost purchase price below fair market value subject to forfeiture restrictions sale transfer. Performance-based awards conditioned performance objectives conditions restrictions contingencies.\nRestricted shares units receive dividends vesting forfeiture provisions. exceptions 2016 Plan no performance-based shares less one year time-based minimum three years.\n record compensation expense stock options stock-settled appreciation rights restricted shares performance shares employees directors fair value date. performance closing price common shares.\n value stock option stock-settled appreciation right awards estimated Black-Scholes-Merton option pricing model risk-free interest rate dividend yield volatility.\n table summarizes share-based compensation expense options SSARs restricted performance awards Consolidated Statements Operations 2019 2018 2017:\n March\n Product development $1,478 $1,306 $1,545\n Sales marketing 469 371\n General administrative 2,429 3,011\n Total share-based compensation expense $4,376 $4,688 $2,427" +} +{ + "_id": "d1b375dd8", + "title": "", + "text": "Note 4 – Property, Plant and Equipment, net\nProperty, plant and equipment consisted of the following:\n\n | | December 31,\n---------------------------------------- | --------- | ------------\n | 2019 | 2018 \nLand | $ 1,565 | $ 1,747 \nBuildings and improvements | 17,332 | 17,520 \nMachinery and equipment | 30,670 | 29,692 \nVehicles | 778 | 937 \nOffice equipment | 851 | 838 \nConstruction in process | 362 | 546 \n | 51,558 | 51,280 \nLess accumulated depreciation | (29,284 ) | (26,707 ) \nTotal property, plant and equipment, net | $ 22,274 | $ 24,573 \n\nProperty Plant Equipment\n December\n Land $ 1,565 1,747\n Buildings improvements 17,332 17,520\n Machinery 30,670 29,692\n Vehicles\n Office equipment 851\n Construction 362\n 51,558\n depreciation (29,284 (26,707\n property $ 22,274 $ 24,573" +} +{ + "_id": "d1b36f398", + "title": "", + "text": "Retirement-Related Plans\nThe following table provides the total pre-tax cost for all retirement-related plans. Total operating costs/(income) are included in the Consolidated Income Statement within the caption (e.g., Cost, SG&A, RD&E) relating to the job function of the plan participants.\nTotal pre-tax retirement-related plan cost decreased by $994 million compared to 2018, primarily driven by a decrease in recognized actuarial losses ($1,123 million), primarily due to the change in the amortization period in the U.S. Qualified Personal Pension Plan and higher expected return on plan assets ($143 million), partially offset by higher interest costs ($203 million).\nAs discussed in the “Operating (non-GAAP) Earnings” section, we characterize certain retirement-related costs as operating and others as non-operating. Utilizing this characterization, operating retirement-related costs in 2019 were $1,457 million, a decrease of $37 million compared to 2018. Non-operating costs of $615 million in 2019 decreased $957 million year to year, driven primarily by the same factors as above.\n\n($ in millions) | | | \n--------------------------------------------- | ------- | ------- | -------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change\nRetirement-related plans—cost | | | \nService cost | $385 | $431 | (10.7)% \nMulti-employer plans | 32 | 38 | (16.9) \nCost of defined contribution plans | 1,040 | 1,024 | 1.5 \nTotal operating costs/ (income) | $1,457 | $1,494 | (2.5)% \nInterest cost | $2,929 | $2,726 | 7.4% \nExpected return on plan assets | (4,192) | (4,049) | 3.5 \nRecognized actuarial losses | 1,819 | 2,941 | (38.2) \nAmortization of prior service costs/(credits) | (9) | (73) | (87.6) \nCurtailments/settlements | 41 | 11 | 262.2 \nOther costs | 28 | 16 | 76.2 \nTotal non-operating costs/(income) | $615 | $1,572 | (60.9)% \nTotal retirement-related plans—cost | $2,072 | $3,066 | (32.4)% \n\nRetirement-Related Plans\n table pre-tax cost plans. costs Consolidated Income Statement.\n pre-tax retirement plan cost decreased $994 million compared 2018 actuarial losses ($1,123 due amortization period U. S. Qualified Personal Pension Plan higher return assets$143 offset higher interest costs ($203 million.\n retirement costs operating non-operating. costs 2019 $1,457 million decrease $37 million 2018. Non-operating costs $615 million decreased $957 million factors.\n December 31.\n Retirement-related\n Service cost $385 $431.\n Multi-employer plans.\n defined contribution plans 1,040.\n Total operating costs $1,457 $1,494.\n Interest cost $2,929 $2,726.\n Expected return on assets (4.\n Recognized actuarial losses 1,819 2,941.\nservice costs (9).\n 41 262.\n costs 28 16 76.\n non-operating costs $615 $1,572 (60.\n retirement $2,072 $3,066." +} +{ + "_id": "d1b39f8d6", + "title": "", + "text": "Uncertain Tax Positions\nAs of fiscal year end 2019, we had total unrecognized income tax benefits of $542 million. If recognized in future years, $397 million of these currently unrecognized income tax benefits would impact income tax expense (benefit) and the effective tax rate. As of fiscal year end 2018, we had total unrecognized income tax benefits of $566 million. If recognized in future years, $467 million of these currently unrecognized income tax benefits would impact income tax expense (benefit) and the effective tax rate. The following table summarizes the activity related to unrecognized income tax benefits:\nWe record accrued interest and penalties related to uncertain tax positions as part of income tax expense (benefit). As of fiscal year end 2019 and 2018, we had $42 million and $60 million, respectively, of accrued interest and penalties related to uncertain tax positions on the Consolidated Balance Sheets, recorded primarily in income taxes. During fiscal 2019, 2018, and 2017, we recognized income tax benefits of $14 million, expense of $5 million, and benefits of $5 million, respectively, related to interest and penalties on the Consolidated Statements of Operations.\nWe file income tax returns on a unitary, consolidated, or stand-alone basis in multiple state and local jurisdictions, which generally have statutes of limitations ranging from 3 to 4 years. Various state and local income tax returns are currently in the process of examination or administrative appeal.\nOur non-U.S. subsidiaries file income tax returns in the countries in which they have operations. Generally, these countries have statutes of limitations ranging from 3 to 10 years. Various non-U.S. subsidiary income tax returns are currently in the process of examination by taxing authorities.\n\n | | Fiscal | \n------------------------------------------------------------ | ----- | ------------- | -----\n | 2019 | 2018 | 2017 \n | | (in millions) | \nBalance at beginning of fiscal year | $ 566 | $ 501 | $ 490\nAdditions related to prior years tax positions | 13 | 14 | 40 \nReductions related to prior years tax positions | (101) | (11) | (9) \nAdditions related to current year tax positions | 98 | 105 | 70 \nSettlements | (2) | (7) | (4) \nReductions due to lapse of applicable statute of limitations | (32) | (36) | (86) \nBalance at end of fiscal year | $ 542 | $ 566 | $ 501\n\nUncertain Tax Positions\n 2019 unrecognized income tax benefits $542 million. recognized $397 million impact expense effective tax rate. 2018 unrecognized tax benefits $566 million. recognized $467 million expense rate. table summarizes activity unrecognized tax benefits\n record accrued interest penalties uncertain tax positions tax expense. 2019 2018 $42 million $60 million accrued interest penalties uncertain tax positions Consolidated Balance Sheets. 2019 2018 2017 recognized tax benefits $14 million expense $5 million benefits $5 million.\n file income tax returns state local jurisdictions statutes limitations 3 to 4 years. returns examination administrative appeal.\n non-U. S. subsidiaries file tax returns countries operations. statutes limitations 3 to 10 years. returns examination authorities.\n 2018\n Balance fiscal year $ $ 501 $ 490\n Additions prior years tax positions\nReductions (101)\n Additions 105 70\n Settlements\n Reductions statute limitations (32) (36) (86)\n Balance fiscal year $ 542 $ 566 $ 501" +} +{ + "_id": "d1b348f40", + "title": "", + "text": "Financial Statement Impact of Adoption on Previously Reported Results\nWe adopted Topic 606 using the modified retrospective method. The cumulative impact of applying the new guidance to all contracts with customers that were not completed as of April 1, 2018 was recorded as an adjustment to retained earnings as of the adoption date. As a result of applying the modified retrospective method to adopt the new standard, the following adjustments were made to noted accounts on the Consolidated Balance Sheet as of April 1, 2018:\nThe acceleration of revenue that was deferred under prior guidance as of the adoption date was primarily attributable to the requirement of Topic 606 to allocate the transaction price to the performance obligations in the contract on a relative basis using SSP rather than allocating under the residual method, which allocates the entire arrangement discount to the delivered performance obligations.\nDue to the Company's full valuation allowance as of the adoption date, there is no tax impact associated with the adoption of Topic 606.\nWe made certain presentation changes to our Consolidated Balance Sheet on April 1, 2018 to comply with Topic 606. Prior to adoption of the new standard, we offset accounts receivable and contract liabilities (previously presented as deferred revenue on our Consolidated Balance Sheet) for unpaid deferred performance obligations included in contract liabilities.\nUnder the new standard, we record accounts receivable and related contract liabilities for non-cancelable contracts with customers when the right to consideration is unconditional. Upon adoption, the right to consideration in exchange for goods or services that have been transferred to a customer when that right is conditional on something other than the passage of time were reclassified from accounts receivable to contract assets.\n\n(In thousands) | March 31, 2018 | Adjustment from Topic 606 | April 1, 2018\n----------------------------------------- | -------------- | ------------------------- | -------------\nAssets: | | | \nAccounts receivable, net | 16,389 | 3,124 | 19,513 \nContract assets | — | 4,583 | 4,583 \nPrepaid expenses and other current assets | 5,593 | (496) | 5,097 \nOther non-current assets | 2,484 | 2,409 | 4,893 \nLiabilities: | | | \nContract liabilities | 26,820 | 7,006 | 33,826 \nShareholders' equity: | | | \nRetained earnings | 103,601 | 2,614 | 106,215 \n\nFinancial Statement Impact Adoption on Results\n adopted Topic 606 modified retrospective method. impact contracts not completed April 1, 2018 recorded adjustment retained earnings. adjustments accounts Consolidated Balance Sheet April 1,\n acceleration revenue deferred prior guidance attributable requirement Topic 606 transaction price performance obligations residual method.\n valuation no tax impact Topic 606.\n presentation changes Consolidated Balance Sheet April 1, 2018 comply Topic 606. offset accounts receivable contract liabilities for unpaid deferred performance obligations.\n new standard record accounts receivable contract liabilities for non-cancelable contracts right to consideration unconditional. adoption right consideration exchange goods services transferred reclassified from accounts receivable to contract assets.\n March 31, 2018 Adjustment from Topic 606 April 1, 2018\n Assets\n Accounts receivable 16,389 3,124 19,513\n Contract assets 4,583\nPrepaid expenses 5,593,097\n non-current assets 2,484\n 26,820 7,006 33,826\n Shareholders equity\n earnings 103,601 106,215" +} +{ + "_id": "d1b36cf58", + "title": "", + "text": "OPERATING COSTS AND ADJUSTED EBITDA\nBell Wireline operating costs were essentially stable year over year, decreasing by 0.1% in 2019, compared to 2018, resulting from: • The favourable impact from the adoption of IFRS 16 in 2019 • Continued effective cost containment • Lower pension expenses reflecting reduced DB costs\nThese factors were partly offset by: • Higher cost of goods sold related to the growth in product sales • Increased costs from the acquisition of Axia • Greater payments to other carriers from increased sales of international wholesale long distance minutes\nBell Wireline adjusted EBITDA grew by 1.7% in 2019, compared to last year, reflecting the growth in revenues as operating expenses were relatively stable year over year. Adjusted EBITDA margin increased to 43.8% in 2019, compared to the 43.4% achieved last year, resulting from the favourable impact of the adoption of IFRS 16 in 2019 and the flow-through of the service revenue growth, offset in part by higher low-margin product sales in our total revenue base.\n\n | 2019 | 2018 | $ CHANGE | % CHANGE\n---------------------- | ------- | ------- | -------- | --------\nOperating costs | (6,942) | (6,946) | 4 | 0.1% \nAdjusted EBITDA | 5,414 | 5,321 | 93 | 1.7% \nAdjusted EBITDA margin | 43.8% | 43.4% | | 0.4 pts \n\nOPERATING COSTS ADJUSTED EBITDA\n Bell Wireline operating costs stable. 1% 2019 2018 IFRS 16 cost containment Lower pension expenses reduced costs\n offset Higher cost goods sold sales Increased costs acquisition Axia Greater payments carriers international wholesale long distance minutes\n adjusted EBITDA grew 1. 7% 2019 growth operating expenses stable. Adjusted EBITDA margin increased 43. 8% 2019 43. 4% last IFRS 16 service revenue growth offset higher low-margin product sales.\n Operating costs (6,942). 1%\n Adjusted EBITDA 5,414. 7%\n EBITDA margin 43. 8%." +} +{ + "_id": "d1b3487ac", + "title": "", + "text": "The total available market is defined as the “TAM”, while the serviceable available market, the “SAM”, is defined as the market for products sold by us (which consists of the TAM and excludes major devices such as Microprocessors (“MPUs”), Dynamic random-access memories (“DRAMs”), optoelectronics devices, Flash Memories and the Wireless Application Specific market products such as Baseband and Application Processor).\nBased on industry data published by WSTS, semiconductor industry revenues in 2019 decreased on a year-over-year basis by approximately 12% for the TAM, while it remains substantially flat for the SAM, to reach approximately $412 billion and $194 billion, respectively. In the fourth quarter of 2019, on a year-overyear basis, the TAM decreased by approximately 6%, while the SAM increased by approximately 2%. Sequentially, the TAM increased by approximately 1%, while the SAM decreased by approximately 3%.\nOur 2019 financial performance, with net revenues of $9.56 billion, gross margin of 38.7% and operating margin of 12.6% is aligned with the full year expectations we provided in April 2019.\nWe closed 2019 with a solid fourth quarter sales and financial performance. In the fourth quarter, net revenues were up 4.0% year-over-year, gross margin reached 39.3%, and operating margin was 16.7%. On a sequential basis, fourth quarter revenues grew by 7.9%, with all product group contributing to the growth, and 290 basis points above the mid-point of our guidance. Our quarterly performance was above the SAM both sequentially and on a year-over-year basis.\nOur effective average exchange rate was $1.14 for €1.00 for the full year 2019, as compared to $1.18 for €1.00 for the full year 2018. Our effective average exchange rate for the fourth quarter of 2019 was $1.12 for €1.00, compared to $1.14 for €1.00 for the third quarter of 2019 and $1.17 for €1.00 in the fourth quarter of 2018. For a more detailed discussion of our hedging arrangements and the impact of fluctuations in exchange rates, see “Impact of Changes in Exchange Rates”.\nOur 2019 gross margin decreased 130 basis points to 38.7% from 40.0% in 2018 mainly due to normal price pressure and increased unsaturation charges, partially offset by improved manufacturing efficiencies, better product mix, and favorable currency effects, net of hedging.\nOur fourth quarter 2019 gross margin was 39.3%, 110 basis points above the mid-point of our guidance, improving sequentially by 140 basis points, mainly driven by improved product mix and better manufacturing efficiencies. Our gross margin decreased 70 basis points year-over-year, mainly impacted by price pressure and unsaturation charges, partially offset by improved manufacturing efficiencies, better product mix and favorable currency effects, net of hedging.\nOur operating expenses, comprised of SG&A and R&D expenses, amounted to $2,591 million in 2019, increasing by about 3.9% from $2,493 million in the prior year, mainly due to salary dynamic, increased spending in certain R&D programs and higher share-based compensation cost, partially offset by favorable currency effects, net of hedging. Combined R&D and SG&A expenses were $672 million for the fourth quarter of 2019, compared to $629 million and $630 million in the prior and year-ago quarters, respectively. The sequential increase was mainly due to seasonality and salary dynamic. The year-over-year increase of operating expenses was mainly due to salary dynamic and increased activity on certain R&D programs, and was partially offset by favorable currency effects, net of hedging.\nOther income and expenses, net, was $103 million in 2019 compared to $53 million in 2018, mainly due to a higher level of R&D grants, mainly benefitting from the grants associated with the programs part of the European Commission IPCEI in Italy and in France. Fourth quarter other income and expenses, net, was $54 million compared to negative $2 million in the prior quarter and $16 million in the year-ago quarter, reflecting higher R&D grants in Italy associated with the IPCEI program.\nIn 2019, impairment and restructuring charges were $5 million compared to $21 million in 2018. Impairment and restructuring charges in the fourth quarter were $3 million compared to nil in the prior quarter and $2 million in the year-ago quarters.\nOperating income in 2019 was $1,203 million, decreasing by $197 million compared to 2018, mainly driven by normal price pressure, increased unsaturation charges and higher R&D spending, partially offset by higher level of grants and favorable currency effects, net of hedging. Operating income in the fourth quarter grew on a sequential and year-over-year basis to $460 million compared to $336 million and $443 million in the prior quarter and year-ago quarters, respectively, mainly driven by higher revenues, improved product mix and a higher level of grants.\n\n | Year ended December 31, | | Three Months Ended | | \n------------------------------------------- | --------------------------------------- | ------ | ------------------ | -------------------------------------------------- | -----------------\n | 2019 | 2018 | December 31, 2019 | September 29, 2019 | December 31, 2018\n | (In millions, except per share amounts) | | | (Unaudited, in millions, except per share amounts) | \nNet revenues | $9,556 | $9,664 | $2,754 | $2,553 | $2,648 \nGross profit | 3,696 | 3,861 | 1,081 | 967 | 1,059 \nGross margin as percentage of net revenues. | 38.7% | 40.0% | 39.3% | 37.9% | 40.0% \nOperating income | 1,203 | 1,400 | 460 | 336 | 443 \nNet income attributable to parent company | 1,032 | 1,287 | 392 | 302 | 418 \nDiluted earnings per share | $1.14 | $1.41 | $0.43 | $0.34 | $0.46 \n\ntotal market serviceable products sold Microprocessors Dynamic memories optoelectronics Flash Memories Wireless products.\n semiconductor revenues 2019 decreased 12% TAM flat SAM $412 billion $194 billion. fourth quarter 2019 TAM decreased 6% SAM increased 2%. TAM increased 1% SAM decreased 3%.\n 2019 financial performance net revenues $9. 56 billion gross margin 38. 7% operating margin 12. 6% aligned year expectations.\n solid fourth quarter sales financial performance. net revenues up 4. 0% year-over-year gross margin 39. 3% operating margin 16. 7%. revenues grew 7. 9% product 290 points above mid-point guidance. quarterly performance above SAM.\n effective average exchange rate $1. 14 for €1. 2019 $1. 18 €1. 2018. rate fourth quarter 2019 $1. 12 for €1. 14. $1. 17. Changes Exchange.\n 2019 gross margin decreased 130 points to 38.40. 0% 2018 price unsaturation charges offset improved manufacturing product mix currency effects.\n fourth quarter 2019 gross margin 39. 3% above guidance improving 140 improved product mix manufacturing efficiencies. margin decreased 70 year-over-year impacted price unsaturation charges offset currency.\n operating expenses $2,591 million 2019 increasing 3. $2,493 million salary dynamic increased spending R&D higher share-based compensation cost currency. Combined R&D SG&A expenses $672 million fourth quarter 2019 $629 million $630 million. increase seasonality salary dynamic. year-over-year increase salary dynamic increased R&D offset currency.\n income expenses $103 million 2019 $53 million 2018 higher R&D grants IPCEI. Fourth quarter income expenses $54 million $2 million $16 million higher R&D grants.\n impairment restructuring charges $5 million $21 million 2018.restructuring charges fourth quarter $3 million prior $2 million year-ago quarters.\n Operating income 2019 $1,203 million decreasing $197 million 2018 driven price pressure increased unsaturation charges higher R&D spending offset higher grants favorable currency effects. income fourth quarter grew $460 million $336 million $443 million prior-ago driven higher revenues improved product mix higher grants.\n Year ended December 31, Three Months\n Net revenues $9,556 $9,664 $2,754\n Gross profit 3,696 3,861\n Gross margin net revenues. 7%. 3%.\n Operating income 1,203 1,400 460 336 443\n Net income parent company 1,032 1,287 392 302 418\n earnings per share $1." +} +{ + "_id": "d1a7369d2", + "title": "", + "text": "Other non-current assets (in millions):\nDuring fiscal 2019, we formed a joint venture with Lenovo (Beijing) Information Technology Ltd. (“Lenovo”) in China and, in February 2019, contributed assets to the newly formed entity, Lenovo NetApp Technology Limited (“LNTL”), in exchange for a non-controlling 49% equity interest. The group of assets we contributed and derecognized met the definition of a business and included cash, fixed assets, customer relationships and an allocation of goodwill, with an aggregate book value of $7 million. The fair value of our equity interest in LNTL was determined using discounted cash flow techniques to be $80 million, resulting in a non-cash gain of $73 million. We accounted for our ownership interest as an equity method investment and have presented it in Other non-current assets on our consolidated balance sheet as of April 26, 2019. LNTL will be integral to our sales channels strategy in China, acting as a distributor of our offerings to customers headquartered there, and involved in certain OEM sales to Lenovo. It will also endeavor to localize our products and services, and to develop new joint offerings for the China market by leveraging NetApp and Lenovo technologies.\n\n | April 26, 2019 | April 26, 2018\n------------------------ | -------------- | --------------\nDeferred tax assets | $201 | $229 \nOther assets | 389 | 221 \nOther non-current assets | $ 590 | $ 450 \n\nnon-current assets\n 2019 formed joint venture Lenovo (Beijing. February 2019 contributed assets Lenovo NetApp Technology Limited-controlling 49% equity interest. assets cash fixed assets customer relationships goodwill book value $7 million. fair value equity interest $80 million non gain $73 million. ownership interest equity investment balance sheet April 26, 2019. LNTL integral sales strategy China distributor OEM sales Lenovo. localize products services develop offerings NetApp Lenovo technologies.\n April 26, 2019 26, 2018\n Deferred tax assets $201 $229\n Other assets 389 221\n non-current assets $ $ 450" +} +{ + "_id": "d1b3a7ef0", + "title": "", + "text": "Services Business\nWe offer services to customers and partners to help to maximize the performance of their investments in Oracle applications and infrastructure technologies. Services revenues are generally recognized as the services are performed. The cost of providing our services consists primarily of personnel related expenses, technology infrastructure expenditures, facilities expenses and external contractor expenses.\n(1) Excludes stock-based compensation and certain expense allocations. Also excludes amortization of intangible assets and certain other GAAP-based expenses, which were not allocated to our operating segment results for purposes of reporting to and review by our CODMs, as further described under “Presentation of Operating Segments and Other Financial Information” above.\nExcluding the effects of currency rate fluctuations, our total services revenues decreased in fiscal 2019 relative to fiscal 2018 primarily due to revenue declines in our education services and, to a lesser extent, our consulting services. During fiscal 2019, constant currency increases in our EMEA-based services revenues were offset by constant currency services revenue decreases in the Americas and the Asia Pacific regions.\nIn constant currency, total services expenses increased in fiscal 2019 compared to fiscal 2018 primarily due to an increase in employee related expenses and external contractor expenses associated with investments in our consulting services that support our cloud offerings. In constant currency, total margin and total margin as a percentage of total services revenues decreased during fiscal 2019 relative to fiscal 2018 due to decreased revenues and increased expenses for this business.\n\n | | | Percent Change | \n------------------------ | ------ | ------ | -------------- | ------\n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nServices Revenues: | | | | \nAmericas | $1,576 | -5% | -3% | $1,654\nEMEA | 1,021 | -2% | 2% | 1,046 \nAsia Pacific | 643 | -7% | -4% | 695 \nTotal revenues | 3,240 | -5% | -2% | 3,395 \nTotal Expenses (1) | 2,703 | -1% | 2% | 2,729 \nTotal Margin | $537 | -19% | -18% | $666 \nTotal Margin % | 17% | | | 20% \n% Revenues by Geography: | | | | \nAmericas | 49% | | | 49% \nEMEA | 31% | | | 31% \nAsia Pacific | 20% | | | 20% \n\nServices\n offer services customers maximize investments in Oracle applications infrastructure technologies. Services revenues recognized as performed. cost personnel technology infrastructure facilities external contractor expenses.\n Excludes stock compensation expense allocations. amortization intangible assets GAAP-based expenses not allocated to operating segment results.\n services revenues decreased 2019 due to declines education consulting services. currency increases EMEA offset by decreases Americas Asia Pacific.\n constant currency services expenses increased employee external contractor expenses consulting. total margin revenues decreased decreased revenues increased expenses.\n Percent Change\n millions 2018\n Services Revenues\n Americas $1,576 -5% -3% $1,654\n EMEA 1,021 -2% 2% 1,046\n Asia Pacific 643 -7% -4% 695\n Total revenues 3,240 -5% -2% 3,395\n Total Expenses 2,703 -1% 2% 2,729\nTotal Margin $537 -19% $666\n 17% 20%\n Revenues Geography\n Americas 49%\n EMEA 31%\n Asia Pacific 20%" +} +{ + "_id": "d1b33be94", + "title": "", + "text": "OUTSTANDING COMMON SHARES\n1 Holders of our Class B Non-Voting Shares are entitled to receive notice of and to attend shareholder meetings; however, they are not entitled to vote at these meetings except as required by law or stipulated by stock exchanges. If an offer is made to purchase outstanding Class A Shares, there is no requirement under applicable law or our constating documents that an offer be made for the outstanding Class B Non-Voting Shares, and there is no other protection available to shareholders under our constating documents. If an offer is made to purchase both classes of shares, the offer for the Class A Shares may be made on different terms than the offer to the holders of Class B Non-Voting Shares.\nAs at February 29, 2020, 111,154,811 Class A Shares, 393,770,507\nClass B Non-Voting Shares, and 3,145,274 options to purchase\nClass B Non-Voting Shares were outstanding.\n\n | As at December 31 | \n------------------------------- | ----------------- | -----------\n | 2019 | 2018 \nCommon shares outstanding 1 | | \nClass A Voting | 111,154,811 | 111,155,637\nClass B Non-Voting | 393,770,507 | 403,657,038\nTotal common shares | 504,925,318 | 514,812,675\nOptions to purchase Class B | | \nNon-Voting Shares | | \nOutstanding options | 3,154,795 | 2,719,612 \nOutstanding options exercisable | 993,645 | 1,059,590 \n\nSHARES\n Holders Class B Non-Voting Shares receive attend meetings not vote except law stock exchanges. purchase A Shares no requirement B Non no other protection. purchase different terms B Non-Voting.\n February 29, 2020 111,154,811 Class A Shares,770,507\n B Non-Voting Shares 3,145,274 options purchase\n outstanding.\n December 31\n shares\n Class A Voting 111,154,811 111,155,637\n Class B Non-Voting 393,770,507 403,657,038\n Total shares 504,925,318 514,812,675\n Options purchase\n Non-Voting\n options 3,154,795 2,719,612\n exercisable 993,645 1,059,590" +} +{ + "_id": "d1b35c4dc", + "title": "", + "text": "GAAP Results of Operations\nKey Performance Indicators* (in millions):\n* excludes discontinued operations (See Note 5 of Notes to Consolidated Financial Statements).\n** excludes special charges, net (See Note 5 of Notes to Consolidated Financial Statements).\n1 Includes $20.0 million of income tax benefits primarily related to the reversal of valuation allowances against the Company's deferred tax assets and the\nimpacts of U.S. tax reform enacted in Q4 of 2017.\n\n | | Years Ended December 31, | | Change | \n-------------------------------------------------------- | ------ | ------------------------ | -------- | ------------ | ------------\n | 2019 | 2018 | 2017 | 2019 vs 2018 | 2018 vs 2017\nNet sales of continuing operations | | | | | \nConsolidated net sales | $946.9 | $896.9 | $791.8 | 5.6% | 13.3% \nConsolidated gross profits | $325.7 | $307.7 | $273.2 | 5.8% | 12.6% \nConsolidated gross margin | 34.4% | 34.3% | 34.5% | 0.1% | (0.2)% \nConsolidated SD&A costs ** | $260.4 | $245.2 | $227.2 | 6.2% | 7.9% \nConsolidated SD&A costs ** as % of sales | 27.5% | 27.3% | 28.7% | 0.2% | (1.4)% \nConsolidated operating income | $66.1 | $61.7 | $45.7 | 7.1% | 35.0% \nConsolidated operating margin from continuing operations | 7.0% | 6.9% | 5.8% | 0.1% | 1.1% \nEffective income tax rate | 24.4% | 21.3% | (44.0)% | 3.1% | 65.3% \nNet income from continuing operations | $50.0 | $49.5 | 65.5 (1) | 1.0% | (24.4)% \nNet margin from continuing operations | 5.3% | 5.5% | 8.3% | (0.2)% | (2.8)% \nIncome (loss) from discontinued operations, net of tax $ | $(1.5) | $175.2 | $(25.1) | (100.9)% | 798.0% \n\nGAAP Results Operations\n Performance Indicators\n excludes discontinued operations Note 5.\n special charges.\n Includes $20. million income tax benefits reversal valuation allowances deferred tax assets\n impacts. tax reform Q4 2017.\n Ended December 31,\n sales continuing operations\n Consolidated sales $946. $896. $791. 5. 6% 13. 3%\n gross profits $325. $307. $273. 5. 12. 6%\n gross margin 34. 4%. 3%.\n SD&A costs $260. $245. $227. 6. 7.\n costs sales 27. 5% 27. 3% 28. 7%.\n operating income $66. $61. $45. 35.\n operating margin operations 7. 6.\n income tax rate 24. 4% 21. 3%. 3. 65.\n Net income continuing $50. $49.65. 1. (24. 4)\n margin operations 5. 3%. 5% 8. 3%. 8)\n Income discontinued operations tax. $175. (100. 9)." +} +{ + "_id": "d1b31a0d2", + "title": "", + "text": "Industry Overview\nAccording to WSTS (an industry research firm), worldwide semiconductor industry sales were $412.1 billion in 2019, a decrease of approximately 12.1% from $468.8 billion in 2018. We participate in unit and revenue surveys and use data summarized by WSTS to evaluate overall semiconductor market trends and to track our progress against the market in the areas we provide semiconductor components. The following table sets forth total worldwide semiconductor industry revenue since 2015:\n(1) Based on shipment information published by WSTS. We believe the data provided by WSTS is reliable, but we have not independently verified it. WSTS periodically revises its information. We assume no obligation to update such information.\nAs indicated above, worldwide semiconductor sales increased from $335.2 billion in 2015 to $412.1 billion in 2019. The decrease of 12.1% from 2018 to 2019 was the result of decreased demand for semiconductor products. Our revenue decreased by $360.4 million, or 6.1%, from 2018 to 2019.\n\nYear Ended December 31, | Worldwide Semiconductor Industry Sales (1) | Percentage Change\n----------------------- | ------------------------------------------ | -----------------\n | (in billions) | \n2019 | $412.1 | (12.1)% \n2018 | $468.8 | 13.7% \n2017 | $412.2 | 21.6% \n2016 | $338.9 | 1.1% \n2015 | $335.2 | (0.2)% \n\n\n WSTS worldwide semiconductor sales $412. 1 billion 2019 decrease. 1% from $468. 8 billion 2018. participate surveys data market trends progress. table semiconductor revenue since 2015\n. not verified. revises. obligation.\n semiconductor sales increased from $335. 2 billion 2015 to $412. 1 billion 2019. decrease. 1% decreased demand semiconductor. revenue decreased $360. 4 million 6. 1% 2018 to 2019.\n Worldwide Semiconductor Industry Sales Percentage Change\n billions\n 2019 $412.\n 2018 $468.\n 2017 $412.\n 2016 $338.\n 2015 $335." +} +{ + "_id": "d1b303102", + "title": "", + "text": "Note 9 – Leases\nWe have operating leases for office space, automobiles and various other equipment in the U.S. and in certain international locations. We also reviewed other contracts, such as manufacturing agreements and service agreements, for potential embedded leases. We specifically reviewed these other contracts to determine whether we have the right to substantially all of the economic benefit from the use of any specified assets or the right to direct the use of any specified assets, either of which would indicate the existence of a lease.\nAs of December 31, 2019, our operating leases had remaining lease terms of one month to six years, some of which included options to extend the leases for up to nine years, and some of which included options to terminate the leases within three months. For those leases that are reasonably assured to be renewed, we have included the option to extend as part of our right of use asset and lease liability. Leases with an initial term of 12 months or less were not recorded on the balance sheet and lease expense for these leases is recognized on a straight-line basis over the lease term. Lease expense related to these short-term leases was $0.4 million for the twelve months ended December 31, 2019, and is included in cost of sales, selling, general and administrative expenses and research and development expenses in the Consolidated Statements of Income. Lease expense related to variable lease payments that do not depend on an index or rate, such as real estate taxes and insurance reimbursements, was $0.9 million for the twelve months ended December 31, 2019. For lease agreements entered into or reassessed after the adoption of Topic 842, we elected to not separate lease and nonlease components. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.\nSupplemental balance sheet information related to operating leases is as follows:\n(1) Reflects the adoption of the new lease accounting standard on January 1, 2019.\n\n(In thousands) | Classification | December 31, 2019 | January 1, 2019 (1)\n--------------------------- | ----------------------------- | ----------------- | -------------------\nAssets | | | \nRight of use lease assets | Other Assets | $8,452 | $10,322 \nTotal lease asset | | $8,452 | $10,322 \nLiabilities | | | \nCurrent lease liability | Accrued expenses | $2,676 | $2,948 \nNon-current lease liability | Other non-current liabilities | 5,818 | 7,374 \nTotal lease liability | | $8,494 | $10,322 \n\n9 Leases\n operating leases for office space automobiles equipment U. S. international locations. reviewed contracts service for potential leases. reviewed right to economic benefit direct.\n December 31, 2019 operating leases terms one month to six years options extend nine years terminate within three months. leases option to extend right use liability. Leases initial term 12 months or less not recorded balance sheet lease expense recognized straight over lease term. Lease expense short leases was $0. 4 million 2019 included in cost sales selling expenses research development expenses Consolidated Statements of Income. Lease expense variable lease payments real estate taxes insurance reimbursements was $0. 9 million. lease agreements Topic 842 separate lease nonlease components. residual value guarantees restrictive covenants.\n Supplemental balance sheet information operating leases\n new lease accounting standard January 1, 2019.\n December 2019\nAssets\n Right use lease $8,452 $10,322\n Liabilities\n lease Accrued expenses $2,676 $2,948\n Non-current 7,374\n Total lease $8,494 $10,322" +} +{ + "_id": "d1a74070c", + "title": "", + "text": "Significant Suppliers\nWe purchase a significant amount of our inventory from certain manufacturers or suppliers including components, assemblies and electronic manufacturing parts. The inventory is purchased under standard supply agreements that outline the terms of the product delivery. The title and risk of loss of the product generally pass to us upon shipment from the manufacturers’ plant or warehouse. Some of these manufacturers accounted for more than 10% of our purchases and accounts payable as follows:\nWe are currently reliant upon these suppliers for products. Although we believe that we can obtain products from other sources, the loss of a significant supplier could have a material impact on our financial condition and results of operations as the products that are being purchased may not be available on the same terms from another supplier.\n\n | | Year Ended February 28, | \n-------------------- | ---- | ----------------------- | ----\n | 2019 | 2018 | 2017\nInventory purchases: | | | \nSupplier A | 31% | 33% | 34% \nSupplier B | 20% | 16% | 14% \nSupplier C | 6% | 9% | 11% \n | | As of February 28, | \n2017 | 2019 | 2018 | \nAccounts Payable: | | | \nSupplier A | 30% | 40% | 33% \nSupplier B | 18% | 16% | 18% \n\nSuppliers\n purchase inventory from manufacturers including components assemblies electronic parts. inventory purchased under standard supply agreements. title risk loss pass to us upon shipment manufacturers’. Some manufacturers for 10% purchases accounts payable\n reliant upon suppliers for products. loss of supplier financial condition results.\n Ended February 28,\n Inventory purchases\n Supplier A 31% 33%\n B 20% 16% 14%\n C 6% 11%\n February 28,\n 2017 2019\n Accounts Payable\n Supplier A 30% 40% 33%\n Supplier B 18% 16%" +} +{ + "_id": "d1b3b14a0", + "title": "", + "text": "Net profit/(loss) after tax was $(9.8) million (2018: $6.6 million). Non-statutory underlying earnings before interest, tax, depreciation and amortisation (EBITDA) improved from $62.6 million in FY18 to $85.1 million in FY19.\nReconciliation of statutory profit to EBITDA and underlying EBITDA is as follows:\n\n | 30 June 2019 | 30 June 2018 | Change\n------------------------------------------------------ | ------------ | ------------ | ------\n | $’000 | $’000 | % \nNet profit/(loss) after tax | (9,819) | 6,639 | (248%)\nAdd: finance costs | 54,897 | 25,803 | 113% \nLess: interest income | (8,220) | (5,778) | 42% \nAdd/(less): income tax expense/(benefit) | (6,254) | 4,252 | (247%)\nAdd: depreciation and amortisation | 48,442 | 33,038 | 47% \nEBITDA | 79,046 | 63,954 | 24% \nLess: gain on extinguishment of B1 lease | (1,068) | - | \nLess: gain on extinguishment of APDC leases | (1,291) | - | \nLess: distribution income | (1,344) | (3,191) | (58%) \nAdd: APDC transaction costs | 5,459 | 1,812 | 201% \nAdd: landholder duty on acquisition of APDC properties | 3,498 | - | \nAdd: Singapore and Japan costs | 823 | - | \nUnderlying EBITDA | 85,123 | 62,575 | 36% \n\nprofit after tax $. million. earnings improved $62. million to $85. million FY19.\n Reconciliation profit\n 2019 2018\n profit after tax (9,819) 6,639 (248%)\n finance costs 54,897 25 113%\n interest income (8,220 42%\n (6,254) 4,252 (247%\n depreciation amortisation 48,442 47%\n EBITDA 79,046 63,954 24%\n gain extinguishment B1 lease\n APDC leases\n distribution income (1,344 (58%)\n APDC transaction costs 5,459 201%\n landholder duty acquisition APDC 3,498\n Singapore Japan costs\n EBITDA 85,123 62,575 36%" +} +{ + "_id": "d1b31a1cc", + "title": "", + "text": "Key Balance Sheet Information\nTotal assets increased $1,234.7 million as at December 31, 2019 compared to December 31, 2018, principally due to a $485.5 million increase in cash, cash equivalents and marketable securities mainly as a result of the public offering in September 2019, which resulted in net proceeds of $688.0 million. Business acquisitions during the year, largely due to the acquisition of 6RS, further impacted total assets through an increase in goodwill of $273.8 million, a $141.2 million increase in intangible assets and a resulting decrease in cash due to the consideration paid. The remainder of the increase is due to: the adoption of the new lease accounting standard, further discussed in the \"Critical Accounting Policies and Estimates\" section below, which resulted in the addition of right-of-use assets totaling $134.8 million as at December 31, 2019; a $58.3 million increase in merchant cash advances and loans receivable; a $49.8 million increase in property and equipment, largely related to leaseholds for our offices; a $49.2 million increase in trade and other receivables largely due to an increase in indirect taxes receivable, unbilled revenue related to subscription fees for Plus merchants, transaction fees and shipping charges; and a $19.4 million increase in deferred tax assets. Total liabilities increased by $309.7 million, principally as a result of the adoption of the new leasing standard, which resulted in $126.8 million of additional lease liabilities related to obtaining right-of-use assets. Accounts payable and accrued liabilities increased by $84.2 million, which was due to an increase in indirect taxes payable, payroll liabilities, and payment processing and interchange fees, partly offset by a decrease in foreign exchange forward contract liabilities. The increase was also due to income taxes payable of $69.4 million driven largely by the one-time capital gain recognized in the period. Deferred tax liabilities increased by $7.6 million, due to the acquisition of 6RS. The growth in sales of our subscription solutions offering, along with the acquisition of 6RS, resulted in an increase of deferred revenue of $21.6 million.\n\n | December 31, 2019 | December 31, 2018\n------------------------------------------------ | ----------------- | -----------------\n | (in thousands) | \nCash, cash equivalents and marketable securities | $2,455,194 | $1,969,670 \nTotal assets | 3,489,479 | 2,254,785 \nTotal liabilities | 473,745 | 164,017 \nTotal non-current liabilities | 157,363 | 25,329 \n\n\n assets increased $1,234. 7 million December 2019 $485. 5 million increase cash equivalents securities public offering September 2019 proceeds $688. 0 million. acquisitions 6RS impacted goodwill $273. 8 million $141. 2 million intangible assets cash. new lease accounting standard right-of-use assets $134. 8 million $58. 3 million cash advances loans $49. 8 million increase property equipment $49. 2 million increase trade receivables indirect taxes unbilled revenue $19. 4 million deferred tax assets. liabilities increased $309. 7 million new leasing standard $126. 8 million liabilities. Accounts payable accrued liabilities increased $84. 2 million indirect taxes payroll liabilities payment processing fees foreign exchange contract liabilities. income taxes $69. 4 million-time capital gain. Deferred tax liabilities increased $7. 6 million acquisition 6RS.growth subscription acquisition 6RS deferred revenue $21. million.\n Cash equivalents securities $2,455,194 $1,969,670\n assets 3,489,479 2,254,785\n liabilities 473,745 164,017\n non-current 157,363 25" +} +{ + "_id": "d1a713c66", + "title": "", + "text": "Non-GAAP Results\nManagement uses non-GAAP operating income and non-GAAP EPS to evaluate business performance without the impacts of certain non-cash charges and other charges which are not part of our usual operations. We use these non- GAAP measures to assess performance against business objectives, make business decisions, including developing budgets and forecasting future periods. In addition, management’s incentive plans include these non-GAAP measures as criteria for achievements. These non-GAAP measures are not in accordance with U.S. GAAP and may differ from non- GAAP methods of accounting and reporting used by other companies. However, we believe these non-GAAP measures provide additional information that enables readers to evaluate our business from the perspective of management. The presentation of this additional information should not be considered a substitute for results prepared in accordance with U.S. GAAP.\nThe non-GAAP results presented below exclude the impact of non-cash related charges, such as stock-based compensation and amortization of intangible assets. In addition, they exclude discontinued operations and other nonrecurring items such as acquisition-related costs and restructuring expenses, as they are not indicative of future performance. The tax effect of our non-GAAP adjustments represents the anticipated annual tax rate applied to each non-GAAP adjustment after consideration of their respective book and tax treatments and effect of adoption of the Tax Act.\n\nReconciliation of Non-GAAP measure - operating expenses and operating income from continuing operations, excluding certain items (in thousands) | Years Ended December 31, | \n----------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------ | ----------\n | 2019 | 2018 \nGross profit from continuing operations, as reported | $ 315,652 | $365,607 \nAdjustments to gross profit: | | \nStock-based compensation | 525 | 742 \nFacility expansion and relocation costs | 3,891 | 1,328 \nAcquisition-related costs | 8,290 | 569 \nNon-GAAP gross profit | 328,358 | 368,246 \nNon-GAAP gross margin | 41.6% | 51.2% \nOperating expenses from continuing operations, as reported | 261,264 | 194,054 \nAdjustments: | | \nAmortization of intangible assets | (12,168) | (5,774) \nStock-based compensation | (6,803) | (8,961) \nAcquisition-related costs | (12,002) | (1,726) \nFacility expansion and relocation costs | (948) | (518) \nRestructuring charges | (5,038) | (4,239) \nNon-GAAP operating expenses | 224,305 | 172,836 \nNon-GAAP operating income | $ 104,053 | $ 195,410\n\nNon-GAAP Results\n Management uses income EPS performance without-cash. measures assess performance decisions budgets. incentive plans include-GAAP measures. measures not U. S. GAAP differ from accounting reporting. provide additional information. for results. GAAP.\n non-GAAP results exclude non-cash charges stock-based compensation amortization intangible assets. exclude discontinued operations nonrecurring items acquisition-related costs restructuring expenses not future performance. tax effect non-GAAP adjustments represents anticipated annual tax rate Tax Act.\n Reconciliation Non-GAAP measure operating expenses income operations excluding items Years Ended December 31,\n Gross profit operations $ 315,652 $365,607\n Adjustments profit\n Stock-based compensation 525 742\n Facility expansion relocation costs 3,891 1,328\n Acquisition-related costs 8,290 569\n Non-GAAP gross profit 328,358 368,246\n margin 41.. 2%\n expenses 261,264 194,054\n Amortization intangible assets (12,168\n Stock compensation\n Acquisition costs,002\n Facility expansion relocation\n Restructuring (4\n Non-GAAP expenses 224,305 172,836\n income 104,053 195,410" +} +{ + "_id": "d1b345eb2", + "title": "", + "text": "15. Revenue from Contracts with Customers\nImpact of Adopting Topic 606\nThe effects of the adoption on the Company's Consolidated Financial Statements for the fiscal year ended September 28, 2019 was as follows (in thousands):\n\n | September 28, 2019\nAs Reported | Adjustments due to Topic 606 | September 28, 2019\nAs Adjusted - Without\nAdoption of Topic 606\n------------------------------------ | ------------------------------ | ---------------------------- | --------------------------------------------------------------\nASSETS | | | \n Contract assets | $90,841 | $90,841 | $— \nInventories | 700,938 | (81,895) | 782,833 \nLIABILITIES AND SHAREHOLDERS' EQUITY | | | \nOther accrued liabilities | $106,461 | $(375) | $106,836 \nRetained earnings | 1,178,677 | 9,321 | 1,169,356 \n\n. Revenue Contracts\n Adopting Topic 606\n effects adoption Company Financial Statements fiscal year September 28, 2019\n Adjustments Topic 606\n Adoption 606\n Contract assets $90,841\n Inventories 700,938 782,833\n LIABILITIES SHAREHOLDERS' EQUITY\n accrued liabilities $106,461\n Retained earnings 1,178,677 1,169,356" +} +{ + "_id": "d1a7131e4", + "title": "", + "text": "Quarterly Results (Unaudited)\nThe following table sets forth certain unaudited quarterly financial information for the 2019 and 2018 fiscal years. In the opinion of management, this information has been presented on the same basis as the audited consolidated financial statements appearing elsewhere, and all necessary adjustments (consisting primarily of normal recurring accruals) have been included in the amounts stated below to present fairly the unaudited quarterly results when read in conjunction with the audited consolidated financial statements and related notes thereto. The operating results for any quarter are not necessarily indicative of results for any future period.\n(1) Includes acquisition and integration charges related to our strategic collaboration with JJMD of $17.6 million, $13.4 million, $12.8 million, $8.9 million and $8.1 million for the three months ended August 31, 2019, May 31, 2019, February 28, 2019, November 30, 2018 and August 31, 2018, respectively.\n(2) Includes ($13.3 million), $111.4 million and $30.9 million of income tax (benefit) expense for the three months ended November 30, 2018, August 31, 2018 and February 28, 2018, respectively, related to the Tax Act.\n(3) Includes a restructuring of securities loss of $29.6 million for the three months ended August 31, 2019.\n(4) Includes a distressed customer charge of $6.2 million, $18.0 million and $14.7 million during the three months ended August 31, 2019, August 31, 2018 and February 28, 2018, respectively.\n\nFiscal Year 2019 | | | | \n----------------------------------------------------------------- | -------------- | ----------- | ------------------ | ----------------\n | | | Three Months Ended | \n(in thousands, except for per share data) | August 31,2019 | May 31,2019 | February 28,2019 | November 30,2018\nNet revenue | $6,573,453 | $6,135,602 | $6,066,990 | $6,506,275 \nGross profit(4) | 495,078 | 443,799 | 454,874 | 519,650 \nOperating income(1)(4) | 189,745 | 140,918 | 153,983 | 216,710 \nNet income(2)(3)(4) | 53,761 | 44,032 | 67,607 | 124,074 \nNet income attributable to Jabil Inc.(2)(3)(4) | $52,675 | $43,482 | $67,354 | $123,600 \nEarnings per share attributable to the stockholders of Jabil Inc. | | | | \nBasic | $0.34 | $0.28 | $0.44 | $0.77 \nDiluted | $0.34 | $0.28 | $0.43 | $0.76 \n\nQuarterly Results (Unaudited\n table unaudited quarterly financial information 2019 2018 fiscal years. presented audited financial statements adjustments included. operating results not indicative future period.\n Includes acquisition integration charges $17. 6 million $13. 4 million $12. 8 million $8. 9 million $8. 1 million August 31, May February.\n Includes$13. 3 $111. 4 million $30. 9 million income tax) expense.\n Includes restructuring securities loss $29. 6 million August 31,.\n Includes distressed customer charge $6. 2 million $18. 0 million $14. 7 million August 31, February.\n Fiscal Year 2019\n Three Months\n August 31,2019 May 31,2019 February 28,2019 November 30,2018\n Net revenue $6,573,453 $6,135,602 $6,066,990 $6,506,275\n Gross 495,078 443,799 454,874 519,650\nOperating 189,745 140,918 153,983 216,710\n Net 53,761 44,032 67,607 124,074\n Jabil Inc. $52,675 $43,482 $67,354 $123,600\n Earnings per share stockholders Jabil Inc.\n. 34.\n." +} +{ + "_id": "d1a73bfc2", + "title": "", + "text": "In 2019 and 2018, we had pre-tax losses of $19,573 and $25,403 respectively, which are available for carry forward to offset future taxable income. We made determinations to provide full valuation allowances for our net deferred tax assets at the end of 2019 and 2018, including NOL carryforwards generated during the years, based on our evaluation of positive and negative evidence, including our history of operating losses and the uncertainty of generating future taxable income that would enable us to realize our deferred tax assets.\nDeferred tax assets (liabilities) consist of the following:\nIn assessing the realization of deferred tax assets, management considers whether it is more likely than not that a portion of the net deferred assets will not be realized. The ultimate realization of the net deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Based on the available objective evidence, management believes it is more likely than not that the net deferred tax assets at December 31, 2019 will not be realizable. Accordingly, management has maintained a full valuation allowance against its net deferred tax assets at December 31, 2019. The net change in the total valuation allowance for the 12 months ended December 31, 2019 was an increase of $1,816.\n\n | As of | As of \n-------------------------------------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nDeferred tax assets: | | \nReserves and accruals | $62 | $45 \nResearch and development credits and other credits | 1,730 | 1,635 \nNet operating loss carry forward | 27,907 | 25,733 \nStock based compensation | 8,402 | 8,857 \nOther | 11 | 26 \nTotal deferred tax assets | 38,112 | 36,296 \nValuation allowance | (38,112) | (36,296) \nDeferred tax assets after valuation allowance | — | — \nTotal deferred tax liability | — | — \nNet deferred tax assets (liabilities) | $— | $— \n\n2019 2018 pre-tax losses $19,573 $25,403 available carry future taxable income. full valuation allowances net deferred tax assets 2019 2018 including NOL carryforwards positive negative evidence operating losses uncertainty future taxable income.\n Deferred tax assets\n. future taxable income. net deferred assets December 31, 2019 realizable. maintained full valuation allowance net deferred tax assets December 31, 2019. net change total valuation allowance 12 months December 31, 2019 increase $1,816.\n December 31, 2019 31, 2018\n Deferred tax assets\n Reserves accruals $62 $45\n Research development credits 1,730\n Net operating loss carry forward 27,907 25,733\n Stock based compensation 8,402\n Total deferred tax assets 38,112 36,296\n Valuation allowance\n after valuation allowance\n Total deferred tax liability\n Net deferred tax assets" +} +{ + "_id": "d1b2ecc5e", + "title": "", + "text": "Segment Results of Operations\nIn the Company's Consolidated Financial Statements, other operating (income) expense includes (i) (gain) loss on sale or disposal of assets, (ii) lease termination costs, (iii)\nasset impairment expense, (iv) accretion of asset retirement obligations, and (v) FCC reimbursements. Each table summarizes the results of operations of our operating\nsegments and compares the amount of the change between the periods presented (in millions).                                Marine Services Segment\nNet revenue: Net revenue from our Marine Services segment for the year ended December 31, 2019 decreased $21.8 million to $172.5 million from $194.3 million for the year ended December 31, 2018. The decrease was primarily driven by a decline in the volume of projects under execution across multiple reporting lines, including power cable repair in offshore renewables, telecom installation work, and a reduction in CWind Group revenue due to focusing on a mix of more profitable projects.\nCost of revenue: Cost of revenue from our Marine Services segment for the year ended December 31, 2019 decreased $35.9 million to $127.1 million from $163.0 million for the year ended December 31, 2018. The decrease was driven by the reduction in revenue, improved vessel utilization, and higher than expected costs on a certain power construction project in the comparable period that were not repeated.\nSelling, general and administrative: Selling, general and administrative expenses from our Marine Services segment for the year ended December 31, 2019 increased $5.6 million to $25.8 million from $20.2 million for the year ended December 31, 2018. The increase was primarily due to higher disposition costs in the fourth quarter of 2019 related to the sale of the Marine Services segment. This was partially offset by a reversal of an accrual of bad debt expense in the current period due to a favorable receivable settlement during the quarter. See Note 24. Subsequent Events for the summary of the subsequent events.\nDepreciation and amortization: Depreciation and amortization from our Marine Services segment for the year ended December 31, 2019 decreased $1.5 million to $25.7 million from $27.2 million for the year ended December 31, 2018. The decrease was largely attributable to the disposal of assets during the year.\nOther operating income: Other operating income decreased $0.7 million from $0.7 million of income for the year ended December 31, 2018, as a result of an impairment expense recorded in 2019 due to the under-utilization of assets on one of the segment's barges.\n\n | | Years Ended December 31, | \n----------------------------------- | ------ | ------------------------ | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nNet revenue | $172.5 | $194.3 | $(21.8) \nCost of revenue | 127.1 | 163.0 | (35.9) \nSelling, general and administrative | 25.8 | 20.2 | 5.6 \nDepreciation and amortization | 25.7 | 27.2 | (1.5) \nOther operating income | — | (0.7) | 0.7 \nIncome (loss) from operations | $(6.1) | $(15.4) | $9.3 \n\nResults Operations\n Consolidated Financial Statements expense includes loss sale disposal lease termination costs\n asset impairment expense asset retirement obligations FCC reimbursements. table summarizes results\n compares change. Marine Services Segment\n Net revenue 2019 decreased $21. 8 million to $172. 5 million from $194. 3 million 2018. driven decline projects repair reduction Group revenue profitable projects.\n Cost revenue 2019 decreased $35. 9 million to $127. 1 million from $163. 0 million 2018. driven reduction improved vessel utilization higher costs power construction project.\n Selling administrative expenses 2019 increased $5. 6 million to $25. 8 million from $20. 2 million 2018. increase due higher disposition costs fourth quarter. offset reversal bad debt expense favorable receivable settlement. Note 24.\n Depreciation amortization 2019 decreased $1. 5 million to $25. 7 million from $27. 2 million 2018.decrease attributable disposal assets.\n decreased $0. 7 million. million December 31, 2018 impairment 2019 under-utilization assets.\n Ended December\n Net revenue $172. $194. $(21.\n Cost revenue 127. 163. (35.\n Selling administrative 25. 20. 5.\n Depreciation amortization 25. 27. 2 (1.\n Other operating income.\n Income (loss) operations $(6. 1) $(15. 4) $9." +} +{ + "_id": "d1b3402dc", + "title": "", + "text": "The provision for income taxes differs from the amount computed by applying the statutory federal tax rate to income before income taxes. The sources and tax effects of the differences in the total income tax provision are as follows (amounts in millions):\n(1) The release of prior year tax positions during fiscal 2019 increased the basic and diluted net income per common share by $0.32 and $0.30, respectively. The release of prior year tax positions during fiscal 2018 increased the basic and diluted net income per common share by $0.05. The release of prior year tax positions during fiscal 2017 increased the basic and diluted net income per common share by $0.17 and $0.15, respectively.\nThe foreign tax rate differential benefit primarily relates to the Company's operations in Thailand, Malta and Ireland. The Company's Thailand manufacturing operations are currently subject to numerous tax holidays granted to the Company based on its investment in property, plant and equipment in Thailand. The Company's tax holiday periods in Thailand expire between fiscal 2022 and 2026, however, the Company actively seeks to obtain new tax holidays. The Company does not expect the future expiration of any of its tax holiday periods in Thailand to have a material impact on its effective tax rate. The Company’s Microsemi operations in Malaysia are subject to a tax holiday that effectively reduces the income tax rate in that jurisdiction. Microsemi’s tax holiday in Malaysia was granted in 2009 and is effective through December 2019, subject to continued compliance with the tax holiday’s requirements. The aggregate dollar expense derived from these tax holidays approximated $0.1 million in fiscal 2019. The aggregate dollar benefit derived from these tax holidays approximated $6.2 million and $13.2 million in fiscal 2018 and 2017, respectively. The impact of the tax holidays during fiscal 2019 did not impact basic and diluted net income per common share. The impact of the tax holidays during fiscal 2018 increased the basic and diluted net income per common share by $0.03 and $0.02, respectively. The impact of the tax holidays during fiscal 2017 increased the basic and diluted net income per common share by $0.06.\n\n | | Year Ended March 31, | \n----------------------------------------------------------------------- | -------- | -------------------- | -------\n | 2019 | 2018 | 2017 \nComputed expected income tax provision | $43.0 | $232.6 | $31.4 \nState income taxes, net of federal benefit | (8.7) | (1.3) | (4.6) \nForeign income taxed at lower than the federal rate | (94.0) | (208.8) | (105.0)\nImpact of the Act - one-time transition tax, net of foreign tax credits | 13.1 | 653.7 | — \nImpact of the Act - deferred tax effects, net of valuation allowance | — | (136.7) | — \nGlobal intangible low-taxed income | 95.4 | — | — \nBusiness realignment | (90.6) | — | — \nIncreases related to current year tax positions | 9.0 | 32.0 | 53.7 \nDecreases related to prior year tax positions (1) | (75.1) | (11.3) | (36.3) \nShare-based compensation | (13.3) | (27.2) | (25.0) \nResearch and development tax credits | (27.5) | (17.0) | (12.8) \nIntercompany prepaid tax asset amortization | 5.2 | 7.4 | 7.9 \nForeign exchange | 4.6 | (20.5) | (1.7) \nOther | (2.6) | (0.5) | 9.8 \nChange in valuation allowance | (9.9) | (20.5) | 1.8 \nTotal income tax provision (benefit) | $(151.4) | $481.9 | $(80.8)\n\nprovision income taxes from federal tax rate before. sources tax effects differences income tax\n prior year tax positions 2019 increased diluted net income per common share $0. 32 $0. 30. 2018 increased $0. 05. 2017 increased income $0. 17 $0. 15.\n foreign tax rate differential benefit relates to Company operations in Thailand Malta Ireland. Thailand manufacturing operations subject to tax holidays. tax holiday periods expire 2022 2026 seeks new tax holidays. expiration impact tax rate. Microsemi operations in Malaysia subject tax holiday reduces income tax rate. tax holiday granted 2009 effective through December 2019. expense tax holidays $0. 1 million in 2019. benefit $6. 2 million $13. 2 million in 2018 2017. tax holidays 2019 impact net income per share. 2018 increased income by $0. 03 $0. 02. 2017 increased income per by $0. 06.\n Year Ended March\n\n 2019\n income tax provision $43. $232. $31.\n State income taxes federal benefit (8.\n Foreign income taxed lower federal rate (94. (105.\n one-time transition tax foreign tax credits 13. 653.\n deferred tax effects valuation allowance (136.\n low-taxed income 95.\n realignment (90.\n Increases current tax positions 9. 32. 53.\n prior year tax positions (75. (11.\n Share-based compensation (13. (27. (25.\n development tax credits (27. (17. (12.\n prepaid tax asset amortization 5. 7.\n Foreign exchange 4. (20.\n.\n valuation allowance (9.\n income tax provision $(151. $481.(80." +} +{ + "_id": "d1b3bbd7e", + "title": "", + "text": "Cash Flows\nFiscal Year 2019 Cash Flows\nNet cash provided by operations was $45.0 million for fiscal 2019 consisting of $24.2 million of net income and $47.6 million of non-cash charges, partially offset by an increase in working capital of $26.8 million. The increase in non-cash charges of $9.4 million is primarily driven by changes in the fair value of earn-out liabilities of $4.4 million and higher depreciation and amortization expense. The increase in working capital of $26.8 million is a result of organic growth and acquisitions and includes $1.8 million of earn-out liability payments classified as operating activities.\nNet cash used in investing activities was $44.2 million in fiscal 2019 driven by $16.1 million in capital expenditures which included implementations of our Enterprise Resource Planning system and the buildouts of our headquarters in Ridgefield, CT and distribution center in Dallas, Texas. The Company used $28.1 million in cash to fund acquisitions, the most significant of which was Bassian.\nNet cash provided by financing activities was $96.9 million for fiscal 2019 driven by $145.0 million of net proceeds received from the issuance of our Senior Notes, partially offset by $44.2 million to settle all borrowings outstanding on our ABL and $2.4 million of earn-out liability payments classified as financing activities.\nFiscal Year 2018 Cash Flows\nNet cash provided by operations was $45.1 million for fiscal 2018 consisting of $20.4 million of net income and $38.2 million of non-cash charges, partially offset by a $13.5 million increase in working capital as a result of organic growth and acquisitions.\nNet cash used in investing activities was $33.7 million for fiscal 2018 driven by $19.8 million in capital expenditures which included implementations of our Enterprise Resource Planning system and the buildout of our distribution centers in Portland, OR, Dallas, TX and Toronto, Canada. The remaining cash used in investing activities of $13.9 million was mainly used to fund small strategic acquisitions.\nNet cash used in financing activities was $10.4 million for fiscal 2018 . During fiscal 2018, we entered into a new ABL which effectively doubled our borrowing capacity. We drew $47.1 million from the ABL to make an equivalent prepayment on our term loan which lowered the effective interest rates charged on our outstanding indebtedness. We also made additional principal payments of $5.2 million on our indebtedness, paid a $3.0 million earn-out related to our Fells Point acquisition, and made a $1.5 million payment for financing fees related to our new ABL.\n\n | | Fiscal Year Ended | \n----------------------------------------------- | ------------------ | ------------------ | -----------------\n | December 27, 2019 | December 28, 2018 | December 29, 2017\nNet income | $24,193 | $20,402 | $14,366 \nNon-cash charges | $47,625 | $38,186 | $28,725 \nChanges in working capital | $(26,811) | $(13,506) | $(11,594) \nCash provided by operating activities | $45,007 | $45,082 | $31,497 \nCash used in investing activities | $(44,154) | $(33,688) | $(42,406) \nCash provided by (used in) financing activities | $96,947 | $(10,442) | $19,429 \n\n\n 2019 $45. million $24. 2 million net income $47. 6 million non-cash charges offset working capital $26. 8 million. non-cash $9. 4 million earn-out liabilities $4. 4 million depreciation amortization expense. increase capital $26. million growth $1. 8 million earn liability payments.\n investing $44. 2 million $16. 1 million capital expenditures Enterprise Resource Planning headquarters Ridgefield distribution Dallas. $28. 1 million acquisitions Bassian.\n $96. 9 million $145. million proceeds Senior Notes offset $44. 2 million $2. 4 million earn-out liability payments.\n 2018\n $45. 1 million $20. 4 million net income $38. 2 million non-cash charges offset $13. 5 million increase working capital growth.\n investing $33. 7 million $19. 8 million capital expenditures Enterprise Resource Planning centers. remaining $13. 9 million acquisitions.\n financing $10. 4 million.2018 ABL doubled borrowing capacity. drew $47. million lowered interest rates. payments $5. 2 million $3. million Fells Point acquisition $1. 5 million financing fees.\n Fiscal Year Ended\n 27, 2019 29,\n Net income $24,193 $20,402 $14,366\n Non-cash charges $47,625 $38,186 $28,725\n working capital $(26,811) $(13,506)\n operating $45,007 $45,082 $31,497\n investing(44,154,688,406\n financing $96,947,442 $19,429" +} +{ + "_id": "d1b3c743a", + "title": "", + "text": "6. Property, Plant and Equipment\nProperty, plant and equipment is comprised of the following:\nDepreciation expense on property, plant and equipment, including assets accounted for as finance leases, totaled $290.2 million in 2019, $239.6 million in 2018 and $190.4 million in 2017. The portion of depreciation expense associated with cost of providing services was 87%, 85% and 84% in 2019, 2018 and 2017, respectively. There are numerous assets included within network equipment resulting in a range of depreciable lives between 2 and 50 years, the majority of which fall within the range of 7 to 25 years\nNo asset impairment losses were recognized in 2019, 2018 or 2017 on property, plant and equipment.\n\n | | December 31, | Depreciable \n------------------------------------------------- | --------- | ------------ | ---------------\n(dollars in millions) | 2019 | 2018 | Lives (Years) \nLand and rights-of-way | $117.2 | $117.2 | 20 - Indefinite\nBuildings and leasehold improvements | 315.4 | 305.2 | 5 - 40 \nNetwork equipment | 4,044.6 | 3,913.3 | 2 - 50 \nOffice software, furniture, fixtures and vehicles | 229.3 | 216.3 | 2-14 \nConstruction in process | 38.9 | 47.1 | n/a \nGross value | 4,745.4 | 4,599.1 | \nAccumulated depreciation | (2,964.6) | (2,755.1) | \nProperty, plant and equipment, net | $1,780.8 | $1,844.0 | \n\n. Property Plant Equipment\n Depreciation expense $290. 2 million 2019 $239. 6 million 2018 $190. 4 million 2017. depreciation services 87% 85% 84% 2019 2018 2017. assets depreciable lives 2 50 years 7 to 25 years\n No asset impairment losses 2019 2018 2017.\n Depreciable\n millions Lives\n Land rights-of-way $117.\n Buildings leasehold improvements 315. 305.\n Network equipment 4,044. 3,913.\n Office software furniture fixtures vehicles 229. 216.\n Construction.\n Gross value 4,745. 4,599.\n Accumulated depreciation (2,964.,755.\n Property plant equipment $1,780. $1,844." +} +{ + "_id": "d1b31d8ae", + "title": "", + "text": "Intangible Assets\nThe following table presents the company’s intangible asset balances by major asset class.\n* Amounts as of December 31, 2019 include a decrease of $42 million in net intangible asset balances due to foreign currency translation. There was no foreign currency impact on net intangible assets for the year ended December 31, 2018.\n** Other intangibles are primarily acquired proprietary and nonproprietary business processes, methodologies and systems.\n\n | | | \n---------------------- | -------- | ------------ | --------\n($ in millions) | | | \n | Gross | | Net \n | Carrying | Accumulated | Carrying\nAt December 31, 2019:* | Amount | Amortization | Amount \nIntangible asset class | | | \nCapitalized software | $ 1,749 | $ (743) | $ 1,006 \nClient relationships | 8,921 | (1,433) | 7,488 \nCompleted technology | 6,261 | (1,400) | 4,861 \nPatents/trademarks | 2,301 | (445) | 1,856 \nOther** | 56 | (31) | 24 \nTotal | $19,287 | $(4,052) | $15,235 \n($ in millions) | | | \n | Gross | | Net \n | Carrying | Accumulated | Carrying\nAt December 31, 2018: | Amount | Amortization | Amount \nIntangible asset class | | | \nCapitalized software | $1,568 | $ (629) | $ 939 \nClient relationships | 2,068 | (1,123) | 945 \nCompleted technology | 2,156 | (1,296) | 860 \nPatents/trademarks | 641 | (330) | 311 \nOther** | 56 | (23) | 32 \nTotal | $6,489 | $(3,402) | $3,087 \n\nIntangible Assets\n table presents intangible asset balances by asset class.\n Amounts December 31, 2019 decrease $42 million balances due foreign currency translation. no foreign currency impact assets year December 31, 2018.\n intangibles acquired nonproprietary business processes methodologies systems.\n millions\n December 31, 2019\n Intangible asset\n Capitalized software $ 1,749 (743) 1,006\n Client relationships 8,921 7,488\n Completed technology 6,261\n Patents/trademarks 2,301 1,856\n $19,287 $(4,052) $15,235\n December 31,\n Intangible asset\n Capitalized software $1,568 939\n Client relationships 2,068\n Completed technology 2,156\n Patents/trademarks 641\n $6,489 $(3,402) $3,087" +} +{ + "_id": "d1b39ee90", + "title": "", + "text": "NOTE E – PROPERTY AND EQUIPMENT\nThe Company’s property and equipment as of December 31, 2019 and 2018 consists of the following:\nDepreciation and amortization expense included as a charge to income was $66,082 and $67,107 for the years ended December 31, 2019 and 2018, respectively.\n\n | 2019 | 2018 \n----------------------------------------- | --------- | ---------\nDevelopment test equipment | $16,461 | $19,110 \nComputer software | 76,134 | 76,134 \nOffice equipment | 66,685 | 61,367 \nOffice fixtures and furniture | 330,568 | 330,568 \nLeasehold improvements | 18,016 | 18,016 \nTotal | 507,864 | 505,195 \nAccumulated depreciation and amortization | (321,339) | (257,906)\nTotal property and equipment | 186,525 | $247,289 \n\nPROPERTY EQUIPMENT\n December 2019 2018\n Depreciation amortization expense income $66,082 $67,107 2019.\n Development equipment $16,461 $19\n Computer software 76,134\n Office equipment 66,685\n fixtures furniture 330,568\n Leasehold improvements 18,016\n depreciation amortization (321,339\n property equipment 186,525 $247,289" +} +{ + "_id": "d1b38ffda", + "title": "", + "text": "Operating Expenses\nCost of Services Cost of services increased $549 million, or 3.6%, during 2019 compared to 2018, primarily due to increases in rent expense as a result of adding capacity to the networks to support demand as well as an increase due to the adoption of the new lease accounting standard in 2019, increases in costs related to the device protection package offered to our wireless retail postpaid customers, as well as regulatory fees.\nThese increases were partially offset by decreases in employee-related costs primarily due to the Voluntary Separation Program, as well as decreases in access costs and roaming.\nCost of Wireless Equipment Cost of wireless equipment decreased $544 million, or 2.9%, during 2019 compared to 2018, primarily as a result of declines in the number of wireless devices sold as a result of an elongation of the handset upgrade cycle. These decrease were partially offset by a shift to higher priced devices in the mix of wireless devices sold.\nSelling, General and Administrative Expense Selling, general and administrative expense increased $938 million, or 6.0%, during 2019 compared to 2018, primarily due to increases in sales commission and bad debt expense, and an increase in advertising costs. The increase in sales commission expense during 2019 compared to 2018 was primarily due to a lower net deferral of commission costs as a result of the adoption of Topic 606 on January 1, 2018 using a modified retrospective approach.\nThese increases were partially offset by decreases in employee-related costs primarily due to the Voluntary Separation Program.\nDepreciation and Amortization Expense Depreciation and amortization expense decreased $599 million, or 5.0%, during 2019 compared to 2018, driven by the change in the mix of total Verizon depreciable assets and Consumer’s usage of those assets.\n\n | | | (dollars in millions) Increase/ (Decrease) | \n-------------------------------------------- | -------- | -------- | ------------------------------------------ | -----\nYears Ended December 31, | 2019 | 2018 | 2019 vs. 2018 | \nCost of services | $15,884 | $15,335 | $ 549 | 3.6% \nCost of wireless equipment | 18,219 | 18,763 | (544) | (2.9)\nSelling, general and administrative expense | 16,639 | 15,701 | 938 | 6.0 \nDepreciation and amortization expense | 11,353 | 11,952 | (599) | (5.0)\nTotal Operating Expenses | $ 62,095 | $ 61,751 | $ 344 | 0.6 \n\nOperating Expenses\n Cost Services increased $549 million 3. 6% 2019 2018 due to rent expense adding capacity new lease accounting standard device protection package regulatory fees.\n increases offset by employee-related costs Voluntary Separation Program access costs roaming.\n Cost Wireless Equipment decreased $544 million 2. 9% 2019 2018 declines devices sold handset upgrade cycle. offset by higher priced devices.\n Selling General Administrative Expense increased $938 million 6. 0% 2019 due to increases sales commission bad debt expense advertising costs. increase due to lower net deferral commission costs Topic 606 2018 modified retrospective approach.\n offset by employee costs Voluntary Separation Program.\n Depreciation Amortization Expense decreased $599 million 5. 0% 2019 change Verizon depreciable assets Consumer’s usage.\n millions Increase\n Years Ended December 31, 2019.\nservices $15,884,335.\n wireless equipment 18,219,763 (544).\n Selling 16,639 15,701 938.\n Depreciation amortization 11,353,952 (599).\n Operating Expenses 62,095 61,751 344." +} +{ + "_id": "d1b37866e", + "title": "", + "text": "Remaining performance obligations\nRemaining performance obligations represent contracted revenue that has not been recognized, which include contract liabilities and amounts that will be billed and recognized as revenue in future periods. As of March 29, 2019, we had $2,608 million of remaining performance obligations, which does not include customer deposit liabilities of approximately $505 million, and the approximate percentages expected to be recognized as revenue in the future are as follows:\nPercentages may not add to 100% due to rounding.\n\n | | Percent Expected to be Recognized as Revenue | | | \n--------------------------------- | --------------------------------------- | -------------------------------------------- | ------------ | ------------ | --------------\n(in millions, except percentages) | Total Remaining Performance Obligations | 0-12 Months | 13-24 Months | 25-36 Months | Over 36 Months\nEnterprise Security | $2,059 | 65% | 24% | 10% | 2% \nConsumer Cyber Safety | 549 | 95% | 4% | 1% | -% \nTotal | $2,608 | 71% | 19% | 8% | 1% \n\nperformance obligations\n contracted revenue liabilities. March 29, 2019 $2,608 million remaining obligations customer deposit liabilities $505 million percentages revenue\n not add 100% rounding.\n millions Total Obligations 0-12 Months 13-24 Months 25-36 Months\n Enterprise Security $2,059 65% 24% 10% 2%\n Consumer Cyber Safety 549 95% 4% 1%\n Total $2,608 71% 19% 8%" +} +{ + "_id": "d1b3920a0", + "title": "", + "text": "Note 8. Goodwill and Intangible Assets, Net\nThe following table reflects changes in the net carrying amount of the components of intangible assets (in thousands):\n\n | Customer Relationships | Developed Technology | Trade Name | Total \n------------------------------- | ---------------------- | -------------------- | ---------- | --------\nBalance as of January 1, 2018 | $88,526 | $5,532 | $228 | $94,286 \nAmortization | (11,262) | (3,854) | (103) | (15,219)\nBalance as of December 31, 2018 | 77,264 | 1,678 | 125 | 79,067 \nIntangible assets acquired | 19,805 | 16,583 | 2,219 | 38,607 \nAmortization | (12,673) | (1,441) | (122) | (14,236)\nBalance as of December 31, 2019 | $84,396 | $16,820 | $2,222 | $103,438\n\n. Goodwill Intangible Assets\n Trade\n Balance January 1 2018 $88,526 $5,532 $94,286\n Amortization (11,262) (3,854 (15,219)\n December 31, 2018 77,264 1,678 79,067\n assets 19,805 16,583 38,607\n Amortization (12,673 (14,236)\n December 31, 2019 $84,396 $16,820 $2 $103,438" +} +{ + "_id": "d1b380d82", + "title": "", + "text": "Deferred Tax Assets and Liabilities\nDeferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using enacted tax rates in effect for the year in which the differences are expected to be reversed.\nSignificant deferred tax assets and liabilities consisted of the following (in thousands):\nWe are required to evaluate the realizability of our deferred tax assets in both our U.S. and non-U.S. jurisdictions on an ongoing basis to determine whether there is a need for a valuation allowance with respect to such deferred tax assets. From the fourth quarter of fiscal 2009 to the third quarter of fiscal 2018, we maintained a 100% valuation allowance against most of our U.S. deferred tax assets because there was insufficient positive evidence to overcome the existing negative evidence such that it was not more likely than not that the U.S. deferred tax assets were realizable.\nWhile we reported U.S. pre-tax income in fiscal 2015 and fiscal 2017, because we reported U.S. pre-tax losses during the previous seven fiscal years, we continued to maintain the 100% valuation allowance through the third quarter of fiscal 2018.\nAs of December 29, 2018, we had reported positive operating performance in the U.S. for two consecutive fiscal years and had also reported a cumulative threeyear U.S. pre-tax profit. In addition, during the fourth quarter of fiscal 2018, we completed our financial plan for fiscal 2019 and expected continued positive operating performance in the U.S. We also considered forecasts of future taxable income and evaluated the utilization of net operating losses and tax credit carryforwards prior to their expiration.\nAfter considering these factors, we determined that the positive evidence overcame any negative evidence and concluded that it was more likely than not that the U.S. deferred tax assets were realizable. As a result, we released the valuation allowance against a significant portion of the U.S. federal deferred tax assets and a portion of the U.S. state deferred tax assets during the fourth quarter of fiscal 2018.\nThe valuation allowance decreased by $75.8 million in fiscal 2018, primarily due to the release of the valuation allowance on U.S. deferred tax assets. As of December 28, 2019, we maintained a valuation allowance of $36.6 million, primarily related to California deferred tax assets and foreign tax credit carryovers, due to uncertainty about the future realization of these assets.\n\n | As of | \n------------------------------------- | ----------------- | -----------------\n | December 28, 2019 | December 29, 2018\nTax credits | $44,696 | $39,586 \nInventory reserve | 12,350 | 10,850 \nOther reserves and accruals | 5,852 | 5,398 \nNon-statutory stock options | 2,982 | 2,722 \nDepreciation and amortization | 27,758 | 1,979 \nNet operating loss carryforwards | 21,410 | 61,275 \nGross deferred tax assets | 115,048 | 121,810 \nValuation allowance | (36,604) | (34,037) \nTotal deferred tax assets | 78,444 | 87,773 \nAcquired intangibles and fixed assets | (13,997) | (12,667) \nUnrealized investment gains | (106) | (107) \nTax on undistributed earnings | (75) | (53) \nTotal deferred tax liabilities | (14,178) | (12,827) \nNet deferred tax assets | $64,266 | $74,946 \n\nDeferred Tax Assets Liabilities\n recognized for future tax consequences differences tax basis enacted tax rates.\n deferred tax assets liabilities\n evaluate realizability deferred tax assets in U. non-U. jurisdictions valuation allowance. 2009 to 2018 maintained 100% valuation allowance against U. deferred tax assets insufficient positive evidence negative evidence.\n reported. pre-tax income in 2015 2017.-tax losses previous seven years 100% valuation allowance through third quarter 2018.\n December 29, 2018 positive operating performance. for two consecutive fiscal years threeyear. pre-tax profit. completed financial plan for 2019 expected positive operating performance. considered forecasts future taxable income evaluated utilization of net operating losses tax credit carryforwards.\n positive evidence overcame negative evidence likely. deferred tax assets realizable. released valuation allowance against. federal. state deferred tax assets during fourth quarter fiscal 2018.\n valuation allowance decreased by $75.2018 valuation allowance. deferred tax. valuation allowance $36. 6 million California tax foreign credit carryovers future realization.\n Tax credits $44,696 $39,586\n Inventory reserve 12,350\n Non-statutory stock options 2,982\n Depreciation amortization 27,758\n loss carryforwards 21,410\n deferred tax assets 115,048 121,810\n Valuation allowance (36,604)\n deferred tax assets 78,444\n Acquired intangibles assets,997\n Unrealized investment gains\n undistributed earnings\n deferred tax liabilities,178\n deferred tax $64,266 $74,946" +} +{ + "_id": "d1b3a455c", + "title": "", + "text": "The following table presents cumulative items not recognized as a component of net periodic benefits expense as of December 31, 2017, items recognized as a component of net periodic benefits expense in 2018, additional items deferred during 2018 and cumulative items not recognized as a component of net periodic benefits expense as of December 31, 2017. The items not recognized as a component of net periodic benefits expense have been recorded on our consolidated balance sheets in accumulated other comprehensive loss:\n(1) Amounts currently recognized in net periodic benefits expense include $375 million of benefit arising from the adoption of ASU 2018-02. See Note 1— Background and Summary of Significant Accounting Policies for further detail.\n(2) Amounts currently recognized in net periodic benefits expense include $32 million arising from the adoption of ASU 2018-02. See Note 1— Background and Summary of Significant Accounting Policies for further detail.\n\n | | | As of and for the Years Ended December 31, | | \n------------------------------------------ | -------- | -------------------------------------------- | ------------------------------------------ | ------------------ | -------\n | 2017 | Recognition of Net Periodic Benefits Expense | Deferrals | Net Change in AOCL | 2018 \n | | | (Dollars in millions) | | \nAccumulated other comprehensive loss: | | | | | \nPension plans: | | | | | \nNet actuarial (loss) gain | $(2,892) | 179 | (260) | (81) | (2,973)\nPrior service benefit (cost) | 54 | (8) | — | (8) | 46 \nDeferred income tax benefit (expense)(1) | 1,107 | (418) | 65 | (353) | 754 \nTotal pension plans | (1,731) | (247) | (195) | (442) | (2,173)\nPost-retirement benefit plans: | | | | | \nNet actuarial (loss) gain | (250) | — | 257 | 257 | 7 \nPrior service (cost) benefit | (107) | 20 | — | 20 | (87) \nDeferred income tax benefit (expense)(2) | 122 | (37) | (63) | (100) | 22 \nTotal post-retirement benefit plans | (235) | (17) | 194 | 177 | (58) \nTotal accumulated other comprehensive loss | $(1,966) | (264) | (1) | (265) | (2,231)\n\ntable presents items not recognized December 31, 2017 recognized 2018 items deferred 2018 not recognized. items not recognized recorded on consolidated balance sheets accumulated comprehensive loss\n recognized include $375 million ASU 2018-02. Note.\n $32 million ASU 2018-02.\n 2017 Recognition of Net Periodic Benefits Expense Deferrals Net Change AOCL 2018\n millions\n Accumulated loss\n Pension plans\n Net actuarial (loss) gain $(2,892) 179 (260) (81) (2,973)\n Prior service benefit (cost 54\n Deferred income tax benefit (expense 1,107 (418) 65 (353) 754\n Total pension plans (1,731) (247) (195) (442) (2,173)\n Post-retirement benefit plans\n Net actuarial (loss) gain (250) 257\nservice benefit (107) 20\n Deferred income tax benefit 122 (100\n post-retirement benefit plans (235) 194 177 (58)\n loss $(1,966) (264)" +} +{ + "_id": "d1b38b71e", + "title": "", + "text": "9. Debtors\nThe Directors consider that the carrying amount of trade and other debtors approximates their fair value.\nThe Company has no significant concentration of credit risk attributable to its trade debtors as the exposure is spread over a large number of customers.\nAssets recognised from costs to obtain a contract relate to capitalised incremental costs to obtain a contract, being sales commissions arising on contracts with customers of more than one year in length. No assets were impaired or derecognised during the current year or prior year.\n\n | | 2019 | 2018 \n------------------------------------------------- | ----- | --------- | ---------\n | Notes | £ million | £ million\nDue within one year | | | \nTrade debtors | | 5.2 | 7.0 \nOwed by subsidiaries | | 13.7 | 9.6 \nOther debtors | | 0.2 | 0.7 \nPrepayments | | 0.4 | 0.6 \nCurrent tax asset | | 1.0 | 0.6 \nDeferred tax | 13 | – | 1.3 \nAssets recognised from costs to obtain a contract | | 0.1 | 0.1 \n | | 20.6 | 19.9 \nDue after one year | | | \nDefined benefit pension plan surplus | 3 | 8.8 | 2.0 \n\n. Debtors\n Directors consider carrying trade approximates fair value.\n Company no significant credit risk trade debtors exposure spread large customers.\n Assets recognised costs contract costs sales commissions contracts more one year. No assets impaired derecognised current prior year.\n £ million\n Due within one year\n Trade debtors 5. 7.\n Owed subsidiaries 13. 9.\n Other debtors.\n Prepayments.\n Current tax asset.\n Deferred tax.\n Assets recognised costs contract.\n 20. 19.\n Due after one year\n benefit pension plan surplus." +} +{ + "_id": "d1b3bb072", + "title": "", + "text": "The Company’s consolidated net revenues disaggregated by product group are presented in Note 19. The following tables present the Company’s consolidated net revenues disaggregated by geographical region of\nshipment and nature.\n(1) Net revenues by geographical region of shipment are classified by location of customer invoiced or reclassified by shipment destination in line with customer demand. For example, products ordered by U.S.-based companies to be invoiced to Asia Pacific affiliates are classified as Asia Pacific revenues.\n(2) Original Equipment Manufacturers (“OEM”) are the end-customers to which the Company provides direct marketing application engineering support, while Distribution customers refers to the distributors and representatives that the Company engages to distribute its products around the world.\nAs of January 1, 2018, the Company adopted the converged guidance on revenue from contract with customers with no material impact on the Company’s recognition practices as substantially similar performance conditions exist under the new guidance and past practice.\nThe Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed.\n\n | | Year ended | \n-------------------------------------------------- | ----------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018 | December 31, 2017\nNet revenues by geographical region of shipment(1) | | | \nEMEA | 2,265 | 2,478 | 2,142 \nAmericas | 1,351 | 1,264 | 1,085 \nAsia Pacific | 5,940 | 5,922 | 5,120 \nTotal revenues | 9,556 | 9,664 | 8,347 \nNet revenues by nature | | | \nRevenues from sale of products | 9,381 | 9,461 | 8,175 \nRevenues from sale of services | 148 | 151 | 133 \nOther revenues | 27 | 52 | 39 \nTotal revenues | 9,556 | 9,664 | 8,347 \nNet revenues by market channel(2) | | | \nOriginal Equipment Manufacturers (“OEM”) | 6,720 | 6,325 | 5,549 \nDistribution | 2,836 | 3,339 | 2,798 \nTotal revenues | 9,556 | 9,664 | 8,347 \n\nconsolidated net revenues disaggregated by product group Note 19. tables revenues disaggregated by geographical region\n shipment nature.\n revenues region classified location shipment destination. products ordered U. S. Asia Pacific Asia Pacific revenues.\n Original Equipment Manufacturers end-customers marketing engineering support Distribution customers distributors representatives.\n January 1, 2018 adopted converged guidance revenue contract no impact recognition practices similar.\n disclose value unsatisfied performance obligations for contracts one year less contracts revenue.\n 2019 2018 2017\n revenues by geographical region\n EMEA 2,265 2,478 2,142\n Americas 1,351 1,264 1,085\n Asia Pacific 5,940 5,120\n Total 9,556 9,664 8,347\n revenues nature\n sale products 9,381 9,461 8,175\n services 148 151\n Other revenues\n Total revenues 9,556 9,664 8,347\nrevenues\n Equipment 6,720 5,549\n Distribution 2,836 3,339,798\n revenues 9,556,664 8,347" +} +{ + "_id": "d1b3495da", + "title": "", + "text": "Operating Cash Flow Activities\nYear Ended December 31, 2019 Compared with the Year Ended December 31, 2018\nNet cash provided by operating activities – continuing operations decreased during the year ended December 31, 2019 compared with prior year. The decrease in income from operations and the increase in non-cash adjustments to net income in 2019 partially related to the absence in the gains on sale of divestitures, such as OneContent in 2018.\nThe increase in non-cash adjustments to net loss in 2019 also related to higher depreciation and the amortization of right-to-use assets. The net loss and the cash impact of changes in operating assets and liabilities during 2019 reflects the $145 million settlement with the DOJ in connection with the Practice Fusion investigations.\nNet cash used in operating activities – discontinued operations during the year ended December 31, 2019 reflects an advance income tax payment related to the gain realized on the sale of our investment in Netsmart on December 31, 2018.\nYear Ended December 31, 2018 Compared with the Year Ended December 31, 2017\nNet cash provided by operating activities – continuing operations decreased during the year ended December 31, 2018 compared with the prior year primarily due to working capital changes and higher costs during the year ended December 31, 2018 compared with the prior year, which primarily included higher interest expense, transaction-related and legal expenses, and incentive-based compensation payments.\nThe decrease in non-cash adjustments to net loss was primarily driven by lower non-cash impairment charges associated with long-term investments, intangibles and goodwill during the year ended December 31, 2018 compared with the prior year.\nNet cash provided by operating activities – discontinued operations decreased during the year ended December 31, 2018 compared with the prior year primarily driven by the additional tax provision relating to the gain from the sale of our investment in Netsmart on December 31, 2018. Netsmart generated cash from operations during both 2018 and 2017. During 2018, Netsmart’s cash provided by operations decreased by approximately $16 million primarily driven by higher interest expenses paid attributable to Netsmart’s credit facilities.\n\n | | Year Ended December 31, | | | \n----------------------------------------------------------------------------- | ----------- | ----------------------- | ----------- | ----------------------- | -----------------------\n(In thousands) | 2019 | 2018 | 2017 | 2019 $ Change from 2018 | 2018 $ Change from 2017\nNet (loss) income | $ (182,602) | $ 407,807 | $ (154,175) | $ (590,409) | $ 561,982 \nLess: Loss from discontinued operations | 0 | 395,138 | 30,348 | (395,138) | 364,790 \n(Loss) income from continuing operations | (182,602) | 12,669 | (184,523) | (195,271) | 197,192 \nNon-cash adjustments to net (loss) income | 277,217 | 136,651 | 351,835 | 140,566 | (215,184) \nCash impact of changes in operating assets and liabilities | (18,361) | (60,086) | 57,746 | 41,725 | (117,832) \nNet cash provided by operating activities - continuing operations | 76,254 | 89,234 | 225,058 | (12,980) | (135,824) \nNet cash (used in) provided by operating activities - discontinued operations | (30,000) | (21,343) | 54,357 | (8,657) | (75,700) \nNet cash provided by operating activities | $ 46,254 | $ 67,891 | $ 279,415 | $ (21,637) | $ (211,524) \n\nOperating Cash Flow Activities\n Ended December 31, 2019 2018\n Net cash operations decreased. decrease income increase non-cash adjustments income related gains sale divestitures.\n increase non-cash adjustments net loss related higher depreciation amortization right-to-use assets. net loss cash impact reflects $145 million settlement DOJ Practice Fusion investigations.\n Net cash operations reflects advance income tax payment gain sale investment Netsmart December 31, 2018.\n Year Ended December 2018 2017\n Net cash operations decreased due working capital changes higher costs interest transaction legal expenses incentive-based compensation payments.\n decrease non-cash adjustments net loss driven lower non impairment charges long-term investments intangibles goodwill.\n Net cash discontinued operations decreased driven additional tax provision gain sale investment Netsmart. Netsmart generated cash operations 2018 2017. 2018 cash decreased $16 million higher interest expenses credit facilities.\n Year Ended December\n\n Net income (182,602) 407,807 (154,175 (590,409) 561,982\n discontinued operations 395,138 30,348 364,790\n operations (182,602) 12,669 (184,523) (195,271) 197,192\n Non-cash adjustments 277,217 136,651 351,835 140,566 (215,184)\n impact assets liabilities (18,361) (60,086) 57,746 41,725 (117,832)\n 76,254 89,234 225,058 (135,824)\n discontinued operations (30,000 (21,343) 54,357 (8,657 (75,700\n 46,254 67,891 279,415 (21,637 (211,524)" +} +{ + "_id": "d1b3a7c2a", + "title": "", + "text": "NOTE 19—SEGMENT INFORMATION\nASC Topic 280, “Segment Reporting” (Topic 280), establishes standards for reporting, by public business enterprises, information about operating segments, products and services, geographic areas, and major customers. The method of determining what information, under Topic 280, to report is based on the way that an entity organizes operating segments for making operational decisions and how the entity’s management and chief operating decision maker (CODM) assess an entity’s financial performance. Our operations are analyzed by management and our CODM as being part of a single industry segment: the design, development, marketing and sales of Enterprise Information Management software and solutions.\nThe following table sets forth the distribution of revenues, by significant geographic area, for the periods indicated:\n\n | | Year Ended June 30, | \n------------------- | ---------- | ------------------- | ----------\n | 2019 | 2018 | 2017 \nRevenues: | | | \nCanada | $153,890 | $149,812 | $227,115 \nUnited States | 1,490,863 | 1,425,244 | 1,090,049 \nUnited Kingdom | 182,815 | 201,821 | 159,817 \nGermany | 203,403 | 198,253 | 166,611 \nRest of Europe | 534,204 | 517,693 | 394,132 \nAll other countries | 303,580 | 322,418 | 253,333 \nTotal revenues | $2,868,755 | $2,815,241 | $2,291,057\n\nINFORMATION\n ASC Topic 280 standards segments products services geographic areas customers. segments financial performance. operations analyzed industry segment design development marketing sales Enterprise Information Management software solutions.\n table distribution revenues geographic area\n June 30\n Revenues\n Canada $153,890 $149,812 $227,115\n United States 1,490,863 1,425,244 1,090,049\n Kingdom 182,815 201,821 159,817\n Germany 203,403 198,253 166,611\n Europe 534,204 517,693 394,132\n other countries 303,580 322,418 253,333\n Total revenues $2,868,755 $2,815,241 $2,291,057" +} +{ + "_id": "d1b359a84", + "title": "", + "text": "Australian Food’s VOC NPS (including Online) was up 3 pts on the prior year with Store‐controllable VOC steady on the prior year. Store‐controllable VOC improved on Q3’19 where scores were impacted by flood and drought effects on fruit and vegetable prices impacting quality and availability. Fruit & Vegetables and Availability scores improved 1 pt to 78% compared to June 2018, and 5 pts and 2 pts respectively vs. Q3’19. Team Attitude remained stable (89%) compared to June 2018.\nIn F20, Store‐controllable VOC will be reduced from seven metrics to five, removing Ease of Movement and Correct Price Tickets to simplify the focus for stores on the areas that offer the most opportunity for improvement.\nSales increased by 5.3% to $39.6 billion or 3.3% on a normalised basis. Comparable sales increased by 3.1% for the year with transaction growth of 1.8% and items per basket of 1.7% contributing to comparable item growth of 3.5%.\nDespite some challenges during the year, sales momentum improved in H2 with strong growth across a number of Fresh categories. Sales in the second half also benefitted from successful campaigns including Disney Words and Earn & Learn. In Q4, comparable sales increased by 3.6% with comparable transaction growth of 1.4%. Comparable items per basket increased by 1.2%.\nMetro continued to grow strongly with further refinement to price, promotional optimisation and range curation. An extra‐small store format was successfully launched in Kirribilli and new stores opened in Rozelle and Kings Cross. At the end of the financial year, 43 Metro‐branded stores and 16 small Woolworths Supermarkets were managed by the Metro team.\nIn WooliesX, Online VOC scores improved 2 pts to 81% at the end of June, with improvements in Delivery & Pick up and Ease of Website Navigation. Online sales grew 31% (normalised) to $1.4 billion driven by expanded offerings such as Same day, Delivery Now, Drive thru and Drive up.\nAustralian Food sales per square metre was $17,163 with normalised growth of 2.0% on the prior year. During the year, 24 new stores were opened (21 supermarkets and three Metros), eight were closed and 68 Renewals completed. At year‐end, there were 1,024 Woolworths Supermarkets and Metro stores.\nAverage prices declined 0.4% for the year, with modest inflation of 0.5% in the fourth quarter as a result of increases in a number of Fresh categories impacted by the drought including Fruit & Vegetables, Meat and Bakery.\n\n | F19 | F18 | | CHANGE \n----------------------------- | -------- | -------- | ---------- | ----------\n$ MILLION | 53 WEEKS | 52 WEEKS | CHANGE | NORMALISED\nSales | 39,568 | 37,589 | 5.3% | 3.3% \nEBITDA | 2,613 | 2,430 | 7.5% | 6.1% \nDepreciation and amortisation | (756) | (673) | 12.3% | 12.3% \nEBIT | 1,857 | 1,757 | 5.7% | 3.8% \nGross margin (%) | 28.7 | 29.0 | (24) bps | (24) bps \nCost of doing business (%) | 24.0 | 24.3 | (27) bps | (26) bps \nEBIT to sales (%) | 4.7 | 4.7 | 2 bps | 2 bps \nSales per square metre ($) | 17,163 | 16,528 | 3.8% | 2.0% \nFunds employed | 1,468 | 1,215 | 20.9% | \nROFE (%) | 140.2 | 170.7 | (30.6) pts | (33.2) pts\n\nAustralian VOC NPS up 3 pts Store‐controllable VOC steady. improved Q3’19 impacted flood drought fruit. improved 78% 2018. Attitude stable (89%.\n Store‐controllable VOC reduced seven five removing Ease Movement Correct Price Tickets.\n Sales increased 5. 3% $39. 6 billion. 3. 1% transaction growth. 8% items basket. 7%. 5%.\n sales improved H2. campaigns Disney Words Earn Learn. Q4 sales increased 3. 6% transaction growth. 4%. items per basket. 2%.\n Metro refinement price promotional optimisation range curation. extra‐small store format launched Kirribilli stores Rozelle Kings Cross. 43 Metro‐branded stores 16 Woolworths Supermarkets managed.\n Online VOC improved 2 pts 81% June improvements Delivery Pick up Ease Website Navigation. Online sales grew 31% $1. 4 billion.\n Australian Food sales metre $17,163 growth 2. 0%.24 stores opened (21 three eight closed 68 Renewals. year‐end 1,024 Woolworths Supermarkets Metro stores.\n Average prices declined. 4% modest inflation. 5% fourth quarter Fresh categories Fruit Vegetables Meat Bakery.\n 53\n Sales 39,568 37,589 5. 3% 3. 3%\n EBITDA 2,613 2,430 7. 5% 6. 1%\n Depreciation amortisation 12.\n EBIT 1,857 5. 7% 3. 8%\n Gross margin 28.\n Cost business (%) 24.\n EBIT sales (%) 4.\n Sales per square metre$ 17,163 16,528 3. 8%.\n Funds employed 1,468.\n ROFE (%) 140." +} +{ + "_id": "d1b363a48", + "title": "", + "text": "Disaggregation of Revenues\nThe nature, amount, timing and uncertainty of our revenue and how revenue and cash flows are affected by economic factors is most appropriately depicted by type of revenue as presented below (in thousands) and by geographic region as presented in Note 3\n\n | | For the Year Ended December 31,\n--------------------------- | -------- | -------------------------------\n | 2019 | 2018 \nCloud and related solutions | $896,164 | $766,377 \nSoftware and services | 52,364 | 58,101 \nMaintenance | 48,282 | 50,581 \nTotal revenues | $996,810 | $875,059 \n\nDisaggregation Revenues\n timing uncertainty economic depicted type geographic region Note 3\n Year Ended December 31,\n Cloud solutions $896,164 $766,377\n Software services 52,364 58,101\n Maintenance 48,282 50,581\n revenues $996,810 $875,059" +} +{ + "_id": "d1b32360a", + "title": "", + "text": "Cost of Revenue\nCost of revenue increased by $15.3 million in 2018 compared to 2017. The increase was primarily due to a $7.2 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 128 employees as of December 31, 2017 to 173 employees as of December 31, 2018. The remaining increase was principally the result of a $7.0 million increase in hosting, software and messaging costs, a $0.6 million increase attributed to office related expenses to support revenue generating activities and a $0.4 million increase in depreciation and amortization expense attributable to our acquired intangible assets.\nGross margin percentage decreased due to our continued investment in personnel and infrastructure to support our growth in revenue.\n\n | Year Ended December 31, | | Change | \n--------------- | ----------------------- | ---------------------- | -------- | -----\n | 2018 | 2017 | $ | % \n | | (dollars in thousands) | | \nCost of revenue | $ 46,810 | $ 31,503 | $ 15,307 | 48.6%\nGross margin % | 68% | 70% | | \n\nRevenue\n increased $15. 3 million 2018 2017. $7. 2 million employee-related costs compensation headcount 128 173 2018. remaining $7. 0 million hosting software messaging costs $0. 6 million office expenses $0. 4 million depreciation amortization acquired intangible assets.\n Gross margin decreased investment personnel infrastructure.\n Ended December 31,\n 2018 2017\n Cost revenue $ 46,810 $ 31,503 $ 15,307. 6%\n Gross margin % 68% 70%" +} +{ + "_id": "d1b3c7098", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n26. Derivative Financial Instruments (Continued)\nThe fair value of the derivative liabilities is as follows:\nInterest rate swap agreements\nThe Group enters into interest rate swap agreements which convert the floating interest rate exposure into a fixed interest rate in order to hedge a portion of the Group’s exposure to fluctuations in prevailing market interest rates. Under the interest rate swaps, the bank counterparty effects quarterly floating-rate payments to the Group for the notional amount based on the U.S. dollar LIBOR, and the Group effects quarterly payments to the bank on the notional amount at the respective fixed rates.\nInterest rate swaps designated as cash flow hedging instruments\nAs of December 31, 2018 and 2019, there are no interest rate swaps designated as cash flow hedging instruments for accounting purposes.\n\n | As of December 31, | \n-------------------------------------------------------------------------------------------- | ------------------ | ------\n | 2018 | 2019 \nDerivative liabilities carried at fair value through profit or loss (FVTPL) | | \nInterest rate swaps | 9,196 | 49,891\nForward foreign exchange contracts | 1,467 | 41 \nDerivative liabilities designated and effective as hedging instruments carried at fair value | | \nCross currency swaps | 1,429 | — \nTotal | 12,092 | 49,932\nDerivative financial instruments, current liability | 2,091 | 8,095 \nDerivative financial instruments, non-current liability | 10,001 | 41,837\nTotal | 12,092 | 49,932\n\nGasLog Ltd. Subsidiaries\n consolidated financial statements\n years December 31, 2017 2018 2019\n amounts U. S. Dollars except\n. Derivative Financial Instruments\n fair value liabilities\n Interest rate swap agreements\n Group floating fixed rate hedge market interest rates. bank counterparty effects quarterly floating-rate payments U. S. dollar LIBOR payments fixed rates.\n December 31, 2018 2019 no swaps cash hedging instruments accounting.\n December\n 2019\n Derivative liabilities fair value profit loss\n Interest rate swaps 9,196 49,891\n foreign exchange contracts 1,467\n hedging instruments\n Cross currency swaps 1,429\n 12,092 49,932\n instruments current 2,091 8,095\n non-current liability 10,001 41,837\n" +} +{ + "_id": "d1b387ef2", + "title": "", + "text": "The following table summarizes the change in the valuation allowance (in thousands):\nAs of December 31, 2019, net operating loss (NOL) carryforwards for U.S. federal tax purposes totaled $31.4 million. Effective with the 2017 Tax Act in December 2017, NOLs generated after December 31, 2017, do not expire. Federal NOLs of $9.9 million expire at various dates from 2020 through 2037 and federal NOLs of $21.5 million do not expire. NOL carryforwards for state tax purposes totaled $40.6 million at December 31, 2019 and expire at various dates from 2020 through 2039.\n\nYear Ended December 31 | | \n-------------------------------------------------- | ------ | -------\n | 2019 | 2018 \nVaulation allowances, beginning of year | $5,398 | $13,872\nNet operating loss | 3,284 | 1,920 \nExpiration of net operating losses and limitations | (7) | (9,939)\nAdjustment to deferred taxes | 29 | (321) \nImpact of state tax rate change | 26 | (146) \nOther adjusments | 9 | 12 \nValuation allowance, end of year | $8,739 | $5,398 \n\ntable change valuation allowance\n December 31, 2019 net loss carryforwards. federal tax totaled $31. 4 million. 2017 Tax Act NOLs expire. NOLs $9. million expire 2020 2037 $21. 5 million expire. state $40. 6 million December expire 2020 2039.\n 31\n allowances $5,398 $13,872\n Net operating loss 3,284\n Expiration losses\n Adjustment deferred taxes\n state tax rate change\n Valuation allowance end year $8,739 $5,398" +} +{ + "_id": "d1b391236", + "title": "", + "text": "Results of Operations\nHistorically, revenues and earnings may or may not be representative of future operating results due to various economic and other factors. The following table sets forth the Consolidated Statements of Operations for the periods indicated (amounts in thousands):\n(1) Fiscal years ended March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n\n | | Fiscal Years Ended March 31, | \n-------------------------------------------------------------------------------------- | ---------- | ---------------------------- | --------\n | 2019 | 2018 | 2017 \nNet sales (1) | $1,382,818 | $1,200,181 | $757,338\nOperating costs and expenses: | | | \nCost of sales (1) | 924,276 | 860,744 | 571,944 \nSelling, general and administrative expenses | 202,642 | 173,620 | 107,658 \nResearch and development (1) | 44,612 | 39,114 | 26,693 \nRestructuring charges | 8,779 | 14,843 | 5,404 \n(Gain) loss on write down and disposal of long-lived assets | 1,660 | (992) | 10,671 \nTotal operating costs and expenses | 1,181,969 | 1,087,329 | 722,370 \nOperating income (1) | 200,849 | 112,852 | 34,968 \nNon-operating (income) expense: | | | \nInterest income | (2,035) | (809) | (24) \nInterest expense | 21,239 | 32,882 | 39,755 \nAcquisition (gain) loss | — | (130,880) | — \nChange in value of TOKIN options | — | — | (10,700)\nOther (income) expense, net (1) | 11,214 | 24,592 | (3,871) \nIncome before income taxes and equity income (loss) from equity method investments (1) | 170,431 | 187,067 | 9,808 \nIncome tax expense (benefit) (1) | (39,460) | 9,132 | 4,294 \nIncome before equity income (loss) from equity method investments (1) | 209,891 | 177,935 | 5,514 \nEquity income (loss) from equity method investments | (3,304) | 76,192 | 41,643 \nNet income (1) | $206,587 | $254,127 | $47,157 \n\nOperations\n revenues earnings future factors. Consolidated Statements Operations\n Fiscal years 2018 2017 ASC 606.\n Net sales $1,382,818 $1,200,181 $757,338\n Operating costs expenses\n Cost sales 924,276 860,744 571,944\n Selling administrative expenses 202,642 173,620 107,658\n Research development 44,612 39,114 26,693\n Restructuring charges 8,779 14,843 5,404\n loss write down disposal long-lived assets 1,660 10,671\n operating costs expenses 1,181,969 1,087,329 722,370\n Operating income 200,849 112,852 34,968\n Non-operating\n Interest income\n 21,239 32,882 39,755\n Acquisition loss,880\n Change TOKIN options\n 11,214 24,592\n taxes investments 170,431 187,067 9,808\ntax expense (39,460 9,132 4,294\n 209,891 177,935 5,514\n (3,304 76,192 41,643\n Net $206,587 $254,127 $47,157" +} +{ + "_id": "d1a72471e", + "title": "", + "text": "The Company incurred approximately $106,000 in legal, professional, and other costs related to this acquisition accounted for as selling and administrative expenses when incurred. The remaining weighted-average useful life of intangible assets acquired was 12.5 years as of the acquisition date.\nAs the active cabinet business was not operated as a separate subsidiary, division or entity, Calix did not maintain separate financial statements for the active cabinet business. As a result, we are unable to accurately determine earnings/loss for the active cabinet business on a standalone basis since the date of acquisition.\nThe following table below reflects our unaudited pro forma combined results of operations as if the acquisition had taken place as of October 1, 2016 and shows the net sales and net income as if the active cabinet business were combined with the Clearfield business for the years ended September 30, 2018 and 2017.\nThe pro forma includes estimated expenses relating to the amortization of intangibles purchased, the amortization of the inventory fair value adjustment, and estimated personnel costs:\nThe pro forma unaudited results do not purport to be indicative of the results which would have been obtained had the acquisition been completed as of the beginning of the earliest period presented or of results that may be obtained in the future. In addition, they do not include any benefits that may result from the acquisition due to synergies that may be derived from the elimination of any duplicative costs.\n\n | Pro Forma Year Ended September 30, 2018 (unaudited) | Pro Forma Year Ended September 30, 2017 (unaudited)\n---------------------- | --------------------------------------------------- | ---------------------------------------------------\nNet sales | $80,958,789 | $89,672,074 \nIncome from operations | $5,554,766 | $8,174,841 \nNet income | 4,794,757 | $5,809,018 \nNet income per share: | | \nBasic | 0.36 | $0.43 \nDiluted | 0.36 | $0.43 \n\nCompany incurred $106,000 legal professional costs acquisition selling administrative expenses. remaining life intangible assets 12. 5 years acquisition date.\n active cabinet business not separate subsidiary separate financial statements. unable determine earnings/loss since acquisition.\n table reflects unaudited combined results operations acquisition October 1, 2016 net sales income Clearfield business years ended September 30, 2018 2017.\n includes estimated expenses amortization intangibles purchased inventory fair value adjustment personnel costs\n unaudited results indicative results acquisition future. include benefits acquisition synergies elimination duplicative costs.\n Pro Forma Year Ended September 30, 2018 September 30, 2017\n Net sales $80,958,789 $89,672,074\n Income operations $5,554,766 $8,174,841\n Net income 4,794,757 $5,809,018\n Net income per share\n.\n." +} +{ + "_id": "d1b35868e", + "title": "", + "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data)\nNOTE 6: PREPAID EXPENSES AND OTHER CURRENT ASSETS\nPrepaid expenses and other current assets consisted of the following:\nClaims receivable mainly represents claims against vessels’ insurance underwriters in respect of damages arising from accidents or other insured risks, as well as claims under charter contracts including off-hires. While it is anticipated that claims receivable will be recovered within one year, such claims may not all be recovered within one year due to the attendant process of settlement. Nonetheless, amounts are classified as current as they represent amounts currently due to the Company. All amounts are shown net of applicable deductibles.\nAs of December 31, 2018, claims receivable include $11,571 related to insurance claim at the iron ore port terminal in Nueva Palmira, Uruguay.\n\n | December 31, 2019 | December 31, 2018\n----------------------------------------------- | ----------------- | -----------------\nPrepaid voyage and operating costs | $5,726 | $9,261 \nClaims receivable | 3,826 | 22,224 \nPrepaid other taxes | 1,012 | 2,682 \nAdvances for working capital purposes | — | 18 \nOther | 1,675 | 6,005 \nTotal prepaid expenses and other current assets | $12,239 | $40,190 \n\nNAVIOS MARITIME HOLDINGS. FINANCIAL STATEMENTS U. S. dollars except share data\n NOTE 6 PREPAID EXPENSES CURRENT ASSETS\n Claims receivable insurance damages accidents charter contracts. settlement. amounts current due. net deductibles.\n December 31, 2018 claims $11,571 insurance claim iron ore port terminal Nueva Palmira Uruguay.\n Prepaid voyage operating costs $5,726 $9,261\n Claims receivable 3,826 22,224\n Prepaid taxes 1,012 2,682\n Advances working capital\n 1,675 6,005\n prepaid expenses current assets $12,239 $40,190" +} +{ + "_id": "d1b3a5d1c", + "title": "", + "text": "NOTE 4 – REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY’S ANNUAL GENERAL MEETING\nUnder SEC regulations, the remuneration of the auditor of USD 0.7m (2018: USD 0.8m, 2017: USD 1.0m) is required to be presented as follows: Audit USD 0.6m (2018: USD 0.6m, 2017: USD 0.6m) and other audit-related services USD 0.1m (2018: USD 0.2m, 2017: USD 0.4m).\nOur Audit Committee pre-approves all audit, audit-related and non-audit services not prohibited by law to be performed by our independent auditors and associated fees prior to the engagement of the independent auditor with respect to such services.\n\nUSDm | 2019 | 2018 | 2017\n------------------------------------------------------------------------------------ | ---- | ---- | ----\nAudit fees | | | \nFees payable to the Company's auditor for the audit of the Company's annual accounts | 0.4 | 0.4 | 0.4 \nAudit of the Company's subsidiaries pursuant to legislation | 0.2 | 0.2 | 0.2 \nTotal audit fees | 0.6 | 0.6 | 0.6 \nNon-audit fees | | | \nAudit-related services | 0.1 | 0.2 | 0.4 \nTax services | 0.0 | - | - \nTotal non-audit fees | 0.1 | 0.2 | 0.4 \nTotal | 0.7 | 0.8 | 1.0 \n\n4 REMUNERATION AUDITORS AT PARENT COMPANY’S ANNUAL GENERAL MEETING\n SEC regulations remuneration auditor USD 0. 7m. 8m 1. Audit USD 0. 6m. audit-related services USD 0. 1m. 4m.\n Audit Committee pre-approves audit non-audit services law independent auditors fees engagement auditor.\n 2019 2018 2017\n Audit fees\n Company's auditor audit annual accounts. 4. 4. 4\n Audit Company's subsidiaries. 2. 2.\n audit fees. 6. 6.\n Non-audit fees\n services. 1. 2.\n Tax services.\n non-audit fees. 2. 4\n. 7. 8." +} +{ + "_id": "d1b32c854", + "title": "", + "text": "Item 6. Selected Financial Data\nThe following table summarizes our selected consolidated financial data for the periods indicated. The selected consolidated financial data should be read in conjunction with our Consolidated Financial Statements and related notes and “Management's Discussion and Analysis of Financial Condition and Results of Operations” appearing elsewhere in this Annual Report on Form 10-K. The selected consolidated statement of income and balance sheet data for each of the five fiscal years indicated below has been derived from our audited Consolidated Financial Statements. Over the last five fiscal years we have acquired a number of companies including, but not limited to Catalyst, Liaison, Hightail, Guidance, Covisint, ECD Business, CCM Business, Recommind, ANX, CEM Business, Daegis, and Actuate. The results of these companies and all of our previously acquired companies have been included herein and have contributed to the growth in our revenues, net income and net income per share and such acquisitions affect period-to-period comparability.\n(1) Effective July 1, 2018, we adopted Accounting Standards Codification (ASC) Topic 606 \"Revenue from Contracts with Customers\" (Topic 606) using the cumulative effect approach. We applied the standard to contracts that were not completed as of the date of the initial adoption. Results for reporting periods commencing on July 1, 2018 are presented under the new revenue standard, while prior period results continue to be reported under the previous standard.\n(2) Fiscal 2017 included a significant one-time tax benefit of $876.1 million recorded in the first quarter of Fiscal 2017.\n\n | | | Fiscal Year Ended June 30, | | \n------------------------------------------------------------- | ---------- | ---------- | -------------------------- | ---------- | ----------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n(In thousands, except per share data) | | | | | \nStatement of Income Data: | | | | | \nRevenues(1) | $2,868,755 | $2,815,241 | $2,291,057 | $1,824,228 | $1,851,917\nNet income, attributable to OpenText(2) | $285,501 | $242,224 | $1,025,659 | $284,477 | $234,327 \nNet income per share, basic, attributable to OpenText(1) | $1.06 | $0.91 | $4.04 | $1.17 | $0.96 \nNet income per share, diluted, attributable to OpenText(1) | $1.06 | $0.91 | $4.01 | $1.17 | $0.95 \nWeighted average number of Common Shares outstanding, basic | 268,784 | 266,085 | 253,879 | 242,926 | 244,184 \nWeighted average number of Common Shares outstanding, diluted | 269,908 | 267,492 | 255,805 | 244,076 | 245,914 \n\n. Selected Financial Data\n table summarizes consolidated financial data. read with Consolidated Financial Statements's Discussion Analysis Financial Condition Results Annual Report Form 10-K. consolidated income balance sheet data five fiscal years derived from audited Consolidated Financial Statements. acquired companies Catalyst Liaison Hightail Guidance Covisint ECD CCM Recommind ANX CEM Business Daegis Actuate. results contributed revenues net income per share comparability.\n July 1 2018 adopted Accounting Standards Codification Topic 606 \"Revenue Contracts Customers cumulative effect approach. contracts not completed. Results July 1 2018 new standard previous standard.\n Fiscal 2017 one-time tax benefit $876. million.\n Fiscal Year Ended June 30\n 2018 2017 2016 2015\n Statement Income Data\n $2,868,755 $2,815,241 $2,291,057 $1,824,228 $1,851,917\nincome OpenText(2) $285,501 $242,224 $1,025,659 $284,477 $234,327\n share OpenText(1) $1. 06.\n diluted OpenText(1) $1. 06.\n Shares 268,784 266,085 253,879 242,926 244,184\n diluted 269,908 267,492 255,805 244,076 245,914" +} +{ + "_id": "d1b388fa0", + "title": "", + "text": "Net Settlement of Equity Awards\nThe majority of restricted stock units are subject to vesting. The underlying shares of common stock are issued when the restricted stock units vest. The majority of participants choose to participate in a broker-assisted automatic sales program to satisfy their applicable tax withholding requirements. We do not treat the shares sold pursuant to this automatic sales program as common stock repurchases.\nIn the fourth quarter of 2019, we withheld 83,327 shares through net settlements (where the award holder receives the net of the shares vested, after surrendering a portion of the shares back to the Company for tax withholding) for restricted stock units that vested for some of our executive officers.\nThe following table provides a summary of the Company’s repurchase of common stock under the Repurchase Program and shares surrendered back to the Company for tax withholding on restricted stock units that vested under our equity incentive programs in the three months ended December 31, 2019:\n\nPeriod | Total Number of Shares Repurchased | Average Price Paid per Share | Total Number of Shares Purchased as part of a Publicly Announced Program | Maximum Dollar Value of shares that may yet be purchased under the Repurchase Program\n------------------------------------------ | ---------------------------------- | ---------------------------- | ------------------------------------------------------------------------ | -------------------------------------------------------------------------------------\nOctober 1, 2019 through October 31, 2019 | - | - | - - | $12,544,543 \nNovember 1, 2019 through November 30, 2019 | 274,681 | $4.82 | 191,354 | $11,620,641 \nDecember 1, 2019 through December 31, 2019 | 374,490 | $4.70 | 374,490 | $9,859,153 \nTotal shares repurchased | 649,171 | $4.75 | 565,844 | $9,859,153 \n\nSettlement Equity Awards\n majority restricted stock units vesting. underlying shares issued vest. participants broker-assisted automatic sales program tax withholding. shares sold common stock repurchases.\n fourth quarter 2019 withheld 83,327 shares net settlements award holder receives vested.\n table repurchase common stock Repurchase Program shares surrendered tax withholding three months December 31, 2019\n Period Shares Repurchased Average Price Paid Share Publicly Announced Program Maximum Dollar Value shares Repurchase Program\n October 1, 2019 31, $12,544,543\n November 1 274,681 $4. 82 191,354 $11,620,641\n December 1, 2019 31, 374,490 $4. $9,859,153\n Total shares repurchased 649,171 $4. 75 565,844 $9,859,153" +} +{ + "_id": "d1b39668c", + "title": "", + "text": "ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN\nThe terms adjusted EBITDA and adjusted EBITDA margin do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers.\nWe define adjusted EBITDA as operating revenues less operating costs as shown in BCE’s consolidated income statements. Adjusted EBITDA for BCE’s segments is the same as segment profit as reported in Note 3, Segmented information, in BCE’s 2019 consolidated financial statements. We define adjusted EBITDA margin as adjusted EBITDA divided by operating revenues.\nWe use adjusted EBITDA and adjusted EBITDA margin to evaluate the performance of our businesses as they reflect their ongoing profitability. We believe that certain investors and analysts use adjusted EBITDA to measure a company’s ability to service debt and to meet other payment obligations or as a common measurement to value companies in the telecommunications industry. We believe that certain investors and analysts also use adjusted EBITDA and adjusted EBITDA margin to evaluate the performance of our businesses. Adjusted EBITDA is also one component in the determination of short-term incentive compensation for all management employees.\nAdjusted EBITDA and adjusted EBITDA margin have no directly comparable IFRS financial measure. Alternatively, the following table provides a reconciliation of net earnings to adjusted EBITDA.\n\n | 2019 | 2018 \n----------------------------------------------- | ------ | ------\nNet earnings | 3,253 | 2,973 \nSeverance, acquisition and other costs | 114 | 136 \nDepreciation | 3,496 | 3,145 \nAmortization | 902 | 869 \nFinance costs | | \nInterest expense | 1,132 | 1,000 \nInterest on post-employment benefit obligations | 63 | 69 \nOther expense | 13 | 348 \nIncome taxes | 1,133 | 995 \nAdjusted EBITDA | 10,106 | 9,535 \nBCE operating revenues | 23,964 | 23,468\nAdjusted EBITDA margin | 42.2% | 40.6% \n\nADJUSTED EBITDA MARGIN\n standardized meaning IFRS. unlikely comparable other issuers.\n EBITDA operating revenues less costs BCE’s income statements. same profit 2019 financial statements. EBITDA margin divided by operating revenues.\n EBITDA margin performance profitability. investors analysts service debt payment obligations companies telecommunications industry. short-term incentive compensation management employees.\n Adjusted EBITDA margin no comparable IFRS measure. reconciliation net earnings to adjusted EBITDA.\n Net earnings 3,253 2,973\n Severance acquisition costs 114\n Depreciation 3,496,145\n Amortization 902\n Finance costs\n Interest expense 1,132 1,000\n Interest post-employment benefit obligations 63\n Other expense 13\n Income taxes 1,133 995\n Adjusted EBITDA 10,106\n BCE operating revenues 23,964 23,468\nEBITDA 42. 40." +} +{ + "_id": "d1b346114", + "title": "", + "text": "Product Licensing Segment\n(1) Excludes operating expenses which are not allocated on a segment basis.\nProduct Licensing revenue for the year ended December 31, 2019 was $198.1 million as compared to $219.7 million for the year ended December 31, 2018, a decrease of $21.6 million. The decrease in revenue was primarily due to the timing and duration of minimum guarantee contracts up for renewal and executed, decreased NRE services revenue, as well as a decrease in per-unit royalty revenue in 2019 as compared to 2018.\n\n | | Years Ended December 31, | \n--------------------------------------------- | -------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nRevenue: | | | \nRoyalty and license fees | $198,124 | $219,708 | $167,923\nTotal revenue | 198,124 | 219,708 | 167,923 \nOperating expenses: | | | \nCost of revenues | 8,460 | 13,291 | 6,308 \nResearch, development and other related costs | 83,613 | 78,892 | 75,809 \nLitigation | 1,656 | — | 288 \nAmortization | 88,075 | 88,544 | 90,340 \nTotal operating expenses (1) | 181,804 | 180,727 | 172,745 \nTotal operating income (loss) | $16,320 | $38,981 | $(4,822)\n\nLicensing Segment\n Excludes operating expenses not allocated.\n revenue 2019 $198. million $219. 7 million 2018 decrease $21. million. due minimum guarantee contracts decreased NRE services per-unit royalty revenue.\n Revenue\n Royalty license fees $198,124 $219,708 $167,923\n revenue 198,124 219,708\n Operating expenses\n Cost revenues 8,460 13,291 6\n Research development costs 83,613 78,892\n Litigation\n Amortization 88,075,544\n Total operating expenses 181,804 180,727 172,745\n Total operating income (loss $16,320 $38,981" +} +{ + "_id": "d1b2ff598", + "title": "", + "text": "21 Cash and Cash Equivalents\nCash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.\n\n | 31 March 2019 | 31 March 2018\n------------------------------ | ------------- | -------------\n | $M | $M \nCash at bank and in hand | 134.3 | 67.2 \nShort-term deposits | 37.8 | 52.8 \nTotal cash and cash equivalent | 172.1 | 120.0 \n\nCash Equivalents\n bank earns interest daily rates. Short-term deposits day three months requirements earn interest rates.\n 31 March 2019 31 March 2018\n Cash bank hand 134. 67.\n Short-term deposits 37. 8 52.\n cash 172. 120." +} +{ + "_id": "d1b3343ce", + "title": "", + "text": "GreenSky, Inc.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)\n(United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 4. Loan Receivables Held for Sale\nThe following table summarizes the activity in the balance of loan receivables held for sale, net at lower of cost or fair value during the periods indicated.\n(1) Includes accrued interest and fees, recoveries of previously charged-off loan receivables held for sale, as well as proceeds from transferring our rights to Charged-Off Receivables attributable to loan receivables held for sale. We retain servicing arrangements on sold loan receivables with the same terms and conditions as loans that are originated by our Bank Partners. Income from loan receivables held for sale activities is recorded within interest income and other gains (losses), net in the Consolidated Statements of Operations. We sold loan receivables held for sale to certain Bank Partners on the following dates during the years ended December 31:\n(2) We temporarily hold certain loan receivables, which are originated by a Bank Partner, while non-originating Bank Partner eligibility is being determined. Once we determine that a loan receivable meets the investment requirements of an eligible Bank Partner, we transfer the loan receivable to the Bank Partner at cost plus any accrued interest. The reported amount also includes loan receivables that have been placed on non-accrual and non-payment status while we investigate consumer inquiries.\n(3) We received recovery payments of $50, $57 and $238 during the years ended December 31, 2019, 2018 and 2017, respectively. Recoveries of principal and finance charges and fees on previously written off loan receivables held for sale are recognized on a collected basis as other gains and interest income, respectively, in the Consolidated Statements of Operations. Separately, during the years ended December 31, 2019, 2018, and 2017, write offs and other were reduced by $312, $431, and $406, respectively, related to cash proceeds received from transferring our rights to Charged-Off Receivables attributable to loan receivables held for sale. The cash proceeds received were recorded within other gains (losses), net in the Consolidated Statements of Operations.\n\n | | Year Ended December 31, | \n-------------------------------------------- | --------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nBeginning balance | $2,876 | $73,606 | $41,268 \nAdditions | 157,928 | 93,240 | 134,659 \nProceeds from sales and borrower payments(1) | (104,858) | (161,009) | (93,044)\nLoss on sale | — | — | (500) \nIncrease in valuation allowance | (1,289) | (92) | (584) \nTransfers(2) | 251 | 22 | (5,017) \nWrite offs and other(3) | (2,982) | (2,891) | (3,176) \nEnding balance | $51,926 | $2,876 | $73,606 \n\nGreenSky, Inc.\n NOTES FINANCIAL STATEMENTS\n States Dollars share data\n Note 4. Loan Receivables Sale\n table summarizes activity loan receivables cost fair value periods.\n Includes accrued interest fees recoveries charged-off receivables proceeds transferring rights. servicing arrangements receivables same terms conditions Bank Partners. Income recorded interest income gains Consolidated Statements Operations. sold receivables Bank Partners dates December 31\n temporarily hold receivables eligibility. transfer Partner cost plus accrued interest. includes receivables non-accrual non status consumer inquiries.\n received recovery payments of $50 $57 $238 years December 31, 2019 2018 2017. Recoveries principal finance charges fees receivables recognized gains interest income Consolidated Statements Operations. December 31, 2019 2018 2017 write offs reduced by $312 $431 $406 proceeds transferring rights Charged-Off Receivables.cash proceeds Consolidated Statements Operations.\n Ended December 31,\n balance $2,876 $73,606 $41,268\n Additions 157,928 93,240 134,659\n sales borrower (104,858) (161,009)\n Loss sale\n Increase valuation allowance\n Write offs (2,982) (2,891) (3,176\n Ending balance $51,926 $2,876 $73,606" +} +{ + "_id": "d1b3ba7a8", + "title": "", + "text": "Operating Expense\nSelling, general and administrative expense increased $9.6 million to $24.4 million for the year ended December 31, 2019 compared to $14.8 million for the year ended December 31, 2018. Selling, general and administrative expense increased primarily due to $4.4 million of expenses associated with the legacy business of MOI and $2.0 million of expenses associated with the legacy business of GP , in addition to $1.0 million in transaction costs associated with the acquisition of GP, a $0.9 million increase in share-based compensation as a result of new awards, and a $1.1 million increase in expenses related to sales and marketing as a result of increased revenue.\nResearch, development and engineering expenses increased $3.7 million to $7.5 million for the year ended December 31, 2019 compared to $3.8 million for the year ended December 31, 2018 primarily due to $1.1 million of research, development and engineering expense associated with the legacy business of MOI and $2.7 million of research, development and engineering expense associated with the legacy business of GP during the year ended December 31, 2019.\n\n | Years ended December 31, | | | \n--------------------------------------------- | ------------------------ | ----------- | ------------- | ------------\n | 2019 | 2018 | $ Difference | % Difference\nSelling, general and administrative expense | $24,371,349 | $14,794,205 | $9,577,144 | 64.7% \nResearch, development and engineering expense | 7,496,012 | 3,766,160 | 3,729,852 | 99.0% \nTotal operating expense | $31,867,361 | $18,560,365 | $13,306,996 | 71.7% \n\n\n Selling administrative increased $9. 6 million $24. 4 million December 31, 2019 $14. 8 million 2018. $4. 4 million MOI $2. million GP $1. million costs acquisition GP $0. 9 million share-based compensation new awards $1. 1 million sales marketing increased revenue.\n Research development engineering expenses increased $3. 7 million $7. 5 million 2019 $3. 8 million 2018 due $1. 1 million MOI $2. 7 million GP.\n Selling administrative expense $24,371,349 $14,794,205 $9,577,144. 7%\n Research development engineering 7,496,012 3,766,160,729,852.\n operating expense $31,867,361 $18,560,365 $13,306,996." +} +{ + "_id": "d1b32dc04", + "title": "", + "text": "European revenue decreased by 1.9%. Foreign exchange movements contributed a 0.8 percentage point negative impact and the deconsolidation of Vodafone Netherlands contributed a 4.1 percentage point negative impact, offset by 3.0% organic growth. Service revenue increased by 0.9%* or 0.6%* excluding a legal settlement in Germany in Q4, driven by strong fixed customer growth and the benefit of the Group’s “more-for-more” mobile propositions in several markets, which offset increased regulatory headwinds following the implementation of the EU’s “Roam Like At Home” policy in June and the impact of the introduction of handset financing in the UK. Excluding regulation and UK handset financing, as well as a legal settlement in Germany in Q4, service revenue growth was 2.0%* (Q3: 1.9%*, Q4: 1.7%*).\nAdjusted EBITDA increased 7.3%, including a 5.1 percentage point negative impact from the deconsolidation of Vodafone Netherlands and a 0.6 percentage point negative impact from foreign exchange movements. On an organic basis, adjusted EBITDA increased 13.0%*, supported by the benefit of the introduction of handset financing in the UK, regulatory settlements in the UK and a legal settlement in Germany. Excluding these items, as well as the net impact of roaming, adjusted EBITDA grew by 7.9*, reflecting operating leverage and tight cost control through our “Fit for Growth” programme.\nAdjusted EBIT increased by 86.3%*, reflecting strong adjusted EBITDA growth and stable depreciation and amortisation expenses.\n\n | Reported change | Other activity (including M&A) | Foreign exchange | Organic* change\n-------------------------------- | --------------- | ------------------------------ | ---------------- | ---------------\n | % | pps | pps | % \nRevenue – Europe | (1.9) | 4.1 | 0.8 | 3.0 \nService revenue | | | | \nGermany | 2.6 | – | – | 2.6 \nItaly | 1.0 | 0.2 | – | 1.2 \nUK | (8.1) | 0.1 | 4.5 | (3.5) \nSpain | 1.8 | 0.3 | – | 2.1 \nOther Europe | (19.6) | 22.9 | (0.4) | 2.9 \nEurope | (3.9) | 4.0 | 0.8 | 0.9 \nAdjusted EBITDA | | | | \nGermany | 10.9 | (0.1) | (0.1) | 10.7 \nItaly | 4.5 | 0.1 | – | 4.6 \nUK | 45.4 | (1.2) | 7. 6 | 51.8 \nSpain | 4.4 | 0.6 | – | 5.0 \nOther Europe | (18.8) | 26.8 | (0.3) | 7.7 \nEurope | 7.3 | 5.1 | 0.6 | 13.0 \nEurope adjusted operating profit | 53.2 | 34.8 | (1.7) | 86.3 \n\nEuropean revenue decreased. 9%. Foreign exchange contributed. deconsolidation Vodafone Netherlands. impact offset. 0% organic growth. Service revenue increased. 9%. 6% excluding legal settlement Germany Q4 customer growth mobile propositions regulatory headwinds “Roam Like At Home” policy handset financing. Excluding legal settlement Germany Q4 service revenue growth 2. 0% (Q3. Q4.\n Adjusted EBITDA increased. 3%. negative impact deconsolidation Vodafone Netherlands. impact foreign exchange. EBITDA increased 13. 0% supported handset financing regulatory settlements legal settlement Germany. EBITDA grew. operating leverage cost control “Fit for Growth” programme.\n EBIT increased. 3% strong growth stable depreciation amortisation expenses.\n Reported change Other activity M&A Foreign exchange Organic change\n Revenue Europe.\n Service revenue\n Germany.\n Italy.. 2\n UK. 4. 5.\n Spain. 8. 3.\n Europe (19. 6) 22. 9. 4). 9\n Europe. 9). 8. 9\n Adjusted EBITDA\n Germany 10. 9. 7\n Italy. 5. 1. 6\n UK 45. 4. 7. 51. 8\n Spain. 6.\n Europe (18. 8) 26. 8.\n Europe. 3. 6 13.\n Europe 53. 2 34. 8. 7) 86." +} +{ + "_id": "d1b343f54", + "title": "", + "text": "Accumulated Other Comprehensive Income\nThe table below details where reclassifications of realized transactions out of AOCI are recorded on the consolidated statements of income (amounts in millions).\n\n | | Year ended March 31, | | \n------------------------------------------------------- | ------ | -------------------- | ------ | --------------------------------\nDescription of AOCI Component | 2019 | 2018 | 2017 | Related Statement of Income Line\nUnrealized losses on available-for-sale securities | $(5.6) | $(15.2) | $(1.5) | Other income, net \nAmortization of actuarial loss | (1.0) | (0.8) | — | Other income, net \nReclassification of realized transactions, net of taxes | $(6.6) | $(16.0) | $(1.5) | Net Income \n\nIncome\n table reclassifications transactions AOCI consolidated statements income millions.\n Year ended March 31,\n AOCI Component 2019 2018 2017 Statement Income\n Unrealized losses securities $(5. 6)(15. 2). income\n Amortization actuarial loss (1.\n Reclassification transactions taxes $(6. 6)(16. 5)" +} +{ + "_id": "d1b33b2f0", + "title": "", + "text": "The following is a roll-forward of the Company’s uncertain tax positions, recorded in other long-term liabilities, from January 1, 2017 to December 31, 2019:\nThe majority of the net increase for positions relates to the potential tax on freight income on changes for positions taken in prior years and an increased number of voyages for the year ended December 31, 2019.\nThe Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The interest and penalties on unrecognized tax benefits are included in the roll-forward schedule above, and are increases of approximately $13.2 million, $9.2 million and $6.4 million in 2019, 2018 and 2017, respectively.\n\n | Year Ended | Year Ended | Year Ended \n------------------------------------------------------ | ------------ | ------------ | ------------\n | December 31, | December 31, | December 31,\n | 2019 | 2018 | 2017 \n | $ | $ | $ \nBalance of unrecognized tax benefits as at January 1 | 40,556 | 31,061 | 19,492 \nIncreases for positions related to the current year | 5,829 | 9,297 | 2,631 \nChanges for positions taken in prior years | 19,119 | 981 | 3,475 \nDecreases related to statute of limitations | (2,546) | (783) | (1,562) \nIncrease due to acquisition of TIL | — | — | 8,528 \nDecrease due to deconsolidation of Altera | — | — | (1,503) \nBalance of unrecognized tax benefits as at December 31 | 62,958 | 40,556 | 31,061 \n\nroll-forward uncertain tax positions January 1 2017 to December 31, 2019\n majority net increase potential tax freight income increased voyages 31, 2019.\n recognizes interest penalties uncertain tax positions income tax. increases $13. 2 million $9. 2 million $6. 4 million 2019 2018 2017.\n December\n Balance unrecognized tax benefits January 1 40,556 31,061 19,492\n Increases positions current year 9,297 2,631\n Changes prior years 19,119 981 3,475\n Decreases statute limitations (2,546)\n Increase acquisition TIL\n Decrease deconsolidation Altera\n Balance unrecognized tax benefits December 31 62,958 40,556 31,061" +} +{ + "_id": "d1b2fca64", + "title": "", + "text": "Significant components of Autodesk’s deferred tax assets and liabilities are as follows\nAutodesk’s tax expense is primarily driven by tax expense in foreign locations, withholding taxes on payments made to the U.S. from foreign sources, and tax amortization on indefinite-lived intangibles offset by a tax benefit resulting from release of uncertain tax positions upon finalization of IRS examination and release of valuation allowance from acquired deferred tax liabilities.\nAutodesk regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, Autodesk considers both positive and negative evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, Autodesk considered cumulative losses arising from the Company's business model transition as a significant piece of negative evidence. Consequently, Autodesk determined that a valuation allowance was required on the accumulated U.S., Canada and Singapore tax attributes. In the current year, the U.S. created incremental deferred tax assets, primarily operating losses, foreign tax and R&D credits, Singapore generated operating losses and Canada generated R&D credits. These U.S. and Singapore deferred tax attributes have been offset by a full valuation allowance. The valuation allowance increased by $163.6 million in fiscal 2019 primarily due to the generation of deferred tax attributes. The valuation allowance decreased by $113.8 million, and increased $352.4 million in fiscal 2018, and 2017, respectively, primarily related to U.S. Tax Act reduction in rate in fiscal 2018 and U.S. and Canadian deferred tax attributes generated in fiscal 2017. As Autodesk continually strives to optimize the overall business model, tax planning strategies may become feasible and prudent allowing the Company to realize many of the deferred tax assets that are offset by a valuation allowance; therefore, Autodesk will continue to evaluate the ability to utilize the net deferred tax assets each quarter, both in the U.S. and in foreign jurisdictions, based on all available evidence, both positive and negative.\nThe Tax Act was signed into law on December 22, 2017 and provided broad and significant changes to the U.S. corporate income tax regime. In light of our fiscal year-end, the Tax Act reduced the statutory federal corporate rate from 35% to 33.81% for fiscal 2018 and to 21% for fiscal 2019 and forward. The Tax Act also, among many other provisions, imposed a one-time mandatory tax on accumulated earnings of foreign subsidiaries (commonly referred to as the \"transition tax\"), subjected the deemed intangible income of our foreign subsidiaries to current U.S. taxation (commonly referred to as \"GILTI\"), provided for a full dividends received deduction upon repatriation of untaxed earnings of our foreign subsidiaries, imposed a minimum taxation (without most tax credits) on modified taxable income, which is generally taxable income without deductions for payments to related foreign companies (commonly referred to as “BEAT”), modified the accelerated depreciation deduction rules, and made updates to the deductibility of certain expenses. We have completed our determination of the accounting implications of the Tax Act on our tax accruals.\nWe recorded a tax benefit of the Tax Act in our financial statements as of January 31, 2018 of approximately $32.3 million mainly driven by the corporate rate remeasurement of the indefinite-lived intangible deferred tax liability.\nAs of January 31, 2018, we estimated taxable income associated with offshore earnings of $831.5 million, and as of January 31, 2019, we adjusted the taxable income to $819.6 million to reflect the impact of Treasury Regulations issued in the fourth quarter of fiscal 2019. Transition tax related to adjustments in the offshore earnings resulted in no impact to the effective tax rate as it is primarily offset by net operating losses that are subject to a full valuation allowance. As a result of the transition tax, we recorded a deferred tax asset of approximately $45.1 million for foreign tax credits, which are also subject to a full valuation allowance.\n\n | January 31, | \n------------------------------------------------- | ----------- | -------\n | 2019 | 2018 \nStock-based compensation | $25.9 | $26.7 \nResearch and development tax credit carryforwards | 238.7 | 170.3 \nForeign tax credit carryforwards | 198.6 | 162.2 \nAccrued compensation and benefits | 6.5 | 25.9 \nOther accruals not currently deductible for tax | 19.0 | 22.9 \nPurchased technology and capitalized software | 32.6 | 43.4 \nFixed assets | 15.0 | 16.5 \nTax loss carryforwards | 237.2 | 85.7 \nDeferred revenue | 49.0 | 120.3 \nOther | 28.4 | 32.4 \nTotal deferred tax assets | 850.9 | 706.3 \nLess: valuation allowance | (797.8) | (634.2)\nNet deferred tax assets | 53.1 | 72.1 \nIndefinite lived intangibles | (67.6) | (57.0) \nTotal deferred tax liabilities | (67.6) | (57.0) \nNet deferred tax assets (liabilities) | $(14.5) | $15.1 \n\nAutodesk’s deferred tax assets liabilities\n tax expense driven by foreign locations withholding taxes U. foreign tax amortization indefinite-lived intangibles offset by tax benefit uncertain tax positions IRS valuation allowance deferred tax liabilities.\n Autodesk assesses need valuation allowance against deferred tax assets. positive negative evidence. losses business model transition negative. valuation allowance required on accumulated U. S. Canada Singapore tax attributes. U. created deferred tax assets operating losses foreign tax R&D credits Singapore Canada R&D credits. offset by full valuation allowance. increased $163. 6 million 2019 due tax. decreased $113. 8 million increased $352. 4 million in 2018 2017 to U. S. Tax Act reduction. Canadian deferred tax attributes. business model tax planning strategies deferred tax assets by valuation allowance net deferred tax assets.foreign jurisdictions evidence.\n Tax Act December 22, 2017 changes U. S. corporate income tax regime. reduced federal corporate rate 35% to 33. 81% 2018 21% 2019. imposed one-time mandatory tax earnings foreign subsidiaries subjected intangible income U. S. taxation full dividends deduction repatriation untaxed earnings minimum taxation modified taxable income modified accelerated depreciation deduction rules deductibility expenses. accounting implications Tax Act tax accruals.\n recorded tax benefit financial statements January 31, 2018 $32. 3 million corporate rate remeasurement intangible deferred tax liability.\n estimated taxable income offshore earnings $831. 5 million January 31, 2019 adjusted income to $819. 6 million Treasury Regulations 2019. Transition tax tax rate offset net operating losses full valuation allowance. recorded deferred tax $45. 1 million foreign tax credits full valuation.\nJanuary 31,\n 2019 2018\n Stock-based compensation $25. $26.\n tax credit carryforwards 238. 170.\n tax credit carryforwards 198. 162.\n compensation 6. 25.\n deductible 19. 22.\n software 32. 43.\n 15. 16.\n Tax loss carryforwards 237. 85.\n Deferred revenue 49. 120.\n 28. 32.\n deferred tax assets 850. 706.\n (797. (634.\n deferred tax 53. 72.\n intangibles.\n deferred tax.\n. $15." +} +{ + "_id": "d1b3bdba6", + "title": "", + "text": "18 Investment in associates\nInvestment in associates comprises a 32.4 per cent holding in the ordinary shares of Prozone Intu Properties Limited (Prozone), a listed Indian shopping centre developer, and a 26.8 per cent direct holding in the ordinary shares of Empire Mall Private Limited (Empire) – Empire also forms part of the Prozone group giving the Group an effective ownership of 38.0 per cent. Both companies are incorporated in India.\nThe equity method of accounting is applied to the Group’s investments in Prozone and Empire in line with the requirements of IAS 28 Investments in Associates and Joint Ventures. The results for the year to 30 September have been used as 31 December information is not available in time for these financial statements. Those results are adjusted to be in line with the Group’s accounting policies and include the most recent property valuations, determined at 30 September 2019, by independent professionally qualified external valuers in line with the valuation methodology described in note 13.\nThe market price per share of Prozone at 31 December 2019 was INR19 (31 December 2018: INR29), valuing the Group’s interest at £9.9 million (31 December 2018: £16.4 million) compared with the Prozone carrying value pre-impairment of £41.5 million (31 December 2018: £45.1 million). As the share price of Prozone is lower than its carrying value, a review of the carrying value of Prozone and the Group’s direct interest in Empire (as it also forms part of the Prozone group) has been undertaken. Underpinning the impairment assessment (where the fair value less costs to sell was considered) were the independent third-party valuations received for the investment and development properties, representing the underlying value of the associate’s net assets. Assumptions were also made for tax and other costs that would be reasonably expected if these assets were to be disposed of. Following this review, an impairment of £7.4 million was recognised.\n\n£m | 2019 | 2018 \n--------------------------------------------- | ----- | -----\nAt 1 January | 65.6 | 64.8 \nShare of post-tax (loss)/profit of associates | (0.3) | 2.3 \nImpairment | (7.4) | – \nForeign exchange movements | (4.2) | (1.5)\nAt 31 December | 53.7 | 65.6 \n\nInvestment in associates\n 32. 4 per cent holding Prozone Intu Properties Limited Indian shopping centre developer 26. 8 per cent holding Empire Mall Private Limited Prozone group ownership 38. 0 per cent. companies incorporated India.\n equity method accounting investments Prozone Empire IAS 28. results to 30 September. adjusted accounting policies include recent property valuations 30 September 2019 valuers.\n market price per share Prozone 31 December 2019 INR19 (31 2018: INR29) interest £9. 9 million £16. 4 million Prozone carrying value pre-impairment £41. 5 million (31 £45. 1 million. share price Prozone lower than carrying value review value interest Empire. impairment assessment independent third-party valuations investment development properties. Assumptions for tax costs. impairment of £7. 4 million recognised.\n 2019 2018\n 1 January 65. 64. 8\n Share post-tax (loss)/profit associates.\n Impairment (7.\n Foreign exchange movements.\n 31 December. 65." +} +{ + "_id": "d1b35d2ce", + "title": "", + "text": "Property, plant and equipment consists of the following (in millions):\nDepreciation expense was $52.3 million and $46.6 million for the years ended December 31, 2019 and 2018, respectively. These amounts included $9.1 million and $7.0 million of depreciation expense recognized within cost of revenue for the years ended December 31, 2019 and 2018, respectively.\nAs of December 31, 2019 and 2018 total net book value of equipment, cable-ships, and submersibles under capital leases consisted of $35.1 million and $40.0 million, respectively.\nFor the year ended December 31, 2018, our Energy segment recorded an impairment expense of $0.7 million, of which $0.4 million was due to station performance and $0.3 million was related to the abandonment of a station development project.\n\n | December 31, | \n----------------------------------------------- | ------------ | -------\n | 2019 | 2018 \nCable-ships and submersibles | $ 246.5 | $ 251.1\nEquipment, furniture and fixtures, and software | 214.1 | 148.0 \nBuilding and leasehold improvements | 48.9 | 47.3 \nLand | 36.8 | 32.8 \nConstruction in progress | 14.3 | 12.9 \nPlant and transportation equipment | 13.5 | 12.0 \n | 574.1 | 504.1 \nLess: Accumulated depreciation | 168.3 | 127.8 \nTotal | $ 405.8 | $ 376.3\n\nProperty plant equipment\n Depreciation expense $52. 3 million $46. 6 million December 2019 2018. $9. 1 million $7. 0 million.\n net value equipment cable-ships submersibles $35. 1 million $40. million.\n Energy segment impairment expense $0. 7 million. 4 million station performance. 3 million abandonment station development.\n Cable-ships submersibles $ 246. $ 251.\n Equipment furniture fixtures software 214. 148.\n Building leasehold improvements 48. 47.\n 36.\n Construction 14.\n Plant transportation equipment 13.\n. 504.\n Accumulated depreciation 168. 127.\n $ 405. $ 376." +} +{ + "_id": "d1b3a1794", + "title": "", + "text": "Financial Results and Key Performance Metrics Overview\nThe following table provides an overview of some of our key financial metrics for each of the last three fiscal years (in millions, except per share amounts, percentages and cash conversion cycle):\n• Net revenues: Our net revenues increased 4% in fiscal 2019 compared to fiscal 2018. This was primarily due to an increase of 7% in product revenues, partially offset by a 3% decrease in software and hardware maintenance and other services revenues.\n• Gross profit margin percentage: Our gross profit margin as a percentage of net revenues increased by one percentage point in fiscal 2019 compared to fiscal 2018, reflecting an increase in gross profit margin on product revenues, and, to a lesser extent, an increase in gross profit margin on hardware maintenance and other services revenues.\n• Income from operations as a percentage of net revenues: Our income from operations as a percentage of net revenues remained relatively flat in fiscal 2019 compared to fiscal 2018.\n• Provision for income taxes: Our provision for income taxes decreased significantly in fiscal 2019 compared to fiscal 2018 as significant charges were recorded in fiscal 2018 in connection with U.S. tax reform.\n• Net income and Diluted income per share: The increase in both net income and diluted net income per share in fiscal 2019 compared to fiscal 2018 reflect the factors discussed above. Diluted net income per share was favorably impacted by a 6% decrease in the annual weighted average number of dilutive shares, primarily due to share repurchases.\n• Operating cash flows: Operating cash flows decreased by 9% in fiscal 2019 compared to fiscal 2018, reflecting changes in operating assets and liabilities, partially offset by higher net income.\n\n | | | Year Ended \n------------------------------------------------------ | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nNet revenues | $ 6,146 | $ 5,919 | $ 5,491 \nGross profit | $ 3,945 | $ 3,709 | $ 3,364 \nGross profit margin percentage | 64 % | 63% | 61 % \nIncome from operations | $ 1,221 | $ 1,158 | $ 621 \nIncome from operations as a percentage of net revenues | 20% | 20% | 11 % \nProvision for income taxes | $ 99 | $ 1,083 | $ 140 \nNet income | $ 1,169 | $ 116 | $ 481 \nDiluted net income per share | $ 4.51 | $ 0.42 | $ 1.71 \nOperating cash flows | $ 1,341 | $ 1,478 | $ 986 \n\nFinancial Results Key Performance Metrics Overview\n table key financial metrics last three fiscal years millions share amounts percentages cash conversion\n Net revenues increased 4% 2019. due to increase 7% product revenues offset 3% decrease software hardware maintenance services revenues.\n Gross profit margin percentage increased one point 2019 product hardware maintenance services revenues.\n Income operations flat 2019.\n Provision income taxes decreased 2019 U. tax reform.\n Net income Diluted income per share increase 2019. impacted 6% decrease annual weighted average number dilutive shares due share repurchases.\n Operating cash flows decreased 2019 changes operating assets liabilities offset higher net income.\n April 26, 2019 27, 2018 28, 2017\n Net revenues $ 6,146 $ 5,919 5,491\n Gross profit $ 3,945 $ 3,709\n Gross profit margin percentage 64 %\n Income from operations $ 1,221 $ 1,158 $ 621\noperations revenues 20%\n taxes $ 99 1,083 140\n Net income $ 1,169 116 481\n income share $. 51.\n cash flows $ 1,341 $ 1,478" +} +{ + "_id": "d1b37c16a", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA (Dollars in thousands, except per share data and unless otherwise indicated)\nThe Selected Consolidated Statements of Operations Data for the years ended December 31, 2019, 2018 and 2017 and the Selected Consolidated Balance Sheet Data as of December 31, 2019 and 2018 were derived from our Consolidated Financial Statements included in Item 8 of this Form 10-K. The Selected Consolidated Statements of Operations Data for the years ended December 31, 2016 and 2015 and the Selected Consolidated Balance Sheet Data as of December 31, 2017 and 2016 were derived from our audited Consolidated Financial Statements not included in this Form 10-K. Our historical results are not necessarily indicative of the results to be expected in the future. You should read the following financial information together with the information under Item 7 \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" and the Consolidated Financial Statements and related notes included in Item 8.\nGS Holdings and GSLLC are our predecessors for accounting purposes and, accordingly, amounts prior to the Reorganization Transactions and IPO represent the historical consolidated operations of either GS Holdings or GSLLC and its subsidiaries. The amounts as of December 31, 2019 and 2018 and during the period from May 24, 2018 through December 31, 2019 represent those of consolidated GreenSky, Inc. and its subsidiaries. Prior to the Reorganization Transactions and IPO, GreenSky, Inc. did not engage in any business or other activities except in connection with its formation and initial capitalization. See Note 1 to the Notes to Consolidated Financial Statements in Item 8 for further information on our organization.\n(1) Basic and diluted earnings per share of Class A common stock are applicable only for the period from May 24, 2018 through December 31, 2019, which is the period following the Reorganization Transactions and IPO. See Note 2 to the Notes to Consolidated Financial Statements in Item 8 for further information.\n\n | | | Year Ended December 31, | | \n------------------------------------------------------------ | -------- | -------- | ----------------------- | -------- | --------\nSelected Consolidated Statements of Operations Data: | 2019 | 2018 | 2017 | 2016 | 2015 \nTotal revenue | $529,646 | $414,673 | $325,887 | $263,865 | $173,457\nCost of revenue (exclusive of depreciation and amortization) | 248,580 | 160,439 | 89,708 | 79,145 | 36,506 \nTotal costs and expenses | 408,693 | 261,883 | 180,288 | 144,054 | 80,351 \nOperating profit | 120,953 | 152,790 | 145,599 | 119,811 | 93,106 \nTotal other income (expense), net | (32,105) | (19,276) | (6,931) | 4,653 | 713 \nIncome before income tax expense | 88,848 | 133,514 | 138,668 | 124,464 | 93,819 \nIncome tax expense (benefit) | (7,125) | 5,534 | — | — | — \nNet income | 95,973 | 127,980 | 138,668 | 124,464 | 93,819 \nNet income attributable to noncontrolling interests | 63,993 | 103,724 | N/A | N/A | N/A \nNet income attributable to GreenSky, Inc. | 31,980 | 24,256 | N/A | N/A | N/A \nEarnings per share of Class A common stock(1): | | | | | \nBasic | $0.52 | $0.43 | N/A | N/A | N/A \nDiluted | $0.49 | $0.41 | N/A | N/A | N/A \n\nITEM 6. SELECTED FINANCIAL DATA thousands except per share\n Consolidated Statements Operations Data years December 31, 2019 2018 2017 Balance Sheet Data derived Financial Statements Item 8 Form 10-K. Statements December 31, 2016 2015 Balance Sheet derived audited Financial Statements not Form 10-K. historical results not indicative future. read financial information Item 7's Discussion Analysis Financial Condition Results Operations Consolidated Financial Statements notes Item 8.\n GS Holdings GSLLC predecessors amounts Reorganization Transactions consolidated operations. amounts December 31, 2019 2018 May 24, 2018 2019 represent GreenSky, Inc. subsidiaries. Prior GreenSky, Inc. business formation initial capitalization. Note 1 Financial Statements 8.\n Basic diluted earnings per share Class A common stock May 24, 2018 December 31, 2019 Reorganization Transactions IPO. See Note 2 8.\n Year Ended December 31,\nOperations\n revenue $529,646 $414,673 $325,887 $263,865 $173,457\n revenue depreciation 248,580 160,439 89,708 79,145 36,506\n costs expenses 408,693 261,883 180,288 144,054 80,351\n profit 120,953 152,790 145,599 119,811 93,106\n income (32,105 (19,276) (6,931) 4,653\n tax expense 88,848 133,514 138,668 124,464 93,819\n expense (7,125 5,534\n income 95,973 127,980 138,668 124,464\n noncontrolling 63,993 103,724 N\n GreenSky. 31,980 24,256 N/A\n Earnings share Class A common\n.\n." +} +{ + "_id": "d1b3749c4", + "title": "", + "text": "Operating Income\nOur operating income in fiscal year 2019 increased to $241.4 million, or 10.1 percent of net sales as compared with $189.3 million, or 8.8 percent of net sales in fiscal year 2018. Excluding surcharge revenue and special items, adjusted operating margin was 12.5 percent for the fiscal year 2019 and 10.6 percent for the same period a year ago. The increase in the operating margin reflects steady demand and improved product mix coupled with operating cost improvements offset by higher selling, general and administrative expenses compared to the same period a year ago.\nThe following presents our operating income and operating margin, in each case excluding the impact of surcharge on net sales and special items. We present and discuss these financial measures because management believes removing the impact of these items provides a more consistent and meaningful basis for comparing results of operations from period to period. See the section “Non-GAAP Financial Measures” below for further discussion of these financial measures.\n\n | Fiscal Year | \n----------------------------------------------------------------------- | ----------- | --------\n($ in millions) | 2019 | 2018 \nNet sales | $2,380.2 | $2,157.7\nLess: surcharge revenue | 438.1 | 365.4 \nNet sales excluding surcharge revenue | $1,942.1 | $1,792.3\nOperating income | $241.4 | $189.3 \nSpecial items: | | \nAcquisition-related costs | 1.2 | — \nAdjusted operating income excluding special items | $242.6 | $189.3 \nOperating margin | 10.1% | 8.8% \nAdjusted operating margin excluding surcharge revenue and special items | 12.5% | 10.6% \n\nOperating Income\n 2019 increased $241. 4 million. percent sales $189. 3 million 8. 2018. Excluding surcharge special items adjusted margin 12. 5 percent 2019 10. 6 percent ago. increase reflects steady demand improved product mix operating cost improvements offset higher selling administrative expenses.\n income margin excluding impact surcharge sales special items. removing impact.-GAAP Financial.\n Net sales $2,380. $2,157.\n surcharge revenue. 365.\n Net sales excluding surcharge $1,942. $1,792.\n Operating income $241. $189.\n Special items\n Acquisition-related costs.\n Adjusted income excluding items $242. $189.\n margin 10. 1% 8. 8%\n excluding surcharge special items 12. 5%. 6%" +} +{ + "_id": "d1b3a6942", + "title": "", + "text": "Contract Balances\nOur contract assets consist of unbilled amounts for technology development contracts as well as custom product contracts. Also included in contract assets are royalty revenue and carrying amounts of right of returned inventory. Long-term contract assets include the fee withholding on cost reimbursable contracts that will not be billed within a year. Contract liabilities include excess billings, subcontractor accruals, warranty expense, extended warranty revenue, right of return refund, and customer deposits. The net contract (liabilities)/assets changed by $1.0 million, due primarily to increased contract liabilities in addition to a slight increase in contract assets. The increase in contract liabilities is a result of the increased number of government research programs in addition to an increase in the number of our fixed-price contracts that have reached milestones as designated in their respective contracts, but revenue has not yet been recognized. The increase in contract assets is primarily driven by the unbilled fee required by our cost-reimbursable government contracts, which cannot be fully billed until after the specific contract is complete.\nThe following table shows the components of our contract balances as of December 31, 2019 and 2018:\n\n | December 31, | \n---------------------- | ------------ | -----------\n | 2019 | 2018 \nContract assets | $3,208,206 | $2,759,315 \nContract liabilities | (3,887,685) | (2,486,111)\n Net contract assets | $(679,479) | $273,204 \n\nContract Balances\n assets unbilled technology development custom product. royalty revenue right returned inventory. Long-term assets fee withholding cost reimbursable contracts. liabilities excess billings subcontractor accruals warranty expense extended revenue right return refund customer deposits. net changed $1. 0 million increased liabilities increase assets. increase government research programs fixed-price contracts milestones. increase driven unbilled fee cost government contracts contract.\n table contract balances December 31, 2019 2018:\n assets $3,208,206 $2,759,315\n liabilities (3,887,685) (2,486,111\n Net assets $(679,479) $273,204" +} +{ + "_id": "d1b38716e", + "title": "", + "text": "a. For the years ended December 31, 2017, 2018 and 2019, the Company recognized NT$118,252 million, NT$123,795 million and NT$122,999 million, respectively, in operating costs, of which NT$2,256 million, NT$1,698 million and NT$820 million in 2017, 2018 and 2019, respectively, were related to write-down of inventories.\nb. None of the aforementioned inventories were pledged.\n\nAs of December 31, | | \n------------------------ | -------------- | --------------\n | 2018 | 2019 \n | NT$ | NT$ \n | (In Thousands) | (In Thousands)\nRaw materials | $3,766,056 | $5,102,571 \nSupplies and spare parts | 3,133,737 | 3,548,376 \nWork in process | 10,034,488 | 11,309,718 \nFinished goods | 1,268,838 | 1,754,137 \nTotal | $18,203,119 | $21,714,802 \n\n. 2017 2019 recognized$118,252,795,999 million operating costs$2,256 million million related write-down inventories.\n. inventories pledged.\n December\n Raw materials $3,766,056 $5,102,571\n Supplies spare parts 3,133,737 3,548,376\n Work process 10,034,488 11,309,718\n Finished goods 1,268,838 1,754,137\n $18,203,119 $21,714,802" +} +{ + "_id": "d1b317f26", + "title": "", + "text": "Stock Options\nStock options are granted with exercise prices equal to the fair market value of Leidos' common stock on the date of grant and for terms not greater than ten years. Stock options have a term of seven years and a vesting period of four years, except for stock options granted to the Company's outside directors, which have a vesting period of the earlier of one year from grant date or the next annual meeting of stockholders following grant date.\nThe fair value of the Company's stock option awards is estimated on the date of grant using the Black-Scholes- Merton option-pricing model. The fair value of the Company's stock option awards to employees are expensed on a straight-line basis over the vesting period of four years, except for stock options granted to the Company's outside directors, which is recognized over the vesting period of one year or less.\nDuring fiscal 2017, the Company ceased the usage of peer group volatility, as an input into its blended approach to measure expected volatility, and increased the reliance on historical volatility. The revised blended approach includes the Company's weighted average historical and implied volatilities. The Company continued the use of this approach during fiscal 2018 and fiscal 2019.\nThe risk-free rate is derived using the yield curve of a zero-coupon U.S. Treasury bond with a maturity equal to the expected term of the stock option on the grant date. During fiscal 2017 and fiscal 2018, Leidos utilized the simplified method for the expected term, which represented an appropriate period of time that the options granted were expected to remain outstanding between the weighted-average vesting period and end of the respective contractual term.\nUpon re-examining the Company's exercise history, the methodology used to calculate the expected term changed in fiscal 2019. Based on actual historical settlement data, the midpoint scenario is utilized with a one-year grant date filter assumption for outstanding options. The Company uses historical data to estimate forfeitures and was derived in the same manner as in the prior years presented.\nThe weighted average grant-date fair value and assumptions used to determine fair value of stock options granted for the periods presented were as follows:\n\n | | Year Ended | \n-------------------------------------- | --------------- | ----------------- | -----------------\n | January 3, 2020 | December 28, 2018 | December 29, 2017\nWeighted average grant-date fair value | $11.89 | $13.85 | $11.53 \nExpected term (in years) | 4.4 | 4.7 | 4.7 \nExpected volatility | 24.3% | 26.6% | 29.7% \nRisk-free interest rate | 2.4% | 2.6% | 1.9% \nDividend yield | 2.2% | 2.0% | 2.5% \n\nStock Options\n granted prices equal to fair market value Leidos' common stock terms not ten years. term seven years vesting period four years except outside directors vesting period one year from grant or next meeting.\n fair value stock option awards estimated Black-Scholes- Merton option-pricing model. expensed straight-line over vesting four years except outside directors recognized vesting one year or less.\n fiscal 2017 ceased peer group volatility increased reliance historical volatility. includes weighted average historical implied volatilities. 2018 2019.\n risk-free rate derived yield curve zero-coupon U. S. Treasury bond maturity equal to expected term stock option grant. utilized simplified method for expected term options vesting end contractual term.\n methodology term changed fiscal 2019. midpoint scenario one-year grant date filter for outstanding options. uses historical data estimate forfeitures.\n weighted average grant-date fair value assumptions stock options\nYear Ended\n January 3 2020 December 28, 2018 29, 2017\n average grant $11. 89 $13. 85 $11. 53\n term 4.\n volatility 24. 3% 26. 29. 7%\n-free interest 2.\n Dividend yield." +} +{ + "_id": "d1b3a7068", + "title": "", + "text": "Results of Operations: Year Ended December 31, 2019, versus Year Ended December 31, 2018 (Amounts in thousands, except percentages and per share amounts):\nOther income and expense items are summarized in the following table:\nInterest expense increased mainly as a result of an increase in debt related to the QTI acquisition. Other expense in 2019 was principally driven by foreign currency translation losses, mainly due to the appreciation of the U.S. Dollar compared to the Chinese Renminbi and Euro, as well as an increase in pension expense.\n\n | Years Ended December 31, | \n--------------------------------- | ------------------------ | --------\n | 2019 | 2018 \nInterest expense | $(2,648) | $(2,085)\nInterest income | 1,737 | 1,826 \nOther (expense) income | (2,638) | (2,676) \nTotal other (expense) income, net | $(3,549) | $(2,935)\n\nOperations 2019 2018 thousands percentages share\n income expense table\n Interest expense increased debt QTI acquisition. expense foreign currency losses appreciation. Dollar Renminbi Euro pension expense.\n Ended December 31,\n 2018\n Interest expense $(2,648) $(2,085)\n Interest income 1,737 1,826\n Other income (2,638) (2,676)\n $(3,549) $(2,935)" +} +{ + "_id": "d1b37f1d0", + "title": "", + "text": "Foreign Currency Exchange Risk\nOur foreign exchange forward contracts outstanding at fiscal year-end are summarized in U.S. dollar equivalents as follows (in millions):\nAt July 27, 2019 and July 28, 2018, we had no option contracts outstanding.\nWe conduct business globally in numerous currencies. The direct effect of foreign currency fluctuations on revenue has not been material because our revenue is primarily denominated in U.S. dollars. However, if the U.S. dollar strengthens relative to other currencies, such strengthening could have an indirect effect on our revenue to the extent it raises the cost of our products to non-U.S. customers and thereby reduces demand. A weaker U.S. dollar could have the opposite effect. However, the precise indirect effect of currency fluctuations is difficult to measure or predict because our revenue is influenced by many factors in addition to the impact of such currency fluctuations\nApproximately 70% of our operating expenses are U.S.-dollar denominated. In fiscal 2019, foreign currency fluctuations, net of hedging, decreased our combined R&D, sales and marketing, and G&A expenses by approximately $233 million, or 1.3%, as compared with fiscal 2018. In fiscal 2018, foreign currency fluctuations, net of hedging, increased our combined R&D, sales and marketing, and G&A expenses by approximately $93 million, or 0.5%, as compared with fiscal 2017. To reduce variability in operating expenses and service cost of sales caused by non-U.S.-dollar denominated operating expenses and costs, we may hedge certain forecasted foreign currency transactions with currency options and forward contracts. These hedging programs are not designed to provide foreign currency protection over long time horizons. In designing a specific hedging approach, we consider several factors, including offsetting exposures, significance of exposures, costs associated with entering into a particular hedge instrument, and potential effectiveness of the hedge. The gains and losses on foreign exchange contracts mitigate the effect of currency movements on our operating expenses and service cost of sales.\nWe also enter into foreign exchange forward and option contracts to reduce the short-term effects of foreign currency fluctuations on receivables and payables that are denominated in currencies other than the functional currencies of the entities. The market risks associated with these foreign currency receivables, investments, and payables relate primarily to variances from our forecasted foreign currency transactions and balances. We do not enter into foreign exchange forward or option contracts for speculative purposes\n\n | July 27, 2019 | | July 28, 2018 | \n------------------ | --------------- | ---------- | --------------- | ----------\n | Notional Amount | Fair Value | Notional Amount | Fair Value\nForward contracts: | | | | \nPurchased | $2,239 | $14 | $1,850 | $(2) \nSold | $1,441 | $(14) | $845 | $2 \n\nForeign Currency Exchange Risk\n foreign exchange forward contracts fiscal year-end summarized. dollar equivalents\n July 27, 2019 July 28, 2018 no option contracts outstanding.\n conduct business globally numerous currencies. direct effect foreign currency fluctuations revenue primarily denominated U. dollars. dollar strengthens cost non-U. demand. weaker. dollar. precise indirect effect currency fluctuations difficult revenue influenced factors\n 70% operating expenses. -dollar denominated. fiscal 2019 foreign currency fluctuations decreased R&D sales marketing G&A expenses $233 million 1. 3% 2018. 2018 fluctuations increased R&D sales expenses $93 million 0. 5% 2017. reduce variability expenses non. -dollar hedge foreign currency transactions with currency options forward contracts. protection. offsetting exposures costs potential effectiveness. gains losses contracts mitigate effect currency movements operating expenses service cost.\nenter foreign exchange option contracts reduce effects currency fluctuations receivables payables. market risks receivables variances forecasted currency transactions balances. enter contracts speculative purposes\n July 27, 2019 July 28, 2018\n Notional Amount Fair Value\n Forward contracts\n Purchased $2,239 $14 $1,850 $(2)\n Sold $1,441 $ $845 $2" +} +{ + "_id": "d1b380814", + "title": "", + "text": "The following table presents the effect of the adoption of the new revenue guidance on the Consolidated Statement of Operations for the fiscal year ended August 31, 2019 (in thousands):\n(1) Differences primarily relate to the timing of revenue recognition for over-time customers and to the recovery of fulfillment costs.\n(2) Differences primarily relate to the timing of cost recognition for over-time customers and the recognition of fulfillment costs.\n\n | Fiscal Year Ended | \n------------------ | ----------------- | -------------------------------------------\n | August 31, 2019 | \n | As reported | Balance without the adoption of ASU 2014-09\nNet revenue(1) | $25,282,320 | $24,864,754 \nCost of revenue(2) | $23,368,919 | $23,057,603 \nOperating income | $701,356 | $595,105 \nIncome tax expense | $161,230 | $164,054 \nNet income | $289,474 | $180,399 \n\ntable new revenue guidance Consolidated Statement Operations year August 2019\n Differences revenue over fulfillment costs.\n.\n Fiscal Year\n August 31, 2019\n ASU 2014-09\n Net $25,282,320 $24,864,754\n Cost $23,368,919 $23,057,603\n Operating income $701,356 $595,105\n Income tax expense $161,230 $164,054\n Net income $289,474 $180,399" +} +{ + "_id": "d1b358530", + "title": "", + "text": "2018 Compensation\nThe following table provides information regarding the total compensation that was earned by each of our non-employee directors in 2018.\n(1) The amounts included in the “Stock Awards” column represent the aggregate grant date fair value of RSU awards calculated in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 (“ASC 718”). The amount does not necessarily correspond to the actual value recognized by the non-employee director. The valuation assumptions used in determining such amounts are described in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018.\n(2) The amounts included in the “Stock Awards” column representing the annual awards or initial awards, as applicable, granted to our non-employee directors in 2018 are detailed below. Each of these awards vests and settles on the earlier of the first anniversary of the grant date or the date of our Annual Meeting, subject to the director’s continued service through the vesting date.\n(3) The amounts included in the “Stock Awards” column representing the awards of RSUs granted to our non-employee directors in lieu of cash retainers in 2018 are described below. Each of these awards vested and settled in full on the grant date.\n(4)  As of December 31, 2018, Dr. Simmons also held a fully vested option to purchase 38,000 shares of our Class B common stock.\n(5)  As of December 31, 2018, Mr. Viniar also held 8,750 RSUs granted in 2015 to be settled in shares of our Class B common stock, which shares vest in full on the earlier of June 21, 2019 or the 2019 annual meeting subject to Mr. Viniar’s continued service with us through such vesting date. As of December 31, 2018, Mr. Viniar also held a fully vested option to purchase 326,950 shares of our Class B common stock.\n\nDirector | Fees Earned or Paid in Cash($) | Stock Awards ($)(1)(2)(3) | Total ($)\n---------------- | ------------------------------ | ------------------------- | ---------\nRoelof Botha | — | 305,119 | 305,119 \nPaul Deighton | 45,000 | 249,998 | 294,998 \nRandy Garutti | 42,500 | 249,998 | 292,488 \nJames McKelvey | — | 290,041 | 290,041 \nMary Meeker | — | 305,119 | 305,119 \nAnna Patterson | 50,000 | 249,988 | 299,988 \nNaveen Rao | 45,000 | 249,988 | 294,988 \nRuth Simmons (4) | — | 300,132 | 300,132 \nLawrence Summers | 50,903 | 249,988 | 300,891 \nDavid Viniar (5) | — | 382,610 | 382,610 \n\n2018 Compensation\n table total compensation earned non-employee directors 2018.\n amounts “Stock Awards” represent grant date value RSU awards Financial Accounting Standards Topic 718. correspond actual value. valuation assumptions Notes Consolidated Financial Statements Annual Report Form 10-K December 31, 2018.\n amounts “Stock annual directors 2018. settles first anniversary grant date Annual Meeting continued service.\n amounts “Stock Awards” awards RSUs directors cash retainers 2018. vested settled full on grant date.\n Dr. Simmons held fully vested option to purchase 38,000 shares Class B common stock.\n. Viniar held 8,750 RSUs granted 2015 settled in shares Class B common stock June 21, 2019 or annual meeting. service. Viniar held fully vested option to purchase 326,950 shares Class B common stock.\n Director Fees Earned Paid Cash Stock Awards Total$\nRoelof Botha 305,119\n Paul Deighton 249,998\n Randy Garutti\n James McKelvey 290,041\n Mary Meeker 305,119\n Anna Patterson 249,988\n Naveen Rao\n Ruth Simmons 300,132\n Lawrence Summers 300\n David Viniar 382,610" +} +{ + "_id": "d1a71e79c", + "title": "", + "text": "3 Revenue and other income (continued)\n(b) Revenue recognition\nAASB 15 establishes principles for reporting the nature, amount, timing, and uncertainty of revenue and cash flows arising from an entity’s contracts with customers and requires application of a five-step process to identify the contract with the customer, identify performance obligations in the contract, determine transaction price, allocate the transaction price to the performance obligations and recognise revenue when performance obligations are satisfied.\nRevenue is recognised for the major business activities as follows:\n(i) Data centre services\nData centre services revenue primarily consists of recurring monthly service fees and upfront project fees.\nRevenue from the provision of recurring monthly service fees is recognised in the accounting period in which the services are rendered. Project fees are primarily comprised of installation services relating to a customer's initial deployment. As this is not considered to be a distinct service, revenue is deferred and recognised over the term of the contract with the customer, taking into account renewal options that are held by the customer. Upfront discounts provided to customers are contract assets that are amortised over the expected contract life - refer to Note 6(b).\nThe Group applies the practical expedient in the revenue standard and does not disclose information about the transaction price allocated to remaining performance obligations on contracts that are unsatisfied, as the Group has the right to consideration from its customers in an amount that corresponds directly with the value to the customer of the Group’s services to date. This is applied to all its data centre services revenue, on the basis that the upfront project fees are not a significant portion of each contract.\n(ii) Interest income\nInterest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that subsequently become credit-impaired. For credit-impaired financial assets, the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance).\n(iii) Distributions from investments\nDistributions from investments are recognised as revenue when the right to receive payment is established.\nThe following disclosures relate to 30 June 2018 balances:\nRevenue is measured at the fair value of the consideration received or receivable.\nThe Group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the activities as described below. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.\nRevenue is recognised for the major business activities as follows:\n(iv) Data centre services\nRevenue is recognised only when the service has been provided, the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the Group. Upfront discounts provided to customers are amortised over the contract term.\n(v) Interest income\nInterest income is recognised using the effective interest method. When a receivable is impaired, the Group reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at the original effective interest rate of the instrument, and continues unwinding the discount as interest income. Interest income on impaired loans is recognised using the original effective interest rate.\n(vi) Distributions from investments\nDistributions from investments are recognised as revenue when the right to receive payment is established.\n\n | 30 June 2019 | 30 June 2018\n------------------------------------- | ------------ | ------------\n | $'000 | $'000 \nFROM CONTINUING OPERATIONS | | \nData centre services revenue | 169,696 | 152,560 \nInterest income | 8,220 | 5,778 \nDistributions from investments | 1,344 | 3,191 \nSubtotal - other revenue | 9,564 | 8,969 \nTotal revenue | 179,260 | 161,529 \nGain on extinguishment of B1 lease | 1,068 | - \nGain on extinguishment of APDC leases | 1,291 | - \nOther items included in gains | 675 | 284 \nTotal Other income | 3,034 | 284 \n\nRevenue income\n recognition\n AASB 15 establishes principles reporting revenue cash flows from contracts requires five-step process identify contract performance obligations determine transaction price allocate recognise revenue when.\n Revenue recognised major business activities\n Data centre services\n revenue recurring monthly service fees upfront project fees.\n Revenue recognised accounting period. Project fees installation services initial deployment. distinct revenue deferred recognised over term contract renewal options. Upfront discounts contract assets amortised over contract life 6.\n Group applies expedient revenue standard disclose transaction price remaining performance obligations contracts unsatisfied right consideration value services. applied all revenue upfront project fees not significant portion contract.\n Interest income\n calculated effective interest rate to gross carrying amount financial except credit-impaired. net carrying amount loss allowance.\n Distributions from investments\n recognised as revenue when right to receive payment established.\ndisclosures relate 30 June 2018 balances\n Revenue measured at fair value.\n recognises revenue future economic benefits criteria met for. bases estimates on historical results transaction.\n Revenue recognised for major business activities\n Data centre services\n recognised provided economic benefits. Upfront discounts amortised over contract term.\n Interest income\n recognised effective interest method. receivable impaired reduces carrying amount to recoverable future cash flow discounted original interest rate. impaired loans recognised original interest rate.\n Distributions from investments\n recognised right receive payment established.\n June 2019\n Data centre services revenue 169,696 152,560\n Interest income 8,220 5,778\n Distributions from investments 1,344 3,191\n revenue 9,564,969\n 179,260 161,529\n Gain on extinguishment B1 lease 1,068\n extinguishment APDC leases 1,291\n Other 675\n3,034 284" +} +{ + "_id": "d1b2f1ede", + "title": "", + "text": "SUPERVISORY BOARD\nThe following table sets forth information concerning all remuneration (base compensation, no bonuses or pensions were paid) from the Company (including its subsidiaries) for services in all capacities to all current and former members of the Supervisory Board of the Company:\n1 Period January 1 to May 28, 2018\n2 Period as of May 28, 2018\nThe remuneration of members of the Supervisory Board has been determined by the 2018 Annual General Meeting of Shareholders.\nNo stock options or performance shares have been granted to members of the Supervisory Board.\n\n | Year ended December 31 | \n------------------ | ----------------------- | -----\n | 2018 | 2019 \nSupervisory Board: | | \nJ.C. Lobbezoo | 78.6 | 83.5 \nH.W. Kreutzer 1) | 21.4 | 0.0 \nM.C.J. van Pernis | 56.0 | 58.5 \nU.H.R. Schumacher | 53.5 | 56.0 \nS. Kahle-Galonske | 55.9 | 60.0 \nM.J.C. de Jong 2) | 34.0 | 57.5 \nTOTAL | 299.4 | 315.5\n\nSUPERVISORY BOARD\n table remuneration no bonuses pensions Company subsidiaries current former members Supervisory Board\n Period January 1 to May 28, 2018\n May 28, remuneration Supervisory Board determined by 2018 Annual General Meeting.\n No stock options performance shares granted Supervisory.\n Year ended December 31\n 2019\n Supervisory Board\n. Lobbezoo 78. 83.\n. 21.\n. 56. 58.\n. 53. 56.\n.-Galonske 55. 60.\n. 34. 57.\n 299. 315." +} +{ + "_id": "d1b3ab294", + "title": "", + "text": "Revenue by segment\nIBW segment revenue decreased $10.8 million, in fiscal year 2019 when compared to fiscal year 2018, primarily due to lower sales of DAS conditioners, commercial repeaters, and related ancillary products (passive RF system components and antennas).\nLower sales of DAS conditioners, which includes our Universal DAS Interface Tray (UDIT) active conditioner, were the largest contributor to the year-over-year decline. The overall market for these stand-alone conditioners is expected to continue to decline over time, as their key function, the attenuation of the RF signal from its high-power source to low-power required for a DAS, becomes more integrated into the DAS head-ends themselves (or in some applications, a low enough power level may already be provided by the RF source). Further, in the fourth fiscal quarter of 2018, one service provider that had previously been a large UDIT buyer made an unexpectedly abrupt network architecture shift to an alternative, non-DAS solution for their in-building coverage. This resulted in an even sharper decline during fiscal year 2019 compared to fiscal year 2018. We expect the current lower levels of UDIT revenue to be flat-to-down in the future, with its primary market coming from capacity expansions at existing sites where embedded DAS networks included UDIT.  Lower sales of DAS conditioners, which includes our Universal DAS Interface Tray (UDIT) active conditioner, were the largest contributor to the year-over-year decline. The overall market for these stand-alone conditioners is expected to continue to decline over time, as their key function, the attenuation of the RF signal from its high-power source to low-power required for a DAS, becomes more integrated into the DAS head-ends themselves (or in some applications, a low enough power level may already be provided by the RF source). Further, in the fourth fiscal quarter of 2018, one service provider that had previously been a large UDIT buyer made an unexpectedly abrupt network architecture shift to an alternative, non-DAS solution for their in-building coverage. This resulted in an even sharper decline during fiscal year 2019 compared to fiscal year 2018. We expect the current lower levels of UDIT revenue to be flat-to-down in the future, with its primary market coming from capacity expansions at existing sites where embedded DAS networks included UDIT.\nLower sales of commercial repeaters, while still a reliable and proven solution for amplifying cellular coverage inside a building, are reflective of the continuing downward-demand trend as our larger customers have had a stronger preference for small cells to provide in-building cellular coverage. We expect this trend to continue.\nThe decrease from ancillary products (passive RF system components and antennas) revenue is largely a function of the decline in sales of DAS conditioners and commercial repeaters. Future ancillary product revenue can follow the same flat-to-down trend as DAS conditioners and commercial repeaters, or potentially increase in tandem with an increase in public safety revenue.\nIn fiscal year 2019, the Company spent considerable resources, with a partner, to bring a new suite of public safety products to market. When compared to our current public safety repeaters, these products would include additional capacities, frequency ranges, features, and channelization that would significantly expand our offering to a larger public safety addressable market. We continue to work with our partner on product testing and delivery time frames and, if successful, we would expect future revenue growth in this market.\nISM segment revenue decreased$2.1 million in fiscal year 2019 when compared to fiscal year 2018. The year-over-year decrease was primarily due to a decline in deployment (i.e., installation) services revenue. Deployment services revenue had been largely dependent on one domestic customer that continues to buy our ISM remotes and support services but that, subsequent to a price increase, no longer places orders with us for deployment services. Secondarily, the ISM revenue decrease was also attributable to lower sales of our Optima network management software. Due to the project-based nature of our ISM business, it is difficult to make a determination on future trends.\nCNS segment revenue decreased$2.1 million in fiscal year 2019 when compared to fiscal year2018, due primarily to the expected lower sales of integrated cabinets, which are heavily project-based and historically high in customer concentration. There was a significant decrease in fiscal year 2019 from two of our historically larger customers for integrated cabinets - one where we customized integrated cabinets for a neutral host operator providing wireless coverage in the New York City subway and the other, a rural broadband service provider.\nThe expected lower sales of T1 NIUs and TMAs, as the products serve declining markets, also contributed to the CNS segment revenue decline.\nPartly offsetting the declines from integrated cabinets, T1 NIUs, and TMAs, was increased revenue from our copper/fiber network connectivity products as well as revenue from products newly introduced during fiscal year 2019 as part of our fiber access growth initiative.\nFor CNS, we expect fiber access revenue to grow; power distribution and network connectivity products to remain flat; T1 NIU and TMA revenue to continue to decrease; and sales of integrated cabinets, which are heavily project-based, to remain uneven.\n\nRevenue by segment | | Fiscal Year Ended March 31, | Increase (Decrease)\n-------------------- | ------- | ---------------------------- | -------------------\n(in thousands) | 2019 | 2018 | 2019 vs. 2018 \nIBW | $12,474 | $23,265 | $(10,791) \nISM | 17,263 | 19,350 | (2,087) \nCNS | 13,833 | 15,962 | (2,129) \nConsolidated revenue | $43,570 | $58,577 | $(15,007) \n\nRevenue segment\n IBW segment revenue decreased $10. 8 million fiscal year 2019 compared to 2018 due to lower sales DAS conditioners commercial repeaters ancillary products RF antennas.\n Lower sales DAS conditioners Universal DAS Interface Tray) active conditioner largest contributor decline. market for stand-alone conditioners expected to decline RF signal integrated into DAS head-ends. fourth fiscal quarter 2018 one service provider large UDIT buyer to alternative non-DAS solution. resulted sharper decline 2019. expect lower UDIT revenue flat-to-down future primary market from capacity expansions at existing sites DAS networks UDIT. Lower sales DAS conditioners Universal DAS Interface Tray) active conditioner largest contributor decline. market expected integrated into DAS head-ends. fourth fiscal quarter 2018 one service provider large UDIT buyer shift to alternative non-DAS solution. sharper decline 2019.expect UDIT revenue flat-to-down future primary market from capacity expansions sites DAS networks.\n Lower sales commercial repeaters reliable amplifying cellular coverage downward-demand trend larger customers small cells-building. expect trend continue.\n decrease ancillary products RF components antennas revenue function decline sales DAS conditioners commercial repeaters. Future ancillary product revenue can follow flat-to trend increase public safety revenue.\n 2019 Company spent resources new suite public safety products. products include additional capacities frequency ranges features channelization expand offering larger safety market. work partner product testing delivery time expect future revenue growth.\n ISM segment revenue decreased$2. 1 million 2019 2018. due decline deployment. installation services revenue. dependent on domestic customer. decrease lower sales Optima network management software. difficult future trends.\n CNS segment revenue decreased$2. 1 million 2019 due lower sales integrated cabinets project-based high.decrease 2019 customers integrated cabinets rural broadband.\n lower sales T1 NIUs TMAs CNS revenue decline.\n declines increased revenue copper/fiber network connectivity products introduced fiber access growth initiative.\n fiber access revenue grow power distribution network connectivity flat T1 NIU TMA decrease sales integrated cabinets uneven.\n Revenue segment Fiscal Year Ended March 31, Increase\n 2019.\n IBW $12,474 $23,265 $(10,791)\n ISM 17,263 19,350 (2,087)\n CNS 13,833 15,962 (2,129\n Consolidated revenue $43,570 $58,577 $(15,007)" +} +{ + "_id": "d1b33319a", + "title": "", + "text": "In the fourth quarter of 2019, we recognized other income, net of expenses, of $54 million, increasing from a negative $2 million in the prior quarter and from an income of $16 million in the year-ago quarter, reflecting higher R&D grants in Italy associated with the IPCEI program.\nOther income and expenses, net\n\n | | Three Months Ended | \n---------------------------------- | ----------------- | ------------------------ | -----------------\n | December 31, 2019 | September 29,2019 | December 31, 2018\n | | (Unaudited, in millions) | \nResearch and development funding | $68 | $14 | $19 \nPhase-out and start-up costs | (16) | (15) | (1) \nExchange gain (loss), net | 1 | (1) | — \nPatent costs | (1) | (1) | (1) \nGain on sale of non-current assets | 1 | — | 1 \nOther, net | 1 | 1 | (2) \nOther income and expenses, net | $54 | $(2) | $16 \nAs percentage of net revenues | 2.0% | (0.1)% | 0.6% \n\nfourth quarter 2019 recognized income expenses $54 million increasing negative $2 million prior quarter $16 million year-ago reflecting higher R&D grants Italy IPCEI program.\n income expenses\n Three Months Ended\n December 31, 2019 September December 31, 2018\n millions\n Research development funding $68 $14 $19\n Phase-out start-up costs\n Exchange gain\n Patent costs\n Gain sale non-current assets\n income expenses $54 $16\n percentage net revenues." +} +{ + "_id": "d1b3595ac", + "title": "", + "text": "FY19 Financial Results\nFY19 Challenges\nWhile we saw improvements in some areas of our business, our overall performance and stock price was negatively impacted by several significant factors: • Revenue and business momentum in our former Enterprise Security segment declined in FY19. • The Company was subject to an internal investigation, which was commenced and completed by the Audit Committee of the Board (the ‘‘Audit Committee’’) in connection with concerns raised by a former employee. • We announced a restructuring plan pursuant to which we targeted reductions of our global workforce of up to approximately 8%. • Our executive leadership team was in transition with announced executive officer departures in November 2018 and January 2019.\n\n | Fiscal 2019 | Fiscal 2018\n------------------------------------------- | ----------- | -----------\n(In millions, except for per share amounts) | (‘‘FY19’’) | (‘‘FY18’’) \nNet revenues | $4,731 | $4,834 \nOperating income | 380 | 49 \nNet income | 31 | 1,138 \nNet income per share — diluted | 0.05 | 1.70 \nNet cash provided by operating activities | 1,495 | 950 \n\nFY19 Financial Results\n Challenges\n improvements business performance stock price impacted Revenue business momentum Enterprise Security segment declined. Company internal investigation concerns former employee. restructuring plan targeted reductions global workforce 8%. executive leadership team transition departures November 2018 January 2019.\n Fiscal 2019\n millions share amounts\n Net revenues $4,731 $4,834\n Operating income 380 49\n Net income 1,138\n per share diluted.\n Net cash operating activities 1,495 950" +} +{ + "_id": "d1b31f42e", + "title": "", + "text": "Net Sales\nMarket Application\nThe following table sets forth, for the periods indicated, the amount of net sales and their relative\npercentages of total net sales by market application (dollars in thousands):\nDuring fiscal 2019, net sales decreased by $471.9 million, or 25%, compared to fiscal 2018, with decreases in the microelectronics and materials processing markets, partially offset by increases in the OEM components and instrumentation market. Ondax, which we acquired on October 5, 2018, contributed $6.4 million in incremental net sales to the materials processing market in the ILS segment in fiscal 2019. In fiscal 2019, we continued to experience weaker demand in the microelectronics and materials processing markets. Entering fiscal 2020, we have started seeing indications which could lead to increased future demand in the microelectronics flat panel display market, but this is balanced by possible continuing headwinds in the global materials processing industry.\n\n | Fiscal 2019 | | Fiscal 2018 | \n---------------------------------- | ----------- | ----------------------------- | ----------- | -----------------------------\n | Amount | Percentage of total net sales | Amount | Percentage of total net sales\nMicroelectronics | $632,176 | 44.2% | $1,036,354 | 54.5% \nMaterials processing | 404,878 | 28.3% | 520,904 | 27.4% \nOEM components and instrumentation | 266,788 | 18.6% | 220,823 | 11.6% \nScientific and government programs | 126,798 | 8.9% | 124,492 | 6.5% \nTotal | $1,430,640 | 100.0% | $1,902,573 | 100.0% \n\nNet Sales\n Market Application\n table\n percentages\n 2019 net sales decreased $471. 9 million 25% decreases microelectronics materials processing OEM components instrumentation. Ondax acquired 2018 contributed $6. 4 million net sales. weaker demand microelectronics materials processing. demand microelectronics balanced headwinds materials processing industry.\n 2018\n Percentage net sales\n Microelectronics $632,176 44. 2% $1,036,354 54. 5%\n Materials processing 404,878 28. 3% 520,904 27. 4%\n OEM components instrumentation 266,788 18. 6% 220 11. 6%\n Scientific government programs 126,798 8. 9% 124,492 6. 5%\n Total $1,430,640. $1,902,573." +} +{ + "_id": "d1b3a3a94", + "title": "", + "text": "The tax holidays represent a tax exemption period aimed to attract foreign technological investment in certain tax jurisdictions. The effect of the tax benefits, from tax holidays for countries which are profitable, on basic earnings per share was $0.14, $0.15 and $0.13 for the years ended December 31, 2019, 2018, and 2017, respectively. These agreements are present in various countries and include programs that reduce up to and including 100% of taxes in years affected by the agreements.\nThe Company’s tax holidays expire at various dates through the year ending December 31, 2028. In certain countries, tax holidays can be renewed depending on the Company still meeting certain conditions at the date of expiration of the current tax holidays.\nIn May 2019, Switzerland voted a tax reform which cancelled all favourable tax regimes and introduced a single tax rate for all companies, which triggered the revaluation of all deferred tax assets and liabilities. Enactment of this law occurred in third quarter of 2019, which resulted in a tax benefit of $20 million. The remeasurement of deferred taxes was reconciled in the fourth quarter of 2019 to include the current year activity, which did not have a material impact on the net remeasurement.\n\n | Year ended December 31, 2019 | Year ended December 31, 2018 | Year ended December 31, 2017\n--------------------------------------------------------- | ---------------------------- | ---------------------------- | ----------------------------\nIncome tax benefit (expense) computed at statutory rate | (297) | (353) | (238) \nNon-deductible and non-taxable permanent differences, net | 4 | 45 | 17 \nIncome (loss) on equity-method investments | — | — | — \nValuation allowance adjustments | 2 | 141 | 92 \nEffect on deferred taxes of changes in enacted tax rates | 14 | (62) | (70) \nCurrent year credits | 50 | 43 | 40 \nOther tax and credits | (51) | (20) | (36) \nBenefits from tax holidays | 129 | 135 | 114 \nNet impact of changes to uncertain tax positions | (5) | (16) | (43) \nEarnings of subsidiaries taxed at different rates | (2) | (9) | (19) \nIncome tax benefit (expense) | (156) | (96) | (143) \n\ntax holidays foreign investment. effect tax benefits on earnings per share $0. 14 $0. 15 $0. 13 December 31, 2019 2018 2017. agreements countries 100% taxes.\n tax holidays expire December 31, 2028. renewed conditions.\n May 2019 Switzerland tax reform single tax rate triggered revaluation deferred tax assets liabilities. third quarter 2019 resulted tax benefit $20 million. remeasurement deferred taxes reconciled fourth quarter 2019 current year activity net remeasurement.\n Year ended December 2019 2018 2017\n Income tax benefit statutory rate (297) (353)\n Non-deductible non-taxable differences 4 45 17\n Income (loss) on equity investments\n Valuation allowance adjustments 141\n Effect on deferred taxes changes tax rates 14\n Current year credits\n Other\n Benefits from tax holidays 129 135 114\ntax positions (43)\n Earnings subsidiaries rates (9) (19)\n Income tax benefit (156)" +} +{ + "_id": "d1b3a2cf2", + "title": "", + "text": "The following table includes additional fair value information on financial assets and liabilities as at December 31, 2019 and 2018:\n(1) Cash equivalents primarily correspond to deposits at call with banks.\n(2) The carrying amount of the senior unsecured convertible bonds as reported above corresponds to the liability component only. For the convertible bonds issued on July 3, 2017 and outstanding as at December 31, 2017, the carrying amount of the senior unsecured convertible bonds corresponds to the liability component only, since, at initial recognition, an amount of $242 million was recorded directly in shareholders’ equity as the value of the equity instrument embedded in the convertible instrument.\n\n | 2019 | 2019 | 2019 | 2018 | 2018 \n---------------------------------------- | ----- | --------------- | -------------------- | --------------- | --------------------\n | Level | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value\nCash equivalents (1) | 1 | 1,691 | 1,691 | 2,138 | 2,138 \nLong-term debt | | | | | \n– Bank loans (including current portion) | 2 | 718 | 718 | 594 | 594 \n– Senior unsecured convertible bonds (2) | 1 | 1,354 | 2,103 | 1,316 | 1,501 \n\ntable includes fair value information financial assets liabilities December 31, 2019 2018:\n Cash equivalents correspond deposits banks.\n carrying amount senior unsecured convertible bonds corresponds liability component. bonds issued July 3, 2017 outstanding December 31, 2017 carrying amount corresponds liability $242 million recorded shareholders’ equity.\n Carrying Amount Estimated Fair Value\n Cash equivalents (1) 1,691 2,138\n Long-term debt\n Bank loans 718 594\n Senior unsecured convertible bonds (2) 1,354 2,103 1,501" +} +{ + "_id": "d1b2f27da", + "title": "", + "text": "As of December 31, 2019, exercisable options had an intrinsic value of less than $0.1 million. The intrinsic value of options exercised was $0.4 million in 2019 and $0.1 million in 2018. The following are the assumptions used in valuing the 2019 and 2018 stock option grants:\nIn January 2020, we issued options to employees for the purchase of up to 591,004 shares of common stock, at an exercise price of $1.23 per share which vest and become exercisable in four annual installments ending in January 2024. The options have a grant date fair value per share of $1.26.\n\nYear Ended December 31 | | \n------------------------------------------- | ----------------------- | -----------------------\n | 2019 | 2018 \nAssumed volatility | 64% - 69% | 75% - 81% \n | (67% weighted average) | (78% weighted average) \nAssumed risk free interest rate | 1.8% - 2.7% | 2.2% - 2.8% \n | (2.4% weighted average) | (2.5% weighted average)\nAverage expected life of options (in years) | 6.1 - 6.3 | 6.2 \n | (6.2 weighted average) | (6.2 weighted average) \nExpected dividends | - | - \n\nDecember 31, 2019 options less $0. 1 million. $0. 4 million 2019. 1 million 2018. assumptions 2019 2018 option grants\n January 2020 issued options employees 591,004 shares common stock price $1. 23 per share exercisable four installments January 2024. value share $1.\n Ended December 31\n volatility 64% - 69% 75% - 81%\n risk free interest rate 1. 8% - 2. 7%. 2% -. 8%\n. 5%\n life options 6. - 6.\n.\n dividends" +} +{ + "_id": "d1b2fe508", + "title": "", + "text": "Fair Value Disclosures\nUnder the fair value standards fair value is based on the exit price and defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement should reflect all the assumptions that market participants would use in pricing an asset or liability. A fair value hierarchy is established in the authoritative guidance outlined in three levels ranking from Level 1 to level 3 with Level 1 being the highest priority.\nLevel 1: observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets\nLevel 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly\nLevel 3: unobservable inputs (e.g., a reporting entity’s or other entity’s own data)\nThe Company had no assets or liabilities measured at fair value on a recurring (except our pension plan assets, see Note 15) or\nnon-recurring basis as of September 30, 2019 or September 30, 2018.\nTo estimate fair value of the financial instruments below quoted market prices are used when available and classified within Level 1. If this data is not available, we use observable market based inputs to estimate fair value, which are classified within Level 2. If the preceding information is unavailable, we use internally generated data to estimate fair value which is classified within Level 3.\nCash and cash equivalents\nCarrying amount approximated fair value\nAccounts and long term receivable with original maturity over one year\nFair value was estimated by discounting future cash flows based on the current rate with similar terms.\nNote payable\nFair value was estimated based on quoted market prices.\nFair value of accounts receivable with an original maturity of one year or less and accounts payable was not materially different from their carrying values at September 30, 2019, and 2018.\n\n | As of September 30, 2019 | | As of September 30, 2018 | | | \n-------------------------------- | ------------------------ | ---------------------- | ------------------------ | ---------- | ---------------- | ----------------------------\n | Carrying amount | Fair value | Carrying amount | Fair value | Fair Value Level | References \n | | (Amounts in thousands) | | | | \nAssets: | | | | | | \nCash and cash equivalents | $18,099 | $18,099 | $25,107 | $25,107 | 1 | Consolidated Balance SSheets\nAccounts & long term receivable* | 7,087 | 7,087 | - | - | 3 | Note 3 \nLiabilities: | | | | | | \nNote payable | 1,001 | 1,001 | - | - | 2 | Note 11 \n*Original maturity over one year | | | | | | \n\nFair Value Disclosures\n fair value standards based on exit price transfer liability transaction market participants measurement date. value measurement assumptions pricing. fair value hierarchy three levels 1 to 3 1 highest priority.\n 1: observable inputs quoted prices assets\n 2: inputs other\n 3: unobservable inputs.\n Company no assets liabilities measured fair value pension plan assets\n non-recurring as September 30, 2019 30, 2018.\n fair value financial instruments below quoted market prices Level 1. observable market based inputs Level 2. internally generated data Level 3.\n Cash equivalents\n Carrying amount fair value\n Accounts long term receivable maturity over one year\n estimated discounting future cash flows current rate terms.\n estimated quoted market prices.\n value accounts receivable maturity one year or less not different from carrying values at September 30, 2019 2018.\n-------------------------------- | ------------------------\n Carrying amount Fair value References\n (Amounts in thousands)\n Assets\n Cash equivalents $18,099 $25,107 Consolidated Balance SSheets\n Accounts long term receivable* 7,087 | 3\n Liabilities:\n Note payable 1,001 | Note 11\n *Original maturity over one year" +} +{ + "_id": "d1b361a04", + "title": "", + "text": "Equity Incentive Plan\nOur board of directors administers the plan, determines vesting schedules on plan awards and may accelerate the vesting schedules for award recipients. The stock options granted under the plan have terms of up to 10 years. As of December 31, 2019, awards for the purchase of 4,236,719 shares have been granted and remain outstanding (common stock options, common stock and restricted stock units) and 2,063,281 shares are reserved for future grants under the 2014 Plan.\nShare-based compensation expenses related to stock options, stock and restricted stock units issued to employees and directors are included in selling, general and administrative expenses. The following table provides a detail of share-based compensation expense (in thousands).\n\nYear Ended December 31 | | \n-------------------------------------------------------------------------------------- | ---------------- | ----------------\n | 2019 | 2018 \nCommon stock, vested at issuance and nonvested at issuance | $721 | $555 \nStock options | 354 | 132 \nRestricted stock units | 225 | 103 \nCompensation expense related to common stock awards issued under equity incentive plan | $ 1,300 | $ 790\n\nEquity Incentive Plan\n board administers determines vesting schedules. stock options 10 years. December 31, 2019 awards 4,236,719 shares granted 2,063,281 shares reserved future grants 2014 Plan.\n Share-based compensation expenses selling administrative expenses. compensation expense.\n December 31\n 2019 2018\n Common stock vested $721 $555\n Stock options 354\n Restricted stock units 225\n Compensation expense common stock awards equity incentive plan $ 1,300 $" +} +{ + "_id": "d1b30a074", + "title": "", + "text": "NOTE 11 – STOCK COMPENSATION\nThe Company sponsors a stock-based incentive compensation plan known as the 2013 Equity Compensation Plan (the “Plan”), which was established by the Board of Directors of the Company in June 2013. A total of 500,000 shares were initially reserved for issuance under the Plan. The Plan was amended several times since then to eventually increase the authorized shares to 2,500,000 as of December 31, 2019. A total of 1,624,221 shares of common stock underlying options were outstanding at December 31, 2019. The Company had 236,614 remaining shares available to grant under the Plan at December 31, 2019.\nThe Plan allows the Company to grant incentive stock options, non-qualified stock options, stock appreciation rights, or restricted stock. The incentive stock options are exercisable for up to ten years, at an option price per share not less than the fair market value on the date the option is granted. The incentive stock options are limited to persons who are regular full-time employees of the Company at the date of the grant of the option. Non-qualified options may be granted to any person, including, but not limited to, employees, independent agents, consultants and attorneys, who the Company’s Board or Compensation Committee believes have contributed, or will contribute, to the success of the Company. Non-qualified options may be issued at option prices of less than fair market value on the date of grant and may be exercisable for up to ten years from date of grant. The option vesting schedule for options granted is determined by the Compensation Committee of the Board of Directors at the time of the grant. The Plan provides for accelerated vesting of unvested options if there is a change in control, as defined in the Plan.\nThe compensation cost that has been charged against income related to options for the years ended December 31, 2019 and 2018, was $1,687,745 and $1,317,904, respectively. No income tax benefit was recognized in the income statement and no compensation was capitalized in any of the years presented.\nThe Company had the following option activity during the years ended December 31, 2019 and 2018:\nOf the options outstanding at December 31, 2019, 1,143,637 were exercisable with a weighted average contractual life of 1.9 years.\n\n | Number of Options | Weighted average exercise price | Weighted average remaining contractual life (years) | Aggregate intrinsic value $\n------------------------------ | ----------------- | ------------------------------- | --------------------------------------------------- | ---------------------------\nOutstanding, January 1, 2018 | 1,368,772 | $3.12 | | \nGranted – 2018 | 401,099 | $9.27 | | \nExercised – 2018 | (165,169) | $3.16 | | \nExpired – 2018 | (50,002) | $5.48 | | \nOutstanding, December 31, 2018 | 1,554,700 | $4.63 | 3.0 | \nGranted – 2019 | 410,134 | $12.28 | | \nExercised – 2019 | (251,063) | $3.73 | | \nExpired – 2019 | (89,550) | $12.55 | | \nOutstanding, December 31, 2019 | 1,624,221 | $6.27 | 2.6 | $7,925,643 \nExercisable, December 31, 2019 | 1,143,637 | $4.39 | 1.9 | $7,197,053 \n\n11 COMPENSATION\n Company sponsors stock compensation 2013 Equity Compensation Plan established June 2013. 500,000 shares reserved issuance. amended shares to 2,500,000 December 31, 2019. 1,624,221 shares common stock options outstanding December 31, 2019. 236,614 remaining shares grant.\n allows incentive stock options non-qualified stock options stock appreciation rights restricted stock. options exercisable ten years option price per share not less fair market value. limited full-time employees. Non-qualified options employees independent agents consultants attorneys. issued less fair market value exercisable ten years. option vesting schedule determined Compensation Committee. provides accelerated vesting of unvested options change control.\n compensation cost charged against income options years December 31, 2019 2018 $1,687,745 $1,317,904. No income tax benefit recognized no compensation capitalized.\n option activity December 31, 2019\n options December 31, 2019 1,143,637 exercisable average contractual life 1. 9 years.\n Options exercise price contractual life value\n January 1 2018 1,368,772 $3. 12\n Granted 401,099 $9. 27\n (165,169 $3. 16\n Expired $5. 48\n 1,554,700 $4. 63.\n 410,134 $12. 28\n (251,063) $3. 73\n Expired (89,550 $12. 55\n Outstanding December 1,624,221 $6. 27. $7,925,643\n 1,143,637 $4. 39. $7,197,053" +} +{ + "_id": "d1b3c3556", + "title": "", + "text": "Note: The scope of use of resources data is appended to include 12 new office buildings which were put into operation in 2019.\nTotal energy consumption is calculated based on the data of purchased electricity and fuel with reference to the coefficients in the National Standards of the PRC “General Principles for Calculation of the Comprehensive Energy Consumption (GB/T 2589-2008)”.\nThe Group’s water supply resources are from the municipal water supply.\nRecycled water consumption is the reclaimed domestic water treated by the wastewater treatment system equipped at Tencent Tower A and Tower B in Chengdu.\nData of diesel consumption reported above only covers the data centres whose diesel fees are directly borne by the Group.\nAverage PUE (Power Usage Efficiency) is the annual average data of PUE of the Group’s data centres. PUE, an indicator of the power efficiency of a data centre, is the ratio of total facility energy over IT equipment energy.\nData of running water consumption reported above only covers those data centres wholly used by the Group where operators could provide such data.\nData of packaging materials is not applicable to the Group\n\n2.1 Office Buildings | | \n-------------------------------------------------------------- | ------------------------------ | ----------\nIndicators | For the year ended 31 December | \n | 2019 | 2018 \nTotal energy consumption (MWh) | 205,092.26 | 167,488.48\nDirect energy consumption (MWh) | 19,144.17 | 12,852.04 \nIncluding: Gasoline (MWh) | 805.77 | 780.24 \nDiesel (MWh) | 41.33 | 42.10 \nNatural gas (MWh) | 18,297.07 | 12,029.70 \nIndirect energy consumption (MWh) | 185,948.09 | 154,636.44\nIncluding: Purchased electricity (MWh) | 185,948.09 | 154,636.44\nTotal energy consumption per employee (MWh per employee) | 3.44 | 3.28 \nTotal energy consumption per floor area (MWh per square metre) | 0.12 | 0.14 \nRunning water consumption (tonnes) | 1,283,749.73 | 973,413.06\nRunning water consumption per employee (tonnes per employee) | 21.52 | 19.07 \nRecycled water consumption (tonnes) | 4,076 | 5,461 \n\nresources 12 new office buildings 2019.\n energy consumption calculated purchased electricity fuel National Standards PRC Principles Energy Consumption/T 2589-2008.\n water supply resources municipal water supply.\n Recycled water consumption domestic water wastewater Tencent Tower A Tower B Chengdu.\n diesel consumption covers centres fees borne Group.\n Average PUE Usage Efficiency centres. total facility energy IT equipment energy.\n running water consumption covers data centres Group.\n packaging materials not applicable\n. Office Buildings\n 31 December\n Total energy consumption (MWh 205,092. 167,488.\n Direct consumption 19,144. 12,852.\n Gasoline 805.\n Diesel 41.\n Natural gas 18,297. 12,029.\n Indirect energy consumption 185,948. 154,636.\n Purchased electricity.\n energy consumption per employee 3.\nenergy consumption floor. 12.\n water consumption 1,283,749. 973,413.\n 21. 52 19.\n Recycled water consumption 4,076 5" +} +{ + "_id": "d1b3c2e58", + "title": "", + "text": "Adjusted Gross Margin. Adjusted gross margin represents gross profit plus amortization of acquired intangibles and stock-based compensation. Adjusted gross margin is a measure used by management to understand and evaluate our core operating performance and trends and to generate future operating plans. The exclusion of stock-based compensation expense and amortization of acquired intangibles facilitates comparisons of our operating performance on a period-to-period basis.\nIn the near term, we expect these expenses to continue to negatively impact our gross profit. Adjusted gross margin is not a measure calculated in accordance with GAAP. We believe that adjusted gross margin provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.\nNevertheless, our use of adjusted gross margin has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. You should consider adjusted gross margin alongside our other GAAP-based financial performance measures, gross profit and our other GAAP financial results. The following table presents a reconciliation of adjusted gross margin to gross profit, the most directly comparable GAAP measure, for each of the periods indicated (in thousands):\n\n | | Year Ended December 31, | \n------------------------------------ | -------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nGross profit | $137,347 | $100,284 | $72,849\nAmortization of acquired intangibles | 2,114 | 1,268 | 1,614 \nStock-based compensation | 1,966 | 2,306 | 578 \nAdjusted gross margin | $141,427 | $103,858 | $75,041\n\nAdjusted Gross Margin. represents profit amortization acquired intangibles stock-based compensation. operating performance future plans. exclusion of stock-based compensation amortization intangibles facilitates comparisons.\n expenses negatively impact gross profit. not calculated GAAP. provides information investors results.\n limitations not substitute for financial results GAAP. consider alongside GAAP financial performance measures gross profit results. table reconciliation adjusted gross margin to gross profit\n 2019 2018 2017\n Gross profit $137,347 $100,284 $72,849\n Amortization of acquired intangibles 2,114 1,268 1,614\n Stock-based compensation 1,966 2,306 578\n Adjusted gross margin $141,427 $103,858 $75,041" +} +{ + "_id": "d1b302a9a", + "title": "", + "text": "8. OTHER NON-CURRENT ASSETS\n* relates to certain office lease contracts. Optional periods are not included in the calculation.\n\nAll figures in USD ‘000 | 2019 | 2018\n-------------------------------- | ----- | ----\nFixture, Furniture and Equipment | 65 | 128 \nRight of Use Asset* | 1,412 | - \nOther | 57 | 83 \nTotal as of December 31, | 1,534 | 211 \n\n. NON-CURRENT ASSETS\n office lease contracts. periods.\n figures USD 2019\n Fixture Furniture Equipment 65 128\n Right Use Asset 1,412\n 57\n December 31, 1,534" +} +{ + "_id": "d1b3a2e78", + "title": "", + "text": "Insurance Segment\n(1) The Insurance segment revenues are inclusive of realized and unrealized gains and net investment income for the year ended December 31, 2019 and 2018. Such adjustments are related to transactions between entities under common control which are eliminated or are reclassified in consolidation.\nLife, accident and health earned premiums, net: Life, accident and health earned premiums, net from our Insurance segment for the year ended December 31, 2019 increased $22.4 million to $116.8 million from $94.4 million for the year ended December 31, 2018. The increase was primarily due to the premiums generated from the acquisition of KIC in 2018.\nNet investment income: Net investment income from our Insurance segment for the year ended December 31, 2019 increased $95.8 million to $212.9 million from $117.1 million for the year ended December 31, 2018. The increase was primarily due to the income generated from the assets acquired in the KIC acquisition, higher average invested assets as a result of the reinvestment of premiums and investment income received, and to a lesser extent, rotation into higher-yielding investments.\nNet realized and unrealized gains on investments: Net realized and unrealized gains on investments from our Insurance segment for the year ended December 31, 2019 decreased $3.7 million to $1.9 million from $5.6 million for the year ended December 31, 2018. The decrease was driven by smaller realized gains on bonds and common stocks, higher impairments, and losses on fair value changes on interest only bonds in 2019. The decrease was offset by overall improvement in fair value changes in equity securities and realized gains on mortgage loans in 2019.\n\n | | Years Ended December 31, | \n----------------------------------------------------- | ------ | ------------------------ | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nLife, accident and health earned premiums, net | $116.8 | $94.4 | $22.4 \nNet investment income | 212.9 | 117.1 | 95.8 \nNet realized and unrealized gains on investments | 1.9 | 5.6 | (3.7) \nNet revenue | 331.6 | 217.1 | 114.5 \nPolicy benefits, changes in reserves, and commissions | 234.4 | 197.3 | 37.1 \nSelling, general and administrative | 35.7 | 30.4 | 5.3 \nDepreciation and amortization | (23.1) | (12.4) | (10.7) \nOther operating expense | 47.3 | — | 47.3 \nIncome from operations (1) | $37.3 | $1.8 | $35.5 \n\nInsurance Segment\n revenues unrealized gains net investment income December 2019 2018. adjustments related to transactions entities consolidation.\n Life, accident health earned premiums increased $22. 4 million to $116. 8 million from $94. 4 million 2018. due to premiums KIC 2018.\n Net investment income increased $95. 8 million to $212. 9 million from $117. 1 million. due to assets KIC acquisition higher invested assets reinvestment premiums rotation higher-yielding investments.\n realized unrealized gains investments decreased $3. 7 million to $1. 9 million from $5. 6 million 2018. decrease driven by smaller gains bonds common stocks higher impairments losses fair value changes interest bonds. offset improvement value equity securities gains mortgage loans.\n Life, accident health earned premiums $116.\n Net investment income 212.\n realized unrealized gains investments.\nrevenue 331. 217. 114.\n Policy benefits commissions 234. 197. 37.\n Selling 35. 30. 5.\n Depreciation amortization (23. (10.\n expense 47.\n Income operations $37. $35." +} +{ + "_id": "d1b379078", + "title": "", + "text": "19. ACCRUED EXPENSES\nVessel operating and drydocking expense related accruals are composed of vessel operating expenses such as crew wages, vessel supplies, routine repairs, maintenance, drydocking, lubricating oils and insurances.\nAdministrative expenses related accruals are comprised of general overhead including personnel costs, legal and professional fees, costs associated with project development, property costs and other general expenses.\nThe movement in interest expense is due to repayments of VIE entities' accrued interest expenses during the year.\n\n(in thousands of $) | 2019 | 2018 \n---------------------------------------- | -------- | ---------\nVessel operating and drydocking expenses | (24,457) | (24,041) \nAdministrative expenses | (11,713) | (11,042) \nInterest expense | (44,150) | (97,688) \nCurrent tax payable | (720) | (463) \n | (81,040) | (133,234)\n\n. ACCRUED EXPENSES\n Vessel operating drydocking crew wages supplies repairs maintenance drydocking oils insurances.\n Administrative expenses personnel property.\n interest repayments VIE.\n Vessel operating drydocking expenses (24,457) (24,041)\n Administrative expenses (11,713),042)\n Interest (44,150) (97,688)\n Current tax payable (720)\n (81,040),234)" +} +{ + "_id": "d1b358efe", + "title": "", + "text": "The following tables summarize the activity related to deferred revenue and financed unearned services revenue (in millions):\nDuring the years ended April 26, 2019 and April 27, 2018, we recognized $1,722 million and $1,806 million, respectively, that was included in the deferred revenue and financed unearned services revenue balance at the beginning of the respective periods.\nAs of April 26, 2019, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied was $3,668 million, which is equivalent to our deferred revenue and unearned services revenue balance. Because customer orders are typically placed on an as-needed basis, and cancellable without penalty prior to shipment, orders in backlog may not be a meaningful indicator of future revenue and have not been included in this amount. We expect to recognize as revenue approximately 50% of our deferred revenue and financed unearned services revenue balance in the next 12 months, approximately 25% in the next 13 to 24 months, and the remainder thereafter.\n\n | Year Ended | \n------------------------------------ | -------------- | --------------\n | April 26, 2019 | April 27, 2018\nBalance at beginning of period | $ 3,363 | $ 3,213 \nAdditions | 2,763 | 2,566 \nRevenue recognized during the period | (2,458 ) | (2,416 ) \nBalance at end of period | $ 3,668 | $ 3,363 \n\ntables summarize activity deferred financed unearned services\n years April 26, 2019 April 27, 2018 recognized $1,722 million $1,806 million deferred.\n April 26, 2019 transaction price obligations $3,668 million equivalent deferred revenue unearned services balance. orders as-needed cancellable backlog future revenue. expect recognize 50% deferred next 12 months 25% 13 to 24 months remainder thereafter.\n Year Ended\n April 26, 2019 April 27, 2018\n Balance $ 3,363 $ 3,213\n Additions 2,763 2,566\n Revenue recognized (2\n Balance end period $ 3,668 $ 3,363" +} +{ + "_id": "d1b343b58", + "title": "", + "text": "Fair values of financial assets and financial liabilities\nFair values of financial assets and liabilities at 31st December 2019 are not materially different from book values due to their size or the fact that they were at short-term rates of interest. Fair values have been assessed as follows:\n• Derivatives Forward exchange contracts are marked to market by discounting the future contracted cash flows using readily available market data\n• Interest-bearing loans and borrowings Fair value is calculated based on discounted expected future principal and interest cash flows.\n• Lease liabilities The fair value is estimated as the present value of future cash flows, discounted at the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable.\n• Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value.\nThe following table compares amounts and fair values of the Group’s financial assets and liabilities:\nThere are no other assets or liabilities measured at fair value on a recurring or non-recurring basis for which fair value is disclosed.\nDerivative financial instruments are measured at fair value. Fair value of derivative financial instruments are calculated based on discounted cash flow analysis using appropriate market information for the duration of the instruments.\n\n | 2019 Fair value | 2019 Carrying value | 2018 Carrying value | 2018 Fair value\n-------------------------------------------- | --------------- | ------------------- | ------------------- | ---------------\n | £m | £m | £m | £m \nFinancial assets: | | | | \nCash and cash equivalents | 168.5 | 168.5 | 187.1 | 187.1 \nTrade, other receivables and contract assets | 263.4 | 263.4 | 264.9 | 264.9 \nTotal financial assets | 431.9 | 431.9 | 452.0 | 452.0 \n\nFair values financial assets liabilities\n at 31st December 2019 different book values due size short-term rates interest. assessed\n Derivatives contracts future cash flows\n Interest-bearing loans borrowings calculated discounted future principal interest cash flows.\n Lease liabilities estimated as present future cash flows discounted at incremental borrowing rate unless.\n Trade other receivables/payables less than one year notional amount fair value.\n table compares amounts fair values Group’s financial assets liabilities\n no other assets liabilities measured at fair value.\n Derivative financial instruments measured at fair value. calculated discounted cash flow analysis market information.\n Financial assets\n Cash equivalents 168. 5. 5 187. 1.\n Trade receivables contract assets 263. 4. 264. 9.\n Total financial assets 431. 9. 9 452." +} +{ + "_id": "d1b378560", + "title": "", + "text": "24. EARNINGS PER SHARE\nThe following table set forth the computation for basic and diluted net income (loss) per share of common stock (in thousands, except per share data):\nAs of September 27, 2019, we had warrants outstanding which were reported as a liability on the consolidated balance sheet. During fiscal years 2019 and 2018, we recorded gains of $0.8 million and $27.6 million, respectively, associated with adjusting the fair value of the warrants, in the Consolidated Statements of Operations primarily as a result of declines in our stock price.\nWhen calculating earnings per share we are required to adjust for the dilutive effect of outstanding common stock equivalents, including adjustment to the numerator for the dilutive effect of contracts that must be settled in common stock. During the fiscal year ended September 27, 2019, we excluded the effects of the warrant gain and the 214,303 of potential shares of common stock issuable upon exercise of warrants as the inclusion would be anti-dilutive.\nDuring the fiscal year ended September 28, 2018, we adjusted the numerator to exclude the warrant gain $27.6 million, and we also adjusted the denominator for the dilutive effect of the incremental warrant shares of 569,667 under the treasury stock method. For the fiscal years 2018, the table above excludes the effects of 375,940 shares of potential shares of common stock issuable upon exercise of stock options, restricted stock and restricted stock units as the inclusion would be anti-dilutive.\nThe table excludes the effects of 386,552 and 1,877,401 shares for fiscal years 2019 and 2017, respectively, of potential shares of common stock issuable upon exercise of stock options, restricted stock, restricted stock units and warrants as the inclusion would be anti-dilutive.\n\n | | Fiscal Years | \n-------------------------------------------------- | ---------- | ------------ | ----------\n | 2019 | 2018 | 2017 \nNumerator: | | | \nLoss from continuing operations | $(383,798) | $(133,762) | $(150,416)\nLoss from discontinued operations | — | (6,215) | (19,077) \nNet loss | (383,798) | (139,977) | (169,493) \nWarrant liability gain | — | (27,646) | — \nNet loss attributable to common stockholders | $(383,798) | $(167,623) | $(169,493)\nDenominator: | | | \nWeighted average common shares outstanding-basic | 65,686 | 64,741 | 60,704 \nDilutive effect of warrants | — | 570 | — \nWeighted average common shares outstanding-diluted | 65,686 | 65,311 | 60,704 \nCommon stock earnings per share-basic: | | | \nContinuing operations | $(5.84) | $(2.07) | $(2.48) \nDiscontinued operations | — | (0.10) | (0.31) \nNet common stock earnings per share-basic | $(5.84) | $(2.16) | $(2.79) \nCommon stock earnings per share-diluted: | | | \nContinuing operations | $(5.84) | $(2.47) | $(2.48) \nDiscontinued operations | — | (0.10) | (0.31) \nNet common stock earnings per share-diluted | $(5.84) | $(2.57) | $(2.79) \n\n. EARNINGS PER SHARE\n table basic diluted net income per share common stock\n September 27, 2019 warrants outstanding liability balance sheet. years 2019 2018 recorded gains $0. 8 million $27. 6 million adjusting fair value warrants declines stock price.\n earnings per share dilutive effect common stock equivalents contracts settled common stock. year 2019 excluded warrant gain 214,303 potential shares common stock anti-dilutive.\n year September 2018 adjusted exclude warrant gain $27. 6 million dilutive effect incremental warrant shares,667 stock. table excludes 375,940 shares common stock options anti-dilutive.\n excludes effects 386,552 1,877,401 shares fiscal years 2019 2017 potential stock options stock units warrants anti-dilutive.\n Fiscal Years\n 2018 2017\n Loss from operations $(383,798) $(133,762) $(150,416)\nLoss discontinued operations (6,215) (19,077)\n Net loss (383,798 (139,977 (169,493)\n Warrant liability gain (27,646)\n loss common stockholders(383,798(167,623),493)\n average common shares 65,686 64,741 60,704\n Dilutive effect warrants\n 65,686 65,311,704\n Common stock earnings share\n operations. 84.\n Discontinued operations.\n common stock earnings share. 84.\n earnings share-diluted\n operations. 84.\n Discontinued operations.\n common stock earnings share-diluted. 84." +} +{ + "_id": "d1b383cbc", + "title": "", + "text": "NOTE 9 – FINANCIAL ITEMS\n¹⁾ Interest for financial assets and liabilities not at fair value through profit and loss.\n\nUSDm | 2019 | 2018 | 2017 \n------------------------------------------------------------------------------ | ----- | ----- | -----\nFinancial income | | | \nInterest income from cash and cash equivalents, including restricted cash ¹⁾ | 2.5 | 2.7 | 1.6 \nExchange rate adjustments, including gain from forward exchange rate contracts | 0.3 | 0.6 | 2.7 \nTotal | 2.8 | 3.3 | 4.3 \nFinancial expenses | | | \nInterest expenses on mortgage and bank debt ¹⁾ | 39.3 | 35.7 | 33.3 \nExchange rate adjustments, including loss from forward exchange rate contracts | 0.2 | 0.1 | 3.2 \nCommitment fee | 1.9 | 2.6 | 2.4 \nOther financial expenses | 0.5 | 0.9 | 1.7 \nTotal | 41.9 | 39.3 | 40.6 \nTotal financial items | -39.1 | -36.0 | -36.3\n\nNOTE 9 FINANCIAL ITEMS\n Interest financial assets liabilities value profit loss.\n 2019 2018 2017\n Financial income\n Interest income cash equivalents restricted cash. 7.\n Exchange rate adjustments gain forward exchange rate contracts.\n. 8.\n Financial expenses\n Interest expenses mortgage bank debt.\n Exchange rate adjustments loss forward exchange rate contracts.\n Commitment fee. 6.\n financial expenses. 5. 9. 7\n 41. 9 39. 40. 6\n financial items." +} +{ + "_id": "d1b2fd374", + "title": "", + "text": "A summary of additions and deductions related to the allowance for doubtful accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions):\n(1) Deductions represent uncollectible accounts written off, net of recoveries.\n\n | Balance at Beginning of Year | Additions Charged to Costs and Expenses | Deductions (1) | Balance at End of Year\n-------------------------------- | ---------------------------- | --------------------------------------- | -------------- | ----------------------\nAllowance for doubtful accounts: | | | | \nFiscal 2019 | $2.2 | $— | $(0.2) | $2.0 \nFiscal 2018 | $2.1 | $0.2 | $(0.1) | $2.2 \nFiscal 2017 | $2.5 | $0.2 | $(0.6) | $2.1 \n\nsummary additions deductions allowance doubtful accounts years March 31, 2019 2018 2017 (amounts\n Deductions uncollectible accounts written recoveries.\n Balance Beginning Year Additions Costs Expenses Deductions Balance End Year\n Allowance doubtful accounts\n Fiscal 2019 $2.\n Fiscal 2018 $2.\n Fiscal 2017 $2." +} +{ + "_id": "d1b39c492", + "title": "", + "text": "F. Contractual Obligations as at December 31, 2019:\nPayment due by period ($ in millions) (unaudited)\n(1) The amount identified does not include interest costs associated with the outstanding credit facilities, which are based on LIBOR rates, plus the costs of complying with any applicable regulatory requirements and a margin ranging from 2.75% to 3.25% per annum. The amount does not include interest costs for the 2022 Senior Secured Notes, the 2022 Notes, the 2024 Notes, the NSM Loan, the 2022 Logistics Senior Notes, the Term Loan B Facility and the Navios Logistics Notes Payable. The expected interest payments are: $127.8 million (less than 1 year), $166.6 million (1-3 years), $3.8 million (3-5 years) and nil (more than 5 years). Expected interest payments are based on outstanding principal amounts, currently applicable effective interest rates and margins as of December 31, 2019, timing of scheduled payments and the term of the debt obligations.\n(2) Approximately 41% of the time charter payments included above is estimated to relate to operational costs for these vessels.\n(3) Navios Logistics has several lease agreements with respect to its operating port terminals and various offices. Following the sale of the management division effected on August 30, 2019 Navios Holdings has no office lease obligations (see also Note 16 included elsewhere in this Annual Report). See also Item 4.B. “Business Overview — Facilities.”\n(4) Represent total amount of lease payments on an undiscounted basis.\n(5) Represents principal payments of the future remaining obligation for the acquisition of six liquid barges, which bear interest at fixed rate. The amounts in the table exclude expected interest payments of $0.3 million (less than 1 year), $1.8 million (1-3 years), $0.9 million (3-5 years) and 0.1 million (more than 5 years). Expected interest payments are based on the terms of the shipbuilding contract for the construction of these barges.\n\nContractual Obligations | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years\n-------------------------------------------------------------------------- | -------- | ---------------- | --------- | --------- | -----------------\nLong-term debt(1) | $1,581.8 | $51.7 | $1,461.0 | $69.1 | $— \nOperating Lease Obligations (Time Charters) for vessels in operation(2)(4) | 367.4 | 109.6 | 142.7 | 81.6 | 33.5 \nOperating Lease Obligations (Time Charters) for vessels to be delivered(4) | 63.4 | 5.5 | 13.6 | 12.9 | 31.4 \nAcquisition of six liquid barges (5) | 12.4 | 0.5 | 4.4 | 5.3 | 2.2 \nRent Obligations(3) | 1.3 | 0.8 | 0.4 | 0.1 | — \nLand lease agreements (3) | 25.8 | 0.6 | 1.1 | 1.1 | 23.0 \nTotal | $2,052.1 | $168.7 | $1,623.2 | $170.1 | $90.1 \n\n. Contractual Obligations December 31, 2019\n Payment\n interest costs LIBOR rates regulatory requirements margin 2. 75% to 3. 25% per annum. 2022 Senior Secured Notes 2024 Notes NSM Loan Logistics Term Loan B Facility Navios Logistics Notes. expected interest payments $127. 8 million 1 $166. 6 million (1-3 $3. 8 million (3-5 years 5 years. based principal amounts interest rates margins term debt obligations.\n 41% charter payments operational costs.\n Navios Logistics lease agreements port terminals offices. sale August 2019 no office lease obligations.\n lease payments.\n principal payments obligation acquisition six barges. exclude interest $0. 3 million 1 $1. 8 million (1-3 $0. 9 million (3-5 years 0. 1 million (more 5 years. based shipbuilding contract.\n Contractual Obligations Less 1 1-3 3-5 More 5 years\n\n Long-term $1,581. $51. 7 $1,461. $69.\n Operating Lease Obligations vessels 367. 4 109. 6 142. 7 81. 33.\n Operating Lease Obligations vessels 63. 5. 13. 12. 31.\n six liquid barges 12. 2.\n Rent Obligations(3). 8.\n Land lease agreements 25. 8. 6. 23.\n $2,052. $168. $1,623. $170. $90." +} +{ + "_id": "d1b366658", + "title": "", + "text": "Contract Assets and Liabilities\nThe following table provides information about receivables, contract assets and contract liabilities from our revenue contracts with customers:\nContract assets include costs that are incremental to the acquisition of a contract. Incremental costs are those that result directly from obtaining a contract or costs that would not have been incurred if the contract had not been obtained, which primarily relate to sales commissions. These costs are deferred and amortized over the expected customer life.\nWe determined that the expected customer life is the expected period of benefit as the commission on the renewal contract is not commensurate with the commission on the initial contract. During the years ended December 31, 2019 and 2018, the Company recognized expense of $6.3 million and $2.9 million, respectively, related to deferred contract acquisition costs.\nContract liabilities include deferred revenues related to advanced payments for services and nonrefundable, upfront service activation and set-up fees, which under the new standard are generally deferred and amortized over the expected customer life as the option to renew without paying an upfront fee provides the customer with a material right. During the years ended December 31, 2019 and 2018, the Company deferred and recognized revenues of $397.5 million and $354.2 million, respectively.\nA receivable is recognized in the period the Company provides goods or services when the Company’s right to consideration is unconditional. Payment terms on invoiced amounts are generally 30 to 60 days.\n\n | Year Ended December 31, | \n------------------------ | ----------------------- | --------\n(In thousands) | 2019 | 2018 \nAccounts receivable, net | $120,016 | $133,136\nContract assets | 18,804 | 12,128 \nContract liabilities | 50,974 | 52,966 \n\nContract Assets Liabilities\n table receivables assets liabilities from revenue contracts\n assets include incremental acquisition. sales commissions. deferred amortized over expected customer life.\n renewal contract not initial. December 2019 2018 recognized $6. 3 million $2. 9 million deferred acquisition costs.\n liabilities include deferred revenues advanced payments nonrefundable upfront service activation set fees deferred amortized over customer life option renew without upfront. 2019 2018 deferred recognized revenues $397. 5 million $354. 2 million.\n receivable recognized goods services right consideration unconditional. Payment terms invoiced 30 to 60 days.\n Ended December\n Accounts receivable net $120,016 $133,136\n Contract assets 18,804 12,128\n liabilities 50,974 52,966" +} +{ + "_id": "d1b3090a2", + "title": "", + "text": "The following table provides a breakdown of TCE rates achieved for the years ended December 31, 2019 and 2018 between spot and fixed earnings and the related revenue days.\nDuring 2019, TCE revenues increased by $8,426, or 2.6%, to $335,133 from $326,707 in 2018. The increase primarily resulted from an increase in average daily rates earned by our fleet and decreased spot market exposure. The total number of revenue days decreased from 7,678 days in 2018 to 7,215 days in 2019. The decrease primarily resulted from three fewer vessels in operation during most of 2019 compared to 2018.\nVessel expenses remained stable at $134,618 in 2019 from $134,956 in 2018. Depreciation expense increased by $1,987 to $52,499 in 2019 from $50,512 in 2018. The increase was due to an increase in amortization of drydock costs and an increase in depreciation expense due to the Overseas Gulf Coast and Overseas Sun Coast, our two new vessels, which entered service at the beginning of the fourth quarter of 2019.\nTwo reflagged U.S. Flag Product Carriers participate in the U.S. Maritime Security Program, which ensures that privatelyowned, military-useful U.S. Flag vessels are available to the U.S. Department of Defense in the event of war or national emergency.\nEach of the vessel-owning companies receives an annual subsidy, subject in each case to annual congressional appropriations, which is intended to offset the increased cost incurred by such vessels from operating under the U.S. Flag. Such subsidy was $5,000 for each vessel in 2019 and $5,000 on one vessel and $4,600 on one vessel in 2018.\nUnder the terms of the program, we expect to receive up to $5,000 annually for each vessel during 2020, and up to $5,200 for each vessel beginning in 2021. We do not receive a subsidy for any days for which either of the two vessels operate under a time charter to a U.S. government agency.\nIn June 2019, one of our lightering customers, PES, suffered an explosion and fire at its refinery in the Delaware Bay. The PES refinery complex, which consists of two refineries, has been shut down since the fire. Due to the expected reduction in lightering volumes, we redeployed one of our two lightering ATBs to the U.S. Gulf of Mexico for alternative employment.\nIn July 2019, PES filed a Chapter 11 bankruptcy petition. At December 31, 2019, we had outstanding receivables from PES of approximately $4,300. The ultimate recovery of these receivables is currently unknown. We established a loss provision of $4,300. We are working diligently to maximize our recovery.\nIn June 2018, one of our ATBs was berthed to the dock when a third-party ship transiting the channel hit our ATB, causing structural damage to the ATB and damage to the dock. The cost of repairs has been covered by existing insurance policies. We have filed a lawsuit against the third-party ship seeking recovery of our costs of repairs as well as our lost earnings from the ATB being off-hire for 46 repair days.\n\n | 2019 | | 2018 | \n--------------------------------------------- | ------------- | -------------- | ------------- | --------------\n | Spot Earnings | Fixed Earnings | Spot Earnings | Fixed Earnings\nJones Act Handysize Product Carriers: | | | | \nAverage rate | $25,036 | $57,910 | $31,254 | $60,252 \nRevenue days | 523 | 4,052 | 1,142 | 3,141 \nNon-Jones Act Handysize Product Carriers: | | | | \nAverage rate | $30,671 | $13,912 | $25,925 | $12,097 \nRevenue days | 482 | 417 | 707 | 3 \nATBs: | | | | \nAverage rate | $19,117 | $21,861 | $15,333 | $22,207 \nRevenue days | 255 | 773 | 990 | 998 \nLightering: | | | | \nAverage rate | $63,162 | $— | $66,041 | $— \nRevenue days | 713 | — | 697 | — \n\ntable TCE rates 2019 2018 spot fixed earnings revenue days.\n 2019 revenues increased $8,426. 6% to $335,133 from $326,707 2018. increase average daily rates decreased spot market exposure. revenue days decreased 7,678 2018 to 7,215 2019. three fewer vessels 2019.\n Vessel expenses stable $134,618 2019 from $134,956 2018. Depreciation expense increased $1,987 to $52,499 2019 from $50,512 2018. increase due amortization drydock costs depreciation expense Overseas Gulf Coast Sun Coast new vessels entered service 2019.\n Two reflagged. Flag Product Carriers participate. Maritime Security Program. vessels.\n annual subsidy increased cost. subsidy $5,000 2019 $5,000 $4,600 2018.\n $5,000 annually 2020 $5,200 2021. subsidy time charter. government agency.\n June 2019 PES suffered explosion fire refinery Delaware Bay.PES refinery complex shut since fire. redeployed ATBs. Gulf of Mexico.\n July 2019 PES filed Chapter 11 bankruptcy petition. December 31, 2019 outstanding receivables $4,300. recovery unknown. established loss provision $4,300. working recovery.\n June 2018 ship damage. repairs covered insurance. filed lawsuit recovery lost earnings off-hire 46 repair days.\n Jones Act Carriers\n Average rate $25,036 $57,910 $31,254 $60,252\n Revenue days 523 4,052 1,142 3,141\n Non-Jones Act Carriers\n Average rate $30,671 $13,912 $25,925 $12,097\n Revenue days 482 417 707 3\n ATBs\n Average rate $19,117 $21,861 $15,333 $22,207\n Revenue days 255 773 990 998\n Lightering\nrate $63,162 $66,041\n Revenue days 713" +} +{ + "_id": "d1b2eb0de", + "title": "", + "text": "Consolidated Results\nNet Revenues by Distribution Channel\nThe following table details our consolidated net revenues by distribution channel (amounts in millions):\n(1) Net revenues from “Digital online channels” include revenues from digitally-distributed subscriptions, downloadable content, microtransactions, and products, as well as licensing royalties.\n(2) Net revenues from “Other” primarily includes revenues from our Distribution business and the Overwatch League.\nDigital Online Channel Net Revenues The decrease in net revenues from digital online channels for 2019, as compared to 2018, was primarily due to: • lower revenues recognized from the Destiny franchise (reflecting our sale of the publishing rights for Destiny to Bungie in December 2018); and • lower revenues recognized from Hearthstone.\nRetail Channel Net Revenues The decrease in net revenues from retail channels for 2019, as compared to 2018, was primarily due to: • lower revenues recognized from Call of Duty: Black Ops 4, which was released in October 2018, as compared to Call of Duty: WWII, which was released in November 2017; • lower revenues recognized from the Destiny franchise; and • lower revenues from Crash Bandicoot™ N. Sane Trilogy, which was released on the Xbox One, PC, and Nintendo Switch in June 2018.\nThe decrease was partially offset by: • revenues recognized from Crash Team Racing Nitro-Fueled, which was released in June 2019; • revenues from Sekiro: Shadows Die Twice, which was released in March 2019; and • higher revenues recognized from Call of Duty: Modern Warfare, which was released in October 2019, as compared to Call of Duty: Black Ops 4.\n\n | | For the Years Ended December 31, | | \n------------------------------------- | ------ | -------------------------------- | -------------------- | --------\n | 2019 | 2018 | Increase/ (decrease) | % Change\nNet revenues by distribution channel: | | | | \nDigital online channels (1) | $4,932 | $5,786 | $(854) | (15)% \nRetail channels | 909 | 1,107 | (198) | (18) \nOther (2) | 648 | 607 | 41 | 7 \nTotal consolidated net revenues | $6,489 | $7,500 | $(1,011) | (13) \n\nConsolidated Results\n Net Revenues by Distribution Channel\n table details revenues by distribution channel\n revenues online include subscriptions downloadable content microtransactions products licensing royalties.\n Distribution business Overwatch League.\n Digital Online Channel Net Revenues decrease 2019 due to lower revenues Destiny franchise Hearthstone.\n Retail Channel Net Revenues decrease due to lower revenues Call of Duty: Black Ops 4 Destiny franchise Crash BandicootTM N. Sane Trilogy Xbox One Nintendo Switch 2018.\n decrease offset by revenues Crash Team Racing Nitro-Fueled June 2019 Sekiro: Shadows Die Twice March 2019 higher revenues Call of Duty: Modern Warfare October 2019.\n December\n 2019 2018 Increase (decrease % Change\n Net revenues by distribution channel\n Digital online channels $4,932 $5,786 $(854) (15)%\nRetail channels 909 1,107 (198)\n 648 607\n revenues $6,489 $7,500(1,011)" +} +{ + "_id": "d1a721d34", + "title": "", + "text": "Liquidity and Capital Resources\nCash flows from operations provided a source of funds of $1,066 million, $1,058 million and $1,310 million during the years ended December 31, 2019, 2018 and 2017, respectively. This increase was driven primarily by lower employee annual incentive payments, lower retailer investments and lower restructuring payments, partially offset by working capital timing and higher interest and tax payments during the year ended December 31, 2019.\nWe provide for additional liquidity through several sources, including maintaining an adequate cash balance, access to global funding sources and a committed revolving credit facility. The following table provides a summary of the major sources of liquidity for the years ended December 31, 2019, 2018 and 2017:\nOf the $454 million in cash and cash equivalents at December 31, 2019, approximately $383 million was held in jurisdictions outside the U.S. We regularly review the amount of cash and cash equivalents held outside of the U.S. to determine the amounts necessary to fund the current operations of our foreign operations and their growth initiatives and amounts needed to service our U.S. indebtedness and related obligations.\n\n(IN MILLIONS) | 2019 | 2018 | 2017 \n----------------------------------------- | ------ | ------ | ------\nNet cash from operating activities | $1,066 | $1,058 | $1,310\nCash and short-term marketable securities | $454 | $524 | $656 \nRevolving credit facility | $850 | $850 | $575 \n\nLiquidity Capital Resources\n Cash flows $1,066 $1,058 million $1,310 million 2019 2018 2017. increase driven lower employee incentive payments retailer investments restructuring payments offset working capital timing higher interest tax payments.\n additional liquidity cash balance global funding revolving credit facility. sources liquidity 2019 2018\n $454 million cash equivalents 2019 $383 million outside. review. foreign growth initiatives U. S. indebtedness obligations.\n MILLIONS 2019 2018 2017\n Net cash $1,066 $1,058 $1,310\n Cash short-term securities $454 $524 $656\n Revolving credit facility $850 $575" +} +{ + "_id": "d1a736cca", + "title": "", + "text": "Presentation of Derivative Gains (Losses) from Economic Hedges of Forecasted Cash Flows in Segment Results\nDerivatives used to manage commodity price risk and foreign currency risk are not designated for hedge accounting treatment. We believe these derivatives provide economic hedges of certain forecasted transactions. As such, these derivatives are generally recognized at fair market value with realized and unrealized gains and losses recognized in general corporate expenses. The gains and losses are subsequently recognized in the operating results of the reporting segments in the period in which the underlying transaction being economically hedged is included in earnings. In the event that management determines a particular derivative entered into as an economic hedge of a forecasted commodity purchase has ceased to function as an economic hedge, we cease recognizing further gains and losses on such derivatives in corporate expense and begin recognizing such gains and losses within segment operating results, immediately.\nThe following table presents the net derivative gains (losses) from economic hedges of forecasted commodity consumption and the foreign currency risk of certain forecasted transactions associated with continuing operations, under this methodology:\nAs of May 26, 2019, the cumulative amount of net derivative gains from economic hedges that had been recognized in general corporate expenses and not yet allocated to reporting segments was $1.4 million. This amount reflected net gains of $1.0 million incurred during the fiscal year ended May 26, 2019, as well as net gains of $0.4 million incurred prior to fiscal 2019. Based on our forecasts of the timing of recognition of the underlying hedged items, we expect to reclassify to segment operating results gains of $0.9 million in fiscal 2020 and $0.5 million in fiscal 2021 and thereafter.\n\n | | Fiscal Years Ended | \n---------------------------------------------------------------------- | ------------ | ------------------ | ------------\n($ in millions) | May 26, 2019 | May 27, 2018 | May 28, 2017\nNet derivative gains (losses) incurred | $(3.6) | $(0.9) | $0.6 \nLess: Net derivative gains (losses) allocated to reporting segments | (1.8) | (7.1) | 5.7 \nNet derivative gains (losses) recognized in general corporate expenses | $(1.8) | $6.2 | $(5.1) \nNet derivative gains (losses) allocated to Grocery & Snacks | $(2.1) | $0.2 | $3.4 \nNet derivative gains (losses) allocated to Refrigerated & Frozen | (1.1) | (0.3) | 0.8 \nNet derivative gains (losses) allocated to International Foods . | 2.8 | (6.9) | 1.6 \nNet derivative losses allocated to Foodservice . | (0.6) | (0.1) | — \nNet derivative losses allocated to Pinnacle Foods | (0.8) | — | — \nNet derivative losses allocated to Commercial . | — | — | (0.1) \nNet derivative gains (losses) included in segment operating profit . | $(1.8) | $(7.1) | $5.7 \n\nDerivative Gains (Losses Economic Hedges Forecasted Cash Flows Segment Results\n Derivatives commodity price foreign currency risk not hedge accounting. provide economic hedges forecasted transactions. recognized at fair market value gains losses corporate expenses. gains losses recognized in operating results. derivative recognizing gains losses segment operating results.\n table presents net derivative gains (losses from economic hedges forecasted commodity consumption foreign currency risk transactions\n May 26, 2019 cumulative net derivative gains from economic hedges $1. 4 million. net gains $1. 0 million year 2019 gains $0. 4 million 2019. expect reclassify segment operating results gains $0. 9 million fiscal 2020 $0. 5 million 2021.\n Fiscal Years Ended\n millions May 26, 2019 May 27, 2018 May 28, 2017\n Net derivative gains (losses).\nderivative gains reporting segments (1. 8) (7. 1) 5.\n corporate expenses $(1. 8) $6. 2 $(5. 1)\n Grocery Snacks $(2. 1) $0. 2 $3.\n Refrigerated Frozen (1. 1) (0. 3).\n International Foods. 2. 8 (6. 9).\n Foodservice.\n Pinnacle Foods. 8)\n Commercial.\n operating profit. $(1. 8) $(7. 1) $5." +} +{ + "_id": "d1b384482", + "title": "", + "text": "Sources and Uses of Cash\nOur primary source of liquidity from operations was the collection of revenue in advance from our customers, accounts receivable from our customers, and the management of the timing of payments to our vendors and service providers.\nInvesting activities in 2019 consist of $284.6 million, net of cash acquired, used in the acquisitions of AppRiver and DeliverySlip and $11.7 million for capital expenditures, which include $8.2 million in internal-use software costs, and $3.5 million for computer and networking equipment. These investments in new equipment and cloud hosting infrastructure are to renovate our business processes and product offerings.\nInvesting activities in 2018 consist of $11.8 million, net of cash acquired, used in the acquisition of Erado and $4.2 million for capital expenditures, which include $2.1 million for computer and networking equipment, $1.5 million in internal-use software costs, and $500 thousand for other activities including the acquisition of other internal use software. These investments in new equipment and cloud hosting infrastructure were to modernize our business processes and product offerings.\nFinancing activities in 2019 includes proceeds from long term debt of $179.2 million, net of issuance costs of $6.4 million and repayment of $1.4 million, as well as $96.6 million, net of issuance costs, raised through the private purchase of preferred stock, and $415 thousand received from the exercise of stock options. The proceeds from our debt and preferred stock issuances were used to fund our AppRiver acquisition in February 2019 and our DeliverySlip acquisition in May 2019. We also used $3.8 million for contingent consideration payments associated with our acquisitions of Greenview, Erado and DeliverySlip. In addition to these items, we paid $1.7 million to satisfy finance lease liabilities and $1.9 million to repurchase common stock related to the tax impact of vesting restricted awards in 2019.\nFinancing activities in 2018 relate primarily to $5.4 million used in a $10 million share repurchase program authorized by our Board of Directors on April 24, 2017, and $656 thousand used in the repurchase of common stock related to the tax impact of vesting restricted stock awards, and a $605 thousand earn-out payment associated with our acquisition of Greenview. Financing activities in 2017 include $3.8 million used in the same share repurchase program and $762 thousand used in the repurchase of common stock related to the tax impact of vesting restricted awards offset by the receipt of $4.2 million from the exercise of stock options.\n\nYears Ended December 31, | | | \n--------------------------------------------------- | ------------ | ----------- | -----------\n(In thousands) | 2019 | 2018 | 2017 \nNet cash provided by operations | $ 13,951 | $ 16,671 | $ 18,204 \nNet cash used in investing activities | $ (296,243 ) | $ (15,952 ) | $ (11,285 )\nNet cash provided by (used in) financing activities | $ 268,740 | $ (6,593 ) | $ (367 ) \n\n\n primary liquidity revenue accounts receivable payments vendors providers.\n Investing activities 2019 $284. 6 million AppRiver DeliverySlip $11. 7 million capital expenditures $8. 2 million internal-use software $3. 5 million networking equipment. business processes product offerings.\n 2018 $11. 8 million Erado $4. 2 million capital expenditures $2. 1 million computer networking equipment $1. 5 million internal-use software $500 thousand. business processes product offerings.\n Financing 2019 term debt $179. 2 million costs $6. 4 million repayment $1. 4 million $96. 6 million purchase preferred stock $415 thousand stock options. AppRiver acquisition DeliverySlip acquisition. $3. 8 million contingent consideration payments acquisitions Greenview Erado DeliverySlip. paid $1. 7 million lease liabilities $1. 9 million common stock.\n Financing 2018 $5.4 million $10 million share repurchase April 24 2017 $656 thousand repurchase common stock $605 thousand earn-out acquisition Greenview. Financing 2017 $3. 8 million share repurchase $762 thousand common stock $4. 2 million stock options.\n Years Ended December 31,\n 2019 2018 2017\n Net cash operations $ 13,951 16,671 18,204\n investing (296,243 (15,952 (11,285\n financing $ 268,740 (6,593 (367" +} +{ + "_id": "d1b31cd64", + "title": "", + "text": "IMPAIRMENT TESTING\nAs described in Note 2, Significant accounting policies, goodwill is tested annually for impairment by comparing the carrying value of a CGU or group of CGUs to the recoverable amount, where the recoverable amount is the higher of fair value less costs of disposal or value in use.\nVALUE IN USE\nThe value in use for a CGU or group of CGUs is determined by discounting five-year cash flow projections derived from business plans reviewed by senior management. The projections reflect management’s expectations of revenue, segment profit, capital expenditures, working capital and operating cash flows, based on past experience and future expectations of operating performance.\nCash flows beyond the five-year period are extrapolated using perpetuity growth rates. None of the perpetuity growth rates exceed the long-term historical growth rates for the markets in which we operate.\nThe discount rates are applied to the cash flow projections and are derived from the weighted average cost of capital for each CGU or group of CGUs.\nThe following table shows the key assumptions used to estimate the recoverable amounts of the groups of CGUs.\nThe recoverable amounts determined in a prior year for the Bell Wireless and Bell Wireline groups of CGUs exceed their corresponding current carrying values by a substantial margin and have been carried forward and used in the impairment test for the current year. We believe that any reasonable possible change in the key assumptions on which the estimate of recoverable amounts of the Bell Wireless or Bell Wireline groups of CGUs is based would not cause their carrying amounts to exceed their recoverable amounts.\nFor the Bell Media group of CGUs, a decrease of (1.1%) in the perpetuity growth rate or an increase of 0.8% in the discount rate would have resulted in its recoverable amount being equal to its carrying value.\n\n | ASSUMPTIONS USED | \n-------------- | ---------------------- | -------------\nGROUPS OF CGUs | PERPETUITY GROWTH RATE | DISCOUNT RATE\nBell Wireless | 0.8% | 9.1% \nBell Wireline | 1.0% | 6.0% \nBell Media | 1.0% | 8.0% \n\nIMPAIRMENT\n goodwill tested annually for impairment carrying value CGU recoverable amount higher less costs disposal use.\n determined discounting five-year cash flow projections business plans management. projections reflect expectations revenue profit capital expenditures working capital operating cash flows.\n Cash flows beyond five extrapolated perpetuity growth rates. exceed long-term historical growth rates markets.\n discount rates applied cash derived from weighted average cost capital.\n table shows assumptions recoverable amounts.\n recoverable amounts Bell Wireless Bell Wireline exceed current carrying values carried impairment test current year. change assumptions cause carrying amounts exceed recoverable amounts.\n Bell Media group decrease. 1%) perpetuity growth rate increase. 8% discount rate recoverable amount equal carrying value.\n ASSUMPTIONS\n PERPETUITY GROWTH RATE DISCOUNT RATE\n Bell Wireless. 8%. 1%\n Bell Wireline. 0%.\nMedia 1. 8." +} +{ + "_id": "d1b3b2f94", + "title": "", + "text": "The differences between income tax expense (benefit) at the Company’s effective income tax rate and income tax\nexpense at the statutory federal income tax rate were as follows:\nIn December 2017, the President of the United States signed into law the Tax Cuts and Jobs Act of 2017 (the “Act”), which among other matters reduced the United States corporate tax rate from 35% to 21% effective January 1, 2018. In fiscal 2018, the Company recorded a $43 million tax benefit primarily related to the remeasurement of certain deferred tax assets and liabilities.\nFederal and state income taxes of $36.5 million, $2.1 million, and $3.7 million were paid in fiscal years 2019, 2018, and 2017, respectively. Federal and state income taxes of $418,000, $47.2 million, and $17.6 million were refunded in fiscal years 2019, 2018, and 2017, respectively.\nThe Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. As of June 1, 2019, there were no uncertain tax positions that resulted in any adjustment to the Company’s provision for income taxes.\nWe are under audit by the IRS for the fiscal years 2013 through 2015. We are subject to income tax in many jurisdictions within the U.S., and certain jurisdictions are under audit by state and local tax authorities. The resolutions of these audits are not expected to be material to our consolidated financial statements. Tax periods for all years beginning with fiscal year 2013 remain open to examination by federal and state taxing jurisdictions to which we are subject.\n\n | | Fiscal year end | \n-------------------------------------- | ------------ | --------------- | ------------\n | June 1, 2019 | June 2, 2018 | June 3, 2017\nStatutory federal income tax (benefit) | $14,694 | $34,105 | $(39,950) \nState income tax (benefit) | 2,164 | 3,200 | (3,193) \nDomestic manufacturers deduction | — | (2,545) | 4,095 \nEnacted rate change | — | (42,973) | — \nTax exempt interest income | (197) | (101) | (206) \nOther, net | (918) | (545) | (613) \n | $15,743 | $(8,859) | $(39,867) \n\ndifferences income tax Company’s effective\n statutory federal rate\n 2017 President signed Tax Cuts and Jobs Act 2017 reduced corporate tax rate 35% to 21% January 1, 2018. 2018 Company recorded $43 million tax benefit remeasurement deferred tax assets liabilities.\n Federal state taxes $36. 5 million $2. 1 million $3. 7 million paid 2019 2018 2017. $418,000 $47. 2 million $17. 6 million refunded 2019 2018 2017.\n Company tax benefit uncertain tax position. measures benefits largest benefit 50% likelihood. June 1, 2019 no uncertain tax positions.\n under audit IRS 2013 2015. subject tax jurisdictions. state local authorities. resolutions not material consolidated financial statements. Tax periods 2013 open examination jurisdictions.\n year\n June 1 2019 2 2018 3 2017\n Statutory federal income tax $14,694 $34,105 $(39,950\nincome tax 2,164 3,200\n Domestic manufacturers deduction 4,095\n Enacted rate change,973\n income (197) (101) (206)\n (918)\n $15,743,859" +} +{ + "_id": "d1b354d0e", + "title": "", + "text": "Research and Development\nResearch and development expenses increased $124.3 million, or 53.9%, for the year ended December 31, 2019 compared to the same period in 2018, due to an increase of $114.4 million in employee-related costs ($45.1 million of which related to stock-based compensation and related payroll taxes), a $7.4 million increase in computer hardware and software costs, and a $2.5 million increase in professional services fees, all as a result of growth in our research and development employee base and expanded development programs.\nResearch and development expenses increased $94.7 million, or 69.6%, for the year ended December 31, 2018 compared to the same period in 2017, due to an increase of $89.6 million in employee-related costs, an increase of $3.1 million in computer hardware and software costs, and a $2.0 million increase in professional services fees, all as a result of growth in our research and development employee base and expanded development programs.\n\n | Years ended December 31, | | | 2019 vs 2018 | 2018 vs 2017\n---------------------------- | ---------------------------------- | --------- | --------- | ------------ | ------------\n | 2019 | 2018 | 2017 | % Change | % Change \n | (in thousands, except percentages) | | | | \nResearch and development | $ 355,015 | $ 230,674 | $ 135,997 | 53.9 % | 69.6 % \nPercentage of total revenues | 22.5 % | 21.5 % | 20.2 % | | \n\n\n expenses increased $124. 3 million. 9% December 2019 2018 $114. 4 million employee costs$45. 1 million stock-based compensation payroll $7. 4 million computer hardware software $2. 5 million professional services fees expanded programs.\n expenses increased $94. 7 million. 6% December 31, 2018 2017 $89. 6 million employee costs $3. 1 million computer hardware software $2. million professional services fees.\n 2019 2018 2017\n 2018 2017 %\n development $ 355,015 $ 230,674 $ 135,997 53. 9 % 69. 6 %\n revenues 22. 5 % 21. 5 % 20. 2 %" +} +{ + "_id": "d1b350b3c", + "title": "", + "text": "Customer Receivables and Contract Balances\nThe following table provides balances of customer receivables, contract assets and contract liabilities as of December 31, 2019 and December 31, 2018:\n(1) Gross customer receivables of $2.3 billion and $2.5 billion, net of allowance for doubtful accounts of $94 million and $132 million, at December 31, 2019 and December 31, 2018, respectively.\nContract liabilities are consideration we have received from our customers or billed in advance of providing goods or services promised in the future. We defer recognizing this consideration as revenue until we have satisfied the related performance obligation to the customer. Contract liabilities include recurring services billed one month in advance and installation and maintenance charges that are deferred and recognized over the actual or expected contract term, which typically ranges from one to five years depending on the service. Contract liabilities are included within deferred revenue in our consolidated balance sheet. During the years ended December 31, 2019 and December 31, 2018, we recognized $630 million and $295 million, respectively, of revenue that was included in contract liabilities as of January 1, 2019 and January 1, 2018, respectively.\n\n | December 31, 2019 | December 31, 2018\n----------------------- | --------------------- | -----------------\n | (Dollars in millions) | \nCustomer receivables(1) | $2,194 | 2,346 \nContract liabilities | 1,028 | 860 \nContract assets | 130 | 140 \n\nReceivables Contract Balances\n table balances receivables assets liabilities December 31, 2019 2018:\n Gross receivables $2. 3 billion $2. 5 billion doubtful accounts $94 million $132 million December 31, 2019 2018.\n Contract liabilities goods. defer until obligation. recurring services installation maintenance charges deferred contract term one to five years. deferred revenue consolidated balance sheet. December 31, 2019 2018 recognized $630 million $295 million revenue contract liabilities January 1 2019 2018.\n 2019 2018\n Customer $2,194 2,346\n Contract liabilities 1,028\n Contract assets 130" +} +{ + "_id": "d1b318674", + "title": "", + "text": "Stock Appreciation Rights Awards\nDuring the second quarter of fiscal 2019, in connection with the completion of the Pinnacle acquisition, we granted 2.3 million cash-settled stock appreciation rights with a fair value estimated at closing date using a Black-Scholes option-pricing model and a grant date price of $36.37 per share to Pinnacle employees in replacement of their unvested stock option awards that were outstanding as of the closing date. Approximately $14.8 million of the fair value of the replacement awards granted to Pinnacle employees was attributable to pre-combination service and was included in the purchase price and established as a liability. As of May 26, 2019, the liability of the replacement stock appreciation rights was $0.9 million, which includes post-combination service expense, the mark-to-market of the liability, and the impact of payouts since acquisition.\nThe compensation income for our cash-settled stock appreciation rights totaled $13.7 million for fiscal 2019. Included in this amount is income of $14.0 million related to the mark-to-market of the liability established in connection with the Pinnacle acquisition and expense of $0.2 million for accelerated vesting of awards related to Pinnacle integration restructuring activities, net of the impact of marking-to-market these awards based on a lower market price of Conagra common shares. The related tax expense for fiscal 2019 was $3.4 million.\nA summary of the stock appreciation rights activity as of May 26, 2019 and changes during the fiscal year then ended is presented below:\n\n | Number of Options (in Millions) | Weighted Average Exercise Price | Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (in Millions)\n--------------------------- | ------------------------------- | ------------------------------- | ------------------------------------------ | ---------------------------------------\nGranted | 2.3 | $27.09 | | \nExercised | (0.1) | $24.79 | | $0.1 \nExpired | (1.8) | $26.92 | | \nOutstanding at May 26, 2019 | 0.4 | $28.13 | 0.16 | $0.6 \nExercisable at May 26, 2019 | 0.4 | $28.13 | 0.16 | $0.6 \n\nStock Appreciation Rights Awards\n second quarter 2019 Pinnacle acquisition granted 2. 3 million cash stock appreciation rights estimated closing date Black-Scholes-pricing model $36. 37 per share Pinnacle employees unvested stock option awards. $14. 8 million pre-combination service included purchase price liability. May 26, 2019 liability $0. 9 million post-combination service expense mark-to-market impact payouts acquisition.\n compensation income rights $13. 7 million 2019. $14. 0 million-market liability expense $0. 2 million accelerated vesting Pinnacle restructuring lower market price Conagra common shares. tax expense $3. 4 million.\n summary stock appreciation rights activity May 26, 2019 changes\n Number Options Average Exercise Price Contractual Term Aggregate Intrinsic Value\n Granted. $27.\n Exercised. $24.\n Expired. $26.\n May 26, 2019. 4. 13. 16.\n May 26, 2019. 4. 13. 16." +} +{ + "_id": "d1b3ba500", + "title": "", + "text": "Realized and unrealized losses of the cross currency swaps are recognized in earnings and reported in foreign exchange (loss) gain in the consolidated statements of loss. The effect of the gains (losses) on cross currency swaps on the consolidated statements of loss is as follows:\nThe Company is exposed to credit loss to the extent the fair value represents an asset in the event of non-performance by the counterparties to the foreign currency forward contracts, and cross currency and interest rate swap agreements; however, the Company does not anticipate non-performance by any of the counterparties. In order to minimize counterparty risk, the Company only enters into derivative transactions with counterparties that are rated A- or better by Standard & Poor’s or A3 or better by Moody’s at the time of the transaction. In addition, to the extent possible and practical, interest rate swaps are entered into with different counterparties to reduce concentration risk.\n\n | | Year Ended | \n------------------------------------------------------------------------------------- | -------- | ------------ | --------\n | | December 31, | \n | 2019 | 2018 | 2017 \n | $ | $ | $ \nRealized gains (losses) on maturity and/or partial termination of cross currency swap | — | (42,271) | (25,733)\nRealized losses | (5,062) | (6,533) | (18,494)\nUnrealized (losses) gains | (13,239) | 21,240 | 82,668 \nTotal realized and unrealized (losses) gains on cross currency swaps | (18,301) | (27,564) | 38,441 \n\nlosses cross currency swaps recognized in earnings reported foreign exchange gain consolidated statements loss. effect gains swaps\n Company exposed to credit loss non-performance anticipate non. enters derivative transactions with counterparties rated A- or better Standard & Poor’s A3 Moody’s. interest rate swaps entered with different counterparties reduce concentration risk.\n Year Ended\n December 31,\n 2019\n gains (losses) on maturity termination cross currency swap (42,271) (25,733)\n losses (5,062) (6,533) (18,494)\n Unrealized gains (13,239) 82,668\n Total gains cross currency swaps (18,301) (27,564) 38,441" +} +{ + "_id": "d1b3c62e2", + "title": "", + "text": "ITEM NO. 2 – RATIFICATION OF KPMG AS OUR\n2020 INDEPENDENT AUDITOR\nITEM NO. 2 – RATIFICATION OF KPMG AS OUR 2020 INDEPENDENT AUDITOR\nTHE BOARD UNANIMOUSLY RECOMMENDS A VOTE FOR\nTHIS PROPOSAL\nThe Audit Committee of the Board has appointed KPMG LLP as our independent auditor for the fiscal year\nending December 31, 2020, and we are submitting that appointment to our shareholders for ratification on an\nadvisory basis at the meeting. Although shareholder ratification of KPMG’s appointment is not legally required,\nwe are submitting this matter to the shareholders, as in the past, as a matter of good corporate practice. In\ndetermining whether to reappoint KPMG as our independent auditor, the Audit Committee considered a number\nof factors, including, among others, the firm’s qualifications, industry expertise, prior performance, control\nprocedures, proposed staffing and the reasonableness of its fees on an absolute basis and as compared with\nfees paid by comparable companies.\nThe Audit Committee of the Board has appointed KPMG LLP as our independent auditor for the fiscal year ending December 31, 2020, and we are submitting that appointment to our shareholders for ratification on an advisory basis at the meeting. Although shareholder ratification of KPMG’s appointment is not legally required, we are submitting this matter to the shareholders, as in the past, as a matter of good corporate practice. In determining whether to reappoint KPMG as our independent auditor, the Audit Committee considered a number of factors, including, among others, the firm’s qualifications, industry expertise, prior performance, control procedures, proposed staffing and the reasonableness of its fees on an absolute basis and as compared with fees paid by comparable companies.\nIf the shareholders fail to vote on an advisory basis in favor of the appointment, the Audit Committee will reconsider whether to retain KPMG, and may appoint that firm or another without resubmitting the matter to the shareholders. Even if the shareholders ratify the appointment, the Audit Committee may, in its discretion, select a different independent auditor at any time during the year if it determines that such a change would be in the Company’s best interests.\nIn connection with the audit of the 2019 financial statements, we entered into an engagement letter with KPMG\nwhich sets forth the terms by which KPMG will provide audit services to us. Any future disputes between KPMG\nand us under that letter will be subject to certain specified alternative dispute resolution procedures, none of\nwhich are intended to restrict the remedies that our shareholders might independently pursue against KPMG.\nIn connection with the audit of the 2019 financial statements, we entered into an engagement letter with KPMG which sets forth the terms by which KPMG will provide audit services to us. Any future disputes between KPMG and us under that letter will be subject to certain specified alternative dispute resolution procedures, none of which are intended to restrict the remedies that our shareholders might independently pursue against KPMG.\nThe following table lists the aggregate fees and costs billed to us by KPMG and its affiliates for the 2018 and\n2019 services identified below:\n(1) Includes the cost of services rendered in connection with (i) auditing our annual consolidated financial statements, (ii) auditing our internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002, (iii) reviewing our quarterly financial statements, (iv) auditing the financial statements of several of our subsidiaries, (v) reviewing our registration statements and issuing related comfort letters, (vi) statutory audits for certain of our foreign subsidiaries, and (vii) consultations regarding accounting standards. In addition, the amount listed for 2018 includes a final billing of $785,000 that was received after we finalized our 2019 proxy statement and consequently was not reflected in the auditor fee table included in our 2019 proxy statement.\n(2) Includes the cost of preparing agreed upon procedures reports and providing general accounting consulting services.\n(3) Includes costs associated with general tax planning, consultation and compliance (which were approximately $1,300,000 in 2018 and approximately $100,000 in 2019).\nThe Audit Committee maintains written procedures that require it to annually review and pre-approve the scope\nof all services to be performed by our independent auditor. This review includes an evaluation of whether the\nprovision of non-audit services by our independent auditor is compatible with maintaining the auditor’s independence in providing audit and audit-related services. The Committee’s procedures prohibit the independent auditor from providing any non-audit services unless the service is permitted under applicable law and is pre-approved by the Audit Committee or its Chairman. The Chairman is authorized to pre-approve projects if the total anticipated cost of all projects pre-approved by him during any fiscal quarter does not exceed $250,000. The Audit Committee has pre-approved the Company’s independent auditor to provide up to $75,000 per quarter of miscellaneous permitted tax services that do not constitute discrete and separate projects. The Chairman and the Chief Financial Officer are required periodically to advise the full Committee of the scope and cost of services not pre-approved by the full Committee. Although applicable regulations permit us to waive these pre-approval requirements in certain limited circumstances, the Audit Committee did not use these waiver provisions in either 2018 or 2019.\nKPMG has advised us that one or more of its partners will be present at the meeting. We understand that these\nrepresentatives will be available to respond to appropriate questions and will have an opportunity to make a\nstatement if they desire to do so.\nRatification of KPMG’s appointment as our independent auditor for 2020 will require the affirmative vote of a\nmajority of the votes cast on the proposal at the meeting.\n\n | Amount Billed | \n--------------------- | ------------- | -----------\n | 2018 | 2019 \nAudit Fees(1) | $16,014,014 | $17,639,702\nAudit-Related Fees(2) | 106,528 | 153,203 \nTax Fees(3) | 1,318,798 | 119,098 \nOther | — | — \nTotal Fees | $17,439,340 | $17,912,003\n\nITEM. 2 RATIFICATION KPMG\n 2020 INDEPENDENT AUDITOR\n. 2 RATIFICATION KPMG\n BOARD UNANIMOUSLY RECOMMENDS VOTE\n PROPOSAL\n Audit Committee KPMG LLP independent auditor fiscal year\n ending December 31, 2020 submitting shareholders ratification\n advisory. shareholder ratification not legally required\n good corporate practice.\n KPMG Audit Committee considered\n factors qualifications industry expertise prior performance control\n procedures staffing reasonableness fees\n comparable companies.\n Audit Committee KPMG LLP independent auditor fiscal year ending December 31, 2020 submitting shareholders ratification advisory. shareholder ratification not legally required good corporate practice. Audit Committee considered factors qualifications industry expertise prior performance control procedures staffing reasonableness fees.\n If shareholders fail vote favor Audit Committee retain KPMG may appoint without resubmitting.shareholders ratify appointment Audit Committee may select different independent auditor if Company’s best interests.\n audit 2019 financial statements entered engagement letter with KPMG\n audit services. future disputes between\n subject to alternative resolution procedures\n remedies shareholders.\n audit 2019 financial statements engagement letter with KPMG terms audit services. future disputes subject to alternative resolution procedures remedies.\n table lists fees costs billed by KPMG for 2018\n 2019 services\n Includes cost services auditing annual financial statements internal control financial reporting Act quarterly financial statements financial statements subsidiaries registration statements comfort letters statutory audits for foreign subsidiaries consultations accounting standards. 2018 includes final billing $785,000 received after 2019 proxy statement not reflected in auditor fee table.\n Includes cost preparing procedures reports general accounting consulting services.\n Includes costs tax planning consultation compliance approximately $1,300,000 in 2018 $100,000 in 2019.\nAudit Committee procedures annually pre\n services by independent auditor. review includes\n non-audit services independence. procedures prohibit auditor non-audit services unless permitted law pre-approved by Audit Committee or Chairman. Chairman pre projects if cost exceed $250,000. Audit Committee pre-approved independent auditor $75,000 per quarter miscellaneous tax services. Chairman Chief Financial Officer advise full Committee cost services not pre-approved. regulations waive pre-approval requirements Audit Committee use waiver provisions 2018 2019.\n KPMG partners present at meeting.\n respond questions\n statement.\n Ratification KPMG’s independent auditor for 2020 affirmative vote\n majority.\n Audit Fees(1) $16,014,014 $17,639,702\n Audit-Related Fees(2) 106,528 153,203\n Tax Fees(3) 1,318,798 119,098\n Other\n Total Fees $17,439,340 $17,912,003" +} +{ + "_id": "d1b30d710", + "title": "", + "text": "Movements in total self‐insured risks, restructuring, onerous contracts, store exit costs, and other provisions\n(1) The increase in restructuring, onerous contracts, and store exit costs in 2019 is primarily attributable to the recognition of provisions associated with the BIG W network review as outlined in Note 1.4.\nA provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made as to the amount of the obligation. The amount recognised is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation.\nA liability is recognised for benefits accruing to employees in respect of annual leave and long service leave.\nLiabilities expected to be settled within 12 months are measured at their nominal values using the remuneration rate expected to apply at the time of settlement.\nLiabilities which are not expected to be settled within 12 months are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to the reporting date.\nThe provision for self-insured risks primarily represents the estimated liability for workers’ compensation and public liability claims.\nProvision for restructuring is recognised when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected by the restructuring that the restructuring will occur.\nAn onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it.\n\n | | | RESTRUCTURING, ONEROUS | \n---------------------------------------- | ------------------ | ----- | ---------------------------- | -----\n | | | CONTRACTS, STORE EXIT COSTS, | \n | SELF‑INSURED RISKS | | AND OTHER | \n | 2019 | 2018 | 2019 | 2018 \n | $M | $M | $M | $M \nMovement: | | | | \nBalance at start of period | 596 | 593 | 679 | 800 \nNet provisions recognised/(reversed) (1) | 177 | 161 | 225 | 55 \nCash payments | (157) | (148) | (162) | (178)\nOther | (13) | (10) | (5) | 2 \nBalance at end of period | 603 | 596 | 737 | 679 \nCurrent | 173 | 177 | 280 | 256 \nNon‑current | 430 | 419 | 457 | 423 \n | 603 | 596 | 737 | 679 \n\nMovements in self‐insured risks restructuring onerous contracts store exit costs provisions\n increase in restructuring contracts store exit costs 2019 attributable to provisions BIG W network review Note 1. 4.\n provision recognised when Group present obligation past event probable outflow economic benefits reliable estimate amount. recognised best estimate risks uncertainties.\n liability recognised for benefits annual leave long service leave.\n Liabilities settled within 12 months measured at nominal values remuneration rate.\n Liabilities not measured as present value of estimated future cash outflows services.\n provision for self-insured risks represents estimated liability for workers’ compensation public liability claims.\n Provision for restructuring recognised when Group plan valid expectation.\n onerous contract unavoidable costs exceed economic benefits. reflect least net cost of exiting lower of cost fulfilling compensation penalties from failure.\n RESTRUCTURING\nCONTRACTS STORE EXIT COSTS\n SELF‐INSURED RISKS\n 2019\n Balance 596 593 679 800\n Net provisions 177 161 225\n Cash payments (157) (148) (162) (178)\n period 603 596 737 679\n 173 177 280 256\n Non‐current 430 419 457 423\n 603 596 737" +} +{ + "_id": "d1b3ad062", + "title": "", + "text": "Purchases of Accenture plc Class A Ordinary Shares\nThe following table provides information relating to our purchases of Accenture plc Class A ordinary shares during the fourth quarter of fiscal 2019. For year-to-date information on all of our share purchases, redemptions and exchanges and further discussion of our share purchase activity, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Share Purchases and Redemptions.”\n(1) Average price paid per share reflects the total cash outlay for the period, divided by the number of shares acquired, including those acquired by purchase or redemption for cash and any acquired by means of employee forfeiture.\n(2) Since August 2001, the Board of Directors of Accenture plc has authorized and periodically confirmed a publicly\nannounced open-market share purchase program for acquiring Accenture plc Class A ordinary shares. During\nthe fourth quarter of fiscal 2019, we purchased 2,048,307 Accenture plc Class A ordinary shares under this\nprogram for an aggregate price of $389 million. The open-market purchase program does not have an expiration\ndate\n(3) As of August 31, 2019, our aggregate available authorization for share purchases and redemptions was $3,674 million, which management has the discretion to use for either our publicly announced open-market share purchase program or our other share purchase programs. Since August 2001 and as of August 31, 2019, the Board of Directors of Accenture plc has authorized an aggregate of $35.1 billion for share purchases and redemptions by Accenture plc and Accenture Canada Holdings Inc\n(4) During the fourth quarter of fiscal 2019, Accenture purchased 66,017 Accenture plc Class A ordinary shares in transactions unrelated to publicly announced share plans or programs. These transactions consisted of acquisitions of Accenture plc Class A ordinary shares primarily via share withholding for payroll tax obligations due from employees and former employees in connection with the delivery of Accenture plc Class A ordinary shares under our various employee equity share plans. These purchases of shares in connection with employee share plans do not affect our aggregate available authorization for our publicly announced open-market share purchase and our other share purchase programs.\n\nPeriod | Total Number of Shares Purchased | Average Price Paid per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (3)\n-------------------------------- | -------------------------------- | -------------------------------- | ------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------\n | | | | (in millions of U.S. dollars) \nJune 1, 2019 — June 30, 2019 | 801,659 | $183.18 | 785,600 | $3,924 \nJuly 1, 2019 — July 31, 2019 | 462,629 | $194.65 | 442,846 | $3,832 \nAugust 1, 2019 — August 31, 2019 | 850,036 | $193.23 | 819,861 | $3,674 \nTotal (4) | 2,114,324 | $189.73 | 2,048,307 | \n\nPurchases Accenture plc Class A Ordinary Shares\n table information purchases fourth quarter fiscal 2019. year-to-date information purchases redemptions exchanges Discussion Analysis Financial Condition Results Operations—Liquidity Capital Resources—Share Purchases Redemptions.\n Average price per share reflects cash outlay divided shares acquired including purchase redemption employee forfeiture.\n Since August 2001, Board Directors Accenture plc authorized\n open-market share purchase program shares.\n fourth quarter 2019 purchased 2,048,307 Accenture shares\n aggregate price $389 million. expiration\n date\n August 31, 2019 authorization share purchases redemptions $3,674 million. Since 2001 Board authorized $35. 1 billion share purchases redemptions Accenture Canada Holdings\n fourth quarter fiscal 2019 Accenture purchased 66,017 Class A shares unrelated share plans programs. share withholding payroll tax obligations employee equity share plans.purchases affect authorization open-market programs.\n Shares Purchased Average Price Paid Share Plans Approximate Dollar Value Shares\n millions. dollars\n June 1, 2019 30, 801,659 $183. 18 785,600 $3,924\n July 1 31, 462,629 $194. 65 442,846 $3,832\n August 1 31, 850,036 $193. 23 819,861 $3,674\n 2,114,324 $189. 73 2,048,307" +} +{ + "_id": "d1a723a30", + "title": "", + "text": "The following table sets forth our sources of revenue for each of the periods indicated (in thousands, except for percentages):\nSubscription revenue increased by $69.9 million, or 15%, in 2019 when compared to 2018. Subscription revenue growth on a constant currency basis increased 16% in 2019 when compared to 2018. The increase was attributable to new business, which includes new customers, upsells, cross-sells, and renewals from existing customers.\nProfessional services revenue decreased by $31.3 million, or 48%, in 2019 when compared to 2018. The decrease of professional services revenue is attributable to the continued migration of implementation services to our global partners.\nSubscription revenue increased by $76.3 million, or 19%, in 2018 when compared to 2017. The increase was attributable to new business, which included new customers, upsells, and renewals from existing customers. Professional services revenue decreased by $20.4 million, or 24%, in 2018 when compared to 2017. The decrease of professional services revenue is attributable to the execution of our strategic initiative to migrate much of our implementation services to our global partners.\n\n | | Year Ended December 31, | \n---------------------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nSubscription revenue | $542,968 | $473,052 | $396,764\nPercentage of subscription revenue to total revenue | 94.2% | 87.9% | 82.3% \nProfessional services revenue | $33,555 | $64,839 | $85,221 \nPercentage of professional services to total revenue | 5.8% | 12.1% | 17.7% \nTotal revenue | $576,523 | 537,891 | 481,985 \n\ntable sources revenue\n Subscription revenue increased $69. 9 million 15% 2019 2018. increased 16%. new business upsells cross-sells renewals.\n Professional services revenue decreased $31. 3 million 48% 2019. migration services global partners.\n revenue increased $76. 3 million 19% 2018. new business upsells renewals. revenue decreased $20. 4 million 24%, 2018. decrease services global partners.\n December 31,\n 2019\n Subscription revenue $542,968 $473,052 $396,764\n total 94. 2% 87. 9% 82. 3%\n services revenue $33,555 $64,839 $85,221\n revenue 5. 8%. 1%. 7%\n Total revenue $576,523 537,891 481,985" +} +{ + "_id": "d1b37a0d6", + "title": "", + "text": "Liquidity and Capital Resources\nCash Flows\nA summary of the sources and uses of cash, cash equivalents, restricted cash and restricted cash equivalents is as follows:\nOperating Activities\nNet cash used in operating activities for the year ended December 29, 2019 was $270.4 million and was primarily the result of: (i) $158.3 million mark-to-market gain on equity investments with readily determinable fair value; (ii) $143.4 million gain on business divestiture; (iii) $128.4 million increase in inventories to support the construction of our solar energy projects; (iv) $66.2 million increase in accounts receivable, primarily driven by billings in excess of collections; (v) $38.2 million increase in contract assets driven by construction activities; (vi) $25.2 million gain on sale of assets; (vii) $17.3 million gain on sale of equity investments without readily determinable fair value; (viii) $8.9 million decrease in operating lease liabilities; (ix) $8.8 million increase in prepaid expenses and other assets, primarily related to movements in prepaid inventory; (x) net loss of $7.7 million; and (xi) $2.2 million increase in project assets, primarily related to the construction of our commercial solar energy projects. This was offset by: (i) $80.1 million depreciation and amortization; (ii) $79.3 million increase in accounts payable and other accrued liabilities; (iii) $50.2 million increase in advances to suppliers; (iv) $33.8 million loss on sale and impairment of residential lease assets; (v) $27.5 million increase in contract liabilities driven by construction activities; (vi) stock-based compensation of $26.9 million; (vii) $9.5 million non-cash interest expense; (viii) $8.6 million decrease in operating lease right-of-use assets; (ix) $7.1 million loss in equity in earnings of unconsolidated investees; (x) $5.9 million non-cash restructuring charges; and (xi) $5.0 million net change in deferred income taxes; and (xii) impairment of long-lived assets of $0.8 million.\nIn December 2018 and May 2019, we entered into factoring arrangements with two separate third-party factor agencies related to our accounts receivable from customers in Europe. As a result of these factoring arrangements, title of certain accounts receivable balances was transferred to third-party vendors, and both arrangements were accounted for as a sale of financial assets given effective control over these financial assets has been surrendered. As a result, these financial assets have been excluded from our consolidated balance sheets. In connection with the factoring arrangements, we sold accounts receivable invoices amounting to $119.4 million and $26.3 million in fiscal 2019 and 2018, respectively. As of December 29, 2019 and December 30, 2018, total uncollected accounts receivable from end customers under both arrangements were $11.6 million and $21.0 million, respectively.\nNet cash used in operating activities in fiscal 2018 was $543.4 million and was primarily the result of: (i) net loss of $917.5 million; (ii) $182.9 million increase in long-term financing receivables related to our net investment in sales-type leases; (iii) $127.3 million decrease in accounts payable and other accrued liabilities, primarily attributable to payments of accrued expenses; (iv) $59.3 million gain on business divestiture; (v) $54.2 million gain on the sale of equity investments; (vi) $43.5 million increase in contract assets driven by construction activities; (vii) $39.2 million increase in inventories due to the support of various construction projects; (viii) $30.5 million decrease in contract liabilities driven by construction activities; (ix) $6.9 million increase in deferred income taxes; (x) $6.8 million increase due to other various activities; and (xi) $0.2 million increase in accounts receivable, primarily driven by billings. This was partially offset by: (i) impairment of property, plant and equipment of $369.2 million; (ii) impairment of residential lease assets of $189.7 million; (iii) net non-cash charges of $162.1 million related to depreciation, stock-based compensation and other non-cash charges; (iv) loss on sale of residential lease assets of $62.2 million; (v) $44.4 million decrease in advance payments made to suppliers; (vi) $39.5 million decrease in project assets, primarily related to the construction of our Commercial solar energy projects; (vii) $22.8 million decrease in prepaid expenses and other assets, primarily related to the receipt of prepaid inventory; (viii) $17.8 million decrease in equity in earnings of unconsolidated investees; (ix) $6.9 million net change in income taxes; (x) $6.4 million unrealized loss on equity investments with readily determinable fair value; and (xi) $3.9 million dividend from equity method investees.\nNet cash used in operating activities in fiscal 2017 was $267.4 million and was primarily the result of: (i) net loss of $1,170.9 million; (ii) $216.3 million decrease in accounts payable and other accrued liabilities, primarily attributable to payment of accrued expenses; (iii) $123.7 million increase in long-term financing receivables related to our net investment in sales-type leases; (iv) $38.2 million increase in inventories to support the construction of our solar energy projects; (vi) $25.9 million increase in equity in earnings of unconsolidated investees; (vii) $7.0 million net change in income taxes; (viii) $5.3 million gain on sale of equity method investment; and (ix) $1.2 million decrease in accounts receivable, primarily driven by collections; This was partially offset by: (i) $624.3 million impairment of residential lease assets; (ii) other net non-cash charges of $239.6 million related to depreciation, stock-based compensation and other non-cash charges; (iii) $145.2 million increase in contract liabilities driven by construction activities; (iv) $110.5 million decrease in prepaid expenses and other assets, primarily related to the receipt of prepaid inventory; (v) $89.6 million impairment of 8point3 Energy Partners investment balance; (vi) $68.8 million decrease in advance payments made to suppliers; (vii) $30.1 million dividend from 8point3 Energy Partners; (viii) $10.7 million decrease in contract assets driven by milestone billings; (ix) $2.3 million decrease in project assets, primarily related to the construction of our commercial and power plant solar energy projects\nInvesting Activities\nNet cash provided by investing activities in the year ended December 29, 2019 was $21.4 million, which included (i) proceeds of $60.0 million from sale of property, plant, and equipment; (ii) $42.9 million proceeds from sale of investments; (iii) net proceeds of $40.5 million from business divestiture; and (iv) $2.0 million of proceeds resulting from realization of estimated receivables from a business divestiture. This was offset by (i) cash paid for solar power systems of $53.3 million; (ii) $47.4 million of purchases of property, plant and equipment; (iii) cash paid for investments in unconsolidated investees of $12.4 million; and (iv) $10.9 million of cash de-consolidated from the sale of residential lease assets.\nNet cash provided by investing activities in fiscal 2018 was $274.9 million, which included (i) proceeds from the sale of investment in joint ventures and non-public companies of $420.3 million; (ii) proceeds of $23.3 million from business divestiture; and (iii) a $13.0 million dividend from equity method investees. This was partially offset by: (i) $167.0 million in capital expenditures primarily related to the expansion of our solar cell manufacturing capacity and costs associated with solar power systems, leased and to be leased; and (ii) $14.7 million paid for investments in consolidated and unconsolidated investees.\nNet cash used in investing activities in fiscal 2017 was $293.1 million, which included (i) $283.0 million in capital expenditures primarily related to the expansion of our solar cell manufacturing capacity and costs associated with solar power systems, leased and to be leased; (ii) $18.6 million paid for investments in consolidated and unconsolidated investees; and (iii) $1.3 million purchase of marketable securities. This was partially offset by proceeds from the sale of investment in joint ventures of $6.0 million and a $3.8 million dividend from equity method investees.\nFinancing Activities\nNet cash provided by financing activities in the year ended December 29, 2019 was $344.3 million, which included: (i) $171.9 million from the common stock offering; (ii) $110.9 million in net proceeds of bank loans and other debt; (iii) $69.2 million net proceeds from the issuance of non-recourse residential financing, net of issuance costs; (iv) $35.5 million of net contributions from noncontrolling interests and redeemable noncontrolling interests related to residential lease projects; (v) $3.0 million of proceeds from issuance of non-recourse power plant and commercial financing, net of issuance costs. This was partially offset by (i) $39.0 million of payment associated with prior business combination; (ii) $5.6 million in purchases of treasury stock for tax withholding obligations on vested restricted stock; and (iii) $1.6 million settlement of contingent consideration arrangement, net of cash received.\nNet cash provided by financing activities in fiscal 2018 was $85.8 million, which included: (i) $174.9 million in net proceeds from the issuance of non-recourse residential financing, net of issuance costs; (ii) $129.3 million of net contributions from noncontrolling interests and redeemable noncontrolling interests related to residential lease projects; and (iii) $94.7 million in net proceeds from the issuance of non-recourse power plant and commercial financing, net of issuance costs. This was partially offset by: (i) $307.6 million in net repayments of 0.75% debentures due 2018, bank loans and other debt; and (ii) $5.5 million in purchases of treasury stock for tax withholding obligations on vested restricted stock.\nNet cash provided by financing activities in fiscal 2017 was $589.9 million, which included: (i) $351.8 million in net proceeds from the issuance of non-recourse power plant and commercial financing, net of issuance costs; (ii) $179.2 million of net contributions from noncontrolling interests and redeemable noncontrolling interests primarily related to residential lease projects; and (iii) $82.7 million in net proceeds from the issuance of non-recourse residential financing, net of issuance costs. This was partially offset by: (i) 19.1 million in net repayments of bank loans and other debt; and (ii) $4.7 million in purchases of treasury stock for tax withholding obligations on vested restricted stock.\n\n | | Fiscal Year Ended | \n--------------------------------------------------- | ----------------- | ----------------- | -----------------\n(In thousands) | December 29, 2019 | December 30, 2018 | December 31, 2017\nNet cash used in operating activities | $(270,413) | $(543,389) | $(267,412) \nNet cash provided by (used in) investing activities | $21,366 | $274,900 | $(293,084) \nNet cash provided by financing activities | $344,314 | $85,847 | $589,932 \n\nLiquidity Capital\n Cash Flows\n cash\n Operating Activities\n Net cash $270. 4 million $158. 3 million equity investments $143. million business divestiture $128. million inventories solar energy $66. 2 million accounts receivable $38. 2 million contract assets $25. million sale $17. 3 million equity investments $8. 9 million lease liabilities. million prepaid expenses net loss $7. million $2. 2 million assets. offset $80. 1 million depreciation amortization $79. 3 million accounts payable liabilities $50. 2 million advances suppliers $33. 8 million loss residential lease assets $27. 5 million contract liabilities stock-based compensation $26. 9 million $9. million non interest expense $8. million lease-use assets $7. 1 million loss equity earnings $5. 9 million non-cash restructuring charges.million deferred income taxes impairment long-lived assets $0. 8 million.\n December May 2019 factoring receivable. transferred. excluded consolidated balance sheets. sold receivable $119. 4 million $26. 3 million 2019 2018. December 29, uncollected accounts receivable $11. 6 million $21. 0 million.\n Net cash 2018 $543. 4 million net loss $917. 5 million $182. 9 million increase long-term financing receivables $127. 3 million decrease accounts payable accrued liabilities expenses $59. 3 million gain business divestiture $54. 2 million gain sale equity investments $43. 5 million contract assets $39. 2 million increase inventories $30. 5 million decrease contract liabilities $6. 9 million increase deferred income taxes $6. 8 million $0. 2 million increase accounts receivable. offset impairment property plant equipment $369.impairment residential lease $189. 7 million non-cash charges $162. 1 million depreciation loss sale $62. 2 million $44. 4 million advance payments $39. 5 million assets $22. 8 million prepaid expenses $17. 8 million equity earnings $6. 9 million income taxes $6. 4 million unrealized loss equity investments $3. 9 million dividend.\n cash 2017 $267. 4 million loss $1,170. 9 million $216. 3 million accounts payable liabilities $123. 7 million long financing receivables $38. 2 million increase inventories $25. 9 million equity earnings $7. million income taxes $5. 3 million gain sale equity $1. 2 million decrease accounts receivable offset $624. 3 million impairment net non-cash charges $239. 6 million depreciation compensation.contract liabilities construction $110. 5 million prepaid expenses inventory $89. 6 million 8point3 Energy Partners investment balance $68. 8 million advance payments $30. 1 million dividend $10. 7 million contract assets $2. 3 million project assets solar energy\n Net cash 2019 $21. 4 million proceeds $60. million property $42. 9 million investments proceeds $40. 5 million business divestiture $2. million divestiture. offset cash solar power systems $53. 3 million $47. 4 million purchases property $12. 4 million $10. 9 million sale residential lease assets.\n Net cash 2018 $274. 9 million proceeds $420. 3 million proceeds $23. 3 million business divestiture $13. million dividend equity investees. offset $167. million capital expenditures expansion solar cell manufacturing capacity $14.million.\n Net cash 2017 $293. 1 million $283. million capital expenditures expansion solar cell manufacturing $18. 6 million $1. 3 million marketable securities. offset proceeds sale joint ventures $6. million $3. 8 million dividend equity investees.\n Net cash December 2019 $344. 3 million $171. 9 million common stock offering $110. 9 million proceeds bank loans debt $69. 2 million proceeds non-recourse residential financing $35. 5 million noncontrolling $3. million proceeds power plant commercial financing. offset $39. million prior business combination $5. 6 million treasury stock tax withholding $1. 6 million settlement contingent consideration arrangement.\n Net cash 2018 $85. 8 million $174. 9 million proceeds non-recourse residential financing $129. 3 million contributions noncontrolling $94.million proceeds-recourse power plant commercial financing. offset $307. 6 million repayments. 75% debentures bank loans $5. 5 million purchases treasury stock tax stock.\n cash financing 2017 $589. 9 million $351. 8 million proceeds $179. 2 million contributions residential lease $82. 7 million proceeds residential financing. offset 19. 1 million repayments bank loans $4. 7 million purchases treasury stock tax obligations.\n Fiscal Year\n December 29, 2019 2018 31, 2017\n cash operating activities $(270,413) $(543,389)(267,412)\n investing $21,366 $274,900 $(293,084)\n financing $344,314 $85,847 $589,932" +} +{ + "_id": "d1b318b92", + "title": "", + "text": "6. Supplemental Financial Information\nCash and cash equivalents (in millions):\nThe following table presents cash and cash equivalents as reported in our consolidated balance sheets, as well as the sum of cash, cash equivalents and restricted cash as reported on our consolidated statement of cash flows in accordance with our adoption of the ASU discussed in Note 1 – Description of Business and Significant Accounting Policies.\n\n | April 26, 2019 | April 26, 2018\n------------------------------------------ | -------------- | --------------\nCash | $ 2,216 | $ 2,727 \nCash equivalents | 109 | 214 \nCash and cash equivalents | $ 2,325 | $ 2,941 \nShort-term restricted cash | 5 | 5 \nLong-term restricted cash | 1 | 1 \nRestricted cash | $ 6 | $ 6 \nCash, cash equivalents and restricted cash | $ 2,331 | $ 2,947 \n\n. Financial Information\n Cash equivalents\n table presents cash equivalents consolidated balance sheets cash flows ASU Note 1 Business Accounting Policies.\n April 26, 2019 2018\n Cash $ 2,216 $ 2,727\n equivalents 109\n $ 2,325 $ 2,941\n Short-term restricted cash 5\n Long-term restricted cash 1\n $ 6\n $ 2,331 $ 2,947" +} +{ + "_id": "d1b374582", + "title": "", + "text": "Preliminary Purchase Price Allocation\nFor the Assemble Systems, PlanGrid, and BuildingConnected acquisitions that were accounted for as business combinations, Autodesk recorded the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The fair values assigned to the identifiable intangible assets acquired were based on estimates and assumptions determined by management. Autodesk recorded the excess of consideration transferred over the aggregate fair values as goodwill. The goodwill recorded is primarily attributable to synergies expected to arise after the acquisition. There is no amount of goodwill that is deductible for U.S. income tax purposes.\nThe following table summarizes the fair value of the assets acquired and liabilities assumed by major class for the business combinations that were completed during the fiscal year ended January 31, 2019:\n(1) During Q4 of fiscal 2019, Autodesk recorded a measurement period adjustment related to the valuation of the deferred tax liability associated with the Assemble Systems acquisition. This adjustment increased goodwill and reduced net tangible assets by $0.1 million.\nFor the three business combinations in fiscal 2019, the determination of estimated fair values of certain assets and liabilities is derived from estimated fair value assessments and assumptions by Autodesk. For PlanGrid and BuildingConnected, Autodesk's estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). For the three business combinations in fiscal 2019, the tax impact of the acquisition is also subject to change within the measurement period. Different estimates and assumptions could result in different valuations assigned to the individual assets acquired and liabilities assumed, and the resulting amount of goodwill.\n\n | Assemble Systems (1) | PlanGrid | BuildingConnected | Total \n-------------------------------------------------------------- | -------------------- | -------- | ----------------- | --------\nDeveloped technologies | $4.4 | $78.0 | $12.5 | $94.9 \nCustomer relationships and other non-current intangible assets | 12.0 | 98.0 | 26.9 | 136.9 \nTrade name | 2.8 | 20.0 | 6.8 | 29.6 \nGoodwill | 72.0 | 588.7 | 206.3 | 867.0 \nDeferred revenue (current and non-current) | (1.7) | (25.5) | (2.8) | (30.0) \nNet tangible assets | 4.1 | 18.4 | 3.5 | 26.0 \nTotal | $93.6 | $777.6 | $253.2 | $1,124.4\n\nPreliminary Purchase Price Allocation\n Assemble Systems PlanGrid BuildingConnected acquisitions Autodesk recorded assets liabilities assumed estimated fair values date acquisition. values assets estimates management. excess consideration goodwill. goodwill attributable synergies after acquisition. no goodwill deductible U. S. income tax.\n table summarizes fair value assets acquired liabilities assumed business combinations fiscal year January 31, 2019\n Q4 2019 Autodesk recorded adjustment deferred tax liability Assemble Systems acquisition. increased goodwill reduced net tangible assets by $0. 1 million.\n combinations estimated fair values assets assessments assumptions Autodesk. PlanGrid BuildingConnected estimates assumptions subject change one year acquisition. tax impact change. Different estimates assumptions different valuations assets liabilities goodwill.\n Assemble Systems PlanGrid BuildingConnected\n Developed technologies.\n Customer relationships non-current intangible assets.26. 9 136.\n 2. 8 20. 6. 29.\n 72. 206.\n Deferred revenue. (25. (2. (30.\n 4. 18. 3. 5 26.\n $93. 6 $777. $253. $1,124." +} +{ + "_id": "d1b321468", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n10. OTHER NON-CURRENT LIABILITIES\nOther non-current liabilities consisted of the following:\nThe reduction in Deferred rent liability is a result of the Company’s adoption of the new lease accounting standard.\n\n | As of | \n------------------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nDeferred rent liability | $— | $506.7 \nUnearned revenue | 525.9 | 504.6 \nOther miscellaneous liabilities | 411.1 | 253.8 \nOther non-current liabilities | $937.0 | $1,265.1 \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS millions\n. NON-CURRENT LIABILITIES\n reduction Deferred rent liability new lease accounting standard.\n 31, 2019\n Deferred rent liability $506.\n Unearned revenue 525. 504.\n liabilities. 253.\n non-current liabilities. $1,265." +} +{ + "_id": "d1b352c70", + "title": "", + "text": "Contractual Obligations\nThe following table summarizes our contractual obligations as of November 29, 2019:\nAs of November 29, 2019, our Term Loan’s carrying value was $2.25 billion. At our election, the Term Loan will bear interest at either (i) the London Interbank Offered Rate (“LIBOR”) plus a margin, based on our debt ratings, ranging from 0.500% to 1.000% or (ii) a base rate plus a margin, based on our debt ratings, ranging from 0.040% to 0.110%. Interest is payable periodically, in arrears, at the end of each interest period we elect. Based on the LIBOR rate at November 29, 2019, our estimated maximum commitment for interest payments was $23.2 million for the remaining duration of the Term Loan.\nAs of November 29, 2019, the carrying value of our Notes payable was $1.89 billion. Interest on our Notes is payable semi-annually, in arrears on February 1 and August 1. At November 29, 2019, our maximum commitment for interest payments was $200.1 million for the remaining duration of our Notes.\nOur Term Loan and Revolving Credit Agreement contain similar financial covenants requiring us not to exceed a maximum leverage ratio. As of November 29, 2019, we were in compliance with this covenant. We believe this covenant will not impact our credit or cash in the coming fiscal year or restrict our ability to execute our business plan. Our senior notes do not contain any financial covenants.\nUnder the terms of our Term Loan and Revolving Credit Agreement, we are not prohibited from paying cash dividends unless payment would trigger an event of default or if one currently exists. We do not anticipate paying any cash dividends in the foreseeable future.\n\n(in millions) | | | Payment Due by Period | | \n--------------------------------------- | -------- | ---------------- | --------------------- | --------- | -----------------\n | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years\nTerm Loan and Notes, including interest | $4,373.3 | $3,227.0 | $65.0 | $65.0 | $1,016.3 \nOperating lease obligations, net | 711.5 | 88.7 | 158.0 | 126.9 | 337.9 \nPurchase obligations | 2,036.5 | 545.0 | 935.8 | 555.7 | — \nTotal | $7,121.3 | $3,860.7 | $1,158.8 | $747.6 | $1,354.2 \n\nContractual Obligations\n table summarizes obligations November 29, 2019\n Term value $2. 25 billion. interest London Interbank Offered Rate margin 0. 500% to 1. 000% or base rate margin 0. 040% to. 110%. Interest payable periodically arrears end period. maximum commitment interest $23. 2 million remaining duration.\n value Notes $1. 89 billion. Interest payable semi-annually arrears February 1 August 1. maximum commitment interest $200. 1 million remaining duration.\n Term Loan Revolving Credit Agreement covenants not maximum leverage ratio. compliance covenant. impact credit cash restrict business plan. senior notes financial covenants.\n not prohibited cash dividends default. anticipate paying cash dividends.\n Payment Due Period\n Less than 1 year 1-3 years 3-5 years More than 5 years\n Term Loan Notes including interest $4,373. $3,227. $65.$65. $1,016.\n lease obligations 711. 88.\n 2,036. 545. 935. 555.\n $7,121. $3,860. $1,158. $747. $1,354." +} +{ + "_id": "d1b31d1f6", + "title": "", + "text": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated)\nFair value change in FCR liability\nThe following table reconciles the beginning and ending measurements of our FCR liability and highlights the activity that drove the fair value change in FCR liability included in our cost of revenue.\n(1) Includes: (i) incentive payments from Bank Partners, which is the surplus of finance charges billed to borrowers over an agreedupon portfolio yield, a fixed servicing fee and realized net credit losses, (ii) cash received from recoveries on previously charged-off Bank Partner loans, and (iii) the proceeds received from transferring our rights to Charged-Off Receivables (as defined below) attributable to previously charged-off Bank Partner loans. We consider all monthly incentive payments from Bank Partners during the period to be related to billed finance charges on deferred interest products until monthly incentive payments exceed total billed finance charges on deferred products, which did not occur during any of the periods presented.\n(2) Represents the reversal of previously billed finance charges associated with deferred payment loan principal balances that were repaid within the promotional period.\n(3) A fair value adjustment is made based on the expected reversal percentage of billed finance charges (expected settlements), which is estimated at each reporting date. The fair value adjustment is recognized in cost of revenue in the Consolidated Statements of Operations.\n\n | | Year Ended December 31, | \n--------------------------------------------------- | --------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \nBeginning balance | $138,589 | $94,148 | $68,064 \nReceipts(1) | 159,527 | 129,153 | 109,818 \nSettlements(2) | (262,449) | (181,590) | (127,029)\nFair value changes recognized in cost of revenue(3) | 170,368 | 96,878 | 43,295 \nEnding balance | $206,035 | $138,589 | $94,148 \n\nITEM. MANAGEMENT DISCUSSION ANALYSIS FINANCIAL CONDITION RESULTS States Dollars share\n Fair value change FCR liability\n table reconciles FCR liability cost revenue.\n Includes incentive payments Bank Partners surplus finance charges fixed servicing fee credit losses cash recoveries-off loans proceeds transferring rights Charged-Off Receivables. incentive payments finance charges deferred interest products charges.\n Represents reversal finance charges deferred loan principal balances repaid.\n fair value adjustment expected reversal finance charges estimated reporting date. recognized cost revenue Consolidated Statements Operations.\n Ended December 31,\n 2017\n Beginning balance $138,589 $94,148 $68,064\n Receipts(1) 159,527 129,153 109,818\n Settlements(2) (262,449 (181,590) (127,029)\n Fair value changes cost revenue(3) 170,368 96,878 43,295\n$138,589,148" +} +{ + "_id": "d1b3c10ee", + "title": "", + "text": "Non-operating Corporate\nSelling, general and administrative: Selling, general and administrative expenses from our Non-operating Corporate segment for the year ended December 31, 2019 decreased $8.6 million to $24.9 million from $33.5 million for the year ended December 31, 2018. The decrease was driven by reductions in bonus expense, consulting and professional service fees, and employee wage and benefits expenses.\nThe HC2 Compensation Committee establishes annual salary, cash and equity-based bonus arrangements for certain HC2 executive employees on an annual basis. In determining the amounts payable pursuant to such cash and equity-based bonus arrangements for these employees, the Company has historically measured the growth in the Company’s NAV in accordance with a formula established by HC2’s Compensation Committee (\"Compensation NAV\") in 2014.\nThe Compensation NAV is generally determined by dividing the end of year Compensation NAV per share by the beginning year Compensation NAV per share and subtracting 1 from this amount (the \"NAV Return\"), and then subtracting the required threshold return rate from the NAV Return. The hurdle rate has consistently been set at 7%, and the plan allows for the share of up to 12% of growth over and above the hurdle rate.\nHC2’s accrual for cash and equity-based bonus arrangements of HC2 executive employees as of December 31, 2019 and 2018 resulted in a $4.4 million decrease in expense recognized. These changes reflect the underlying performance in the Compensation NAV in the respective periods. In 2019 the NAV did not meet the hurdle rate, while in 2018 it grew approximately 21%.\nFor 2019, Compensation NAV did not meet the hurdle rate, and declined by 26.1%, resulting primarily from external events that occurred in the fourth quarter at our Insurance segment, with respect to our views on the future of the management fee agreement, along with our expectations of future dividends, after recent and ongoing discussions with our domestic regulator.\nIn accordance with the terms of the plan, this decline in Compensation NAV directly reduces the deferred cash compensation awarded in 2017 and 2018. The total reduction recognized in 2019 was $0.8 million, related to the claw back of a portion of the 2017 and 2018 awards which were unpaid as of December 31, 2019. In addition, the plan requires that future NAV growth continues to be determined using the high water mark based on the beginning Compensation NAV established at the beginning of 2019.\n\n | | Years Ended December 31, | \n----------------------------------- | ------- | ------------------------ | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nSelling, general and administrative | $24.9 | $33.5 | $(8.6) \nDepreciation and amortization | 0.1 | 0.1 | — \nLoss from operations | $(25.0) | $(33.6) | $8.6 \n\nNon-operating Corporate\n Selling general administrative expenses December 31, 2019 decreased $8. 6 million to $24. 9 million from $33. 5 million 2018. decrease driven by reductions bonus expense consulting fees employee wage benefits expenses.\n HC2 Compensation Committee establishes annual salary cash equity bonus arrangements for employees. measured growth NAV formula 2014.\n determined by dividing subtracting 1 threshold return rate. hurdle rate at 7% plan allows 12% growth over hurdle rate.\n cash equity-based bonus arrangements December 31, 2019 2018 resulted $4. 4 million decrease in expense. performance Compensation NAV. 2019 hurdle rate 2018 grew 21%.\n NAV declined by 26. 1% external events Insurance segment future management fee agreement expectations future dividends discussions domestic regulator.\n decline NAV reduces deferred cash compensation 2017 2018. total reduction 2019 was $0.8 million claw back 2017 2018 awards unpaid December 31, 2019. plan requires future NAV growth high water mark Compensation NAV 2019.\n Years Ended December 31,\n 2018 Increase\n Selling general administrative $24. $33.\n Depreciation amortization.\n Loss operations $(25. $8." +} +{ + "_id": "d1b2fc7bc", + "title": "", + "text": "The table below summarizes our cash flows from continuing operations activities for each of the last two fiscal years (in thousands):\nOperating Activities. Operating cash flows increased $64.4 million in 2019 compared with 2018 primarily due to favorable changes in working capital of  $37.0 million, primarily due to lower income tax payments of$41.3 million, and higher net income adjusted for non-cash items of $27.3 million\nPension and Postretirement Contributions — Our policy is to fund our pension plans at or above the minimum required by law. As of January 1, 2019, the date of our last actuarial funding valuation for our qualified pension plan, there was no minimum contribution funding requirement. In 2019 and 2018, we contributed $6.2 million and $5.5 million, respectively, to our pension and postretirement plans. We do not anticipate making any contributions to our qualified defined benefit pension plan in fiscal 2020. For additional information, refer to Note 12, Retirement Plans, of the notes to the consolidated financial statements.\n\n | 2019 | 2018 \n---------------------------------------------------------- | -------- | ----------\nTotal cash provided by (used in) continuing operations: | | \nOperating activities | $168,405 | $104,055 \nInvesting activities | (13,819) | 65,661 \nFinancing activities | (5,730) | (445,529) \nNet increase (decrease) in cash from continuing operations | $148,856 | $(275,813)\n\ntable summarizes cash flows two years\n. increased $64. 4 million 2019 2018 working capital $37. million lower income tax payments$41. 3 million higher net income non-cash $27. 3 million\n Pension Postretirement Contributions pension plans minimum. January 1 2019 no minimum contribution requirement. 2019 2018 contributed $6. 2 million $5. 5 million. contributions pension 2020. Note 12 Retirement Plans consolidated financial statements.\n Total cash operations\n $168,405 $104,055\n Investing (13,819) 65,661\n Financing (5,730)\n Net increase cash $148,856 $(275,813)" +} +{ + "_id": "d1b37dfd8", + "title": "", + "text": "18. Trade and other payables  Significant accounting policies that apply to trade and other payables We initially recognise trade and other payables at fair value, which is usually the original invoiced amount. We subsequently carry them at amortised cost using the effective interest method.\na Deferred income recognised in prior periods has substantially been reclassified to contract liabilities on adoption of IFRS 15, see notes 1 and 2. The remaining balance includes £51m (2017/18: £132m, 2016/17: £71m) current and £586m (2017/18: £404m, 2016/17: £375m) non-current liabilities relating to the Broadband Delivery UK programme, for which grants received by the group may be subject to re-investment or repayment depending on the level of take-up.\nb Other payables relate to operating lease liabilities and deferred gains on a 2001 sale and finance leaseback transaction.\n\n | 2019 | 2018 | 2017 \n---------------------------------- | ----- | ----- | -----\nAt 31 March | £m | £m | £m \nCurrent | | | \nTrade payables | 4,141 | 3,991 | 4,205\nOther taxation and social security | 564 | 704 | 704 \nOther payables | 387 | 456 | 672 \nAccrued expenses | 630 | 492 | 382 \nDeferred income a | 68 | 1,525 | 1,474\n | 5,790 | 7,168 | 7,437\n\n. Trade payables accounting policies recognise fair value original invoiced. carry amortised cost interest method.\n Deferred income reclassified contract liabilities IFRS 15. remaining balance includes £51m current £586m non-current liabilities Broadband Delivery UK programme grants re-investment repayment take-up.\n payables operating lease liabilities deferred gains 2001 sale leaseback transaction.\n 2018 2017\n 31 March £m\n Trade payables 4,141 3,991 4,205\n Other taxation social security 704\n Other payables 387 456\n Accrued expenses 630 382\n Deferred income 1,525\n 5,790 7,168" +} +{ + "_id": "d1b3b7e86", + "title": "", + "text": "ITEM 5 MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES\nOur common stock is listed on the Nasdaq Global Market under the symbol “LWAY.” Trading commenced on March 29, 1988. As of March 16, 2020, there were approximately 147 holders of record of Lifeway’s Common Stock.\nCommon stock price\nThe following table shows the high and low sale prices per share of our common stock as reported on the Nasdaq Global Market for each quarter during the two most recent fiscal years:\n\n | | Common Stock Price Range 2018\n-------------- | ------ | -----------------------------\n | Low | High \nFirst Quarter | $ 5.99 | $ 8.40 \nSecond Quarter | $ 4.79 | $ 6.48 \nThird Quarter | $ 2.66 | $ 4.63 \nFourth Quarter | $ 1.88 | $ 3.39 \n\nEQUITY SECURITIES\n common stock Nasdaq Global Market. Trading commenced March 29, 1988. March 16 2020 147 holders Common Stock.\n table high low sale prices Nasdaq years\n First Quarter $ 5. 99 $ 8.\n Second Quarter $ 4. 79 $ 6.\n Third Quarter $ 2. 66 $ 4.\n Fourth Quarter $ 1. 88 $ 3." +} +{ + "_id": "d1b3af6d2", + "title": "", + "text": "TERM DEPOSITS\nAn analysis of the Group’s term deposits by currencies are as follows:\nThe effective interest rate for the term deposits of the Group with initial terms of over three months to three years during the year ended 31 December 2019 was 3.57% (2018: 4.08%).\nTerm deposits with initial terms of over three months were neither past due nor impaired. As at 31 December 2019, the carrying amounts of the term deposits with initial terms of over three months approximated their fair values.\n\n | As at 31 December | \n------------------------------- | ----------------- | -----------\n | 2019 | 2018 \n | RMB’Million | RMB’Million\nIncluded in non-current assets: | | \nRMB term deposits | 19,000 | – \nIncluded in current assets: | | \nRMB term deposits | 28,598 | 55,180 \nUSD term deposits | 16,325 | 6,349 \nOther currencies | 1,988 | 1,389 \n | 46,911 | 62,918 \n | 65,911 | 62,918 \n\nTERM DEPOSITS\n analysis deposits currencies\n effective interest rate deposits three months to years 31 December 2019 3. 57% (2018 4. 08%).\n deposits three months past due impaired. 31 December 2019 carrying amounts approximated fair values.\n non-current assets\n RMB deposits 19,000\n current assets\n RMB 28,598 55,180\n USD term deposits 16,325 6,349\n Other currencies 1,988,389\n" +} +{ + "_id": "d1b39576e", + "title": "", + "text": "Note 19—Earnings Per Share (\"EPS\")\nBasic EPS is computed by dividing net income attributable to Leidos common stockholders by the basic weighted average number of shares outstanding. Diluted EPS is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted EPS by application of the treasury stock method, only in periods in which such effect would have been dilutive for the period.\nThe Company issues unvested stock awards that have forfeitable rights to dividends or dividend equivalents. These stock awards are dilutive common share equivalents subject to the treasury stock method.\nThe weighted average number of shares used to compute basic and diluted EPS attributable to Leidos stockholders were:\nAnti-dilutive stock-based awards are excluded from the weighted average number of shares outstanding used to compute diluted EPS. For fiscal 2019 and 2017, there were no significant anti-diluted equity awards. For fiscal 2018, there was 1 million of outstanding stock options and vesting stock awards that were anti-dilutive.\n\n | | Year Ended | \n---------------------------------------------------------------------- | --------------- | ----------------- | -----------------\n | January 3, 2020 | December 28, 2018 | December 29, 2017\n | | (in millions) | \nBasic weighted average number of shares outstanding | 143 | 151 | 152 \nDilutive common share equivalents—stock options and other stock awards | 2 | 2 | 2 \nDiluted weighted average number of shares outstanding | 145 | 153 | 154 \n\n19—Earnings Per Share (\"EPS\")\n computed net income Leidos by shares. Diluted EPS dilutive shares. dilutive effect equity compensation awards reflected in EPS treasury stock method.\n Company issues unvested stock awards forfeitable rights dividends. dilutive treasury stock method.\n weighted average shares EPS\n Anti-dilutive awards excluded. fiscal 2019 2017 no significant anti equity awards. 2018 1 million stock options stock awards anti-dilutive.\n January 3, 2020 December 28, 2018 December 29, 2017\n Basic weighted average shares outstanding 143 151 152\n Dilutive equivalents—stock options awards\n Diluted average 145 153 154" +} +{ + "_id": "d1b3ab7da", + "title": "", + "text": "Segment Results\nGeneral\nReconciliation of segment revenue to total operating revenue is below:\n(1) On May 1, 2017 we sold a portion of our data centers and colocation business. See Note 3—Sale of Data Centers and Colocation Business to our consolidated financial statements in Item 8 of Part II of this report, for additional information.\n\n | | Year Ended December 31, | \n--------------------------------- | ------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \n | | (Dollars in millions) | \nOperating revenue | | | \nInternational and Global Accounts | $3,596 | 3,653 | 1,382 \nEnterprise | 6,133 | 6,133 | 4,186 \nSmall and Medium Business | 2,956 | 3,144 | 2,418 \nWholesale | 4,074 | 4,397 | 3,026 \nConsumer | 5,642 | 6,116 | 6,451 \nTotal segment revenue | $22,401 | 23,443 | 17,463\nOperations and Other(1) | — | — | 193 \nTotal operating revenue | $22,401 | 23,443 | 17,656\n\nSegment Results\n Reconciliation revenue operating\n May 1, 2017 sold data centers colocation business. consolidated financial statements Item 8 Part II.\n Ended December 31,\n millions\n Operating revenue\n International Global Accounts $3,596 3,653\n Enterprise 6,133 4\n Small Medium Business 2,956\n Wholesale 4,074,397\n Consumer 5,642 6,116 6,451\n segment revenue $22,401 23,443 17,463\n Operations\n revenue $22,401" +} +{ + "_id": "d1b351974", + "title": "", + "text": "ITEM 3. KEY INFORMATION\nSelected Financial Data\nThe following table sets forth our selected consolidated financial data as of and for each of the years in the five-year period ended December 31, 2019. The consolidated financial data has been derived from, and should be read in conjunction with, our Consolidated Financial Statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS), presented in “Item 18. Financial Statements” of this report.\nOur selected financial data and our Consolidated Financial Statements are presented in euros, unless otherwise stated.\n(1) See Note (C.6) to our Consolidated Financial Statements for more information on earnings per share.\n(2) The balances include primarily bonds, private placements and bank loans. See Note (E.3) to our Consolidated Financial Statements for more information on our financial liabilities.\n\nSELECTED FINANCIAL DATA: IFRS | | | | | \n----------------------------------------------------- | ------ | ------ | ------ | ------ | ------\n€ millions, unless otherwise stated | 2019 | 2018 | 2017 | 2016 | 2015 \nIncome Statement Data: Years ended December 31, | | | | | \nCloud revenue | 6,933 | 4,993 | 3,769 | 2,993 | 2,286 \nSoftware licenses and support revenue | 16,080 | 15,628 | 15,780 | 15,431 | 14,928\nCloud and software revenue | 23,012 | 20,622 | 19,549 | 18,424 | 17,214\nTotal revenue | 27,553 | 24,708 | 23,461 | 22,062 | 20,793\nOperating profit | 4,473 | 5,703 | 4,877 | 5,135 | 4,252 \nProfit after tax | 3,370 | 4,088 | 4,046 | 3,629 | 3,056 \nProfit attributable to owners of parent | 3,321 | 4,083 | 4,008 | 3,642 | 3,064 \nEarnings per share(1) | | | | | \nBasic in € | 2.78 | 3.42 | 3.35 | 3.04 | 2.56 \nDiluted in € | 2.78 | 3.42 | 3.35 | 3.04 | 2.56 \nOther Data: | | | | | \nWeighted-average number of shares outstanding | | | | | \nBasic | 1,194 | 1,194 | 1,197 | 1,198 | 1,197 \nDiluted | 1,194 | 1,194 | 1,198 | 1,199 | 1,198 \nStatement of Financial Position Data: At December 31, | | | | | \nCash and cash equivalents | 5,314 | 8,627 | 4,011 | 3,702 | 3,411 \nTotal assets | 60,215 | 51,502 | 42,484 | 44,262 | 41,390\nCurrent financial liabilities(2) | 3,273 | 1,125 | 1,561 | 1,813 | 841 \nNon-current financial liabilities(2) | 12,923 | 10,553 | 5,034 | 6,481 | 8,681 \nIssued capital | 1,229 | 1,229 | 1,229 | 1,229 | 1,229 \nTotal equity | 30,822 | 28,877 | 25,515 | 26,382 | 23,295\n\nITEM 3.\n Financial Data\n table consolidated financial data five-year period December 31, 2019. derived Consolidated Financial Statements International Financial Reporting Standards 18.\n data euros.\n Note. earnings per share.\n balances include bonds private placements bank loans. Note. 3) financial liabilities.\n FINANCIAL DATA IFRS\n millions 2019 2018 2017 2016 2015\n Income Statement Data Years ended December 31,\n Cloud revenue 6,933 3,769 2,993 2,286\n Software licenses 16,080 15,628\n revenue 23,012 20,622 19,549 18,424\n Total revenue 27,553 24,708 23,461 22,062 20,793\n Operating profit 4,473 5,703 4,877,135\n Profit after tax 3,370 4,088 4,046 3,629\nProfit owners 3,321 4,083 4,008 3,642 3,064\n Earnings per\n €.\n.\n Weighted-average shares\n 1,194\n Financial Position December 31,\n Cash equivalents 5,314 8,627 4,011 3,702 3,411\n Total assets 60,215 51,502 42,484 44,262 41\n 3,273 1,125 1,561 1,813 \n Non-current 12,923 10,553 5,034 6,481 8,681\n Issued capital 1,229\n Total equity 30,822 28,877 25,515 26,382 23,295" +} +{ + "_id": "d1b349a4e", + "title": "", + "text": "a) Vessels Under Construction and Upgrades\nTeekay LNG's share of commitments to fund newbuilding and other construction contract costs as at December 31, 2019 are as follows:\n(i) In June 2019, Teekay LNG entered into an agreement with a contractor to supply equipment on certain of its LNG carriers in 2021 and 2022, for an estimated installed cost of approximately $60.6 million. As at December 31, 2019, the estimated remaining cost of this installation is $49.7 million.\n(ii) Teekay LNG has a 30% ownership interest in the Bahrain LNG Joint Venture which has an LNG receiving and regasification terminal in Bahrain. The Bahrain LNG Joint Venture has secured undrawn debt financing of $34 million, of which $10 million relates to Teekay LNG's proportionate share of the commitments included in the table above.\n\n | Total | 2020 | 2021 | 2022 \n------------------------------ | ------ | ------ | ------ | ------\n | $ | $ | $ | $ \nConsolidated LNG carriers (i) | 49,652 | 11,979 | 22,382 | 15,291\nBahrain LNG Joint Venture (ii) | 11,351 | 11,351 | — | — \n | 61,003 | 23,330 | 22,382 | 15,291\n\nVessels Construction Upgrades\n Teekay LNG commitments costs December 31, 2019\n June 2019 Teekay LNG agreement supply equipment LNG carriers 2021 2022 estimated cost $60. 6 million. December 31, 2019 remaining cost $49. 7 million.\n LNG 30% ownership Bahrain LNG Joint Venture LNG terminal Bahrain. debt financing $34 million $10 million Teekay LNG commitments.\n 2020 2021 2022\n Consolidated LNG carriers 49,652 11,979 22,382 15,291\n Bahrain LNG Joint Venture\n" +} +{ + "_id": "d1b31b73e", + "title": "", + "text": "Disaggregated revenue\nThe Group’s revenues by geographic region based on end-users who purchased our products or services are as follows:\nRevenues from the United States totaled approximately $529 million, $386 million, and $281 million for the fiscal years ended 2019, 2018, and 2017, respectively. Revenues from our country of domicile, the United Kingdom, totaled approximately $86 million, $63 million, and $46 million for the fiscal years ended 2019, 2018, and 2017, respectively. No one customer has accounted for more than 10% of revenue for the fiscal years ended 2019, 2018, and 2017.\n\n | | Fiscal Year Ended June 30, | \n------------ | ---------- | -------------------------- | ------------\n | 2019 | 2018 | 2017 \n | | (U.S. $ in thousands) | \n | | *As Adjusted | *As Adjusted\nAmericas | $603,959 | $439,363 | $317,432 \nEMEA | 474,712 | 347,509 | 193,790 \nAsia Pacific | 131,456 | 94,106 | 115,462 \n | $1,210,127 | $880,978 | $626,684 \n\nrevenue\n Group’s revenues region end-users\n Revenues United States $529 million $386 million $281 million 2019 2018 2017. United Kingdom $86 million $63 million $46 million. No customer 10% revenue.\n Fiscal Year Ended June 30\n 2019 2018\n.\n Adjusted\n Americas $603,959 $439,363 $317,432\n EMEA 474,712 347,509 193,790\n Asia Pacific 131,456 94,106 115,462\n $1,210,127 $880,978 $626,684" +} +{ + "_id": "d1b379c4e", + "title": "", + "text": "(1) Totals may not sum due to rounding.\n(2) CEO transition costs include stock-based compensation of $16.4 million related to the acceleration of eligible stock awards in conjunction with the Company's former CEOs' transition agreements for the fiscal year ended January 31, 2018.\nOur non-GAAP financial measures may exclude the following:\nStock-based compensation expenses. We exclude stock-based compensation expenses from non-GAAP measures primarily because they are non-cash expenses and management finds it useful to exclude certain non-cash charges to assess the appropriate level of various operating expenses to assist in budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC Topic 718, we believe excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.\nAmortization of developed technologies and purchased intangibles. We incur amortization of acquisition-related developed technology and purchased intangibles in connection with acquisitions of certain businesses and technologies. Amortization of developed technologies and purchased intangibles is inconsistent in amount and frequency and is significantly affected by the timing and size of our acquisitions. Management finds it useful to exclude these variable charges from our cost of revenues to assist in budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to our revenues earned during the periods presented and will contribute to our future period revenues as well. Amortization of developed technologies and purchased intangible assets will recur in future periods.\nCEO transition costs. We exclude amounts paid to the Company's former CEOs upon departure under the terms of their transition agreements, including severance payments, acceleration of restricted stock units, and continued vesting of performance stock units, and legal fees incurred with the transition. Also excluded from our non-GAAP measures are recruiting costs related to the search for a new CEO. These costs represent non-recurring expenses and are not indicative of our ongoing operating expenses. We further believe that excluding the CEO transition costs from our non-GAAP results is useful to investors in that it allows for period-over-period comparability\nGoodwill impairment. This is a non-cash charge to write-down goodwill to fair value when there was an indication that the asset was impaired. As explained above, management finds it useful to exclude certain non-cash charges to assess the appropriate level of various operating expenses to assist in budgeting, planning and forecasting future periods\nRestructuring and other exit costs, net. These expenses are associated with realigning our business strategies based on current economic conditions. In connection with these restructuring actions or other exit actions, we recognize costs related to termination benefits for former employees whose positions were eliminated, the closure of facilities and cancellation of certain contracts. We exclude these charges because these expenses are not reflective of ongoing business and operating results. We believe it is useful for investors to understand the effects of these items on our total operating expenses.\nAcquisition related costs. We exclude certain acquisition related costs, including due diligence costs, professional fees in connection with an acquisition, certain financing costs, and certain integration related expenses. These expenses are unpredictable, and dependent on factors that may be outside of our control and unrelated to the continuing operations of the acquired business, or our Company. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition related costs, may not be indicative of such future costs. We believe excluding acquisition related costs facilitates the comparison of our financial results to the Company's historical operating results and to other companies in our industry.\n(Gain) loss on strategic investments and dispositions. We exclude gains and losses related to our strategic investments and dispositions from our non-GAAP measures primarily because management finds it useful to exclude these variable gains and losses on these investments and dispositions in assessing our financial results. Included in these amounts are non-cash unrealized gains and losses on the derivative components, dividends received, realized gains and losses on the sales or losses on the impairment of these investments and dispositions. We believe excluding these items is useful to investors because these excluded items do not correlate to the underlying performance of our business and these losses or gains were incurred in connection with strategic investments and dispositions which do not occur regularly.\nDiscrete tax items. We exclude the GAAP tax provision, including discrete items, from the non-GAAP measure of net (loss) income, and include a non-GAAP tax provision based upon the projected annual non-GAAP effective tax rate. Discrete tax items include income tax expenses or benefits that do not relate to ordinary income from continuing operations in the current fiscal year, unusual or infrequently occurring items, or the tax impact of certain stock-based compensation. Examples of discrete tax items include, but are not limited to, certain changes in judgment and changes in estimates of tax matters related to prior fiscal years, certain costs related to business combinations, certain changes in the realizability of deferred tax assets or changes in tax law. Management believes this approach assists investors in understanding the tax provision and the effective tax rate related to ongoing operations. We believe the exclusion of these discrete tax items provides investors with useful supplemental information about our operational performance.\nEstablishment of a valuation allowance on certain net deferred tax assets. This is a non-cash charge to record a valuation allowance on certain deferred tax assets. As explained above, management finds it useful to exclude certain non-cash charges to assess the appropriate level of various cash expenses to assist in budgeting, planning and forecasting future periods\nIncome tax effects on the difference between GAAP and non-GAAP costs and expenses. The income tax effects that are excluded from the non-GAAP measures relate to the tax impact on the difference between GAAP and non-GAAP expenses, primarily due to stock-based compensation, amortization of purchased intangibles and restructuring charges and other exit costs (benefits) for GAAP and non-GAAP measures.\n\n | | Fiscal Year Ended January 31, | \n----------------------------------------- | ------- | ----------------------------- | -------\n | 2019 | 2018 | 2017 \n | | (Unaudited) | \nDiluted net (loss) income per share | $(0.37) | $(2.58) | $(2.61)\nStock-based compensation expense | 1.12 | 1.11 | 1.00 \nAmortization of developed technologies | 0.08 | 0.08 | 0.18 \nAmortization of purchased intangibles | 0.08 | 0.09 | 0.14 \nCEO transition costs (2) | — | 0.09 | — \nAcquisition related costs | 0.07 | — | — \nRestructuring and other exit costs, net | 0.14 | 0.43 | 0.35 \n(Gain) loss on strategic investments | (0.05) | 0.08 | — \nDiscrete tax provision items | (0.14) | (0.09) | (0.01) \nIncome tax effect of non-GAAP adjustments | 0.08 | 0.31 | 0.45 \nNon-GAAP diluted income (loss) per share | $1.01 | $(0.48) | $(0.50)\n\nTotals sum due rounding.\n CEO transition costs include stock-based compensation $16. 4 million acceleration stock awards former CEOs' transition agreements fiscal year ended January 31, 2018.\n non-GAAP financial measures exclude\n Stock-based compensation expenses. assess operating expenses budgeting forecasting. varying valuation methodologies award types excluding allows comparisons between core business results other companies.\n Amortization of technologies purchased intangibles. incur amortization acquisition-related technology intangibles acquisitions. Amortization inconsistent affected by timing size. charges budgeting planning forecasting. intangible assets contributed to revenues future. Amortization assets recur future periods.\n CEO transition costs. exclude amounts paid to former CEOs departure transition agreements severance payments acceleration restricted stock units vesting performance stock units legal fees. excluded recruiting costs new CEO. non-recurring expenses not indicative of ongoing operating expenses.excluding CEO transition costs from non-GAAP results useful allows period-over-period comparability\n Goodwill impairment. non-cash charge write-down goodwill fair value asset impaired. management non-cash charges assess operating expenses budgeting planning forecasting\n Restructuring exit costs. realigning business strategies economic conditions. costs termination benefits employees facilities cancellation contracts. exclude charges not reflective business results. useful investors understand effects on total operating expenses.\n Acquisition related costs. exclude due diligence professional fees financing costs integration expenses. expenses unpredictable dependent factors control unrelated business. size complexity acquisition not indicative future costs. excluding costs facilitates comparison financial results historical operating results other companies industry.\n (Gain loss strategic investments dispositions. exclude gains losses non-GAAP measures financial results. Included non-cash unrealized gains losses derivative components dividends realized gains losses sales impairment investments dispositions.excluding items useful investors correlate performance business losses gains incurred strategic investments dispositions.\n Discrete tax items. exclude GAAP tax provision from non-GAAP net income non-GAAP tax provision projected annual non-GAAP tax rate. tax items include expenses ordinary income unusual items tax impact stock-based compensation. include changes judgment estimates costs business combinations realizability deferred tax assets changes tax law. approach assists investors understanding tax provision effective tax rate. exclusion tax items provides supplemental information operational performance.\n valuation allowance on net deferred tax assets. non-cash charge. exclude non-cash charges assess cash expenses budgeting planning forecasting\n Income tax effects GAAP non-GAAP costs expenses. excluded non-GAAP relate due stock-based compensation amortization purchased intangibles restructuring charges exit costs.\n Fiscal Year Ended January 31,\n 2019 2018 2017\n\n Diluted income per share. 37. 58). 61\n Stock-based compensation. 12. 11.\n Amortization technologies. 08.\n purchased intangibles.\n transition costs.\n Acquisition costs. 07\n Restructuring exit costs. 14.\n loss strategic investments. 05. 08\n tax provision. 14. 09.\n Income tax effect non-GAAP adjustments. 08. 31.\n Non-GAAP diluted income (loss share. 01. 48. 50" +} +{ + "_id": "d1b32e7f8", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 20 — Geographic Data\nFinancial information relating to our operations by geographic area were as follows:\nSales are attributed to countries based upon the origin of the sale.\n\n | | Years Ended December 31, | \n---------------------- | -------- | ------------------------ | --------\nNet Sales | 2019 | 2018 | 2017 \nUnited States | $279,904 | $313,489 | $287,092\nSingapore | 32,957 | 6,724 | 5,596 \nTaiwan | 19,810 | 20,802 | 18,586 \nChina | 87,342 | 79,380 | 66,510 \nCzech Republic | 33,214 | 36,528 | 34,476 \nOther non-U.S. | 15,772 | 13,560 | 10,733 \nConsolidated net sales | $468,999 | $470,483 | $422,993\n\nFINANCIAL STATEMENTS\n Geographic Data\n Sales countries origin sale.\n Ended December 31,\n Net Sales\n United States $279,904 $313,489 $287,092\n Singapore 32,957\n Taiwan,802\n China 87,342 79,380\n Czech Republic 33,214 36,528 34,476\n. 15,772 13,560 10,733\n Consolidated net sales $468,999 $470,483 $422,993" +} +{ + "_id": "d1b35bf96", + "title": "", + "text": "8. Financing Receivables and Operating Leases\n(a) Financing Receivables\nFinancing receivables primarily consist of lease receivables, loan receivables, and financed service contracts. Lease receivables represent sales-type and direct-financing leases resulting from the sale of Cisco’s and complementary third-party products and are typically collateralized by a security interest in the underlying assets. Lease receivables consist of arrangements with terms of four years on average. Loan receivables represent financing arrangements related to the sale of our hardware, software, and services, which may include additional funding for other costs associated with network installation and integration of our products and services. Loan receivables have terms of three years on average. Financed service contracts include financing receivables related to technical support and advanced services. Revenue related to the technical support services is typically deferred and included in deferred service revenue and is recognized ratably over the period during which the related services are to be performed, which typically ranges from one to three years.\nA summary of our financing receivables is presented as follows (in millions):\n\nJuly 27, 2019 | Lease Receivables | Loan Receivables | Financed Service Contracts | Total \n------------------------- | ----------------- | ---------------- | -------------------------- | -------\nGross | $2,367 | $5,438 | $2,369 | $10,174\nResidual value | 142 | — | — | 142 \nUnearned income | (137) | — | — | (137) \nAllowance for credit loss | (46) | (71) | (9) | (126) \nTotal, net . | $2,326 | $5,367 | $2,360 | $10,053\nReported as: | | | | \nCurrent . | $1,029 | $2,653 | $1,413 | $5,095 \nNoncurrent | 1,297 | 2,714 | 947 | 4,958 \nTotal, net . | $2,326 | $5,367 | $2,360 | $10,053\n\n. Financing Receivables Operating Leases\n Financing Receivables\n lease loan financed service contracts. Lease sales direct-financing products collateralized security interest. four years. Loan sale hardware software services additional funding network installation. three years. Financed service contracts technical support advanced services. Revenue support deferred revenue recognized one to three years.\n summary financing receivables millions):\n July 27, 2019 Lease Receivables Loan Receivables Financed Service Contracts Total\n Gross $2,367 $5,438 $2 $10,174\n Residual value 142\n Unearned income (137)\n Allowance credit loss\n net. $2,326 $5,367 $2,360 $10,053\n Current. $1,029 $2,653 $1,413 $5,095\n Noncurrent 1,297 2,714\n net. $2,326 $5,367 $2,360 $10,053" +} +{ + "_id": "d1b3c7c0a", + "title": "", + "text": "Advertising Costs: Advertising costs amounted to $278,057, $365,859, and $378,217, for the years ended September 30, 2019, 2018, and 2017, respectively, and are charged to expense when incurred.\nNet Income Per Share: Basic and diluted net income per share is computed by dividing net income by the weighted average number of common shares outstanding and the weighted average number of dilutive shares outstanding, respectively.\nThere were 268,000 and 108,000 shares for the years ended September 30, 2019 and 2018, respectively, that were excluded from the above calculation as they were considered antidilutive in nature. No shares were considered antidilutive for the year ended September 30, 2017.\nUse of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related revenues and expenses and disclosure about contingent assets and liabilities at the date of the financial statements. Significant estimates include the rebates related to revenue recognition, stock based compensation and the valuation of inventory, long-lived assets, finite lived intangible assets and goodwill. Actual results may differ materially from these estimates.\nRecently Issued Accounting Pronouncements: In February 2016, the FASB issued ASU 2016-02, Leases. There have been further amendments, including practical expedients, with the issuance of ASU 2018-01 in January 2018, ASU 2018-11 in July 2018 and ASU 2018-20 in December 2018. The amended guidance requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The update is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those reporting periods, with early adoption permitted. The guidance will be applied on a modified retrospective basis with the earliest period presented. Based on the effective date, this guidance will apply beginning October 1, 2019. The adoption of ASU 2016-02 will have no impact to retained earnings or net income. Upon adoption of ASU 2016-02 on October 1, 2019, we anticipate recording a right-of-use asset and an offsetting lease liability of approximately $2.3 to $2.9 million.\nIn January 2017, the FASB issued ASU 2017-04 Intangibles-Goodwill, which offers amended guidance to simplify the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test. A goodwill impairment will now be measured as the amount by which a reporting unit’s carrying value exceeds its fair value, limited to the amount of goodwill allocated to that reporting unit. This guidance is to be applied on a prospective basis effective for the Company’s interim and annual periods beginning after January 1, 2020, with early adoption permitted for any impairment tests performed after January 1, 2017. The Company does not believe the adoption of this ASU will have a material impact on our financial statements.\n\n | Year ended September 30, | | \n--------------------------------------------------- | ------------------------ | ---------- | ----------\n | 2019 | 2018 | 2017 \nNet income | $4,566,156 | $4,274,547 | $3,847,839\nWeighted average common shares | 13,442,871 | 13,429,232 | 13,532,375\nDilutive potential common shares | 8,343 | 23,628 | 128,431 \nWeighted average dilutive common shares outstanding | 13,451,214 | 13,452,860 | 13,660,806\nEarnings per share: | | | \nBasic | $0.34 | $0.32 | $0.28 \nDiluted | $0.34 | $0.32 | $0.28 \n\nAdvertising Costs $278,057 $365,859 $378,217 years September 2019 2018 2017 charged expense incurred.\n Net Income Per Share diluted computed common dilutive shares.\n 268,000 108,000 shares 2019 2018 excluded antidilutive. No shares antidilutive September 30 2017.\n Use Estimates financial statements requires estimates assumptions assets liabilities revenues expenses contingent assets liabilities. estimates include rebates revenue recognition stock based compensation valuation inventory long-lived assets intangible assets goodwill. results may differ estimates.\n Accounting Pronouncements 2016, FASB issued ASU 2016-02, Leases. amendments ASU 2018-01 January 2018-11 July 2018 2018-20 December 2018. requires recognition lease assets liabilities. effective reporting periods after December 15, 2018 early permitted. retrospective earliest period. October 1, 2019. adoption ASU 2016-02 no impact earnings net income.adoption ASU 2016-02 October 1, 2019 recording right-of-use asset offsetting lease liability $2. 3 $2. 9 million.\n January 2017 FASB issued ASU 2017-04 Intangibles-Goodwill accounting goodwill impairment removing Step 2 test. carrying value fair value goodwill. interim annual periods January 1, 2020 early adoption tests January 1 2017. adoption impact financial statements.\n Year ended September 30,\n 2018\n Net income $4,566,156 $4,274,547 $3,847,839\n common shares 13,442,871 13,429,232 13,532,375\n Dilutive potential common shares 8,343 128,431\n 13,451,214,806\n Earnings per share\n.\n." +} +{ + "_id": "d1b3bdf66", + "title": "", + "text": "Restricted Stock Units\nThe Company grants restricted stock units, or RSUs, to employees with various vesting terms. RSUs entitle the holder to receive, at no cost, one common share for each restricted stock unit on the vesting date as it vests. The Company withholds shares in settlement of employee tax withholding obligations upon the vesting of restricted stock units. Stock-based compensation related to grants of vested RSUs and PSUs was $3.0 million, $1.6, million and $1.0 million in 2019, 2018 and 2017, respectively.\nThe following table summarizes RSU’s activity under the 2019 Plan and 2009 Plan, and the related weighted average grant date fair value, for 2019, 2018 and 2017:\n\n | | RSUs & PRSUs Outstanding \n------------------------------ | ---------------- | --------------------------------------\n | Number of Shares | Weighted Average Grant Date Fair Value\n | (in thousands) | \nNonvested at January 1, 2017 | 98 | $23.52 \nGranted | 132 | 19.74 \nVested | (43) | 20.44 \nForfeited | (19) | — \nNonvested at January 1, 2018 | 168 | 21.56 \nGranted | 110 | 11.90 \nVested | (77) | 19.18 \nForfeited | (18) | — \nNonvested at December 30, 2018 | 183 | 17.22 \nGranted | 353 | 10.77 \nVested | (118) | 14.48 \nForfeited | (41) | — \nNonvested at December 29, 2019 | 377 | $12.55 \n\nStock Units\n Company grants employees. one share. withholds shares tax obligations vesting. Stock-based compensation RSUs PSUs $3. million $1. 6 million $1. million 2019 2018 2017.\n table summarizes activity 2019 2009 Plan weighted average grant date fair value 2019 2018\n RSUs PRSUs\n Shares Weighted Average Grant Date Fair Value\n Nonvested January 1 2017 $23. 52\n Granted. 74\n Vested. 44\n Forfeited\n Nonvested January 1 2018.\n Granted.\n Vested.\n Forfeited\n Nonvested December 30, 2018.\n Granted.\n Vested.\n Forfeited\n Nonvested December 29, 2019 $12." +} +{ + "_id": "d1a72c798", + "title": "", + "text": "16. INCOME TAXES (Continued)\nThe reconciliation of the income tax expense at the U.S. Federal statutory rate (21.0% in fiscal 2019, 24.5% in fiscal 2018 and 35.0% in fiscal 2017) to actual income tax expense is as follows (in thousands):\nOn December 22, 2017, the Tax Act was enacted. The Tax Act contains significant changes to U.S. tax law, including lowering the U.S. corporate income tax rate to 21.0%, implementing a territorial tax system with a one-time transition tax assessment on previously tax-deferred foreign earnings and imposing new taxes on certain foreign-sourced income. We elected to pay the one-time transition tax over a period of up to eight years.\nIn conjunction with the Tax Act, the SEC issued guidance under Staff Accounting Bulletin No. 118 (‘‘SAB 118’’) directing taxpayers to record the impact of the Tax Act as ‘‘provisional’’ when they do not have all the necessary information to complete the accounting under ASC 740. The guidance allowed for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impact. In accordance with SAB 118, we recorded provisional estimates to our consolidated financial statements in fiscal 2018 based on the Tax Act. During the first quarter of fiscal 2019, we further analyzed the income tax effects of the Tax Act and determined there were no material changes to the provisional amounts disclosed in our fiscal 2018 financial statements. Although our accounting for the effects of the Tax Act is complete under SAB 118, there may be future adjustments based on interpretations by the U.S. federal and state governments and regulatory organizations, legislative updates or new regulations, or changes in accounting standards for income taxes.\nThe Tax Act also includes provisions for Global Intangible Low-Taxed Income (‘‘GILTI’’) wherein taxes on foreign income are imposed in excess of a deemed return on tangible assets of foreign corporations. In general, this income will effectively be taxed at a 10.5% tax rate reduced by any available current year foreign tax credits. This provision became effective for taxable years beginning after December 31, 2017, which was our fiscal 2019. We have elected to treat tax generated by the GILTI provisions as a period expense.\nThe effective tax rate on income from continuing operations before income taxes for fiscal 2019 of 10.4% was lower than the U.S. federal tax rate of 21.0% primarily due to the tax benefit from losses of our German subsidiaries, which are subject to higher tax rates than U.S. tax rates, adjustments related to the Tax Act’s transition tax, the net excess tax benefits from restricted stock unit vesting, the benefit of federal research and development tax credits and our Singapore and South Korea tax exemptions. These amounts are partially offset by an accrual for foreign withholding taxes on certain current year foreign earnings not considered permanently reinvested, stock-based compensation not deductible for tax purposes and limitations on the deductibility of compensation under Internal Revenue Code Section 162(m).\n\n | | Fiscal | \n---------------------------------------------------------- | ------- | -------- | --------\n | 2019 | 2018 | 2017 \nFederal statutory tax expense | $12,610 | $88,684 | $105,719\nValuation allowance | 7,925 | 4,263 | 4,454 \nForeign taxes at rates greater (less) than U.S. rates, net | (8,210) | 8,417 | (12,346)\nStock-based compensation | 556 | (8,536) | 3,969 \nState income taxes, net of federal income tax benefit | 1,131 | (373) | 398 \nResearch and development credit | (3,665) | (6,972) | (7,884) \nDeferred compensation | (206) | (560) | (1,022) \nRelease of unrecognized tax benefits | (6,688) | (352) | (538) \nRelease of interest accrued for unrecognized tax benefits | (205) | (156) | (78) \nU.S. tax reform impact | — | 26,653 | — \nDeferred taxes on foreign earnings | 1,215 | — | — \nWrite-off of withholding tax credits | 1,134 | — | — \nOther, net | 626 | 3,127 | 739 \nProvision for income taxes | $6,223 | $114,195 | $93,411 \nEffective tax rate | 10.4% | 31.6% | 30.9% \n\n. INCOME TAXES\n reconciliation income tax expense. S Federal rate (21. 0% 2019 24. 5% 2018 35. 0% 2017) expense\n December 22, 2017 Tax Act enacted. changes U. S. tax law lowering. corporate income tax rate to 21. 0% territorial tax system one-time transition tax tax-deferred foreign earnings imposing new taxes foreign-sourced income. one-time transition tax eight years.\n SEC issued guidance. 118 record impact Tax Act. measurement period one year after enactment Act tax impact. recorded provisional estimates financial statements 2018. quarter 2019 analyzed income tax effects no material changes provisional amounts. accounting Act complete future adjustments interpretations. state legislative updates regulations changes accounting standards.\n Tax Act includes provisions Global Intangible Low-Taxed Income) taxes foreign income return assets foreign corporations. income taxed 10. 5% tax rate reduced foreign tax credits.provision effective years December 31, 2017 fiscal 2019. tax GILTI provisions period expense.\n tax rate income operations 2019 10. 4% lower. federal tax rate 21. 0% due losses German subsidiaries. Tax transition tax excess tax benefits restricted stock unit vesting federal research development tax credits Singapore South Korea tax exemptions. offset foreign withholding taxes earnings stock-based compensation not deductible limitations Internal Revenue Code Section 162.\n Federal statutory tax expense $12,610 $88,684 $105,719\n Valuation allowance 4,263\n Foreign taxes. rates (8,210\n Stock-based compensation 3\n State income taxes federal income tax benefit 1,131\n Research development credit (3,665\n Deferred compensation (206)\n Release unrecognized tax benefits (6,688)\n interest\n. tax reform impact 26,653\nDeferred taxes 1,215\n Write credits 1,134\n 626 3,127\n taxes $6,223 $114,195 $93,411\n tax. 4%. 6%." +} +{ + "_id": "d1a72bce4", + "title": "", + "text": "Cost of Revenues and Gross Margin\nCost of revenues in 2019 decreased by $4.3 million, or 16%, as compared to 2018. The decrease was primarily driven by a reduction in the number of global services and cloud infrastructure personnel, which led to a decrease of $2.2 million in compensation and benefits expense, including stock-based compensation expense, as compared to 2018. This reduction in headcount also contributed to a decrease in allocated facilities and information technology costs of $0.5 million in 2019. We also experienced a decrease of $0.9 million in hosting costs in 2019, due to a decline in the usage of our hosted platform as compared to 2018. Additionally, depreciation decreased $0.5 million in 2019, due to the nature and timing of capital expenditures and internal projects as compared to 2018.\nOur gross margin decreased to 53% during 2019, as compared to 54% during 2018. This was primarily due to our revenues, net declining during the year at a slightly faster rate than the corresponding decrease in costs.\n\n | Years Ended December 31, | | Change | \n---------------- | ------------------------ | ---------------------- | -------- | -----\n | 2019 | 2018 | $ | % \n | | (dollars in thousands) | | \nCost of revenues | $22,843 | $27,154 | $(4,311) | (16)%\nGross profit | 26,193 | 31,477 | (6,284) | (17) \nGross margin | 53% | 54% | | \n\nRevenues Gross Margin\n revenues 2019 decreased $4. 3 million 16% 2018. driven reduction global services cloud infrastructure personnel $2. 2 million compensation benefits expense. reduction allocated facilities information technology costs $0. 5 million. $0. 9 million hosting costs decline usage hosted platform. depreciation decreased $0. 5 million due capital expenditures internal projects.\n gross margin decreased 53% 2019 54% 2018. due revenues declining faster.\n Years Ended December 31,\n 2019 2018\n revenues $22,843 $27,154 $(4,311)\n Gross profit 26,193 31,477 (6,284)\n Gross margin 53%" +} +{ + "_id": "d1b383b40", + "title": "", + "text": "8. Goodwill\nThe changes in the carrying amount of goodwill by operating segment are as follows (amounts in millions):\nAt December 31, 2019, 2018, and 2017, there were no accumulated impairment losses.\n\n | Activision | Blizzard | King | Total \n---------------------------- | ---------- | -------- | ------ | ------\nBalance at December 31, 2017 | $6,898 | $190 | $2,675 | $9,763\nOther | (1) | — | — | (1) \nBalance at December 31, 2018 | $6,897 | $190 | $2,675 | $9,762\nOther | 1 | — | 1 | 2 \nBalance at December 31, 2019 | $6,898 | $190 | $2,676 | $9,764\n\n.\n changes segment\n December 31, 2019 2018 2017 no accumulated impairment losses.\n Blizzard\n Balance December 31, 2017 $6,898 $190 $2,675 $9,763\n December 2018 $6,897 $190 $2,675 $9,762\n December 31, 2019 $6,898 $190 $2,676 $9,764" +} +{ + "_id": "d1b3bf118", + "title": "", + "text": "Cubic Mission Solutions\nSales: CMS sales increased 59% to $328.8 million in fiscal 2019 compared to $207.0 million in 2018. The increase in sales resulted from increased product deliveries in all of our CMS product lines, and particularly expeditionary satellite communications products and secure network products. Businesses acquired during fiscal years 2019 and 2018 whose operations are included in our CMS operating segment had sales of $8.9 million and $0.6 million for fiscal years 2019 and 2018, respectively.\nAmortization of Purchased Intangibles: Amortization of purchased intangibles included in the CMS results amounted to $19.5 million in 2019 and $20.8 million in 2018.\nOperating Income: CMS had operating income of $7.8 million in 2019 compared to an operating loss of $0.1 million in 2018. The improvement in operating results was primarily from higher sales from expeditionary satellite communications products and secure networks products. The improvements in operating profits was partially offset by operating losses incurred by businesses that CMS acquired during fiscal 2019 and 2018. Businesses acquired by CMS in fiscal years 2019 and 2018 incurred operating losses of $12.8 million in fiscal 2019 compared to $3.5 million in fiscal 2018. Included in the operating loss incurred by acquired businesses are acquisition transaction costs of $1.6 million and $1.0 million incurred in fiscal years 2019 and 2018, respectively. In addition, the increase in operating profits was partially offset by an increase of $4.4 million in R&D expenditures from fiscal 2018 to fiscal 2019 related primarily to the development of secure communications and ISR-as-a-service technologies.\nAdjusted EBITDA: CMS Adjusted EBITDA increased 31% to $34.4 million in 2019 compared to $26.2 million in 2018. The increase in CMS Adjusted EBITDA was primarily due to the same factors that drove the increase in operating income described above, excluding the changes in amortization expense and acquisition transaction costs as such items are excluded from Adjusted EBITDA. Adjusted EBITDA for CMS increased by $0.5 million in 2019 as a result of the adoption of the new revenue recognition standard. The increase in Adjusted EBITDA was partially offset by the increase in R&D expenditures described above.\n\n | Fiscal 2019 | Fiscal 2018 | % Change\n----------------------- | ----------- | ------------- | --------\n | | (in millions) | \nSales | $ 328.8 | $ 207.0 | 59 % \nOperating income (loss) | 7.8 | (0.1) | n/a \nAdjusted EBITDA | 34.4 | 26.2 | 31 \n\nSolutions\n Sales CMS sales increased 59% to $328. 8 million 2019 $207. 0 million 2018. increased product deliveries expeditionary satellite communications secure network products. Businesses acquired 2019 2018 sales $8. 9 million $0. 6 million.\n Amortization Purchased Intangibles $19. 5 million 2019 $20. 8 million 2018.\n Income CMS income $7. 8 million 2019 $0. 1 million 2018. higher sales expeditionary satellite communications secure networks. offset by losses businesses acquired. losses $12. 8 million $3. 5 million 2018. acquisition transaction costs $1. 6 million $1. 0 million. profits offset increase $4. 4 million R&D expenditures secure communications ISR-as-a-service technologies.\n Adjusted EBITDA increased 31% to $34. 4 million 2019 $26. 2 million 2018. due amortization expense acquisition transaction costs. increased $0. 5 million 2019 new revenue recognition standard.increase Adjusted EBITDA offset R&D expenditures.\n 2019 2018\n millions\n Sales $ 328. $ 207. 59 %\n Operating income (loss 7.\n Adjusted EBITDA 34. 26." +} +{ + "_id": "d1b2ec434", + "title": "", + "text": "SEGMENT RESULTS OF OPERATIONS\nReportable Segments\nFiscal Year 2019 Compared with Fiscal Year 2018\nProductivity and Business Processes\nRevenue increased $5.3 billion or 15%. • Office Commercial revenue increased $3.2 billion or 13%, driven by Office 365 Commercial, offset in part by lower revenue from products licensed on-premises, reflecting a continued shift to cloud offerings. Office 365 Commercial grew 33%, due to growth in seats and higher average revenue per user. • Office Consumer revenue increased $286 million or 7%, driven by Office 365 Consumer, due to recurring subscription revenue and transactional strength in Japan. • LinkedIn revenue increased $1.5 billion or 28%, driven by growth across each line of business. • Dynamics revenue increased 15%, driven by Dynamics 365 growth.\nOperating income increased $3.3 billion or 25%, including an unfavorable foreign currency impact of 2%.\n\n• Gross margin increased $4.1 billion or 15%, driven by growth in Office Commercial and LinkedIn. Gross margin percentage increased slightly, due to gross margin percentage improvement in LinkedIn and Office 365 Commercial, offset in part by an increased mix of cloud offerings.\n\n• Operating expenses increased $806 million or 6%, driven by investments in LinkedIn and cloud engineering, offset in part by a decrease in marketing.\nIntelligent Cloud\nRevenue increased $6.8 billion or 21%.\n\n• Server products and cloud services revenue, including GitHub, increased $6.5 billion or 25%, driven by Azure. Azure revenue growth was 72%, due to higher infrastructure-as-a-service and platform-as-a-service consumption-based and per user-based services. Server products revenue increased 6%, due to continued demand for premium versions and hybrid solutions, GitHub, and demand ahead of end-of-support for SQL Server 2008 and Windows Server 2008.\n\n• Enterprise Services revenue increased $278 million or 5%, driven by growth in Premier Support Services and Microsoft Consulting Services.\nOperating income increased $2.4 billion or 21%.\n\n• Gross margin increased $4.8 billion or 22%, driven by growth in server products and cloud services revenue and cloud services scale and efficiencies. Gross margin percentage increased slightly, due to gross margin percentage improvement in Azure, offset in part by an increased mix of cloud offerings.\n\n• Operating expenses increased $2.4 billion or 22%, driven by investments in cloud and AI engineering, GitHub, and commercial sales capacity.\nMore Personal Computing\nRevenue increased $3.4 billion or 8%.\n\n• Windows revenue increased $877 million or 4%, driven by growth in Windows Commercial and Windows OEM, offset in part by a decline in patent licensing. Windows Commercial revenue increased 14%, driven by an increased mix of multi-year agreements that carry higher in-quarter revenue recognition. Windows OEM revenue increased 4%. Windows OEM Pro revenue grew 10%, ahead of the commercial PC market, driven by healthy Windows 10 demand. Windows OEM non-Pro revenue declined 7%, below the consumer PC market, driven by continued pressure in the entry level category.\n\n• Surface revenue increased $1.1 billion or 23%, with strong growth across commercial and consumer.\n\n• Gaming revenue increased $1.0 billion or 10%, driven by Xbox software and services growth of 19%, primarily due to third-party title strength and subscriptions growth, offset in part by a decline in Xbox hardware of 13% primarily due to a decrease in volume of consoles sold.\n\n• Search advertising revenue increased $616 million or 9%. Search advertising revenue, excluding traffic acquisition costs, increased 13%, driven by higher revenue per search.\nOperating income increased $2.2 billion or 21%, including an unfavorable foreign currency impact of 2%.\n\n• Gross margin increased $2.0 billion or 9%, driven by growth in Windows, Gaming, and Search. Gross margin percentage increased slightly, due to a sales mix shift to higher gross margin businesses in Windows and Gaming.\n\n• Operating expenses decreased $172 million or 1%.\nFiscal Year 2018 Compared with Fiscal Year 2017\nProductivity and Business Processes\nRevenue increased $6.0 billion or 20%.\n\n• LinkedIn revenue increased $3.0 billion to $5.3 billion. Fiscal year 2018 included a full period of results, whereas fiscal year 2017 only included results from the date of acquisition on December 8, 2016. LinkedIn revenue primarily consisted of revenue from Talent Solutions.\n\n• Office Commercial revenue increased $2.4 billion or 11%, driven by Office 365 Commercial revenue growth, mainly due to growth in subscribers and average revenue per user, offset in part by lower revenue from products licensed on-premises, reflecting a continued shift to Office 365 Commercial.\n\n• Office Consumer revenue increased $382 million or 11%, driven by Office 365 Consumer revenue growth, mainly due to growth in subscribers.\n\n• Dynamics revenue increased 13%, driven by Dynamics 365 revenue growth.\nOperating income increased $1.5 billion or 13%, including a favorable foreign currency impact of 2%.\n\n• Gross margin increased $4.4 billion or 19%, driven by LinkedIn and growth in Office Commercial. Gross margin percentage decreased slightly, due to an increased mix of cloud offerings, offset in part by gross margin percentage improvement in Office 365 Commercial and LinkedIn. LinkedIn cost of revenue increased $818 million to $1.7 billion, including $888 million of amortization for acquired intangible assets.\n\n• Operating expenses increased $2.9 billion or 25%, driven by LinkedIn expenses and investments in commercial sales capacity and cloud engineering. LinkedIn operating expenses increased $2.2 billion to $4.5 billion, including $617 million of amortization of acquired intangible assets.\nIntelligent Cloud\nRevenue increased $4.8 billion or 18%.\n\n• Server products and cloud services revenue increased $4.5 billion or 21%, driven by Azure and server products licensed on-premises revenue growth. Azure revenue grew 91%, due to higher infrastructure-as-a-service and platform-as-a-service consumption-based and per user-based services. Server products licensed on-premises revenue increased 5%, mainly due to a higher mix of premium licenses for Windows Server and Microsoft SQL Server.\n\n• Enterprise Services revenue increased $304 million or 5%, driven by higher revenue from Premier Support Services and Microsoft Consulting Services, offset in part by a decline in revenue from custom support agreements.\nOperating income increased $2.4 billion or 26%.\n\n• Gross margin increased $3.1 billion or 16%, driven by growth in server products and cloud services revenue and cloud services scale and efficiencies. Gross margin percentage decreased, due to an increased mix of cloud offerings, offset in part by gross margin percentage improvement in Azure.\n\n• Operating expenses increased $683 million or 7%, driven by investments in commercial sales capacity and cloud engineering.\nMore Personal Computing\nRevenue increased $3.0 billion or 8%.\n\n• Windows revenue increased $925 million or 5%, driven by growth in Windows Commercial and Windows OEM, offset by a decline in patent licensing revenue. Windows Commercial revenue increased 12%, driven by multi-year agreement revenue growth. Windows OEM revenue increased 5%. Windows OEM Pro revenue grew 11%, ahead of a strengthening commercial PC market. Windows OEM non-Pro revenue declined 4%, below the consumer PC market, driven by continued pressure in the entry-level price category.\n\n• Gaming revenue increased $1.3 billion or 14%, driven by Xbox software and services revenue growth of 20%, mainly from third-party title strength.\n\n• Search advertising revenue increased $793 million or 13%. Search advertising revenue, excluding traffic acquisition costs, increased 16%, driven by growth in Bing, due to higher revenue per search and search volume.\n\n• Surface revenue increased $625 million or 16%, driven by a higher mix of premium devices and an increase in volumes sold, due to the latest editions of Surface.\n\n• Phone revenue decreased $525 million.\nOperating income increased $1.8 billion or 20%, including a favorable foreign currency impact of 2%.\n\n• Gross margin increased $2.2 billion or 11%, driven by growth in Windows, Surface, Search, and Gaming. Gross margin percentage increased, primarily due to gross margin percentage improvement in Surface.\n\n• Operating expenses increased $391 million or 3%, driven by investments in Search, AI, and Gaming engineering and commercial sales capacity, offset in part by a decrease in Windows marketing expenses.\nCorporate and Other\n\nCorporate and Other includes corporate-level activity not specifically allocated to a segment, including restructuring expenses.\n\nFiscal Year 2019 Compared with Fiscal Year 2018\n\nWe did not incur Corporate and Other activity in fiscal years 2019 or 2018.\n\nFiscal Year 2018 Compared with Fiscal Year 2017\n\nCorporate and Other operating loss decreased $306 million, due to a reduction in restructuring expenses, driven by employee severance expenses primarily related to our sales and marketing restructuring plan in fiscal year 2017.\n\n(In millions, except percentages) | 2019 | 2018 | 2017 | Percentage Change 2019 Versus 2018 | Percentage Change 2018 Versus 2017\n----------------------------------- | ----------------------- | ---------- | --------- | ---------------------------------- | ----------------------------------\nRevenue | | | | | \nProductivity and Business Processes | $ 41,160 | $ 35,865 | $ 29,870 | 15% | 20% \nIntelligent Cloud | 38,985 | 32,219 | 27,407 | 21% | 18% \nMore Personal Computing | 45,698 | 42,276 | 39,294 | 8% | 8% \nTotal | $ 125,843 | $ 110,360 | $ 96,571 | 14% | 14% \n | Operating Income (Loss) | | | | \nProductivity and Business Processes | $ 16,219 | $ 12,924 | $ 11,389 | 25% | 13% \nIntelligent Cloud | 13,920 | 11,524 | 9,127 | 21% | 26% \nMore Personal Computing | 12,820 | 10,610 | 8,815 | 21% | 20% \nCorporate and Other | 0 | 0 | (306) | * | * \nTotal | $42,959 | $35,058 | $29,025 | 23% | 21% \n* not meaningful | | | | | \n\n\n 2019\n Revenue increased $5. 3 billion 15%. Office Commercial revenue increased $3. 2 billion 13%. 33% revenue. Office Consumer revenue increased $286 million 7%. LinkedIn revenue increased $1. 5 billion. Dynamics revenue increased 15%.\n Operating income increased $3. 3 billion 25% foreign currency impact 2%.\n Gross margin increased $4. billion 15% Office Commercial LinkedIn. Gross margin percentage cloud.\n Operating expenses increased $806 million 6% LinkedIn marketing.\n Cloud\n Revenue increased $6. billion 21%.\n products cloud services revenue increased $6. 5 billion 25%. 72%. Server products revenue 6% premium solutions GitHub SQL Server.\n Enterprise Services revenue increased $278 million 5% Premier Support Services Microsoft Consulting Services.\n Operating income increased $2. 4 billion 21%.\n Gross margin increased $4. billion 22% server cloud services.margin increased Azure cloud offerings.\n Operating expenses increased $2. 4 billion 22% investments cloud AI engineering GitHub commercial sales capacity.\n Revenue increased $3. 4 billion 8%.\n Windows revenue increased $877 million 4% Commercial OEM patent licensing. Commercial 14% multi agreements. OEM 4%. Pro 10% 10 demand. non-Pro revenue declined 7% entry level category.\n Surface revenue increased $1. 1 billion 23% growth consumer.\n Gaming revenue increased $1. billion 10% Xbox software services growth 19%-party decline Xbox hardware 13%.\n Search advertising revenue increased $616 million. 13%\n Operating income increased $2. 2 billion 21% foreign currency impact 2%.\n Gross margin increased $2. billion growth Windows Gaming Search. Windows\n Operating expenses decreased $172 million 1%.\n Revenue increased $6. billion 20%.\n LinkedIn revenue increased $3. billion $5. 3 billion. Talent Solutions.\n Office Commercial revenue increased $2.11% Office 365 Commercial-premises.\n Consumer revenue increased $382 million 11%.\n Dynamics revenue increased 13%.\n Operating income increased $1. billion 13% foreign currency impact 2%.\n Gross margin increased. billion 19% LinkedIn Office Commercial. decreased cloud. cost revenue increased $818 million $1. 7 billion $888 million amortization intangible assets.\n Operating expenses increased $2. billion 25% LinkedIn sales cloud engineering. $4. billion $617 million amortization.\n Cloud\n Revenue increased $4. billion 18%.\n Server products cloud services revenue increased $4. billion 21% Azure. revenue 91%. revenue 5% premium licenses Windows Server SQL Server.\n Enterprise Services revenue increased $304 million 5% Premier Support Services Microsoft Consulting Services custom support agreements.\n Operating income increased $2. billion 26%.\n Gross margin increased $3. billion 16% server cloud services.margin percentage decreased cloud Azure.\n Operating expenses increased $683 million 7% commercial sales cloud engineering.\n Revenue increased $3. billion 8%.\n Windows revenue increased $925 million 5% Windows Commercial OEM patent licensing. Commercial increased 12% multi-year agreement. OEM 5%. Pro 11%. non-Pro declined 4% entry-level price.\n Gaming revenue increased $1. 3 billion 14% Xbox software services revenue growth 20% third-party title.\n Search advertising revenue increased $793 million 13%. 16% growth Bing.\n Surface revenue increased $625 million 16% premium devices.\n Phone revenue decreased $525 million.\n Operating income increased $1. 8 billion 20% foreign currency impact 2%.\n Gross margin increased $2. 2 billion 11% growth Windows Surface Search Gaming. percentage increased Surface.\n Operating expenses increased $391 million 3% Search AI Gaming commercial sales Windows marketing expenses.\n restructuring expenses.\n.\noperating loss decreased $306 million restructuring expenses employee severance sales marketing restructuring plan 2017.\n Revenue\n Productivity Business Processes $ 41,160 35,865 29,870\n Intelligent Cloud 38,985 32,219 27,407 21%\n Personal Computing 45,698 42,276 39,294 8%\n $ 125,843 110,360 96,571 14%\n Operating Income\n Productivity Business Processes $ 16,219 12,924 11,389 25%\n Cloud 13,920 11,524 9,127 21%\n Personal Computing 12,820 10,610\n $42,959 $35,058 $29,025 23%\n" +} +{ + "_id": "d1b2fd892", + "title": "", + "text": "2. Other operating income\nGains from the disposal of fixed assets and gains from the reversal of impairment losses includes €354 million of income from the disposal of real estates (2017/18: €137 million) and €5 million of income from reversal of impairment losses (2017/18: €4 million). Project developments and sale-and-leaseback transactions contributed to the real estate transactions.\nThe income from logistics services provided by METRO LOGISTICS to companies intended for disposal and non-group companies is offset by expenses from logistics services, which are reported under other operating expenses.\nThe other operating income includes cost allocations and cost shares as well as a great number of insignificant individual items.\nDisclosures on companies intended for sale can be found under no. 43 – discontinued business sectors page 266 .\n\n€ million | 2017/2018 | 2018/2019\n---------------------------------------------------------------------------------------- | --------- | ---------\nGains from the disposal of fixed assets and gains from the reversal of impairment losses | 145 | 360 \nIncome from logistics services | 285 | 257 \nServices | 251 | 250 \nRents incl. reimbursements of subsidiary rental costs | 268 | 236 \nServices rendered to suppliers | 111 | 103 \nMiscellaneous | 211 | 198 \n | 1,271 | 1,405 \n\n. operating\n disposal reversal impairment losses €354 million €137 million €5 million reversal impairment losses €4 million. Project developments sale-leaseback transactions real estate.\n logistics services METRO offset expenses expenses.\n income cost allocations shares insignificant items.\n Disclosures companies sale. 43 discontinued business sectors page 266.\n million 2017/2018 2018/2019\n Gains disposal reversal impairment losses 145 360\n Income logistics services 257\n 251\n Rents. rental costs 268 236\n suppliers 111\n Miscellaneous 211\n" +} +{ + "_id": "d1b3b3ea8", + "title": "", + "text": "Non-GAAP Measures\nWe define Adjusted EBITDA as our net income before interest expense, interest income, other income, net, provision for / (benefit from) income taxes, amortization and depreciation, stock-based compensation expense, acquisition-related expense and legal costs and settlement fees incurred in connection with non-ordinary course litigation and other disputes, particularly costs involved in ongoing intellectual property litigation. We do not consider these items to be indicative of our core operating performance. The non-cash items include amortization and depreciation expense, stock-based compensation expense related to stock options and other forms of equity compensation, including, but not limited to, the sale of common stock. We do not adjust for ordinary course legal expenses resulting from maintaining and enforcing our intellectual property portfolio and license agreements. Adjusted EBITDA is not a measure calculated in accordance with GAAP. See the table below for a reconciliation of Adjusted EBITDA to net income, the most directly comparable financial measure calculated and presented in accordance with GAAP.\nwe believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our\noperating results in the same manner as our management and board of directors.We have included Adjusted EBITDA in this report because it is a key measure that our management uses to understand and evaluate our core operating performance and trends, to generate future operating plans, to make strategic decisions regarding the allocation of capital and to make investments in initiatives that are focused on cultivating new markets for our solutions. We also use certain non-GAAP financial measures, including Adjusted EBITDA, as performance measures under our executive bonus plan. Further, we believe the exclusion of certain expenses in calculating Adjusted EBITDA facilitates comparisons of our operating performance on a period-to-period basis and, in the case of exclusion of acquisition-related expense and certain historical legal expenses, excludes items that we do not consider to be indicative of our core operating performance. Accordingly,\nOur use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are: (a) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (b) Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; (c) Adjusted EBITDA does not reflect the potentially dilutive impact of equity-based compensation; (d) Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us; and (e) other companies, including companies in our industry, may calculate Adjusted EBITDA or similarly titled measures differently, which reduces its usefulness as a comparative measure.\nBecause of these and other limitations, you should consider Adjusted EBITDA alongside our other GAAP-based financial performance measures, net income and our other GAAP financial results. The following table presents a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure, for each of the periods indicated (in thousands):\n\n | | Year Ended December 31, | \n------------------------------------------------------- | -------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nAdjusted EBITDA: | | | \nNet income | $53,330 | $21,524 | $29,251\nAdjustments: | | | \nInterest expense, interest income and other income, net | (8,483) | 503 | 1,133 \nProvision for / (benefit from) income taxes | 5,566 | (9,825) | 2,990 \nAmortization and depreciation expense | 22,134 | 21,721 | 17,734 \nStock-based compensation expense | 20,603 | 13,429 | 7,413 \nAcquisition-related expense | 2,403 | — | 5,895 \nLitigation expense | 12,754 | 45,729 | 7,212 \nTotal adjustments | 54,977 | 71,557 | 42,377 \nAdjusted EBITDA | $108,307 | $93,081 | $71,628\n\nNon-GAAP Measures\n define Adjusted EBITDA as net income before interest expense provision taxes amortization depreciation stock-based compensation acquisition-related expense legal costs settlement fees non-ordinary intellectual property. indicative of core operating performance. non-cash items include amortization depreciation stock-based compensation stock options equity compensation sale of common stock. adjust for legal expenses intellectual property portfolio license agreements. Adjusted EBITDA not calculated GAAP. table reconciliation Adjusted EBITDA to net income.\n Adjusted EBITDA provides information investors\n operating results. included key measure operating performance future plans strategic decisions allocation capital investments new markets. use non-GAAP financial measures EBITDA as performance measures under executive bonus plan. exclusion of expenses Adjusted EBITDA facilitates comparisons operating performance legal excludes items indicative core operating performance.\nAdjusted EBITDA has limitations for financial results GAAP. limitations depreciation amortization non-cash assets may reflect cash capital requirements new reflect changes cash requirements working capital needs dilutive impact equity compensation reflect tax payments reduction cash companies calculate EBITDA differently reduces usefulness.\n consider EBITDA alongside GAAP financial performance measures net income results. table reconciliation Adjusted EBITDA to net income for\n December\n 2019 2018 2017\n Adjusted EBITDA\n Net income $53,330 $21,524 $29,251\n Adjustments\n Interest expense income other income (8,483) 503 1,133\n Provision for income taxes 5,566 (9,825) 2,990\n Amortization depreciation expense 22,134 21,721 17,734\n Stock-based compensation expense 20,603 13,429 7,413\n2,403 5,895\n Litigation 12,754 7\n 54,977 71,557 42,377\n EBITDA $108,307" +} +{ + "_id": "d1b38fa3a", + "title": "", + "text": "18. Revenue\nEffective September 1, 2018, the Company adopted ASU 2014-09, Revenue Recognition (Topic 606). The new standard is a comprehensive new revenue recognition model that requires the Company to recognize revenue in a manner which depicts the transfer of goods or services to its customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods or services.\nPrior to the adoption of the new standard, the Company recognized substantially all of its revenue from contracts with customers at a point in time, which was generally when the goods were shipped to or received by the customer, title and risk of ownership had passed, the price to the buyer was fixed or determinable and collectability was reasonably assured (net of estimated returns). Under the new standard, the Company recognizes revenue over time for the majority of its contracts with customers which results in revenue for those customers being recognized earlier than under the previous guidance. Revenue for all other contracts with customers continues to be recognized at a point in time, similar to recognition prior to the adoption of the standard.\nAdditionally, the new standard impacts the Company’s accounting for certain fulfillment costs, which include upfront costs to prepare for manufacturing activities that are expected to be recovered. Under the new standard, such upfront costs are recognized as an asset and amortized on a systematic basis consistent with the pattern of the transfer of control of the products or services to which to the asset relates.\nThe following table presents the effect of the adoption of the new revenue guidance on the Consolidated Balance Sheets as of August 31, 2019 (in thousands):\n(1) Differences primarily relate to the timing of revenue recognition for over time customers and certain balance sheet reclassifications.\n(2) Differences primarily relate to the timing of recognition and recovery of fulfillment costs and certain balance sheet reclassifications.\n(3) Included within accrued expenses on the Consolidated Balance Sheets.\n(4) Differences included in contract liabilities as of September 1, 2018.\n\n | August 31, 2019 | \n----------------------------------------------- | --------------- | -------------------------------------------\n | As reported | Balance without the adoption of ASU 2014-09\nAssets | | \nContract assets (1) | $911,940 | $— \nInventories, net (1) | $3,023,003 | $3,761,591 \nPrepaid expenses and other current assets(1)(2) | $501,573 | $514,769 \nDeferred income taxes(1) | $198,827 | $202,791 \nLiabilities | | \nContract liabilities(2)(3) | $511,329 | $— \nDeferred income(2)(3)(4) | $— | $521,035 \nOther accrued expenses(3)(4) | $1,877,908 | $1,868,201 \nDeferred income taxes(1) | $115,818 | $111,304 \nEquity | | \nRetained earnings(1)(2) | $2,037,037 | $1,885,360 \n\n. Revenue\n September 1, 2018 Company adopted ASU 2014-09 Revenue Recognition (Topic 606). new standard revenue recognition model requires revenue transfer goods services customers consideration.\n recognized revenue from contracts time goods shipped received title risk ownership passed price buyer fixed collectability assured estimated returns. new standard recognizes revenue over time majority contracts recognized earlier previous. Revenue other contracts recognized point time similar.\n new standard impacts accounting fulfillment costs manufacturing activities. costs recognized as asset amortized transfer control products services.\n table effect adoption new revenue guidance on Consolidated Balance Sheets as August 31, 2019\n Differences relate timing revenue recognition over time customers balance sheet reclassifications.\n Differences timing recognition recovery fulfillment costs balance sheet reclassifications.\n Included accrued expenses.\n Differences contract liabilities as September 1, 2018.\n August 31, 2019\n Balance without adoption ASU 2014-09\n\n Contract $911,940\n Inventories $3,023,003,761,591\n Prepaid $501,573 $514,769\n Deferred income $198,827 $202,791\n $511,329\n $521,035\n accrued $1,877,908,868,201\n $115,818,304\n Equity\n Retained $2,037,037 $1,885,360" +} +{ + "_id": "d1b3ab668", + "title": "", + "text": "Medical Segment Results\nBelow is a table summarizing results for the fiscal years ended:\nNet Sales. The Medical segment had $1.1 million of net sales in fiscal 2019, compared to $0.3 million of net sales in fiscal 2018. The increase was due to new business gained in fiscal 2019.\nGross Profit. Medical segment gross profit was a loss of $2.8 million in fiscal 2019, compared to a loss of $3.5 million in fiscal 2018. The improvement primarily relates to an increase in sales volumes during fiscal 2019.\nLoss from Operations. Medical segment loss from operations decreased $2.8 million to $8.6 million in fiscal 2019, compared to $11.4 million in fiscal 2018. The decrease was due to an improvement in gross profit and lower selling and administrative expenses. Selling and administrative expenses were reduced by lower marketing and professional fee expenses, partially offset by initiatives to reduce overall costs and improve operational profitability of $0.9 million.\n\n(Dollars in Millions) | April 27, 2019 | April 28, 2018 | Net Change ($) | Net Change (%)\n--------------------- | -------------- | -------------- | -------------- | --------------\nNet Sales | $1.1 | $0.3 | $0.8 | 266.7 % \nGross Profit | $(2.8) | $(3.5) | $0.7 | 20.0 % \nLoss from Operations | $(8.6) | $(11.4) | $2.8 | 24.6 % \n\nMedical Segment Results\n table fiscal years\n Net Sales. $1. 1 million 2019 $0. 3 million 2018. increase new business.\n Gross Profit. loss $2. 8 million 2019 $3. 5 million 2018. improvement increase sales volumes.\n Loss Operations. decreased $2. 8 million $8. 6 million 2019 $11. 4 million 2018. decrease due improvement gross profit lower selling administrative expenses. reduced marketing professional fee expenses offset costs operational profitability $0. 9 million.\n April 27, 2019 28, 2018 Net Change$ (%)\n Net Sales $1. 7 %\n Gross Profit.\n Loss Operations." +} +{ + "_id": "d1b396e66", + "title": "", + "text": "NOTE 9 – CONTINGENT PURCHASE PRICE\nOur purchase of CareSpeak Communications contains a contingent element that will be paid only if the Company achieves certain patient engagement revenues in 2019 and 2020. The total contingent payment may be up to $3.0 million. The target patient engagement revenues were achieved in 2019 and are expected to be achieved in 2020. The calculated fair value of the contingent payment was $2,365,000 at December 31, 2018 and $3,000,000 at December 31, 2019.\nOur purchase of RMDY Health, Inc. also contains a contingent element that will be paid only if the Company achieves certain revenues in 2020 and 2021 related to the RMDY business. The total contingent payment may be up to $30.0 million. The minimum payment is $1.0 million in each of the two years. The calculated fair value of the contingent payment was $3,720,000 at December 31, 2019. We determined the fair value of the Contingent Purchase Price Payable at December 31, 2019 using a Geometric-Brownian motion analysis of the expected revenue and resulting earnout payment using inputs that include the spot price, a risk free rate of return of 1.4%, a term of 2 years, and volatility of 40%. Changes in the inputs could result in a different fair value measurement.\nThe total fair value of contingent purchase price payable at December 31, 2019 is as follows.\n\n | Current | Long-Term | Total \n------------------------------- | ---------- | ----------- | ----------\nCareSpeak Communications, Inc. | $1,500,000 | $1,500,000 | $3,000,000\nRMDY Health, Inc. | - | 3,720,000 | 3,720,000 \nTotal | $1,500,000 | $5,220,000 | $6,720,000\n\nCONTINGENT PRICE\n purchase CareSpeak Communications contingent element paid patient engagement revenues 2019 2020. total payment up $3. 0 million. target revenues achieved 2019 expected 2020. fair value $2,365,000 December 31, 2018 $3,000,000 December 31, 2019.\n purchase RMDY Health. contingent element paid revenues 2020 2021. total payment up $30. 0 million. minimum payment $1. 0 million. fair value $3,720,000 December 31, 2019. determined fair value Geometric-Brownian motion analysis spot price risk free return 1. 4% term 2 years volatility 40%. Changes.\n total fair value 2019.\n Long-Term\n CareSpeak Communications. $1,500,000 $3,000,000\n RMDY Health,. 3\n $5" +} +{ + "_id": "d1b3c5be4", + "title": "", + "text": "Recently adopted authoritative guidance\nRevenue Recognition — Contracts with Customers. In May 2014, the FASB issued new authoritative guidance for revenue from contracts with customers. The standard’s core principle is that a company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration that the company expects to receive in exchange for those goods or services. In addition, companies are required to capitalize certain contract acquisition costs, including commissions paid, when contracts are signed. The asset recognized from capitalized incremental and recoverable acquisition costs is amortized on a straight-line basis consistent with the timing of transfer of the products or services to which the asset relates.\nAs a result of the adoption of the new revenue recognition guidance, our net revenue for fiscal 2019 increased $47 million, and our operating expenses decreased $12 million. See Note 3 for additional information related to the impact of the new guidance on the timing and amounts of revenues recognized in fiscal 2019.\nThe effects of the adoption of the new revenue recognition guidance on our March 29, 2019 Consolidated Balance Sheets were as follows:\n(1) As reported includes short-term deferred commissions of $92 million. The balance without adoption of new standard includes short-term deferred commissions of $81 million.\n(2) As reported includes long-term deferred commissions of $93 million. The balance without adoption of new standard includes long-term deferred commissions of $44 million.\n\n | | As of March 29, 2019 | \n------------------------------------ | ----------- | ----------------------------------------- | ----------------\n(In millions) | As Reported | Balances Without Adoption of New Standard | Effect of Change\nAccounts receivable, net | $708 | $657 | $51 \nOther current assets (1) | $435 | $421 | $14 \nOther long-term assets (2) | $1,262 | $1,213 | $49 \nTotal assets | $15,938 | $15,824 | $114 \nShort-term contract liabilities | $2,320 | $2,437 | $(117) \nOther current liabilities | $533 | $494 | $39 \nLong-term contract liabilities | $736 | $837 | $(101) \nDeferred income tax liabilities | $577 | $526 | $51 \nTotal liabilities | $10,200 | $10,328 | $(128) \nAccumulated other comprehensive loss | $(7) | $(2) | $(5) \nRetained earnings | $933 | $686 | $247 \nTotal stockholders’ equity | $5,738 | $5,496 | $242 \n\nadopted guidance\n Revenue Recognition Contracts Customers. May 2014, FASB issued guidance revenue contracts. company recognizes revenue transfers goods services. companies capitalize contract acquisition costs commissions contracts signed. asset from acquisition costs amortized timing transfer.\n net revenue 2019 increased $47 million operating expenses decreased $12 million. See Note 3 impact.\n effects March 29, 2019 Consolidated Balance Sheets\n short-term deferred commissions $92 million. $81 million.\n long-term deferred commissions $93 million. $44 million.\n March 29, 2019\n Balances Without Effect Change\n Accounts receivable $708 $657 $51\n current assets $435 $421 $14\n long-term assets $1,262 $1,213 $49\n Total assets $15,938 $15,824 $114\n Short-term contract liabilities $2,320 $2,437 $(117)\n$533 $494\n Long-term $736 $837\n Deferred tax $577 $526\n $10,200 $10,328\n loss $(7)\n Retained earnings $933 $686\n equity $5,738 $5,496" +} +{ + "_id": "d1b36f1c2", + "title": "", + "text": "2 Investments in subsidiaries\nInvestments are stated at cost less provisions for any impairment in value.\nAdditions in the year relate to investments in Gestra Holdings Limited £1.6m and Spirax Sarco America Investments Limited £212.4m. Spirax Sarco America Investments Limited was incorporated on 24th October 2018 with the purpose of holding Group US$ investments and loans. Gestra Holdings Limited was incorporated on 9th October 2018 with the purpose of holding other Gestra Companies.\nDetails relating to subsidiary undertakings are given on pages 207 to 211. Except where stated all classes of shares were 100% owned by the Group at 31st December 2019. The country of incorporation of the principal Group companies is the same as the country of operation with the exception of companies operating in the United Kingdom which are incorporated in Great Britain. All operate in steam, electrical thermal energy solutions, fluid path technologies or peristaltic pumping markets except those companies identified as a holding company on pages 207 to 211.\n\n | 2019 | 2018 \n---------------------------------------------------- | ----- | -----\n | £m | £m \nCost: | | \nAt 1st January | 445.8 | 269.4\nShare options issued to subsidiary company employees | 2.2 | 2.6 \nAdditions | 214.0 | 173.8\nAt 31st December | 662.0 | 445.8\n\nInvestments subsidiaries\n cost less provisions value.\n Additions Gestra Holdings Limited £1. 6m Spirax Sarco America Investments Limited £212. 4m. incorporated 24th October 2018 holding Group US investments loans. Gestra Holdings 9th October 2018 Gestra Companies.\n Details subsidiary undertakings pages 207 to 211. shares 100% owned Group 31st December 2019. country incorporation same operation. operate steam electrical thermal energy fluid path technologies peristaltic pumping markets pages 207 211.\n 1st January.\n Share options subsidiary employees.\n Additions.\n 31st December." +} +{ + "_id": "d1a715a70", + "title": "", + "text": "Stock-based compensation expense is included in general and administrative expense for each period as follows:\nAs of December 31, 2019, there was $4,801 of unrecognized stock-based compensation expense related to unvested employee stock options and $1,882 of unrecognized stock-based compensation expense related to unvested RSUs. These costs are expected to be recognized over a weighted-average period of 2.13 and 2.33 years, respectively.\n\n | Year Ended | Year Ended \n----------------------------------------- | ----------------- | -----------------\nStock-Based Compensation by Type of Award | December 31, 2019 | December 31, 2018\nStock options | $2,756 | $2,926 \nRSUs | 955 | 1,129 \nTotal stock-based compensation expense | $3,711 | $4,055 \n\nStock-based compensation expense expense\n December 31, 2019 $4,801 unrecognized employee stock options $1,882 RSUs. costs. 13. 33 years.\n Stock-Based Compensation Award December 31, 2019 2018\n Stock options $2,756 $2,926\n RSUs\n Total stock-based compensation expense $3,711 $4,055" +} +{ + "_id": "d1b39d888", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe following tables of selected consolidated financial data should be read in conjunction with, and are qualified by reference to, our consolidated financial statements and notes thereto in Item 8 of Part II and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 of Part II of this report.\nThe tables of selected financial data shown below are derived from our audited consolidated financial statements, which include the operating results, cash flows and financial condition of Level 3 beginning November 1, 2017. These historical results are not necessarily indicative of results that you can expect for any future period.\nThe following table summarizes selected financial information from our consolidated statements of operations.\n(1) See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” in Item 7 of Part II of this report and in our preceding annual reports on Form 10-K for a discussion of unusual items affecting the results for each of the years presented.\n(2) During 2019 and 2018, we recorded non-cash, non-tax-deductible goodwill impairment charges of $6.5 billion and $2.7 billion, respectively.\n(3) During 2019, 2018, 2017 and 2016, we incurred Level 3 acquisition-related expenses of $234 million, $393 million, $271 million and $52 million, respectively. For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Acquisition of Level 3” and Note 2—Acquisition of Level 3 to our consolidated financial statements in Item 8 of Part II of this report.\n(4) During 2019, 2018, 2017, 2016 and 2015, we recognized an incremental $157 million, $171 million, $186 million, $201 million and $215 million, respectively, of revenue associated with the Federal Communications Commission (“FCC”) Connect America Fund Phase II support program, as compared to revenue received under the previous interstate USF program.\n(5) The enactment of the Tax Cuts and Jobs Act in December 2017 resulted in a re-measurement of our deferred tax assets and liabilities at the new federal corporate tax rate of 21%. The re-measurement resulted in tax expense of $92 million for 2018 and a tax benefit of approximately $1.1 billion for 2017.\n\n | | | Years Ended December 31,(1) | | \n-------------------------------------------------- | ------------- | ---------------- | ----------------------------------------------------------------------- | ---------- | -------\n | 2019(2)(3)(4) | 2018(2)(3)(4)(5) | 2017(3)(4)(5) | 2016(3)(4) | 2015(4)\n | | | (Dollars in millions, except per share amounts and shares in thousands) | | \nOperating revenue | $22,401 | 23,443 | 17,656 | 17,470 | 17,900 \nOperating expenses | 25,127 | 22,873 | 15,647 | 15,137 | 15,321 \nOperating (loss) income | $(2,726) | 570 | 2,009 | 2,333 | 2,579 \n(Loss) income before income tax expense | $(4,766) | (1,563) | 540 | 1,020 | 1,316 \nNet (loss) income | $(5,269) | (1,733) | 1,389 | 626 | 878 \nBasic loss) earnings per common share | $(4.92) | (1.63) | 2.21 | 1.16 | 1.58 \nDiluted (loss) earnings per common share | $(4.92) | (1.63) | 2.21 | 1.16 | 1.58 \nDividends declared per common share | $1.00 | 2.16 | 2.16 | 2.16 | 2.16 \nWeighted average basic common shares outstanding | 1,071,441 | 1,065,866 | 627,808 | 539,549 | 554,278\nWeighted average diluted common shares outstanding | 1,071,441 | 1,065,866 | 628,693 | 540,679 | 555,093\n\n6. SELECTED FINANCIAL DATA\n tables consolidated financial data financial statements 8 Discussion Analysis Financial Condition Results 7.\n tables audited financial statements operating results cash flows financial condition Level 3 November 1, 2017. historical results not indicative future.\n table summarizes financial information statements.\n See Discussion Analysis Financial Condition 7 annual reports 10-K unusual items results.\n 2019 2018 recorded non-cash goodwill impairment charges $6. 5 billion $2. 7 billion.\n 2019 2017 2016, incurred Level 3 expenses $234 million $393 million $271 million $52 million. Analysis Note 8.\n 2019 2018 2017 2016 2015, recognized incremental $157 million $171 million $186 million $201 million $215 million revenue Federal Communications Commission Connect America Fund Phase II program.\n Tax Cuts Jobs Act 2017 deferred tax assets liabilities new federal corporate tax rate 21%.re-measurement tax expense $92 million 2018 benefit $1. 1 billion 2017.\n Years Ended December\n 2015(4)\n millions share thousands\n Operating revenue $22,401 23,443 17,656\n Operating expenses 25,127 22,873 15,647\n (loss income $(2,726) 570 2,009 2,333 2,579\n income before tax expense $(4,766) (1,563) 1,020\n Net (loss income $(5,269) (1,733) 1,389\n Basic earnings per common share $(4.\n Diluted (loss earnings common share $(4.\n Dividends common share $1.\n Weighted average common shares 1,071,441 1,065,866 627,808 539,549 554,278\n diluted shares 628,693 540,679 555" +} +{ + "_id": "d1b3b7238", + "title": "", + "text": "5. Property and Equipment, Net\nProperty and equipment at March 31, 2019 and 2018 is as follows:\nTotal depreciation expense on property and equipment was $2.5 million, $2.6 million, and $2.4 million during fiscal 2019, 2018 and 2017, respectively.\nThe Company capitalizes internal-use software, including software used exclusively in providing services or that is only made available to customers as a software service, as property and equipment under ASC 350-40, Internal-Use Software. Total amortization expense on capitalized internal-use software was $2.5 million, $1.8 million and $1.4 million during fiscal 2019, 2018, and 2017, respectively.\n\n | Year ended March 31, | \n----------------------------------------- | -------------------- | --------\n(In thousands) | 2019 | 2018 \nFurniture and equipment | $11,604 | $10,671 \nSoftware | 16,427 | 11,885 \nLeasehold improvements | 6,981 | 6,819 \nProject expenditures not yet in use | 1,014 | 4,187 \n | 36,026 | 33,562 \nAccumulated depreciation and amortization | (20,188) | (16,050)\nProperty and equipment, net | $15,838 | $17,512 \n\n. Property Equipment\n March 31, 2019 2018\n depreciation expense $2. 5 million. 6 million. 4 million 2019 2018 2017.\n capitalizes internal-use software. amortization $2. 5 million $1. 8 million. 4 million 2019 2018 2017.\n March 31,\n Furniture equipment $11,604 $10,671\n Software 16,427 11\n Leasehold improvements 6,981\n Project expenditures 1,014\n Accumulated depreciation amortization (20,188\n Property equipment $15,838 $17,512" +} +{ + "_id": "d1b384cac", + "title": "", + "text": "14. Earnings per share\n1 Adjustment of previous year according to explanation in notes.\nEarnings per share are determined by dividing profit or loss for the period attributable to the shareholders of METRO AG by the weighted number of no-par-value shares. In the calculation of earnings per ordinary share, an additional dividend for preference shares is generally deducted from profit or loss for the period attributable to the shareholders of METRO AG. There was no dilution in the reporting period or the year before from so-called potential shares.\nEarnings per preference share correspond to earnings per share.\n\n | 2017/2018 | 2018/2019 \n------------------------------------------------------------------------------------ | ----------- | -----------\nWeighted number of no-par-value shares | 363,097,253 | 363,097,253\nProfit or loss for the period attributable to the shareholders of METROAG (€million) | 333 | −126 \nEarnings per share in € (basic = diluted) | 0.92 | −0.35 \nfrom continuing operations | (0.98) | (1.12) \nfrom discontinued operations | (−0.06) | (−1.46) \n\n. Earnings per share\n Adjustment previous year.\n determined dividing profit loss METRO AG weighted no-par-value shares. additional dividend preference shares deducted profit loss. no dilution reporting period potential shares.\n Earnings preference share correspond earnings share.\n 2017/2018 2018/2019\n Weighted no-value shares 363,097,253\n Profit loss period METROAG (€million)\n Earnings per share € diluted. 92. 35\n continuing operations.\n discontinued operations." +} +{ + "_id": "d1b3307f6", + "title": "", + "text": "Business Trends\nSelected financial results for the past three fiscal years are summarized below:\n(1) See the section “Non-GAAP Financial Measures” below for further discussion of these financial measures.\n(2) Includes pounds from Specialty Alloys Operations segment, and certain Performance Engineered Products segment businesses including Dynamet, Carpenter Powder Products and LPW Technology Ltd.\n\n | | Years Ended June 30, | \n---------------------------------------------------- | -------- | -------------------- | --------\n($ in millions, except per share data) | 2019 | 2018 | 2017 \nNet sales | $2,380.2 | $2,157.7 | $1,797.6\nNet sales excluding surcharge revenue (1) | $1,942.1 | $1,792.3 | $1,558.4\nOperating income | $241.4 | $189.3 | $121.5 \nNet income | $167.0 | $188.5 | $47.0 \nDiluted earnings per share | $3.43 | $3.92 | $0.99 \nPurchases of property, plant, equipment and software | $180.3 | $135.0 | $98.5 \nFree cash flow (1) | $(53.7) | $34.7 | $(16.8) \nPounds sold (in thousands) (2) | 267,536 | 265,620 | 236,346 \n\n\n financial results three years\n-GAAP Financial.\n Specialty Alloys Operations Performance Engineered Products Dynamet Carpenter Powder Products LPW Technology.\n Years Ended June 30\n Net sales $2,380. $2,157. $1,797.\n surcharge $1,942. $1,792. $1,558.\n Operating income $241. $189. $121.\n Net income $167. $188. $47.\n earnings share $3. $3.\n Purchases property equipment software $180. $135. $98.\n Free cash flow $(53. $34.\n Pounds sold 267,536 236,346" +} +{ + "_id": "d1a7322b0", + "title": "", + "text": "3. EARNINGS PER SHARE\nBasic and diluted earnings (loss) per common share (“EPS”) are computed using the two-class method, which is an earnings allocation method that determines EPS for each class of common stock and participating securities considering dividends declared and participation rights in undistributed earnings. Certain of the Company’s restricted stock awards are considered participating securities because holders are entitled to receive non-forfeitable dividends, if declared, during the vesting term.\nThe potentially dilutive impact of the Company’s restricted stock awards is determined using the treasury stock method. Under the treasury stock method, if the average market price during the period exceeds the exercise price, these instruments are treated as if they had been exercised with the proceeds of exercise used to repurchase common stock at the average market price during the period. Any incremental difference between the assumed number of shares issued and repurchased is included in the diluted share computation.\nDiluted EPS includes securities that could potentially dilute basic EPS during a reporting period. Dilutive securities are not included in the computation of loss per share when a company reports a net loss from continuing operations as the impact would be anti-dilutive.\nThe computation of basic and diluted EPS attributable to common shareholders computed using the two-class method is as follows:\nDiluted EPS attributable to common shareholders for the years ended December 31, 2019, 2018 and 2017 excludes 1.1 million, 0.5 million and 0.3 million potential common shares, respectively, that could be issued under our share-based compensation plan, because the inclusion of the potential common shares would have an antidilutive effect.\n\n(In thousands, except per share amounts) | 2019 | 2018 | 2017 \n----------------------------------------------------------------------------------------------------------- | --------- | --------- | -------\nNet income (loss) | $(19,931) | $(50,571) | $65,299\nLess: net income attributable to noncontrolling interest | 452 | 263 | 354 \nIncome (loss) attributable to common shareholders before allocation of earnings to participating securities | (20,383) | (50,834) | 64,945 \nLess: earnings allocated to participating securities | 462 | 810 | 362 \nNet income (loss) attributable to common shareholders, after earnings allocated to participating securities | $(20,845) | $(51,644) | $64,583\nWeighted-average number of common shares outstanding | 70,837 | 70,613 | 60,373 \nNet income (loss) per common share attributable to common shareholders - basic and diluted | $ (0.29) | $ (0.73) | $ 1.07 \n\n. EARNINGS PER SHARE\n Basic diluted earnings per common share computed two-class method common stock participating securities dividends rights undistributed earnings. restricted stock awards participating securities non-forfeitable dividends vesting term.\n dilutive impact treasury stock method. average market price exceeds exercise price instruments treated as exercised proceeds stock. difference shares issued repurchased included diluted share computation.\n Diluted EPS includes securities dilute EPS. Dilutive securities not included loss per share net loss.\n computation basic diluted EPS common shareholders\n Diluted EPS December 2019 2018 2017 excludes. million. 5 million. 3 million potential common shares compensation plan.\n 2019 2018 2017\n Net income (loss $(19,931) $(50,571) $65,299\n net income noncontrolling interest 452 263 354\nIncome before (20,383 (50,834) 64,945\n Less earnings allocated 810 362\n Net income after earnings(20,845) $(51,644) $64,583\n-average shares 70,837 70,613 60,373\n Net income (loss share basic diluted. 29). 73)." +} +{ + "_id": "d1a71a9bc", + "title": "", + "text": "NOTE 24. EARNINGS PER SHARE\nBasic net earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for that period. The dilutive effect is calculated using the treasury stock method. The calculation of diluted net income per share assumes the exercise of options issued under our stock option plans (and the issuance of shares under our share plans) for periods in which exercises (or issuances) would have a dilutive effect.\nThe calculation of basic and diluted net income per share attributable to common shareholders is based on the following data:\n\n | December 31, | \n----------------------------------------------------------------------------------- | ------------ | -------\n | 2018 | 2019 \nNet earnings used for purposes of calculating net income per common share | | \nNet earnings from operations | 157,133 | 329,013\nBasic weighted average number of shares outstanding during the year (thousands) | 52,432 | 49,418 \nEffect of dilutive potential common shares from stock options and restricted shares | 678 | 580 \nDilutive weighted average number of shares outstanding | 53,110 | 49,999 \nBasic net earnings per share: from operations | 3.00 | 6.66 \nDiluted net earnings per share: | 2.96 | 6.58 \n\n. EARNINGS PER SHARE\n earnings share calculated dividing income average shares. dilutive effect calculated treasury stock method. diluted income assumes options.\n calculation diluted income based data\n December 31,\n 2018 2019\n Net earnings\n operations 157,133 329,013\n average shares outstanding 52,432 49,418\n dilutive potential shares stock options restricted shares 580\n Dilutive average shares 53,110 49,999\n net earnings per share operations 3. 00 6. 66\n Diluted net earnings per share 2. 96 6. 58" +} +{ + "_id": "d1b3991d4", + "title": "", + "text": "Effective Tax Rate\nThe items accounting for the difference between income taxes computed at the U.S. federal statutory rate and our effective rate were as follows:\nThe decrease from the federal statutory rate in fiscal year 2019 is primarily due to a $2.6 billion net income tax benefit related to intangible property transfers, and earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations centers in Ireland, Singapore, and Puerto Rico. The increase from the federal statutory rate in fiscal year 2018 is primarily due to the net charge related to the enactment of the TCJA in the second quarter of fiscal year 2018, offset in part by earnings taxed at lower rates in foreign jurisdictions. The decrease from the federal statutory rate in fiscal year 2017 is primarily due to earnings taxed at lower rates in foreign jurisdictions. Our foreign regional operating centers in Ireland, Singapore and Puerto Rico, which are taxed at rates lower than the U.S. rate, generated 82%, 87%, and 76% of our foreign income before tax in fiscal years 2019, 2018, and 2017, respectively. Other reconciling items, net consists primarily of tax credits, GILTI, and U.S. state income taxes. In fiscal years 2019, 2018, and 2017, there were no individually significant other reconciling items.\nThe decrease in our effective tax rate for fiscal year 2019 compared to fiscal year 2018 was primarily due to the net charge related to the enactment of the TCJA in the second quarter of fiscal year 2018, and a $2.6 billion net income tax benefit in the fourth quarter of fiscal year 2019 related to intangible property transfers. The increase in our effective tax rate for fiscal year 2018 compared to fiscal year 2017 was primarily due to the net charge related to the enactment of the TCJA and the realization of tax benefits attributable to previous Phone business losses in fiscal year 2017.\n\nYear Ended June 30, | 2019 | 2018 | 2017 \n-------------------------------------------------------- | ------ | ------ | -------\nFederal statutory rate | 21.0% | 28.1% | 35.0% \nEffect of: | | | \nForeign earnings taxed at lower rates | (4.1)% | (7.8)% | (11.6)%\nImpact of the enactment of the TCJA | 0.4% | 37.7% | 0% \nPhone business losses | 0% | 0% | (5.7)% \nImpact of intangible property transfers | (5.9)% | 0% | 0% \nForeign-derived intangible income deduction | (1.4)% | 0% | 0% \nResearch and development credit | (1.1)% | (1.3)% | (0.9)% \nExcess tax benefits relating to stock-based compensation | (2.2)% | (2.5)% | (2.1)% \nInterest, net | 1.0% | 1.2% | 1.4% \nOther reconciling items, net | 2.5% | (0.8)% | (1.3)% \nEffective rate | 10.2% | 54.6% | 14.8% \n\nTax Rate\n between taxes U. S. federal\n decrease 2019 due to $2. 6 billion net income tax benefit intangible property transfers earnings taxed lower rates foreign jurisdictions Ireland Singapore Puerto Rico. increase 2018 due to net charge TCJA offset by earnings taxed lower rates foreign. decrease 2017 due to earnings taxed lower rates foreign jurisdictions. centers Ireland Singapore Puerto Rico taxed lower. generated 82% 87% 76% foreign income before tax 2019 2018 2017. items tax credits GILTI U. state income taxes. no significant other reconciling items.\n decrease effective tax rate 2019 due to net charge TCJA $2. 6 billion net income tax benefit fourth quarter intangible property transfers. increase 2018 due to net charge TCJA tax benefits previous business losses.\n Year Ended June 30 2019 2018 2017\n Federal statutory rate 21. 0% 28. 1% 35. 0%\nForeign earnings lower rates (4. (7. (11.\n TCJA. 37. 7%\n business losses (5.\n intangible property transfers (5.\n Foreign-derived intangible income deduction (1. 4)\n Research development credit (1.\n Excess tax benefits stock-based compensation (2. (2.\n 1.\n reconciling items 2. (1.\n 10. 2% 54. 6% 14." +} +{ + "_id": "d1b324906", + "title": "", + "text": "Stock-based compensation expense is included in the following captions of the consolidated statements of comprehensive income (loss) (in thousands): Stock-based compensation expense is included in the following captions of the consolidated statements of comprehensive income (loss) (in thousands):\nAs of February 28, 2019, there was $25.5 million of unrecognized stock-based compensation cost related to non-vested equity awards, which is expected to be recognized over a weighted-average remaining vesting period of 2.8 years.\n\n | | Year Ended February 28, | \n-------------------------- | ------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nCost of revenues | $723 | $653 | $374 \nResearch and development | 2,061 | 1,471 | 1,033 \nSelling and marketing | 2,863 | 2,314 | 1,655 \nGeneral and administrative | 5,382 | 4,860 | 4,771 \n | $11,029 | $9,298 | $7,833\n\nStock compensation expense\n February 28, 2019 $25. 5 million unrecognized stock-based compensation cost non-vested equity awards 2. 8 years.\n Ended February 28,\n 2018 2017\n revenues $723 $653 $374\n Research development 2,061 1,471 1,033\n Selling marketing 2,863 2,314 1,655\n General administrative 5,382 4,771\n $11,029 $9,298 $7,833" +} +{ + "_id": "d1a711510", + "title": "", + "text": "We utilized a comprehensive approach to evaluate and document the impact of the guidance on our current accounting policies and practices in order to identify material differences, if any, that would result from applying the new requirements to our revenue contracts. We did not identify any material differences resulting from applying the new requirements to our revenue contracts. In addition, we did not identify any significant changes to our business processes, systems, and controls to support recognition and disclosure requirements under the new guidance. We adopted the provisions of Topic 606 in fiscal 2019 utilizing the modified retrospective method. We recorded a $0.5 million cumulative effect adjustment, net of tax, to the opening balance of fiscal 2019 retained earnings, a decrease to receivables of $7.6 million, an increase to inventories of $2.8 million, an increase to prepaid expenses and other current assets of $6.9 million, an increase to other accrued liabilities of $1.4 million, and an increase to other noncurrent liabilities of $0.2 million. The adjustments primarily related to the timing of recognition of certain customer charges, trade promotional expenditures, and volume discounts.\nThe effect of the changes made to our Consolidated Balance Sheet as of May 26, 2019 for the adoption of Topic 606 was as follows:\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\nCurrent assets | As Reported | Adjustments | Balances without Adoption of Topic 606\n------------------------------------------------- | ----------- | ----------- | --------------------------------------\nReceivables, less allowance for doubtful accounts | $831.7 | $8.7 | $840.4 \nInventories . | 1,571.7 | (3.1) | 1,568.6 \nPrepaid expenses and other current assets | 93.8 | (16.6) | 77.2 \nCurrent liabilities | | | \nOther accrued liabilities | 691.6 | (1.1) | 690.5 \nOther noncurrent liabilities . | 1,951.8 | (2.5) | 1,949.3 \n\nutilized approach impact guidance accounting policies differences new requirements. differences. significant changes business processes systems controls recognition disclosure. adopted Topic 606 fiscal 2019 retrospective method. recorded $0. 5 million adjustment opening earnings decrease receivables $7. 6 million increase inventories $2. 8 million prepaid expenses current assets $6. 9 million accrued liabilities $1. 4 million noncurrent liabilities $0. 2 million. adjustments related timing customer charges trade promotional expenditures volume discounts.\n effect changes Consolidated Balance Sheet May 26, 2019 Topic 606\n Financial Statements Fiscal Years May 2019 2018 2017\n Current assets Adjustments Balances without Adoption Topic 606\n Receivables less allowance doubtful accounts $831.\n Inventories. 1,571.\n Prepaid expenses current assets.\n Current liabilities\n accrued liabilities 691. 690.\n noncurrent liabilities.1,951. 1,949." +} +{ + "_id": "d1b34f5a2", + "title": "", + "text": "The deferred income tax balance sheet accounts arise from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes.\nComponents of the deferred tax assets and liabilities at December 31 were as follows:\n[1] Upon adoption of ASC 842, deferred taxes associated with previously recognized deferred rent liabilities were reclassified into deferred taxes for ROU asset and lease liability.\nAs of December 31, 2019, the Company had approximately $19.0 of tax-effected U.S. federal net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2021 if not utilized. The majority of the U.S. federal net operating loss carryforwards are subject to limitation under the Internal Revenue Code of 1986, as amended (“IRC”) Section 382; however, the Company expects to utilize such losses in their entirety prior to expiration. The U.S. federal net operating loss carryforwards decreased from 2018 to 2019 primarily due to current year tilization. The Company has approximately $33.7 of tax-effected state net operating loss carryforwards (without regard to federal benefit of state). Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The state net operating loss carryforwards are primarily related to Florida and New Jersey, but the Company has smaller net operating losses in various other states. The Company has approximately $65.6 of tax-effected foreign net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The foreign net operating loss carryforwards increased from 2018 to 2019 primarily due to the recognition of a discrete tax benefit of $41.0 in connection with a foreign restructuring plan allowing the future realization of net operating losses. Additionally, the Company has $5.0 of U.S. federal and state research and develop- ment tax credit carryforwards (without regard to federal benefit of state). Some of these research and development credit carry- forwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized.\nAs of December 31, 2019, the Company determined that a total valuation allowance of $36.3 was necessary to reduce U.S. fed- eral and state deferred tax assets by $15.4 and foreign deferred tax assets by $20.9, where it was more likely than not that all of such deferred tax assets will not be realized. As of December 31, 2019, the Company believes it is more likely than not that the remaining net deferred tax assets will be realized based on the Company’s estimates of future taxable income and any applicable tax-planning strategies within various tax jurisdictions.\n\n | 2019 | 2018 \n----------------------------------------------------- | ----------- | -----------\nDeferred tax assets: | | \nReserves and accrued expenses | $ 175.2 | $ 156.5 \nInventories | 4.3 | 4.5 \nNet operating loss carryforwards | 111.2 | 67.9 \nR&D credits | 4.1 | 6.1 \nValuation allowance | (36.3) | (26.4) \nOutside basis difference on investments held for sale | — | 2.7 \nLease liability1 | 64.0 | — \nTotal deferred tax assets | $ 322.5 | $ 211.3 \nDeferred tax liabilities: | | \nReserves and accrued expenses | $ 15.5 | $ 14.3\nAmortizable intangible assets | 1,229.9 | 1,043.0 \nPlant and equipment | 10.8 | 6.6 \nAccrued tax on unremitted foreign earnings | 17.1 | 16.3 \nOutside basis difference on investments held for sale | — | 10.0 \nROU asset1 | 61.7 | — \nTotal deferred tax liabilities | $ 1,335.0 | $ 1,090.2 \n\ndeferred income tax accounts differences assets liabilities financial tax.\n deferred tax assets liabilities at December 31\n adoption ASC 842 deferred taxes rent reclassified ROU lease liability.\n December 31, 2019 Company had $19. 0 tax-effected U. S. federal net operating loss carryforwards. indefinite expire 2021 if not. majority. subject Internal Revenue Code of 1986 382 Company expects losses prior expiration. carryforwards decreased 2018 to 2019 due current year tilization. $33. 7 tax-effected state net operating loss carryforwards. indefinite expire 2020 if. related Florida New Jersey smaller losses other states. $65. 6 tax-effected foreign net operating loss carryforwards. indefinite expire 2020 if not. carryforwards increased 2018 to 2019 due tax benefit $41. 0 foreign restructuring plan. has $5. 0 of U. S.federal state research develop tax credit carryforwards. indefinite period expire 2020.\n December 2019 Company determined valuation allowance $36. reduce. fed state deferred tax assets $15. foreign deferred tax $20. realized. remaining deferred tax assets realized future taxable income tax-planning strategies.\n Deferred tax assets\n Reserves accrued expenses $ 175. $ 156.\n Inventories 4.\n Net operating loss carryforwards 111. 67.\n R&D credits.\n Valuation allowance (36. (26.\n difference investments sale 2.\n.\n Total deferred tax assets $ 322. 5 $ 211.\n Deferred tax liabilities\n Reserves accrued expenses $ 15. $ 14.\n Amortizable intangible assets 1,229. 1,043.\n Plant equipment.\n Accrued tax unremitted foreign earnings 17. 16.\n difference investments.\n 61.\ntax 1,335. 1,090." +} +{ + "_id": "d1b399d28", + "title": "", + "text": "Consolidated Financial Results\nOperating Expenses\nThe following table sets forth operating expenses by segment for the periods presented (in millions):\nThe increase in Operating Expenses was primarily driven by higher net personnel costs, technology-related costs and acquisition-related costs in our Software Solutions segment. The increase in our Data and Analytics segment primarily related to higher net personnel costs and higher data costs related to revenue growth. The decrease in Corporate and Other was primarily driven by lower incentive bonus expense.\n\n | Year ended December 31, | | Variance | \n------------------- | ----------------------- | ------ | -------- | ----\n | 2019 | 2018 | $ | % \nSoftware Solutions | $412.7 | $394.8 | $17.9 | 5% \nData and Analytics | 123.4 | 115.0 | 8.4 | 7% \nCorporate and Other | 109.9 | 115.6 | (5.7) | (5)%\nTotal | $646.0 | $625.4 | $20.6 | 3% \n\nFinancial Results\n Operating Expenses\n table operating expenses segment\n increase Operating Expenses driven higher personnel technology Software Solutions. increase Data Analytics personnel data costs revenue growth. decrease Corporate Other driven lower incentive bonus expense.\n December 31,\n Software Solutions $412. $394. $17. 5%\n Data Analytics 123. 115. 7%\n Corporate Other 109. 115. (5.\n Total $646. $625. $20. 3%" +} +{ + "_id": "d1b307338", + "title": "", + "text": "Equity Method We own 20.51%of GTE Mobilnet of Texas RSA #17 Limited Partnership (“RSA #17”), 16.67% of Pennsylvania RSA 6(I) Limited Partnership (“RSA 6(I)”) and 23.67% of Pennsylvania RSA 6(II) Limited Partnership (“RSA 6(II)”). RSA #17 provides cellular service to a limited rural area in Texas.\nRSA 6(I) and RSA 6(II) provide cellular service in and around our Pennsylvania service territory. Because we have significant influence over the operating and financial policies of these three entities, we account for the investments using the equity method. In connection with the adoption of ASC 606 by our equity method partnerships, the value of our combined partnership interests increased $1.8 million, which is reflected in the cumulative effect adjustment to retained earnings during the year ended December 31, 2018.\nIn 2019, 2018 and 2017, we received cash distributions from these partnerships totaling $19.0 million, $21.8 million and $17.2 million, respectively. The carrying value of the investments exceeds the underlying equity in net assets of the partnerships by $32.8 million as of December 31, 2019 and 2018.\nThe combined results of operations and financial position of our three equity investments in the cellular limited partnerships are summarized below:\n\n(In thousands) | 2019 | 2018 | 2017 \n----------------------- | --------- | --------- | ---------\nTotal revenues | $ 349,640 | $ 346,251 | $ 350,611\nIncome from operations | 100,182 | 100,571 | 104,973 \nNet income before taxes | 99,146 | 99,408 | 103,497 \nNet income | 99,146 | 99,408 | 103,497 \nCurrent assets | $ 80,655 | $ 75,040 | $ 78,782 \nNon-current assets | 156,672 | 103,996 | 95,959 \nCurrent liabilities | 33,292 | 24,719 | 22,472 \nNon-current liabilities | 92,477 | 51,840 | 51,463 \nPartnership equity | 111,558 | 102,478 | 100,806 \n\nown. GTE Mobilnet Texas RSA #17. 67% Pennsylvania RSA 6 23. 67% 6. #17 cellular service rural Texas.\n 6 Pennsylvania. influence financial policies account investments equity method. adoption ASC 606 interests increased $1. 8 million reflected cumulative earnings December 31, 2018.\n 2019 2017 cash distributions $19. million $21. 8 million $17. 2 million. value exceeds equity $32. 8 million December 31, 2019 2018.\n combined results three equity investments\n Total revenues $ 349,640 $ 346,251 350,611\n Income operations 100,182 100,571 104,973\n Net income taxes 99,146\n Current assets $ 80,655 $ 75,040 78,782\n Non-current assets 156,672 103,996 95,959\n Current liabilities 33,292 24,719\n92,477\n Partnership 111,558 102,478 100" +} +{ + "_id": "d1b36d020", + "title": "", + "text": "At December 31, 2019, the Company’s net operating losses and credit carryforwards are:\n(1) Excludes federal and state net operating losses of $60.2 million and $0.8 million, respectively, from prior acquisitions that the Company expects will expire unutilized\n(2) Excludes federal and state tax credits of $0.1 million and $8.3 million, respectively, that the Company expects will expire unutilized\nCarryforward losses and credits expire between 2020 and 2038, except for the 2019 federal net operating loss of $43.9 million and $1 million of state credits, which both have unlimited carryforward periods.\nThe Company’s India subsidiary is primarily located in Special Economic Zones (“SEZs”) and is entitled to a tax holiday in India. The tax holiday reduces or eliminates income tax in India. The tax holiday in the Hyderabad SEZ is scheduled to expire in 2024. The tax holiday in the Bangalore SEZ is scheduled to expire in 2022. For 2019, 2018 and 2017, the income tax holiday reduced the Company’s provision for income taxes by $1.9 million, $1.3 million, and $1 million, respectively.\n\n(in thousands) | Federal | State \n-------------------------------------------- | -------- | ------\nNet operating losses (1) | $120,722 | $3,337\nNet operating losses due to acquisitions (1) | $76,827 | $778 \nCredit carryforwards (2) | $8,202 | $1,958\nCredit carryforwards due to acquisitions | $640 | $227 \n\nDecember 31, 2019 losses carryforwards\n Excludes federal state losses $60. 2 million $0. 8 million acquisitions\n Excludes tax credits $0. 1 million $8. 3 million\n losses credits expire 2020 2038 2019 federal loss $43. 9 million $1 million state credits unlimited carryforward periods.\n India subsidiary Special Economic Zones tax holiday. reduces income tax. Hyderabad 2024. Bangalore 2022. 2019 2017 tax reduced taxes $1. 9 million $1. 3 million $1 million.\n operating losses $120,722 $3,337\n acquisitions $76,827 $778\n carryforwards $8,202 $1,958\n" +} +{ + "_id": "d1b30cb26", + "title": "", + "text": "Uncertain Tax Positions\nAs of December 31, 2019, 2018 and 2017, we had gross unrecognized tax benefits of $4.4 million, $4.2 million\nand $3.8 million, respectively. Accrued interest expense related to unrecognized tax benefits is recognized as part of\nour income tax provision in our consolidated statements of operations and is immaterial for the years ended\nDecember 31, 2019 and 2018. Our policy for classifying interest and penalties associated with unrecognized income\ntax benefits is to include such items in income tax expense.\nThe activity related to the unrecognized tax benefits is as follows (in thousands):\nThese amounts are related to certain deferred tax assets with a corresponding valuation allowance. As ofDecember 31, 2019, the total amount of unrecognized tax benefits, if recognized, that would affect the effective taxrate is $1.0 million. We do not anticipate a material change to our unrecognized tax benefits over the next twelvemonths. Unrecognized tax benefits may change during the next twelve months for items that arise in the ordinarycourse of business.\nWe are subject to taxation in the United States, various states, and several foreign jurisdictions. Because we havenet operating loss and credit carryforwards, there are open statutes of limitations in which federal, state and foreigntaxing authorities may examine our tax returns for all years from 2005 through the current period. We are notcurrently under examination by any taxing authorities.\n\n | Years Ended December 31, | | \n---------------------------------------------------------------- | ------------------------ | ------ | ------\n | 2019 | 2018 | 2017 \nGross unrecognized tax benefits —beginning balance | $4,191 | $3,782 | $3,360\nIncreases (decrease) related to tax positions from prior years | (280) | (266) | (151) \nIncreases related to tax positions taken during current year | 530 | 675 | 573 \nDecreases related to tax positions taken during the current year | — | — | — \nGross unrecognized tax benefits —ending balance | $4,441 | $4,191 | $3,782\n\nUncertain Tax Positions\n December 31, 2019 2018 2017 unrecognized tax benefits $4. 4 million $4. 2 million\n $3. 8 million. Accrued interest expense recognized\n income tax immaterial years\n December 2019 2018. policy interest penalties unrecognized\n benefits tax expense.\n activity unrecognized tax benefits\n deferred tax assets valuation allowance. 31, 2019 total tax benefits effective taxrate $1. 0 million. change tax benefits next twelvemonths. may change.\n subject taxation United States states foreign jurisdictions. open statutes of limitations federal authorities examine tax returns 2005. under examination.\n Years Ended December 31,\n 2019 2018 2017\n unrecognized tax benefits balance $4,191 $3,782 $3,360\n Increases tax positions prior years (280) (151)\n Increases 530 675 573\n Decreases\n$4,441 $4,191 $3,782" +} +{ + "_id": "d1b34159c", + "title": "", + "text": "On a worldwide basis, the Company's defined benefit pension plans were 88% funded as of January 31, 2019.\nAs of January 31, 2019, the aggregate accumulated benefit obligation was $85.1 million for the defined benefit pension plans compared to $139.5 million as of January 31, 2018. Included in the aggregate data in the following tables are the amounts applicable to the Company's defined benefit pension plans, with accumulated benefit obligations in excess of plan assets, as well as plans with projected benefit obligations in excess of plan assets. Amounts related to such plans at the end of each period were as follows: because their exercise prices are higher than the average market value of Autodesk’s stock during the fiscal year.\n\n | Fiscal Year Ended January 31, | \n-------------------------------------------------------------------- | ----------------------------- | ------\n | 2019 | 2018 \nPlans with accumulated benefit obligations in excess of plan assets: | | \nAccumulated benefit obligations | $75.6 | $130.7\nPlan assets | 70.0 | 112.1 \nPlans with projected benefit obligations in excess of plan assets: | | \nProjected benefit obligations | $91.6 | $158.1\nPlan assets | 80.8 | 121.1 \n\nworldwide Company's defined benefit pension plans 88% funded January 31, 2019.\n aggregate accumulated benefit obligation $85. 1 million compared $139. 5 million January 31, 2018. amounts Company's defined benefit pension plans accumulated obligations projected benefit obligations. Amounts exercise prices higher than average market value Autodesk’s stock fiscal year.\n Fiscal Year Ended January 31,\n Plans accumulated benefit obligations excess\n $75. $130.\n.\n projected benefit obligations\n $91. $158.\n. 121." +} +{ + "_id": "d1b396510", + "title": "", + "text": "16. INCOME TAXES\nThe provision for (benefit from) income taxes on income from continuing operations before income taxes consists of the following (in thousands):\n\n | 2019 | 2018 | 2017 \n-------------------------- | ------- | -------- | --------\nCurrently payable: | | | \nFederal | $1,995 | $1,163 | $5,617 \nState | 557 | 114 | 1,022 \nForeign | 13,448 | 107,487 | 116,022 \n | 16,000 | 108,764 | 122,661 \nDeferred and other: | | | \nFederal | (407) | 26,334 | 1,413 \nState | 516 | (489) | (153) \nForeign | (9,886) | (20,414) | (30,510)\n | (9,777) | 5,431 | (29,250)\nProvision for income taxes | $6,223 | $114,195 | $93,411 \n\n. INCOME TAXES\n provision\n 2018\n payable\n Federal $1,995 $1,163 $5,617\n State\n 13,448 107,487 116,022\n 16,000 108,764 122,661\n Deferred\n Federal 26,334 1,413\n State\n Foreign (9,886) (20,414) (30,510)\n (9,777 5,431 (29,250\n taxes $6,223 $114,195 $93,411" +} +{ + "_id": "d1b3118b0", + "title": "", + "text": "Option Exercises and Stock Vested\nThe table below sets forth information concerning the number of shares acquired on exercise of option awards and vesting of stock awards in 2019 and the value realized upon vesting by such officers.\n(1) Amounts realized from the vesting of stock awards are calculated by multiplying the number of shares that vested by the fair market value of a share of our common stock on the vesting date.\n\n | Option Awards | | Stock Awards | \n--------------- | ----------------------------------------- | ------------------------------ | ---------------------------------------- | -----------------------------\nName | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)\nJon Kirchner | — | — | 153,090 | 3,428,285 \nRobert Andersen | — | — | 24,500 | 578,806 \nPaul Davis | — | — | 20,500 | 482,680 \nMurali Dharan | — | — | 15,000 | 330,120 \nGeir Skaaden | — | — | 21,100 | 500,804 \n\nOption Exercises Stock Vested\n table shares acquired option awards vesting stock 2019 value realized vesting.\n Amounts vesting stock calculated shares fair market value common stock vesting date.\n Option Awards Stock Awards\n Shares Acquired Value Realized Vesting\n Jon Kirchner 153,090 3,428,285\n Robert Andersen 24,500 578,806\n Paul Davis 20,500 482,680\n Murali Dharan 15,000 330,120\n Geir Skaaden 21,100 500,804" +} +{ + "_id": "d1b3164f0", + "title": "", + "text": "A. Operating Results\nYEAR ENDED DECEMBER 31, 2019 COMPARED TO YEAR ENDED DECEMBER 31, 2018\nManagement believes that net voyage revenue, a non-GAAP financial measure, provides additional meaningful information because it enables us to compare the profitability of our vessels which are employed under bareboat charters, spot related time charters and spot charters. Net voyage revenues divided by the number of days on the charter provides the Time Charter Equivalent (TCE) Rate. Net voyage revenues and TCE rates are widely used by investors and analysts in the tanker shipping industry for comparing the financial performance of companies and for preparing industry averages. We believe that our method of calculating net voyage revenue is consistent with industry standards. The table below reconciles our net voyage revenues to voyage revenues.\n\n | | Years Ended December 31, | \n------------------------------------- | --------- | ---------------------------- | ---------\nAll figures in USD ‘000 | 2019 | 2018 | Variance \nVoyage Revenue | 317,220 | 289,016 | 9.8% \nVoyage Expenses | (141,770) | (165,012) | (14.1%) \nVessel Operating Expenses | (66,033) | (80,411) | (17.9%) \nImpairment Loss on Vessels | - | (2,168) | N/A \nImpairment Loss on Goodwill | - | - | N/A \nLoss from Disposal of Vessels | - | (6,619) | N/A \nGeneral and Administrative Expenses | (13,481) | (12,727) | 5.9% \nDepreciation Expenses | (63,965) | (60,695) | 5.4% \nNet Operating (Loss) Income | 31,971 | (38,616) | (182.8%) \nInterest Income | 298 | 334 | (10.8%) \nInterest Expenses | (38,390) | (34,549) | 11.1% \nOther Financial Expenses | (4,231) | (14,808) | (71.4%) \nEquity Loss from Associate | - | (7,667) | N/A \nNet (Loss) Income | (10,352) | (95,306) | (89.1%) \n\n. Operating Results\n ENDED 31, 2019 2018\n net voyage revenue non-GAAP profitability bareboat. revenues days) Rate. used investors analysts financial performance industry averages. consistent industry standards. table reconciles net voyage revenues.\n Years Ended December 31,\n figures USD 2019 2018\n Voyage Revenue 317,220 289,016 9. 8%\n Voyage Expenses (141,770) (165,012).\n Vessel Operating Expenses (66,033) (80,411) (17. 9%)\n Impairment Loss Vessels\n Goodwill\n Loss Disposal Vessels\n General Administrative Expenses (13,481) (12,727).\n Depreciation Expenses (63,965) (60,695.\n Net Operating (Loss) Income (38,616).\n Interest Income.\n Expenses (38,390 (34,549).\n Other Financial Expenses (4,231) (14,808. 4%\nEquity Loss\n Net Income (10,352),306)." +} +{ + "_id": "d1b3b9b78", + "title": "", + "text": "A reconciliation of the gross unrecognized tax benefit is as follows (in thousands):\nThe unrecognized tax benefits, if recognized, would not impact the Company's effective tax rate as the recognition of these tax benefits would be offset by changes in the Company's valuation allowance. The Company does not believe there will be any material changes in its unrecognized tax benefits over the next twelve months.\nAs of December 31, 2019 and 2018, the Company had no accrued interest or penalties related to uncertain tax positions. Due to the Company’s historical loss position, all tax years from inception through December 31, 2019 remain open due to unutilized net operating losses.\nThe Company files income tax returns in the United States and various states and foreign jurisdictions and is subject to examination by various taxing authorities including major jurisdiction like the United States. As such, all its net operating loss and research credit carryforwards that may be used in future years are subject to adjustment, if and when utilized.\nUtilization of the net operating loss carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before their utilization.\n\n | Year Ended December 31, | | \n------------------------------------------------------ | ----------------------- | ------ | ------\n | 2019 | 2018 | 2017 \nUnrecognized tax benefit - beginning balance | $8,217 | $7,527 | $6,447\nIncreases for tax positions taken in prior years — | — | — | 16 \nDecreases for tax positions taken in prior years — | __ | (242) | — \nIncreases for tax positions taken in current year 623 | 623 | 932 | 1,064 \nUnrecognized tax benefit - ending balance | $8,840 | $8,217 | $7,527\n\nreconciliation unrecognized tax benefit\n tax benefits impact Company tax rate offset changes valuation allowance. material changes tax benefits next twelve months.\n December 31, 2019 2018 no accrued interest penalties uncertain tax positions. loss tax years December 31, 2019 open due unutilized net operating losses.\n files income tax returns United States states foreign jurisdictions subject examination taxing authorities. net operating loss research credit carryforwards future subject adjustment.\n Utilization carryforwards credits annual limitation ownership change limitations Internal Revenue Code 1986. limitation expiration losses credits before utilization.\n Ended December 31,\n Unrecognized tax benefit beginning balance $8,217 $7,527\n Increases tax positions prior years\n Decreases\n Increases current year\n Unrecognized tax benefit ending balance $8,840 $8,217 $7,527" +} +{ + "_id": "d1b399e36", + "title": "", + "text": "DEPRECIATION AND AMORTIZATION\n1 See “Accounting Policies” for more information.\n1 See “Accounting Policies” for more information. Total depreciation and amortization increased this year primarily as a result of depreciation of right-of-use assets due to our adoption of IFRS 16 on January 1, 2019 and higher capital expenditures over the past several years. See “Capital Expenditures” for more information.\n\n(In millions of dollars) | Years ended December 31 | | \n------------------------------------------------------------------------ | ----------------------- | ----- | ----\n | 2019 | 2018 | %Chg\nDepreciation | 2,297 | 2,174 | 6 \nAmortization | 16 | 37 | (57)\nDepreciation and amortization before depreciation of right-of-use assets | 2,313 | 2,211 | 5 \nDepreciation of right-of-use assets 1 | 175 | - | n/m \nTotal depreciation and amortization | 2,488 | 2,211 | 13 \n\nDEPRECIATION AMORTIZATION\n.\n. depreciation amortization increased right-of-use assets IFRS 16 January 2019 higher capital expenditures.\n millions Years December 31\n 2018\n Depreciation 2,297 2,174 6\n Amortization 16 37\n Depreciation amortization before right-use assets 2,313 2,211 5\n Depreciation 175\n Total depreciation amortization 2,488 2,211 " +} +{ + "_id": "d1b391c4a", + "title": "", + "text": "Selling, General and Administrative\nSelling, general and administrative expense decreased $13.0 million to $88.8 million for the year ended December 31, 2019, as compared to $101.8 million for the year ended December 31, 2018. The decrease was primarily due to a decrease in intangible asset amortization of $8.9 million as certain assets reached the end of their useful lives, as well as decreases in payroll-related expense of $1.7 million due to lower headcount, professional fees of $1.3 million, outside services of $0.5 million, and travel-related expenses of $0.3 million.\nWe expect selling, general and administrative expenses to remain relatively flat in the near-term; however, our expenses may increase in the future as we expand our sales and marketing organization to enable market expansion.\n\n | Year Ended December 31, | | % Change\n----------------------------------- | ----------------------- | ---------------------- | --------\n | 2019 | 2018 | 2019 \n | | (dollars in thousands) | \nSelling, general and administrative | $88,762 | $101,789 | (13)% \n% of net revenue | 28% | 26% | \n\nSelling General Administrative\n expense decreased $13. million $88. million December 31, 2019 $101. million 2018. decrease due intangible asset amortization $8. million payroll-related expense $1. 7 million lower headcount professional fees $1. million outside services $0. 5 million travel-related expenses $0. million.\n expect expenses flat increase sales marketing market expansion.\n Year Ended December 31, %\n 2019\n Selling general administrative $88,762 $101,789\n net revenue 28%" +} +{ + "_id": "d1b303b70", + "title": "", + "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 6. Property, Equipment and Software\nProperty, equipment and software were as follows as of the dates indicated.\n\n | December 31, | \n----------------------------------------------- | ------------ | -------\n | 2019 | 2018 \nFurniture | $2,907 | $2,813 \nLeasehold improvements | 4,902 | 4,171 \nComputer hardware | 2,494 | 2,923 \nSoftware | 20,126 | 8,344 \nTotal property, equipment and software, at cost | 30,429 | 18,251 \nLess: accumulated depreciation | (5,701) | (5,462)\nLess: accumulated amortization | (6,419) | (2,557)\nTotal property, equipment and software, net | $18,309 | $10,232\n\nGreenSky. FINANCIAL STATEMENTS States Dollars share\n. Property Equipment Software\n.\n December 31,\n Furniture $2,907 $2,813\n Leasehold improvements 4,171\n Computer hardware 2,494\n Software 20,126 8,344\n property 30,429 18,251\n depreciation (5,462\n amortization (6,419) (2,557)\n $18,309 $10,232" +} +{ + "_id": "d1b2f4e5e", + "title": "", + "text": "Activity under our stock option plans is summarized as follows:\n(a) Weighted-average exercise price\n(b) Weighted-average contractual life remaining\nThe total aggregate intrinsic value of options exercised is $2,149, $1,724, and $1,944 for fiscal years ended March 31, 2017, 2018, and 2019, respectively.\n\n | Number of Shares | Average Price (a) | Average Life (years) (b) | Aggregate Intrinsic Value\n----------------------------- | ---------------- | ----------------- | ------------------------ | -------------------------\nOutstanding at March 31, 2018 | 1,894 | $12.90 | - | - \nOptions granted | - | - | - | - \nOptions exercised | (326) | 13.11 | - | $1,944 \nOptions cancelled/forfeited | (122) | 13.22 | - | 295 \nOutstanding at March 31, 2019 | 1,446 | $12.82 | 3.29 | $6,528 \nExercisable at March 31, 2019 | 1,347 | $12.70 | 3.08 | $6,253 \n\nstock option plans\n Weighted-average exercise price\n contractual life\n value options $2,149 $1,724 $1,944 fiscal years 2017 2018 2019.\n Shares Average Price Life Aggregate Intrinsic Value\n Outstanding March 31, 2018 1,894 $12.\n Options granted\n exercised. $1,944\n cancelled/forfeited.\n March 31, 2019 1,446 $12. $6,528\n March 31, 2019 1,347 $12. $6,253" +} +{ + "_id": "d1b39f174", + "title": "", + "text": "2.1 Segment information\nSegment information is based on the information that management uses to make decisions about operating matters and allows users to review operations through the eyes of management. We present our reportable segments and measure our segment results on continuing operations basis, i.e. the same basis as our internal management reporting structure.\nWe have four reportable segments which offer a service that includes comparison, purchase support and lead referrals across:\n• Health (private health insurance),\n• Life and General Insurance,\n• Energy and Telecommunications, and\n• Other, predominately offering financial service products including home loans in Australia and Asia.\nIn the current year, unallocated corporate costs include costs associated with the business restructure and other one-off transactions.\n1 Non-current assets other than financial instruments and deferred tax assets.\n\n | AUSTRALIA | ASIA | TOTAL \n------------------- | --------- | ------ | -------\n | $’000 | $’000 | $’000 \n30 June 2019 | | | \nRevenue | 149,295 | 4,864 | 154,159\nNon-current assets1 | 44,061 | 15,899 | 59,960 \n30 June 2018 | | | \nRevenue | 174,776 | 2,155 | 176,931\nNon-current assets1 | 49,235 | 15,245 | 64,480 \n\n. Segment information\n based management. present reportable segments measure results.\n four segments comparison purchase support lead referrals\n Health\n Life General Insurance\n Energy Telecommunications\n Other financial service products home loans Australia Asia.\n unallocated corporate costs business restructure one-off transactions.\n Non-current assets financial instruments deferred tax.\n AUSTRALIA ASIA\n 30 June 2019\n Revenue 149,295 4,864 154,159\n Non-current 44,061 15,899 59,960\n 30 June 2018\n Revenue 174,776 2,155 176,931\n-current 49,235 15,245 64,480" +} +{ + "_id": "d1b3be13c", + "title": "", + "text": "Certain information regarding our initial distribution rights to films initially released in the three fiscal years 2019, 2018 and 2017 is set forth below:\nWe distribute content in over 50 countries through our own offices located in key strategic locations across the globe. In response to Indian cinemas’ continued growth in popularity across the world, especially in non-English speaking markets, including Germany, Poland, Russia, Southeast Asia and Arabic speaking countries, we offer dubbed and/or subtitled content in over 25 different languages.\nIn addition to our internal distribution resources, our global distribution network includes relationships with distribution partners, sub-distributors, producers, directors and prominent figures within the Indian film industry and distribution arena.\n\n | | Year ended March 31, | \n-------------------------------------- | ---- | -------------------- | ----\n | 2019 | 2018 | 2017\nGlobal (India and International) | | | \nHindi films | 7 | 10 | 8 \nRegional films (excluding Tamil films) | 49 | 3 | 12 \nTamil films | 3 | 1 | 3 \nInternational Only | | | \nHindi films | 7 | 1 | 3 \nRegional films (excluding Tamil films) | — | — | — \nTamil films | — | — | 12 \nIndia Only | | | \nHindi films | 1 | 3 | 1 \nRegional films (excluding Tamil films) | 5 | 6 | 5 \nTamil films | — | 0 | 1 \nTotal | 72 | 24 | 45 \n\ninformation initial distribution rights films 2019 2018 2017\n distribute content 50 countries offices. Indian cinemas’ growth popularity non-English markets offer dubbed subtitled content 25 languages.\n global distribution network includes relationships partners sub-distributors producers directors prominent figures Indian film industry distribution.\n Year ended March 31,\n 2019 2018 2017\n Global (India International)\n Hindi films\n Regional films (excluding Tamil films 49 12\n Tamil films\n International\n Hindi films\n Regional films (excluding Tamil films\n India Only\n Hindi films\n Regional films (excluding Tamil films 6\n Tamil films\n Total 72 24" +} +{ + "_id": "d1b352572", + "title": "", + "text": "Sales and marketing expenses consist primarily of personnel expenses and costs associated with advertising, marketing events and trade shows.\nSales and marketing expenses decreased by $11.1 million during the year ended June 30, 2019 as compared to the prior fiscal year. This was primarily due to (i) a decrease in commissions expense of $6.6 million, of which approximately $8.9 million is the net result of the Company capitalizing more commission expense under Topic 606, whereas previously, under Topic 605, such costs would have been expensed as incurred, (ii) a decrease in marketing expenses of $5.7 million and (iii) a decrease in travel and communication expenses of $1.1 million. These were partially offset by (i) an increase in bad debt expense of $3.5 million as certain low dollar receivables were provided for entirely as they became aged greater than one year. Overall, our sales and marketing expenses, as a percentage of total revenues, decreased to approximately 18% from approximately 19% in the prior fiscal year.\nOur sales and marketing labour resources increased by 103 employees, from 1,948 employees at June 30, 2018 to 2,051 employees at June 30, 2019.\n\nincrease (decrease) | Change between Fiscal increase (decrease) | \n-------------------------------------------- | ----------------------------------------- | -------------\n(In thousands) | 2019 and 2018 | 2018 and 2017\nPayroll and payroll-related benefits | $(48) | $48,717 \nCommissions | (6,588) | 16,993 \nContract labour and consulting | (871) | 609 \nShare-based compensation | (752) | (454) \nTravel and communication | (1,113) | 271 \nMarketing expenses | (5,742) | 3,880 \nFacilities | 808 | 8,373 \nBad debt expense | 3,519 | 4,013 \nOther miscellaneous | (319) | 2,285 \nTotal change in sales and marketing expenses | $(11,106) | $84,687 \n\nSales marketing expenses personnel advertising events trade shows.\n decreased $11. 1 million June 30, 2019 prior. due to decrease commissions $6. 6 million $8. 9 million capitalizing commission expense under Topic 606 decrease marketing $5. 7 million travel communication $1. 1 million. offset by increase bad debt $3. 5 million low dollar receivables. sales marketing expenses decreased 18% from 19% prior fiscal year.\n labour resources increased 103 employees from 1,948 2018 to 2,051 June 2019.\n Payroll benefits $48,717\n Commissions (6,588) 16,993\n Contract labour consulting\n Share-based compensation\n Travel communication (1,113\n Marketing expenses (5,742 3,880\n Facilities 8,373\n Bad debt\n Other miscellaneous\n Total change expenses $,106 $84,687" +} +{ + "_id": "d1b2e766e", + "title": "", + "text": "17. Income Taxes\nIncome before income taxes for the Company’s domestic and foreign operations was as follows:\n\n | | Years Ended June 30, | \n-------------------------- | ------ | -------------------- | -----\n($ in millions) | 2019 | 2018 | 2017 \nDomestic | $204.2 | $140.3 | $56.0\nForeign | 11.8 | 19.9 | 14.2 \nIncome before income taxes | $216.0 | $160.2 | $70.2\n\n. Income\n domestic foreign operations\n Years Ended June 30\n$ millions 2019 2018\n Domestic $204. $140. $56.\n Foreign 11. 19. 14.\n before taxes $216. $160. $70." +} +{ + "_id": "d1b32ce30", + "title": "", + "text": "7. Employee numbers and costs\nThe average monthly number of employees (including Executive Directors but excluding third-party contractors) employed by the Group was as follows:\n\n | 2019 | 2018 \n---------------------- | ------ | ------\n | Number | Number\nCustomer operations | 370 | 380 \nProduct and technology | 317 | 312 \nCorporate | 115 | 130 \nTotal | 802 | 822 \n\n. Employee numbers costs\n average monthly Directors contractors Group\n 2019\n Customer operations 370 380\n Product technology 317 312\n Corporate 115 130\n 802 822" +} +{ + "_id": "d1a713428", + "title": "", + "text": "5. Balance Sheet Components\nDeferred Revenue\nDeferred revenue relates to performance obligations for which payments have been received by the customer prior to revenue recognition. Deferred revenue primarily consists of deferred software, or amounts allocated to mobile dashboard and on-line apps and unspecified upgrade rights. Deferred revenue also includes deferred subscription-based services. The deferred software and deferred subscription-based service performance obligations are anticipated to be recognized over the useful life or service periods of one to eighteen months.\nChanges in the total short-term and long-term deferred revenue balance were as follows (in thousands):\n\n | | December 31, | \n------------------------------- | -------- | ------------ | --------\n | 2019 | 2018 | 2017 \nBeginning balances | $36,836 | $42,432 | $49,904 \nDeferral of revenue | 45,040 | 40,003 | 46,193 \nRecognition of deferred revenue | (41,034) | (45,599) | (53,665)\nEnding balances | $40,842 | $36,836 | $42,432 \n\n. Balance Sheet\n Deferred Revenue\n obligations received. software mobile dashboard-line apps upgrade rights. subscription services. one to eighteen months.\n Changes short long-term deferred revenue balance\n 2019 2018 2017\n Beginning balances $36,836 $42,432 $49,904\n Deferral revenue 45,040 40,003 46,193\n Recognition deferred revenue (41,034) (45,599) (53,665)\n Ending balances $40,842 $36,836 $42,432" +} +{ + "_id": "d1b3a62ee", + "title": "", + "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data)\nNOTE 8: INTANGIBLE ASSETS/LIABILITIES OTHER THAN GOODWILL\nNet Book Value of Intangible Assets other than Goodwill as at December 31, 2018\n(**) During the year ended December 31, 2018, acquisition costs of $1,150 of favorable lease terms were capitalized as part of the cost of one vessel due to the exercise of the purchase option (See also Note 2(n)). As of December 31, 2018, intangible assets associated with the favorable lease terms included an amount of $31,342 associated with the favorable lease terms of certain charter out contracts of Navios Containers which were recognized as of November 30, 2018 (see Note 3). During the year ended December 31, 2017, acquisition costs of $10,398 and accumulated amortization of $7,001 of favorable lease terms were considered impaired and were written off resulting in a loss of $3,397 included in the statement of comprehensive (loss)/income within the caption of “Impairment loss/ loss on sale of vessels, net”.\n\n | Acquisition Cost | Accumulated Amortization | Transfer/ Write off | Net Book Value December 31, 2018\n------------------------------ | ---------------- | ------------------------ | ------------------- | --------------------------------\nTrade name | $100,420 | $(47,966) | $— | $52,454 \nPort terminal operating rights | 53,152 | (11,838) | — | 41,314 \nCustomer relationships | 35,490 | (19,520) | — | 15,970 \nFavorable lease terms(**) | 32,492 | (2,143) | (1,150) | 29,199 \nTotal Intangible assets | $221,554 | $(81,467) | $(1,150) | $138,937 \n\nNAVIOS MARITIME HOLDINGS. FINANCIAL STATEMENTS U. S. dollars except share data\n NOTE 8 INTANGIBLE ASSETS/LIABILITIES GOODWILL\n Net Value Assets December 31, 2018\n acquisition costs $1,150 lease vessel purchase option. intangible assets lease terms $31,342 charter contracts Navios Containers recognized November 30, 2018. December 31, 2017 acquisition costs $10,398 amortization $7,001 loss $3,397 loss sale vessels.\n Acquisition Cost Accumulated Amortization Transfer Write off Net Book Value December 31, 2018\n Trade name $100,420 $(47,966) $52,454\n Port terminal operating rights 53,152\n Customer relationships 35,490\n Favorable lease terms 32,492 (2\n Intangible assets $221,554 $138,937" +} +{ + "_id": "d1b3611a8", + "title": "", + "text": "Dividends and Share Repurchases\nFollowing is a summary of the dividends and share repurchases for the fiscal years ended August 31, 2019, 2018, 2017 and 2016 (in thousands):\n(1) The difference between dividends declared and dividends paid is due to dividend equivalents for unvested restricted stock units that are paid at the time the awards vest.\n(2) Excludes commissions.\nWe currently expect to continue to declare and pay regular quarterly dividends of an amount similar to our past declarations. However, the declaration and payment of future dividends are discretionary and will be subject to determination by our Board each quarter following its review of our financial performance.\nIn June 2018, the Board authorized the repurchase of up to $350.0 million of our common stock. As of August 31, 2019, the total amount authorized by the Board of Directors had been repurchased.\nIn September 2019, the Board authorized the repurchase of up to $600.0 million of our common stock as part of a two-year capital allocation framework. From September 24, 2019 through October 14, 2019, we repurchased 874,475 shares, utilizing a total of $30.8 million of the $600.0 million authorized by the Board.\n\n | Dividends Paid(1) | Share Repurchases(2) | Total \n---------------- | ----------------- | -------------------- | ----------\nFiscal year 2016 | $62,436 | $148,185 | $210,621 \nFiscal year 2017 | $59,959 | $306,397 | $366,356 \nFiscal year 2018 | $57,833 | $450,000 | $507,833 \nFiscal year 2019 | $52,004 | $350,000 | $402,004 \nTotal | $232,232 | $1,254,582 | $1,486,814\n\nDividends Share Repurchases\n summary fiscal years 2019 2018 2017 2016\n difference declared paid due unvested stock units.\n Excludes commissions.\n quarterly dividends. future dividends discretionary Board.\n June 2018 Board authorized repurchase $350. million common stock. August 31, 2019 repurchased.\n September 2019 repurchase $600. million two-year capital allocation. September 24 October 14 repurchased 874,475 shares $30. 8 million $600. million.\n Dividends Share Repurchases(2)\n 2016 $62,436 $148,185 $210,621\n 2017 $59,959 $306,397 $366,356\n 2018 $57,833 $450,000 $507,833\n 2019 $52,004 $350,000 $402,004\n $232,232 $1,254,582 $1,486,814" +} +{ + "_id": "d1b39a926", + "title": "", + "text": "Stock-Based Compensation\nThe Company recognizes stock-based compensation expense in the consolidated statements of operations, based on the department to which the related employee reports, as follows: The Company recognizes stock-based compensation expense in the consolidated statements of operations, based on the department to which the related employee reports, as follows:\nThe total unrecognized compensation cost related to performance-based restricted stock units as of December 31, 2019 was $3.6 million, and the weighted average period over which these equity awards are expected to vest is 1.6 years. The total unrecognized compensation cost related to unvested stock options as of December 31, 2019 was $2.0 million, and the weighted average period over which these equity awards are expected to vest is 2.30 years.\n\n | | Years Ended December 31, | \n----------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nCost of net revenue | $577 | $489 | $332 \nResearch and development | 16,545 | 17,953 | 16,190 \nSelling, general and administrative | 14,938 | 13,279 | 11,016 \nRestructuring expense | — | — | 5,130 \n | $32,060 | $31,721 | $32,668\n\nStock-Based Compensation\n Company recognizes statements\n total unrecognized compensation cost performance-based restricted stock units December 31, 2019 $3. 6 million 1. 6 years. compensation cost unvested stock options $2. 0 million 2. 30 years.\n Years Ended December 31,\n 2019 2018 2017\n thousands\n net revenue $577 $489 $332\n Research development 16,545 17,953 16,190\n Selling general administrative 14,938 13,279 11,016\n Restructuring expense 5,130\n $32,060 $31,721 $32,668" +} +{ + "_id": "d1b3ab168", + "title": "", + "text": "A reconciliation of the beginning and ending amounts of unrecognized tax benefits (without related interest expense) is as follows (in thousands):\nOur effective income tax rates were 9.5%, (84.0)% and 9.3% for the years ended December 31, 2019, 2018 and 2017, respectively. Our effective tax rates were below the statutory rate primarily due to the tax windfall benefits from employee stockbased payment transactions, foreign derived intangible income deductions and research and development tax credits claimed, partially offset by the impact of non-deductible meal and entertainment expenses and state taxes.\nWe recognize a valuation allowance if, based on the weight of available evidence, both positive and negative, it is more likely than not that some portion, or all, of net deferred tax assets will not be realized. Due to the uncertainty of realization of  and development tax credits totaling $0.3 million, we established a valuation allowance of $0.3 million during the second quarter of 2019, which remained at $0.3 million as of December 31, 2019. As of December 31, 2018, based on our historical and expected future taxable earnings, we believed it was more likely than not that we would realize all of the benefit of the existing deferred tax assets. Accordingly, we did not record a valuation allowance as of December 31, 2018.\nWe apply guidance for uncertainty in income taxes that requires the application of a more likely than not threshold to the recognition and de-recognition of uncertain tax positions. If the recognition threshold is met, this guidance permits us to recognize a tax benefit measured at the largest amount of the tax benefit that, in our judgment, is more likely than not to be realized upon settlement. We recorded unrecognized tax benefits of $0.6 million, $0.8 million and $1.0 million for research and development tax credits claimed during the years ended December 31, 2019, 2018 and 2017, respectively.\nAs of December 31, 2019 and 2018, we accrued $0.2 million and $0.1 million of total interest related to unrecognized tax benefits, respectively. We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense.\nWe are not aware of any events that make it reasonably possible that there would be a significant change in our unrecognized tax benefits over the next twelve months. Our cumulative liability for uncertain tax positions was $3.1 million and $2.8 million as of December 31, 2019 and 2018, respectively, and if recognized, would reduce our income tax expense and the effective tax rate.\nWe file income tax returns in the United States and Canada. We are no longer subject to U.S. income tax examinations for years prior to 2016, with the exception that operating loss carryforwards generated prior to 2016 may be subject to tax audit adjustment. We are generally no longer subject to state and local income tax examinations by tax authorities for years prior to 2016.\nAs of December 31, 2019, we had federal net operating loss carryforwards of $4.9 million, which are scheduled to begin to expire in 2030. As of December 31, 2019, we had state net operating loss carryforwards of $1.7 million, which are scheduled to begin to expire in 2027. As of December 31, 2019, we had federal research and development tax credit carryforwards of $5.2 million, which are scheduled to begin to expire in 2038. As of December 31, 2019, we had state research and development tax credit carryforwards of $4.3 million, which are scheduled to begin to expire in 2021. The federal net operating loss carryforward arose in connection with the 2013 acquisition of EnergyHub. Utilization of net operating loss carryforwards may be subject to annual limitations due to ownership change limitations as provided by the Internal Revenue Code of 1986, as amended.\n\n | | Year Ended December 31, | \n----------------------------------------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nBeginning balance | $2,801 | $1,973 | $681 \nAdditions based on tax positions of the current year | 718 | 857 | 718 \nAdditions based on tax positions of prior year | 18 | 147 | 373 \nDecreases based on tax positions of prior year | (253) | — | — \nAdditions resulting from acquisitions | — | — | 277 \nDecreases due to lapse of applicable statute of limitations | (219) | (176) | (76) \nEnding balance | $3,065 | $2,801 | $1,973\n\nreconciliation unrecognized tax benefits interest\n effective income tax rates 9. 5%.% 9. 3% December 31, 2019 2018 2017. below statutory rate due tax windfall benefits employee payment transactions income deductions research development tax credits offset non meal entertainment expenses state taxes.\n recognize valuation allowance if deferred tax assets realized. uncertainty tax credits $0. 3 million established valuation allowance $0. 3 million second quarter 2019 remained. December 31, 2019. likely all deferred tax assets. record valuation allowance December 31,.\n guidance uncertainty more likely than not threshold uncertain tax positions. tax benefit likely settlement. recorded unrecognized tax benefits $0. 6 million. 8 million $1. 0 million for research development tax credits December 31, 2019 2018 2017.\n accrued $0. 2 million $0. 1 million interest related to unrecognized tax benefits. recognize interest penalties benefits income tax expense.\naware events change unrecognized tax benefits next twelve months. cumulative liability uncertain tax positions $3. 1 million $2. 8 million December 31, 2019 2018 if recognized reduce income tax expense effective tax rate.\n file tax returns United States Canada. no longer subject U. S. income tax examinations 2016, operating loss carryforwards 2016 subject adjustment. subject state local income tax examinations 2016.\n federal operating loss carryforwards $4. 9 million 2030. state loss carryforwards $1. 7 million 2027. federal research development tax credit carryforwards $5. 2 million 2038. state carryforwards $4. 3 million 2021. federal net operating loss carryforward arose 2013 acquisition EnergyHub. subject limitations Internal Revenue Code 1986.\n Ended December 31,\n Beginning balance $2,801 $1,973 $681\n Additions positions 718\n 18 147\n Decreases (253)\nAdditions acquisitions\n Decreases statute (219)\n Ending balance $3,065 $2,801 $1,973" +} +{ + "_id": "d1b37629c", + "title": "", + "text": "Note 3 – Net Income per Share\nReconciliation of net income per common share:\n\n | | Fiscal Year Ended | \n----------------------------------------------------------- | ------------------ | ------------------ | -----------------\n | December 27, 2019 | December 28, 2018 | December 29, 2017\nNumerator: | | | \nNet income | $24,193 | $20,402 | $14,366 \nAdd effect of dilutive securities | | | \nInterest on convertible notes, net of tax | 207 | 362 | 536 \nAdjusted net income | $24,400 | $20,764 | $14,902 \nDenominator: | | | \nWeighted average basic common shares outstanding | 29,532,342 | 28,703,265 | 26,118,482 \nDilutive effect of stock options and unvested common shares | 211,050 | 270,520 | 68,670 \nDilutive effect of convertible notes | 329,946 | 705,134 | 1,237,374 \nWeighted average diluted common shares outstanding | 30,073,338 | 29,678,919 | 27,424,526 \n\nIncome\n Fiscal Year\n December 27, 2019 28,\n income $24,193 $20,402 $14,366\n dilutive securities\n Interest convertible notes\n Adjusted income $24,400 $20,764 $14,902\n common shares 29,532,342 28,703,265 26,118,482\n stock options common shares 211,050 270,520\n convertible notes 329,946 705,134 1,237\n common shares 30,073,338 29,678,919 27,424,526" +} +{ + "_id": "d1b2e373a", + "title": "", + "text": "NOTE 14 – EARNINGS (LOSS) PER SHARE\nBasic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period plus the dilutive effect of outstanding stock options and restricted stock-based awards using the treasury stock method. The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts):\nAll outstanding stock options and restricted stock-based awards in the amount of 1.0 million and 1.2 million, respectively, were excluded from the computation of diluted earnings per share for the fiscal year ended February 28, 2017 because the effect of inclusion would be antidilutive. Shares subject to anti-dilutive stock options and restricted stock-based awards of 1.9 million and 0.2 million for the fiscal years ended February 28, 2019 and 2018, respectively, were excluded from the calculations of diluted earnings per share for the years then ended.\nWe have the option to pay cash, issue shares of common stock or any combination thereof for the aggregate amount due upon conversion of the Notes. It is our intent to settle the principal amount of the convertible senior notes with cash, and therefore, we use the treasury stock method for calculating any potential dilutive effect of the conversion option on diluted net income (loss) per share. From the time of the issuance of the Notes, the average market price of our common stock has been less than the initial conversion price of the Notes, and consequently no shares have been included in diluted earnings per share for the conversion value of the Notes.\n\n | | Year Ended February 28, | \n-------------------------------------------------------------- | ------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nNet income (loss) | $18,398 | $16,617 | $(7,904)\nBasic weighted average number of common shares outstanding | 34,589 | 35,250 | 35,917 \nEffect of stock options and restricted stock units computed on | | | \ntreasury stock method | 705 | 889 | - \nDiluted weighted average number of common shares outstanding | 35,294 | 36,139 | 35,917 \nEarnings (loss) per share: | | | \nBasic | $0.53 | $0.47 | $(0.22) \nDiluted | $0.52 | $0.46 | $(0.22) \n\n(LOSS) PER SHARE\n Basic computed net income average shares. Diluted earnings income dilutive effect stock options restricted awards treasury stock method. table basic diluted earnings\n stock options restricted awards 1. 0 million 1. 2 million excluded diluted earnings fiscal year February 28, 2017 antidilutive. anti-dilutive stock options awards 1. 9 million 0. 2 million years February 28, 2019 2018 excluded diluted earnings.\n option pay cash issue shares common stock conversion Notes. settle cash treasury stock method dilutive effect conversion diluted net income. average market price common stock less than initial conversion price no shares included in diluted earnings per share conversion value.\n Ended February 28,\n 2019 2018 2017\n Net income (loss) $18,398 $16,617 $(7,904)\n average common shares outstanding 34,589 35,250 35,917\nstock options restricted stock units\n treasury stock method 705 889\n common shares 35,294 36,139 35,917\n Earnings per share\n. 53. 47. 22\n. 52. 46." +} +{ + "_id": "d1b337f7e", + "title": "", + "text": "NOTE 9. GOODWILL AND INTANGIBLES\nA summary of goodwill activity follows (in thousands).\n\nYear Ended December 31 | | \n----------------------------- | ------------- | -------------\n | 2019 | 2018 \nGoodwill, beginning of period | $ 3,178 | $ -\nGolden Ridge acquisition | - | 3,178 \nMGI acquistion | 737 | - \nGoodwill, end of period | $3,915 | $3,178 \n\nNOTE 9. GOODWILL\n summary goodwill activity thousands.\n Ended December 31\n $ 3,178\n Golden Ridge acquisition\n MGI acquistion\n period $3,915 $3,178" +} +{ + "_id": "d1b3a0eb6", + "title": "", + "text": "9. Pensions continued\nDefined benefit plans continued\niii) Amount, timing and uncertainty of future cash flows continued\nThe liability has the following duration and maturity:\n\n | 2019 | 2018 \n------------------------------------------------------------------------ | ----- | -----\nWeighted average duration of the defined benefit obligation (years) | 14 | 15 \nMaturity analysis of benefit payments (non-discounted amounts) $ million | | \nMaturity ≤ 1 year | 10.8 | 10.4 \nMaturity > 1 ≤ 5 years | 45.6 | 43.2 \nMaturity > 5 ≤ 10 years | 61.7 | 119.0\nMaturity > 10 ≤ 20 years | 114.3 | 103.0\nMaturity > 20 ≤ 30 years | 81.7 | 68.0 \nMaturity > 30 years | 63.0 | 42.9 \n\n. Pensions\n benefit plans\n Amount timing uncertainty future cash flows\n liability duration maturity\n 2018\n average duration benefit obligation 14\n Maturity benefit payments $ million\n 1 year 10.\n 5 years 45. 43.\n 5 10 years 61. 119.\n 20 years 114. 103.\n 20 30 years 81. 68.\n 30 63." +} +{ + "_id": "d1b3136e2", + "title": "", + "text": "FRT Term Loan\nOn October 25, 2019, we entered into a $23.4 million three-year credit facility loan agreement (the \"FRT Term Loan\") with HSBC Trinkaus & Burkhardt AG, Germany, to fund the acquisition of FRT GmbH, which we acquired on October 9, 2019. See Note 4 for further details of the acquisition.\nThe FRT Term Loan bears interest at a rate equal to the Euro Interbank Offered Rate (\"EURIBOR\") plus 1.75 % per annum and will be repaid in quarterly installments of approximately $1.9 million plus interest beginning January 25, 2020.\nThe obligations under the FRT Term Loan are fully and unconditionally guaranteed by FormFactor, Inc.\nThe Credit Facility contains negative covenants customary for financing of this type, including covenants that place limitations on the incurrence of additional indebtedness, the creation of liens, the payment of dividends; dispositions; fundamental changes, including mergers and acquisitions; loans and investments; sale leasebacks; negative pledges; transactions with affiliates; changes in fiscal year; sanctions and anti-bribery laws and regulations, and modifications to charter documents in a manner materially adverse to the Lenders.\nThe FRT Term Loan also contains affirmative covenants and representations and warranties customary for financing of this type.\nFuture principal and interest payments on our term loans as of December 28, 2019, based on the interest rate in effect at that date were as follows (in thousands):\n(1) Represents our minimum interest payment commitments at 1.35% per annum for the FRT Term Loan and 3.71% per annum for the CMI Term Loan.\n\n | | Payments Due In Fiscal Year | | \n--------------------------------- | ------- | --------------------------- | ------ | -------\n | 2020 | 2021 | 2022 | Total \nTerm loans - principal payments | $42,838 | $7,838 | $7,838 | $58,514\nTerm loans - interest payments(1) | 777 | 155 | 47 | 979 \nTotal | $43,615 | $7,993 | $7,885 | $59,493\n\nFRT Term Loan\n October 25, 2019 $23. 4 million three-year agreement HSBC Trinkaus Burkhardt acquisition FRT GmbH acquired October 9, 2019. Note 4 details.\n interest equal Euro Interbank Offered Rate (\"EURIBOR\") plus 1. 75 % per annum repaid installments $1. 9 million interest January 25, 2020.\n obligations guaranteed FormFactor.\n Credit Facility contains negative covenants indebtedness liens dividends dispositions mergers loans investments leasebacks negative pledges transactions fiscal year sanctions anti-bribery laws modifications charter.\n affirmative covenants warranties.\n Future principal interest payments loans December 28, 2019\n 1. 35% per annum FRT Term Loan 3. 71% per annum CMI Term Loan.\n Payments Due Fiscal Year\n principal payments $42,838 $7,838 $58,514\n interest\n$43,615 $7,993,493" +} +{ + "_id": "d1b37f0ae", + "title": "", + "text": "Revenues, Cost of Revenues and Gross Margin by Product Type\n1) License: Our license revenue can be broadly categorized as perpetual licenses, term licenses and subscription licenses, all of which are deployed on the customer’s premises (on-premise). Our license revenues are impacted by the strength of general economic and industry conditions, the competitive strength of our software products, and our acquisitions. Cost of license revenues consists primarily of royalties payable to third parties.\nLicense revenues decreased by $9.4 million or 2.2% during the year ended June 30, 2019 as compared to the prior fiscal year; up 0.4% after factoring the impact of $11.2 million of foreign exchange rate changes. Geographically, the overall change was attributable to an increase in Americas of $8.2 million, offset by a decrease in Asia Pacific of $10.6 million and a decrease in EMEA of $7.0 million.\nDuring Fiscal 2019, we closed 153 license deals greater than $0.5 million, of which 49 deals were greater than $1.0 million, contributing approximately $144.1 million of license revenues. This was compared to 140 deals greater than $0.5 million during Fiscal 2018, of which 58 deals were greater than $1.0 million, contributing $152.2 million of license revenues.\nCost of license revenues increased by $0.7 million during the year ended June 30, 2019 as compared to the prior fiscal year. The gross margin percentage on license revenues remained at approximately 97%.\nFor illustrative purposes only, had we accounted for revenues under proforma Topic 605, license revenues would have been $390.4 million for the year ended June 30, 2019, which would have been lower by approximately $47.1 million or 10.8% as compared to the prior fiscal year; and would have been lower by 8.4% after factoring the impact of $10.4 million of foreign exchange rate changes. Geographically, the overall change would have been attributable to a decrease in Americas of $17.7 million, a decrease in EMEA of $15.7 million and a decrease in Asia Pacific of $13.7 million.\nThe $37.7 million difference between license revenues recognized under Topic 606 and those proforma Topic 605 license revenues described above is the result of timing differences, where under Topic 605, revenues would have been deferred and recognized over time, but under Topic 606 these revenues are recognized up front. For more details, see note 3 \"Revenues\" to our Consolidated Financial Statements.\n\n | | | Year Ended June 30, | | \n--------------------------------- | -------- | --------------------------- | ------------------- | -------------------------- | --------\n(In thousands) | 2019 | Change increase (decrease)) | 2018 | Change increase (decrease) | 2017 \nLicense Revenues: | | | | | \nAmericas | $215,871 | $8,216 | $207,655 | $29,257 | $178,398\nEMEA | 163,622 | (7,009) | 170,631 | 23,788 | 146,843 \nAsia Pacific | 48,599 | (10,627) | 59,226 | 15,323 | 43,903 \nTotal License Revenues | 428,092 | (9,420) | 437,512 | 68,368 | 369,144 \nCost of License Revenues | 14,347 | 654 | 13,693 | 61 | 13,632 \nGAAP-based License Gross Profit | $413,745 | $(10,074) | $423,819 | $68,307 | $355,512\nGAAP-based License Gross Margin % | 96.6% | | 96.9% | | 96.3% \n% License Revenues by Geography: | | | | | \nAmericas | 50.4% | | 47.5% | | 48.3% \nEMEA | 38.2% | | 39.0% | | 39.8% \nAsia Pacific | 11.4% | | 13.5% | | 11.9% \n\nRevenues Cost Gross Margin Product Type\n License perpetual term subscription deployed customer’s premises. impacted economic industry conditions software acquisitions. royalties third.\n revenues decreased $9. 4 million 2. 2% June 30 2019 up. 4% $11. 2 million foreign exchange rate changes. increase Americas $8. 2 million decrease Asia Pacific $10. 6 million decrease EMEA $7. 0 million.\n 2019 153 license deals greater $0. 5 million 49 $1. 0 million $144. 1 million. 140 $0. 5 million 2018 58 $1. 0 million $152. 2 million.\n Cost increased $0. 7 million June 30 2019. gross margin percentage 97%.\n revenues $390. 4 million 2019 $47. 1 million 10. 8%. 4% $10. 4 million foreign exchange rate changes. decrease Americas $17. 7 million EMEA $15. 7 million Asia Pacific $13. 7 million.\n.7 million difference license 606 605 timing differences 605 deferred recognized 606 recognized. note 3 Consolidated Financial Statements.\n Ended June 30\n 2019 2018\n License Revenues\n Americas $215,871 $8,216 $207,655 $29,257 $178,398\n EMEA 163,622 (7,009 170,631 23,788 146,843\n Asia Pacific 48,599 (10,627) 59,226 15,323 43,903\n License Revenues 428,092 (9,420 437,512 68,368 369,144\n Cost License Revenues 14,347\n License Gross Profit $413,745 $423,819 $68,307 $355,512\n Gross Margin 96. 6%.\n Revenues Geography\n Americas 50. 4%.\n EMEA.\n Asia Pacific 11. 4%. 5%." +} +{ + "_id": "d1b32f90a", + "title": "", + "text": "Other Key Financial Measures\nThe following is a summary of our other key financial measures for fiscal 2019 compared with fiscal 2018 (in millions):\n(1) Deferred revenue decreased primarily due to the adoption of ASC 606 in the beginning of our first quarter of fiscal 2019. See Note 2 to the Consolidated Financial Statements for the impact of this adoption.\n\n | Fiscal 2019 | Fiscal 2018\n---------------------------------------------------- | ----------- | -----------\nCash and cash equivalents and investments | $33,413 | $46,548 \nCash provided by operating activities | $15,831 | $13,666 \nDeferred revenue (1) | $18,467 | $19,685 \nRepurchases of common stock—stock repurchase program | $20,577 | $17,661 \nDividends | $5,979 | $5,968 \nInventories | $1,383 | $1,846 \n\nFinancial Measures\n measures 2019 2018\n Deferred revenue decreased ASC 606. Note 2 Consolidated Financial Statements.\n Cash equivalents investments $33,413 $46,548\n activities $15,831 $13,666\n Deferred revenue $18,467 $19,685\n Repurchases $20,577 $17,661\n Dividends $5,979 $5,968\n Inventories $1,383 $1,846" +} +{ + "_id": "d1b35a416", + "title": "", + "text": "Non-GAAP Financial Measures\nManagement believes that certain non-GAAP financial measures may be useful to investors in certain instances to provide additional meaningful comparisons between current\n\nresults and results in prior operating periods. Adjusted earnings before interest, taxes, depreciation, amortization and stock-based compensation (“Adjusted EBITDA”) is a\n\nmetric used by management and frequently used by the financial community. Adjusted EBITDA from operations provides insight into an organization’s operating trends and\n\nfacilitates comparisons between peer companies, since interest, taxes, depreciation, amortization and stock-based compensation can differ greatly between organizations as a\n\nresult of differing capital structures and tax strategies. Adjusted EBITDA from operations is one of the measures used for determining our debt covenant compliance. Adjusted\n\nEBITDA from operations excludes certain items that are unusual in nature or not comparable from period to period. While management believes that non-GAAP measurements\n\nare useful supplemental information, such adjusted results are not intended to replace our GAAP financial results. Adjusted EBITDA from operations is not, and should not be\n\nconsidered, an alternative to net income (loss), operating income (loss), or any other measure for determining operating performance or liquidity, as determined under\n\naccounting principles generally accepted in the United States (GAAP). In assessing the overall health of its business for the years ended December 31, 2019 and 2018, the\n\nCompany excluded items in the following general categories described below:\nStock-based compensation: The Company believes that because of the variety of equity awards used by companies, varying methodologies for determining stock-based compensation and the assumptions and estimates involved in those determinations, the exclusion of non-cash stock-based compensation enhances the ability of management and investors to understand the impact of non-cash stock-based compensation on our operating results. Further, the Company believes that excluding stockbased compensation expense allows for a more transparent comparison of its financial results to the previous year.\nRECONCILIATION OF NET LOSS TO ADJUSTED EBITDA FOR THE YEARS ENDED DECEMBER 31,\nLiquidity and Capital Resources\nFor the year ended December 31, 2019, the Company reported a net loss of $1,934,133 and had cash used in operating activities of $1,875,846, and ended the year with an\n\naccumulated deficit of $125,105,539 and total current assets in excess of current liabilities of $4,187,449. At December 31, 2019, the Company had $3,300,600 of cash and\n\napproximately $424,000 of availability on its credit facility. The credit facility is a $2,000,000 line of credit, which is subject to a borrowing base calculation based on the\n\nCompany’s eligible accounts receivable and eligible inventory each- multiplied by an applicable advance rate, with an overall limitation tied to the Company’s eligible accounts\n\nreceivable. As of December 31, 2019, we had borrowing capacity of $1,102,917 and an outstanding balance of $624,347, resulting in the approximate availability of $424,000\n\non the credit facility. During the twelve-month period between January 1, 2019 and December 31, 2019, the Company’s cash balance decreased from $4,678,891 to $3,300,600,\n\nor approximately $115,000 per month. In comparison, during the twelve-month period between January 1, 2018 and December 31, 2018, the Company’s cash balance decreased\n\nfrom $8,385,595 to $4,678,891, or approximately $309,000 per month. This improvement is the result of improved revenues and cost management efforts.\n\n | 2019 | 2018 \n------------------------------ | ------------ | ------------\nNet loss | $(1,934,133) | $(3,016,750)\nInterest (income) expense, net | 53,139 | (13,622) \nIncome tax provision (benefit) | (100,363) | 9,623 \nDepreciation and amortization | 66,082 | 67,107 \nEBITDA | (1,915,275) | (2,953,642) \nAdjustments: | | \nStock-based compensation | 7,261 | 6,404 \nAdjusted EBITDA | $(1,908,014) | $(2,947,238)\n\nNon-GAAP Financial Measures\n Management believes non-GAAP financial measures useful comparisons between current\n results prior periods. Adjusted earnings before interest taxes depreciation amortization stock-based compensation\n used by management financial community. provides insight operating trends\n facilitates comparisons between peer companies interest taxes depreciation amortization stock compensation\n capital structures tax strategies. debt covenant compliance.\n excludes items unusual not comparable. believes non-GAAP measurements\n useful supplemental information not replace GAAP results. not\n alternative to net income operating income determining operating performance liquidity\n accounting principles. assessing health business years ended December 31, 2019 2018\n Company excluded categories\n Stock-based compensation believes methodologies exclusion compensation enhances management understand impact results. excluding compensation allows transparent comparison financial results previous year.\nLOSS EBITDA DECEMBER 31,\n 2019 Company net loss $1,934,133 cash $1,875,846\n deficit $125,105,539 current assets liabilities $4,187,449. December $3,300,600 cash\n $424,000 credit facility. $2,000,000 line borrowing base calculation\n inventory multiplied advance rate limitation\n. borrowing capacity $1,102,917 outstanding balance $624,347 availability $424,000\n credit facility. January cash balance decreased $4,678,891 to $3,300,600\n $115,000 per month. January 2018 cash balance decreased\n $8,385,595 to $4,678,891 $309,000 per month. improved revenues cost management.\n Net loss $(1,934,133) $(3,016,750\n Interest expense 53\n Income tax provision) (100,363\n Depreciation amortization\n EBITDA (1,915,275) (2,953,642\n Adjustments\n7,261\n EBITDA,908,014),947,238)" +} +{ + "_id": "d1b3b2576", + "title": "", + "text": "The following table presents unaudited supplemental pro forma results for fiscal 2019 and 2018 as if both the Grakon acquisition had occurred as of the beginning of fiscal 2018 and the Pacific Insight acquisition had occurred as of the beginning of fiscal 2017. The unaudited pro forma information is presented for information purposes only and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place at such times.\nThe unaudited pro forma results presented below primarily include amortization charges for acquired intangible assets, depreciation adjustments for property, plant and equipment that has been revalued, interest expense adjustments due to an increased debt level, adjustments for certain acquisition-related charges and related tax effects.\n\n | Fiscal Year Ended | \n--------------------- | ----------------- | --------------\n(Dollars in Millions) | April 27, 2019 | April 28, 2018\nRevenues | $1,073.3 | $1,095.0 \nNet Income | $106.4 | $70.5 \n\ntable presents unaudited supplemental pro forma results 2019 2018 Grakon acquisition Pacific Insight acquisition. unaudited pro forma information not indicative acquisitions.\n results include amortization assets depreciation adjustments property equipment interest expense adjustments increased debt acquisition-related charges tax effects.\n Fiscal Year Ended\n Millions April 27, 2019 April 28, 2018\n Revenues $1,073. $1,095.\n Net Income $106. $70." +} +{ + "_id": "d1b36357a", + "title": "", + "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe selected financial data presented below has been derived from our audited consolidated financial statements. This data should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8. Financial Statements and Supplementary Data” of this Annual Report.\n(1) We elected to early adopt Accounting Standards Update (“ASU”) 2016-09 “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”) in 2016, which requires us, among other things, to prospectively record excess tax benefits as a reduction of the provision for income taxes in the consolidated statement of operations, whereas they were previously recognized in equity.\n(2) We retrospectively adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” in 2018. As a result, we have adjusted balances for 2017 and 2016. We have not adjusted 2015 for ASU 2014-09.\n\n(in thousands, except per share amounts) | 2019 | 2018 | 2017 | 2016 | 2015 \n--------------------------------------------------- | ---------- | --------- | ------- | ------- | -------\nConsolidated Statements of Operations Data (1) (2): | | | | | \nRevenue: | | | | | \nPerpetual license | $80,015 | 109,863 | 132,883 | 145,053 | 166,305\nTerm license | 199,433 | 178,256 | 206,411 | 152,231 | 109,283\nMaintenance | 280,580 | 263,875 | 242,320 | 218,635 | 202,802\nCloud | 133,746 | 82,627 | 51,097 | 40,647 | 30,626 \nConsulting | 217,609 | 256,960 | 255,756 | 205,663 | 173,679\nTotal revenue | $911,383 | 891,581 | 888,467 | 762,229 | 682,695\n(Loss) income from operations | $(134,878) | $(17,032) | $93,177 | $50,644 | $64,661\nNet (loss) income | $(90,433) | $10,617 | $98,548 | $45,015 | $36,322\n(Loss) earnings per share | | | | | \nBasic | $(1.14) | $0.14 | $1.27 | $0.59 | $0.47 \nDiluted | $(1.14) | $0.13 | $1.19 | $0.56 | $0.46 \nCash dividends declared per common share | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 \n\nITEM 6. SELECTED FINANCIAL DATA\n audited financial statements. with 7. Management’s Discussion Analysis Financial Condition Results 8. Financial Statements Supplementary Annual Report.\n Accounting Standards Update 2016-09 Stock Compensation 718) Payment 2016, excess tax benefits.\n adopted ASU 2014-09 Contracts Customers (Topic 2018. adjusted balances 2017 2016. not adjusted 2015 ASU 2014-09.\n 2019 2018 2017 2016 2015\n Consolidated Statements Operations Data\n Revenue\n Perpetual license $80,015 109,863 132,883 145,053 166,305\n Term license 199,433 178,256 206,411\n Maintenance 280,580 263,875 242,320 218,635\n Cloud 133,746 82,627 51,097\n Consulting 217,609 256,960 255,756 205,663\nrevenue $911,383 891,581 888,467,229 682,695\n income operations $(134,878 $(17,032) $93,177 $50,644 $64,661\n Net (loss income $(90,433 $10,617 $98,548 $45,015 $36,322\n earnings per share\n. 14.\n. 19.\n Cash dividends share. 12." +} +{ + "_id": "d1b38e400", + "title": "", + "text": "Net revenue: Net revenue from our Broadcasting segment for the year ended December 31, 2019 decreased $3.6 million to $41.8 million from $45.4 million for the year ended December 31, 2018. During the second half of 2018, the Broadcasting segment undertook targeted cost cutting measures, primarily at HC2 Network Inc. (\"Network\") where Broadcasting exited certain local business operations and made strategic changes to the programming mix.\nThe decrease in net revenue was primarily due to lower local advertising sales as a result of such restructuring. This was partially offset by higher broadcast stations revenue associated with stations acquired during and subsequent to the comparable period.\nCost of revenue: Cost of revenue from our Broadcasting segment for the year ended December 31, 2019 decreased $5.0 million to $23.5 million from $28.5 million for the year ended December 31, 2018. The overall decrease was primarily driven by a reduction in audience measurement costs as a result of the exit of certain local markets which were unprofitable at Network and a decrease in programming costs due to changes in the programming mix referenced above, partially offset by higher cost of revenues associated with the growth of the Broadcast stations subsequent to the prior year.\nSelling, general and administrative: Selling, general and administrative expenses from our Broadcasting segment for the year ended December 31, 2019 decreased $10.9 million to $26.4 million from $37.3 million for the year ended December 31, 2018. The decrease was primarily due to a reduction in compensation costs, mainly driven by the cost cutting measures discussed above and lower legal expenses related to elevated acquisition-related expenses incurred in the prior period.\nDepreciation and amortization: Depreciation and amortization from our Broadcasting segment for the year ended December 31, 2019 increased $3.0 million to $6.3 million from $3.3 million for the year ended December 31, 2018. The increase was driven by additional amortization of fixed assets and definite lived intangible assets which were acquired as part of transactions subsequent to the comparable period.\nOther operating (income) expense: Other operating (income) expense from our Broadcasting segment for the year ended December 31, 2019 increased $3.3 million to income of $3.0 million from expense of $0.3 million for the year ended December 31, 2018. The increase was driven by reimbursements from the Federal Communications Commission (the “FCC”), partially offset by the impairment of FCC licenses during 2019 resulting from strategic discussions to abandon certain licenses.\nThe FCC requires certain television stations to change channels and/or modify their transmission facilities. The U.S. Congress passed legislation which provides the FCC with a fund to reimburse all reasonable costs incurred by stations operating under full power and Class A licenses and a portion of the costs incurred by stations operating under a low power license that are reassigned to new channels.\n\n | | Years Ended December 31, | \n----------------------------------- | -------- | ------------------------ | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nNet revenue | $ 41.8 | $ 45.4 | $ (3.6) \nCost of revenue | 23.5 | 28.5 | (5.0) \nSelling, general and administrative | 26.4 | 37.3 | (10.9) \nDepreciation and amortization | 6.3 | 3.3 | 3.0 \nOther operating (income) expense | (3.0) | 0.3 | (3.3) \nLoss from operations | $ (11.4) | $ (24.0) | $ 12.6 \n\nNet revenue Broadcasting segment December 31, 2019 decreased $3. 6 million to $41. 8 million from $45. 4 million 2018. cost cutting HC2 Network. exited operations changes programming mix.\n due lower advertising sales. offset higher stations revenue.\n Cost revenue December 31, 2019 decreased $5. 0 million to $23. 5 million from $28. 5 million 2018. driven reduction audience measurement costs exit local markets decrease programming costs offset higher cost revenues growth.\n Selling administrative expenses December 31, 2019 decreased $10. 9 million to $26. 4 million from $37. 3 million 2018. due reduction compensation costs cost cutting measures lower legal expenses.\n Depreciation amortization 2019 increased $3. 0 million to $6. 3 million from $3. 3 million 2018. driven additional amortization fixed intangible assets acquired.\n Other operating (income) expense increased $3. 3 million to $3. 0 million from.million year December 31, 2018. increase driven reimbursements Federal Communications Commission offset impairment licenses 2019.\n FCC requires stations change channels modify transmission facilities. Congress passed legislation FCC fund reimburse costs full power Class A licenses low power new channels.\n Ended December 31,\n 2019 2018 Increase\n Net revenue $ 41. $ 45. (3.\n Cost revenue 23. 28. (5.\n Selling administrative 26. 37. (10.\n Depreciation amortization 6. 3.\n operating.\n Loss operations $ (11. (24. 12." +} +{ + "_id": "d1a734e2a", + "title": "", + "text": "Expected Future Rate\nOver the medium-term the tax rate is likely to stabilise as the integration of acquisitions in higher rate jurisdictions are completed. However, the tax rate may fluctuate if business changes are implemented in response to legislation arising from the OECD’s Base Erosion & Profit Shifting Project. Legislative change in key territories is being monitored and acted upon.\nThe Group does not anticipate any significant impact on the future tax charge, liabilities or assets, as a result of the triggering of Article 50(2) of the Treaty on European Union, but cannot rule out the possibility that, for example, a failure to reach satisfactory arrangements for the UK’s future relationship with the European Union, could have an impact on such matters.\nThe European Commission has concluded its investigation into the UK’s controlled foreign company (“CFC”) rules. The CFC rules levy a charge on foreign entities controlled by the UK that are subject to a lower rate of tax, however there is currently an exemption available for 75% of this charge if the activities being undertaken by the CFC relate to financing. The EC concluded that this exemption is in breach of EU State Aid rules. However, whilst we are awaiting further detail from HMRC, the position has not changed from a tax accounting perspective. The risk is possible, but not probable. UK ministers have yet to decide on whether to pursue an appeal. No provision for this potential liability of $3.6M has been provided in these Consolidated Financial Statements as it is not clear what, if any, the ultimate financial result will be.\nDeferred tax assets and liabilities are attributable to the following:\nAs at 31 March 2019 the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have been recognised was $Nil (2018: $Nil). No liability has been recognised because the Group is in a position to control the reversal of temporary differences and it is probable that such differences will not reverse in the foreseeable future.\nDeferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability settled, based on tax rates that have been enacted or substantively enacted at the reporting date.\n\n | 31 March 2019 | 31 March 2018 Restated See note 2\n---------------------------------------------------------- | ------------- | ---------------------------------\n | $M | $M \nDeferred income tax assets in relation to: | | \nDeferred revenue | 40.9 | 40.0 \nTax value of carry forward losses of UK subsidiaries | 37.0 | 24.2 \nTax value of carry forward losses of overseas subsidiaries | 6.2 | 6.4 \nAdvanced capital allowances | 7.5 | 7.7 \nShare-based payments | 11.6 | 27.7 \nOther temporary differences | 11.8 | 14.7 \nTotal | 115.0 | 120.7 \nDeferred income tax liabilities in relation to: | | \nIntangible assets | 6.1 | 5.9 \nDeferred selling cost | 8.5 | 8.5 \nOther temporary differences | - | 0.1 \nTotal | 14.6 | 14.5 \n\nFuture Rate\n medium-term tax rate stabilise acquisitions higher rate jurisdictions. tax rate may fluctuate business changes OECD’s Base Erosion Profit Shifting Project. Legislative change territories monitored.\n Group impact future tax charge liabilities assets triggering Article 50(2) Treaty European Union failure arrangements future relationship European Union.\n European Commission concluded investigation controlled foreign company rules. levy charge foreign entities lower rate tax exemption 75% financing. EC concluded exemption breach EU State Aid rules. awaiting detail position not changed tax accounting. risk possible not probable. UK ministers appeal. No provision potential liability $3. 6M Consolidated Financial Statements ultimate financial result.\n Deferred tax assets liabilities\n 31 March 2019 temporary differences undistributed earnings subsidiaries $Nil (2018). No liability recognised Group reversal temporary differences probable reverse.\nDeferred tax assets liabilities measured tax rates tax rates enacted reporting date.\n 31 March 2019 2018\n Deferred income tax assets\n Deferred revenue 40. 9.\n losses UK subsidiaries 37. 24.\n losses overseas subsidiaries 6.\n capital allowances 7.\n Share-based payments 11. 27.\n differences 11. 8 14.\n 115. 120.\n Deferred income tax liabilities\n Intangible assets 6. 5. 9\n Deferred selling cost 8. 5. 5\n differences.\n 14." +} +{ + "_id": "d1b3acd6a", + "title": "", + "text": "Item 6. Selected Financial Data\nThe following selected data is derived from our Consolidated Financial Statements. This data should be read in conjunction with the Consolidated Financial Statements and notes thereto incorporated into Item 8, “Financial Statements and Supplementary Data” and with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”\n(2) Working capital is defined as current assets minus current liabilities.\n\n | | | August 31, | | \n----------------------------------------------------------- | ----------- | ----------- | -------------- | ----------- | ----------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (in thousands) | | \nConsolidated Balance Sheets Data: | | | | | \nWorking capital(2) | $(187,020) | $319,050 | $(243,910) | $280,325 | $191,168 \nTotal assets | $12,970,475 | $12,045,641 | $11,095,995 | $10,322,677 | $9,591,600\nCurrent installments of notes payable and long-term debt | $375,181 | $25,197 | $444,255 | $44,689 | $321,964 \nNotes payable and long-term debt, less current installments | $2,121,284 | $2,493,502 | $1,606,017 | $2,046,655 | $1,308,663\nTotal Jabil Inc. stockholders’ equity | $1,887,443 | $1,950,257 | $2,353,514 | $2,438,171 | $2,314,856\nCommon stock shares outstanding | 153,520 | 164,588 | 177,728 | 186,998 | 192,068 \n\n6. Financial Data\n Consolidated Financial Statements. 8 7 Financial Condition Results Operations.\n Working capital assets minus liabilities.\n Consolidated Balance Sheets Data\n Working $(187,020) $319,050 $(243,910) $280,325 $191,168\n Total assets $12,970,475 $12,045,641 $11,095,995 $10,322,677 $9,591,600\n installments debt $375,181 $25,197 $444,255 $44,689\n $2,121,284 $2,493,502 $1,606,017,046,655,308,663\n Jabil. stockholders’ equity $1,887,443 $1,950,257 $2,353,514,438,171,314,856\n Common stock shares 153,520 164,588 177,728 186,998" +} +{ + "_id": "d1b3533b4", + "title": "", + "text": "Results of Operations\nWe operate a cybersecurity business, focused on licensing and enforcement, providing advisory services, developing mobile security applications, and investing in emerging cybersecurity technologies and intellectual property. The following table summarizes our results of operations for the periods presented and as a percentage of our total revenue for those periods based on our consolidated statement of operations data. The year to year comparison of results of operations is not necessarily indicative of results of operations for future periods.\n\n | | | For the Years Ended December 31, | | | \n--------------------------------------- | ------- | ------------ | --------------------------------- | ------------ | ------ | ------------\n | 2019 | | 2018 | | 2017 | \n | Amount | % of Revenue | Amount | % of Revenue | Amount | % of Revenue\n | | | (In millions, except percentages) | | | \nRevenues | $13.2 | 100% | $82.3 | 100% | $50.5 | 100% \nCost of revenues | 1.9 | 14% | 15.3 | 19% | 6.0 | 12% \nGross profit | 11.3 | 86% | 67.0 | 81% | 44.5 | 88% \nOperating expenses: | | | | | | \nSelling, general and administrative (1) | 31.7 | 240% | 32.2 | 39% | 28.6 | 57% \nResearch and development | 2.0 | 15% | 2.1 | 2% | 1.5 | 3% \nTotal operating expenses | 33.7 | 225% | 34.3 | 41% | 30.1 | 60% \nOther income (expense) | (0.3) | (2)% | (4.0) | (5)% | 2.2 | 4% \nIncome (loss) before income taxes | (22.7) | (172%) | 28.7 | 35% | 16.6 | 33% \nIncome tax provision (benefit) | (6.2) | (47%) | 8.0 | 10% | (6.2) | (12)% \nNet income (loss) | $(16.5) | (125)% | $20.7 | 25% | $22.8 | 45% \n(1) Includes stock based compensation | $1.0 | 8% | $1.6 | 2% | $0.8 | 2% \n\nOperations\n cybersecurity business licensing enforcement advisory services mobile security applications investing emerging cybersecurity technologies intellectual property. table summarizes results percentage total revenue. year not indicative future.\n Years Ended December 31,\n 2019 2018 2017\n Amount % Revenue\n millions\n Revenues $13. 100% $82. $50.\n Cost revenues 1. 14% 15. 19% 6. 12%\n Gross profit 11. 86% 67. 81% 44. 88%\n Operating expenses\n Selling general administrative 31. 240% 32. 39% 28. 57%\n Research development 2. 15% 2. 2% 1. 3%\n Total operating expenses 33. 225% 34. 41% 30. 60%\n Other income. 2. 4%\n Income (loss) before taxes (22. (172%) 28. 35% 16. 33%\nIncome tax (6. (47%. 10%. (12)%\n Net income. (125)% $20. 25% $22. 45%\n stock compensation $1. 8%. 2%." +} +{ + "_id": "d1b3ba096", + "title": "", + "text": "4. Restructuring Activity\nFrom time to time, the Company approves and implements restructuring plans as a result of internal resource alignment, and cost saving measures. Such restructuring plans include terminating employees, vacating certain leased facilities, and cancellation of contracts.\nThe following table presents the activity related to the plans, which is included in restructuring charges in the consolidated statements of operations:\nIncluded in employee separation expenses for the year ended December 31, 2017 is stock-based compensation from the acceleration of certain stock-based awards the Company assumed from Exar due to existing change in control provisions triggered upon termination or diminution of authority of former Exar executives of $5.1 million.\nLease related and other charges primarily related to exiting certain redundant facilities.\n\n | | Years Ended December 31, | \n---------------------------- | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nEmployee separation expenses | $1,150 | $2,094 | $8,353\nLease related expenses | 1,301 | 1,608 | 1,025 \nOther | 185 | 136 | 146 \n | $2,636 | $3,838 | $9,524\n\n. Restructuring Activity\n Company approves restructuring plans resource alignment cost saving. include terminating employees vacating facilities cancellation contracts.\n table activity restructuring charges\n employee separation expenses December 2017 stock-based compensation awards Exar Exar executives $5. 1 million.\n Lease charges exiting redundant facilities.\n Years Ended December 31,\n Employee separation expenses $1,150 $2,094 $8,353\n Lease related expenses 1,301 1,608 1,025\n $2,636 $3,838 $9,524" +} +{ + "_id": "d1a741756", + "title": "", + "text": "* Represents beneficial ownership of less than 1% of our outstanding shares of common stock.\n(1) Consists of (a) 16,982 shares of our common stock and (b) 36,837 shares of our common stock issuable upon exercise of stock options exercisable within 60 days of February 15, 2020.\n(2) Consists of (a) 37,011 shares of our common stock held directly by the Hutchison Family Trust, of which Mr. Hutchison is a co-trustee, (b) 7,028 shares of our common stock held by Glasgow Investments, LLC and (c) 44,166 shares of our common stock issuable to Mr. Hutchison upon exercise of stock options exercisable within 60 days of February 15, 2020. Mr. Hutchison is a managing member of Glasgow Investments, LLC and possesses the power to direct the voting and disposition of the shares held by Glasgow Investments, LLC and as such may be deemed to beneficially own the shares of our common stock held by Glasgow Investments, LLC.\n(3) Consists of 16,016 shares of our common stock issuable upon exercise of stock options exercisable within 60 days of February 15, 2020.\n(4) Consists of (a) 235,643 shares of our common stock held directly by the Lien Revocable Trust dated 7/8/2003, of which Mr. Lien is a co-trustee, (b) 3,658 shares of our common stock held individually by Mr. Lien, (c) 62,919 shares of our common stock issuable to Mr. Lien upon exercise of stock options exercisable within 60 days of February 15, 2020, (d) 12,182 shares of our common stock held by the Chris Lien 2013 Annuity Trust, and (e) 12,182 shares of our common stock held by the Rebecca Lien 2013 Annuity Trust.\n(5) Consists of 36,888 shares of our common stock issuable upon exercise of stock options exercisable within 60 days of February 15, 2020.\n(6) Consists of (a) 76,346 shares of our common stock, (b) 29,435 shares of our common stock issuable upon exercise of stock options exercisable within 60 days of February 15, 2020, and (c) 11,250 restricted stock units subject to vesting within 60 days of February 15, 2020.\n(7) Mr. Kinnish resigned as our Chief Financial Officer as of December 5, 2019. Consists of (a) 9,079 shares of our common stock, and (b) 53,068 shares of our common stock issuable upon exercise of stock options exercisable within 60 days of February 15, 2020.\n(8) Includes (a) 410,111 shares of common stock, (b) 279,329 shares issuable upon exercise of stock options exercisable within 60 days of February 15, 2020, and (c) 11,250 shares of our common stock subject to vesting of restricted stock unit awards within 60 days of February 15, 2020.\n(9) Based on information contained in a Schedule 13G/A filed with the SEC by Benchmark Capital on February 12, 2020. Consists of (a) 456,916 shares of our common stock held by Benchmark Capital Partners VI, L.P. (“BCP VI”) and (b) 28,576 shares of our common stock held by Benchmark Founders’ Fund VI, L.P. (“BFF VI”), (c) 18,754 shares held by Benchmark Founders’ Fund VI-B L.P. (“BFF VI-B”) and (d) 49,256 shares of our common stock held in nominee form for the benefit of persons associated with Benchmark Capital Management Co. VI, L.L.C. (“BCMC VI”). BCMC VI is the general partner of BCP VI, BFF VI and BFF VI-B and may be deemed to have sole voting and investment power over the shares held by BCP VI, BFF VI and BFF VI-B. Certain individual members of BCMC VI, including Bruce W. Dunlevie, a member of our Board until February 2017, may be deemed to have shared voting and investment power over the shares held by BCP VI, BFF VI and BFF VI-B. The address for each Benchmark reporting entity is 2965 Woodside Road, Woodside, California 94062. 2017, may be deemed to have shared voting and investment power over the shares held by BCP VI, BFF VI and BFF VI-B. The address for each Benchmark reporting entity is 2965 Woodside Road, Woodside, California 94062.\n(10)  Based on information contained in a Schedule 13G filed with the SEC by DAG Ventures IV-QP, L.P. and its affiliates on February 11, 2014 and adjusted here for the 1-for-7 reverse stock split effectuated on October 5, 2017. Consists of 444,674 shares of our common stock held by DAG Ventures IV-QP, L.P. (“DAVG IV-QP”), (b) 51,356 shares of our common stock held by DAG Ventures IV-A, LLC (“DAG IV-A”) and (c) 46,994 shares of our common stock held by DAG Ventures IV, L.P. (“DAG IV”). DAG Ventures Management IV, LLC (“DAG IV LLC”) serves as the general partner of DAG IV-QP and DAG IV. As such, DAG IV LLC possesses power to direct the voting and disposition of the shares of our common stock owned by DAG IV-QP and DAG IV and may be deemed to have indirect beneficial ownership of the shares of our common stock held by DAG IV-QP and DAG IV. DAG IV LLC does not own any of our securities directly. R. Thomas Goodrich, John J. Caddo, Greg Williams, Young J. Chung and Nick Pianism are managing directors of DAG IV LLC and DAG IV-A and possess power to direct the voting and disposition of the shares owned by DAG IV-QP, DAG IV and DAG IV-A and may be deemed to have indirect beneficial ownership of the shares held by DAG IV-QP, DAG IV and DAG IV-A. The address for DAG IV-QP, DAG IV, DAG IV- A and DAG IV LLC is 251 Lytton Avenue, Suite 200, Palo Alto, CA 94301.\n(11)  Based on information contained in a Schedule 13G filed with the SEC by ESW Capital, LLC (“ESW”) on December 28, 2018. ESW owns 579,000 shares. Joseph A. Liemandt is the sole voting member of ESW and may be deemed to have indirect beneficial ownership of the shares held by ESW. The address for ESW and Mr. Liemandt is 401 Congress Avenue, Suite 2650, Austin, TX 78701.\n\nName of Beneficial Owner | Number of Shares Beneficially Owned | Percent Owned\n---------------------------------------------------- | ----------------------------------- | -------------\nDirectors and Named Executive Officers | | \nL. Gordon Crovitz(1) | 53,819 | * \nDonald P. Hutchison(2) | 88,205 | 1.3 \nBrian Kinion(3) | 16,016 | * \nChristopher Lien(4) | 326,584 | 4.7 \nDaina Middleton(5) | 36,888 | * \nWister Walcott(6) | 117,031 | 1.7 \nRobert Bertz | — | * \nBradley Kinnish(7) | 62,147 | * \nAll officers and directors as a group (8 persons)(8) | 700,690 | 9.9 \n5% or Greater Stockholders | | \nBenchmark Capital Partners VI, L.P(9) | 553,502 | 8.1 \nEntities affiliated with DAG Ventures(10) | 543,024 | 8.0 \nESW Capital, LLC (11) | 579,000 | 8.5 \n\nRepresents beneficial ownership less than 1% outstanding shares common stock.\n Consists 16,982 shares common 36,837 shares issuable options 60 days February 15, 2020.\n 37,011 shares Hutchison Family Trust. Hutchison co-trustee 7,028 shares Glasgow Investments 44,166 shares issuable. Hutchison options 60 days February 15, 2020. Hutchison managing member Glasgow Investments direct voting disposition shares beneficially.\n 16,016 shares issuable options 60 days February 15, 2020.\n 235,643 shares Lien Revocable Trust. co-trustee 3,658 shares. Lien 62,919 shares issuable. Lien options 60 days February 15, 2020 12,182 shares Chris Lien 2013 Annuity Trust 12 Rebecca Lien 2013 Annuity Trust.\n 36,888 shares stock issuable options 60 days February 15, 2020.\n76,346 shares common stock 29,435 shares issuable options 60 days February 15, 2020 11,250 restricted stock units vesting 60 days February 15 2020.\n. Kinnish resigned Chief Financial Officer December 5, 2019. 9,079 shares stock 53,068 shares issuable options 60 days February 15, 2020.\n Includes 410,111 shares common,329 shares issuable options 60 days February 15, 2020 11,250 shares vesting restricted stock 60 days 15 2020.\n Schedule 13G/A filed SEC Benchmark Capital February 12, 2020. 456,916 shares stock Benchmark Capital Partners. 28,576 shares Benchmark Founders’ Fund. 18,754 shares. 49,256 shares Benchmark Capital Management. general partner BCP VI BFF VI BFF VI-B sole voting investment power shares BCP VI. Bruce W.Dunlevie member Board until February 2017 shared voting investment power shares BCP VI BFF VI BFF VI-B. 2965 Woodside Road Woodside California 94062. BCP VI BFF VI VI-B. 2965 Woodside Road California.\n Schedule 13G SEC DAG Ventures IV-QP. affiliates February 11, 2014 adjusted 1-for-7 reverse stock split October 5, 2017. 444,674 shares stock DAG Ventures IV-QP. 51,356 shares Ventures IV-A 46,994 shares DAG Ventures IV. general partner DAG IV-QP DAG IV. DAG IV voting disposition DAG IV-QP DAG IV indirect beneficial ownership. DAG IV own securities directly. Thomas Goodrich John J. Caddo Greg Williams Young.Chung Nick Pianism managing directors IV LLC-A direct voting disposition shares indirect beneficial ownership. address 251 Lytton Avenue Suite 200 Palo Alto CA 94301.\n Schedule 13G ESW Capital. owns 579,000 shares. Joseph. Liemandt sole voting member indirect beneficial ownership. 401 Congress Avenue Suite 2650 Austin 78701.\n Beneficial Owner Shares Percent\n Directors Officers\n. Gordon Crovitz(1) 53,819\n Donald. Hutchison(2) 88,205.\n Brian Kinion(3) 16,016\n Christopher Lien(4) 326,584.\n Daina Middleton(5) 36,888\n Wister Walcott(6) 117,031.\n Robert Bertz\n Bradley Kinnish 62,147\n officers directors 700,690.\n Stockholders\n Benchmark Capital Partners. 553,502.\n DAG Ventures(10 543,024.\n ESW Capital, LLC 579,000." +} +{ + "_id": "d1b35db98", + "title": "", + "text": "Adjusted EBITDA. Adjusted EBITDA represents our net loss before interest and investment income, net and interest expense, provision for income taxes, depreciation and amortization expense, loss on extinguishment of convertible notes and stock-based compensation expense. We do not consider these items to be indicative of our core operating performance. The items that are non-cash include depreciation and amortization expense and stock-based compensation expense.\nAdjusted EBITDA is a measure used by management to understand and evaluate our core operating performance and trends and to generate future operating plans, make strategic decisions regarding the allocation of capital and invest in initiatives that are focused on cultivating new markets for our solutions. In particular, the exclusion of certain expenses in calculating adjusted EBITDA facilitates comparisons of our operating performance on a period-to-period basis.\nAdjusted EBITDA is not a measure calculated in accordance with GAAP. We believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Nevertheless, use of adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP.\nSome of these limitations are: (1) although depreciation and amortization are non-cash charges, the capitalized software that is amortized will need to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (2) adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;\n(3) adjusted EBITDA does not reflect the potentially dilutive impact of equity-based compensation; (4) adjusted EBITDA does not reflect tax payments or receipts that may represent a reduction or increase in cash\navailable to us; and (5) other companies, including companies in our industry, may calculate adjusted EBITDA or similarly titled measures\ndifferently, which reduces the usefulness of the metric as a comparative measure.\nBecause of these and other limitations, you should consider adjusted EBITDA alongside our other GAAP-based financial performance measures, net loss and our other GAAP financial results. The following table presents a reconciliation of adjusted EBITDA to net loss, the most directly comparable GAAP measure, for each of the periods indicated (in thousands):\n\n | | Year Ended December 31, | \n--------------------------------------------- | --------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \nNet loss | $(52,250) | $(47,515) | $(19,634)\nInterest and investment (income) expense, net | 2,979 | 4,504 | 216 \nProvision for income taxes | 425 | 796 | 47 \nDepreciation and amortization | 19,671 | 13,693 | 10,207 \nLoss on extinguishment of convertible notes | 1,406 | — | — \nStock-based compensation | 33,489 | 25,825 | 9,299 \nAdjusted EBITDA | $5,720 | $(2,697) | $135 \n\nAdjusted EBITDA. represents net loss before interest investment income expense provision for income taxes depreciation amortization expense loss on extinguishment of convertible notes stock-based compensation expense. not indicative of core operating performance. items non-cash include depreciation amortization stock-based compensation.\n Adjusted EBITDA management operating performance generate future plans strategic decisions capital in initiatives new markets. exclusion of expenses facilitates comparisons operating performance.\n not calculated GAAP. provides useful information investors operating results. has limitations not substitute for analysis financial results GAAP.\n limitations depreciation amortization non-cash capitalized software amortized reflect cash capital expenditure requirements for replacements reflect changes cash requirements working capital needs\n reflect dilutive impact of equity-based compensation reflect tax payments receipts reduction increase cash\n other companies may calculate EBITDA\n differently reduces usefulness.\nconsider adjusted EBITDA net loss results. EBITDA net loss\n Ended December 31,\n 2017\n Net loss $(52,250) $(47,515) $(19,634)\n Interest investment expense 2,979 4,504\n income taxes 425\n Depreciation amortization 19,671 13,693 10,207\n Loss extinguishment convertible notes 1,406\n Stock compensation 33,489 25,825 9,299\n Adjusted EBITDA $5,720 $(2,697)" +} +{ + "_id": "d1b344bb6", + "title": "", + "text": "Comparison of Fiscal Year Ended September 28, 2018 to Fiscal Year Ended September 29, 2017\nWe acquired AppliedMicro on January 26, 2017 and certain assets of Picometrix on August 9, 2017, and we divested the Compute business on October 27, 2017 and our LR4 business on May 10, 2018. For additional information related to acquisitions and divestitures refer to Note 4 - Acquisitions and Note 23 - Divested Business and Discontinued Operations, respectively, in this Annual Report.\nOur annual Statements of Operations includes activity since the dates of acquisition for AppliedMicro and Picometrix and excludes activity for the Compute business and LR4 business after the date of the divestiture, representing less than twelve months of activity for AppliedMicro and Picometrix for the fiscal year ended September 29, 2017.\nRevenue. In fiscal year 2018, our revenue decreased by $128.4 million, or 18.4%, to $570.4 million from $698.8 million for fiscal year 2017. Revenue from our primary markets, the percentage of change between the years and revenue by primary markets expressed as a percentage of total revenue were (in thousands, except percentages):\nIn fiscal year 2018, our Telecom market revenue decreased by $117.1 million, or 34.4%, compared to fiscal year 2017. The decrease was primarily due to lower sales of carrier-based optical semiconductor products to our Asia customer base, lower sales of products targeting fiber to the home applications and the May 2018 sale of our LR4 business.\nIn fiscal year 2018, our Data Center market revenue decreased by $10.4 million, or 6.0%, compared to fiscal year 2017. The decrease was primarily due to decreased revenue from sales of legacy optical products and lasers and cloud data center applications.\nIn fiscal year 2018, our I&D market revenues decreased by $0.9 million, or 0.5%, compared to fiscal year 2017. The decrease was primarily related to lower certain legacy defense products partially offset by higher revenue across other areas within the product portfolio.\n\n | Fiscal Years | | \n-------------------- | --------------- | -------- | --------\n | 2018 | 2017 | % Change\nTelecom | $222,940 | $340,022 | (34.4)% \nData Center | 162,098 | 172,481 | (6.0)% \nIndustrial & Defense | 185,360 | 186,269 | (0.5)% \n | 570,398 | 698,772 | (18.4)% \nTelecom | 39.1% | 48.6% | \nData Center | 28.4% | 24.7% | \nIndustrial & Defense | 32.5% | 26.7% | \nTotal | 100.0% | 100.0% | \n\nFiscal Year September 28, 2018 29, 2017\n acquired AppliedMicro January 26, 2017 Picometrix August 9, 2017 divested Compute October 27, 2017 LR4 May 10, 2018. information Note 4 - Acquisitions Note 23 Divested Business Discontinued Operations Annual Report.\n Statements Operations acquisition AppliedMicro Picometrix Compute LR4 divestiture less than twelve months 2017.\n Revenue. 2018 decreased $128. 4 million 18. 4% $570. 4 million $698. 8 million 2017. primary markets\n 2018 Telecom market revenue decreased $117. 1 million 34. 4% 2017. lower sales optical semiconductor products fiber May 2018 sale LR4.\n Data Center market revenue decreased $10. 4 million 6. 0%. revenue optical products lasers cloud data center applications.\n I&D market revenues decreased $0. 9 million 0. 5%. lower legacy defense products higher revenue.\n Fiscal Years\n 2017\nTelecom $222,940 $340,022.\n Data Center 162,098 172,481.\n Industrial Defense 185,360 186,269.\n 570,398,772.\n 39. 48. 6%\n 28. 24. 7%\n. 26. 7%\n 100." +} +{ + "_id": "d1b34d0fe", + "title": "", + "text": "18.1 Fair Values\nThe fair values of the currency and interest rate swap contracts exclude accrued interest of S$16.3 million (31 March 2018: S$16.8 million). The accrued interest is separately disclosed in Note 16 and Note 27.\nThe fair values of the derivative financial instruments were as follows –\n\n | Group | | Company | \n---------------------------------------------------- | ----------- | ----------- | ----------- | -----------\n | Fair values | | Fair values | \n | Assets | Liabilities | Assets | Liabilities\n2019 | S$ Mil | S$ Mil | S$ Mil | S$ Mil \nFair value and cash flow hedges | | | | \nCross currency swaps | 414.6 | 95.5 | 1.0 | 60.2 \nInterest rate swaps | 11.1 | 59.8 | - | 8.9 \nForward foreign exchange contracts | 12.9 | 1.5 | 3.3 | 1.0 \nDerivatives that do not qualify for hedge accounting | | | | \nCross currency swaps | - | - | 104.7 | 104.7 \nInterest rate swaps | - | 1.9 | 17.5 | 17.5 \nForward foreign exchange contracts | 0.1 | - | 0.1 | - \n | 438.7 | 158.7 | 126.6 | 192.3 \nDisclosed as – | | | | \nCurrent | 155.1 | 9.2 | 0.7 | 0.5 \nNon-current | 283.6 | 149.5 | 125.9 | 191.8 \n | 438.7 | 158.7 | 126.6 | 192.3 \n\n18. Fair Values\n currency interest rate swap contracts exclude accrued interest S$16. 3 million (31 March$16. 8 million. accrued interest disclosed Note 16 27.\n fair values derivative financial instruments\n Fair values\n Assets Liabilities\n S$\n Fair cash flow hedges\n Cross currency swaps 414. 95. 1. 60.\n Interest rate swaps 11. 59.\n Forward foreign exchange contracts 12. 3.\n Derivatives qualify hedge accounting\n Cross currency swaps 104. 104.\n Interest rate swaps. 17.\n foreign exchange contracts.\n 438. 158. 126. 192.\n Disclosed\n 155. 9.\n Non-current 283. 149. 125. 191.\n 438. 158. 126. 192." +} +{ + "_id": "d1b33eaf4", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nThe following table summarizes long-lived assets by geographic area as of December 31, 2019 and December 31, 2018:\nLong-lived assets include property and equipment, operating lease right-of-use assets, goodwill and other intangible assets.\n\n | December 31, | \n------------- | ------------ | --------\n | 2019 | 2018 \nUnited States | $239,511 | $115,869\nAsia | 301,020 | 12,274 \nEurope | 59,925 | 59,936 \nTotal | $600,456 | $188,079\n\nADVANCED INDUSTRIES. FINANCIAL STATEMENTS thousands share amounts\n table summarizes long-lived assets December 2019\n property equipment lease right-of-use goodwill intangible assets.\n United States $239,511 $115,869\n Asia 301,020\n Europe\n $600,456 $188,079" +} +{ + "_id": "d1b3c8b00", + "title": "", + "text": "Marine Services Segment GMSL generally generates revenue by providing maintenance services for subsea telecommunications cabling, installing subsea cables, providing installation, maintenance and repair of fiber optic communication and power infrastructure to offshore oil and gas platforms, and installing inter-array power cables for use in offshore wind farms.\nTelecommunication - Maintenance & Installation GMSL performs its services within telecommunication market primarily under fixed-price contracts and recognizes revenue over time using the input method to measure progress for its projects. The nature of the projects does not provide measurable value to the customer over time and control does not transfer to the customer at discrete points in time. The customer receives value over the term of the project based on the amount of work that has been completed towards the delivery of the completed project. Depending on the project, the most reliable measure of progress is either the cost incurred or time elapsed towards delivery of the completed project. Therefore, the input method provides the most reliable method to measure progress. Revenue recognition begins when work has commenced. Costs include all direct material and labor costs related to contract performance, indirect labor, and overhead costs, which are charged to contract costs as incurred. Revisions in estimates during the course of contract work are reflected in the accounting period in which the facts requiring the revision become known. Provisions for estimated losses on uncompleted contracts are made in the period a loss on a contract becomes determinable.\nMaintenance revenues within this market are attributable to standby vessels and the provision of cable storage depots for repair of fiber optic telecommunications cables in defined geographic zones, and its maintenance business is provided through contracts with consortia of approximately 60 global telecommunications providers. These contracts are generally five to seven years long. Installation revenues within this market are generated through installation of cable systems including route planning, mapping, route engineering, cable laying, and trenching and burial. GMSL’s installation business is project-based with contracts typically lasting one to five months.\nPower - Operations, Maintenance & Construction Support Majority of revenues within this market are generated through the provision of crew transfer vessels and turbine technicians on the maintenance of offshore wind farms. Services are provided at agreed day rates and are recognized as revenues at the point in time at which the performance obligations are met. Additional revenues are generated through the provision of approved safety training courses to personnel operating on offshore wind turbines. Courses are supplied at agreed rates and recognized at the point in time at which the courses are provided.\nPower - Cable Installation & Repair Installation and repair revenues within this market are attributable to the provision of engineering solutions, which includes the charter of cable laying vessels and related subsea assets. These contracts are either charged at agreed day rates and are recognized as revenues at the point in time at which the performance obligations are met, or are under fixed-price contracts, in which case revenue is recognized over time using the input method to measure progress for its projects.\nDisaggregation of Revenues The following table disaggregates GMSL's revenue by market (in millions):\n\nYears Ended December 31, | | \n------------------------------------------------------ | ------ | ------\n | 2019 | 2018 \nTelecommunication - Maintenance | $86.8 | $87.0 \nTelecommunication - Installation | 33.2 | 41.5 \nPower - Operations, Maintenance & Construction Support | 19.9 | 31.0 \nPower - Cable Installation & Repair | 32.6 | 34.8 \nTotal revenue from contracts with customers | 172.5 | 194.3 \nOther revenue | — | — \nTotal Marine Services segment revenue | $172.5 | $194.3\n\nMarine Services GMSL generates revenue maintenance subsea telecommunications cabling installing fiber optic communication power infrastructure offshore oil gas platforms inter-array power cables offshore wind farms.\n Telecommunication - Maintenance Installation services fixed-price contracts recognizes revenue over time input method progress. measurable value time. receives value work completed. measure progress cost incurred time elapsed. input method. Revenue recognition begins work commenced. Costs include direct material labor indirect overhead costs. Revisions estimates reflected accounting period. Provisions estimated losses uncompleted contracts.\n Maintenance revenues standby vessels cable storage depots repair fiber optic telecommunications cables contracts 60 global telecommunications providers. contracts five to seven years long. Installation revenues cable systems route planning mapping engineering cable laying trenching burial. business project-based contracts one to five months.\n Power - Operations, Maintenance Construction revenues crew transfer vessels turbine maintenance offshore wind farms.Services provided rates recognized revenues performance obligations. Additional revenues safety training courses offshore wind turbines. Courses supplied rates recognized.\n Power - Cable Installation Repair revenues engineering solutions charter cable vessels subsea assets. contracts charged day rates recognized revenues fixed-price contracts revenue recognized over time.\n Disaggregation Revenues GMSL revenue by market\n Years Ended December\n Telecommunication - Maintenance $86. $87.\n Installation 33. 41.\n Power - Operations Maintenance Construction.\n Power - Cable Installation Repair 32. 34.\n revenue contracts 172. 194.\n Other revenue\n Total Marine Services segment revenue $172. $194." +} +{ + "_id": "d1b36d3cc", + "title": "", + "text": "Note 7 – Equipment, Leasehold Improvements and Software\nEquipment, leasehold improvements and software as of December 27, 2019 and December 28, 2018 consisted of the following:\nConstruction-in-process at December 27, 2019 related primarily to the implementation of the Company’s Enterprise Resource Planning (“ERP”) system and at December 28, 2018 related primarily to the implementation of the Company’s ERP system and the buildout of the Company’s headquarters in Ridgefield, CT. The buildout of the Company’s headquarters was completed during fiscal 2019. The rollout of its ERP system will continue through fiscal 2020. The net book value of equipment financed under finance leases at December 27, 2019 and December 28, 2018 was $3,905 and $388, respectively. No interest expense was capitalized during the fiscal years ended December 27, 2019, December 28, 2018 and December 29, 2017.\n\n | Useful Lives | December 27, 2019 | December 28, 2018\n--------------------------------------------------- | ------------ | ------------------ | -----------------\nLand | Indefinite | $1,170 | $1,170 \nBuildings | 20 years | 1,360 | 1,292 \nMachinery and equipment | 5-10 years | 21,718 | 17,837 \nComputers, data processing and other equipment | 3-7 years | 12,686 | 11,244 \nSoftware | 3-7 years | 29,305 | 22,779 \nLeasehold improvements | 1-40 years | 70,903 | 60,565 \nFurniture and fixtures | 7 years | 3,309 | 3,268 \nVehicles | 5-7 years | 6,410 | 2,769 \nOther | 7 years | 95 | 95 \nConstruction-in-process | | 9,200 | 15,757 \n | | 156,156 | 136,776 \nLess: accumulated depreciation and amortization | | (63,310) | (51,500) \nEquipment, leasehold improvements and software, net | | $92,846 | $85,276 \n\nEquipment Leasehold Improvements Software\n December 27, 2019 28, 2018\n Construction 27, 2019 Enterprise Resource Planning 28, 2018 buildout headquarters Ridgefield CT. buildout completed 2019. ERP 2020. net value equipment leases December 27, 2019 28, 2018 $3,905 $388. No interest expense capitalized December 27, 2019 28, 2018 29, 2017.\n 28,\n Land Indefinite $1,170\n Buildings 20 years 1,360\n Machinery equipment 5-10 years 21,718\n Computers data processing 3-7 years 12,686\n Software 29,305\n Leasehold improvements 1-40 years 70,903\n Furniture fixtures 7 3,309\n Vehicles 5-7 years\n Construction-in-process 9,200 15,757\n,776\n accumulated depreciation amortization (63,310\n $92,846 $85,276" +} +{ + "_id": "d1b3be51a", + "title": "", + "text": "Item 10. Directors, Executive Officers and Corporate Governance\nThe information required by Item 401, Item 405, Item 406 and Item 407 (c)(3), (d)(4) and (d)(5) of Regulation S-K regarding directors of Cincinnati Bell Inc. can be found in the Proxy Statement for the 2020 Annual Meeting of Shareholders and is incorporated herein by reference.The information required by Item 401, Item 405, Item 406 and Item 407 (c)(3), (d)(4) and (d)(5) of Regulation S-K regarding directors of Cincinnati Bell Inc. can be found in the Proxy Statement for the 2020 Annual Meeting of Shareholders and is incorporated herein by reference.\nThe Company’s Code of Ethics for Senior Financial Officers that applies to its Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer is posted on the Company’s website at http://www.cincinnatibell.com. Within the time period required by the SEC and the New York Stock Exchange (\"NYSE\"), the Company will post on its website any amendment to the Code of Ethics for Senior Financial Officers and any waiver of such code relating to such senior executive officers of the Company\n&lt;div&gt;In addition to the certifications of the Company’s Chief Executive Officer and Chief Financial Officer required under Section 302 of the Sarbanes-Oxley Act of 2002 and filed as exhibits to this Annual Report on Form 10-K, in May 2019, the Company’s Chief Executive Officer submitted to the NYSE the certification regarding compliance with the NYSE’s corporate governance listing standards required by Section 303 A.12 of the NYSE Listed Company Manual. In addition to the certifications of the Company’s Chief Executive Officer and Chief Financial Officer required under Section 302 of the Sarbanes-Oxley Act of 2002 and filed as exhibits to this Annual Report on Form 10-K, in May 2019, the Company’s Chief Executive Officer submitted to the NYSE the certification regarding compliance with the NYSE’s corporate governance listing standards required by Section 303 A.12 of the NYSE Listed Company Manual.\nExecutive Officers of the Registrant:\nThe names, ages and positions of the executive officers of the Company as of February 24, 2020 are as follows:\nOfficers are elected annually but are removable at the discretion of the Board of Directors.\nLEIGH R. FOX, President and Chief Executive Officer since May 31, 2017; President and Chief Operating Officer of the Company from September 2016 to May 2017; Chief Financial Officer of the Company from October 2013 to September 2016; Chief Administrative Officer of the Company from July 2013 to October 2013; Senior Vice President of Finance and Operations from December 2012 to July 2013; Vice President of Finance at Cincinnati Bell Technology Solutions Inc. (CBTS) from October 2008 to December 2012.\nANDREW R. KAISER, Chief Financial Officer of the Company since September 2016; Vice President, Consumer Marketing and Data Analytics of the Company from December 2015 to September 2016; Vice President, Corporate Finance of the Company from January 2014 to December 2015; Partner at Howard Roark Consulting, LLC from 2005 to January 2014.\nCHRISTI H. CORNETTE, Chief Culture Officer of the Company since June 2017; Senior Vice President, Marketing of the Company from August 2013 to June 017; Vice President, Marketing of the Company from October 2008 to August 2013; Director of CBTS Marketing from October 2002 to October 2008.\nTHOMAS E. SIMPSON, Chief Operating Officer since June 2017, Senior Vice President and Chief Technology Officer of the Company from January 2015 to June 2017; Vice President and Chief Technology Officer at Cincinnati Bell Technology Solutions (CBTS) from 2014 to 2015; Vice President, Research and Development at CBTS from 2010 to 2014; Director, Technical Operations at CBTS from 2008 to 2010\nCHRISTOPHER J. WILSON, Vice President and General Counsel of the Company since August 2003.\nJOSHUA T. DUCKWORTH, Vice President of Treasury, Corporate Finance and Inventor Relations since October 2017; Vice President, Investor Relations and Controller of the Company from July 2013 to October 2017; Assistant Treasurer and Director of Investor Relations for Cincinnati Bell Inc. from August 2012 to July 2013; Assistant Controller for Cincinnati Bell Inc. from August 2010 to August 2012; Deloitte &amp; Touche LLP's audit practice from October 2004 to August 2010.\nSUZANNE E MARATTA, Vice President and Corporate Controller of the Company since May 2019; Assistant Corporate Controller of the Company from August 2017 to May 2019; Senior Financial Reporting Manager of the Company from May 2014 to August 2017; Auditor at PricewaterhouseCoopers from January 2007 to May 2014\n\nName | Age | Title \n--------------------- | --- | --------------------------------------------------------------------\nLeigh R Fox | 47 | President and Chief Executive Officer \nAndrew R Kaiser | 51 | Chief Financial Officer \nChristi H. Cornette | 64 | Chief Culture Officer \nThomas E. Simpson | 47 | Chief Operating Officer \nChristopher J. Wilson | 54 | Vice President and General Counsel \nJoshua T. Duckworth | 41 | Vice President of Treasury, Corporate Finance and Investor Relations\nSuzanne E. Maratta | 37 | Vice President and Corporate Controller \n\nItem 10. Directors Executive Officers Corporate Governance\n information 401 405 407 (c)(3))(4))(5) Regulation S-K directors Cincinnati Bell Inc. Proxy Statement 2020 Annual Meeting Shareholders incorporated. information Item 401 405 407 (c)(3))(4) Regulation S-K directors Cincinnati Bell Inc. Proxy Statement 2020 Annual Meeting incorporated reference.\n Company’s Code of Ethics for Senior Financial Officers Chief Executive Officer Chief Financial Officer Chief Accounting Officer posted website http://www. cincinnatibell. com. SEC New York Stock Exchange post amendment Code Ethics waiver\n certifications Chief Executive Officer Financial Officer Section 302 Sarbanes-Oxley Act 2002 May 2019 submitted NYSE compliance corporate governance listing standards Section 303 A. 12 NYSE Listed Company Manual. NYSE corporate governance listing standards Section 303 A. 12 NYSE Listed Company Manual.\n Executive Officers Registrant\nages positions executive officers February 24, 2020\n elected annually removable Board.\n LEIGH R. FOX President Chief Executive Officer 2017 Operating Officer Chief Financial Officer Administrative Officer Senior Vice President Finance Operations Vice President Finance Cincinnati Bell Technology Solutions.\n ANDREW R. Chief Financial Officer September 2016 Vice President Consumer Marketing Data Analytics Vice President Corporate Finance Partner Howard Roark Consulting.\n CHRISTI H. CORNETTE Chief Culture Officer June 2017 Senior Vice President Marketing Director CBTS Marketing.\n THOMAS E. SIMPSON Chief Operating Officer June 2017 Senior Vice President Chief Technology Officer Vice Research Development Director Technical Operations\n CHRISTOPHER J. WILSON Vice President General Counsel August 2003.\n JOSHUA T. DUCKWORTH Vice President Treasury Corporate Finance Inventor Relations October 2017 Vice President Investor Relations Controller 2013 Assistant Treasurer Director Investor Relations. Assistant Controller. Deloitte Touche LLP audit practice 2004.\nSUZANNE MARATTA Vice President Corporate Controller 2019 Assistant Controller Senior Financial Reporting Manager Auditor PricewaterhouseCoopers 2007 2014\n Leigh R Fox President Officer\n Andrew Kaiser Financial Officer\n. Cornette\n Thomas. Simpson Operating Officer\n Christopher. Wilson Vice President\n Joshua. Duckworth President Treasury Corporate Finance Investor Relations\n Suzanne. Maratta" +} +{ + "_id": "d1b3357ce", + "title": "", + "text": "11. Stock Award Plan\nTotal recognized stock-based compensation expense is included in our consolidated statements of operations as shown in the table below. Stock-based compensation expense includes both non-cash expense related to grants of stock-based awards as well as cash expense related to the employee discount applied to purchases of our common stock under our employee stock purchase plan.\nThe estimated income tax benefit of stock-based compensation expense included in the provision for income taxes for the year ended December 31, 2019 is approximately $5.3 million. No stock-based compensation costs were capitalized during the years ended December 31, 2019, 2018 and 2017. The calculation of stock-based compensation expenses includes an estimate for forfeitures at the time of grant.\nThis estimate can be revised in subsequent periods if actual forfeitures differ from those estimates, which are based on historical trends. Total unrecognized stock-based compensation expense related to nonvested awards and options was $62.4 million as of December 31, 2019, and this expense is expected to be recognized over a weighted-average period of 2.3 years.\n\n | | Year Ended December 31, | \n-------------------------------------------- | -------- | ----------------------- | --------\n(In thousands) | 2019 | 2018 | 2017 \nCost of revenue: | | | \nSoftware delivery, support and maintenance | $ 2,075 | $ 2,184 | $ 2,879 \nClient services | 4,067 | 3,997 | 4,484 \nTotal cost of revenue | 6,142 | 6,181 | 7,363 \nSelling, general and administrative expenses | 27,348 | 24,213 | 23,497 \nResearch and development | 9,200 | 8,937 | 8,605 \nTotal stock-based compensation expense | $ 42,690 | $ 39,331 | $ 39,465\n\n. Stock Award Plan\n stock-based compensation expense in consolidated statements operations. includes non-cash grants cash employee discount common stock.\n estimated income tax benefit December 31, 2019 approximately $5. 3 million. No costs capitalized December 31, 2019 2018 2017. estimate forfeitures.\n revised if forfeitures differ. unrecognized stock-based compensation expense nonvested awards options was $62. 4 million December 31, 2019 expected recognized over 2. 3 years.\n Ended December\n 2019 2018\n revenue\n Software delivery support maintenance $ 2,075\n Client services 4,067\n cost revenue 6,142\n Selling general administrative expenses 27,348 24\n Research development 9,200\n Total stock-based compensation expense $ 42,690 39,331" +} +{ + "_id": "d1b371a9e", + "title": "", + "text": "The Company utilized the Black-Scholes option pricing model to value the stock options. The Company used an expected life as defined under the simplified method, which is using an average of the contractual term and vesting period of the stock options. The risk-free interest rate used for the award is based on the U.S. Treasury yield curve in effect at the time of grant. The Company accounted for forfeitures as they occur. The historical volatility was calculated based upon implied volatility of the Company's historical stock prices.\nThe fair value of 2019 and 2018 stock options was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:\nAs of December 31, 2019, there was approximately $419,000 of unrecognized stock-based compensation expense related to outstanding 2019 stock options, expected to be recognized over 3.4 and approximately $418,000 of unrecognized stock-based compensation expense related to outstanding 2018 stock options, expected to be recognized over 2.4 years. There was no unrecognized stock-based compensation expense relating stock options granted prior to 2018.\n\n | 2019 | 2018 \n-------------------------------------------------------- | ----- | -----\nWeighted-average fair value of options granted per share | $8.78 | $6.63\nHistorical volatility | 60% | 46% \nRisk-free interest rate | 2.10% | 2.84%\nDividend yield | — | — \nExpected life in years | 3.6 | 5.7 \n\nCompany utilized Black-Scholes option pricing model options. expected life method average contractual term vesting period. risk-free interest rate U. Treasury yield curve. accounted forfeitures. historical volatility calculated prices.\n fair value 2019 2018 stock options estimated Black-Scholes model weighted-average assumptions\n $419,000 unrecognized compensation expense 2019 options 3. $418,000 2018 2. 4 years. no unrecognized prior 2018.\n Weighted-average fair value per share $8. 78 $6. 63\n Historical volatility 60% 46%\n Risk-free interest rate. 10%. 84%\n Dividend yield\n Expected life years 3." +} +{ + "_id": "d1b309912", + "title": "", + "text": "Other Long-Term Liabilities\nIn-Process Revenue Contracts\nAs part of the Company’s previous acquisition of FPSO units from Petrojarl ASA (subsequently renamed Teekay Petrojarl AS, or Teekay Petrojarl), the Company assumed a certain FPSO contract with terms that were less favorable than the then prevailing market terms. At the time of the acquisition, the Company recognized a liability based on the estimated fair value of this contract and service obligation.\nThe Company is amortizing the remaining liability over the estimated remaining term of its associated contract on a weighted basis, based on the projected revenue to be earned under the contract.\nAmortization of in-process revenue contracts for the year ended December 31, 2019 was $5.9 million (2018 – $14.5 million, 2017 – $27.2 million), which is included in revenues on the consolidated statements of loss. Amortization of in-process revenue contracts following 2019 is expected to be $5.9 million (2020), $5.9 million (2021) and $5.9 million (2022).\n\n | December 31, 2019 | December 31, 2018\n------------------------------------------- | ----------------- | -----------------\n | $ | $ \nDeferred revenues and gains (note 2) | 28,612 | 31,324 \nGuarantee liabilities | 10,113 | 9,434 \nAsset retirement obligation | 31,068 | 27,759 \nPension liabilities | 7,238 | 4,847 \nIn-process revenue contracts | 11,866 | 17,800 \nDerivative liabilities (note 16) | 51,914 | 56,352 \nUnrecognized tax benefits (note 22) | 62,958 | 40,556 \nOffice lease liability – long-term (note 1) | 10,254 | — \nOther | 2,325 | 1,325 \n | 216,348 | 189,397 \n\nLong-Term Liabilities\n-Process Revenue Contracts\n previous acquisition FPSO Petrojarl ASA assumed FPSO contract less favorable. recognized liability estimated value.\n amortizing remaining liability term projected revenue.\n Amortization-process revenue contracts December 31, 2019 $5. 9 million (2018 $14. 5 million 2017 $27. 2 consolidated statements loss. Amortization 2019 expected $5. 9 million $5. 9 million (2021) $5. 9 million (2022).\n 31, 2019\n Deferred revenues gains 28,612\n Guarantee liabilities\n Asset retirement obligation\n Pension liabilities 7\n In-process revenue contracts 11,866\n Derivative liabilities 51,914\n Unrecognized tax benefits 62,958\n Office lease liability long-term 10,254\n" +} +{ + "_id": "d1b2f9fbc", + "title": "", + "text": "5.0 FY 2019 Financial Performance and Analysis\nThe discussions in this section relate to the consolidated, Rupee-denominated financial results pertaining to the year that ended March 31, 2019. The financial statements of Tata Consultancy Services Limited and its subsidiaries (collectively referred to as ‘TCS’ or ‘the Company’) are prepared in accordance with the Indian Accounting Standards (referred to as ‘Ind AS’) prescribed under section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, as amended from time to time. Significant accounting policies used in the preparation of the financial statements are disclosed in the notes to the consolidated financial statements.\nThe following table gives an overview of the consolidated financial results of the Company:\n* EPS is adjusted for bonus issue\n\n | | | | | ` crore \n---------------------------------------------------------------------------------- | ------- | ------------ | -------- | ------- | ------------\n | FY 2019 | % of Revenue | % Growth | FY 2018 | % of Revenue\nRevenue | 146,463 | 100.0 | 19.0 | 123,104 | 100.0 \nEarnings before interest, tax, depreciation and amortization (before other income) | 39,506 | 27.0 | 21.5 | 32,516 | 26.4 \nProfit Before Tax (PBT) | 41,563 | 28.4 | 21.9 | 34,092 | 27.7 \nProfit after tax attributable to shareholders of the Company | 31,472 | 21.5 | 21.9 | 25,826 | 21.0 \nEarnings per share (in `) | 83.05 | - | 23.8 | 67.10* | - \n\n. FY 2019 Financial Performance Analysis\n discussions consolidated Rupee financial results year March 31, 2019. financial statements Tata Consultancy Services Limited subsidiaries prepared Indian Accounting Standards section 133 Companies Act 2013, Rules. accounting policies disclosed notes consolidated financial statements.\n consolidated financial results\n EPS adjusted bonus issue\n FY 2019 % Revenue Growth FY 2018 % Revenue\n 146,463 100. 19. 123,104.\n Earnings before interest tax depreciation amortization 39,506 27. 21.\n Profit Before Tax 41,563 28. 21. 34,092 27.\n Profit after tax shareholders 31,472 21. 25,826 21.\n Earnings per share 83. 23. 67." +} +{ + "_id": "d1b35cb8a", + "title": "", + "text": "Note 18. Income Taxes\nThe Tax Cuts and Jobs Act, or the Tax Act, was signed into law on December 22, 2017. This legislation made significant changes in U.S. tax law, including a reduction in the corporate tax rate, changes to net operating loss carryforwards and carrybacks and a repeal of the corporate alternative minimum tax. The legislation reduced the U.S. corporate income tax rate from 35% to 21%. As a result of the enacted Tax Act, we were required to revalue deferred tax assets and liabilities at the rate in effect when the deferred tax balances are scheduled to reverse. This revaluation resulted in an additional $8.8 million of income tax expense and a corresponding reduction in the deferred tax asset which was recorded during the year ended December 31, 2017.\nAdditionally, on December 22, 2017, the Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 118, or SAB 118, to address the application of GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. Specifically, SAB 118 provides a measurement period for companies to evaluate the impacts of the Tax Act on their financial statements. We completed the accounting for the tax effects of the Tax Act during the three months ended September 30, 2018 and decreased our provisional estimate from $8.8 million to $8.7 million.\nThe components of our income tax expense are as follows (in thousands):\n\n | | Year Ended December 31, | \n-------------- | ------ | ----------------------- | -------\n | 2019 | 2018 | 2017 \nCurrent | | | \nFederal | $1,615 | $741 | $584 \nState | 900 | 653 | (88) \nForeign | 452 | 263 | 6 \nTotal Current | 2,967 | 1,657 | 502 \nDeferred | | | \nFederal | 2,622 | (8,821) | 3,837 \nState | (23) | (2,643) | (1,368)\nForeign | — | (18) | 19 \nTotal Deferred | 2,599 | (11,482) | 2,488 \nTotal | $5,566 | $ (9,825) | $2,990 \n\n. Income Taxes\n Tax Cuts Jobs Act signed law December 22, 2017. tax law corporate tax rate net operating loss carryforwards carrybacks repeal corporate alternative minimum tax. reduced. corporate income tax rate 35% to 21%. deferred tax assets liabilities. $8. 8 million income tax expense reduction deferred tax year ended December 31, 2017.\n December 22, 2017 Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 GAAP information income tax effects. 118 measurement period impacts Tax Act financial statements. accounting months September 30, 2018 decreased estimate $8. 8 million to $8. 7 million.\n income tax expense\n Year Ended December 31,\n 2019 2018 2017\n Federal $1,615 $741 $584\n State 900\n Foreign 452\n 2,967 1,657 502\n Deferred\n Federal 2,622 3,837\n State\n19\n Deferred 2,599 (11,482)\n $5,566 $2,990" +} +{ + "_id": "d1b393aa4", + "title": "", + "text": "Property and Equipment\nProperty and equipment are stated at cost and are depreciated or amortized using the straight-line method. Cost, accumulated depreciation and amortization, and estimated useful lives are as follows (dollars in thousands):\n\n | | Fiscal year-end | \n----------------------------------------- | --------- | --------------- | -----------------------------------\n | 2019 | 2018 | Useful Life \nLand | $19,490 | $17,655 | \nBuildings and improvements | 173,333 | 165,535 | 5 - 40 years \nEquipment, furniture and fixtures | 389,225 | 359,721 | 3 - 10 years \nLeasehold improvements | 94,878 | 89,399 | shorter of asset life or lease term\n | 676,926 | 632,310 | \nAccumulated depreciation and amortization | (353,492) | (320,517) | \nProperty and equipment, net | $323,434 | $311,793 | \n\nProperty Equipment\n depreciated amortized-line. depreciation lives\n year-end\n Land $19,490 $17,655\n Buildings improvements 173,333 165,535 5 - 40 years\n Equipment furniture fixtures,225,721 3 - 10 years\n Leasehold improvements 94,878 89,399\n 676,926 632,310\n depreciation amortization (353,492 (320,517)\n $323,434 $311,793" +} +{ + "_id": "d1b394bb6", + "title": "", + "text": "A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows for the years ended December 31,\n2019, 2018 and 2017 (in thousands):\nOur unrecognized tax benefits totaled $11.2 million and $7.1 million as of December 31, 2019 and 2018, respectively. Included in these amounts are unrecognized tax benefits totaling $10.2 million and $5.4 million as of December 31, 2019 and 2018, respectively, which, if recognized, would affect the effective tax rate.\nthese amounts are unrecognized tax benefits totaling $10.2 million and $5.4 million as of December 31, 2019 and 2018, respectively,\nwhich, if recognized, would affect the effective tax rate.\nWe recognize potential accrued interest and penalties related to unrecognized tax benefits within our global operations in income tax expense. For the years ended December 31, 2019, 2018 and 2017, the Company recognized the following income tax expense: $0.5 million, $0.5 million, and $0.3 million, respectively, for the potential payment of interest and penalties. Accrued interest and penalties were $1.7 million and $2.1 million for the years ended December 31, 2019 and 2018. We conduct business globally and, as a result, files income tax returns in the United State federal jurisdiction and in many state and foreign jurisdictions. We are generally no longer subject to U.S. federal, state, and local, or non-US income tax examinations for the years before 2012. Due to the expiration of statutes of limitations in multiple jurisdictions globally during 2020, the Company anticipates it is reasonably possible that unrecognized tax benefits may decrease by $3.1 million.\n\n | December 31, | | \n--------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------- | ----------- | ---------\n | 2019 | 2018 | 2017 \nUnrecognized tax benefits at January 1, | (7,113 ) | (7,419 ) | (6,938 ) \nGross amount of increases in unrecognized tax benefits as a\nresult of tax positions taken during a prior period | (2,428 ) | (873 ) | (789 ) \nGross amount of decreases in unrecognized tax benefits as a Gross amount of decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | 445 | 233 | 145 \nGross amount of increases in unrecognized tax benefits as a\nresult of tax positions taken during the current period | (2,489 ) | (78 ) | - \nReductions to unrecognized tax benefits relating to settlements with taxing authorities | - | 349 | - \nReductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | 346 | 675 | 163 \nUnrecognized tax benefits at December 31, | (11,239 ) | (7,113 ) | (7,419 ) \n\nreconciliation unrecognized tax benefits years December 31,\n 2019 2018 2017\n totaled $11. 2 million $7. 1 million December 31, 2019 2018. $10. 2 million $5. 4 million effective tax rate.\n $10. 2 million $5. 4 million\n.\n accrued interest penalties tax benefits global operations. 2019 2017 recognized income tax expense $0. 5 million $0. 5 million $0. 3 million interest penalties. Accrued interest penalties $1. 7 million $2. 1 million 2019 2018. business globally tax returns foreign jurisdictions. no longer subject. federal non-US income tax examinations before 2012. expiration statutes limitations 2020 unrecognized tax benefits decrease by $3. 1 million.\n December\n 2017\n Unrecognized tax benefits January 1, (7,113 (7,419\n increases unrecognized tax benefits\n tax positions prior period (2,428 (873\ndecreases unrecognized tax benefits prior period 445 233 145\n increases\n current period (2,489 ) (78 ) -\n Reductions settlements 349 -\n lapse statute limitations 346 675 163\n benefits December 31, (11,239 ) (7,113 ) (7,419 )" +} +{ + "_id": "d1b366126", + "title": "", + "text": "Fair Value Measurement of Financial Assets and Liabilities\nThe carrying values of the Company’s accounts receivable and accounts payable, approximated their fair values due to the short period of time to maturity or repayment.\nThe following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):\nThe fair value of the Company’s Level 1 financial instruments is based on quoted market prices in active markets for identical instruments. The fair value of the Company’s Level 2 financial instruments is based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data.\nIn addition, Level 2 assets and liabilities include derivative financial instruments associated with hedging activity, which are further discussed in Note 4. Derivative financial instruments are initially measured at fair value on the contract date and are subsequently remeasured to fair value at each reporting date using inputs such as spot rates, forward rates, and discount rates. There is not an active market for each hedge contract, but the inputs used to calculate the value of the instruments are tied to active markets.\n\nDecember 31, 2019 | | | | \n------------------------- | -------- | -------- | ------- | --------\n | Level 1 | Level 2 | Level 3 | Total \nAssets: | | | | \nMoney market funds | $107,708 | $— | $— | $107,708\nU.S. government agencies | — | 77,364 | — | 77,364 \nCorporate debt securities | — | 207,137 | — | 207,137 \nTotal | $107,708 | $284,501 | $— | $392,209\nLiabilities: | | | | \nContingent consideration | $— | $— | $1,889 | $1,889 \nDerivative liabilities | — | 748 | — | 748 \nTotal | $— | $748 | $1,889 | $2,637 \n | | | | \nDecember 31, 2018 | | | | \n | Level 1 | Level 2 | Level 3 | Total \nAssets: | | | | \nMoney market funds | $273,546 | $— | $— | $273,546\nU.S. government agencies | — | 72,840 | — | 72,840 \nCorporate debt securities | — | 228,953 | — | 228,953 \nDerivative assets | — | 623 | — | 623 \nTotal | $273,546 | $302,416 | $— | $575,962\nLiabilities: | | | | \nDerivative liabilities | $— | $549 | $— | $549 \nStock warrant liability | — | — | 410 | 410 \nTotal | $— | $549 | $410 | $959 \n\nFair Value Measurement Financial Assets Liabilities\n carrying values Company’s accounts receivable payable values due short time maturity repayment.\n tables financial instruments measured fair value level fair value hierarchy\n fair value Level 1 instruments based on quoted market prices active identical. Level 2 observable inputs inactive other inputs.\n Level 2 assets liabilities include derivative financial instruments hedging activity discussed Note 4. measured fair value contract date remeasured fair value each reporting date spot forward discount rates. active market each hedge contract inputs tied active markets.\n December 31, 2019\n Level 1 2 3 Total\n Assets\n Money market funds $107,708\n U. S. government agencies 77,364\n Corporate debt securities 207,137\n $107,708 $284,501 $392,209\n Liabilities\n Contingent consideration $1,889\nDerivative liabilities 748\n $1,889 $2,637\n December 31, 2018\n Level 1 2 3\n Assets\n Money market funds $273,546\n. government agencies 72,840\n Corporate debt securities 228,953\n Derivative assets 623\n Total $273,546 $302,416 $575,962\n Liabilities\n Derivative liabilities $549\n Stock warrant liability 410\n $549 $410 $959" +} +{ + "_id": "d1b33cefc", + "title": "", + "text": "ALTERNATIVE PERFORMANCE MEASURES\nNet interest-bearing debt:\nNet interest-bearing debt is defined as borrowings (current and noncurrent) less loans receivables and cash and cash equivalents, including restricted cash. Net interest-bearing debt depicts the net capital resources, which cause net interest expenditure and interest rate risk and which, together with equity, are used to finance the Company’s investments. As such, TORM believes that net interest-bearing debt is a relevant measure which Management uses to measure the overall development of the use of financing, other than equity. Such measure may not be comparable to similarly titled measures of other companies. Net interest-bearing debt is calculated as follows:\n\nUSDm | 2019 | 2018 | 2017 \n---------------------------------------------------- | ----- | ------ | ------\nBorrowings | 863.4 | 754.7 | 753.9 \nLoans receivables | -4.6 | - | - \nCash and cash equivalents, including restricted cash | -72.5 | -127.4 | -134.2\nNet interest-bearing debt | 786.3 | 627.3 | 619.7 \n\nALTERNATIVE PERFORMANCE MEASURES\n Net interest-bearing debt\n defined borrowings loans receivables cash equivalents restricted cash. depicts capital resources interest expenditure rate risk investments. TORM believes relevant financing. not comparable. calculated\n USDm 2019 2018 2017\n Borrowings 863. 754. 7 753.\n Loans receivables -4.\n Cash equivalents restricted cash -72. -127. -134.\n Net interest-bearing debt 786. 3 627. 619." +} +{ + "_id": "d1b3b3cbe", + "title": "", + "text": "Other assets consist of the following (in thousands):\n(1) In the first quarter of fiscal 2019, we invested 3.0 million Euro ($3.4 million) in 3D-Micromac AG, a private company in Germany. The investment is included in other assets and is being carried on a cost basis and will be adjusted for impairment if we determine that indicators of impairment exist at any point in time.\n\n | Fiscal year-end | \n------------------------------------------------------------------ | --------------- | --------\n | 2019 | 2018 \nAssets related to deferred compensation arrangements (see Note 13) | $35,842 | $37,370 \nDeferred tax assets (see Note 16) | 87,011 | 64,858 \nOther assets(1) | 18,111 | 9,521 \nTotal other assets | $140,964 | $111,749\n\nassets\n first quarter 2019 invested 3. million Euro$3. 4 million 3D-Micromac AG Germany. investment assets adjusted impairment indicators.\n Fiscal year-end\n Assets deferred compensation arrangements 13 $35,842 $37,370\n Deferred tax assets Note 16 87,011 64,858\n Other 18,111\n Total $140,964 $111,749" +} +{ + "_id": "d1b36a1e0", + "title": "", + "text": "Restricted Stock Units:\nA summary of restricted stock activity for the fiscal year ended January 31, 2019 is as follows:\n(1) Based on Autodesk's financial results and relative total stockholder return for the fiscal 2018 performance period. The performance stock units were attained at rates ranging from 90.0% to 117.6% of the target award.\nFor the restricted stock granted during fiscal years ended January 31, 2019, 2018, and 2017, the weighted average grant date fair values were $144.37, $106.55, and $65.95, respectively. The fair values of the shares vested during fiscal years ended January 31, 2019, 2018, and 2017 were $425.4 million, $399.7 million, and $232.2 million, respectively.\nDuring the fiscal year ended January 31, 2019, Autodesk granted 2.1 million restricted stock units. Restricted stock units\nvest over periods ranging from immediately upon grant to a pre-determined date that is typically within three years from the\ndate of grant. Restricted stock units are not considered outstanding stock at the time of grant, as the holders of these units are\nnot entitled to any of the rights of a stockholder, including voting rights. The fair value of the restricted stock units is expensed\nratably over the vesting period. Autodesk recorded stock-based compensation expense related to restricted stock units of $189.3\nmillion, $202.1 million, and $173.0 million during fiscal years ended January 31, 2019, 2018, and 2017, respectively. As of\nJanuary 31, 2019, total compensation cost not yet recognized of $364.5 million related to non-vested awards is expected to be\nrecognized over a weighted average period of 1.76 years. At January 31, 2019, the number of restricted stock units granted but\nunvested was 3.9 million.\nDuring the fiscal year ended January 31, 2019, Autodesk granted 0.2 million performance stock units for which the ultimate number of shares earned is determined based on the achievement of performance criteria at the end of the stated service and performance period. The performance criteria for the performance stock units are based on Annualized Recurring Revenue (\"ARR\") and free cash flow per share goals adopted by the Compensation and Human Resources Committee, as well as total stockholder return compared against companies in the S&P Computer Software Select Index or the S&P North American Technology Software Index (\"Relative TSR\"). These performance stock units vest over a three-year period and have the following vesting schedule:\nUp to one third of the performance stock units may vest following year one, depending upon the achievement of the performance criteria for fiscal 2019 as well as 1-year Relative TSR (covering year one).\nUp to one third of the performance stock units may vest following year two, depending upon the achievement of the performance criteria for year two as well as 2-year Relative TSR (covering years one and two).\nUp to one third of the performance stock units may vest following year three, depending upon the achievement of the performance criteria for year three as well as 3-year Relative TSR (covering years one, two and three).\nPerformance stock units are not considered outstanding stock at the time of grant, as the holders of these units are not entitled to any of the rights of a stockholder, including voting rights. Autodesk has determined the grant-date fair value for these awards using the stock price on the date of grant or if the awards are subject to a market condition, a Monte Carlo simulation model. The fair value of the performance stock units is expensed using the accelerated attribution over the vesting period. Autodesk recorded stock-based compensation expense related to performance stock units of $28.6 million, $33.7 million, and $22.9 million during fiscal years ended January 31, 2019, 2018, and 2017 respectively. As of January 31, 2019, total compensation cost not yet recognized of $5.6 million related to unvested performance stock units, is expected to be recognized over a weighted average period of 0.81 years. At January 31, 2019, the number of performance stock units granted but unvested was 0.4 million.\n\n | Unreleased Restricted Stock Units (in thousands) | Weighted average grant date fair value per share\n--------------------------------------------- | ------------------------------------------------ | ------------------------------------------------\nUnvested restricted stock at January 31, 2018 | 5,670.7 | $82.94 \nGranted | 2,250.7 | 144.37 \nVested | (2,982.0) | 76.30 \nCanceled/Forfeited | (681.9) | 94.70 \nPerformance Adjustment (1) | 29.9 | 101.74 \nUnvested restricted stock at January 31, 2019 | 4,287.4 | $120.07 \n\nRestricted Stock Units\n summary activity fiscal year January 31, 2019\n Autodesk financial results return 2018 performance period. stock units attained rates 90. to. 6% target award.\n stock granted 2019 2018 2017 grant date fair values $144. 37 $106. 55 $65. 95. shares vested $425. 4 million $399. 7 million $232. 2 million.\n 2019 Autodesk granted 2. 1 million restricted stock units.\n grant three years\n. not outstanding holders\n rights voting rights. fair value expensed\n over vesting period. compensation expense $189. 3\n million $202. 1 million $173. million 2017.\n total compensation cost not recognized $364. 5 million non-vested awards expected\n 1. 76 years. January 31, 2019 stock units granted\n unvested 3. 9 million.\n Autodesk granted. 2 million performance stock units earned performance criteria.performance criteria stock units based Annualized Recurring Revenue free cash flow goals Compensation Human Resources Committee stockholder return compared against S&P Computer Software Select Index S&P North American Technology Software Index. units vest over three-year period\n third vest year one 1-year.\n third year two.\n third year three 3-year TSR.\n Performance stock units not outstanding stock grant voting rights. Autodesk grant-date fair value stock price Monte Carlo simulation model. fair value expensed accelerated attribution over vesting period. stock-based compensation expense $28. 6 million $33. 7 million $22. 9 million fiscal years 2019 2018 2017. total compensation cost not recognized $5. 6 million unvested performance stock units expected recognized over 0. 81 years. January 31, 2019 performance stock units granted but unvested 0. 4 million.\n Unreleased Restricted Stock Units Weighted average grant date fair value per share\n\n Unvested January 2018 5,670. $82.\n 2,250. 144.\n (2,982. 76.\n (681. 94.\n Adjustment 29. 101.\n January 2019 4,287. $120." +} +{ + "_id": "d1b32624c", + "title": "", + "text": "Non-GAAP Measures\nIn addition to the results reported in accordance with US GAAP, we also use certain non-GAAP measures such as EBITDA and adjusted EBITDA to evaluate operating performance and to facilitate the comparison of our historical results and trends. These financial measures are not a measure of financial performance under US GAAP and should not be considered in isolation or as a substitute for net income as a measure of performance and net cash provided by operating activities as a measure of liquidity.\nThey are not, on their own, necessarily indicative of cash available to fund cash needs as determined in accordance with GAAP. The calculation of these non-GAAP measures may not be comparable to similarly titled measures used by other companies. Reconciliations of these non-GAAP measures to the most directly comparable financial measures presented in accordance with GAAP are provided below.\nEBITDA is defined as net earnings before interest expense, income taxes, and depreciation and amortization. Adjusted EBITDA is comprised of EBITDA, adjusted for certain items as permitted or required under our credit facility as described in the reconciliations below. These measures are a common measure of operating performance in the telecommunications industry and are useful, with other data, as a means to evaluate our ability to fund our estimated uses of cash.\nThe following tables are a reconciliation of net income (loss) to adjusted EBITDA for the years ended December 31, 2019, 2018 and 2017:\n(1) Other, net includes the equity earnings from our investments, dividend income, income attributable to noncontrolling interests in subsidiaries, acquisition and transaction related costs including integration and severance, non-cash pension and post-retirement benefits and certain other miscellaneous items. (2) Includes all cash dividends and other cash distributions received from our investments.\n\n | | | Year Ended December 31,\n---------------------------------------- | ---------- | ---------- | -----------------------\n(In thousands, unaudited) | 2019 | 2018 | 2017 \nNet income (loss) | $ (19,931) | $ (50,571) | $ 65,299 \nAdd (subtract): | | | \nInterest expense, net of interest income | 136,660 | 134,578 | 129,786 \nIncome tax benefit | (3,714) | (24,127) | (124,927) \nDepreciation and amortization | 381,237 | 432,668 | 291,873 \nEBITDA | 494,252 | 492,548 | 362,031 \nAdjustments to EBITDA: | | | \nOther, net (1) | (8,847) | 549 | 19,314 \nInvestment distributions (2) | 35,809 | 39,078 | 29,993 \nGain on extinguishment of debt | (4,510) | — | — \nNon-cash, stock-based compensation | 6,836 | 5,119 | 2,766 \nAdjusted EBITDA | $ 523,540 | $ 537,294 | $ 414,104 \n\nNon-GAAP Measures\n US GAAP non-GAAP measures EBITDA adjusted EBITDA operating performance comparison historical results. not performance US GAAP not for net income cash liquidity.\n not indicative of cash needs. measures not comparable measures other. Reconciliations comparable measures GAAP.\n EBITDA net earnings before interest expense income taxes depreciation amortization. Adjusted EBITDA EBITDA adjusted items credit facility. measures common operating performance telecommunications industry evaluate ability fund cash.\n tables net income (loss) to adjusted EBITDA years ended December 31, 2019 2018 2017:\n includes equity earnings dividend income income noncontrolling interests subsidiaries acquisition transaction costs non-cash pension post-retirement benefits miscellaneous items. Includes cash dividends distributions investments.\n Ended December 31,\n 2019 2018 2017\n Net income (loss $ (19,931) $ (50,571) 65,299\n136,660 134,578 129,786\n tax (3\n Depreciation amortization 381,237 432,668 291,873\n 494,252 492,548 362,031\n Adjustments\n distributions 35,809 39,078 29,993\n extinguishment debt\n Non-cash compensation 6,836 5,119 2\n EBITDA 523,540 537,294 414,104" +} +{ + "_id": "d1a726870", + "title": "", + "text": "Key Metrics\nIn addition to our results determined in accordance with GAAP, we believe the following operating metrics are useful as supplements in evaluating our ongoing operational performance and help provide an enhanced understanding of our business:\nTotal bookings. Total bookings represents cash receipts from the sale of products to customers in a given period adjusted for products where we recognize revenue on a net basis and without giving effect to certain adjustments, primarily net refunds granted in the period. Total bookings provides valuable insight into the sales of our products and the performance of our business since we typically collect payment at the time of sale and recognize revenue ratably over the term of our customer contracts. We report total bookings without giving effect to refunds granted in the period because refunds often occur in periods different from the period of sale for reasons unrelated to the marketing efforts leading to the initial sale. Accordingly, by excluding net refunds, we believe total bookings reflects the effectiveness of our sales efforts in a given period.\nTotal customers. We define a customer as an individual or entity, as of the end of a period, having an account with one or more paid product subscriptions. A single user may be counted asacustomer more than once if the user maintains paid subscriptions in multiple accounts. Total customers is one way we measure the scale of our business and is an important part of our ability to increase our revenue base\nAverage revenue per user (ARPU). We calculate ARPU as total revenue during the preceding 12 month period divided by the average of the number of total customers at the beginning and end of the period. ARPU provides insight into our ability to sell additional products to customers, though the impact to date has been muted due to our continued growth in total customers.\n\n | Year Ended December 31, | | | | \n-------------------------------------------- | ----------------------- | -------- | -------- | -------- | --------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | (unaudited) | | | | \nTotal bookings (in millions) | $3,401.2 | $3,011.5 | $2,618.2 | $2,155.5 | $1,914.2\nTotal customers at period end (in thousands) | 19,274 | 18,518 | 17,339 | 14,740 | 13,774 \nAverage revenue per user | $158 | $148 | $139 | $130 | $121 \n\nKey Metrics\n results GAAP operating metrics useful operational performance understanding business\n Total bookings. represents cash receipts from sale products period adjusted for products revenue net without adjustments primarily net refunds. provides insight into sales performance business collect payment at time sale recognize revenue over customer contracts. report without refunds refunds occur. excluding net refunds reflects effectiveness sales efforts.\n Total customers. customer as individual account with paid product subscriptions. user asacustomer paid subscriptions multiple accounts. Total customers scale business important revenue base\n Average revenue per user (ARPU). as total revenue preceding 12 month period divided by average number total customers end. insight ability sell additional products impact muted due to growth in total customers.\n Year Ended December 31,\n 2019 2018 2017 2016 2015\n Total bookings (in millions) $3,401. $3,011. $2,618. $2,155. $1,914.\ncustomers 19,274 18,518 17,339 14,740 13,774\n revenue $158 $139" +} +{ + "_id": "d1b38ef04", + "title": "", + "text": "Net Asset Value per share (NAV/share):\nTORM believes that the NAV/share is a relevant measure that Management uses to measure the overall development of the assets and liabilities per share. Such measure may not be comparable to similarly titled measures of other companies. NAV/share is calculated using broker values of vessels and excluding charter commitments. NAV/share is calculated as follows:\n\nUSDm | 2019 | 2018 | 2017 \n---------------------------------------------------------- | ------- | ------- | -------\nNet Asset Value per share | | | \nTotal vessel values including newbuildings (broker values) | 1,801.5 | 1,675.1 | 1,661.1\nCommitted CAPEX on newbuildings | -51.2 | -258.0 | -306.9 \nCash position | 72.5 | 127.4 | 134.2 \nLoans receivables | 4.6 | - | - \nBunkers | 34.8 | 39.4 | 33.2 \nFreight receivables | 89.8 | 86.0 | 71.3 \nOther receivables | 6.2 | 7.5 | 11.8 \nOther plant and operating equipment | 4.3 | 3.0 | 1.9 \nLand and buildings | 8.1 | - | - \nInvestments in joint ventures | 1.2 | 0.1 | 0.3 \nPrepayments | 3.5 | 2.9 | 4.4 \nBorrowings | -863.4 | -754.7 | -753.9 \nTrade payables | -47.1 | -35.1 | -26.2 \nOther liabilities | -47.3 | -36.5 | -33.8 \nCurrent tax liabilities | -1.5 | -1.0 | -1.4 \nTotal Net Asset Value (NAV) | 1,016.0 | 856.1 | 796.0 \nTotal number of shares excluding treasury shares (million) | 74.4 | 73.9 | 62.0 \nTotal Net Asset Value per share (NAV/share) (USD) | 13.6 | 11.6 | 12.8 \n\nAsset Value per share\n TORM development assets liabilities. calculated broker values excluding charter commitments.\n Asset Value per share\n vessel values newbuildings 1,801. 1,675. 1,661.\n Committed CAPEX newbuildings -51. -258. -306.\n Cash position 72. 127. 134.\n Loans receivables 4.\n Bunkers 34. 39. 33.\n Freight receivables 89. 86. 71.\n receivables 6. 7. 11.\n plant equipment 4. 3. 1.\n Land buildings 8.\n Investments joint ventures 1.\n Prepayments 3. 2. 4.\n Borrowings -863. -754. -753.\n Trade payables.\n liabilities. -36. -33.\n tax liabilities -1.\n Total Net Asset Value 1,016. 856. 796.\n shares excluding treasury 74. 4 73.62.\n Net Asset Value share 13. 11. 12." +} +{ + "_id": "d1b34468e", + "title": "", + "text": "At the end of each reporting period, the Company evaluates all available information at that time to determine if it is more likely than not that some or all of these credits will be utilized. As of October 31, 2019, 2018, and 2017, the Company determined that a total of $1.8 million, $0.7 million, and $0.6 million, respectively, would be recovered. Accordingly, those amounts were released from the valuation allowance and benefited deferred tax expense in the respective periods.\nThe differences between the consolidated effective income tax rate and the federal statutory rate effective during the applicable year presented are as follows:\n\n | | Years Ended October 31, | \n--------------------------------------- | ------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \n | | (In thousands) | \nIncome taxes at statutory rate | $13,408 | $ 7,132 | $148,585\nDiscrete benefit resulting from TCJA | — | (37,505) | — \nState income taxes | 1,189 | 1,014 | 9,038 \nState income tax credits | (2,139) | (804) | (606) \nExpiration of state income tax credits | 4,121 | 4,117 | 642 \nFederal income tax credits | (474) | (460) | (390) \nFederal manufacturers deduction | — | — | (11,527)\nExcess tax benefits | (1,388) | (1,638) | (3,345) \nNondeductible expenses | 1,786 | 1,890 | 3,506 \nChange in valuation allowance | (5,380) | (5,297) | (1,106) \nOther | (570) | 677 | (12) \nIncome tax expense (benefit) | $10,553 | $(30,874) | $144,785\n\nperiod Company evaluates information credits. October 31, 2019 2018 2017 determined $1. 8 million $0. 7 million $0. 6 million recovered. released valuation allowance deferred tax expense.\n differences consolidated income tax rate federal statutory rate\n Years Ended October 31,\n 2019 2018 2017\n Income taxes statutory rate $13,408 $ 7,132 $148,585\n benefit TCJA\n State income taxes 1,189\n State tax credits (2,139\n Expiration tax credits 4,121\n Federal income tax credits (474)\n manufacturers deduction\n Excess tax benefits (1,388\n Nondeductible expenses 1,786\n Change valuation allowance (5,380\n Income tax expense $10,553 $(30,874) $144,785" +} +{ + "_id": "d1b31fa28", + "title": "", + "text": "Disaggregation of Revenues\nThe Company serves customers in diverse geographies, which are subject to different economic and industry factors. The Company's presentation of revenue by geography most reasonably depicts how the nature, amount, timing and uncertainty of Company revenue and cash flows are affected by economic and industry factors. The following table presents the Company's revenue, from continuing operations, by geography for the year ended December 31, 2019, 2018 and 2017 (in millions):\n\n | | Year Ended December 31, | \n------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nNet sales: | | | \nUnited States | $901.3 | $854.6 | $759.4\nCanada | 45.6 | 42.3 | 32.4 \nConsolidated | $946.9 | $896.9 | $791.8\n\nDisaggregation Revenues\n Company serves customers diverse geographies economic industry factors. presentation revenue geography timing uncertainty cash economic industry factors. table presents revenue geography year December 31, 2019 2018 2017\n Net sales\n United States $901. $854. $759.\n Canada 45. 42. 32.\n Consolidated $946. $896. $791." +} +{ + "_id": "d1b340ec6", + "title": "", + "text": "Services provided by the Company’s auditors\nDuring the year, the Group (including overseas subsidiaries) obtained the following services from the operating company’s auditors:\n\n | 2019 | 2018\n------------------------------------------------------------------------------- | ---- | ----\n | £m | £m \nFees payable for the audit of the Company and consolidated financial statements | 0.1 | 0.1 \nFees payable for other services: | | \n– the audit of the subsidiary undertakings pursuant to legislation | 0.2 | 0.1 \nTotal | 0.3 | 0.2 \n\nServices auditors\n Group overseas subsidiaries obtained services auditors\n 2019 2018\n £m\n Fees audit Company consolidated financial statements. 1. 1\n Fees other services\n audit subsidiary undertakings legislation. 2.\n. 3." +} +{ + "_id": "d1b2f4418", + "title": "", + "text": "SHARE INFORMATION\nOn December 31, 2019, the total number of issued common shares of ASMI amounted to 51,297,394 compared to 56,297,394 at year-end 2018. The decrease was the result of the cancellation of 5 million treasury shares that was approved by the Annual General Meeting of Shareholders (AGM) on May 20, 2019, and became effective on July 23, 2019.\nOn December 31, 2019, we had 48,866,220 outstanding common shares excluding 2,431,174 treasury shares. This compared to 49,318,898 outstanding common shares and 6,978,496 treasury shares at year-end 2018. Besides the cancellation of 5 million treasury shares in July 2019, the change in the number of treasury shares in 2019 was the result of approximately 951,000 repurchased shares and approximately 498,000 treasury shares that were used as part of share based payments.\nOn December 31, 2019, 48,583,340 of the outstanding common shares were registered with our transfer agent in the Netherlands, ABN AMRO Bank NV; and 282,880 were registered with our transfer agent in the United States, Citibank, NA, New York.\nOn February 25, 2020, ASMI announced that it will propose to the AGM 2020 the cancellation of 1.5 million treasury shares, as the number of 2.4 million treasury shares held at that date was more than sufficient to cover our outstanding options and restricted/performance shares.\n\n | 2018 | 2019 \n--------------------------------------------------------- | ---------- | ----------\nAs per January 1: | | \nIssued shares | 62,297,394 | 56,297,394\nTreasury shares | 6,157,241 | 6,978,496 \nOutstanding shares | 56,140,153 | 49,318,898\nChanges during the year: | | \nCancellation of treasury shares | 6,000,000 | 5,000,000 \nShare buybacks | 7,242,734 | 950,902 \nTreasury shares used for share based performance programs | 421,479 | 498,224 \nAs per December 31: | | \nIssued shares | 56,297,394 | 51,297,394\nTreasury shares | 6,978,496 | 2,431,174 \nOutstanding shares | 49,318,898 | 48,866,220\n\n\n December 31, 2019 issued common shares ASMI 51,297,394 56,297,394 year-end 2018. decrease cancellation 5 million treasury shares May effective July 23, 2019.\n December 31, 2019 48,866,220 common shares 2,431,174 treasury shares. 49,318,898,496 treasury year-end 2018. cancellation 5 million 951,000 repurchased shares 498,000 share based payments.\n 48,583,340 registered ABN AMRO Bank 282,880 Citibank.\n February 25, 2020 ASMI cancellation. 5 million treasury shares. million options restricted/performance shares.\n January\n Issued shares 62,297,394 56,297,394\n Treasury shares 6,157,241,496\n Outstanding shares 56,140,153 49,318,898\n Changes\n Cancellation treasury shares 6,000,000\n Share buybacks 7,242,734 950,902\n shares share performance programs 421,479 498,224\nDecember 31\n 56,297\n Treasury,496 2,431,174\n 49,318,898 48,866" +} +{ + "_id": "d1b2fd72a", + "title": "", + "text": "8. Asset Impairment Charges\nAsset impairment charges incurred during the year ended December 31, 2019 were primarily the result of impairing the remaining NantHealth acquired customer relationship intangible balance of $8.1 million. We also recognized non-cash impairment charges of $2.7 million on the retirement of certain hosting assets due to data center migrations.\nImpairment of long-term investments during the year ended December 31, 2019 consisted of an impairment of $1.7 million associated with one of our long-term equity investments. We also recovered $1.0 million from one of our long-term equity investments investment that we had previously impaired. We also recorded a goodwill impairment charge of $25.7 million related to our HHS reporting unit. Refer to Note 7, “Goodwill and Intangible Assets” for further information regarding this impairment.\nWe incurred several non-cash asset impairment charges during the year ended December 31, 2018. We recorded non-cash asset impairment charges of $33.2 million related to the write-off of capitalized software as a result of our decision to discontinue several software development projects.\nWe also recorded $22.9 million of non-cash asset impairment charges related to our acquisition of the patient/provider engagement solutions business from NantHealth in 2017, which included the write-downs of $2.2 million of acquired technology and $20.7 million, representing the unamortized value assigned to the modification of our existing commercial agreement with NantHealth, as we no longer expect to recover the value assigned to these assets.\nThe remaining $2.1 million of non-cash asset impairment charges recorded during the year ended December 31, 2018 relate to the disposal of fixed assets as a result of relocating and consolidating business functions and locations from recent acquisitions.\nWe recorded a goodwill impairment charge of $13.5 million related to NantHealth during the year ended December 31, 2018. Refer to Note 7, “Goodwill and Intangible Assets” for further information regarding this impairment. We recognized non-cash impairment charges of $15.5 million in 2018 related to two of our cost-method equity investments and a related note receivable. These charges equaled the cost bases of the investments and the related note receivable prior to the impairment.\nWe recorded non-cash charges of $165.3 million during the year ended December 31, 2017, including impairment charges of $144.6 million associated with two of the Company’s long-term investments based on management’s assessment of the likelihood of near-term recovery of the investments’ value.\nThe majority of the impairment charges related to our investment in NantHealth common stock. We realized an additional $20.7 million loss upon the final disposition of the NantHealth common stock in connection with our acquisition of certain assets related to NantHealth’s provider/patient engagement solutions business. Refer to Note 4, “Business Combinations and Other Investments” and Note 14, “Accumulated Other Comprehensive Loss,” for further information regarding these impairments.\nThe following table summarizes the non-cash asset impairment charges recorded during the periods indicated and where they appear in the corresponding consolidated statements of operations:\n\n | | Year Ended December 31, | \n----------------------------------- | -------- | ----------------------- | ---------\n(In thousands) | 2019 | 2018 | 2017 \nAsset impairment charges | $ 10,837 | $ 58,166 | $ 0 \nGoodwill impairment charge | $ 25,700 | $ 13,466 | $ 0 \nImpairment of long-term investments | $ 651 | $ 15,487 | $ 165,290\n\n. Asset Impairment Charges\n December 31, 2019 NantHealth balance $8. 1 million. recognized non-cash $2. 7 million retirement hosting assets data center migrations.\n long-term investments $1. 7 million. recovered $1. 0 million. recorded goodwill impairment $25. 7 million HHS reporting unit. Note 7 “Goodwill Intangible Assets”.\n incurred non-cash asset impairment charges December 31, 2018. $33. 2 million write-off capitalized software projects.\n $22. 9 million acquisition patient/provider engagement solutions business NantHealth 2017 write-downs $2. 2 million technology $20. 7 million unamortized value agreement NantHealth.\n remaining $2. 1 million disposal fixed assets relocating consolidating business acquisitions.\n recorded goodwill impairment charge $13. 5 million NantHealth. Note 7 “Goodwill Intangible Assets”. recognized non-cash impairment charges $15.5 million 2018 two cost-method equity investments receivable. charges equaled cost bases receivable impairment.\n recorded non-cash charges $165. 3 million December 31, 2017 impairment charges $144. 6 million two long-term investments.\n majority impairment charges NantHealth common stock. $20. 7 million loss acquisition. Note 4 Combinations Note 14 Comprehensive Loss.\n table summarizes non-cash asset impairment charges statements operations\n December\n 2019 2018 2017\n Asset impairment charges $ 10,837 $ 58,166\n Goodwill impairment $ 25,700 $ 13,466\n long-term investments $ 651 $ 15,487 165,290" +} +{ + "_id": "d1b384266", + "title": "", + "text": "10. Geographic information:\nOperating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing the Company’s performance. The Company has one operating segment. Revenues are attributed to regions based on where the services are provided. Below are the Company’s service revenues and long lived assets by geographic region (in thousands):\n\nYear Ended December 31, 2019 Revenues | On-net | Off-net | Non-core | Total \n------------------------------------- | -------- | -------- | -------- | --------\nNorth America | $319,330 | $131,815 | $422 | $451,567\nEurope | 72,320 | 16,323 | 53 | 88,696 \nAsia Pacific | 4,615 | 778 | — | 5,393 \nLatin America | 488 | 15 | — | 503 \nTotal | $396,753 | $148,931 | $475 | $546,159\nYear Ended December 31, 2018 Revenues | On-net | Off-net | Non-core | Total \nNorth America | $299,021 | $128,510 | $572 | $428,103\nEurope | 72,958 | 15,918 | 62 | 88,938 \nAsia Pacific | 2,562 | 576 | — | 3,138 \nLatin America | 14 | — | — | 14 \nTotal | $374,555 | $145,004 | $634 | $520,193\nYear Ended December 31, 2017 Revenues | On-net | Off-net | Non-core | Total \nNorth America | $278,714 | $122,683 | $797 | $402,194\nEurope | 66,588 | 14,867 | 41 | 81,496 \nAsia Pacific | 1,143 | 342 | — | 1,485 \nTotal | $346,445 | $137,892 | $838 | $485,175\n\n. information\n Operating segments components enterprise financial information evaluated performance. one operating segment. Revenues regions services. revenues assets by geographic region\n 2019\n North America $319,330 $131,815 $422 $451,567\n Europe 72,320 16,323 88,696\n Asia Pacific,393\n Latin America\n $396,753 $148,931 $475 $546,159\n Ended December 2018\n North America $299,021 $128,510 $572 $428,103\n Europe 72,958 15,918 88,938\n Asia Pacific 2,562 576 3,138\n Latin America\n $374,555 $145,004 $634 $520,193\n Ended December 2017\n North America $278,714 $122,683 $797 $402,194\n Europe 66,588 14,867 81,496\n Asia Pacific 1,143 1,485\n$346,445 $137,892,175" +} +{ + "_id": "d1b3acbbc", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n15. Vessel Operating and Supervision Costs\nAn analysis of vessel operating and supervision costs is as follows:\n\n | | For the year ended December 31, | \n----------------------------------------------- | ------- | ------------------------------- | -------\n | 2017 | 2018 | 2019 \nCrew wages and vessel management employee costs | 72,652 | 79,624 | 80,713 \nTechnical maintenance expenses | 28,736 | 28,694 | 37,653 \nOther vessel operating expenses | 21,098 | 19,766 | 21,296 \nTotal | 122,486 | 128,084 | 139,662\n\nGasLog. Subsidiaries\n consolidated financial statements\n December 31, 2017 2018 2019\n. Dollars\n. Vessel Operating Supervision Costs\n costs\n December\n 2019\n Crew wages vessel management costs 72,652 80,713\n Technical maintenance expenses 28,736,653\n vessel operating expenses 21,098 19,766\n 122,486 128,084 139,662" +} +{ + "_id": "d1a7334da", + "title": "", + "text": "The components of deferred taxes are as follows (in thousands):\nIn assessing the realizability of deferred tax assets, the Company considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will be realized. A valuation allowance, if needed, reduces the deferred tax assets to the amounts expected to be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating loss carry-forwards can be utilized. We assess all positive and negative evidence when determining the amount of the net deferred tax assets that are more likely than not to be realized. This evidence includes, but is not limited to, prior earnings history, scheduled reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Significant weight is given to positive and negative evidence that is objectively verifiable.\nAs required by the authoritative accounting guidance on accounting for income taxes, the Company evaluates the realizability of its deferred tax assets at each reporting date. Accounting for income taxes requires that a valuation allowance be established when it is more-likely-than-not that all or a portion of the deferred tax assets will not be realized. In circumstances where there is sufficient negative evidence indicating that the deferred tax assets are not more-likely-than-not realizable, the Company establishes a valuation allowance. As of April 30, 2019 and 2018, the Company had a full valuation allowance against its U.S. net deferred tax assets. If these estimates and assumptions change in the future, the Company may be required to reduce its existing valuation allowance resulting in less income tax expense. For the years ended April 30, 2019 and 2018, the valuation allowance increased by approximately $1.3 million and $9.4 million, respectively.\nAs of April 30, 2019, the Company has U.S. federal net operating losses of $23 million of which $4 million begins to expire in Fiscal 2023 through 2031 and which are subject to annual limitation under Internal Revenue Code Section 382. The remaining U.S. federal net operating losses of $18.9 million have an indefinite carry-forward period. The U.S. federal capital loss carry-forward of $9.9 million expires in 2023. The Company also has state net operating loss carry-forwards, R&D tax credits, and state tax credits that expire in various years and amounts.\n\n | 2019 | 2018 \n--------------------------------- | --------- | --------\nDeferred tax assets: | | \nEmployee benefits | $5,092 | $5,078 \nInventory | 1,649 | 1,129 \nAccounts receivable | 204 | 213 \nTax credits | 1,300 | 1,213 \nOther assets | 148 | 139 \nCapital Loss carry-forward | 2,455 | 1,385 \nNet operating loss carry-forwards | 5,556 | 6,451 \nTotal deferred tax asset | 16,404 | 15,608 \nDeferred tax liabilities: | | \nProperty, plant and equipment | (1,344 ) | (1,639) \nOther liabilities | (343 ) | (821) \nDeferred state income tax | (767 ) | (727) \nNet deferred tax asset | 13,950 | 12,421 \nValuation allowance | (13,950 ) | (12,688)\nNet deferred tax liability | $- | $ (267) \n\ncomponents deferred taxes\n realizability Company considers. valuation allowance reduces assets to expected. realization future taxable income operating loss carry-forwards. positive negative evidence deferred tax assets. evidence includes prior earnings history scheduled reversal differences tax planning strategies projected future taxable income. weight to positive negative evidence verifiable.\n Company evaluates realizability each reporting date. valuation allowance all. negative evidence Company establishes valuation allowance. April 30, 2019 2018 full valuation allowance against. net deferred tax assets. If change may reduce valuation allowance less income tax expense. years April 30, 2019 2018 valuation allowance increased by $1. 3 million and $9. 4 million.\n April 30 2019 Company has U. S. federal net operating losses of $23 million $4 million Fiscal 2023 through 2031 subject to annual limitation under Internal Revenue Code Section 382. remaining.operating losses $18. million indefinite carry-forward. capital loss $9. million expires 2023. state loss carry-forwards R&D tax credits.\n Deferred tax assets\n Employee benefits $5,092\n Inventory 1,649\n Accounts receivable\n Tax credits 1,300\n Other assets\n Capital Loss-forward 2,455 1,385\n loss carry-forwards 5,556\n deferred tax asset 16,404 15,608\n liabilities\n Property plant equipment,344\n Other liabilities\n state income tax\n deferred tax asset 13,950\n Valuation allowance\n" +} +{ + "_id": "d1b3211d4", + "title": "", + "text": "Prepaid Expenses and Other Current Assets\nPrepaid expenses and other current assets consist of the following (in millions):\nContract Assets\nA contract asset represents our expectation of receiving consideration in exchange for products or services that we have transferred to our client. Contract assets and liabilities, or deferred revenues, are determined and presented on a net basis at the contract level since the rights and obligations in a contract with a client are interdependent. In contrast, a receivable is our right to consideration that is unconditional except for the passage of time required before payment of that consideration is due. The difference in timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables, contract assets and deferred revenues from client advances and deposits. We account for receivables in accordance with ASC Topic 310, Receivables (“ASC 310”), and assess both contract assets and receivables for impairment in accordance with ASC 310. There were no impairment charges related to contract assets for the years ended December 31, 2019 and 2018.\nOur short-term contract assets are included in Prepaid expenses and other current assets in our Consolidated Balance Sheets. Our long-term contract assets are included in Other non-current assets in our Consolidated Balance Sheets. Refer to Note 11 — Other Non-Current Assets.\n\n | December 31, | \n----------------------------------------- | ------------ | -----\n | 2019 | 2018 \nPrepaid expenses | $37.1 | $43.9\nContract assets | 19.5 | 14.8 \nOther current assets | 8.2 | 8.6 \nPrepaid expenses and other current assets | $64.8 | $67.3\n\nPrepaid Expenses Current Assets\n Contract Assets\n expectation consideration products services transferred. assets liabilities deferred revenues determined contract level rights obligations interdependent. receivable consideration unconditional time before payment due. difference timing revenue cash results in billed accounts unbilled receivables contract assets deferred revenues client advances deposits. account receivables ASC Topic 310 assess impairment. no impairment charges December 31, 2019 2018.\n short-term contract assets included Prepaid expenses current assets Balance Sheets. long-term assets Other non-current assets Balance Sheets. Note 11 Non-Current Assets.\n Prepaid expenses $37. $43.\n Contract assets.\n current assets.\n Prepaid expenses current assets $64. $67." +} +{ + "_id": "d1b3450d4", + "title": "", + "text": "Trade accounts receivable past due is defined as the amount outstanding beyond normal credit terms and conditions for the respective customers. A large portion of the Corporation’s customers are billed and pay before the services are rendered. The Corporation considers the amount outstanding at the due date as trade accounts receivable past due.\nThe following table provides further details on trade accounts receivable past due net of allowance for doubtful accounts at August 31, 2019 and 2018:\n\nAt August 31, | 2019 | 2018 \n---------------------------------- | ------ | ------\n(In thousands of Canadian dollars) | $ | $ \nLess than 60 days past due | 18,645 | 32,857\n60 to 90 days past due | 899 | 3,022 \nMore than 90 days past due | 3,074 | 4,923 \n | 22,618 | 40,802\n\nTrade accounts receivable outstanding beyond credit terms conditions. customers billed pay before services rendered. considers outstanding due date.\n table details accounts due doubtful accounts August 31, 2019\n Canadian dollars\n Less than 60 days due 18,645 32,857\n 60 to 90 days 899 3,022\n More 90 days 3,074\n 22,618 40,802" +} +{ + "_id": "d1b3795dc", + "title": "", + "text": "Restricted Stock: The Company’s 2007 Stock Compensation Plan permits our Compensation Committee to grant other stock-based awards. The Company has awarded restricted stock grants to employees that vest over one to ten years.\nThe Company repurchased a total of 40,933 shares of our common stock at an average price of $13.51 in connection with payment of taxes upon the vesting of restricted stock previously issued to employees for the year ended September 30, 2019. The Company repurchased a total of 41,989 shares of our common stock at an average price of $11.66 in connection with payment of taxes upon the vesting of restricted stock previously issued to employees for the year ended September 30, 2018.\nEmployee Stock Purchase Plan: The Clearfield, Inc. 2010 Employee Stock Purchase Plan (“ESPP”) allows participating employees to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees may purchase the Company’s common stock on a voluntary after tax basis. Employees may purchase the Company’s common stock at a price that is no less than the lower of 85% of the fair market value of one share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in six-month phases, with phases beginning on July 1 and January 1 of each calendar year. For the phases that ended on December 31, 2018 and June 30, 2019, employees purchased 17,312 and 19,923 shares, respectively, at a price of $8.43. For the phases that ended on December 31, 2017 and June 30, 2018, employees purchased 14,242 and 15,932 shares, respectively, at a price of $10.41 and $9.39 per share, respectively. As of September 30, 2019, the Company has withheld approximately $80,708 from employees participating in the phase that began on July 1, 2019. After the employee purchase on June 30, 2019, 49,846 shares of common stock were available for future purchase under the ESPP. Employee Stock Purchase Plan: The Clearfield, Inc. 2010 Employee Stock Purchase Plan (“ESPP”) allows participating employees to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees may purchase the Company’s common stock on a voluntary after tax basis. Employees may purchase the Company’s common stock at a price that is no less than the lower of 85% of the fair market value of one share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in six-month phases, with phases beginning on July 1 and January 1 of each calendar year. For the phases that ended on December 31, 2018 and June 30, 2019, employees purchased 17,312 and 19,923 shares, respectively, at a price of $8.43. For the phases that ended on December 31, 2017 and June 30, 2018, employees purchased 14,242 and 15,932 shares, respectively, at a price of $10.41 and $9.39 per share, respectively. As of September 30, 2019, the Company has withheld approximately $80,708 from employees participating in the phase that began on July 1, 2019. After the employee purchase on June 30, 2019, 49,846 shares of common stock were available for future purchase under the ESPP.\nRestricted stock transactions during the years ended September 30, 2019 and 2018 are summarized as follows:\n\n | Number of shares | Weighted average grant date fair value\n---------------------------------------- | ---------------- | --------------------------------------\nUnvested shares as of September 30, 2017 | 370,530 | $15.24 \nGranted | 7,235 | 14.17 \nVested | (113,930) | 16.45 \nForfeited | (15,222) | 15.41 \nUnvested shares as of September 30, 2018 | 248,613 | 14.65 \nGranted | 4,340 | 14.40 \nVested | (110,683) | 16.31 \nForfeited | (11,830) | 14.47 \nUnvested shares as of September 30, 2019 | 130,440 | 13.25 \n\nRestricted Stock 2007 Stock Compensation Plan permits stock awards. awarded restricted stock grants employees ten years.\n repurchased 40,933 shares common stock average $13. 51 September 30, 2019. repurchased 41,989 shares average $11. 66 September 30, 2018.\n Employee Stock Purchase Plan. allows employees purchase common stock discount payroll deductions. available eligibility requirements. voluntary after tax. no less lower 85% fair market value. six-month phases July 1 January 1 each. phases ended December 31, 2018 June 30, 2019 employees purchased 17,312 19,923 shares $8. 43. December 31, 2017 June 30, 2018 purchased 14,242 15,932 shares $10. 41 $9. 39 per share. September 30, 2019 Company withheld $80,708 from employees phase July 1, 2019. After purchase June 30, 2019 49,846 shares common stock available for future purchase ESPP. Stock Plan.2010 Employee Stock Purchase Plan allows employees purchase common stock discount payroll deductions. available eligibility requirements. stock voluntary after tax. lower 85% fair market value each. six phases July 1 January 1 each. December 31, 2018 June 30, 2019 purchased 17,312 19,923 shares $8. 43. June 2018 purchased 14,242 15,932 shares $10. 41 $9. 39 per share. September 30, 2019 Company withheld $80,708 from employees July 1 2019. June 30, 2019 49,846 shares available future purchase ESPP.\n Restricted stock transactions September 30 2019 2018 summarized\n Unvested shares as September 30, 2017 370,530. 24\n Granted 14. 17\n Vested 16. 45\n Forfeited.\n Unvested September 30, 2018 248,613 14. 65\n Granted. 40\n Vested. 31\n Forfeited. 47\nshares September 30 130,440." +} +{ + "_id": "d1b30687a", + "title": "", + "text": "Interest expense and financing costs\nFees and discounts associated with the issuance of our debt instruments are recorded as debt discount, which reduces their respective carrying values, and are amortized over their respective terms. Amortization expense is recorded within “Interest and other expense (income), net” in our consolidated statement of operations.\nFor the years ended December 31, 2019, 2018, and 2017: interest expense was $86 million, $134 million, and $150 million, respectively; amortization of the debt discount and deferred financing costs was $4 million, $6 million, and $12 million, respectively.\nA summary of our outstanding debt is as follows (amounts in millions):\nWith the exception of the 2026 and the 2047 Notes, using Level 2 inputs (i.e., observable market prices in less-than-active markets) at December 31, 2019, the carrying values of the Notes approximated their fair values, as the interest rates were similar to the current rates at which we could borrow funds over the selected interest periods. At December 31, 2019, based on Level 2 inputs, the fair value of the 2026 and the 2047 Notes were $893 million and $456 million, respectively.\nUsing Level 2 inputs at December 31, 2018, the carrying values of the 2021 Notes and the 2022 Notes approximated their fair values, as the interest rates were similar to the current rates at which we could borrow funds over the selected interest periods. At December 31, 2019, based on Level 2 inputs, the fair values of the 2026 Notes, the 2027 Notes, and the 2047 Notes were $800 million, $376 million, and $360 million, respectively.\n\n | | At December 31, 2019 | \n-------------------- | --------------------- | ------------------------------------------------- | -------------------\n | Gross Carrying Amount | Unamortized Discount and Deferred Financing Costs | Net Carrying Amount\n2021 Notes | $650 | $(2) | $648 \n2022 Notes | 400 | (2) | 398 \n2026 Notes | 850 | (7) | 843 \n2027 Notes | 400 | (5) | 395 \n2047 Notes | 400 | (9) | 391 \nTotal long-term debt | $2,700 | $(25) | $2,675 \n | | At December 31, 2018 | \n | Gross Carrying Amount | Unamortized Discount and Deferred Financing Costs | Net Carrying Amount\n2021 Notes | 650 | (3) | 647 \n2022 Notes | 400 | (3) | 397 \n2026 Notes | 850 | (8) | 842 \n2027 Notes | 400 | (5) | 395 \n2047 Notes | 400 | (10) | 390 \nTotal long-term debt | $2,700 | $(29) | $2,671 \n\nInterest expense financing costs\n Fees discounts debt instruments recorded as debt discount carrying values amortized over terms. Amortization expense expense consolidated statement operations.\n years December 2019 2018 2017: interest expense $86 million $134 million $150 million amortization debt discount deferred financing costs $4 million $6 million $12 million.\n outstanding debt\n 2026 2047 Notes Level 2. December 31, 2019 carrying values approximated fair values interest rates. 2026 2047 Notes $893 million $456 million.\n values 2021 2022 Notes approximated fair values rates. fair values 2047 $800 million $376 million $360 million.\n December 31, 2019\n Gross Carrying Amount Unamortized Discount Deferred Financing Costs Net Carrying Amount\n 2021 Notes $650 $648\n 2022 Notes 400 398\n 2026 Notes 850 843\n2027 Notes 395\n 2047 391\n-term debt $2,700,675\n December 31, 2018\n Gross Carrying Amount Unamortized Discount Deferred Financing Net Carrying\n 2021 Notes 650 647\n 2022\n 2026 850 842\n 2027\n 2047\n-term debt $2,700 $2,671" +} +{ + "_id": "d1b31f2e4", + "title": "", + "text": "Income (loss) before expense (benefit) for income taxes for the years ended December 31, 2019, 2018 and 2017 is as follows:\nIncome (loss) before expense (benefit) for income taxes for international entities reflects income (loss) based on statutory transfer pricing agreements. This amount does not correlate to consolidated international revenue, many of which occur from our U.S. entity.\n\n(In thousands) | 2019 | 2018 | 2017 \n---------------------- | --------- | --------- | -------\nU.S. entities | $(29,829) | $(74,131) | $26,552\nInternational entities | 5,052 | 40,760 | 18,135 \nTotal | $(24,777) | $(33,371) | $44,687\n\nIncome taxes December 2019 2018 2017\n entities reflects transfer pricing agreements. correlate consolidated international revenue.\n 2019 2018 2017\n. entities $(29,829) $(74,131) $26,552\n International entities 5,052 40,760 18,135\n Total $(24,777) $(33,371) $44,687" +} +{ + "_id": "d1b373150", + "title": "", + "text": "4. Segmental information\nIFRS 8 ‘Operating segments’ requires the Group to determine its operating segments based on information which is provided internally. Based on the internal reporting information and management structures within the Group, it has been determined that there is only one operating segment, being the Group, as the information reported includes operating results at a consolidated Group level only. This reflects the nature of the business, where the major cost is to support the IT platforms upon which all of the Group’s customers are serviced. These costs are borne centrally and are not attributable to any specific customer type or revenue stream. There is also considered to be only one reporting segment, which is the Group, the results of which are shown in the Consolidated income statement.\nManagement has determined that there is one operating and reporting segment based on the reports reviewed by the Operational Leadership Team (‘OLT’) which is the chief operating decision-maker (‘CODM’). The OLT is made up of the Executive Directors and Key Management and is responsible for the strategic decision-making of the Group.\nThe OLT primarily uses the statutory measures of Revenue and Operating profit to assess the performance of the one operating segment. To assist in the analysis of the Group’s revenue-generating trends, the OLT reviews revenue at a disaggregated level as detailed within note 5. The revenue from external parties reported to the OLT is measured in a manner consistent with that in the income statement.\nA reconciliation of the one segment’s Operating profit to Profit before tax is shown below.\nFollowing the application of IFRS 16, profit before tax for the year ended 31 March 2018 has been restated (note 2).\n\n | 2019 | (Restated) 2018\n-------------------------------- | ------ | ---------------\n | £m | £m \nTotal segment Revenue | 355.1 | 330.1 \nTotal segment Operating profit | 243.7 | 221.3 \nFinance costs – net | (10.2) | (10.6) \nProfit on the sale of subsidiary | 8.7 | – \nProfit before tax | 242.2 | 210.7 \n\n. Segmental information\n IFRS 8 ‘Operating segments’ requires Group determine segments internally. one operating segment includes results consolidated Group level. major cost IT platforms. costs borne centrally not attributable specific customer type revenue stream. one reporting segment Group results in Consolidated income statement.\n Management determined one operating reporting segment Operational Leadership Team chief operating decision-maker. OLT responsible strategic decision-making.\n OLT uses statutory measures Revenue Operating profit assess performance operating segment. reviews revenue disaggregated level. revenue from external parties OLT measured consistent income statement.\n reconciliation Operating profit to Profit before tax shown.\n IFRS 16 profit before tax year ended 31 March 2018 restated.\n £m\n Total segment Revenue 355. 330.\n Operating profit 243. 221.\n Finance costs net (10.\n Profit sale of subsidiary 8.\n Profit before tax 242. 210." +} +{ + "_id": "d1b378d4e", + "title": "", + "text": "25. RELATED PARTY TRANSACTIONS\na) Transactions with Golar Partners and subsidiaries:\nIncome (expenses):\n(i) Management and administrative services revenue - On March 30, 2011, Golar Partners entered into a management and administrative services agreement with Golar Management Limited (\"Golar Management\"), a wholly-owned subsidiary of Golar, pursuant to which Golar Management will provide to Golar Partners certain management and administrative services. The services provided by Golar Management are charged at cost plus a management fee equal to 5% of Golar Management’s costs and expenses incurred in connection with providing these services. Golar Partners may terminate the agreement by providing 120 days written notice.\n(ii) Ship management fees - Golar and certain of its affiliates charge ship management fees to Golar Partners for the provision of technical and commercial management of Golar Partners' vessels. Each of Golar Partners’ vessels is subject to management agreements pursuant to which certain commercial and technical management services are provided by Golar Management. Golar Partners may terminate these agreements by providing 30 days written notice.\n(iv) Charterhire expenses - This consists of the charterhire expenses that we incurred for the charter back from Golar Partners of the Golar Grand. In connection with the sale of the Golar Grand to Golar Partners in November 2012, we issued an option where, in the event that the charterer did not renew or extend its charter for the Golar Grand beyond February 2015, the Partnership had the option to require us to charter the vessel through to October 2017. In February 2015, the option was exercised. Accordingly, we recognized charterhire costs of $17.4 million for the year ended December 31, 2017, in relation to the Golar Grand.\n\n\n(iv) Charterhire expenses - This consists of the charterhire expenses that we incurred for the charter back from Golar Partners of the Golar Grand. In connection with the sale of the Golar Grand to Golar Partners in November 2012, we issued an option where, in the event that the charterer did not renew or extend its charter for the Golar Grand beyond February 2015, the Partnership had the option to require us to charter the vessel through to October 2017. In February 2015, the option was exercised. Accordingly, we recognized charterhire costs of $17.4 million for the year ended December 31, 2017, in relation to the Golar Grand.\n(v) Share options expense - This relates to a recharge of share option expense to Golar Partners in relation to share options in Golar granted to certain of Golar Partners' directors, officers and employees.\n(vi) Interest expense on deposits payable\nExpense under Tundra Letter Agreement - In May 2016, we completed the Golar Tundra Sale and received a total cash consideration of $107.2 million. We agreed to pay Golar Partners a daily fee plus operating expenses for the right to use the Golar Tundra from the date the Golar Tundra Sale was closed, until the date that the vessel would commence operations under the Golar Tundra Time Charter. In return, Golar Partners agreed to remit to us any hire income received with respect to the Golar Tundra during that period. We have accounted for $nil, $nil and $2.2 million as interest expense for the year ended December 31, 2019, 2018 and 2017, respectively.\nDeferred purchase price - In May 2017, the Golar Tundra had not commenced her charter and, accordingly, Golar Partners elected to exercise the Tundra Put Right to require us to repurchase Tundra Corp at a price equal to the original purchase price. In connection with Golar Partners exercising the Tundra Put Right, we and Golar Partners entered into an agreement pursuant to which we agreed to purchase Tundra Corp from Golar Partners on the date of the closing of the Tundra Put Sale in return we will be required to pay an amount equal to $107.2 million (the \"Deferred Purchase Price\") plus an additional amount equal to 5% per annum of the Deferred Purchase Price (the \"Additional Amount\"). The Deferred Purchase Price and the Additional Amount was applied to the net sale price of the Hilli Disposal (defined below) on July 12, 2018. We have accounted for $nil, $2.9 million and $1.1 million as interest expense for the year ended December 31, 2019, 2018 and 2017, respectively.\nDeposit received from Golar Partners - On August 15, 2017, we entered into the Hilli Sale Agreement with Golar Partners for the Hilli, or the Hilli Disposal, from the Sellers of the Hilli Common Units in Hilli LLC. See note 5. Concurrent with the execution of the Hilli Sale Agreement, we received a further $70 million deposit from Golar Partners, upon which we pay interest at a rate of 5% per annum. We applied the deposit received and interest accrued to the purchase price on July 12, 2018, upon completion of the Hilli Disposal. We have accounted for $nil, $1.9 million and $1.3 million, as interest expense for the year ended December 31, 2019, 2018 and 2017, respectively.\n\n(in thousands of $) | 2019 | 2018 | 2017 \n-------------------------------------------------- | ------ | ------- | --------\nManagement and administrative services revenue (i) | 9,645 | 9,809 | 7,762 \nShip management fees revenue (ii) | 4,460 | 5,200 | 5,903 \nInterest income on short-term loan (iii) | (109) | — | — \nCharterhire expenses (iv) | — | — | (17,423)\nShare options expense recharge (v) | — | — | 228 \nInterest expense on deposits payable (vi) | — | (4,779) | (4,622) \nTotal | 13,996 | 10,230 | (8,152) \n\n. RELATED PARTY TRANSACTIONS\n Transactions with Golar Partners subsidiaries\n Income (expenses):\n Management administrative services revenue March 30, 2011, Golar Partners management administrative services agreement with Golar Management Limited wholly-owned subsidiary Golar Golar Management management services. services charged at cost plus management fee 5% costs expenses. Golar Partners may terminate agreement 120 days notice.\n Ship management fees Golar affiliates charge ship management fees to Golar Partners technical commercial management Golar Partners' vessels. subject to management agreements services by Golar Management. terminate agreements 30 days notice.\n Charterhire expenses expenses for charter from Golar Golar Grand. sale Golar 2012, option charterer February 2015, charter October 2017. option exercised. recognized charterhire costs of $17. 4 million for year ended December 31, 2017 Golar Grand.\n Charterhire expenses. sale 2012, option charterer charter February 2015, charter October.February 2015, option exercised. recognized charterhire costs $17. 4 million year December 31, 2017 Golar Grand.\n Share options expense recharge share option expense Golar Partners share options directors officers employees.\n Interest expense deposits\n Tundra Letter Agreement May 2016, Golar Tundra Sale received cash $107. 2 million. agreed pay Golar Partners daily fee operating expenses Golar Tundra operations Time Charter. remit hire income. accounted $nil $2. 2 million interest expense year December 31, 2019 2018 2017.\n Deferred purchase price May 2017 Golar Tundra charter Golar Partners repurchase equal original purchase price. purchase Tundra closing pay $107. 2 million Purchase additional 5% per annum Price. applied net sale price Hilli Disposal July 12, 2018. accounted $nil $2. 9 million $1. 1 million interest expense year ended December 31, 2019 2018 2017.\nDeposit Golar Partners August 15, 2017 Hilli Sale Agreement Golar Common Units. $70 million deposit Golar Partners interest 5% per annum. applied deposit interest purchase price July 12, 2018 Hilli Disposal. accounted $1. 9 million $1. 3 million interest expense year December 31, 2019 2018 2017.\n Management administrative services revenue 9,645 9,809 7,762\n Ship management fees 4,460 5,200 5,903\n Interest income short-term loan\n Charterhire expenses\n Share options expense recharge\n Interest expense deposits (4,779) (4,622)\n 13,996 10,230" +} +{ + "_id": "d1b349de6", + "title": "", + "text": "The following is a summary of stock option activity during fiscal 2019:\nNet income before income taxes included compensation expense related to the amortization of the Company’s stock option awards of $0.1 million during both fiscal 2019 and fiscal 2018. At September 2019, total unamortized compensation expense related to stock options was approximately $0.3 million. This unamortized compensation expense is expected to be amortized over approximately the next 38 months.\nThe aggregate intrinsic value of stock options exercisable was approximately $0.2 million and $0.3 million at September 2019 and September 2018, respectively.\nThe total intrinsic value of stock options exercised was $0.1 million in both fiscal 2019 and fiscal 2018. The total fair value of stock options vested was $0.4 million during both fiscal 2019 and fiscal 2018.\n\n | Number of Shares | Weighted Average Exercise Price\n----------------------------- | ---------------- | -------------------------------\nOutstanding at September 2018 | 33,800 | $ 77.85 \nGranted | 5,450 | 84.00 \nExercised | (2,800) | 79.22 \nForfeited/Expired | — | — \nOutstanding at September 2019 | 36,450 | $ 78.67 \n\nsummary stock option activity 2019\n Net income taxes compensation expense stock option awards. 1 million. September 2019 unamortized compensation expense $0. 3 million. amortized 38 months.\n value stock options $0. 2 million. 3 million September 2019 2018.\n exercised $0. 1 million. fair value options vested $0. 4 million.\n Number Shares Weighted Average Exercise Price\n Outstanding September 2018 33,800 $ 77.\n 5,450.\n.\n Forfeited\n September 2019 36,450 $." +} +{ + "_id": "d1b2f5688", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n9. Trade and Other Receivables\nTrade and other receivables consist of the following:\nTrade and other receivables are amounts due from third parties for services performed in the ordinary course of business. They are generally due for settlement immediately and therefore are all classified as current. Trade and other receivables are recognized initially at the amount of consideration that is unconditional unless they contain certain significant financing components, at which point they are recognized at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest rate method.\nAccrued income represents net revenues receivable from charterers, which have not yet been invoiced; all other amounts not yet invoiced are included under Other receivables.\nAs of December 31, 2018 and 2019 no allowance for expected credit losses was recorded.\n\n | As of December 31, | \n----------------- | ------------------ | ------\n | 2018 | 2019 \nTrade receivables | 808 | 9,463 \nVAT receivable | 1,094 | 637 \nAccrued income | 9,473 | 8,274 \nInsurance claims | 1,282 | 1,400 \nOther receivables | 7,587 | 5,126 \nTotal | 20,244 | 24,900\n\nGasLog Ltd. Subsidiaries\n consolidated financial statements\n years December 31, 2017 2018 2019\n amounts U. S. Dollars\n. Trade Receivables\n due third parties. settlement current. recognized unconditional financing fair value. Group holds trade receivables contractual cash flows measures amortized cost interest rate method.\n Accrued income net revenues charterers not invoiced Other receivables.\n December 31, 2018 2019 allowance credit losses.\n 2019\n Trade receivables 808 9,463\n VAT 1,094 637\n Accrued income 9,473 8,274\n Insurance claims 1,282\n Other receivables 7,587 5,126\n Total 20,244 24" +} +{ + "_id": "d1b37743a", + "title": "", + "text": "Marketable Securities\nMarketable securities consisted of the following (in thousands):\nWe classify our marketable securities as available-for-sale. All marketable securities represent the investment of funds available for current operations, notwithstanding their contractual maturities. Such marketable securities are recorded at fair value and unrealized gains and losses are recorded in Accumulated other comprehensive income (loss) until realized.\nWe typically invest in highly-rated securities with low probabilities of default. Our investment policy requires investments to be rated single A or better, limits the types of acceptable investments, concentration as to security holder and duration of the investment. The gross unrealized gains and losses in fiscal 2019 and 2018 were caused primarily by changes in interest rates.\nThe longer the duration of marketable securities, the more susceptible they are to changes in market interest rates and bond yields. As yields increase, those securities with a lower yield-at-cost show a mark-to-market unrealized loss. We anticipate recovering the full cost of the securities either as market conditions improve, or as the securities mature. Accordingly, we believe that the unrealized losses are not other-than-temporary.\nWhen evaluating the investments for otherthan- temporary impairment, we review factors such as the length of time and extent to which fair value has been below the amortized cost basis, current market liquidity, interest rate risk, the financial condition of the issuer, and credit rating downgrades. As of December 28, 2019 and December 29, 2018, gross unrealized losses related to our marketable securities portfolio were not material.\n\nDecember 28, 2019 | Amortized Cost | Gains | Losses | Fair Value \n---------------------- | ---------------- | ------- | -------- | ------------\nU.S. Treasuries | $10,458 | $11 | $— | $10,469 \nCommercial paper | 3,914 | 1 | (4) | 3,911 \nCorporate bond | 33,867 | 68 | (7) | 33,928 \nCertificate of deposit | 3,584 | 5 | — | 3,589 \nAgency securities | 24,408 | 38 | (16) | 24,430 \n | $76,231 | $123 | $(27) | $76,327 \nDecember 29, 2018 | Amortized Cost | Gains | Losses | Fair Value \nU.S. Treasuries | $7,997 | $1 | $(1) | $7,997 \nCommercial paper | 2,296 | — | (1) | 2,295 \nCorporate bond | 30,833 | 1 | (160) | 30,674 \nCertificate of deposit | 960 | — | (3) | 957 \nAgency securities | 8,667 | — | (59) | 8,608 \n | $50,753 | $2 | $(224) | $50,531 \n\nMarketable Securities\n available-for-sale. current operations contractual maturities. recorded at fair value unrealized gains losses recorded until.\n invest highly-rated securities low probabilities default. policy requires rated A or better limits concentration duration. unrealized gains losses 2019 2018 caused by interest rates.\n longer duration susceptible to interest rates bond yields. yields increase lower yield-cost show-market unrealized loss. anticipate recovering full cost market conditions securities mature. unrealized losses not-temporary.\n fair value amortized cost market liquidity interest rate risk financial condition credit rating downgrades. December 28, 2019 29, 2018 unrealized losses not material.\n 2019 Amortized Cost Gains Losses Fair Value\n. Treasuries $10,458,469\n Commercial paper 3,914\n Corporate bond 33,867 33,928\n Certificate of deposit 3,584\nsecurities 24,408 24,430\n $76,231 $123\n December 29, 2018 Amortized Cost Gains Losses Fair\n. Treasuries $7,997\n Commercial paper 2,296\n Corporate bond 30,833,674\n Certificate deposit 960\n securities 8,667,608\n $50,753 $2 $50,531" +} +{ + "_id": "d1b32eab4", + "title": "", + "text": "Net Pool Allocation: Net pool allocation increased by $10.5 million, from $7.3 million during the year ended December 31, 2017 to $17.8 million during the year ended December 31, 2018. The increase in net pool allocation was attributable to the movement in the adjustment of the net pool results earned by the GasLog vessels in accordance with the pool distribution formula. GasLog recognized gross revenues and gross voyage expenses and commissions of $102.3 million and $10.2 million, respectively, from the operation of its vessels in the Cool Pool during the year ended December 31, 2018 (December 31, 2017: $38.0 million and $9.1 million, respectively). The increase in GasLog’s total net pool performance was driven by higher spot rates and higher utilization achieved by all vessels trading in the Cool Pool. GasLog’s total net pool performance is presented below:\nVoyage Expenses and Commissions: Voyage expenses and commissions increased by 32.5%, or $5.0 million, from $15.4 million during the year ended December 31, 2017 to $20.4 million during the year ended December 31, 2018. The increase in voyage expenses and commissions is mainly attributable to an increase of $3.6 million in bunkers consumed and voyage expenses during certain unchartered and off-hire periods, an increase of $0.3 million in voyage expenses of the vessels operating in the spot market and an increase of $1.1 million in brokers’ commissions.\n\n | For the year ended | \n---------------------------------------------------------------------------------------- | ------------------ | --------\n | 2017 | 2018 \nAmounts in thousands of U.S. Dollars | | \nPool gross revenues (included in Revenues) | 38,046 | 102,253 \nPool gross voyage expenses and commissions (included in Voyage expenses and commissions) | (9,122) | (10,154)\nGasLog’s adjustment for net pool allocation (included in Net pool allocation) | 7,254 | 17,818 \nGasLog’s total net pool performance | 36,178 | 109,917 \n\nNet Pool Allocation increased $10. 5 million from $7. 3 million 2017 to $17. 8 million 2018. attributable results GasLog vessels distribution formula. GasLog recognized revenues voyage expenses commissions $102. 3 million $10. 2 million Cool Pool 2018 $38. 0 million $9. 1 million. increase performance driven by higher spot rates utilization.\n Voyage Expenses Commissions increased 32. 5% $5. 0 million from $15. 4 million 2017 to $20. 4 million 2018. attributable $3. 6 million bunkers consumed voyage expenses unchartered off-hire periods $0. 3 million voyage expenses spot $1. 1 million brokers’ commissions.\n.\n revenues 38,046 102,253\n voyage expenses commissions (9,122\n adjustment net pool allocation 7,254 17,818\n total net pool performance 36,178 109,917" +} +{ + "_id": "d1b34e4e0", + "title": "", + "text": "Debt\nAt both December 31, 2019 and December 31, 2018, our total outstanding debt was $2.7 billion, bearing interest at a weighted average rate of 3.18%.\nA summary of our outstanding debt as of December 31, 2019, is as follows (amounts in millions):\n\n | | December 31, 2019 | \n---------- | --------------------- | ------------------------------------------------- | -------------------\n | Gross Carrying Amount | Unamortized Discount and Deferred Financing Costs | Net Carrying Amount\n2021 Notes | $650 | $(2) | $648 \n2022 Notes | 400 | (2) | 398 \n2026 Notes | 850 | (7) | 843 \n2027 Notes | 400 | (5) | 395 \n2047 Notes | 400 | (9) | 391 \nTotal debt | $2,700 | $(25) | $2,675 \n\n\n December 31, 2019 2018 outstanding debt $2. 7 billion 3. 18%.\n summary debt\n December 31, 2019\n Gross Carrying Amount Unamortized Discount Deferred Financing Costs Net Carrying Amount\n 2021 Notes $650 $648\n 2022\n 2026 843\n 2027 395\n 2047 391\n Total debt $2,700 $2,675" +} +{ + "_id": "d1b360988", + "title": "", + "text": "Deferred revenue and financed unearned services revenue (in millions):\nThe following table summarizes the components of our deferred revenue and financed unearned services balance as reported in our consolidated balance sheets (in millions):\nDeferred product revenue represents unrecognized revenue related to undelivered product commitments and other product deliveries that have not met all revenue recognition criteria. Deferred services revenue represents customer payments made in advance for services, which include software and hardware maintenance contracts and other services. Financed unearned services revenue represents undelivered services for which cash has been received under certain third-party financing arrangements. See Note 18 – Commitments and Contingencies for additional information related to these arrangements\n\n | April 26, 2019 | April 27, 2018\n---------------------------------- | -------------- | --------------\nDeferred product revenue | $ 84 | $ 107 \nDeferred services revenue | 3,502 | 3,134 \nFinanced unearned services revenue | 82 | 122 \nTotal | $ 3,668 | $ 3,363 \nReported as: | | \nShort-term | $ 1,825 | $ 1,712 \nLong-term | 1,843 | 1,651 \nTotal | $ 3,668 | $ 3,363 \n\nDeferred financed unearned services\n table summarizes deferred\n Deferred product revenue undelivered. Deferred services payments. Financed unearned services undelivered services third financing. Note 18 Commitments Contingencies information\n April 26, 2019 April 27, 2018\n Deferred product revenue $ 84 $ 107\n services 3,502 3,134\n Financed unearned services 82 122\n $ 3,668 $ 3,363\n Short-term $ 1,825 $ 1,712\n Long-term 1,843 1,651\n $ 3,668 3,363" +} +{ + "_id": "d1b32bf12", + "title": "", + "text": "DESCRIPTION OF THE PLANS\nESP\nThe ESP is designed to encourage employees of BCE and its participating subsidiaries to own shares of BCE. Each year, employees can choose to have a certain percentage of their eligible annual earnings withheld through regular payroll deductions for the purchase of BCE common shares. In some cases, the employer also will contribute a percentage of the employee’s eligible annual earnings to the plan, up to a specified maximum. Dividends are credited to the participant’s account on each dividend payment date and are equivalent in value to the dividends paid on BCE common shares.\nThe ESP allows employees to contribute up to 12% of their annual earnings with a maximum employer contribution of 2%.\nEmployer contributions to the ESP and related dividends are subject to employees holding their shares for a two-year vesting period.\nThe trustee of the ESP buys BCE common shares for the participants on the open market, by private purchase or from treasury. BCE determines the method the trustee uses to buy the shares.\nAt December 31, 2019, 4,360,087 common shares were authorized for issuance from treasury under the ESP.\nThe following table summarizes the status of unvested employer contributions at December 31, 2019 and 2018.\n(1) The weighted average fair value of the shares contributed was $60 in 2019 and $55 in 2018.\n\nNUMBER OF ESP SHARES | 2019 | 2018 \n----------------------------------- | --------- | ---------\nUnvested contributions, January 1 | 1,120,426 | 1,039,030\nContributions (1) | 623,705 | 671,911 \nDividends credited | 57,083 | 56,926 \nVested | (523,359) | (501,089)\nForfeited | (153,657) | (146,352)\nUnvested contributions, December 31 | 1,124,198 | 1,120,426\n\n\n ESP\n employees BCE own shares. employees earnings purchase BCE shares. employer earnings. Dividends credited equivalent BCE shares.\n ESP allows 12% annual earnings maximum employer contribution 2%.\n contributions dividends subject shares two-year vesting period.\n trustee buys BCE shares open market private purchase treasury.\n December 31, 2019 4,360,087 shares authorized issuance.\n table unvested contributions December 31, 2019 2018.\n average fair value $60 2019 $55 2018.\n ESP SHARES\n Unvested contributions January 1 1,120,426 1,039,030\n 623,705 671,911\n Dividends credited 57,083 56,926\n Vested (523,359) (501,089)\n Forfeited (153,657) (146,352)\n Unvested contributions December 31 1,124,198 1,120,426" +} +{ + "_id": "d1a731a4a", + "title": "", + "text": "Operational Highlights\nAltium achieved US$177.2 million in sales (a 23% increase) and US$171.8 million in product revenue (a 23% increase).\nThe Board and Systems business revenue grew to US$126.8 million with all regions reporting positive results. EMEA grew revenue to US$44.6 million, an increase of 15% and continued the transformation of its business model to direct transactional sales in key markets. The America’s achieved revenue of US$50.9 million which was a 14% growth rate. China results were outstanding with revenue at US$19.8 million, a growth rate of 37%. The Altium focus on our business in China led us to open a new sales office in Beijing and to expand our existing sales centres in Shenzhen and Shanghai. The expansion of our footprint in China will enable us to increase our penetration of the market.\n\nConsolidated | | | \n----------------------------- | ------- | ------- | ------\n | 2019 | 2018 | Change\nProduct Sales | US$’000 | US$’000 | % \nAltium Designer licenses | 65,157 | 53,088 | 23% \nAltium Designer subscriptions | 58,959 | 53,701 | 10% \nOctopart search advertising | 17,940 | 11,968 | 50% \nTASKING licenses | 13,536 | 10,432 | 30% \nTASKING maintenance | 8,324 | 4,706 | 67% \nAltium Nexus | 6,277 | 3,769 | 67% \nService sales | 3,337 | 4,624 | (28%) \nOther | 3,656 | 2,254 | 62% \nTotal Product Sales | 177,216 | 144,541 | 23% \n\n\n Altium achieved US$177. 2 million sales 23% increase US$171. 8 million product revenue 23%.\n Board Systems revenue grew US$126. 8 million regions positive. EMEA US$44. 6 million 15% transactional sales. America’s US$50. 9 million 14% growth. China US$19. 8 million growth 37%. focus new office Beijing centres Shenzhen Shanghai. expansion penetration.\n Sales US$’000\n Designer licenses 65,157 53,088 23%\n subscriptions 58,959 53 10%\n advertising 17,940\n licenses 10\n maintenance 8,324 67%\n Nexus 6 3\n Service sales 3,337 (28%)\n 3 62%\n Product Sales 177,216 144,541 23%" +} +{ + "_id": "d1b2fe26a", + "title": "", + "text": "Gross Profit\nYear Ended December 31, 2019 Compared with the Year Ended December 31, 2018\nGross profit and margin decreased during the year ended December 31, 2019 compared to prior year primarily due to an increase in hosting migration costs, higher amortization of software development, recognition of previously deferred costs and the sale of OneContent business on April 2, 2018, which carried a higher gross margin compared with our other businesses. These were partially offset with an increase in organic sales for Veradigm and our acute solutions in 2019.\nYear Ended December 31, 2018 Compared with the Year Ended December 31, 2017\nGross profit increased during the year ended December 31, 2018 compared with the year ended December 31, 2017 primarily due to acquisitions. From a revenue mix perspective, gross profit associated with our recurring revenue streams, which include the delivery of recurring subscription-based software sales, support and maintenance, and recurring client services improved as we continued to expand our customer base for these services, particularly those related to outsourcing and revenue cycle management. Gross profit associated with our non-recurring software delivery, support and maintenance revenue stream decreased primarily due to fewer perpetual software license sales of our acute and population health management solutions. Gross profit associated with our non-recurring client services revenue stream, which includes non-recurring project-based client services, decreased primarily driven by higher internal personnel costs, including those related to incremental resources from recent acquisitions. Gross margin decreased primarily due to lower sales of higher margin perpetual software licenses and higher amortization of software development and acquisition-related assets driven by additional amortization expense associated with intangible assets acquired as part of recent acquisitions.\n\n | Year Ended December 31, | | | | \n--------------------- | ----------------------- | ----------- | --------- | ----------------------- | -----------------------\n(In thousands) | 2019 | 2018 | 2017 | 2019 % Change from 2018 | 2018 % Change from 2017\nTotal cost of revenue | $ 1,058,097 | $ 1,025,419 | $ 864,909 | 3.2% | 18.6% \nGross profit | $ 713,580 | $ 724,543 | $ 632,799 | (1.5%) | 14.5% \nGross margin % | 40.3% | 41.4% | 42.3% | | \n\nGross Profit\n Year Ended December 31, 2019 2018\n profit margin decreased 2019 due to hosting migration costs higher amortization software development deferred costs sale OneContent April 2, 2018 higher gross margin. offset increase organic sales Veradigm acute solutions 2019.\n Year Ended December 31, 2018 2017\n Gross profit increased 2018 due to acquisitions. profit recurring revenue streams software client services improved. profit non software maintenance decreased fewer software license sales. profit non-recurring client services decreased higher internal personnel costs. margin decreased due lower sales higher margin software licenses higher amortization software development acquisition assets.\n Year Ended December 31,\n 2019 2018 2017 % Change 2018\n Total cost revenue $ 1,058,097 $ 1,025,419 $ 864,909 3. 2% 18. 6%\n Gross profit $ 713,580 $ 724,543 $ 632,799.14.\n margin 40. 41. 42. 3%" +} +{ + "_id": "d1a72a812", + "title": "", + "text": "Trade Receivables, Net\nThe carrying amounts reported in the Consolidated Balance Sheets for Trade receivables, net approximate their fair value because of their short-term nature.\nA summary of Trade receivables, net of allowance for doubtful accounts is as follows (in millions):\nIn addition to the amounts above, we have unbilled receivables that we do not expect to collect within the next year included in Other non-current assets in our Consolidated Balance Sheets. Billings for these receivables are based on contractual terms. Refer to Note 11 — Other Non-Current Assets.\n\n | December 31, | \n------------------------------- | ------------ | ------\n | 2019 | 2018 \nTrade receivables — billed | $136.6 | $136.6\nTrade receivables — unbilled | 39.8 | 37.0 \nTrade receivables | 176.4 | 173.6 \nAllowance for doubtful accounts | (1.3) | (1.3) \nTrade receivables, net | $175.1 | $172.3\n\nTrade Receivables\n amounts Consolidated Balance Sheets approximate fair value short-term nature.\n summary allowance doubtful accounts\n unbilled receivables next year non-current assets. Billings based contractual terms. Note 11 Non-Current Assets.\n receivables billed $136. 6.\n unbilled 39. 8 37.\n 176. 4 173. 6\n Allowance doubtful accounts (1. 3).\n receivables net $175. $172." +} +{ + "_id": "d1b350e7a", + "title": "", + "text": "This section sets out the assets and liabilities subject to a committed plan to sell.\nAt 30 June 2019, assets held for sale includes Group properties (2018: assets and liabilities relating to the Petrol business, and other Group properties, have been classified as held for sale).\nAssets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, and financial assets which are specifically exempt from this measurement requirement.\nAn impairment loss is recognised for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the asset is recognised at the date of derecognition. Assets are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to the liabilities classified as held for sale continue to be recognised.\n\n | 2019 | 2018\n--------------------------------------------------------------- | ---- | ----\n | $M | $M \nProperty, plant and equipment | 209 | 666 \nOther assets | 16 | 155 \nTotal assets classified as held for sale | 225 | 821 \nProvisions | – | 21 \nTotal liabilities directly associated with assets held for sale | – | 21 \n\nsection sets assets liabilities plan sell.\n 30 June 2019 assets held sale Group properties Petrol business classified held sale.\n Assets classified sale if carrying amount recovered sale transaction sale probable. measured lower carrying amount fair value less costs sell except deferred tax employee benefits financial assets exempt.\n impairment loss recognised write-down fair value costs sell. gain recognised increases fair value costs not excess cumulative impairment loss. gain loss not recognised sale recognised date derecognition. Assets not depreciated amortised classified held sale. Interest expenses liabilities recognised.\n 2019 2018\n Property plant equipment\n Other assets\n assets held sale 225\n liabilities associated assets held sale" +} +{ + "_id": "d1b335e72", + "title": "", + "text": "3. REVENUE FROM CONTRACTS WITH CUSTOMERS\nRevenues and related costs on construction contracts are recognized as the performance obligations are satisfied over time in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue and associated profit, will be recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment will generally be excluded from the Company’s recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress.\nThe following table represents a disaggregation of revenue by customer type from contracts with customers for the years ended December 31, 2019 and 2018:\n\n | Year Ended December 31, | \n---------------------------------------------- | ----------------------- | -------\n | 2019 | 2018 \nAgricultural, Commercial, and Industrial (ACI) | $28,940 | $33,193\nPublic Works | 12,128 | 17,986 \nResidential | 18,762 | 19,786 \nTotal | 59,830 | 70,965 \n\n. REVENUE CONTRACTS CUSTOMERS\n Revenues costs construction contracts recognized performance obligations satisfied ASC 606. revenue profit recognized customer obtains control goods services. uninstalled materials equipment excluded profit unless produced not progress.\n table disaggregation revenue by customer type contracts years December 31, 2019 2018:\n Agricultural Commercial Industrial $28,940 $33,193\n Public Works 12,128 17,986\n Residential 18,762 19,786\n Total 59,830 70,965" +} +{ + "_id": "d1b3177b0", + "title": "", + "text": "Net Pool Allocation: Net pool allocation decreased by $22.1 million, from a positive $17.8 million during the year ended December 31, 2018 to a negative $4.3 million during the year ended December 31, 2019. The decrease in net pool allocation was attributable to the movement in the adjustment of the net pool results generated by the GasLog vessels in accordance with the pool distribution formula for the total fleet of the pool, as well as GasLog’s vessels exiting the Cool Pool in June and July 2019. GasLog recognized gross revenues and gross voyage expenses and commissions of $45.3 million and $8.1 million, respectively, from the operation of its vessels in the Cool Pool during the year ended December 31, 2019 (December 31, 2018: $102.3 million and $10.2 million, respectively). GasLog’s total net pool performance is presented below:\nVoyage Expenses and Commissions: Voyage expenses and commissions increased by 16.7%, or $3.4 million, from $20.4 million during the year ended December 31, 2018 to $23.8 million during the year ended December 31, 2019. The increase in voyage expenses and commissions is mainly attributable to an increase of $3.4 million in bunkers and voyage expenses consumed during certain unchartered and off-hire periods for the vessels trading in the spot market.\n\n | For the year ended | \n---------------------------------------------------------------------------------------- | ------------------ | -------\n | 2018 | 2019 \nAmounts in thousands of U.S. Dollars | | \nPool gross revenues (included in Revenues) | 102,253 | 45,253 \nPool gross voyage expenses and commissions (included in Voyage expenses and commissions) | (10,154) | (8,086)\nGasLog’s adjustment for net pool allocation (included in Net pool allocation) | 17,818 | (4,264)\nGasLog’s total net pool performance | 109,917 | 32,903 \n\nNet Pool Allocation decreased $22. 1 million from positive $17. 8 million 2018 to negative $4. 3 million 2019. attributable results GasLog vessels vessels exiting Cool Pool June July 2019. recognized revenues voyage expenses commissions $45. 3 million $8. 1 million December 31, 2019 $102. 3 million $10. 2 million. total net pool performance\n Voyage Expenses Commissions increased 16. 7% $3. 4 million from $20. 4 million 2018 to $23. 8 million 2019. attributable increase $3. 4 million bunkers voyage expenses unchartered off-hire periods spot market.\n 2019\n.\n revenues 102,253 45,253\n voyage expenses commissions (10,154\n GasLog’s adjustment net pool allocation 17,818\n total net pool performance 109,917 32,903" +} +{ + "_id": "d1a73d426", + "title": "", + "text": "Customers and Markets\nOur primary customers, in terms of our sales revenues, include premier integrated device manufacturers, such as Texas Instruments and Intel Mobile, plus leading fabless design companies, such as Broadcom, MediaTek, Realtek, Qualcomm and Novatek. Although we are not dependent on any single customer, a significant portion of our operating revenues has been generated from sales to a few customers. Our top ten customers accounted for approximately 51.3% of our operating revenues in 2019. Set forth below is a geographic breakdown of our operating revenues in 2017, 2018 and 2019 by the location of our customers.\n\n | | Years Ended December 31, | \n--------------------------- | ----- | ------------------------ | -----\nRegion | 2017 | 2018 | 2019 \n | % | % | % \nTaiwan | 32.8 | 36.4 | 36.4 \nSingapore | 20.6 | 16.4 | 16.2 \nChina (including Hong Kong) | 12.7 | 12.2 | 12.9 \nJapan | 3.2 | 3.9 | 6.6 \nUSA | 12.2 | 15.6 | 13.5 \nEurope | 9.6 | 8.3 | 4.7 \nOthers | 8.9 | 7.2 | 9.7 \nTotal | 100.0 | 100.0 | 100.0\n\nCustomers Markets\n primary customers include device manufacturers Texas Instruments Intel Mobile design companies Broadcom MediaTek Realtek Qualcomm Novatek. not dependent on single customer operating revenues generated from sales few customers. top ten customers. 3% operating revenues 2019. geographic breakdown operating revenues 2017 2018 2019 by location.\n Ended December 31,\n 2017 2018 2019\n Taiwan 32. 36.\n Singapore 20. 16.\n China Hong Kong 12.\n Japan 3. 6.\n 12. 15. 13.\n Europe 9. 8.\n. 9.\n 100." +} +{ + "_id": "d1b34823e", + "title": "", + "text": "Export sales from the U.S. during the years ended December 31, 2019, 2018 and 2017 were $531.8, $578.0 and $512.5, respectively. In the year ended December 31, 2019, these exports were shipped primarily to Asia (33%), Europe (24%), Canada (18%), Middle East (13%) and other (12%).\nSales to customers outside the U.S. accounted for a significant portion of Roper’s revenues. Sales are attributed to geographic areas based upon the location where the product is ultimately shipped. Roper’s net revenues for the years ended December 31, 2019, 2018 and 2017 are shown below by region, except for Canada, which is presented separately as it is the only country in which Roper has had greater than 4% of total revenues for any of the three years presented:\n\n | Application Software | Network Software & Systems | Measurement & Analytical MeasurementSolutions | Process Technologies | Total \n----------------- | -------------------- | -------------------------- | --------------------------------------------- | -------------------- | ----------\n2019 | | | | | \nCanada | $ 41.0 | $ 71.1 | $ 81.4 | $ 28.9 | $ 222.4 \nEurope | 188.8 | 36.7 | 307.2 | 113.8 | 646.5 \nAsia | 3.5 | 18.8 | 185.0 | 108.0 | 315.3 \nMiddle East | 8.6 | 37.5 | 13.1 | 44.4 | 103.6 \nRest of the world | 25.8 | 9.5 | 45.3 | 55.2 | 135.8 \nTotal | $ 267.7 | $ 173.6 | $ 632.0 | $ 350.3 | $ 1,423.6 \n2018 | | | | | \nCanada | $ 38.5 | $ 58.5 | $ 79.3 | $ 35.0 | $ 211.3\nEurope | 188.6 | 12.2 | 361.7 | 117.5 | 680.0 \nAsia | 3.2 | 11.0 | 220.3 | 115.4 | 349.9 \nMiddle East | 4.7 | 48.6 | 14.4 | 34.4 | 102.1 \nRest of the world | 29.5 | 7.8 | 42.5 | 55.0 | 134.8 \nTotal | $ 264.5 | $ 138.1 | $ 718.2 | $ 357.3 | $ 1,478.1\n2017 | | | | | \nCanada | $ 26.6 | $ 52.9 | $ 72.9 | $ 34.7 | $ 187.1\nEurope | 176.5 | 11.0 | 310.6 | 98.1 | 596.2 \nAsia | 2.4 | 7.3 | 205.9 | 109.8 | 325.4 \nMiddle East | 4.8 | 58.8 | 13.4 | 35.5 | 112.5 \nRest of the world | 23.2 | 6.1 | 42.0 | 48.7 | 120.0 \nTotal | $ 233.5 | $ 136.1 | $ 644.8 | $ 326.8 | $ 1,341.2\n\nExport sales U. December 2019 2018 2017 $531. $578. $512. 5. exports shipped Asia Europe (24%) Canada (18%) Middle East (13%) (12%).\n Sales outside. significant portion Roper’s revenues. geographic areas. net revenues December 2019 2018 2017 region except Canada only country 4% total revenues\n Application Software Network Software Systems Measurement Analytical Process Technologies\n Canada $ 41. $ 71. $ 81. 28. $ 222.\n Europe 188. 36. 307. 113. 646.\n Asia 3. 18. 185. 108. 315.\n Middle East 8. 37. 13. 44. 103.\n world 25. 9. 45. 55. 135.\n $ 267. $ 173. $ 632. 350. 1,423.\n Canada $ 38. 58. $ 79. 35. $ 211.\n Europe 188. 12. 361. 117. 680.\n Asia 3. 2 11. 220. 115. 349.\n Middle East 4. 7 48. 14. 34. 102.\n world 29. 5 7. 42. 55. 134.\n. 138. 718. 357. 1,478.\n Canada 26. 6 52. 72. 34. 187.\n 176. 5 11. 310. 98. 596.\n 2. 7. 205. 109. 325.\n Middle East 4. 58. 13. 35. 112.\n world 23. 6. 42. 48. 120.\n 233. 136. 326. 1,341." +} +{ + "_id": "d1a72e1ec", + "title": "", + "text": "Revenue by geographic area are as follows (in thousands):\nRevenues by geographic area are based upon the country of billing. The geographic location of distributors and OEM customers may be different from the geographic location of the ultimate end users of the products and services provided by us. No single non-U.S. country accounted for more than 10% of our revenue in fiscal years ended February 28, 2019, 2018 and 2017.\n\n | | Year Ended February 28, | \n------------------------------ | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nUnited States | 268,453 | 265,613 | 259,974\nEurope, Middle East and Africa | 49,496 | 45,830 | 49,918 \nSouth America | 15,134 | 20,699 | 17,738 \nCanada | 9,815 | 14,958 | 8,412 \nAsia and Pacific Rim | 13,958 | 12,873 | 8,967 \nAll other | 6,944 | 5,939 | 6,093 \n | 363,800 | 365,912 | 351,102\n\nRevenue geographic area\n based country billing. distributors OEM customers end users products. No non. country 10% revenue years 2019 2018 2017.\n United States 268,453 265,613 259,974\n Europe Middle East Africa 49,496 45,830\n South America 15,134 20,699 17,738\n Canada 9,815 14,958 8,412\n Asia Pacific Rim 13,958 12,873 8,967\n 6,944\n 363,800 365,912,102" +} +{ + "_id": "d1b36001e", + "title": "", + "text": "The average duration of the defined benefit obligation at the end of the reporting period is 6.8 years (2018: 6.3 years) which relates wholly to active participants.\nThe plan invests entirely in pooled superannuation trust products where prices are quoted daily. The asset allocation of the plan has been set taking into account the membership profile, the liquidity requirements of the plan, and risk appetite of the Group.\nThe percentage invested in each asset class is as follows:\n\n | 2019 | 2018 \n------------------------- | ----- | -----\n | % | % \nEquity instruments | 53.9 | 58.5 \nDebt instruments | 18.6 | 22.5 \nReal estate | 10.8 | 3.5 \nCash and cash equivalents | 3.7 | 3.0 \nOther | 13.0 | 12.5 \nTotal | 100.0 | 100.0\n\naverage duration defined benefit obligation 6. 8 years (2018. 3 years active participants.\n invests pooled superannuation trust products prices quoted daily. allocation membership profile liquidity requirements risk appetite.\n percentage invested each asset class\n Equity instruments 53. 58.\n Debt instruments 18. 22.\n Real estate 10.\n Cash equivalents.\n 13. 12.\n 100." +} +{ + "_id": "d1b35ac18", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n26. Derivative Financial Instruments\nThe fair value of the derivative assets is as follows:\n\n | As of December 31, | \n--------------------------------------------------------------------------------------- | ------------------ | -----\n | 2018 | 2019 \nDerivative assets carried at fair value through profit or loss (FVTPL) | | \nInterest rate swaps | 15,188 | 18 \nForward foreign exchange contracts | — | 389 \nDerivative assets designated and effective as hedging instruments carried at fair value | | \nCross currency swaps | — | 3,594\nTotal | 15,188 | 4,001\nDerivative financial instruments, current assets | 6,222 | 429 \nDerivative financial instruments, non-current assets | 8,966 | 3,572\nTotal | 15,188 | 4,001\n\nGasLog Ltd. Subsidiaries\n financial statements\n years December 31, 2017 2018 2019\n amounts. S. Dollars except\n. Derivative Financial Instruments\n fair value\n December 31,\n 2019\n assets profit loss\n Interest rate swaps 15,188\n foreign exchange contracts\n hedging instruments\n Cross currency swaps 3,594\n 15,188 4,001\n current assets 6,222\n non-current assets 8,966 3,572\n 15,188" +} +{ + "_id": "d1b33ea2c", + "title": "", + "text": "17. Called up share capital\nCalled up share capital is the number of shares in issue at their par value. A number of shares were allotted during the year in relation to employee share schemes.\nAccounting policies\nEquity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct issuance costs.\nNotes: 1 At 31 March 2019 the Group held 1,584,882,610 (2018: 2,139,038,029) treasury shares with a nominal value of €264 million (2018: €356 million). The market value of shares held was €2,566 million (2018: €4,738 million). During the year, 45,657,750 (2018: 53,026,317) treasury shares were reissued under Group share schemes. On 25 August 2017, 729,077,001 treasury shares were issued in settlement of tranche 1 of a maturing subordinated mandatory convertible bond issued on 19 February 2016. On 25 February 2019, 799,067,749 treasury shares were issued in settlement of tranche 2 of the maturing subordinated mandatory convertible bond.\n2 On 5 March 2019 the Group announced the placing of subordinated mandatory convertible bonds totalling £1.72 billion with a 2 year maturity date in 2021 and £1.72 billion with a 3 year maturity date due in 2022. The bonds are convertible into a total of 2,547,204,739 ordinary shares with a conversion price of £1.3505 per share.\n3 Represents US share awards and option scheme awards.\n\n | | 2019 | | 2018 \n----------------------------------------------------------------------------- | -------------- | ----- | -------------- | -----\n | Number | €m | Number | €m \nOrdinary shares of 2020⁄21 US cents each allotted, issued and fully paid:1, 2 | | | | \n1 April | 28,814,803,308 | 4,796 | 28,814,142,848 | 4,796\nAllotted during the year3 | 454,870 | – | 660,460 | – \n31 March | 28,815,258,178 | 4,796 | 28,814,803,308 | 4,796\n\n. share capital\n shares par value. allotted employee share schemes.\n Equity instruments recorded proceeds issuance costs.\n 31 March 2019 Group held 1,584,882,610 (2018 2,139,038,029) treasury shares value €264 million (2018 €356 million. market value €2,566 million (2018 €4,738 million. 45,657,750 (2018 53,026,317) shares reissued Group share schemes. 25 August 2017 729,077,001 shares issued 1 convertible bond. 25 February 2019,067,749 shares issued 2.\n 5 March 2019 convertible bonds £1. 72 billion 2 year maturity 2021 £1. 72 billion 3 year 2022. bonds convertible 2,547,204,739 ordinary shares price £1. 3505 per share.\n share awards option scheme awards.\n allotted issued\n 28,814,803,308\nMarch 28,815,258,178 4,796" +} +{ + "_id": "d1b337236", + "title": "", + "text": "Consolidated Results\nThe table below sets forth for the fiscal years ended April 30, 2019 and 2018, the percentage of consolidated net sales represented by certain items in the Company’s consolidated statements of operations:\n\n | 2019 | 2018 \n------------------------------------------------------ | ------ | -------\nRevenues | | \nFEI-NY | 76.9% | 68.4% \nFEI-Zyfer | 24.7 | 38.8 \nLess intersegment revenues | (1.6) | (7.2) \n | 100.0 | 100.0 \nCost of Revenues | 68.1 | 86.9 \nGross profit | 31.9 | 13.1 \nSelling and Administrative expenses | 24.5 | 26.9 \nResearch and Development expenses | 13.1 | 17.6 \nOperating Profit/(Loss) | (5.7) | (31.4) \nOther Income (Expenses), net | 0.7 | 2.8 \nProvision (Benefit) for Income Taxes | 0.1 | 28.4 \nLoss from continuing operations | (5.1) | (57.0) \n(Loss) Income from discontinued operations, net of tax | - | (2.5) \nLoss on sale of discontinued operations | - | (0.9) \nNet Loss | (5.1)% | (60.4)%\n\nConsolidated Results\n table fiscal years 30 2019 2018 consolidated sales statements\n Revenues\n 76. 9% 68. 4%\n 24. 38.\n intersegment revenues. (7.\n 100.\n Cost Revenues 68. 86.\n Gross profit 31. 13.\n Selling Administrative expenses 24. 26.\n Research Development expenses 13. 17.\n Operating Profit(Loss (5. (31.\n Income. 2.\n Provision (Benefit Income Taxes. 28.\n Loss continuing operations (5.\n Income discontinued operations.\n Loss discontinued operations.\n Loss (5." +} +{ + "_id": "d1b2fb63c", + "title": "", + "text": "The amount of unrecognized tax benefits at December 31, 2019 increased by $387 million in 2019 to $7,146 million. A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:\nThe additions to unrecognized tax benefits related to the current and prior years were primarily attributable to U.S. federal and state tax matters, as well as non-U.S. tax matters, including transfer pricing, credits and incentives. The settlements and reductions to unrecognized tax benefits for tax positions of prior years were primarily attributable to U.S. federal and state tax matters, non-U.S. audits and impacts due to lapse of statute of limitations.\nThe unrecognized tax benefits at December 31, 2019 of $7,146 million can be reduced by $584 million associated with timing adjustments, U.S. tax credits, potential transfer pricing adjustments and state income taxes. The net amount of $6,562 million, if recognized, would favorably affect the company’s effective tax rate. The net amounts at December 31, 2018 and 2017 were $6,041 million and $6,064 million, respectively.\n\n($ in millions) | | | \n----------------------------------------------------------------------------------------- | ------ | ------- | ------\n | 2019 | 2018 | 2017 \nBalance at January 1 | $6,759 | $ 7,031 | $3,740\nAdditions based on tax positions related to the current year | 816 | 394 | 3,029 \nAdditions for tax positions of prior years | 779 | 1,201 | 803 \nReductions for tax positions of prior years (including impacts due to a lapse of statute) | (922) | (1,686) | (367) \nSettlements | (286) | (181) | (174) \nBalance at December 31 | $7,146 | $ 6,759 | $7,031\n\nunrecognized tax benefits December 31, 2019 increased $387 million to $7,146 million.\n additions. federal state tax non-U. tax transfer pricing credits incentives. settlements reductions. federal state tax non. audits statute limitations.\n benefits $7,146 million reduced $584 million timing adjustments. tax credits transfer pricing state income taxes. net $6,562 million effective tax rate. net amounts December 31, 2018 2017 $6,041 million $6,064 million.\n Balance January 1 $6,759 $ 7,031 $3,740\n Additions tax positions 816 3,029\n Additions prior 1,201 803\n Reductions lapse statute (922) (1,686) (367)\n Settlements (286) (181)\n Balance December 31 $7,146 6,759 $7,031" +} +{ + "_id": "d1a711fd8", + "title": "", + "text": "CAPITAL EXPENDITURES\nCapital expenditures include costs associated with acquiring property, plant and equipment and placing it into service. The telecommunications business requires extensive and continual investments, including investment in new technologies and the expansion of capacity and geographical reach. Expenditures related to the acquisition of spectrum licences and additions to right-of-use assets are not included in capital expenditures and do not factor into the calculation of free cash flow or capital intensity. See “Managing Our Liquidity and Financial Resources”, “Key Performance Indicators”, and “Non-GAAP Measures and Related Performance Measures” for more information.\nCapital expenditures are significant and have a material impact on our cash flows; therefore, our management teams focus on planning, funding, and managing them. We believe this measure best reflects our cost of property, plant and equipment in a given period and is a simpler measure for comparing between periods.\n1 Includes additions to property, plant and equipment net of proceeds on disposition, but does not include expenditures for spectrum licences or additions to right-of-use assets. 2 As defined. See “Key Performance Indicators”.\nWIRELESS The increase in capital expenditures in Wireless this year was a result of investments made to upgrade our wireless network to continue delivering reliable performance for our customers. We continued augmenting our existing LTE network with 4.5G technology investments that are also 5G-ready to prepare for the commercial launch of 5G in select markets in early 2020. In 2019, we acquired spectrum licences for $1,731 million, which is not included in the table above. See “Managing Our Liquidity and Financial Resources”.\nCABLE The decrease in capital expenditures in Cable this year was a result of lower purchases of customer premise equipment and lower investments related to the initial launch of Ignite TV. We have continued upgrading our network infrastructure with additional fibre deployments, including increasing our fibre-to-the-home and fibre-to-the-curb distribution. These upgrades will lower the number of homes passed per node and incorporate the latest technologies to help deliver more bandwidth and an even more reliable customer experience as we progress in our Connected Home roadmap.\nMEDIA The increase in capital expenditures this year was a result of higher investments in renovations at various Toronto Blue Jays facilities, partially offset by lower investment in our broadcast and IT infrastructure and the sale of our publishing business.\nCORPORATE The increase in Corporate capital expenditures this year was a result of higher investments in IT and our various real estate facilities this year, including the impact of $25 million of proceeds from the sale of certain assets last year.\nCAPITAL INTENSITY Capital intensity this year was in line with 2018.\n\n(In millions of dollars, except capital intensity) | Years ended December 31 | | \n-------------------------------------------------- | ----------------------- | ----- | -------\n | 2019 | 2018 | %Chg \nCapital expenditures 1 | | | \nWireless | 1,320 | 1,086 | 22 \nCable | 1,153 | 1,429 | (19) \nMedia | 102 | 90 | 13 \nCorporate | 232 | 185 | 25 \nCapital expenditures 1 | 2,807 | 2,790 | 1 \nCapital intensity 2 | 18.6% | 18.5% | 0.1 pts\n\nCAPITAL EXPENDITURES\n acquiring property plant equipment service. telecommunications business requires investments new technologies expansion capacity geographical reach. spectrum licences additions right-of-use assets not cash flow capital intensity. See “Managing Liquidity Financial Performance-GAAP Measures Related Performance Measures”.\n Capital expenditures cash flows management focus planning funding managing. measure reflects cost property plant equipment.\n Includes additions property plant equipment spectrum licences additions right-of-use assets. Performance Indicators”.\n WIRELESS increase capital expenditures network. LTE network 4. 5G 5G-ready launch 5G 2020. 2019 acquired spectrum licences for $1,731 million not included table. Liquidity Financial Resources”.\n CABLE decrease capital expenditures lower purchases equipment investments Ignite TV. upgrading network infrastructure fibre deployments fibre-to-the-home-the-curb distribution. upgrades lower homes passed per node technologies more bandwidth reliable experience Connected Home roadmap.\nincrease capital expenditures renovations Toronto Blue Jays facilities offset lower investment broadcast IT infrastructure sale publishing business.\n CORPORATE increase higher investments IT real estate facilities $25 million sale assets.\n CAPITAL INTENSITY line 2018.\n Years ended December 31\n 2019 2018\n Capital expenditures\n Wireless 1,320 1,086\n Cable 1,153 1,429\n Media 102\n Corporate 232 185\n Capital expenditures 2,807 2,790\n intensity. 6%. 5%." +} +{ + "_id": "d1b3a3288", + "title": "", + "text": "9. BALANCE SHEET DETAILS\nPrepaid expenses and other assets consist of the following (in thousands):\n\n | Fiscal year-end | \n--------------------------------------- | --------------- | -------\n | 2019 | 2018 \nPrepaid and refundable income taxes | $44,096 | $37,884\nOther taxes receivable | 11,208 | 16,930 \nPrepaid expenses and other assets | 22,689 | 30,266 \nTotal prepaid expenses and other assets | $77,993 | $85,080\n\n. BALANCE\n Prepaid expenses assets\n Prepaid refundable income taxes $44,096 $37,884\n taxes 11,208 16,930\n Prepaid expenses assets 22,689 30,266\n $77,993 $85,080" +} +{ + "_id": "d1b3b15c2", + "title": "", + "text": "Operating income included the following:\n(1) Represents the write-off of certain spare parts.\nSee discussion of operating income below under “Segment Results.”\n\n | | Fiscal \n-------------------------------------------------------------------------------------- | ------ | -------------\n | 2019 | 2018 \n | | (in millions)\nAcquisition-related charges: | | \nAcquisition and integration costs | $ 27 | $ 14 \nCharges associated with the amortization of acquisition related fair value adjustments | 3 | 8 \n | 30 | 22 \nRestructuring and other charges, net | 255 | 126 \nOther items(1) | 17 | — \nTotal | $ 302 | $ 148 \n\nOperating income\n write-off spare parts.\n Results.\n 2019 2018\n millions\n Acquisition-related charges\n costs $ 27 $ 14\n amortization acquisition value adjustments 3\n 30 22\n Restructuring charges 255 126\n Total $ 302 $ 148" +} +{ + "_id": "d1b3849b4", + "title": "", + "text": "The credit risk profile of trade receivables\nOther than those disclosed above no other impairment losses on receivables and contract assets arising from contracts with customers have been recognised. Other than trade receivables there are no financial assets that are past their due date at 31st December 2019.\nPayment terms across the Group vary dependent on the geographic location of each operating company. Payment is typically due between 20 and 90 days after the invoice is issued.\nAll contracts with customers do not contain a significant financing component.\nThe movement in the allowance for impairment in respect of trade receivables during the year was as follows:\n\n | 2019 | 2018 \n------------------------------------ | ----- | -----\n | £m | £m \nBalance at 1st January | 9.8 | 9.6 \nAdditional impairment | 8.6 | 2.8 \nAmounts written off as uncollectable | (1.2) | (0.7)\nAmounts recovered | (0.6) | (0.5)\nImpairment losses reversed | (1.1) | (1.4)\nExchange differences | (0.7) | – \nBalance at 31st December | 14.8 | 9.8 \n\ncredit risk profile trade receivables\n no impairment losses assets recognised. no financial assets past due date at 31st December 2019.\n Payment terms vary location. due 20 90 days after invoice issued.\n contracts contain significant financing component.\n movement allowance impairment trade receivables\n 2019 Balance at 1st January 9. 8\n Additional impairment.\n Amounts written uncollectable.\n Amounts recovered.\n Impairment losses reversed.\n Exchange differences.\n Balance at 31st December 14." +} +{ + "_id": "d1b334aea", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 3 — Accounts Receivable\nThe components of accounts receivable are as follows:\n\n | As of December 31, | \n------------------------------------- | ------------------ | -------\n | 2019 | 2018 \nAccounts receivable, gross | $78,269 | $79,902\nLess: Allowance for doubtful accounts | (261) | (384) \nAccounts receivable, net | $78,008 | $79,518\n\nFINANCIAL STATEMENTS thousands\n 3 Accounts Receivable\n components\n December 31,\n 2018\n gross $78,269 $79,902\n Allowance doubtful accounts (261) (384)\n net $78,008 $79,518" +} +{ + "_id": "d1a71f534", + "title": "", + "text": "Medical Segment Results\nBelow is a table summarizing results for the fiscal years ended:\nNet Sales. The Medical segment had minimal net sales in both periods from newly launched products.\nGross Profit. Medical segment gross profit was a loss of $3.5 million in fiscal 2018 compared to a loss of $3.1 million in fiscal 2017. The increased loss primarily relates to the vertical manufacturing integration of some key components and research efforts to expand the product offerings.\nLoss from Operations. Medical segment loss from operations increased $2.9 million to $11.4 million in fiscal 2018 compared to $8.5 million in fiscal 2017. The increased loss relates to higher outside professional fees, research and development and marketing expenses in fiscal 2018. Financial Condition, Liquidity and Capital Resources\n\n(Dollars in Millions) | April 28, 2018 | April 29, 2017 | Net Change ($) | Net Change (%)\n--------------------- | -------------- | -------------- | -------------- | --------------\nNet Sales | $ 0.3 | $ 0.2 | $ 0.1 | 50.0 % \nGross Profit | $ (3.5) | $ (3.1) | $ (0.4) | (12.9)% \nLoss from Operations | $ (11.4) | $ (8.5) | $ (2.9) | (34.1)% \n\nMedical Segment Results\n table fiscal years\n Net Sales. Medical segment minimal sales newly launched products.\n Gross Profit. loss $3. 5 million 2018 $3. 1 million 2017. increased loss vertical manufacturing research product offerings.\n Loss Operations. increased $2. 9 million to $11. 4 million 2018 $8. 5 million 2017. loss higher professional fees research development marketing expenses. Financial Condition Liquidity Capital Resources\n Millions April 28, 2018 April 29, 2017 Net Change$\n Net Sales.\n Gross Profit (3.\n Loss Operations (11." +} +{ + "_id": "d1b2ed898", + "title": "", + "text": "ALTERNATIVE PERFORMANCE MEASURES\nTime Charter Equivalent (TCE) earnings:\nTORM defines TCE earnings, a performance measure, as revenue after port expenses, bunkers and commissions incl. freight and bunker derivatives. The Company reports TCE earnings because we believe it provides additional meaningful information to investors in relation to revenue, the most directly comparable IFRS measure. TCE earnings is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance irrespective of changes in the mix of charter types (i.e. spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods. Below is presented a reconciliation from Revenue to TCE earnings:\n\nUSDm | 2019 | 2018 | 2017 \n-------------------------------------- | ------ | ------ | ------\nReconciliation to revenue | | | \nRevenue | 692.6 | 635.4 | 657.0 \nPort expenses, bunkers and commissions | -267.7 | -283.0 | -259.9\nTCE earnings | 424.9 | 352.4 | 397.1 \n\nPERFORMANCE MEASURES\n Time Charter Equivalent earnings\n TORM defines revenue after port expenses bunkers commissions. freight derivatives. Company reports TCE earnings information IFRS measure. TCE earnings standard shipping industry performance measure period-to-period shipping performance charter types. reconciliation Revenue to TCE earnings\n 2019 2018\n Reconciliation revenue\n Revenue 692. 635. 657.\n Port expenses bunkers commissions -267. -259.\n TCE earnings 424. 352. 397." +} +{ + "_id": "d1b356974", + "title": "", + "text": "Capital and financial risk management\n13 Capital risk management\nThe Group's objectives when managing capital are to safeguard its ability to continue as a going concern, so that it can continue to provide returns to its shareholders and benefits to its stakeholders and to maintain an optimal capital structure to reduce the cost of capital.\nIn the future, the Directors may pursue funding options such as debt, sale and leaseback of assets, additional equity and various other funding mechanisms as appropriate in order to undertake its projects and deliver optimum shareholders’ return.\nThe Group intends to maintain a gearing ratio appropriate for a company of its size and growth.\nThe Group manages its capital structure by regularly reviewing its gearing ratio to ensure it maintains an appropriate level of gearing within facility covenants. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total interest bearing financial liabilities, less cash and cash equivalents. Total capital is calculated as equity, as shown in the Consolidated Balance Sheet, plus net debt.\n\n | 30 June 2019 | 30 June 2018\n------------------------------- | ------------ | ------------\n | $'000 | $'000 \nTotal borrowings and lease | 867,177 | 302,954 \nLess: cash and cash equivalents | (398,999) | (417,982) \nNet debt (surplus cash) | 468,178 | (115,028) \nTotal equity | 875,303 | 893,977 \nTotal capital | 1,343,481 | 778,949 \nGearing ratio | 35.0% | -% \n\nCapital financial risk management\n Group objectives safeguard going concern provide returns benefits maintain optimal capital structure reduce cost.\n Directors pursue debt sale leaseback equity return.\n gearing ratio size growth.\n manages gearing ratio. ratio calculated net debt divided total capital. debt interest liabilities less cash equivalents. capital equity Consolidated Balance Sheet plus net debt.\n 2019 June 2018\n Total borrowings lease 867,177 302,954\n cash equivalents (398,999) (417,982)\n Net debt cash 468,178 (115,028)\n Total equity 875,303 893,977\n capital 1,343,481 778,949\n Gearing ratio 35. 0%" +} +{ + "_id": "d1b34ba24", + "title": "", + "text": "14 Taxation\nUK corporation tax for the year-ended 31 March 2019 is calculated at 19% (2018: 19%) of the estimated assessable loss for the period.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2\n------------------------------------------------- | ------------------------ | --------------------------------------------\n | $M | $M \nCurrent income tax: | | \nUK corporation tax | 1.3 | 1.2 \nAdjustments in respect of previous years UK tax | 0.3 | 0.3 \nOverseas tax before exceptional items | 22.2 | 23.0 \nAdjustment in respect of previous years | 13.1 | 10.2 \nTotal current tax charge | 36.9 | 34.7 \nDeferred tax: | | \nOrigination and reversal of temporary differences | 2.5 | (16.7) \nImpact of changes in US tax rate | - | 5.4 \nAdjustment in respect of previous years | (12.7) | (3.5) \nTotal deferred tax credit | (10.2) | (14.8) \nTotal income tax charge | 26.7 | 19.9 \n\n\n UK corporation tax-ended 31 March 2019 19% estimated assessable loss.\n-ended 2019 2018\n Current income tax\n UK corporation tax 1.\n Adjustments previous years.\n Overseas tax items 22. 23.\n 13. 10.\n current tax charge 36. 34.\n Deferred tax\n reversal temporary differences 2.\n changes US tax rate 5.\n Adjustment previous years (12.\n deferred tax credit (10. (14.\n income tax charge 26. 19." +} +{ + "_id": "d1b2feb48", + "title": "", + "text": "Free cash flow generation\nBridge from operating income to free cash flow (illustrative)\nFocus on delivering a high conversion of operating income to free cash flow of operating income to free cash flow\nof operating income to free cash flow\nOngoing activities to reduce costs “below operating income”, including restructuring, financial net and tax\nStriving to maintain working capital efficiency but fluctuations may impact cash flow\nPlanning assumption for capex is about 2% of net sales, while expected to remain above 2% in 2020 due to the new factory in the US\nAmbition to over time maintain restructuring charges to around 1% of net sales\nM&A will vary depending on strategic decisions but assumed to be around 1–2% of net sales\nOperating margin excluding restructuring charges. All numbers are in relation to net sales.\n1) Restructuring charges as reported in the income statement for each year.\n\n | 2018 | 2019 | Ambition \n------------------------------- | ------ | ----- | ---------\nOperating margin | 4.4% | 5.0% | >12% \nfinancial net, tax and other | -3.8% | -2.5% | -4% \n+ depreciation and amortization | +3.9% | +2.9% | +3 to 4% \n+ depreciation of leased assets | – | +1.1% | +1% \n± change in working capital | +3.7% | +1.0% | ±0 \n- capex | - 2.4% | -2.8% | -2% \n- leasing payment | - | -1.3% | -1% \n-  restructuring costs1) | -3.8% | -0.4% | -1% \nFree cash flow (before M&A) | 2.0% | 3.4% | >8% \n- M&A | -0.6% | -0.7% | ~1 to -2%\n\ncash flow\n high conversion operating income\n reduce costs restructuring financial net tax\n working capital efficiency impact cash flow\n capex 2% net sales above 2% 2020 new factory\n maintain restructuring charges 1% net sales\n M&A 1–2% net sales\n Operating margin excluding restructuring charges. net sales.\n Restructuring charges income statement.\n Operating margin 4. 4% 5. 0% >12%\n financial net tax -3. 8% -2. 5% -4%\n depreciation amortization. 9% +2.\n depreciation leased assets +1. +1%\n working capital. 7%.\n 2. 4% -2. -2%\n leasing payment. -1%\n restructuring -3. 8%. -1%\n Free cash flow M&A 2. 3. >8%\n M&A. 6%. 7%" +} +{ + "_id": "d1a72fbe6", + "title": "", + "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n19. Financial Income and Costs\nAn analysis of financial income and costs is as follows:\n\n | | For the year ended December 31, | \n------------------------------------------------------------------------------------- | ------- | ------------------------------- | -------\n | 2017 | 2018 | 2019 \nFinancial Income | | | \nInterest income | 2,650 | 4,784 | 5,318 \nTotal financial income | 2,650 | 4,784 | 5,318 \nFinancial Costs | | | \nAmortization and write-off of deferred loan/bond issuance costs/premium | 12,398 | 12,593 | 14,154 \nInterest expense on loans and realized loss on cash flow hedges | 85,813 | 111,600 | 122,819\nInterest expense on bonds and realized loss on CCSs | 27,085 | 30,029 | 34,607 \nLease charge | 10,875 | 10,520 | 10,506 \nLoss arising on bond repurchases at a premium (Note 13)13) | 1,459 | — | 2,119 \nOther financial costs, including unrealized foreign exchange losses on cash and bonds | 1,551 | 1,885 | 6,276 \nTotal financial costs | 139,181 | 166,627 | 190,481\n\nGasLog Ltd. Subsidiaries\n consolidated financial statements\n years December 31, 2017 2018 2019\n. Dollars\n. Financial Income Costs\n December\n Income\n Interest income 2,650 4,784 5,318\n Costs\n Amortization deferred loan 12,398 12,593 14,154\n Interest expense loans loss cash flow hedges 85,813 111,600\n Interest bonds loss CCSs 27,085 30,029 34\n Lease charge 10,875\n Loss bond repurchases 1,459\n costs unrealized foreign exchange losses cash bonds 1,551 1,885 6,276\n costs 139,181 166,627 190,481" +} +{ + "_id": "d1b2f1d3a", + "title": "", + "text": "Note 16: Quarterly Results of Operations (Unaudited)\nThe following table sets forth certain quarterly information for fiscal years 2019 and 2018. This information, in the opinion of the Company’s management, reflects all adjustments (consisting only of normal recurring adjustments) necessary to present fairly this information when read in conjunction with the Consolidated Financial Statements and notes thereto included elsewhere herein (amounts in thousands except per share data):\n(1) Operating income (loss) as a percentage of net sales fluctuates from quarter to quarter due to a number of factors, including net sales fluctuations, foreign currency exchange, restructuring charges, product mix, the timing and expense of moving product lines to lower-cost locations, the write-down of long lived assets, the net gain/loss on sales and disposals of assets and the relative mix of sales among distributors, original equipment manufacturers, and electronic manufacturing service providers.\n\nFiscal Year 2019 Quarters Ended | | | | \n------------------------------- | -------- | -------- | -------- | --------\n | Jun-30 | Sep-30 | Dec-31 | Mar-31 \nNet sales | $327,616 | $349,233 | $350,175 | $355,794\nGross margin | 94,821 | 113,565 | 123,750 | 126,406 \nOperating income (1) | 35,176 | 50,000 | 61,616 | 54,057 \nNet income | $35,220 | $37,141 | $40,806 | $93,420 \nNet income per basic share | $0.61 | $0.64 | $0.70 | $1.60 \nNet income per diluted share | $0.60 | $0.63 | $0.69 | $1.58 \n\nQuarterly Results Operations\n table quarterly information fiscal years 2019 2018. reflects adjustments Consolidated Financial Statements thousands\n Operating income sales fluctuates foreign currency exchange restructuring charges product mix product lines lower-cost write-down assets net gain/loss sales disposals mix sales distributors original equipment manufacturers electronic manufacturing service providers.\n Fiscal Year 2019 Quarters Ended\n Jun-30 Sep-30 Dec-31\n Net sales $327,616 $349,233 $350,175 $355,794\n Gross margin 94,821 113,565 123,750 126,406\n Operating income 35,176 61,616 54,057\n Net income $35,220 $37,141 $40,806 $93,420\n Net income basic share. 61.\n diluted share." +} +{ + "_id": "d1b33ad1e", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 13 — Derivatives\nThe effect of derivative instruments on the Consolidated Statements of Earnings is as follows:\n\n | | Years Ended December 31, | \n----------------------------------------------------------------------------------- | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nForeign Exchange Contracts: | | | \nAmounts reclassified from AOCI to earnings: | | | \nNet sales | $— | $383 | $(488)\nCost of goods sold | 860 | (6) | 497 \nSelling, general and administrative | 92 | 107 | 45 \nTotal amounts reclassified from AOCI to earnings | 952 | 484 | 54 \nLoss recognized in other expense for hedge ineffectiveness | — | — | (1) \nLoss recognized in other expense for derivatives not designated as cash flow hedges | — | — | (15) \nTotal derivative gain on foreign exchange contracts recognized in earnings | $952 | $484 | $38 \nInterest Rate Swaps: | | | \nBenefit recorded in interest expense | $491 | $421 | $37 \nTotal gain | $1,443 | $905 | $75 \n\nCONSOLIDATED FINANCIAL STATEMENTS\n 13 Derivatives\n effect Earnings\n Years Ended December 31,\n 2019 2018 2017\n Foreign Exchange Contracts\n reclassified earnings\n Net sales $383 $(488)\n Cost goods sold 860\n Selling administrative\n amounts reclassified AOCI earnings 952 54\n Loss hedge ineffectiveness\n Loss cash hedges\n derivative gain foreign exchange contracts earnings $952 $484 $38\n Interest Rate Swaps\n Benefit expense $491 $421 $37\n Total gain $1,443 $905 $75" +} +{ + "_id": "d1a712ec4", + "title": "", + "text": "(1) Mr. Clark did not receive a FY19 EAIP payout.\n(2) Pursuant to the terms of Mr. Noviello’s Transition Services Agreement dated January 31, 2019 (the ‘‘Transition Services Agreement’’), Mr. Noviello received 75% of his target FY19 EAIP amount under the Company’s Executive Severance Plan because it was greater than the amount that he would have earned under the FY19 EAIP irrespective of individual performance.\n(3) Ms. Cappellanti-Wolf and Messrs. Kapuria and Taylor each earned an individual performance factor of 100%. In determining the appropriate individual performance factor for each of these executives, the Compensation Committee, with recommendation of the CEO, considered leadership, contributions to NortonLifeLock’s achievement of its goals, and strategic planning among other factors.\n(4) The Compensation Committee did not exercise its discretion to reduce any payouts.\n\n | FY19 EAIP NEO Payout Amounts | | | | \n-------------------------- | ---------------------------- | --------------------------- | ------------------------------- | --------------------------------- | -------------------------------\nNEO | Base Salary | Annual Incentive Target (%) | Company Performance Funding (%) | Individual Performance Factor (%) | Individual Payout Amount ($)(4)\nGregory S. Clark(1) | 1,000,000 | 150 | n/a | n/a | 0 \nNicholas R. Noviello(2) | 650,000 | 100 | n/a | n/a | 487,500 \nAmy L. Cappellanti-Wolf(3) | 440,000 | 70 | 35.6 | 100 | 109,648 \nSamir Kapuria(3) | 450,000 | 100 | 35.6 | 100 | 152,172 \nScott C. Taylor(3) | 600,000 | 100 | 35.6 | 100 | 213,600 \n\n. Clark receive FY19 EAIP payout.\n. Noviello’s Transition Services Agreement January 31, 2019. received 75% target FY19 EAIP Executive Severance Plan greater FY19 EAIP.\n. Cappellanti-Wolf. Kapuria Taylor earned performance factor 100%. Compensation Committee considered leadership contributions strategic planning.\n Compensation Committee reduce payouts.\n FY19 EAIP Payout Amounts\n Base Salary Annual Incentive Target Company Performance Funding Individual Performance Factor Payout Amount\n Gregory. Clark(1) 1,000,000 150\n Nicholas. Noviello(2) 650,000 487,500\n Amy. Cappellanti-Wolf(3) 440,000. 109,648\n Samir Kapuria(3) 450,000. 152,172\n Scott. Taylor(3) 600,000. 213,600" +} +{ + "_id": "d1b369218", + "title": "", + "text": "@ As a policy, N Chandrasekaran, Chairman, has abstained from receiving commission from the Company and hence not stated.\n@@ In line with the internal guidelines of the Company, no payment is made towards commission to the Non-Executive Directors of the Company, who are in full time employment with any other Tata company and hence not stated.\n* Relinquished the position of Independent Director w.e.f. July 10, 2018.\n** Relinquished the position of Independent Director w.e.f. September 28, 2018.\n*** Appointed as an Additional and Independent Director w.e.f. December 18, 2018.\n**** Appointed as an Additional and Independent Director w.e.f. January 10, 2019.\n^ Since the remuneration is only for part of the year, the ratio of their remuneration to median remuneration and percentage increase in remuneration is not comparable and hence, not stated.\n^^ Remuneration received in FY 2019 is not comparable with remuneration received in FY 2018 and hence, not stated.\nParticulars of employees\nThe information required under Section 197 of the Act read with Rule 5 of the Companies (Appointment and\nRemuneration of Managerial Personnel) Rules, 2014, are given below:\na. The ratio of the remuneration of each director to the median remuneration of the employees of the Company and percentage increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer and Company Secretary in the financial year:\nb. The percentage increase in the median remuneration of employees in the financial year: 3.70 percent\nc. The number of permanent employees on the rolls of Company: 424,285\nd. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:\nThe average annual increase was 6 percent in India. However, during the course of the year, the total increase is approximately 7.2 percent, after accounting for promotions and other event based compensation revisions. Employees outside India received a wage increase varying from 2 percent to 5 percent. The increase in remuneration is in line with the market trends in the respective countries.\nIncrease in the managerial remuneration for the year was 14.66 percent.\ne. Affirmation that the remuneration is as per the remuneration policy of the Company:\nThe Company affirms that the remuneration is as per the remuneration policy of the Company.\nf. The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. Further, the report and the accounts are being sent to the Members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office of the Company. Any Member interested in obtaining a copy of the same may write to the Company Secretary.\n\nName | Ratio to median remuneration | % increase in remuneration in the financial year\n---------------------------- | ---------------------------- | ------------------------------------------------\nNon-executive directors | | \nN Chandrasekaran@ | - | - \nAman Mehta | 51.55 | 5.00 \nV Thyagarajan* | ^ | ^ \nProf Clayton M Christensen** | ^ | ^ \nDr Ron Sommer | 36.00 | 4.76 \nO P Bhatt | 35.18 | 7.50 \nAarthi Subramanian@@ | - | - \nDr Pradeep Kumar Khosla | 24.55 | ^^ \nHanne Sorensen*** | ^ | ^ \nKeki Mistry*** | ^ | ^ \nDon Callahan**** | ^ | ^ \nExecutive directors | | \nRajesh Gopinathan | 262.30 | 28.31 \nN Ganapathy Subramaniam | 190.01 | 24.88 \nChief Financial Officer | | \nRamakrishnan V | - | 22.58 \nCompany Secretary | | \nRajendra Moholkar | - | 18.23 \n\nN Chandrasekaran Chairman abstained receiving commission not stated.\n no payment commission Non-Executive Directors full time other Tata company.\n Relinquished Independent Director. July 10, 2018.\n Relinquished Independent Director. September 28, 2018.\n Appointed Additional Independent Director. December 18, 2018.\n Appointed Director. January 10, 2019.\n remuneration part year ratio median percentage increase not comparable not stated.\n Remuneration FY 2019 not comparable 2018 not stated.\n information required Section 197 Act Rule 5 Companies\n Remuneration Managerial Personnel Rules 2014,\n. ratio remuneration director to median percentage increase\n. percentage increase median remuneration 3. 70 percent\n. number permanent employees 424,285\n. Average percentile increase salaries last financial year comparison managerial justification exceptional circumstances\n average annual increase 6 percent India. total increase approximately 7. 2 percent promotions compensation revisions. Employees outside India wage increase 2 percent to 5.increase remuneration line with market trends countries.\n Increase managerial remuneration. 66 percent.\n. Affirmation remuneration policy Company\n affirms remuneration policy.\n. statement names top ten employees remuneration particulars Section 197(12) Act Rule 5(2) 5(3) Companies Remuneration Rules separate annexure. report accounts sent to Members. Section 136 annexure open for inspection Registered Office Company. Member write Company Secretary.\n Ratio to median remuneration % increase remuneration financial year\n Non-executive directors\n Chandrasekaran\n Aman Mehta.\n Thyagarajan\n Clayton M\n Ron Sommer.\n Bhatt.\n Aarthi Subramanian@@\n Pradeep Kumar Khosla.\n Hanne Sorensen***\n Keki Mistry***\n Don\n Executive directors\n Rajesh Gopinathan.\n Ganapathy Subramaniam.\n Chief Financial Officer\n Ramakrishnan.\n Company Secretary\n Rajendra Moholkar." +} +{ + "_id": "d1b2f7172", + "title": "", + "text": "We make contributions to our defined benefit plans as required under various pension funding regulations. We expect to make contributions of approximately\n$1,420 to the international plans in fiscal 2020 based on current actuarial computations\nEstimated future benefit payments are as follows:\nSavings plans:\nWe sponsor retirement savings plans, which allow eligible employees to defer part of their annual compensation. Certain contributions by us are discretionary and\nare determined by our Board of Directors each year. Our contributions to the savings plans in the United States for the fiscal years ended March 31, 2017, 2018 and 2019\nwere approximately $4,367, $4,421, and $4,913, respectively.\nWe also sponsor a nonqualified deferred compensation program, which permits certain employees to annually elect to defer a portion of their compensation until\nretirement. A portion of the deferral is subject to a matching contribution by us. The employees select among various investment alternatives, which are the same as are\navailable under the retirement savings plans, with the investments held in a separate trust. The value of the participants’ balances fluctuate based on the performance of\nthe investments. The market value of the trust at March 31, 2018 and 2019 of $6,649 and $4,693, respectively, is included as an asset and a liability in our accompanying\nbalance sheet because the trust’s assets are both assets of the Company and a liability as they are available to general creditors in certain circumstances\n\nFiscal Year ended March 31, | US Plans | International Plans\n--------------------------- | -------- | -------------------\n2020 | $2,295 | $7,055 \n2021 | 2,333 | 7,197 \n2022 | 2,353 | 7,337 \n2023 | 2,371 | 7,624 \n2024 | 2,388 | 7,624 \n2025-2029 | 11,880 | 40,364 \n\ncontributions defined benefit plans pension regulations. expect\n $1,420 international plans 2020\n future benefit payments\n sponsor retirement savings plans defer annual compensation. contributions discretionary\n determined Board Directors. contributions years 2017 2018 2019\n $4,367 $4,421 $4,913.\n sponsor nonqualified deferred compensation program compensation\n retirement. deferral subject matching contribution. employees select investment alternatives\n separate trust. value balances fluctuate performance\n investments. market value trust March 31, 2018 2019 $6,649 $4,693 asset liability\n balance sheet\n Fiscal Year March 31, US International Plans\n 2020 $2,295 $7,055\n 2021 2,333 7,197\n 2022 2,353 7,337\n 2023 2,371 7,624\n 2024 2,388\n 2025-2029 11,880 40,364" +} +{ + "_id": "d1b349d0a", + "title": "", + "text": "The following table summarizes information regarding common stock share awards granted and vested (in thousands, except per share award amounts):\nAs of December 31, 2019, there was $0.2 million of total unrecognized compensation costs, net of actual forfeitures, related to nonvested common stock share awards. This cost is expected to be recognized over a weighted average period of 0.8 years.\n\n | | Years Ended December 31, | \n------------------------------------------------------ | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nNumber of share awards granted | 34 | 34 | 24 \nWeighted average grant-date fair value per share award | $25.41 | $27.68 | $32.93\nFair value of share awards vested | $840 | $880 | $850 \n\ntable summarizes common stock awards granted vested\n December 31, 2019 $0. 2 million unrecognized compensation costs nonvested stock awards. recognized. 8 years.\n Ended December 31,\n share awards granted 34\n grant-date value per share award $25. $27. $32.\n awards vested $840 $880 $850" +} +{ + "_id": "d1b37fd6a", + "title": "", + "text": "In connection with the asset-backed securitization programs, the Company recognized the following (in millions):\n(1) The amounts primarily represent proceeds from collections reinvested in revolving-period transfers.\n(2) Recorded to other expense within the Consolidated Statements of Operations.\n(3) Excludes $650.3 million of trade accounts receivable sold, $488.1 million of cash and $13.9 million of net cash received prior to the amendment of the foreign asset-backed securitization program and under the previous North American asset-backed securitization program.\nThe asset-backed securitization programs require compliance with several covenants. The North American asset-backed securitization program covenants include compliance with the interest ratio and debt to EBITDA ratio of the five-year unsecured credit facility amended as of November 8, 2017 (“the 2017 Credit Facility”). The foreign asset-backed securitization program covenants include limitations on certain corporate actions such as mergers and consolidations. As of August 31, 2019 and 2018, the Company was in compliance with all covenants under the asset-backed securitization programs.\n\n | | Fiscal Year Ended August 31, | \n--------------------------------------------------- | ------- | ---------------------------- | ------\n | 2019(3) | 2018 | 2017 \nTrade accounts receivable sold | $4,057 | $8,386 | $8,878\nCash proceeds received(1) | $4,031 | $7,838 | $8,300\nPre-tax losses on sale of receivables(2) | $26 | $15 | $9 \nDeferred purchase price receivables as of August 31 | $— | $533 | $569 \n\nasset-backed securitization programs Company recognized\n proceeds transfers.\n Recorded Consolidated Statements Operations.\n Excludes $650. 3 million trade accounts sold $488. 1 million cash $13. 9 million net cash American program.\n require covenants. interest ratio debt to EBITDA ratio five-year unsecured credit facility 2017. limitations actions mergers consolidations. August 31, 2019 2018 Company covenants.\n Fiscal Year Ended August 31,\n Trade accounts sold $4,057 $8,386 $8,878\n Cash proceeds $4,031 $7,838 $8,300\n Pre-tax losses sale $26 $15 $9\n Deferred purchase price receivables August 31 $533 $569" +} +{ + "_id": "d1b32b1f2", + "title": "", + "text": "6.3 Changes in group structure\nDiscontinued operations\nOn 21 December 2018, the Group executed a share sale agreement to sell Infochoice Pty Ltd, a wholly owned subsidiary.\nAt 30 June 2019, Infochoice Pty Ltd was classified as a discontinued operation. The business of Infochoice Pty Ltd represented the Group’s financial services and products comparison operating segment. With Infochoice Pty Ltd being classified as a discontinued operation, its operating results are no longer presented in the segment note. The sale of Infochoice Pty Ltd was completed on 18 February 2019. The results of Infochoice Pty Ltd for the period are presented below:\n\n | CONSOLIDATED | \n----------------------------------------------------- | -------------- | --------------\n | JUN 2019 $’000 | JUN 2018 $’000\nRevenue | 426 | 1,208 \nExpenses | (1,035) | (989) \nOperating income | (609) | 219 \nInterest revenue | 5 | 9 \nImpairment of other intangible assets | (603) | (16,902) \nProfit/(loss) before tax from discontinued operations | (1,207) | (16,674) \nTax benefit/(expense) related to current pre-tax loss | (1,150) | (55) \nPost-tax profit/(loss) of discontinued operations | (2,357) | (16,729) \n\n. group structure\n Discontinued operations\n 21 December 2018 Group sale Infochoice Pty Ltd subsidiary.\n 30 June 2019 discontinued. financial services products. results. sale completed 18 February 2019. results\n 2019 2018\n Revenue 426 1,208\n Expenses (1,035)\n Operating income (609)\n Interest revenue\n Impairment intangible assets (603) (16,902)\n Profit(loss before tax discontinued operations (1,207) (16,674)\n Tax benefit pre-tax loss (1,150)\n Post-tax profit(loss (2,357) (16,729)" +} +{ + "_id": "d1b38ed06", + "title": "", + "text": "Fiscal 2018 Restructuring Plan\nDuring Fiscal 2018 and in the context of our acquisitions of Covisint, Guidance and Hightail (each defined below), we began to implement restructuring activities to streamline our operations (collectively referred to as the Fiscal 2018 Restructuring Plan). The Fiscal 2018 Restructuring Plan charges relate to workforce reductions and facility consolidations. These charges require management to make certain judgments and estimates regarding the amount and timing of restructuring charges or recoveries. Our estimated liability could change subsequent to its recognition, requiring adjustments to the expense and the liability recorded. On a quarterly basis, we conduct an evaluation of the related liabilities and expenses and revise our assumptions and estimates as appropriate.\nSince the inception of the plan, approximately $10.7 million has been recorded within \"Special charges (recoveries)\" to date. We do not expect to incur any further significant charges relating to this plan.\nA reconciliation of the beginning and ending liability for the year ended June 30, 2019 and 2018 is shown below.\n\nFiscal 2018 Restructuring Plan | Workforce reduction | Facility costs | Total \n----------------------------------------------- | ------------------- | -------------- | -------\nBalance payable as at June 30, 2017 | $— | $— | $— \nAccruals and adjustments | 8,511 | 1,643 | 10,154 \nCash payments | (8,845) | (489) | (9,334)\nForeign exchange and other non-cash adjustments | 892 | 11 | 903 \nBalance payable as at June 30, 2018 | $558 | $1,165 | $1,723 \nAccruals and adjustments | (20) | 535 | 515 \nCash payments | (337) | (928) | (1,265)\nForeign exchange and other non-cash adjustments | (51) | (286) | (337) \nBalance payable as at June 30, 2019 | $150 | $486 | $636 \n\nFiscal 2018 Restructuring Plan\n Covisint Guidance Hightail restructuring activities Plan. charges workforce reductions facility consolidations. require judgments estimates. liability adjustments. quarterly revise assumptions estimates.\n $10. 7 million recorded charges. further charges.\n reconciliation liability June 30, 2019 2018.\n Fiscal 2018 Restructuring Plan Workforce reduction Facility costs\n Balance June 30, 2017 $—\n Accruals adjustments 8,511 1,643 10,154\n Cash payments (8,845) (489) (9,334\n Foreign exchange non-cash adjustments 892\n Balance June 30, 2018 $558 $1,165 $1,723\n Accruals adjustments 535\n Cash payments (337) (928) (1,265)\n Foreign exchange non-cash adjustments (51) (286)\n Balance June 30, 2019 $150 $486 $636" +} +{ + "_id": "d1b337970", + "title": "", + "text": "Operating Revenues and Selected Operating Statistics\n(1) Service and other revenues included in our Business segment amounted to approximately $27.9 billion and $28.1 billion for the years ended December 31, 2019 and 2018, respectively. Wireless equipment revenues included in our Business segment amounted to approximately $3.5 billion and $3.4 billion for the years ended December 31, 2019 and 2018, respectively. (2) As of end of period (3) Includes certain adjustments\nBusiness revenues decreased $91 million, or 0.3%, during 2019 compared to 2018, primarily due to decreases in Global Enterprise and Wholesale revenues, partially offset by increases in Small and Medium Business and Public Sector and Other revenues.\nGlobal Enterprise Global Enterprise offers services to large businesses, which are identified based on their size and volume of business with Verizon, as well as non-U.S. public sector customers. Global Enterprise revenues decreased $383 million, or 3.4%, during 2019 compared to 2018, primarily due to declines in traditional data and voice communication services as a result of competitive price pressures. These revenue decreases were partially offset by increases in wireless service revenue.\nSmall and Medium Business Small and Medium Business offers wireless services and equipment, tailored voice and networking products, Fios services, IP networking, advanced voice solutions, security and managed information technology services to our U.S.-based customers that do not meet the requirements to be categorized as Global Enterprise.\nSmall and Medium Business revenues increased $712 million, or 6.6%, during 2019 compared to 2018, primarily due to an increase in wireless postpaid service revenue of 11.7% as a result of increases in the amount of wireless retail postpaid connections.\nThese increases were further driven by increased wireless equipment revenue resulting from a shift to higher priced units in the mix of wireless devices sold and increases in the number of wireless devices sold, increased revenue related to our wireless device protection package, as well as increased revenue related to Fios services. These revenue increases were partially offset by revenue declines related to the loss of voice and DSL service connections.\nSmall and Medium Business Fios revenues totaled $915 million and increased $110 million, or 13.7%, during 2019 compared to 2018, reflecting the increase in total connections, as well as increased demand for higher broadband speeds.\nPublic Sector and Other Public Sector and Other offers wireless products and services as well as wireline connectivity and managed solutions to U.S. federal, state and local governments and educational institutions. These services include the business services and connectivity similar to the products and services offered by Global Enterprise, in each case, with features and pricing designed to address the needs of governments and educational institutions.\nPublic Sector and Other revenues increased $89 million, or 1.5%, during 2019 compared to 2018, driven by increases in networking and wireless postpaid service revenue as a result of an increase in wireless retail postpaid connections.\nWholesale Wholesale offers wireline communications services including data, voice, local dial tone and broadband services primarily to local, long distance, and wireless carriers that use our facilities to provide services to their customers. Wholesale revenues decreased $509 million, or 13.6%, during 2019 compared to 2018, primarily due to declines in core data and traditional voice services resulting from the effect of technology substitution and continuing contraction of market rates due to competition.\n\n | | | (dollars in millions) Increase/ (Decrease) | \n------------------------------------- | -------- | -------- | ------------------------------------------ | ------\nYears Ended December 31, | 2019 | 2018 | 2019 vs. 2018 | \nGlobal Enterprise | $ 10,818 | $ 11,201 | $ (383) | (3.4)%\nSmall and Medium Business | 11,464 | 10,752 | 712 | 6.6 \nPublic Sector and Other | 5,922 | 5,833 | 89 | 1.5 \nWholesale | 3,239 | 3,748 | (509) | (13.6)\nTotal Operating Revenues(1) | $ 31,443 | $ 31,534 | $ (91) | (0.3) \nConnections (‘000):(2) | | | | \nWireless retail postpaid connections | 25,217 | 23,492 | 1,725 | 7.3 \nFios Internet connections | 326 | 307 | 19 | 6.2 \nFios video connections | 77 | 74 | 3 | 4.1 \nBroadband connections | 489 | 501 | (12) | (2.4) \nVoice connections | 4,959 | 5,400 | (441) | (8.2) \nNet Additions in Period (‘000):(3) | | | | \nWireless retail postpaid | 1,391 | 1,397 | (6) | (0.4) \nWireless retail postpaid phones | 698 | 625 | 73 | 11.7 \nChurn Rate: | | | | \nWireless retail postpaid | 1.24% | 1.19% | | \nWireless retail postpaid phones | 0.99% | 0.98% | | \n\nOperating Revenues Statistics\n Service revenues Business segment $27. 9 billion $28. 1 billion 2019 2018. Wireless equipment revenues $3. 5 billion $3. 4 billion.\n Business revenues decreased $91 million 0. 3% 2019 Global Enterprise Wholesale revenues increases Small Medium Business Public Sector revenues.\n Global Enterprise offers services large businesses non-U. S. public sector customers. revenues decreased $383 million 3. 4% 2019 declines data voice communication services competitive price pressures. offset increases wireless service revenue.\n Small Medium Business offers wireless services equipment voice networking products Fios services IP networking voice solutions security information technology services. customers.\n Small Medium Business revenues increased $712 million 6. 6% 2019 wireless postpaid service revenue 11. 7%.\n increased wireless equipment revenue protection package Fios services. offset declines loss voice service connections.\n Fios revenues $915 million increased $110 million 13.2019 compared 2018 increase connections demand higher broadband speeds.\n Public Sector offers wireless products services wireline connectivity solutions. federal state local governments educational institutions. services include business services connectivity Global Enterprise features pricing governments educational institutions.\n Sector revenues increased $89 million. 5% 2019 networking wireless postpaid revenue connections.\n Wholesale offers wireline communications services data voice local dial broadband local long distance wireless carriers. revenues decreased $509 million. 6% 2019 declines data voice services technology substitution contraction market rates.\n Increase\n.\n Global Enterprise $ 10,818 $ 11,201.\n Small Medium Business 11,464 10,752.\n Public Sector Other 5,922 5,833.\n Wholesale 3,239 3,748.\n Total Operating $ 31,443 $ 31,534.\n Wireless retail postpaid connections 25,217 23,492 1,725.\nInternet connections 326 307 19.\n video 77 74 3.\n Broadband connections 489 501 (12).\n Voice connections 4,959 5,400 (441).\n Net Additions\n Wireless postpaid 1,391 1,397.\n phones 698 625 73 11.\n Rate\n. 24%. 19%\n phones. 99%. 98%" +} +{ + "_id": "d1b31ebd2", + "title": "", + "text": "Operational performance\nA Leasing activity\nWe agreed 205 long-term leases in 2019, amounting to £26 million annual rent, at an average of 1 per cent above previous passing rent (like-for-like units) and in line with valuers’ assumptions. On a net effective basis (net of rent frees and incentives), rents were also 1 per cent ahead of previous rents. The upside from these new lettings added to like-for-like net rental income but was lower in magnitude than the negative impacts from administrations and CVAs and increased vacancy (see financial review on pages 30 to 37).\nOur customers continue to focus on increasing their space in prime, high footfall retail and leisure destinations. Significant activity in 2019 included:\n—pureplay online brands starting to open stores to increase their physical presence. Morphe, the digital native cosmetics brand, opened three of its six UK stores at intu Victoria Centre, intu Eldon Square and Manchester Arndale, and AliExpress, the consumer platform of Alibaba, opened its first store in Europe at intu Xanadú\n—Harrods taking its first shopping centre store, launching a new beauty concept, H Beauty, at intu Lakeside\n—a new flagship store for Zara at St David’s, Cardiff, where it is moving into the centre from the high street. This follows the recent upsizing of stores at intu Trafford Centre and intu Lakeside\n—leisure brands increasing their space with Puttshack to open its fourth venue at intu Watford, following its successful opening at intu Lakeside. Namco is expanding its range of attractions at intu Metrocentre with Clip ‘n Climb and the first Angry Birds Adventure Golf in the UK and Rock Up is taking space at intu Lakeside\n—international fashion brands continuing to expand in the UK with Spanish brand Mango due to open at intu Watford a\nB Investment by customers\nIn the year, 256 units opened or refitted in our centres (2018: 262 stores), representing around 8 per cent of our 3,300 units. Our customers have invested around £125 million in these stores, which we believe is a significant demonstration of their long-term commitment to our centres.\nC Rent reviews\nWe settled 159 rent reviews in 2019 for new rents totalling £45 million, an average uplift of 6 per cent on the previous rents.\nD Occupancy\nOccupancy was 94.9 per cent, in line with June 2019 (95.1 per cent), but a reduction against 31 December 2018 (96.7 per cent), impacted by units closed in the first half of 2019 from tenants who went into administration or through a CVA process in 2018. This had a 3.7 per cent negative impact on like-for-like net rental income in 2019 from both rents foregone and increased void costs.\nE Weighted average unexpired lease term\nThe weighted average unexpired lease term was 6.3 years (31 December 2018: 7.2 years) illustrating the longevity of our income streams. The reduction against the prior year was primarily due to new lease terms on department stores that have been through a CVA or administration process.\nF Footfall\nFootfall in our centres increased by 0.3 per cent in the year. UK footfall was flat, significantly outperforming the Springboard footfall monitor for shopping centres which was down on average by 2.5 per cent. We believe this highlights the continued attraction of our compelling destinations against the wider market. In Spain, footfall was up by 3.5 per cent.\nG Retailer sales\nEstimated retailer sales in our UK centres, which totalled £5.2 billion in 2019, were down 1.6 per cent, impacted by some larger space users who have had difficulties and been through CVAs and those brands who operate successful multichannel models where in-store sales figures take no account of the benefit of the store to online sales. This compares favourably to the British Retail Consortium (BRC), where non-food retailer sales in-store were down 3.1 per cent on average in 2019.\nThe ratio of rents to estimated sales for standard units remained stable in 2019 at 12.0 per cent. This does not take into account the benefit to the retailer of their multichannel business, such as click and collect.\nH Net promoter score\nOur net promoter score, a measure of visitor satisfaction, ran consistently high throughout 2019 averaging 75, an increase of 2 over 2018. Visitor satisfaction is paramount to a shopper’s likelihood to visit, which in turn drives footfall and extended dwell time.\nI Gross value of community investment\nGross value added, the measure of the economic contribution of intu to the local communities in the UK, remained stable in the year at £4.8 billion.\nJ Carbon emission intensity reduction\nAnnual reduction in carbon emission intensity has reduced in 2019. This is due to our continued focus on energy efficiency to reduce our overall energy demand each year, supported by the ongoing greening of the electricity grid as we become less reliant on coal and increase our renewable generation.\nOur 2020 target was to reduce carbon emission intensity by 50 per cent, against a 2010 baseline. We reached this target three years ahead of plan and at the end of 2019, our reduction total was 69 per cent.\n\n | Notes | 2019 | 201 \n--------------------------------------------------------- | ----- | --------- | --------\nLeasing activity | A | | \n— number | | 205 | 24 \n— new rent | | £26m | £39m \n— new rent relative to previous passing rent | | +1% | +6% \nInvestment by customers | B | £125m | £144m \nRental uplift on rent reviews settled | C | +6% | +7% \nOccupancy (EPRA basis) | D | 94.9% | 96.7% \n— of which, occupied by tenants trading in administration | | 2.8% | 2.0% \nUnexpired lease term | E | 6.3 years | 7.2 year\nFootfall | F | +0.3% | –1.6% \nRetailer sales | G | –1.6% | –2.3% \nNet promoter score | H | 75 | 7 \nGross value added of community investment | I | £4.8bn | £4.8b \nCarbon emission intensity reduction | J | 15% | 17% \n\nperformance\n Leasing activity\n agreed 205 long-term leases 2019 £26 million annual rent average 1 per cent above previous rent valuers’ assumptions. rents 1 per cent ahead previous. new lettings like-for-like net rental income lower negative impacts administrations CVAs increased vacancy review.\n customers increasing space prime high footfall retail leisure destinations. activity 2019\n online brands stores. Morphe opened three stores Victoria Centre Eldon Square Manchester Arndale AliExpress first store Europe\n first centre store H Beauty Lakeside\n new flagship store Zara St David’s Cardiff. Trafford Centre Lakeside\n brands Puttshack fourth venue Watford. Namco attractions Metrocentre Climb Angry Birds Adventure Golf Rock Up Lakeside\n fashion brands Spanish Mango intu Watford\n 256 units opened refitted centres 262 8 per cent of 3,300 units. customers invested £125 million in stores long-term commitment.\nRent reviews\n settled 159 2019 new rents £45 million average uplift 6 per cent.\n Occupancy\n 94. 9 per cent June 2019 (95. 1 per reduction 31 December 2018 (96. 7 per impacted units closed CVA. 3. 7 per cent negative impact-for-like net rental income void costs.\n unexpired lease term\n 6. 3 years. 2 years. reduction due new lease terms stores CVA administration.\n Footfall\n increased. 3 per cent. outperforming Springboard 2. 5 per cent. destinations Spain footfall up 3. 5 per cent.\n Retailer sales\n £5. 2 billion 2019 down 1. 6 per cent impacted larger space users CVAs multichannel models. British Retail Consortium non-food retailer sales down 3. 1 per cent 2019.\n ratio rents to sales standard units stable 12. per cent. multichannel business.\n Net promoter score\nnet promoter score visitor satisfaction high 2019 75 increase 2 over 2018. paramount drives footfall extended dwell time.\n community investment\n contribution stable £4. 8 billion.\n Carbon emission intensity reduction\n reduced 2019. due focus energy efficiency greening electricity renewable generation.\n 2020 target reduce carbon emission intensity 50 per cent 2010 baseline. reached years end 2019 reduction 69 per cent.\n Leasing activity\n new rent £26m £39m\n +1% +6%\n Investment customers £125m £144m\n Rental uplift settled +6% +7%\n Occupancy. 7%\n occupied tenants 2. 8%. 0%\n Unexpired lease term 6. 3 years 7. 2\n. 3% –1. 6%\n Retailer sales. 6% –2. 3%\n Net promoter score 75 7\n Gross value community investment £4. 8bn.\nemission reduction 17%" +} +{ + "_id": "d1b3ad774", + "title": "", + "text": "Asset position of METRO AG\nASSETS\nAs of the closing date, METRO had total assets of €18,221 million, which are predominantly comprised of financial assets in the amount of €9,005 million, receivables from affiliated companies at €8,214 million and the usufructuary rights to the METRO and MAKRO brands which were recognised as an intangible asset (€883 million). Cash on hand, bank deposits and cheques amounted to €44 million. The financial assets predominantly consist of shares held in affiliated companies in the amount of €8,964 million which are essentially comprised of shares in the holding for wholesale companies (€6,693 million), in real estate companies (€1,278 million), in service providers (€470 million) and in other companies (€523 million). The financial assets account for 49.4% of the total assets. Receivables from affiliated companies amount to €8,214 million. This corresponds to 45.1% of the total assets. This position contains €6,117 million in receivables from a group-internal transfer of shares in affiliated companies at their carrying values and predominantly reflects the short-term financing requirements of the group companies as of the closing date.\n\n€ million | 30/9/2018 | 30/9/2019\n--------------------------------------- | --------- | ---------\nNon-current assets | | \nIntangible assets | 1,001 | 939 \nTangible assets | 2 | 3 \nFinancial assets | 9.157 | 9,005 \n | 10.160 | 9,947 \nCurrent assets | | \nReceivables and other assets | 6,882 | 8,218 \nCash on hand, bank deposits and cheques | 335 | 44 \n | 7,217 | 8,262 \nDeferred income | 12 | 12 \n | 17,389 | 18,221 \n\nMETRO\n assets €18,221 million financial assets €9,005 million receivables €8,214 million usufructuary rights METRO MAKRO brands intangible asset (€883 million. Cash bank deposits cheques €44 million. financial assets shares affiliated companies €8,964 million wholesale (€6,693 real estate (€1,278 service providers (€470 million other companies (€523 million. financial assets 49. 4% total. Receivables €8,214 million. 45. 1% total assets. €6,117 million receivables transfer shares short-term financing requirements.\n million 30/9/2018 30/9/2019\n Non-current assets\n Intangible assets\n Tangible assets\n Financial assets.\n.\n Current assets\n Receivables other assets\n Cash deposits cheques\n Deferred income\n" +} +{ + "_id": "d1b3c88b2", + "title": "", + "text": "The following table presents the basic and diluted weighted-average number of shares of common stock (amounts in thousands, except per share data):\n(1) Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n\n | | Fiscal Years Ended March 31, | \n------------------------------------------- | -------- | ---------------------------- | -------\n | 2019 | 2018 | 2017 \nNumerator | | | \nNet income (1) | $206,587 | $254,127 | $47,157\nDenominator: | | | \nWeighted-average common shares outstanding: | | | \nBasic | 57,840 | 52,798 | 46,552 \nAssumed conversion of employee stock grants | 1,242 | 2,291 | 2,235 \nAssumed conversion of warrants | — | 3,551 | 6,602 \nDiluted | $59,082 | $58,640 | $55,389\nNet income per basic share (1) | $3.57 | $4.81 | $1.01 \nNet income per diluted share (1) | $3.50 | $4.33 | $0.85 \n\ntable presents basic diluted shares common stock\n Fiscal years 2018 2017 adjusted ASC 606.\n Years Ended\n 2018 2017\n Net income $206,587 $254,127 $47,157\n Weighted-average shares\n Basic 57,840 52,798 46,552\n employee stock grants 2,291\n warrants 3,551\n Diluted $59,082 $58,640 $55,389\n Net income basic share $3. $4.\n income diluted share $3. $4." +} +{ + "_id": "d1b2f6e52", + "title": "", + "text": "Results of Operations\n(2) Operating expenses include stock-based compensation expense as follows (in thousands):\n\n | | Year Ended December 31, | \n-------------------------------------- | ------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nStock-based compensation expense data: | | | \nSales and marketing | $2,075 | $1,196 | $561 \nGeneral and administrative | 6,474 | 4,901 | 2,638 \nResearch and development | 12,054 | 7,332 | 4,214 \nTotal stock-based compensation expense | $20,603 | $13,429 | $7,413\n\nOperations\n expenses stock compensation\n Ended December 31,\n Sales marketing $2,075 $1,196 $561\n General administrative 6,474 4,901 2,638\n Research development 12,054 7,332 4,214\n $20,603 $13,429 $7,413" +} +{ + "_id": "d1b2ffb10", + "title": "", + "text": "Cogeco Communications is a subsidiary of Cogeco, which holds 31.8% of the Corporation's equity shares, representing 82.3% of the Corporation's voting shares.\nCogeco provides executive, administrative, financial and strategic planning services and additional services to the Corporation under a Management Services Agreement (the \"Agreement\"). On May 1, 2019, the Corporation and Cogeco agreed to amend the Agreement in order to replace the methodology used to establish the management fees payable by the Corporation to Cogeco, which was based on a percentage of the consolidated revenue of the Corporation, with a new methodology based on the costs incurred by Cogeco plus a reasonable mark-up. This cost-plus methodology was adopted to avoid future variations of the management fee percentage due to the frequent changes of the Corporation's consolidated revenue pursuant to business acquisitions and divestitures. Prior to this change, management fees represented 0.75% of the consolidated revenue from continuing and discontinued operations of the Corporation (0.85% for the period prior to the MetroCast acquisition on January 4, 2018). Provision is made for future adjustment upon the request of either Cogeco or the Corporation from time to time during the term of the Agreement. For fiscal 2019 management fees paid to Cogeco amounted to $19.9 million, compared to $19.0 million for fiscal 2018.\nProvision is made for future adjustment upon the request of either Cogeco or the Corporation from time to time during the term of the Agreement. For fiscal 2019 management fees paid to Cogeco amounted to $19.9 million, compared to $19.0 million for fiscal 2018.\nThe following table shows the amounts that the Corporation charged Cogeco with regards to the Corporation's stock options, ISUs and PSUs granted to these executive officers, as well as DSUs issued to Board directors of Cogeco:\n\nYears ended August 31, | 2019 | 2018\n---------------------------------- | ----- | ----\n(In thousands of Canadian dollars) | $ | $ \nStock options | 1,046 | 915 \nISUs | 61 | 1 \nPSUs | 981 | 990 \nDSUs | 631 | — \n\nCogeco Communications subsidiary Cogeco holds 31. 8% Corporation equity shares 82. 3% voting shares.\n Cogeco provides executive administrative financial strategic planning services Management Services Agreement. May 1, 2019 Corporation Cogeco Agreement management fees Cogeco revenue new methodology costs Cogeco mark-up. cost-plus methodology avoid variations management fee revenue acquisitions divestitures. management fees represented 0. 75% consolidated revenue (0. 85% MetroCast acquisition January 4,. Provision future adjustment Cogeco. fiscal 2019 management fees Cogeco $19. 9 million compared $19. 0 million 2018.\n Provision future adjustment. 2019 fees $19. 9 million compared $19. 0 million 2018.\n table Corporation Cogeco stock options PSUs executive officers DSUs Board directors\n Years ended August 31, 2019 2018\n Stock options 1,046 915\n ISUs 61 1\n PSUs 981 990\n631" +} +{ + "_id": "d1b39d63a", + "title": "", + "text": "Geographic Information\n(1) Amounts by geography have been reclassified from prior year disclosure to reflect adjustments to our regional operating model. As of January 1, 2019, our geographic regions are: North America, EMEA, South America and APAC. Our North American operations include Canada, the United States, Mexico and Central America. Mexico and Central America were previously included in Latin America. Refer to Note 2, \"Summary of Significant Accounting Policies and Recently Issued Accounting Standards,\" of the Notes to Consolidated Financial Statements.\n(2) No non-U.S. country accounted for net sales in excess of 10% of consolidated net sales for the years ended December 31, 2019, 2018 or 2017 or long-lived assets in excess of 10% of consolidated long-lived assets at December 31, 2019 and 2018.\n(3) Net sales to external customers within the U.S. were $2,501.6 million, $2,402.3 million and $2,280.0 million for the years ended December 31, 2019, 2018 and 2017, respectively.\n(4) Total long-lived assets represent total assets excluding total current assets, deferred tax assets, goodwill, intangible assets and non-current assets held for sale.\n\n | | Year Ended December 31, | \n--------------------------------- | --------- | ----------------------- | ---------\n(In millions) | 2019 | 2018 | 2017 \nNet sales(1)(2): | | | \nNorth America(3) | $ 2,828.1 | $ 2,734.9 | $ 2,591.5\nEMEA | 1,010.4 | 1,038.5 | 983.4 \nSouth America | 233.8 | 229.5 | 231.8 \nAPAC | 718.8 | 729.8 | 654.9 \nTotal | $ 4,791.1 | $ 4,732.7 | $ 4,461.6\nTotal long-lived assets(1)(2)(4): | | | \nNorth America | $ 919.3 | $ 740.5 | \nEMEA | 345.8 | 270.5 | \nSouth America | 50.2 | 52.8 | \nAPAC | 248.3 | 211.8 | \nTotal | $ 1,563.6 | $ 1,275.6 | \n\nInformation\n Amounts reclassified regional operating model. January 1, 2019 regions North America EMEA South America APAC. North American operations include Canada United States Mexico Central America. Latin America. Note 2 Accounting Policies Standards Consolidated Financial Statements.\n No non. sales 10% December 2019 2018 2017.\n Net sales external customers. $2,501. 6 million $2,402. 3 million $2,280. million December 2019 2018 2017.\n long-lived assets current deferred tax goodwill intangible non-current assets.\n Net\n North $ 2,828. $ 2,734. 2,591.\n EMEA 1,010. 1,038. 983.\n South America 233. 229.\n APAC 718. 729. 654.\n $ 4,791. $ 4,732. 4,461.\n long-lived\n North America $ 919. 740.\n EMEA 345. 270.\n South America 50. 52.\nAPAC. 211. 8\n 1,563. 1,275." +} +{ + "_id": "d1b3202c0", + "title": "", + "text": "For 2019, we reported a net income of $1,032 million, compared to a net income of $1,287 million and $802 million for 2018 and 2017, respectively.\nThe 2019 net income represented diluted earnings per share of $1.14 compared to $1.41 and $0.89 for 2018 and 2017, respectively.\n\n | | Year Ended December 31, | \n----------------------------------------- | ------ | ----------------------- | ----\n | 2019 | 2018 | 2017\n | | (In millions) | \nNet income attributable to parent company | $1,032 | $1,287 | $802\nAs percentage of net revenues | 10.8% | 13.3% | 9.6%\n\n2019 net income $1,032 million compared $1,287 $802 million 2018 2017.\n diluted earnings share $1. 14. 41. 89 2018 2017.\n Ended December 31,\n income parent company $1,032 $1,287 $802\n revenues. 8%. 3%. 6%" +} +{ + "_id": "d1b39616e", + "title": "", + "text": "Unearned Revenue\nUnearned revenue as of the periods presented consisted of the following (table in millions):\nUnearned subscription and SaaS revenue is generally recognized over time as customers consume the services or ratably over the term of the subscription, commencing upon provisioning of the service. Previously, unearned subscription and SaaS revenue was allocated between unearned license revenue and unearned software maintenance revenue in prior periods and has been reclassified to conform with current period presentation.\nUnearned software maintenance revenue is attributable to VMware’s maintenance contracts and is generally recognized over time on a ratable basis over the contract duration. The weighted-average remaining contractual term as of January 31, 2020 was approximately two years. Unearned professional services revenue results primarily from prepaid professional services and is generally recognized as the services are performed.\nTotal billings and revenue recognized during the year ended January 31, 2020, were $8.1 billion and $6.4 billion, respectively, and did not include amounts for performance obligations that were fully satisfied upon delivery, such as on-premise licenses. During the year ended January 31, 2020, VMware assumed $154 million in unearned revenue in the acquisition of Carbon Black, Inc. (“Carbon Black”).\nTotal billings and revenue recognized during the year ended February 1, 2019, were $6.9 billion and $5.5 billion, respectively, and did not include amounts for performance obligations that were fully satisfied upon delivery, such as on-premise licenses.\nRevenue recognized during the year ended February 2, 2018 was $4.8 billion and did not include amounts for performance obligations that were fully satisfied upon delivery, such as on-premise licenses.\n\n | January 31, 2020 | February 1, 2019\n-------------------------------------- | ---------------- | ----------------\nUnearned license revenue | $19 | $15 \nUnearned subscription and SaaS revenue | 1,534 | 916 \nUnearned software maintenance revenue | 6,700 | 5,741 \nUnearned professional services revenue | 1,015 | 767 \nTotal unearned revenue | $9,268 | $7,439 \n\nUnearned Revenue\n subscription SaaS revenue recognized over time services term. allocated between license software maintenance reclassified.\n software maintenance attributable VMware’s maintenance contracts recognized over time contract duration. contractual term January 31, 2020 two years. professional services revenue prepaid services recognized services performed.\n Total billings revenue January 31, 2020 $8. 1 billion $6. 4 billion performance obligations licenses. VMware assumed $154 million unearned revenue Carbon Black, Inc.\n Total billings revenue February 1, 2019 $6. 9 billion $5. 5 billion obligations.\n Revenue February 2, 2018 $4. 8 billion.\n January 31, 2020 February 1, 2019\n Unearned license revenue $19 $15\n subscription SaaS revenue 1,534 916\n software maintenance 6,700\n professional services revenue 1,015 767\n Total revenue $9,268 $7,439" +} +{ + "_id": "d1b38b976", + "title": "", + "text": "ALTERNATIVE PERFORMANCE MEASURES\nGross profit:\nTORM defines Gross profit, a performance measure, as revenue less port expenses, bunkers and commissions, charter hire and operating expenses. The Company reports Gross profit because we believe it provides additional meaningful information to investors, as Gross profit measures the net earnings from shipping activities. Gross profit is calculated as follows:\n\nUSDm | 2019 | 2018 | 2017 \n-------------------------------------- | ------ | ------ | ------\nReconciliation to revenue | | | \nRevenue | 692.6 | 635.4 | 657.0 \nPort expenses, bunkers and commissions | -267.7 | -283.0 | -259.9\nCharter hire | - | -2.5 | -8.5 \nOperating expenses | -173.0 | -180.4 | -188.4\nGross profit | 251.9 | 169.5 | 200.2 \n\nPERFORMANCE MEASURES\n profit\n defines revenue port expenses bunkers commissions charter hire operating expenses. Company reports profit information net earnings shipping activities. calculated\n Reconciliation revenue\n 692. 635. 657.\n Port expenses bunkers commissions -267. -259.\n Charter hire. -8.\n Operating expenses -173. -180. -188.\n Gross profit 251. 169. 200." +} +{ + "_id": "d1b382c04", + "title": "", + "text": "12. RESTRICTED CASH AND SHORT-TERM DEPOSITS\nOur restricted cash and short-term deposits balances are as follows:\n(1) Restricted cash relating to the share repurchase forward swap refers to the collateral required by the bank with whom we entered into a total return equity swap. Collateral of 20% of the total purchase price is required and this is subsequently adjusted with reference to the Company's share price. In November 2019, we purchased 1.5 million shares underlying the total return equity swap that resulted in $54.7 million of restricted cash being released (see note 24).\n(2) In November 2015, in connection with the issuance of a $400 million letter of credit by a financial institution to our project partner involved in the Hilli FLNG project, we posted an initial cash collateral sum of $305.0 million to support the performance guarantee.\nUnder the provisions of the $400 million letter of credit, the terms allow for a stepped reduction in the value of the guarantee over time and thus, conversely, a reduction in the cash collateral requirements. In 2017, the $400 million letter of credit and the cash collateral requirement was reduced to $300 million and $174.6 million, respectively, with no further reduction in 2018. In 2019, the letter of credit was reduced to $250.0 million and a contractual amendment further reduced the letter of credit to $125.0 million and the cash collateral to $76.0 million. There is no further contractual reduction expected until 2021.\nIn November 2016, after certain conditions precedent were satisfied by the Company, the letter of credit required in accordance with the signed LTA was re-issued and, with an initial expiry date of December 31, 2018, the letter of credit automatically extends, on an annual basis, until the tenth anniversary of the acceptance date of the Hilli by the charterer, unless the bank should exercise its option to exit from this arrangement by giving three months' notice prior to the annual renewal date.\n(3) These are amounts held by lessor VIE entities that we are required to consolidate under U.S. GAAP into our financial statements as VIEs (see note 5).\n(4) This refers to cash deposits required under the $1.125 billion debt facility (see note 18). The covenant requires that, on the second anniversary of drawdown under the facility, where we fall below a prescribed EBITDA to debt service ratio, additional cash deposits with the financial institution are required to be made or maintained.\n(5) Collateral held against the Margin Loan facility is required to satisfy one of the mandatory prepayment events within the facility, with this having been triggered when the closing price of the Golar Partners common units pledged by us as security for the obligations under the facility fell below a defined threshold. If certain requirements are met, the facility allows for the release of the collateral (see note 18).\nRestricted cash does not include minimum consolidated cash balances of $50.0 million (see note 18) required to be maintained as part of the financial covenants for our loan facilities, as these amounts are included in \"Cash and cash equivalents\".\n\n(in thousands of $) | 2019 | 2018 \n------------------------------------------------------------------------- | --------- | ---------\nRestricted cash relating to the total return equity swap (1) | 55,573 | 82,863 \nRestricted cash in relation to the Hilli (2) | 75,968 | 174,597 \nRestricted cash and short-term deposits held by lessor VIEs (3) | 34,947 | 176,428 \nRestricted cash relating to the $1.125 billion debt facility (4) | 10,975 | 17,657 \nCollateral on the Margin Loan facility (5) | 10,000 | 33,413 \nRestricted cash relating to office lease | 826 | 777 \nBank guarantee | — | 691 \nTotal restricted cash and short-term deposits | 188,289 | 486,426 \nLess: Amounts included in current restricted cash and short-term deposits | (111,545) | (332,033)\n\n. RESTRICTED CASH SHORT-TERM DEPOSITS\n restricted balances\n share repurchase swap collateral required bank total return equity swap. 20% purchase price required adjusted Company's share price. November 2019 purchased 1. 5 million shares $54. 7 million restricted cash released.\n November 2015, $400 million letter credit Hilli FLNG initial cash collateral $305. 0 million performance guarantee.\n stepped reduction value guarantee cash collateral. 2017 reduced to $300 million $174. 6 million no further reduction 2018. 2019 credit reduced to $250. 0 million contractual amendment reduced $125. 0 million cash collateral $76. 0 million. no further reduction until 2021.\n November 2016, letter of credit re-issued expiry date December 31, 2018 extends until tenth anniversary acceptance date Hilli charterer unless bank three months' notice renewal.\n amounts lessor VIE entities consolidate. GAAP financial statements.\n cash deposits required under $1.125 billion debt facility note 18. covenant requires second anniversary drawdown EBITDA debt service ratio additional cash deposits.\n Collateral Margin Loan facility mandatory prepayment triggered closing price Golar Partners units below threshold. requirements met allows release collateral.\n Restricted cash minimum cash balances $50. 0 million \"Cash equivalents.\n 2019 2018\n Restricted cash total return equity swap 55,573 82,863\n Hilli 75,968 174,597\n lessor VIEs 34,947 176,428\n. 125 billion debt facility 10,975 17,657\n Collateral Margin Loan facility 10,000 33,413\n office lease 826 777\n Bank guarantee\n Total restricted cash short-term deposits 188,289 486,426\n current restricted cash-term deposits (111,545) (332,033)" +} +{ + "_id": "d1b31c670", + "title": "", + "text": "NOTE 4 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES\nAccounts payable and accrued expenses consist of the following at:\nOn October 1 2019, the Company entered into an agreement with a consultant for toxicology studies. The consultant quoted a commitment of approximately $988,000 as an\nestimate for the study. 50% of the total price is to be paid upon the signing of the agreement, 35% of the total price is to be upon completion of the in-life study, and the\nremaining 15% of the total price is to be paid upon the issuance of the report. If the Company cancels the study the Company will be required to pay a cancelation fee. If the\ncancelation happens prior to the arrival of the test animals then the Company will need to pay between 20% and 50% of the animal fees depending on when the cancellation\nhappens. If the cancellation occurs after the animals arrive but before the study begins then the company will be responsible for paying 50% of the protocol price plus a fee of\n$7,000 per room/week for animal husbandry until the animals can be relocated or disposed of. If the Company cancels the study after it has begun then the Company will need to pay any fees for procured items for the study and any nonrecoverable expenses incurred by the vendor. As of December 31, 2019, the Company has paid $0 and there is a balance of $493,905 due.\n\n | December 31, 2019 | December 31, 2018\n------------------------ | ----------------- | -----------------\nAccounting | $36,161 | $52,365 \nResearch and development | 650,584 | 137,114 \nLegal | 15,273 | 32,161 \nOther | 163,029 | 10,048 \nTotal | $865,047 | $231,688 \n\nNOTE 4 ACCOUNTS PAYABLE ACCRUED EXPENSES\n October 1 2019 Company agreement consultant studies. consultant $988,000\n estimate study. 50% price paid signing agreement 35% completion in-life study\n 15% issuance report. Company cancels study cancelation fee.\n prior test animals 20% 50% animal fees\n. after animals 50% protocol price plus fee\n $7,000 per room/week animal husbandry until animals. cancels study after fees items nonrecoverable expenses. December 31, 2019 Company paid $0 balance $493,905 due.\n December 31, 2019 December 31, 2018\n Accounting $36,161 $52,365\n Research development 650,584 137,114\n Legal 15,273 32,161\n Other 163,029 10,048\n Total $865,047 $231,688" +} +{ + "_id": "d1b320716", + "title": "", + "text": "27 Financial risk management (continued)\nThe table below summarises the Group’s exposure to foreign exchange risk as well as the foreign exchange rates applied:\nThe approximate impact of a 10 per cent appreciation in foreign exchange rates would be a positive movement of £50.0 million (2018: £63.4 million) to equity attributable to owners of the Group. The approximate impact of a 10 per cent depreciation in foreign exchange rates would be a negative movement of £40.9 million (2018: £51.9 million) to equity attributable to owners of the Group. There is no material income statement impact as these exchange differences are recognised in other comprehensive income.\nAs part of the strategy to mitigate the Group’s exposure to foreign exchange risk, the Group is able to borrow part of its RCF in euros, up to €100 million. The RCF borrowings denominated in euros have been designated as a hedging instrument (net investment hedge) against the Group’s net investment in Spain with the hedged risk being the changes in the euro/pounds sterling spot rate that will result in changes in the value of the Group’s net investments in Spain. At 31 December 2019, €100 million (2018: €100 million) was drawn in euros.\n\n | 2019 | 2018 | 2019 | 2018 \n--------------------- | ------ | ------ | ------- | -------\n | €m | €m | INRm | INRm \nNet exposure | 468.9 | 555.7 | 5,072.4 | 6,274.5\nForeign exchange rate | 1.1825 | 1.1126 | 94.4586 | 88.3432\n\nFinancial risk management\n table summarises Group’s exposure foreign exchange risk rates\n impact 10 per cent appreciation rates positive £50. 0 million (2018: £63. 4 million) to equity owners. 10 per cent depreciation negative £40. 9 million (2018: £51. 9 million) to equity. no material income impact exchange differences recognised in income.\n RCF in euros up to €100 million. borrowings hedging instrument against net investment Spain risk changes euro/pounds sterling spot rate investments. 31 December 2019 €100 million (2018 drawn in euros.\n Net exposure 468. 5,072.\n Foreign exchange rate 1. 1825. 1126. 4586." +} +{ + "_id": "d1b2e87c6", + "title": "", + "text": "NOTE 7. INVENTORIES\nThe following table details the components of inventories (in thousands).\n\n | December 31 | \n-------------- | ----------- | -----\n | 2019 | 2018 \nFinished goods | $698 | $853 \nRaw materials | 90 | 3 \nPackaging | 110 | 102 \nInventories | $ 898 | $ 958\n\n7.\n table components thousands.\n December 31\n Finished goods $698 $853\n Raw materials\n Packaging 110\n Inventories $ $ 958" +} +{ + "_id": "d1b327d22", + "title": "", + "text": "At May 31, 201 9 , we had federal net operating loss carryforwards of approximately $ 732 million, which are subject to limitation on their utilization. Approximately $ 690 million of these federal net operating losses expire in various years between fiscal 2020 and fiscal 2018 . Approximately $42 million of these federal net operating losses are not currently subject to expiration dates. We had state net operating loss carryforwards of approximately $ 2.2 billion at May 31, 2019 , which expire between fiscal 2020 and fiscal 2018 and are subject to limitations on their utilization. We had total foreign net operating loss carryforwards of approximately $ 2.0 billion at May 31, 2019 , which are subject to limitations on their utilization. Approximately $ 1.9 billion of these foreign net operating losses are not currently subject to expiration dates. The remainder of the foreign net operating losses, approximately $ 100 million, expire between fiscal 2020 and fiscal 2019. We had tax credit carryforwards of approximately $ 1.1 billion at May 31, 2019 , which are subject to limitations on their utilization. Approximately $ 734 million of these tax credit carryforwards are not current ly subject to expiration dates. The remainder of the tax credit carryforwards, approximately $ 387 million, expire in various years between fiscal 2020 and fiscal 2019\nWe classify our unrecognized tax benefits as either current or non-current income taxes payable in the accompanying consolidated balance sheets. The aggregate changes in the balance of our gross unrecognized tax benefits, including acquisitions, were as follows:\nAs of May 31, 2019, 2018 and 2017, $4.2 billion, $4.2 billion and $3.4 billion, respectively, of unrecognized tax benefits would affect our effective tax rate if recognized. We recognized interest and penalties related to uncertain tax positions in our provision for income taxes line of our consolidated statements of operations of $312 million, $127 million and $125 million during fiscal 2019, 2018 and 2017, respectively. Interest and penalties accrued as of May 31, 2019 and 2018 were $1.3 billion and $992 million, respectively.\nDomestically, U.S. federal and state taxing authorities are currently examining income tax returns of Oracle and various acquired entities for years through fiscal 2017. Many issues are at an advanced stage in the examination process, the most significant of which include the deductibility of certain royalty payments, transfer pricing, extraterritorial income exemptions, domestic production activity, foreign tax credits, and research and development credits taken. With all of these domestic audit issues considered in the aggregate, we believe that it was reasonably possible that, as of May 31, 2019, the gross unrecognized tax benefits related to these audits could decrease (whether by payment, release, or a combination of both) in the next 12 months by as much as $516 million ($357 million net of offsetting tax benefits). Our U.S. federal income tax returns have been examined for all years prior to fiscal 2010 and we are no longer subject to audit for those periods. Our U.S. state income tax returns, with some exceptions, have been examined for all years prior to fiscal 2007 and we are no longer subject to audit for those periods.\nInternationally, tax authorities for numerous non-U.S. jurisdictions are also examining returns affecting our unrecognized tax benefits. We believe that it was reasonably possible that, as of May 31, 2019, the gross unrecognized tax benefits could decrease (whether by payment, release, or a combination of both) by as much as $186 million ($87 million net of offsetting tax benefits) in the next 12 months related primarily to transfer pricing.\n\n | | Year Ended May 31, | \n------------------------------------------------------------------- | ------ | ------------------ | ------\n(in millions) | 2019 | 2018 | 2017 \nGross unrecognized tax benefits as of June 1 | $5,592 | $4,919 | $4,561\nIncreases related to tax positions from prior fiscal years | 772 | 200 | 128 \nDecreases related to tax positions from prior fiscal years | (135) | (65) | (218) \nIncreases related to tax positions taken during current fiscal year | 540 | 840 | 595 \nSettlements with tax authorities | (153) | (42) | (85) \nLapses of statutes of limitation | (202) | (273) | (47) \nCumulative translation adjustments and other, net | (66) | 13 | (15) \nTotal gross unrecognized tax benefits as of May 31 | $6,348 | $5,592 | $4,919\n\nMay 31, federal operating loss carryforwards $ 732 million. 690 million expire 2020 2018. $42 million not expiration. state net operating loss carryforwards $ 2. 2 billion expire 2020 2018. foreign net operating loss carryforwards $ 2. 0 billion limitations. $ 1. 9 billion expiration. $ 100 million expire 2020 2019. tax credit carryforwards $ 1. 1 billion limitations. $ 734 million. $ 387 million expire 2020 2019\n unrecognized tax benefits current non-current income taxes balance. changes unrecognized tax benefits\n May 31, 2019 2018 2017 $4. 2 billion $4. 2 billion $3. 4 billion unrecognized tax benefits affect tax rate recognized. recognized interest penalties uncertain tax positions $312 million $127 million $125 million 2019 2018 2017. Interest penalties accrued May 31, 2019 2018 $1. 3 billion $992 million.\n.state authorities examining returns Oracle acquired entities 2017. issues include deductibility royalty transfer pricing extraterritorial income exemptions domestic production activity foreign tax credits research development credits. May 31, 2019 unrecognized tax benefits decrease $516 million ($357 million. federal income tax returns examined 2010 no longer subject audit. state income tax returns examined 2007 longer subject.\n tax authorities non-U. S. jurisdictions examining returns unrecognized tax benefits. May 31, 2019 unrecognized tax benefits decrease $186 million ($87 million net 12 transfer pricing.\n Year Ended May 31,\n 2019 2018 2017\n Gross unrecognized tax benefits as of June 1 $5,592 $4,919 $4,561\n Increases tax positions prior fiscal years 772 200 128\n Decreases (135) (65) (218)\n Increases current fiscal year 540 840 595\nSettlements tax (153)\n Lapses statutes (202) (273)\n translation adjustments (66)\n tax benefits May 31 $6,348 $5,592" +} +{ + "_id": "d1b31ce72", + "title": "", + "text": "Subscription Revenue by Segment\nOur subscription revenue is comprised primarily of fees we charge for our subscription and hosted service offerings including Creative Cloud and certain of our Digital Experience and Document Cloud services. We recognize subscription revenue ratably over the term of agreements with our customers, beginning with commencement of service.\nWe have the following reportable segments: Digital Media, Digital Experience and Publishing. Subscription revenue by reportable segment for fiscal 2019, 2018 and 2017 is as follows:\n(*) Percentage is less than 1%\nOur product revenue is primarily comprised of revenue from distinct on-premise software licenses recognized at a point in time and certain of our OEM and royalty agreements. Our services and support revenue is comprised of consulting, training and maintenance and support, primarily related to the licensing of our enterprise offerings and the sale of our hosted Digital Experience services. Our support revenue also includes technical support and developer support to partners and developer organizations related to our desktop products. Our maintenance and support offerings, which entitle customers to receive desktop product upgrades and enhancements or technical support, depending on the offering, are generally recognized ratably over the term of the arrangement.\n\n(dollars in millions) | 2019 | 2018 | 2017 | % Change 2019 - 2018\n-------------------------- | -------- | -------- | -------- | --------------------\nDigital Media | $7,208.3 | $5,857.7 | $4,480.8 | 23% \nDigital Experience | 2,670.7 | 1,949.3 | 1,552.5 | 37% \nPublishing | 115.5 | 115.2 | 100.6 | * \nTotal subscription revenue | $9,994.5 | $7,922.2 | $6,133.9 | 26% \n\nSubscription Revenue Segment\n fees service Creative Cloud Digital Experience Document Cloud services. recognize revenue agreements.\n reportable segments Digital Media Digital Experience Publishing. Subscription revenue 2019 2018 2017\n Percentage less than 1%\n product revenue on software licenses OEM royalty agreements. services support revenue consulting training maintenance support licensing enterprise Digital Experience services. support includes technical developer support desktop products. maintenance support offerings desktop upgrades enhancements technical support recognized term arrangement.\n (dollars millions 2019 2018 2017 %\n Digital Media $7,208. $5,857. $4,480. 23%\n Digital Experience 2,670. 1,949. 1,552. 37%\n Publishing.\n Total subscription revenue $9,994. $7,922. $6,133. 26%" +} +{ + "_id": "d1b313bc4", + "title": "", + "text": "Net Income Per Share\nBasic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per share is computed giving effect to all potentially dilutive common stock and common stock equivalents, including stock options, RSUs and common stock subject to repurchase.\nThe following table reconciles the shares used in calculating basic net income per share and diluted net income per share (in thousands):\n\n | | Fiscal Year Ended | \n-------------------------------------------------------------------------------- | ----------------- | ----------------- | -----------------\n | December 28, 2019 | December 29, 2018 | December 30, 2017\nWeighted-average shares used in computing basic net income per share | 74,994 | 73,482 | 72,292 \nAdd potentially dilutive securities | 2,292 | 1,700 | 1,947 \nWeighted-average shares used in computing basic and diluted net income per share | 77,286 | 75,182 | 74,239 \n\nIncome Per Share\n computed weighted-average shares. Diluted dilutive common stock equivalents options RSUs repurchase.\n table reconciles shares diluted\n Fiscal Year Ended\n December 28, 2019 December 29, 2018 December 30, 2017\n Weighted-average shares income 74,994 73,482 72,292\n dilutive securities 2,292 1,700 1,947\n Weighted-average shares diluted income 77,286 75,182 74,239" +} +{ + "_id": "d1b3b08f2", + "title": "", + "text": "Sales by Contract Type: Substantially all of our contracts are fixed-price type contracts. Sales included in Other contract types represent cost plus and time and material type contracts.\nOn a fixed-price type contract, we agree to perform the contractual statement of work for a predetermined sales price. On a cost-plus type contract, we are paid our allowable incurred costs plus a profit which can be fixed or variable depending on the contract’s fee arrangement up to predetermined funding levels determined by the customer. On a time-and-material type contract, we are paid on the basis of direct labor hours expended at specified fixed-price hourly rates (that include wages, overhead, allowable general and administrative expenses and profit) and materials at cost. The table below presents total net sales disaggregated by contract type (in millions):\n\n | | Years Ended September 30, | \n----------- | ---------- | ------------------------- | ----------\n | 2019 | 2018 | 2017 \nFixed Price | $ 1,452.4 | $ 1,146.2 | $ 1,036.9\nOther | 44.1 | 56.7 | 70.8 \nTotal sales | $1,496.5 | $1,202.9 | $1,107.7 \n\nSales Contract Type contracts fixed-price. Other types cost plus time material.\n fixed-price contract perform predetermined sales price. cost-plus paid costs plus profit fixed variable funding. time-and-material paid direct labor hours fixed-price hourly rates wages overhead expenses profit materials cost. table total net sales by contract type millions):\n Ended September 30,\n Fixed Price $ 1,452. $ 1,146. $ 1,036.\n 44. 56. 70.\n Total sales $1,496. $1,202. $1,107." +} +{ + "_id": "d1b38283a", + "title": "", + "text": "Commitments and Significant Contractual Obligations\nThe following table summarizes our contractual obligations and commercial commitments at December 27, 2019:\n(1) Interest on our various outstanding debt instruments is included in the above table, except for our Term Loan and ABL, which have floating interest rates. At December 27, 2019, we had borrowings of $238.1 million under our Term Loan and zero under our ABL. During the fiscal year ended December 27, 2019, the weighted average interest rate on our Term Loan was approximately 5.8% and we incurred interest expense of approximately $13.9 million. During the fiscal year ended December 27, 2019, the weighted average interest rate on our ABL borrowings was approximately 3.7% and we incurred interest expense of approximately $1.6 million. See Note 9 “Debt Obligations” to our consolidated financial statements for further information on our debt instruments.\n(2) The table above excludes cash to be paid for income taxes, $14.7 million of total contingent earn-out liabilities related to certain acquisitions as of December 27, 2019 and approximately $5.3 million of lease payments related to long-term leases for several vehicles and a distribution and processing facility that do not commence until fiscal 2020.\nWe had outstanding letters of credit of approximately $16.6 million and $15.8 million at December 27, 2019 and December 28, 2018, respectively. Substantially all of our assets are pledged as collateral to secure our borrowings under our credit facilities.\n\n | | | Payments Due by Period (1, 2) | | \n------------------------------ | -------- | ------------------ | ----------------------------- | --------- | ----------\n | Total | Less than One Year | 1-3 Years | 4-5 Years | Thereafter\n | | | (In thousands) | | \nInventory purchase commitments | $53,413 | $53,413 | $— | $— | $— \nIndebtedness | $406,644 | $2,993 | $244,151 | $159,500 | $— \nFinance lease obligations | $4,597 | $880 | $1,715 | $1,392 | $610 \nPension exit liabilities | $2,169 | $149 | $329 | $375 | $1,316 \nLong-term operating leases | $197,359 | $25,662 | $43,130 | $30,080 | $98,487 \nTotal | $664,182 | $83,097 | $289,325 | $191,347 | $100,413 \n\nCommitments Obligations\n table summarizes contractual obligations commercial commitments December 27, 2019\n Interest debt instruments included except Term Loan ABL floating interest rates. borrowings $238. 1 million Term Loan zero ABL. interest rate Term Loan 5. 8% expense $13. 9 million. ABL 3. 7% expense $1. 6 million. Note 9 “Debt.\n excludes cash income taxes $14. 7 million contingent earn-out liabilities acquisitions $5. 3 million lease payments long-term leases distribution processing facility 2020.\n letters of credit $16. 6 million $15. 8 million at December 27, 2019 28, 2018. assets pledged collateral borrowings.\n Payments Due Period\n Less than One Year 1-3 Years 4-5 Years\n Inventory purchase commitments $53,413\n Indebtedness $406,644 $2 $244,151 $159,500\nlease obligations $4,597 $1,392\n Pension liabilities,169\n Long-term leases $197,359 $25,662,130 $30,080\n $664,182 $83,097,325 $191,347" +} +{ + "_id": "d1a734402", + "title": "", + "text": "Operating Expenses\nOperating expenses increased to approximately $19.1 million for the year ended December 31, 2019, from approximately $12.0 million for the year ended December 31, 2018, an increase of approximately 60%. The detail by major category is reflected in the table below.\nThe main drivers for the overall increase in operating expenses in 2019 was our focus on staffing and scaling our company to foster, and be able to support, accelerated revenue growth.\nWithin the operating expenses, there were a variety of increases, the largest of which was in salaries, wages and benefits, as a result of additional staff added in 2018 and 2019, including related benefits. During 2019, we hired a chief commercial officer, a chief technology officer, five new salespeople, a human resources manager, as well as other administrative positions. We also added 14 employees as a result of our RMDY acquisition in October 2019. During 2018, we added to our staff in several key areas, including a head of data analytics, an additional VP of sales, and a controller. We also added 10 employees in late 2018 as a result of our CareSpeak acquisition. The full year impact of these 2018 hires also increased payroll expense in 2019. We expect our compensation expense to increase in 2020, but at a much lower rate than in 2019.\nProfessional fees increased primarily because of costs associated with our uplisting to Nasdaq and the completion of the underwritten offering, as well as ongoing compliance with Sarbanes Oxley. We also switched auditors in 2019, which resulted in higher audit fees.\nAcquisition costs are related to our acquisitions of RMDY Health in 2019 and CareSpeak Communications in October 2018. These costs include investment banker fees, legal and accounting due diligence, audit costs associated with CareSpeak, valuation experts for the purchase price allocation, and other miscellaneous costs. Since RMDY Health was a larger company than CareSpeak Communications, the costs associated with the acquisition were higher.\nBoard compensation decreased slightly from 2018 to 2019 as we had five independent directors for a portion of 2018, as opposed to the four that we had in 2019.\nThe cost of consultants increased from 2018 to 2019. The primary reason for the increase was related to consultants used for quality certifications, as well as for marketing activities.\nOur advertising and promotion costs increased significantly from 2018 to 2019 as a result of increased marketing activities. This included increased attendance and sponsorship at conferences, rebranding, and other marketing activities.\nExpenses related to research, development, management, and maintenance of our technology increased in 2019 primarily as a result of research into potential new product areas.\nIntegration incentives, which are fees paid to accelerate access to new partners, increased in 2019, as we launched with a greater number of new EHRs in 2019 than in 2018.\nDepreciation and amortization increased significantly in 2019 from the 2018 levels. The increased amortization resulting from the acquisition of CareSpeak and the resulting intangible assets were amortized for a full year in 2019 as opposed to only the fourth quarter of 2018. We also had three months of amortization related to the intangible assets acquired as part of the acquisition of RMDY in October 2019. We expect depreciation and amortization expense in 2020 to increase over 2019 levels due to the full year of amortization of RMDY intangibles.\nOffice, facility, and other costs increased from 2018 to 2019. The main reason for the change related to a higher level of activity with more employees and increased expenses resulting from the RMDY acquisition.\nStock based compensation decreased by approximately $260,000 from $2.5 million in 2018 to $2.3 million in 2019 primarily because performance-based awards granted in 2018 vested, whereas performance-based awards granted in 2019 did not vest because we did not meet the stretch goals required for vesting.\n\n | Years Ended December 31 | \n---------------------------------------- | ----------------------- | -----------\n | 2019 | 2018 \nSalaries, Wages and Benefits | $8,471,278 | $5,823,057 \nProfessional Fees | 850,086 | 362,678 \nAcquisition Related Costs | 799,623 | 607,670 \nBoard Compensation | 137,000 | 144,125 \nInvestor Relations | 105,639 | 113,059 \nConsultants | 245,386 | 167,694 \nAdvertising and Promotion | 709,006 | 299,955 \nDepreciation and Amortization | 1,282,786 | 316,502 \nResearch, Development, and Maintenance | 2,672,406 | 675,660 \nIntegration Incentives | 208,855 | 132,500 \nOffice, Facility and Other | 695,493 | 472,250 \nTravel | 695,283 | 390,563 \n Subtotal | 16,872,841 | 9,505,713 \nStock-based Compensation | 2,260,298 | 2,520,852 \nTotal Operating Expense | $19,133,139 | $12,026,565\n\nOperating Expenses\n increased $19. 1 million December 31, 2019 from $12. 0 million 2018 60%. table.\n focus staffing scaling accelerated revenue growth.\n increases largest salaries wages benefits additional staff 2018 2019. 2019 hired chief commercial officer technology officer five salespeople human resources manager administrative positions. added 14 employees RMDY acquisition 2019. 2018 added staff head data analytics sales controller. added 10 employees CareSpeak acquisition. increased payroll expense 2019. compensation expense increase 2020 lower than 2019.\n Professional fees increased uplisting Nasdaq underwritten offering compliance Sarbanes Oxley. switched auditors 2019 higher audit fees.\n Acquisition costs RMDY Health 2019 CareSpeak Communications. include investment banker fees legal accounting due diligence audit costs valuation miscellaneous costs. RMDY Health costs higher.\n Board compensation decreased 2018 to 2019 five independent directors.\n cost consultants increased 2018 to 2019. quality certifications marketing activities.\n advertising promotion costs increased 2018 2019 marketing activities. attendance rebranding.\n Expenses research development maintenance technology increased.\n Integration incentives increased.\n Depreciation amortization increased. acquisition CareSpeak intangible assets amortized full. three months amortization assets RMDY 2019. expect depreciation amortization 2020 increase amortization RMDY intangibles.\n Office facility costs increased 2018 to 2019. higher activity more employees increased expenses RMDY acquisition.\n Stock based compensation decreased $260,000 $2. 5 million 2018 to $2. 3 million 2019 performance-based awards.\n December 31\n Salaries Wages Benefits $8,471,278 $5,823,057\n Professional Fees 850,086 362,678\n Acquisition Related Costs 799,623 607,670\n Board Compensation 137,000 144,125\n Investor Relations 105,639\n Consultants 245,386\n Advertising Promotion 709,006 299,955\n Depreciation Amortization 1,282,786 316,502\n2,672,406,660\n Incentives 208,855 132\n,493,250\n 390,563\n,872,841 9,505,713\n Compensation 2,260,298 2,520,852\n Expense,133,139,565" +} +{ + "_id": "d1a7337aa", + "title": "", + "text": "Contractual obligations\nAs of December 31, 2019, our contractual obligations were:\n(1) See \"9. Leases\" in Item 8 of this Annual Report for additional information.\n(2) Represents the fixed or minimum amounts due under purchase obligations for hosting services and sales and marketing programs\n(3) We are unable to reasonably estimate the timing of the cash outflow due to uncertainties in the timing of the effective settlement of tax positions.\n(4) Represents the maximum funding that would be expected under existing investment agreements with privately-held companies. Our investment agreements generally allow us to withhold unpaid committed funds at our discretion.\nA detailed discussion and analysis of the fiscal year 2017 year-over-year changes can be found in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2018.\n\n | | | Payments due by period | | | \n----------------------------------------- | ------- | ----------- | ---------------------- | ------------------- | ------ | --------\n(in thousands) | 2020 | 2021 - 2022 | 2023 - 2024 | 2025 and thereafter | Other | Total \nOperating lease obligations (1) | 19,373 | 36,373 | 19,683 | 1,666 | - | $77,095 \nPurchase obligations (2) | $24,800 | $8,129 | $438 | $ - | $ - | $33,367 \nLiability for uncertain tax positions (3) | - | - | - | - | 5,386 | $5,386 \nInvestment commitments (4) | 1,754 | 205 | - | - | - | $1,959 \nTotal | $45,927 | $44,707 | $20,121 | $1,666 | $5,386 | $117,807\n\nContractual obligations\n December 31, 2019\n See. Leases Item 8 Annual Report.\n amounts purchase obligations services sales marketing programs\n estimate cash outflow settlement tax positions.\n maximum funding investment agreements privately-held companies. agreements withhold unpaid funds.\n fiscal year 2017 changes Item 7. Financial Condition Results Operations Annual Report Form 10-K December 31, 2018.\n Payments due period\n thousands 2020 2021 2022 2023 - 2024 2025\n Operating lease obligations 19,373 $77,095\n Purchase obligations (2) $24,800 $8,129 $33,367\n Liability uncertain tax positions 5,386 $5,386\n Investment commitments (4) 1,754 205 $1,959\n $45,927 $44,707 $20,121 $5" +} +{ + "_id": "d1a716452", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nOur pension plan asset allocation at December 31, 2019, and 2018, and target allocation for 2020 by asset category are as follows:\nWe employ a liability-driven investment strategy whereby a mix of equity and fixed-income investments are used to pursue a derisking strategy which over time seeks to reduce interest rate mismatch risk and other risks while achieving a return that matches or exceeds the growth in projected pension plan liabilities. Risk tolerance is established through careful consideration of plan liabilities and funded status. The investment portfolio primarily contains a diversified mix of equity and fixed-income investments. Other assets such as private equity are used modestly to enhance long-term returns while improving portfolio diversification. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements, and asset/liability studies at regular intervals.\n\n | Target Allocations | Percentage of Plan Assets at December 31, | \n----------------- | ------------------ | ----------------------------------------- | ----\nAsset Category | 2020 | 2019 | 2018\nEquity securities | 13% | 13% | 12% \nDebt securities | 83% | 83% | 84% \nOther | 4% | 4% | 4% \nTotal | 100% | 100% | 100%\n\nFINANCIAL STATEMENTS thousands share data\n pension plan asset allocation December 31, 2019 2018 target allocation 2020\n liability-driven investment strategy mix equity fixed-income investments derisking interest rate mismatch return liabilities. Risk tolerance plan liabilities funded status. investment portfolio diversified equity fixed-income. private equity returns portfolio diversification. risk monitored quarterly reviews annual liability measurements asset/liability studies.\n Target Allocations Percentage Plan Assets December 31,\n Asset Category 2020 2019\n Equity securities 13%\n Debt securities 83%\n Other 4%\n Total 100%" +} +{ + "_id": "d1b2f066a", + "title": "", + "text": "V. INDEBTEDNESS\nIndebtedness of the Company including interest outstanding/accrued but not due for payment\nNotes:\n1. Secured loans excluding deposits of `39 crore as at March 31, 2019, represents obligations under finance lease including current portion of obligations.\n2. Opening balance as at April 1, 2018, of unsecured loans represent bank overdraft of `181 crore.\n3. Deposits represent amounts received from lessee for the premises given on sub-lease and from vendors for contracts to be executed.\n\n | Secured loans excluding deposits | Unsecured loans | Deposits | Total Indebtedness\n--------------------------------------------------- | -------------------------------- | --------------- | -------- | ------------------\n | Note 1 | Note 2 | Note 3 | \nIndebtedness at the beginning of the financial year | | | | \ni) Principal Amount | 44 | 181 | 3 | 228 \nii) Interest due but not paid | - | - | - | - \niii) Interest accrued but not due | - | - | - | - \nTotal (i+ii+iii) | 44 | 181 | 3 | 228 \nChange in Indebtedness during the financial year | | | | \n• Addition | - | - | 1 | 1 \n• Reduction | (5) | (181) | - | (186) \nNet change | (5) | (181) | 1 | (185) \nIndebtedness at the end of the financial year | | | | \ni) Principal amount | 39 | - | 4 | 43 \nii) Interest due but not paid | - | - | - | - \niii) Interest accrued but not due | - | - | - | - \nTotal (i+ii+iii) | 39 | - | 4 | 43 \n\n. INDEBTEDNESS\n Company interest outstanding not due\n. Secured loans deposits `39 crore March 31, 2019 obligations finance lease current.\n. balance April 1, 2018 unsecured loans bank overdraft `181 crore.\n. Deposits lessee sub-lease vendors contracts.\n Secured loans deposits Unsecured loans Total Indebtedness\n 2 3\n Indebtedness financial year\n Principal Amount 44 | 181 | 3 | 228\n Interest due not paid\n Interest accrued not due\n Total 44 181 3 228\n Change Indebtedness financial year\n Addition\n Reduction\n change\n Indebtedness end financial year\n Principal amount 39 4 43\n Interest due not paid\n Interest accrued not due\n Total 39 4 " +} +{ + "_id": "d1b322fb6", + "title": "", + "text": "5. Goodwill and Purchased Intangible Assets\n(a) Goodwill\nThe following tables present the goodwill allocated to our reportable segments as of July 27, 2019 and July 28, 2018, as well as the changes to goodwill during fiscal 2019 and 2018 (in millions):\n“Other” in the tables above primarily consists of foreign currency translation as well as immaterial purchase accounting adjustments.\n\n | Balance at July 28, 2018 | Acquisitions & Divestitures | Other | Balance at July 27, 2019\n-------- | ------------------------ | --------------------------- | ------ | ------------------------\nAmericas | $19,998 | $1,240 | $(118) | $21,120 \nEMEA | 7,529 | 486 | (38) | 7,977 \nAPJC | 4,179 | 274 | (21) | 4,432 \nTotal | $31,706 | $2,000 | $(177) | $33,529 \n\n. Goodwill Intangible Assets\n tables segments July 27, 28, 2018 changes 2019\n foreign currency translation immaterial purchase accounting adjustments.\n Balance July 28, Acquisitions Divestitures July 27, 2019\n Americas $19,998 $1,240 $21,120\n EMEA 7,529 7,977\n APJC 4,179 274 4,432\n Total $31,706 $2,000 $33,529" +} +{ + "_id": "d1b34ee54", + "title": "", + "text": "Assets in the combined schemes increased by £177.1m to £5,040.7m in the period. RHM scheme assets increased by £149.1m to £4,333.6m while the Premier Foods’ schemes assets increased by £28.0m to £707.1m. The most significant movement by asset class is that of government bonds which increased by £444.0m in the year, predominantly in the RHM scheme.\nLiabilities in the combined schemes increased by £121.0m in the year to £4,667.6m. The value of liabilities associated with the RHM scheme were £3,495.8m, an increase of £65.3m while liabilities in the Premier Foods schemes were £55.7m higher at £1,171.8m. The increase in the value of liabilities in both schemes is due to a lower discount rate assumption of 2.45% (31 March 2018: 2.70%) and an increase in the RPI inflation rate assumption; from 3.15% to 3.25%.\nThe Group’s Pension Trustees have just commenced the triennial actuarial valuation process of the Group’s pension schemes as at 31 March 2019 (RHM scheme) and 5 April 2019 (Premier Foods main scheme). This exercise typically takes a number of months to conclude; the output of which will be provided in due course.\nThe net present value of future deficit payments, to the end of the respective recovery periods remains at circa £300–320m.\n\nCombined pensions schemes (£m) | 30 March 2019 | 31 March 2018\n------------------------------ | ------------- | -------------\nAssets | | \nEquities | 179.5 | 296.5 \nGovernment bonds | 1,490.4 | 1,046.4 \nCorporate bonds | 26.9 | 20.7 \nProperty | 436.5 | 391.0 \nAbsolute return products | 1,141.2 | 1,323.3 \nCash | 38.1 | 32.4 \nInfrastructure funds | 256.1 | 254.6 \nSwaps | 556.4 | 715.3 \nPrivate equity | 446.1 | 344.0 \nOther | 469.5 | 439.4 \nTotal Assets | 5,040.7 | 4,863.6 \nLiabilities | | \nDiscount rate | 2.45% | 2.70% \nInflation rate (RPI/CPI) | 3.25%/2.15% | 3.15%/2.05% \n\nAssets combined schemes increased £177. £5,040. RHM increased £149. £4,333. Premier increased £28. £707. significant government bonds increased £444. RHM scheme.\n Liabilities increased £121. £4,667. 6m. RHM £3,495. 8m £65. 3m Premier Foods £55. higher £1,171. due lower discount rate. 45%. RPI inflation rate. 15% to. 25%.\n Group’s Pension Trustees commenced triennial actuarial valuation pension schemes 31 March 2019 5 April 2019 Foods. months output.\n net value future deficit payments £300–320m.\n Combined pensions schemes 30 31\n Assets\n Equities 179. 296.\n Government bonds 1,490. 1,046.\n Corporate bonds.\n Property 436. 391.\n Absolute return products 1,141. 1,323.\n.\n Infrastructure funds.\n Swaps 556. 715.\nPrivate equity 446.\n.\n Assets 5,040. 4,863.\n Liabilities\n Discount 2. 45%. 70%\n Inflation 3. 15%" +} +{ + "_id": "d1b30ef0c", + "title": "", + "text": "The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition.\nThe amount recorded for developed technology represents the estimated fair value of OpsGenie’s incident management and alerting technology. The amount recorded for customer relationships represents the fair value of the underlying relationships with OpsGenie customers. The amount recorded for trade name represents the fair value of OpsGenie trade name.\n\n | Fair Value | Useful Life\n----------------------------------------------- | --------------------- | -----------\n | (U.S. $ in thousands) | (years) \nDeveloped technology | $35,600 | 5 \nCustomer relationships | 48,600 | 10 \nTrade name | 3,700 | 5 \nTotal intangible assets subject to amortization | $87,900 | \n\ntable intangible assets acquired estimated lives date acquisition.\n developed technology OpsGenie’s incident management alerting technology. customer relationships OpsGenie. trade name value OpsGenie.\n Value Useful Life\n. thousands\n Developed technology $35,600\n Customer relationships 48,600\n Trade name 3,700\n Total intangible assets amortization $87,900" +} +{ + "_id": "d1b37a4a0", + "title": "", + "text": "Interest Expense\nInterest expense includes interest on total long-term debt. The following table presents the amount of gross interest expense, net of capitalized interest:\n\n | | Years Ended December 31, | \n---------------------- | ------ | ------------------------ | -----\n | 2019 | 2018 | 2017 \n | | (Dollars in millions) | \nInterest expense: | | | \nGross interest expense | $2,093 | 2,230 | 1,559\nCapitalized interest | (72) | (53) | (78) \nTotal interest expense | $2,021 | 2,177 | 1,481\n\nInterest Expense\n includes long-term debt. table gross capitalized interest\n Years Ended December 31,\n 2019 2018 2017\n millions\n $2,093 2,230 1,559\n Capitalized interest (72)\n Total $2,021 2,177 1,481" +} +{ + "_id": "d1b39346e", + "title": "", + "text": "Quarterly Financial Data (Unaudited)\nQuarterly results for the years ended June 30, 2019 and 2018 are as follow (in thousands, except per share amounts).\n\n | June 30,\n2019 | March 31,\n2019 | December 31,\n2018 | September 30,\n2018\n-------------------------------------- | ------------- | -------------- | ----------------- | ------------------\nNet revenues | $252,359 | $250,864 | $252,680 | $239,886 \nGross profit | $138,946 | $138,919 | $141,299 | $132,071 \nNet (loss) income (1) | $(17,055) | $(6,932) | $7,199 | $(9,065) \nNet (loss) income per share – basic | $(0.14) | $(0.06) | $0.06 | $(0.08) \nNet (loss) income per share – diluted | $(0.14) | $(0.06) | $0.06 | $(0.08) \n\nQuarterly Financial Data\n results June 30 2019 2018 thousands share amounts.\n June 30\n March 31,\n December\n September 30\n Net revenues $252,359 $250,864,680 $239,886\n Gross profit $138,946 $138,919 $141,299 $132,071\n Net (loss income $(17,055 $(6,932) $7,199 $(9,065)\n income share.\n share diluted." +} +{ + "_id": "d1b3360d4", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 18 — Income Taxes\nSignificant components of income tax provision/(benefit) are as follows:\n\n | | Years Ended December 31, | \n-------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nCurrent: | | | \nU.S. | $(391) | $(397) | $1,635 \nNon-U.S. | 10,666 | 12,538 | 7,150 \nTotal Current | 10,275 | 12,141 | 8,785 \nDeferred: | | | \nU.S. | 558 | (330) | 17,597 \nNon-U.S. | 3,287 | (240) | (577) \nTotal Deferred | 3,845 | (570) | 17,020 \nTotal provision for income taxes | $14,120 | $11,571 | $25,805\n\nFINANCIAL STATEMENTS\n 18 Income Taxes\n components income tax\n Ended December 31,\n 2019 2018 2017\n. $(391) $1,635\n. 10,666 12,538 7,150\n 10,275 12,141 8,785\n Deferred\n. 17,597\n. 3,287 (240) (577\n Deferred 3,845 (570) 17,020\n income taxes $14,120 $11,571 $25,805" +} +{ + "_id": "d1b31a578", + "title": "", + "text": "The following table years ended December 31, 2019, 2018 and 2017 related to the Company’s PSU awards, SLO awards and restricted stock awards.\n(1) On May 18, 2017, The Organization and Compensation Committee of our Board of Directors (“O&C Committee”) approved a change in the vesting policy regarding the existing 2017 Three-year PSU Awards and 2016 Three-year PSU Awards for Ilham Kadri. The approved change resulted in a pro-rata share of vesting calculated on the close date of the sale of Diversey. Dr. Kadri’s awards were still subject to the performance metrics stipulated in the plan documents, and will be paid out in accordance with the original planned timing.\n(2) The amount does not include expense related to the 2014 Special PSU awards that were settled in cash of $1.0 million in the year ended December 31, 2017.\n(3) The amount includes the expenses associated with the restricted stock awards consisting of restricted stock shares, restricted stock units and cash-settled restricted stock unit awards.\n(4) On August 4, 2017, the Equity Award Committee approved a change in the vesting condition regarding the existing long-term share-based compensation programs transferring to Diversey as part of the sale of Diversey. The approved change resulted in a pro-rata share of vesting calculated on the close date of the sale of Diversey. In December 2018, the Equity Award Committee approved a change in the vesting condition for certain individuals who would be leaving the Company under a phase of our Reinvent SEE Restructuring program. For both modifications, we recorded the cumulative expense of the higher fair value of the impacted awards at modification approval.\n(5) The amounts do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock as these contributions are not considered share-based incentive compensation.\n\n(In millions) | 2019 | 2018 | 2017 \n-------------------------------------------------------------------------- | ------ | ------ | ------\n2019 Three-year PSU Awards | $ 4.3 | $ — | $ — \n2018 Three-year PSU Awards | 0.2 | 2.7 | — \n2017 Three-year PSU Awards(1) | — | 3.7 | 9.8 \n2017 COO and Chief Executive Officer-Designate 2017 New Hire Equity Awards | 0.2 | 0.2 | 0.1 \n2016 Three-year PSU Awards(1) | — | (3.0 ) | 2.0 \n2016 President & CEO Inducement Award | — | — | 0.5 \n2015 Three-year PSU Awards | — | — | (0.8) \n2014 Special PSU Awards(2) | — | — | 3.2 \nSLO Awards | 3.2 | 1.6 | 1.1 \nOther long-term share-based incentive compensation programs(3)(4) | 26.5 | 24.7 | 32.6 \nTotal share-based incentive compensation expense(5) | $ 34.4 | $ 29.9 | $ 48.5\nAssociated tax benefits recognized | $ 5.8 | $ 4.9 | $ 11.8\n\nyears ended December 2019 2018 2017 PSU SLO restricted stock awards.\n May 18, 2017 Compensation Committee approved change vesting policy 2017 2016 Awards Ilham Kadri. pro-rata share vesting close date sale Diversey. awards subject performance metrics paid original timing.\n include expense 2014 Special PSU awards settled cash $1. 0 million December 31, 2017.\n includes expenses restricted stock awards.\n August 4, 2017 Equity Award Committee approved change vesting condition long-term share-based compensation programs Diversey. pro-rata share vesting close date sale. December 2018 change vesting condition individuals leaving Company Reinvent SEE Restructuring program. recorded cumulative expense higher fair value impacted awards modification approval.\n amounts include expense U. S. profit sharing contributions common stock not share-based incentive compensation.\n 2019 2018 2017\n 2019 Three-year PSU Awards.\n 2018 Awards.\n2017 Three-year PSU 3. 9. 8\n COO Chief Executive New Hire Equity Awards.\n 2016-year PSU.\n President CEO Award.\n 2015 Three-year PSU Awards.\n 2014 Special PSU 3.\n Awards.\n-term share-based incentive compensation 26. 5 24. 32.\n share-based incentive compensation $ 34. $ 29. 48.\n tax benefits $ 5. 4. 11." +} +{ + "_id": "d1b366ad6", + "title": "", + "text": "14. INCOME TAXES\nOur effective tax rates for each of the periods presented are the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The more significant provisions of the Tax Act as applicable to us are described in Note 1 above under “Impacts of the U.S. Tax Cuts and Jobs Act of 2017.” During fiscal 2019, we recorded a net benefit of $389 million in accordance with SAB 118 related to adjustments in our estimates of the one-time transition tax on certain foreign subsidiary earnings, and the remeasurement of our net deferred tax assets and liabilities affected by the Tax Act. Our provision for income taxes for fiscal 2019 varied from the 21% U.S. statutory rate imposed by the Tax Act primarily due to earnings in foreign operations, state taxes, the U.S. research and development tax credit, settlements with tax authorities, the tax effects of stock-based compensation, the Foreign Derived Intangible Income deduction, the tax effect of GILTI, and a reduction to our transition tax recorded consistent with the provision of SAB 118. Our provision for income taxes for fiscal 2018 varied from the 21% U.S. statutory rate imposed by the Tax Act primarily due to the impacts of the Tax Act upon adoption, state taxes, the U.S. research and development tax credit, settlements with tax authorities, the tax effects of stock-based compensation and the U.S. domestic production activity deduction. Prior to the January 1, 2018 effective date of the Tax Act, our provision for income taxes historically differed from the tax computed at the previous U.S. federal statutory income tax rate due primarily to certain earnings considered as indefinitely reinvested in foreign operations, state taxes, the U.S. research and development tax cr edit, settlements with tax authorities, the tax effects of stock-based compensation and the U.S. domestic production activity deduction.\nThe following is a geographical breakdown of income before the provision for income taxes:\n\n | Year Ended May 31 | | \n---------------------------------------- | ----------------- | ------- | -------\n(in millions) | 2019 | 2018 | 2017 \nDomestic | $3,774 | $3,366 | $3,674 \nForeign | 8,494 | 9,058 | 8,006 \nIncome before provision for income taxes | $12,268 | $12,424 | $11,680\n | | | \n\n. INCOME TAXES\n tax rates income tax jurisdictions. significant provisions Tax Act Note 1 “Impacts U. S. Tax Cuts Jobs Act 2017. fiscal 2019 recorded net benefit $389 million SAB 118-time transition tax foreign subsidiary earnings deferred tax assets liabilities. income taxes 2019 varied 21% U. S. rate due foreign operations state taxes U. S. research development tax credit settlements stock-based compensation Foreign Derived Intangible Income deduction GILTI reduction transition tax SAB 118. taxes 2018 varied from 21% U. rate impacts state taxes. research development tax credit settlements stock-based compensation. domestic production activity deduction. January 1, 2018 Tax Act taxes differed from previous. due earnings foreign operations state taxes. research development tax settlements stock-based compensation. domestic production activity deduction.\n geographical breakdown income before taxes\n Year Ended May 31\nmillions\n Domestic $3,774,366,674\n Foreign 8,494 9,058,006\n $12,268 $12,424 $11,680\n" +} +{ + "_id": "d1b39dd06", + "title": "", + "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nDeferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to be reversed. Significant deferred tax assets and liabilities consist of the following:\nOf the $32.7 million and $40.2 million net deferred tax asset at December 31, 2019 and 2018, respectively, $42.7 million and $47.1 million is reflected as a net non-current deferred tax asset and $10.0 million and $7.0 million is reflected as a long-term liability at December 31, 2019 and 2018, respectively.\nAs of December 31, 2019, the Company has recorded a valuation allowance on $16.0 million of its U.S. domestic deferred tax assets, largely attributable to acquired federal capital loss carryforwards for which the Company does not have sufficient income in the character to realize that attribute, and state carryforward attributes that are expected to expire before sufficient income can be realized in those jurisdictions. The remaining valuation allowance on deferred tax assets approximates $60.2 million and is associated primarily with operations in Austria, Germany, Hong Kong and Switzerland. As of December 31, 2019, there is not sufficient positive evidence to conclude that such deferred tax assets, presently reduced by a valuation allowance, will be recognized. The December 31, 2019 valuation allowance balance reflects an increase of $45.3 million during the year. The change in the valuation allowance is primarily due to increases from acquired Artesyn positions and current year activity, partially offset by decreases due to foreign exchange movements\n\n | Years Ended December 31, | \n----------------------------------------------- | ------------------------ | --------\n | 2019 | 2018 \nDeferred tax assets | | \nStock based compensation | $1,757 | $1,337 \nNet operating loss and tax credit carryforwards | 86,879 | 38,622 \nInterest expense limitation | 7,620 | — \nPension obligation | 13,473 | 3,302 \nExcess and obsolete inventory | 3,217 | 2,161 \nDeferred revenue | 3,305 | 6,903 \nEmployee bonuses and commissions | 2,537 | 1,874 \nDepreciation and amortization | 29,015 | 29,525 \nOperating lease liabilities | 23,451 | — \nOther | 9,685 | 9,961 \nDeferred tax assets | 180,939 | 93,685 \nLess: Valuation allowance | (76,206) | (30,924)\nNet deferred tax assets | 104,733 | 62,761 \nDeferred tax liabilities | | \nDepreciation and amortization | 41,549 | 17,723 \nUnremitted earnings | 4,740 | 3,529 \nOperating lease right-of-use assets | 22,774 | — \nOther | 2,966 | 1,267 \nDeferred tax liabilities | 72,029 | 22,519 \nNet deferred tax assets | $32,704 | $40,242 \n\nADVANCED ENERGY INDUSTRIES. FINANCIAL STATEMENTS share\n Deferred tax assets liabilities recognized future tax consequences tax bases tax rates. deferred tax assets liabilities\n $32. 7 million $40. 2 million net deferred tax asset December 31, 2019 2018 $42. 7 million $47. 1 million non-current deferred tax asset $10. 0 million $7. 0 million long-term liability.\n 2019 Company valuation allowance $16. 0 million. domestic deferred tax assets attributable acquired federal capital loss carryforwards attributes expire. remaining valuation allowance approximates $60. 2 million associated Austria Germany Hong Kong Switzerland. evidence. December 31, 2019 valuation allowance balance increase $45. 3 million. due increases acquired Artesyn positions activity offset decreases foreign exchange movements\n December\n Deferred tax assets\n Stock based compensation $1,757 $1,337\nloss tax credit 86,879 38,622\n Interest\n Pension obligation 13,473 3\n Excess inventory 3,217\n Deferred revenue 3,305\n bonuses commissions 2,537\n 29,015\n lease liabilities 23,451\n,685\n Deferred tax 180,939 93,685\n,206 (30\n tax 104,733 62,761\n 41,549 17,723\n Unremitted earnings 4,740\n lease-use 22,774\n tax liabilities 72,029\n $32,704 $40,242" +} +{ + "_id": "d1b3694d4", + "title": "", + "text": "The line “Construction in progress” in the table above includes property, plant and equipment under construction and equipment under qualification before operating.\nOn January 1, 2019, the Company adopted the new guidance on lease accounting and lease right-of-use assets are included in plant, property and equipment. The impact of the adoption of this new guidance is further described in Note 11.\nThe depreciation charge was $785 million, $727 million and $592 million in 2019, 2018 and 2017, respectively.\nAs described in Note 7, the acquisition of Norstel resulted in the recognition of property, plant and equipment of $11 million.\n\nDecember 31, 2019 | Gross Cost | Accumulated Depreciation | Net Cost\n----------------------------------- | ---------- | ------------------------ | --------\nLand | 78 | — | 78 \nBuildings | 905 | (505) | 400 \nFacilities & leasehold improvements | 3,193 | (2,762) | 431 \nMachinery and equipment | 15,336 | (12,790) | 2,546 \nComputer and R&D equipment | 382 | (335) | 47 \nOperating lease right-of-use assets | 266 | (60) | 206 \nOther tangible assets | 110 | (93) | 17 \nConstruction in progress | 282 | — | 282 \nTotal | 20,552 | (16,545) | 4,007 \nDecember 31, 2018 | Gross Cost | Accumulated Depreciation | Net Cost\nLand | 79 | — | 79 \nBuildings | 902 | (487) | 415 \nFacilities & leasehold improvements | 3,170 | (2,748) | 422 \nMachinery and equipment | 14,882 | (12,582) | 2,300 \nComputer and R&D equipment | 381 | (334) | 47 \nOther tangible assets | 123 | (93) | 30 \nConstruction in progress | 202 | — | 202 \nTotal | 19,739 | (16,244) | 3,495 \n\nincludes property plant equipment.\n January 1 2019 Company adopted guidance lease accounting right-of-use. Note 11.\n depreciation charge $785 million $727 million $592 million 2019 2018 2017.\n acquisition Norstel property plant equipment $11 million.\n December 31, 2019 Gross Cost Accumulated Depreciation Net Cost\n Land 78\n Buildings 905\n Facilities improvements 3,193 (2\n Machinery equipment 15,336 2,546\n R&D equipment\n Operating lease right-of-use assets 266\n Other tangible assets 110\n Construction progress 282\n 20,552 4,007\n December 31, 2018 Gross Cost Accumulated Depreciation Net\n 79\n Buildings\n Facilities improvements 3,170 (2,748) 422\n Machinery equipment 14,882 2,300\n R&D\n Construction progress\n 19,739 (16 3" +} +{ + "_id": "d1b38ae90", + "title": "", + "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nThe components of the prepaid (accrued) cost of the domestic and foreign pension plans are classified in the following lines in the Consolidated Balance Sheets at December 31:\n\n | U.S.Pension Plans | | Non-U.S. Pension Plans | \n-------------------------------------- | ----------------- | ------- | ---------------------- | --------\n | 2019 | 2018 | 2019 | 2018 \nPrepaid pension asset | $62,082 | $54,100 | $— | $— \nAccrued expenses and other liabilities | (100) | (100) | — | — \nLong-term pension obligations | (1,045) | (992) | (1,214) | (1,331) \nNet prepaid (accrued) cost | $60,937 | $53,008 | $(1,214) | $(1,331)\n\nCONSOLIDATED FINANCIAL STATEMENTS thousands share data\n prepaid cost domestic foreign pension plans classified Balance Sheets December 31\n. Non-U. Plans\n Prepaid pension asset $62,082 $54,100\n Accrued expenses liabilities\n Long-term pension obligations (1,045) (992) (1,214) (1,331)\n Net prepaid cost $60,937 $53,008" +} +{ + "_id": "d1b36df98", + "title": "", + "text": "REPURCHASE OF COMPANY SHARES\nThe Company repurchased a total of 75,113 and 74,880 shares of its common stock during fiscal 2019 and fiscal 2018, respectively, for cash totaling approximately $7.5 million and $7.7 million, respectively. All repurchased shares were recorded in treasury stock at cost. At September 2019, 34,846 shares of the Company’s common shares remained authorized for repurchase in either the open market or privately negotiated transactions, as previously approved by the Company’s Board of Directors. In October 2019, our Board of Directors renewed the repurchase authorization for up to 75,000 shares of the Company’s common stock.\nDuring the fourth quarter of fiscal 2019, the Company repurchased shares of its common stock for cash totaling approximately $4.3 million. The following table summarizes these repurchases made by or on behalf of our Company or certain affiliated purchasers of shares of our common stock for the quarterly period ended September 30, 2019:\n* In October 2019 and subsequent to the end of fiscal 2019, our Board of Directors authorized purchases of up to\n75,000 shares of our Company’s common stock in open market or negotiated transactions. Management was\ngiven discretion to determine the number and pricing of the shares to be purchased, as well as the timing of any\nsuch purchases.\n\nPeriod | (a) Total Number of Shares (or Units) Purchased | (b) Average Price Paid per Share (or Unit) | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares (or Unites) that May Yet Be Purchased Under the Plans or Programs*\n---------------------- | ----------------------------------------------- | ------------------------------------------ | ----------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------\nJuly 1-31, 2019 | 293 | $ 99.35 | 293 | 74,706 \nAugust 1 - 31, 2019 | 39,769 | 107.71 | 39,769 | 34,937 \nSeptember 1 - 30, 2019 | 91 | 75.51 | 91 | 34,846 \nTotal | 40,153 | $ 107.58 | 40,153 | 34,846 \n\nREPURCHASE COMPANY SHARES\n repurchased 75,113 74,880 shares stock fiscal 2019 2018 cash $7. 5 million $7. 7 million. shares recorded treasury stock cost. September 2019 34,846 shares authorized repurchase open market privately negotiated transactions approved Board Directors. October 2019 renewed repurchase authorization 75,000 shares.\n fourth quarter fiscal 2019 repurchased cash $4. 3 million. table summarizes repurchases quarterly period ended September 30, 2019\n October 2019 Board Directors authorized purchases\n 75,000 shares open market transactions. Management\n determine number pricing timing\n.\n Period Total Number Purchased Average Price Paid per Share Purchased Publicly Announced Plans Programs Maximum Number Value Shares Purchased Under Plans Programs\n July 1-31, 2019 $ 99. 35 74,706\nAugust 1 31, 2019 39,769 107. 34,937\n September 30 91. 51 34,846\n 40,153." +} +{ + "_id": "d1b35be06", + "title": "", + "text": "Dividends\nCal-Maine pays a dividend to shareholders of its Common Stock and Class A Common Stock on a quarterly basis for each quarter for which the Company reports net income computed in accordance with generally accepted accounting principles in an amount equal to one-third (1/3) of such quarterly income. Dividends are paid to shareholders of record as of the 60th day following the last day of such quarter, except for the fourth fiscal quarter. For the fourth quarter, the Company will pay dividends to shareholders of record on the 65th day after the quarter end. Dividends are payable on the 15th day following the record date. Following a quarter for which the Company does not report net income, the Company will not pay a dividend for a subsequent profitable quarter until the Company is profitable on a cumulative basis computed from the date of the last quarter for which a dividend was paid. Dividends payable, which would represent accrued unpaid dividends applicable to the Company's fourth quarter, were zero at June 1, 2019 and $17.1 million at June 2, 2018. At June 1, 2019, cumulative losses that must be recovered prior to paying a dividend were $19.8 million.\n*Dividends per common share = 1/3 of Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend ÷ Total common stock outstanding (shares).\n\n | 13 Weeks Ended | | 52 Weeks Ended | \n----------------------------------------------------------------------------------------- | -------------- | ------------ | -------------- | ------------\n | June 1, 2019 | June 2, 2018 | June 1, 2019 | June 2, 2018\nNet income (loss) attributable to Cal-Maine Foods, inc. | $(19,761) | $71,767 | $54,229 | $125,932 \nCumulative losses to be recovered prior to payment of dividend at beginning of the period | — | (20,488) | — | (74,653) \nNet income (loss) attributable to Cal-Maine Foods, Inc. available for dividend | $(19,761) | $51,279 | $54,229 | $51,279 \n1/3 of net income attributable to Cal-Maine Foods, Inc. | — | | | \nCommon stock outstanding (shares) | 43,894 | | | \nClass A common stock outstanding (shares) | 4,800 | | | \nTotal common stock outstanding (shares) | 48,694 | | | \nDividends per common share* | $- | $0.351 | $0.506 | $0.351 \n\nDividends\n Cal-Maine pays dividend Common Stock quarterly net income equal one-third (1/3) quarterly income. Dividends paid 60th day last day quarter except fourth fiscal quarter. fourth quarter dividends 65th day after quarter end. Dividends payable 15th day following record date. net income dividend until profitable. Dividends payable unpaid zero at June 1, 2019 $17. 1 million at June 2, 2018. cumulative losses dividend $19. 8 million.\n *Dividends per common share 1/3 Net income (loss) Cal-Maine Foods. dividend Total common stock.\n Weeks\n 1\n Net income (loss) Cal-Maine Foods. $(19,761) $71,767 $54,229 $125,932\n Cumulative losses recovered prior payment dividend (20,488) (74,653)\n Net income (loss) Cal-Maine Foods.dividend $(19,761) $51,279\n 1/3 net income Cal-Maine Foods.\n Common stock 43,894\n Class A common stock 4,800\n Total stock 48,694\n Dividends per common share. 506." +} +{ + "_id": "d1b35115e", + "title": "", + "text": "3.4 FINANCIAL EXPENSE\n(1) Fiscal 2018 was restated to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Discontinued operations\" section.\nFiscal 2019 financial expense decreased by 5.4% mainly due to:\n• the reimbursement at maturity of the Senior Secured Notes Series B on October 1, 2018; • the reimbursements of $65 million and US$35 million under the Canadian Revolving Facility during the second quarter of fiscal 2019 and of US$328 million during the third quarter of fiscal 2019 following the sale of Cogeco Peer 1; and\n• early reimbursement of the US$400 million Senior Unsecured Notes during the third quarter of fiscal 2018 which resulted in a $6.2 million redemption premium and the write-off of the unamortized deferred transaction costs of $2.5 million; partly offset by • higher interest cost on the First Lien Credit Facilities resulting from the full year impact of the financing of the MetroCast acquisition; and • the appreciation of the US dollar against the Canadian dollar compared to the prior year.\n\nYears ended August 31, | 2019 | 2018 (1) | Change\n--------------------------------------------- | ------- | -------- | ------\n(in thousands of dollars, except percentages) | $ | $ | % \nInterest on long-term debt | 176,798 | 179,680 | (1.6) \nNet foreign exchange gains | (2,744) | (2,134) | 28.6 \nAmortization of deferred transaction costs | 1,836 | 1,884 | (2.5) \nCapitalized borrowing costs | (690) | (2,074) | (66.7)\nOther | 302 | 8,100 | (96.3)\n | 175,502 | 185,456 | (5.4) \n\n. FINANCIAL EXPENSE\n 2018 Cogeco Peer 1 discontinued operations. operations section.\n 2019 expense decreased. 4%\n reimbursement Senior Secured Notes Series B October reimbursements $65 million US$35 million Canadian Revolving Facility second US$328 million third quarter sale Cogeco Peer 1\n early reimbursement US$400 million Senior Unsecured Notes third quarter $6. 2 million redemption premium write-off unamortized deferred transaction costs $2. 5 million higher interest cost First Lien Credit Facilities MetroCast acquisition appreciation US dollar Canadian dollar.\n Years August 31,\n Interest long-term debt 176,798.\n Net foreign exchange gains (2,744.\n Amortization deferred transaction costs 1,836.\n Capitalized borrowing costs (690).\n.\n." +} +{ + "_id": "d1b2edfd2", + "title": "", + "text": "Deferred Income Tax Assets and Liabilities\nSignificant components of the Company’s net deferred tax assets and liabilities as of September 30, 2019 and 2018 are as follows(amounts shown in thousands):\nThe net change in the total valuation allowance for the fiscal years ended September 30, 2019 and 2018 was an increase of $0.5 million and an increase of $0.4 million, respectively. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. The Company considers projected future taxable income and planning strategies in making this assessment. Based on the level of historical operating results and the projections for future taxable income, the Company has determined that it is more likely than not that the deferred tax assets may be realized for all deferred tax assets with the exception of the net foreign deferred tax assets at Mitek Systems B.V.\nAs of September 30, 2019, the Company has available net operating loss carryforwards of $29.5 million for federal income tax purposes, of which $2.1 million were generated in the fiscal year ended September 30, 2019 and can be carried forward indefinitely under the Tax Cuts and Jobs Act. The remaining federal net operating loss of $27.4 million, which were generated prior to the fiscal year ended September 30, 2019, will start to expire in2032 if not utilized. The net operating losses for state purposes are $29.4 million and will begin to expire in2028. As of September 30, 2019, the Company has available federal research and development credit carryforwards, net of reserves, of $2.8 million. The federal research and development credits will start to expire in2027. As of September 30, 2019, the Company has available California research and development credit carryforwards, net of reserves, of $2.4 million, which do not expire.\nSections 382 and 383 of the Internal Revenue Code of 1986, as amended (the “IRC”) limit the utilization of tax attribute carryforwards that arise prior to certain cumulative changes in a corporation’s ownership. The Company has completed an IRC Section 382/383 analysis through March 31, 2017 and any identified ownership changes had no impact to the utilization of tax attribute carryforwards. Any future ownership changes may have an impact on the utilization of the tax attribute carryforwards.\n\n | 2019 | 2018 \n----------------------------------------------- | ------- | -------\nDeferred tax assets: | | \nStock-based compensation | $2,646 | $3,067 \nNet operating loss carryforwards | 9,419 | 8,568 \nResearch credit carryforwards | 5,570 | 3,890 \nIntangibles | 58 | — \nOther, net | 90 | 354 \nTotal deferred assets | 17,783 | 15,879 \nDeferred tax liabilities: | | \nIntangibles | — | (181) \nForeign deferred liabilities | (5,811) | (8,032)\nNet deferred tax asset | 11,972 | 7,666 \nValuation allowance for net deferred tax assets | (931) | (472) \nNet deferred tax asset | $11,041 | $7,194 \n\nDeferred Income Tax Assets Liabilities\n Company’s net deferred tax assets liabilities 2019 2018(amounts in\n net change valuation allowance 2018 $0. 5 million $0. 4 million. realizability Company considers. realization future taxable income. considers future taxable income planning strategies. deferred tax assets realized exception net foreign deferred tax assets at Mitek Systems B. V.\n 2019 Company net operating loss carryforwards of $29. 5 million for federal income tax $2. 1 million generated carried forward indefinitely under Tax Cuts and Jobs Act. remaining federal net operating loss of $27. 4 million in2032 if not. net operating losses for state purposes $29. 4 million in2028. available federal research and development credit carryforwards of $2. 8 million. in2027. California research and development credit carryforwards of $2. 4 million expire.\nSections 382 383 Internal Revenue Code 1986 limit tax carryforwards ownership. Section 382/383 analysis March 2017 ownership. future changes.\n Deferred tax assets\n Stock-based compensation $2,646 $3,067\n operating loss carryforwards 9,419 8,568\n Research credit carryforwards 5,570 3,890\n Intangibles\n deferred assets 17,783 15,879\n Deferred tax liabilities\n Foreign deferred liabilities (5,811)\n Net deferred tax asset 11,972 7,666\n Valuation allowance (931)\n $11,041 $7,194" +} +{ + "_id": "d1b36136a", + "title": "", + "text": "Selling, general and administrative\nSelling, general and administrative expense consists primarily of salaries and other personnel-related costs, professional fees, insurance costs, and other business development and selling expenses.\nThe following table shows selling, general and administrative expense for the years ended December 31, 2019, 2018, and 2017:\nSelling, general and administrative expense in 2019 increased compared to 2018 primarily due to higher employee compensation expense, lower accretion expense in 2018 associated with the reduction in our module collection and recycling liability described above, and higher professional fees.\n\n | | Year Ended | | Change | | | \n----------------------------------- | -------- | ---------- | -------- | -------------- | --- | -------------- | -----\n(Dollars in thousands) | 2019 | 2018 | 2017 | 2019 over 2018 | | 2018 over 2017 | \nSelling, general and administrative | $205,471 | $176,857 | $202,699 | $28,614 | 16% | $(25,842) | (13)%\n% of net sales . | 6.7% | 7.9% | 6.9% | | | | \n\nSelling general administrative\n salaries personnel professional fees insurance business development selling expenses.\n table shows expense years December 31, 2019 2018 2017:\n 2019 increased due higher employee compensation lower accretion expense collection recycling liability higher professional fees.\n Year Ended\n (Dollars thousands 2019 2018 2017\n Selling general administrative $205,471 $176,857 $202,699 $28,614 16% $(25,842)\n net sales. 6. 7% 7. 9%." +} +{ + "_id": "d1b2e69e4", + "title": "", + "text": "20. Computation of Basic/Diluted Earnings Per Common Share\nThe following table sets forth the computation of basic and diluted earnings per common share (amounts in millions, except per share data):\nThe vesting of certain of our employee-related restricted stock units and options is contingent upon the satisfaction of predefined performance measures. The shares underlying these equity awards are included in the weighted-average dilutive common shares only if the performance measures are met as of the end of the reporting period. Additionally, potential common shares are not included in the denominator of the diluted earnings per common share calculation when the inclusion of such shares would be anti-dilutive.\n\n | | For the Years Ended December 31, | \n-------------------------------------------------------------------------------------------------------------------------------------------------------- | ------ | -------------------------------- | -----\n | 2019 | 2018 | 2017 \nNumerator: | | | \nConsolidated net income | $1,503 | $1,848 | $273 \nDenominator: | | | \nDenominator for basic earnings per common share—weighted-average common shares outstanding | 767 | 762 | 754 \nEffect of dilutive stock options and awards under the treasury stock method | 4 | 9 | 12 \nDenominator for diluted earnings per common share—weighted-average common shares outstanding plus dilutive common shares under the treasury stock method | 771 | 771 | 766 \nBasic earnings per common share | $1.96 | $2.43 | $0.36\nDiluted earnings per common share | $1.95 | $2.40 | $0.36\n\n. Computation Basic/Diluted Earnings Per Common Share\n table diluted earnings common share millions\n vesting employee-related restricted stock units options performance measures. shares included dilutive common shares performance measures met reporting period. potential common shares not included diluted earnings anti-dilutive.\n Years Ended December 31,\n 2018 2017\n Consolidated net income $1,503 $1,848 $273\n basic earnings per common 767 762\n Effect dilutive stock options awards treasury stock method\n diluted earnings 771\n Basic earnings per common share $1. 96 $2. 43.\n Diluted earnings $1. 95 $2. 40." +} +{ + "_id": "d1b3b852a", + "title": "", + "text": "Operating Results – Teekay LNG\nThe following table compares Teekay LNG’s operating results, equity income and number of calendar-ship-days for its vessels for 2019 and 2018:\n1) Includes direct general and administrative expenses and indirect general and administrative expenses allocated to the liquefied gas carriers and conventional tankers based on estimated use of corporate resources. (2) Further information on Teekay LNG’s conventional tanker results can be found in “Item 18 – Financial Statements: Note 3 – Segment Reporting.” (3) Calendar-ship-days presented relate to consolidated vessels.\nIncome from vessel operations for Teekay LNG increased to $299.3 million in 2019 compared to $148.6 million in 2018, primarily as a result of:\n• an increase of $53.1 million as a result of write-downs in 2018 of three conventional tankers and four multi-gas vessels and the sales of the Teide Spirit, European Spirit, African Spirit, Toledo Spirit and Alexander Spirit, partially offset by a write-down of the Alexander Spirit in the third quarter of 2019; • an increase of $48.6 million due to the deliveries of the Sean Spirit, Bahrain Spirit and Yamal Spirit and commencement of their charter contracts;\n• an increase of $33.2 million primarily due to higher charter rates earned in 2019 on the Torben Spirit and our seven multi-gas carriers; • an increase of $12.3 million due to the deliveries of the Magdala, Myrina and Megara following the commencement of their charter contracts in 2018; • an increase of $8.9 million due to the reclassification of Awilco vessels as sales-type leases in the fourth quarter of 2019, resulting in a gain on the derecognition of vessels in the same period;\n• an increase of $6.0 million primarily due to a reduction in legal and other professional fees incurred in 2019. During 2018, professional fees included amounts relating to the tax treatment dispute relating to the lease of three LNG carriers (or the RasGas II LNG Carriers) in Teekay LNG's 70%-owned consolidated subsidiary Teekay Nakilat Corporation (or the RasGas II Joint Venture) and claims against a Norway-based marine transportation company, I.M. Skaugen SE, for damages and losses for Teekay LNG's seven multi-gas carriers previously on charter to them; and\n• an increase of $3.2 million due to the Polar Spirit being off-hire for 35 days in 2018 primarily due to an incident investigation involving a collision with a small vessel and repositioning to other charters;\npartially offset by\n• a decrease of $9.1 million due to the Madrid Spirit and Galicia Spirit being off-hire for 82 days and 38 days in 2019, respectively, and the impact of the depreciation of the Euro on Teekay LNG's Euro-denominated revenue and Euro-denominated operating expenses, partially offset by the Catalunya Spirit being off-hire for 28 days in 2018 for a scheduled dry docking; and\n• a decrease of $3.5 million due to decrease in operating expenses passed through to the charterer and due to declining revenue recognition for charter contracts accounted for as direct financing leases for the Tangguh Sago and Tangguh Hiri in 2019.\nEquity income related to Teekay LNG’s liquefied gas carriers increased to $58.8 million in 2019 compared to $53.5 million in 2018. The changes were primarily a result of: • an increase of $23.3 million due to the deliveries of the Pan Americas, Pan Europe, Pan Africa, Rudolf Samoylovich, Nikolay Yevgenov, Vladimir Voronin, Georgiy Ushakov and Yakov Gakkel following the commencement of their charter contracts in 2018 and 2019;\n• an increase of $8.8 million due to recognition of dry-dock revenue upon completion of a dry dock for the Meridian Spirit, higher charter rates earned for the Arwa Spirit and Marib Spirit on one-year fixed-rate charter contracts commencing in the third quarter of 2019, higher fleet utilization in 2019, and lower interest expense as a result of the refinancing completed in 2018 in Teekay LNG's 52%- owned investment in the LNG carriers relating to MALT LNG Carriers; and\n• an increase of $7.9 million due to higher fixed and spot charter rates earned in Teekay LNG's 50%-ownership interest in Exmar LPG BVBA (or the Exmar LPG Joint Venture) compared to 2018;\npartially offset by\n• a decrease of $17.7 million due to mark-to-market changes for derivative instruments, resulting in the recognition of unrealized losses in 2019 compared to unrealized gains in 2018; • a decrease of $10.8 million due to the Bahrain Spirit floating storage unit chartered-in by the Bahrain LNG Joint Venture from Teekay LNG commencing in September 2018 not earning any sub-charter income in 2019; and • a decrease of $5.7 million due to a gain on the sale of Teekay LNG's interest in its 50%-owned joint venture with Exmar NV (or the Excelsior Joint Venture) recorded in 2018.\n\nYear Ended December 31, | | \n--------------------------------------------------------- | --------- | ---------\n(in thousands of U.S. dollars, except calendar-ship-days) | 2019 | 2018 \nRevenues | 601,256 | 510,762 \nVoyage expenses | (21,387) | (28,237) \nVessel operating expenses | (111,585) | (117,658)\nTime-charter hire expense | (19,994) | (7,670) \nDepreciation and amortization | (136,765) | (124,378)\nGeneral and administrative expenses (1) | (22,521) | (28,512) \nWrite-down of and sale of vessels | 13,564 | (53,863) \nRestructuring charges | (3,315) | (1,845) \nIncome from vessel operations | 299,253 | 148,599 \nLiquefied Gas Carriers (1) | 300,520 | 169,918 \nConventional Tankers (1)(2) | (1,267) | (21,319) \n | 299,253 | 148,599 \nEquity income – Liquefied Gas Carriers | 58,819 | 53,546 \nCalendar-Ship-Days (3) | | \nLiquefied Gas Carriers | 11,650 | 10,125 \nConventional Tankers | 317 | 1,389 \n\nTeekay LNG\n table compares operating results equity income calendar-ship-days 2019\n Includes direct indirect gas carriers conventional tankers. results 18 Financial Statements Note 3 Reporting. Calendar-ship-days consolidated vessels.\n Income operations increased $299. 3 million 2019 $148. 6 million 2018\n increase $53. 1 million write-downs three conventional four multi-gas vessels Teide Spirit European African Spirit Toledo Alexander offset write-down Alexander Spirit increase $48. 6 million deliveries Sean Spirit Bahrain Spirit Yamal Spirit charter contracts\n increase $33. 2 million higher charter rates Torben Spirit multi-gas carriers increase $12. 3 million deliveries Magdala Myrina Megara increase $8. 9 million reclassification Awilco vessels sales leases gain\n increase $6. million reduction legal fees 2019.2018 fees tax dispute three LNG carriers Teekay LNG claims. Skaugen damages losses LNG seven carriers\n increase $3. 2 million Polar Spirit off-hire 35 days 2018\n decrease $9. 1 million Madrid Spirit Galicia Spirit off-hire 82 38 days 2019 depreciation Euro revenue expenses Catalunya Spirit off-hire 28 days dry docking\n decrease $3. 5 million operating expenses declining revenue Tangguh Sago Tangguh Hiri 2019.\n Equity income Teekay LNG’s gas carriers increased $58. 8 million 2019 $53. 5 million 2018. increase $23. 3 million deliveries Pan Americas Pan Europe Pan Africa Rudolf Samoylovich Nikolay Yevgenov Vladimir Voronin Georgiy Ushakov Yakov Gakkel contracts 2018 2019\n increase $8.8 million dry-dock revenue Meridian Spirit higher charter rates Arwa Spirit Marib Spirit 2019 higher fleet utilization lower interest expense refinancing 2018 Teekay LNG 52% LNG\n increase $7. 9 million higher charter rates Teekay LNG 50% Exmar LPG\n decrease $17. 7 million-to-market changes derivative instruments unrealized losses 2019 decrease $10. 8 million Bahrain Spirit storage unit LNG 2018 sub-charter income 2019 decrease $5. 7 million Teekay LNG 50% joint venture Exmar 2018.\n Year Ended December 31,\n.\n Revenues 601,256,762\n Voyage expenses (21,387\n Vessel operating expenses (111,585)\n Time-charter hire (19,994)\n Depreciation amortization (136,765),378\n General administrative expenses (22,521)\n Write-down sale vessels 13,564 (53,863\nRestructuring (3,315)\n vessel operations 299,253 148,599\n Gas Carriers 300,520 169,918\n Conventional Tankers (21,319)\n,253\n 58,819 53,546\n-Ship-Days\n 11,650,125\n Conventional Tankers" +} +{ + "_id": "d1b3c63c8", + "title": "", + "text": "Note 8. Other Financial Statement Details\nAccounts Receivable\nAccounts receivable consists of the following (in millions):\n\n | March 31, | \n------------------------------------ | --------- | ------\n | 2019 | 2018 \nTrade accounts receivable | $875.8 | $557.8\nOther | 6.8 | 8.1 \nTotal accounts receivable, gross | 882.6 | 565.9 \nLess allowance for doubtful accounts | 2.0 | 2.2 \nTotal accounts receivable, net | $880.6 | $563.7\n\n8. Financial Statement\n Accounts Receivable\n March 31,\n 2019 2018\n accounts receivable $875. 8 $557.\n 6. 8.\n accounts 882. 9\n doubtful accounts 2. 2.\n $880. $563." +} +{ + "_id": "d1b2ea634", + "title": "", + "text": "The fair value of the option component of the ESPP shares was estimated at the grant date using the Black-Scholes option pricing model with the following weighted\naverage assumptions:\nThe Company issued 266 shares, 231 shares and 183 shares under the ESPP in the years ended December 31, 2019, 2018 and 2017, respectively, at a weighted average\nexercise price per share of $86.51, $77.02, and $73.02, respectively. As of December 31, 2019, the Company expects to recognize $3,531 of the total unamortized compensation cost\nrelated to employee purchases under the ESPP over a weighted average period of 0.37 years.\n\n | | Year ended December 31 | \n------------------------ | ------------ | ---------------------- | -------------\n | 2019 | 2018 | 2017 \nExpected life (in years) | 0.5 | 0.5 | 0.5 \nVolatility | 36% - 37% | 33% - 40% | 29% - 37% \nRisk-free interest rate | 1.58 - 2.43% | 1.76% - 2.50% | 0.76% - 1.16%\nDividend yield | - % | - % | - % \n\nvalue option ESPP shares estimated Black-Scholes option pricing model\n assumptions\n Company issued 266 231 183 ESPP 2019 2018 2017\n price per share $86. $77. $73. December 2019 expects $3,531 unamortized compensation cost\n employee purchases ESPP. 37 years.\n Expected life years.\n Volatility 36% - 37% 33% - 40% 29% - 37%\n Risk-free interest rate. 58 - 2. 43%. 76%. 50%. 16%\n Dividend yield" +} +{ + "_id": "d1b323740", + "title": "", + "text": "We engaged with Dell in the following ongoing related party transactions, which resulted in costs to us:\n• We purchase and lease products and purchase services from Dell.\n• From time to time, we and Dell enter into agreements to collaborate on technology projects, and we pay Dell for services provided to us by Dell related to such projects.\n• In certain geographic regions where we do not have an established legal entity, we contract with Dell subsidiaries for support services and support from Dell personnel who are managed by us. The costs incurred by Dell on our behalf related to these employees are charged to us with a mark-up intended to approximate costs that would have been incurred had we contracted for such services with an unrelated third party. These costs are included as expenses on our consolidated statements of income and primarily include salaries, benefits, travel and occupancy expenses. Dell also incurs certain administrative costs on our behalf in the U.S. that are recorded as expenses on our consolidated statements of income.\n• In certain geographic regions, Dell files a consolidated indirect tax return, which includes value added taxes and other indirect taxes collected by us from our customers. We remit the indirect taxes to Dell and Dell remits the tax payment to the foreign governments on our behalf.\n• From time to time, we invoice end users on behalf of Dell for certain services rendered by Dell. Cash related to these services is collected from the end user by us and remitted to Dell.\n• From time to time, we also enter into agency arrangements with Dell that enable us to sell our subscriptions and services, leveraging the Dell enterprise relationships and end customer contracts.\nInformation about our payments for such arrangements during the periods presented consisted of the following (table in millions):\n1) Amount includes indirect taxes that were remitted to Dell during the periods presented.\nWe also purchase Dell products through Dell’s channel partners. Purchases of Dell products through Dell’s channel partners were not significant during the periods presented.\n\n | | For the Year Ended | \n------------------------------------------------------------- | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nPurchases and leases of products and purchases of services(1) | $242 | $200 | $142 \nDell subsidiary support and administrative costs | 119 | 145 | 212 \n\nengaged with Dell in transactions resulted in costs\n purchase lease products services from Dell.\n Dell agreements collaborate on technology projects pay Dell for services.\n regions legal entity contract with Dell subsidiaries for support services Dell personnel managed. costs incurred Dell charged with mark-up. costs included on consolidated statements income salaries benefits travel occupancy expenses. Dell incurs administrative costs.\n regions Dell files consolidated indirect tax return includes value added taxes indirect taxes. remit taxes to Dell Dell remits tax payment to foreign governments.\n invoice end users Dell for services. Cash collected remitted to Dell.\n enter agency arrangements with Dell sell subscriptions services Dell relationships end customer contracts.\n payments for arrangements periods\n Amount includes indirect taxes.\n purchase Dell products through channel partners. not significant periods.\n Year Ended\n January 31, 2020 February 1, 2019 February 2, 2018\nPurchases $242 $200\n Dell subsidiary costs 119 145 212" +} +{ + "_id": "d1b344ce2", + "title": "", + "text": "Base Salary. The base salary for each NEO is determined on the basis of the following factors: scope of responsibilities, experience, skills, performance, expected future contribution, base salary levels in effect for comparable positions at the companies in the Peer Group (as described on page 42 below under “Use of Peer Group Compensation Data”) and other competitive market factors. Generally, the Committee reviews the base salary levels of our NEOs annually as part of the Company’s performance review process as well as upon a promotion or other change of position or level of responsibility. Merit-based increases to the base salaries of our NEOs (other than our CEO) are recommended by our CEO to the Committee, and all increases are based on the Committee’s (and in the case of our CEO, the Board’s) review and assessment of the factors described above.\nThe Compensation Committee reviews compensation levels at the beginning of each fiscal year and adjusts as needed based upon market data and executive achievement. The Committee reviewed the base salaries of our executive officers, including our NEOs, for fiscal year 2019 and increased the salaries of our CEO and CFO in light of their contributions in fiscal year 2018, including, among other considerations, the successful execution and integration of the AvComm and Wireless acquisition and to reflect the Committee’s review of current peer and market compensation data. Mr. Staley’s salary was also increased to reflect the Committee’s review of current peer and market compensation data as well as his contributions in fiscal year 2019, including the integration of AvComm and Wireless sales into our global sales organization. The Committee did not increase the salaries of any of our other NEOs because the Committee determined that the existing base salaries were appropriate for each of these NEOs.\nActual base salaries paid to our NEOs in fiscal year 2019 are set forth in the “Salary” column of the Fiscal 2019 Summary Compensation Table on page 44.\n\n | Fiscal Year 2018 | Fiscal Year 2019 | \n----------------------- | ---------------- | ---------------- | -------------------\nNamed Executive Officer | Base Salary | Base Salary | Percentage Increase\nOleg Khaykin | $750,000 | $800,000 | 6.7% \nAmar Maletira | $425,000 | $500,000 | 17.7% \nPaul McNab | $435,000 | $435,000 | — \nLuke Scrivanich | $372,000 | $372,000 | — \nGary Staley | $360,000 | $375,000 | 4.2% \n\nBase Salary. NEO determined factors responsibilities experience skills performance future contribution levels comparable Peer Group competitive market factors. Committee reviews base salary annually performance review promotion change position responsibility. Merit-based increases recommended by CEO increases based on Committee’s Board’s review assessment.\n Compensation Committee reviews compensation levels each fiscal year adjusts market data executive achievement. reviewed base salaries executive officers 2019 increased salaries CEO CFO contributions fiscal 2018 AvComm and Wireless acquisition peer market compensation data. Mr. Staley’s salary increased contributions 2019 integration AvComm and Wireless sales. Committee increase salaries other NEOs existing base salaries appropriate.\n Actual base salaries NEOs fiscal year 2019 in “Salary” column Fiscal 2019 Summary Compensation Table page 44.\n Fiscal Year 2018 2019\n Named Executive Officer Base Salary Percentage Increase\n Oleg Khaykin $750,000 $800,000 6.\n Maletira $425,000 $500,000.\n Paul McNab $435,000\n Scrivanich\n Gary Staley $360,000." +} +{ + "_id": "d1b2fa4da", + "title": "", + "text": "Other Income/Expense\nThe following table details our other income/expenses for the years ended September 30, 2019 and 2018:\nThe decrease to other income (expenses) for the fiscal year ended September 30, 2019 as compared to the fiscal year ended September 30, 2018 was primarily driven by a decrease in Other income, net of $0.3 mil.\n\n | For the year ended | | \n--------------------------------- | ---------------------- | ------------------ | -------------------\n | September 30, 2019 | September 30, 2018 | Increase (Decrease)\n | (Amounts in thousands) | | \nInterest expense | $(99) | $(85) | $(14) \nInterest income | 323 | 20 | 303 \nForeign exchange gain (loss) | 157 | 263 | (106) \nOther income, net | 3 | 297 | (294) \nTotal other income (expense), net | $384 | $495 | $(111) \n\nIncome/Expense\n table details 2019 2018:\n decrease 2019 2018 driven decrease income $0. 3 mil.\n 2019 2018 Increase\n thousands\n Interest expense $(99) $(85) $(14)\n Interest income 323 20 303\n Foreign exchange gain 157 263 (106)\n Other income net 3 297 (294)\n $384 $495 $(111)" +} +{ + "_id": "d1b329a00", + "title": "", + "text": "SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES\nPayroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. Selling, general and administrative expenses (\"SG&A\"), which include costs of marketing, distribution, accounting and corporate overhead, were $174.8 million in fiscal 2019, a decrease of $4.5 million, or 2.5%, compared to fiscal 2018. As a percent of net sales, selling, general and administrative expense increased from 11.9% in fiscal 2018 to 12.8% in fiscal 2019, due to the decrease in net sales in fiscal 2019. Selling, general and administrative expenses (\"SG&A\"), which include costs of marketing, distribution, accounting and corporate overhead, were $174.8 million in fiscal 2019, a decrease of $4.5 million, or 2.5%, compared to fiscal 2018. As a percent of net sales, selling, general and administrative expense increased from 11.9% in fiscal 2018 to 12.8% in fiscal 2019, due to the decrease in net sales in fiscal 2019.\nPayroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. Payroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. Payroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018.\nSG&A expense was $42.3 million for the thirteen weeks ended June 1, 2019, a decrease of $7.4 million, or 14.8%,\ncompared to $49.7 million for the thirteen weeks ended June 2, 2018. The decrease in specialty egg expense for the\nfiscal 2019 fourth quarter is attributable to the timing of advertising and promotions as well as a decrease in specialty\negg dozens sold resulting in decreased franchise expense. Payroll and overhead decreased $526,000, or 5.2%, compared\nto the same period of last year due to timing of bonus accruals. Stock compensation expense relates to the amortization\nof compensation expense for grants of restricted stock and is dependent on the closing prices of the Company's stock\non the grant dates. The weighted average grant date fair value of our restricted stock awards at June 1, 2019, was\n$43.20, a 2.1% increase over the value of $42.30 at June 2, 2018. Other expenses decreased 27.6% from $8.4 million\nfor the thirteen weeks ended June 2, 2018 to $6.1 million for the same period of fiscal 2019 primarily due to a reduction\nin the liability for incurred but not reported insurance claims at June 1, 2019 as well as a reduction in legal expenses.\n\n | Fiscal Years Ended | | | \n---------------------- | ------------------ | ------------ | -------- | --------------\n(Amounts in thousands) | June 1, 2019 | June 2, 2018 | Change | Percent Change\nSpecialty egg | $53,263 | $54,300 | $(1,037) | (1.9)% \nDelivery expense | 53,595 | 53,177 | 418 | 0.8% \nPayroll and overhead | 38,343 | 37,191 | 1,152 | 3.1% \nStock compensation | 3,619 | 3,467 | 152 | 4.4% \nOther expenses | 25,975 | 31,181 | (5,206) | (16.7)% \nTotal | $174,795 | $179,316 | $(4,521) | (2.5)% \n\nSELLING GENERAL ADMINISTRATIVE EXPENSES\n Payroll overhead increased $1. 2 million 3. 1% due annual salary increases. percentage net sales payroll overhead 2. 8% 2. 5% 2019 2018. delivery expense 3. 9% 3. 5%. Other expenses decreased $5. 2 million 16. 7% due to reduced legal expense settlement antitrust claims. 2018 special shareholders meeting July 2018. Insurance expense flat liability offset increases premiums. Selling administrative expenses $174. 8 million 2019 decrease $4. 5 million 2. 5%. expense increased from 11. 2018 to 12. 8% 2019. $174. 8 million 2019 decrease $4. 5 million 2. 5% compared. increased from 11. 9% 2018 to 12. 8% 2019 sales.\n Payroll overhead increased $1. 2 million 3. 1% due annual salary increases. percentage net sales payroll overhead 2. 8% 2. 5% 2019. delivery expense 3. 9% 3.5% 2019 2018. expenses decreased $5. 2 million 16. 7% due reduced legal expense settlement antitrust claims. 2018 included costs special shareholders meeting July 2018. Insurance expense flat liability offset increases premiums. Payroll overhead increased $1. 2 million 3. 1% annual salary increases. net sales payroll overhead 2. 8% 2. 5% 2019. delivery expense 3. 3. 5% 2019. Other expenses decreased $5. 2 million 16. 7% due reduced legal expense settlement antitrust claims. costs special shareholders meeting July 2018. Insurance expense flat liability offset premiums. Payroll overhead increased $1. 2 million 3. 1% due annual salary increases. net sales payroll overhead 2. 8% 2. 5% 2019 2018. delivery expense 3. 9% 3. 5%. Other expenses decreased $5. 2 million 16. 7% due reduced legal expense settlement antitrust claims. costs preparation special shareholders meeting July.Insurance expense expenses flat liability claims offset increases premiums 2019.\n SG&A expense $42. 3 million thirteen weeks June 1 2019 decrease $7. 4 million. 8%\n $49. 7 million 2 2018. decrease specialty egg expense\n 2019 timing advertising promotions\n egg dozens franchise expense. Payroll overhead decreased $526,000 5. 2%\n last year timing bonus accruals. Stock compensation expense\n dependent closing prices\n grant dates. average grant date value stock awards June 1 2019\n $43. 20 2. 1% increase $42. 30 June 2 2018. Other expenses decreased 27. 6% from $8. 4 million\n to $6. 1 million 2019\n liability insurance claims legal expenses.\n June 1 2019 2018\n Specialty egg $53,263 $54,300.\n Delivery expense 53,595.\n Payroll overhead 38,343 37,191.\ncompensation 3,619 3,467.\n expenses 25,975 31,181 (5,206.\n $174,795 $179,316." +} +{ + "_id": "d1b314eca", + "title": "", + "text": "The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net loss, the most directly comparable financial measure presented in accordance with U.S. GAAP:\n(a) Represents new store marketing allowance of $1,000 for each store added to our distribution network, as well as the non-capitalized freight costs associated with Freshpet Fridge replacements. The expense enhances the overall marketing spend to support our growing distribution network.\n(b) Represents additional operating costs incurred in connection with the start-up of our new manufacturing lines as part of the Freshpet Kitchens expansion project in 2016 that included adding two additional product lines.\n(c) Represents the change of fair value for the outstanding common stock warrants. All outstanding warrants were converted to common stock in September 2017.\n(d) Represents fees associated with secondary public offerings of our common stock\n(e) Represents charges associated with our former Chief Executive Officer’s separation agreement as well as changes in estimates associated with leadership transition costs.\n(f) Represents fees associated with two securities lawsuits\n\n | Twelve Months Ended December 31, | | | | \n----------------------------------- | -------------------------------- | -------- | -------- | -------- | --------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | (Dollars in thousands) | | | | \nNet loss | $(1,383) | $(5,361) | $(4,262) | $(3,161) | $(3,711)\nDepreciation and amortization | 15,921 | 14,068 | 12,692 | 9,887 | 7,574 \nInterest expense | 991 | 296 | 910 | 698 | 455 \nIncome tax expense | 144 | 77 | 75 | 66 | 58 \nEBITDA | $15,673 | $9,080 | $9,414 | $7,490 | $4,376 \nLoss on disposal of equipment | 787 | 142 | 104 | 190 | 94 \nNon-cash share-based compensation | 7,834 | 6,808 | 4,438 | 4,193 | 3,924 \nLaunch expense (a) | 4,563 | 3,540 | 3,066 | 2,813 | 2,626 \nPlant start-up expenses (b) | — | — | — | 1,628 | — \nWarrant fair valuation (c) | — | — | 335 | 49 | (503) \nSecondary offering expenses (d) | 302 | 362 | — | — | 593 \nLeadership transition expenses (e) | — | — | 63 | 1,291 | — \nLitigation expense (f) | — | 348 | 145 | — | — \nAdjusted EBITDA | $29,159 | $20,280 | $17,565 | $17,654 | $11,110 \nAdjusted EBITDA as a % of Net Sales | 11.9% | 10.5% | 11.5% | 13.6% | 9.8% \n\ntable EBITDA Adjusted EBITDA to net loss. GAAP\n new store marketing allowance $1,000 non-capitalized freight costs Freshpet Fridge replacements. enhances marketing spend.\n operating costs new manufacturing lines Freshpet Kitchens expansion project 2016 product lines.\n fair value common stock warrants. converted common stock September 2017.\n fees secondary public offerings\n Chief Executive Officer’s separation agreement leadership transition costs.\n securities lawsuits\n Twelve Months Ended December\n Net loss $(1,383) $(5,361 $(4,262)\n Depreciation amortization 15,921 14,068 12,692 9,887\n Interest expense 991 296 698\n Income tax expense 144\n EBITDA $15,673 $9,080 $9,414 $7,490 $4,376\n Loss on disposal equipment 787 142 104 190 94\nNon-cash share compensation 7,834 6,808 4,438 3,924\n Launch 4,563 3,540 3,066 2,813 2,626\n start-up expenses 1,628\n Warrant valuation 335\n Secondary offering 302 362\n Leadership transition expenses 1,291\n Litigation expense 348 145\n Adjusted EBITDA $29,159 $20,280 $17,565 $17,654 $11,110\n EBITDA Net Sales." +} +{ + "_id": "d1b36a0c8", + "title": "", + "text": "Global Financing Financial Position Key Metrics\n(1) Includes deferred initial direct costs which are eliminated in\nIBM’s consolidated results.\n(2) Includes intercompany mark-up, priced on an arm’s-length basis, on products purchased from the company’s product divisions which is eliminated in IBM’s consolidated results.\n(3) Entire amount eliminated for purposes of IBM’s consolidated results and therefore does not appear in the Consolidated Balance Sheet.\n(4) These assets, along with all other financing assets in this table, are\nleveraged at the value in the table using Global Financing debt.\nAt December 31, 2019, substantially all financing assets were IT-related assets, and approximately 62 percent of the total external portfolio was with investment-grade clients with no direct exposure to consumers, an increase of 7 points year to year. This investment-grade percentage is based on the credit ratings of the companies in the portfolio.\nWe have a long-standing practice of taking mitigation actions, in certain circumstances, to transfer credit risk to third parties, including credit insurance, financial guarantees, nonrecourse borrowings, transfers of receivables recorded as true sales in\naccordance with accounting guidance or sales of equipment under operating lease. Adjusting for the mitigation actions, the investment-grade content would increase to 67 percent, a decrease of 3 points year to year.\n\n($ in millions) | | \n------------------------------------------------------------ | ------- | -------\nAt December 31: | 2019 | 2018 \nCash and cash equivalents | $ 1,697 | $ 1,833\nNet investment in sales-type and direct financing leases (1) | 6,224 | 6,924 \nEquipment under operating leases— external clients (2) | 238 | 444 \nClient loans | 12,884 | 12,802 \nTotal client financing assets | 19,346 | 20,170 \nCommercial financing receivables | 3,820 | 11,838 \nIntercompany financing receivables (3) (4) | 3,870 | 4,873 \nTotal assets | $29,568 | $41,320\nDebt | 24,727 | 31,227 \nTotal equity | $ 2,749 | $ 3,470\n\nGlobal Financing Financial Position\n Includes deferred costs eliminated\n results.\n intercompany mark-up products eliminated results.\n eliminated Balance Sheet.\n leveraged Global Financing debt.\n December 31, 2019 financing assets IT-related 62 percent portfolio investment-grade clients no direct exposure increase 7 points year.-grade percentage based credit ratings.\n mitigation actions credit risk third parties insurance financial guarantees nonrecourse borrowings transfers receivables\n equipment lease. investment-grade content 67 percent decrease 3 points year to year.\n December 31\n Cash equivalents $ 1,697 $ 1,833\n investment sales direct financing leases 6,224\n Equipment operating\n Client loans 12,884\n financing assets 19,346 20,170\n Commercial financing receivables 3,820,838\n Intercompany financing receivables 3,870\n Total assets $29,568 $41,320\n Debt 24,727 31,227\nequity 2,749" +} +{ + "_id": "d1b3c40aa", + "title": "", + "text": "The following table sets forth a summary of our cash flows for the periods indicated (in thousands):\nOur cash flows from operating activities are significantly influenced by our growth, ability to maintain our contractual billing and collection terms, and our investments in headcount and infrastructure to support anticipated growth. Given the seasonality and continued growth of our business, our cash flows from operations will vary from period to period.\nCash provided by operating activities was $115.5 million in 2019, compared to $90.3 million in 2018. The increase in operating cash flow was primarily due to improved profitability, improved collections, and other working capital changes in 2019 when compared to 2018.\n\n | | Year Ended December 31, | \n--------------------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nNet cash provided by operating activities | $115,549 | $90,253 | $67,510 \nNet cash used in investing activities | (97,727) | (20,876) | (36,666)\nNet cash provided by (used in) financing activities | 14,775 | (278,016) | 276,852 \n\ntable cash flows\n cash flows influenced growth billing collection terms investments headcount infrastructure. cash flows vary.\n $115. 5 million 2019 $90. 3 million 2018. increase due improved profitability collections working capital changes 2019 2018.\n Ended December 31,\n 2019 2018 2017\n Net cash operating activities $115,549 $90,253 $67,510\n investing activities (97,727) (20,876) (36,666)\n financing activities 14,775 (278,016) 276,852" +} +{ + "_id": "d1b321b70", + "title": "", + "text": "ISU plan\nThe Corporation offers to its executive officers and designated employees an Incentive Share Unit (\"ISU\") Plan. According to this plan, executive\nofficers and designated employees periodically receive a given number of ISUs which entitle the participants to receive subordinate voting shares of the Corporation after three years less one day from the date of grant.\nThe number of ISUs is based on the dollar value of the award and the average closing stock price of the Corporation for the previous twelve month period ending August 31. A trust was created for the purpose of purchasing these shares on the stock market in order to protect against stock price fluctuation and the Corporation instructed the trustee to purchase subordinate voting shares of the Corporation on the stock market. These shares are purchased and are held in trust for the participants until they are fully vested.\nThe trust, considered as a special purpose entity, is consolidated in the Corporation’s financial statements with the value of the acquired subordinate voting shares held in trust under the ISU Plan presented in reduction of share capital.\nUnder the ISU Plan, the following ISUs were granted by the Corporation and are outstanding at August 31:\nA compensation expense of $2,046,000 ($2,461,000 in 2018) was recorded for the year ended August 31, 2019 related to this plan.\n\nYears ended August 31, | 2019 | 2018 \n---------------------------------- | -------- | --------\nOutstanding, beginning of the year | 105,475 | 101,538 \nGranted | 37,600 | 47,900 \nDistributed | (44,470) | (35,892)\nCancelled | (26,780) | (8,071) \nOutstanding, end of the year | 71,825 | 105,475 \n\n\n Corporation offers officers employees Incentive Share Unit Plan.\n employees receive ISUs voting shares after three years grant.\n ISUs based on dollar value average closing stock price previous twelve month August 31. trust created purchasing shares price fluctuation. shares purchased held trust until fully vested.\n trust consolidated financial statements with acquired shares capital.\n ISUs granted outstanding at August 31\n compensation expense $2,046,000 ($2,461,000 2018) recorded year ended August 31, 2019.\n Years ended August 2019 2018\n Outstanding beginning 105,475 101,538\n Granted 37,600 47,900\n Distributed (44,470) (35,892)\n Cancelled (26,780) (8,071)\n Outstanding end year 71,825 105,475" +} +{ + "_id": "d1b366ce8", + "title": "", + "text": "Note 15. Employee Benefit Plans\nDefined Benefit Plans\nThe Company has defined benefit pension plans that cover certain French and German employees. Most of these defined pension plans, which were acquired in the Atmel and Microsemi acquisitions, are unfunded. Plan benefits are provided in accordance with local statutory requirements. Benefits are based on years of service and employee compensation levels. Pension liabilities and charges are based upon various assumptions, updated annually, including discount rates, future salary increases, employee turnover, and mortality rates. The Company’s French pension plan provides for termination benefits paid to covered French employees only at retirement, and consists of approximately one to five months of salary. The Company's German pension plan provides for defined benefit payouts for covered German employees following retirement.\nThe aggregate net pension expense relating to these two plans is as follows (in millions):\nInterest costs and amortization of actuarial losses are recorded in the other (loss) income, net line item in the statements of income.\n\n | | Year Ended March 31, | \n------------------------------ | ---- | -------------------- | ----\n | 2019 | 2018 | 2017\nService costs | $1.5 | $2.2 | $1.4\nInterest costs | 1.1 | 1.0 | 1.0 \nAmortization of actuarial loss | 0.4 | 0.8 | — \nSettlements | — | — | 0.5 \nNet pension period cost | $3.0 | $4.0 | $2.9\n\n15. Employee Benefit Plans\n Company pension plans French German employees. acquired Atmel Microsemi unfunded. benefits local statutory requirements. Benefits based on years service employee compensation. Pension liabilities charges assumptions updated annually discount rates future salary increases turnover mortality rates. French pension plan termination benefits retirement one to five months salary. German pension plan defined benefit payouts German employees retirement.\n net pension expense\n Interest costs amortization actuarial losses recorded statements.\n March\n Service costs $1.\n Interest costs.\n Amortization actuarial loss.\n.\n Net pension period cost $3. $4." +} +{ + "_id": "d1b382cea", + "title": "", + "text": "Cubic Transportation Systems\nSales: CTS sales increased 16% to $670.7 million in 2018 compared to $578.6 million in 2017 and were higher in North America and the U.K., but were slightly lower in Australia. Sales in 2018 were higher in the U.S. primarily due to system development on the New York New Fare Payment System contract, which was awarded in October 2017. Increased work on both development and service contracts, including work on new change orders in London also increased CTS sales for the year. Sales were also positively impacted in the U.K. and Australia due to the impact of exchange rates. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in an increase in CTS sales of $12.4 million for 2018 compared to 2017, primarily due to the strengthening of the British Pound against the U.S. dollar.\nAmortization of Purchased Intangibles: Amortization of purchased intangibles included in the CTS operating results totaled $5.2 million in 2018 and $5.7 million in 2017.\nOperating Income: CTS operating income increased 52% in 2018 to $60.4 million compared to $39.8 million in 2017. For 2018, operating income was higher from increased volumes of system development work and services, including work on new projects and change orders, primarily in North America and the U.K. Operating income was also higher due to operational efficiencies and reductions in R&D spending. R&D expenses for CTS in 2017 included $6.4 million of system development expenses related to our anticipated contract with the New York Metropolitan Transit Authority that was awarded in early fiscal 2018; such expenses incurred in 2018 on this contract are classified as cost of sales. During the first quarter of fiscal year 2018 CTS implemented our new enterprise resource planning (ERP) system, and as a result began depreciating the cost of certain capitalized software into its operating results. This resulted in a decrease in operating income of $4.2 million between fiscal 2017 and fiscal 2018. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar resulted in an increase in CTS operating income of $2.2 million for 2018 compared to 2017.\nAdjusted EBITDA: CTS Adjusted EBITDA increased 50% to $73.3 million in 2018 compared to $48.8 million in 2017 primarily due to the same items described in the operating income section above. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above excluding the increase in depreciation and decrease in amortization which are excluded from Adjusted EBITDA.\n\n | Fiscal 2018 | Fiscal 2017 | % Change\n---------------- | ----------- | ------------- | --------\n | | (in millions) | \nSales | $ 670.7 | $ 578.6 | 16 % \nOperating income | 60.4 | 39.8 | 52 \nAdjusted EBITDA | 73.3 | 48.8 | 50 \n\nTransportation Systems\n Sales CTS sales increased 16% $670. 7 million 2018 $578. 6 million 2017 higher North America U. K. lower Australia. Sales higher U. S. due New York New Fare Payment System contract 2017. Increased development service contracts change orders London increased sales. Sales impacted U. K. Australia exchange rates. rates. sales $12. 4 million strengthening British Pound. dollar.\n Amortization Purchased Intangibles $5. 2 million 2018 $5. 7 million 2017.\n Operating Income CTS income increased 52% 2018 $60. 4 million $39. 8 million 2017. higher increased development services projects North America U. K. operational efficiencies reductions R&D spending. $6. 4 million development expenses contract New York Metropolitan Transit Authority 2018 cost sales. implemented planning system cost capitalized software results. operating income $4. 2 million 2017 2018. average exchange rates. CTS operating income $2. 2 million 2018 2017.\n Adjusted EBITDA increased 50% $73. 3 million 2018 $48. 8 million 2017 due operating income. increase driven factors excluding depreciation amortization.\n 2018 2017\n millions\n Sales $. 7 $. 6 16 %\n Operating income 60. 4 39. 52\n Adjusted EBITDA 73. 3 48. 8" +} +{ + "_id": "d1a71cca8", + "title": "", + "text": "SIGNIFICANT ASSUMPTIONS\nWe used the following key assumptions to measure the post-employment benefit obligations and the net benefit plans cost for the DB pension plans and OPEB plans. These assumptions are long-term, which is consistent with the nature of post-employment benefit plans.\n(1) Cost of living indexation rate is only applicable to DB pension plans\nThe weighted average duration of the post-employment benefit obligation is 14 years.\nWe assumed the following trend rates in healthcare costs: • an annual increase in the cost of medication of 6.5% for 2019 decreasing to 4.0% over 20 years • an annual increase in the cost of covered dental benefits of 4% • an annual increase in the cost of covered hospital benefits of 3.7% • an annual increase in the cost of other covered healthcare benefits of 4%\nAssumed trend rates in healthcare costs have a significant effect on the amounts reported for the healthcare plans.\n\n | DB PENSION PLANS AND OPEB PLANS | \n----------------------------------- | ------------------------------- | -----\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \nPost-employment benefit obligations | | \nDiscount rate | 3.1% | 3.8% \nRate of compensation increase | 2.25% | 2.25%\nCost of living indexation rate (1) | 1.6% | 1.6% \nLife expectancy at age 65 (years) | 23.2 | 23.1 \n\nASSUMPTIONS\n used assumptions post benefit obligations net cost DB pension OPEB plans. assumptions long-term consistent plans.\n Cost of living indexation rate DB pension plans\n average duration post-employment benefit obligation 14 years.\n assumed trend rates healthcare costs increase medication. 5% 2019. 0% 20 years dental benefits 4% hospital benefits. 7% other healthcare benefits 4%\n rates healthcare plans.\n PENSION PLANS OPEB PLANS\n Post-employment benefit obligations\n Discount rate. 1%.\n compensation increase. 25%.\n Cost of living indexation rate.\n Life expectancy 65." +} +{ + "_id": "d1b38d3fc", + "title": "", + "text": "Property and equipment consist of the following (in thousands):\nDepreciation expense was $1.2 million and $1.6 million for the years ended December 31, 2019 and 2018, respectively.\nAmortization of capitalized internal-use software and website development costs was $157,000 and $247,000 for the years ended December 31, 2019 and 2018, respectively.\n\nDecember 31, | | \n--------------------------------------------------------- | -------- | --------\n | 2019 | 2018 \nComputer hardware and software | $3,427 | $3,353 \nOffice equipment and office furniture | 8,148 | 7,814 \nCapitalized internal-use software and website development | 4,390 | 4,383 \nLeasehold improvements | 6,247 | 6,140 \n | 22,212 | 21,690 \nLess accumulated depreciation and amortization | (19,230) | (17,900)\nTotal | $2,982 | $3,790 \n\nProperty equipment\n Depreciation $1. 2 million $1. 6 million December 2019 2018.\n Amortization software website $157,000 $247,000.\n Computer hardware software $3,427 $3,353\n Office equipment furniture 8,148\n software website development 4,390\n Leasehold improvements 6,247\n depreciation amortization (19,230\n $2,982 $3,790" +} +{ + "_id": "d1b2e6d90", + "title": "", + "text": "The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the award vesting term of four years. Forfeitures are accounted for as they occur.\nTotal stock-based compensation cost capitalized in inventory was less than $0.8 million in the years ended December 31, 2019, 2018 and 2017.\nAs of December 31, 2019, $7.8 million of unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 2.1 years and $41.3 million of unrecognized compensation cost related to unvested RSUs is expected to be recognized over a weighted-average period of 2.2 years. If there are any modifications or cancellations of the underlying unvested awards, the Company may be required to accelerate, increase or cancel all or a portion of the remaining unearned stock-based compensation expense.\nThe  following  table  sets  forth  the  stock-based  compensation  expense  resulting  from  stock  options,  RSUs,  and  the  ESPP  included  in  the  Company’s consolidated statements of operations:\n\n | | Year Ended December 31, | \n-------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \n | | (In thousands) | \nCost of revenue | $2,843 | $2,435 | $1,406 \nResearch and development | 6,532 | 4,283 | 2,968 \nSales and marketing | 9,069 | 8,267 | 5,481 \nGeneral and administrative | 10,693 | 11,476 | 9,114 \nTotal | $29,137 | $26,461 | $18,969\n\nCompany recognizes compensation costs service period four years. Forfeitures accounted.\n stock-based compensation cost less than $0. 8 million December 2019 2018 2017.\n December 2019 $7. 8 million unrecognized stock options 2. 1 years $41. 3 million unvested RSUs 2. years. modifications cancellations awards accelerate increase cancel unearned stock compensation expense.\n table stock-based compensation expense stock options RSUs ESPP consolidated statements operations\n Year Ended December 31,\n Cost revenue $2,843 $2,435 $1,406\n Research development 6,532\n Sales marketing 9,069\n General administrative 10,693\n Total $29,137 $26,461 $18,969" +} +{ + "_id": "d1b36e844", + "title": "", + "text": "Note 11. Non-current assets - deferred tax assets\nCritical accounting judgements, estimates and assumptions\nDeferred tax assets are recognised for deductible temporary differences only if the Group considers it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Calculation of future taxable amounts involve the use of assumptions and management judgments.\nA deferred tax asset can only be recorded for the portion of a potential benefit where utilisation is considered probable. The assessment of future taxable amounts involves the use of assumptions and management judgments. The Group has fully recognised a deferred tax asset of $79.3m in relation to assets previously transferred to USA. It is considered probable that there will be future taxable income in the USA to fully realise these temporary differences.\n\nConsolidated | | \n------------------------------------------------------------------- | ------ | ------\n | 2019 | 2018 \n | US$000 | US$000\nDeferred tax asset comprises temporary differences attributable to: | | \nAmounts recognised in profit or loss: | | \nTax losses | 2,068 | 688 \nProperty, plant and equipment | (176) | 58 \nEmployee benefits | 608 | 235 \nEmployee entitlements | 714 | - \nIntellectual property | 79,260 | 79,011\nRevenue received in advance | 633 | 1,019 \nProvisions | 1,054 | 328 \nForeign currency translation | 613 | 534 \nTax credits | 17 | - \nDeferred rent | 82 | 163 \n | 84,873 | 82,036\nAmounts recognised in equity: | | \nTransaction costs on share issue | - | 84 \nDeferred tax asset | 84,873 | 82,120\nAmount expected to be recovered within 12 months | 26,588 | 26,995\nAmount expected to be recovered after more than 12 months | 58,285 | 55,125\nMovements: | | \nOpening balance | 82,120 | 82,946\nCredited/(charged) to profit or loss (note 5) | 2,440 | (933) \nAdditions through business combinations (note 28) | 314 | 105 \nTranslation differences | (1) | 2 \nClosing balance | 84,873 | 82,120\n\n11. Non-current assets deferred tax assets\n assets recognised for deductible differences Group probable future taxable amounts. Calculation amounts assumptions management judgments.\n deferred tax asset recorded potential benefit probable. Group recognised deferred tax asset $79. 3m assets transferred USA. probable future taxable income USA temporary differences.\n Deferred tax asset comprises temporary differences\n Amounts recognised profit loss\n Tax losses 2,068\n Property plant equipment\n Employee benefits\n entitlements\n Intellectual property 79,260\n Revenue received advance\n Provisions\n Foreign currency translation\n Tax credits\n Deferred rent\n 84,873\n Amounts recognised in equity\n Transaction costs on share issue\n Deferred tax asset\n recovered within 12 months 26,588\n after more 12 months 58,285 55,125\nbalance 82,120\n Credited profit loss 2,440\n Additions 314\n Translation differences\n Closing balance 84,873 82,120" +} +{ + "_id": "d1b2ebf84", + "title": "", + "text": "1. Description of the business and summary of significant accounting policies: (Continued)\nShares of restricted stock are included in the computation of basic EPS as they vest and are included in diluted EPS, to the extent they are dilutive, determined using the treasury stock method.\nThe following details the determination of the diluted weighted average shares:\n\n | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017\n------------------------------------ | ---------------------------- | ---------------------------- | ----------------------------\nWeighted average common shares—basic | 45,542,315 | 45,280,161 | 44,855,263 \nDilutive effect of stock options | 32,222 | 33,134 | 31,534 \nDilutive effect of restricted stock | 505,858 | 467,659 | 297,406 \n | 46,080,395 | 45,780,954 | 45,184,203 \n\n. business accounting policies\n Shares restricted stock basic EPS diluted EPS treasury stock method.\n diluted average shares\n 2019 2018 2017\n Weighted average 45,542,315 45,280,161 44,855,263\n Dilutive stock options 32,222 33,134 31,534\n restricted stock 505,858,659 297,406\n 46,080,395 45,780,954 45,184,203" +} +{ + "_id": "d1b341f9c", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n23. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)\nSelected quarterly financial data for the years ended December 31, 2019 and 2018 is as follows (in millions, except per share data):\n(1) Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses.\n\n | | Three Months Ended | | | \n------------------------------------------------------------------------------------------- | --------- | ------------------ | ------------- | ------------ | -----------------------\n | March 31, | June 30, | September 30, | December 31, | Year Ended December 31,\n2018: | | | | | \nOperating revenues | $1,741.8 | $1,780.9 | $1,785.5 | $2,131.9 | $7,440.1 \nCosts of operations (1) | 519.9 | 560.3 | 556.7 | 540.9 | 2,177.8 \nOperating income | 402.9 | 546.0 | 567.2 | 388.9 | 1,905.0 \nNet income | 280.3 | 314.4 | 377.3 | 292.7 | 1,264.7 \nNet income attributable to American Tower Corporation stockholders | 285.2 | 306.7 | 366.9 | 277.6 | 1,236.4 \nDividends on preferred stock | (9.4) | — | — | — | (9.4) \nNet income attributable to American Tower Corporation common stockholders | 275.8 | 306.7 | 366.9 | 277.6 | 1,227.0 \nBasic net income per share attributable to American Tower Corporation common stockholders | 0.63 | 0.69 | 0.83 | 0.63 | 2.79 \nDiluted net income per share attributable to American Tower Corporation common stockholders | 0.63 | 0.69 | 0.83 | 0.62 | 2.77 \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions\n. SELECTED QUARTERLY FINANCIAL DATA\n data years December 31, 2019 2018 millions\n Operating expenses Depreciation amortization accretion Selling administrative development Other operating expenses.\n Three Months\n March June September December\n Operating revenues $1,741. $1,780. $1,785. $2,131. $7,440.\n Costs operations 519. 560. 556. 540. 2,177.\n Operating income 402. 546. 567. 388. 1,905.\n income 280. 314. 377. 292. 1,264.\n income American Tower Corporation 285. 306. 366. 277. 1,236.\n Dividends.\n income American Tower Corporation 275. 306. 366. 277. 1,227.\n net income share American Tower Corporation.\nincome share American Tower Corporation. 63. 69. 83. 62." +} +{ + "_id": "d1b3c4302", + "title": "", + "text": "16. Transactions With Affiliate:\nOur business includes certain transactions with our majority shareholder, Kyocera, that are governed by agreements between the parties that define the sales terms,\nincluding pricing for the products. The nature and amounts of transactions with Kyocera are included in the table below.\nKyocera notified AVX pursuant to the Products Supply and Distribution Agreement in December 2016 of its intent, effective January 1, 2018, to market its\nmanufactured electronic and interconnect products globally using Kyocera’s sales force rather than continuing to have AVX resell such products in the Americas,\nEurope and Asia. During fiscal 2017, 2018 and 2019 sales of Kyocera resale products by AVX were $318,928, $296,316 and $18,951, respectively, and related operating\nprofit was $17,076, $18,177 and $3,300, respectively\n\n | | Fiscal Yaar Ended March 31, | \n--------------------------------------------------------------------------------- | ------- | --------------------------- | -------\n | 2017 | 2018 | 2019 \nSales: | | | \nProduct and equipment sales to affliates | $30,303 | $26,069 | $10,436\nPurchases | | | \nPurchases of resale inventories, raw materials, supplies, equipment, and services | 303,793 | 256,660 | 9,399 \nOther | | | \nDividends paid | 52,983 | 54,810 | 56,028 \n\n. Transactions Affiliate\n business includes transactions Kyocera governed agreements sales terms\n pricing. transactions table.\n Kyocera notified AVX 2016 market\n electronic products globally sales force\n. 2017 2018 2019 sales Kyocera $318,928 $296,316 $18,951\n profit $17,076 $18,177 $3,300\n Fiscal Ended March 31,\n 2017 2018 2019\n Sales\n Product equipment sales affliates $30,303 $26,069 $10,436\n resale inventories raw materials supplies equipment services 303,793 256,660 9,399\n Dividends paid 52,983 54,810" +} +{ + "_id": "d1b3ace32", + "title": "", + "text": "The Company’s unused short-term lines of credit amounted to NT$77,658 million and NT$64,169 million as of December 31, 2018 and 2019, respectively.\n(10) Short-Term Loans\n\n | As of December 31, | \n--------------------- | ------------------ | -----------------\n | 2018 | 2019 \n | NT$(In Thousands) | NT$(In Thousands)\nUnsecured bank loans | $7,780,552 | $8,080,200 \nUnsecured other loans | 5,323,256 | 3,935,006 \nTotal | $13,103,808 | $12,015,206 \n\nunused short-term lines NT$77,658 million$64,169 million December 2018 2019.\n Unsecured bank loans $7,780,552\n Unsecured other loans 5,323,256 3,935,006\n $13,103,808 $12,015,206" +} +{ + "_id": "d1a71be0c", + "title": "", + "text": "Assumptions\nWeighted-average actuarial assumptions used to determine net periodic benefit cost and projected benefit obligation for the plans for the fiscal years 2019, 2018 and 2017 were as follows:\n(1) The expected return on plan assets assumption used in calculating net periodic benefit cost is based on historical return experience and estimates of future long-term performance with consideration to the expected investment mix of the plan.\n(2) The discount rate is used to state expected cash flows relating to future benefits at a present value on the measurement date. This rate represents the market rate for high-quality fixed income investments whose timing would match the cash outflow of retirement benefits. Other assumptions include demographic factors such as retirement, mortality and turnover.\n\n | | Pension | \n------------------------------------------- | ---- | ------- | ----\n | 2019 | 2018 | 2017\nNet periodic benefit cost: | | | \nExpected long-term return on plan assets(1) | 3.6% | 3.8% | 3.3%\nRate of compensation increase | 4.4% | 3.3% | 2.7%\nDiscount rate | 2.2% | 2.1% | 1.9%\nProjected benefit obligation: | | | \nExpected long-term return on plan assets | 2.0% | 3.6% | 4.0%\nRate of compensation increase | 4.3% | 4.4% | 4.4%\nDiscount rate(2) | 1.7% | 2.2% | 2.3%\n\n\n Weighted-average net benefit cost projected benefit obligation fiscal years 2019 2018 2017\n expected return plan assets based historical return experience future long-term performance investment mix.\n discount rate cash flows future benefits present value measurement date. represents market rate high-quality fixed income investments cash outflow retirement benefits. assumptions include demographic factors retirement mortality turnover.\n Net periodic benefit cost\n Expected long-term return plan 3. 6%. 8%. 3%\n Rate compensation increase. 4%.\n.\n Projected benefit obligation\n Expected long-term return 2. 0% 3. 6% 4.\n compensation increase.\n. 7%" +} +{ + "_id": "d1b33d9ba", + "title": "", + "text": "LIQUIDITY AND CAPITAL RESOURCES\nOur primary source of cash is from the sale of our software and related services. Our primary use of cash is payment of our operating costs, which consist primarily of employee-related expenses, such as compensation and benefits, as well as general operating expenses for marketing, facilities and overhead costs. In addition to operating expenses, we also use cash to fund our stock repurchase program and invest in our growth initiatives, which include acquisitions of products, technology and businesses. See further discussion of these items below.\nAt January 31, 2019, our principal sources of liquidity were cash, cash equivalents, and marketable securities totaling $953.6 million and net accounts receivable of $474.3 million\nOn December 17, 2018, Autodesk entered into a new Credit Agreement (the “Credit Agreement”) for an unsecured revolving loan facility in the aggregate principal amount of $650.0 million, with an option to request increases in the amount of the credit facility by up to an additional $350.0 million. The Credit Agreement replaced and terminated our $400.0 million Amended and Restated Credit Agreement. The maturity date on the line of credit facility is December 2023. At January 31, 2019, Autodesk had no outstanding borrowings on this line of credit. As of March 25, 2019, we have no amounts outstanding under the credit facility. See Part II, Item 8, Note 8, \"Borrowing Arrangements,\" in the Notes to Consolidated Financial Statements for further discussion on our covenant requirements. If we are unable to remain in compliance with the covenants, we will not be able to draw on our credit facility.\nOn December 17, 2018, we also entered into a Term Loan Agreement (the “Term Loan Agreement”) which provided for a delayed draw term loan facility in the aggregate principal amount of $500.0 million. On December 19, 2018, we borrowed a $500.0 million term loan under the Term Loan Agreement in connection with the acquisition of PlanGrid. See Part II, Item 8,Note 8, \"Borrowing Arrangements,\" in the Notes to Consolidated Financial Statements for further discussion on the Term Loan Agreement terms and Part II, Item 8, Note 6, \"Acquisitions\" for further discussion on the PlanGrid acquisition.\nIn addition to the term loan, as of January 31, 2019, we have $1.6 billion aggregate principal amount of Notes outstanding. See Part II, Item 8, Note 8, \"Borrowing Arrangements,\" in the Notes to Consolidated Financial Statements for further discussion.\nOur cash and cash equivalents are held by diversified financial institutions globally. Our primary commercial banking relationship is with Citigroup and its global affiliates. In addition, Citibank N.A., an affiliate of Citigroup, is one of the lead lenders and agent in the syndicate of our $650.0 million line of credit.\nLong-term cash requirements for items other than normal operating expenses are anticipated for the following: repayment of debt; common stock repurchases; the acquisition of businesses, software products, or technologies complementary to our business; and capital expenditures, including the purchase and implementation of internal-use software applications\nOur cash, cash equivalents, and marketable securities balances are concentrated in a few locations around the world, with substantial amounts held outside of the United States. As of January 31, 2019, approximately 52% of our total cash or cash equivalents and marketable securities are located in foreign jurisdictions and that percentage will fluctuate subject to business needs. There are several factors that can impact our ability to utilize foreign cash balances, such as foreign exchange restrictions, foreign regulatory restrictions or adverse tax costs. The Tax Act includes a mandatory one-time tax on accumulated earnings of foreign subsidiaries and generally eliminates U.S. taxes on foreign subsidiary distributions in future periods. As a result, earnings in foreign jurisdictions are generally available for distribution to the U.S. with little to no incremental U.S. taxes. We regularly review our capital structure and consider a variety of potential financing alternatives and planning strategies to ensure we have the proper liquidity available in the locations in which it is needed. We expect to meet our liquidity needs through a combination of current cash balances, ongoing cash flows, and external borrowings.\nCash from operations could also be affected by various risks and uncertainties, including, but not limited to the risks detailed in Part I, Item 1A titled “Risk Factors.” However, based on our current business plan and revenue prospects, we believe that our existing balances, our anticipated cash flows from operations and our available credit facility will be sufficient to meet our working capital and operating resource expenditure requirements for at least the next 12 months.\nOur revenue, earnings, cash flows, receivables, and payables are subject to fluctuations due to changes in foreign currency exchange rates, for which we have put in place foreign currency contracts as part of our risk management strategy. See Part II, Item 7A, “Quantitative and Qualitative Disclosures about Market Risk” for further discussion.\nNet cash provided by operating activities of $377.1 million for fiscal 2019 consisted of $371.8 million of non-cash expenses, including stock-based compensation expense, restructuring charges, net, depreciation, amortization and accretion expense, offsetting our net loss of $80.8 million, and included $86.1 million of cash flow provided by changes in operating assets and liabilities.\nThe primary working capital source of cash was an increase in deferred revenue from $1,955.1 million as of January 31, 2018, to $2,091.4 million as of January 31, 2019. The primary working capital uses of cash were decreases in accounts payable and other accrued liabilities.\nNet cash used in investing activities was $710.4 million for fiscal 2019 and was primarily due to acquisitions, net of cash acquired and purchases of marketable securities. These cash outflows were partially offset by sales and maturities of marketable securities.\nAt January 31, 2019, our short-term investment portfolio had an estimated fair value of $67.6 million and a cost basis of $62.8 million. The portfolio fair value consisted of $60.3 million of trading securities that were invested in a defined set of mutual funds as directed by the participants in our Deferred Compensation Plan (see Note 7, ���Deferred Compensation,” in the Notes to Consolidated Financial Statements for further discussion) and $7.3 million invested in other available-for-sale shortterm securities.\nNet cash provided by financing activities was $151.9 million in fiscal 2019 and was primarily due to proceeds from debt issuance, net of discount and proceeds from issuance of stock. These cash inflows were partially offset by repurchases of our common stock and taxes paid related to net share settlement of equity awards.\n\n | | Fiscal year ended January 31, | \n--------------------------------------------------- | ------- | ----------------------------- | -------\n(in millions) | 2019 | 2018 | 2017 \nNet cash provided by operating activities | $377.1 | $0.9 | $169.7 \nNet cash (used in) provided by investing activities | (710.4) | 506.4 | 272.0 \nNet cash provided by (used in) financing activities | 151.9 | (656.6) | (578.3)\n\nLIQUIDITY CAPITAL RESOURCES\n primary cash sale software services. operating costs employee-related expenses compensation benefits marketing facilities overhead. cash stock repurchase growth initiatives.\n January 31, 2019 principal sources liquidity cash equivalents marketable securities $953. 6 million net accounts receivable $474. 3 million\n December 17, 2018 Credit Agreement unsecured revolving loan $650. 0 million option $350. 0 million. $400. 0 million Amended Restated Credit Agreement. maturity date December 2023. January 31, 2019 no outstanding borrowings. March 25, 2019 no. Part II Item 8 Note 8 Arrangements Notes Consolidated Financial Statements. draw credit facility.\n December 17, 2018 Term Loan Agreement delayed draw term loan principal $500. 0 million. December 19, 2018 borrowed $500. 0 million term loan acquisition PlanGrid.Part II Item 8 8 Arrangements Notes Consolidated Financial Statements Term Loan Agreement Part II Item 8 Note 6 \"Acquisitions PlanGrid acquisition.\n January 31, 2019 $1. 6 billion Notes outstanding. Part II Item 8 Note 8 Arrangements Statements.\n cash equivalents held diversified financial institutions. banking relationship Citigroup. Citibank N. affiliate Citigroup $650. 0 million line credit.\n Long-term cash requirements repayment debt common stock repurchases acquisition businesses software capital expenditures software\n cash equivalents marketable securities locations amounts outside United States. January 31, 2019 52% cash equivalents securities foreign jurisdictions. foreign cash exchange restrictions regulatory restrictions adverse tax costs. Tax Act-time tax earnings foreign subsidiaries eliminates U. S. taxes distributions. earnings foreign jurisdictions available distribution. little no U. taxes. review capital structure potential financing alternatives strategies liquidity.expect meet liquidity needs cash balances flows external borrowings.\n Cash affected risks. business plan revenue balances cash flows credit facility working capital operating resource expenditure requirements next 12 months.\n revenue earnings cash flows receivables payables foreign currency rates foreign currency contracts risk management strategy. Part II Item 7A Market.\n Net cash $377. 1 million 2019 $371. 8 million non-cash expenses loss $80. 8 million $86. 1 million cash flow operating assets liabilities.\n primary increase deferred revenue $1,955. 1 million to $2,091. 4 million 2019. decreases accounts payable accrued liabilities.\n Net cash investing $710. 4 million due purchases marketable securities. outflows offset sales maturities securities.\n short-term investment portfolio fair value $67. 6 million cost basis $62. 8 million. fair value $60.3 million trading securities mutual funds Deferred Compensation Plan Note 7 Financial Statements $7. 3 million shortterm securities.\n Net cash financing $151. 9 million 2019 due debt discount stock. offset repurchases common stock taxes settlement equity awards.\n Fiscal year January 31,\n Net cash operating activities $377. 1 $0. $169. 7\n investing (710. 4) 506. 4 272.\n financing 151. 9 (656. 6) (578. 3)" +} +{ + "_id": "d1b38268c", + "title": "", + "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS\n(Tabular amounts in millions, unless otherwise disclosed)\nAt December 31, 2019, the Company had net federal, state and foreign operating loss carryforwards available to reduce future taxable income. If not utilized, the Company’s NOLs expire as follows:\n\nYears ended December 31, | Federal | State | Foreign\n------------------------ | ------- | ------ | -------\n2020 to 2024 | $— | $222.3 | $11.9 \n2025 to 2029 | 141.6 | 285.7 | 104.8 \n2030 to 2034 | 7.0 | 41.4 | 19.6 \n2035 to 2039 | 3.6 | 159.5 | — \nIndefinite carryforward | 22.8 | — | 853.8 \nTotal | $175.0 | $708.9 | $990.1 \n\nAMERICAN TOWER CORPORATION SUBSIDIARIES\n FINANCIAL STATEMENTS\n amounts millions\n December 31, 2019 federal state foreign loss carryforwards income. NOLs expire\n Years December 31,\n 2020 2024 $222. $11.\n 2025 2029 141. 104.\n 2030 2034.\n 2035 2039. 159.\n carryforward 22. 853.\n $175. $708. $990." +} +{ + "_id": "d1b3a9692", + "title": "", + "text": "Financial review\n2019 was a challenging year for the retail property sector with the ongoing structural changes and low consumer confidence impacting some weaker retailers and leading to a higher level of CVAs and administrations. This impacted our revenue, net rental income and property valuations, with like-for-like net rental income down 9.1 per cent and the property revaluation deficit was £1,979.7 million.\nFixing the balance sheet is our top strategic priority and although the notes accompanying these financial statements indicate a material uncertainty in relation to intu’s ability to continue as a going concern we have options including alternative capital structures and further disposals to put us on a stronger financial footing.\n1 A reconciliation from the IFRS consolidated income statement to the underlying earnings amounts presented above is provided in presentation of information on page 161.\n2 Other underlying amounts includes net other income, share of underlying profit in associates and any underlying amounts attributable to non-controlling interests.\n3 Other non-underlying amounts includes losses on disposal of subsidiaries, gains on sale of investment and development property, write-down on recognition of joint ventures and other assets classified as held for sale, impairment of goodwill, impairment of investment in associates, impairment of loan to associate, exceptional administration expenses, exceptional tax, and any non-underlying amounts attributable to non-controlling interests.\nThe IFRS loss for the year attributable to owners of intu properties plc increased by £818.7 million to £1,950.9 million, with the IFRS basic loss per share increasing by 60.8 pence. Underlying earnings decreased by £65.9 million to £127.2 million, with a corresponding reduction in underlying EPS of 4.9 pence. The key drivers of these variances are discussed below.\n\n£m | Notes | 2019 | 2018 | Change \n--------------------------------------------------------------------- | ----- | --------- | --------- | -------\nNet rental income | A | 401.6 | 450.5 | (48.9) \nAdministration expenses | B | (40.5) | (44.0) | 3.5 \nNet finance costs | C | (224.6) | (220.4) | (4.2) \nTax on underlying profit | D | (17.6) | (0.7) | (16.9) \nOther underlying amounts2 | | 8.3 | 7.7 | 0.6 \nUnderlying earnings1 | | 127.2 | 193.1 | (65.9) \nRevaluation of investment and development property | E | (1,979.7) | (1,405.0) | (574.7)\nChange in fair value of financial\ninstruments | F | (75.3) | 86.3 | (161.6)\nOther finance charges – exceptional | G | (37.7) | (28.4) | (9.3) \nOther non-underlying amounts3 | | 14.6 | 21.8 | (7.2) \nIFRS loss for the year attributable\nto owners of intu properties plc1 | | (1,950.9) | (1,132.2) | (818.7)\nIFRS basic loss per share (pence) | | (145.1)p | (84.3)p | (60.8)p\nUnderlying EPS (pence) | | 9.5p | 14.4p | (4.9)p \n\n\n 2019 challenging retail property structural changes low consumer confidence retailers higher CVAs administrations. impacted revenue rental income property valuations like-for-like rental income down 9. 1 per cent property revaluation deficit £1,979. 7 million.\n Fixing balance sheet top priority uncertainty intu’s options alternative capital structures disposals.\n reconciliation IFRS income underlying earnings page 161.\n underlying amounts net income profit non-controlling interests.\n losses disposal subsidiaries gains sale property write-down joint ventures impairment goodwill investment loan administration expenses tax.\n IFRS loss intu properties increased £818. 7 million to £1,950. 9 million IFRS loss per share 60. 8 pence. Underlying earnings decreased £65. 9 million to £127. 2 million reduction EPS 4. 9 pence. key drivers.\n Net rental income.\n Administration expenses.(44. 3. 5\n finance costs (224. (220. (4.\n Tax underlying profit (17. (16.\n 8. 7.\n 127. 193. (65.\n Revaluation investment development property (1,979. (1,405. (574.\n value financial\n instruments (75. 86. (161.\n finance charges (37. (28. (9.\n non-underlying 14. 21. (7.\n IFRS loss\n owners properties (1,950. (1,132. (818.\n IFRS loss share (145. (84. (60.\n EPS 9. 14. (4." +} +{ + "_id": "d1b34ab06", + "title": "", + "text": "A.3.10 Reconciliation to Consolidated Financial Statements\nThe negative swing in Corporate items was mainly due to large positive effects in fiscal 2018 – the gain of € 900 million resulting from the transfer of Siemens’ shares in Atos SE to Siemens Pension- Trust e. V. and the gain of € 655 million from the sale of OSRAM Licht AG shares. These effects substantially outweighed a positive result in fiscal 2019 from the measurement of a major asset retirement obligation, which was previously reported in Centrally managed portfolio activities. Severance charges within Corporate items were € 99 million (€ 159 million in fiscal 2018).\n\n | | Fiscal year\n------------------------------------------------------------------- | ------- | -----------\n(in millions of €) | 2019 | 2018 \nReal Estate Services | 145 | 140 \nCorporate items | (562) | 631 \nCentrally carried pension expense | (264) | (423) \nAmortization of intangible assets acquired in business combinations | (1,133) | (1,164) \nEliminations, Corporate Treasury and other reconciling items | (215) | (318) \nReconciliation to Consolidated financial Statements | (2,028) | (1,135) \n\n. Reconciliation Financial Statements\n negative swing Corporate 2018 gain € 900 million transfer shares Pension Trust. € 655 million sale OSRAM Licht shares. outweighed 2019 major asset retirement obligation. Severance charges € 99 million (€ 159 million 2018).\n Real Estate Services\n Corporate items (562\n pension expense (264)\n Amortization intangible assets (1,133,164\n Eliminations Corporate Treasury reconciling items (215) (318)\n Reconciliation Consolidated Statements (2,028) (1,135" +} +{ + "_id": "d1b3bddc2", + "title": "", + "text": "Other non-current assets\nOther non-current assets consisted of the following (in thousands):\n\n | December 31, 2019 | December 31, 2018\n----------------------------------- | ----------------- | -----------------\nRight of use assets | $33,014 | $— \nDeferred contract acquisition costs | 3,297 | 3,184 \nDeposits | 2,338 | 1,975 \nOther | 3,197 | 3,461 \nTotal other non-current assets | 41,846 | $8,620 \n\nnon-current assets\n December 31, 2019\n Right use $33,014\n Deferred acquisition costs 3,297 3,184\n Deposits 2,338\n 3,197\n-current assets 41,846 $8,620" +} +{ + "_id": "d1b3945e4", + "title": "", + "text": "The components of the provision for income taxes attributable to continuing operations are as follows (in thousands):\nOn a consolidated basis, the Company has incurred operating losses and has recorded a full valuation allowance against its US, UK, New Zealand, Hong Kong, and Brazil deferred tax assets for all periods to date and, accordingly, has not recorded a provision (benefit) for income taxes for any of the periods presented other than a provision (benefit) for certain foreign and state income taxes. Certain foreign subsidiaries and branches of the Company provide intercompany services and are compensated on a cost-plus basis, and therefore, have incurred liabilities for foreign income taxes in their respective jurisdictions.\n\n | | Year Ended December 31, | \n---------------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nCurrent income tax provision: | | | \nFederal | $— | $— | $— \nState | 225 | 204 | 114 \nForeign | 2,467 | 2,514 | 1,580 \nTotal current income tax provision | 2,692 | 2,718 | 1,694 \nDeferred income tax benefit: | | | \nFederal | $— | — | $— \nState | — | — | — \nForeign | (2) | (123) | 52 \nTotal deferred income tax benefit | (2) | (123) | 52 \nTotal income tax provision | $2,690 | $2,595 | $1,746\n\ncomponents provision income taxes\n Company incurred losses recorded full valuation allowance against US UK New Zealand Hong Kong Brazil deferred tax assets not recorded provision (benefit certain foreign state taxes. foreign subsidiaries branches provide services compensated cost-plus incurred liabilities foreign income taxes jurisdictions.\n Year Ended December 31,\n 2019 2018 2017\n Current income tax provision\n Federal\n State 225 204 114\n Foreign 2,467 2,514 1,580\n 2,692 2,718 1,694\n Deferred income tax benefit\n Federal\n State\n Foreign\n tax\n $2,690 $2,595 $1,746" +} +{ + "_id": "d1b390d90", + "title": "", + "text": "Income from Equity Investees\nMarine Services: Income from equity investees within our Marine Services segment for the year ended December 31, 2019 decreased $14.1 million to $5.6 million from $19.7 million for the year ended year ended December 31, 2018. The decrease was driven by HMN, due to lower revenues on large turnkey projects underway than in the comparable period.\nThe equity investment in HMN has contributed $5.0 million and $12.7 million in income from equity investees for the years ended December 31, 2019 and 2018, respectively. Further contributing to the reduction in income were losses at SBSS from a loss contingency related to ongoing legal disputes and lower vessel utilization.\nLife Sciences: Loss from equity investees within our Life Sciences segment for the year ended December 31, 2019 decreased $0.6 million to $3.4 million from $4.0 million for the year ended December 31, 2018. The decrease in losses were largely due to lower equity method losses recorded from our investment in MediBeacon due to the timing of clinical trials and revenue from a licensing agreement which did not occur in the comparable periods.\n\n | | Years Ended December 31, | \n---------------------------- | ----- | ------------------------ | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nConstruction | $— | $ (0.2) | $ 0.2 \nMarine Services | 5.6 | 19.7 | (14.1) \nLife Sciences | (3.4) | (4.0) | 0.6 \nOther | — | (0.1) | 0.1 \nIncome from equity investees | $ 2.2 | $ 15.4 | $ (13.2) \n\nIncome Equity Investees\n Marine Services Income December 31, 2019 decreased $14. 1 million to $5. 6 million from $19. 7 million 2018. decrease driven by HMN lower revenues large turnkey projects.\n equity investment HMN contributed $5. 0 million $12. 7 million income 2019 2018. reduction losses SBSS legal disputes lower vessel utilization.\n Life Sciences Loss equity investees December 2019 decreased $0. 6 million to $3. 4 million from $4. 0 million 2018. due to lower equity losses investment MediBeacon timing clinical trials revenue licensing agreement.\n 2019 2018 Increase\n Construction.\n Marine Services.\n Life Sciences.\n.\n Income equity investees." +} +{ + "_id": "d1b3ad616", + "title": "", + "text": "The fair value of the Company’s service-based RSUs was calculated based on fair market value of the Company’s stock at the date of grant, discounted for dividends.\nThe fair value of the Company’s market-based PRSUs granted during fiscal years 2019, 2018, and 2017 was calculated using a Monte Carlo simulation model at the date of the grant. This model requires the input of highly subjective assumptions, including expected stock price volatility and the estimated life of each award:\nAs of June 30, 2019, the Company had $271.9 million of total unrecognized compensation expense related to all unvested RSUs granted which is expected to be recognized over a weighted-average remaining period of 2.2 years.\n\n | | YearEnded | \n----------------------- | ------------- | ------------- | -------------\n | June 30, 2019 | June 24, 2018 | June 25, 2017\nExpected volatility | 32.65% | 34.07% | 27.48% \nRisk-free interest rate | 2.52% | 2.35% | 1.55% \nExpected term (years) | 2.92 | 2.92 | 2.92 \nDividend yield | 2.49% | 1.05% | 1.50% \n\nvalue service-based RSUs calculated market stock discounted dividends.\n market-based PRSUs granted 2019 2018 2017 calculated Monte Carlo simulation model. subjective assumptions stock price volatility estimated life\n June 30, 2019 $271. 9 million unrecognized compensation expense unvested RSUs 2. years.\n Expected volatility 32. 65% 34. 07% 27. 48%\n Risk-free interest rate 2. 52%. 35%. 55%\n Expected term 2. 92.\n Dividend yield 2. 49%. 05%." +} +{ + "_id": "d1b329b9a", + "title": "", + "text": "Segment Data\nOperating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses; for which separate financial information is available; and whose operating results are regularly reviewed by the chief operating decision maker to assess the performance of the individual segment and make decisions about resources to be allocated to the segment.\nThe Company derives its revenue from providing comprehensive electronics design, production and product management services. The chief operating decision maker evaluates performance and allocates resources on a segment basis. The Company’s operating segments consist of two segments – EMS and DMS, which are also the Company’s reportable segments. The segments are organized based on the economic profiles of the services performed, including manufacturing capabilities, market strategy, margins, return on capital and risk profiles.\nThe EMS segment is focused around leveraging IT, supply chain design and engineering, technologies largely centered on core electronics, utilizing the Company’s large scale manufacturing infrastructure and the ability to serve a broad range of end markets. The EMS segment is a high volume business that produces products at a quicker rate (i.e. cycle time) and in larger quantities and includes customers primarily in the automotive and transportation, capital equipment, cloud, computing and storage, defense and aerospace, industrial and energy, networking and telecommunications, print and retail, and smart home and appliances industries.\nThe DMS segment is focused on providing engineering solutions, with an emphasis on material sciences, technologies and healthcare. The DMS segment includes customers primarily in the edge devices and accessories, healthcare, mobility and packaging industries.\nNet revenue for the operating segments is attributed to the segment in which the service is performed. An operating segment’s performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net revenue less cost of revenue, segment selling, general and administrative expenses, segment research and development expenses and an allocation of corporate manufacturing expenses and selling, general and administrative expenses. Segment income does not include amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition and integration charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, restructuring of securities loss, goodwill impairment charges, business interruption and impairment charges, net, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations, other expense, interest income, interest expense, income tax expense or adjustment for net income (loss) attributable to noncontrolling interests.\nTotal segment assets are defined as accounts receivable, inventories, net, customer-related property, plant and equipment, intangible assets net of accumulated amortization and goodwill. All other non-segment assets are reviewed on a global basis by management. Transactions between operating segments are generally recorded at amounts that approximate those at which we would transact with third parties. 99\nThe following tables set forth operating segment information (in thousands):\n\n | | Fiscal Year Ended August 31, | \n----------- | ----------- | ---------------------------- | -----------\n | 2019 | 2018 | 2017 \nNet revenue | | | \nEMS | $15,430,529 | $12,268,600 | $11,077,622\nDMS | 9,851,791 | 9,826,816 | 7,985,499 \n | $25,282,320 | $22,095,416 | $19,063,121\n\nSegment Data\n Operating segments components enterprise earn revenues expenses separate financial information results reviewed by chief decision performance resources.\n Company revenue electronics design production product management services. maker evaluates performance allocates resources. segments EMS DMS reportable. organized economic profiles manufacturing capabilities market strategy margins return on capital risk profiles.\n EMS IT supply chain design engineering core electronics large manufacturing infrastructure end markets. high volume. larger quantities customers automotive transportation capital equipment cloud computing storage defense aerospace industrial energy networking telecommunications print retail smart home appliances industries.\n DMS engineering solutions material sciences technologies healthcare. customers edge devices accessories healthcare mobility packaging industries.\n Net revenue attributed to segment. performance evaluated pre-tax operating contribution income. defined net revenue less cost selling administrative expenses research development expenses manufacturing expenses.Segment income amortization stock compensation restructuring distressed customer acquisition loss disposal subsidiaries settlement impairment restructuring goodwill business interruption discontinued operations sale interest tax adjustment noncontrolling interests.\n segment assets accounts receivable inventories customer-related property plant equipment intangible assets amortization goodwill. non assets reviewed management. Transactions segments recorded third parties.\n tables operating segment information\n Fiscal Year Ended August 31,\n Net revenue\n $15,430,529 $12,268,600 $11,077,622\n 9,851,791,985,499\n $25,282,320 $22,095,416 $19,063,121" +} +{ + "_id": "d1b348b12", + "title": "", + "text": "Discontinued Operations\nIn December 2015, we completed the wind down of engineering, manufacturing and sales of our solar inverter product line (the \"inverter business\"). Accordingly, the results of our inverter business have been reflected as “Income (loss) from discontinued operations, net of income taxes” on our Consolidated Statements of Operations for all periods presented herein.\nThe effect of our sales of extended inverter warranties to our customers continues to be reflected in deferred revenue in our Consolidated Balance Sheets. Deferred revenue for extended inverter warranties and the associated costs of warranty service will be reflected in Sales and Cost of goods sold, respectively, from continuing operations in future periods in our Consolidated Statement of Operations, as the deferred revenue, is earned and the associated services are rendered. Extended warranties related to the inverter product line are no longer offered.\nADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)\nThe significant items included in \"Income (loss) from discontinued operations, net of income taxes\" are as follows:\n\n | Years Ended December 31, | \n--------------------------------------------------------------- | ------------------------ | -----\n | 2019 | 2018 \nSales | $ — | $ — \nCost of sales | (901) | (88) \nTotal operating expense | 1,022 | 96 \nOperating income (loss) from discontinued operations | (121) | (8) \nOther income (expense) | 10,895 | (24) \nIncome (loss) from discontinued operations before income taxes | 10,774 | (32) \nProvision (benefit) for income taxes | 2,294 | 6 \nIncome (loss) from discontinued operations, net of income taxes | $8,480 | $(38)\n\nDiscontinued Operations\n December 2015, completed engineering manufacturing sales solar inverter line. results reflected (loss) discontinued operations net Consolidated Statements Operations.\n extended inverter warranties reflected deferred revenue Consolidated Balance Sheets. revenue costs reflected Sales Cost goods. Extended warranties inverter no longer offered.\n ADVANCED ENERGY INDUSTRIES. CONSOLIDATED FINANCIAL STATEMENTS\n significant items (loss) discontinued operations net taxes\n Years Ended December 31,\n 2018\n Sales $\n Cost sales (901)\n Total operating expense 1,022\n Operating income (loss) discontinued operations (121)\n Other income 10,895\n Income (loss before income taxes 10,774\n Provision (benefit) income taxes 2,294\n net income taxes $8,480" +} +{ + "_id": "d1b34b812", + "title": "", + "text": "10. Segment Information\nThe Company reports financial performance based on its segments, ACI On Premise and ACI On Demand, and analyzes Segment Adjusted EBITDA as a measure of segment profitability.\nThe Company’s interim Chief Executive Officer is also the chief operating decision maker (\"CODM\"). The CODM, together with other senior management personnel, focus their review on consolidated financial information and the allocation of resources based on operating results, including revenues and Segment Adjusted EBITDA, for each segment, separate from Corporate operations.\nACI On Premise serves customers who manage their software on site or through a third-party cloud service provider. These onpremise customers use the Company’s software to develop sophisticated solutions, which are often part of a larger system located and managed at the customer specified site. These customers require a level of control and flexibility that ACI On Premise solutions can offer, and they have the resources and expertise to take a lead role in managing these solutions.\nACI On Demand serves the needs of banks, merchants, and billers who use payments to facilitate their core business. These ondemand solutions are maintained and delivered through the cloud via our global data centers and are available in either a singletenant environment for SaaS offerings, or in a multi-tenant environment for PaaS offerings.\nRevenue is attributed to the reportable segments based upon the product sold and mechanism for delivery to the customer. Expenses are attributed to the reportable segments in one of three methods, (1) direct costs of the segment, (2) labor costs that can be attributed based upon time tracking for individual products, or (3) costs that are allocated. Allocated costs are generally marketing and sales related activities as well as information technology and facilities related expense for which multiple segments benefit. The Company also allocates certain depreciation costs to the segments.\nSegment Adjusted EBITDA is the measure reported to the CODM for purposes of making decisions on allocating resources and assessing the performance of the Company’s segments and, therefore, Segment Adjusted EBITDA is presented in conformity with ASC 280, Segment Reporting. Segment Adjusted EBITDA is defined as earnings (loss) from operations before interest, income tax expense (benefit), depreciation and amortization (“EBITDA”) adjusted to exclude stock-based compensation, and net other income (expense).\nCorporate and unallocated expenses consist of the corporate overhead costs that are not allocated to reportable segments. These overhead costs relate to human resources, finance, legal, accounting, merger and acquisition activity, and other costs that are not considered when management evaluates segment performance. For the year ended December 31, 2017, corporate and unallocated expenses included $46.7 million of general and administrative expense for the legal judgment discussed in Note 15, Commitments and Contingencies.\nThe following is selected financial data for the Company’s reportable segments for the periods indicated (in thousands):\nAssets are not allocated to segments, and the Company’s CODM does not evaluate operating segments using discrete asset information.\n\n | | Years Ended December 31, | \n-------------------------------------- | ---------- | ------------------------ | ----------\n | 2019 | 2018 | 2017 \nRevenues | | | \nACI On Premise | $579,334 | $576,755 | $598,590 \nACI On Demand | 678,960 | 433,025 | 425,601 \nTotal revenue | $1,258,294 | $1,009,780 | $1,024,191\nSegment Adjusted EBITDA | | | \nACI On Premise | $ 321,305 | $ 323,902 | $ 347,094 \nACI On Demand | 66,501 | 12,015 | (1,832 ) \nDepreciation and amortization | (122,569 ) | (97,350 ) | (102,224 )\nStock-based compensation expense | (36,763 ) | (20,360 ) | (13,683 ) \nCorporate and unallocated expenses | (104,718 ) | (92,296 ) | (144,715 )\nInterest, net | (52,066 ) | (30,388 ) | (38,449 ) \nOther, net | 520 | (3,724 ) | (2,619 ) \nIncome before income taxes | $ 72,210 | $ 91,799 | $ 43,572 \nDepreciation and amortization | | | \nACI On Premise | $ 11,992 | $ 11,634 | $ 13,094 \nACI On Demand | 34,395 | 31,541 | 34,171 \nCorporate | 76,182 | 54,175 | 54,959 \nTotal depreciation and amortization | $ 122,569 | $ 97,350 | $ 102,224 \nStock-based compensation expense | | | \nACI On Premise | $ 7,651 | $ 4,348 | $ 2,234 \nACI On Demand | 7,995 | 4,338 | 2,230 \nCorporate | 21,117 | 11,674 | 9,219 \nTotal stock-based compensation expense | $36,763 | $20,360 | $13,683 \n\n. Segment Information\n Company reports financial performance ACI On Premise ACI On Demand analyzes Segment Adjusted EBITDA profitability.\n interim Chief Executive Officer chief operating decision. CODM senior management consolidated financial information allocation resources operating results revenues Segment Adjusted EBITDA Corporate operations.\n ACI On Premise serves customers software on site or cloud. customers software solutions larger system. require control flexibility ACI solutions resources expertise solutions.\n ACI On Demand serves banks merchants billers payments. solutions maintained delivered cloud global data centers available singletenant or multi-tenant PaaS.\n Revenue attributed to segments product sold mechanism delivery. Expenses attributed direct costs labor costs costs allocated. Allocated costs marketing sales information technology facilities. allocates depreciation costs.\n Segment Adjusted EBITDA CODM decisions allocating resources assessing performance with ASC 280, Segment Reporting.Adjusted EBITDA before interest depreciation amortization stock-based compensation income.\n Corporate unallocated expenses not segments. human resources finance legal accounting merger acquisition. December 31, 2017 included $46. 7 million legal judgment.\n financial data segments\n Assets not allocated segments CODM evaluate segments information.\n Years Ended December\n Revenues\n On Premise $579,334 $576,755 $598,590\n On Demand 678,960\n Total revenue $1,258,294 $1,009,780 $1,024,191\n Segment Adjusted EBITDA\n On Premise 321,305 323,902 347,094\n On Demand 66,501 12,015\n Depreciation amortization (122,569 (97,350,224\n Stock-based compensation expense (36,763 (20,360 (13,683\n Corporate unallocated expenses (104,718 (92,296 (144,715\nInterest (52,066 (30,388,449\n (3,724 (2,619\n taxes 72,210 91,799 43,572\n Depreciation amortization\n Premise 11,992 13,094\n Demand 34,395\n Corporate 76,182 54,175\n 122,569 97,350 102,224\n compensation expense\n Premise 7,651 4,348\n Demand 7,995 4,338\n Corporate 21,117 11,674\n $36,763 $20,360 $13,683" +} +{ + "_id": "d1b3af8f8", + "title": "", + "text": "Cubic Mission Solutions\nSales: CMS sales increased 23% to $207.0 million in fiscal 2018 compared to $168.9 million in 2017. The increase in sales was primarily due to increased orders and shipments of expeditionary satellite communications products, tactical networking products, and Command and Control, Intelligence, Surveillance and Reconnaissance (C2ISR) products and services. Businesses acquired during fiscal years 2018 and 2017 whose operations are included in our CMS operating segment had sales of $5.6 million and $1.5 million for fiscal years 2018 and 2017, respectively.\nAmortization of Purchased Intangibles: Amortization of purchased intangibles included in the CMS results amounted to $20.8 million in 2018 and $23.6 million in 2017. The $2.8 million decrease in amortization expense is related to purchased intangible assets that are amortized based upon accelerated methods.\nOperating Income: CMS had an operating loss of $0.1 million in 2018 compared to $9.3 million in 2017. CMS realized increased profits from expeditionary satellite communications products, tactical networking products, and C2ISR products and services. As mentioned above, amortization of purchased intangibles decreased to $20.8 million in 2018 compared to $23.6 million in 2017. CMS increased R&D expenditures between 2017 and 2018 by $10.8 million, primarily driven by development of new antenna technologies. Businesses acquired by CMS in fiscal years 2018 and 2017 incurred operating losses of $4.7 million in fiscal 2018 compared to $2.9 million in fiscal 2017. Included in the operating loss incurred by acquired businesses are acquisition transaction costs of $1.6 million and $1.8 million incurred in fiscal years 2018 and 2017, respectively.\nAdjusted EBITDA: CMS Adjusted EBITDA increased 82% to $26.2 million in 2018 compared to $14.4 million in 2017.\nThe increase in CMS Adjusted EBITDA was primarily due to the same items described in the operating income section\nabove, excluding the changes in amortization expense and acquisition transaction costs discussed above as such items are\nexcluded from Adjusted EBITDA.\n\n | Fiscal 2018 | Fiscal 2017 | % Change\n--------------- | ----------- | ------------- | --------\n | | (in millions) | \nSales | $ 207.0 | $ 168.9 | 23 % \nOperating loss | (0.1) | (9.3) | (99) \nAdjusted EBITDA | 26.2 | 14.4 | 82 \n\nSolutions\n Sales CMS sales increased 23% $207. million 2018 $168. 9 million 2017. due increased orders shipments satellite communications tactical networking. Businesses acquired 2018 2017 sales $5. 6 million $1. 5 million.\n Amortization Purchased Intangibles $20. 8 million 2018 $23. 6 million 2017. $2. 8 million decrease related assets.\n CMS loss $0. 1 million 2018 $9. 3 million 2017. increased profits communications networking C2ISR. amortization intangibles decreased $20. 8 million 2018 $23. 6 million 2017. increased R&D expenditures $10. 8 million new antenna technologies. Businesses acquired losses $4. 7 million $2. 9 million 2017. transaction costs $1. 6 million $1. 8 million.\n Adjusted EBITDA increased 82% $26. 2 million 2018 $14. 4 million 2017.\n increase due items\n excluding amortization expense transaction costs\n.\n\n millions\n Sales $ 207. $ 168. 23 %\n Operating loss.\n Adjusted EBITDA 26. 14. 4 82" +} +{ + "_id": "d1b2f6ccc", + "title": "", + "text": "A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows (in thousands):\nThe total liability for gross unrecognized tax benefits as of December 31, 2019, 2018 and 2017 includes $9.6 million, $0.4 million and $0.2 million, respectively, of unrecognized net tax benefits which, if ultimately recognized, would reduce our annual effective tax rate in a future period. These liabilities, along with liabilities for interest and penalties, are included in accounts payable and accrued expenses and Other long-term liabilities in our consolidated balance sheet. Interest, which is included in Interest expense in our consolidated statement of income, was not material for all years presented.\nDuring the year ended December 31, 2019, we recognized an increase in unrecognized tax benefits of approximately $7.7 million related to an increase in research and development tax credits available to us for tax years 2016-2018 and $1.8 million for the 2019 tax year.\nWe are subject to income taxes in the U.S., various state and foreign jurisdictions. Tax statutes and regulations within each jurisdiction are subject to interpretation and require significant judgment to apply. We are no longer subject to U.S. federal or non-U.S. income tax examinations by tax authorities for the years before 2015. We are no longer subject to U.S. state tax examinations by tax authorities for the years before 2014. We believe it is reasonably possible that within the next year our unrecognized tax benefits may decrease by $1.9 million due to the acceptance of a portion of our amended research and development credits.\n\n | | December 31, | \n---------------------------------------------------- | ------ | ------------ | -----\n | 2019 | 2018 | 2017 \nGross unrecognized tax benefits at beginning of year | $490 | $220 | $293 \nIncreases in tax positions for prior years | 7,718 | 36 | — \nIncreases in tax positions for current year | 1,839 | 320 | 32 \nDecreases in tax positions for prior years | (412) | — | — \nLapse in statute of limitations | — | (86) | (105)\nGross unrecognized tax benefits at end of year | $9,635 | $490 | $220 \n\nreconciliation balances unrecognized tax benefits\n liability December 31, 2019 2018 2017 includes $9. 6 million $0. 4 million $0. 2 million tax benefits recognized annual tax rate. liabilities interest penalties included accounts payable accrued expenses consolidated balance sheet. Interest not material all years.\n December 31, 2019 recognized increase unrecognized tax benefits $7. 7 million research development tax credits 2016-2018 $1. 8 million 2019 year.\n subject income taxes U. state foreign jurisdictions. Tax statutes regulations subject interpretation require judgment. no longer subject. federal. income tax examinations before 2015. state tax examinations before 2014. unrecognized tax benefits decrease by $1. 9 million due acceptance amended research development credits.\n December 31,\n Gross unrecognized tax benefits beginning year $490 $220\n Increases positions prior years\n 1,839\n Decreases\nstatute (105)\n tax benefits year $9,635 $490 $220" +} +{ + "_id": "d1b34cec4", + "title": "", + "text": "NOTE 11 – OTHER RECEIVABLES\nNo significant other receivables are past due or credit impaired.\nThe carrying amount is a reasonable approximation of fair value due to the short-term nature of the receivables. Please refer to note 21 for further information on fair value hierarchies.\n\nUSDm | 2019 | 2018\n----------------------------------- | ---- | ----\nPartners and commercial managements | 1.9 | - \nDerivative financial instruments | 0.5 | 3.7 \nTax receivables | 1.5 | 1.2 \nOther | 2.3 | 2.6 \nBalance as of 31 December | 6.2 | 7.5 \n\nNOTE 11 RECEIVABLES\n No receivables past due credit impaired.\n carrying amount approximation fair value short-term. refer note 21 fair value hierarchies.\n 2019\n Partners commercial managements.\n Derivative financial instruments.\n Tax receivables.\n.\n Balance 31 December." +} +{ + "_id": "d1b389ca2", + "title": "", + "text": "Substantial shareholdings\nThe voting rights in the table below have been determined in accordance with the requirements of the UK Listing Authority’s Disclosure and Transparency Rules DTR 5, and represent 3% or more of the voting rights attached to issued shares in the Company as at 28th February 2020 and 31st December 2019. There are no Controlling Founder Shareholders.\n\n | As at 31.12.19 | | As at 28.02.20 | \n--------------------------------- | ------------------------- | ------------------------- | ------------------------- | -------------------------\nSubstantial shareholdings | Number of Ordinary shares | % of issued share capital | Number of Ordinary shares | % of issued share capital\nThe Capital Group Companies, Inc. | 6,584,006 | 8.9% | 6,598,428 | 8.9% \nSun Life Financial, Inc. | 5,566,823 | 7.5% | 5,481,561 | 7.4% \nBlackRock, Inc. | 4,624,204 | 6.3% | 4,913,790 | 6.7% \nFiera Capital Corporation | 4,764,251 | 6.5% | 4,768,688 | 6.5% \nAPG Groep N.V. | 4,068,000 | 5.5% | 4,068,000 | 5.5% \nThe Vanguard Group, Inc. | 2,569,081 | 3.5% | 2,637,287 | 3.6% \n\nshareholdings\n voting rights determined UK Listing Disclosure Transparency Rules represent 3% voting rights shares 28th February 2020 31st December 2019. no Controlling Founder Shareholders.\n 31.\n shareholdings Ordinary shares issued\n Capital Group Companies. 6,584,006 8.\n Sun Life Financial. 5,566,823 7. 5,481,561.\n BlackRock. 4,624,204 6. 3%,790.\n Fiera Capital Corporation 4,764,251 6. 5% 4,768,688.\n APG Groep. 4,068,000.\n Vanguard Group. 2,569,081 3. 5% 2,637,287." +}